Cabot Microelectronics Corporation Reports Record Results for

Cabot Microelectronics Corporation Reports Record Results for Fourth Quarter and Full Fiscal Year 2017

CABOT MICROELECTRONICS CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited and amounts in thousands)

	September 30,		September 30,
		2017		2016
ASSETS:

Current assets:
Cash and cash equivalents	$	397,890	$	287,479
Accounts receivable, net		64,793		62,830
Inventories, net		71,873		72,123
Other current assets		16,426		14,398
Total current assets		550,982		436,830

Property, plant and equipment, net		106,361		106,496
Other long-term assets		176,757		183,904
Total assets	$	834,100	$	727,230


LIABILITIES AND STOCKHOLDERS' EQUITY:

Current liabilities:
Accounts payable	$	17,624	$	16,834
Current portion of long-term debt		10,938		7,656
Accrued expenses, income taxes payable and other current liabilities		62,651		41,395
Total current liabilities		91,213		65,885

Long-term debt, net of current portion		132,997		146,961
Other long-term liabilities		14,853		16,736
Total liabilities		239,063		229,582

Stockholders' equity		595,037		497,648
Total liabilities and stockholders' equity	$	834,100	$	727,230


CABOT MICROELECTRONICS CORPORATION
U.S. GAAP to Non-GAAP Reconciliation
Gross Profit as a Percentage of Revenue, Net Income and Diluted Earnings Per Share
(Unaudited and amounts in thousands, except per share and percentage amounts)

The following presents reconciliation of the Non-GAAP financial measures included in the Cabot
Microelectronics Corporation press release dated October 26, 2017.


	Three Months Ended September 30, 2017								Twelve Months Ended September 30, 2017

	U.S. GAAP			Adjustments		Non-GAAP			U.S. GAAP			Adjustments		Non-GAAP
Gross profit	$	70,050		$	1,199	$	71,249		$	254,129		$	4,794	$	258,923
Gross profit as a percentage of revenue (1)		51.2	%				52.1	%		50.1	%				51.1	%


Net income (2)	$	26,502		$	1,063	$	27,565		$	86,952		$	4,265	$	91,217


Diluted earnings per share (3)	$	1.03		$	0.04	$	1.07		$	3.40		$	0.16	$	3.56


(1) Non-GAAP gross profit as a percentage of revenue for the three months ended September 30, 2017 excludes $1,199 of NexPlanar amortization expense.
Non-GAAP gross profit as a percentage of revenue for the twelve months ended September 30, 2017 excludes $4,794 of NexPlanar amortization expense.


(2) Non-GAAP net income for the three months ended September 30, 2017 excludes the item mentioned above in (1) plus $468 of NexPlanar amortization
expense recorded in operating expenses. These adjustments are partially offset by a $604 related increase in the provision for income taxes.
Non-GAAP net income for the twelve months ended September 30, 2017 excludes the item mentioned above in (1) plus $1,871 of NexPlanar amortization
expense recorded in operating expenses. These adjustments are partially offset by a $2,400 related increase in the provision for income taxes.


(3) Non-GAAP diluted earnings per share is calculated based upon Non-GAAP net income.

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