Lattice Semiconductor Reports Third Quarter of 2018 Results
Lattice Semiconductor Corporation | ||||||||
Consolidated Statements of Cash Flows | ||||||||
(in thousands) | ||||||||
(unaudited) | ||||||||
Nine Months Ended | ||||||||
September 29, |
September 30, |
|||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (19,201 | ) | $ | (63,349 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 30,740 | 45,591 | ||||||
Impairment of acquired intangible assets | 12,486 | 36,198 | ||||||
Amortization of debt issuance costs and discount | 1,847 | 1,680 | ||||||
(Gain) loss on sale or maturity of marketable securities | (18 | ) | 237 | |||||
Gain on forward contracts | (105 | ) | (72 | ) | ||||
Stock-based compensation expense | 9,908 | 9,286 | ||||||
Gain on disposal of fixed assets | (135 | ) | (197 | ) | ||||
Gain on sale of building | — | (4,624 | ) | |||||
Loss on sale of assets and business units | — | 1,496 | ||||||
Impairment of cost-method investment | 266 | 692 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable, net | (18,736 | ) | 20,687 | |||||
Inventories | 13,892 | 1,519 | ||||||
Prepaid expenses and other assets | (11,729 | ) | 3,839 | |||||
Accounts payable and accrued expenses (includes restructuring) | 1,661 | (17,901 | ) | |||||
Accrued payroll obligations | (557 | ) | (2,002 | ) | ||||
Income taxes payable | 309 | (711 | ) | |||||
Deferred income and allowances on sales to distributors | — | 3,862 | ||||||
Deferred licensing and services revenue | (68 | ) | (485 | ) | ||||
Net cash provided by operating activities | 20,560 | 35,746 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from sales of and maturities of short-term marketable securities | 5,000 | 9,689 | ||||||
Purchases of marketable securities | (9,603 | ) | (7,420 | ) | ||||
Proceeds from sale of building | — | 7,895 | ||||||
Cash paid for costs of sale of building | — | (1,004 | ) | |||||
Capital expenditures | (6,178 | ) | (12,325 | ) | ||||
Proceeds from sale of assets and business unit, net of cash sold | — | 967 | ||||||
Short-term loan to cost-method investee | — | (2,000 | ) | |||||
Cash paid for software licenses | (6,144 | ) | (6,472 | ) | ||||
Net cash used in investing activities | (16,925 | ) | (10,670 | ) | ||||
Cash flows from financing activities: | ||||||||
Restricted stock unit tax withholdings | (1,600 | ) | (2,787 | ) | ||||
Proceeds from issuance of common stock | 28,051 | 3,452 | ||||||
Repayment of debt | (27,884 | ) | (33,679 | ) | ||||
Net cash used in financing activities | (1,433 | ) | (33,014 | ) | ||||
Effect of exchange rate change on cash | (1,124 | ) | 1,381 | |||||
Net increase (decrease) in cash and cash equivalents | 1,078 | (6,557 | ) | |||||
Beginning cash and cash equivalents | 106,815 | 106,552 | ||||||
Ending cash and cash equivalents | $ | 107,893 | $ | 99,995 | ||||
Supplemental cash flow information: | ||||||||
Change in unrealized (gain) loss related to marketable securities, net of tax, included in Accumulated other comprehensive loss | $ | (16 | ) | $ | 72 | |||
Income taxes paid, net of refunds | $ | 2,716 | $ | 2,308 | ||||
Interest paid | $ | 13,976 | $ | 16,379 | ||||
Accrued purchases of plant and equipment | $ | 332 | $ | 51 | ||||
Note receivable resulting from sale of assets and business units | $ | — | $ | 3,050 |
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