Intersil Corporation Reports Second Quarter Results

 

Intersil Corporation

Non-GAAP Results

Unaudited

(In thousands, except percentages)








Quarter Ended


Jul. 1


Apr. 1,


Jul. 3


2016


2016


2015


Q2 2016


Q1 2016


Q2 2015

Non-GAAP gross profit:






  GAAP gross profit

$    79,588


$ 75,960


$   78,493

  Equity-based compensation COS

284


458


436

Non-GAAP gross profit

$    79,872


$ 76,418


$   78,929







Non-GAAP gross margin:






GAAP gross margin

59.4%


58.8%


59.3%

  Excluded items as a percent of revenue

0.2%


0.3%


0.3%

Non-GAAP gross margin

59.6%


59.1%


59.6%







Non-GAAP R&D expenses:






  GAAP R&D expenses

$    34,211


$ 33,678


$   33,098

  Equity-based compensation

(3,834)


(3,103)


(2,658)

Non-GAAP R&D expenses:

$    30,377


$ 30,575


$   30,440







Non-GAAP SG&A expenses:






GAAP SG&A expenses

$    25,248


$ 23,549


$   25,194

  Equity-based compensation

(4,004)


(2,921)


(3,595)

  Acquisition-related costs

-


(585)


-

Non-GAAP SG&A expenses:

$    21,244


$ 20,043


$   21,599







Non-GAAP operating expenses:






GAAP operating expenses

$    77,089


$ 60,755


$   62,318

  Restructuring and related costs

(13,508)


-


-

  Provision for TAOS litigation

(1,255)


-


-

  Equity-based compensation (excl. COS)

(7,838)


(6,024)


(6,253)

  Amortization of purchased intangibles

(2,867)


(3,528)


(4,026)

  Acquisition-related costs

-


(585)


-

Non-GAAP operating expenses

$    51,621


$ 50,618


$   52,039







Non-GAAP operating income:






GAAP operating income

$      2,499


$ 15,205


$   16,175

  Restructuring and related costs

13,508


-


-

  Provision for TAOS litigation

1,255


-


-

  Equity-based compensation

8,122


6,482


6,689

  Amortization of purchased intangibles

2,867


3,528


4,026

  Acquisition-related costs

-


585


-

Non-GAAP operating income

$    28,251


$ 25,800


$   26,890







Non-GAAP operating margin:






GAAP operating margin

1.9%


11.8%


12.2%

  Excluded items as a percent of revenue

19.2%


8.2%


8.1%

Non-GAAP operating margin 

21.1%


20.0%


20.3%


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