Cash used in financing activities was
We had a combined balance of cash and cash equivalents, short-term investments and restricted cash of
$752.7 millionat June 30, 2012, an increase of $24.0 millionfrom July 2, 2011. Cash and cash equivalents increased by $5.7 millionin the twelve months ended June 30, 2012, primarily due to cash provided by operating activities of $119.1 million, offset by $72.2 millionused for the purchases of property, plant and equipment, net cash outflows of $26.6 millionused for the purchase of available-for-sale investments, $12.5 millionused for the acquisition of QuantaSol and Dyaptiveand $1.9 millionused in financing activities. Cash provided by operating activities was $119.1 million, resulting from our net loss adjusted for non-cash items such as depreciation, amortization, impairment of long-lived assets and stock-based compensation of $199.4 million, and changes in operating assets and liabilities that used $80.3 millionrelated primarily to a decrease in accounts payable of $29.2 million, a decrease in accrued payroll and related expenses of $25.3 million, an increase in other current and non-current assets of $14.8 million, a decrease in accrued expenses and other current and non-current liabilities of $11.1 million, and an increase in inventories of $7.7 million, offset by a decrease in accounts receivable of $17.2 millionprimarily due to decrease in net revenue compared with fiscal 2011. 58
Table of Contents
$29.2 milliondecrease in accounts payable was primarily due to timing of purchases and payments. The $25.3 milliondecrease in accrued payroll and related expenses was primarily due to timing of salary and payroll tax payments and lower bonus and commission accruals. The $14.8 millionincrease in other current and non-current assets was primarily due to higher advances to our contract manufacturers to support future growth and increases in value-added tax receivables and prepayments of license and maintenance fees. The $11.1 milliondecrease in other current and non-current liabilities was mainly due to timing of invoicing and lower accrual related to contract manufacturing scrap expenses. Cash used by investing activities was $105.7 million, primarily related to cash used for the purchase of property, plant and equipment of $72.2 million, net cash outflows used for the purchase of available-for-sale investments of $26.6 million, and cash used for the acquisition of QuantaSol and Dyaptiveof $12.5 million, offset by proceeds from sale of assets of $2.1 million. Since we continue to invest in new technology, laboratory equipment, and manufacturing capacity to support revenue growth across all three segments, significant investments were made during fiscal 2012 to increase our manufacturing capacity in Asiaand the U.S. and to upgrade our information technology systems.