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

 

 

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

 


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