The document provides an agenda and materials for Maxim's 2016 Investor Day. It outlines Maxim's strategy of focusing on high-performance power and targeted growth markets, growing core products, and driving operational excellence. It discusses Maxim's leadership in power technologies, investments in key markets like automotive and data centers, and evolution of its power technology platform including advanced processes and manufacturing.
2. Safe Harbor
2
This presentation contains forward-looking statements within the meaning of Section 27A of the
Securities act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements include, without limitation, the Company’s projections
and statements regarding strategy, revenue, gross margin, earnings per share, capital expenditures and
other financial and business metrics. These statements involve risks and uncertainties that could cause
actual results to differ materially from expectations. Please refer to the Company’s Annual Report on
Form 10-K for the fiscal year ended June 27, 2015 for a description of some of the risk factors that could
cause actual results to differ materially from such forward-looking statements.
All forward-looking statements included in this presentation are made as of the date hereof, based on
the information available to the Company as of the date hereof, and the Company assumes no obligation
to update any forward-looking statement.
3. Welcome to Maxim’s Investor Day 2016
Kathy Ta, Managing Director
Investor Relations
4. Investor Day Agenda
4
Wednesday, February 10, 3:00 – 5:30 pm
3:00 – 3:05 pm 5 min. Welcome Remarks - Kathy Ta, Investor Relations
3:05 – 3:30 pm 25 min. Tunç Doluca, President and CEO
3:30 – 3:55 pm 25 min. Tony Stratakos, CTO
3:55 – 4:30 pm 35 min. Matt Murphy, EVP, Business Units, Sales and Marketing
4:30 – 5:00 pm 30 min. Bruce Kiddoo, CFO
5:00 – 5:30 pm 30 min. Questions & Answers
5:30 – 6:30 pm 60 min. Reception
6. 3 Takeaways
1) Focusing on power and markets where we add value
2) Diversifying our business
3) Improving cash flow
6
7. Industry View
• Maturing Industry: 4% analog growth projected
• Common themes: Consolidation and margin improvements
• Power of incumbency clear
7
Source: WSTS
8. Industry View
• Maturing Industry: 4% analog growth projected
• Common themes: Consolidation and margin improvements
• Power of incumbency clear
• Electronics everywhere = new opportunities for growth
• Maxim in position to leverage incumbency
• Product performance matters
• Great engineering team at Maxim
8
Source: WSTS
12. Power Grew 2.5X Analog Market
12
1.7%
-3.1%
-1.8%
1.4%
2.1%
4.7%
TOTAL ANALOG
Interface
Amplifiers
Signal Converters
GP Analog
Power
4 Year CAGR (2011-2015)
Source: WSTS
14. History in Power
14
CAMERA PMICs
LAPTOP BATTERY
MANAGEMENT
LCD
TV POWER
SMARTPHONE
PMICs
AUTOMOTIVE
POWER
WEARABLES
PMICs
CLOUD / DATA
CENTER POWER
SUPERVISORY
POWER
GENERAL PURPOSE POWER
1990s Now
15. Power is Central to Everything
15
Integration for performance & reliability
Energy efficiency
Longer battery life
Smaller form factorsIndustry 4.0
16. Power is Central to Everything
16
Integration for performance & reliability
Energy efficiency
Longer battery life
Smaller form factorsIndustry 4.0
18. Maxim Has Robust Power Franchise Beyond Mobility
18
2012 2015
Source: Maxim
$303M
$500M
18%
CAGR
Automotive Power
43% CAGR
Comms & Data Center Power
11% CAGR
Industrial Power
5% CAGR
Strong Growth
Automotive
Comms & Data Center
Industrial
20. Targeted Applications in Key Markets
20
Automotive Industrial Data Center Mobility
Power
Interface
RF
Power
Optical
Power
Signal Chain
Interface
Micros
Security
Sensors
Power
Audio
Sensors
32. Technology Leadership in High-Performance Power
32
High Functional
Integration
Small
Size
High
Efficiency
Low Standby
Power
High Current
Integration
33. Technology Leadership in High-Performance Power
33
High Functional
Integration
Small
Size
High
Efficiency
Low Standby
Power
High Current
Integration
High-Performance Power
34. Investing Where High-Performance Power is Valued
34
Healthcare Wearables Data Center Battery
Solar Lighting Integrated Infotainment Industrial
35. Investing Where High-Performance Power is Valued
35
Healthcare Wearables Data Center Battery
Solar Lighting Integrated Infotainment Industrial
36. Investing Where High-Performance Power is Valued
36
Healthcare Wearables Data Center Battery
Solar Lighting Integrated Infotainment Industrial
37. Investing Where High-Performance Power is Valued
37
Healthcare Wearables Data Center Battery
Solar Lighting Integrated Infotainment Industrial
38. Investing Where High-Performance Power is Valued
38
Healthcare Wearables Data Center Battery
Solar Lighting Integrated Infotainment Industrial
39. Integration & Low Power Drive Automotive Power Adoption
Case 1: Maxim PMIC for NVIDIA processor
• Highest functional integration
14 power functions on one IC
• Smallest size for space-constrained module
• Integration provides reliability for Infotainment & ADAS
39
40. Integration & Low Power Drive Automotive Power Adoption
Case 1: Maxim PMIC for NVIDIA processor
• Highest functional integration
14 power functions on one IC
• Smallest size for space-constrained module
• Integration provides reliability for Infotainment & ADAS
Case 2: High-voltage automotive power IC
• Lowest off-state power – 2mA standby current
• “Always on” for fast ECU wake-up
40
41. Power Efficiency & Small Size Drive Data Center Wins
Data center integrated power ICs
• Highest current: CPU
• Only single-chip solution: Memory
• Smallest footprint
20% higher computational density
• Lowest total cost of ownership
~$1 in energy cost savings per $1 in Maxim revenue
$20M in energy cost savings for 1M servers per year
41
42. Power Efficiency & Small Size Drive Data Center Wins
Data center integrated power ICs
• Highest current: CPU
• Only single-chip solution: Memory
• Smallest footprint
20% higher computational density
• Lowest total cost of ownership
~$1 in energy cost savings per $1 in Maxim revenue
$20M in energy cost savings for 1M servers per year
42
43. Technology Leadership in Power Requires a Platform Approach
43
Power Technology Platform
Process
Advanced Packaging
Architecture
Power/Mixed-Signal Integration
44. Technology Leadership in Power Requires a Platform Approach
44
Power Technology Platform
Process
Advanced Packaging
Architecture
Power/Mixed-Signal Integration
45. Benefits of Technology Scaling in Conventional Power
45
Decreasing Linewidth>1µm
Good scaling benefit
Conventional Wisdom: Little scaling benefit
Transistor Density
130nm180nm
46. Unique Benefits of Technology Scaling for Maxim
46
Competitor tool limitations
Decreasing Linewidth>1µm 130nm180nm
Transistor Density Maxim
Roadmap
47. Maxim Process & Device IP
Unleashing the Benefits of Deeper Submicron for Power
47
Advanced Foundry Tools
Differentiated Power Devices on Proprietary Process
48. Maxim Process & Device IP
Unleashing the Benefits of Deeper Submicron for Power
48
Advanced Foundry Tools
Differentiated Power Devices on Proprietary Process
Power Technology Platform
Process
Advanced Packaging
Architecture
Power/Mixed-Signal Integration
49. Maxim’s Evolution of Technology & Manufacturing
49
Transistor Density
0
100
0.8µm 0.35µm 180nm 90nm
Mobile
90nm
Platform
50
150
With Scaling
↑Power Density
↑Power Efficiency
↑Integration
↓Standby Current
50. Maxim’s Evolution of Technology & Manufacturing
50
Transistor Density
0
100
0.8µm 0.35µm 180nm 90nm
Mobile
90nm
Platform
50
150
~2000: 0.8mm
Platform Process
6” Wafers
Internal Development
Internal Manufacturing
51. Maxim’s Evolution of Technology & Manufacturing
51
~2004: 0.35mm
Platform Process
8” Wafers
Internal Development
Internal & External Manufacturing
Transistor Density
0
100
0.8µm 0.35µm 180nm 90nm
Mobile
90nm
Platform
50
150
52. Maxim’s Evolution of Technology & Manufacturing
52
~2007: 180nm
Platform Process
8” & 12” Wafers
Internal Development
Internal & External Manufacturing
Transistor Density
0
100
0.8µm 0.35µm 180nm 90nm
Mobile
90nm
Platform
50
150
2010: First 12” wafers
30% cost savings
53. Maxim’s Evolution of Technology & Manufacturing
53
~2015: 90nm
Mobile Only
12” Wafers
Internal Development
External Manufacturing
Transistor Density
0
100
0.8µm 0.35µm 180nm 90nm
Mobile
90nm
Platform
50
150
30% cost savings
30% performance gains
54. Maxim’s Evolution of Technology & Manufacturing
54
~2017: 90nm Platform
Platform Process
12” Wafers
External Development
External Manufacturing
Transistor Density
0
100
0.8µm 0.35µm 180nm 90nm
Mobile
90nm
Platform
50
150
55. Maxim’s Evolution of Technology & Manufacturing
55
90nm Platform Benefits
Extended Voltage Range
Improved Performance & Cost
Low Development Cost
Low CapEx
Transistor Density
0
100
0.8µm 0.35µm 180nm 90nm
Mobile
90nm
Platform
50
150
Exceeds benchmarks
for performance & cost
56. Maxim’s Evolution of Technology & Manufacturing
56
Solution Benefits
15x Functional Integration Density
20x Higher Current Density
More Efficient:
7x Lower Power Loss
10x Lower Standby Power Loss
Transistor Density
0
100
0.8µm 0.35µm 180nm 90nm
Mobile
90nm
Platform
50
150
>70x density
in 5 generations
57. Maxim’s Evolution of Technology & Manufacturing
57
Continued improvements forecast in deeper submicron technologies
Future: <90nm
Platform Process
12” Wafers
External Development
External Manufacturing
Low CapEx
Transistor Density
0
100
0.8µm 0.35µm 180nm 90nm
Mobile
90nm
Platform
50
150
< 90nm
67. Summary
• Leading in High-Performance Power
> Technology leadership
> Holistic platform approach
• Maxim uniquely positioned to leverage technology scaling
• Incubating new businesses for our future
67
70. Playing to Our Strengths in High-Performance Power
70
1
2
3
Lead
high-performance
power
Leverage core competency
Focus on growth markets
Increased R&D
71. Targeting High Growth with Disruptive Technology
R&D organized by end markets and core products where we are winning
71
Automotive Industrial Data Center Mobility
Core Products
(General Purpose, Micros, Security)
72. Automotive
72
17% of company revenue
10+ year history building the business
Diversified product and customer base
74. Automotive Surpassed Smartphones in Market Size & Growth
74
Automotive market
growing to $10B, 5% CAGR
$8.6
$8.9$8.7
$10.2
2015 2018F
Automotive
Smartphones
Source: IHS
Analog Market TAM [$B]
75. Growing 2x faster than
overall Auto market
Investing in High Growth Areas of Automotive
75
2015 2018F
Source: IHS, Strategy Analytics, Maxim
$2.0
$1.5
9%
CAGR
LED Lighting 8% CAGR
Power 6% CAGR
Serial Link 25% CAGR
EV Battery 14% CAGR
Automotive Analog
ASSP SAM [$B]
77. Electronics Create Differentiation in Cars
77
Opportunity for Maxim: $100+ per car
Infotainment
Access
Powertrain
Safety
Hybrid Radio
USB ChargingPower Management
Active Antenna
Serial Link
78. Electronics Create Differentiation in Cars
78
Opportunity for Maxim: $100+ per car
Smart Key
Infotainment
Access
Powertrain
Safety
Hybrid Radio
USB ChargingPower Management
Active Antenna
Serial Link
79. Electronics Create Differentiation in Cars
79
Opportunity for Maxim: $100+ per car
Smart Key
Battery Management (EV/Hybrids)
Infotainment
Access
Powertrain
Safety
Hybrid Radio
USB ChargingPower Management
Active Antenna
Serial Link
80. Electronics Create Differentiation in Cars
80
Opportunity for Maxim: $100+ per car
Smart Key
Battery Management (EV/Hybrids)
Infotainment
Access
Powertrain
Safety
Advanced Driver
Assistance
Exterior
LED Lighting
Serial Link
Hybrid Radio
USB ChargingPower Management
Active Antenna
Serial Link
81. New Features Require Efficient Power Management
81
More ports
More processors
More power
50
85
12535
65
95
2012 2015 2018
Source: Strategy Analytics
14%
CAGR
USB Ports
Application
Processors
Automotive IC Units [M]
85Mu
150Mu
220Mu
82. High Speed Serial Link Enables Evolution of Driver Assistance
82
Before
Single function,
low-res display
Next
6+ cameras, 19 links,
ADAS, UHD displays
Now
Rear-facing camera,
high-res displays
New 6 GB serial link products this year enable ADAS
83. Europe Japan Korea Americas China & Taiwan
Lots of Geographic Headroom for Growth
83
Maxim’s Business Traction EmergingHigh
Note: Logos are the property of their respective trademark owners
85. Industrial is the Fastest Growing Analog Market
85
2015 2018E
Industrial
Analog TAM [$B]
Other 11% CAGR
Test & Security 2% CAGR
Building & Home 10% CAGR
Mil & Aero 7% CAGR
Power & Energy 9% CAGR
Medical 8% CAGR
Factory Automation 6% CAGR
$8.4
$10.47%
CAGR
Source: IHS
Factory Automation:
25% of Industrial TAM
86. Maxim Technologies for Factory Automation
86
2015 2018E
Factory Automation
Analog TAM [$B]
ASSP 8% CAGR
Signal Chain 5% CAGR
Interface 3% CAGR
Power 5% CAGR
$2.1
$2.56%
CAGR
Source: IHS
40% of Maxim Industrial
Focused investment
since 2012
New products ramping
87. Interface
Key Technologies for Factory Automation
Power
• High-voltage power
• Power modules
• Supervisory
• Protection
• RS485
• IO link
• Isolation products
• Digital input/output
87
89. …to Fit in Your Pocket
89
2014: Maxim uPLC2014: Micro PLC Reference Design 2016: Pocket IO Reference Design
50 chips
$125 Maxim content
3”
0.75”
3”
2.25”
90. Winning in Industrial Power with Cooler Chips
90
Designed differently from the ground up
Note: Example uses VIN = 24V, VOUT = 5V, IOUT = 2.5A @ 500KHz
Competitor Solution Maxim Solution
50% lower heat generation than competition
92. Data Centers Transitioning to the Needs of the Cloud
92
0%
25%
50%
75%
100%
2008 2010 2012 2014 2016F 2018F
Source: Morgan Stanley Calendar Year
Cloud servers to
overtake enterprise
Server Unit
Market Share %
Enterprise
Cloud
93. Server Power Management Leads in Power Density
93
Conventional Solution Maxim Solution
33% smaller footprint than conventional
94. Optical Solutions Improve Data Center Density
94
Data increasing Data centers store & process Users access real time
95. Optical Solutions Improve Data Center Density
95
Maxim’s 25G, 40G, 100G Optical Solutions
Higher density
Lower power consumption
Data increasing Data centers store & process Users access real time
96. Winning in Optical
96
Maxim’s Differentiation
1. Proprietary IP cores for low power
2. Unique architecture lowers heat and cost
3. Digital tuning optimizes performance,
improves module yields
97. Aligned with the Right Optical Customers to Win in Cloud
97
Maxim’s Module Customers End Customers
Note: Logos are the property of their respective trademark owners
98. Mobility and Wearables
More than smartphones
98
$12B market opportunity
Wearables market growing ~30% per year
Investing in power, audio, and sensors
101. Wearables Growing to 380M Units by 2018
101
• Heart rate
• ECG
• Body temperature
• Cuff-less blood pressure
• Fitness and activity monitors
• Smart clothing
• Sports watches
• Chest straps
• Patches
• Smart watches
• Smart glasses
• Wearable cameras
• Bluetooth headsets
Source: Gartner, IHS, Maxim
Fitness & Wellness
Medical
Consumer Wearables
120M
units
120M
units
140M
units
2018
Analog TAM $1.2B
102. Maxim Enables Longer Battery Life in Wearables
5 hrs
10 hrs
16 hrs
Gen 1 Gen 2 Gen 3
102
Active Battery Runtime
Fitness Wearable Generation
60%
increase
104. Growth Strategy for Core Products
104
Grow
core products
Sell what we have1
2
3 Selective R&D
Grow distribution partnerships
105. Broad Traction in Core Products: Building Block Parts
105
AmpSignal
Chain
InterfacePower
#1 in supervisory products #1 in RS232 + 485 interface
Invented RS232
Strong temperature sensor
portfolio
#2 in comparators
Strong precision amp portfolio
106. Sell What We Have
106
Online Simulation ToolsStar Products Promotion
Improved Sales Collateral
Catalog Distribution Enhanced Website
107. Improved Distribution Engagement
Maxim revenue
FY12 FY15
Distribution
29%
Distribution
36%
Direct Direct
• 10,000+ customers
• Leading Avnet supplier
• Specialty distributors to
reach “long tail”
107
108. Driving Sustainable Growth
108
Automotive Industrial Data Center Mobility
Core Products
(General Purpose, Micros, Security)
Growing in
Diversified Market
Industry 4.0 Transition to
the Cloud
Growing in
Wearables
Positioned to Grow in the Broad Market
111. Still Able to Create Significant Value
111
55%45%
consolidation
cash
margin expansion
synergies
slow growth
muted cyclicality
scale matters
capital return
dividends
FCF yield
low capex
general purpose
112. Creating Value in A Maturing Industry
Lead
high-performance
power
Drive
operational
excellence
Selective
M&A
Maximize
cash flow
112
118. Manufacturing Transformation
118
San Jose fab closure & sale
San Antonio fab sale
Dallas Bump fab transition
Philippines consolidation
Strategic foundry partnerships
119. Improve internal fab loading
Flexible cost structure
Retain proprietary process technology
Access deep submicron foundry capacity
Manufacturing Transformation
119
San Jose fab closure & sale
San Antonio fab sale
Dallas Bump fab transition
Philippines consolidation
Strategic foundry partnerships
120. Manufacturing Transformation Plan On Track
120
63% GM 65% GM
Actions completed
1. Closed and sold San Jose fab
2. Sold San Antonio fab to foundry partner
3. Consolidated Philippines facilities
Remaining actions
1. Close Dallas wafer level packaging fab
2. Realize full savings from San Antonio fab transition
3. Depreciation CapEx convergence
61% GM 64% GM
2017 Exit2015 2016 2017
121. $0
$100
$200
$300
$400
$500
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16F
Historical CapEx, Long Asset Lives Kept Depreciation High
121
Increase
foundry mix
Add 180nm,
test capacity
Use foundry
for 90nm
% of Rev 20% 20% 11% 8% 6% 7% 11% 9% 5% 3% 3%
Capital Expenditure [$ M]
Note: Measures exclude Special Items
127. Industrial and Automotive Growth Diversifying Revenue
127
Note: Due to nature of our general purpose products, estimates by Major Markets are imprecise
FY12 FY16 Target
Automotive
Industrial
All other
markets
30% 45% 50%
131. Creating Value in A Maturing Industry
Lead
high-performance
power
Drive
operational
excellence
Selective
M&A
Maximize
cash flow
131
132. Creating Value In Any Scenario
132
Organic
value creation
Acquired
by others
Buying
other companies
133. M&A Strategy in a Consolidating Industry
133
• R&D Efficiency
• Customer and distributor strategic relationships
• Volume benefits with suppliers
Scale matters1
• Synergies
• Price discipline
Create value2
• High-performance analog
• High profitability
• Strong cash flow
Play to our strengths3
134. We Have the Capacity for M&A
134
Strong cash flow1
2
3 Integration expertise
Increasing debt capacity through EBITDA growth
Selective
M&A
135. Creating Value in A Maturing Industry
Lead
high-performance
power
Drive
operational
excellence
Selective
M&A
Maximize
cash flow
135
136. % of Rev 11% 9% 5% 3% 3%
$0
$100
$200
$300
FY12 FY13 FY14 FY15 FY16F
Capital Expenditures Reduced to 1 to 3% of Revenue
136
Use foundry
for 90nm
Capital Expenditures [$ M]
Note: Measures exclude Special Items
138. 0%
5%
10%
15%
20%
25%
30%
35%
$0
$200
$400
$600
$800
FY12 FY13 FY14 FY15 FY16
Higher Profitability & Lower CapEx Drive Free Cash Flow
138
Raising free cash flow target: 30 to 35% of revenue
Free cash flow
% target range
Free Cash Flow [$M]
Free Cash Flow
% of Revenue
Note: Measures exclude Special Items
Free Cash Flow: Cash Flow from Operations – Net Capital Expenditures
Net Capital Expenditures: Gross Capital Expenditures – Asset Sales
139. Highest Free Cash Flow Yield
139
Note: Data as of February 5, 2016, First Call consensus mean estimates
FCF Yield = FCF (CY2016E) / Market Capitalization
Competitors: ADI, ISIL, LLTC, NXPI, SLAB, SMTC, TXN
Measures exclude Special Items
8.0% 7.8%
6.7% 6.6% 6.5% 6.5% 6.5%
5.8%
MXIM A B C D E F G
141. Industry-Leading Dividend Yield
141
Note: Data as of February 5, 2016
4.4%
3.8%
3.4% 3.3% 3.2%
3.0% 2.9%
2.7% 2.6%
2.0%
1.7% 1.7% 1.7%
0.0% 0.0% 0.0% 0.0%
A MXIM B C D E F G H I J K L M N O P
Dividend Yield %
142. Returned 94% of Free Cash Flow Over Last 4 Years
142
DIVIDEND
0%
20%
40%
60%
80%
100%
120%
$0
$200
$400
$600
$800
FY12 FY13 FY14 FY15 FY16F
Target: 80%
Dividend + Buyback [$M]
Return as % of
Free Cash Flow
Dividend
Buyback
Note: All measures exclude Special Items
144. Stronger Long-Term Business Model
144
Old Model New Model
Revenue Growth 3 to 5 Points Above Industry 50% Above Industry
Gross Margin 61% – 64% ~65%
Operating Expenses Grow < Revenue % Growth ~30% of revenue
Operating Margin 30%+ by Q4 FY15 ~35%
Tax Rate 20% 20%
Inventory ~100 Days ~100 Days
CapEx 3% – 5% of Revenue 1% – 3% of Revenue
Free Cash Flow Margin 25% – 30% of Revenue 30% – 35% of Revenue
Total Cash to Shareholders 80% of Free Cash Flow 80% of Free Cash Flow
Note: All measures exclude Special Items
Assumes full benefit of announced restructuring activities
145. Old Model New Model
Revenue Growth 3 to 5 Points Above Industry 50% Above Industry
Gross Margin 61% – 64% ~65%
Operating Expenses Grow < Revenue % Growth ~30% of revenue
Operating Margin 30%+ by Q4 FY15 ~35%
Tax Rate 20% 20%
Inventory ~100 Days ~100 Days
CapEx 3% – 5% of Revenue 1% – 3% of Revenue
Free Cash Flow Margin 25% – 30% of Revenue 30% – 35% of Revenue
Total Cash to Shareholders 80% of Free Cash Flow 80% of Free Cash Flow
Stronger Long-Term Business Model
145
Note: All measures exclude Special Items
Assumes full benefit of announced restructuring activities
Long-term target: $3 Free Cash Flow per share
146. Why Invest in Maxim?
146
FCF Multiple at a Significant Discount to our Peers
Note: Data as of February 5, 2016, First Call consensus mean estimates
FCF Yield = FCF (CY2016E) / Market Capitalization
Competitors: ADI, ISIL, LLTC, NXPI, SLAB, SMTC, TXN
Measures exclude Special Items
12.4x 12.8x
14.9x 15.0x 15.5x 15.5x 15.5x
17.3x
MXIM A B C D E F G
1.05x
FACTOR
1.2x 1.2x 1.25x 1.25x 1.25x 1.4x
152. Free Cash Flow – Non GAAP Reconciliation
152
Free cash flow
Free cash flow is calculated by subtracting net capital expenditures from cash flows from
operating activities. The table below provides a reconciliation of free cash flow to the most
directly comparable GAAP measure.
June 27, June 28, June 29, June 30,
2015 2014 2013 2012
Cash flows from operating activities (GAAP) $ 693,706 $ 776,107 $ 817,935 $ 756,722
Payments for property, plant and equipment (75,816) (132,523) (216,672) (264,348)
Proceeds from sales of property, plant and equipment 29,035 5,293 19,196 16,883
Free cash flow (Non-GAAP) $ 646,925 $ 648,877 $ 620,459 $ 509,257
Net revenues $ 2,306,864 $ 2,453,663 $ 2,441,459 $ 2,403,529
Cash flows from operating activities as a percentage of revenue (GAAP) 30% 32% 34% 31%
Free cash flow as a percentage of revenue (Non-GAAP) 28% 26% 25% 21%
For the Years Ended
(in thousands)