EZchip Announces First Quarter 2015 Results; Provides Update On Status Of NPS Adoption

 

 

EZchip Semiconductor Ltd.

Selected Condensed Consolidated Cash Flow Data on a Non-GAAP Basis

(U.S. Dollars in thousands)

(Unaudited)




Three Months Ended




March 31,


December 31,


March 31,




2015


2014


2014


Cash flows from operating activities:








Net income (loss)


$     (8,266)


$     (7,341)


$     6,086


Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:








Repayment of OCS grants*


9,636


--


--


Depreciation and Amortization


1,783


2,752


168


Increase in trade and other receivables, net


(1,105)


(5,321)


(1,471)


Decrease (increase) in inventory


879


(152)


(102)


Decrease in trade payables and other accrued liabilities, net


 

(29)


 

(992)


 

(164)


Stock-based compensation


4,802


6,934


3,925


Net cash provided by (used in) operating activities


7,700


(4,120)


8,442










Cash flows from investing activities:








Purchase of property and equipment


(83)


(160)


(196)


Purchase of technology


--


(2,641)


(1,348)


Long term investment and others


--


(31,580)


--


Net cash used in investing activities


(83)


(34,381)


(1,544)










Cash flows from financing activities:








Proceeds from exercise of options


317


1,117


216










Net cash provided by financing activities


317


1,117


216










Repayment of OCS grants*


(9,636)


--


--


Cash adjustment of marketable securities, net**


66


(299)


(7)










Increase (decrease) in cash, cash equivalents, marketable securities and deposits


 

(1,636)


 

(37,683)


 

7,107










Cash, cash equivalents, marketable securities and deposits at the beginning of the period


 

185,757


 

223,440


 

202,865




Cash, cash equivalents, marketable securities and deposits at the end of the period


$   184,121


$   185,757


$   209,972













During February 2015 we have made a one-time early payment of $9.6 million to the Israeli Office of Chief Scientist, representing the full balance of the contingent liability related to the NP-5 grants received. Upon making this payment, we have eliminated all future royalty obligations related to our anticipated NP-5 revenues and saved the associated future interest payments related to such obligations. This amount was excluded from the non-GAAP operating cash flow as it represents future royalty obligations.                        



**

Including unrealized gain (loss) on marketable securities, accumulated interest accretion and amortization of discount and premium on marketable securities.


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