|
| | | | | | | | | | | | | | | | | | | | |
| ATMEL CORPORATION |
| RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES |
| (in thousands, except for per share data) |
| (Unaudited) |
| | | Three Months Ended | | Twelve Months Ended |
| | | December 31, 2013 | | September 30, 2013 | | December 31, 2012 | | December 31,
2013 | | December 31,
2012 |
| GAAP gross margin | | $ | 150,928 |
| | $ | 143,467 |
| | $ | 131,539 |
| | $ | 573,625 |
| | $ | 601,319 |
|
| Loss from manufacturing facility damage and shutdown | | 2,205 |
| | — |
| | — |
| | 2,205 |
| | — |
|
| Loss related to foundry arrangements | | — |
| | 8,938 |
| | 10,628 |
| | 7,424 |
| | 10,628 |
|
| Share-based compensation expense | | 1,301 |
| | 1,136 |
| | 1,329 |
| | 5,889 |
| | 8,052 |
|
| Non-GAAP gross margin | | $ | 154,434 |
| | $ | 153,541 |
| | $ | 143,496 |
| | $ | 589,143 |
| | $ | 619,999 |
|
| | | | | | | | | | | |
| GAAP research and development expense | | $ | 64,625 |
| | $ | 66,790 |
| | $ | 58,872 |
| | $ | 267,085 |
| | $ | 251,519 |
|
| Share-based compensation expense | | (4,804 | ) | | (3,100 | ) | | (5,257 | ) | | (15,529 | ) | | (22,825 | ) |
| French building underutilization and other | | (766 | ) | | — |
| | — |
| | (766 | ) | | — |
|
| Non-GAAP research and development expense | | $ | 59,055 |
| | $ | 63,690 |
| | $ | 53,615 |
| | $ | 250,790 |
| | $ | 228,694 |
|
| | | | | | | | | | | |
| GAAP selling, general and administrative expense | | $ | 61,298 |
| | $ | 55,793 |
| | $ | 66,376 |
| | $ | 239,580 |
| | $ | 275,257 |
|
| Share-based compensation expense | | (9,382 | ) | | (3,858 | ) | | (9,818 | ) | | (24,404 | ) | | (41,565 | ) |
| French building underutilization and other | | (179 | ) | | — |
| | — |
| | (179 | ) | | — |
|
| Non-GAAP selling, general and administrative expense | | $ | 51,737 |
| | $ | 51,935 |
| | $ | 56,558 |
| | $ | 214,997 |
| | $ | 233,692 |
|
| | | | | | | | | | | |
| GAAP income (loss) from operations | | $ | 26,767 |
| | $ | 11,050 |
| | $ | (13,186 | ) | | $ | (5,170 | ) | | $ | 47,363 |
|
| Share-based compensation expense | | 15,486 |
| | 8,094 |
| | 16,404 |
| | 45,822 |
| | 72,442 |
|
| Acquisition-related (credits) charges | | (165 | ) | | 1,685 |
| | 1,946 |
| | 5,534 |
| | 7,388 |
|
| Restructuring (credits) charges | | (1,519 | ) | | 8,149 |
| | 11,036 |
| | 50,026 |
| | 23,986 |
|
| Loss from manufacturing facility damage and shutdown | | 2,205 |
| | — |
| | — |
| | 2,205 |
| | — |
|
| Loss related to foundry arrangements | | — |
| | 8,938 |
| | 10,628 |
| | 7,424 |
| | 10,628 |
|
| (Recovery) impairment of receivables from foundry suppliers | | (78 | ) | | — |
| | 6,495 |
| | (600 | ) | | 6,495 |
|
| Credit from reserved grant income | | — |
| | — |
| | — |
| | — |
| | (10,689 | ) |
| French building underutilization and other | | 945 |
| | — |
| | — |
| | 945 |
| | — |
|
| Gain on sale of assets | | — |
| | — |
| | — |
| | (4,430 | ) | | — |
|
| Settlement charges | | — |
| | — |
| | — |
| | 21,600 |
| | — |
|
| Non-GAAP income from operations | | $ | 43,641 |
| | $ | 37,916 |
| | $ | 33,323 |
| | $ | 123,356 |
| | $ | 157,613 |
|
| | | | | | | | | | | |
| GAAP (provision for) benefit from income taxes | | $ | (23,186 | ) | | $ | (7,038 | ) | | $ | 2,192 |
| | $ | (21,542 | ) | | $ | (11,793 | ) |
| Adjustments for cash tax and other tax settlements | | (22,257 | ) | | (5,449 | ) | | 4,790 |
| | (16,428 | ) | | (4,410 | ) |
| Non-GAAP provision for income taxes | | $ | (929 | ) | | $ | (1,589 | ) | | $ | (2,598 | ) | | $ | (5,114 | ) | | $ | (7,383 | ) |
| | | | | | | | | | | |
| GAAP net income (loss) | | $ | 4,512 |
| | $ | 5,426 |
| | $ | (12,332 | ) | | $ | (24,753 | ) | | $ | 30,445 |
|
| Share-based compensation expense | | 15,486 |
| | 8,094 |
| | 16,404 |
| | 45,822 |
| | 72,442 |
|
| Acquisition-related (credits) charges | | (165 | ) | | 1,685 |
| | 1,946 |
| | 5,534 |
| | 7,388 |
|
| Restructuring (credits) charges | | (1,519 | ) | | 8,149 |
| | 11,036 |
| | 50,026 |
| | 23,986 |
|
| Loss from manufacturing facility damage and shutdown | | 2,205 |
| | — |
| | — |
| | 2,205 |
| | — |
|
| Loss related to foundry arrangements | | — |
| | 8,938 |
| | 10,628 |
| | 7,424 |
| | 10,628 |
|
| (Recovery) impairment of receivables from foundry suppliers | | (78 | ) | | — |
| | 6,495 |
| | (600 | ) | | 6,495 |
|
| Credit from reserved grant income | | — |
| | — |
| | — |
| | — |
| | (10,689 | ) |
| French building underutilization and other | | 945 |
| | — |
| | — |
| | 945 |
| | — |
|
| Gain on sale of assets | | — |
| | — |
| | — |
| | (4,430 | ) | | — |
|
| Settlement charges | | — |
| | — |
| | — |
| | 21,600 |
| | — |
|
| Tax adjustments | | 22,257 |
| | 5,449 |
| | (4,790 | ) | | 16,428 |
| | 4,410 |
|
| Non-GAAP net income | | $ | 43,643 |
| | $ | 37,741 |
| | $ | 29,387 |
| | $ | 120,201 |
| | $ | 145,105 |
|
| | | | | | | | | | | |
| GAAP net income (loss) per share - diluted | | $ | 0.01 |
| | $ | 0.01 |
| | $ | (0.03 | ) | | $ | (0.06 | ) | | $ | 0.07 |
|
| Share-based compensation expense | | 0.03 |
| | 0.02 |
| | 0.04 |
| | 0.10 |
| | 0.16 |
|
| Acquisition-related (credits) charges | | — |
| | 0.01 |
| | 0.01 |
| | 0.01 |
| | 0.02 |
|
| Restructuring (credits) charges | | — |
| | 0.02 |
| | 0.02 |
| | 0.11 |
| | 0.05 |
|
| Loss from manufacturing facility damage and shutdown | | 0.01 |
| | — |
| | — |
| | 0.01 |
| | — |
|
| Loss related to foundry arrangements | | — |
| | 0.02 |
| | 0.02 |
| | 0.02 |
| | 0.02 |
|
| (Recovery) impairment of receivables from foundry suppliers | | — |
| | — |
| | 0.01 |
| | — |
| | 0.01 |
|
| Credit from reserved grant income | | — |
| | — |
| | — |
| | — |
| | (0.02 | ) |
| Gain on sale of assets | | — |
| | — |
| | — |
| | (0.01 | ) | | — |
|
| Settlement charges | | — |
| | — |
| | — |
| | 0.05 |
| | — |
|
| Tax adjustments | | 0.05 |
| | 0.01 |
| | — |
| | 0.04 |
| | 0.01 |
|
| Non-GAAP net income per share - diluted | | $ | 0.10 |
| | $ | 0.09 |
| | $ | 0.07 |
| | $ | 0.27 |
| | $ | 0.32 |
|
| | | | | | | | | | | |
| GAAP diluted shares | | 428,008 |
| | 429,639 |
| | 429,312 |
| | 427,460 |
| | 437,582 |
|
| Adjusted dilutive stock awards - non-GAAP | | 9,503 |
| | 9,207 |
| | 14,669 |
| | 11,841 |
| | 9,764 |
|
| Non-GAAP diluted shares | | 437,511 |
| | 438,846 |
| | 443,981 |
| | 439,301 |
| | 447,346 |
|
