PMC Reports First Quarter 2015 Results
PMC-Sierra, Inc.
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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(in thousands)
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(unaudited)
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|
|
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Three Months Ended
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|
|
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March 28,
|
|
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December 27,
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|
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March 29,
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|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
|
|
|
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|
|
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Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
4,655
|
|
|
|
$
|
2,330
|
|
|
|
$
|
(4,241
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
14,988
|
|
|
|
|
16,742
|
|
|
|
|
17,911
|
|
Stock-based compensation
|
|
|
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6,693
|
|
|
|
|
6,847
|
|
|
|
|
6,191
|
|
Unrealized foreign exchange gain, net
|
|
|
|
(4,495
|
)
|
|
|
|
(3,474
|
)
|
|
|
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(1,725
|
)
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Net amortization of premiums and accrued interest of investments
|
|
|
|
256
|
|
|
|
|
90
|
|
|
|
|
275
|
|
Asset impairments
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
770
|
|
Gain on investment securities and other
|
|
|
|
(32
|
)
|
|
|
|
(45
|
)
|
|
|
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(29
|
)
|
Amortization of discount on short-term and long-term obligations
|
|
|
|
210
|
|
|
|
|
350
|
|
|
|
|
-
|
|
Amortization of debt issue costs
|
|
|
|
51
|
|
|
|
|
51
|
|
|
|
|
51
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
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Accounts receivable, net
|
|
|
|
(6,741
|
)
|
|
|
|
1,600
|
|
|
|
|
(546
|
)
|
Inventories, net
|
|
|
|
2,264
|
|
|
|
|
(3,361
|
)
|
|
|
|
864
|
|
Prepaid expenses and other current assets
|
|
|
|
834
|
|
|
|
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(2,998
|
)
|
|
|
|
2,324
|
|
Accounts payable and accrued liabilities
|
|
|
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(12,726
|
)
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|
|
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7,577
|
|
|
|
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(11,689
|
)
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Deferred taxes and income taxes payable
|
|
|
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2,664
|
|
|
|
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4,365
|
|
|
|
|
2,374
|
|
Deferred income
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|
|
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(586
|
)
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|
|
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(971
|
)
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|
|
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(1,921
|
)
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Net cash provided by operating activities
|
|
|
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8,035
|
|
|
|
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29,103
|
|
|
|
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10,609
|
|
|
|
|
|
|
|
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Cash flows from investing activities:
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Cash paid in connection with business acquisition
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|
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(18,000
|
)
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|
|
|
-
|
|
|
|
|
-
|
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Purchases of property and equipment
|
|
|
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(4,414
|
)
|
|
|
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(2,770
|
)
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|
|
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(3,732
|
)
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Purchase of intangible assets
|
|
|
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(441
|
)
|
|
|
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(270
|
)
|
|
|
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(481
|
)
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Redemption of short-term investments
|
|
|
|
7,926
|
|
|
|
|
750
|
|
|
|
|
1,800
|
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Disposals of investment securities and other investments
|
|
|
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15,429
|
|
|
|
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23,759
|
|
|
|
|
14,064
|
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Purchases of investment securities and other investments
|
|
|
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(35,329
|
)
|
|
|
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(38,349
|
)
|
|
|
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(17,790
|
)
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Net cash used in investing activities
|
|
|
|
(34,829
|
)
|
|
|
|
(16,880
|
)
|
|
|
|
(6,139
|
)
|
|
|
|
|
|
|
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Cash flows from financing activities:
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|
|
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Proceeds from credit facility
|
|
|
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30,000
|
|
|
|
|
-
|
|
|
|
|
30,000
|
|
Repayment of credit facility
|
|
|
|
(20,000
|
)
|
|
|
|
-
|
|
|
|
|
(55,000
|
)
|
Proceeds from issuance of common stock
|
|
|
|
26,759
|
|
|
|
|
11,251
|
|
|
|
|
9,348
|
|
Repurchases of common stock
|
|
|
|
(57,222
|
)
|
|
|
|
-
|
|
|
|
|
(11,496
|
)
|
Net cash (used in) provided by financing activities
|
|
|
|
(20,463
|
)
|
|
|
|
11,251
|
|
|
|
|
(27,148
|
)
|
|
|
|
|
|
|
|
|
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Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
(765
|
)
|
|
|
|
(844
|
)
|
|
|
|
(432
|
)
|
Net (decrease) increase in cash and cash equivalents
|
|
|
|
(48,022
|
)
|
|
|
|
22,630
|
|
|
|
|
(23,110
|
)
|
Cash and cash equivalents, beginning of the period
|
|
|
|
112,570
|
|
|
|
|
89,940
|
|
|
|
|
100,038
|
|
Cash and cash equivalents, end of the period
|
|
|
$
|
64,548
|
|
|
|
$
|
112,570
|
|
|
|
$
|
76,928
|
|
|