| APPLIED MICRO CIRCUITS CORPORATION | |||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||
|
September 30,
2016 |
June 30,
2016 |
September 30,
2015 |
September 30,
2016 |
September 30,
2015 | |||||||||||||||||
| Operating activities: | |||||||||||||||||||||
| Net loss | $ | (4,640 | ) | $ | (10,539 | ) | $ | (8,061 | ) | $ | (15,179 | ) | $ | (15,465 | ) | ||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||||||||
| Depreciation | 1,570 | 1,570 | 1,833 | 3,140 | 3,671 | ||||||||||||||||
| Amortization of bond premium | 174 | 226 | - | 400 | - | ||||||||||||||||
| Stock-based compensation expense | 6,696 | 8,165 | 5,934 | 14,861 | 12,026 | ||||||||||||||||
| Tax effect on other comprehensive loss | 19 | (94 | ) | - | (75 | ) | - | ||||||||||||||
| Loss (gain) on short-term investments and other, net | 137 | (26 | ) | (132 | ) | 111 | (1,587 | ) | |||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||||
| Accounts receivable | (4,389 | ) | 102 | (1,099 | ) | (4,287 | ) | (217 | ) | ||||||||||||
| Inventories | (584 | ) | 3,552 | (574 | ) | 2,968 | 3,149 | ||||||||||||||
| Other assets | 1,113 | (70 | ) | (355 | ) | 1,042 | 2,109 | ||||||||||||||
| Accounts payable | 2,767 | (2,382 | ) | 1,095 | 384 | (2,358 | ) | ||||||||||||||
| Accrued payroll and other accrued liabilities | (101 | ) | 1,077 | (50 | ) | 977 | 170 | ||||||||||||||
| Veloce accrued liability | (3,660 | ) | (8 | ) | (25 | ) | (3,668 | ) | (90 | ) | |||||||||||
| Deferred revenue | (12 | ) | 1 | (30 | ) | (10 | ) | (23 | ) | ||||||||||||
| Net cash provided by (used for) operating activities | (910 | ) | 1,574 | (1,464 | ) | 664 | 1,385 | ||||||||||||||
| Investing activities: | |||||||||||||||||||||
| Proceeds from sales and maturities of short-term investments | 9,684 | 18,461 | 40,403 | 28,145 | 47,847 | ||||||||||||||||
| Purchases of short-term investments | (11,062 | ) | (17,739 | ) | (62,573 | ) | (28,801 | ) | (63,702 | ) | |||||||||||
| Proceeds from sale of property and equipment | - | 2 | 6 | 2 | 31 | ||||||||||||||||
| Purchases of property and equipment | (761 | ) | (2,547 | ) | (492 | ) | (3,308 | ) | (807 | ) | |||||||||||
| Net cash used for investing activities | (2,139 | ) | (1,823 | ) | (22,656 | ) | (3,962 | ) | (16,631 | ) | |||||||||||
| Financing activities: | |||||||||||||||||||||
| Proceeds from issuances of common stock | 1,744 | 32 | 1,112 | 1,776 | 1,245 | ||||||||||||||||
| Funding of restricted stock units withheld for taxes and other | (431 | ) | (623 | ) | (207 | ) | (1,054 | ) | (1,419 | ) | |||||||||||
| Net cash provided by (used for) financing activities | 1,313 | (591 | ) | 905 | 722 | (174 | ) | ||||||||||||||
| Net decrease in cash and cash equivalents | (1,736 | ) | (840 | ) | (23,215 | ) | (2,576 | ) | (15,420 | ) | |||||||||||
| Cash and cash equivalents at beginning of the period | 24,225 | 25,065 | 44,290 | 25,065 | 36,495 | ||||||||||||||||
| Cash and cash equivalents at end of the period | $ | 22,489 | $ | 24,225 | $ | 21,075 | $ | 22,489 | $ | 21,075 | |||||||||||
Applied Micro Circuits Corporation Reports Second Quarter Fiscal 2017 Financial Results
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