| PMC-Sierra, Inc. | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
| (in thousands) | ||||||||||||
| (unaudited) | ||||||||||||
| Nine Months Ended | ||||||||||||
| September 27, | September 28, | |||||||||||
| 2014 | 2013 | |||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net loss | $ | (2,248 | ) | $ | (16,575 | ) | ||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 48,739 | 51,731 | ||||||||||
| Stock-based compensation | 16,334 | 19,461 | ||||||||||
| Unrealized foreign exchange gain, net | (2,372 | ) | (6,106 | ) | ||||||||
| Net amortization of premiums and accrued interest of investments | 628 | 1,353 | ||||||||||
| Asset impairments | 770 | - | ||||||||||
| Gain on investment securities and other | (86 | ) | (1,767 | ) | ||||||||
| Excess tax benefits from stock option transactions | - | (2,274 | ) | |||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Accounts receivable, net | (934 | ) | 1,923 | |||||||||
| Inventories, net | (3,514 | ) | (7,110 | ) | ||||||||
| Prepaid expenses and other current assets | 4,225 | 927 | ||||||||||
| Accounts payable and accrued liabilities | (6,699 | ) | (8,614 | ) | ||||||||
| Deferred taxes and income taxes payable | 8,608 | 11,120 | ||||||||||
| Deferred income | (1,980 | ) | (915 | ) | ||||||||
| Net cash provided by operating activities | 61,471 | 43,154 | ||||||||||
| Cash flows from investing activities: | ||||||||||||
| Business acquisition | (10,000 | ) | (96,098 | ) | ||||||||
| Investment in long term deposits | - | (1,127 | ) | |||||||||
| Purchases of property and equipment | (11,175 | ) | (11,297 | ) | ||||||||
| Purchase of intangible assets | (1,167 | ) | (2,048 | ) | ||||||||
| Redemption of short-term investments | 4,920 | 8,466 | ||||||||||
| Disposals of investment securities and other investments | 37,936 | 146,340 | ||||||||||
| Purchases of investment securities and other investments | (67,727 | ) | (172,114 | ) | ||||||||
| Net cash used in investing activities | (47,213 | ) | (127,878 | ) | ||||||||
| Cash flows from financing activities: | ||||||||||||
| Payment of debt issuance costs | - | (928 | ) | |||||||||
| Proceeds from short-term loan and credit facility | 30,000 | - | ||||||||||
| Repayment of credit facility | (60,000 | ) | - | |||||||||
| Proceeds from issuance of common stock | 17,924 | 23,476 | ||||||||||
| Repurchases of common stock | (11,496 | ) | (22,544 | ) | ||||||||
| Excess tax benefits from stock option transactions | - | 2,274 | ||||||||||
| Net cash (used in) provided by financing activities | (23,572 | ) | 2,278 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (784 | ) | (505 | ) | ||||||||
| Net decrease in cash and cash equivalents | (10,098 | ) | (82,951 | ) | ||||||||
| Cash and cash equivalents, beginning of the period | 100,038 | 169,970 | ||||||||||
| Cash and cash equivalents, end of the period | $ | 89,940 | $ | 87,019 | ||||||||
PMC Reports Third Quarter 2014 Results
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