Atmel Reports Fourth Quarter and Full Year 2015 Financial Results

 

ATMEL CORPORATION

RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(In thousands, except per share data)

(Unaudited)



Three Months Ended


Twelve Months Ended


December 31,


September 30,


December 31,


December 31,


December 31,


2015


2015


2014


2015


2014

GAAP net revenue

$         261,282


$           286,533


$         345,954


$      1,172,456


$      1,413,334

Revenue from the XSense business

-


-


-


(1,429)


-

Non-GAAP net revenue

$         261,282


$           286,533


$         345,954


$      1,171,027


$      1,413,334











GAAP gross margin

$         121,060


$           133,356


$         140,559


$         543,027


$         618,630

Share-based compensation expense

1,543


1,560


1,463


5,900


6,355

Loss from manufacturing facility damage and shutdown

-


-


-


-


3,485

Loss (gain) related to foundry arrangements

1,381


2,487


-


5,825


(2,583)

Fair value adjustments to inventory from businesses acquired

-


-


774


-


2,322

Gross margin from the XSense business

-


-


-


1,253


-

Impairment of XSense business

-


-


26,624


-


26,624

Non-GAAP gross margin

$         123,984


$           137,403


$         169,420


$         556,005


$         654,833











GAAP research and development expense

$            55,253


$              55,832


$            64,817


$         230,212


$         274,568

Share-based compensation expense

(3,603)


(3,418)


(3,825)


(14,172)


(17,569)

French building underutilization and other (charges) credits

(629)


(360)


317


(1,069)


(1,903)

Research and development expense from the XSense business

-


-


-


(1,613)


-

Non-GAAP research and development expense

$            51,021


$              52,054


$            61,309


$         213,358


$         255,096











GAAP selling, general and administrative expense

$            59,747


$              64,817


$            67,845


$         246,559


$         262,031

Share-based compensation expense

(7,303)


(7,741)


(8,578)


(31,320)


(35,755)

French building underutilization and other (charges) credits 

(179)


(140)


9


(453)


(1,055)

Selling, general and administrative expense from the XSense business

-


-


-


101


-

Merger-related expenses

(3,813)


(7,818)


-


(11,631)


-

Non-GAAP selling, general and administrative expense

$            48,452


$              49,118


$            59,276


$          203,256


$          225,221











GAAP income (loss) from operations

$              4,984


$              10,474


$            (5,583)


$            50,761


$            59,231

Share-based compensation expense

12,449


12,719


13,866


51,392


59,679

Loss from manufacturing facility damage and shutdown

-


-


-


-


3,485

Loss (gain) related to foundry arrangements

1,381


2,487


-


5,825


(2,583)

Fair value adjustments to inventory from businesses acquired

-


-


774


-


2,322

French building underutilization and other charges (credits)

808


500


(326)


1,522


2,957

Operating loss from the XSense business

-


-


-


2,765


-

Impairment of XSense assets

-


-


26,624


-


26,624

Merger-related expenses

3,813


7,818


-


11,631


-

Acquisition-related charges

1,926


2,390


3,480


12,526


13,767

Restructuring (credits) charges

(850)


(584)


14,849


4,595


13,882

Recovery of receivables from foundry suppliers

-


-


(485)


-


(485)

Loss (gain) on sale of assets

-


427


(4,364)


(1,626)


(4,364)

Non-GAAP income from operations

$            24,511


$              36,231


$            48,835


$         139,391


$         174,515











GAAP provision for income taxes

$            (2,867)


$           (11,134)


$            (1,712)


$         (31,393)


$         (22,018)

Non-GAAP tax adjustments

(658)


(9,530)


517


(24,199)


(15,444)

Non-GAAP provision for income taxes

$            (2,209)


$              (1,604)


$            (2,229)


$            (7,194)


$            (6,574)











GAAP net income (loss) attributable to Atmel 

$              4,698


$                 (614)


$            (6,457)


$            26,891


$            32,195

Share-based compensation expense

12,449


12,719


13,866


51,392


59,679

Loss from manufacturing facility damage and shutdown

-


-


-


-


3,485

Loss (gain) related to foundry arrangements

1,381


2,487


-


5,825


(2,583)

Fair value adjustments to inventory from businesses acquired

-


-


774


-


2,322

French building underutilization and other charges (credits)

808


500


(326)


1,522


2,957

Operating loss from the XSense business

-


-


-


2,765


-

Impairment of XSense assets

-


-


26,624


-


26,624

Merger-related expenses

3,813


7,818


-


11,631


-

Acquisition-related charges

1,926


2,390


3,480


12,526


13,767

Restructuring (credits) charges 

(850)


(584)


14,849


4,595


13,882

Recovery of receivables from foundry suppliers

-


-


(485)


-


(485)

Loss (gain) on sale of assets

-


427


(4,364)


(1,626)


(4,364)

Interest income from sale of assets

-


-


(1,295)


-


(1,295)

Gain on sale of investments in privately-held companies

-


-


-


(1,317)


-

Write-down of investments in privately-held companies

-


-


-


-


1,805

Non-GAAP tax adjustments

658


9,530


(517)


24,199


15,444

Net income attributable to noncontrolling interest

36


9


3,013


11


3,013

Consolidated non-GAAP net income

$            24,919


$              34,682


$            49,162


$         138,414


$         166,446











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

$                0.01


$                       -


$              (0.02)


$                0.06


$                0.08

Share-based compensation expense

0.03


0.03


0.03


0.12


0.14

Loss from manufacturing facility damage and shutdown

-


-


-


-


0.01

Loss (gain) related to foundry arrangements

-


0.01


-


0.01


(0.01)

Fair value adjustments to inventory from businesses acquired

-


-


-


-


-

French building underutilization and other charges

-


-


-


-


0.01

Operating loss from the XSense business

-


-


-


-


-

Impairment of XSense assets

-


-


0.07


-


0.06

Merger-related expenses

0.01


0.02


-


0.03


-

Acquisition-related charges

0.01


-


0.01


0.03


0.03

Restructuring (credits) charges 

-


-


0.03


0.01


0.03

Recovery of receivables from foundry suppliers

-


-


-


-


-

Loss (gain) on sale of assets

-


-


(0.01)


-


(0.01)

Interest income from sale of assets

-


-


-


-


-

Gain on sale of investments in privately-held companies

-


-


-


-


-

Write-down of investments in privately-held companies

-


-


-


-


-

Non-GAAP tax adjustments

-


0.02


-


0.06


0.04

Net income attributable to noncontrolling interest

-


-


0.01


-


0.01

Consolidated non-GAAP net income per share  - diluted

$                0.06


$                  0.08


$                0.12


$                0.32


$                0.39











GAAP diluted shares

422,239


419,293


417,797


420,287


420,910

Adjusted dilutive stock awards - non-GAAP

7,337


7,576


9,482


5,823


5,788

Non-GAAP diluted shares

429,576


426,869


427,279


426,110


426,698


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