Three Months Ended
-------------------------------------------------
March 29, 2013
Net Gross Gross Operating
Income EPS Profit Margin Expenses
-------- -------- -------- ------- ----------
GAAP $ 9,224 $ 0.27 $ 52,492 23% $ 51,006
-
Share-based
compensation in
cost of revenue (1) 391 0.01 391 0% -
Share-based
compensation in
operating expenses (1) 2,418 0.07 - - (2,418)
Amortization of
intangibles in cost
of revenue (1) 255 0.01 255 0% -
Amortization of
intangibles in
operating expenses (1) 668 0.02 - - (668)
Restructuring and
severance in cost
of revenue (2) 98 - 98 0% -
Restructuring and
severance in
operating expenses (2) 1,646 0.05 - - (1,646)
Other non-recurring
items in operating
expenses (2) - - - - -
Canada tax benefits (2) (8,447) (0.25) - - -
-------- -------- -------- ------- ----------
Non-GAAP $ 6,253 $ 0.18 $ 53,236 23% $ 46,274
======== ======== ======== ======= ==========
Weighted average
shares used in
computing:
Basic net income
(loss) per share 33,201
Dilutive net
income (loss) per
share 34,467
NOTE: This presentation includes certain financial measures not in
conformity with Generally Accepted Accounting Principles in the United
States (non-GAAP measures). Our non-GAAP measures are not meant to be
considered in isolation or as a substitute for comparable GAAP measures, and
should be read only in conjunction with our consolidated financial
statements prepared in accordance with GAAP.
(1) Adjustments to exclude certain non-cash expenses such as share-based
compensation and amortization of intangible assets.
(2) Adjustments to exclude the items discussed below because such items are
either operating expenses which would not otherwise have been incurred by
the company in the normal course of the company's business operations or are
not reflective of the company's core results over time. These items may
include recurring as well as non-recurring items.
(a) Restructuring Charges and severance - Restructuring charges consist
primarily of severance expense, facility closure and relocation costs.
(b) Other non-recurring items include settlements and other items
Silicon Graphics International Corp.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP
MEASURES
GAAP to NON-GAAP EARNINGS BEFORE INTEREST, TAXES, AND
AMORTIZATION & DEPRECIATION
(In thousands)
(Unaudited)
Three Months Twelve Months
Ended Ended
---------------- ----------------
June 28, 2013 June 28, 2013
GAAP - Loss before income taxes $ (5,525) $ (15,443)
Adjustments of GAAP to Non-GAAP
earnings before income taxes (*) 10,343 27,717
---------------- ----------------
Non - GAAP Income before income taxes 4,818 12,274
---------------- ----------------
Depreciation 2,719 10,560
Interest income (45) (208)
Interest expense 78 519
---------------- ----------------
Non-GAAP EBITDA $ 7,570 $ 23,145
================ ================
Three Months Twelve Months
Ended Ended
---------------- ----------------
June 29, 2012 June 29, 2012
GAAP - Loss before income taxes $ (17,273) $ (23,460)
Adjustments of GAAP to Non-GAAP
earnings before income taxes (*) 15,075 28,256
---------------- ----------------
Non - GAAP Loss before income taxes (2,198) 4,796
---------------- ----------------
Depreciation 2,287 9,384
Interest income (44) (275)
Interest expense 191 571
---------------- ----------------
Non-GAAP EBITDA $ 236 $ 14,476
================ ================
Three Months
Ended
----------------
March 29, 2013
GAAP - Loss before income taxes $ 1,116
Adjustments of GAAP to Non-GAAP
earnings before income taxes (*) 5,476
----------------
Non - GAAP Income before income taxes 6,592
----------------
Depreciation 2,666
Interest income (66)
Interest expense 77
----------------
Non-GAAP EBITDA $ 9,269
================
(*) Refer to the Reconciliation of GAAP to Non-GAAP net
income (loss) for further details
SILICON GRAPHICS INTERNATIONAL CORP. AND SUBSIDIARIES
TRENDED FINANCIAL DATA
(In thousands, except per share amounts)
(Unaudited)
Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12
--------- --------- --------- ---------
Revenue
Product Revenue $ 128,952 $ 143,043 $ 150,239 $ 134,499
Service Revenue 49,943 52,171 49,151 44,989
--------- --------- --------- ---------
Total revenue $ 178,895 $ 195,214 $ 199,390 $ 179,488
========= ========= ========= =========
Cost of revenue
Product $ 99,767 $ 112,316 $ 121,263 $ 113,800
Service 26,489 30,715 26,617 28,202
--------- --------- --------- ---------
Total cost of revenue $ 126,257 $ 143,031 $ 147,880 $ 142,002
========= ========= ========= =========
Gross margin by Product and
Service
Product Gross Margin 22.6% 21.5% 19.3% 15.4
Service Gross Margin 47.0% 41.1% 45.8% 37.3
--------- --------- --------- ---------
Total gross margin 29.4% 26.7% 25.8% 20.9
========= ========= ========= =========
Total operating expenses $ 55,006 $ 54,131 $ 53,001 $ 53,122
========= ========= ========= =========
Net (loss) income $ (2,657) $ (2,256) $ (1,162) $ (18,386
========= ========= ========= =========
Earnings per share
Basic net (loss) income per
share $ (0.08) $ (0.07) $ (0.04) $ (0.58
Diluted net (loss) income per
share $ (0.08) $ (0.07) $ (0.04) $ (0.58
========= ========= ========= =========
Shares used in computing net
(loss) income per share
Basic 31,303 31,604 31,783 31,947
Diluted 31,303 31,604 31,783 31,947
--------- --------- --------- ---------
Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13
--------- --------- --------- ---------
Revenue
Product Revenue $ 146,315 $ 128,040 $ 187,140 $ 129,194
Service Revenue 46,566 43,186 45,448 41,338
--------- --------- --------- ---------
Total revenue $ 192,881 $ 171,226 $ 232,588 $ 170,532
========= ========= ========= =========
Cost of revenue
Product $ 122,597 $ 97,350 $ 152,523 $ 99,469
Service 28,074 26,312 27,573 24,277
--------- --------- --------- ---------
Total cost of revenue $ 150,671 $ 123,662 $ 180,096 $ 123,746
========= ========= ========= =========
Gross margin by Product and
Service
Product Gross Margin % 16.2% 24.0% 18.5% 23.0%
Service Gross Margin % 39.7% 39.1% 39.3% 41.3%
--------- --------- --------- ---------
Total gross margin % 21.9% 27.8% 22.6% 27.4%
========= ========= ========= =========
Total operating expenses $ 49,203 $ 50,444 $ 51,006 $ 52,053
========= ========= ========= =========
Net (loss) income ) $ (8,680) $ 1,101 $ 9,224 $ (4,465)
========= ========= ========= =========
Earnings per share
Basic net (loss) income per
share ) $ (0.27) $ 0.03 $ 0.28 $ (0.13)
Diluted net (loss) income per
share ) $ (0.27) $ 0.03 $ 0.27 $ (0.13)
========= ========= ========= =========
Shares used in computing net
(loss) income per share
Basic 32,166 32,410 33,201 33,859
Diluted 32,166 32,778 34,467 33,859
--------- --------- --------- ---------
SILICON GRAPHICS INTERNATIONAL CORP. AND SUBSIDIARIES
TRENDED FINANCIAL DATA
(In thousands)
(Unaudited)
SGI Reports Fourth Quarter and Fiscal Year 2013 Financial Results
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