CYPRESS SEMICONDUCTOR CORPORATION
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP
FINANCIAL MEASURES (a)
(In thousands, except per-share data)
(Unaudited)
Three Months Ended
-------------------------------------------
March 30, December 29, March 31,
2014 2013 2013
------------- ------------- -------------
GAAP gross margin $ 77,722 $ 76,448 $ 79,046
Stock-based compensation
expense 2,251 3,088 3,618
Acquisition-related expense 2,967 5,562 422
Changes in value of deferred
compensation plan 218 136 122
Impairment of assets and
other 2,564 269 4,307
------------- ------------- -------------
Non-GAAP gross margin $ 85,722 $ 85,503 $ 87,515
============= ============= =============
GAAP research and development
expenses $ 45,330 $ 42,343 $ 49,330
Stock-based compensation
expense (7,183) (7,356) (4,967)
Acquisition-related expense - - (815)
Changes in value of deferred
compensation plan (424) (282) (207)
Impairment of assets and
other - 1,368 (1,394)
------------- ------------- -------------
Non-GAAP research and
development expenses $ 37,723 $ 36,073 $ 41,947
============= ============= =============
GAAP selling, general and
administrative expenses $ 42,609 $ 43,623 $ 45,442
Stock-based compensation
expense (7,388) (10,432) (3,852)
Acquisition-related expense (473) (148) (556)
Changes in value of deferred
compensation plan (964) (607) (1,861)
Impairment of assets and
other - (244) (177)
------------- ------------- -------------
Non-GAAP selling, general and
administrative expenses $ 33,784 $ 32,192 $ 38,996
============= ============= =============
GAAP operating loss $ (11,036) $ (10,899) $ (29,175)
Stock-based compensation
expense 16,822 20,877 12,437
Acquisition-related expense 5,274 7,558 2,894
Changes in value of deferred
compensation plan 1,606 1,026 3,098
Impairment of assets and
other 2,564 (854) 5,878
Restructuring charges (1,014) (470) 11,440
------------- ------------- -------------
Non-GAAP operating income $ 14,216 $ 17,238 $ 6,572
============= ============= =============
GAAP net loss attributable to
Cypress $ (7,934) $ (13,577) $ (28,195)
Stock-based compensation
expense 16,822 20,877 12,437
Acquisition-related expense 5,274 7,558 2,894
Changes in value of deferred
compensation plan 747 (535) 674
Impairment of assets and
other 2,564 (854) 5,525
Restructuring charges (1,014) (470) 11,440
Tax and tax-related items (5,367) 1,065 (196)
Investment-related
gains/losses 883 930 -
------------- ------------- -------------
Non-GAAP net income
attributable to Cypress $ 11,975 $ 14,994 $ 4,579
============= ============= =============
GAAP net loss per share
attributable to Cypress -
diluted $ (0.05) $ (0.09) $ (0.19)
Stock-based compensation
expense 0.10 0.13 0.08
Acquisition-related expense 0.03 0.05 0.02
Changes in value of deferred
compensation plan - - 0.01
Impairment of assets and
other 0.02 (0.01) 0.04
Restructuring charges (0.01) - 0.07
Tax and tax-related items (0.03) 0.01 -
Investment-related
gains/losses 0.01 0.01 -
Non-GAAP share count
adjustment - (0.01) -
------------- ------------- -------------
Non-GAAP net income per share
attributable to Cypress -
diluted $ 0.07 $ 0.09 $ 0.03
------------- ------------- -------------
(a) Refer to the accompanying "Notes to Non-GAAP Financial Measures" for a
detailed discussion of management's use of non-GAAP financial measures.
CYPRESS SEMICONDUCTOR CORPORATION
SUPPLEMENTAL FINANCIAL DATA
(In thousands)
(Unaudited)
Three Months Ended
-------------------------------------------------
March 30, December 29, March 31,
2014 2013 2013
--------------- --------------- ---------------
Selected Cash Flow Data
(Preliminary):
Net cash provided by
operating activities $ 25,198 $ 21,029 $ 8,265
Net cash provided (used)
by investing activities $ 2,063 $ 309 $ (895)
Net cash used in
financing activities $ (9,619) $ (2,276) $ (13,354)
Other Supplemental Data
(Preliminary):
Capital expenditures $ 5,559 $ 8,750 $ 9,298
Depreciation $ 9,485 $ 9,436 $ 10,355
Payment of dividend $ 16,850 $ 16,578 $ 15,845
Dividend paid per share $ 0.11 $ 0.11 $ 0.11
Dividend yield per share
(a) 4.4% 4.3% 4.0%
--------------- --------------- ---------------
(a) Dividend yield per share is calculated based on annualized dividend
paid per share divided by the common stock share price at the end of the
period.
CYPRESS SEMICONDUCTOR CORPORATION
CONSOLIDATED DILUTED EPS CALCULATION
(In thousands, except per-share data)
(Unaudited)
Three Months Ended
--------------------------------------------------------------
March 30, December 29, March 31,
2014 2013 2013
-------------------- -------------------- --------------------
GAAP Non-GAAP GAAP Non-GAAP GAAP Non-GAAP
--------- --------- --------- --------- --------- ---------
Net income
(loss)
attributable
to Cypress $ (7,934) $ 11,974 $ (13,577) $ 14,992 $ (28,195) $ 4,579
--------- --------- --------- --------- --------- ---------
Weighted-
average
common shares
outstanding
(basic) 154,572 154,572 151,580 151,580 145,689 145,689
Effect of
dilutive
securities:
Stock options,
unvested
restricted
stock and
other - 11,366 - 14,698 - 12,569
--------- --------- --------- --------- --------- ---------
Weighted-
average
common shares
outstanding
for diluted
computation 154,572 165,938 151,580 166,278 145,689 158,258
--------- --------- --------- --------- --------- ---------
Net income
(loss) per
share
attributable
to Cypress -
basic $ (0.05) $ 0.08 $ (0.09) $ 0.10 $ (0.19) $ 0.03
Net income
(loss) per
share
attributable
to Cypress -
diluted $ (0.05) $ 0.07 $ (0.09) $ 0.09 $ (0.19) $ 0.03
March 30, December 29, March 31,
2014 2013 2013
------------------- ------------------- -------------------
Average stock
price for the
period ended $ 10.13 $ 9.45 $ 10.50
Common stock
outstanding at
period end (in
thousands) 156,971 153,214 146,866
Update: Cypress Reports First-Quarter 2014 Results
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