the 2009 Annual Report (pdf) - PLX Technology

PLX TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Years Ended December 31,
2009 2008 2007
Cash flows from operating activities:
Net income (loss)……………………………………………………………………………………………………… $ (18,802) $ (56,530) $ 1,174
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities,
net of assets acquired and liabilities assumed:
Depreciat ion and amort izat ion………………………………………………………………………………… 3,289 2,240 2,029
Share-based compensat ion expense……………………………………………………………………………. 2,398 3,301 4,441
Amort izat ion of purchased int angible asset s…………………………………………………………………… 3,416 742 1,279
Impairment of assets……………………………………………………………………………………………… - 54,272 -
Provision for invent ories………………………………………………………………………………………… 521 684 763
Fair value remeasurement of not e payable…………………………………………………………………… 3,842 - -
Changes in pre-acquisition deferred t ax balances……………………………………………………………… - (151) 435
Other non-cash items……………………………………………………………………………………………… (95) (176) (217)
Changes in operating assets and liabilities:
Account s receivable…………………………………………………………………………………………… (1,887) 4,822 (2,031)
Invent ories……………………………………………………………………………………………………… (180) (519) 110
Other current assets…………………………………………………………………………………………… 2,300 (911) (3,188)
Other asset s……………………………………………………………………………………………………… (252) (298) 86
Account s payable……………………………………………………………………………………………… (662) (444) 1,452
Accrued compensation and benefit s………………………………………………………………………… (1,840) 123 (180)
Accrued commissions…………………………………………………………………………………………… 168 (177) (448)
Other accrued expenses………………………………………………………………………………………… (626) 647 72
Net cash provided by (used in) operat ing act ivities………………………………………………………………… (8,410) 7,625 5,777
Cash flows provided by (used in) investing activities:
Cash acquired in Oxford acquisit ion………………………………………………………………………………… 4,392 - -
P urchase of invest ment s……………………………………………………………………………………………… (34,265) (48,360) (34,677)
Sales and mat urities of invest ment s………………………………………………………………………………… 45,499 35,890 17,100
P urchase of propert y and equipment ……………………………………………………………………………… (1,182) (1,776) (3,088)
P roceeds from sales of propert y and equipment ………………………………………………………………… 2 - -
Net cash provided by (used in) invest ing act ivities………………………………………………………………… 14,446 (14,246) (20,665)
Cash flows provided by (used in) financing activities:
P roceeds from exercise of common st ock opt ions……………………………………………………………… 26 845 1,301
Repurchase of common st ock……………………………………………………………………………………… - (6,491) -
T ender Offer payment s……………………………………………………………………………………………… (933) - -
P rincipal payment s on capital lease obligations………………………………………………………………… (659) - -
Net cash provided by (used in) financing act ivities………………………………………………………………… (1,566) (5,646) 1,301
Effect of exchange rate fluctuations on cash and cash equivalent s……………………………………………… (36) (43) (42)
Increase (decrease) in cash and cash equivalent s…………………………………………………………………… 4,434 (12,310) (13,629)
Cash and cash equivalent s at beginning of year……………………………………………………………………… 6,865 19,175 32,804
Cash and cash equivalent s at end of year……………………………………………………………………………… $ 11,299 $ 6,865 $ 19,175
Supplemental disclosure of cash flow information:
Cash from income t ax refunds……………………………………………………………………………………… $ 1,111 $ 4 $ 41
Cash paid for income t axes…………………………………………………………………………………………… $ 59 $ 199 $ 165
Cash paid for int erest ………………………………………………………………………………………………… $ 418 $ - $ -
Common st ock issued in connect ion with acquisit ion…………………………………………………………… $ 10,192 $ - $ -
Common stock issued in connection with acquisition after conversion of the note into shares………… $ 10,030 $ - $ -
See accompanying notes to consolidated financial statements.
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