Intersil Corporation Reports Strong Quarterly Results

 

Intersil Corporation

Non-GAAP Results

Unaudited

(In thousands, except percentages)









Quarter Ended



Sep. 30


Jul. 1


Oct. 2



2016


2016


2015



Q3 2016


Q2 2016


Q3 2015


Non-GAAP gross profit:







  GAAP gross profit

$             84,220


$    79,588


$      76,058


  Equity-based compensation COS

207


284


304


Non-GAAP gross profit

$             84,427


$    79,872


$      76,362









Non-GAAP gross margin:







GAAP gross margin

60.6%


59.4%


59.2%


  Excluded items as a percent of revenue

0.1%


0.2%


0.3%


Non-GAAP gross margin

60.7%


59.6%


59.5%









Non-GAAP R&D expenses:







  GAAP R&D expenses

$             31,315


$    34,211


$      31,252


  Equity-based compensation

(2,779)


(3,834)


(2,390)


Non-GAAP R&D expenses:

$             28,536


$    30,377


$      28,862









Non-GAAP SG&A expenses:







GAAP SG&A expenses

$             22,782


$    25,248


$      23,532


  Equity-based compensation

(2,577)


(4,004)


(2,871)


Non-GAAP SG&A expenses:

$             20,205


$    21,244


$      20,661









Non-GAAP operating expenses:







GAAP operating expenses

$             61,419


$    77,089


$      58,561


  Restructuring and related costs

(14)


(13,508)


-


  Provision for the TAOS litigation

-


(1,255)


-


  Equity-based compensation (excl. COS)

(5,356)


(7,838)


(5,261)


  Amortization of purchased intangibles

(2,669)


(2,867)


(3,777)


  Merger related expenses

(4,639)


-


-


Non-GAAP operating expenses

$             48,741


$    51,621


$      49,523









Non-GAAP operating income:







GAAP operating income

$             22,801


$      2,499


$      17,497


  Restructuring and related costs

14


13,508


-


  Provision for the TAOS litigation

-


1,255


-


  Equity-based compensation

5,563


8,122


5,565


  Amortization of purchased intangibles

2,669


2,867


3,777


  Merger related expenses

4,639


-


-


Non-GAAP operating income

$             35,686


$    28,251


$      26,839









Non-GAAP operating margin:







GAAP operating margin

16.4%


1.9%


13.6%


  Excluded items as a percent of revenue

9.3%


19.2%


7.3%


Non-GAAP operating margin 

25.7%


21.1%


20.9%



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