Intersil Corporation Condensed Consolidated Balance Sheets Unaudited (in thousands) Jan. 1, Oct. 2, Jan. 2, 2016 2015 2015 Assets Current assets: Cash and cash equivalents $ 247,403 $ 228,898 $ 211,216 Trade receivables, net 42,684 51,158 55,585 Inventories 65,334 68,967 73,770 Prepaid expenses and other current assets 7,176 7,647 9,779 Income taxes receivable 7,584 1,030 1,162 Deferred income tax assets - 20,977 20,433 Total current assets 370,181 378,677 371,945 Non-current assets: Property, plant and equipment, net 71,044 72,227 72,272 Purchased intangibles, net 32,507 36,768 34,400 Goodwill 571,770 571,770 565,424 Deferred income tax assets 63,139 39,916 39,334 Other non-current assets 29,977 32,289 70,885 Total non-current assets 768,437 752,970 782,315 Total assets $ 1,138,618 $1,131,647 $ 1,154,260 Liabilities and shareholders' equity Current liabilities: Trade payables 23,382 24,011 26,246 Deferred income 14,482 14,632 11,631 Income taxes payable 3,270 1,689 2,790 Provision for TAOS litigation 77,988 78,014 - Other accrued expenses 48,913 52,844 64,847 Total current liabilities 168,035 171,190 105,514 Non-current liabilities: Income taxes payable 1,609 3,199 59,745 Other non-current liabilities 14,224 13,947 7,453 Total non-current liabilities 15,833 17,146 67,198 Total shareholders' equity 954,750 943,311 981,548 Total liabilities and shareholders' equity $ 1,138,618 $1,131,647 $ 1,154,260
Intersil Corporation Condensed Consolidated Statements of Cash Flows Unaudited (In thousands) Quarter Ended Year Ended Jan. 1, Oct. 2, Jan. 2, Jan. 1, Jan. 2, 2016 2015 2015 2016 2015 Q4 2015 Q3 2015 Q4 2014 Operating activities: Net income $ 21,302 $ 16,984 $ 17,274 $ 7,186 $ 54,812 Depreciation 3,557 3,635 4,930 15,285 19,423 Amortization of purchased intangibles 4,261 3,777 5,559 17,625 22,241 Equity-based compensation 5,148 5,565 5,009 23,158 18,688 Deferred income taxes (2,247) 1,412 (1,327) (6,285) 35,569 Other (2,300) (771) 8,024 (4,194) (2,162) Net changes in operating assets and liabilities 1,467 4,193 (21,158) 64,229 (75,182) Net cash flows provided by operating activities 31,188 34,795 18,311 117,004 73,389 Investing activities: Cash paid for acquisition, net of cash acquired - (15,948) - (15,948) - Proceeds from investments 150 460 615 1,198 1,075 Net capital expenditures (1,214) (1,764) (3,857) (12,965) (9,857) Net cash flows used in investing activities (1,064) (17,252) (3,242) (27,715) (8,782) Financing activities: Proceeds from equity-based awards, net 4,610 2,587 1,794 13,403 16,939 Dividends paid (16,008) (15,959) (15,685) (64,860) (62,910) Net cash flows used in financing activities (11,398) (13,372) (13,891) (51,457) (45,971) Effect of exchange rates on cash and cash equivalents (221) (235) (544) (1,645) (2,207) Net change in cash and cash equivalents 18,505 3,936 634 36,187 16,429 Cash and cash equivalents as of the beginning of the period 228,898 224,962 210,582 211,216 194,787 Cash and cash equivalents as of the end of the period $ 247,403 $ 228,898 $ 211,216 $ 247,403 $ 211,216
Intersil Corporation Non-GAAP Results Unaudited (In thousands, except percentages) Quarter Ended Year Ended Jan. 1, Oct. 2, Jan. 2, Jan. 1, Jan. 2, 2016 2015 2015 2016 2015 Q4 2015 Q3 2015 Q4 2014 Non-GAAP gross profit: GAAP gross profit $ 72,919 $ 76,058 $ 78,193 $ 307,796 $ 326,755 Equity-based compensation COS 268 304 319 1,400 1,326 Non-GAAP gross profit $ 73,187 $ 76,362 $ 78,512 $ 309,196 $ 328,081 Non-GAAP gross margin: GAAP gross margin 57.6% 59.2% 59.6% 59.0% 58.1% Equity-based compensation COS 0.2% 0.3% 0.2% 0.3% 0.2% Non-GAAP gross margin 57.8% 59.5% 59.8% 59.3% 58.3% Non-GAAP R&D expenses: GAAP R&D expenses $ 29,983 $ 31,252 $ 30,367 $ 126,350 $ 125,851 Equity-based compensation (2,368) (2,390) (2,500) (10,167) (8,468) Non-GAAP R&D expenses: $ 27,615 $ 28,862 $ 27,867 $ 116,183 $ 117,383 Non-GAAP SG&A expenses: GAAP SG&A expenses $ 22,784 $ 23,532 $ 24,840 $ 96,963 $ 99,926 Equity-based compensation (2,512) (2,871) (2,190) (11,591) (8,894) Non-GAAP SG&A expenses: $ 20,272 $ 20,661 $ 22,650 $ 85,372 $ 91,032 Non-GAAP operating expenses: GAAP operating expenses $ 57,028 $ 58,561 $ 60,766 $ 322,038 $ 252,018 Provision for export compliance settlement - - - - (4,000) Provision for TAOS litigation - - - (81,100) - Equity-based compensation (excl. COS) (4,880) (5,261) (4,690) (21,758) (17,362) Amortization of purchased intangibles (4,261) (3,777) (5,559) (17,625) (22,241) Non-GAAP operating expenses $ 47,887 $ 49,523 $ 50,517 $ 201,555 $ 208,415 Non-GAAP operating income: GAAP operating income (loss) $ 15,891 $ 17,497 $ 17,427 $ (14,242) $ 74,737 Provision for export compliance settlement - - - - 4,000 Provision for TAOS litigation - - - 81,100 - Equity-based compensation 5,148 5,565 5,009 23,158 18,688 Amortization of purchased intangibles 4,261 3,777 5,559 17,625 22,241 Non-GAAP operating income $ 25,300 $ 26,839 $ 27,995 $ 107,641 $ 119,666 Non-GAAP operating margin: GAAP operating margin 12.5% 13.6% 13.3% (2.7%) 13.3% Excluded items as a percent of revenue 7.5% 7.3% 8.0% 23.3% 8.0% Non-GAAP operating margin 20.0% 20.9% 21.3% 20.6% 21.3%
Intersil Corporation Non-GAAP Results Unaudited (In thousands, except per share amounts) Quarter Ended Year Ended Jan. 1, Oct. 2, Jan. 2, Jan. 1, Jan. 2, 2016 2015 2015 2016 2015 Q4 2015 Q3 2015 Q4 2014 Non-GAAP net income: GAAP net income $ 21,302 $ 16,984 $ 17,274 $ 7,186 $ 54,812 Tax impact of Non-GAAP adjustments (2,668) (5,049) (2,025) (34,140) 173 Provision for export compliance settlement - - - - 4,000 Gain on recovery from auction rate securities (150) (460) (615) (1,198) (1,075) Equity-based compensation 5,148 5,565 5,009 23,158 18,688 Amortization of purchased intangibles 4,261 3,777 5,559 17,625 22,241 Provision for TAOS litigation - - - 81,100 - Non-GAAP net income $ 27,893 $ 20,817 $ 25,202 $ 93,731 $ 98,839 GAAP weighted average shares - diluted 134,288 132,445 132,276 133,273 132,657 Non-GAAP adjustment 4,314 5,273 4,099 3,795 2,117 Non-GAAP weighted average shares - diluted 138,602 137,718 136,375 137,068 134,774 Non-GAAP earnings per diluted share: GAAP earnings per diluted share $ 0.16 $ 0.13 $ 0.13 $ 0.05 $ 0.41 Excluded items per share impact 0.04 0.02 0.05 0.63 0.32 Non-GAAP earnings per diluted share $ 0.20 $ 0.15 $ 0.18 $ 0.68 $ 0.73 Equity-based compensation expense by classification: Cost of revenue ("COS") $ 268 $ 304 $ 319 $ 1,400 $ 1,326 Research and development $ 2,368 $ 2,390 $ 2,500 $ 10,167 $ 8,468 Selling, general and administrative $ 2,512 $ 2,871 $ 2,190 $ 11,591 $ 8,894
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SOURCE Intersil Corporation
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| Intersil Corporation
Shannon Pleasant, Intersil Corporation, (512) 382-8444 Email Contact Web: http://www.intersil.com |
