Intersil Corporation Reports First Quarter Results

 

Intersil Corporation

Non-GAAP Results

Unaudited

(In thousands, except percentages)








Quarter Ended


Apr. 1,


Jan. 1,


Apr. 3, 


2016


2016


2015


Q1 2016


Q4 2015


Q1 2015

Non-GAAP gross profit:






  GAAP gross profit

$ 75,960


$ 72,919


$   80,326

  Equity-based compensation COS

458


268


392

Non-GAAP gross profit

$ 76,418


$ 73,187


$   80,718







Non-GAAP gross margin:






GAAP gross margin

58.8%


57.6%


59.9%

  Equity-based compensation COS

0.3%


0.2%


0.3%

Non-GAAP gross margin

59.1%


57.8%


60.2%







Non-GAAP R&D expenses:






  GAAP R&D expenses

$ 33,678


$ 29,983


$   32,017

Equity-based compensation

(3,103)


(2,368)


(2,751)

Non-GAAP R&D expenses:

$ 30,575


$ 27,615


$   29,266







Non-GAAP SG&A expenses:






GAAP SG&A expenses

$ 23,549


$ 22,784


$   25,453

Equity-based compensation

(2,921)


(2,512)


(2,613)

Acquisition-related costs

(585)


-


-

Non-GAAP SG&A expenses:

$ 20,043


$ 20,272


$   22,840







Non-GAAP operating expenses:






GAAP operating expenses

$ 60,755


$ 57,028


$ 144,131

  Provision for TAOS litigation

-


-


(81,100)

  Equity-based compensation (excl. COS)

(6,024)


(4,880)


(5,364)

  Amortization of purchased intangibles

(3,528)


(4,261)


(5,561)

Acquisition-related costs

(585)


-


-

Non-GAAP operating expenses

$ 50,618


$ 47,887


$   52,106







Non-GAAP operating income:






GAAP operating income (loss)

$ 15,205


$ 15,891


$ (63,805)

  Provision for TAOS litigation

-


-


81,100

  Equity-based compensation

6,482


5,148


5,756

  Amortization of purchased intangibles

3,528


4,261


5,561

Acquisition-related costs

585


-


-

Non-GAAP operating income

$ 25,800


$ 25,300


$   28,612







Non-GAAP operating margin:






GAAP operating margin

11.8%


12.5%


(47.6%)

  Excluded items as a percent of revenue

8.2%


7.5%


68.9%

Non-GAAP operating margin 

20.0%


20.0%


21.3%


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