UTStarcom (“UTStarcom” or “the Company”) (NASDAQ:UTSI), a global
telecommunications infrastructure provider, today reported its
unaudited financial results for the third quarter ended September
30, 2017.
UTStarcom’s Chief Executive Officer Tim Ti stated, “We are
encouraged by our solid third quarter results and the momentum we
have been building throughout 2017. Our continued focus on
customers, product quality, operational efficiencies, and overall
cost control is yielding results as demonstrated by the significant
improvement in our operating margin on both a sequential and
year-over-year basis.”
Ti continued, “We have made significant strategic investments in
our business over the past 24 months as we strive to build a
state-of-the-art technology company in our targeted business
segments. Our work continues, and I am excited about the
progress we are making. We are confident that the diversity
in our product solutions and geographic coverage is a solid
foundation for continued profitable growth.”
Recent Key Events
- Subsequent to third quarter of 2017, the Company announced that
the special committee of the Company’s board of directors had
received a notice from Shah Capital Opportunity Fund LP, Himanshu
H. Shah, Hong Liang Lu and certain of his affiliates and Tenling Ti
(collectively, the “Consortium”) to withdraw the preliminary
non-binding take-private proposal letter dated March 31, 2017 from
the Consortium to the Board.
- The Company announced the filing of its annual report on Form
20-F for the year ended December 31, 2016 with the Securities and
Exchange Commission (the "SEC") on November 14, 2017.
Third Quarter 2017 Financial Highlights
In addition to disclosing financial measures prepared in
accordance with U.S. Generally Accepted Accounting Principles
(“GAAP”), the Company also provides non-GAAP financial measures.
The Company believes that the public’s understanding of the
Company’s business is enhanced when it has access to the same
information that management uses to analyze and operate the
business. The Company believes that the non-GAAP measures
presented here offer additional insight into the condition and
trends of its business. Further explanation of the use of non-GAAP
financial information, and reconciliation to the corresponding GAAP
measures, can be found at the end of this release.
|
Summary of Y/Y Comparisons |
|
Q3 2017GAAP |
Y/Y Change* |
Q3 2017Non-GAAP |
Y/Y Change* |
Revenue |
$26.0 |
|
|
+58.9% |
|
$26.0 |
|
+58.9% |
|
Gross Margin |
|
40.5% |
|
|
+1620 bps |
|
|
40.6% |
|
+1620 bps |
|
Operating Expenses |
$7.5 |
|
|
+38.5% |
|
$7.2 |
|
+41.9% |
|
Operating Income |
$3.1 |
|
+$4.5 |
|
$3.3 |
|
+$4.4 |
|
Net Income |
$2.2 |
|
+$4.0 |
|
$2.5 |
|
+$4.0 |
|
Basic EPS |
$0.06 |
|
+$0.11 |
|
$0.07 |
|
+$0.11 |
|
Operating Cash Flow |
$1.9 |
|
+$0.4 |
|
|
|
Cash Balance |
$91.2 |
|
|
+12.4% |
|
|
|
|
* Dollar comparisons are used where percentage comparisons are
not meaningful.*All the numbers in U.S. Dollars are in million
except EPS
Total Revenues
Total revenues for the third quarter of 2017 were $26.0 million,
an increase of 58.9 % from $16.4 million for the corresponding
period of 2016.
Total Non-GAAP revenues for the third quarter of 2017 were $26.0
million, an increase of 58.9% from $16.4 million for the
corresponding period of 2016.
- Non-GAAP net sales from equipment for the third quarter of 2017
were $20.5 million, an increase of 98.3% from $10.3 million for the
corresponding period in 2016. The increase was mainly due to the
increased sales of the 100G Packet Transport Network (“PTN”)
products
- Non-GAAP net sales from services for the third quarter of 2017
were $5.5 million, a decrease of 8.4% from $6.0 million for the
corresponding period in 2016.
Gross Profit
Gross profit was $10.6 million, or 40.5% of net sales, for the
third quarter of 2017, compared to $4.0 million, or 24.3% of net
sales, for the corresponding period in 2016.
Non-GAAP gross profit was $10.6 million, or 40.6 % of net sales,
for the third quarter of 2017, compared to $4.0 million or 24.4% of
net sales, for the corresponding period in 2016.
- Non-GAAP gross profit from equipment sales for the third
quarter of 2017 was $8.2 million, compared to $2.6 million for the
corresponding period in 2016. Non-GAAP gross margin from equipment
sales for the third quarter of 2017 was 39.9%, compared to 24.8%
for the corresponding period in 2016. The increase was due to
higher sales of PTN products.
- Non-GAAP gross profit from services for the third quarter of
2017 was $2.4 million, compared to gross profit of $1.4 million for
the corresponding period in 2016. Non-GAAP gross margin from
services for the third quarter of 2017 was 42.6%, compared to 23.6%
for the corresponding period in 2016. The increase was due to
revenue from a large 3-year service contract in India.
Operating Expenses
Operating expenses for the third quarter of 2017 were $7.5
million, compared to $5.4 million for the corresponding period in
2016.
Non-GAAP operating expenses for the third quarter of 2017 were
$7.2 million, an increase of 41.9% from $5.1 million for the
corresponding period in 2016.
- Non-GAAP selling, general and administrative (SG&A)
expenses in the third quarter of 2017 were $5.0 million, compared
to $3.0 million for the corresponding period in 2016. The
increase was mainly due to higher sales commission/bonus and
one-time service fees related to privatization and
auditing.
- Non-GAAP research and development expenses in the third quarter
of 2017 were $2.2 million, compared to $2.1 million for the
corresponding period in 2016.
Operating Income (Loss)
Operating income for the third quarter of 2017 was $3.1 million,
compared to operating loss of $1.4 million for the corresponding
period of 2016. Non-GAAP operating income for the third
quarter of 2017 was $3.3 million, compared to non-GAAP operating
loss of $1.1 million for the corresponding period of 2016.
Equity pick up of loss of an associate
Equity pick up of losses of an associate, AioTV was $0.3 million
and nil for the third quarter of 2017 and 2016
respectively.
Net Income (Loss)
Net income attributable to UTStarcom’s shareholders for the
third quarter of 2017 was $2.2 million, compared to net loss
attributable to UTStarcom’s shareholders of $1.8 million for the
corresponding period in 2016. Basic income per share for the
third quarter of 2017 was $0.06, compared to basic net loss per
share of $0.05 for the corresponding period of 2016.
Non-GAAP net income attributable to UTStarcom’s shareholders for
the third quarter of 2017 was $2.5 million, compared to Non-GAAP
net loss attributable to UTStarcom’s shareholders of $1.5 million
for the corresponding period in 2016. Non-GAAP basic income
per share for the third quarter of 2017 was $0.07, compared to
non-GAAP basic net loss per share of $0.04 for the corresponding
period of 2016.
Cash Flow
Cash provided by operating activities was $1.9 million.
Cash used in investing activities was $3.3 million.
As of September 30, 2017, UTStarcom had cash and equivalents of
$91.2 million.
Third Quarter 2017 Conference Call Details
The Company’s management will host an earnings conference call
at 8:00 a.m. U.S. Eastern Time on Monday, November 20, 2017 (9:00
p.m. Hong Kong/Beijing Time).
The conference call dial-in numbers are as follows:
United States / Canada: +1 (800) 239-9838Hong Kong:
+852-3008-1527
China: 4001-209-101
The attendee pass code is: 9760293
A replay of the call will be available two hours after the end
of the conference call until 11:00 a.m. U.S. Eastern Time on
December 20, 2017.
The conference call replay numbers are as follows:
United States: +1 (888) 203-1112Hong Kong: 800-901-108China:
4001-201-651International: +61-2-9101-1954
The replay passcode for accessing the recording is 9760293.
Investors will also have the opportunity to listen to the live
conference call and the replay over the Internet through the
investor relations section of UTStarcom’s web site at:
http://www.utstar.com.
About UTStarcom Holdings Corp.
UTStarcom (NASDAQ:UTSI) is a global telecom infrastructure
provider dedicated to developing technology that will serve the
rapidly growing demand for bandwidth from cloud-based services,
mobile, streaming, and other applications. We work with carriers
globally, from Asia to the Americas, to meet this demand through a
range of innovative broadband packet optical transport and
wireless/fixed-line access products and solutions. The Company’s
end-to-end broadband product portfolio, enhanced through in-house
Software Defined Networking (SDN)-based orchestration, enables
mobile and fixed-line network operators and enterprises worldwide
to build highly efficient and resilient future-proof networks for a
range of applications, including mobile backhaul, metro
aggregation, broadband access and Wi-Fi data offload. Our strategic
investments in media operational support service providers expand
UTStarcom’s capabilities in the field of next generation video
platforms. UTStarcom was founded in 1991, started trading on NASDAQ
in 2000, and has operating entities in Hong Kong; Tokyo, Japan; San
Jose, USA; Delhi and Bangalore, India; Hangzhou, China. For more
information about UTStarcom, please visit
http://www.utstar.com.
Forward-Looking Statements
This press release includes forward-looking statements,
including statements regarding the Company’s strategic initiatives
and the Company’s business outlook. These statements are
forward-looking in nature and subject to risks and uncertainties
that may cause actual results to differ materially and adversely
from the Company’s current expectations. These include risks and
uncertainties related to, among other things, changes in the
financial condition and cash position of the Company, changes in
the composition of the Company’s management and their effect on the
Company, the Company’s ability to realize anticipated results of
operational improvements and benefits of the divestiture
transaction, the ability to successfully identify and acquire
appropriate technologies and businesses for inorganic growth and to
integrate such acquisitions, the ability to internally innovate and
develop new products, assumptions the Company makes regarding the
growth of the market and the success of the Company’s offerings in
the market, and the Company’s ability to execute its business plan
and manage regulatory matters. The risks and uncertainties also
include the risk factors identified in the Company’s 2015 annual
report on Form 20-F and current reports on Form 6-K as filed with
the Securities and Exchange Commission. The filing of the 2016 Form
20-F is in progress pending the conclusion of the 2016 audit. The
Company is in a period of strategic transition and the conduct of
its business is exposed to additional risks as a result. All
forward-looking statements included in this press release are based
upon information available to the Company as of the date of this
press release, which may change, and the Company assumes no
obligation to update any such forward-looking statements.
For investor and media inquiries, please
contact:
UTStarcom Holdings Corp.Tel: +852-3951-9757Fei Wang, Director of
Investor RelationsEmail: fei.wang@utstar.com
Ning Jiang, Investor Relations Email: njiang@utstar.com
In the United States:
The Blueshirt Group Mr. Ralph FongTel: +1 (415) 489-2195Email:
ralph@blueshirtgroup.com
|
UTStarcom Holdings Corp. |
Unaudited Condensed Consolidated Balance
Sheets |
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
2017 |
|
|
2016 |
ASSETS |
|
(In thousands) |
Current assets: |
|
|
|
|
Cash,
cash equivalents |
|
$ |
91,225 |
|
$ |
83,922 |
Short-term investments |
|
|
3,373 |
|
|
479 |
Accounts
and notes receivable, net |
|
|
14,593 |
|
|
18,329 |
Inventories and deferred costs |
|
|
29,565 |
|
|
41,896 |
Prepaids
and other current assets |
|
|
20,652 |
|
|
18,392 |
Total
current assets |
|
|
159,408 |
|
|
163,018 |
Long-term assets: |
|
|
|
|
Property,
plant and equipment, net |
|
|
1,492 |
|
|
1,610 |
Long-term
deferred costs |
|
|
275 |
|
|
276 |
Other
long-term assets |
|
|
15,827 |
|
|
13,799 |
Total
long-term assets |
|
|
17,594 |
|
|
15,685 |
Total
assets |
|
$ |
177,002 |
|
$ |
178,703 |
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
21,662 |
|
$ |
22,480 |
Customer
advances |
|
|
24,276 |
|
|
29,046 |
Deferred
revenue |
|
|
7,001 |
|
|
10,779 |
Other
current liabilities |
|
|
23,962 |
|
|
24,863 |
Total
current liabilities |
|
|
76,901 |
|
|
87,168 |
Long-term
liabilities: |
|
|
|
|
Long-term
deferred revenue and other liabilities |
|
|
6,415 |
|
|
8,794 |
Total
liabilities |
|
|
83,316 |
|
|
95,962 |
|
|
|
|
|
Total equity |
|
|
93,686 |
|
|
82,741 |
Total
liabilities and equity |
|
$ |
177,002 |
|
$ |
178,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTStarcom Holdings Corp. |
|
|
|
|
|
|
|
Unaudited Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
(In thousands,except per share
data) |
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
26,034 |
|
|
$ |
16,389 |
|
|
|
80,057 |
|
|
$ |
58,966 |
|
Cost of net sales |
|
|
15,479 |
|
|
|
12,400 |
|
|
|
51,474 |
|
|
|
40,669 |
|
Gross profit |
|
|
10,555 |
|
|
|
3,989 |
|
|
|
28,583 |
|
|
|
18,297 |
|
|
|
|
40.5 |
% |
|
|
24.3 |
% |
|
|
35.7 |
% |
|
|
31.0 |
% |
Operating
expenses: |
|
|
|
|
|
|
|
|
Selling,
general and administrative |
|
|
5,284 |
|
|
|
3,251 |
|
|
|
13,839 |
|
|
|
13,303 |
|
Research
and development |
|
|
2,207 |
|
|
|
2,158 |
|
|
|
6,296 |
|
|
|
7,080 |
|
Total operating
expenses |
|
|
7,491 |
|
|
|
5,409 |
|
|
|
20,135 |
|
|
|
20,383 |
|
|
|
|
|
|
|
|
|
|
Operating Income
(loss) |
|
|
3,064 |
|
|
|
(1,420 |
) |
|
|
8,448 |
|
|
|
(2,086 |
) |
|
|
|
|
|
|
|
|
|
Interest income,
net |
|
|
214 |
|
|
|
232 |
|
|
|
794 |
|
|
|
564 |
|
Other income (expense),
net |
|
|
(3 |
) |
|
|
(140 |
) |
|
|
2,395 |
|
|
|
1,728 |
|
Equity pick up of gains
(losses) of an associate |
|
|
(290 |
) |
|
|
- |
|
|
|
(290 |
) |
|
|
- |
|
Investment
Impairment |
|
|
- |
|
|
|
- |
|
|
|
(1,308 |
) |
|
|
- |
|
Income (loss) before
income taxes |
|
|
2,985 |
|
|
|
(1,328 |
) |
|
|
10,039 |
|
|
|
206 |
|
Income taxes
expenses |
|
|
(795 |
) |
|
|
(507 |
) |
|
|
495 |
|
|
|
1,711 |
|
Net Income (loss) |
|
|
2,190 |
|
|
|
(1,835 |
) |
|
|
10,534 |
|
|
|
1,917 |
|
Net loss attributable
to noncontrolling interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net Income (loss)
attributable to UTStarcom Holdings Corp. |
|
$ |
2,190 |
|
|
$ |
(1,835 |
) |
|
$ |
10,534 |
|
|
$ |
1,917 |
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) per share attributable to UTStarcom Holdings
Corp.—Basic |
|
$ |
0.06 |
|
|
$ |
(0.05 |
) |
|
$ |
0.30 |
|
|
$ |
0.05 |
|
Weighted
average shares outstanding—Basic |
|
|
35,484 |
|
|
|
35,507 |
|
|
|
35,550 |
|
|
|
35,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTStarcom Holdings Corp. |
|
|
|
|
|
|
|
Unaudited Condensed Consolidated Statements of Cash
Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
(In thousands) |
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
|
|
$ |
2,190 |
|
|
$ |
(1,835 |
) |
|
$ |
10,534 |
|
|
$ |
1,917 |
|
Depreciation |
|
|
|
152 |
|
|
|
243 |
|
|
|
473 |
|
|
|
1,037 |
|
Provision for doubtful accounts |
|
|
|
819 |
|
|
|
110 |
|
|
|
713 |
|
|
|
724 |
|
Provision for(recovery of) deferred costs |
|
|
|
405 |
|
|
|
(129 |
) |
|
|
3,825 |
|
|
|
(2,827 |
) |
Stock-based compensation expense |
|
|
|
264 |
|
|
|
312 |
|
|
|
655 |
|
|
|
2,292 |
|
Net
loss on disposal of assets |
|
|
|
- |
|
|
|
7 |
|
|
|
- |
|
|
|
(84 |
) |
Gain on
release of tax liability due to expiration of the statute of
limitations |
|
|
|
- |
|
|
|
- |
|
|
|
(1,478 |
) |
|
|
(807 |
) |
Deferred income taxes |
|
|
|
(324 |
) |
|
|
- |
|
|
|
(93 |
) |
|
|
49 |
|
Loss from equity investments, net |
|
|
|
290 |
|
|
|
- |
|
|
|
290 |
|
|
|
- |
|
Other-than-temporary impairment of equity
investments |
|
|
|
- |
|
|
|
- |
|
|
|
1,308 |
|
|
|
- |
|
Gain on Cumulative Transfer Adjustment recognition from
liquidation subsidiaries |
|
- |
|
|
|
- |
|
|
|
(1,703 |
) |
|
|
(47 |
) |
Gain (loss) on sale investments |
|
|
|
- |
|
|
|
57 |
|
|
|
- |
|
|
|
(83 |
) |
Changes in operating assets and liabilities |
|
|
|
(1,872 |
) |
|
|
2,801 |
|
|
|
(2,663 |
) |
|
|
1,985 |
|
Net
cash provided by operating activities |
|
|
|
1,924 |
|
|
|
1,566 |
|
|
|
11,861 |
|
|
|
4,156 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
|
|
|
(147 |
) |
|
|
(749 |
) |
|
|
(292 |
) |
|
|
(1,366 |
) |
Proceeds from sale of property, plant and
equipment |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
85 |
|
Change in restricted cash |
|
|
|
606 |
|
|
|
(510 |
) |
|
|
(3,078 |
) |
|
|
741 |
|
Purchase of an investment interest |
|
|
|
(381 |
) |
|
|
- |
|
|
|
(481 |
) |
|
|
57 |
|
Proceeds from refund of investment interests |
|
|
|
- |
|
|
|
- |
|
|
|
499 |
|
|
|
363 |
|
Net
cash provided by (used in) investing activities |
|
|
|
78 |
|
|
|
(1,259 |
) |
|
|
(3,352 |
) |
|
|
(120 |
) |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Repurchase of ordinary share |
|
|
|
- |
|
|
|
(721 |
) |
|
|
(140 |
) |
|
|
(3,621 |
) |
Net
cash used in financing activities |
|
|
|
- |
|
|
|
(721 |
) |
|
|
(140 |
) |
|
|
(3,621 |
) |
Effect of
exchange rate changes on cash and cash equivalents |
|
|
|
285 |
|
|
|
82 |
|
|
|
2,307 |
|
|
|
3,660 |
|
Net
increase in cash and cash equivalents |
|
|
|
2,287 |
|
|
|
(332 |
) |
|
|
10,676 |
|
|
|
4,075 |
|
Cash and cash
equivalents at beginning of period |
|
|
|
92,311 |
|
|
|
81,457 |
|
|
|
83,922 |
|
|
|
77,050 |
|
Cash and cash
equivalents at end of period |
|
|
$ |
94,598 |
|
|
$ |
81,125 |
|
|
$ |
94,598 |
|
|
$ |
81,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
UTStarcom Holdings Corp. |
|
|
|
|
|
|
|
Unaudited Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To supplement our unaudited condensed consolidated financial
statements presented on a GAAP basis, UTStarcom uses certain
non-GAAP measures which are adjusted to present those metrics as if
stock compensation expenses and China IPTV- related deferred
revenue amortization had been excluded in prior years comparatives.
We believe this enables year over year comparisons to our recent
financial results. These adjustments to our GAAP results are made
with the intent of providing both management and investors a more
complete understanding of UTStarcom’s underlying results and
trends. In addition, these adjusted non-GAAP results are among the
information management uses as a basis for our planning and
forecasting of future periods. The presentation of this additional
information is not meant to be considered in isolation or as a
substitute for results prepared in accordance with generally
accepted accounting principles in the United States. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
(In thousands) |
Non-GAAP Revenue |
$ |
26,026 |
|
|
$ |
16,381 |
|
|
$ |
80,032 |
|
|
$ |
58,681 |
|
Non-GAAP Gross
profit |
|
10,559 |
|
|
|
3,989 |
|
|
|
28,587 |
|
|
|
18,296 |
|
Non-GAAP Gross Margin
% |
|
40.6 |
% |
|
|
24.4 |
% |
|
|
35.7 |
% |
|
|
31.2 |
% |
Non-GAAP Operating
Income (loss) |
|
3,328 |
|
|
|
(1,108 |
) |
|
|
9,103 |
|
|
|
206 |
|
Non-GAAP Net
Income (loss) attributable to UTStarcom |
$ |
2,454 |
|
|
$ |
(1,523 |
) |
|
$ |
11,189 |
|
|
$ |
4,209 |
|
Non-GAAP
Net Income (loss) per share attributable to UTStarcom Holdings
Corp.—Basic |
$ |
0.07 |
|
|
$ |
(0.04 |
) |
|
$ |
0.31 |
|
|
$ |
0.12 |
|
Weighted
average shares outstanding—Basic |
|
5,484 |
|
|
|
35,507 |
|
|
|
35,550 |
|
|
|
35,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTStarcom Holdings Corp. |
|
|
|
|
|
|
|
Unaudited GAAP to unaudited Non-GAAP
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To supplement our unaudited condensed consolidated
financial statements presented on a GAAP basis, UTStarcom uses
certain non-GAAP measures which are adjusted to present those
metrics as if stock compensation expenses and China IPTV- related
deferred revenue amortization had been excluded in prior years
comparatives. We believe this enables year over year comparisons to
our recent financial results. These adjustments to our GAAP results
are made with the intent of providing both management and investors
a more complete understanding of UTStarcom’s underlying results and
trends. In addition, these adjusted non-GAAP results are among the
information management uses as a basis for our planning and
forecasting of future periods. The presentation of this additional
information is not meant to be considered in isolation or as a
substitute for results prepared in accordance with generally
accepted accounting principles in the United States. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
|
(In thousands) |
Reconciliation
of Revenue |
|
|
|
|
|
|
|
GAAP Net
revenue |
$ |
26,034 |
|
$ |
16,389 |
|
|
$ |
80,057 |
|
$ |
58,966 |
|
Less: China IPTV
revenue |
|
8 |
|
|
8 |
|
|
|
25 |
|
|
285 |
|
Non-GAAP Net
revenue |
$ |
26,026 |
|
$ |
16,381 |
|
|
$ |
80,032 |
|
$ |
58,681 |
|
|
|
|
|
|
|
|
|
GAAP Gross
Margin |
|
|
|
|
|
|
|
US. GAAP as
reported |
$ |
10,555 |
|
$ |
3,989 |
|
|
$ |
28,583 |
|
$ |
18,297 |
|
Add: Stock based
compensation - COGS |
|
4 |
|
|
- |
|
|
|
4 |
|
|
(1 |
) |
Non-GAAP Gross
Margin |
$ |
10,559 |
|
$ |
3,989 |
|
|
$ |
28,587 |
|
$ |
18,296 |
|
|
|
|
|
|
|
|
|
Reconciliation
of Operation Income(loss) |
|
|
|
|
|
|
|
GAAP Operation
Income(loss) |
$ |
3,064 |
|
$ |
(1,420 |
) |
|
$ |
8,448 |
|
$ |
(2,086 |
) |
Add: Stock based
compensation |
|
264 |
|
|
312 |
|
|
|
655 |
|
|
2,292 |
|
Non-GAAP
Operation Income(loss) |
$ |
3,328 |
|
$ |
(1,108 |
) |
|
$ |
9,103 |
|
$ |
206 |
|
|
|
|
|
|
|
|
|
Reconciliation
of Net Income(loss) |
|
|
|
|
|
|
|
GAAP Net
Income(loss) |
$ |
2,190 |
|
$ |
(1,835 |
) |
|
$ |
10,534 |
|
$ |
1,917 |
|
Add: Stock based
compensation |
|
264 |
|
|
312 |
|
|
|
655 |
|
|
2,292 |
|
Non-GAAP
Net
Income(loss) |
$ |
2,454 |
|
$ |
(1,523 |
) |
|
$ |
11,189 |
|
$ |
4,209 |
|
|
|
|
|
|
|
|
|
UTStarcom (NASDAQ:UTSI)
Historical Stock Chart
From Mar 2024 to Apr 2024
UTStarcom (NASDAQ:UTSI)
Historical Stock Chart
From Apr 2023 to Apr 2024