Applied Micro Circuits Corporation Reports Fourth Quarter & Full

Applied Micro Circuits Corporation Reports Fourth Quarter & Full Year Fiscal 2016 Financial Results


APPLIED MICRO CIRCUITS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

			Three Months Ended									Year Ended
			March 31,			December 31,			March 31,			March 31,			March 31,
				2016			2015			2015			2016			2015
Operating activities:
	Net loss		$	(8,907	)	$	(8,199	)	$	(15,144	)	$	(32,571	)	$	(52,058	)
	Adjustments to reconcile net loss to net cash provided by (used for) operating activities:
		Depreciation		1,891			2,028			1,957			7,590			8,555
		Amortization of purchased intangible assets		-			-			-			-			104
		Amortization of bond premium		258			429			-			687			-
		Stock-based compensation expense		7,637			6,141			4,002			25,804			18,305
		Veloce acquisition consideration		-			-			2,090			-			9,230
		Tax effect on other comprehensive loss		49			-			160			49			126
		Non-cash restructuring charges		-			-			2,601			-			2,615
		Impairment of strategic investments		-			-			500			-			3,000
		Loss (gain) on short-term investments and other, net		7			(1	)		(1,216	)		(1,581	)		(1,317	)
	Changes in operating assets and liabilities:
		Accounts receivable		3,187			172			6,840			3,142			12,771
		Inventories		3,533			700			698			7,382			(4,573	)
		Other assets		3,891			754			(705	)		6,754			(1,440	)
		Accounts payable		(4,248	)		992			(6,193	)		(5,614	)		(9,911	)
		Accrued payroll and other accrued liabilities		(1,018	)		168			(2,200	)		(680	)		(3,127	)
		Veloce accrued liability		(9	)		(9	)		(169	)		(108	)		(9,150	)
		Deferred revenue		(7	)		(39	)		36			(69	)		(152	)
		Net cash provided by (used for) operating activities		6,264			3,136			(6,743	)		10,785			(27,022	)
Investing activities:
	Proceeds from sales and maturities of short-term investments			5,487			10,380			11,142			63,714			16,340
	Purchases of short-term investments			(6,443	)		(14,319	)		(17,165	)		(84,464	)		(19,887	)
	Proceeds from sale of property and equipment			-			-			-			31			1
	Purchases of property and equipment and other assets			(562	)		(1,232	)		(2,481	)		(2,601	)		(9,772	)
	Proceeds from sale of TPack			-			-			-			-			3,353
		Net cash used for investing activities		(1,518	)		(5,171	)		(8,504	)		(23,320	)		(9,965	)
Financing activities:
	Proceeds from issuances of common stock			1,736			(2	)		1,964			2,979			3,854
	Funding of restricted stock units withheld for taxes			(187	)		(268	)		(302	)		(1,874	)		(1,911	)
		Net cash provided by (used for) financing activities		1,549			(270	)		1,662			1,105			1,943
Net increase (decrease) in cash and cash equivalents				6,295			(2,305	)		(13,585	)		(11,430	)		(35,044	)
Cash and cash equivalents at the beginning of the period				18,770			21,075			50,080			36,495			71,539
Cash and cash equivalents at the end of the period			$	25,065		$	18,770		$	36,495		$	25,065		$	36,495

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