| APPLIED MICRO CIRCUITS CORPORATION | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
| (in thousands) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| June 30, | March 31, | June 30, | ||||||||||||||
| 2016 | 2016 | 2015 | ||||||||||||||
| Operating activities: | ||||||||||||||||
| Net loss | $ | (10,539 | ) | $ | (8,907 | ) | $ | (7,404 | ) | |||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||
| Depreciation | 1,570 | 1,891 | 1,838 | |||||||||||||
| Amortization of bond premium | 226 | 258 | - | |||||||||||||
| Stock-based compensation expense | 8,165 | 7,637 | 6,092 | |||||||||||||
| Tax effect on other comprehensive loss | (94 | ) | 49 | - | ||||||||||||
| Loss (gain) on short-term investments and other, net | (26 | ) | 7 | (1,455 | ) | |||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||
| Accounts receivable | 102 | 3,187 | 882 | |||||||||||||
| Inventories | 3,552 | 3,533 | 3,723 | |||||||||||||
| Other assets | (70 | ) | 3,891 | 2,464 | ||||||||||||
| Accounts payable | (2,382 | ) | (4,248 | ) | (3,453 | ) | ||||||||||
| Accrued payroll and other accrued liabilities | 1,077 | (1,018 | ) | 220 | ||||||||||||
| Veloce accrued liability | (8 | ) | (9 | ) | (65 | ) | ||||||||||
| Deferred revenue | 1 | (7 | ) | 7 | ||||||||||||
| Net cash provided by operating activities | 1,574 | 6,264 | 2,849 | |||||||||||||
| Investing activities: | ||||||||||||||||
| Proceeds from sales and maturities of short-term investments | 18,461 | 5,487 | 7,444 | |||||||||||||
| Purchases of short-term investments | (17,739 | ) | (6,443 | ) | (1,129 | ) | ||||||||||
| Proceeds from sale of property and equipment | 2 | - | 25 | |||||||||||||
| Purchases of property and equipment | (2,547 | ) | (562 | ) | (315 | ) | ||||||||||
| Net cash provided by (used for) investing activities | (1,823 | ) | (1,518 | ) | 6,025 | |||||||||||
| Financing activities: | ||||||||||||||||
| Proceeds from issuance of common stock | 32 | 1,736 | 133 | |||||||||||||
| Funding of restricted stock units withheld for taxes and other | (623 | ) | (187 | ) | (1,212 | ) | ||||||||||
| Net cash provided by (used for) financing activities | (591 | ) | 1,549 | (1,079 | ) | |||||||||||
| Net increase (decrease) in cash and cash equivalents | (840 | ) | 6,295 | 7,795 | ||||||||||||
| Cash and cash equivalents at beginning of the period | 25,065 | 18,770 | 36,495 | |||||||||||||
| Cash and cash equivalents at end of the period | $ | 24,225 | $ | 25,065 | $ | 44,290 | ||||||||||
Applied Micro Circuits Corporation Reports First Quarter Fiscal 2017 Financial Results
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