0001437749-20-001696.txt : 20200204 0001437749-20-001696.hdr.sgml : 20200204 20200204161327 ACCESSION NUMBER: 0001437749-20-001696 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200204 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200204 DATE AS OF CHANGE: 20200204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INPHI Corp CENTRAL INDEX KEY: 0001160958 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 770557980 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34942 FILM NUMBER: 20573832 BUSINESS ADDRESS: STREET 1: 1154 SONORA COURT CITY: SUNNYVALE STATE: CA ZIP: 94086 BUSINESS PHONE: 408-636-2700 MAIL ADDRESS: STREET 1: 1154 SONORA COURT CITY: SUNNYVALE STATE: CA ZIP: 94086 FORMER COMPANY: FORMER CONFORMED NAME: INPHI CORP DATE OF NAME CHANGE: 20011016 8-K 1 iphi20200203_8k.htm FORM 8-K iphi20200203_8k.htm
false 0001160958 0001160958 2020-02-04 2020-02-04

 



 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

 

WASHINGTON, DC 20549

 


 

Form 8-K

 

Current Report

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  February 4, 2020

 

INPHI CORPORATION

(Exact name of registrant as specified in its charter)

 

001-34942
(Commission File Number)

Delaware

 

77-0557980

(State or other jurisdiction of

 

(I.R.S. Employer Identification No.)

incorporation)

 

 

 

2953 Bunker Hill Lane, Suite 300, Santa Clara, California 95054

(Address of principal executive offices, with zip code)

(408) 217-7300
(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value per share

IPHI

The New York Stock Exchange

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

 

Emerging Growth Company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 



 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On February 4, 2020, Inphi Corporation issued a press release reporting its financial results for the quarter and year ended December 31, 2019. The full text of the press release is furnished herewith as Exhibit 99.1.

 

The information in this Current Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press release dated February 4, 2020.

104

 

Cover Page Interactive Data File (formatted as Inline XBRL).

 

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

I

INPHI CORPORATION

 

 

 

 

 

 

 

 

Date: February 4, 2020

 

By:

 /s/ John Edmunds

 

 

 

 

John Edmunds

 

 

 

Chief Financial Officer and

Chief Accounting Officer

 

 

 

 

 

EX-99.1 2 ex_171245.htm EXHIBIT 99.1 ex_171245.htm

Exhibit 99.1

 

 

Inphi Corporation Delivers Record Revenue and Earnings in Q4 2019

Strong Year-Over-Year Growth Driven by Cloud

 

 

SANTA CLARA, Calif., February 4, 2020 – Inphi Corporation (NYSE: IPHI), a leader in high-speed data movement interconnects, today announced financial results for its fourth quarter and fiscal year ended December 31, 2019.

 

GAAP Results

 

Revenue in the fourth quarter of 2019 was a record $102.9 million on a U.S. generally accepted accounting principles (GAAP) basis, up 18.9% year-over-year, compared with $86.5 million in the fourth quarter of 2018. The increase was due to higher demand for datacenter products.

 

Gross margin under GAAP in the fourth quarter of 2019 was 59.9%, compared with 57.2% in the fourth quarter of 2018. The increase was mainly due to product and revenue mix.

 

GAAP operating loss in the fourth quarter of 2019 was $8.8 million or (8.6%) of revenue, compared to GAAP operating loss in the fourth quarter of 2018 of $8.2 million or (9.5%) of revenue. The slight increase in operating loss was mainly due to higher operating expenses, partially offset by higher gross profit.

 

GAAP net loss for the fourth quarter of 2019 was $13.4 million or ($0.29) per diluted common share, compared with $21.6 million or ($0.49) per diluted common share in the fourth quarter of 2018.

 

Inphi reports gross profit, operating expenses, net income (loss), and earnings per share in accordance with GAAP and on a non-GAAP basis. A reconciliation of the GAAP to non-GAAP gross profit, operating expenses, operating income, net income, earnings per share, as well as a description of the items excluded from the non-GAAP calculations is included in the financial statements portion of this press release.

 

Non-GAAP Results

 

Gross margin on a non-GAAP basis in the fourth quarter of 2019 was 69.2%, compared with 69.3% in the fourth quarter of 2018.

 

Non-GAAP operating income in the fourth quarter of 2019 was $23.4 million, compared with non-GAAP operating income of $20.5 million in the fourth quarter of 2018. The increase is primarily due to higher gross profit, partially offset by higher operating expenses.

 

 

 

 

Non-GAAP net income in the fourth quarter of 2019 was $23.1 million, or $0.47 per diluted common share. This compares with non-GAAP net income of $20.5 million, or $0.45 per diluted common share in the fourth quarter of 2018.

 

“We are very pleased to deliver record Q4 results driven by strength in our cloud market segment,” said Ford Tamer, President and CEO of Inphi Corporation. “On 24% year-on-year revenue growth for 2019 we generated 87% non-GAAP EPS growth, demonstrating continued leverage in our operating model. We enter 2020 with the close of the eSilicon acquisition and a strong product offering to serve our customers’ growth and support their success. We expect our organic revenue momentum to continue in Q1 and through the balance of the year.”

 

Year Ended 2019 Results

Revenue in the year ended December 31, 2019 was $365.6 million, compared with $294.5 million in the year ended December 31, 2018. GAAP net loss in the year ended December 31, 2019 was $72.9 million, or ($1.61) per diluted common share, on approximately 45.2 million diluted weighted average common shares outstanding. This compares with GAAP net loss of $95.8 million, or ($2.19) per diluted common share, on approximately 43.7 million diluted weighted average common shares outstanding in the year ended December 31, 2018.

 

Non-GAAP net income in the year ended December 31, 2019 was $76.6 million, or $1.61 per diluted common share, on approximately 47.6 million non-GAAP diluted weighted average common shares outstanding. This compares with non-GAAP net income of $38.8 million in the year ended December 31, 2018, or $0.86 per diluted common share, on approximately 45.0 million diluted weighted average common shares outstanding.

 

Business Outlook

The following statements are based on the Company’s current expectations for the first quarter of 2020 and include the impact of eSilicon, which closed on January 10, 2020. Due to strong product cycles, among other factors in both Telecom and Cloud, we anticipate sequential organic revenue growth in the first quarter of 2020 compared to the fourth quarter of 2019. We continue to expect eSilicon will contribute between $80 to $120 million in revenue in 2020 and contribute to the mid-teens in percentage of revenue in the first quarter of 2020. These statements are forward-looking and actual results may differ materially. A reconciliation between the GAAP and non-GAAP outlook is included at the end of this press release.

 

 

Revenue in Q1 2020 is expected to be in the range of $130.4 million to $134.4 million.

 

GAAP gross margin is expected to be approximately 50.9% to 52.3%.

 

Non-GAAP gross margin is expected to be approximately 64.2% to 65.2%.

 

Stock-based compensation expense is expected to be in the range of $19 million to $20 million.

 

GAAP net loss is expected to be in range between $21.4 million to $27.3 million, or ($0.46) to ($0.59) per basic share, based on 46.1 million estimated weighted average basic shares outstanding.

 

Non-GAAP net income, excluding stock-based compensation expense, acquisition expenses, amortization of intangibles and inventory step up fair value related to acquisitions and noncash interest on convertible debt, is expected to be in the range of $21.5 million to $26.1 million, or $0.42 to $0.52 per weighted average diluted share, based on 50.6 million estimated non-GAAP weighted average diluted shares outstanding.

 

 

 

 

Quarterly Conference Call Today

Inphi plans to hold a conference call today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time with Ford Tamer, President and Chief Executive Officer, and John Edmunds, Chief Financial Officer, to discuss the fourth quarter 2019 results.

 

The call can be accessed by dialing (765) 507-2591, participant passcode: 3853299. Please dial-in ten minutes prior to the scheduled conference call time. A live and archived webcast of the call will be available on Inphi’s website at https://inphi.com/investors/ for up to 30 days after the call.

 

About Inphi

Inphi Corporation is a leader in high-speed data movement. We move big data -- fast, throughout the globe, between data centers, and inside data centers. Inphi's expertise in signal integrity results in reliable data delivery, at high speeds, over a variety of distances. As data volumes ramp exponentially due to video streaming, social media, cloud-based services, and wireless infrastructure, the need for speed has never been greater. That's where we come in. Customers rely on Inphi's solutions to develop and build out the Service Provider and Cloud infrastructures, and data centers of tomorrow. To learn more about Inphi, visit www.inphi.com.

# # #

 

Cautionary Note Concerning Forward-Looking Statements

These forward-looking statements may be identified by terms such as outlook, believe, expect, may, will, provide, continue, could, and should, and the negative of these terms or other similar expressions. These statements include statements relating to: the Company’s business outlook and current expectations for 2020, including with respect to the first quarter of 2020, revenue, gross margin, stock-based compensation expense, operating performance, net income or loss, and earnings per share; the Company’s expectations regarding growth opportunities, success of our growth strategy strength of the cloud market, increasing demand in Q1 2020, growth inside data centers, customer relationships, the Company’s expectations regarding the benefits of the eSilicon acquisition and benefits of using non-GAAP financial measures. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including: the Company’s ability to sustain profitable operations due to its history of losses and accumulated deficit; dependence on a limited number of customers for a substantial portion of revenue and lack of long-term purchase commitments from our customers; product defects; risk related to intellectual property matters, lengthy sales cycle and competitive selection process; lengthy and expensive qualification processes; ability to develop new or enhanced products in a timely manner; development of target markets; market demand for the Company’s products; reliance on third parties to manufacture, assemble and test products; ability to compete; the ability to effectively integrate eSilicon and other risks inherent in fabless semiconductor businesses. In addition, actual results could differ materially due to changes in tax rates or tax benefits available, changes in demand, changes in government regulation, changes in claims that may or may not be asserted, as well as changes in pending litigation. For a discussion of these and other related risks, please refer to Inphi Corporation’s recent SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2018, which are available on the SEC’s website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Inphi Corporation undertakes no obligation to update forward-looking statements for any reason, except as required by law, even as new information becomes available or other events occur in the future.

 

Inphi, the Inphi logo and Think fast are registered trademarks of Inphi Corporation. All other trademarks used herein are the property of their respective owners.

 

 

 

 

INPHI CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands of dollars, except share and per share amounts)

(Unaudited)

 

   

Three Months Ended
December 31,

   

Year Ended
December 31,

 
   

2019

   

2018

   

2019

   

2018

 

Revenue

  $ 102,896     $ 86,531     $ 365,635     $ 294,490  

Cost of revenue

    41,297       37,005       152,814       129,345  

Gross profit

    61,599       49,526       212,821       165,145  

Operating expenses:

                               

Research and development

    49,876       40,624       183,875       167,924  

Sales and marketing

    12,378       10,608       47,722       43,080  

General and administrative

    8,194       6,535       30,672       28,302  

Total operating expenses

    70,448       57,767       262,269       239,306  

Loss from operations

    (8,849 )     (8,241 )     (49,448 )     (74,161 )

Interest expense, net of other income

    (5,415 )     (13,195 )     (23,067 )     (29,801 )

Loss from operations before income taxes

    (14,264 )     (21,436 )     (72,515 )     (103,962 )

Provision (benefit) for income taxes

    (856 )     195       396       (8,211 )

Net loss

  $ (13,408 )   $ (21,631 )   $ (72,911 )   $ (95,751 )
                                 

Earnings per share:

                               

Basic

  $ (0.29 )   $ (0.49 )   $ (1.61 )   $ (2.19 )

Diluted

  $ (0.29 )   $ (0.49 )   $ (1.61 )   $ (2.19 )
                                 
                                 

Weighted-average shares used in computing earnings per share:

                               

Basic

    45,728,736       44,152,932       45,226,717       43,690,581  

Diluted

    45,728,736       44,152,932       45,226,717       43,690,581  

 

 

The following table presents details of stock-based compensation expense included in each functional line item in the consolidated statements of operations above: 

 

 

   

Three Months Ended
December 31,

   

Year Ended
December 31,

 
   

2019

   

2018

   

2019

   

2018

 
   

(in thousands of dollars)

   

(in thousands of dollars)

 
   

(Unaudited)

   

(Unaudited)

 

Cost of revenue

  $ 1,776     $ 717     $ 6,208     $ 2,527  

Research and development

    11,311       9,544       42,265       37,397  

Sales and marketing

    3,832       3,285       15,561       13,470  

General and administrative

    3,339       2,829       12,821       10,490  
                                 
    $ 20,258     $ 16,375     $ 76,855     $ 63,884  

 

 

 

 

INPHI CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands of dollars)

(Unaudited)

 

   

December 31,

2019

   

December 31,

2018

 

Assets

               

Current assets:

               

Cash and cash equivalents

  $ 282,723     $ 172,018  

Investments in marketable securities

    140,131       235,339  

Accounts receivable, net

    60,295       61,271  

Inventories

    55,013       33,052  

Prepaid expenses and other current assets

    17,463       9,600  

Total current assets

    555,625       511,280  
                 

Property and equipment, net

    79,563       70,740  

Goodwill

    104,502       104,502  

Intangible assets, net

    168,290       180,447  

Right of use assets, net

    33,576       -  

Other assets, net

    34,450       22,904  

Total assets

  $ 976,006     $ 889,873  
                 

Liabilities and Stockholders’ Equity

               

Current liabilities:

               

Accounts payable

  $ 18,771     $ 15,891  

Accrued expenses and other current liabilities

    51,820       43,120  

Deferred revenue

    3,719       5,432  

Convertible debt

    217,467       -  

Total current liabilities

    291,777       64,443  

Convertible debt

    258,711       447,825  

Other liabilities

    78,917       10,911  

Total liabilities

    629,405       523,179  
                 

Stockholders’ equity:

               

Common stock

    46       44  

Additional paid-in capital

    587,862       536,157  

Accumulated deficit

    (242,807 )     (169,896 )

Accumulated other comprehensive income

    1,500       389  

Total stockholders’ equity

    346,601       366,694  

Total liabilities and stockholders’ equity

  $ 976,006     $ 889,873  

 

 

 

 

INPHI CORPORATION

RECONCILIATION OF GAAP  TO NON-GAAP MEASURES

(in thousands of dollars, except share and per share amounts)

 

To supplement the financial data presented on a GAAP basis, the Company discloses certain non-GAAP financial measures, which exclude stock-based compensation, legal, transition costs and other expenses, purchase price fair value adjustments related to acquisitions, loss on claim settlements, non-cash interest expense related to convertible debt, unrealized gain or loss on equity investments, lease expense on building not occupied and deferred tax asset valuation allowance. These non-GAAP financial measures are not in accordance with GAAP. These results should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The Company believes that its non-GAAP financial information provides useful information to management and investors regarding financial and business trends relating to its financial condition and results of operations because it excludes charges or benefits that management considers to be outside of the Company’s core operating results. The Company believes that the non-GAAP measures of gross margin, income from operations, net income and earnings per share, in combination with the Company’s financial results calculated in accordance with GAAP, provide investors with additional perspective and a more meaningful understanding of the Company’s ongoing operating performance. In addition, the Company’s management uses these non-GAAP measures to review and assess the financial performance of the Company, to determine executive officer incentive compensation and to plan and forecast performance in future periods. The Company’s non-GAAP measurements are not prepared in accordance with GAAP, and are not an alternative to GAAP financial information, and may be calculated differently than non-GAAP financial information disclosed by other companies.

 

 

 

 

RECONCILIATION OF GAAP  NET INCOME TO NON-GAAP NET INCOME

(in thousands of dollars, except share and per share amounts)

(Unaudited)

 

   

Three Months Ended
December 31,

     

Year Ended
December 31,

   
   

2019

     

2018

     

2019

     

2018

   

GAAP gross profit to Non-GAAP gross profit

                                       

GAAP gross profit

  $ 61,599       $ 49,526       $ 212,821       $ 165,145    

Adjustments to GAAP gross profit:

                                       

Stock-based compensation

    1,776  

(a)

    717  

(a)

    6,208  

(a)

    2,527  

(a)

Acquisition related expenses

    -         -         -         3  

(b)

Amortization of inventory step-up

    -         -         -         1,166  

(c)

Amortization of intangibles

    7,815  

(d)

    9,724  

(d)

    36,987  

(d)

    32,846  

(d)

Depreciation on step-up values of fixed assets

    2  

(e)

    (12 )

(e)

    (25 )

(e)

    (48 )

(e)

Restructuring expenses

    -         -         -         106  

(f)

Non-GAAP gross profit

  $ 71,192       $ 59,955       $ 255,991       $ 201,745    
                                         

GAAP operating expenses to non-GAAP operating expenses

                                       

GAAP research and development

  $ 49,876       $ 40,624       $ 183,875       $ 167,924    

Adjustments to GAAP research and development:

                                       

Stock-based compensation

    (11,311 )

(a)

    (9,544 )

(a)

    (42,265 )

(a)

    (37,397 )

(a)

Acquisition related expenses

    -         -         -         (607 )

(b)

Depreciation on step-up values of fixed assets

    (164 )

(e)

    (109 )

(e)

    (518 )

(e)

    (402 )

(e)

Restructuring expenses

    -         -         -         (885 )

(f)

Non-GAAP research and development

  $ 38,401       $ 30,971       $ 141,092       $ 128,633    
                                         

GAAP sales and marketing

  $ 12,378       $ 10,608       $ 47,722       $ 43,080    

Adjustments to GAAP sales and marketing:

                                       

Stock-based compensation

    (3,832 )

(a)

    (3,285 )

(a)

    (15,561 )

(a)

    (13,470 )

(a)

Acquisition related expenses

    -         -         -         (259 )

(b)

Amortization of intangibles

    (2,432 )

(d)

    (2,431 )

(d)

    (9,725 )

(d)

    (9,726 )

(d)

Depreciation on step-up values of fixed assets

    (3 )

(e)

    (4 )

(e)

    (10 )

(e)

    (64 )

(e)

Restructuring expenses

    -         -         -         (367 )

(f)

Non-GAAP sales and marketing

  $ 6,111       $ 4,888       $ 22,426       $ 19,194    
                                         

GAAP general and administrative

  $ 8,194       $ 6,535       $ 30,672       $ 28,302    

Adjustments to GAAP general and administrative:

                                       

Stock-based compensation

    (3,339 )

(a)

    (2,829 )

(a)

    (12,821 )

(a)

    (10,490 )

(a)

Acquisition related expenses

    (1,015 )

(b)

    -         (1,015 )

(b)

    (6 )

(b)

Amortization of intangibles

    (69 )

(d)

    (116 )

(d)

    (417 )

(d)

    (464 )

(d)

Depreciation on step-up values of fixed assets

    (6 )

(e)

    (6 )

(e)

    (20 )

(e)

    (56 )

(e)

Restructuring expenses

    -         -         -         (133 )

(f)

Expense on lease that was not yet occupied

    (462 )

(g)

    -         (462 )

(g)

    -    

Loss on claim settlement from ClariPhy acquisition

    -         -         (400 )

(h)

    (2,250 )

(h)

Non-GAAP general and administrative

  $ 3,303       $ 3,584       $ 15,537       $ 14,903    

Non-GAAP total operating expenses

  $ 47,815       $ 39,443       $ 179,055       $ 162,730    

Non-GAAP income from operations

  $ 23,377       $ 20,512       $ 76,936       $ 39,015    
                                         

GAAP net loss to non-GAAP net income

                                       

GAAP net loss

  $ (13,408 )     $ (21,631 )     $ (72,911 )     $ (95,751 )  

Adjusting items to GAAP net loss:

                                       

Operating expenses related to stock-based compensation expense

    20,258  

(a)

    16,375  

(a)

    76,855  

(a)

    63,884  

(a)

Acquisition related expenses

    1,015  

(b)

    -         1,015  

(b)

    875  

(b)

Amortization of inventory fair value step-up

    -         -         -         1,166  

(c)

Amortization of intangibles related to purchase price

    10,316  

(d)

    12,271  

(d)

    47,129  

(d)

    43,036  

(d)

Depreciation on step-up values of fixed assets

    175  

(e)

    107  

(e)

    523  

(e)

    474  

(e)

Restructuring expenses

    -         -         -         1,491  

(f)

Expense on lease that was not yet occupied

    462  

(g)

    -         462  

(g)

    -    

Loss on claim settlement from ClariPhy acquisition

    -         -         400  

(h)

    2,250  

(h)

Loss on claim settlement from Exactik disposition

    -         -         296  

(i)

    -    

Loss on retirement of certain property and equipment from acquisitions

    -         -         7  

(j)

    66  

(j)

Impairment of investment

    -         7,000  

(k)

    -         7,000  

(k)

Net unrealized and realized gain on equity investment

    (1,049 )

(l)

    (66 )

(l)

    (3,126 )

(l)

    (2,440 )

(l)

Accretion and amortization expense on convertible debt

    7,338  

(m)

    6,828  

(m)

    28,353  

(m)

    26,394  

(m)

Valuation allowance and tax effect of the adjustments above from GAAP to non-GAAP

    (2,029 )

(n)

    (354 )

(n)

    (2,432 )

(n)

    (9,635 )

(n)

Non-GAAP net income

  $ 23,078       $ 20,530       $ 76,571       $ 38,810    
                                         

Shares used in computing non-GAAP basic earnings per share

    45,728,736         44,152,932         45,226,717         43,690,581    
                                         

Shares used in computing non-GAAP diluted earnings per share before offsetting shares from call option

    51,298,035         45,516,402         48,766,301         44,986,718    

Offsetting shares from call option

    2,225,969         -         1,176,787         -    

Shares used in computing non-GAAP diluted earnings per share

    49,072,066         45,516,402         47,589,514         44,986,718    
                                         

Non-GAAP earnings per share:

                                       

Basic

  $ 0.50       $ 0.46       $ 1.69       $ 0.89    

Diluted

  $ 0.47       $ 0.45       $ 1.61       $ 0.86    
                                         

GAAP gross profit as a % of revenue

    59.9 %       57.2 %       58.2 %       56.1 %  

Stock-based compensation

    1.7 %       0.8 %       1.7 %       0.9 %  

Amortization of inventory fair value step-up and intangibles

    7.6 %       11.3 %       10.1 %       11.5 %  

Non-GAAP gross profit as a % of revenue

    69.2 %       69.3 %       70.0 %       68.5 %  

 

 

 

 

(a)

Reflects the stock-based compensation expense recorded relating to stock-based awards. The Company excludes this item when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

(b)

Reflects the legal, transition costs and other expenses related to acquisitions. The transition costs also include short-term cash retention bonus payments to ClariPhy employees that were part of the merger agreement when the Company acquired ClariPhy. The Company excludes this item when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

(c)

Reflects the cost of goods sold fair value amortization of inventory step-up related to acquisitions. The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

(d)

Reflects the fair value amortization of intangibles related to acquisitions. The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

(e)

Reflects the fair value depreciation of fixed assets related to acquisitions. The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

(f)

Reflects restructuring expenses incurred. The Company excludes this item when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

(g)

Reflects the expense on building lease not yet occupied. The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

(h)

Reflects the loss on settlement of certain customer claims from the ClariPhy acquisition. The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

(i)

Reflects the loss on settlement of claim from the Exactik business disposal. The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

(j)

Reflects the loss on disposal of certain property and equipment from the acquisitions. The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

(k)

Reflects the impairment of non-marketable equity investment. The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

(l)

Reflects the unrealized and realized gain or loss on equity investments. The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

(m)

Reflects the accretion and amortization expense on convertible debt. The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

(n)

Reflects the change in valuation allowance and delta in interim period tax allocation from GAAP to non-GAAP related to non-GAAP adjustments. The Company excludes this item when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

 

 

 

 

INPHI CORPORATION

RECONCILIATION OF GAAP  TO NON-GAAP MEASURES -FIRST QUARTER 2020 GUIDANCE

(in thousands of dollars, except share and per share amounts)

(Unaudited)

 

   

Three Months Ending
March 31, 2020

 
   

High

   

Low

 

Estimated GAAP net loss

  $ (21,400 )   $ (27,300 )

Adjusting items to estimated GAAP net loss:

               

Operating expenses related to stock-based compensation expense

    19,000       20,000  

Amortization of intangibles

    17,800       17,800  

Amortization of step up values of acquired inventories

    1,500       1,500  

Amortization of step up values of acquired property and equipment

    200       200  

Acquisition related expenses

    2,500       2,500  

Amortization of convertible debt interest cost

    7,200       7,200  

Noncash expense on lease not yet occupied

    775       775  

Others

    125       125  

Tax effect of GAAP to non-GAAP adjustments

    (1,600 )     (1,300 )

Estimated non-GAAP net income

  $ 26,100     $ 21,500  
                 

Shares used in computing estimated non-GAAP diluted earnings per share

    50,600,000       50,600,000  
                 

Estimated non-GAAP diluted earnings per share

  $ 0.52     $ 0.42  
                 
                 

Revenue

  $ 134,400     $ 130,400  
                 

GAAP gross profit

  $ 70,300     $ 66,400  

as a % of revenue

    52.3 %     50.9 %

Adjusting items to estimated GAAP gross profit:

               

Stock-based compensation

    2,000       2,000  

Fixed assets depreciation step up

    10       10  

Amortization of intangibles

    15,300       15,300  

Estimated non-GAAP gross profit

  $ 87,610     $ 83,710  

as a % of revenue

    65.2 %     64.2 %

 

 

 

Corporate Contact:

Kim Markle                              

408-217-7329                              

kmarkle@inphi.com

 

 

Investor Contact:

Vernon P. Essi, Jr.

408-606-6524

vessi@inphi.com

 

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Document And Entity Information
Feb. 04, 2020
Document Information [Line Items]  
Entity, Registrant Name INPHI CORPORATION
Document, Type 8-K
Document, Period End Date Feb. 04, 2020
Entity, File Number 001-34942
Entity, Incorporation, State or Country Code DE
Entity, Tax Identification Number 77-0557980
Entity, Address, Address Line One 2953 Bunker Hill Lane
Entity, Address, Address Line Two Suite 300
Entity, Address, City or Town Santa Clara
Entity, Address, State or Province CA
Entity, Address, Postal Zip Code 95054
City Area Code 408
Local Phone Number 217-7300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol IPHI
Security Exchange Name NYSE
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001160958
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