| PMC-Sierra, Inc. | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
| (in thousands) | |||||||||||||||
| (unaudited) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| March 28, | December 27, | March 29, | |||||||||||||
| 2015 | 2014 | 2014 | |||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net income (loss) | $ | 4,655 | $ | 2,330 | $ | (4,241 | ) | ||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 14,988 | 16,742 | 17,911 | ||||||||||||
| Stock-based compensation | 6,693 | 6,847 | 6,191 | ||||||||||||
| Unrealized foreign exchange gain, net | (4,495 | ) | (3,474 | ) | (1,725 | ) | |||||||||
| Net amortization of premiums and accrued interest of investments | 256 | 90 | 275 | ||||||||||||
| Asset impairments | - | - | 770 | ||||||||||||
| Gain on investment securities and other | (32 | ) | (45 | ) | (29 | ) | |||||||||
| Amortization of discount on short-term and long-term obligations | 210 | 350 | - | ||||||||||||
| Amortization of debt issue costs | 51 | 51 | 51 | ||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||
| Accounts receivable, net | (6,741 | ) | 1,600 | (546 | ) | ||||||||||
| Inventories, net | 2,264 | (3,361 | ) | 864 | |||||||||||
| Prepaid expenses and other current assets | 834 | (2,998 | ) | 2,324 | |||||||||||
| Accounts payable and accrued liabilities | (12,726 | ) | 7,577 | (11,689 | ) | ||||||||||
| Deferred taxes and income taxes payable | 2,664 | 4,365 | 2,374 | ||||||||||||
| Deferred income | (586 | ) | (971 | ) | (1,921 | ) | |||||||||
| Net cash provided by operating activities | 8,035 | 29,103 | 10,609 | ||||||||||||
| Cash flows from investing activities: | |||||||||||||||
| Cash paid in connection with business acquisition | (18,000 | ) | - | - | |||||||||||
| Purchases of property and equipment | (4,414 | ) | (2,770 | ) | (3,732 | ) | |||||||||
| Purchase of intangible assets | (441 | ) | (270 | ) | (481 | ) | |||||||||
| Redemption of short-term investments | 7,926 | 750 | 1,800 | ||||||||||||
| Disposals of investment securities and other investments | 15,429 | 23,759 | 14,064 | ||||||||||||
| Purchases of investment securities and other investments | (35,329 | ) | (38,349 | ) | (17,790 | ) | |||||||||
| Net cash used in investing activities | (34,829 | ) | (16,880 | ) | (6,139 | ) | |||||||||
| Cash flows from financing activities: | |||||||||||||||
| Proceeds from credit facility | 30,000 | - | 30,000 | ||||||||||||
| Repayment of credit facility | (20,000 | ) | - | (55,000 | ) | ||||||||||
| Proceeds from issuance of common stock | 26,759 | 11,251 | 9,348 | ||||||||||||
| Repurchases of common stock | (57,222 | ) | - | (11,496 | ) | ||||||||||
| Net cash (used in) provided by financing activities | (20,463 | ) | 11,251 | (27,148 | ) | ||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (765 | ) | (844 | ) | (432 | ) | |||||||||
| Net (decrease) increase in cash and cash equivalents | (48,022 | ) | 22,630 | (23,110 | ) | ||||||||||
| Cash and cash equivalents, beginning of the period | 112,570 | 89,940 | 100,038 | ||||||||||||
| Cash and cash equivalents, end of the period | $ | 64,548 | $ | 112,570 | $ | 76,928 | |||||||||
PMC Reports First Quarter 2015 Results
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