Delaware | 000-25826 | 77-0201147 |
(State or other jurisdiction of incorporation or organization) | Commission File Number | (I.R.S. Employer Identification Number) |
¨ | 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)) |
Item 1.01 | Results of Operations and Financial Condition. |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit Number | Description | ||
99.1 | Press release of Harmonic Inc., issued on February 16, 2016. |
Date: February 16, 2016 | HARMONIC INC. | |||||
By: | /s/ Harold Covert | |||||
Harold Covert | ||||||
Chief Financial Officer |
Exhibit Number | Description | ||
99.1 | Press release of Harmonic Inc., issued on February 16, 2016. |
![]() | ![]() |
• | Net revenue to be $82 million to $86 million |
• | GAAP gross margin to be 53% to 54%, GAAP operating expense to be $52 million to $54 million, GAAP operating loss to be $(9) million to $(8) million and GAAP EPS to be $(0.12) to $(0.11) |
• | Non-GAAP gross margin to be 54% to 55%, non-GAAP operating expense to be $46 million to $48 million, non- |
• | Business Segment guidance: |
• | Non-GAAP interest expense to be approximately $1.3 million |
• | Share count for Non-GAAP EPS calculation to be approximately 79.0 million shares of our common stock |
• | Non-GAAP tax rate to be approximately 15% |
• | Net revenue to be $400 million to $415 million |
• | GAAP gross margin to be approximately 54%, GAAP operating expense to be $248 million to $252 million, GAAP operating loss to be $(31) million to $(29) million and GAAP EPS to be $(0.45) to $(0.42) |
• | Non-GAAP gross margin to be approximately 55%, non-GAAP operating expense to be $208 million to $212 million, non-GAAP operating profit to be $14 million to $16 million and non-GAAP EPS to be $0.09 to $0.12 |
• | Business Segment guidance: |
◦ | Video segment net revenue to be $290 million to $295 million and non-GAAP gross margin to be 57% to 58% |
◦ | TVN, which is expected to close by the end of the first quarter of 2016, is anticipated to add net revenue of $55 million to $60 million and non-GAAP gross margin to be 47% to 50% |
◦ | Cable Edge segment net revenue to be $55 million to $60 million and non-GAAP gross margin to be 45% to 47%. |
• | Non-GAAP interest expense to be approximately $5 million |
• | Share count for non-GAAP EPS calculation to be approximately 80.0 million shares of our common stock |
• | Non-GAAP tax rate to be approximately 15% |
Harold Covert | Blair King |
Chief Financial Officer | Director, Investor Relations |
Harmonic Inc. | Harmonic Inc. |
+1.408.542.2500 | +1.408.490.6172 |
December 31, | |||||||
2015 | 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 126,190 | $ | 73,032 | |||
Short-term investments | 26,604 | 31,847 | |||||
Accounts receivable, net | 69,515 | 74,144 | |||||
Inventories | 38,819 | 32,747 | |||||
Deferred tax assets, short-term | — | 3,375 | |||||
Prepaid expenses and other current assets | 25,003 | 17,539 | |||||
Total current assets | 286,131 | 232,684 | |||||
Property and equipment, net | 27,012 | 27,221 | |||||
Goodwill | 197,781 | 197,884 | |||||
Intangibles, net | 4,097 | 10,599 | |||||
Other assets | 9,936 | 12,130 | |||||
Total assets | $ | 524,957 | $ | 480,518 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 19,364 | $ | 15,318 | |||
Income taxes payable | 307 | 893 | |||||
Deferred revenue | 33,856 | 38,601 | |||||
Accrued liabilities | 31,354 | 35,118 | |||||
Total current liabilities | 84,881 | 89,930 | |||||
Convertible debt, long-term | 98,295 | — | |||||
Income taxes payable, long-term | 3,886 | 4,969 | |||||
Deferred tax liabilities, long-term | — | 3,095 | |||||
Other non-current liabilities | 9,727 | 10,711 | |||||
Total liabilities | 196,789 | 108,705 | |||||
Stockholders’ equity: | |||||||
Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued or outstanding | — | — | |||||
Common stock, $0.001 par value, 150,000 shares authorized; 76,015 and 87,700 shares issued and outstanding at December 31, 2015 and 2014, respectively | 76 | 88 | |||||
Additional paid-in capital | 2,236,418 | 2,261,952 | |||||
Accumulated deficit | (1,903,908 | ) | (1,888,247 | ) | |||
Accumulated other comprehensive loss | (4,418 | ) | (1,980 | ) | |||
Total stockholders’ equity | 328,168 | 371,813 | |||||
Total liabilities and stockholders’ equity | $ | 524,957 | $ | 480,518 |
Three months ended | Year ended | ||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||
Net revenue | $ | 86,603 | $ | 107,875 | $ | 377,027 | $ | 433,557 | |||||||
Cost of revenue | 39,535 | 51,084 | 174,315 | 221,209 | |||||||||||
Gross profit | 47,068 | 56,791 | 202,712 | 212,348 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 21,721 | 22,885 | 87,545 | 93,061 | |||||||||||
Selling, general and administrative | 29,517 | 32,682 | 120,960 | 131,322 | |||||||||||
Amortization of intangibles | 1,445 | 1,446 | 5,783 | 6,775 | |||||||||||
Restructuring and asset impairment charges | 746 | 1,940 | 1,372 | 2,761 | |||||||||||
Total operating expenses | 53,429 | 58,953 | 215,660 | 233,919 | |||||||||||
Loss from operations | (6,361 | ) | (2,162 | ) | (12,948 | ) | (21,571 | ) | |||||||
Interest and other expense, net | (418 | ) | (39 | ) | (615 | ) | (224 | ) | |||||||
Loss on impairment of long-term investment | — | — | (2,505 | ) | — | ||||||||||
Loss before income taxes | (6,779 | ) | (2,201 | ) | (16,068 | ) | (21,795 | ) | |||||||
Provision for (benefit from) income taxes | 420 | 2,653 | (407 | ) | 24,453 | ||||||||||
Net loss | $ | (7,199 | ) | $ | (4,854 | ) | $ | (15,661 | ) | $ | (46,248 | ) | |||
Net loss per share: | |||||||||||||||
Basic and diluted | $ | (0.08 | ) | $ | (0.06 | ) | $ | (0.18 | ) | $ | (0.50 | ) | |||
Shares used in per share calculation: | |||||||||||||||
Basic shares | 84,932 | 88,012 | 87,514 | 92,508 |
Year ended December 31, | |||||||
2015 | 2014 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (15,661 | ) | $ | (46,248 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Amortization of intangibles | 6,502 | 20,520 | |||||
Depreciation | 13,241 | 16,459 | |||||
Stock-based compensation | 15,582 | 17,287 | |||||
Amortization of discount on convertible debt | 216 | — | |||||
Restructuring, asset impairment and (gain) loss on retirement of fixed assets | 641 | 1,622 | |||||
Loss on impairment of long-term investment | 2,505 | — | |||||
Deferred income taxes, net | (512 | ) | 32,163 | ||||
Provision for doubtful accounts, returns and discounts | 2,034 | 1,943 | |||||
Provision for excess and obsolete inventories | 1,585 | 2,569 | |||||
Excess tax benefits from stock-based compensation | — | (15 | ) | ||||
Other non-cash adjustments, net | — | 1,108 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 2,595 | (1,035 | ) | ||||
Inventories | (7,187 | ) | 1,610 | ||||
Prepaid expenses and other assets | (6,973 | ) | (3,332 | ) | |||
Accounts payable | 4,683 | 56 | |||||
Deferred revenues | (4,541 | ) | 11,162 | ||||
Income taxes payable | (1,637 | ) | (7,094 | ) | |||
Accrued and other liabilities | (6,722 | ) | (1,406 | ) | |||
Net cash provided by operating activities | 6,351 | 47,369 | |||||
Cash flows from investing activities: | |||||||
Purchases of investments | (25,261 | ) | (26,599 | ) | |||
Proceeds from sales and maturities of investments | 30,379 | 73,856 | |||||
Purchases of property and equipment | (14,356 | ) | (10,065 | ) | |||
Purchases of long-term investments | (85 | ) | (9,393 | ) | |||
Restricted cash | (1,091 | ) | — | ||||
Net cash (used in) provided by investing activities | (10,414 | ) | 27,799 | ||||
Cash flows from financing activities: | |||||||
Proceeds from convertible debt | 128,250 | — | |||||
Payment of convertible debt issuance debt | (3,527 | ) | — | ||||
Proceeds from common stock issued to employees | 9,222 | 4,742 | |||||
Payment of tax withholding obligations related to net share settlements of restricted stock units | (3,549 | ) | (3,636 | ) | |||
Payments for repurchases of common stock | (72,863 | ) | (93,128 | ) | |||
Excess tax benefits from stock-based compensation | — | 15 | |||||
Net cash provided by (used in) financing activities | 57,533 | (92,007 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (312 | ) | (458 | ) | |||
Net increase (decrease) in cash and cash equivalents | 53,158 | (17,297 | ) | ||||
Cash and cash equivalents at beginning of period | 73,032 | 90,329 | |||||
Cash and cash equivalents at end of period | $ | 126,190 | $ | 73,032 | |||
Supplemental schedule of non-cash financing activities: | |||||||
Accrued debt issuance costs | $ | 582 | $ | — |
Three months ended | Year ended | ||||||||||||||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Product | |||||||||||||||||||||||||||
Video Products | $ | 50,293 | 58 | % | $ | 65,975 | 61 | % | $ | 203,732 | 54 | % | $ | 247,857 | 57 | % | |||||||||||
Cable Edge | 11,418 | 13 | % | 17,840 | 17 | % | 73,144 | 19 | % | 95,329 | 22 | % | |||||||||||||||
Services and Support | 24,892 | 29 | % | 24,060 | 22 | % | 100,151 | 27 | % | 90,371 | 21 | % | |||||||||||||||
Total | $ | 86,603 | 100 | % | $ | 107,875 | 100 | % | $ | 377,027 | 100 | % | $ | 433,557 | 100 | % | |||||||||||
Geography | |||||||||||||||||||||||||||
Americas | $ | 46,782 | 54 | % | $ | 60,890 | 56 | % | $ | 212,568 | 56 | % | $ | 245,849 | 57 | % | |||||||||||
EMEA | 21,120 | 24 | % | 26,509 | 25 | % | 92,422 | 25 | % | 109,645 | 25 | % | |||||||||||||||
APAC | 18,701 | 22 | % | 20,476 | 19 | % | 72,037 | 19 | % | 78,063 | 18 | % | |||||||||||||||
Total | $ | 86,603 | 100 | % | $ | 107,875 | 100 | % | $ | 377,027 | 100 | % | $ | 433,557 | 100 | % | |||||||||||
Market | |||||||||||||||||||||||||||
Service Provider | $ | 52,057 | 60 | % | $ | 72,844 | 68 | % | $ | 230,523 | 61 | % | $ | 286,899 | 66 | % | |||||||||||
Broadcast and Media | 34,546 | 40 | % | 35,031 | 32 | % | 146,504 | 39 | % | 146,658 | 34 | % | |||||||||||||||
Total | $ | 86,603 | 100 | % | $ | 107,875 | 100 | % | $ | 377,027 | 100 | % | $ | 433,557 | 100 | % |
Three months ended | Year ended | ||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||
Net revenue: | |||||||||||||||
Video | $ | 72,401 | $ | 86,933 | $ | 291,779 | $ | 326,756 | |||||||
Cable Edge | 14,202 | 20,942 | 85,248 | 106,801 | |||||||||||
Total consolidated net revenue | $ | 86,603 | $ | 107,875 | $ | 377,027 | $ | 433,557 | |||||||
Operating income (loss): | |||||||||||||||
Video | $ | 5,143 | $ | 8,647 | $ | 13,529 | $ | 18,073 | |||||||
Cable Edge | (4,181 | ) | (1,939 | ) | (1,599 | ) | 1,239 | ||||||||
Total segment operating income | 962 | 6,708 | 11,930 | 19,312 | |||||||||||
Unallocated corporate expenses* | (2,055 | ) | (2,161 | ) | (2,794 | ) | (3,076 | ) | |||||||
Stock-based compensation | (3,737 | ) | (4,567 | ) | (15,582 | ) | (17,287 | ) | |||||||
Amortization of intangibles | (1,531 | ) | (2,142 | ) | (6,502 | ) | (20,520 | ) | |||||||
Loss from operations | (6,361 | ) | (2,162 | ) | (12,948 | ) | (21,571 | ) | |||||||
Non-operating expense | (418 | ) | (39 | ) | (3,120 | ) | (224 | ) | |||||||
Loss before income taxes | $ | (6,779 | ) | $ | (2,201 | ) | $ | (16,068 | ) | $ | (21,795 | ) |
Three months ended | ||||||||||||
December 31, 2015 | ||||||||||||
Gross Profit | Total Operating Expense | Income (Loss) from Operations | Net Income (Loss) | |||||||||
GAAP | $ | 47,068 | $ | 53,429 | $ | (6,361 | ) | $ | (7,199 | ) | ||
Stock-based compensation in cost of revenue | 479 | — | 479 | 479 | ||||||||
Stock-based compensation in research and development | — | (1,186 | ) | 1,186 | 1,186 | |||||||
Stock-based compensation in selling, general and administrative | — | (2,072 | ) | 2,072 | 2,072 | |||||||
Amortization of intangibles | 86 | (1,445 | ) | 1,531 | 1,531 | |||||||
Restructuring and asset impairment charges | — | (746 | ) | 746 | 746 | |||||||
TVN transaction costs | — | (1,309 | ) | 1,309 | 1,309 | |||||||
Non-cash interest expenses related to convertible note | — | — | — | 184 | ||||||||
Discrete tax items and tax effect of non-GAAP adjustments | — | — | — | 266 | ||||||||
Non-GAAP | $ | 47,633 | $ | 46,671 | $ | 962 | $ | 574 | ||||
As a % of revenue (GAAP) | 54.3 | % | 61.7 | % | (7.3 | )% | (8.3 | )% | ||||
As a % of revenue (Non-GAAP) | 55.0 | % | 53.9 | % | 1.1 | % | 0.7 | % | ||||
Diluted net income (loss) per share: | ||||||||||||
Diluted net loss per share-GAAP | $ | (0.08 | ) | |||||||||
Diluted net income per share-Non-GAAP | $ | 0.01 | ||||||||||
Shares used to compute diluted net income (loss) per share: | ||||||||||||
GAAP | 84,932 | |||||||||||
Non-GAAP | 85,629 | |||||||||||
Three months ended | ||||||||||||
October 2, 2015 | ||||||||||||
Gross Profit | Total Operating Expense | Loss from Operations | Net Loss | |||||||||
GAAP | $ | 46,231 | $ | 52,488 | $ | (6,257 | ) | $ | (4,811 | ) | ||
Stock-based compensation in cost of revenue | 433 | — | 433 | 433 | ||||||||
Stock-based compensation in research and development | — | (1,074 | ) | 1,074 | 1,074 | |||||||
Stock-based compensation in selling, general and administrative | — | (2,320 | ) | 2,320 | 2,320 | |||||||
Amortization of intangibles | 86 | (1,446 | ) | 1,532 | 1,532 | |||||||
Restructuring and asset impairment charges | 113 | (397 | ) | 510 | 510 | |||||||
Discrete tax items and tax effect of non-GAAP adjustments | — | — | — | (1,224 | ) | |||||||
Non-GAAP | $ | 46,863 | $ | 47,251 | $ | (388 | ) | $ | (166 | ) | ||
As a % of revenue (GAAP) | 55.5 | % | 63.0 | % | (7.5 | )% | (5.8 | )% | ||||
As a % of revenue (Non-GAAP) | 56.3 | % | 56.7 | % | (0.5 | )% | (0.2 | )% | ||||
Diluted net loss per share: | ||||||||||||
Diluted net loss per share-GAAP | $ | (0.05 | ) | |||||||||
Diluted net loss per share-Non-GAAP | $ | 0.00 | ||||||||||
Shares used to compute diluted net loss per share: | ||||||||||||
GAAP | 87,991 | |||||||||||
Non-GAAP | 87,991 | |||||||||||
Three months ended | ||||||||||||
December 31, 2014 | ||||||||||||
Gross Profit | Total Operating Expense | Income (Loss) from Operations | Net Income (Loss) | |||||||||
GAAP | $ | 56,791 | $ | 58,953 | $ | (2,162 | ) | $ | (4,854 | ) | ||
Stock-based compensation in cost of revenue | 608 | — | 608 | 608 | ||||||||
Stock-based compensation in research and development | — | (1,255 | ) | 1,255 | 1,255 | |||||||
Stock-based compensation in selling, general and administrative | — | (2,704 | ) | 2,704 | 2,704 | |||||||
Amortization of intangibles | 696 | (1,446 | ) | 2,142 | 2,142 | |||||||
Restructuring and asset impairment charges | 220 | (1,941 | ) | 2,161 | 2,161 | |||||||
Discrete tax items and tax effect of non-GAAP adjustments | — | — | — | 1,251 | ||||||||
Non-GAAP | $ | 58,315 | $ | 51,607 | $ | 6,708 | $ | 5,267 | ||||
As a % of revenue (GAAP) | 52.6 | % | 54.6 | % | (2.0 | )% | (4.5 | )% | ||||
As a % of revenue (Non-GAAP) | 54.1 | % | 47.8 | % | 6.2 | % | 4.9 | % | ||||
Diluted net income (loss) per share: | ||||||||||||
Diluted net loss per share-GAAP | $ | (0.06 | ) | |||||||||
Diluted net income per share-Non-GAAP | $ | 0.06 | ||||||||||
Shares used to compute diluted net income (loss) per share: | ||||||||||||
GAAP | 88,012 | |||||||||||
Non-GAAP | 89,342 | |||||||||||
Year ended | ||||||||||||
December 31, 2015 | ||||||||||||
Gross Profit | Total Operating Expense | Income (Loss) from Operations | Net Income (Loss) | |||||||||
GAAP | $ | 202,712 | $ | 215,660 | $ | (12,948 | ) | $ | (15,661 | ) | ||
Stock-based compensation in cost of revenue | 1,862 | — | 1,862 | 1,862 | ||||||||
Stock-based compensation in research and development | — | (4,435 | ) | 4,435 | 4,435 | |||||||
Stock-based compensation in selling, general and administrative | — | (9,285 | ) | 9,285 | 9,285 | |||||||
Amortization of intangibles | 719 | (5,783 | ) | 6,502 | 6,502 | |||||||
Restructuring and asset impairment charges | 113 | (1,372 | ) | 1,485 | 1,485 | |||||||
Loss on impairment of long-term investment | — | — | — | 2,505 | ||||||||
TVN transaction costs | — | (1,309 | ) | 1,309 | 1,309 | |||||||
Non-cash interest expenses related to convertible note | — | — | — | 184 | ||||||||
Discrete tax items and tax effect of non-GAAP adjustments | — | — | — | (2,823 | ) | |||||||
Non-GAAP | $ | 205,406 | $ | 193,476 | $ | 11,930 | $ | 9,083 | ||||
As a % of revenue (GAAP) | 53.8 | % | 57.2 | % | (3.4 | )% | (4.2 | )% | ||||
As a % of revenue (Non-GAAP) | 54.5 | % | 51.3 | % | 3.2 | % | 2.4 | % | ||||
Diluted net income (loss) per share: | ||||||||||||
Diluted net loss per share-GAAP | $ | (0.18 | ) | |||||||||
Diluted net income per share-Non-GAAP | $ | 0.10 | ||||||||||
Shares used to compute diluted net income (loss) per share: | ||||||||||||
GAAP | 87,514 | |||||||||||
Non-GAAP | 88,476 | |||||||||||
Year ended | ||||||||||||
December 31, 2014 | ||||||||||||
Gross Profit | Total Operating Expense | Income (Loss) from Operations | Net Income (Loss) | |||||||||
GAAP | $ | 212,348 | $ | 233,919 | $ | (21,571 | ) | $ | (46,248 | ) | ||
Stock-based compensation in cost of revenue | 2,359 | — | 2,359 | 2,359 |
Stock-based compensation in research and development | — | (4,844 | ) | 4,844 | 4,844 | |||||||
Stock-based compensation in selling, general and administrative | — | (10,084 | ) | 10,084 | 10,084 | |||||||
Amortization of intangibles | 13,745 | (6,775 | ) | 20,520 | 20,520 | |||||||
Restructuring and asset impairment charges | 314 | (2,762 | ) | 3,076 | 3,076 | |||||||
Discrete tax items and tax effect of non-GAAP adjustments | — | — | — | 20,445 | ||||||||
Non-GAAP | $ | 228,766 | $ | 209,454 | $ | 19,312 | $ | 15,080 | ||||
As a % of revenue (GAAP) | 49.0 | % | 54.0 | % | (5.0 | )% | (10.7 | )% | ||||
As a % of revenue (Non-GAAP) | 52.8 | % | 48.3 | % | 4.5 | % | 3.5 | % | ||||
Diluted net income (loss) per share: | ||||||||||||
Diluted net loss per share-GAAP | $ | (0.50 | ) | |||||||||
Diluted net income per share-Non-GAAP | $ | 0.16 | ||||||||||
Shares used to compute diluted net income (loss) per share: | ||||||||||||
GAAP | 92,508 | |||||||||||
Non-GAAP | 93,802 |
Q1 2016 Guidance | ||||
Gross Profit | Total Operating Expense | Loss from Operations | Net Loss | |
GAAP | $43 to $46 | $52 to $54 | $(9) to $(8) | $(10) to $(9) |
Stock-based compensation expense | 0.6 | (3.9) | 4.5 | 4.5 |
Amortization of intangibles | — | (1.5) | 1.5 | 1.5 |
TVN transaction costs | — | (1.0) | 1.0 | 1.0 |
Non-cash interest expense related to convertible notes | — | — | — | 1.2 |
Discrete tax items and tax effect of non-GAAP adjustments | — | — | — | (1.0) |
0.6 | (6.4) | 7.0 | 7.2 | |
Non-GAAP | $44 to $47 | $46 to $48 | $(2) to $(1) | $(3) to $(2) |
As a % of revenue (GAAP) | 53% to 54% | approx. 64% | (11)% to (9)% | (12)% to (10)% |
As a % of revenue (Non-GAAP) | 54% to 55% | approx. 56% | (4)% to (2)% | (3)% to (2)% |
Diluted loss per share: | ||||
Diluted net loss per share-GAAP | $(0.12) to $(0.11) | |||
Diluted net loss per share-Non-GAAP | $(0.03) to $(0.02) | |||
Shares used to compute diluted loss per share: | ||||
GAAP and Non-GAAP | 79.0 | |||
2016 Financial Guidance | ||||
Gross Profit | Total Operating Expense | Income (Loss) from Operations | Net Income (Loss) | |
GAAP | $217 to $223 | $248 to $252 | $(31) to $(29) | $(35) to $(33) |
Stock-based compensation expense | 2.6 | (15.4) | 18.0 | 18.0 |
Amortization of intangibles | 2.3 | (3.7) | 6.0 | 6.0 |
Restructuring and related charges | — | (20.0) | 20.0 | 20.0 |
TVN transaction costs | — | (1.0) | 1.0 | 1.0 |
Non-cash interest expense related to convertible notes | — | — | — | 5.0 |
Discrete tax items and tax effect of non-GAAP adjustments | — | — | — | (8.0) |
4.9 | (40.1) | 45.0 | 42.0 | |
Non-GAAP | $222 to $228 | $208 to $212 | $14 to $16 | $7 to $9 |
As a % of revenue (GAAP) | approx. 54% | approx. 62% | approx. (8)% | approx. (9)% |
As a % of revenue (Non-GAAP) | approx. 55% | approx. 52% | approx. 2% | approx. 2% |
Diluted income (loss) per share: | ||||
Diluted net loss per share-GAAP | $(0.45) to $(0.42) | |||
Diluted net income per share-Non-GAAP | $0.09 to $0.12 | |||
Shares used to compute diluted income (loss) per share: | ||||
GAAP | 79.0 | |||
Non-GAAP | 80.0 |
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