Oregon | 0-26844 | 93-0945232 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
5435 NE Dawson Creek Drive | |
Hillsboro, Oregon | 97124 |
(Address of Principal Executive Offices) | (Zip Code) |
Exhibit Number | Description | |
99.1 | Third Quarter 2015 Earnings Release, dated October 27, 2015 |
RADISYS CORPORATION | ||||
Date: | October 27, 2015 | By: | /s/ Jonathan Wilson | |
Jonathan Wilson | ||||
Chief Financial Officer and Vice President of Finance (Principal Financial and Accounting Officer) |
Exhibit Number | Description | |
99.1 | Third Quarter 2015 Earnings Release, dated October 27, 2015. |
• | Received initial commercial deployment orders for FlowEngine from a large North American carrier; |
• | Fulfilled remainder of $11 million MediaEngine order received in second quarter 2015; |
• | Software-Systems revenue of $15.5 million and gross margin of 58.7%; and |
• | Consolidated non-GAAP earnings per share of $0.07, an increase of $0.05 year-on-year. |
• | Revenue is expected between $40 million and $44 million. |
• | Non-GAAP gross margin in the fourth quarter is expected between 36% and 39%, and non-GAAP R&D and SG&A expenses are expected to approximate $13 million. |
• | Fourth quarter non-GAAP earnings are expected to range from $0.04 to $0.10 per share. |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues | $ | 44,780 | $ | 50,805 | $ | 140,516 | $ | 144,568 | |||||||
Cost of sales: | |||||||||||||||
Cost of sales | 29,812 | 34,052 | 96,347 | 100,551 | |||||||||||
Amortization of purchased technology | 1,961 | 2,056 | 5,935 | 6,165 | |||||||||||
Gross margin | 13,007 | 14,697 | 38,234 | 37,852 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 6,054 | 7,657 | 19,618 | 24,484 | |||||||||||
Selling, general and administrative | 7,561 | 8,554 | 22,536 | 27,103 | |||||||||||
Intangible assets amortization | 1,260 | 1,260 | 3,780 | 3,817 | |||||||||||
Restructuring and other charges, net | 148 | 1,329 | 4,842 | 3,444 | |||||||||||
Loss from operations | (2,016 | ) | (4,103 | ) | (12,542 | ) | (20,996 | ) | |||||||
Interest expense | (97 | ) | (317 | ) | (417 | ) | (949 | ) | |||||||
Other income, net | 568 | 463 | 1,126 | 799 | |||||||||||
Loss before income tax expense | (1,545 | ) | (3,957 | ) | (11,833 | ) | (21,146 | ) | |||||||
Income tax expense | 521 | 512 | 1,405 | 1,968 | |||||||||||
Net loss | $ | (2,066 | ) | $ | (4,469 | ) | $ | (13,238 | ) | $ | (23,114 | ) | |||
Net loss per share: | |||||||||||||||
Basic | $ | (0.06 | ) | $ | (0.12 | ) | $ | (0.36 | ) | $ | (0.68 | ) | |||
Diluted | $ | (0.06 | ) | $ | (0.12 | ) | $ | (0.36 | ) | $ | (0.68 | ) | |||
Weighted average shares outstanding | |||||||||||||||
Basic | 36,830 | 36,332 | 36,740 | 34,097 | |||||||||||
Diluted | 36,830 | 36,332 | 36,740 | 34,097 |
September 30, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 18,376 | $ | 31,242 | |||
Accounts receivable, net | 43,881 | 43,845 | |||||
Inventories and inventory deposit, net | 15,609 | 18,475 | |||||
Other current assets | 6,374 | 9,822 | |||||
Total current assets | 84,240 | 103,384 | |||||
Property and equipment, net | 6,828 | 9,786 | |||||
Intangible assets, net | 33,509 | 43,224 | |||||
Other assets, net | 3,610 | 4,326 | |||||
Total assets | $ | 128,187 | $ | 160,720 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 27,712 | $ | 33,679 | |||
Deferred revenue | 7,352 | 6,204 | |||||
Other accrued liabilities | 13,491 | 12,261 | |||||
Line of credit | 10,000 | 10,000 | |||||
Convertible senior notes | — | 18,000 | |||||
Total current liabilities | 58,555 | 80,144 | |||||
Other long-term liabilities | 2,977 | 2,800 | |||||
Total liabilities | 61,532 | 82,944 | |||||
Shareholders' equity: | |||||||
Common stock | 337,143 | 334,024 | |||||
Accumulated deficit | (269,909 | ) | (256,671 | ) | |||
Accumulated other comprehensive income | (579 | ) | 423 | ||||
Total shareholders’ equity | 66,655 | 77,776 | |||||
Total liabilities and shareholders’ equity | $ | 128,187 | $ | 160,720 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net loss | $ | (2,066 | ) | $ | (4,469 | ) | $ | (13,238 | ) | $ | (23,114 | ) | |||
Adjustments to reconcile net loss to net cash | |||||||||||||||
provided by (used in) operating activities: | |||||||||||||||
Depreciation and amortization | 4,582 | 5,021 | 14,056 | 15,357 | |||||||||||
Stock-based compensation expense | 1,172 | 778 | 2,971 | 3,359 | |||||||||||
Other | 420 | 44 | 1,150 | 3,614 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable | (4,932 | ) | (1,767 | ) | (25 | ) | (2,332 | ) | |||||||
Inventories | (1,631 | ) | 1,841 | 1,745 | 6,179 | ||||||||||
Other receivables | 367 | 3,784 | 2,874 | (3,312 | ) | ||||||||||
Accounts payable | 1,679 | (3,071 | ) | (5,910 | ) | (3,391 | ) | ||||||||
Deferred revenue | 782 | (6,379 | ) | 1,148 | (2,043 | ) | |||||||||
Other operating assets and liabilities | 115 | 2,568 | 2,331 | (1,289 | ) | ||||||||||
Net cash provided by (used in) operating activities | 488 | (1,650 | ) | 7,102 | (6,972 | ) | |||||||||
Cash flows from investing activities: | |||||||||||||||
Capital expenditures | (607 | ) | (584 | ) | (1,653 | ) | (1,861 | ) | |||||||
Net cash used in investing activities | (607 | ) | (584 | ) | (1,653 | ) | (1,861 | ) | |||||||
Cash flows from financing activities: | |||||||||||||||
Borrowings on line of credit | — | — | 8,500 | — | |||||||||||
Payments on line of credit | — | — | (8,500 | ) | (5,000 | ) | |||||||||
Repayment of convertible senior notes | — | — | (18,000 | ) | — | ||||||||||
Proceeds from issuance of common stock | 83 | 61 | 250 | 21,081 | |||||||||||
Other financing activities, net | (5 | ) | (250 | ) | (102 | ) | (551 | ) | |||||||
Net cash provided by (used in) financing activities | 78 | (189 | ) | (17,852 | ) | 15,530 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (132 | ) | (245 | ) | (463 | ) | (241 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (173 | ) | (2,668 | ) | (12,866 | ) | 6,456 | ||||||||
Cash and cash equivalents, beginning of period | 18,549 | 34,606 | 31,242 | 25,482 | |||||||||||
Cash and cash equivalents, end of period | $ | 18,376 | $ | 31,938 | $ | 18,376 | $ | 31,938 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue | ||||||||||||||||
Software-Systems | $ | 15,477 | $ | 11,620 | $ | 39,336 | $ | 29,861 | ||||||||
Embedded Products and Hardware Services | 29,303 | 39,185 | 101,180 | 114,707 | ||||||||||||
Total revenues | $ | 44,780 | $ | 50,805 | $ | 140,516 | $ | 144,568 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Gross margin | ||||||||||||||||
Software-Systems | $ | 9,081 | $ | 7,857 | $ | 22,354 | $ | 18,871 | ||||||||
Embedded Products and Hardware Services | 5,973 | 8,940 | 22,043 | 25,472 | ||||||||||||
Corporate and other | (2,047 | ) | (2,100 | ) | (6,163 | ) | (6,491 | ) | ||||||||
Total gross margin | $ | 13,007 | $ | 14,697 | $ | 38,234 | $ | 37,852 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Income (loss) from operations | ||||||||||||||||
Software-Systems | $ | 743 | $ | 13 | $ | (3,126 | ) | $ | (4,699 | ) | ||||||
Embedded Products and Hardware Services | 1,782 | 1,307 | 8,112 | 488 | ||||||||||||
Corporate and other | (4,541 | ) | (5,423 | ) | (17,528 | ) | (16,785 | ) | ||||||||
Total loss from operations | $ | (2,016 | ) | $ | (4,103 | ) | $ | (12,542 | ) | $ | (20,996 | ) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
North America | $ | 18,539 | 41.4 | % | $ | 17,730 | 34.9 | % | $ | 58,470 | 41.6 | % | $ | 54,164 | 37.5 | % | |||||||
Asia Pacific | 19,206 | 42.9 | 21,303 | 41.9 | 58,016 | 41.3 | 54,398 | 37.6 | |||||||||||||||
Europe, the Middle East and Africa | 7,035 | 15.7 | 11,772 | 23.2 | 24,030 | 17.1 | 36,006 | 24.9 | |||||||||||||||
Total | $ | 44,780 | 100.0 | % | $ | 50,805 | 100.0 | % | $ | 140,516 | 100.0 | % | $ | 144,568 | 100.0 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
GROSS MARGIN: | |||||||||||||||||||||||
GAAP gross margin | $ | 13,007 | 29.0 | % | $ | 14,697 | 28.9 | % | $ | 38,234 | 26.4 | % | $ | 37,852 | 26.2 | % | |||||||
(a) Amortization of acquired intangible assets | 1,961 | 2,056 | 5,935 | 6,165 | |||||||||||||||||||
(b) Stock-based compensation | 86 | 44 | 228 | 326 | |||||||||||||||||||
Non-GAAP gross margin | $ | 15,054 | 33.6 | % | $ | 16,797 | 33.1 | % | $ | 44,397 | 31.6 | % | $ | 44,343 | 30.7 | % | |||||||
RESEARCH AND DEVELOPMENT: | |||||||||||||||||||||||
GAAP research and development | $ | 6,054 | 13.5 | % | $ | 7,657 | 15.1 | % | $ | 19,618 | 14.0 | % | $ | 24,484 | 16.9 | % | |||||||
(b) Stock-based compensation | 252 | 131 | 641 | 684 | |||||||||||||||||||
Non-GAAP research and development | $ | 5,802 | 13.0 | % | $ | 7,526 | 14.8 | % | $ | 18,977 | 13.5 | % | $ | 23,800 | 16.5 | % | |||||||
SELLING, GENERAL AND ADMINISTRATIVE: | |||||||||||||||||||||||
GAAP selling, general and administrative | $ | 7,561 | 16.9 | % | $ | 8,554 | 16.8 | % | $ | 22,536 | 16.0 | % | $ | 27,103 | 18.7 | % | |||||||
(b) Stock-based compensation | 834 | 603 | 2,102 | 2,349 | |||||||||||||||||||
Non-GAAP selling, general and administrative | $ | 6,727 | 15.0 | % | $ | 7,951 | 15.7 | % | $ | 20,434 | 14.5 | % | $ | 24,754 | 17.1 | % | |||||||
INCOME (LOSS) FROM OPERATIONS: | |||||||||||||||||||||||
GAAP loss from operations | $ | (2,016 | ) | (4.5 | )% | $ | (4,103 | ) | (8.1 | )% | $ | (12,542 | ) | (8.9 | )% | $ | (20,996 | ) | (14.5 | )% | |||
(a) Amortization of acquired intangible assets | 3,221 | 3,316 | 9,715 | 9,982 | |||||||||||||||||||
(b) Stock-based compensation | 1,172 | 778 | 2,971 | 3,359 | |||||||||||||||||||
(c) Restructuring and acquisition-related charges, net | 148 | 1,329 | 4,842 | 3,444 | |||||||||||||||||||
Non-GAAP income (loss) from operations | $ | 2,525 | 5.6 | % | $ | 1,320 | 2.6 | % | $ | 4,986 | 3.5 | % | $ | (4,211 | ) | (2.9 | )% | ||||||
NET INCOME (LOSS): | |||||||||||||||||||||||
GAAP net loss | $ | (2,066 | ) | (4.6 | )% | $ | (4,469 | ) | (8.8 | )% | $ | (13,238 | ) | (9.4 | )% | $ | (23,114 | ) | (16.0 | )% | |||
(a) Amortization of acquired intangible assets | 3,221 | 3,316 | 9,715 | 9,982 | |||||||||||||||||||
(b) Stock-based compensation | 1,172 | 778 | 2,971 | 3,359 | |||||||||||||||||||
(c) Restructuring and acquisition-related charges, net | 148 | 1,329 | 4,842 | 3,444 | |||||||||||||||||||
(d) Income taxes | 132 | 93 | 630 | 689 | |||||||||||||||||||
(e) Gain on Life Insurance asset | — | (361 | ) | — | (361 | ) | |||||||||||||||||
Non-GAAP net income (loss) | $ | 2,607 | 5.8 | % | $ | 686 | 1.4 | % | $ | 4,920 | 3.5 | % | $ | (6,001 | ) | (4.2 | )% | ||||||
GAAP weighted average diluted shares | 36,830 | 36,332 | 36,740 | 34,097 | |||||||||||||||||||
Dilutive equity awards included in | |||||||||||||||||||||||
non-GAAP earnings per share | 167 | 524 | 156 | — | |||||||||||||||||||
Non-GAAP weighted average diluted shares | 36,997 | 36,856 | 36,896 | 34,097 | |||||||||||||||||||
GAAP net loss per share (diluted) | $ | (0.06 | ) | $ | (0.12 | ) | $ | (0.36 | ) | $ | (0.68 | ) | |||||||||||
Non-GAAP adjustments detailed above | 0.13 | 0.14 | 0.49 | 0.50 | |||||||||||||||||||
Non-GAAP net income (loss) per share (diluted) | $ | 0.07 | $ | 0.02 | $ | 0.13 | $ | (0.18 | ) |
Three Months Ended | ||||||||
December 31, 2015 | ||||||||
Low End | High End | |||||||
GAAP net loss | (3.0 | ) | (0.9 | ) | ||||
(a) Amortization of acquired intangible assets | 3.2 | 3.2 | ||||||
(b) Stock-based compensation | 1.1 | 1.1 | ||||||
(c) Restructuring and acquisition-related charges, net | — | — | ||||||
(d) Income taxes | 0.2 | 0.3 | ||||||
Total adjustments | 4.5 | 4.6 | ||||||
Non-GAAP net income | $ | 1.5 | $ | 3.7 | ||||
GAAP weighted average shares | 37,000 | 37,000 | ||||||
Non-GAAP adjustments | 200 | 200 | ||||||
Non-GAAP weighted average shares (diluted) | 37,200 | 37,200 | ||||||
GAAP net loss per share | (0.08 | ) | (0.02 | ) | ||||
Non-GAAP adjustments detailed above | 0.12 | 0.12 | ||||||
Non-GAAP net income per share (diluted) | $ | 0.04 | $ | 0.10 |
Estimates at the midpoint of the guidance range | ||
Three Months Ended | ||
December 31, 2015 | ||
GAAP | 32.7 | % |
(a) Amortization of acquired intangible assets | 4.6 | |
(b) Stock-based compensation | 0.2 | |
Non-GAAP | 37.5 | % |
Estimates at the midpoint of the guidance range | |||
Three Months Ended | |||
December 31, 2015 | |||
GAAP | $ | 14.0 | |
(b) Stock-based compensation | 1.0 | ||
Non-GAAP | $ | 13.0 |
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