Adaptec 2011 Annual Report Download - page 49

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Table of Contents
PMC-Sierra, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended
December 31,
2011
December 26,
2010
December 27,
2009
Cash flows from operating activities:
Net income $ 84,699 $ 83,162 $ 46,877
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 72,544 48,147 56,577
Stock-based compensation 27,055 21,935 21,396
Unrealized foreign exchange (gain) loss, net (43) 2,011 2,542
Net amortization of premiums/discounts and accrued interest on investments 4,520 5,484 (359)
Accrued interest on short-term loan 589 991 —
Gain on investment securities and other (671) (3,979) 538
Asset impairment 3,589 4,882 —
Gain on investment in Wintegra, Inc. — (4,509) —
Revaluation of liability for contingent consideration (29,376) — —
Changes in operating assets and liabilities:
Accounts receivable 10,177 (1,088) (10,554)
Inventories 2,210 (4,730) 2,723
Prepaid expenses and other current assets 2,824 8,587 1,132
Accounts payable and accrued liabilities (9,447) 10,551 (2,531)
Deferred income taxes and income taxes payable (4,044) 9,040 4,147
Accrued restructuring costs (1,609) (2,396) (2,029)
Deferred income (2,202) 5,239 1,298
Net cash provided by operating activities 160,815 183,327 121,757
Cash flows from investing activities:
Business acquisitions, net of cash acquired (1,669) (234,035) —
Purchases of property and equipment (12,702) (11,340) (6,184)
Purchases of intangible assets (6,116) (5,678) (1,590)
Redemption of short-term investments — 4,574 186,443
Disposals of investment securities 159,523 222,261 59,298
Purchases of investment securities (205,903) (347,585) (295,365)
Reclassification of short-term investments and long-term investment securities — 90,266 —
Net cash used in investing activities (66,867) (281,537) (57,398)
Cash flows from financing activities:
Proceeds from short-term loan — 220,000 —
Repayment of short-term loan (180,991) (40,000) —
Proceeds from issuance of common stock 16,764 18,595 28,293
Repurchases of common stock (39,999) — —
Net cash (used in) provided by financing activities (204,226) 198,595 28,293
Effect of exchange rate changes on cash and cash equivalents (506) 129 2,350
Net (decrease) increase in cash and cash equivalents (110,784) 100,514 95,002
Cash and cash equivalents, beginning of year 293,355 192,841 97,839
Cash and cash equivalents, end of year $ 182,571 $ 293,355 $ 192,841
Supplemental disclosures of cash flow information:
Cash paid for interest $ 1,538 $ 2,434 $ 1,538
Cash paid (refund received) for income taxes, net 379 16,686 (4,231)
Supplemental disclosures of non-cash investing and financing activities:
Conversion of PMC-Sierra special shares into common stock 488 286 652
See notes to the consolidated financial statements.
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