Cypress Reports Third Quarter 2019 Results and Provides Update on Regulatory Approvals

Cypress, the Cypress logo and PSoC are registered trademarks of Cypress Semiconductor Corporation. All other trademarks are property of their owners.

CYPRESS SEMICONDUCTOR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

September 29, 2019

 

December 30, 2018

 

 

 

 

 

ASSETS

 

 

 

 

Cash and cash equivalents

 

$

343,027

 

 

$

285,720

 

Accounts receivable, net

 

389,896

 

 

324,274

 

Inventories

 

327,392

 

 

292,093

 

Assets held for sale

 

 

 

13,510

 

Property, plant and equipment, net

 

262,955

 

 

282,986

 

Goodwill and other intangible assets, net

 

1,708,676

 

 

1,864,340

 

Other assets

 

628,045

 

 

630,292

 

Total assets

 

$

3,659,991

 

 

$

3,693,215

 

LIABILITIES AND EQUITY

 

 

 

 

Accounts payable

 

$

181,704

 

 

$

210,715

 

Income tax liabilities

 

55,228

 

 

53,469

 

Revenue reserves, deferred margin and other liabilities

 

503,801

 

 

430,814

 

Current portion of long-term debt

 

63,518

 

 

6,943

 

Revolving credit facility and long-term debt

 

756,853

 

 

874,235

 

Total liabilities

 

1,561,104

 

 

1,576,176

 

Total Cypress stockholders' equity

 

2,098,887

 

 

2,115,734

 

Non-controlling interest

 

 

 

1,305

 

Total equity

 

2,098,887

 

 

2,117,039

 

Total liabilities and equity

 

$

3,659,991

 

 

$

3,693,215

 

CYPRESS SEMICONDUCTOR CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

ON A GAAP BASIS

(In thousands, except per-share data)

(Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

September 29,
2019

 

June 30,
2019

 

September 30,
2018

 

September 29,
2019

 

September 30,
2018

Revenues

$

574,521

 

 

$

532,221

 

 

$

673,035

 

 

$

1,645,746

 

 

$

1,879,366

 

Cost of revenue

358,080

 

 

333,463

 

 

413,320

 

 

1,028,138

 

 

1,173,121

 

Gross profit

216,441

 

 

198,758

 

 

259,715

 

 

617,608

 

 

706,245

 

Research and development

89,253

 

 

93,639

 

 

91,691

 

 

271,498

 

 

281,617

 

Selling, general and administrative

81,963

 

 

91,633

 

 

92,943

 

 

255,583

 

 

262,940

 

Total operating expenses

171,216

 

 

185,272

 

 

184,634

 

 

527,081

 

 

544,557

 

Operating income

45,225

 

 

13,486

 

 

75,081

 

 

90,527

 

 

161,688

 

Interest and other expense, net

(14,922

)

 

(12,003

)

 

(15,059

)

 

(36,168

)

 

(47,356

)

Income before income taxes, share in gain/loss, net and impairment of equity method investees and non-controlling interest

30,303

 

 

1,483

 

 

60,022

 

 

54,359

 

 

114,332

 

Income tax (provision) benefit

(16,247

)

 

18,189

 

 

(5,618

)

 

2,672

 

 

(15,829

)

Share in gain/loss, net and impairment of equity method investees

(1,383

)

 

(32,405

)

 

(3,657

)

 

(37,378

)

 

(10,873

)

Net income (loss)

12,673

 

 

(12,733

)

 

50,747

 

 

19,653

 

 

87,630

 

Net loss (income) attributable to non-controlling interest

10

 

 

4

 

 

(52

)

 

15

 

 

(152

)

Net income (loss) attributable to Cypress

$

12,683

 

 

$

(12,729

)

 

$

50,695

 

 

$

19,668

 

 

$

87,478

 

Net income (loss) per share attributable to Cypress:

 

 

 

 

 

 

 

 

 

Basic

$

0.03

 

 

$

(0.03

)

 

$

0.14

 

 

$

0.05

 

 

$

0.24

 

Diluted

$

0.03

 

 

$

(0.03

)

 

$

0.14

 

 

$

0.05

 

 

$

0.23

 

Cash dividend declared per share

$

0.11

 

 

$

0.11

 

 

$

0.11

 

 

$

0.33

 

 

$

0.33

 

Shares used in net income (loss) per share calculation:

 

 

 

 

 

 

 

 

 

Basic

369,241

 

 

365,600

 

 

361,631

 

 

366,444

 

 

358,560

 

Diluted

388,243

 

 

365,600

 

 

374,266

 

 

381,633

 

 

373,064

 

CYPRESS SEMICONDUCTOR CORPORATION

RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(In thousands, except percentages and per-share data)

(Unaudited)

Table A: GAAP to non-GAAP reconciling items: Three Months Ended Q3 2019

 

 

 

 

Cost of revenues

 

Research and
development

 

Selling, general
and
administrative

 

Interest and other
expense, net

GAAP [i]

 

$

358,080

 

 

$

89,253

 

 

$

81,963

 

 

$

(16,305

)

[1] Stock-based compensation

 

5,907

 

 

7,708

 

 

11,276

 

 

 

[2] Changes in value of deferred compensation plan

 

(6

)

 

(38

)

 

(37

)

 

237

 

[3] Gain on sale of NAND business to joint venture

 

 

 

 

 

 

 

(1,887

)

[4] Share in gain/loss, net of equity method investees

 

 

 

 

 

 

 

1,383

 

[5] Imputed interest on convertible debt, equity component amortization on convertible debt and others

 

 

 

 

 

 

 

3,101

 

[6] Amortization of debt issuance costs

 

 

 

 

 

 

 

626

 

[7] Loss on extinguishment of debt

 

 

 

 

 

 

 

6,402

 

[8] Amortization of acquisition-related intangible assets and other

 

47,084

 

 

 

 

4,310

 

 

 

[9] Restructuring charges

 

(68

)

 

291

 

 

169

 

 

 

[10] Merger-related expenses

 

 

 

 

 

3,043

 

 

 

[11] Other income and expenses

 

 

 

280

 

 

381

 

 

(631

)

Non - GAAP [ii]

 

$

305,163

 

 

$

81,012

 

 

$

62,821

 

 

$

(7,074

)

Impact of reconciling items [ii - i]

 

$

(52,917

)

 

$

(8,241

)

 

$

(19,142

)

 

$

9,231

 

Table B: GAAP to non-GAAP reconciling items: Three Months Ended Q2 2019

 

 

 

 

Cost of revenues

 

Research and
development

 

Selling, general
and
administrative

 

Interest and other
expense, net

GAAP [i]

 

$

333,463

 

 

$

93,639

 

 

$

91,633

 

 

$

(44,408

)

[1] Stock-based compensation

 

2,817

 

 

12,304

 

 

15,359

 

 

 

[2] Changes in value of deferred compensation plan

 

130

 

 

632

 

 

627

 

 

(1,145

)

[3] Share in gain/loss, net and impairment of equity method investees 1

 

 

 

 

 

 

 

32,405

 

[4] Imputed interest on convertible debt, equity component amortization on convertible debt and others

 

 

 

 

 

 

 

3,276

 

[5] Amortization of debt issuance costs

 

 

 

 

 

 

 

929

 

[6] Amortization of acquisition-related intangible assets and other

 

47,293

 

 

 

 

4,304

 

 

 

[7] Restructuring charges

 

1,018

 

 

1,362

 

 

641

 

 

 

[8] Merger-related expenses

 

 

 

 

 

8,409

 

 

 

[9] Other income and expenses

 

 

 

 

 

32

 

 

(103

)

Non - GAAP [ii]

 

$

282,205

 

 

$

79,341

 

 

$

62,261

 

 

$

(9,046

)

Impact of reconciling items [ii - i]

 

$

(51,258

)

 

$

(14,298

)

 

$

(29,372

)

 

$

35,362

 


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