Electro Scientific Industries, Inc.
First Quarter Fiscal 2019 Results
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
| Fiscal quarter ended | |||||||||||||||||||||||||
| (In thousands, except per share data) | Jun 30, 2018 | Mar 31, 2018 | Jul 1, 2017 | ||||||||||||||||||||||
| Gross profit per GAAP | $ | 53,198 | $ | 54,722 | $ | 26,420 | |||||||||||||||||||
| Purchase accounting | 243 | 242 | 251 | ||||||||||||||||||||||
| Equity compensation | 106 | 69 | 67 | ||||||||||||||||||||||
| Charges for other asset and inventory impairment | — | 277 | 7,194 | ||||||||||||||||||||||
| Charges from VAT audit | (97 | ) | 521 | — | |||||||||||||||||||||
| Non-GAAP gross profit | $ | 53,450 | $ | 55,831 | $ | 33,932 | |||||||||||||||||||
| Operating expenses per GAAP | $ | 20,189 | $ | 20,022 | $ | 22,953 | |||||||||||||||||||
| Purchase accounting | (114 | ) | (114 | ) | (219 | ) | |||||||||||||||||||
| Equity compensation | (1,393 | ) | (1,223 | ) | (1,211 | ) | |||||||||||||||||||
| Restructuring costs | — | 144 | (1,211 | ) | |||||||||||||||||||||
| Non-GAAP operating expenses | $ | 18,682 | $ | 18,829 | $ | 20,312 | |||||||||||||||||||
| Operating income per GAAP | $ | 33,009 | $ | 34,700 | $ | 3,467 | |||||||||||||||||||
| Non-GAAP adjustments to gross profit | 252 | 1,109 | 7,512 | ||||||||||||||||||||||
| Non-GAAP adjustments to operating expenses | 1,507 | 1,193 | 2,641 | ||||||||||||||||||||||
| Non-GAAP operating income | $ | 34,768 | $ | 37,002 | $ | 13,620 | |||||||||||||||||||
| Non-operating income (expense), net per GAAP | $ | 452 | $ | (283 | ) | $ | (184 | ) | |||||||||||||||||
| (Income) expense, on charges from VAT audit, Gain on asset sale, net of other non-operating expense (income) | (49 | ) | 336 | — | |||||||||||||||||||||
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Non-GAAP non-operating income
(expense) | $ | 403 | $ | 53 | $ | (184 | ) | ||||||||||||||||||
| Non-GAAP income before income taxes | $ | 35,171 | $ | 37,055 | $ | 13,436 | |||||||||||||||||||
| Net income per GAAP | $ | 31,143 | $ | 75,088 | $ | 2,902 | |||||||||||||||||||
| Non-GAAP adjustments to gross profit | 252 | 1,109 | 7,512 | ||||||||||||||||||||||
| Non-GAAP adjustments to operating expenses | 1,507 | 1,193 | 2,641 | ||||||||||||||||||||||
| Non-GAAP adjustments to non-operating expense | (49 | ) | 336 | — | |||||||||||||||||||||
| Income tax effect of other non-GAAP adjustments | 1,734 | (41,225 | ) | (24 | ) | ||||||||||||||||||||
| Non-GAAP net income | $ | 34,587 | $ | 36,501 | $ | 13,031 | |||||||||||||||||||
| Basic Non-GAAP net income per share | $ | 1.00 | $ | 1.06 | $ | 0.39 | |||||||||||||||||||
| Diluted Non-GAAP net income per share | $ | 0.96 | $ | 1.02 | $ | 0.38 | |||||||||||||||||||
Electro Scientific Industries, Inc.
