Inphi Corporation (NYSE:IPHI), a leader in
high-speed data movement interconnects, today announced financial
results for its first quarter ended March 31, 2018.
GAAP Results
Revenue in the first quarter of 2018 was $60.1 million on a U.S.
generally accepted accounting principles (GAAP) basis, down 35.7%
year-over-year, compared with $93.6 million in the first quarter of
2017. The decrease was due to lower demand for linear
transimpedance amplifier and linear driver products.
Gross margin under GAAP in the first quarter of 2018 was 54.1%,
compared with 57.2% in the first quarter of 2017. The decrease in
gross margin was primarily due to a change in the product mix.
GAAP operating loss in the first quarter of 2018 was $28.0
million or (46.5%) of revenue, compared to GAAP operating loss in
the first quarter of 2017 of $4.5 million or (4.8%) of revenue. The
loss was mainly due to lower revenue.
GAAP net loss for the first quarter of 2018 was $23.0 million or
($0.53) per diluted common share, compared with GAAP net loss of
$11.3 million or ($0.27) per diluted common share in the first
quarter of 2017. In the first quarter of 2018 we recorded a tax
benefit of $8.3 million primarily due to partial release of
valuation allowance.
Inphi reports revenue, gross margin, operating expenses, net
income (loss), and earnings per share in accordance with GAAP and
on a non-GAAP basis. A reconciliation of the GAAP to non-GAAP
revenue, gross margin, operating expenses, net income, earnings per
share, as well as a description of the items excluded from the
non-GAAP calculations, is included in the financial statements
portion of this press release.
Non-GAAP Results
Gross margin on a non-GAAP basis in the first quarter of 2018
was 66.4%, compared with 71.3% in the first quarter of 2017.
The decrease was due to change in product mix.
Non-GAAP operating loss in the first quarter of 2018 was $2.1
million, compared with operating income of $21.6 million in the
first quarter of 2017. The decrease is primarily due to lower
revenue.
Non-GAAP net loss in the first quarter of 2018 was $2.0 million,
or ($0.05) per diluted common share. This compares with non-GAAP
net income of $19.5 million, or $0.44 per diluted common share in
the first quarter of 2017.
“As our guidance for Q2 shows, we
believe Q1 represented the bottom of a down cycle
driven by inventory buildups in China long-haul and metro
markets. We met our Q1 guidance on revenue and EPS, and
guided for 15 percent sequential revenue growth in Q2, while
guiding up for Q2 EPS,” said Ford Tamer, President and CEO of
Inphi. “Our product innovation continues. We unveiled
our newest 400G PAM DSP at the recent Optical Fiber Conference
(OFC), along with our 56Gbaud linear TiA and driver. We look
forward to a growing presence in the data center, resulting in a
continued diversification of our business, which we expect to help
drive our growth in the second half of 2018 and beyond.”
Business OutlookThe following statements are
based on the company’s current expectations for the second quarter
of 2018. These statements are forward-looking and actual results
may differ materially. A reconciliation between the GAAP and
Non-GAAP outlook is included at the end of this press release.
- Revenue in Q2 2018 is expected to be in a range of $67.3
million to $71.3 million. The midpoint being $69.3 million.
- GAAP gross margin is expected to be approximately 56.5% to
58.1%.
- Non-GAAP gross margin is expected to be approximately 67.8% to
68.8%.
- Stock-based compensation expense is expected to be in the range
of $16.5 million to $17.1 million.
- GAAP results are expected to be a net loss in a range between
$23.7 million to $24.3 million, or ($0.54) – ($0.56) per basic
share, based on 43.763 million estimated weighted average basic
shares outstanding.
- Non-GAAP net income, excluding stock-based compensation
expense, amortization of intangibles and inventory step up fair
value related to acquisitions and noncash interest on convertible
debt, is expected to be in the range of $5.3 million to $6.1
million, or $0.12 - $0.14 per weighted average diluted share, based
on 44.992 million estimated weighted average diluted shares
outstanding.
Quarterly Conference Call TodayInphi plans to
hold a conference call today at 5 p.m. Eastern Time / 2 p.m.
Pacific Time with Ford Tamer, president and chief executive
officer, and John Edmunds, chief financial officer, to discuss the
first quarter 2018 results.
The call can be accessed by dialing (765) 507-2591, participant
passcode: 1067179. Please dial-in ten minutes prior to the
scheduled conference call time. A live and archived webcast of the
call will be available on Inphi’s website at
http://investors.inphi.com for up to 30 days after the
call.
About InphiInphi Corporation is a leader in
high-speed data movement. We move big data - fast, throughout
the globe, between data centers, and inside data centers.
Inphi's expertise in signal integrity results in reliable data
delivery, at high speeds, over a variety of distances. As
data volumes ramp exponentially due to video streaming, social
media, cloud-based services, and wireless infrastructure, the need
for speed has never been greater. That's where we come in.
Customers rely on Inphi's solutions to develop and build out the
Service Provider and Cloud infrastructures, and data centers of
tomorrow. To learn more about Inphi, visit www.inphi.com.
Cautionary Note Concerning Forward-Looking
StatementsStatements in the press release and certain
matters to be discussed on the first quarter of 2018 conference
call regarding Inphi Corporation, which are not historical facts,
are “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements may be identified by terms such as outlook, believe,
expect, may, will, provide, continue, could, and should, and the
negative of these terms or other similar expressions. These
statements include statements relating to: the Company’s business
outlook and current expectations for 2018, including with respect
to the second quarter of 2018, revenue, gross margin, stock-based
compensation expense, operating performance, net income or loss,
and earnings per share; the Company’s expectations regarding growth
opportunities, increasing demand in Q2, new design wins for PAM
DSP’s, linear TiA’s and drivers, and growth inside data
centers, and ramp of 400G coherent TiAs and drivers and the
continued growth of ColorZ; the impact of inventory accumulation
and slow demand in the metro and long haul markets in China and
their effects on revenue; and benefits of using non-GAAP financial
measures. These statements are based on current expectations
and assumptions that are subject to risks and uncertainties. Actual
results could differ materially from those anticipated as a result
of various factors, including: the Company’s ability to sustain
profitable operations due to its history of losses and accumulated
deficit; dependence on a limited number of customers for a
substantial portion of revenue and lack of long-term purchase
commitments from our customers; product defects; risk related to
intellectual property matters, lengthy sales cycle and competitive
selection process; lengthy and expensive qualification processes;
ability to develop new or enhanced products in a timely manner;
development of the markets that the Company targets; market demand
for the Company’s products; reliance on third parties to
manufacture, assemble and test products; ability to compete; and
other risks inherent in fabless semiconductor businesses. In
addition, actual results could differ materially due to changes in
tax rates or tax benefits available, changes in government
regulation, changes in claims that may or may not be asserted, as
well as changes in pending litigation. For a discussion of these
and other related risks, please refer to Inphi Corporation’s recent
SEC filings, including its Annual Report on Form 10-K for the year
ended December 31, 2017, which are available on the SEC’s website
at www.sec.gov. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date thereof. Inphi Corporation undertakes no obligation to update
forward-looking statements for any reason, except as required by
law, even as new information becomes available or other events
occur in the future.
Inphi, the Inphi logo and Think fast are registered trademarks
of Inphi Corporation. All other trademarks used herein are the
property of their respective owners.
Corporate Contact:Kim
Markle
Inphi
408-217-7329
kmarkle@inphi.com
Investor Contact:Deborah
Stapleton650-815-1239deb@stapleton.com
|
INPHI CORPORATION |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands of dollars, except share and per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended March
31, |
|
|
2018 |
|
|
2017 |
|
Revenue |
$ |
60,136 |
|
$ |
93,584 |
|
Cost of revenue |
|
27,590 |
|
|
40,071 |
|
Gross margin |
|
32,546 |
|
|
53,513 |
|
Operating
expenses: |
|
|
|
|
Research and
development |
|
42,938 |
|
|
40,288 |
|
Sales and
marketing |
|
11,342 |
|
|
10,941 |
|
General and
administrative |
|
6,218 |
|
|
6,795 |
|
Total operating
expenses |
|
60,498 |
|
|
58,024 |
|
Loss from
operations |
|
(27,952 |
) |
|
(4,511 |
) |
Interest expense, net
of other income |
|
(3,300 |
) |
|
(6,310 |
) |
Loss from operations
before income taxes |
|
(31,252 |
) |
|
(10,821 |
) |
Provision (benefit) for
income taxes |
|
(8,261 |
) |
|
452 |
|
Net loss |
$ |
(22,991 |
) |
$ |
(11,273 |
) |
|
|
|
|
|
Earnings per
share: |
|
|
|
|
Basic |
$ |
(0.53 |
) |
$ |
(0.27 |
) |
Diluted |
$ |
(0.53 |
) |
$ |
(0.27 |
) |
|
|
|
|
|
Weighted-average shares
used in computing |
|
|
|
|
earnings per
share: |
|
|
|
|
Basic |
|
42,998,819 |
|
|
41,570,629 |
|
Diluted |
|
42,998,819 |
|
|
41,570,629 |
|
|
|
|
|
|
The following table presents details of stock-based compensation
expense included in each functional line item in the consolidated
statements of operations above:
|
|
|
|
|
|
|
|
Three Months Ended March
31, |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
(in thousands of dollars) |
|
|
(Unaudited) |
Cost of revenue |
$ |
569 |
|
$ |
561 |
Research and
development |
|
8,498 |
|
|
5,915 |
Sales and
marketing |
|
3,242 |
|
|
1,682 |
General and
administrative |
|
2,244 |
|
|
1,072 |
|
|
|
|
|
|
|
$ |
14,553 |
|
$ |
9,230 |
|
|
|
|
|
|
|
INPHI CORPORATION |
CONSOLIDATED BALANCE SHEETS |
(in thousands of dollars) |
(Unaudited) |
|
|
March 31,2018 |
|
December 31,2017 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash
equivalents |
$ |
144,100 |
|
$ |
163,450 |
|
Short-term
investments in marketable securities |
|
250,146 |
|
|
241,737 |
|
Accounts
receivable, net |
|
48,856 |
|
|
67,993 |
|
Inventories |
|
34,737 |
|
|
31,721 |
|
Prepaid expenses
and other current assets |
|
9,931 |
|
|
12,208 |
|
Total current assets |
|
487,770 |
|
|
517,109 |
|
|
|
|
|
|
Property and equipment,
net |
|
67,839 |
|
|
60,344 |
|
Goodwill |
|
104,502 |
|
|
104,502 |
|
Identifiable intangible
assets |
|
212,015 |
|
|
222,933 |
|
Other noncurrent
assets |
|
31,645 |
|
|
12,618 |
|
Total assets |
$ |
903,771 |
|
$ |
917,506 |
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
$ |
13,540 |
|
$ |
14,721 |
|
Accrued expenses
and other current liabilities |
|
41,758 |
|
|
44,891 |
|
Deferred
revenue |
|
392 |
|
|
435 |
|
Total current liabilities |
|
55,690 |
|
|
60,047 |
|
|
|
|
|
|
Convertible debt |
|
427,761 |
|
|
421,431 |
|
Other liabilities |
|
15,560 |
|
|
24,627 |
|
Total liabilities |
|
499,011 |
|
|
506,105 |
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
Common
stock |
|
43 |
|
|
43 |
|
Additional
paid-in capital |
|
501,559 |
|
|
484,934 |
|
Accumulated
deficit |
|
(97,136 |
) |
|
(74,145 |
) |
Accumulated
other comprehensive income |
|
294 |
|
|
569 |
|
Total stockholders’
equity |
|
404,760 |
|
|
411,401 |
|
|
|
|
|
|
Total liabilities and
stockholders’ equity |
$ |
903,771 |
|
$ |
917,506 |
|
|
|
|
|
|
|
|
|
|
|
INPHI
CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP
MEASURES(in thousands of dollars, except share and per
share amounts)
To supplement the financial data presented on a GAAP basis, the
Company discloses certain non-GAAP financial measures, which
exclude stock-based compensation, legal, transition costs and other
expenses, purchase price fair value adjustments related to
acquisitions, impairment of certain intangibles, non-cash interest
expense related to convertible debt, unrealized gain or loss on
equity investments and deferred tax asset valuation
allowance. These non-GAAP financial measures are not in
accordance with GAAP. These results should only be used to evaluate
the Company’s results of operations in conjunction with the
corresponding GAAP measures. The Company believes that its non-GAAP
financial information provides useful information to management and
investors regarding financial and business trends relating to its
financial condition and results of operations because it excludes
charges or benefits that management considers to be outside of the
Company’s core operating results. The Company believes that
the non-GAAP measures of gross margin, income from operations, net
income and earnings per share, in combination with the Company’s
financial results calculated in accordance with GAAP, provide
investors with additional perspective and a more meaningful
understanding of the Company’s ongoing operating performance. In
addition, the Company’s management uses these non-GAAP measures to
review and assess the financial performance of the Company, to
determine executive officer incentive compensation and to plan and
forecast performance in future periods. The Company’s
non-GAAP measurements are not prepared in accordance with GAAP, and
are not an alternative to GAAP financial information, and may be
calculated differently than non-GAAP financial information
disclosed by other companies.
|
|
RECONCILIATION OF
GAAP NET INCOME TO NON-GAAP
NET INCOME |
|
(in thousands of dollars, except share and per share
amounts) |
|
(Unaudited) |
|
|
|
Three Months Ended March
31, |
|
|
|
2018 |
|
|
|
2017 |
|
|
GAAP gross margin to Non-GAAP gross margin |
|
GAAP gross margin |
$ |
32,546 |
|
|
$ |
53,513 |
|
|
Adjustments
to GAAP gross margin: |
|
|
Stock-based
compensation |
|
569 |
|
(a) |
|
561 |
|
(a) |
Acquisition
related expenses |
|
11 |
|
(b) |
|
59 |
|
(b) |
Amortization of
inventory step-up |
|
- |
|
|
|
5,317 |
|
(c) |
Amortization of
intangibles |
|
6,699 |
|
(d) |
|
7,250 |
|
(d) |
Depreciation on
step-up values of fixed assets |
|
(14 |
) |
(e) |
|
16 |
|
(e) |
Restructuring
expenses |
|
105 |
|
(f) |
|
- |
|
|
Non-GAAP gross
margin |
$ |
39,916 |
|
|
$ |
66,716 |
|
|
|
|
|
|
|
|
|
GAAP operating expenses to Non-GAAP operating
expenses |
GAAP research and
development |
$ |
42,938 |
|
|
$ |
40,288 |
|
|
Adjustments
to GAAP research and development: |
|
Stock-based
compensation |
|
(8,498 |
) |
(a) |
|
(5,915 |
) |
(a) |
Acquisition
related expenses |
|
(305 |
) |
(b) |
|
(670 |
) |
(b) |
Depreciation on
step-up values of fixed assets |
|
(133 |
) |
(e) |
|
(154 |
) |
(e) |
Restructuring
expenses |
|
(885 |
) |
(f) |
|
- |
|
|
Non-GAAP research and
development |
$ |
33,117 |
|
|
$ |
33,549 |
|
|
|
|
|
|
|
|
|
GAAP sales and
marketing |
$ |
11,342 |
|
|
$ |
10,941 |
|
|
Adjustments
to GAAP sales and marketing: |
|
Stock-based
compensation |
|
(3,242 |
) |
(a) |
|
(1,682 |
) |
(a) |
Acquisition
related expenses |
|
(142 |
) |
(b) |
|
(235 |
) |
(b) |
Amortization of
intangibles |
|
(2,431 |
) |
(d) |
|
(2,431 |
) |
(d) |
Depreciation on
step-up values of fixed assets |
|
(23 |
) |
(e) |
|
(29 |
) |
(e) |
Restructuring
expenses |
|
(359 |
) |
(f) |
|
- |
|
|
Non-GAAP sales and
marketing |
$ |
5,145 |
|
|
$ |
6,564 |
|
|
|
|
|
|
|
|
|
GAAP general and
administrative |
$ |
6,218 |
|
|
$ |
6,795 |
|
|
Adjustments
to GAAP general and administrative: |
|
Stock-based
compensation |
|
(2,244 |
) |
(a) |
|
(1,072 |
) |
(a) |
Acquisition
related expenses |
|
(3 |
) |
(b) |
|
(722 |
) |
(b) |
Amortization of
intangibles |
|
(116 |
) |
(d) |
|
(116 |
) |
(d) |
Depreciation on
step-up values of fixed assets |
|
41 |
|
(e) |
|
69 |
|
(e) |
Restructuring
expenses |
|
(133 |
) |
(f) |
|
- |
|
|
Non-GAAP general and
administrative |
$ |
3,763 |
|
|
$ |
4,954 |
|
|
Non-GAAP total
operating expenses |
$ |
42,025 |
|
|
$ |
45,067 |
|
|
Non-GAAP income (loss)
from operations |
$ |
(2,109 |
) |
|
$ |
21,649 |
|
|
|
|
|
|
|
|
|
GAAP net loss to Non-GAAP net income |
|
|
GAAP net
loss |
$ |
(22,991 |
) |
|
$ |
(11,273 |
) |
|
Adjusting items to GAAP
net loss: |
|
|
|
|
|
|
|
|
Operating
expenses related to stock-based |
|
|
|
|
|
|
|
|
compensation expense |
|
14,553 |
|
(a) |
|
9,230 |
|
(a) |
Acquisition
related expenses |
|
461 |
|
(b) |
|
1,685 |
|
(b) |
Amortization of
inventory fair value step-up |
|
- |
|
|
|
5,317 |
|
(c) |
Amortization of
intangibles related to purchase price |
|
9,246 |
|
(d) |
|
9,797 |
|
(d) |
Depreciation on
step-up values of fixed assets |
|
101 |
|
(e) |
|
131 |
|
(e) |
Restructuring
expenses |
|
1,482 |
|
(f) |
|
- |
|
|
Loss on
retirement of certain property and equipment from ClariPhy
acquisition |
|
- |
|
|
|
44 |
|
(g) |
Accretion and
amortization expense on convertible debt |
|
6,330 |
|
(h) |
|
5,895 |
|
(h) |
Unrealized gain
on equity investment |
|
(3,022 |
) |
(i) |
|
- |
|
|
Valuation
allowance and tax effect of the adjustments above from |
|
|
|
|
|
|
GAAP to non-GAAP |
|
(8,130 |
) |
(j) |
|
(1,277 |
) |
(j) |
Non-GAAP net income
(loss) |
$ |
(1,970 |
) |
|
$ |
19,549 |
|
|
|
|
|
|
|
|
|
Shares used in
computing non-GAAP basic earnings per share |
|
42,998,819 |
|
|
|
41,570,629 |
|
|
|
|
|
|
|
|
|
Shares used in
computing non-GAAP diluted earnings per share before
offsetting shares from call option |
|
42,998,819 |
|
|
|
45,685,636 |
|
|
Offsetting shares from
call option |
|
- |
|
|
|
802,021 |
|
|
Shares used in
computing non-GAAP diluted earnings per share |
|
42,998,819 |
|
|
|
44,883,615 |
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share: |
|
|
|
|
Basic |
$ |
(0.05 |
) |
|
$ |
0.47 |
|
|
Diluted |
$ |
(0.05 |
) |
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
GAAP gross margin as a
% of revenue |
|
54.1 |
% |
|
|
57.2 |
% |
|
Stock-based
compensation |
|
0.9 |
% |
|
|
0.6 |
% |
|
Amortization of
inventory fair value step-up and intangibles |
|
11.4 |
% |
|
|
13.5 |
% |
|
Non-GAAP gross margin
as a % of revenue |
|
66.4 |
% |
|
|
71.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Reflects
the stock-based compensation expense recorded relating to stock
based awards. The Company excludes this item when it evaluates the
continuing operational performance of the Company as management
believes this GAAP measure is not indicative of its core operating
performance. |
(b) |
Reflects
the legal, transition costs and other expenses related to
acquisition. The transition costs also include short-term
cash retention bonus payments to ClariPhy employees that were part
of the purchase agreement when the Company acquired ClariPhy.
The Company excludes this item when it evaluates the continuing
operational performance of the Company as management believes this
GAAP measure is not indicative of its core operating
performance. |
(c) |
Reflects
the cost of goods sold fair value amortization of inventory step-up
related to acquisitions. The Company excludes these items
when it evaluates the continuing operational performance of the
Company as management believes this GAAP measure is not indicative
of its core operating performance. |
(d) |
Reflects
the fair value amortization of intangibles related to
acquisitions. The Company excludes these items when it
evaluates the continuing operational performance of the Company as
management believes this GAAP measure is not indicative of its core
operating performance. |
(e) |
Reflects
the fair value depreciation of fixed assets related to
acquisitions. The Company excludes these items when it
evaluates the continuing operational performance of the Company as
management believes this GAAP measure is not indicative of its core
operating performance. |
(f) |
Reflects
restructuring expenses incurred. The Company excludes this
item when it evaluates the continuing operational performance of
the Company as management believes this GAAP measure is not
indicative of its core operating performance. |
(g) |
Reflects
the loss on disposal of certain property and equipment from the
ClariPhy acquisition. The Company excludes these items when
it evaluates the continuing operational performance of the Company
as management believes this GAAP measure is not indicative of its
core operating performance. |
(h) |
Reflects
the accretion and amortization expense on convertible debt.
The Company excludes these items when it evaluates the continuing
operational performance of the Company as management believes this
GAAP measure is not indicative of its core operating
performance. |
(i) |
Reflects
the unrealized gain or loss on equity investments. The
Company excludes these items when it evaluates the continuing
operational performance of the Company as management believes this
GAAP measure is not indicative of its core operating
performance. |
(j) |
Reflects
the change in valuation allowance and delta in interim period tax
allocation from GAAP to non-GAAP related to non-GAAP adjustments.
The Company excludes this item when it evaluates the continuing
operational performance of the Company as management believes this
GAAP measure is not indicative of its core operating
performance. |
|
|
|
INPHI CORPORATION |
RECONCILIATION OF
GAAP TO NON-GAAP MEASURES -
SECOND QUARTER 2018 GUIDANCE |
(in thousands of dollars, except share and per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ending June 30,
2018 |
|
|
High |
|
Low |
Estimated GAAP net
loss |
$ |
(23,700 |
) |
$ |
(24,300 |
) |
Adjusting items to
estimated GAAP net loss: |
|
|
|
|
Operating
expenses related to stock-based |
|
|
|
|
compensation expense |
|
17,050 |
|
|
16,450 |
|
Amortization of intangibles and fair value step up on acquired
inventories |
16,300 |
|
|
16,300 |
|
Other
acquisition and transition related expenses |
|
550 |
|
|
550 |
|
Amortization of
convertible debt interest cost |
|
6,330 |
|
|
6,330 |
|
Tax effect of
GAAP to non-GAAP adjustments |
|
(10,400 |
) |
|
(10,000 |
) |
Estimated non-GAAP net
income |
$ |
6,130 |
|
$ |
5,330 |
|
|
|
|
|
|
Shares used in
computing estimated non-GAAP diluted earnings per share |
|
44,992,000 |
|
|
44,992,000 |
|
|
|
|
|
|
Estimated non-GAAP
diluted earnings per share |
$ |
0.14 |
|
$ |
0.12 |
|
|
|
|
|
|
Revenue |
$ |
71,300 |
|
$ |
67,300 |
|
|
|
|
|
|
GAAP gross margin |
$ |
41,400 |
|
$ |
38,000 |
|
as a % of
revenue |
|
58.1 |
% |
|
56.5 |
% |
Adjusting items to
estimated GAAP gross margin: |
|
|
|
|
Stock-based
compensation |
|
650 |
|
|
650 |
|
Inventory step
up, fixed assets depreciation step up and acquisition
related expenses |
|
5 |
|
|
5 |
|
Amortization of
intangibles |
|
7,000 |
|
|
7,000 |
|
Estimated non-GAAP
gross margin |
$ |
49,055 |
|
$ |
45,655 |
|
as a % of
revenue |
|
68.8 |
% |
|
67.8 |
% |
|
|
|
|
|
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