Applied Micro Circuits Corporation Reports Third Quarter Fiscal 2016 Financial Results


APPLIED MICRO CIRCUITS CORPORATION 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(in thousands) 
(unaudited) 
            
  Three Months Ended Nine Months Ended 
  December 31, September 30, December 31, December 31, December 31, 
   2015   2015   2014   2015   2014  
Operating activities:           
Net loss $  (8,199) $  (8,061) $  (12,131) $  (23,664) $  (36,913) 
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:          
Depreciation    2,028     1,833     2,223     5,699     6,598  
Amortization of purchased intangible assets    -     -     -     -     105  
Amortization of bond premium    429     -     -     429     -  
Stock-based compensation expense    6,141     5,934     4,857     18,167     14,303  
Veloce acquisition consideration    -     -     -      -         7,140    
Tax effect on other comprehensive loss       -         -         50         -         (34 )  
Non-cash restructuring charges       -         -         14         -         14    
Impairment of a strategic investment       -         -         -         -         2,500    
Gain on short-term investments and other, net        (1 )       (132 )       (123 )       (1,588 )       (101 )  
Changes in operating assets and liabilities:                   -        
Accounts receivable       172         (1,099 )       (1,366 )       (45 )       5,931    
Inventories       700         (574 )       (6,605 )       3,849         (5,271 )  
Other assets        754         (355 )       (1,336 )       2,863         (736 )  
Accounts payable        992         1,095         8,375         (1,366 )       (3,719 )  
Accrued payroll and other accrued liabilities        168         (50 )       1,662         338         (927 )  
Veloce accrued liability       (9 )       (25 )       (1,482 )       (99 )       (8,981 )  
Deferred revenue        (39 )       (30 )       (22 )       (62 )       (188 )  
Net cash provided by (used for) operating activities       3,136         (1,464 )       (5,884 )       4,521         (20,279 )  
Investing activities:                      
Proceeds from sales and maturities of short-term investments        10,380         40,403         3,278         58,227         5,198    
Purchases of short-term investments        (14,319 )       (62,573 )       (653 )       (78,021 )       (2,722 )  
Proceeds from sale of property and equipment       -         6         -         31         1    
Purchases of property and equipment and other assets       (1,232 )       (492 )       (271 )       (2,039 )       (7,291 )  
Proceeds from sale of TPack       -          -         -         -          3,353    
Net cash provided by (used for) investing activities       (5,171 )       (22,656 )       2,354         (21,802 )       (1,461 )  
Financing activities:                      
Proceeds from issuances of common stock       (2 )       1,112         27         1,243         1,890    
Funding of restricted stock units withheld for taxes       (268 )       (207 )       (363 )       (1,687 )       (1,609 )  
Net cash provided by (used for) financing activities       (270 )       905         (336 )       (444 )       281    
Net decrease in cash and cash equivalents       (2,305 )       (23,215 )       (3,866 )       (17,725 )       (21,459 )  
Cash and cash equivalents at the beginning of the period       21,075         44,290         53,946         36,495         71,539    
Cash and cash equivalents at the end of the period   $   18,770     $   21,075     $   50,080     $   18,770     $   50,080    
                       

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