SUWANEE, Ga., April 27 /PRNewswire-FirstCall/ -- ARRIS Group,
Inc. (Nasdaq: ARRS), a global technology leader in the development
of advanced cable telephony, next generation high-speed data,
demand driven video solutions, operations software and broadband
access equipment, today announced preliminary and unaudited
financial results for the first quarter 2010.
Revenues in the first quarter 2010 were $266.7 million, up 5.2% as compared to first
quarter 2009 revenues of $253.5
million, but down 11.1% as compared to fourth quarter 2009
revenues of $300.0 million.
Adjusted net income (a non-GAAP measure) for the first quarter
2010 was $0.24 per diluted share,
compared to $0.18 per diluted share
for the first quarter 2009 and $0.32
per diluted share for the fourth quarter of 2009.
GAAP net income for the first quarter 2010 was $0.15 per diluted share, as compared to first
quarter 2009 GAAP net income of $0.10
per diluted share and the fourth quarter 2009 GAAP net income of
$0.26 per diluted share. Significant
GAAP items that have been excluded in computing adjusted net income
and adjusted earnings per share include amortization of intangible
assets, equity compensation, non-cash interest expense,
restructuring charges, and certain discrete tax items. A
reconciliation of adjusted net income to GAAP net income per share
is attached to this release and also can be found on the Company's
website (www.arrisi.com).
Gross margin for the first quarter 2010 was 42.2%, which
compares to the first quarter 2009 gross margin of 37.7% and the
fourth quarter 2009 gross margin of 44.8%.
The Company ended the first quarter 2010 with $661.1 million of cash resources (cash and
short-term investments), up in the aggregate by approximately
$236.6 million from the end of the
first quarter 2009 and up $35.5
million from the end of the fourth quarter 2009, as a result
of both strong earnings and effective working capital management.
The Company generated $48.2 million
of cash from operating activities during the first quarter 2010,
which compares to $13.8 million in
the first quarter 2009 and $69.8
million in the fourth quarter 2009. Order backlog at
the end of the first quarter 2010 was $195.1
million as compared to $155.0
million and $144.4 million at
the end of the first quarter 2009 and the fourth quarter 2009,
respectively. The Company's book-to-bill ratio in the first
quarter 2010 was 1.19 as compared to the first quarter 2009 of 1.16
and the fourth quarter 2009 of 0.92.
"The first quarter results and in particular, customer
diversification, cause me to continue to be optimistic about full
year 2010," said Bob Stanzione,
ARRIS Chairman & CEO. "Increasing amounts of data and
Internet TV traffic, and the proliferation of Internet ready HD
televisions coupled with the industry trends towards converged
platforms for voice, data and video, present opportunity and demand
for existing and new ARRIS products." During the quarter the
Company hosted a well-attended analyst and investor conference at
its corporate headquarters in Suwanee,
GA. Slides from this conference may be found on the
ARRIS website and provide the content from all presentations.
Also during the quarter, at the Korean Cable Show, the
Company demonstrated its C4 CMTS broadband access capabilities that
deliver data speeds in excess of 320 Mb/s downstream and 100 Mb/s
upstream.
"We started 2010 as expected, and look forward to increasing
business momentum as the year unfolds," said David Potts, ARRIS EVP & CFO. "As a
result, we now project that second quarter 2010 revenues for the
Company will be in the range of $275 to $295
million, with adjusted net income per diluted share in the
range of $0.22 to $0.26 and GAAP net
income per diluted share, in the range of $0.14 to $0.18."
ARRIS management will conduct a conference call at 5:00 pm EDT, today, Tuesday, April 27, 2010, to discuss these results
in detail. You may participate in this conference call by
dialing 888-680-0893 or 617-213-4859 for international calls prior
to the start of the call and providing the ARRIS Group, Inc. name,
conference pass code 72619457 and Jim
Bauer as the moderator. Please note that ARRIS will
not accept any calls related to this earnings release until after
the conclusion of the 5:00pm EDT
conference call. A replay of the conference call can be
accessed approximately two hours after the call through
Saturday, May 1, 2010 by dialing
888-286-8010 or 617-801-6888 for international calls and using the
pass code 17182291. A replay also will be made available for
a period of 12 months following the conference call on ARRIS'
website at www.arrisi.com.
About ARRIS
ARRIS is a global communications technology company specializing
in the design, engineering and supply of technology supporting
triple- and quad-play broadband services for residential and
business customers around the world. The company supplies broadband
operators with the tools and platforms they need to deliver
carrier-grade telephony, demand driven video, next-generation
advertising, network and workforce management solutions, access and
transport architectures and ultra high-speed data services.
Headquartered in Suwanee, Georgia,
USA, ARRIS has R&D centers in Suwanee, GA; Beaverton, OR; Chicago, IL; Kirkland, WA; State
College, PA; Wallingford,
CT; Waltham, MA;
Cork, Ireland; and Shenzhen, China, and operates support and
sales offices throughout the world. Information about ARRIS
products and services can be found at www.arrisi.com.
Forward-looking statements:
Statements made in this press release, including those related
to:
- growth expectations and business prospects;
- second quarter and 2010 revenues and net income;
- expected sales levels and acceptance of new ARRIS products;
and
- the general market outlook and industry trends
are forward-looking statements. These statements involve risks
and uncertainties that may cause actual results to differ
materially from those set forth in these statements. Among
other things,
- projected results for the second quarter as well as the general
outlook for 2010 and beyond are based on preliminary estimates,
assumptions and projections that management believes to be
reasonable at this time, but are beyond management's control;
- ARRIS' customers operate in a capital intensive consumer based
industry, and the current volatility in the capital markets or
changes in customer spending may adversely impact their ability or
willingness to purchase the products that the Company offers;
and
- because the market in which ARRIS operates is volatile, actions
taken and contemplated may not achieve the desired impact relative
to changing market conditions and the success of these strategies
will be dependent on the effective implementation of those plans
while minimizing organizational disruption.
In addition to the factors set forth elsewhere in this release,
other factors that could cause results to differ from current
expectations include: the uncertain current economic climate and
its impact on our customers' plans and access to capital; the
impact of rapidly changing technologies; the impact of competition
on product development and pricing; the ability of ARRIS to react
to changes in general industry and market conditions including
regulatory developments; rights to intellectual property, market
trends and the adoption of industry standards; and consolidations
within the telecommunications industry of both the customer and
supplier base. These factors are not intended to be an
all-encompassing list of risks and uncertainties that may affect
the Company's business. Additional information regarding these and
other factors can be found in ARRIS' reports filed with the
Securities and Exchange Commission, including its Form 10-K for the
year ended December 31, 2009.
In providing forward-looking statements, the Company
expressly disclaims any obligation to update publicly or otherwise
these statements, whether as a result of new information, future
events or otherwise.
ARRIS GROUP,
INC.
PRELIMINARY
CONSOLIDATED BALANCE SHEETS
(in
thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
|
|
2010
|
|
2009
|
|
2009
|
|
2009
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
500,044
|
|
$
500,565
|
|
$
461,795
|
|
$
476,846
|
|
$
398,938
|
|
Short-term
investments, at fair value
|
|
161,012
|
|
125,031
|
|
99,917
|
|
47,195
|
|
25,494
|
|
|
|
661,056
|
|
625,596
|
|
561,712
|
|
524,041
|
|
424,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
cash
|
|
4,476
|
|
4,475
|
|
4,473
|
|
4,552
|
|
4,550
|
|
Accounts
receivable, net
|
|
139,207
|
|
143,708
|
|
119,125
|
|
128,482
|
|
155,792
|
|
Other
receivables
|
|
3,057
|
|
6,113
|
|
2,235
|
|
5,904
|
|
6,636
|
|
Inventories,
net
|
|
79,907
|
|
95,851
|
|
100,024
|
|
115,944
|
|
120,774
|
|
Prepaids
|
|
10,546
|
|
11,675
|
|
10,764
|
|
7,700
|
|
6,994
|
|
Income taxes
recoverable
|
|
-
|
|
3,106
|
|
4,212
|
|
366
|
|
3,232
|
|
Current deferred
income tax assets
|
|
37,324
|
|
35,994
|
|
32,883
|
|
41,166
|
|
49,027
|
|
Other current
assets
|
|
14,328
|
|
15,790
|
|
12,981
|
|
11,995
|
|
15,083
|
|
Total current
assets
|
|
949,901
|
|
942,308
|
|
848,409
|
|
840,150
|
|
786,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment,
net
|
|
56,223
|
|
57,195
|
|
58,339
|
|
60,048
|
|
59,438
|
|
Goodwill
|
|
235,256
|
|
235,388
|
|
234,416
|
|
231,684
|
|
231,684
|
|
Intangible assets, net
|
|
195,551
|
|
204,572
|
|
201,351
|
|
208,822
|
|
218,085
|
|
Investments
|
|
25,435
|
|
20,618
|
|
30,574
|
|
10,317
|
|
14,593
|
|
Noncurrent deferred income tax
assets
|
|
6,298
|
|
6,759
|
|
3,593
|
|
3,870
|
|
3,771
|
|
Other assets
|
|
8,050
|
|
8,776
|
|
7,648
|
|
6,251
|
|
5,483
|
|
|
|
$
1,476,714
|
|
$
1,475,616
|
|
$
1,384,330
|
|
$
1,361,142
|
|
$
1,319,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
44,523
|
|
$
53,979
|
|
$
42,659
|
|
$
48,859
|
|
$
44,422
|
|
Accrued
compensation, benefits and related taxes
|
|
23,639
|
|
36,936
|
|
27,054
|
|
20,753
|
|
15,583
|
|
Accrued
warranty
|
|
3,632
|
|
4,265
|
|
5,292
|
|
5,185
|
|
5,306
|
|
Deferred
revenue
|
|
53,024
|
|
47,044
|
|
35,423
|
|
43,727
|
|
44,006
|
|
Current portion of
long-term debt
|
|
87
|
|
124
|
|
148
|
|
148
|
|
147
|
|
Current deferred
income tax liability
|
|
-
|
|
-
|
|
250
|
|
248
|
|
241
|
|
Other accrued
liabilities
|
|
42,978
|
|
46,203
|
|
34,979
|
|
35,852
|
|
31,922
|
|
Total current
liabilities
|
|
167,883
|
|
188,551
|
|
145,805
|
|
154,772
|
|
141,627
|
|
Long-term debt, net of current
portion
|
|
214,131
|
|
211,248
|
|
208,433
|
|
205,710
|
|
203,080
|
|
Accrued pension
|
|
16,733
|
|
16,408
|
|
18,914
|
|
19,665
|
|
19,289
|
|
Noncurrent income tax
payable
|
|
16,248
|
|
14,815
|
|
10,632
|
|
12,386
|
|
12,441
|
|
Noncurrent deferred income tax
liability
|
|
33,577
|
|
37,203
|
|
35,188
|
|
33,999
|
|
42,530
|
|
Other noncurrent
liabilities
|
|
16,871
|
|
16,021
|
|
15,301
|
|
15,094
|
|
14,391
|
|
Total
liabilities
|
|
465,443
|
|
484,246
|
|
434,273
|
|
441,626
|
|
433,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Common
stock
|
|
1,402
|
|
1,388
|
|
1,385
|
|
1,379
|
|
1,368
|
|
Capital in excess
of par value
|
|
1,187,854
|
|
1,183,872
|
|
1,177,958
|
|
1,169,223
|
|
1,159,054
|
|
Treasury stock at
cost
|
|
(79,019)
|
|
(75,960)
|
|
(75,960)
|
|
(75,960)
|
|
(75,960)
|
|
Unrealized gain
(loss) on marketable securities
|
|
2
|
|
28
|
|
(60)
|
|
(161)
|
|
(372)
|
|
Unfunded pension
liability
|
|
(6,041)
|
|
(6,041)
|
|
(8,070)
|
|
(8,070)
|
|
(8,070)
|
|
Accumulated
deficit
|
|
(92,743)
|
|
(111,733)
|
|
(145,012)
|
|
(166,711)
|
|
(189,620)
|
|
Cumulative
translation adjustments
|
|
(184)
|
|
(184)
|
|
(184)
|
|
(184)
|
|
(184)
|
|
Total
stockholders' equity
|
|
1,011,271
|
|
991,370
|
|
950,057
|
|
919,516
|
|
886,216
|
|
|
|
$
1,476,714
|
|
$
1,475,616
|
|
$
1,384,330
|
|
$
1,361,142
|
|
$
1,319,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
ARRIS GROUP,
INC.
PRELIMINARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months
|
|
|
Ended March
31,
|
|
|
2010
|
|
2009
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
Net sales
|
$
266,697
|
|
$
253,518
|
|
Cost of sales
|
154,186
|
|
158,008
|
|
Gross
margin
|
112,511
|
|
95,510
|
|
Gross margin
%
|
42.2%
|
|
37.7%
|
|
Operating expenses:
|
|
|
|
|
Selling, general,
and administrative expenses
|
35,117
|
|
35,342
|
|
Research and
development expenses
|
34,365
|
|
28,395
|
|
Restructuring
charges
|
52
|
|
120
|
|
Amortization of
intangible assets
|
9,022
|
|
9,263
|
|
|
78,556
|
|
73,120
|
|
Operating income
|
33,955
|
|
22,390
|
|
Other expense (income):
|
|
|
|
|
Interest
expense
|
4,430
|
|
4,487
|
|
Loss (gain) on
investments
|
(146)
|
|
297
|
|
Loss (gain) on
foreign currency
|
(268)
|
|
959
|
|
Interest
income
|
(374)
|
|
(385)
|
|
Gain on debt
retirement
|
-
|
|
(4,152)
|
|
Other (income)
expense, net
|
(42)
|
|
(103)
|
|
Income from continuing operations
before income taxes
|
30,355
|
|
21,287
|
|
Income tax
expense
|
11,364
|
|
8,404
|
|
Net
income
|
$
18,991
|
|
$
12,883
|
|
|
|
|
|
|
Net income per common share
|
|
|
|
|
Basic
|
$
0.15
|
|
$
0.10
|
|
Diluted
|
$
0.15
|
|
$
0.10
|
|
|
|
|
|
|
Weighted average common
shares:
|
|
|
|
|
Basic
|
126,013
|
|
123,281
|
|
Diluted
|
129,975
|
|
124,920
|
|
|
|
|
|
ARRIS GROUP,
INC.
PRELIMINARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in
thousands)
|
|
|
|
|
|
For the Three
Months
|
|
|
|
|
|
Ended March
31,
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Operating Activities:
|
|
|
|
|
|
Net income
|
$
18,991
|
|
$
12,882
|
|
|
|
Depreciation
|
5,359
|
|
4,827
|
|
|
|
Amortization of intangible
assets
|
9,021
|
|
9,263
|
|
|
|
Stock compensation expense
|
4,521
|
|
3,401
|
|
|
|
Deferred income tax
provision
|
(4,495)
|
|
4,689
|
|
|
|
Amortization of deferred finance
fees
|
180
|
|
189
|
|
|
|
Provision for doubtful
accounts
|
295
|
|
6
|
|
|
|
Loss (gain) on investments
|
(146)
|
|
297
|
|
|
|
Loss on disposal of fixed
assets
|
11
|
|
-
|
|
|
|
Non-cash interest expense
|
2,883
|
|
2,818
|
|
|
|
Gain on debt retirement
|
-
|
|
(4,152)
|
|
|
|
Excess income tax benefits from
stock-based compensation plans
|
(2,486)
|
|
(431)
|
|
|
Changes in operating assets &
liabilities, net of effects of acquisitions and
disposals:
|
|
|
|
|
|
|
Accounts receivable
|
4,206
|
|
3,645
|
|
|
|
Other receivables
|
2,420
|
|
(2,032)
|
|
|
|
Inventory
|
15,944
|
|
8,978
|
|
|
|
Income taxes
payable/recoverable
|
9,167
|
|
(1,123)
|
|
|
|
Accounts payable and accrued
liabilities
|
(24,935)
|
|
(35,616)
|
|
|
|
Other, net
|
7,274
|
|
6,204
|
|
|
|
|
Net cash provided by operating
activities
|
48,210
|
|
13,845
|
|
|
|
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
|
Purchases of property, plant, and
equipment
|
(4,654)
|
|
(5,066)
|
|
|
Cash paid for acquisition, net of cash
acquired
|
-
|
|
(200)
|
|
|
Cash proceeds from sale of property,
plant & equipment
|
240
|
|
-
|
|
|
Purchases of short-term
investments
|
(42,436)
|
|
(23,870)
|
|
|
Disposals of short-term
investments
|
2,100
|
|
15,806
|
|
|
|
|
Net cash used in investing
activities
|
(44,750)
|
|
(13,330)
|
|
|
|
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
|
Payment of debt and capital lease
obligations
|
(37)
|
|
(10,592)
|
|
|
Repurchase of common stock
|
(3,059)
|
|
-
|
|
|
Excess income tax benefits from
stock-based compensation plans
|
2,486
|
|
431
|
|
|
Repurchase of shares to satisfy
employee tax withholdings
|
(5,993)
|
|
(1,807)
|
|
|
Proceeds from issuance of common
stock
|
2,622
|
|
497
|
|
|
|
|
Net cash used in financing
activities
|
(3,981)
|
|
(11,471)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash
equivalents
|
(521)
|
|
(10,956)
|
|
Cash and cash equivalents at beginning
of period
|
500,565
|
|
409,894
|
|
Cash and cash equivalents at end of
period
|
$
500,044
|
|
$
398,938
|
|
|
|
|
|
|
|
|
ARRIS GROUP,
INC.
PRELIMINARY
SUPPLEMENTAL NET INCOME (LOSS) RECONCILIATION
(in thousands,
except per share data)
(unaudited)
|
|
|
|
Q1
2010
|
|
Q1
2009
|
|
|
|
|
|
Per
Diluted
|
|
|
|
Per
Diluted
|
|
|
|
Amount
|
|
Share
|
|
Amount
|
|
Share
|
|
|
Net income
|
$
18,991
|
|
$
0.15
|
|
$
12,882
|
|
$
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
Highlighted items:
|
|
|
|
|
|
|
|
|
|
Impacting gross
margin:
|
|
|
|
|
|
|
|
|
|
Stock compensation
expense
|
433
|
|
-
|
|
303
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Impacting
operating expenses:
|
|
|
|
|
|
|
|
|
|
Acquisition costs,
restructuring and other
|
52
|
|
-
|
|
120
|
|
-
|
|
|
Amortization of
intangible assets
|
9,022
|
|
0.07
|
|
9,263
|
|
0.07
|
|
|
Stock compensation
expense
|
4,088
|
|
0.03
|
|
3,098
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
Impacting other
(income) / expense:
|
|
|
|
|
|
|
|
|
|
Non-cash interest
expense
|
2,883
|
|
0.02
|
|
2,818
|
|
0.02
|
|
|
Gain on repurchase
of debt
|
-
|
|
-
|
|
(4,152)
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
Impacting income
tax expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments of
income tax valuation allowances and research & development
credits and other
|
1,222
|
|
0.01
|
|
1,455
|
|
0.01
|
|
|
Tax related to
highlighted items above
|
(5,505)
|
|
(0.04)
|
|
(3,646)
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total highlighted items
|
12,195
|
|
0.09
|
|
9,259
|
|
0.07
|
|
|
Net income excluding highlighted
items
|
$
31,186
|
|
$
0.24
|
|
$
22,141
|
|
$
0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares -
diluted
|
|
|
129,975
|
|
|
|
124,920
|
|
|
|
With respect to stock compensation
expense, ARRIS records non-cash compensation expense related
to grants of options and restricted stock. Depending upon the
size, timing and the terms of the grants, this non-cash
compensation expense may vary significantly. With respect to
amortization of intangibles, the intangibles being amortized relate
to our acquisitions. The acquisition costs, restructuring,
and other reflect items that, although they or similar items might
recur, are of a nature and magnitude that
identifying them separately provides investors with a greater
ability to project ARRIS’ future performance.
With respect to the convertible debt non-cash interest, ARRIS
records non-cash interest expense related to the 2013 convertible
debt. Disclosing the non-cash piece provides investors with
the information regarding interest that will not be paid out in
cash. In the first quarters of 2010 and 2009,
income tax expense adjustments were recorded for state
valuation allowances and research and development tax credits.
During the first quarter of 2009, ARRIS repurchased a
portion of their convertible debt and recognized a gain of
approximately $4.2 million.
In assessing operating performance and
preparing budgets and forecasts, ARRIS’ management considers
performance after making these adjustments and believes that
providing investors with the same information provides greater
transparency and insight into management’s analysis.
|
|
|
|
|
|
|
|
|
|
|
ARRIS GROUP,
INC.
Net Income
Reconciliation (unaudited)
Q2 2010 EPS
Guidance
|
|
Estimated GAAP EPS -
diluted
|
$0.14 -
$0.18
|
|
Reconciling Items:
|
|
|
Amortization of
intangibles, after tax
|
0.05
|
|
Stock compensation
expense, after tax
|
0.02
|
|
Non-cash interest
expense, after tax
|
0.01
|
|
Subtotal
|
0.08
|
|
Estimated adjusted (non-GAAP) EPS -
diluted
|
$0.22 -
$0.26
|
|
|
|
|
See the Supplemental Net Income (Loss)
Reconciliation for a discussion regarding these adjustments
and management's reasoning for providing
this adjusted financial measure
|
|
|
|
ARRIS GROUP,
INC.
PRELIMINARY
SUPPLEMENTAL OPERATING INCOME RECONCILIATIONS
(unaudited)
|
|
(in thousands)
|
|
Q1
2010
|
Q1
2009
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
as reported
|
|
$
33,955
|
$
22,390
|
|
Operating Income
as a % of sales
|
|
12.7%
|
8.8%
|
|
Highlighted
Items:
|
|
|
|
|
Stock compensation
expense
|
|
4,521
|
3,401
|
|
Acquisition costs,
restructuring and other
|
|
52
|
120
|
|
Amortization of
intangible assets
|
|
9,022
|
9,263
|
|
Operating Income
excluding highlighted items
|
|
47,550
|
35,174
|
|
Operating Income
excluding highlighted items as a % of sales
|
|
17.8%
|
13.9%
|
|
|
|
|
|
SOURCE ARRIS Group, Inc.