Inphi Corporation (NYSE: IPHI), a leader in high-speed data
movement interconnects, today announced financial results for its
first quarter ended March 31, 2020.
GAAP Results
Revenue in the first quarter of 2020 was a record $139.4 million
on a U.S. generally accepted accounting principles (GAAP) basis, up
69.6% year-over-year, compared with $82.2 million in the first
quarter of 2019. The increase was due to higher demand for Cloud
and Telecommunications products as well as the inclusion of
eSilicon revenues as a result of the acquisition that closed on
January 10, 2020.
Gross margin under GAAP in the first quarter of 2020 was 52.9%,
compared with 57.9% in the first quarter of 2019. The decrease was
mainly due to amortization of intangibles, step up value of
inventories related to the eSilicon acquisition and product
mix.
GAAP operating loss in the first quarter of 2020 was $16.3
million or (11.7%) of revenue, compared to GAAP operating loss in
the first quarter of 2019 of $15.5 million or (18.8%) of revenue.
The increase in operating loss was mainly due to higher operating
expenses as a result of eSilicon acquisition, partially offset by
higher gross profit.
GAAP net loss for the first quarter of 2020 was $20.3 million or
($0.44) per diluted common share, compared with $22.7 million or
($0.51) per diluted common share in the first quarter of 2019.
Inphi reports gross profit, 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 gross
profit, operating expenses, operating income, 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 2020
was 64.2%, compared with 70.7% in the first quarter of 2019.
The decrease was due to product mix, mainly from the sale of
eSilicon products that have a lower margin.
Non-GAAP operating income in the first quarter of 2020 was $34.2
million, compared with non-GAAP operating income of $15.6 million
in the first quarter of 2019. The increase is primarily due to
higher gross profit and higher operating leverage.
Non-GAAP net income in the first quarter of 2020 was $31.5
million, or $0.62 per diluted common share. This compares with
non-GAAP net income of $15.4 million, or $0.33 per diluted common
share in the first quarter of 2019.
The Company spent approximately $215 million to acquire eSilicon
on January 10. On April 24th, the Company also closed the sale of
$506 million in 0.75% convertible senior notes due 2025. This
effectively allows for the refinancing of the existing Convertible
Notes totaling $517.5 million on the balance sheet which will
become due in the next 7-15 months. Toward that end, approximately
$99.5 million of the 2015 Convertible Notes were exchanged as of
April 24 for notes in the new Convertible Note financing. The
Company currently plans to use cash to retire the remaining
principal of $130.5 million in the 2015 Convertible Notes due in
December 2020 and $287.5 million of the 2016 Convertible Notes due
in September 2021 when the notes become due.
“As the global health crisis continues to be a challenge, the
demand for bandwidth remains solid, as detailed in our April 22
blog on Inphi’s website,” said Ford Tamer, President and CEO of
Inphi Corporation. “Prior to the crisis, we were already
delivering on new product cycles for our cloud and telecom
customers. These included upgrades of data center, 5G, metro
and long-haul networks to PAM and Coherent technologies, designed
to increase available bandwidth. Now, we believe the
significant paradigm shifts brought on by ‘work from home’,
electronic commerce, distance learning, streaming and other remote
usage activities may result in further acceleration of bandwidth
upgrades. While we remain cautiously optimistic for continued
growth, we will also work to verify the sustainability of this new
demand.”
Business Outlook
The following statements are based on the Company’s current
expectations for the second quarter of 2020. Due to strong
product cycles, among other factors in both Telecom and Cloud, we
anticipate sequential organic revenue growth in the second quarter
of 2020 compared to the first quarter of 2020. 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 2020 is expected to be in the range of $147.8
million to $152.0 million.
- GAAP gross margin is expected to be approximately 51.6% to
53.9%.
- Non-GAAP gross margin is expected to be approximately 63.5% to
65.5%.
- Stock-based compensation expense is expected to be in the range
of $26 million to $28 million.
- GAAP net loss is expected to be in range between $15.0 million
to $21. 5 million, or ($0.31) to ($0.45) per basic share, based on
47.8 million estimated weighted average basic shares
outstanding.
- Non-GAAP net income, excluding stock-based compensation
expense, acquisition expenses, amortization of intangibles and
inventory fair value step up related to acquisitions and noncash
interest on convertible debt, is expected to be in the range of
$33.15 million to $36.35 million, or $0.62 to $0.68 per weighted
average diluted share, based on 53.1 million estimated non-GAAP
weighted average diluted shares outstanding.
Quarterly Conference Call TodayInphi plans to
hold a conference call today at 4:30 p.m. Eastern Time / 1:30 p.m.
Pacific Time with Ford Tamer, President and Chief Executive
Officer, and John Edmunds, Chief Financial Officer, to discuss the
first quarter 2020 results.
The call can be accessed by dialing (765) 507-2591, participant
passcode: 3452654. 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
https://inphi.com/investors/ 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
StatementsThese 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 2020, including with respect to the second quarter
of 2020, revenue, gross margin, stock-based compensation expense,
operating performance, net income or loss, and earnings per share;
the Company’s expectations regarding growth opportunities, success
of our growth strategy, strength of the cloud market, increasing
demand in Q2 2020, growth inside data centers, customer
relationships, the paradigm shift in remote usage activities,
sustainability of demand, the Company’s expectations with respect
to the repurchase of its outstanding convertible notes and the
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 target
markets; market demand for the Company’s products; reliance on
third parties to manufacture, assemble and test products; ability
to compete; the ability to effectively integrate eSilicon 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 demand, 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, 2019, 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.
INPHI
CORPORATION |
CONSOLIDATED
STATEMENTS OF OPERATIONS |
(in thousands of
dollars, except share and per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2020 |
|
|
2019 |
|
Revenue |
$ |
139,430 |
|
$ |
82,223 |
|
Cost of
revenue |
|
65,733 |
|
|
34,592 |
|
|
|
|
|
|
Gross
margin |
|
73,697 |
|
|
47,631 |
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
Research and development |
|
62,693 |
|
|
44,399 |
|
Sales
and marketing |
|
14,909 |
|
|
11,879 |
|
General and administrative |
|
12,392 |
|
|
6,833 |
|
|
|
|
|
|
Total
operating expenses |
|
89,994 |
|
|
63,111 |
|
|
|
|
|
|
Loss from
operations |
|
(16,297 |
) |
|
(15,480 |
) |
|
|
|
|
|
Interest
expense, net of other income |
|
(3,944 |
) |
|
(6,045 |
) |
|
|
|
|
|
Loss from
operations before income taxes |
|
(20,241 |
) |
|
(21,525 |
) |
Provision
for income taxes |
|
45 |
|
|
1,220 |
|
|
|
|
|
|
Net
loss |
$ |
(20,286 |
) |
$ |
(22,745 |
) |
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
Basic |
$ |
(0.44 |
) |
$ |
(0.51 |
) |
Diluted |
$ |
(0.44 |
) |
$ |
(0.51 |
) |
|
|
|
|
|
Weighted-average shares used in computing |
|
|
|
|
earnings per share: |
|
|
|
|
Basic |
|
46,026,095 |
|
|
44,451,392 |
|
Diluted |
|
46,026,095 |
|
|
44,451,392 |
|
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, |
|
|
2020 |
|
|
2019 |
|
|
|
(in thousands of
dollars) |
|
|
(Unaudited) |
Cost of
revenue |
$ |
1,911 |
|
$ |
805 |
|
Research and
development |
|
13,079 |
|
|
10,732 |
|
Sales and
marketing |
|
5,201 |
|
|
4,148 |
|
General and
administrative |
|
3,838 |
|
|
3,073 |
|
|
|
|
|
|
|
$ |
24,029 |
|
$ |
18,758 |
|
|
|
|
|
|
INPHI
CORPORATION |
CONSOLIDATED
BALANCE SHEETS |
(in thousands of
dollars) |
(Unaudited) |
|
|
March 31, 2020 |
|
December 31, 2019 |
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
$ |
97,919 |
|
$ |
282,723 |
|
Restricted cash |
|
2,100 |
|
|
- |
|
Investments in marketable securities |
|
138,136 |
|
|
140,131 |
|
Accounts receivable, net |
|
62,878 |
|
|
60,295 |
|
Inventories |
|
78,762 |
|
|
55,013 |
|
Prepaid expenses and other current assets |
|
19,246 |
|
|
17,463 |
|
Total
current assets |
|
399,041 |
|
|
555,625 |
|
|
|
|
|
|
Property and
equipment, net |
|
90,644 |
|
|
79,563 |
|
Goodwill |
|
170,513 |
|
|
104,502 |
|
Intangible
assets, net |
|
292,196 |
|
|
168,290 |
|
Right of use
assets, net |
|
34,285 |
|
|
33,576 |
|
Other
assets, net |
|
28,887 |
|
|
34,450 |
|
Total
assets |
$ |
1,015,566 |
|
$ |
976,006 |
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
$ |
26,788 |
|
$ |
18,771 |
|
Accrued expenses and other current liabilities |
|
73,649 |
|
|
51,820 |
|
Deferred revenue |
|
6,106 |
|
|
3,719 |
|
Convertible debt |
|
220,774 |
|
|
217,467 |
|
|
|
|
|
|
Total
current liabilities |
|
327,317 |
|
|
291,777 |
|
|
|
|
|
|
Convertible
debt |
|
262,795 |
|
|
258,711 |
|
Other
liabilities |
|
73,388 |
|
|
78,917 |
|
Total
liabilities |
|
663,500 |
|
|
629,405 |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Common stock |
|
46 |
|
|
46 |
|
Additional paid-in capital |
|
614,508 |
|
|
587,862 |
|
Accumulated deficit |
|
(263,093 |
) |
|
(242,807 |
) |
Accumulated other comprehensive income |
|
605 |
|
|
1,500 |
|
Total
stockholders’ equity |
|
352,066 |
|
|
346,601 |
|
|
|
|
|
|
Total
liabilities and stockholders’ equity |
$ |
1,015,566 |
|
$ |
976,006 |
|
|
|
|
|
|
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, non-cash interest expense related to
convertible debt, unrealized gain or loss on equity investments,
lease expense on building not occupied 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, |
|
|
|
2020 |
|
|
2019 |
|
|
GAAP
gross margin to Non-GAAP gross margin |
|
|
|
|
|
GAAP gross
margin |
$ |
73,697 |
|
$ |
47,631 |
|
|
Adjustments
to GAAP gross margin: |
|
|
|
|
|
Stock-based compensation |
|
1,911 |
|
(a) |
805 |
|
(a) |
Amortization of inventory step-up |
|
2,276 |
|
(b) |
- |
|
|
Amortization of intangibles |
|
11,383 |
|
(c) |
9,724 |
|
(c) |
Depreciation on step-up values of fixed assets |
|
216 |
|
(d) |
(12 |
) |
(d) |
Non-GAAP
gross margin |
$ |
89,483 |
|
$ |
58,148 |
|
|
|
|
|
|
|
|
GAAP
operating expenses to Non-GAAP operating expenses |
|
|
|
|
|
GAAP
research and development |
$ |
62,693 |
|
$ |
44,399 |
|
|
Adjustments
to GAAP research and development: |
|
|
|
|
|
Stock-based compensation |
|
(13,079 |
) |
(a) |
(10,732 |
) |
(a) |
Depreciation on step-up values of fixed assets |
|
(22 |
) |
(d) |
(87 |
) |
(d) |
Acquisition related expenses |
|
(6,392 |
) |
(e) |
- |
|
|
Non-GAAP
research and development |
$ |
43,200 |
|
$ |
33,580 |
|
|
|
|
|
|
|
|
GAAP sales
and marketing |
$ |
14,909 |
|
$ |
11,879 |
|
|
Adjustments
to GAAP sales and marketing: |
|
|
|
|
|
Stock-based compensation |
|
(5,201 |
) |
(a) |
(4,148 |
) |
(a) |
Amortization of intangibles |
|
(2,432 |
) |
(c) |
(2,431 |
) |
(c) |
Depreciation on step-up values of fixed assets |
|
(1 |
) |
(d) |
(3 |
) |
(d) |
Acquisition related expenses |
|
(661 |
) |
(e) |
- |
|
|
Non-GAAP
sales and marketing |
$ |
6,614 |
|
$ |
5,297 |
|
|
|
|
|
|
|
|
GAAP general
and administrative |
$ |
12,392 |
|
$ |
6,833 |
|
|
Adjustments
to GAAP general and administrative: |
|
|
|
|
|
Stock-based compensation |
|
(3,838 |
) |
(a) |
(3,073 |
) |
(a) |
Amortization of intangibles |
|
(70 |
) |
(c) |
(116 |
) |
(c) |
Depreciation on step-up values of fixed assets |
|
(130 |
) |
(d) |
(5 |
) |
(d) |
Acquisition related expenses |
|
(2,317 |
) |
(e) |
- |
|
|
Expense on lease that was not yet occupied |
|
(555 |
) |
(f) |
- |
|
|
Non-GAAP
general and administrative |
$ |
5,482 |
|
$ |
3,639 |
|
|
|
|
|
|
|
|
Non-GAAP
total operating expenses |
$ |
55,296 |
|
$ |
42,516 |
|
|
Non-GAAP
income from operations |
$ |
34,187 |
|
$ |
15,632 |
|
|
|
|
|
|
|
|
GAAP
net loss to Non-GAAP net income |
|
|
|
|
|
GAAP net
loss |
$ |
(20,286 |
) |
$ |
(22,745 |
) |
|
Adjusting
items to GAAP net loss: |
|
|
|
|
|
Operating expenses related to stock-based |
|
|
|
|
|
compensation expense |
|
24,029 |
|
(a) |
18,758 |
|
(a) |
Amortization of inventory step-up |
|
2,276 |
|
(b) |
- |
|
|
Amortization of intangibles related to purchase price |
|
13,885 |
|
(c) |
12,271 |
|
(c) |
Depreciation on step-up values of fixed assets |
|
369 |
|
(d) |
83 |
|
(d) |
Acquisition related expenses |
|
9,370 |
|
(e) |
- |
|
|
Expense on lease that was not yet occupied |
|
555 |
|
(f) |
- |
|
|
Accretion and amortization expense on convertible debt |
|
7,391 |
|
(g) |
6,799 |
|
(g) |
Net
realized and unrealized gain on equity investment |
|
(4,067 |
) |
(h) |
(272 |
) |
(h) |
Loss
on retirement of certain property and equipment from ClariPhy
acquisition |
|
40 |
|
(i) |
- |
|
|
Valuation allowance and tax effect of the adjustments above
from |
|
|
|
|
|
GAAP
to non-GAAP |
|
(2,078 |
) |
(j) |
516 |
|
(j) |
Non-GAAP net
income |
$ |
31,484 |
|
$ |
15,410 |
|
|
|
|
|
|
|
|
Shares used
in computing non-GAAP basic earnings per share |
|
46,026,095 |
|
|
44,451,392 |
|
|
|
|
|
|
|
|
Shares used
in computing non-GAAP diluted earnings per share before offsetting
shares from call option |
|
52,533,653 |
|
|
46,137,189 |
|
|
Offsetting
shares from call option |
|
1,972,652 |
|
|
- |
|
|
Shares used
in computing non-GAAP diluted earnings per share |
|
50,561,001 |
|
|
46,137,189 |
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share: |
|
|
|
|
|
Basic |
$ |
0.68 |
|
$ |
0.35 |
|
|
Diluted |
$ |
0.62 |
|
$ |
0.33 |
|
|
|
|
|
|
|
|
GAAP gross
margin as a % of revenue |
|
52.9 |
% |
|
57.9 |
% |
|
Stock-based
compensation |
|
1.4 |
% |
|
1.0 |
% |
|
Amortization
of inventory fair value step-up and intangibles |
|
9.9 |
% |
|
11.8 |
% |
|
Non-GAAP
gross margin as a % of revenue |
|
64.2 |
% |
|
70.7 |
% |
|
|
|
|
|
|
|
- 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.
- 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.
- Reflects the fair value amortization of intangibles related to
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.
- 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.
- Reflects the legal, transition costs and other expenses related
to acquisitions. The transition costs also include short-term
cash retention bonus payments to eSilicon employees that were part
of the merger agreement when the Company acquired eSilicon.
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.
- Reflects the expense on building lease not yet occupied.
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.
- 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.
- Reflects the unrealized and realized 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.
- Reflects the loss on disposal of certain property and equipment
from the 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.
- 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
2020 GUIDANCE |
(in thousands of
dollars, except share and per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ending June 30, 2020 |
|
|
High |
|
Low |
Estimated GAAP net loss |
$ |
(14,950 |
) |
$ |
(21,450 |
) |
Adjusting
items to estimated GAAP net loss: |
|
|
|
|
Operating expenses related to stock-based |
|
|
|
|
compensation expense |
|
26,000 |
|
|
28,000 |
|
Amortization of intangibles |
|
14,700 |
|
|
14,700 |
|
Amortization of step up values of acquired inventories |
|
2,300 |
|
|
2,300 |
|
Amortization of step up values of acquired property and
equipment |
400 |
|
|
400 |
|
Acquisition related expenses |
|
2,200 |
|
|
3,200 |
|
Amortization of convertible debt interest cost |
|
7,400 |
|
|
7,400 |
|
Noncash expense on lease not yet occupied |
|
550 |
|
|
550 |
|
Tax
effect of GAAP to non-GAAP adjustments |
|
(2,250 |
) |
|
(1,950 |
) |
Estimated
non-GAAP net income |
$ |
36,350 |
|
$ |
33,150 |
|
|
|
|
|
|
Shares used
in computing estimated non-GAAP diluted earnings per share |
|
53,133,000 |
|
|
53,133,000 |
|
|
|
|
|
|
Estimated
non-GAAP diluted earnings per share |
$ |
0.68 |
|
$ |
0.62 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
152,000 |
|
$ |
147,800 |
|
|
|
|
|
|
GAAP gross
profit |
$ |
81,970 |
|
$ |
76,300 |
|
as a
% of revenue |
|
53.9 |
% |
|
51.6 |
% |
Adjusting
items to estimated GAAP gross profit: |
|
|
|
|
Stock-based compensation |
|
2,500 |
|
|
2,500 |
|
Amortization of step up values of acquired inventories |
|
2,300 |
|
|
2,300 |
|
Fixed
assets depreciation step up |
|
250 |
|
|
250 |
|
Amortization of intangibles |
|
12,500 |
|
|
12,500 |
|
Estimated
non-GAAP gross profit |
$ |
99,520 |
|
$ |
93,850 |
|
as a
% of revenue |
|
65.5 |
% |
|
63.5 |
% |
|
|
|
|
|
Corporate Contact:
Kim Markle
408-217-7329
kmarkle@inphi.com
Investor Contact:
Vernon P. Essi, Jr.
408-606-6524
vessi@inphi.com
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