In summary, our cash flows were as follows (in thousands):
Fiscal Years Ended Year-Over-Year Change
June 30, 2013 June 24, 2012 June 26, 2011 2012 to 2013 2011 to 2012
Cash provided by operating
Table of Contents
The following is a discussion of our primary sources and uses of cash in our operating, investing and financing activities. Cash Flows from Operating Activities Net cash provided by operating activities increased to
$285.2 millionin fiscal 2013 from $242.3 millionin fiscal 2012. The increase was primarily due to the increase in our net income. Net cash provided by operating activities decreased slightly to $242.3 millionin fiscal 2012 from $251.4 millionin fiscal 2011. The change was due primarily to lower net income partially offset by decreases in inventory, excluding inventory acquired. Cash Flows from Investing Activities Net cash used in investing activities was $380.3 millionfor fiscal 2013 compared to $448.1 millionfor fiscal 2012. This year-over-year decrease in cash used in investing activities was primarily the result of a reduction in cash used in business combinations, partially offset by an increase in the net purchases of available-for-sale investments during fiscal 2013. Net cash used in investing activities was $448.1 millionfor fiscal 2012 compared to $303.2 millionfor fiscal 2011. This year-over-year increase was primarily the result of the $454.6 millionin cash used to acquire Ruud Lighting in fiscal 2012, partially offset by a decrease in purchases of property and equipment and an increase in our proceeds from the sale and maturity of investments, some of which were liquidated to pay for the acquisition. We continue to actively manage our capital spending. For fiscal 2014, we target committing approximately $120.0 millionof capital investment to support our strategic priorities. Cash Flows from Financing Activities Net cash provided by financing activities was $106.0 millionin fiscal 2013 compared to net cash used by financing activities of $6.7 millionin fiscal 2012. Our financing activities primarily consisted of proceeds of $107.6 millionand $5.3 millionfor fiscal 2013 and 2012, respectively, from net issuances of common stock pursuant to the exercise of employee stock options and purchases under our employees stock purchase plan, including the excess tax benefit on those exercises. In fiscal 2012, net cash used in financing activities was $6.7 millioncompared to net cash provided by financing activities of $44.5 millionin fiscal 2011. This change was primarily related to the repurchase of 0.5 million shares of common stock worth approximately $12.0 millionduring the fourth quarter of fiscal 2012, and a reduction in stock option exercises during fiscal 2012 as compared to fiscal 2011. There were no common stock repurchases during fiscal 2011. As of June 30, 2013, pursuant to an extension of our stock repurchase program authorized by our Board of Directors, we are authorized to repurchase shares of our common stock having an aggregate purchase price not exceeding $200 millionfor all purchases from June 20, 2013through the expiration of the program on June 29, 2014. Since the inception of our stock repurchase program in 2001, we have repurchased approximately 10.3 million shares of our common stock at an average price of $19.95per share with an aggregate value of $205.4 million. At the discretion of our management, the repurchase program can be implemented through open market or privately negotiated transactions. We will determine the time and extent of repurchases based on our evaluation of market conditions and other factors.