| APPLIED MICRO CIRCUITS CORPORATION | |||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||
| 2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
| Operating activities: | |||||||||||||||||||||
| Net loss | $ | (8,199 | ) | $ | (8,061 | ) | $ | (12,131 | ) | $ | (23,664 | ) | $ | (36,913 | ) | ||||||
| Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | |||||||||||||||||||||
| Depreciation | 2,028 | 1,833 | 2,223 | 5,699 | 6,598 | ||||||||||||||||
| Amortization of purchased intangible assets | - | - | - | - | 105 | ||||||||||||||||
| Amortization of bond premium | 429 | - | - | 429 | - | ||||||||||||||||
| Stock-based compensation expense | 6,141 | 5,934 | 4,857 | 18,167 | 14,303 | ||||||||||||||||
| Veloce acquisition consideration | - | - | - | - | 7,140 | ||||||||||||||||
| Tax effect on other comprehensive loss | - | - | 50 | - | (34 | ) | |||||||||||||||
| Non-cash restructuring charges | - | - | 14 | - | 14 | ||||||||||||||||
| Impairment of a strategic investment | - | - | - | - | 2,500 | ||||||||||||||||
| Gain on short-term investments and other, net | (1 | ) | (132 | ) | (123 | ) | (1,588 | ) | (101 | ) | |||||||||||
| Changes in operating assets and liabilities: | - | ||||||||||||||||||||
| Accounts receivable | 172 | (1,099 | ) | (1,366 | ) | (45 | ) | 5,931 | |||||||||||||
| Inventories | 700 | (574 | ) | (6,605 | ) | 3,849 | (5,271 | ) | |||||||||||||
| Other assets | 754 | (355 | ) | (1,336 | ) | 2,863 | (736 | ) | |||||||||||||
| Accounts payable | 992 | 1,095 | 8,375 | (1,366 | ) | (3,719 | ) | ||||||||||||||
| Accrued payroll and other accrued liabilities | 168 | (50 | ) | 1,662 | 338 | (927 | ) | ||||||||||||||
| Veloce accrued liability | (9 | ) | (25 | ) | (1,482 | ) | (99 | ) | (8,981 | ) | |||||||||||
| Deferred revenue | (39 | ) | (30 | ) | (22 | ) | (62 | ) | (188 | ) | |||||||||||
| Net cash provided by (used for) operating activities | 3,136 | (1,464 | ) | (5,884 | ) | 4,521 | (20,279 | ) | |||||||||||||
| Investing activities: | |||||||||||||||||||||
| Proceeds from sales and maturities of short-term investments | 10,380 | 40,403 | 3,278 | 58,227 | 5,198 | ||||||||||||||||
| Purchases of short-term investments | (14,319 | ) | (62,573 | ) | (653 | ) | (78,021 | ) | (2,722 | ) | |||||||||||
| Proceeds from sale of property and equipment | - | 6 | - | 31 | 1 | ||||||||||||||||
| Purchases of property and equipment and other assets | (1,232 | ) | (492 | ) | (271 | ) | (2,039 | ) | (7,291 | ) | |||||||||||
| Proceeds from sale of TPack | - | - | - | - | 3,353 | ||||||||||||||||
| Net cash provided by (used for) investing activities | (5,171 | ) | (22,656 | ) | 2,354 | (21,802 | ) | (1,461 | ) | ||||||||||||
| Financing activities: | |||||||||||||||||||||
| Proceeds from issuances of common stock | (2 | ) | 1,112 | 27 | 1,243 | 1,890 | |||||||||||||||
| Funding of restricted stock units withheld for taxes | (268 | ) | (207 | ) | (363 | ) | (1,687 | ) | (1,609 | ) | |||||||||||
| Net cash provided by (used for) financing activities | (270 | ) | 905 | (336 | ) | (444 | ) | 281 | |||||||||||||
| Net decrease in cash and cash equivalents | (2,305 | ) | (23,215 | ) | (3,866 | ) | (17,725 | ) | (21,459 | ) | |||||||||||
| Cash and cash equivalents at the beginning of the period | 21,075 | 44,290 | 53,946 | 36,495 | 71,539 | ||||||||||||||||
| Cash and cash equivalents at the end of the period | $ | 18,770 | $ | 21,075 | $ | 50,080 | $ | 18,770 | $ | 50,080 | |||||||||||
Applied Micro Circuits Corporation Reports Third Quarter Fiscal 2016 Financial Results
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