Q3 2014 earnings announcement call live
on http://investor.pmcs.com at 1:30 p.m. PT
Conference call: 1 (888) 430-8705 or
1 (719) 325-2362 outside North America; passcode 8686778
Replay available shortly after end of
conference call through November 30, 2014
PMC-Sierra, Inc. (PMC®) (Nasdaq: PMCS), the semiconductor and
software solutions innovator transforming networks that connect,
move and store big data, today reported results for the third
quarter ended September 27, 2014.
Net revenues in the third quarter of 2014 totaled $135.5
million, an increase of 7 percent from $126.8 million in the second
quarter of 2014 and an increase of 6 percent, compared to $128.4
million in the third quarter of 2013.
GAAP net income in the third quarter of 2014
totaled $5.5 million or $0.03 per diluted share, compared to a GAAP
net loss in the second quarter of 2014 of $3.5 million or a $0.02
loss per share.
Non-GAAP net income in the third quarter of 2014 totaled
$22.5 million or $0.11 per diluted share, compared to non-GAAP net
income of $18.3 million or $0.09 per diluted share in the second
quarter of 2014.
“Our Storage business performed exceedingly well this past
quarter with double-digit growth across all of its product lines,”
said PMC president and chief executive officer, Greg Lang. “PMC
remains well-positioned for continued growth into FY2015, as we
expect to see increasing demand for our 12Gb/s SAS I/O controllers
and expanders, advanced DIGI OTN processors, Flashtec™ NVMe
controllers and our new RF Remote Radio Head products.”
Net income on a non-GAAP basis in the third quarter of
2014 excludes the following items: (i) $9.9 million
amortization of purchased intangible assets; (ii) $5.2 million
stock-based compensation expense, (iii) $1.0 million of
acquisition-related costs and other adjustments as described in the
accompanying GAAP to non-GAAP reconciliation table.
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.
THIRD QUARTER 2014 HIGHLIGHTS
The Company made the following third quarter announcements:
- On Sept. 17, PMC announced it was first
to ship 16-port 12Gb/s SAS and 16-port 6Gb/s SATA I/O controller
solutions. PMC’s data center I/O products enable OEMs and ODMs to
design cost-effective customized server hardware for hyperscale
deployments, such as Open Compute, Windows Cloud Servers, OpenStack
and Project Scorpio. The devices have the industry’s highest port
density, lowest power and are capable of more than 1,000,000 I/Os
per second (IOPS) to support the most demanding cloud software
applications.
- On Sept. 16, Heng Liao, fellow in PMC’s
Chief Strategy and Technology Office, presented “Storage
Optimization for the Hyperscale Data Center” at the Huawei Cloud
Congress.
- On Sept. 10, PMC announced it received
Huawei’s Supplier Quality Award, which recognizes PMC’s product
quality, technical support and product delivery through a score
card system to evaluate supplier performance on all quality
assurance-related procedures. PMC consistently earned an “A” rating
on all items delivered in 2013.
- On Sept. 4, PMC announced that the
Company executed an agreement with HP to license core HP Smart
Array software, firmware and management technology. PMC will
leverage this technology to provide more system value to new and
existing server storage and data center customers. This transaction
also positions PMC as the supplier of key storage solution
components across HP ProLiant Gen9 and beyond.
- On Aug. 26, PMC introduced the
industry’s first 12Gb/s SAS expander card to enable
density-optimized servers, the fastest growing segment of the
worldwide server market according to IDC. The Adaptec® 12Gb/s SAS
expander card enables flexible, high-density server architectures
that can expand as data center storage needs grow. It provides 36
ports in a PCI Express® (PCIe®) low-profile form factor.
- On Aug. 12, PMC announced it received
the prestigious Excellent Partner Award from Hitachi, Ltd. The
award recognizes the superior product technology, service and
support that PMC provides to Hitachi.
- On Aug. 5, PMC established a new
ultra-fast storage class memory tier to accelerate critical
applications in scale-out storage and all-flash arrays. The PMC
Flashtec™ NVRAM Drives combine the speed and endurance of DRAM with
the persistency of NAND flash to deliver ten times higher
performance than the fastest Solid State Drive (SSD), at more than
10 million IOPS, with sub-microsecond latency. Leveraging PCIe®
3.0, the Flashtec NVRAM Drives connect directly to the host to
optimize CPU utilization and maximize overall system
performance.
- On Aug. 5, Derek Dicker, vice president
of PMC’s NVM Solutions Group, presented a keynote, “Software
Defined Flash Solutions Herald an Era of Choice” at Flash Memory
Summit. PMC storage experts also presented on the latest trends in
PCIe®, NVM Express (NVMe) and error correction that are shaping
next-generation SSDs in forum sessions during the conference.
- On July 29, PMC announced the Company
was recognized as an honoree in the 2013 Total Cost of Ownership
(TCOO™) Supplier Award program from Celestica. Celestica’s awards
program recognizes suppliers that support its TCOO strategy and
demonstrate excellence in quality, delivery, technology, service,
pricing and flexibility.
- On July 15, PMC joined AT&T, Ciena
and Verizon on a panel at the Lightwave Optical Summit in Austin,
Texas, to discuss the state of 100G OTN networking and deployment
readiness, and what is beyond 100G. The discussion topics included
the latest developments in equipment, optics and OTN processing
semiconductors, and software-defined networking.
Third Quarter 2014 Conference Call
Management will review the third quarter 2014 results and share
its outlook for the fourth quarter of 2014 during a conference call
at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time on October 27,
2014. 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 by telephone, dial 1 (888) 430-8705
or 1 (719) 325-2362 outside North America with passcode 8686778
approximately ten minutes before the start time. A telephone
playback will be available for 30 business days after the
completion of the call and can be accessed at 1 (888) 203-1112 or 1
(719) 457-0820 outside North America using passcode 8686778. A
replay of the webcast will be available through November 30,
2014.
PMC will be attending Morgan Stanley’s Semiconductor
Corporate Access Day conference next week in Boston, MA at The
Boston Harbor Hotel. Steve Geiser, the company’s vice president and
chief financial officer, will be available for one-on-one meetings
with investors all day on the 4th of November during the event.
Safe Harbor Statement
This release contains forward-looking statements that involve
risks and uncertainties. The Company’s SEC filings, including the
Company’s most recent reports on Form 10-K and Form 10-Q, 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 tax rates, foreign exchange rates and volatility in global
financial markets.
About PMC
PMC (Nasdaq:PMCS) is the semiconductor and
software solutions 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 Facebook, Twitter, LinkedIn and
RSS.
© Copyright PMC-Sierra, Inc. 2014. All rights reserved. PMC and
PMC-SIERRA are registered trademarks of PMC-Sierra, Inc. in the
United States and other countries, PMCS is a trademark of
PMC-Sierra, Inc. PMC disclaims any ownership rights in other
product and company names mentioned herein. PMC is the corporate
brand of PMC-Sierra, Inc.
PMC-Sierra, Inc. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except for per share amounts)
(unaudited)
Three Months Ended
Nine Months Ended September 27,
June 28, September 28, September
27, September 28, 2014 2014
2013 2014 2013 Net revenues $ 135,462 $
126,822 $ 128,411 $ 388,752 $ 381,156 Cost of revenues
40,306 36,824 36,840
114,694 111,864 Gross profit 95,156 89,998
91,571 274,058 269,292 Research and development 48,441
49,388 50,733 147,977 157,038 Selling, general and administrative
29,265 28,991 26,383 87,596 85,002 Amortization of purchased
intangible assets 9,948 9,948
13,138 32,225 34,698 Income
(loss) from operations 7,502 1,671 1,317 6,260 (7,446 )
Other income (expense): Gain on investment securities and other
investments 12 46 1,762 87 1,776 Amortization of debt issue costs
(51 ) (51 ) (30 ) (153 ) (30 ) Foreign exchange gain (loss) 899
(789 ) (1,898 ) 642 1,680 Interest income, net 198
114 230 321 824
Income (loss) before provision for income taxes 8,560 991
1,381 7,157 (3,196 ) Provision for income taxes (3,087 )
(4,471 ) (4,613 ) (9,405 ) (13,379 )
Net income (loss) $ 5,473 $ (3,480 ) $ (3,232 ) $ (2,248 ) $
(16,575 ) Net income (loss) per common share - basic $ 0.03
$ (0.02 ) $ (0.02 ) $ (0.01 ) $ (0.08 ) Net income (loss) per
common share - diluted $ 0.03 $ (0.02 ) $ (0.02 ) $ (0.01 ) $ (0.08
) Shares used in per share calculation - basic 197,613
196,114 205,377 196,305 204,638 Shares used in per share
calculation - diluted 200,744 196,114 205,377 196,305 204,638
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, 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, Other (Expense) Income, (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 Nine
Months Ended September 27, June 28,
September 28, September 27,
September 28,
2014 (1)
2014 (2)
2013 (3)
2014 (4)
2013 (5)
GAAP cost of revenues $ 40,306 $ 36,824 $
36,840 $ 114,694 $ 111,864 Stock-based compensation (226 ) (214 )
(190 ) (681 ) (643 ) Acquisition-related costs - - (777 ) - (795 )
Termination recoveries - - - 9 - Reversal of accruals -
- 2,300 -
2,300
Non-GAAP cost of revenues $ 40,080 $
36,610 $ 38,173 $ 114,022 $ 112,726
GAAP gross profit $ 95,156 $ 89,998 $ 91,571 $
274,058 $ 269,292 Stock-based compensation 226 214 190 681 643
Acquisition-related costs - - 777 - 795 Termination recoveries - -
- (9 ) - Reversal of accruals - -
(2,300 ) - (2,300 )
Non-GAAP gross
profit $ 95,382 $ 90,212 $ 90,238 $
274,730 $ 268,430
Non-GAAP gross profit
% 70 % 71 % 70 % 71 % 70 %
GAAP research and
development expense $ 48,441 $ 49,388 $ 50,733 $ 147,977 $
157,038 Stock-based compensation (1,990 ) (1,903 ) (2,541 ) (6,540
) (8,241 ) Acquisition-related costs (356 ) (794 ) (1,200 ) (1,950
) (1,741 ) Termination recoveries (costs) 28 (342 ) (178 ) (256 )
(1,448 ) Reversal of accruals - -
- - 2,890
Non-GAAP
research and development expense $ 46,123 $ 46,349
$ 46,814 $ 139,231 $ 148,498
GAAP selling, general and administrative expense $ 29,265 $
28,991 $ 26,383 $ 87,596 $ 85,002 Stock-based compensation (3,012 )
(2,798 ) (3,143 ) (9,113 ) (10,577 ) Acquisition-related costs (669
) (3 ) (5 ) (733 ) (1,083 ) Lease exit costs (31 ) (4 ) - (177 ) -
Termination recoveries (costs) 254 (1,295 ) (41 ) (1,044 ) (502 )
Asset impairment - - - (477 ) (1,575 ) Other expenses -
- - (58 ) -
Non-GAAP selling, general and administrative expense $
25,807 $ 24,891 $ 23,194 $ 75,994 $
71,265
GAAP amortization of purchased intangible
assets $ 9,948 $ 9,948 $ 13,138 $ 32,225 $ 34,698 Amortization
of purchased intangible assets (9,948 ) (9,948 )
(13,138 ) (32,225 ) (34,698 )
Non-GAAP
amortization of purchased intangible assets $ - $ -
$ - $ - $ -
GAAP other
(expense) income $ 1,058 $ (680 ) $ 64 $ 897 $ 4,250 Foreign
exchange (gain) loss on foreign tax liabilities (1,081 ) 976 1,390
(984 ) (2,133 ) Gain on disposal of investment -
- - - (1,762 )
Non-GAAP other income (expense) $ (23 ) $ 296 $ 1,454
$ (87 ) $ 355
GAAP provision for income
taxes $ 3,087 $ 4,471 $ 4,613 $ 9,405 $ 13,379 Provision for
income tax matters (2,178 ) (3,550 ) (4,578 )
(6,839 ) (13,636 )
Non-GAAP provision for
(recovery of) income taxes $ 909 $ 921 $ 35
$ 2,566 $ (257 )
GAAP operating
expenses $ 87,654 $ 88,327 $ 90,254 $ 267,798 $ 276,738
Stock-based compensation (5,002 ) (4,701 ) (5,684 ) (15,653 )
(18,818 ) Acquisition-related costs (1,025 ) (797 ) (1,205 ) (2,683
) (2,824 ) Assets impairment - - - (477 ) (1,575 ) Lease exit costs
(31 ) (4 ) - (177 ) - Termination recoveries (costs) 282 (1,637 )
(219 ) (1,300 ) (1,950 ) Amortization of purchased intangible
assets (9,948 ) (9,948 ) (13,138 ) (32,225 ) (34,698 ) Reversal of
accruals - - - - 2,890 Other expenses - -
- (58 ) -
Non-GAAP
operating expenses $ 71,930 $ 71,240 $ 70,008
$ 215,225 $ 219,763
September
27, June 28, September 28, September 27,
September 28, 2014 2014 2013
2014 2013 GAAP operating income
(loss) $ 7,502 $ 1,671 $ 1,317 $ 6,260 $ (7,446 ) Stock-based
compensation 5,228 4,915 5,874 16,334 19,461 Acquisition-related
costs 1,025 797 1,982 2,683 3,619 Assets impairment - - - 477 1,575
Lease exit costs 31 4 - 177 - Termination (recoveries) costs (282 )
1,637 219 1,291 1,950 Amortization of purchased intangible assets
9,948 9,948 13,138 32,225 34,698 Reversal of accruals - - (2,300 )
- (5,190 ) Other expenses - - -
58 -
Non-GAAP operating
income $ 23,452 $ 18,972 $ 20,230 $ 59,505
$ 48,667
Non-GAAP operating margin 17 %
15 % 16 % 15 % 13 %
GAAP net income (loss) $ 5,473 $
(3,480 ) $ (3,232 ) $ (2,248 ) $ (16,575 ) Stock-based compensation
5,228 4,915 5,874 16,334 19,461 Acquisition-related costs 1,025 797
1,982 2,683 3,619 Termination costs (recoveries) (282 ) 1,637 219
1,291 1,950 Reversal of accruals - - (2,300 ) - (5,190 ) Assets
impairment - - - 477 1,575 Lease exit costs 31 4 - 177 -
Amortization of purchased intangible assets 9,948 9,948 13,138
32,225 34,698 Other expenses - - - 58 - Foreign exchange (gain)
loss on foreign tax liabilities (1,081 ) 976 1,390 (984 ) (2,133 )
Gain on disposal of investments - - (1,762 ) - (1,762 ) Provision
for income tax matters 2,178 3,550
4,578 6,839 13,636
Non-GAAP net income $ 22,520 $ 18,347 $ 19,887
$ 56,852 $ 49,279
Non-GAAP net
income per share - basic $ 0.11 $ 0.09 $ 0.10 $ 0.29 $ 0.24
Non-GAAP net income per share - diluted $ 0.11 $ 0.09 $ 0.10
$ 0.28 $ 0.24 Shares used to calculate non-GAAP net
income per share - basic 197,613 196,114 205,377 196,305 204,638
Shares used to calculate non-GAAP net income per share - diluted
200,744 199,594 207,475 199,548 206,772
(1) $5.2 million stock-based compensation
expense; $1 million acquisition-related costs; $0.3 million
recovery of termination costs; $9.9 million amortization of
purchased intangible assets; $1.1 million foreign exchange gain on
foreign tax liabilities; $0.1 million lease exit costs; $0.1
million other expenses; and $2.2 million provision for income taxes
which includes $0.9 million income tax provision related to
unrecognized tax benefits, $1.1 million income tax provision
related to prepaid tax amortization, and $0.2 million income tax
provision from adjustments related to prior periods.
(2) $4.9 million stock-based compensation
expense; $0.8 million acquisition-related costs; $1.6 million of
net termination costs; $9.9 million amortization of purchased
intangible assets; $1 million foreign exchange loss on foreign tax
liabilities; $0.1 million lease exit costs; and $3.6 million
provision for income taxes which includes $0.8 million income tax
provision related to unrecognized tax benefits, $1.5 million income
tax provision related to prepaid tax amortization, $1.5 million
income tax provision related to tax deductible goodwill and other
items, $0.4 million deferred income tax benefit from adjustments
related to prior periods, and $0.2 million income tax provision
related to tax deductible items above.
(3) $5.9 million stock-based compensation
expense; $2 million acquisition-related costs; $0.2 million
termination costs; $13.1 million amortization of purchased
intangible assets; $1.4 million foreign exchange loss on foreign
tax liabilities; $1.8 million gain from disposal of investments;
$2.3 million reversal of accruals; and $4.6 million provision for
income taxes which includes $2.9 million deferred tax provision
related to non-deductible intangible asset amortization, $1.1
million income tax provision related to unrecognized tax benefits,
$0.4 million tax recovery related to foreign exchange translation
of a foreign subsidiary, and $1 million income tax provision
related to tax deductible items above.
(4) $16.3 million stock-based compensation
expense; $2.7 million acquisition-related costs; $1.3 million net
termination costs; $32.2 million amortization of purchased
intangible assets; $1 million foreign exchange gain on foreign tax
liabilities; $0.5 million asset impairment; $0.2 million lease exit
costs; $0.1 million other expenses; and $6.8 million provision for
income taxes which includes $2.4 million income tax provision
related to unrecognized tax benefits, $3 million income tax
provision related to prepaid tax amortization, and $1.4 million
income tax provision related to tax deductible goodwill and other
items.
(5) $19.5 million stock-based compensation
expense; $3.6 million acquisition-related costs; $2 million
termination costs; $1.6 million asset impairment; $5.2
million reversal of accruals; $34.7 million amortization of
purchased intangible assets; $2.1 million foreign exchange gain on
foreign tax liabilities; $1.8 million gain on disposal; and $13.6
million provision for income taxes which includes$1.7 million
arrears interest relating to unrecognized tax benefits, $8.6
million deferred tax provision related to non-deductible intangible
asset amortization, $0.5 million income tax provision relating to
foreign exchange translation of a foreign subsidiary, $2.7 million
tax provision for adjustments relating to prior period, and $0.1
million deferred tax provision related to tax deductible items
above.
PMC-Sierra, Inc. CONDENSED CONSOLIDATED
BALANCE SHEETS (in thousands) (unaudited)
September 27, December
28, 2014 2013 ASSETS: Current assets: Cash and
cash equivalents $ 89,940 $ 100,038 Short-term investments
35,419 10,894 Cash, cash equivalents and
short-term investments 125,359 110,932 Accounts receivable, net
57,013 56,112 Inventories, net 34,588 31,074 Prepaid expenses and
other current assets 16,304 19,855 Income tax receivable 3,673
2,640 Prepaid tax expense 2,749 5,695
Deferred tax assets (1)
3,328 43,131 Total current assets
243,014 269,439 Investment securities 103,101 103,391
Investments and other assets 8,190 10,750 Prepaid tax expense 93 93
Property and equipment, net 38,730 39,149 Goodwill and other
intangible assets, net 439,120 425,823
Deferred tax assets (1)
1,557 1,306 $ 833,805 $ 849,951
LIABILITIES AND STOCKHOLDERS' EQUITY: Current
liabilities: Accounts payable $ 19,092 $ 23,173 Accrued liabilities
72,360 64,257 Credit facility - 30,000 Income taxes payable 2,983
632 Liability for unrecognized tax benefit (1) 21,394 54,127
Deferred income taxes 9 71 Deferred income 5,501
7,481 Total current liabilities 121,339 179,741
Long-term obligations 35,982 11,108 Deferred income taxes
49,183 43,143
Liability for unrecognized tax benefit
(1)
18,621 27,947
PMC special shares convertible into 1,016
(2013 - 1,019) shares of common stock
1,180 1,188 Stockholders' equity: Common stock and additional paid
in capital 1,577,573 1,550,385 Accumulated other comprehensive loss
(780 ) (526 ) Accumulated deficit (969,293 ) (963,035
) Total stockholders' equity 607,500 586,824
$ 833,805 $ 849,951 (1) Effective from
the beginning of the first quarter of 2014, the Company adopted
Financial Accounting Standards Board's Accounting Standards Update
(“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit
When a Net Operating Loss Carryforward, a Similar Tax Loss, or Tax
Credit Carryforward Exists.” Approximately $44 million of deferred
tax assets of a foreign subsidiary were derecognized along with the
related liability for unrecognized tax benefits as a result of this
presentation adoption, with no impact to the Condensed Consolidated
Statements of Operations.
PMC-Sierra, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in
thousands) (unaudited)
Nine
Months Ended September 27, September
28, 2014 2013 Cash flows from operating
activities: Net loss $ (2,248 ) $ (16,575 ) Adjustments to
reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 48,739 51,731 Stock-based
compensation 16,334 19,461 Unrealized foreign exchange gain, net
(2,372 ) (6,106 ) Net amortization of premiums and accrued interest
of investments 628 1,353 Asset impairments 770 - Gain on investment
securities and other (86 ) (1,767 ) Excess tax benefits from stock
option transactions - (2,274 ) Changes in operating assets
and liabilities: Accounts receivable, net (934 ) 1,923 Inventories,
net (3,514 ) (7,110 ) Prepaid expenses and other current assets
4,225 927 Accounts payable and accrued liabilities (6,699 ) (8,614
) Deferred taxes and income taxes payable 8,608 11,120 Deferred
income (1,980 ) (915 ) Net cash provided by operating
activities 61,471 43,154
Cash
flows from investing activities: Business acquisition (10,000 )
(96,098 ) Investment in long term deposits - (1,127 ) Purchases of
property and equipment (11,175 ) (11,297 ) Purchase of intangible
assets (1,167 ) (2,048 ) Redemption of short-term investments 4,920
8,466 Disposals of investment securities and other investments
37,936 146,340 Purchases of investment securities and other
investments (67,727 ) (172,114 ) Net cash used in
investing activities (47,213 ) (127,878 )
Cash flows from financing activities: Payment of debt
issuance costs - (928 ) Proceeds from short-term loan and credit
facility 30,000 - Repayment of credit facility (60,000 ) - Proceeds
from issuance of common stock 17,924 23,476 Repurchases of common
stock (11,496 ) (22,544 ) Excess tax benefits from stock option
transactions - 2,274 Net cash (used in)
provided by financing activities (23,572 ) 2,278
Effect of exchange rate changes on cash and cash
equivalents (784 ) (505 ) Net decrease in cash and
cash equivalents (10,098 ) (82,951 ) Cash and cash equivalents,
beginning of the period 100,038 169,970
Cash and cash equivalents, end of the period $ 89,940 $
87,019
PMC-Sierra, Inc.Joel Achramowicz, 1-408-239-8630Director,
Investor RelationsJoel.Achramowicz@pmcs.comorKim Mason,
1-604-415-6239Manager, Corporate
CommunicationsKim.Mason@pmcs.com
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