Cypress Reports Third Quarter 2019 Results and Provides Update

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

*Tax impact of Non-GAAP adjustments is calculated by using the federal statutory rate of 21%.

** Other items include but are not limited to deferred tax expense not affecting income tax payable.

Table J: Non-GAAP net income
	Three Months Ended							Nine Months Ended
	Q3'19		Q2'19			Q3'18		Q3'19			Q3'18
GAAP net income (loss) attributable to Cypress	$	12,683	$	(12,729	)	$	50,695	$	19,668		$	87,478
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
Impact of reconciling items on income tax provision (see Table I)	13,580		(20,320		)	2,839		(10,148		)	6,912
Non-GAAP net income	$	115,794	$	97,241		$	152,725	$	315,138		$	377,984

Table K: Weighted-average shares, diluted

Three Months Ended

Q3'19

Q2'19

Q3'18

GAAP

Non-GAAP

GAAP

Non-GAAP

GAAP

Non-GAAP

Weighted-average common shares outstanding, basic

369,241

365,600

361,631

Effect of dilutive securities:

Stock options, unvested restricted stock units and other

7,862

11,704

—

13,937

7,096

12,468

Convertible notes

11,140

9,480

—

5,187

5,539

3,234

Weighted-average common shares outstanding, diluted

388,243

390,425

365,600

384,724

374,266

377,333

Table L: Weighted-average shares, diluted

Nine Months Ended

Q3'19

Q3'18

GAAP

Non-GAAP

GAAP

Non-GAAP

Weighted-average common shares outstanding, basic

366,444

358,560

Effect of dilutive securities:

Stock options, unvested restricted stock and other

7,567

12,325

8,378

13,557

Convertible notes

7,622

5,573

6,126

3,852

Weighted-average common shares outstanding, diluted

381,633

384,342

373,064

375,969

Table M: Earnings per share
	Three Months Ended
	Q3'19				Q2'19					Q3'18
	GAAP		Non-GAAP		GAAP			Non-GAAP		GAAP		Non-GAAP
Net income (loss) (see Table J) [i]	$	12,683	$	115,794	$	(12,729	)	$	97,241	$	50,695	$	152,725
Weighted-average common shares outstanding, diluted (see Table K) [ii]	388,243		390,425		365,600			384,724		374,266		377,333
Earnings (loss) per share - diluted [i/ii]	$	0.03	$	0.30	$	(0.03	)	$	0.25	$	0.14	$	0.40

Table N: Earnings per share

Nine Months Ended

Q3'19

Q3'18

GAAP

Non-GAAP

GAAP

Non-GAAP

Net income (see Table J) [i]

19,668

315,138

87,478

377,984

Weighted-average common shares outstanding, diluted (see Table L) [ii]

381,633

384,342

373,064

375,969

Earnings per share - diluted [i/ii]

0.05

0.82

0.23

1.01

Table O: Adjusted EBITDA
	Three Months Ended									Nine Months Ended
	Q3'19			Q2'19			Q3'18			Q3'19			Q3'18
GAAP net income (loss) attributable to Cypress	$	12,683		$	(12,729	)	$	50,695		$	19,668		$	87,478
Interest and other expense, net	(14,922		)	(12,003		)	(15,059		)	(36,168		)	(47,356		)
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	(1,383		)	(32,405		)	(3,657		)	(37,378		)	(10,873		)
Net loss (income) attributable to non-controlling interest	10			4			(52		)	15			(152		)
GAAP operating income	$	45,225		$	13,486		$	75,081		$	90,527		$	161,688
Impact of reconciling items on operating income (see Table G)	80,300			94,928			91,146			257,170			257,529
Non-GAAP operating income	$	125,525		$	108,414		$	166,227		$	347,697		$	419,217
Depreciation	19,060			19,394			16,393			57,966			49,772
Adjusted EBITDA	$	144,585		$	127,808		$	182,620		$	405,663		$	468,989

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