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

1. Includes a $29.5 million impairment charge recorded for the investment in Deca Technologies, Inc.

Table E: GAAP to non-GAAP reconciling items: Nine Months Ended Q3 2018

 

 

 

 

Cost of revenues

 

Research and
development

 

Selling, general
and
administrative

 

Interest and other
expense, net

GAAP [i]

 

$

1,173,121

 

 

$

281,617

 

 

$

262,940

 

 

$

(58,229

)

[1] Stock-based compensation

 

12,689

 

 

28,720

 

 

35,152

 

 

 

[2] Changes in value of deferred compensation plan

 

299

 

 

1,406

 

 

1,690

 

 

(2,497

)

[3] Equity in gain/loss, net of equity method investee

 

 

 

 

 

 

 

10,873

 

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

 

 

 

 

 

 

 

14,628

 

[5] Loss on extinguishment of Spansion convertible notes and debt issuance cost write off due to refinancing

 

 

 

 

 

 

 

3,258

 

[6] Amortization of debt issuance costs

 

 

 

 

 

 

 

1,073

 

[7] Amortization of acquisition-related intangible assets and others

 

150,441

 

 

 

 

13,815

 

 

 

[8] Gain on sale of cost method investment

 

 

 

 

 

(1,521

)

 

 

[9] Acquisition costs

 

 

 

 

 

119

 

 

 

[10] Restructuring charges and other

 

3,136

 

 

841

 

 

11,347

 

 

 

[11] Litigation settlement and other

 

 

 

 

 

(605

)

 

(1,270

)

Non - GAAP [ii]

 

$

1,006,556

 

 

$

250,650

 

 

$

202,943

 

 

$

(32,164

)

Impact of reconciling items [ii - i]

 

$

(166,565

)

 

$

(30,967

)

 

$

(59,997

)

 

$

26,065

 

Table F: Non-GAAP gross profit

 

Three Months Ended

 

Nine Months Ended

 

 

Q3'19

 

Q2'19

 

Q3'18

 

Q3'19

 

Q3'18

GAAP gross profit

 

$

216,441

 

 

$

198,758

 

 

$

259,715

 

 

$

617,608

 

 

$

706,245

 

Impact of reconciling items on cost of revenues (see Table A, B, C, D and E)

 

52,917

 

 

51,258

 

 

56,481

 

 

157,514

 

 

166,565

 

Non-GAAP gross profit

 

$

269,358

 

 

$

250,016

 

 

$

316,196

 

 

$

775,122

 

 

$

872,810

 

GAAP gross margin (GAAP gross profit/revenue)

 

37.7

%

 

37.3

%

 

38.6

%

 

37.5

%

 

37.6

%

Non-GAAP gross margin (Non-GAAP gross profit/revenue)

 

46.9

%

 

47.0

%

 

47.0

%

 

47.1

%

 

46.4

%

Table G: Non-GAAP operating income

 

Three Months Ended

 

Nine Months Ended

 

 

Q3'19

 

Q2'19

 

Q3'18

 

Q3'19

 

Q3'18

GAAP operating income [i]

 

$

45,225

 

 

$

13,486

 

 

$

75,081

 

 

$

90,527

 

 

$

161,688

 

Impact of reconciling items on cost of revenues (see Table A, B, C, D and E)

 

52,917

 

 

51,258

 

 

56,481

 

 

157,514

 

 

166,565

 

Impact of reconciling items on R&D (see Table A, B, C, D and E)

 

8,241

 

 

14,298

 

 

9,389

 

 

31,481

 

 

30,967

 

Impact of reconciling items on SG&A (see Table A, B, C, D and E)

 

19,142

 

 

29,372

 

 

25,276

 

 

68,175

 

 

59,997

 

Non-GAAP operating income [ii]

 

$

125,525

 

 

$

108,414

 

 

$

166,227

 

 

$

347,697

 

 

$

419,217

 

Impact of reconciling items on operating income [ii - i]

 

$

80,300

 

 

$

94,928

 

 

$

91,146

 

 

$

257,170

 

 

$

257,529

 

GAAP operating margin (GAAP operating income / revenue)

 

7.9

%

 

2.5

%

 

11.2

%

 

5.5

%

 

8.6

%

Non-GAAP operating margin (Non-GAAP operating income / revenue)

 

21.8

%

 

20.4

%

 

24.7

%

 

21.1

%

 

22.3

%

Table H: Non-GAAP pre-tax profit

 

Three Months Ended

 

Nine Months Ended

 

 

Q3'19

 

Q2'19

 

Q3'18

 

Q3'19

 

Q3'18

GAAP income before income taxes and non-controlling interest ("Pre-tax income")

 

$

30,303

 

 

$

1,483

 

 

$

60,022

 

 

$

54,359

 

 

$

114,332

 

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

 

(1,383

)

 

(32,405

)

 

(3,657

)

 

(37,378

)

 

(10,873

)

Impact of reconciling items on operating income (see Table G)

 

80,300

 

 

94,928

 

 

91,146

 

 

257,170

 

 

257,529

 

Impact of reconciling items on interest and other expense, net (see Table A, B, C, D and E)

 

9,231

 

 

35,362

 

 

8,045

 

 

48,448

 

 

26,065

 

Non-GAAP pre-tax profit

 

$

118,451

 

 

$

99,368

 

 

$

155,556

 

 

$

322,599

 

 

$

387,053

 

GAAP pre-tax profit margin (GAAP pre-tax income/revenue)

 

5.3

%

 

0.3

%

 

8.9

%

 

3.3

%

 

6.1

%

Non-GAAP pre-tax profit margin (Non-GAAP pre-tax profit/revenue)

 

20.6

%

 

18.7

%

 

23.1

%

 

19.6

%

 

20.6

%


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