EX-99.1 2 nano-ex991_6.htm EX-99.1 nano-ex991_6.htm

Exhibit 99.1

 

Nanometrics Incorporated

1550 Buckeye Drive

Milpitas, CA 95035

 

Tel: 408.545.6000

Fax: 408.232.5910

www.nanometrics.com

 

 

Investor Relations Contact:

 

Company Contact:

Claire McAdams

 

Jeffrey Andreson, CFO

Headgate Partners LLC

 

Nanometrics Incorporated

530.265.9899

 

408.545.6143

claire@headgatepartners.com

 

jandreson@nanometrics.com

 

Nanometrics Reports Third Quarter 2016 Financial Results

 

MILPITAS, Calif., October 27, 2016 — Nanometrics Incorporated (NASDAQ: NANO), a leading provider of advanced process control systems, today announced financial results for its fiscal third quarter ended September 24, 2016.

 

Q3 2016 Highlights:

 

-

Acceptance and Deployment of Atlas® III into High-Volume Manufacturing (HVM). Following the first-quarter launch of our newest flagship system, multiple initial Atlas IIIs achieved successful sign-off for deployment into next-generation HVM DRAM manufacturing.

 

-

Continued Revenue Growth and Improved Financial Performance. Third-quarter revenues were up 5% quarter-on-quarter and 29% year-on-year, while income from operations increased by over 22% and 400%, respectively, for the comparable periods. Free cash flow generation for the quarter was $20.1 million, with a $22.5 million net increase in cash and investments compared to the previous quarter.

 

-

Balanced Revenue Profile and End Market Contributions. Third-quarter revenues reflected a strong rebound in DRAM and Foundry investments, while 3D-NAND sales continued to be the largest contributor to revenues. The result was a balanced revenue profile, across multiple key end markets, customers and geographic regions.

 

GAAP Results

 

 

 

Q3 2016

 

 

Q2 2016

 

 

Q3 2015

 

Revenues

 

$

58,714

 

 

$

55,767

 

 

$

45,678

 

Gross Profit

 

$

30,404

 

 

$

28,425

 

 

$

22,219

 

Income from Operations

 

$

9,066

 

 

$

7,336

 

 

$

1,264

 

Net Income

 

$

7,883

 

 

$

6,031

 

 

$

818

 

Earnings per Diluted Share

 

$

0.31

 

 

$

0.24

 

 

$

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Results

 

 

 

Q3 2016

 

 

Q2 2016

 

 

Q3 2015

 

Gross Profit

 

$

30,838

 

 

$

28,867

 

 

$

22,687

 

Income from Operations

 

$

9,500

 

 

$

7,778

 

 

$

1,758

 

Net Income

 

$

8,317

 

 

$

6,473

 

 

$

1,312

 

Earnings per Diluted Share

 

$

0.33

 

 

$

0.26

 

 

$

0.05

 

 

A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this release and on the investor page of Nanometrics' website.

 

“Our results for the third quarter reflect continued investments in 3D-NAND, where we maintain robust market share positions with every major NAND manufacturer, augmented by strengthening contributions from our DRAM and Foundry customers,” commented Dr. Timothy J. Stultz, president and chief executive officer. “Our financial performance for the third quarter continued to perform well against our target business model, with operating margins, earnings per share and free cash flow performance each setting new five-year records. We expect that continued investments in 3D-NAND, DRAM and Foundry by our key customers in Q4 will result in second-half revenues that are meaningfully stronger than the first half, and round out the remainder of 2016 to comprise another sequential year in which our revenue growth significantly outperforms overall spending on wafer fab equipment.”

 

Third Quarter 2016 Summary

Revenues for the third quarter of 2016 were $58.7 million, up 5.3% from $55.8 million in the second quarter of 2016, and up 28.5% from $45.7 million in the third quarter of 2015.  On a GAAP basis, gross margin was 51.8%, compared to 51.0% in the prior quarter and 48.6% in the year-ago period.  Operating income was $9.1 million, compared to $7.3 million in the prior quarter and $1.3 million in the year-ago period.  Net income was $7.9 million or $0.31 per diluted share, compared to $6.0 million or $0.24 per diluted share in the prior quarter, and $0.8 million or $0.03 per diluted share in the third quarter of 2015.

 

On a non-GAAP basis, which excludes amortization of acquired intangible assets, gross margin was 52.5%, compared to 51.8% in the prior quarter and 49.7% in the year-ago period.  Non-GAAP operating income was $9.5 million compared to $7.8 million in the prior

 

Nanometrics Incorporated

1550 Buckeye Drive

Milpitas, CA 95035

 

Tel: 408.545.6000

Fax: 408.232.5910

www.nanometrics.com

 

quarter and $1.8 million in the third quarter of 2015. Non-GAAP net income, which adjusts for amortization of intangible assets, was $8.3 million or $0.33 per diluted share, compared to $6.5 million or $0.26 per diluted share in the prior quarter and $1.3 million or $0.05 per diluted share in the third quarter of 2015.

Business Outlook

Management expects fourth-quarter 2016 revenues in the range of $54 to $59 million, with GAAP gross margin in the range of 50.7% to 51.8% and non-GAAP gross margin, which excludes the impact of amortization of acquired intangibles, in the range of 51.0% to 52.0%. Management expects fourth-quarter operating expenses to range between $20.8 million and $21.4 million on a GAAP and non-GAAP basis. Management expects fourth-quarter earnings in the range of $0.21 to $0.30 per diluted share on a GAAP basis, and $0.22 to $0.31 per diluted share on a non-GAAP basis.

Conference Call Details

A conference call to discuss third quarter 2016 results will be held today at 4:30 p.m. EDT (1:30 p.m. PDT). To participate in the conference call, the dial-in numbers are (877) 374-4041 for domestic callers and (253) 237-1156 for international callers. The conference ID is 96265081. A live and recorded webcast and supplemental financial information will be made available on the investor page of the Nanometrics website at www.nanometrics.com.

 

Use of Non-GAAP Financial Information

The non-GAAP gross profit, gross margin, operating income, operating income margin, net income, net income per share, which exclude certain expenses, charges and special items, and free cash flow, were not prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Management uses non-GAAP financial results, which exclude amortization of acquired intangibles assets, to evaluate the company’s ongoing performance and to enable comparison to other periods that did not include these items. The company believes the presentation of non-GAAP results is useful to investors for analyzing ongoing business trends, comparing performance to prior periods, and enhancing the investor’s ability to view the company’s results from management’s perspective; however, investors are cautioned that other companies may calculate these measures differently than Nanometrics does, which would limit the usefulness of these financial measures. A table presenting a reconciliation of GAAP results to non-GAAP results is included at the end of this press release and is available on the investor page of the Nanometrics website at www.nanometrics.com.

About Nanometrics

Nanometrics is a leading provider of advanced, high-performance process control metrology and inspection systems used primarily in the fabrication of semiconductors and other solid-state devices, including sensors, optoelectronic devices, high-brightness LEDs, discretes and data storage components.  Nanometrics’ automated and integrated metrology systems measure critical dimensions, device structures, topography and various thin film properties, including three-dimensional features and film thickness, as well as optical, electrical and material properties. The company’s process control solutions are deployed throughout the fabrication process, from front-end-of-line substrate manufacturing, to high-volume production of semiconductors and other devices, to advanced three-dimensional wafer-level packaging applications. Nanometrics’ systems enable advanced process control for device manufacturers, providing improved device yield at reduced manufacturing cycle time, supporting the accelerated product life cycles in the semiconductor and other advanced device markets. The company maintains its headquarters in Milpitas, California, with sales and service offices worldwide. Nanometrics is traded on NASDAQ Global Select Market under the symbol NANO. Nanometrics’ website is http://www.nanometrics.com.

Forward Looking Statements

Certain statements in this press release, including those in the last sentence of Dr. Stultz’s quote and under the caption “Business Outlook” are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those described in this release.  Although Nanometrics believes that the expectations reflected in the forward-looking statements are reasonable, actual results could differ materially from these expectations due to a variety of factors, including, but not limited to: decreased levels of industry spending; Nanometrics’ inability to gain additional market share, increase sales, ship products as scheduled, or outperform the industry; decreased demand for Nanometrics’ products; shifts in the timing of customer orders and product shipments; technology adoption rates; changes in customer and product mix; changes in market share; changes in operating expenses; and general economic conditions. For additional information and considerations regarding the risks faced by Nanometrics that could cause actual results to differ materially, see its annual report on Form 10-K for the year ended December 26, 2015, as filed with the Securities and Exchange Commission on February 24, 2016, including under the caption “Risk Factors,” as well as other periodic reports filed with the SEC from time to time. Nanometrics disclaims any obligation to update information contained in any forward-looking statement, except as required by law.

2/6

 

Nanometrics Incorporated

1550 Buckeye Drive

Milpitas, CA 95035

 

Tel: 408.545.6000

Fax: 408.232.5910

www.nanometrics.com

 

NANOMETRICS INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

September 24,

2016

 

 

December 26,

2015

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

37,421

 

 

$

38,154

 

Marketable securities

 

 

81,106

 

 

 

44,931

 

Accounts receivable, net

 

 

41,182

 

 

 

37,832

 

Inventories

 

 

39,260

 

 

 

47,749

 

Inventories-delivered systems

 

 

4,416

 

 

 

2,856

 

Prepaid expenses and other

 

 

5,835

 

 

 

6,592

 

Total current assets

 

 

209,220

 

 

 

178,114

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

44,324

 

 

 

44,493

 

Goodwill

 

 

9,665

 

 

 

9,415

 

Intangible assets, net

 

 

552

 

 

 

1,867

 

Deferred income tax assets

 

 

1,319

 

 

 

1,118

 

Other assets

 

 

526

 

 

 

533

 

Total assets

 

$

265,606

 

 

$

235,540

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

8,562

 

 

$

11,675

 

Accrued payroll and related expenses

 

 

11,631

 

 

 

10,097

 

Deferred revenue

 

 

16,804

 

 

 

12,790

 

Other current liabilities

 

 

8,630

 

 

 

8,878

 

Income taxes payable

 

 

278

 

 

 

1,771

 

Total current liabilities

 

 

45,905

 

 

 

45,211

 

 

 

 

 

 

 

 

 

 

Deferred revenue

 

 

639

 

 

 

827

 

Income taxes payable

 

 

848

 

 

 

775

 

Deferred tax liabilities

 

 

709

 

 

 

521

 

Other long-term liabilities

 

 

866

 

 

 

878

 

Total liabilities

 

 

48,967

 

 

 

48,212

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock

 

 

25

 

 

 

24

 

Additional paid-in capital

 

 

268,553

 

 

 

258,715

 

Accumulated deficit

 

 

(48,828

)

 

 

(66,209

)

Accumulated other comprehensive income (loss)

 

 

(3,111

)

 

 

(5,202

)

Total stockholders’ equity

 

 

216,639

 

 

 

187,328

 

Total liabilities and stockholders’ equity

 

$

265,606

 

 

$

235,540

 

3/6

 

Nanometrics Incorporated

1550 Buckeye Drive

Milpitas, CA 95035

 

Tel: 408.545.6000

Fax: 408.232.5910

www.nanometrics.com

 

NANOMETRICS INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 24,

2016

 

 

September 26,

2015

 

 

September 24,

2016

 

 

September 26,

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

49,631

 

 

$

36,414

 

 

$

136,290

 

 

$

113,689

 

Service

 

 

9,083

 

 

 

9,264

 

 

 

25,680

 

 

 

30,993

 

Total net revenues

 

 

58,714

 

 

 

45,678

 

 

 

161,970

 

 

 

144,682

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

22,810

 

 

 

19,242

 

 

 

62,625

 

 

 

59,106

 

Cost of service

 

 

5,066

 

 

 

3,749

 

 

 

14,714

 

 

 

15,158

 

Amortization of intangible assets

 

 

434

 

 

 

468

 

 

 

1,311

 

 

 

1,557

 

Total costs of net revenues

 

 

28,310

 

 

 

23,459

 

 

 

78,650

 

 

 

75,821

 

Gross profit

 

 

30,404

 

 

 

22,219

 

 

 

83,320

 

 

 

68,861

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

7,868

 

 

 

8,579

 

 

 

23,447

 

 

 

24,896

 

Selling

 

 

7,495

 

 

 

6,760

 

 

 

22,567

 

 

 

20,905

 

General and administrative

 

 

5,975

 

 

 

5,590

 

 

 

17,150

 

 

 

16,901

 

Amortization of intangible assets

 

 

-

 

 

 

26

 

 

 

24

 

 

 

89

 

Restructuring

 

 

-

 

 

 

-

 

 

 

-

 

 

 

56

 

Total operating expenses

 

 

21,338

 

 

 

20,955

 

 

 

63,188

 

 

 

62,847

 

Income from operations

 

 

9,066

 

 

 

1,264

 

 

 

20,132

 

 

 

6,014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

12

 

 

 

7

 

 

 

33

 

 

 

63

 

Interest expense

 

 

(92

)

 

 

(86

)

 

 

(276

)

 

 

(252

)

Other income, net

 

 

229

 

 

 

346

 

 

 

60

 

 

 

740

 

Total other income (expense), net

 

 

149

 

 

 

267

 

 

 

(183

)

 

 

551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

9,215

 

 

 

1,531

 

 

 

19,949

 

 

 

6,565

 

Provision for income taxes

 

 

1,332

 

 

 

713

 

 

 

2,568

 

 

 

1,847

 

Net income

 

$

7,883

 

 

$

818

 

 

$

17,381

 

 

$

4,718

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.32

 

 

$

0.03

 

 

$

0.71

 

 

$

0.20

 

Diluted

 

$

0.31

 

 

$

0.03

 

 

$

0.70

 

 

$

0.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in per share calculation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

24,826

 

 

 

24,145

 

 

 

24,550

 

 

 

24,010

 

Diluted

 

 

25,282

 

 

 

24,352

 

 

 

24,979

 

 

 

24,347

 

 

 

4/6

 

Nanometrics Incorporated

1550 Buckeye Drive

Milpitas, CA 95035

 

Tel: 408.545.6000

Fax: 408.232.5910

www.nanometrics.com

 

NANOMETRICS INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

Nine Months Ended

 

 

 

September 24, 2016

 

 

September 26, 2015

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

17,381

 

 

$

4,718

 

Reconciliation of net income to net cash from operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

6,440

 

 

 

6,826

 

Stock-based compensation

 

 

5,432

 

 

 

4,664

 

Loss on disposal of fixed assets

 

 

162

 

 

 

578

 

Inventory write down

 

 

1,451

 

 

 

1,971

 

Deferred income taxes

 

 

(14

)

 

 

173

 

Changes in fair value of contingent consideration

 

 

158

 

 

 

137

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(986

)

 

 

(14,873

)

Inventories

 

 

6,652

 

 

 

(15,893

)

Inventories-delivered systems

 

 

(1,560

)

 

 

370

 

Prepaid expenses and other

 

 

889

 

 

 

4,436

 

Accounts payable, accrued and other liabilities

 

 

(4,310

)

 

 

9,634

 

Deferred revenue

 

 

3,825

 

 

 

(688

)

Income taxes payable

 

 

(1,419

)

 

 

295

 

Net cash provided by operating activities

 

 

34,101

 

 

 

2,348

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Sales of marketable securities

 

 

2,093

 

 

 

2,884

 

Maturities of marketable securities

 

 

25,461

 

 

 

30,279

 

Purchases of marketable securities

 

 

(63,840

)

 

 

(27,298

)

Purchase of property, plant and equipment

 

 

(3,349

)

 

 

(1,365

)

Net cash provided by (used in) investing activities

 

 

(39,635

)

 

 

4,500

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Payments to Zygo Corporation related to acquisition

 

 

(315

)

 

 

(614

)

Proceeds from sale of shares under employee stock option and purchase plans

 

 

5,984

 

 

 

3,642

 

Taxes paid on net issuance of stock awards

 

 

(1,578

)

 

 

(1,104

)

Repurchases of common stock

 

 

-

 

 

 

(1,721

)

Net cash provided by financing activities

 

 

4,091

 

 

 

203

 

Effect of exchange rate changes on cash and cash equivalents

 

 

710

 

 

 

(166

)

Net increase (decrease) in cash and cash equivalents

 

 

(733

)

 

 

6,885

 

Cash and cash equivalents, beginning of period

 

 

38,154

 

 

 

34,676

 

Cash and cash equivalents, end of period

 

$

37,421

 

 

$

41,561

 

 

 

 


5/6

 

Nanometrics Incorporated

1550 Buckeye Drive

Milpitas, CA 95035

 

Tel: 408.545.6000

Fax: 408.232.5910

www.nanometrics.com

 

NANOMETRICS INCORPORATED

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(In thousands, except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 24,

2016

 

 

June 25,

2016

 

 

September 26,

2015

 

 

September 24,

2016

 

 

September 26,

2015

 

Reconciliation of GAAP gross profit and gross margin to non-GAAP gross profit and gross margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit and gross margin, respectively

 

$

30,404

 

 

 

51.8

%

 

$

28,425

 

 

 

 

 

51.0

%

 

$

22,219

 

 

 

48.6

%

 

$

83,320

 

 

 

51.4

%

 

$

68,861

 

 

 

47.6

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

434

 

 

 

0.7

%

 

 

442

 

 

 

 

 

0.8

%

 

 

468

 

 

 

1.1

%

 

 

1,311

 

 

 

0.8

%

 

 

1,557

 

 

 

1.1

%

Non-GAAP gross profit and gross margin, respectively

 

$

30,838

 

 

 

52.5

%

 

$

28,867

 

 

 

 

 

51.8

%

 

$

22,687

 

 

 

49.7

%

 

$

84,631

 

 

 

52.2

%

 

$

70,418

 

 

 

48.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP operating income to non-GAAP operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income and operating margin, respectively

 

$

9,066

 

 

 

15.4

%

 

$

7,336

 

 

 

 

 

13.2

%

 

$

1,264

 

 

 

2.7

%

 

$

20,132

 

 

 

12.4

%

 

$

6,014

 

 

 

4.2

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets included in cost of revenues

 

 

434

 

 

 

0.7

%

 

 

442

 

 

 

 

 

0.7

%

 

 

468

 

 

 

1.1

%

 

 

1,311

 

 

 

0.8

%

 

 

1,557

 

 

 

1.1

%

Amortization of intangible assets included in operating expenses

 

 

-

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

26

 

 

 

0.0

%

 

 

24

 

 

 

0.0

%

 

 

89

 

 

 

0.1

%

Restructuring included in operating expenses

 

 

-

 

 

 

 

 

 

 

-

 

 

 

 

 

0.0

%

 

 

-

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

56

 

 

 

0.0

%

Total non-GAAP adjustments to operating income

 

 

434

 

 

 

0.7

%

 

 

442

 

 

 

 

 

0.7

%

 

 

494

 

 

 

1.1

%

 

 

1,335

 

 

 

0.8

%

 

 

1,702

 

 

 

1.2

%

Non-GAAP operating income and operating margin, respectively

 

$

9,500

 

 

 

16.2

%

 

$

7,778

 

 

 

 

 

13.9

%

 

$

1,758

 

 

 

3.8

%

 

$

21,467

 

 

 

13.2

%

 

$

7,716

 

 

 

5.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP net income to non-GAAP net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income

 

$

7,883

 

 

 

 

 

 

$

6,031

 

 

 

 

 

 

 

 

$

818

 

 

 

 

 

 

$

17,381

 

 

 

 

 

 

$

4,718

 

 

 

 

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-GAAP adjustments to non-GAAP operating income

 

 

434

 

 

 

 

 

 

 

442

 

 

 

 

 

 

 

 

 

494

 

 

 

 

 

 

 

1,335

 

 

 

 

 

 

 

1,702

 

 

 

 

 

Non-GAAP net income

 

$

8,317

 

 

 

 

 

 

$

6,473

 

 

 

 

 

 

 

 

$

1,312

 

 

 

 

 

 

$

18,716

 

 

 

 

 

 

$

6,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income per diluted share

 

$

0.31

 

 

 

 

 

 

$

0.24

 

 

 

 

 

 

 

 

$

0.03

 

 

 

 

 

 

$

0.70

 

 

 

 

 

 

$

0.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income per diluted share

 

$

0.33

 

 

 

 

 

 

$

0.26

 

 

 

 

 

 

 

 

$

0.05

 

 

 

 

 

 

$

0.75

 

 

 

 

 

 

$

0.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in diluted net income per share calculation

 

 

25,282

 

 

 

 

 

 

 

24,927

 

 

 

 

 

 

 

 

 

24,352

 

 

 

 

 

 

 

24,979

 

 

 

 

 

 

 

24,347

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of net cash provided by operating activities to free cash flow

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net cash provided by operating activities

 

$

20,881

 

 

 

 

 

 

$

12,721

 

 

 

 

 

 

 

 

$

9,505

 

 

 

 

 

 

$

34,101

 

 

 

 

 

 

$

2,348

 

 

 

 

 

Purchase of property and equipment

 

 

(821

)

 

 

 

 

 

 

(1,918

)

 

 

 

 

 

 

 

 

(322

)

 

 

 

 

 

 

(3,349

)

 

 

 

 

 

 

(1,365

)

 

 

 

 

Free cash flow

 

$

20,060

 

 

 

 

 

 

$

10,803

 

 

 

 

 

 

 

 

$

9,183

 

 

 

 

 

 

$

30,752

 

 

 

 

 

 

$

983

 

 

 

 

 

 

 

 

6/6