| APPLIED MICRO CIRCUITS CORPORATION | ||||||||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||||||||||
| March 31, | December 31, | March 31, | March 31, | March 31, | ||||||||||||||||||||||||
| 2016 | 2015 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||
| Operating activities: | ||||||||||||||||||||||||||||
| Net loss | $ | (8,907 | ) | $ | (8,199 | ) | $ | (15,144 | ) | $ | (32,571 | ) | $ | (52,058 | ) | |||||||||||||
| Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | ||||||||||||||||||||||||||||
| Depreciation | 1,891 | 2,028 | 1,957 | 7,590 | 8,555 | |||||||||||||||||||||||
| Amortization of purchased intangible assets | - | - | - | - | 104 | |||||||||||||||||||||||
| Amortization of bond premium | 258 | 429 | - | 687 | - | |||||||||||||||||||||||
| Stock-based compensation expense | 7,637 | 6,141 | 4,002 | 25,804 | 18,305 | |||||||||||||||||||||||
| Veloce acquisition consideration | - | - | 2,090 | - | 9,230 | |||||||||||||||||||||||
| Tax effect on other comprehensive loss | 49 | - | 160 | 49 | 126 | |||||||||||||||||||||||
| Non-cash restructuring charges | - | - | 2,601 | - | 2,615 | |||||||||||||||||||||||
| Impairment of strategic investments | - | - | 500 | - | 3,000 | |||||||||||||||||||||||
| Loss (gain) on short-term investments and other, net | 7 | (1 | ) | (1,216 | ) | (1,581 | ) | (1,317 | ) | |||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||
| Accounts receivable | 3,187 | 172 | 6,840 | 3,142 | 12,771 | |||||||||||||||||||||||
| Inventories | 3,533 | 700 | 698 | 7,382 | (4,573 | ) | ||||||||||||||||||||||
| Other assets | 3,891 | 754 | (705 | ) | 6,754 | (1,440 | ) | |||||||||||||||||||||
| Accounts payable | (4,248 | ) | 992 | (6,193 | ) | (5,614 | ) | (9,911 | ) | |||||||||||||||||||
| Accrued payroll and other accrued liabilities | (1,018 | ) | 168 | (2,200 | ) | (680 | ) | (3,127 | ) | |||||||||||||||||||
| Veloce accrued liability | (9 | ) | (9 | ) | (169 | ) | (108 | ) | (9,150 | ) | ||||||||||||||||||
| Deferred revenue | (7 | ) | (39 | ) | 36 | (69 | ) | (152 | ) | |||||||||||||||||||
| Net cash provided by (used for) operating activities | 6,264 | 3,136 | (6,743 | ) | 10,785 | (27,022 | ) | |||||||||||||||||||||
| Investing activities: | ||||||||||||||||||||||||||||
| Proceeds from sales and maturities of short-term investments | 5,487 | 10,380 | 11,142 | 63,714 | 16,340 | |||||||||||||||||||||||
| Purchases of short-term investments | (6,443 | ) | (14,319 | ) | (17,165 | ) | (84,464 | ) | (19,887 | ) | ||||||||||||||||||
| Proceeds from sale of property and equipment | - | - | - | 31 | 1 | |||||||||||||||||||||||
| Purchases of property and equipment and other assets | (562 | ) | (1,232 | ) | (2,481 | ) | (2,601 | ) | (9,772 | ) | ||||||||||||||||||
| Proceeds from sale of TPack | - | - | - | - | 3,353 | |||||||||||||||||||||||
| Net cash used for investing activities | (1,518 | ) | (5,171 | ) | (8,504 | ) | (23,320 | ) | (9,965 | ) | ||||||||||||||||||
| Financing activities: | ||||||||||||||||||||||||||||
| Proceeds from issuances of common stock | 1,736 | (2 | ) | 1,964 | 2,979 | 3,854 | ||||||||||||||||||||||
| Funding of restricted stock units withheld for taxes | (187 | ) | (268 | ) | (302 | ) | (1,874 | ) | (1,911 | ) | ||||||||||||||||||
| Net cash provided by (used for) financing activities | 1,549 | (270 | ) | 1,662 | 1,105 | 1,943 | ||||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | 6,295 | (2,305 | ) | (13,585 | ) | (11,430 | ) | (35,044 | ) | |||||||||||||||||||
| Cash and cash equivalents at the beginning of the period | 18,770 | 21,075 | 50,080 | 36,495 | 71,539 | |||||||||||||||||||||||
| Cash and cash equivalents at the end of the period | $ | 25,065 | $ | 18,770 | $ | 36,495 | $ | 25,065 | $ | 36,495 | ||||||||||||||||||
Applied Micro Circuits Corporation Reports Fourth Quarter & Full Year Fiscal 2016 Financial Results
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