** 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 |
|
|
369,241 |
|
|
365,600 |
|
|
365,600 |
|
|
361,631 |
|
|
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 |
|
|
366,444 |
|
|
358,560 |
|
|
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 |
|
