PMC Reports Second Quarter 2015 Results
|
PMC-Sierra, Inc.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
June 27,
|
|
June 28,
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(3,924
|
)
|
|
$
|
(7,721
|
)
|
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
30,058
|
|
|
|
33,278
|
|
|
Stock-based compensation
|
|
|
|
12,804
|
|
|
|
11,106
|
|
|
Unrealized foreign exchange gain, net
|
|
|
|
(4,328
|
)
|
|
|
(1,264
|
)
|
|
Net amortization of premiums and accrued interest of investments
|
|
|
|
390
|
|
#
|
|
390
|
|
|
Asset impairments
|
|
|
|
252
|
|
|
|
770
|
|
|
Gain on investment securities and other investments
|
|
|
|
(57
|
)
|
|
|
(74
|
)
|
|
Accretion of discount on short-term and long-term obligations
|
|
|
|
390
|
|
|
|
-
|
|
|
Amortization of debt issuance costs
|
|
|
|
102
|
|
|
|
102
|
|
|
Gain on lease exit, net
|
|
|
|
(696
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
(2,727
|
)
|
|
|
(2,249
|
)
|
|
Inventories, net
|
|
|
|
1,784
|
|
|
|
(311
|
)
|
|
Prepaid expenses and other current assets
|
|
|
|
1,055
|
|
|
|
3,068
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
5,190
|
|
|
|
(2,234
|
)
|
|
Deferred taxes and income taxes payable
|
|
|
|
1,285
|
|
|
|
6,447
|
|
|
Deferred income
|
|
|
|
(159
|
)
|
|
|
(2,292
|
)
|
|
Net cash provided by operating activities
|
|
|
|
41,419
|
|
|
|
39,016
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
(8,850
|
)
|
|
|
(8,054
|
)
|
|
Purchase of intangible assets
|
|
|
|
(3,845
|
)
|
|
|
(733
|
)
|
|
Redemption of short-term investments
|
|
|
|
13,466
|
|
|
|
3,535
|
|
|
Disposals of investment securities and other investments
|
|
|
|
29,973
|
|
|
|
25,538
|
|
|
Purchases of investment securities and other investments
|
|
|
|
(67,515
|
)
|
|
|
(41,966
|
)
|
|
Net cash used in investing activities
|
|
|
|
(36,771
|
)
|
|
|
(21,680
|
)
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
Installment payment in connection with previous business acquisition
|
|
|
|
(18,000
|
)
|
|
|
-
|
|
|
Proceeds from credit facility
|
|
|
|
102,000
|
|
|
|
30,000
|
|
|
Repayment of credit facility
|
|
|
|
(65,000
|
)
|
|
|
(60,000
|
)
|
|
Proceeds from issuance of common stock
|
|
|
|
31,342
|
|
|
|
10,615
|
|
|
Repurchases of common stock
|
|
|
|
(102,108
|
)
|
|
|
(11,496
|
)
|
|
Net cash used in financing activities
|
|
|
|
(51,766
|
)
|
|
|
(30,881
|
)
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
(588
|
)
|
|
|
95
|
|
|
Net decrease in cash and cash equivalents
|
|
|
|
(47,706
|
)
|
|
|
(13,450
|
)
|
|
Cash and cash equivalents, beginning of the period
|
|
|
|
112,570
|
|
|
|
100,038
|
|
|
Cash and cash equivalents, end of the period
|
|
|
$
|
64,864
|
|
|
$
|
86,588
|
|
|
