Cabot Microelectronics Corporation Reports Record Results for Fourth Quarter and Full Fiscal Year 2017
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CABOT MICROELECTRONICS CORPORATION | | | |
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CONSOLIDATED CONDENSED BALANCE SHEETS | | | |
| (Unaudited and amounts in thousands) | | | |
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| | September 30, | September 30, | |
| | | 2017 | | | 2016 | |
| ASSETS: | | | |
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| Current assets: | | | |
| Cash and cash equivalents | $ | 397,890 | | $ | 287,479 | |
| Accounts receivable, net | | 64,793 | | | 62,830 | |
| Inventories, net | | 71,873 | | | 72,123 | |
| Other current assets | | 16,426 | | | 14,398 | |
| Total current assets | | 550,982 | | | 436,830 | |
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| Property, plant and equipment, net | | 106,361 | | | 106,496 | |
| Other long-term assets | | 176,757 | | | 183,904 | |
| Total assets | $ | 834,100 | | $ | 727,230 | |
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| LIABILITIES AND STOCKHOLDERS' EQUITY: | | | |
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| Current liabilities: | | | |
| Accounts payable | $ | 17,624 | | $ | 16,834 | |
| Current portion of long-term debt | | 10,938 | | | 7,656 | |
| Accrued expenses, income taxes payable and other current liabilities | | 62,651 | | | 41,395 | |
| Total current liabilities | | 91,213 | | | 65,885 | |
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| Long-term debt, net of current portion | | 132,997 | | | 146,961 | |
| Other long-term liabilities | | 14,853 | | | 16,736 | |
| Total liabilities | | 239,063 | | | 229,582 | |
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| Stockholders' equity | | 595,037 | | | 497,648 | |
| Total liabilities and stockholders' equity | $ | 834,100 | | $ | 727,230 | |
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CABOT MICROELECTRONICS CORPORATION | | | | | | |
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U.S. GAAP to Non-GAAP Reconciliation | | | | | | | | |
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Gross Profit as a Percentage of Revenue, Net Income and Diluted Earnings Per Share | | | | |
| (Unaudited and amounts in thousands, except per share and percentage amounts) | | | | | |
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| The following presents reconciliation of the Non-GAAP financial measures included in the Cabot | | | | |
| Microelectronics Corporation press release dated October 26, 2017. | | | | | | |
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| | Three Months Ended September 30, 2017 | Twelve Months Ended September 30, 2017 | | |
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| | U.S. GAAP | Adjustments | Non-GAAP | U.S. GAAP | Adjustments | Non-GAAP | | |
| Gross profit | $ | 70,050 | | $ | 1,199 | $ | 71,249 | | $ | 254,129 | | $ | 4,794 | $ | 258,923 | | | |
| Gross profit as a percentage of revenue (1) | | 51.2 | % | | | 52.1 | % | | 50.1 | % | | | 51.1 | % | | |
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| Net income (2) | $ | 26,502 | | $ | 1,063 | $ | 27,565 | | $ | 86,952 | | $ | 4,265 | $ | 91,217 | | | |
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| Diluted earnings per share (3) | $ | 1.03 | | $ | 0.04 | $ | 1.07 | | $ | 3.40 | | $ | 0.16 | $ | 3.56 | | | |
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| (1) Non-GAAP gross profit as a percentage of revenue for the three months ended September 30, 2017 excludes $1,199 of NexPlanar amortization expense. |
| Non-GAAP gross profit as a percentage of revenue for the twelve months ended September 30, 2017 excludes $4,794 of NexPlanar amortization expense. |
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| (2) Non-GAAP net income for the three months ended September 30, 2017 excludes the item mentioned above in (1) plus $468 of NexPlanar amortization |
| expense recorded in operating expenses. These adjustments are partially offset by a $604 related increase in the provision for income taxes. | |
| Non-GAAP net income for the twelve months ended September 30, 2017 excludes the item mentioned above in (1) plus $1,871 of NexPlanar amortization |
| expense recorded in operating expenses. These adjustments are partially offset by a $2,400 related increase in the provision for income taxes. |
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| (3) Non-GAAP diluted earnings per share is calculated based upon Non-GAAP net income. | | | | |
