­­Cypress Reports Second Quarter 2015 Results

 


CYPRESS SEMICONDUCTOR CORPORATION

RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (a)

(In thousands, except per-share data)

(Unaudited)














Three Months Ended 


June 28,


% of


March 29,


% of


June 29,


% of


2015


Revenue


2015


Revenue


2014


Revenue













GAAP Revenues 

$          484,778




$       209,137




$          183,601



 Revenue from intellectual property license (b) 

6,250




-




-



Non-GAAP Revenues

$          491,028




$       209,137




$          183,601















GAAP gross margin (loss)

$          138,073


28.5%


$        (35,652)


-17.0%


$            95,370


51.9%

 Stock-based compensation expense 

3,802


0.8%


4,219


2.0%


4,433


2.4%

 Ramtron acquisition costs and related amortization 

-


0.0%


-


0.0%


(109)


-0.1%

 Changes in value of deferred compensation plan  

46


0.0%


189


0.1%


248


0.1%

 Impairment of assets, restructuring and other charges 

325


0.1%


120


0.1%


187


0.1%

 Effect of Non-GAAP revenue from intellectual property license 

6,250


0.7%


-


0.0%


-


0.0%

 Spansion merger costs and related amortization 

52,800


10.9%


28,464


13.6%


(925)


-0.5%

Non-GAAP gross margin (loss)

$          201,296


41.0%


$          (2,660)


-1.2%


$            99,204


53.9%













GAAP research and development expenses

$            81,227




$         50,522




$            40,927



 Stock-based compensation expense 

(7,007)




(5,750)




(4,362)



 Changes in value of deferred compensation plan  

(153)




(617)




(483)



 Impairment of assets, restructuring and other charges 

(96)




(62)




-



 Spansion merger costs and related amortization 

(827)




(130)




-



Non-GAAP research and development expenses

$            73,144




$         43,963




$            36,082















GAAP selling, general and administrative expenses

$            86,011




$         76,450




$            42,059



 Stock-based compensation expense 

(16,859)




(8,827)




(5,523)



 Ramtron acquisition costs and related amortization 

-




-




(385)



 Changes in value of deferred compensation plan 

(276)




(1,110)




(1,097)



 Impairment of assets, restructuring and other charges 

(36)




-




(877)



 Legal and other 

-




(654)




-



 Spansion merger costs and related amortization 

(1,634)




(25,580)




-



Non-GAAP selling, general and administrative expenses

$            67,206




$         40,279




$            34,177















GAAP operating income (loss)

$          (80,962)




$      (245,736)




$            10,584



 Stock-based compensation expense 

27,667




18,797




14,318



 Ramtron acquisition costs and related amortization 

1,305




1,305




2,077



 Changes in value of deferred compensation plan  

474




1,916




1,828



 Impairment of assets, restructuring and other charges 

-




182




138



 Legal and other 

458




654




-



 Effect of Non-GAAP revenue from intellectual property license 

6,250




-




-



 Spansion merger costs and related amortization 

105,754




135,982




-



Non-GAAP operating income (loss)

$            60,946




$        (86,900)




$            28,945



























GAAP pretax profit (loss)

(87,756)


-18.1%


$      (251,444)


-120.2%


$              9,456


5.2%

 Stock-based compensation expense 

27,667


5.7%


18,797


9.0%


14,318


7.8%

 Ramtron acquisition costs and related amortization 

1,305


0.3%


1,305


0.6%


2,076


1.1%

 Changes in value of deferred compensation plan  

(54)


0.0%


1,241


0.6%


75


0.0%

 Impairment of assets, restructuring and other charges 

-


0.0%


455


0.2%


1,080


0.6%

 Legal and other 

458


0.1%


654


0.3%


-


0.0%

 Effect of Non-GAAP revenue from intellectual property license 

6,250


1.1%


-


0.0%


-


0.0%

 Investment related losses (gains) 

(1,670)


-0.3%


2,728


1.3%


1,367


0.7%

 Tax related, interest income, interest expense and other expenses 

2,586


0.5%


869


0.4%


(925)


-0.5%

 Losses from equity method investment 

1,459


0.3%


1,559


0.7%


-


0.0%

 Spansion merger costs and related amortization 

105,754


21.8%


135,982


65.0%


-


-

Non-GAAP pretax profit (loss)

$            55,999


11.4%


$        (87,854)


-42.1%


$            27,447


14.9%













GAAP net income (loss) attributable to Cypress

$          (90,051)




$      (246,798)




$              9,527



 Stock-based compensation expense 

27,667




18,797




14,318



 Ramtron acquisition costs and related amortization 

1,305




1,305




2,075



 Changes in value of deferred compensation plan  

(53)




1,241




75



 Impairment of assets, restructuring and other charges 

-




455




1,080



 Legal and other 

458




654




-



 Effect of Non-GAAP revenue from intellectual property license 

6,250




-




-



 Investment related losses (gains) 

(1,670)




2,728




1,367



 Tax related, interest income, interest expense and other expenses 

1,751




(3,829)




(1,719)



 Losses from equity method investment 

1,459




1,559




-



 Spansion merger costs and related amortization 

105,754




135,982




-



Non-GAAP net income (loss) attributable to Cypress

$            52,870




$        (87,906)




$            26,723















GAAP net income (loss) per share attributable to Cypress - diluted

$              (0.27)




$            (1.26)




$                0.06



 Stock-based compensation expense 

0.08




0.10




0.09



 Ramtron acquisition costs and related amortization 

-




0.01




0.01



 Changes in value of deferred compensation plan  

-




0.01




-



 Impairment of assets, restructuring and other charges 

-




-




0.01



 Effect of Non-GAAP revenue from intellectual property license 

0.02











 Investment related losses (gains) 

(0.01)




0.01




0.01



 Tax related, interest income, interest expense and other expenses 

0.01




(0.02)




(0.01)



 Losses from equity method investment 

-




0.01




-



 Non-GAAP share count adjustment 

-




-




(0.01)



 Spansion merger costs and related amortization 

0.32




0.69




-



Non-GAAP net income (loss) per share attributable to Cypress - diluted

$                0.15




$            (0.45)




$                0.16















(a) Refer to the accompanying "Notes to Non-GAAP Financial Measures" for a detailed discussion of management's use of non-GAAP financial measures.

(b) Non-GAAP revenue includes $6.25 million of Samsung intellectual property licensing revenue, not included in GAAP revenue as a result of the effects of purchase accounting for the Spansion merger.














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