About Sigma Designs, Inc.
Sigma Designs, Inc. (
SIGMA DESIGNS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(GAAP)
(In thousands)
April 30, January 30,
2016 2016
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Assets
Current Assets:
Cash and cash equivalents $ 56,328 $ 63,790
Short-term marketable securities 6,840 4,805
Restricted cash 823 900
Accounts receivable, net 38,205 30,362
Inventory 24,308 26,709
Prepaid expenses and other current assets 15,608 14,085
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Total current assets 142,112 140,651
Long-term marketable securities 1,502 3,527
Software, equipment and leasehold improvements,
net 11,520 14,086
Goodwill 11,068 11,068
Intangible assets, net 34,754 37,050
Deferred tax assets 902 911
Long-term investments, net of current portion 2,586 2,884
Other non-current assets 6,524 6,492
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Total assets $ 210,968 $ 216,669
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Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable $ 23,552 $ 26,181
Accrued compensation and related benefits 8,648 7,360
Accrued liabilities 15,558 14,632
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Total current liabilities 47,758 48,173
Other long-term liabilities 16,138 15,691
------------ -------------
Total liabilities 63,896 63,864
Shareholders' equity 147,072 152,805
------------ -------------
Total liabilities and shareholders' equity $ 210,968 $ 216,669
============ =============
SIGMA DESIGNS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(GAAP)
(In thousands, except per share data)
Three months ended
--------------------------------------
April 30, January 30,
2016 2016 May 2, 2015
------------ ------------ ------------
Net revenue $ 53,775 $ 51,450 $ 55,912
Cost of revenue 29,774 26,949 26,564
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Gross profit 24,001 24,501 29,348
Gross margin percent 44.6% 47.6% 52.5%
Operating expenses:
Research and development 19,155 19,030 16,313
Sales and marketing 5,723 5,937 5,811
General and administrative 5,138 4,771 5,772
Restructuring costs - - 9
Impairment of IP, mask sets and
design tools - - 33
------------ ------------ ------------
Total operating expenses 30,016 29,738 27,938
Income (loss) from operations (6,015) (5,237) 1,410
Interest and other income (expenses),
net (751) 132 671
------------ ------------ ------------
Income (loss) before income taxes (6,766) (5,105) 2,081
Provision for income taxes 1,332 1,086 2,463
------------ ------------ ------------
Net loss $ (8,098) $ (6,191) $ (382)
============ ============ ============
Net loss per share:
Basic $ (0.22) $ (0.17) $ (0.01)
Diluted $ (0.22) $ (0.17) $ (0.01)
Shares used in computing net income
(loss) per share:
Basic 36,872 36,568 35,395
Diluted 36,872 36,568 35,395
$ 580 $ 4,687 $ 1,478
============ ============ ============
SIGMA DESIGNS, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS)
(Unaudited)
(In thousands, except per share data)
Three months ended
--------------------------------------
April 30, January 30, May 2,
2016 2016 2015
------------ ------------ ------------
GAAP Net Revenue $ 53,775 $ 51,450 $ 55,912
Items reconciling GAAP Revenue to
Non-GAAP:
Reversal of rebate - - (806)
------------ ------------ ------------
GAAP to Non-GAAP adjustments - - (806)
Non-GAAP Net Revenue $ 53,775 $ 51,450 $ 55,106
GAAP Cost of Revenue $ 29,774 $ 26,949 $ 26,564
Items reconciling GAAP Cost of
Revenue to Non-GAAP:
Stock based compensation expense (104) (69) (36)
Amortization of acquired
intangibles (949) (965) (1,062)
------------ ------------ ------------
GAAP to Non-GAAP adjustments (1,053) (1,034) (1,098)
Non-GAAP Cost of Revenue $ 28,721 $ 25,915 $ 25,466
GAAP Gross Profit $ 24,001 $ 24,501 $ 29,348
GAAP Gross Margin % 44.6% 47.6% 52.5%
Non-GAAP Gross Profit $ 25,054 $ 25,535 $ 29,640
Non-GAAP Gross Margin % 46.6% 49.6% 53.8%
GAAP Operating Expenses $ 30,016 $ 29,738 $ 27,938
Items reconciling GAAP Operating
Expense to Non-GAAP:
Stock based compensation expense (1,788) (1,610) (1,698)
Amortization of acquired
intangibles (699) (648) (345)
Impairment of IP, mask sets and
design tools - - (33)
One time legal fee expenses (11) (85) (498)
Restructuring costs - - (9)
------------ ------------ ------------
GAAP to Non-GAAP adjustments (2,498) (2,343) (2,583)
Non-GAAP Operating Expenses $ 27,518 $ 27,395 $ 25,355
GAAP Other Income (Expense) and Tax $ (2,083) $ (954) $ (1,792)
Items reconciling GAAP Other Income
(Expense) and Tax to Non-GAAP:
Impairment (gain on sale) of
privately held instruments, net 300 251 (518)
Income tax adjustments - 3,463 1,182
------------ ------------ ------------
GAAP to Non-GAAP adjustments 300 3,714 664
Non-GAAP Other Income (Expense) and
Tax $ (1,783) $ 2,760 $ (1,128)
Non-GAAP Net Income (Loss) $ (4,247) $ 900 $ 3,157
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Non-GAAP Net Income (Loss) per share:
Basic $ (0.12) $ 0.02 $ 0.09
Diluted $ (0.12) $ 0.02 $ 0.09
Shares used in computing Non-GAAP net
income (loss) per share:
Basic 36,872 36,568 35,395
Diluted 36,872 36,995 36,291
