Quarterly Financial Review - Non-GAAP (including operational metric) (1) |
| Three Months Ended September 30, | ||||||
(In millions) |
| 2021 |
| 2020 | ||||
Licensing billings (2) |
| $ | 66.1 |
|
| $ | 63.1 |
|
Product revenue |
| $ | 36.7 |
|
| $ | 29.8 |
|
Contract and other revenue |
| $ | 11.5 |
|
| $ | 10.5 |
|
Cost of product revenue |
| $ | 13.1 |
|
| $ | 9.7 |
|
Cost of contract and other revenue |
| $ | 1.5 |
|
| $ | 1.3 |
|
Total operating expenses |
| $ | 48.2 |
|
| $ | 45.8 |
|
Interest and other income (expense), net |
| $ | (0.2) |
|
| $ | (0.6) |
|
Diluted share count |
| 114 |
|
| 116 |
| ||
_________________________________________ | |
(1) | See "Supplemental Reconciliation of GAAP to Non-GAAP Results" table included below. Note that the applicable non-GAAP measures are presented and that revenue and cost of contract and other revenue are solely presented on a GAAP basis. |
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|
|
(2) | Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period, as adjusted for certain differences. |
GAAP revenue for the quarter was $81.3 million, in line with the Company's expectations. The Company also had licensing billings of $66.1 million, product revenue of $36.7 million, and contract and other revenue of $11.5 million. The Company had GAAP cost of revenue of $18.4 million and operating expenses of $58.2 million. The Company also had total non-GAAP operating expenses of $62.8 million (which includes non-GAAP cost of revenue), in line with the Company's expectations. The Company had GAAP diluted net income per share of $0.03. The Company's diluted share count was 114 million shares. Due to the Company's strong performance and focus on operational efficiency, the Company delivered strong results in the third quarter, with revenue and profitability in line with expectations.
Cash, cash equivalents, and marketable securities as of September 30, 2021 were $419.7 million, a decrease of $57.4 million from June 30, 2021, mainly due to approximately $97.1 million paid in connection with the acquisitions of AnalogX Inc. and PLDA Group, net of cash acquired of approximately $8.6 million, partially offset by cash provided by operating activities of approximately $46.0 million.
2021 Fourth Quarter Outlook
The Company will discuss its full revenue guidance for the fourth quarter of 2021 during its upcoming conference call. The following table sets forth fourth quarter outlook for other measures.
(In millions) |
| GAAP |
| Non-GAAP (1) |
Licensing billings (2) |
| $62 - $68 |
| $62 - $68 |
Product revenue |
| $40 - $46 |
| $40 - $46 |
Contract and other revenue |
| $12 - $18 |
| $12 - $18 |
Total operating costs and expenses |
| $80 - $76 |
| $68 - $64 |
| Interest and other income (expense), net |
| ($1) |
| ($1) |
| Diluted share count |
| 115 |
| 115 |
|
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| _________________________________________ | |
| (1) | See "Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates" table included below. Note that the applicable non-GAAP measures are presented, and that revenue is solely presented on a GAAP basis. |
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|
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| (2) | Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period, as adjusted for certain differences. This metric is the same for both GAAP and non-GAAP presentations. |
