Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Dec. 28, 2019
Cash flows from operating activities:      
Net income $ 3,162 $ 2,490 $ 341
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 407 312 222
Stock-based compensation 379 274 197
Amortization of debt discount and issuance costs 5 14 30
Amortization of operating lease right-of-use assets 56 42 36
Loss on debt redemption, repurchase and conversion 7 54 176
Loss on sale or disposal of property and equipment 34 33 42
Deferred income taxes 308 (1,223) (7)
Increase (Decrease) in Equity Securities, FV-NI 56 2 1
Other (7) 8 (1)
Changes in operating assets and liabilities:      
Accounts receivable, net (640) (219) (623)
Inventories (556) (417) (137)
Receivables from related parties 8 10 14
Prepaid expenses and other assets (920) (231) (176)
Payables to related parties 7 (135) 7
Accounts payable 801 (513) 153
Accrued liabilities and other 526 574 220
Net cash provided by operating activities 3,521 1,071 493
Cash flows from investing activities:      
Purchases of property and equipment (301) (294) (217)
Payments to Acquire Short-term Investments (2,056) (850) (284)
Proceeds from maturity of short-term investments 1,678 192 325
Collection of deferred proceeds on sale of receivables 0 0 25
Other (7) 0 2
Net cash used in investing activities (686) (952) (149)
Cash flows from financing activities:      
Proceeds from short-term borrowings 0 200 0
Repayments and extinguishment of debt 0 200 473
Proceeds from Warrant Exercises 0 0 449
Proceeds from sales of common stock through employee equity plans 104 85 74
Repurchases of common stock (1,762) 0 0
Common stock repurchases for tax withholding on employee equity plans (237) (78) (6)
Other 0 (1) (1)
Net cash (used in) provided by financing activities (1,895) 6 43
Net increase in cash and cash equivalents, and restricted cash 940 125 387
Cash, cash equivalents and restricted cash at beginning of year 1,595 1,470 1,083
Cash, cash equivalents and restricted cash at end of year 2,535 1,595 1,470
Cash paid during the year for:      
Interest 25 31 67
Income taxes, net of refund 35 8 (4)
Non-cash investing and financing activities:      
Purchases of property and equipment, accrued but not paid 72 31 65
Issuance of common stock to settle convertible debt 25 217 377
Transfer of assets for the acquisition of property and equipment 37 111 115
Issuance of treasury stock to partially settle debt 0 0 7
Non-cash activities for leases:      
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 227 45 22
Reconciliation of cash, cash equivalents, and restricted cash      
Cash and cash equivalents 2,535 1,595 1,466
Restricted cash included in Prepaid expense and other current assets 0 0 4
Total cash, cash equivalents, and restricted cash $ 2,535 $ 1,595 $ 1,470