PMC® (Nasdaq: PMCS), the semiconductor innovator transforming
networks that connect, move and store big data, today
reported results for the fourth quarter and full year ended
December 29, 2012.
Net revenues in the fourth quarter of 2012 were $129.4
million, a sequential decrease of 2 percent compared to $131.7
million in the third quarter of 2012, and a decrease of 15 percent
compared to $152.6 million in the fourth quarter of 2011.
GAAP net income in the fourth quarter of 2012 was
$11.1 million, or $0.05 per diluted share, compared to GAAP net
loss in the third quarter of 2012 was $274.4 million, or $1.31 per
share. Third quarter of 2012 GAAP results included impairment
write-downs of goodwill and intangible assets of $276.1 million.
Non-GAAP net income in the fourth quarter of 2012 was $25.1
million, or $0.12 per diluted share, up 18 percent sequentially,
compared to non-GAAP net income of $21.4 million, or $0.10 per
diluted share, in the third quarter of 2012.
“We are pleased to report that our fourth quarter results were
at the high end of our outlook, despite continued headwinds in the
macro environment," said Greg Lang, PMC President and Chief
Executive Officer.
Net income on a non-GAAP basis in the fourth quarter of
2012 excludes the following items: (i) $6.3 million stock-based
compensation expense; (ii) $10.8 million amortization of purchased
intangible assets; and (iii) $3.1 million of other adjustments
including income tax related as described in the accompanying GAAP
to non-GAAP reconciliation table.
For the full year ended December 29, 2012, net revenues
were $531 million compared to $654.3 million for the year ended
December 31, 2011, a decrease of 19 percent year over year. GAAP
operating loss for the full year 2012 was $281.7 million compared
to GAAP operating income of $52.8 million reported in the year
ended December 31, 2011. GAAP operating loss for the full year 2012
included impairment write-downs of goodwill and intangible assets
of $276.1 million. Non-GAAP operating income for the full year 2012
was $77.5 million compared to non-GAAP operating income of $142.7
million in the prior year. GAAP net loss for the full year 2012 was
$333.1 million, or $1.54 per share, compared to GAAP net income of
$84.7 million, or $0.36 per diluted share, for the prior year.
Non-GAAP net income in the year ended December 29, 2012 was $81.8
million or $0.38 per diluted share, compared to non-GAAP net income
of $142 million or $0.60 per diluted share, in the year ended
December 31, 2011.
For a full reconciliation of each non-GAAP item used herein to
the most directly comparable GAAP financial measure, please refer
to the schedule included with this release. The Company believes
the additional non-GAAP measures are useful to investors for the
purpose of financial analysis. Management uses the non-GAAP
measures internally to evaluate its in-period operating performance
before gains, losses and other charges that are considered by
management to be outside of the Company’s core operating results.
In addition, the measures are used to plan for the Company’s future
periods. However, non-GAAP measures are neither stated in
accordance with, nor are they a substitute for, GAAP measures.
FOURTH QUARTER AND FULL YEAR 2012 HIGHLIGHTS
The Company announced the following in the fourth quarter and
full year of 2012:
- Nov 19 - PMC Appoints Steve Geiser Vice
President and Chief Financial Officer
- Sept 18 - PMC Delivers Industry’s First
Tri-Speed Converged Carrier Ethernet/OTN Framer
- Sept 5 - Adaptec by PMC Transforms Data
Center Storage Architectures with Industry’s Highest Port Count,
PCIe Gen3 RAID Adapters
- Jun 25 - PMC Wins Huawei 2011
Technology Quality Award
- Jun 5 - PMC Introduces Industry’s Most
Integrated, Lowest Power Radio Transceiver Chipset for
Next-Generation Macro Base Stations
- Jun 5 - PMC Delivers Industry’s First
End-to-End 12Gb/s Enterprise SAS Solution with SSD Controller
- May 24 - PMC Showcases the Industry’s
First End-to-End Symmetric 10G EPON Demonstration at OptiNet
China
- Mar 6 - Adaptec Doubles Server Storage
Performance and Bandwidth in CeBIT Demo Featuring PCIe 3.0 on the
Intel® Xeon® Processor E5-2600 Product Family and Seagate Pulsar®
Solid State Drives
- Feb 29 - PMC Acquires the Server
Storage 12Gb/s Expander Product Line from Maxim
Fourth Quarter and Full Year 2012 Conference Call
Management will review the fourth quarter and full year 2012
results and share its outlook for the first quarter of 2013 during
a conference call at 1:30 pm Pacific Time/4:30 pm Eastern Time on
January 31, 2013. The conference call webcast will be accessible
under the Financial News and Events section at;
http://investor.pmcs.com. To listen to the conference call live by
telephone, dial 1 (888) 771-4371 (US Toll Free) or 1 (847) 585-4405
(International) with passcode 34052547#, approximately ten minutes
before the start time. A telephone playback will be available after
the completion of the call and can be accessed at 1 (888) 843-7419
using the access code 34052547#. A replay of the webcast will be
available for 10 business days.
Safe Harbor Statement
This release contains forward-looking statements that involve
risks and uncertainties. The Company’s SEC filings describe the
risks associated with the Company’s business, including PMC’s
limited revenue visibility due to variable customer demands, market
segment growth or decline, orders with short delivery lead times,
customer concentration, changes in inventory, and other items such
as foreign exchange rates and volatility in global financial
markets.
About PMC
PMC (Nasdaq:PMCS) is the semiconductor innovator transforming
networks that connect, move and store big data. Building on a track
record of technology leadership, the Company is driving innovation
across storage, optical and mobile networks. PMC’s highly
integrated solutions increase performance and enable
next-generation services to accelerate the network transformation.
For more information, visit www.pmcs.com. Follow PMC on Twitter,
LinkedIn and RSS.
© Copyright PMC-Sierra, Inc. 2013. All rights reserved. PMC and
PMC-SIERRA are registered trademarks of PMC-Sierra, Inc. in the
United States and other countries, and PMCS is a trademark of
PMC-Sierra, Inc. Other product and company names mentioned herein
may be trademarks of their respective owners. PMC is the corporate
brand of PMC-Sierra.
PMC-Sierra, Inc. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except for per share amounts)
(unaudited)
Three Months
Ended Twelve Months Ended December 29,
September 30, December 31, December 29,
December 31, 2012 2012
2011 2012
2011 Net revenues $ 129,418 $ 131,723 $
152,553 $ 530,997 $ 654,304 Cost of revenues 36,663
38,990 47,166 157,918
211,630 Gross profit 92,755 92,733 105,387 373,079
442,674 Research and development 49,553 55,604 56,517
220,927 227,106 Selling, general and administrative 26,432 27,786
27,045 112,479 118,601 Amortization of purchased intangible assets
10,784 11,624 11,099 45,321 44,182 Impairment of goodwill and
purchased intangible assets - 276,082
- 276,082 - Income (loss)
from operations 5,986 (278,363 ) 10,726 (281,730 ) 52,785
Other income (expense): Revaluation of liability for contingent
consideration - - - - 29,376 Gain on investment securities and
other 777 180 286 1,523 845 Amortization of debt issue costs (17 )
(50 ) (50 ) (167 ) (200 ) Foreign exchange gain (loss) 439 (2,454 )
(1,194 ) (1,512 ) 344 Interest expense, net (47 )
(797 ) (295 ) (1,586 ) (2,267 ) Income (loss)
before recovery of (provision for) income taxes 7,138 (281,484 )
9,473 (283,472 ) 80,883 Recovery of (provision for) income taxes
3,949 7,098 18,892
(49,618 ) 3,816 Net income (loss) $ 11,087 $
(274,386 ) $ 28,365 $ (333,090 ) $ 84,699 Net
income (loss) per common share - basic $ 0.05 $ (1.31 ) $ 0.12 $
(1.54 ) $ 0.36 Net income (loss) per common share - diluted $ 0.05
$ (1.31 ) $ 0.12 $ (1.54 ) $ 0.36 Shares used in per share
calculation - basic 202,400 209,512 231,199 216,593 233,210 Shares
used in per share calculation - diluted 202,900 209,512 232,028
216,593 235,184
As a supplement to the Company's condensed
consolidated financial statements presented in accordance with
generally accepted accounting principles ("GAAP"), the Company
provides additional non-GAAP measures for cost of revenues, gross
profit, gross profit percentage, research and development expense,
selling, general and administrative expense, amortization of
purchased intangible assets, impairment of goodwill and purchased
intangible assets, other income (expense), (provision for) recovery
of income taxes, operating expenses, operating income (loss),
operating margin percentage, net income (loss), and basic and
diluted net income (loss) per share.
A non-GAAP financial measure is a numerical
measure of a company's performance, financial position, or cash
flows that either excludes or includes amounts that are not
normally excluded or included in the most directly comparable
measure calculated and presented in accordance with GAAP. The
Company believes that the additional non-GAAP measures are useful
to investors for the purpose of financial analysis. Management uses
these measures internally to evaluate the Company's in-period
operating performance before gains, losses and other charges that
are considered by management to be outside of the Company's core
operating results. In addition, the measures are used for planning
and forecasting of the Company's future periods. However, non-GAAP
measures are not in accordance with, nor are they a substitute for,
GAAP measures. Other companies may use different non-GAAP measures
and presentation of results.
PMC-Sierra, Inc. Adjustments to GAAP Cost of Revenues,
Gross Profit, Gross Profit Percentage, Research and Development
Expense, Selling, General and Administrative Expense,
Amortization of Purchased Intangible Assets, Impairment of goodwill
and purchased intangible assets, Other Income (Expense),
(Provision for) Recovery of Income Taxes, Operating Expenses,
Operating Income (Loss), Operating Margin Percentage, Net
Income (Loss), and Basic and Diluted Net Income (Loss) Per
Share (in thousands, except for per share amounts) (unaudited)
Three Months Ended
Twelve Months Ended December 29, September 30,
December 31, December 29, December 31,
2012 (1)
2012 (2)
2011 (3)
2012 (4)
2011 (5)
GAAP cost of revenues $ 36,663 $ 38,990 $ 47,166 $
157,918 $ 211,630 Stock-based compensation (218 ) (181 ) (242 )
(875 ) (945 ) Acquisition-related costs - - - (37 ) (9,128 ) Asset
impairment 10 (108 ) - (98 ) - Termination costs (92 )
- - (92 ) -
Non-GAAP cost of revenues $ 36,363 $ 38,701 $
46,924 $ 156,816 $ 201,557
GAAP
gross profit $ 92,755 $ 92,733 $ 105,387 $ 373,079 $ 442,674
Stock-based compensation 218 181 242 875 945 Acquisition-related
costs - - - 37 9,128 Asset impairment (10 ) 108 - 98 - Termination
costs 92 - - 92
-
Non-GAAP gross profit $ 93,055
$ 93,022 $ 105,629 $ 374,181 $ 452,747
Non-GAAP gross profit % 72 % 71 % 69 % 70 % 69 %
GAAP research and development expense $ 49,553 $
55,604 $ 56,517 $ 220,927 $ 227,106 Stock-based compensation (2,909
) (2,933 ) (2,983 ) (11,583 ) (11,648 ) Acquisition-related (costs)
recoveries (269 ) (751 ) 175 (2,162 ) (203 ) Termination costs (347
) (690 ) - (2,748 ) - Asset impairment (533 ) (479 )
- (1,012 ) (3,029 )
Non-GAAP
research and development expense $ 45,495 $ 50,751
$ 53,709 $ 203,422 $ 212,226
GAAP selling, general and administrative expense $ 26,432 $
27,786 $ 27,045 $ 112,479 $ 118,601 Stock-based compensation (3,210
) (2,974 ) (3,500 ) (13,857 ) (14,462 ) Acquisition-related
recoveries (costs) 40 (335 ) (810 ) (1,591 ) (3,545 ) Termination
costs (219 ) (717 ) - (1,137 ) - Asset impairment 39 (312 ) - (273
) - Lease exit recoveries (costs) 125 (1,755 )
626 (2,384 ) (2,766 )
Non-GAAP
selling, general and administrative expense $ 23,207 $
21,693 $ 23,361 $ 93,237 $ 97,828
GAAP amortization of purchased intangible assets $
10,784 $ 11,624 $ 11,099 $ 45,321 $ 44,182 Amortization of
purchased intangible assets (10,784 ) (11,624 )
(11,099 ) (45,321 ) (44,182 )
Non-GAAP
amortization of purchased intangible assets $ - $ -
$ - $ - $ -
GAAP impairment
of goodwill and purchased intangible assets $ - $ 276,082 $ - $
276,082 $ - Impairment of goodwill and purchased intangible assets
- (276,082 ) - (276,082 )
-
Non-GAAP impairment of goodwill and purchased
intangible assets $ - $ - $ - $ - $
-
GAAP other income (expense) $ 1,152 $ (3,121
) $ (1,253 ) $ (1,742 ) $ 28,098 Revaluation of liability for
contingent consideration - - - - (29,376 ) Foreign exchange (gain)
loss on foreign tax liabilities (872 ) 2,145 1,430 1,531 (583 )
Accretion of debt discount related to senior convertible notes 389
962 906 3,218 3,518 Accretion of liability for contingent
consideration - - - - 1,182 Interest expense related to short-term
loan - - - - 258 Recovery of impairment on investment securities
and other - - (533 ) -
(533 )
Non-GAAP other income (expense) $ 669
$ (14 ) $ 550 $ 3,007 $ 2,564
GAAP (recovery of) provision for income taxes $ (3,949 ) $
(7,098 ) $ (18,892 ) $ 49,618 $ (3,816 ) Recovery of (provision
for) income taxes 3,825 6,305
18,889 (50,915 ) 7,092
Non-GAAP
(recovery of) provision for income taxes $ (124 ) $ (793 ) $ (3
) $ (1,297 ) $ 3,276
Three Months Ended
Twelve Months Ended December 29, September 30,
December 31, December 29, December 31,
2012 (1)
2012 (2)
2011 (3)
2012 (4)
2011 (5)
GAAP operating expenses $ 86,769 $ 371,096 $ 94,661 $
654,809 $ 389,889 Stock-based compensation (6,119 ) (5,907 ) (6,483
) (25,440 ) (26,110 ) Acquisition-related costs (229 ) (1,086 )
(635 ) (3,753 ) (3,748 ) Termination costs (566 ) (1,407 ) - (3,885
) - Asset impairment (494 ) (791 ) - (1,285 ) (3,029 ) Lease exit
recoveries (costs) 125 (1,755 ) 626 (2,384 ) (2,766 ) Amortization
of purchased intangible assets (10,784 ) (11,624 ) (11,099 )
(45,321 ) (44,182 ) Impairment of goodwill and purchased intangible
assets - (276,082 ) -
(276,082 ) -
Non-GAAP operating expenses $
68,702 $ 72,444 $ 77,070 $ 296,659 $
310,054
GAAP operating income (loss) $ 5,986 $
(278,363 ) $ 10,726 $ (281,730 ) $ 52,785 Stock-based compensation
6,337 6,088 6,725 26,315 27,055 Acquisition-related costs 229 1,086
635 3,790 12,876 Termination costs 658 1,407 - 3,977 - Asset
impairment 484 899 - 1,383 3,029 Lease exit (recoveries) costs (125
) 1,755 (626 ) 2,384 2,766 Amortization of purchased intangible
assets 10,784 11,624 11,099 45,321 44,182 Impairment of goodwill
and purchased intangible assets - 276,082
- 276,082 -
Non-GAAP operating income $ 24,353 $ 20,578 $
28,559 $ 77,522 $ 142,693
Non-GAAP
operating margin % 19 % 16 % 19 % 15 % 22 %
GAAP net
income (loss) $ 11,087 $ (274,386 ) $ 28,365 $ (333,090 ) $
84,699 Stock-based compensation 6,337 6,088 6,725 26,315 27,055
Acquisition-related costs 229 1,086 635 3,790 12,876 Termination
costs 658 1,407 - 3,977 - Asset impairment 484 899 - 1,383 3,029
Lease exit (recoveries) costs (125 ) 1,755 (626 ) 2,384 2,766
Amortization of purchased intangible assets 10,784 11,624 11,099
45,321 44,182 Impairment of goodwill and purchased intangible
assets - 276,082 - 276,082 - Revaluation of liability for
contingent consideration - - - - (29,376 ) Foreign exchange (gain)
loss on foreign tax liabilities (872 ) 2,145 1,430 1,531 (583 )
Accretion of debt discount related to senior convertible notes 389
962 906 3,218 3,518 Accretion of liability for contingent
consideration - - - - 1,182 Interest expense related to short-term
loan - - - - 258 Recovery of impairment on investment securities
and other - - (533 ) - (533 ) (Recovery of) provision for income
taxes (3,825 ) (6,305 ) (18,889 )
50,915 (7,092 )
Non-GAAP net income $ 25,146
$ 21,357 $ 29,112 $ 81,826 $ 141,981
Non-GAAP net income per share - basic $ 0.12 $
0.10 $ 0.13 $ 0.38 $ 0.61
Non-GAAP net income per share -
diluted $ 0.12 $ 0.10 $ 0.13 $ 0.38 $ 0.60 Shares used
to calculate non-GAAP net income per share - basic 202,400 209,512
231,199 216,593 233,210 Shares used to calculate non-GAAP net
income per share - diluted 202,900 210,525 232,028 218,046 235,184
(1) $6.3 million stock-based compensation expense; $0.2
million acquisition-related costs; $0.7 million termination costs;
$0.5 million asset impairment; $0.1 million recovery of lease exit
costs; $10.8 million amortization of purchased intangible assets;
$0.9 million foreign exchange gain on foreign tax liabilities; $0.4
million non-cash interest expense for the accretion of the debt
discount related to the senior convertible notes; and $3.8 million
recovery of income taxes which includes $5.1 million income tax
recovery related to an intercompany dividend, $1.7 million income
tax provision relating to intercompany transactions, $1.3 million
income tax provision for adjustments relating to prior periods,
$0.6 million recovery of arrears interest relating to unrecognized
tax benefits, $0.5 million deferred tax recovery related to
non-deductible intangible asset amortization and impairment, $0.4
million income tax recovery relating to foreign exchange
translation of a foreign subsidiary, and $0.2 million income tax
recovery related to tax deductible items above.
(2) $6.1 million stock-based compensation expense; $1.1 million
acquisition-related costs; $1.4 million termination costs; $0.9
million asset impairment; $1.8 million lease exit costs; $11.6
million amortization of purchased intangible assets; $276.1 million
impairment of goodwill and purchased intangible assets; $2.1
million foreign exchange loss on foreign tax liabilities; $1
million non-cash interest expense for the accretion of the debt
discount related to the senior convertible notes; and $6.3 million
recovery of income taxes which includes $4.3 million income tax
recovery related to an intercompany dividend, $2.8 million income
tax recovery for adjustments relating to prior periods, $1.7
million income tax provision relating to intercompany transactions,
$1.2 million deferred tax recovery related to non-deductible
intangible asset amortization and impairment, $0.8 million arrears
interest relating to unrecognized tax benefits, and $0.5 million
income tax recovery relating to foreign exchange translation of a
foreign subsidiary. (3) $6.7 million stock-based
compensation expense; $0.6 million acquisition-related costs; $0.6
million recovery of lease exit costs; $11.1 million amortization of
purchased intangible assets; $1.4 million foreign exchange loss on
foreign tax liabilities; $0.9 million of non-cash interest expense
for the accretion of the debt discount related to the senior
convertible notes; $0.5 million recovery of impairment on
investment securities and other; and $18.9 million recovery of
income taxes which includes $10.2 million income tax recovery for
adjustments relating to prior periods, $2.5 million reduction of
stock option related loss carry-forwards recognized in equity, $1.8
million recovery of arrears interest relating to unrecognized tax
benefits, $1 million income tax recovery related to foreign tax
credits, $0.6 million net tax recovery relating to foreign exchange
translation of a foreign subsidiary, $0.4 million income tax
recovery relating to intercompany transactions, and $2.4 million
deferred tax recovery related to non-deductible intangible asset
amortization. (4) $26.3 million stock-based compensation
expense; $3.8 million acquisition-related costs; $4 million
termination costs; $1.4 million asset impairment; $2.4 million
lease exit costs; $45.3 million amortization of purchased
intangible assets; $276.1 million impairment of goodwill and
purchased intangible assets; $1.5 million foreign exchange loss on
foreign tax liabilities; $3.2 million non-cash interest expense for
the accretion of the debt discount related to the senior
convertible notes; and $50.9 million provision for income taxes
which includes $47.2 million income tax provision related to an
intercompany dividend net of $11.1 million related to the U.S.
Federal and State tax credits required to be recognized in advance
of their utilization, $6.7 million income tax provision relating to
intercompany transactions, $3.4 million arrears interest relating
to unrecognized tax benefits, $2.8 million deferred tax recovery
related to non-deductible intangible asset amortization and
impairment, $2.2 million income tax recovery for adjustments
relating to prior periods, $0.9 million net tax recovery relating
to foreign exchange translation of a foreign subsidiary, and $0.5
million income tax recovery related to tax deductible items above.
(5) $27.1 million stock-based compensation expense; $12.9
million acquisition-related costs; $3 million asset impairment;
$2.8 million lease exit costs; $44.2 million amortization of
purchased intangible assets; $29.4 million revaluation of liability
for contingent consideration; $0.6 million foreign exchange gain on
foreign tax liabilities; $3.5 million of non-cash interest expense
for the accretion of the debt discount related to the senior
convertible notes; $1.2 million accretion of liability for
contingent consideration; $0.3 million interest related to
short-term loan; $0.5 million recovery of impairment on investment
securities and other; and $7.1 million recovery of income taxes
which includes $9.9 million income tax recovery for adjustments
relating to prior periods, $6.5 million income tax provision
relating to inter-company transactions, $1 million income tax
recovery related to foreign tax credits, $0.6 million of stock
option related loss carry-forwards recognized in equity, $0.5
million net tax recovery related to foreign exchange translation of
a foreign subsidiary, $0.2 million recovery of arrears interest
relating to unrecognized tax
benefits, $0.2 million income tax recovery
related to stock-based compensation, and $2.4 million deferred tax
recovery related to non-deductible intangible asset
amortization.
PMC-Sierra, Inc. CONDENSED CONSOLIDATED BALANCE
SHEETS (in thousands) (unaudited)
December
29, December 31, 2012
2011 ASSETS: Current assets: Cash and cash
equivalents $ 169,970 $ 182,571 Short-term investments 11,431
104,391 Accounts receivable, net 62,143 59,213 Inventories, net
23,548 39,911 Prepaid expenses and other current assets 22,125
23,411 Income tax receivable 5,824 8,027 Deferred tax assets
45,063 30,725 Total current assets 340,104
448,249 Investment securities 91,778 226,619 Investments and
other assets 20,133 2,431 Prepaid expenses 10,920 16,901 Property
and equipment, net 43,146 25,364 Goodwill 252,419 520,899
Intangible assets, net 128,668 158,482 Deferred tax assets
484 494 $ 887,652 $ 1,399,439
LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities:
2.25% senior convertible notes due October 15, 2025, net $ - $
65,122 Accounts payable 27,410 38,340 Accrued liabilities 72,282
66,139 Liability for unrecognized tax benefit 52,948 46,394 Income
taxes payable 644 - Deferred income taxes 2,466 2,450 Deferred
income 8,113 16,024 Total current
liabilities 163,863 234,469 Long-term obligations 17,233
1,284 Deferred income taxes 43,888 40,663 Liability for
unrecognized tax benefit 19,257 17,323 PMC special shares
convertible into 1,019 (2011 - 1,029) shares of common stock 1,188
1,228 Stockholders' equity: Common stock and additional paid
in capital 1,537,930 1,594,667 Accumulated other comprehensive
income (loss) 616 (1,146 ) Accumulated deficit (896,323 )
(489,049 ) Total stockholders' equity 642,223
1,104,472 $ 887,652 $ 1,399,439
PMC-Sierra, Inc. CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (in thousands) (unaudited)
Twelve Months
Ended December 29, December 31,
2012 2011 Cash flows from
operating activities: Net (loss) income $ (333,090 ) $ 84,699
Adjustments to reconcile net (loss) income to net cash provided by
operating activities: Depreciation and amortization 64,535 72,544
Stock-based compensation 26,315 27,055 Unrealized foreign exchange
loss (gain), net 1,747 (43 ) Net amortization of premiums/discounts
and accrued interest of investments 5,101 4,520 Asset impairment
1,759 3,589 Accrued interest on short-term loan - 589 Gain on
investment securities and other (1,508 ) (671 ) Impairment of
goodwill and purchased intangible assets 276,082 - Revaluation of
liability for contingent consideration - (29,376 ) Taxes related to
intercompany dividend 60,940 - Changes in operating assets
and liabilities: Accounts receivable (2,929 ) 10,177 Inventories
16,363 2,210 Prepaid expenses and other current assets 2,635 2,824
Accounts payable and accrued liabilities (28,267 ) (9,447 )
Deferred income taxes and income taxes payable (8,768 ) (4,044 )
Accrued restructuring costs - (1,609 ) Deferred income
(7,911 ) (2,202 ) Net cash provided by operating activities
73,004 160,815
Cash flows
from investing activities: Business acquisition (15,900 )
(1,669 ) Purchases of property and equipment (31,229 ) (12,702 )
Purchases of intangible assets (7,438 ) (6,116 ) Redemption of
short-term investments 26,473 - Disposals of investment securities
315,310 159,523 Purchases of investment securities and other
investments (120,917 ) (205,903 ) Net cash provided
by (used in) investing activities 166,299
(66,867 )
Cash flows from financing activities:
Repurchase of senior convertible notes (68,340 ) - Repurchases of
common stock (199,999 ) (39,999 ) Repayment of short-term loan -
(180,991 ) Proceeds from issuance of common stock 16,000
16,764 Net cash used in financing activities
(252,339 ) (204,226 ) Effect of exchange rate
changes on cash and cash equivalents 435 (506 ) Net decrease in
cash and cash equivalents (12,601 ) (110,784 ) Cash and cash
equivalents, beginning of year 182,571 293,355
Cash and cash equivalents, end of year $ 169,970 $
182,571
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