|
ATMEL CORPORATION | |||
|
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
|
(In thousands) | |||
|
(Unaudited) | |||
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2015 |
|
2014 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ 196,359 |
|
$ 206,937 |
|
Accounts receivable, net |
206,070 |
|
222,021 |
|
Inventories |
275,268 |
|
278,242 |
|
Prepaids and other current assets |
78,225 |
|
89,101 |
|
Total current assets |
755,922 |
|
796,301 |
|
Fixed assets, net |
154,943 |
|
158,281 |
|
Goodwill |
191,451 |
|
191,088 |
|
Intangible assets, net |
44,019 |
|
50,286 |
|
Other assets |
164,939 |
|
166,348 |
|
Total assets |
$ 1,311,274 |
|
$ 1,362,304 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade accounts payable |
$ 76,928 |
|
$ 97,467 |
|
Accrued and other liabilities |
128,373 |
|
147,109 |
|
Deferred income on shipments to distributors |
53,324 |
|
49,059 |
|
Total current liabilities |
258,625 |
|
293,635 |
|
Other long-term liabilities |
185,931 |
|
198,670 |
|
Total liabilities |
444,556 |
|
492,305 |
|
|
|
|
|
|
Stockholders' equity |
866,718 |
|
869,999 |
|
Total liabilities and stockholders' equity |
$ 1,311,274 |
|
$ 1,362,304 |
|
ATMEL CORPORATION |
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RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES |
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(In thousands, except per share data) |
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(Unaudited) |
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|
|
|
|
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|
|
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|
Three Months Ended |
|
Six Months Ended | ||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2015 |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
GAAP net revenue |
$ 306,353 |
|
$ 318,288 |
|
$ 355,534 |
|
$ 624,641 |
|
$ 692,895 |
|
Revenue from the XSense business |
(58) |
|
(1,371) |
|
- |
|
(1,429) |
|
- |
|
Non-GAAP net revenue |
$ 306,295 |
|
$ 316,917 |
|
$ 355,534 |
|
$ 623,212 |
|
$ 692,895 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin |
$ 141,314 |
|
$ 147,297 |
|
$ 161,238 |
|
$ 288,611 |
|
$ 301,228 |
|
Loss from manufacturing facility damage and shutdown |
- |
|
- |
|
- |
|
- |
|
7,056 |
|
Loss (gain) related to foundry arrangements |
765 |
|
1,192 |
|
(2,071) |
|
1,957 |
|
(2,129) |
|
Share-based compensation expense |
1,682 |
|
1,115 |
|
1,971 |
|
2,797 |
|
3,287 |
|
Gross margin from the XSense business |
115 |
|
1,138 |
|
- |
|
1,253 |
|
- |
|
Non-GAAP gross margin |
$ 143,876 |
|
$ 150,742 |
|
$ 161,138 |
|
$ 294,618 |
|
$ 309,442 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development expense |
$ 59,998 |
|
$ 59,129 |
|
$ 70,082 |
|
$ 119,127 |
|
$ 139,834 |
|
Share-based compensation expense |
(3,573) |
|
(3,578) |
|
(4,383) |
|
(7,151) |
|
(9,112) |
|
French building underutilization and other (credits) |
(376) |
|
296 |
|
(651) |
|
(80) |
|
(1,612) |
|
Research and development expense from the XSense business |
(156) |
|
(1,457) |
|
- |
|
(1,613) |
|
- |
|
Non-GAAP research and development expense |
$ 55,893 |
|
$ 54,390 |
|
$ 65,048 |
|
$ 110,283 |
|
$ 129,110 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP selling, general and administrative expense |
$ 59,922 |
|
$ 62,073 |
|
$ 64,783 |
|
$ 121,995 |
|
$ 128,862 |
|
Share-based compensation expense |
(7,282) |
|
(8,994) |
|
(8,924) |
|
(16,276) |
|
(18,496) |
|
French building underutilization and other (credits) |
(126) |
|
(8) |
|
(515) |
|
(134) |
|
(850) |
|
Selling, general and administrative expense from the XSense business |
37 |
|
64 |
|
- |
|
101 |
|
- |
|
Non-GAAP selling, general and administrative expense |
$ 52,551 |
|
$ 53,135 |
|
$ 55,344 |
|
$ 105,686 |
|
$ 109,516 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from operations |
$ 14,758 |
|
$ 20,545 |
|
$ 26,459 |
|
$ 35,303 |
|
$ 31,214 |
|
Share-based compensation expense |
12,537 |
|
13,687 |
|
15,278 |
|
26,224 |
|
30,895 |
|
Loss from manufacturing facility damage and shutdown |
- |
|
- |
|
- |
|
- |
|
7,056 |
|
Acquisition-related charges |
3,807 |
|
4,403 |
|
1,497 |
|
8,210 |
|
3,125 |
|
French building underutilization and other (credits) |
502 |
|
(288) |
|
1,166 |
|
214 |
|
2,462 |
|
Restructuring charges (credits) |
4,882 |
|
1,147 |
|
(1,583) |
|
6,029 |
|
(1,807) |
|
Loss (gain) related to foundry arrangements |
765 |
|
1,192 |
|
(2,071) |
|
1,957 |
|
(2,129) |
|
Gain on sale of assets |
(2,053) |
|
- |
|
- |
|
(2,053) |
|
- |
|
Operating loss from the XSense business |
234 |
|
2,531 |
|
- |
|
2,765 |
|
- |
|
Non-GAAP income from operations |
$ 35,432 |
|
$ 43,217 |
|
$ 40,746 |
|
$ 78,649 |
|
$ 70,816 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP provision for income taxes |
$ (9,693) |
|
$ (7,699) |
|
$ (6,021) |
|
$ (17,392) |
|
$ (8,687) |
|
Non-GAAP tax adjustments |
(8,144) |
|
(5,867) |
|
(4,788) |
|
(14,011) |
|
(6,439) |
|
Non-GAAP provision for income taxes |
$ (1,549) |
|
$ (1,832) |
|
$ (1,233) |
|
$ (3,381) |
|
$ (2,248) |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to Atmel |
$ 6,312 |
|
$ 16,495 |
|
$ 19,236 |
|
$ 22,807 |
|
$ 21,402 |
|
Share-based compensation expense |
12,537 |
|
13,687 |
|
15,278 |
|
26,224 |
|
30,895 |
|
Loss from manufacturing facility damage and shutdown |
- |
|
- |
|
- |
|
- |
|
7,056 |
|
Acquisition-related charges |
3,807 |
|
4,403 |
|
1,497 |
|
8,210 |
|
3,125 |
|
French building underutilization and other (credits) |
502 |
|
(288) |
|
1,166 |
|
214 |
|
2,462 |
|
Restructuring charges (credits) |
4,882 |
|
1,147 |
|
(1,583) |
|
6,029 |
|
(1,807) |
|
Loss (gain) related to foundry arrangements |
765 |
|
1,192 |
|
(2,071) |
|
1,957 |
|
(2,129) |
|
Gain on sale of assets |
(2,053) |
|
- |
|
- |
|
(2,053) |
|
- |
|
Gain on sale of investments in privately-held companies |
(1,317) |
|
- |
|
- |
|
(1,317) |
|
- |
|
Operating loss from the XSense business |
234 |
|
2,531 |
|
- |
|
2,765 |
|
- |
|
Non-GAAP tax adjustments |
8,144 |
|
5,867 |
|
4,788 |
|
14,011 |
|
6,439 |
|
Net (loss) income attributable to noncontrolling interest |
(85) |
|
51 |
|
- |
|
(34) |
|
- |
|
Consolidated non-GAAP net income |
$ 33,728 |
|
$ 45,085 |
|
$ 38,311 |
|
$ 78,813 |
|
$ 67,443 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per share - diluted attributable to Atmel |
$ 0.02 |
|
$ 0.04 |
|
$ 0.05 |
|
$ 0.05 |
|
$ 0.05 |
|
Share-based compensation expense |
0.03 |
|
0.03 |
|
0.03 |
|
0.06 |
|
0.07 |
|
Loss from manufacturing facility damage and shutdown |
- |
|
- |
|
- |
|
- |
|
0.02 |
|
Acquisition-related charges |
0.01 |
|
0.01 |
|
- |
|
0.02 |
|
0.01 |
|
French building underutilization and other (credits) |
- |
|
- |
|
- |
|
- |
|
- |
|
Restructuring charges (credits) |
0.01 |
|
- |
|
- |
|
0.01 |
|
- |
|
Loss (gain) related to foundry arrangements |
- |
|
- |
|
- |
|
- |
|
- |
|
Gain on sale of assets |
(0.01) |
|
- |
|
- |
|
- |
|
- |
|
Gain on sale of investments in privately-held companies |
- |
|
- |
|
- |
|
- |
|
- |
|
Operating loss from the XSense business |
- |
|
0.01 |
|
- |
|
0.01 |
|
- |
|
Non-GAAP tax adjustments |
0.02 |
|
0.02 |
|
0.01 |
|
0.04 |
|
0.01 |
|
Net income per share attributable to noncontrolling interest |
- |
|
- |
|
- |
|
- |
|
- |
|
Consolidated non-GAAP net income per share - diluted |
$ 0.08 |
|
$ 0.11 |
|
$ 0.09 |
|
$ 0.19 |
|
$ 0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted shares |
419,158 |
|
418,462 |
|
422,834 |
|
418,784 |
|
424,876 |
|
Adjusted dilutive stock awards - non-GAAP |
6,486 |
|
7,070 |
|
7,212 |
|
6,414 |
|
7,288 |
|
Non-GAAP diluted shares |
425,644 |
|
425,532 |
|
430,046 |
|
425,198 |
|
432,164 |
