CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
| January 2, 2016 | March 28, 2015 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 851,597 | $ | 299,814 | |||
| Short-term investments | 173,569 | 244,830 | |||||
| Accounts receivable, net | 296,592 | 353,830 | |||||
| Inventories | 406,692 | 346,900 | |||||
| Deferred tax assets (1) | — | 150,208 | |||||
| Other current assets | 115,267 | 104,523 | |||||
| Total current assets | 1,843,717 | 1,500,105 | |||||
| Property and equipment, net | 1,012,836 | 883,371 | |||||
| Goodwill | 2,135,697 | 2,140,586 | |||||
| Intangible assets, net | 1,927,366 | 2,307,229 | |||||
| Long-term investments | 29,287 | 4,083 | |||||
| Other non-current assets | 62,207 | 57,005 | |||||
| Total assets | $ | 7,011,110 | $ | 6,892,379 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued liabilities | $ | 299,970 | $ | 314,339 | |||
| Other current liabilities | 715 | 10,971 | |||||
| Total current liabilities | 300,685 | 325,310 | |||||
| Long-term debt, net | 987,888 | — | |||||
| Deferred tax liabilities (1) | 143,103 | 310,189 | |||||
| Other long-term liabilities | 85,362 | 83,720 | |||||
| Total liabilities | 1,517,038 | 719,219 | |||||
| Stockholders’ equity | 5,494,072 | 6,173,160 | |||||
| Total liabilities and stockholders’ equity | $ | 7,011,110 | $ | 6,892,379 | |||
(1) The Company adopted Accounting Standards Update 2015-17, "Balance Sheet Classification of Deferred Taxes," in the period ended January 2, 2016, prospectively, which requires entities to present deferred tax assets and deferred tax liabilities as non-current in a classified balance sheet. Prior periods presented in the condensed consolidated balance sheets were not retrospectively adjusted.
TRIQUINT SEMICONDUCTOR, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except percentages and per share data)
(Unaudited)
| Three Months Ended | |||||||||||||||||
|
December 31,
2014 |
September 27,
2014 |
June 28,
2014 |
March 29,
2014 | ||||||||||||||
| GAAP gross profit | $ | 161,326 | $ | 123,720 | $ | 92,714 | $ | 59,050 | |||||||||
| Adjustment for stock based compensation charges | 2,471 | 1,610 | 2,218 | 1,785 | |||||||||||||
| Adjustment for restructuring and impairment charges | 612 | 42 | (20 | ) | 715 | ||||||||||||
| Adjustment for charges associated with acquisitions | 3,691 | 1,397 | 1,301 | 1,083 | |||||||||||||
| Non-GAAP gross profit | 168,100 | 126,769 | 96,213 | 62,633 | |||||||||||||
| GAAP gross margin | 46.8 | % | 45.5 | % | 40.2 | % | 33.2 | % | |||||||||
| Adjustment for stock based compensation charges | 0.7 | % | 0.6 | % | 1.0 | % | 1.0 | % | |||||||||
| Adjustment for restructuring and impairment charges | 0.2 | % | — | % | — | % | 0.4 | % | |||||||||
| Adjustment for charges associated with acquisitions | 1.1 | % | 0.5 | % | 0.5 | % | 0.7 | % | |||||||||
| Non-GAAP gross margin | 48.8 | % | 46.6 | % | 41.7 | % | 35.3 | % | |||||||||
| GAAP operating expenses | $ | 85,038 | $ | 87,845 | $ | 85,317 | $ | 79,033 | |||||||||
| Adjustment for stock based compensation charges | (4,845 | ) | (4,748 | ) | (5,287 | ) | (4,805 | ) | |||||||||
| Adjustment for restructuring and impairment charges | (336 | ) | (114 | ) | 52 | (1,080 | ) | ||||||||||
| Adjustment for charges associated with acquisitions | (3,158 | ) | (8,310 | ) | (8,124 | ) | (2,200 | ) | |||||||||
| Non-GAAP operating expenses | 76,699 | 74,673 | 71,958 | 70,948 | |||||||||||||
| GAAP operating income (loss) | $ | 76,288 | $ | 35,875 | $ | 7,397 | $ | (19,983 | ) | ||||||||
| Adjustment for stock based compensation charges | 7,316 | 6,358 | 7,505 | 6,590 | |||||||||||||
| Adjustment for restructuring and impairment charges | 948 | 156 | (72 | ) | 1,795 | ||||||||||||
| Adjustment for charges associated with acquisitions | 6,849 | 9,707 | 9,425 | 3,283 | |||||||||||||
| Non-GAAP operating income (loss) | 91,401 | 52,096 | 24,255 | (8,315 | ) | ||||||||||||
| GAAP net income (loss) | $ | 61,628 | $ | 26,184 | $ | 5,210 | $ | (19,069 | ) | ||||||||
| Adjustment for stock based compensation charges | 7,316 | 6,358 | 7,505 | 6,590 | |||||||||||||
| Adjustment for restructuring and impairment charges | 948 | 156 | 443 | 1,795 | |||||||||||||
| Adjustment for non-cash tax expense (benefit) | 12,739 | 9,338 | 803 | (2,190 | ) | ||||||||||||
| Adjustment for charges associated with acquisitions | 6,999 | 9,374 | 9,643 | 3,510 | |||||||||||||
| Non-GAAP net income (loss) | $ | 89,630 | $ | 51,410 | $ | 23,604 | $ | (9,364 | ) | ||||||||
| GAAP and Non-GAAP weighted average outstanding diluted shares | 78,895 | 77,753 | 75,918 | 68,828 | |||||||||||||
| Non-GAAP net income per share, diluted | $ | 1.14 | $ | 0.66 | $ | 0.31 | $ | (0.14 | ) | ||||||||
