3Ware 2003 Annual Report Download - page 61

APPLIED MICRO CIRCUITS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Fiscal Years Ended March 31,
2001 2002 2003
Operating Activities
Net loss ........................................................... $ (436,215) $(3,605,690) $ (745,541)
Adjustment to reconcile net loss to net cash provided by (used for) operating
activities:
Depreciation and amortization ....................................... 16,135 29,868 31,782
Write-off of inventories ............................................. 172 1,743 5,536
Amortization of goodwill and purchased intangibles ...................... 361,022 297,902 6,287
Goodwill and purchased intangible asset impairment charges ............... — 3,101,817 492,902
Acquired in-process research and development .......................... 202,100 — —
Stock-based compensation expense ................................... 79,848 147,065 131,886
Tax benefit of disqualifying dispositions ............................... 168,978 — —
Noncash restructuring costs ......................................... — 8,727 45
Net loss on strategic equity investments ................................ — 13,775 13,250
Loss (gain) on disposals of property ................................... 347 950 (1,313)
Changes in operating assets and liabilities:
Accounts receivables ............................................. (42,272) 69,701 9,893
Inventories ..................................................... (11,601) 14,389 3,894
Other assets .................................................... (9,621) (5,622) 5,125
Accounts payable ............................................... 16,416 (19,691) (5,689)
Accrued payroll and other accrued liabilities .......................... 31,956 (13,393) 2,839
Deferred income taxes ............................................ (178,550) (74,334) —
Deferred revenue ................................................ 1,403 (2,864) 1,451
Net cash provided by (used for) operating activities ................ 200,118 (35,657) (47,653)
Investing Activities
Proceeds from sales and maturities of short-term investments ................. 2,773,758 2,696,973 4,568,648
Purchase of short-term investments ..................................... (3,088,500) (2,345,733) (4,725,350)
Proceeds from sales of strategic equity investments ......................... — 2,902 —
Repayments (advances) on notes receivable with employees .................. (18) 93 (10)
Purchase of property, equipment and other assets .......................... (78,564) (31,251) (4,913)
Proceeds from sale of building . ........................................ — — 16,432
Cash received from purchase acquisitions, net of cash paid and merger expenses . . . 14,325 — —
Net cash provided by (used for) investing activities ................. (378,999) 322,984 (145,193)
Financing Activities
Proceeds from issuance of common stock, net ............................. 71,670 20,798 8,588
Repurchase of common stock .......................................... (9) (29,428) —
Proceeds on notes receivable from stockholders ........................... 455 — 47
Payments on capital lease obligations .................................... (779) (579) (304)
Payments on long-term debt ........................................... (4,288) (668) (714)
Other ............................................................. (73) (55) 193
Net cash provided by (used for) financing activities ................ 66,976 (9,932) 7,810
Net increase (decrease) in cash and cash equivalents ................ (111,905) 277,395 (185,036)
Cash and cash equivalents at beginning of year ................................ 170,102 58,197 335,592
Cash and cash equivalents at end of year ..................................... $ 58,197 $ 335,592 $ 150,556
Supplemental disclosure of cash flow information:
Cash paid for:
Interest ........................................................ $ 403 $ 214 $ 148
Income taxes ................................................... $ 3,943 $ 742 $ 437
See accompanying notes.
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