Delaware | 001-35623 | 86-0652659 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Exhibit No. | Description | |
99.1 | Text of press release issued by Peregrine Semiconductor Corporation on October 28, 2013 |
PEREGRINE SEMICONDUCTOR CORPORATION | |
Date: October 28, 2013 | /s/ Jay Biskupski |
Jay Biskupski Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Text of press release issued by Peregrine Semiconductor Corporation on October 28, 2013 |
• | Third quarter revenue of $60.0 million |
• | GAAP third quarter diluted income per share of $0.12 |
• | Non-GAAP third quarter diluted income per share of $0.17 |
Peregrine Semiconductor Corporation CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||
Net revenue | $ | 60,002 | $ | 60,575 | $ | 158,992 | $ | 140,909 | ||||||||
Cost of net revenue | 34,749 | 35,560 | 93,203 | 88,418 | ||||||||||||
Gross profit | 25,253 | 25,015 | 65,789 | 52,491 | ||||||||||||
Operating expense: | ||||||||||||||||
Research and development | 10,777 | 9,355 | 31,417 | 23,518 | ||||||||||||
Selling, general and administrative | 10,210 | 10,990 | 31,487 | 26,183 | ||||||||||||
Total operating expense | 20,987 | 20,345 | 62,904 | 49,701 | ||||||||||||
Income from operations | 4,266 | 4,670 | 2,885 | 2,790 | ||||||||||||
Interest expense, net | (27 | ) | (213 | ) | (165 | ) | (1,247 | ) | ||||||||
Other income (expense), net | 99 | (52 | ) | 50 | (132 | ) | ||||||||||
Income before income taxes | 4,338 | 4,405 | 2,770 | 1,411 | ||||||||||||
Income tax benefit | (95 | ) | (308 | ) | (7 | ) | (234 | ) | ||||||||
Net income | 4,433 | 4,713 | 2,777 | 1,645 | ||||||||||||
Net income allocable to preferred stockholders | — | (2,279 | ) | — | (1,362 | ) | ||||||||||
Net income attributable to common stockholders | $ | 4,433 | $ | 2,434 | $ | 2,777 | $ | 283 | ||||||||
Net income per share | ||||||||||||||||
Basic | $ | 0.14 | $ | 0.12 | $ | 0.09 | $ | 0.03 | ||||||||
Diluted* | $ | 0.12 | $ | 0.10 | $ | 0.08 | $ | 0.02 | ||||||||
Shares used to compute net income per share | ||||||||||||||||
Basic | 32,394 | 19,748 | 32,163 | 8,442 | ||||||||||||
Diluted | 35,804 | 24,351 | 35,738 | 12,692 |
* | Diluted net income per share attributable to common stockholders is computed by dividing net income attributable to common stockholders, calculated as net income less income allocable to preferred stockholders for the period prior to their conversion upon our initial public offering, by the weighted average number of common shares outstanding, including unvested shares subject to repurchase, and potential dilutive securities assuming the dilutive effect of outstanding stock options and warrants using the treasury stock method. |
Peregrine Semiconductor Corporation CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 17,206 | $ | 44,106 | ||||
Short-term marketable securities | 23,213 | 30,361 | ||||||
Accounts receivable, net | 18,322 | 13,353 | ||||||
Inventories | 52,311 | 57,017 | ||||||
Prepaids and other current assets | 7,955 | 11,108 | ||||||
Total current assets | 119,007 | 155,945 | ||||||
Property and equipment, net | 23,358 | 22,871 | ||||||
Long-term marketable securities | 22,664 | 18,892 | ||||||
Other assets | 211 | 210 | ||||||
Total assets | $ | 165,240 | $ | 197,918 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 12,465 | $ | 22,306 | ||||
Accrued liabilities | 9,151 | 12,672 | ||||||
Accrued compensation | 3,664 | 5,726 | ||||||
Customer deposits | 4,954 | 24,425 | ||||||
Deferred revenue | 5,627 | 12,755 | ||||||
Current portion of obligations under capital leases | 10 | 11 | ||||||
Total current liabilities | 35,871 | 77,895 | ||||||
Obligations under capital leases, less current portion | 18 | 18 | ||||||
Other long-term liabilities | 826 | 886 | ||||||
Stockholders’ equity: | ||||||||
Common stock | 33 | 32 | ||||||
Additional paid-in capital | 346,837 | 340,221 | ||||||
Accumulated deficit | (218,158 | ) | (220,935 | ) | ||||
Accumulated other comprehensive loss | (187 | ) | (199 | ) | ||||
Total stockholders’ equity | 128,525 | 119,119 | ||||||
Total liabilities and stockholders’ equity | $ | 165,240 | $ | 197,918 | ||||
Peregrine Semiconductor Corporation CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) | |||||||||
Nine Months Ended | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
Operating activities | |||||||||
Net income | $ | 2,777 | $ | 1,645 | |||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||
Depreciation and amortization | 4,825 | 3,132 | |||||||
Stock-based compensation | 4,854 | 3,116 | |||||||
Revaluation of warrants to fair value | — | 633 | |||||||
Imputed interest related to deposit arrangements, net | (307 | ) | 273 | ||||||
Amortization of premium and discount on investments, net | 293 | 48 | |||||||
Cash received for lease incentives | 135 | — | |||||||
Changes in operating assets and liabilities: | |||||||||
Accounts receivable | (4,956 | ) | (8,727 | ) | |||||
Inventories | 4,717 | (26,709 | ) | ||||||
Prepaids and other current and noncurrent assets | 3,676 | (6,354 | ) | ||||||
Accounts payable and accrued liabilities | (16,144 | ) | 21,606 | ||||||
Customer deposits | (11,425 | ) | 29,791 | ||||||
Deferred revenue | (6,787 | ) | 7,122 | ||||||
Net cash provided by (used in) operating activities | (18,342 | ) | 25,576 | ||||||
Investing activities | |||||||||
Purchases of property and equipment | (5,304 | ) | (13,157 | ) | |||||
Purchase of marketable securities | (28,552 | ) | (48,462 | ) | |||||
Sale of marketable securities | 31,607 | — | |||||||
Net cash used in investing activities | (2,249 | ) | (61,619 | ) | |||||
Financing activities | |||||||||
Proceeds from customer deposit financing arrangement | — | 13,000 | |||||||
Payments on customer deposit financing arrangement | (8,046 | ) | — | ||||||
Proceeds from line of credit | — | 3,000 | |||||||
Payments on line of credit | — | (10,749 | ) | ||||||
Payments on obligations under capital leases | (7 | ) | (661 | ) | |||||
Payments on notes payable | — | (1,618 | ) | ||||||
Proceeds from exercise of stock options | 1,759 | 369 | |||||||
Proceeds from exercise of warrants | — | 31 | |||||||
Proceeds from initial public offering, net of offering cost | — | 80,278 | |||||||
Costs paid in connection with initial public offering | — | (1,707 | ) | ||||||
Net cash provided by (used in) financing activities | (6,294 | ) | 81,943 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (15 | ) | (12 | ) | |||||
Net change in cash and cash equivalents | (26,900 | ) | 45,888 | ||||||
Cash and cash equivalents at beginning of period | 44,106 | 12,119 | |||||||
Cash and cash equivalents at end of period | $ | 17,206 | $ | 58,007 | |||||
Peregrine Semiconductor Corporation RECONCILIATION OF GAAP TO NON-GAAP RESULTS (in thousands, except per share data) (unaudited) | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||||||||||||||
Gross profit - GAAP | $ | 25,253 | 42.1% | $ | 25,015 | 41.3% | $ | 65,789 | 41.4% | $ | 52,491 | 37.3% | ||||||||||||||||
Non-cash compensation expense (1) | 238 | 0.4 | 133 | 0.2 | 652 | 0.4 | 404 | 0.2 | ||||||||||||||||||||
Gross profit - Non-GAAP | $ | 25,491 | 42.5% | $ | 25,148 | 41.5% | $ | 66,441 | 41.8% | $ | 52,895 | 37.5% | ||||||||||||||||
Income from operations - GAAP | $ | 4,266 | 7.1% | $ | 4,670 | 7.7% | $ | 2,885 | 1.8% | $ | 2,790 | 2.0% | ||||||||||||||||
Non-cash compensation expense (1) | 1,728 | 2.9 | 1,152 | 1.9 | 4,854 | 3.1 | 3,116 | 2.2 | ||||||||||||||||||||
Income from operations - Non-GAAP | $ | 5,994 | 10.0% | $ | 5,822 | 9.6% | $ | 7,739 | 4.9% | $ | 5,906 | 4.2% | ||||||||||||||||
Net income - GAAP | $ | 4,433 | 7.4% | $ | 4,713 | 7.8% | $ | 2,777 | 1.7% | $ | 1,645 | 1.2% | ||||||||||||||||
Non-cash compensation expense (1) | 1,728 | 2.9 | 1,152 | 1.9 | 4,854 | 3.1 | 3,116 | 2.2 | ||||||||||||||||||||
Net income - Non-GAAP | $ | 6,161 | 10.3% | $ | 5,865 | 9.7% | $ | 7,631 | 4.8% | $ | 4,761 | 3.4% | ||||||||||||||||
Diluted net income per share attributable to common stockholders - GAAP | $ | 0.12 | $ | 0.10 | $ | 0.08 | $ | 0.02 | ||||||||||||||||||||
Adjustment to reflect conversion of preferred stock at the beginning of period | — | 0.04 | — | 0.03 | ||||||||||||||||||||||||
Non-cash compensation expense | 0.05 | 0.03 | 0.13 | 0.10 | ||||||||||||||||||||||||
Diluted net income per share - Non-GAAP | $ | 0.17 | $ | 0.17 | $ | 0.21 | $ | 0.15 | ||||||||||||||||||||
Net income attributable to common stockholders - GAAP | $ | 4,433 | $ | 2,434 | $ | 2,777 | $ | 283 | ||||||||||||||||||||
Net income - Non-GAAP | $ | 6,161 | $ | 5,865 | $ | 7,631 | $ | 4,761 | ||||||||||||||||||||
Shares used to compute diluted net income per share attributable to common stockholders - GAAP | 35,804 | 24,351 | 35,738 | 12,692 | ||||||||||||||||||||||||
Adjustment to reflect conversion of preferred stock at the beginning of period | — | 9,347 | — | 18,039 | ||||||||||||||||||||||||
Shares used to compute diluted net income per share - Non-GAAP | 35,804 | 33,698 | 35,738 | 30,731 | ||||||||||||||||||||||||
(1) Includes stock-based compensation as follows: | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||||||||||||||
Cost of net revenue | $ | 238 | $ | 133 | $ | 652 | $ | 404 | ||||||||||||||||||||
Research and development | 537 | 368 | 1,534 | 935 | ||||||||||||||||||||||||
Selling, general and administrative | 953 | 651 | 2,668 | 1,777 | ||||||||||||||||||||||||
Total | $ | 1,728 | $ | 1,152 | $ | 4,854 | $ | 3,116 |
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