UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
January 29, 2015
Date of Report (date of earliest event reported)
INVENSENSE,
INC.
(Exact name of Registrant as specified in its charter)
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Delaware |
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001-35269 |
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01-0789977 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification Number) |
1745 Technology Drive, Suite 200, San Jose, CA 95110
(Address of principal executive offices) (Zip Code)
(408) 988-7339
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On January 29, 2015, InvenSense, Inc. (InvenSense) issued a press release regarding InvenSenses financial results for its third fiscal
quarter ended December 28, 2014. A copy of InvenSenses press release is attached hereto as Exhibit 99.1.
The information contained in
this Current Report shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933,
as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial
Statements and Exhibits.
(d) Exhibits.
The
following exhibits are furnished herewith:
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Exhibit
Number |
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Description |
99.1 |
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Text of press release issued by InvenSense, Inc. on January 29, 2015. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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INVENSENSE INC. |
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Date: January 29, 2015 |
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By: |
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/s/ Mark P. Dentinger |
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Mark P. Dentinger, |
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Chief Financial Officer |
EXHIBIT INDEX
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Exhibit
Number |
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Description |
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99.1 |
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Text of press release issued by InvenSense Inc. on January 29, 2015 |
Exhibit 99.1
INVENSENSE® ANNOUNCES THIRD QUARTER FISCAL YEAR 2015 RESULTS
Company Generates Record Revenue of $115.9 Million
SAN JOSE, California, Jan. 29, 2014 InvenSense, Inc. (NYSE: INVN) the leading provider of intelligent sensor system on chip (SoC) for
Motion and Sound, today announced results for its third quarter of fiscal year 2015 ended December 28, 2014.
Net revenue for the third quarter of
fiscal 2015 was $115.9 million, up 28 percent from $90.2 million for the second quarter of fiscal 2015, and up 74 percent from $66.7 million for the third quarter of fiscal 2014.
Gross margin determined in accordance with U.S. generally accepted accounting principles (GAAP) for the third quarter of fiscal 2015 was 43 percent,
compared with 35 percent for the second quarter of fiscal 2015. GAAP gross margin for the third quarter of fiscal 2015 included stock-based compensation and related payroll taxes, and amortization of acquisition intangibles. Excluding these
items, non-GAAP gross margin for the third quarter of fiscal 2015 was 46 percent, compared with 37 percent for the second quarter of fiscal 2015. In addition, InvenSense generated $17.8 million in operating cash flow in the third
quarter of fiscal 2015.
GAAP net income for the third quarter of fiscal 2015 was $10.2 million, or 11 cents per diluted share. By comparison,
GAAP net loss was $6.9 million, or 8 cents per diluted share for the second quarter of fiscal 2015. GAAP net income for the third quarter of fiscal 2015 included stock-based compensation and related payroll taxes, accreting interest
expense on convertible notes, amortization of acquisition intangibles, business acquisition costs, certain litigation expenses and the income tax effect of non-GAAP adjustments. Excluding these items, non-GAAP net income for the third quarter of
fiscal 2015 was $19.3 million, or 21 cents per diluted share, compared with $4.9 million, or 5 cents per diluted share, for the second quarter of fiscal 2015.
The reconciliation between GAAP and non-GAAP financial results for all referenced periods is provided in a table immediately following the Unaudited GAAP
Condensed Consolidated Statements of Operations below.
Management Qualitative Comments
We achieved the highest revenue in our companys history in the third quarter, successfully ramping a number of key design wins for our second and
third generation 6-axis devices as well as our optical image stabilization solution, said Behrooz Abdi, President and CEO. We continue to hold sizeable market share, including our share at top customers, and are building a design win
portfolio that positions us well for continuing market leadership. As we enter the new calendar year, we are excited to bring to market a host of new, highly-differentiated motion and audio products that are expected to more than double our current
content opportunity, allowing us to drive deeper customer engagement, as well as market diversification in the coming year and beyond.
Third
Quarter Fiscal Year 2015 Earnings Conference Call
A conference call will be held today at 1:30 p.m. Pacific Time to discuss the quarters
results and managements current business outlook. To listen to the conference call, please dial (866) 515-2909 ten minutes prior to the start of the call, using the passcode 25145057. International
callers, please dial (617) 399-5123. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for 2 days. To access the replay, please
dial (888) 286-8010 and enter passcode 99229909. International callers please dial (617) 801-6888. The conference call will be available via a live webcast on
the investor relations section of InvenSenses web site at www.invensense.com/ir. An archived webcast replay will be available on the web site for three months.
Note Regarding Use of Non-GAAP Financial Measures
As discussed above, in addition to the companys condensed consolidated financial statements, which are presented according to GAAP, the company provides
certain non-GAAP financial information that excludes, stock-based compensation expense, certain litigation expenses, business acquisition costs, amortization of fair value write-up of acquired inventory, amortization of acquisition-related
intangible assets, accreting interest expense on convertible notes and other adjustments. The company uses these non-GAAP measures in its own financial and operational decision-making processes. Further, the company believes that these non-GAAP
measures offer an important analytical tool to help investors understand the companys core operating results and trends and facilitate comparability with the operating results of other companies that provide similar non-GAAP measures. These
non-GAAP measures have certain limitations as analytical tools and are not meant to be considered in isolation or as a substitute for GAAP financial information. For example, stock-based compensation is an important component of the companys
compensation mix and will continue to result in significant expenses in the companys GAAP results for the foreseeable future, but it is not reflected in our non-GAAP measures. Also, other companies, including companies in the companys
industry, may calculate non-GAAP financial measures differently, limiting their usefulness as comparative measures.
Forward-Looking Statements
Statements in this press release that are not historical are forward-looking statements as the term is defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are generally written in the future tense and/or preceded by words such as will, expects, anticipates, or other words that imply or predict a future state.
Forward-looking statements include any projection of revenue, gross margin, expense, earnings, stockholder return or other financial items discussed in this press release, including the strength of our competitive positioning, the strength of design
activity , increased demand for our products, growth opportunities and our ability to capitalize on them. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to
differ from those currently anticipated, due to a number of factors, including without limitation, intense competition in our industry; our achievement of design wins; our dependence on a limited number of customers for a substantial portion of our
revenues; the continued adoption of motion tracking and motion sensing as an interface in consumer electronics products; decreases in average selling prices for our products; our lack of long-term supply contracts and dependence on limited sources
of supply; consumer acceptance of our customers products that incorporate our solutions and our ability to continue to develop and introduce new and enhanced products on a timely basis; as well as changes in economic conditions in our markets
and other risk factors discussed in documents filed by us with the Securities and Exchange Commission (SEC) from time to time. Copies of InvenSenses SEC filings are posted on the companys website and are available from the company
without charge. Forward-looking statements are made as of the date of this release, and, except as required by law, the company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
About InvenSense
InvenSense, Inc. (NYSE: INVN) is the worlds leading provider of intelligent sensor system on chip (SoC) for Motion and Sound in consumer electronic
devices. The companys patented InvenSense Fabrication Platform and MotionFusion® technology address the emerging needs of many mass-market consumer applications via improved performance,
accuracy, and intuitive motion-, gesture- and sound-based interfaces. InvenSense technology can be found in Mobile, Wearables, Smart Home, Industrial, and Automotive products. InvenSense is headquartered in San Jose, California and has offices in
Boston, China, Taiwan, Korea, Japan, France, Canada, Slovakia and Italy. More information can be found at www.invensense.com or follow us on Twitter at @InvenSense.
©2015 InvenSense, Inc. All rights reserved. InvenSense, MotionTracking, MotionProcessing,
MotionProcessor, MotionFusion, MotionApps, DMP, AAR, and the InvenSense logo are trademarks of InvenSense, Inc. Other company and product names may be trademarks of the respective companies with which they are associated.
For Investor Inquiries, Contact:
Leslie Green
Green Communications Consulting, LLC
650.312.9060
ir@invensense.com
For Press Inquiries, Contact:
David Almoslino
Senior Director
Marketing and Communications
InvenSense, Inc.
408.501.2278
pr@invensense.com
INVENSENSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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December 28, |
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September 28, |
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December 29, |
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2014 |
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2014 |
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2013 |
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Net revenue |
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$ |
115,864 |
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$ |
90,195 |
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$ |
66,684 |
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Costs of revenue |
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65,468 |
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58,854 |
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35,094 |
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Gross profit |
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50,396 |
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31,341 |
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31,590 |
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Operating expenses: |
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Research and development |
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24,391 |
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21,593 |
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14,522 |
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Selling, general and administrative |
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15,551 |
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14,592 |
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15,663 |
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Litigation settlement |
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14,500 |
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Total operating expenses |
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39,942 |
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36,185 |
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44,685 |
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Income (loss) from operations |
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10,454 |
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(4,844 |
) |
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(13,095 |
) |
Interest (expense) |
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(2,690 |
) |
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(2,620 |
) |
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(1,463 |
) |
Other income, net |
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(281 |
) |
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1,199 |
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(220 |
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Income (loss) before income taxes |
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7,483 |
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(6,265 |
) |
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(14,778 |
) |
Income tax provision (benefit) |
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(2,738 |
) |
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603 |
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(2,599 |
) |
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Net income (loss) |
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$ |
10,221 |
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$ |
(6,868 |
) |
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$ |
(12,179 |
) |
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Net income (loss) per share: |
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Basic |
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$ |
0.11 |
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$ |
(0.08 |
) |
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$ |
(0.14 |
) |
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Diluted |
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$ |
0.11 |
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$ |
(0.08 |
) |
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$ |
(0.14 |
) |
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Weighted average shares outstanding used in computing net income (loss) per share: |
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Basic |
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89,779 |
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88,997 |
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|
87,047 |
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Diluted |
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92,336 |
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88,997 |
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87,047 |
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INVENSENSE, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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December 28, |
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September 28, |
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December 29, |
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2014 |
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2014 |
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2013 |
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GAAP net income (loss) |
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$ |
10,221 |
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$ |
(6,868 |
) |
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$ |
(12,179 |
) |
Adjustments: |
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Stock based compensation expense |
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8,309 |
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7,136 |
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4,719 |
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Convertible note accretion interest expense |
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1,886 |
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|
1,856 |
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|
1,068 |
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Amortization of acquisition-related intangible assets |
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2,034 |
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|
1,628 |
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|
829 |
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Amortization of fair value write-up of acquired inventory |
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1,283 |
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Business acquisition costs |
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|
1,160 |
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|
1,060 |
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|
2,003 |
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Patent litigation legal expense, net |
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1,187 |
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477 |
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4,592 |
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Gain on equity investment |
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(890 |
) |
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Write-off of in-process research and development |
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|
770 |
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Litigation settlement cost |
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|
|
|
|
|
|
|
|
|
14,500 |
|
Income tax discrete cumulative benefit |
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|
|
|
|
|
|
|
769 |
|
Income tax effect of pretax non-GAAP adjustments |
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|
(5,519 |
) |
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|
(267 |
) |
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|
(4,239 |
) |
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Non-GAAP net income |
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19,278 |
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|
4,902 |
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|
13,345 |
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GAAP net income (loss) per share of common stock, diluted |
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0.11 |
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(0.08 |
) |
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(0.14 |
) |
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Non-GAAP net income per share of common stock, diluted |
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0.21 |
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|
0.05 |
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|
0.15 |
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GAAP Gross profit |
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$ |
50,396 |
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$ |
31,341 |
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$ |
31,590 |
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Adjustments: |
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Stock based compensation expense |
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|
591 |
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646 |
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|
349 |
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Amortization of acquisition-related intangible assets |
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|
1,978 |
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|
1,572 |
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|
792 |
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Amortization of fair value write-up of acquired inventory |
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1,283 |
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Non-GAAP Gross profit |
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$ |
52,965 |
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$ |
33,559 |
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$ |
34,014 |
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GAAP Operating Expense |
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$ |
39,942 |
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$ |
36,185 |
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$ |
44,685 |
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Adjustments: |
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Stock based compensation expense |
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7,718 |
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6,490 |
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|
4,370 |
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Amortization of acquisition-related intangible assets |
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|
56 |
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|
56 |
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37 |
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Business acquisition costs |
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|
1,160 |
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|
1,060 |
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|
2,003 |
|
Patent litigation legal expense, net |
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|
1,187 |
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|
477 |
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|
4,592 |
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Write-off of in-process research and development |
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|
770 |
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Litigation settlement cost |
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14,500 |
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Non-GAAP Operating Expense |
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29,821 |
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|
27,332 |
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19,183 |
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INVENSENSE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)
(Unaudited)
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December 28, 2014 |
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March 30, 2014 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
65,057 |
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$ |
26,025 |
|
Short-term investments |
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|
103,863 |
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|
91,307 |
|
Accounts receivable |
|
|
73,935 |
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|
|
39,009 |
|
Inventories |
|
|
67,801 |
|
|
|
73,032 |
|
Prepaid expenses and other current assets |
|
|
20,061 |
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|
|
19,587 |
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|
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|
|
|
|
|
|
Total current assets |
|
|
330,717 |
|
|
|
248,960 |
|
Property and equipment, net |
|
|
42,537 |
|
|
|
25,239 |
|
Intangible assets, net |
|
|
45,461 |
|
|
|
35,360 |
|
Goodwill |
|
|
139,175 |
|
|
|
50,952 |
|
Long-term investments |
|
|
3,501 |
|
|
|
128,755 |
|
Other assets |
|
|
11,558 |
|
|
|
5,469 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
572,949 |
|
|
$ |
494,735 |
|
|
|
|
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|
|
|
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|
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Liabilities and Stockholders Equity |
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Current liabilities: |
|
|
|
|
|
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|
|
Accounts payable |
|
$ |
20,472 |
|
|
$ |
18,964 |
|
Accrued liabilities |
|
|
33,457 |
|
|
|
14,985 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
53,929 |
|
|
|
33,949 |
|
Long-term debt |
|
|
141,104 |
|
|
|
135,583 |
|
Other long-term liabilities |
|
|
29,050 |
|
|
|
11,375 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
224,083 |
|
|
|
180,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders equity: |
|
|
|
|
|
|
|
|
Preferred stock: |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value 20,000 shares authorized, no shares issued and outstanding at December 28, 2014
and March 30, 2014 |
|
|
|
|
|
|
|
|
Common stock: |
|
|
|
|
|
|
|
|
Common stock, $0.001 par value 750,000 shares authorized, 90,180 shares issued and outstanding at
December 28, 2014, 88,332 shares issued and outstanding at March 30, 2014 |
|
|
252,460 |
|
|
|
215,958 |
|
Accumulated other comprehensive income (loss) |
|
|
(23 |
) |
|
|
(38 |
) |
Retained earnings |
|
|
96,429 |
|
|
|
97,908 |
|
|
|
|
|
|
|
|
|
|
Total stockholders equity |
|
|
348,866 |
|
|
|
313,828 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders equity |
|
$ |
572,949 |
|
|
$ |
494,735 |
|
|
|
|
|
|
|
|
|
|
INVENSENSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
December 28, 2014 |
|
|
September 28, 2014 |
|
|
December 29, 2013 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
10,221 |
|
|
$ |
(6,868 |
) |
|
$ |
(12,179 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
3,047 |
|
|
|
2,562 |
|
|
|
1,409 |
|
Amortization of intangible assets |
|
|
2,034 |
|
|
|
1,627 |
|
|
|
829 |
|
Write-off of in-process research and development |
|
|
|
|
|
|
770 |
|
|
|
|
|
Loss on disposal of property and equipment |
|
|
131 |
|
|
|
326 |
|
|
|
|
|
Gain on equity investment |
|
|
|
|
|
|
(890 |
) |
|
|
|
|
Stock-based compensation expense |
|
|
8,300 |
|
|
|
7,003 |
|
|
|
4,719 |
|
Deferred income tax assets |
|
|
(5,237 |
) |
|
|
27 |
|
|
|
6 |
|
Tax effect of employee benefit plans |
|
|
42 |
|
|
|
|
|
|
|
|
|
Excess tax benefit from stock-based compensation |
|
|
(42 |
) |
|
|
|
|
|
|
|
|
Non cash interest expense |
|
|
1,907 |
|
|
|
1,856 |
|
|
|
1,069 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(7,010 |
) |
|
|
(29,949 |
) |
|
|
787 |
|
Inventories |
|
|
7,210 |
|
|
|
2,502 |
|
|
|
(14,936 |
) |
Prepaid expenses and other current assets |
|
|
946 |
|
|
|
(1,727 |
) |
|
|
(2,062 |
) |
Other assets |
|
|
940 |
|
|
|
(412 |
) |
|
|
(1,337 |
) |
Accounts payable |
|
|
(4,771 |
) |
|
|
5,628 |
|
|
|
(3,106 |
) |
Accrued liabilities |
|
|
94 |
|
|
|
8,110 |
|
|
|
20,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
|
17,812 |
|
|
|
(9,435 |
) |
|
|
(4,664 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(7,665 |
) |
|
|
(9,200 |
) |
|
|
(4,877 |
) |
Sale and maturities of available-for-sale investments |
|
|
14,200 |
|
|
|
88,141 |
|
|
|
16,948 |
|
Purchase of available-for-sale investments |
|
|
|
|
|
|
|
|
|
|
(142,761 |
) |
Acquisitions, net of cash acquired |
|
|
120 |
|
|
|
(71,446 |
) |
|
|
(99,324 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
|
6,655 |
|
|
|
7,495 |
|
|
|
(230,014 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of common stock |
|
|
2,124 |
|
|
|
3,939 |
|
|
|
1,349 |
|
Proceeds from debt issuances |
|
|
|
|
|
|
|
|
|
|
169,750 |
|
Proceeds from exercise of warrants |
|
|
|
|
|
|
|
|
|
|
25,643 |
|
Payments of convertible note hedge |
|
|
|
|
|
|
|
|
|
|
(39,118 |
) |
Payments of long-term debt and capital lease obligations |
|
|
|
|
|
|
(1 |
) |
|
|
(2 |
) |
Excess tax benefit from stock-based compensation |
|
|
42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
2,166 |
|
|
|
3,938 |
|
|
|
157,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
26,633 |
|
|
|
1,998 |
|
|
|
(77,056 |
) |
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
38,424 |
|
|
|
36,426 |
|
|
|
118,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period |
|
|
65,057 |
|
|
|
38,424 |
|
|
|
41,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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