Exhibit 99.1
` | ||
FOR IMMEDIATE RELEASE | OCTOBER 24, 2007 | |
Investor Relations Contact: | Media Relations Contact: | |
Sujal Shah | Robert Guenther | |
610-712-5471 | 610-712-1514 | |
sujal.shah@lsi.com | robert.guenther@lsi.com |
LSI REPORTS THIRD QUARTER 2007 RESULTS
Third Quarter 2007 Revenues Exceed Guidance
Third Quarter News Release Summary
§ Third quarter 2007 revenues of $727 million
§ Third quarter 2007 GAAP* net loss of 20 cents per diluted share
§ Third quarter 2007 non-GAAP** net income of 6 cents per diluted share
§ Cash and short-term investments of $1.1 billion
Fourth Quarter 2007 Business Outlook
§ Projected revenues of $700 million to $730 million [1]
§ GAAP* net income in the range of minus 9 to plus 3 cents per diluted share
§ Non-GAAP** net income in the range of 5 to 9 cents per diluted share
[1] | On October 24, 2007, LSI announced that it had completed the sale of its mobility business. Revenue guidance for the fourth quarter includes revenue from that business only through the date of sale. |
* | Generally Accepted Accounting Principles. |
** | Excludes stock-based compensation, amortization of acquisition-related intangibles, restructuring of operations and other items, net, purchase accounting effect on inventory, loss on write-down of equity securities and acquired in-process research and development. It also excludes the income tax effect associated with the above mentioned items. |
BROAD-BASED END CUSTOMER DEMAND FUELS STRONG
SEQUENTIAL GROWTH
SEQUENTIAL GROWTH
MILPITAS, Calif., October 24, 2007 –LSI Corporation (NYSE: LSI) today reported third quarter 2007 revenues of $727 million, compared to $493 million in the third quarter of 2006 and $670 million in the second quarter of 2007.
Third quarter 2007 GAAP* net loss was $141 million or 20 cents per diluted share, compared to third quarter 2006 GAAP net income of $44 million or 11 cents per diluted share. Third quarter 2007 GAAP results compare to second quarter 2007 GAAP net loss of $378 million or 50 cents per diluted share. Third quarter 2007 GAAP net loss included a net charge of $184.7 million from special items, including $101.2 million of restructuring costs relating primarily to the sale of our mobility business, $70.6M in the amortization of acquisition-related items and $21.8 million of stock-based compensation expense.
Third quarter 2007 non-GAAP** net income was $44 million or 6 cents per diluted share, compared to third quarter 2006 non-GAAP net income of $65 million or 16 cents per diluted share. Second quarter 2007 non-GAAP net loss was $14 million or 2 cents per diluted share.
Cash and short-term investments totaled approximately $1.1 billion at quarter end. LSI also announced today that to date it has purchased approximately 67.3 million shares of its common stock for approximately $549 million under two repurchase authorizations totaling $1 billion.
“Our solid quarterly results were driven by strong end customer demand in our storage and networking businesses and by achieving substantial cost reductions during our second full quarter of combined operations with Agere,” said Abhi Talwalkar, LSI president and chief executive officer. “Since the beginning of the third quarter, we have made significant progress on completing the first phase of our three-phase business acceleration plan, including completing the sale of our consumer products business to Magnum Semiconductor, our mobility products business to Infineon Technologies and our Thai final assembly and test operations to STATS ChipPAC.
“As a more focused company, we are now experiencing a significantly higher level of engagement with our customers and substantial increases in design win opportunities,” added Talwalkar. “We are also continuing to execute our strategy to invest for long-term revenue growth in our core areas of storage and networking, acquiring Tarari, Inc., a recognized leader in deep packet inspection technology that enables advanced security and network control for service provider and enterprise networks. Through these initial actions and our strong focus, we are poised to achieve our long-term growth and profitability objectives.”
Bryon Look, LSI chief financial officer, said, “We experienced healthy demand in both our semiconductor and storage systems segments, with double-digit sequential revenue growth in storage and networking semiconductors. Our continuing focus on driving organizational efficiencies and maintaining tight controls contributed to significantly lower operating expenses and improved margins.”
LSI Fourth Quarter 2007 Business Outlook
GAAP* | Special Items | Non-GAAP** | ||||||||||
Revenue | $700 million to $730 million | $700 million to $730 million | ||||||||||
Gross Margin | 36 – 41% | $30 to $50 million | 43 – 45% | |||||||||
Operating Expenses | $270 million to $300 million | $25 to $45 million | $245 million to $255 million | |||||||||
Net Other Income | $2 million | $2 million | ||||||||||
Tax | Approximately $12 million | Approximately 25% | ||||||||||
Net (Loss)/Income Per Share | ($0.09) to $0.03 | ($0.06) to ($0.14) | $0.05 to $0.09 | |||||||||
Diluted Share Count | 700 million | 705 million |
Capital spending is projected to be around $20 million in the fourth quarter and approximately $60 million in total for 2007.
Fourth quarter depreciation and software amortization is expected to be approximately $20 million.
LSI Conference Call Information
LSI will hold a conference call today at 2 pm PDT to discuss third quarter financial results and the fourth quarter 2007 business outlook. Internet users can access the conference call athttp://www.lsi.com/webcast. Subsequent to the conference call, a replay will be available at the same web address or may be accessed by calling 1-866-410-5843 within the U.S. and 1-203-369-0645 for all other locations.
Forward Looking Statements: This news release contains forward-looking statements that are based on the current opinions and estimates of management. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause LSI’s actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: the challenges and costs of integrating and restructuring our operations and achieving anticipated synergies following our recent acquisition of Agere Systems; our ability to successfully and timely transition our assembly and test operations to third parties; fluctuations in the timing and volumes of customer demand; our reliance on major customers and suppliers; our ability to compete successfully in competitive markets; our ability to keep up with rapid technological change; the unavailability of appropriate levels of manufacturing capacity; and general industry and market conditions. For additional information, see the documents filed by LSI with the SEC, and specifically the risk factors set forth in the company’s most recent reports on Form 10-K and 10-Q.
LSI disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
About LSI
LSI Corporation (NYSE: LSI) is a leading provider of innovative silicon, systems and software technologies that enable products which seamlessly bring people, information and digital content together. The company offers a broad portfolio of capabilities and services including custom and standard product ICs, adapters, systems and software that are trusted by the world’s best known brands to power leading solutions in the Storage and Networking markets. More information is available at www.lsi.com.
# # #
Editor’s Notes:
1. | All LSI news releases (financial, acquisitions, manufacturing, products, technology etc.) are issued exclusively by PR Newswire and are immediately thereafter posted on the company’s external website,http://www.lsi.com. | |
2. | The LSI logo design is a trademark of LSI Corporation. | |
3. | All other brand or product names may be trademarks or registered trademarks of their respective companies. |
Exhibit 99.1
LSI CORPORATION
Consolidated Condensed Statements of Operations (GAAP)
(In thousands, except per share amounts)
(Unaudited)
Consolidated Condensed Statements of Operations (GAAP)
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | July 1, | October 1, | September 30, | October 1, | ||||||||||||||||||
2007 | 2007 | 2006 | 2007 | 2006 | ||||||||||||||||||
Revenues | $ | 727,415 | $ | 669,939 | $ | 492,978 | $ | 1,862,769 | $ | 1,458,497 | ||||||||||||
Cost of revenues | 411,866 | 395,607 | 276,725 | 1,071,143 | 824,565 | |||||||||||||||||
Purchase accounting effect on inventory | — | 47,904 | — | 47,904 | — | |||||||||||||||||
Amortization of acquisition related intangibles | 64,860 | 71,310 | 6,436 | 141,455 | 28,453 | |||||||||||||||||
Stock-based compensation expense | 2,824 | 3,148 | 1,719 | 7,916 | 5,702 | |||||||||||||||||
Total cost of revenues | 479,550 | 517,969 | 284,880 | 1,268,418 | 858,720 | |||||||||||||||||
Gross profit | 247,865 | 151,970 | 208,098 | 594,351 | 599,777 | |||||||||||||||||
Research and development | 173,375 | 192,955 | 98,625 | 465,460 | 292,096 | |||||||||||||||||
Stock-based compensation expense | 8,916 | 8,978 | 3,908 | 22,611 | 13,073 | |||||||||||||||||
Total research and development | 182,291 | 201,933 | 102,533 | 488,071 | 305,169 | |||||||||||||||||
Selling, general and administrative | 88,769 | 97,440 | 54,878 | 243,296 | 176,411 | |||||||||||||||||
Amortization of acquisition related intangibles | 5,714 | 6,676 | — | 12,390 | — | |||||||||||||||||
Stock-based compensation expense | 10,035 | 10,687 | 5,398 | 25,245 | 17,379 | |||||||||||||||||
Total selling, general and administrative | 104,518 | 114,803 | 60,276 | 280,931 | 193,790 | |||||||||||||||||
Restructuring of operations and other items, net | 101,231 | 25,920 | 2,614 | 119,071 | (13,384 | ) | ||||||||||||||||
Acquired in-process research and development | — | 176,400 | — | 182,900 | — | |||||||||||||||||
(Loss)/income from operations | (140,175 | ) | (367,086 | ) | 42,675 | (476,622 | ) | 114,202 | ||||||||||||||
Interest expense | (9,033 | ) | (9,049 | ) | (6,556 | ) | (21,972 | ) | (19,314 | ) | ||||||||||||
Interest income and other, net | 11,808 | 10,790 | 13,066 | 33,129 | 32,912 | |||||||||||||||||
(Loss)/income before income taxes | (137,400 | ) | (365,345 | ) | 49,185 | (465,465 | ) | 127,800 | ||||||||||||||
Provision for income taxes | 3,200 | 12,500 | 5,575 | 23,156 | 17,175 | |||||||||||||||||
Net (loss)/income | $ | (140,600 | ) | $ | (377,845 | ) | $ | 43,610 | $ | (488,621 | ) | $ | 110,625 | |||||||||
(Loss)/income per share: | ||||||||||||||||||||||
Basic | $ | (0.20 | ) | $ | (0.50 | ) | $ | 0.11 | $ | (0.78 | ) | $ | 0.28 | |||||||||
Diluted | $ | (0.20 | ) | $ | (0.50 | ) | $ | 0.11 | $ | (0.78 | ) | $ | 0.27 | |||||||||
Shares used in computing per share amounts: | ||||||||||||||||||||||
Basic | 715,733 | 751,114 | 399,613 | 623,692 | 397,408 | |||||||||||||||||
Diluted | 715,733 | 751,114 | 403,715 | 623,692 | 403,779 | |||||||||||||||||
A reconciliation between net (loss)/income on a GAAP basis to a non-GAAP net (loss)/income is included below.
Reconciliation of GAAP to Non-GAAP net (loss)/income:
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | July 1, | October 1, | September 30, | October 1, | ||||||||||||||||
2007 | 2007 | 2006 | 2007 | 2006 | ||||||||||||||||
GAAP net (loss)/income | $ | (140,600 | ) | $ | (377,845 | ) | $ | 43,610 | $ | (488,621 | ) | $ | 110,625 | |||||||
Special items: | ||||||||||||||||||||
a) Stock-based compensation expense — Cost of revenues | 2,824 | 3,148 | 1,719 | 7,916 | 5,702 | |||||||||||||||
b) Stock-based compensation expense — R&D | 8,916 | 8,978 | 3,908 | 22,611 | 13,073 | |||||||||||||||
c) Stock-based compensation expense — SG&A | 10,035 | 10,687 | 5,398 | 25,245 | 17,379 | |||||||||||||||
d) Amortization of acquisition related intangibles — Cost of revenues | 64,860 | 71,310 | 6,436 | 141,455 | 28,453 | |||||||||||||||
e) Amortization of acquisition related intangibles — SG&A | 5,714 | 6,676 | — | 12,390 | — | |||||||||||||||
f) Purchase accounting effect on inventory | — | 47,904 | — | 47,904 | — | |||||||||||||||
g) Restructuring of operations and other items, net | 101,231 | 25,920 | 2,614 | 119,071 | (13,384 | ) | ||||||||||||||
h) Acquired in-process research and development | — | 176,400 | — | 182,900 | — | |||||||||||||||
i) Loss/(gain) on sale/write-down of certain equity securities | 2,396 | (787 | ) | 2,396 | (2,216 | ) | ||||||||||||||
j) Income tax effect | (8,916 | ) | 10,264 | 1,738 | 979 | 1,421 | ||||||||||||||
Total special items | 184,664 | 363,683 | 21,026 | 562,867 | 50,428 | |||||||||||||||
Non-GAAP net income/(loss) | $ | 44,064 | $ | (14,162 | ) | $ | 64,636 | $ | 74,246 | $ | 161,053 | |||||||||
Non-GAAP income/(loss) per share: | ||||||||||||||||||||
Basic | $ | 0.06 | $ | (0.02 | ) | $ | 0.16 | $ | 0.12 | $ | 0.41 | |||||||||
Diluted* | $ | 0.06 | $ | (0.02 | ) | $ | 0.16 | $ | 0.12 | $ | 0.40 | |||||||||
Shares used in computing Non-GAAP per share amounts: | ||||||||||||||||||||
Basic | 715,733 | 751,114 | 399,613 | 623,692 | 397,408 | |||||||||||||||
Diluted | 720,317 | 751,114 | 431,713 | 632,563 | 406,791 | |||||||||||||||
* | In computing non-GAAP diluted earnings per share for the three month period ended October 1, 2006, net income was increased by $3,500 for interest, net of taxes, on the $350 million convertible notes considered dilutive common stock equivalents. |
Reconciliation of shares used in the calculation of GAAP to
Non-GAAP diluted net (loss)/income per share:
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | July 1, | October 1, | September 30, | October 1, | ||||||||||||||||
2007 | 2007 | 2006 | 2007 | 2006 | ||||||||||||||||
Diluted shares used in per-share calculation — GAAP | 715,733 | 751,114 | 403,715 | 623,692 | 403,779 | |||||||||||||||
Dilutive stock awards | 4,584 | — | 1,918 | 8,871 | 3,012 | |||||||||||||||
Effect of $350 million convertible notes considered dilutive | — | — | 26,080 | — | — | |||||||||||||||
Diluted shares used in per-share calculation — Non-GAAP | 720,317 | 751,114 | 431,713 | 632,563 | 406,791 | |||||||||||||||
LSI CORPORATION
Consolidated Condensed Balance Sheets
(In millions)
(Unaudited)
Consolidated Condensed Balance Sheets
(In millions)
(Unaudited)
September 30, | July 1, | December 31, | ||||||||||
2007 | 2007 | 2006 | ||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and short-term investments | $ | 1,097.9 | $ | 1,158.3 | $ | 1,008.9 | ||||||
Accounts receivable, net | 436.0 | 424.4 | 348.6 | |||||||||
Inventories | 218.4 | 285.0 | 209.5 | |||||||||
Prepaid expenses and other current assets | 708.2 | 252.4 | 68.7 | |||||||||
Total current assets | 2,460.5 | 2,120.1 | 1,635.7 | |||||||||
Property and equipment, net | 236.5 | 246.1 | 86.0 | |||||||||
Goodwill and other intangibles | 3,701.4 | 4,231.8 | 991.8 | |||||||||
Other assets | 226.0 | 227.1 | 138.6 | |||||||||
Total assets | $ | 6,624.4 | $ | 6,825.1 | $ | 2,852.1 | ||||||
Liabilities and Stockholders’ Equity | ||||||||||||
Current liabilities: | ||||||||||||
Other current liabilities | $ | 746.9 | $ | 699.4 | $ | 526.8 | ||||||
Current portion of long-term debt | — | — | — | |||||||||
Total current liabilities | 746.9 | 699.4 | 526.8 | |||||||||
Long-term debt | 718.7 | 719.5 | 350.0 | |||||||||
Pension, tax and other liabilities | 520.4 | 519.7 | 79.4 | |||||||||
Total liabilities | 1,986.0 | 1,938.6 | 956.2 | |||||||||
Minority interest in subsidiary | 0.2 | 0.2 | 0.2 | |||||||||
Stockholders’ equity: | ||||||||||||
Common stock and additional paid-in capital | 6,335.0 | 6,453.6 | 3,106.2 | |||||||||
Accumulated deficit | (1,716.5 | ) | (1,575.9 | ) | (1,220.3 | ) | ||||||
Accumulated other comprehensive income | 19.7 | 8.6 | 9.8 | |||||||||
Total stockholders’ equity | 4,638.2 | 4,886.3 | 1,895.7 | |||||||||
Total liabilities and stockholders’ equity | $ | 6,624.4 | $ | 6,825.1 | $ | 2,852.1 | ||||||
LSI CORPORATION
Statement of Cash Flows
(In thousands, except where noted)
(Unaudited)
Statement of Cash Flows
(In thousands, except where noted)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | July 1, | October 1, | September 30, | October 1, | ||||||||||||||||
2007 | 2007 | 2006 | 2007 | 2006 | ||||||||||||||||
Operating Activities: | ||||||||||||||||||||
Net (loss)/income | $ | (140,600 | ) | $ | (377,845 | ) | $ | 43,610 | $ | (488,621 | ) | $ | 110,625 | |||||||
Adjustments: | ||||||||||||||||||||
Depreciation & amortization * | 96,545 | 101,599 | 17,527 | 216,720 | 65,693 | |||||||||||||||
Stock-based compensation expense | 21,775 | 22,813 | 11,025 | 55,772 | 36,154 | |||||||||||||||
Non-cash restructuring and other items | 88,155 | (29 | ) | 173 | 88,354 | (2,576 | ) | |||||||||||||
Acquired in-process research and development | — | 176,400 | — | 182,900 | — | |||||||||||||||
Gain on sale of intellectual property | — | — | — | — | (15,000 | ) | ||||||||||||||
Gain on sale of Gresham manufacturing facility and associated intellectual property | — | — | — | — | (12,553 | ) | ||||||||||||||
Write-off of intangible assets acquired in a purchase business combination | — | — | — | — | 3,325 | |||||||||||||||
Non-cash foreign exchange loss/(gain) | 7,109 | (4,277 | ) | (941 | ) | 3,221 | (472 | ) | ||||||||||||
Loss/(gain) on sale/write-down of equity securities | — | 2,396 | (787 | ) | 2,396 | (1,998 | ) | |||||||||||||
(Gain)/loss on sale of property and equipment | (11 | ) | 160 | (240 | ) | (9,513 | ) | (245 | ) | |||||||||||
Changes in deferred tax assets and liabilities | (1,327 | ) | (5,501 | ) | 4 | (6,797 | ) | 24 | ||||||||||||
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations: | ||||||||||||||||||||
Accounts receivable | (6,167 | ) | 104,715 | (9,460 | ) | 143,998 | 3,063 | |||||||||||||
Inventories | 49,906 | 64,896 | (10,148 | ) | 95,148 | 7,158 | ||||||||||||||
Prepaid expenses and other assets | 1,197 | 9,299 | (7,403 | ) | 35,061 | (13,380 | ) | |||||||||||||
Accounts payable | (3,567 | ) | (94,585 | ) | (9,904 | ) | (134,621 | ) | (1,161 | ) | ||||||||||
Accrued and other liabilities | (14,202 | ) | 29,840 | 13,303 | 658 | 17,104 | ||||||||||||||
Net cash provided by operating activities | 98,813 | 29,881 | 46,759 | 184,676 | 195,761 | |||||||||||||||
Investing activities: | ||||||||||||||||||||
Purchases of debt securities available-for-sale | (31,851 | ) | (61,606 | ) | (116,196 | ) | (154,087 | ) | (498,408 | ) | ||||||||||
Proceeds from maturities and sales of debt securities available-for-sale | 118,897 | 199,740 | 96,494 | 493,029 | 302,407 | |||||||||||||||
Purchases of convertible notes/equity securities | (7,500 | ) | (3,000 | ) | (3,000 | ) | (10,500 | ) | (8,150 | ) | ||||||||||
Proceeds from sale of equity securities | — | — | 2,511 | — | 6,092 | |||||||||||||||
Purchases of property, equipment and software | (36,272 | ) | (20,211 | ) | (15,587 | ) | (76,986 | ) | (44,244 | ) | ||||||||||
Proceeds from sale of property and equipment | 5 | 1,274 | 49 | 13,790 | 89 | |||||||||||||||
Proceeds from sale of Consumer | 22,555 | — | — | 22,555 | — | |||||||||||||||
Proceeds from sale of intellectual property | — | — | 7,670 | — | 22,670 | |||||||||||||||
Proceeds from sale of Fort Collins facility | — | — | — | — | 10,998 | |||||||||||||||
Proceeds from sale of Colorado Springs facility | — | — | — | — | 7,029 | |||||||||||||||
Proceeds from sale of Gresham manufacturing facility | — | — | 15,000 | — | 96,426 | |||||||||||||||
Proceeds from sale of Gresham manufacturing facility associated intellectual property | — | — | — | — | 5,100 | |||||||||||||||
Acquisitions of companies, net of cash acquired | — | 517,712 | — | 465,633 | — | |||||||||||||||
Adjustment to goodwill acquired in a prior year for resolution of a pre-acquisition income tax contingency | — | — | 1,373 | 2,442 | 1,373 | |||||||||||||||
Net cash provided by/(used in) investing activities | 65,834 | 633,909 | (11,686 | ) | 755,876 | (98,618 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Issuance of common stock | 7,077 | 16,246 | 3,868 | 28,994 | 36,005 | |||||||||||||||
Purchase of common stock under repurchase program | (148,758 | ) | (400,355 | ) | — | (549,113 | ) | — | ||||||||||||
Net cash (used in)/provided by financing activities | (141,681 | ) | (384,109 | ) | 3,868 | (520,119 | ) | 36,005 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,497 | 268 | 15 | 1,700 | 613 | |||||||||||||||
Increase in cash and cash equivalents | 24,463 | 279,949 | 38,956 | 422,133 | 133,761 | |||||||||||||||
Cash and cash equivalents at beginning of period | 725,470 | 445,521 | 359,454 | 327,800 | 264,649 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 749,933 | $ | 725,470 | $ | 398,410 | $ | 749,933 | $ | 398,410 | ||||||||||
* | Depreciation of fixed assets, amortization of intangible assets, software, capitalized intellectual property and debt issuance costs. |
LSI CORPORATION
Selected Financial Information (GAAP)
(In millions, except where noted)
(Unaudited)
Selected Financial Information (GAAP)
(In millions, except where noted)
(Unaudited)
Three Months Ended | ||||||||||||
September 30, | July 1, | October 1, | ||||||||||
2007 | 2007 | 2006 | ||||||||||
Semiconductor revenues | $ | 530.0 | $ | 484.8 | $ | 313.3 | ||||||
Storage Systems revenues | $ | 197.4 | $ | 185.1 | $ | 179.7 | ||||||
Total revenues | $ | 727.4 | $ | 669.9 | $ | 493.0 | ||||||
Percentage change in revenues-qtr./qtr. ( a ) | 8.6 | % | 43.9 | % | 0.7 | % | ||||||
Percentage change in revenues-yr./yr. ( b ) | 47.6 | % | 36.8 | % | 2.3 | % | ||||||
Days sales outstanding | 54 | 57 | 58 | |||||||||
Days of inventory | 41 | 50 | 59 | |||||||||
Current ratio | 3.3 | 3.0 | 2.5 | |||||||||
Quick ratio | 2.1 | 2.3 | 2.1 | |||||||||
Gross margin as a percentage of revenues | 34.1 | % | 22.7 | % | 42.2 | % | ||||||
R&D as a percentage of revenues | 25.1 | % | 30.1 | % | 20.8 | % | ||||||
SG&A as a percentage of revenues | 14.4 | % | 17.1 | % | 12.2 | % | ||||||
Employees ( c ) | 8,302 | 9,138 | 3,884 | |||||||||
Revenues per employee (in thousands) ( d ) | $ | 350.5 | $ | 293.3 | $ | 507.7 | ||||||
Selected Cash Flow information | ||||||||||||
Purchases of property and equipment ( e ) | $ | 13.4 | $ | 8.6 | $ | 6.0 | ||||||
Depreciation / amortization ( f ) | $ | 24.6 | $ | 21.0 | $ | 10.5 |
( a ) | Represents sequential quarter growth in revenues. | |
( b ) | Represents growth in revenues in the quarter presented as compared to the same quarter of the previous year. | |
( c ) | Actual number of employees at the end of each period presented. | |
( d ) | Revenues per employee is calculated by annualizing revenues for each quarter presented and dividing it by the number of employees. | |
( e ) | Excludes purchases of software. | |
( f ) | Represents depreciation of fixed assets and amortization of software. |