3Ware 2002 Annual Report Download - page 59

APPLIED MICRO CIRCUITS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Fiscal Years Ended March 31,
2000 2001 2002
Operating Activities
Net income (loss) ......................................... $ 48,625 $ (436,215) $(3,605,690)
Adjustment to reconcile net income (loss) to net cash provided by
(used for) operating activities:
Depreciation and amortization ........................... 8,039 16,135 29,868
Write-off of inventories ................................. 701 172 1,743
Amortization of goodwill and purchased intangibles .......... — 361,022 297,902
Goodwill impairment charge ............................. — — 3,101,817
Acquired in-process research and development .............. — 202,100 —
Stock-based compensation expense ....................... 611 79,848 147,065
Tax benefit of disqualifying dispositions ................... 15,159 168,978 —
Noncash restructuring costs ............................. — — 8,727
Net loss on strategic equity investments .................... — — 13,775
Loss (gain) on disposals of property ....................... (43) 347 950
Changes in operating assets and liabilities:
Accounts receivables ............................... (6,184) (42,272) 69,701
Inventories ....................................... (1,813) (11,601) 14,389
Other assets ...................................... (7,417) (9,621) (5,622)
Accounts payable ................................. 3,687 16,416 (19,691)
Accrued payroll and other accrued liabilities ............ 2,170 31,956 (13,393)
Deferred income taxes .............................. 425 (178,550) (74,334)
Deferred revenue .................................. 1,337 1,403 (2,864)
Net cash provided by (used for) operating activities . . 65,297 200,118 (35,657)
Investing Activities
Proceeds from sales and maturities of investments ............... 1,847,446 2,773,758 2,696,973
Purchase of investments .................................... (2,559,018) (3,088,500) (2,345,733)
Proceeds from sales of strategic equity investments ............... — — 2,902
Repayments (advances) on notes receivable from officers and
employees ............................................. 786 (18) 93
Purchase of property, equipment and other assets ................ (22,710) (78,564) (31,251)
Cash received from purchase acquisitions, net of cash paid and
merger expenses ........................................ — 14,325 —
Net cash provided by (used for) investing activities . . . (733,496) (378,999) 322,984
Financing Activities
Proceeds from issuance of common stock, net ................... 827,860 71,670 20,798
Repurchase of common stock ................................ (11) (9) (29,428)
Payments on notes receivable from stockholders ................. — 455 —
Payments on capital lease obligations .......................... (1,214) (779) (579)
Payments on long-term debt ................................. (1,864) (4,288) (668)
Other ................................................... — (73) (55)
Net cash provided by (used for) financing activities . . 824,771 66,976 (9,932)
Net increase (decrease) in cash and cash
equivalents ................................. 156,572 (111,905) 277,395
Cash and cash equivalents at beginning of year .................. 13,530 170,102 58,197
Cash and cash equivalents at end of year ....................... $ 170,102 $ 58,197 $ 335,592
Supplemental disclosure of cash flow information:
Cash paid for:
Interest .............................................. $ 634 $ 403 $ 214
Income taxes ......................................... $ 12,273 $ 3,943 $ 742
See accompanying notes.
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