[November 06, 2017] |
|
NeoPhotonics Reports Third Quarter 2017 Financial Results
NeoPhotonics Corporation (NYSE: NPTN), a leading designer and
manufacturer of optoelectronic solutions for the highest speed
communications networks in telecom and datacenter applications, today
announced financial results for its third quarter ended September 30,
2017.
"We are focused on growth initiatives in telecom, data center and cloud
markets, as well as operational execution to lower our breakeven level
as China continues with steady though muted demand," said Tim Jenks,
Chairman and CEO of NeoPhotonics. "Growth drivers in our markets include
Metro deployments across the globe, China high speed build-outs in
advance of 5G wireless, and data centers and big data applications that
are embracing our higher speed technologies and leverage NeoPhotonics'
core strengths," concluded Mr. Jenks.
Third Quarter Summary
-
Revenue was $71.1 million, in comparison to $73.2 million in the prior
quarter
-
Gross margin was 14.8%, compared to 22.9% in the prior quarter
-
Non-GAAP Gross margin was 18.6%, compared to 23.9% in the prior quarter
-
Net loss was $18.2 million, compared to a net loss of $9.3 million in
the prior quarter
-
Non-GAAP net loss was $10.9 million, compared to a net loss of $6.6
million in the prior quarter
-
Diluted net loss per share was $0.42, in comparison to a net loss of
$0.22 per share in the prior quarter
-
Non-GAAP diluted net loss per share was $0.25, compared to a net loss
of $0.15 in the prior quarter
-
Adjusted EBITDA was negative $4.5 million, compared to positive
$48,000 in the prior quarter
Non-GAAP results in the third quarter of 2017 exclude $0.4 million of
asset sale related costs and amortization of acquisition-related
intangibles, $1.9 million of stock-based compensation expense, $2.0
million of end-of-life related inventory write-downs and $3.1 million of
restructuring charges. A reconciliation of the Non-GAAP and Adjusted
EBITDA financial measures to the most directly comparable GAAP financial
measures is provided in the financial schedules portion at the end of
this press release.
As of September 30, 2017, cash and cash equivalents, short-term
investments and restricted cash, together totaled $73.7 million,
compared to $79.0 million at June 30, 2017. Restricted cash as of
September 30, 2017 was $2.9 million, down from $3.3 million at June 30,
2017.
Outlook for the Quarter Ending December 31, 2017
|
|
GAAP
|
|
Non-GAAP
|
Revenue
|
|
$69 to $74 million
|
Gross Margin
|
|
19% to 22%
|
|
20% to 23%
|
Operating Expenses
|
|
$25 to $26 million
|
|
$23 to $24 million
|
Earnings per share
|
|
$0.29 to $0.19 net loss
|
|
$0.23 to $0.13 net loss
|
|
|
|
|
|
The Non-GAAP outlook for the fourth quarter of 2017 excludes the impact
of expected amortization of intangibles of approximately $0.3 million,
the anticipated impact of stock-based compensation of approximately $1.9
million, of which $0.3 million is estimated for cost of goods sold and
$0.7 million for the expected impact of restructuring charges.
Non-GAAP and Adjusted EBITDA Measures vs. GAAP Financial Measures
The Company's non-GAAP and adjusted EBITDA measures exclude certain GAAP
financial measures. A reconciliation of the Non-GAAP and Adjusted EBITDA
financial measures to the most directly comparable GAAP financial
measures is provided in the financial schedules portion at the end of
this press release. These non-GAAP financial measures differ from GAAP
measures with the same captions and may differ from non-GAAP financial
measures with the same or similar captions that are used by other
companies. As such, these non-GAAP measures should be considered as a
supplement to, and not as a substitute for, or superior to, financial
measures calculated in accordance with GAAP.
The Company uses these non-GAAP financial measures to analyze its
operating performance and future prospects, develop internal budgets and
financial goals, and to facilitate period-to-period comparisons.
NeoPhotonics believes that these non-GAAP financial measures reflect an
additional way of viewing aspects of its operations that, when viewed
with its GAAP results, provide a more complete understanding of factors
and trends affecting its business.
Conference Call
The Company will host a conference call today, Monday, November 6, 2017,
at 4:30 P.M. Eastern Time (1:30 P.M. Pacific Time). The call will be
available, live, to interested parties by dialing 800-239-9838. For
international callers, please dial +1-323-794-2551. The Conference ID
number is 9384833. A live webcast will be available in the Investor
Relations section of NeoPhotonics' website at: http://ir.neophotonics.com/phoenix.zhtml?c=236218&p=irol-calendar.
A replay of the webcast will be available in the Investor Relations
section of the Company's web site approximately two hours after the
conclusion of the call and remain available for approximately 30
calendar days.
About NeoPhotonics
NeoPhotonics is a leading designer and manufacturer of optoelectronic
solutions for the highest speed communications networks in telecom and
datacenter applications. The Company's products enable cost-effective,
high-speed data transmission and efficient allocation of bandwidth over
communications networks. NeoPhotonics maintains headquarters in San
Jose, California and ISO 9001:2000 certified engineering and
manufacturing facilities in Silicon Valley (USA), Japan and China. For
additional information visit www.neophotonics.com.
Safe Harbor Statement Under the Private Securities Litigation Reform
Act of 1995
This press release includes statements that qualify as forward-looking
statements under the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements about the following
topics: future financial results, demand for the Company's high-speed
products, the Company's market position, the outlook for the China
market, and industry trends. Forward-looking statements are subject to
certain risks and uncertainties that could cause the actual results to
differ materially. Those risks and uncertainties include, but are not
limited to, such factors as: the Company's reliance on a small number of
customers for a substantial portion of its revenues; market growth in
China and other key countries; possible reduction in or volatility of
customer orders or delays in shipments of products to customers; timing
of customer drawdowns of vendor-managed inventory; possible disruptions
in the supply chain or in demand for the Company's products due to
industry developments; the ability of the Company's vendors and
subcontractors to supply or manufacture the Company's products in a
timely manner; ability of the Company to meet customer demand; economic
conditions or natural disasters; volatility in utilization of
manufacturing operations, supporting utility services and other
manufacturing costs; the savings anticipated from cost reduction actions
and the impact of severance costs; reductions in the Company's rate of
new design wins, and/or the rate at which design wins go into
production, and the rate of customer acceptance of new product
introductions; potential pricing pressure that may arise from changing
supply or demand conditions in the industry; the impact of any previous
or future acquisitions or divestitures; challenges involving integration
of acquired businesses and utilization of acquired technology or
divestitures of assets and related product lines; the impact of the sale
of the low speed transceiver product lines and the discontinuance or end
of life of certain other products; market adoption, revenue growth and
margins of acquired products; changes in demand for the Company's
products; the impact of competitive products and pricing and alternative
technological advances; the accuracy of estimates used to prepare the
Company's financial statements and forecasts; the timely and successful
development and market acceptance of new products and upgrades to
existing products; the difficulty of predicting future cash needs; the
nature of other investment opportunities available to the Company from
time to time; the Company's operating cash flow; changes in economic and
industry projections; a decline in general conditions in the
telecommunications equipment industry or the world economy generally;
and the effects of seasonality. For further discussion of these risks
and uncertainties, please refer to the documents the Company files with
the SEC from time to time, including the Company's Annual Report on Form
10-K for the year ended December 31, 2016 and its Form 10-Q for the six
months ended June 30, 2017. All forward-looking statements are made as
of the date of this press release, and the Company disclaims any duty to
update such statements.
©2017 NeoPhotonics Corporation. All rights reserved. NeoPhotonics and
the red dot logo are trademarks of NeoPhotonics Corporation. All other
marks are the property of their respective owners.
|
NeoPhotonics Corporation
|
Condensed Consolidated Balance Sheets (Unaudited)
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
Sept. 30,
2017
|
|
Dec. 31,
2016
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
58,528
|
|
|
$
|
82,500
|
|
Short-term investments
|
|
|
12,281
|
|
|
|
19,015
|
|
Restricted cash
|
|
|
2,917
|
|
|
|
4,085
|
|
Accounts receivable, net
|
|
|
67,003
|
|
|
|
80,610
|
|
Inventories, net
|
|
|
82,809
|
|
|
|
48,237
|
|
Assets held for sale
|
|
|
-
|
|
|
|
13,953
|
|
Prepaid expenses and other current assets
|
|
|
34,568
|
|
|
|
22,396
|
|
Total current assets
|
|
|
258,106
|
|
|
|
270,796
|
|
Property, plant and equipment, net
|
|
|
127,316
|
|
|
|
106,867
|
|
Purchased intangible assets, net
|
|
|
4,594
|
|
|
|
5,562
|
|
Goodwill
|
|
|
1,115
|
|
|
|
1,115
|
|
Other long-term assets
|
|
|
6,858
|
|
|
|
6,547
|
|
Total assets
|
|
$
|
397,989
|
|
|
$
|
390,887
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
69,771
|
|
|
$
|
84,766
|
|
Notes payable and short-term borrowing
|
|
|
19,630
|
|
|
|
30,190
|
|
Current portion of long-term debt
|
|
|
5,740
|
|
|
|
747
|
|
Accrued and other current liabilities
|
|
|
44,743
|
|
|
|
30,625
|
|
Total current liabilities
|
|
|
139,884
|
|
|
|
146,328
|
|
Long-term debt, net of current portion
|
|
|
41,029
|
|
|
|
10,215
|
|
Other noncurrent liabilities
|
|
|
14,959
|
|
|
|
8,939
|
|
Total liabilities
|
|
|
195,872
|
|
|
|
165,482
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
Common stock
|
|
|
110
|
|
|
|
106
|
|
Additional paid-in capital
|
|
|
542,029
|
|
|
|
532,378
|
|
Accumulated other comprehensive loss
|
|
|
(2,294
|
)
|
|
|
(8,401
|
)
|
Accumulated deficit
|
|
|
(337,728
|
)
|
|
|
(298,678
|
)
|
Total stockholders' equity
|
|
|
202,117
|
|
|
|
225,405
|
|
Total liabilities and stockholders' equity
|
|
$
|
397,989
|
|
|
$
|
390,887
|
|
|
|
|
|
|
|
|
|
|
NeoPhotonics Corporation
|
Condensed Consolidated Statements of Operations (Unaudited)
|
(In thousands, except percentages and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
Sept. 30,
2017
|
|
June. 30,
2017
|
|
Sept. 30,
2016
|
|
Sept. 30,
2017
|
|
Sept. 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
71,121
|
|
|
$
|
73,214
|
|
|
$
|
103,312
|
|
|
$
|
216,023
|
|
|
$
|
301,586
|
|
Cost of goods sold (1)
|
|
|
60,608
|
|
|
|
56,437
|
|
|
|
75,863
|
|
|
|
170,230
|
|
|
|
215,486
|
|
Gross profit
|
|
|
10,513
|
|
|
|
16,777
|
|
|
|
27,449
|
|
|
|
45,793
|
|
|
|
86,100
|
|
Gross margin
|
|
|
14.8
|
%
|
|
|
22.9
|
%
|
|
|
26.6
|
%
|
|
|
21.2
|
%
|
|
|
28.5
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and development (1)
|
|
|
14,662
|
|
|
|
14,206
|
|
|
|
17,474
|
|
|
|
44,412
|
|
|
|
42,206
|
|
Sales and marketing (1)
|
|
|
4,071
|
|
|
|
3,910
|
|
|
|
5,936
|
|
|
|
12,913
|
|
|
|
13,674
|
|
General and administrative (1)
|
|
|
7,637
|
|
|
|
7,729
|
|
|
|
9,822
|
|
|
|
26,792
|
|
|
|
26,747
|
|
Amortization of purchased intangible assets
|
|
|
119
|
|
|
|
118
|
|
|
|
462
|
|
|
|
355
|
|
|
|
1,375
|
|
Acquisition and asset sale related costs
|
|
|
78
|
|
|
|
21
|
|
|
|
148
|
|
|
|
229
|
|
|
|
923
|
|
Restructuring charges
|
|
|
2,829
|
|
|
|
494
|
|
|
|
-
|
|
|
|
3,550
|
|
|
|
-
|
|
Gain on asset sale
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,000
|
)
|
|
|
-
|
|
Total operating expenses
|
|
|
29,396
|
|
|
|
26,478
|
|
|
|
33,842
|
|
|
|
86,251
|
|
|
|
84,925
|
|
Income (loss) from operations
|
|
|
(18,883
|
)
|
|
|
(9,701
|
)
|
|
|
(6,393
|
)
|
|
|
(40,458
|
)
|
|
|
1,175
|
|
Interest income
|
|
|
37
|
|
|
|
31
|
|
|
|
95
|
|
|
|
141
|
|
|
|
227
|
|
Interest expense
|
|
|
(495
|
)
|
|
|
(111
|
)
|
|
|
(103
|
)
|
|
|
(743
|
)
|
|
|
(304
|
)
|
Other income (expense), net
|
|
|
(41
|
)
|
|
|
(11
|
)
|
|
|
18
|
|
|
|
197
|
|
|
|
(828
|
)
|
Total interest and other income (expense), net
|
|
|
(499
|
)
|
|
|
(91
|
)
|
|
|
10
|
|
|
|
(405
|
)
|
|
|
(905
|
)
|
Income (loss) before income taxes
|
|
|
(19,382
|
)
|
|
|
(9,792
|
)
|
|
|
(6,383
|
)
|
|
|
(40,863
|
)
|
|
|
270
|
|
Income tax (provision) benefit
|
|
|
1,195
|
|
|
|
451
|
|
|
|
(804
|
)
|
|
|
1,813
|
|
|
|
(2,471
|
)
|
Net loss
|
|
$
|
(18,187
|
)
|
|
$
|
(9,341
|
)
|
|
$
|
(7,187
|
)
|
|
$
|
(39,050
|
)
|
|
$
|
(2,201
|
)
|
Basic net loss per share
|
|
$
|
(0.42
|
)
|
|
$
|
(0.22
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.90
|
)
|
|
$
|
(0.05
|
)
|
Diluted net loss per share
|
|
$
|
(0.42
|
)
|
|
$
|
(0.22
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.90
|
)
|
|
$
|
(0.05
|
)
|
Weighted average shares used to compute basic net loss per share
|
|
|
43,790
|
|
|
|
43,219
|
|
|
|
42,038
|
|
|
|
43,212
|
|
|
|
41,589
|
|
Weighted average shares used to compute diluted net loss per share
|
|
|
43,790
|
|
|
|
43,219
|
|
|
|
42,038
|
|
|
|
43,212
|
|
|
|
41,589
|
|
(1) Includes stock-based compensation expense as follows for the
periods presented:
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
$
|
340
|
|
|
$
|
324
|
|
|
$
|
297
|
|
|
$
|
811
|
|
|
$
|
1,605
|
|
Research and development
|
|
|
606
|
|
|
|
511
|
|
|
|
2,981
|
|
|
|
1,779
|
|
|
|
4,508
|
|
Sales and marketing
|
|
|
393
|
|
|
|
313
|
|
|
|
2,352
|
|
|
|
1,170
|
|
|
|
3,604
|
|
General and administrative
|
|
|
595
|
|
|
|
738
|
|
|
|
3,146
|
|
|
|
1,932
|
|
|
|
4,728
|
|
Total stock-based compensation expense
|
|
$
|
1,934
|
|
|
$
|
1,886
|
|
|
$
|
8,776
|
|
|
$
|
5,692
|
|
|
$
|
14,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NeoPhotonics Corporation
|
Reconciliation of Condensed Consolidated GAAP Financial Measures
to Non-GAAP Financial Measures (Unaudited)
|
(In thousands, except percentages and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
Sept. 30,
2017
|
|
June. 30,
2017
|
|
Sept. 30,
2016
|
|
Sept. 30,
2017
|
|
Sept. 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
10,513
|
|
|
$
|
16,777
|
|
|
$
|
27,449
|
|
|
$
|
45,793
|
|
|
$
|
86,100
|
|
Stock-based compensation expense
|
|
|
340
|
|
|
|
324
|
|
|
|
297
|
|
|
|
811
|
|
|
|
1,605
|
|
Amortization of purchased intangible assets
|
|
|
202
|
|
|
|
203
|
|
|
|
853
|
|
|
|
667
|
|
|
|
2,542
|
|
Depreciation of acquisition-related fixed asset step-up
|
|
|
(68
|
)
|
|
|
(68
|
)
|
|
|
(68
|
)
|
|
|
(202
|
)
|
|
|
(194
|
)
|
End-of-life related inventory write-down
|
|
|
1,975
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,975
|
|
|
|
-
|
|
Restructuring charges
|
|
|
285
|
|
|
|
240
|
|
|
|
-
|
|
|
|
564
|
|
|
|
-
|
|
Non-GAAP gross profit
|
|
$
|
13,247
|
|
|
$
|
17,476
|
|
|
$
|
28,531
|
|
|
$
|
49,608
|
|
|
$
|
90,053
|
|
Non-GAAP gross margin as a % of revenue
|
|
|
18.6
|
%
|
|
|
23.9
|
%
|
|
|
27.6
|
%
|
|
|
23.0
|
%
|
|
|
29.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP TOTAL OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
GAAP total operating expenses
|
|
$
|
29,396
|
|
|
$
|
26,478
|
|
|
$
|
33,842
|
|
|
$
|
86,251
|
|
|
$
|
84,925
|
|
Stock-based compensation expense
|
|
|
(1,594
|
)
|
|
|
(1,562
|
)
|
|
|
(8,479
|
)
|
|
|
(4,881
|
)
|
|
|
(12,840
|
)
|
Amortization of purchased intangible assets
|
|
|
(119
|
)
|
|
|
(118
|
)
|
|
|
(462
|
)
|
|
|
(355
|
)
|
|
|
(1,375
|
)
|
Depreciation of acquisition-related fixed asset step-up
|
|
|
(71
|
)
|
|
|
(72
|
)
|
|
|
(79
|
)
|
|
|
(216
|
)
|
|
|
(255
|
)
|
Acquisition and asset sale related costs
|
|
|
(78
|
)
|
|
|
(21
|
)
|
|
|
(148
|
)
|
|
|
(229
|
)
|
|
|
(923
|
)
|
Restructuring charges
|
|
|
(2,829
|
)
|
|
|
(494
|
)
|
|
|
-
|
|
|
|
(3,550
|
)
|
|
|
-
|
|
Litigation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
64
|
|
|
|
-
|
|
Gain on asset sale
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,000
|
|
|
|
-
|
|
Non-GAAP total operating expenses
|
|
$
|
24,705
|
|
|
$
|
24,211
|
|
|
$
|
24,674
|
|
|
$
|
79,084
|
|
|
$
|
69,532
|
|
Non-GAAP total operating expenses as a % of revenue
|
|
|
34.7
|
%
|
|
|
33.1
|
%
|
|
|
23.9
|
%
|
|
|
36.6
|
%
|
|
|
23.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING INCOME (LOSS):
|
|
|
|
|
|
|
|
|
|
|
GAAP income (loss) from operations
|
|
$
|
(18,883
|
)
|
|
$
|
(9,701
|
)
|
|
$
|
(6,393
|
)
|
|
$
|
(40,458
|
)
|
|
$
|
1,175
|
|
Stock-based compensation expense
|
|
|
1,934
|
|
|
|
1,886
|
|
|
|
8,776
|
|
|
|
5,692
|
|
|
|
14,445
|
|
Amortization of purchased intangible assets
|
|
|
321
|
|
|
|
321
|
|
|
|
1,315
|
|
|
|
1,022
|
|
|
|
3,917
|
|
Depreciation of acquisition-related fixed asset step-up
|
|
|
3
|
|
|
|
4
|
|
|
|
11
|
|
|
|
14
|
|
|
|
61
|
|
Acquisition and asset sale related costs
|
|
|
78
|
|
|
|
21
|
|
|
|
148
|
|
|
|
229
|
|
|
|
923
|
|
End-of-life related inventory write-down
|
|
|
1,975
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,975
|
|
|
|
-
|
|
Restructuring charges
|
|
|
3,114
|
|
|
|
734
|
|
|
|
-
|
|
|
|
4,114
|
|
|
|
-
|
|
Litigation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(64
|
)
|
|
|
-
|
|
Gain on asset sale
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,000
|
)
|
|
|
-
|
|
Non-GAAP income (loss) from operations
|
|
$
|
(11,458
|
)
|
|
$
|
(6,735
|
)
|
|
$
|
3,857
|
|
|
$
|
(29,476
|
)
|
|
$
|
20,521
|
|
Non-GAAP operating margin as a % of revenue
|
|
|
(16.1
|
)%
|
|
|
(9.2
|
)%
|
|
|
3.7
|
%
|
|
|
(13.6
|
)%
|
|
|
6.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NeoPhotonics Corporation
|
Reconciliation of Condensed Consolidated GAAP Financial Measures
to Non-GAAP Financial Measures (Unaudited) (Continued)
|
(In thousands, except percentages and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
Sept. 30,
2017
|
|
June. 30,
2017
|
|
Sept. 30,
2016
|
|
Sept. 30,
2017
|
|
Sept. 30,
2016
|
NON-GAAP NET INCOME (LOSS):
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
$
|
(18,187
|
)
|
|
$
|
(9,341
|
)
|
|
$
|
(7,187
|
)
|
|
$
|
(39,050
|
)
|
|
$
|
(2,201
|
)
|
Stock-based compensation expense
|
|
|
1,934
|
|
|
|
1,886
|
|
|
|
8,776
|
|
|
|
5,692
|
|
|
|
14,445
|
|
Amortization of purchased intangible assets
|
|
|
321
|
|
|
|
321
|
|
|
|
1,315
|
|
|
|
1,022
|
|
|
|
3,917
|
|
Depreciation of acquisition-related fixed asset step-up
|
|
|
3
|
|
|
|
4
|
|
|
|
11
|
|
|
|
14
|
|
|
|
61
|
|
Acquisition and asset sale related costs
|
|
|
78
|
|
|
|
21
|
|
|
|
148
|
|
|
|
229
|
|
|
|
923
|
|
End-of-life related inventory write-down
|
|
|
1,975
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,975
|
|
|
|
-
|
|
Restructuring charges
|
|
|
3,114
|
|
|
|
734
|
|
|
|
-
|
|
|
|
4,114
|
|
|
|
-
|
|
Litigation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(64
|
)
|
|
|
-
|
|
Gain on asset sale
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,000
|
)
|
|
|
-
|
|
Income tax effect of Non-GAAP adjustments
|
|
|
(114
|
)
|
|
|
(192
|
)
|
|
|
(140
|
)
|
|
|
(117
|
)
|
|
|
(399
|
)
|
Non-GAAP net income (loss)
|
|
$
|
(10,876
|
)
|
|
$
|
(6,567
|
)
|
|
$
|
2,923
|
|
|
$
|
(28,185
|
)
|
|
$
|
16,746
|
|
Non-GAAP net income (loss) as a % of revenue
|
|
|
(15.3
|
)%
|
|
|
(9.0
|
)%
|
|
|
2.8
|
%
|
|
|
(13.0
|
)%
|
|
|
5.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA:
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
$
|
(18,187
|
)
|
|
$
|
(9,341
|
)
|
|
$
|
(7,187
|
)
|
|
$
|
(39,050
|
)
|
|
$
|
(2,201
|
)
|
Stock-based compensation expense
|
|
|
1,934
|
|
|
|
1,886
|
|
|
|
8,776
|
|
|
|
5,692
|
|
|
|
14,445
|
|
Amortization of purchased intangible assets
|
|
|
321
|
|
|
|
321
|
|
|
|
1,315
|
|
|
|
1,022
|
|
|
|
3,917
|
|
Depreciation of acquisition-related fixed asset step-up
|
|
|
3
|
|
|
|
4
|
|
|
|
11
|
|
|
|
14
|
|
|
|
61
|
|
Acquisition and asset sale related costs
|
|
|
78
|
|
|
|
21
|
|
|
|
148
|
|
|
|
229
|
|
|
|
923
|
|
End-of-life related inventory write-down
|
|
|
1,975
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,975
|
|
|
|
-
|
|
Restructuring charges
|
|
|
3,114
|
|
|
|
734
|
|
|
|
-
|
|
|
|
4,114
|
|
|
|
-
|
|
Litigation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(64
|
)
|
|
|
-
|
|
Gain on asset sale
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,000
|
)
|
|
|
-
|
|
Interest expense, net
|
|
|
458
|
|
|
|
80
|
|
|
|
8
|
|
|
|
602
|
|
|
|
77
|
|
Provision (benefit) for income taxes
|
|
|
(1,195
|
)
|
|
|
(451
|
)
|
|
|
804
|
|
|
|
(1,813
|
)
|
|
|
2,471
|
|
Depreciation expense
|
|
|
7,016
|
|
|
|
6,794
|
|
|
|
4,457
|
|
|
|
19,608
|
|
|
|
12,942
|
|
Adjusted EBITDA
|
|
$
|
(4,483
|
)
|
|
$
|
48
|
|
|
$
|
8,332
|
|
|
$
|
(9,671
|
)
|
|
$
|
32,635
|
|
Adjusted EBITDA as a % of revenue
|
|
|
(6.3
|
)%
|
|
|
0.1
|
%
|
|
|
8.1
|
%
|
|
|
(4.5
|
)%
|
|
|
10.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
GAAP basic net loss per share
|
|
$
|
(0.42
|
)
|
|
$
|
(0.22
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.90
|
)
|
|
$
|
(0.05
|
)
|
GAAP diluted net loss per share
|
|
$
|
(0.42
|
)
|
|
$
|
(0.22
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.90
|
)
|
|
$
|
(0.05
|
)
|
Non-GAAP basic net income (loss) per share
|
|
$
|
(0.25
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.65
|
)
|
|
$
|
0.40
|
|
Non-GAAP diluted net income (loss) per share
|
|
$
|
(0.25
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.65
|
)
|
|
$
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARES USED TO COMPUTE GAAP AND NON-GAAP BASIC NET INCOME (LOSS)
PER SHARE
|
|
|
43,790
|
|
|
|
43,219
|
|
|
|
42,038
|
|
|
|
43,212
|
|
|
|
41,589
|
|
SHARES USED TO COMPUTE GAAP DILUTED NET LOSS PER SHARE
|
|
|
43,790
|
|
|
|
43,219
|
|
|
|
42,038
|
|
|
|
43,212
|
|
|
|
41,589
|
|
SHARES USED TO COMPUTE NON-GAAP DILUTED NET INCOME (LOSS) PER
SHARE
|
|
|
43,790
|
|
|
|
43,219
|
|
|
|
46,745
|
|
|
|
43,212
|
|
|
|
45,612
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171106006295/en/
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