|
ATMEL CORPORATION | |||
|
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
|
(In thousands) | |||
|
(Unaudited) | |||
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2015 |
|
2014 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ 200,847 |
|
$ 206,937 |
|
Accounts receivable, net |
196,653 |
|
222,021 |
|
Inventories |
274,192 |
|
278,242 |
|
Prepaids and other current assets |
81,553 |
|
89,101 |
|
Total current assets |
753,245 |
|
796,301 |
|
Fixed assets, net |
154,809 |
|
158,281 |
|
Goodwill |
188,554 |
|
191,088 |
|
Intangible assets, net |
46,900 |
|
50,286 |
|
Other assets |
164,839 |
|
166,348 |
|
Total assets |
$ 1,308,347 |
|
$ 1,362,304 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade accounts payable |
$ 83,538 |
|
$ 97,467 |
|
Accrued and other liabilities |
126,736 |
|
147,109 |
|
Deferred income on shipments to distributors |
47,913 |
|
49,059 |
|
Total current liabilities |
258,187 |
|
293,635 |
|
Other long-term liabilities |
186,364 |
|
198,670 |
|
Total liabilities |
444,551 |
|
492,305 |
|
|
|
|
|
|
Stockholders' equity |
863,796 |
|
869,999 |
|
Total liabilities and stockholders' equity |
$ 1,308,347 |
|
$ 1,362,304 |
|
ATMEL CORPORATION | |||||
|
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES | |||||
|
(in thousands, except per share data) | |||||
|
(Unaudited) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended | ||||
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2015 |
|
2014 |
|
2014 |
|
GAAP net revenue |
$ 318,288 |
|
$ 345,954 |
|
$ 337,361 |
|
Revenue from XSense business |
(1,371) |
|
- |
|
- |
|
Non-GAAP net revenue |
$ 316,917 |
|
$ 345,954 |
|
$ 337,361 |
|
|
|
|
|
|
|
|
GAAP gross margin |
$ 147,297 |
|
$ 140,559 |
|
$ 139,990 |
|
Loss from manufacturing facility damage and shutdown |
- |
|
- |
|
7,056 |
|
Loss (gain) related to foundry arrangements |
1,192 |
|
- |
|
(58) |
|
Impairment of XSense assets |
- |
|
26,624 |
|
- |
|
Fair value adjustments to inventory from businesses acquired |
- |
|
774 |
|
- |
|
Share-based compensation expense |
1,115 |
|
1,463 |
|
1,316 |
|
Gross margin from XSense business |
1,138 |
|
- |
|
- |
|
Non-GAAP gross margin |
$ 150,742 |
|
$ 169,420 |
|
$ 148,304 |
|
|
|
|
|
|
|
|
GAAP research and development expense |
$ 59,129 |
|
$ 64,817 |
|
$ 69,752 |
|
Share-based compensation expense |
(3,578) |
|
(3,825) |
|
(4,729) |
|
French building underutilization and other (credits) |
296 |
|
317 |
|
(961) |
|
Research and development expense from XSense business |
(1,457) |
|
- |
|
- |
|
Non-GAAP research and development expense |
$ 54,390 |
|
$ 61,309 |
|
$ 64,062 |
|
|
|
|
|
|
|
|
GAAP selling, general and administrative expense |
$ 62,073 |
|
$ 67,845 |
|
$ 64,079 |
|
Share-based compensation expense |
(8,994) |
|
(8,578) |
|
(9,572) |
|
French building underutilization and other (credits) |
(8) |
|
9 |
|
(335) |
|
Selling, general and administrative expense from XSense business |
64 |
|
- |
|
- |
|
Non-GAAP selling, general and administrative expense |
$ 53,135 |
|
$ 59,276 |
|
$ 54,172 |
|
|
|
|
|
|
|
|
GAAP income (loss) from operations |
$ 20,545 |
|
$ (5,583) |
|
$ 4,755 |
|
Share-based compensation expense |
13,687 |
|
13,866 |
|
15,617 |
|
Loss from manufacturing facility damage and shutdown |
- |
|
- |
|
7,056 |
|
Acquisition-related charges |
4,403 |
|
3,480 |
|
1,628 |
|
French building underutilization and other (credits) |
(288) |
|
(326) |
|
1,296 |
|
Restructuring charges (credits) |
1,147 |
|
14,849 |
|
(224) |
|
Loss (gain) related to foundry arrangements |
1,192 |
|
- |
|
(58) |
|
Fair value adjustments to inventory from businesses acquired |
- |
|
774 |
|
- |
|
Recovery of receivables from foundry suppliers |
- |
|
(485) |
|
- |
|
Gain on sale of assets |
- |
|
(4,364) |
|
- |
|
Impairment of XSense assets |
- |
|
26,624 |
|
- |
|
Operating loss from the XSense business |
2,531 |
|
- |
|
- |
|
Non-GAAP income from operations |
$ 43,217 |
|
$ 48,835 |
|
$ 30,070 |
|
|
|
|
|
|
|
|
GAAP provision for income taxes |
$ (7,699) |
|
$ (1,712) |
|
$ (2,666) |
|
Adjustments for cash tax and other tax settlements |
(5,867) |
|
517 |
|
(1,651) |
|
Non-GAAP provision for income taxes |
$ (1,832) |
|
$ (2,229) |
|
$ (1,015) |
|
|
|
|
|
|
|
|
GAAP net income (loss) attributable to Atmel Corporation |
$ 16,495 |
|
$ (6,457) |
|
$ 2,166 |
|
Share-based compensation expense |
13,687 |
|
13,866 |
|
15,617 |
|
Loss from manufacturing facility damage and shutdown |
- |
|
- |
|
7,056 |
|
Acquisition-related charges |
4,403 |
|
3,480 |
|
1,628 |
|
French building underutilization and other (credits) |
(288) |
|
(326) |
|
1,296 |
|
Restructuring charges (credits) |
1,147 |
|
14,849 |
|
(224) |
|
Loss (gain) related to foundry arrangements |
1,192 |
|
- |
|
(58) |
|
Fair value adjustments to inventory from businesses acquired |
- |
|
774 |
|
- |
|
Recovery of receivables from foundry suppliers |
- |
|
(485) |
|
- |
|
Gain on sale of assets |
- |
|
(4,364) |
|
- |
|
Impairment of XSense assets |
- |
|
26,624 |
|
- |
|
Interest income from sale of assets |
- |
|
(1,295) |
|
- |
|
Operating loss from the XSense business |
2,531 |
|
- |
|
- |
|
Tax adjustments |
5,867 |
|
(517) |
|
1,651 |
|
Net income attributable to noncontrolling interest |
51 |
|
3,013 |
|
- |
|
Consolidated non-GAAP net income |
$ 45,085 |
|
$ 49,162 |
|
$ 29,132 |
|
|
|
|
|
|
|
|
GAAP net (loss) income per share - diluted attributable to Atmel Corporation |
$ 0.04 |
|
$ (0.02) |
|
$ 0.01 |
|
Share-based compensation expense |
0.03 |
|
0.03 |
|
0.04 |
|
Loss from manufacturing facility damage and shutdown |
- |
|
- |
|
0.02 |
|
Acquisition-related charges |
0.01 |
|
0.01 |
|
- |
|
French building underutilization and other (credits) |
- |
|
- |
|
- |
|
Restructuring charges (credits) |
- |
|
0.03 |
|
- |
|
Loss (gain) related to foundry arrangements |
- |
|
- |
|
- |
|
Fair value adjustments to inventory from businesses acquired |
- |
|
- |
|
- |
|
Recovery of receivables from foundry suppliers |
- |
|
- |
|
- |
|
Gain on sale of assets |
- |
|
(0.01) |
|
- |
|
Impairment of XSense assets |
- |
|
0.07 |
|
- |
|
Interest income from sale of assets |
- |
|
- |
|
- |
|
Operating loss from the XSense business |
0.01 |
|
- |
|
- |
|
Tax adjustments |
0.02 |
|
- |
|
- |
|
Net income per share attributable to noncontrolling interest |
- |
|
0.01 |
|
- |
|
Consolidated non-GAAP net income per share - diluted |
$ 0.11 |
|
$ 0.12 |
|
$ 0.07 |
|
|
|
|
|
|
|
|
GAAP diluted shares |
418,462 |
|
417,797 |
|
427,276 |
|
Adjusted dilutive stock awards - non-GAAP |
7,070 |
|
9,482 |
|
8,501 |
|
Non-GAAP diluted shares |
425,532 |
|
427,279 |
|
435,777 |
