|
ATMEL CORPORATION | |||
|
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
|
(In thousands) | |||
|
(Unaudited) | |||
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2013 |
|
2012 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ 276,881 |
|
$ 293,370 |
|
Short-term investments |
2,181 |
|
2,687 |
|
Accounts receivable, net |
206,757 |
|
188,488 |
|
Inventories |
275,115 |
|
348,273 |
|
Prepaids and other current assets |
92,234 |
|
125,019 |
|
Total current assets |
853,168 |
|
957,837 |
|
Fixed assets, net |
184,983 |
|
221,044 |
|
Goodwill |
108,240 |
|
104,430 |
|
Intangible assets, net |
28,116 |
|
27,257 |
|
Other assets |
178,167 |
|
122,965 |
|
Total assets |
$ 1,352,674 |
|
$ 1,433,533 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade accounts payable |
$ 95,872 |
|
$ 103,980 |
|
Accrued and other liabilities |
155,406 |
|
203,510 |
|
Deferred income on shipments to distributors |
42,594 |
|
29,226 |
|
Total current liabilities |
293,872 |
|
336,716 |
|
Other long-term liabilities |
120,727 |
|
100,179 |
|
Total liabilities |
414,599 |
|
436,895 |
|
|
|
|
|
|
Stockholders' equity |
938,075 |
|
996,638 |
|
Total liabilities and stockholders' equity |
$ 1,352,674 |
|
$ 1,433,533 |
|
ATMEL CORPORATION |
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RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES |
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|
(in thousands, except for per share data) |
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|
(Unaudited) |
|
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|
| |||||
|
|
|
|
|
|
|
|
|
|
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|
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|
|
Three Months Ended |
|
Twelve Months Ended | ||||||
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2013 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin |
$ 150,928 |
|
$ 143,467 |
|
$ 131,539 |
|
$ 573,625 |
|
$ 601,319 |
|
Loss from manufacturing facility damage and shutdown |
2,205 |
|
- |
|
- |
|
2,205 |
|
- |
|
Loss related to foundry arrangements |
- |
|
8,938 |
|
10,628 |
|
7,424 |
|
10,628 |
|
Share-based compensation expense |
1,301 |
|
1,136 |
|
1,329 |
|
5,889 |
|
8,052 |
|
Non-GAAP gross margin |
$ 154,434 |
|
$ 153,541 |
|
$ 143,496 |
|
$ 589,143 |
|
$ 619,999 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development expense |
$ 64,625 |
|
$ 66,790 |
|
$ 58,872 |
|
$ 267,085 |
|
$ 251,519 |
|
Share-based compensation expense |
(4,804) |
|
(3,100) |
|
(5,257) |
|
15,529 |
|
(22,825) |
|
French building underutilization and other |
(766) |
|
- |
|
- |
|
(766) |
|
- |
|
Non-GAAP research and development expense |
$ 59,055 |
|
$ 63,690 |
|
$ 53,615 |
|
$ 281,848 |
|
$ 228,694 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP selling, general and administrative expense |
$ 61,298 |
|
$ 55,793 |
|
$ 66,376 |
|
$ 239,580 |
|
$ 275,257 |
|
Share-based compensation expense |
(9,382) |
|
(3,858) |
|
(9,818) |
|
24,404 |
|
(41,565) |
|
French building underutilization and other |
(179) |
|
- |
|
- |
|
(179) |
|
- |
|
Non-GAAP selling, general and administrative expense |
$ 51,737 |
|
$ 51,935 |
|
$ 56,558 |
|
$ 263,805 |
|
$ 233,692 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income (loss) from operations |
$ 26,767 |
|
$ 11,050 |
|
$ (13,186) |
|
$ (5,170) |
|
$ 47,363 |
|
Share-based compensation expense |
15,486 |
|
8,094 |
|
16,404 |
|
45,822 |
|
72,442 |
|
Acquisition-related (credits) charges |
(165) |
|
1,685 |
|
1,946 |
|
5,534 |
|
7,388 |
|
Restructuring (credits) charges |
(1,519) |
|
8,149 |
|
11,036 |
|
50,026 |
|
23,986 |
|
Loss from manufacturing facility damage and shutdown |
2,205 |
|
- |
|
- |
|
2,205 |
|
- |
|
Loss related to foundry arrangements |
- |
|
8,938 |
|
10,628 |
|
7,424 |
|
10,628 |
|
(Recovery) impairment of receivables from foundry suppliers |
(78) |
|
- |
|
6,495 |
|
(600) |
|
6,495 |
|
Credit from reserved grant income |
- |
|
- |
|
- |
|
- |
|
(10,689) |
|
French building underutilization and other |
945 |
|
- |
|
- |
|
945 |
|
- |
|
Gain on sale of assets |
- |
|
- |
|
- |
|
(4,430) |
|
- |
|
Settlement charges |
- |
|
- |
|
- |
|
21,600 |
|
- |
|
Non-GAAP income from operations |
$ 43,641 |
|
$ 37,916 |
|
$ 33,323 |
|
$ 123,356 |
|
$ 157,613 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP (provision for) benefit from income taxes |
$ (23,186) |
|
$ (7,038) |
|
$ 2,192 |
|
$ (21,542) |
|
$ (11,793) |
|
Adjustments for cash tax and other tax settlements |
(22,257) |
|
(5,449) |
|
4,790 |
|
(16,428) |
|
(4,410) |
|
Non-GAAP provision for income taxes |
$ (929) |
|
$ (1,589) |
|
$ (2,598) |
|
$ (5,114) |
|
$ (7,383) |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
$ 4,512 |
|
$ 5,426 |
|
$ (12,332) |
|
$ (24,753) |
|
$ 30,445 |
|
Share-based compensation expense |
15,486 |
|
8,094 |
|
16,404 |
|
45,822 |
|
72,442 |
|
Acquisition-related (credits) charges |
(165) |
|
1,685 |
|
1,946 |
|
5,534 |
|
7,388 |
|
Restructuring (credits) charges |
(1,519) |
|
8,149 |
|
11,036 |
|
50,026 |
|
23,986 |
|
Loss from manufacturing facility damage and shutdown |
2,205 |
|
- |
|
- |
|
2,205 |
|
- |
|
Loss related to foundry arrangements |
- |
|
8,938 |
|
10,628 |
|
7,424 |
|
10,628 |
|
(Recovery) impairment of receivables from foundry suppliers |
(78) |
|
- |
|
6,495 |
|
(600) |
|
6,495 |
|
Credit from reserved grant income |
- |
|
- |
|
- |
|
- |
|
(10,689) |
|
French building underutilization and other |
945 |
|
- |
|
- |
|
945 |
|
- |
|
Gain on sale of assets |
- |
|
- |
|
- |
|
(4,430) |
|
- |
|
Settlement charges |
- |
|
- |
|
- |
|
21,600 |
|
- |
|
Tax adjustments |
22,257 |
|
5,449 |
|
(4,790) |
|
16,428 |
|
4,410 |
|
Non-GAAP net income |
$ 43,643 |
|
$ 37,741 |
|
$ 29,387 |
|
$ 120,201 |
|
$ 145,105 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) per share - diluted |
$ 0.01 |
|
$ 0.01 |
|
$ (0.03) |
|
$ (0.06) |
|
$ 0.07 |
|
Share-based compensation expense |
0.03 |
|
0.02 |
|
0.04 |
|
0.10 |
|
0.16 |
|
Acquisition-related (credits) charges |
- |
|
0.01 |
|
0.01 |
|
0.01 |
|
0.02 |
|
Restructuring (credits) charges |
- |
|
0.02 |
|
0.02 |
|
0.11 |
|
0.05 |
|
Loss from manufacturing facility damage and shutdown |
0.01 |
|
- |
|
- |
|
0.01 |
|
- |
|
Loss related to foundry arrangements |
- |
|
0.02 |
|
0.02 |
|
0.02 |
|
0.02 |
|
(Recovery) impairment of receivables from foundry suppliers |
- |
|
- |
|
0.01 |
|
- |
|
0.01 |
|
Credit from reserved grant income |
- |
|
- |
|
- |
|
- |
|
(0.02) |
|
Gain on sale of assets |
- |
|
- |
|
- |
|
(0.01) |
|
- |
|
Settlement charges |
- |
|
- |
|
- |
|
0.05 |
|
- |
|
Tax adjustments |
0.05 |
|
0.01 |
|
- |
|
0.04 |
|
0.01 |
|
Non-GAAP net income per share - diluted |
$ 0.10 |
|
$ 0.09 |
|
$ 0.07 |
|
$ 0.27 |
|
$ 0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted shares |
428,008 |
|
429,639 |
|
429,312 |
|
427,460 |
|
437,582 |
|
Adjusted dilutive stock awards - non-GAAP |
9,503 |
|
9,207 |
|
14,669 |
|
11,841 |
|
9,764 |
|
Non-GAAP diluted shares |
437,511 |
|
438,846 |
|
443,981 |
|
439,301 |
|
447,346 |
