Delaware | 000-22660 | 95-3654013 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Exhibit No. | Description | |
99.1 | Press Release of TriQuint Semiconductor, Inc. dated October 28, 2014 |
TRIQUINT SEMICONDUCTOR, INC. | ||
By: | /s/ Steve Buhaly | |
Steve Buhaly | ||
Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release of TriQuint Semiconductor, Inc. dated October 28, 2014 |
• | Revenue grew 18% sequentially to $272.1 million |
• | GAAP gross margin was 45.5%; non-GAAP was 46.6%, up 8.6% year-on-year |
• | GAAP net income was $0.14 per diluted share, non-GAAP net income was $0.28 per share |
• | Premium filter revenue grew rapidly, supporting over 50 unique customers |
• | Base station revenue up 54% year to date compared to 2013 on continued LTE build out |
• | GaN performance, cost and capacity goals completed as part of the DARPA Title III program |
• | Expected merger with RFMD anticipated to close this year; Qorvo name announced |
GAAP RESULTS | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Q3 2014 | Q2 2014 | Change vs. Q2 2014 | Q3 2013 | Change vs. Q3 2013 | Q3 2014 | Q3 2013 | Change vs. Q3 2013 | |||||||||||||||||||||
Revenue | $ | 272.1 | $ | 230.8 | 18 | % | $ | 250.8 | 8 | % | $ | 680.5 | $ | 625.1 | 9 | % | ||||||||||||
Gross Profit | $ | 123.7 | $ | 92.7 | 33 | % | $ | 92.2 | 34 | % | $ | 275.5 | $ | 187.7 | 47 | % | ||||||||||||
Gross Margin % | 45.5 | % | 40.2 | % | 5.3 | % | 36.8 | % | 8.7 | % | 40.5 | % | 30.0 | % | 10.5 | % | ||||||||||||
Op Income (Loss) | $ | 35.9 | $ | 7.4 | 385 | % | $ | 18.8 | 91 | % | $ | 23.3 | $ | (32.1 | ) | 173 | % | |||||||||||
Net Income (Loss) | $ | 26.2 | $ | 5.2 | 404 | % | $ | 13.6 | 93 | % | $ | 12.3 | $ | (29.3 | ) | 142 | % | |||||||||||
Inc (Loss) per share | $ | 0.14 | $ | 0.03 | $ | 0.11 | $ | 0.08 | $ | 0.06 | $ | 0.07 | $ | (0.18 | ) | $ | 0.25 | |||||||||||
NON-GAAP RESULTS A | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Q3 2014 | Q2 2014 | Change vs. Q2 2014 | Q3 2013 | Change vs. Q3 2013 | Q3 2014 | Q3 2013 | Change vs. Q3 2013 | |||||||||||||||||||||
Revenue | $ | 272.1 | $ | 230.8 | 18 | % | $ | 250.8 | 8 | % | $ | 680.5 | $ | 625.1 | 9 | % | ||||||||||||
Gross Profit | $ | 126.8 | $ | 96.2 | 32 | % | $ | 95.2 | 33 | % | $ | 285.6 | $ | 196.7 | 45 | % | ||||||||||||
Gross Margin % | 46.6 | % | 41.7 | % | 4.9 | % | 38.0 | % | 8.6 | % | 42.0 | % | 31.5 | % | 10.5 | % | ||||||||||||
Op Income (Loss) | $ | 52.1 | $ | 24.3 | 114 | % | $ | 26.7 | 95 | % | $ | 68.0 | $ | (9.4 | ) | 823 | % | |||||||||||
Net Income (Loss) | $ | 51.4 | $ | 23.6 | 118 | % | $ | 26.3 | 95 | % | $ | 65.6 | $ | (11.9 | ) | 651 | % | |||||||||||
Inc (Loss) per share | $ | 0.28 | $ | 0.13 | $ | 0.15 | $ | 0.16 | $ | 0.12 | $ | 0.36 | $ | (0.07 | ) | $ | 0.43 | |||||||||||
A | Excludes stock based compensation charges, non-cash tax benefit, certain entries associated with mergers and acquisitions, including expenses associated with the planned merger with RFMD and other specifically identified non-routine transactions. | |||||||||||||||||||||||||||
Steve Buhaly VP of Finance & Administration, CFO TriQuint Semiconductor, Inc Tel: +1.503.615.9401 E-mail: steve.buhaly@triquint.com | Grant Brown Director, Investor Relations TriQuint Semiconductor, Inc Tel: +1.503.615.9413 E-mail: grant.brown@triquint.com | Media Contact: Brandi Frye Sr. Director, Corporate Communications TriQuint Semiconductor, Inc. Tel: +1.503.615.9488 E-mail: brandi.frye@triquint.com |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | |||||||||||
September 27, 2014 | December 31, 2013 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 223,612 | $ | 79,026 | |||||||
Investments in marketable securities | 24,330 | — | |||||||||
Accounts receivable, net | 164,397 | 177,114 | |||||||||
Inventories | 158,130 | 159,488 | |||||||||
Prepaid expenses | 8,791 | 13,617 | |||||||||
Deferred tax assets, net | 17,956 | 12,787 | |||||||||
Other current assets | 38,366 | 39,960 | |||||||||
Total current assets | 635,582 | 481,992 | |||||||||
Property, plant and equipment, net | 428,459 | 420,363 | |||||||||
Goodwill | 13,519 | 13,519 | |||||||||
Intangible assets, net | 19,199 | 23,510 | |||||||||
Deferred tax assets – noncurrent, net | 51,019 | 61,554 | |||||||||
Other noncurrent assets, net | 59,257 | 32,319 | |||||||||
Total assets | $ | 1,207,035 | $ | 1,033,257 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 77,702 | $ | 52,472 | |||||||
Accrued payroll | 45,766 | 39,743 | |||||||||
Other accrued liabilities | 14,834 | 15,893 | |||||||||
Total current liabilities | 138,302 | 108,108 | |||||||||
Long-term liabilities: | |||||||||||
Long-term income tax liability | 2,311 | 2,062 | |||||||||
Cross-licensing liability | 11,309 | 11,752 | |||||||||
Other long-term liabilities | 16,312 | 16,782 | |||||||||
Total liabilities | 168,234 | 138,704 | |||||||||
Stockholders' equity: | |||||||||||
Common stock | 177 | 162 | |||||||||
Additional paid-in capital | 831,833 | 699,903 | |||||||||
Accumulated other comprehensive income | 73 | 95 | |||||||||
Retained earnings | 206,718 | 194,393 | |||||||||
Total stockholders' equity | 1,038,801 | 894,553 | |||||||||
Total liabilities and stockholders' equity | $ | 1,207,035 | $ | 1,033,257 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 27, 2014 | June 28, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||||||||||
Revenues | $ | 272,147 | $ | 230,771 | $ | 250,836 | $ | 680,524 | 625,148 | |||||||||||||
Cost of goods sold | 148,427 | 138,057 | 158,619 | 405,040 | 437,440 | |||||||||||||||||
Gross profit | 123,720 | 92,714 | 92,217 | 275,484 | 187,708 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Research, development and engineering | 49,810 | 48,001 | 47,023 | 147,681 | 140,201 | |||||||||||||||||
Selling, general and administrative | 38,035 | 37,316 | 26,420 | 104,514 | 79,650 | |||||||||||||||||
Total operating expenses | 87,845 | 85,317 | 73,443 | 252,195 | 219,851 | |||||||||||||||||
Operating income (loss) | 35,875 | 7,397 | 18,774 | 23,289 | (32,143 | ) | ||||||||||||||||
Other (expense) income: | ||||||||||||||||||||||
Interest income | 92 | 42 | 7 | 161 | 83 | |||||||||||||||||
Interest expense | (892 | ) | (844 | ) | (1,153 | ) | (2,591 | ) | (3,429 | ) | ||||||||||||
Other, net | 297 | (624 | ) | 70 | (282 | ) | 97 | |||||||||||||||
Other (expense) income, net | (503 | ) | (1,426 | ) | (1,076 | ) | (2,712 | ) | (3,249 | ) | ||||||||||||
Income (loss) before income tax | 35,372 | 5,971 | 17,698 | 20,577 | (35,392 | ) | ||||||||||||||||
Income tax expense (benefit) | 9,188 | 761 | 4,137 | 8,252 | (6,119 | ) | ||||||||||||||||
Net income (loss) | $ | 26,184 | $ | 5,210 | $ | 13,561 | $ | 12,325 | $ | (29,273 | ) | |||||||||||
Per Share Data: | ||||||||||||||||||||||
Basic per share net earnings (loss) | $ | 0.15 | $ | 0.03 | $ | 0.09 | $ | 0.07 | $ | (0.18 | ) | |||||||||||
Diluted per share net earnings (loss) | $ | 0.14 | $ | 0.03 | $ | 0.08 | 0.07 | $ | (0.18 | ) | ||||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||
Basic | 175,764 | 171,770 | 157,105 | 170,709 | 159,057 | |||||||||||||||||
Diluted | 185,701 | 181,319 | 163,917 | 180,302 | 159,057 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(% of revenue) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, 2014 | June 28, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | |||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||
Cost of goods sold | 54.5 | % | 59.8 | % | 63.2 | % | 59.5 | % | 70.0 | % | |||||||
Gross profit | 45.5 | % | 40.2 | % | 36.8 | % | 40.5 | % | 30.0 | % | |||||||
Operating expenses: | |||||||||||||||||
Research, development and engineering | 18.3 | % | 20.8 | % | 18.7 | % | 21.7 | % | 22.4 | % | |||||||
Selling, general and administrative | 14.0 | % | 16.2 | % | 10.6 | % | 15.4 | % | 12.7 | % | |||||||
Total operating expenses | 32.3 | % | 37.0 | % | 29.3 | % | 37.1 | % | 35.1 | % | |||||||
Operating income (loss) | 13.2 | % | 3.2 | % | 7.5 | % | 3.4 | % | (5.1 | )% | |||||||
Other (expense) income: | |||||||||||||||||
Interest income | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
Interest expense | (0.3 | )% | (0.3 | )% | (0.5 | )% | (0.4 | )% | (0.6 | )% | |||||||
Other, net | 0.1 | % | (0.3 | )% | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
Other (expense) income, net | (0.2 | )% | (0.6 | )% | (0.5 | )% | (0.4 | )% | (0.6 | )% | |||||||
Income (loss) before income tax | 13.0 | % | 2.6 | % | 7.0 | % | 3.0 | % | (5.7 | )% | |||||||
Income tax expense (benefit) | 3.4 | % | 0.3 | % | 1.6 | % | 1.2 | % | (1.0 | )% | |||||||
Net income (loss) | 9.6 | % | 2.3 | % | 5.4 | % | 1.8 | % | (4.7 | )% |
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 27, 2014 | June 28, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||||||||||||||||||||
(% of revenues) | (% of revenues) | (% of revenues) | (% of revenues) | (% of revenues) | ||||||||||||||||||||||||||||
GAAP GROSS PROFIT | $ | 123,720 | 45.5 | % | $ | 92,714 | 40.2 | % | $ | 92,217 | 36.8 | % | $ | 275,484 | 40.5 | % | $ | 187,708 | 30.0 | % | ||||||||||||
Adjustment for stock based compensation charges | 1,610 | 0.6 | % | 2,218 | 1.0 | % | 1,720 | 0.7 | % | 5,613 | 0.8 | % | 5,327 | 0.9 | % | |||||||||||||||||
Adjustment for restructuring and impairment charges | 42 | 0.0 | % | (20 | ) | — | % | — | — | % | 736 | 0.0 | % | — | — | % | ||||||||||||||||
Adjustment for charges associated with acquisitions | 1,397 | 0.5 | % | 1,301 | 0.5 | % | 1,272 | 0.5 | % | 3,781 | 0.6 | % | 3,682 | 0.6 | % | |||||||||||||||||
NON-GAAP GROSS PROFIT | $ | 126,769 | 46.6 | % | $ | 96,213 | 41.7 | % | $ | 95,209 | 38.0 | % | 285,614 | 42.0 | % | 196,717 | 31.5 | % | ||||||||||||||
GAAP OPERATING EXPENSES | $ | 87,845 | 32.3 | % | $ | 85,317 | 37.0 | % | $ | 73,443 | 29.3 | % | $ | 252,195 | 37.1 | % | $ | 219,851 | 35.1 | % | ||||||||||||
Adjustment for stock based compensation charges | (4,748 | ) | (1.7 | )% | (5,287 | ) | (2.3 | )% | (5,193 | ) | (2.1 | )% | (14,840 | ) | (2.2 | )% | (15,802 | ) | (2.5 | )% | ||||||||||||
Adjustment for restructuring and impairment charges | (114 | ) | 0.0 | % | 52 | — | % | — | — | % | (1,143 | ) | (0.2 | )% | — | — | % | |||||||||||||||
Adjustment for charges associated with acquisitions | (8,310 | ) | (3.1 | )% | (8,124 | ) | (3.5 | )% | 308 | 0.1 | % | (18,631 | ) | (2.7 | )% | 2,103 | 0.4 | % | ||||||||||||||
NON-GAAP OPERATING EXPENSES | $ | 74,673 | 27.5 | % | $ | 71,958 | 31.2 | % | $ | 68,558 | 27.3 | % | $ | 217,581 | 32.0 | % | $ | 206,152 | 33.0 | % | ||||||||||||
GAAP OPERATING INCOME (LOSS) | $ | 35,875 | 13.2 | % | $ | 7,397 | 3.2 | % | $ | 18,774 | 7.5 | % | $ | 23,289 | 3.4 | % | $ | (32,143 | ) | (5.1 | )% | |||||||||||
Adjustment for stock based compensation charges | 6,358 | 2.3 | % | 7,505 | 3.3 | % | 6,913 | 2.8 | % | 20,453 | 3.0 | % | 21,129 | 3.4 | % | |||||||||||||||||
Adjustment for restructuring and impairment charges | 156 | — | % | (72 | ) | (0.1 | )% | — | % | 1,879 | 0.3 | % | — | — | % | |||||||||||||||||
Adjustment for charges associated with acquisitions | 9,707 | 3.6 | % | 9,425 | 4.1 | % | 964 | 0.3 | % | 22,412 | 3.3 | % | 1,579 | 0.2 | % | |||||||||||||||||
NON-GAAP OPERATING INCOME (LOSS) | $ | 52,096 | 19.1 | % | $ | 24,255 | 10.5 | % | $ | 26,651 | 10.6 | % | $ | 68,033 | 10.0 | % | $ | (9,435 | ) | (1.5 | )% | |||||||||||
GAAP NET INCOME (LOSS) | $ | 26,184 | 9.6 | % | $ | 5,210 | 2.3 | % | $ | 13,561 | 5.4 | % | $ | 12,325 | 1.8 | % | $ | (29,273 | ) | (4.7 | )% | |||||||||||
Adjustment for stock based compensation charges | 6,358 | 2.3 | % | 7,505 | 3.3 | % | 6,913 | 2.8 | % | 20,453 | 3.0 | % | 21,129 | 3.4 | % | |||||||||||||||||
Adjustment for restructuring and impairment charges | 156 | 0.1 | % | (72 | ) | — | % | — | — | % | 1,879 | 0.3 | % | — | — | % | ||||||||||||||||
Adjustment for impairment (recovery) of investment | — | — | % | 515 | 0.2 | % | — | — | % | 515 | 0.1 | % | (421 | ) | (0.1 | )% | ||||||||||||||||
Adjustment for non-cash tax expense (benefit) | 9,338 | 3.4 | % | 803 | 0.3 | % | 4,482 | 1.8 | % | 7,950 | 1.2 | % | (6,243 | ) | (1.0 | )% |
Adjustment for charges associated with acquisitions | 9,374 | 3.5 | % | 9,643 | 4.1 | % | 1,351 | 0.5 | % | 22,526 | 3.2 | % | 2,941 | 0.5 | % | |||||||||||||||||
NON-GAAP NET INCOME (LOSS) | $ | 51,410 | 18.9 | % | $ | 23,604 | 10.2 | % | $ | 26,307 | 10.5 | % | $ | 65,648 | 9.6 | % | $ | (11,867 | ) | (1.9 | )% | |||||||||||
GAAP DILUTED EARNINGS (LOSS) PER SHARE | 0.14 | $ | 0.03 | $ | 0.08 | $ | 0.07 | (0.18 | ) | |||||||||||||||||||||||
Adjustment for stock based compensation charges | 0.03 | 0.04 | 0.04 | 0.11 | 0.13 | |||||||||||||||||||||||||||
Adjustment for restructuring and impairment charges | 0.01 | (0.00 | ) | — | 0.01 | — | ||||||||||||||||||||||||||
Adjustment for impairment (recovery) of investment | 0.00 | — | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||
Adjustment for non-cash tax expense (benefit) | 0.05 | 0.01 | 0.03 | 0.04 | (0.04 | ) | ||||||||||||||||||||||||||
Adjustment for charges associated with acquisitions | 0.05 | 0.05 | 0.01 | 0.13 | 0.02 | |||||||||||||||||||||||||||
NON-GAAP DILUTED EARNINGS (LOSS) PER SHARE | $ | 0.28 | $ | 0.13 | $ | 0.16 | $ | 0.36 | $ | (0.07 | ) | |||||||||||||||||||||
Forward Looking Q4 GAAP Gross Margin | 46.0 | % | ||||
Adjustment for stock based compensation charges | 0.5 | % | ||||
Adjustment for charges associated with acquisitions | 0.5 | % | ||||
Forward Looking Q4 non-GAAP Gross Margin | 47.0 | % | ||||
Forward Looking Q4 GAAP Net Earnings per Share | $ | 0.14 | ||||
Adjustment for stock based compensation charges | 0.04 | |||||
Adjustment for non-cash tax expense | 0.06 | |||||
Adjustment for charges associated with acquisitions | 0.19 | |||||
Forward Looking Q4 non-GAAP Net Earnings per Share | $ | 0.43 |
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