MICROCHIP TECHNOLOGY INCORPORATED
(Exact Name Of Registrant As Specified In Its Charter)
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Delaware
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0-21184
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86-0629024
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(State Or Other Jurisdiction Of Incorporation)
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(Commission File No.)
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(IRS Employer Identification No.)
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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:
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¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02.
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Results of Operations and Financial Condition.
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Item 9.01.
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Financial Statements and Exhibits.
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(d)
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Exhibits
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99.1
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Microchip Technology Announces Record Fiscal Year 2011 Financial Results.
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Dated: May 5, 2011
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Microchip Technology Incorporated
(Registrant)
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By: /s/ J. Eric Bjornholt
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J. Eric Bjornholt
Vice President, Chief Financial Officer
(Principal Accounting and Financial Officer)
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EXHIBITS
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99.1
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Microchip Technology Announces Record Fiscal Year 2011 Financial Results.
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![]() |
EXHIBIT 99.1
NEWS RELEASE
INVESTOR RELATIONS CONTACTS:
J. Eric Bjornholt – CFO(480) 792-7804
Gordon Parnell – Vice President of Business Development
and Investor Relations(480) 792-7374
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·
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For Fiscal Year 2011:
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§
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Record net Sales of $1.487 billion, up 56.9% sequentially from the year ended March 31, 2010
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§
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On a GAAP basis:
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-
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Gross margin of 58.8%; record operating income of $474.2 million; record net income from continuing operations of $429.2 million and 28.9% of net sales; record eps from continuing operations of $2.20 per diluted share.
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§
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On a non-GAAP basis:
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-
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Gross margins of 60.1%; record operating income of $534.3 million; record net income from continuing operations of $462.3 million and 31.1% of sales; record EPS from continuing operations of $2.39 per diluted share.
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§
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Record fiscal year revenue in 8-bit microcontrollers, 16-bit microcontrollers, 32-bit microcontrollers and analog
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·
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For the quarter ending March 31, 2011:
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§
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Net Sales of $380.0 million, up 3.3% sequentially and up 36.7% from the quarter ended March 31, 2010
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§
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On a GAAP basis:
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-
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Gross margin of 59.4%; record operating income of $124.4 million; record net income from continuing operations of $130.6 million and 34.4% of net sales; record eps from continuing operations of 65 cents per diluted share, which includes favorable one-time tax events. There was no published First Call estimate for GAAP EPS.
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§
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On a non-GAAP basis:
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-
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Gross margins of 60.2%; operating income of $137.3 million; net income from continuing operations of $119.0 million and 31.3% of sales; EPS from continuing operations of 59 cents per diluted share. The First Call published estimate was 57 cents for non-GAAP EPS.
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§
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Record quarterly revenue in microcontrollers, 16-bit microcontrollers, 32-bit microcontrollers, and licensing
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Three Months Ended March 31, 2011
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Year Ended March 31, 2011
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||||||||||||||||||||||||||
(in millions, except earnings per diluted share and percentages)
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GAAP
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% of
Net Sales
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Non-GAAP1
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% of
Net Sales
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GAAP
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% of
Net Sales
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Non-GAAP1
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% of
Net Sales
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|||||||||||||||||||
Net Sales
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$ | 380.0 | $ | 380.0 | $ | 1,487.2 | $ | 1,487.2 | |||||||||||||||||||
Gross Margin
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$ | 225.6 | 59.4 | % | $ | 228.9 | 60.2 | % | $ | 874.4 | 58.8 | % | $ | 894.1 | 60.1 | % | |||||||||||
Operating Income
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$ | 124.4 | 32.7 | % | $ | 137.3 | 36.1 | % | $ | 474.2 | 31.9 | % | $ | 534.3 | 35.9 | % | |||||||||||
Other Expense including Gains/Losses on Equity Method Investments
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$ | 4.3 | $ | 2.6 | $ | 13.5 | $ | 6.6 | |||||||||||||||||||
Income Tax Expense (benefit)
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$ | (11.0 | ) | $ | 15.7 | $ | 31.1 | $ | 65.4 | ||||||||||||||||||
Net Income from Continuing Operations
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$ | 130.6 | 34.4 | % | $ | 119.0 | 31.3 | % | $ | 429.2 | 28.9 | % | $ | 462.3 | 31.1 | % | |||||||||||
Earnings per Diluted Share from Continuing Operations2
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65 cents
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59 cents
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$ | 2.20 | $ | 2.39 | |||||||||||||||||||||
Net Income (Loss) from Discontinued Operations
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$ | (5.1 | ) | (1.3 | )% | $ | (5.1 | ) | (1.3 | )% | $ | (10.2 | ) | (0.7 | )% | $ | (7.5 | ) | (0.5 | )% | |||||||
Loss per Diluted Share from Discontinued Operations2
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3 cents
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3 cents
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5 cents
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4 cents
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2
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Earnings per share have been calculated based on the diluted shares outstanding of Microchip on a consolidated basis.
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·
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Microchip was named to the 2011 Forbes Global 2000, which is Forbes Magazine’s list of the world’s largest companies based on a composite ranking of sales, profits, assets and market value.
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·
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Microchip was awarded EDN Magazine’s 2010 Innovation Award in the “Human Machine Interface Technology” category, for our mTouch™ Metal Over Cap technology at the Embedded Systems Conference in San Jose, CA. Technical editors at EDN nominate the most unique, state-of-the-art electronics products, and collect readership votes via an online balloting process. EDN uses a combination of audience votes, balloting by the EDN Editorial Advisory Board, and voting by EDN’s editorial staff to determine the ultimate winner in each category.
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·
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The Company continued to expand its 32-bit PIC32 microcontroller portfolio with cost-effective memory options, while maintaining Ethernet, CAN and USB connectivity and best-in-class performance. Microchip’s six new 32-bit microcontrollers also feature lower power consumption and higher Flash memory endurance.
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·
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During the March quarter, Microchip shipped 44,657 development systems, demonstrating the continued strong interest in Microchip’s products. The total cumulative number of development systems shipped now stands at 1,113,199.
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·
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Microchip acquired Silicon Storage Technology, Inc. (SST) on April 8, 2010, and Microchip’s March 31, 2011 financial results include the finalization of all purchase accounting related adjustments associated with the acquisition. Microchip’s fiscal 2011 financial results include the results of SST and the fiscal 2010 financial results do not.
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·
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In the 16-bit arena, Microchip added eXtreme Low Power PIC® microcontrollers that feature 5V supply voltage, more memory in low pin counts, and mTouch™ capacitive sensing that works in Sleep.
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·
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In order to provide developers with quick and easy methods for adding connectivity to their embedded designs, Microchip released three new tools for its 16- and 32-bit microcontrollers. Microchip’s Bluetooth® kit provides an easy and cost-effective method for evaluating and adding Bluetooth connectivity to embedded designs. The Company’s new consumer-band power-line soft-modem development kit features a 7.2 kbps software modem that enables low-cost communication and control in consumer and industrial applications. In the area of wireless Machine-to-Machine (M2M) communication, Microchip added a daughter board with GPS and GSM modules that makes it easy to create low-cost M2M applications with location-awareness capabilities.
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·
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Microchip’s 8-bit microcontroller expansion also continued at a rapid pace, with three new families announced during the March quarter. The first was a cost-effective addition to Microchip’s CAN microcontroller line, featuring 5.5V operation, eXtreme Low Power consumption and 16 MIPS performance, while enabling capacitive-touch-sensing user interfaces. The second was 20-pin family, featuring low cost, low power consumption and self-write Flash program memory. The third was a low-cost family with eXtreme Low Power consumption and integrated LCD control.
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·
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Microchip made two additions to its broad analog and interface portfolio. Its non-volatile Digital-to-Analog Converter (DAC) family was expanded with low-power, single-channel DACs that feature 8-, 10- and 12-bit voltage options and integrated non-volatile memory in small, 2 mm x 2 mm packages. New low-side devices were added to the Company’s MOSFET Driver family, with peak output currents from 2A to 4.5A and an Enable Input Pin for shutdown, in popular packages. Additionally, Microchip’s smoke-detector ICs, which enable 10-year operating life with a single Lithium battery, received UL certification.
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·
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Microchip continued to expand its newest product category—Real-Time Clock/Calendars—with a low-cost device that features battery switchover, digital trimming and SRAM memory.
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Microchip Consolidated Guidance
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GAAP
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Non-GAAP Adjustments1
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Non-GAAP1
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Results from Continuing Operations:
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Net Sales
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$383.8 to $402.8 million
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$383.8 to $402.8 million
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Gross Margin3
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about 59.3%
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$3.8 to $4.0 million
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about 60.3%
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Operating Expenses3
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26.25% to 26.5%
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$8.6 to $9.1 million
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24.0% to 24.25%
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Other Income (Expense)
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($4.5) million
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$1.8 million
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($2.7) million
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Tax Rate
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about 12.25%
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$1.7 to $1.8 million
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about 12.25%
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Net Income
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$106.5 to $112.9 million
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$12.5 to $13.1 million
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$119.0 to $125.9 million
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Diluted Common Shares Outstanding2
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205.2 million
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0.7 million shares
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204.5 million
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Earnings per Diluted Share From Continuing Operations
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52 to 55 cents
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6 to 7 cents
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58 to 62 cents
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·
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The diluted common shares outstanding presented in the guidance table above assumes an average Microchip stock price in the June 2011 quarter of $40.00 per share. The estimated negative impact on our earnings per diluted share calculation resulting from the difference in our assumed average stock price for the June 2011 quarter as compared to the March 2011 quarter is about one cent, when combining the additional dilutive effect from our convertible debt, and the dilutive effect of outstanding equity awards.
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·
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Microchip’s inventory at June 30, 2011 is expected to be 112 to 118 days as we continue to replenish our internal inventories to support our customers’ needs. The actual inventory level will depend on the inventory that our distributors decide to hold to support their customers, overall demand for our products and our production levels.
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·
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Capital expenditures for the quarter ending June 30, 2011 are expected to be approximately $37 million. Capital expenditures for all of fiscal year 2012 are anticipated to be approximately $125 million. We are continuing to take actions to invest in the equipment needed to support the expected net sales growth of our new products and technologies.
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·
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We expect net cash generation during the June quarter of approximately $115 million to $125 million prior to the dividend payment. The amount of expected net cash generation is also before the effect of any stock buy back activity.
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·
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Microchip’s Board of Directors authorized a stock buy back of up to 10.0 million shares in December 2007. At March 31, 2011, approximately 2.5 million shares remained available for purchase under this program. Future purchases will depend upon market conditions, interest rates and corporate considerations.
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1
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Use of Non-GAAP Financial Measures: Our Non-GAAP adjustments, where applicable, include the effect of share-based compensation, any gain or loss on trading securities, expenses related to our acquisition activities (including intangible asset amortization, purchased inventory costs, severance costs and legal and other general and administrative expenses associated with acquisitions), patent portfolio licenses, non-recurring tax events and non-cash interest expense on our convertible debentures and the related income tax implications of these items.
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2
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Diluted Common Shares Outstanding can vary for, among other things, the trading price of our common stock, the actual exercise of options or vesting of restricted stock units, the potential for incremental dilutive shares from our convertible debentures (additional information regarding our share count is available in the investor relations section of our website under the heading “Supplemental Financial Information”), and the repurchase or the issuance of stock. The diluted common shares outstanding presented in the guidance table above assumes an average Microchip stock price in the June 2011 quarter of $40.00 per share (however, we make no prediction as to what our actual share price will be for such period or any other period and we cannot estimate what our
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3
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Generally, gross margin fluctuates over time, driven primarily by the mix of microcontrollers, analog products and memory products sold and licensing revenue; variances in manufacturing yields; fixed cost absorption; wafer fab loading levels; inventory reserves; pricing pressures in our non-proprietary product lines; and competitive and economic conditions. Operating expenses fluctuate over time, primarily due to net sales and profit levels.
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MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share amounts)
(Unaudited)
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||||||||||||||||
Three Months Ended
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Twelve Months Ended
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|||||||||||||||
March 31,
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March 31,
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2011
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2010
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2011
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2010
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Net sales
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$ | 379,985 | $ | 278,020 | $ | 1,487,205 | $ | 947,729 | ||||||||
Cost of sales
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154,394 | 109,549 | 612,769 | 413,487 | ||||||||||||
Gross profit
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225,591 | 168,471 | 874,436 | 534,242 | ||||||||||||
Operating expenses:
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||||||||||||||||
Research and development
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44,159 | 33,287 | 170,607 | 120,823 | ||||||||||||
Selling, general and administrative
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56,885 | 46,697 | 227,781 | 167,222 | ||||||||||||
Special charges
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186 | - | 1,865 | 1,238 | ||||||||||||
101,230 | 79,984 | 400,253 | 289,283 | |||||||||||||
Operating income
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124,361 | 88,487 | 474,183 | 244,959 | ||||||||||||
(Losses) gains on equity method investments
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(28 | ) | - | 157 | - | |||||||||||
Other expense, net
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(4,304 | ) | (4,490 | ) | (13,642 | ) | (7,146 | ) | ||||||||
Income from continuing operations before income taxes
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120,029 | 83,997 | 460,698 | 237,813 | ||||||||||||
Income tax (benefit) provision
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(10,583 | ) | 8,248 | 31,531 | 20,808 | |||||||||||
Net income from continuing operations
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130,612 | 75,749 | 429,167 | 217,005 | ||||||||||||
Discontinued operations:
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||||||||||||||||
Loss from discontinued operations before income taxes
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(5,754 | ) | - | (11,126 | ) | - | ||||||||||
Income tax benefit
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(670 | ) | - | (909 | ) | - | ||||||||||
Net loss from discontinued operations
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(5,084 | ) | - | (10,217 | ) | - | ||||||||||
Net income
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$ | 125,528 | $ | 75,749 | $ | 418,950 | $ | 217,005 | ||||||||
Basic net income per common share continuing operations
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$ | 0.69 | $ | 0.41 | $ | 2.29 | $ | 1.18 | ||||||||
Basic net loss per common share discontinued operations
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(0.03 | ) | - | (0.05 | ) | - | ||||||||||
Basic net income per common share
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$ | 0.66 | $ | 0.41 | $ | 2.24 | $ | 1.18 | ||||||||
Diluted net income per common share continuing operations
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$ | 0.65 | $ | 0.40 | $ | 2.20 | $ | 1.16 | ||||||||
Diluted net loss per common share discontinued operations
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(0.03 | ) | - | (0.05 | ) | - | ||||||||||
Diluted net income per common share
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$ | 0.62 | $ | 0.40 | $ | 2.15 | $ | 1.16 | ||||||||
Basic common shares outstanding
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188,933 | 184,665 | 187,066 | 183,642 | ||||||||||||
Diluted common shares outstanding
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201,829 | 189,048 | 194,715 | 187,339 | ||||||||||||
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
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||||||||
ASSETS
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||||||||
March 31,
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March 31,
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|||||||
2011
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2010
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|||||||
(Unaudited)
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||||||||
Cash and short-term investments
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$ | 1,243,496 | $ | 1,214,323 | ||||
Accounts receivable, net
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181,202 | 137,806 | ||||||
Inventories
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180,800 | 116,579 | ||||||
Other current assets
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188,169 | 142,261 | ||||||
Total current assets
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1,793,667 | 1,610,969 | ||||||
Property, plant & equipment, net
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540,513 | 493,039 | ||||||
Long-term investments
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464,838 | 317,215 | ||||||
Other assets
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187,724 | 95,090 | ||||||
Total assets
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$ | 2,986,742 | $ | 2,516,313 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
Accounts payable and other current liabilities
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$ | 200,272 | $ | 104,449 | ||||
Deferred income on shipments to distributors
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140,044 | 98,941 | ||||||
Total current liabilities
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340,316 | 203,390 | ||||||
Convertible debentures
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347,334 | 340,672 | ||||||
Long-term income tax payable
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58,125 | 57,140 | ||||||
Deferred tax liability
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418,211 | 376,713 | ||||||
Other long-term liabilities
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10,318 | 5,018 | ||||||
Stockholders’ equity
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1,812,438 | 1,533,380 | ||||||
Total liabilities and stockholders’ equity
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$ | 2,986,742 | $ | 2,516,313 |
Three Months Ended
March 31,
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Twelve Months Ended
March 31,
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2011
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2010
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2011
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2010
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||||||||||||
Gross profit, as reported
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$ | 225,591 | $ | 168,471 | $ | 874,436 | $ | 534,242 | |||||||
Share-based compensation expense
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1,409 | 2,209 | 6,825 | 7,054 | |||||||||||
Acquisition-related acquired inventory valuation costs and intangible asset amortization
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1,861 | 669 | 12,887 | 2,537 | |||||||||||
Non-GAAP gross profit
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$ | 228,861 | $ | 171,349 | $ | 894,148 | $ | 543,833 | |||||||
Non-GAAP gross profit percentage
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60.2 | % | 61.6 | % | 60.1 | % | 57.4 | % |
Three Months Ended
March 31,
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Twelve Months Ended
March 31,
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||||||||||||||
2011
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2010
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2011
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2010
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Research and development expenses, as reported
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$ | 44,159 | $ | 33,287 | $ | 170,607 | $ | 120,823 | |||||||
Share-based compensation expense
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(3,358 | ) | (2,989 | ) | (12,874 | ) | (12,194 | ) | |||||||
Non-GAAP research and development expenses
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$ | 40,801 | $ | 30,298 | $ | 157,733 | $ | 108,629 | |||||||
Non-GAAP research and development expenses as a percentage of net sales
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10.7 | % | 10.9 | % | 10.6 | % | 11.5 | % |
Three Months Ended
March 31,
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Twelve Months Ended
March 31,
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||||||||||||||
2011
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2010
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2011
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2010
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||||||||||||
Selling, general and administrative expenses, as reported
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$ | 56,885 | $ | 46,697 | $ | 227,781 | $ | 167,222 | |||||||
Share-based compensation expense
|
(4,260 | ) | (4,245 | ) | (17,113 | ) | (17,530 | ) | |||||||
Acquisition-related intangible asset amortization and other costs
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(1,861 | ) | (1,006 | ) | (8,593 | ) | (1,866 | ) | |||||||
Non-GAAP selling, general and administrative expenses
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$ | 50,764 | $ | 41,446 | $ | 202,075 | $ | 147,826 | |||||||
Non-GAAP selling, general and administrative expenses as a percentage of net sales
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13.4 | % | 14.9 | % | 13.6 | % | 15.6 | % |
Three Months Ended
March 31,
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Twelve Months Ended
March 31,
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||||||||||||||
2011
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2010
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2011
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2010
|
||||||||||||
Operating income, as reported
|
$ | 124,361 | $ | 88,487 | $ | 474,183 | $ | 244,959 | |||||||
Share-based compensation expense
|
9,027 | 9,443 | 36,812 | 36,778 | |||||||||||
Acquisition-related acquired inventory valuation costs, intangible asset amortization and other costs
|
3,722 | 1,675 | 21,480 | 4,403 | |||||||||||
Special charge – SST severance costs
|
186 | - | 1,865 | - | |||||||||||
Special charge – patent license
|
- | - | - | 1,238 | |||||||||||
Non-GAAP operating income
|
$ | 137,296 | $ | 99,605 | $ | 534,340 | $ | 287,378 | |||||||
Non-GAAP operating income as a percentage of net sales
|
36.1 | % | 35.8 | % | 35.9 | % | 30.3 | % |
Three Months Ended
March 31,
|
Twelve Months Ended
March 31,
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||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||
Other expense, net, as reported
|
$ | (4,304 | ) | $ | (4,490 | ) | $ | (13,642 | ) | $ | (7,146 | ) | |||
Convertible debt non-cash interest expense
|
1,746 | 1,596 | 6,846 | 6,258 | |||||||||||
Gain on trading securities
|
- | - | - | (7,518 | ) | ||||||||||
Non-GAAP other expense, net
|
$ | (2,558 | ) | $ | (2,894 | ) | $ | (6,796 | ) | $ | (8,406 | ) | |||
Non-GAAP other expense, net, as a percentage of net sales
|
-0.7 | % | -1.0 | % | -0.5 | % | -0.9 | % |
Three Months Ended
March 31,
|
Twelve Months Ended
March 31,
|
||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||
Income tax (benefit) provision, as reported
|
$ | (10,583 | ) | $ | 8,248 | $ | 31,531 | $ | 20,808 | ||||||
Income tax rate, as reported
|
-8.8 | % | 9.8 | % | 6.9 | % | 8.7 | % | |||||||
Share-based compensation expense
|
1,051 | 978 | 4,493 | 4,563 | |||||||||||
Acquisition-related acquired inventory valuation costs, intangible asset amortization and other costs
|
151 | 173 | 714 | 530 | |||||||||||
Special charge – SST severance costs
|
22 | - | 159 | - | |||||||||||
Convertible debt non-cash interest expense
|
655 | 614 | 2,567 | 2,409 | |||||||||||
Net tax benefit of IRS settlement, R&D tax credit reinstatement, and other tax matters
|
24,395 | - | 25,929 | 8,452 | |||||||||||
Special charge – patent license
|
- | - | - | 124 | |||||||||||
Gain on trading securities
|
- | - | - | (2,894 | ) | ||||||||||
Non-GAAP income tax provision
|
$ | 15,691 | $ | 10,013 | $ | 65,393 | $ | 33,992 | |||||||
Non-GAAP income tax rate
|
11.6 | % | 10.4 | % | 12.4 | % | 12.2 | % |
Three Months Ended
|
Three
Months Ended
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Twelve Months Ended
|
Twelve
Months Ended
|
|||||||||||||||||||||||||||||
March 31,
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March 31,
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March 31,
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March 31,
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|||||||||||||||||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||||||||||||||||||
Consolidated
Operations
|
Continuing
Operations
|
Discontinued
Operations
|
Consolidated
Operations
|
Continuing
Operations
|
Discontinued
Operations
|
|||||||||||||||||||||||||||
Net income (loss), as reported
|
$ | 125,528 | $ | 130,612 | $ | (5,084 | ) | $ | 75,749 | $ | 418,950 | $ | 429,167 | $ | (10,217 | ) | $ | 217,005 | ||||||||||||||
Share-based compensation expense, net of tax effect
|
7,976 | 7,976 | - | 8,465 | 32,319 | 32,319 | - | 32,215 | ||||||||||||||||||||||||
Acquisition-related acquired inventory valuation costs, intangible asset amortization and other costs, net of tax effect
|
3,571 | 3,571 | - | 1,502 | 23,454 | 20,766 | 2,688 | 3,873 | ||||||||||||||||||||||||
Special charge – SST severance costs, net of tax effect
|
164 | 164 | - | - | 1,706 | 1,706 | - | - | ||||||||||||||||||||||||
Net tax benefit of IRS settlement, R&D tax credit reinstatement, and other tax matters
|
(24,395 | ) | (24,395 | ) | - | - | (25,929 | ) | (25,929 | ) | - | (8,452 | ) | |||||||||||||||||||
Convertible debt non-cash interest expense, net of tax effect
|
1,091 | 1,091 | - | 982 | 4,279 | 4,279 | - | 3,849 | ||||||||||||||||||||||||
Special charge – patent license, net of tax effect
|
- | - | - | - | - | - | - | 1,114 | ||||||||||||||||||||||||
Gain on trading securities, net of tax effect
|
- | - | - | - | - | - | - | (4,624 | ) | |||||||||||||||||||||||
Non-GAAP net income (loss)
|
$ | 113,935 | $ | 119,019 | $ | (5,084 | ) | $ | 86,698 | $ | 454,779 | $ | 462,308 | $ | (7,529 | ) | $ | 244,980 | ||||||||||||||
Non-GAAP net income (loss) as a percentage of net sales
|
31.3 | % | 31.2 | % | 31.1 | % | 25.8 | % | ||||||||||||||||||||||||
Diluted net income (loss) per share, as reported
|
$ | 0.62 | $ | 0.65 | $ | (0.03 | ) | $ | 0.40 | $ | 2.15 | $ | 2.20 | $ | (0.05 | ) | $ | 1.16 | ||||||||||||||
Non-GAAP diluted net income (loss) per share
|
$ | 0.57 | $ | 0.59 | $ | (0.02 | ) | $ | 0.46 | $ | 2.35 | $ | 2.39 | $ | (0.04 | ) | $ | 1.32 |
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