Non-GAAP Financial Comparison
|
||||||||||||||||||||
(in millions, except per share amounts)
|
||||||||||||||||||||
Quarterly Results
|
Year to Date
|
|||||||||||||||||||
Q2 2014 | Q1 2014 | Q2 2013 | 2014 | 2013 | ||||||||||||||||
Net revenues
|
$ | 28.5 | $ | 24.8 | $ | 26.9 | $ | 53.4 | $ | 53.1 | ||||||||||
Gross Margin
|
$ | 17.0 | $ | 15.0 | $ | 15.1 | $ | 32.0 | $ | 30.6 | ||||||||||
Operating expense
|
$ | 14.7 | $ | 11.9 | $ | 11.8 | $ | 26.6 | $ | 23.4 | ||||||||||
Operating income from continuing operations
|
$ | 2.2 | $ | 3.1 | $ | 3.3 | $ | 5.4 | $ | 7.2 | ||||||||||
Income from continuing operations, net of tax
|
$ | 2.2 | $ | 3.0 | $ | 3.1 | $ | 5.3 | $ | 6.9 | ||||||||||
Income per share (diluted) from continuing operations, net of tax
|
$ | 0.05 | $ | 0.07 | $ | 0.07 | $ | 0.11 | $ | 0.15 |
GAAP Financial Comparison
|
||||||||||||||||||||
(in millions, except per share amounts)
|
||||||||||||||||||||
Quarterly Results
|
Year to Date
|
|||||||||||||||||||
Q2 2014 | Q1 2014 | Q2 2013 | 2014 | 2013 | ||||||||||||||||
Net revenues
|
$ | 28.5 | $ | 24.8 | $ | 26.9 | $ | 53.4 | $ | 53.1 | ||||||||||
Gross Margin
|
$ | 16.7 | $ | 14.8 | $ | 15.1 | $ | 31.5 | $ | 30.6 | ||||||||||
Operating expense
|
$ | 17.0 | $ | 12.5 | $ | 13.3 | $ | 29.5 | $ | 26.0 | ||||||||||
Operating income (loss) from continuing operations
|
$ | (0.3 | ) | $ | 2.3 | $ | 1.8 | $ | 2.0 | $ | 4.6 | |||||||||
Income (loss) from continuing operations, net of tax
|
$ | (0.3 | ) | $ | 2.2 | $ | 1.7 | $ | 1.9 | $ | 4.4 | |||||||||
Income (loss) per share (diluted) from continuing operations, net of tax
|
$ | (0.01 | ) | $ | 0.05 | $ | 0.04 | $ | 0.04 | $ | 0.09 |
Three Months Ended |
Six Months Ended
|
|||||||||||||||||||
June 30
|
March 31
|
June 30
|
June 30
|
|||||||||||||||||
2014
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||
Net revenues
|
$ | 28,511 | $ | 24,839 | $ | 26,850 | $ | 53,350 | $ | 53,068 | ||||||||||
Cost of revenues
|
11,808 | 10,084 | 11,777 | 21,892 | 22,470 | |||||||||||||||
Gross margin
|
16,703 | 14,755 | 15,073 | 31,458 | 30,598 | |||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development
|
9,444 | 6,390 | 6,480 | 15,834 | 12,441 | |||||||||||||||
Selling, general and administrative
|
5,844 | 6,097 | 6,804 | 11,941 | 13,223 | |||||||||||||||
Acquisition and restructuring related costs
|
1,711 | - | - | 1,711 | 291 | |||||||||||||||
Total operating expenses
|
16,999 | 12,487 | 13,284 | 29,486 | 25,955 | |||||||||||||||
Income (loss) from operations
|
(296 | ) | 2,268 | 1,789 | 1,972 | 4,643 | ||||||||||||||
Interest income (expense) and other, net
|
(24 | ) | (29 | ) | (55 | ) | (53 | ) | (126 | ) | ||||||||||
Income (loss) from continuing operations before provision for income taxes
|
(320 | ) | 2,239 | 1,734 | 1,919 | 4,517 | ||||||||||||||
Provision (benefit) for income taxes
|
(6 | ) | 52 | 61 | 46 | 145 | ||||||||||||||
Income (loss) from continuing operations, net of tax
|
(314 | ) | 2,187 | 1,673 | 1,873 | 4,372 | ||||||||||||||
Loss from discontinued operations, net of tax
|
- | - | - | - | (57 | ) | ||||||||||||||
Net income (loss)
|
$ | (314 | ) | $ | 2,187 | $ | 1,673 | $ | 1,873 | $ | 4,315 | |||||||||
Basic net income (loss) per share:
|
||||||||||||||||||||
Income (loss) from continuing operations
|
$ | (0.01 | ) | $ | 0.05 | $ | 0.04 | $ | 0.04 | $ | 0.10 | |||||||||
Loss from discontinued operations
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Net income (loss)
|
$ | (0.01 | ) | $ | 0.05 | $ | 0.04 | $ | 0.04 | $ | 0.10 | |||||||||
Diluted net income (loss) per share:
|
||||||||||||||||||||
Income (loss) from continuing operations
|
$ | (0.01 | ) | $ | 0.05 | $ | 0.04 | $ | 0.04 | $ | 0.09 | |||||||||
Loss from discontinued operations
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Net income (loss)
|
$ | (0.01 | ) | $ | 0.05 | $ | 0.04 | $ | 0.04 | $ | 0.09 | |||||||||
Shares used to compute per share amounts:
|
||||||||||||||||||||
Basic
|
45,922 | 45,841 | 45,611 | 45,882 | 45,487 | |||||||||||||||
Diluted
|
45,922 | 47,149 | 46,299 | 47,154 | 46,195 |
June 30
|
December 31
|
|||||||
2014
|
2013
|
|||||||
ASSETS
|
||||||||
Cash and investments
|
$ | 25,670 | $ | 20,424 | ||||
Accounts receivable, net
|
13,042 | 12,835 | ||||||
Inventories
|
11,998 | 10,289 | ||||||
Property and equipment, net
|
11,229 | 10,333 | ||||||
Goodwill
|
20,461 | 20,461 | ||||||
Other assets
|
3,098 | 2,818 | ||||||
Total assets
|
$ | 85,498 | $ | 77,160 | ||||
LIABILITIES
|
||||||||
Accounts payable
|
$ | 10,443 | $ | 6,511 | ||||
Accrued compensation and benefits
|
3,270 | 4,050 | ||||||
Accrued commissions
|
492 | 480 | ||||||
Other accrued expenses
|
4,965 | 3,213 | ||||||
Long term borrowings against line of credit
|
5,000 | 5,000 | ||||||
Total liabilities
|
24,170 | 19,254 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Common stock, par value
|
46 | 46 | ||||||
Additional paid-in capital
|
194,940 | 193,391 | ||||||
Accumulated other comprehensive loss
|
(277 | ) | (277 | ) | ||||
Accumulated deficit
|
(133,381 | ) | (135,254 | ) | ||||
Total stockholders' equity
|
61,328 | 57,906 | ||||||
Total liabilities and stockholders' equity
|
$ | 85,498 | $ | 77,160 |
Three Months Ended |
Six Months Ended
|
|||||||||||||||||||
June 30
|
March 31
|
June 30
|
June 30
|
|||||||||||||||||
2014
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||
Income (Loss) From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Income (Loss), Net of Tax
|
$ | (314 | ) | $ | 2,187 | $ | 1,673 | $ | 1,873 | $ | 4,372 | |||||||||
Acquisition and restructuring related costs
|
1,711 | - | - | 1,711 | 291 | |||||||||||||||
Share-based compensation
|
535 | 586 | 567 | 1,121 | 1,332 | |||||||||||||||
Lawsuit verdict contingency accrual
|
272 | 275 | 903 | 547 | 903 | |||||||||||||||
Non-GAAP Income, Net of Tax
|
$ | 2,204 | $ | 3,048 | $ | 3,143 | $ | 5,252 | $ | 6,898 | ||||||||||
Income (Loss) Per Share From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Diluted Income (Loss) Per Share, Net of Tax
|
$ | (0.01 | ) | $ | 0.05 | $ | 0.04 | $ | 0.04 | $ | 0.09 | |||||||||
Effect of acquisition and restructuring related costs
|
0.04 | - | - | 0.04 | 0.01 | |||||||||||||||
Effect of share-based compensation
|
0.01 | 0.01 | 0.01 | 0.02 | 0.03 | |||||||||||||||
Effect of lawsuit verdict contingency accrual
|
0.01 | 0.01 | 0.02 | 0.01 | 0.02 | |||||||||||||||
Non-GAAP Diluted Income Per Share, Net of Tax
|
$ | 0.05 | $ | 0.07 | $ | 0.07 | $ | 0.11 | $ | 0.15 | ||||||||||
Operating Income (Loss) From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Operating Income (Loss)
|
$ | (296 | ) | $ | 2,268 | $ | 1,789 | $ | 1,972 | $ | 4,643 | |||||||||
Share-based compensation - Cost of revenues
|
14 | 13 | 14 | 27 | (9 | ) | ||||||||||||||
Share-based compensation - R&D
|
219 | 221 | 191 | 440 | 416 | |||||||||||||||
Share-based compensation - SG&A
|
302 | 352 | 362 | 654 | 925 | |||||||||||||||
Lawsuit verdict contingency accrual
|
272 | 275 | 903 | 547 | 903 | |||||||||||||||
Acquisition and restructuring related costs
|
1,711 | - | - | 1,711 | 291 | |||||||||||||||
Non-GAAP Operating Income
|
$ | 2,222 | $ | 3,129 | $ | 3,259 | $ | 5,351 | $ | 7,169 | ||||||||||
Gross Margin From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Gross Margin
|
$ | 16,703 | $ | 14,755 | $ | 15,073 | $ | 31,458 | $ | 30,598 | ||||||||||
Share-based compensation - Cost of revenues
|
14 | 13 | 14 | 27 | (9 | ) | ||||||||||||||
Lawsuit verdict contingency accrual
|
250 | 254 | - | 504 | - | |||||||||||||||
Non-GAAP Gross Margin
|
$ | 16,967 | $ | 15,022 | $ | 15,087 | $ | 31,989 | $ | 30,589 | ||||||||||
Operating Expense From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Operating Expenses
|
$ | 16,999 | $ | 12,487 | $ | 13,284 | $ | 29,486 | $ | 25,955 | ||||||||||
Share-based compensation - R&D
|
(219 | ) | (221 | ) | (191 | ) | (440 | ) | (416 | ) | ||||||||||
Share-based compensation - SG&A
|
(302 | ) | (352 | ) | (362 | ) | (654 | ) | (925 | ) | ||||||||||
Lawsuit verdict contingency accrual
|
(22 | ) | (21 | ) | (903 | ) | (43 | ) | (903 | ) | ||||||||||
Acquisition and restructuring related costs
|
(1,711 | ) | - | - | (1,711 | ) | (291 | ) | ||||||||||||
Non-GAAP Operating Expenses
|
$ | 14,745 | $ | 11,893 | $ | 11,828 | $ | 26,638 | $ | 23,420 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||
June 30
|
March 31
|
June 30
|
June 30
|
|||||||||||||||||
2014
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||
Net Revenues by Geography
|
||||||||||||||||||||
Americas
|
18 | % | 20 | % | 19 | % | 19 | % | 21 | % | ||||||||||
Asia Pacific
|
72 | % | 67 | % | 71 | % | 70 | % | 69 | % | ||||||||||
Europe
|
10 | % | 13 | % | 10 | % | 11 | % | 10 | % |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||
June 30
|
March 31
|
June 30
|
June 30
|
|||||||||||||||||
2014
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||
Net Revenues by Type
|
||||||||||||||||||||
PCI Express Revenue
|
69 | % | 70 | % | 75 | % | 70 | % | 73 | % | ||||||||||
Connectivity Revenue
|
31 | % | 30 | % | 25 | % | 30 | % | 27 | % |