3Ware 2004 Annual Report Download - page 45

through the employee stock purchase plan. The major financing use of cash in fiscal 2002 was for the repurchase
of approximately 3.6 million shares of our common stock for $29.4 million, offset by $20.8 million of cash from
the issuance of our common stock under employee stock plans.
On April 1, 2004, the Company completed the acquisition of 3ware, Inc., a provider of high-performance,
high-capacity SATA storage solutions. Under the terms of the agreement, AMCC acquired all outstanding shares
of 3ware, Inc. for approximately $145.0 million in cash and assumed options to purchase approximately
4.3 million shares of AMCC’s common stock. This use of cash is not reflected in the Consolidated Statement of
Cash Flows for the year ended March 31, 2004, as it occurred subsequent to the end of our fiscal year.
On May 5, 2004, the Company completed the acquisition of the assets and intellectual property associated
with IBM’s 400 series of embedded PowerPC®standard products for approximately $227.9 million in cash. This
use of cash is not reflected in the Consolidated Statement of Cash Flows for the year ended March 31, 2004, as it
occurred subsequent to the end of our fiscal year.
In October 2002, our board of directors approved a stock repurchase program whereby we are authorized to
expend up to $200.0 million to purchase our common stock. Depending on market conditions and other factors,
purchases may be made from time to time in the open market and in negotiated transactions, including block
transactions, at times and prices considered appropriate by us. Such program may be discontinued at any time. As
of March 31, 2004, we had not made any purchases under the program.
We believe that our available cash, cash equivalents and short-term investments will be sufficient to meet
our capital requirements and fund our operations for at least the next 12 months, although we could elect or could
be required to raise additional capital during such period. There can be no assurance that such additional debt or
equity financing will be available on commercially reasonable terms or at all.
The following table summarizes our contractual payment obligations and commitments as of March 31,
2004 (in thousands). This table should be read in conjunction with the notes to the consolidated financial
statements.
Operating
Leases
Capital
Leases
Other
Purchase
Commitments Total
(in thousands)
Fiscal years ended:
2005 .............................................. $19,809 $314 $13,900 $34,023
2006 .............................................. 10,374 — — 10,374
2007 .............................................. 7,251 — — 7,251
2008 .............................................. 4,864 — — 4,864
2009 .............................................. 4,572 — — 4,572
Thereafter .......................................... 9,303 — — 9,303
Total .......................................... $56,173 $314 $13,900 $70,387
This table does not include cash paid of approximately $145.0 million or $227.9 million for the acquisition
of 3ware, Inc or the assets and licenses associated with the Embedded Processor Business, respectively.
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