Cypress Reports Fourth Quarter and Year End 2019 Results

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CYPRESS SEMICONDUCTOR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

 

December 29, 2019

 

December 30, 2018

ASSETS

 

 

 

 

Cash and cash equivalents

 

$

415,462

 

 

$

285,720

 

Accounts receivable, net

 

301,755

 

 

324,274

 

Inventories

 

297,904

 

 

292,093

 

Assets held for sale

 

 

 

13,510

 

Property, plant and equipment, net

 

258,748

 

 

282,986

 

Goodwill and other intangible assets, net

 

1,656,933

 

 

1,864,340

 

Other assets

 

625,312

 

 

630,292

 

Total assets

 

$

3,556,114

 

 

$

3,693,215

 

LIABILITIES AND EQUITY

 

 

 

 

Accounts payable

 

$

151,393

 

 

$

210,715

 

Income tax liabilities

 

54,941

 

 

53,469

 

Revenue reserves, deferred margin and other liabilities

 

523,102

 

 

430,814

 

Current portion of long-term debt

 

13,615

 

 

6,943

 

Revolving credit facility and long-term debt

 

712,808

 

 

874,235

 

Total liabilities

 

1,455,859

 

 

1,576,176

 

Total Cypress stockholders' equity

 

2,100,255

 

 

2,115,734

 

Non-controlling interest

 

 

 

1,305

 

Total equity

 

2,100,255

 

 

2,117,039

 

Total liabilities and equity

 

$

3,556,114

 

 

$

3,693,215

 

CYPRESS SEMICONDUCTOR CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

ON A GAAP BASIS

(In thousands, except per-share data)

(Unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 29,
2019

 

September 29,
2019

 

December 30,
2018

 

December 29,
2019

 

December 30,
2018

Revenues

 

$

559,568

 

 

$

574,521

 

 

$

604,474

 

 

$

2,205,314

 

 

$

2,483,840

 

Cost of revenues

 

347,150

 

 

358,080

 

 

379,264

 

 

1,375,289

 

 

1,552,385

 

Gross profit

 

212,418

 

 

216,441

 

 

225,210

 

 

830,025

 

 

931,455

 

Research and development

 

91,219

 

 

89,253

 

 

82,379

 

 

362,716

 

 

363,996

 

Selling, general and administrative

 

88,463

 

 

81,963

 

 

140,091

 

 

344,046

 

 

403,031

 

Total operating expenses

 

179,682

 

 

171,216

 

 

222,470

 

 

706,762

 

 

767,027

 

Operating income

 

32,736

 

 

45,225

 

 

2,740

 

 

123,263

 

 

164,428

 

Interest and other expense, net

 

(8,409

)

 

(14,922

)

 

(20,489

)

 

(44,577

)

 

(67,845

)

Income (loss) before income taxes and non-controlling interest

 

24,327

 

 

30,303

 

 

(17,749

)

 

78,686

 

 

96,583

 

Income tax benefit (provision)

 

(5,044

)

 

(16,247

)

 

331,447

 

 

(2,372

)

 

315,618

 

Share in gain/loss, net and impairment of equity method investees

 

1,477

 

 

(1,383

)

 

(46,497

)

 

(35,901

)

 

(57,370

)

Net income

 

20,760

 

 

12,673

 

 

267,201

 

 

40,413

 

 

354,831

 

Net loss (income) attributable to non-controlling interest

 

 

 

10

 

 

(87

)

 

15

 

 

(239

)

Net income attributable to Cypress

 

$

20,760

 

 

$

12,683

 

 

$

267,114

 

 

$

40,428

 

 

$

354,592

 

Net income per share attributable to Cypress:

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.06

 

 

$

0.03

 

 

$

0.74

 

 

$

0.11

 

 

$

0.99

 

Diluted

 

$

0.05

 

 

$

0.03

 

 

$

0.72

 

 

$

0.11

 

 

$

0.95

 

Cash dividend declared per share

 

$

0.11

 

 

$

0.11

 

 

$

0.11

 

 

$

0.44

 

 

$

0.44

 

Shares used in net income per share calculation:

 

 

 

 

 

 

 

 

 

 

Basic

 

370,846

 

 

369,241

 

 

361,616

 

 

367,308

 

 

359,324

 

Diluted

 

390,952

 

 

388,243

 

 

369,638

 

 

384,670

 

 

372,178

 

CYPRESS SEMICONDUCTOR CORPORATION

RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(In thousands, except percentages and per-share data)

(Unaudited)

Table A: GAAP to Non-GAAP reconciling items: Three Months Ended Q4 2019

 

 

Cost of
revenues

 

Research and
development

 

Selling,
general and
administrative

 

Interest and
other expense,
net

GAAP [i]

 

$

347,150

 

 

$

91,219

 

 

$

88,463

 

 

$

(6,932

)

[1] Stock-based compensation, including costs related to modification of equity awards

 

4,035

 

 

7,010

 

 

19,171

 

 

 

[2] Changes in value of deferred compensation plan

 

213

 

 

1,318

 

 

1,271

 

 

(2,747

)

[3] Gain on sale of NAND business to joint venture

 

(120

)

 

 

 

 

 

 

[4] Share in gain/loss, net of equity method investees

 

 

 

 

 

 

 

(1,477

)

[5] Imputed interest on convertible debt, equity component amortization on convertible debt and others

 

 

 

 

 

 

 

3,025

 

[6] Amortization of debt issuance costs

 

 

 

 

 

 

 

496

 

[8] Amortization of acquisition-related intangible assets and other

 

47,085

 

 

 

 

4,309

 

 

 

[9] Restructuring charges and other

 

(22

)

 

(493

)

 

10

 

 

 

[10] Merger-related expenses

 

 

 

 

 

1,302

 

 

 

Non - GAAP [ii]

 

$

295,959

 

 

$

83,384

 

 

$

62,400

 

 

$

(7,635

)

Impact of reconciling items [ii - i]

 

$

(51,191

)

 

$

(7,835

)

 

$

(26,063

)

 

$

(703

)

Table B: GAAP to Non-GAAP reconciling items: Three Months Ended Q3 2019

 

 

Cost of
revenues

 

Research and
development

 

Selling,
general and
administrative

 

Interest and
other expense,
net

GAAP [i]

 

$

358,080

 

 

$

89,253

 

 

$

81,963

 

 

$

(16,305

)

[1] Stock-based compensation

 

5,907

 

 

7,708

 

 

11,276

 

 

 

[2] Changes in value of deferred compensation plan

 

(6

)

 

(38

)

 

(37

)

 

237

 

[3] Gain on sale of NAND business to joint venture

 

 

 

 

 

 

 

(1,887

)

[4] Share in gain/loss, net of equity method investees

 

 

 

 

 

 

 

1,383

 

[5] Imputed interest on convertible debt, equity component amortization on convertible debt and others

 

 

 

 

 

 

 

3,101

 

[6] Amortization of debt issuance costs

 

 

 

 

 

 

 

626

 

[7] Loss on extinguishment of debt

 

 

 

 

 

 

 

6,402

 

[8] Amortization of acquisition-related intangible assets and other

 

47,084

 

 

 

 

4,310

 

 

 

[9] Restructuring charges

 

(68

)

 

291

 

 

169

 

 

 

[10] Merger-related expenses

 

 

 

 

 

3,043

 

 

 

[11] Other income and expenses

 

 

 

280

 

 

381

 

 

(631

)

Non - GAAP [ii]

 

$

305,163

 

 

$

81,012

 

 

$

62,821

 

 

$

(7,074

)

Impact of reconciling items [ii - i]

 

$

(52,917

)

 

$

(8,241

)

 

$

(19,142

)

 

$

9,231

 

Table C: GAAP to Non-GAAP reconciling items: Three Months Ended Q4 2018

 

 

Cost of
revenues

 

Research and
development

 

Selling,
general and
administrative

 

Interest and
other expense,
net

GAAP [i]

 

$

379,264

 

 

$

82,379

 

 

$

140,091

 

 

$

(66,986

)

[1] Stock based compensation

 

3,842

 

 

6,395

 

 

9,166

 

 

 

[2] Changes in value of deferred compensation plan

 

(468

)

 

(2,377

)

 

(2,726

)

 

5,401

 

[3] Loss on assets held for sale¹

 

10,869

 

 

 

 

65,722

 

 

 

[4] Share in net loss and impairment of equity method investees²

 

 

 

 

 

 

 

46,496

 

[5] Imputed interest on convertible debt, equity component amortization on convertible debt and others

 

 

 

 

 

 

 

3,338

 

[6] Amortization of debt issuance costs

 

 

 

 

 

 

 

908

 

[7] Amortization of intangible assets

 

49,583

 

 

 

 

4,310

 

 

 

[8] Litigation settlement and other

 

 

 

(309

)

 

(159

)

 

159

 

[9] Restructuring charges

 

135

 

 

944

 

 

437

 

 

 

Non - GAAP [ii]

 

$

315,303

 

 

$

77,726

 

 

$

63,341

 

 

$

(10,684

)

Impact of reconciling items [ii - i]

 

$

(63,961

)

 

$

(4,653

)

 

$

(76,750

)

 

$

56,302

 

1.

Relates to our entry into a definitive agreement to divest the NAND business

2.

Includes $41.5 million impairment charge recorded for the investment in Deca Technologies, Inc.

Table D: GAAP to Non-GAAP reconciling items: Twelve Months Ended Q4 2019

 

 

 

Cost of
revenues

 

Research and
development

 

Selling,
general and
administrative

 

Interest and
other expense,
net

GAAP [i]

 

$

1,375,289

 

 

$

362,716

 

 

$

344,046

 

 

$

(80,478

)

[1] Stock based compensation, including costs related to modification of equity awards

 

15,443

 

 

33,702

 

 

56,837

 

 

 

[2] Changes in value of deferred compensation plan

 

807

 

 

4,116

 

 

4,120

 

 

(7,989

)

[3] Loss (gain) from sale of NAND business to joint venture

 

1,897

 

 

 

 

1,515

 

 

(1,887

)

[4] Share in gain/loss, net and impairment of equity method investees 1

 

 

 

 

 

 

 

35,901

 

[5] Imputed interest on convertible debt, equity component amortization on convertible debt and others

 

 

 

 

 

 

 

12,770

 

[6] Amortization of debt issuance costs

 

 

 

 

 

 

 

2,980

 

[7] Loss on extinguishment of debt

 

 

 

 

 

 

 

6,402

 

[8] Amortization of acquisition-related intangible assets and other

 

189,679

 

 

 

 

17,233

 

 

 

[9] Restructuring charges and other

 

880

 

 

1,160

 

 

918

 

 

 

[10] Merger-related expenses

 

 

 

 

 

12,754

 

 

 

[11] Other income and expenses

 

 

 

337

 

 

861

 

 

(433

)

Non - GAAP [ii]

 

$

1,166,583

 

 

$

323,401

 

 

$

249,808

 

 

$

(32,734

)

Impact of reconciling items [ii - i]

 

$

(208,706

)

 

$

(39,315

)

 

$

(94,238

)

 

$

47,744

 

1. Includes a $29.5 million impairment charge recorded for the investment in Deca Technologies, Inc.

Table E: GAAP to Non-GAAP reconciling items: Twelve Months Ended Q4 2018

 

 

Cost of
revenues

 

Research and
development

 

Selling,
general and
administrative

 

Interest and
other expense,
net

GAAP [i]

 

$

1,552,385

 

 

$

363,996

 

 

$

403,031

 

 

$

(125,215

)

[1] Stock based compensation, including costs related to modification of equity awards

 

16,531

 

 

35,115

 

 

44,319

 

 

 

[2] Changes in value of deferred compensation plan

 

(169

)

 

(971

)

 

(1,036

)

 

2,904

 

[3] Share in gain/loss, net and impairment of equity method investees¹

 

 

 

 

 

 

 

57,369

 

[4] Amortization of intangible assets

 

200,024

 

 

 

 

18,125

 

 

 

[5] Imputed interest on convertible debt, equity component amortization on convertible debt and others

 

 

 

 

 

 

 

17,966

 

[6] Amortization of debt issuance cost

 

 

 

 

 

 

 

1,981

 

[7] Settlement and other charges

 

 

 

(309

)

 

(645

)

 

(1,111

)

[8] Restructuring charges

 

3,271

 

 

1,785

 

 

11,785

 

 

 

[9] Loss on extinguishment of Spansion convertible notes

 

 

 

 

 

 

 

3,258

 

[10] Loss on assets held for sale²

 

10,869

 

 

 

 

65,722

 

 

 

[11] Gain on sale on cost method investment

 

 

 

 

 

(1,521

)

 

 

Non - GAAP [ii]

 

$

1,321,859

 

 

$

328,376

 

 

$

266,282

 

 

$

(42,848

)

Impact of reconciling items [ii - i]

 

$

(230,526

)

 

$

(35,620

)

 

$

(136,749

)

 

$

82,367

 

 

1. Includes $41.5 million impairment charge recorded for the investment in Deca Technologies Inc.

2. Relates to our entry into a definitive agreement to divest the NAND business

Table F: Non-GAAP gross profit

 

Three Months Ended

 

Twelve Months Ended

 

 

Q4'19

 

Q3'19

 

Q4'18

 

Q4'19

 

Q4'18

GAAP gross profit

 

$

212,418

 

 

$

216,441

 

 

$

225,210

 

 

$

830,025

 

 

$

931,455

 

Impact of reconciling items on cost of revenues (Table A, B, C, D and E)

 

51,191

 

 

52,917

 

 

63,961

 

 

208,706

 

 

230,526

 

Non-GAAP gross profit

 

$

263,609

 

 

$

269,358

 

 

$

289,171

 

 

$

1,038,731

 

 

$

1,161,981

 

GAAP gross margin (GAAP gross profit/revenue)

 

38.0

%

 

37.7

%

 

37.3

%

 

37.6

%

 

37.5

%

Non-GAAP gross margin (Non-GAAP gross profit/revenue)

 

47.1

%

 

46.9

%

 

47.8

%

 

47.1

%

 

46.8

%

Table G: Non-GAAP operating income

 

Three Months Ended

 

Twelve Months Ended

 

 

Q4'19

 

Q3'19

 

Q4'18

 

Q4'19

 

Q4'18

GAAP operating income [i]

 

$

32,736

 

 

$

45,225

 

 

$

2,740

 

 

$

123,263

 

 

$

164,428

 

Impact of reconciling items on cost of revenues (see Table A, B, C, D and E)

 

51,191

 

 

52,917

 

 

63,961

 

 

208,706

 

 

230,526

 

Impact of reconciling items on R&D (see Tables A, B, C, D and E)

 

7,835

 

 

8,241

 

 

4,653

 

 

39,315

 

 

35,620

 

Impact of reconciling items on SG&A (see Tables A, B, C, D and E)

 

26,063

 

 

19,142

 

 

76,750

 

 

94,238

 

 

136,749

 

Non-GAAP operating income [ii]

 

$

117,825

 

 

$

125,525

 

 

$

148,104

 

 

$

465,522

 

 

$

567,323

 

Impact of reconciling items on operating income [ii - i]

 

$

85,089

 

 

$

80,300

 

 

$

145,364

 

 

$

342,259

 

 

$

402,895

 

GAAP operating margin (GAAP operating income / revenue)

 

5.9

%

 

7.9

%

 

0.5

%

 

5.6

%

 

6.6

%

Non-GAAP operating margin (Non-GAAP operating income / revenue)

 

21.1

%

 

21.8

%

 

24.5

%

 

21.1

%

 

22.8

%

Table H: Non-GAAP pre-tax profit

 

Three Months Ended

 

Twelve Months Ended

 

 

Q4'19

 

Q3'19

 

Q4'18

 

Q4'19

 

Q4'18

GAAP (loss) income before income taxes and non-controlling interest ("Pre-tax income")

 

$

24,327

 

 

$

30,303

 

 

$

(17,749

)

 

$

78,686

 

 

$

96,583

 

Share in gain/loss, net and impairment of equity method investees 1

 

1,477

 

 

(1,383

)

 

(46,497

)

 

(35,901

)

 

(57,370

)

Impact of reconciling items on operating income (see Table G)

 

85,089

 

 

80,300

 

 

145,364

 

 

342,259

 

 

402,895

 

Impact of reconciling items on interest and other expense, net (see Table A, B, C, D and E)

 

(703

)

 

9,231

 

 

56,302

 

 

47,744

 

 

82,367

 

Non-GAAP pre-tax profit

 

$

110,190

 

 

$

118,451

 

 

$

137,420

 

 

$

432,788

 

 

$

524,475

 

GAAP pre-tax profit margin (GAAP pre-tax income/revenue)

 

4.3

%

 

5.3

%

 

(2.9

)%

 

3.6

%

 

3.9

%

Non-GAAP pre-tax profit margin (Non-GAAP pre-tax profit/revenue)

 

19.7

%

 

20.6

%

 

22.7

%

 

19.6

%

 

21.1

%

1.

The three months ended Q4'18 includes $41.5 million, and the twelve months ended Q4'19 and Q4'18 include $29.5 million and $41.5 million, respectively, of impairment charge recorded for the investment in Deca Technologies Inc.

Table I: Non-GAAP income tax expense

 

Three Months Ended

 

Twelve Months Ended

 

 

Q4'19

 

Q3'19

 

Q4'18

 

Q4'19

 

Q4'18

GAAP income tax (benefit) provision [i]

 

$

 

5,044

 

 

$

 

16,247

 

 

$

 

(331,447

)

 

$

 

2,372

 

 

$

 

(315,618

)

[1] Tax impact of non-GAAP adjustments* relating to:

 

 

 

 

 

 

 

 

 

 

[a] Stock-based compensation

 

 

6,345

 

 

 

5,227

 

 

 

4,075

 

 

 

22,256

 

 

 

20,152

 

[b] Changes in value of deferred compensation plan

 

 

12

 

 

 

32

 

 

 

(36

)

 

 

221

 

 

 

153

 

[c] Share in gain/loss, net and impairment of equity method investees

 

 

(310

)

 

 

290

 

 

 

9,764

 

 

 

7,539

 

 

 

12,047

 

[d] Imputed interest on convertible debt, equity component amortization on convertible debt and others

 

 

636

 

 

 

651

 

 

 

892

 

 

 

2,682

 

 

 

3,964

 

[e] Amortization of debt issuance costs

 

 

104

 

 

 

131

 

 

 

 

 

625

 

 

 

225

 

[f] Amortization of acquisition-related intangible assets and other

 

 

10,793

 

 

 

10,793

 

 

 

11,202

 

 

 

43,452

 

 

 

45,696

 

[g] Restructuring and other charges

 

 

(105

)

 

 

82

 

 

 

318

 

 

 

618

 

 

 

3,537

 

[h] Other (income) and expenses

 

 

 

 

6

 

 

 

 

 

165

 

 

 

[i] Loss on extinguishment of debt

 

 

 

 

1,344

 

 

 

16,084

 

 

 

1,344

 

 

 

16,768

 

[j] (Gain) loss on sale of NAND business to joint venture

 

 

(25

)

 

 

(396

)

 

 

 

 

321

 

 

 

[k] Merger, integration, related costs and adjustments related to assets held for sale

 

 

 

 

 

 

57

 

 

 

 

 

57

 

[l] Settlement charges

 

 

 

 

 

 

(6

)

 

 

 

 

(6

)

[m] Gain on sale of cost method investment

 

 

 

 

 

 

 

 

 

 

(319

)

[n] Merger-related expenses

 

 

273

 

 

 

639

 

 

 

 

 

2,678

 

 

 

[2] Uncertain tax positions

 

 

1,027

 

 

 

(6,675

)

 

 

(3,945

)

 

 

(2,730

)

 

 

(8,815

)

[3] Valuation allowance release, utilization of NOLs including excess tax benefits, and others**

 

 

(21,998

)

 

 

(25,704

)

 

 

299,385

 

 

 

(72,271

)

 

 

237,420

 

Non-GAAP income tax expense [ii]*

 

$

 

1,796

 

 

$

 

2,667

 

 

$

 

6,343

 

 

$

 

9,272

 

 

$

 

15,261

 

Impact of reconciling items on income tax provision [i - ii]

 

$

 

3,248

 

 

$

 

13,580

 

 

$

 

(337,790

)

 

$

 

(6,900

)

 

$

 

(330,879

)

 

*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

 

Twelve Months Ended

 

 

Q4'19

 

Q3'19

 

Q4'18

 

Q4'19

 

Q4'18

GAAP net income attributable to Cypress

 

$

 

20,760

 

 

$

 

12,683

 

 

$

 

267,114

 

 

$

 

40,428

 

 

$

 

354,592

 

Impact of reconciling items on operating income (see Table G)

 

 

85,089

 

 

 

80,300

 

 

 

145,364

 

 

 

342,259

 

 

 

402,895

 

Impact of reconciling items on interest and other expense, net (see Table A, B, C, D, and E)

 

 

(703

)

 

 

9,231

 

 

 

56,302

 

 

 

47,744

 

 

 

82,367

 

Impact of reconciling items on income tax provision (see Table I)

 

 

3,248

 

 

 

13,580

 

 

 

(337,790

)

 

 

(6,900

)

 

 

(330,879

)

Non-GAAP net income

 

$

 

108,394

 

 

$

 

115,794

 

 

$

 

130,990

 

 

$

 

423,531

 

 

$

 

508,975

 

Table K: Weighted-average shares, diluted

 

Three Months Ended

 

 

Q4'19

 

Q3'19

 

Q4'18

 

 

GAAP

 

Non-GAAP

 

GAAP

 

Non-GAAP

 

GAAP

 

Non-GAAP

Weighted-average common shares outstanding, basic

 

370,846

 

 

370,846

 

 

369,241

 

 

369,241

 

 

361,616

 

 

361,616

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options, unvested restricted stock and other

 

8,503

 

 

11,361

 

 

7,862

 

 

11,704

 

 

6,482

 

 

11,709

 

Convertible notes

 

11,603

 

 

9,982

 

 

11,140

 

 

9,480

 

 

1,540

 

 

1,540

 

Weighted-average common shares outstanding, diluted

 

390,952

 

 

392,189

 

 

388,243

 

 

390,425

 

 

369,638

 

 

374,865

 

Table L: Weighted-average shares, diluted

 

Twelve Months Ended

 

 

Q4'19

 

Q4'18

 

 

GAAP

 

Non-GAAP

 

GAAP

 

Non-GAAP

Weighted-average common shares outstanding, basic

 

367,308

 

 

367,308

 

 

359,324

 

 

359,324

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

Stock options, unvested restricted stock and other

 

8,724

 

 

12,995

 

 

7,754

 

 

13,319

 

Convertible notes

 

8,638

 

 

6,716

 

 

5,100

 

 

2,705

 

Weighted-average common shares outstanding, diluted

 

384,670

 

 

387,019

 

 

372,178

 

 

375,348

 

Table M: Earnings per share

 

Three Months Ended

 

 

Q4'19

 

Q3'19

 

Q4'18

 

 

GAAP

 

Non-GAAP

 

GAAP

 

Non-GAAP

 

GAAP

 

Non-GAAP

Net income (see Table J) [i]

 

$

 

20,760

 

 

$

 

108,394

 

 

$

 

12,683

 

 

$

 

115,794

 

 

$

 

267,114

 

 

$

 

130,990

 

Weighted-average common shares outstanding, diluted (see Table K) [ii]

 

 

390,952

 

 

 

392,189

 

 

 

388,243

 

 

 

390,425

 

 

 

369,638

 

 

 

374,865

 

Earnings per share - diluted [i/ii]

 

$

 

0.05

 

 

$

 

0.28

 

 

$

 

0.03

 

 

$

 

0.30

 

 

$

 

0.72

 

 

$

 

0.35

 

Table N: Earnings per share

 

Twelve Months Ended

 

 

Q4'19

 

Q4'18

 

 

GAAP

 

Non-GAAP

 

GAAP

 

Non-GAAP

Net income (see Table J) [i]

 

$

 

40,428

 

 

$

 

423,531

 

 

$

 

354,592

 

 

$

 

508,975

 

Weighted-average common shares outstanding, diluted (see Table L) [ii]

 

 

384,670

 

 

 

387,019

 

 

 

372,178

 

 

 

375,348

 

Earnings per share - diluted [i/ii]

 

$

 

0.11

 

 

$

 

1.09

 

 

$

 

0.95

 

 

$

 

1.36

 

Table O: Adjusted EBITDA

 

Three Months Ended

 

Twelve Months Ended

 

 

Q4'19

 

Q3'19

 

Q4'18

 

Q4'19

 

Q4'18

GAAP net income attributable to Cypress

 

$

 

20,760

 

 

$

 

12,683

 

 

$

 

267,114

 

 

$

 

40,428

 

 

$

 

354,592

 

Interest and other expense, net

 

 

(8,409

)

 

 

(14,922

)

 

 

(20,489

)

 

 

(44,577

)

 

 

(67,845

)

Income tax benefit (provision)

 

 

(5,044

)

 

 

(16,247

)

 

 

331,447

 

 

 

(2,372

)

 

 

315,618

 

Share in gain/loss, net and impairment of equity method investees 1

 

 

1,477

 

 

 

(1,383

)

 

 

(46,497

)

 

 

(35,901

)

 

 

(57,370

)

Net gain (loss) attributable to non-controlling interests

 

 

 

 

10

 

 

 

(87

)

 

 

15

 

 

 

(239

)

GAAP operating income

 

$

 

32,736

 

 

$

 

45,225

 

 

$

 

2,740

 

 

$

 

123,263

 

 

$

 

164,428

 

Impact of reconciling items on operating income (see Table G)

 

 

85,089

 

 

 

80,300

 

 

 

145,364

 

 

 

342,259

 

 

 

402,895

 

Non-GAAP operating income

 

$

 

117,825

 

 

$

 

125,525

 

 

$

 

148,104

 

 

$

 

465,522

 

 

$

 

567,323

 

Depreciation

 

 

19,282

 

 

 

19,060

 

 

 

16,527

 

 

 

77,248

 

 

 

66,299

 

Adjusted EBITDA

 

$

 

137,107

 

 

$

 

144,585

 

 

$

 

164,631

 

 

$

 

542,770

 

 

$

 

633,622

 

1.

The three months ended Q4'18 includes $41.5 million, and the twelve months ended Q4'19 and Q4'18 include $29.5 million and $41.5 million, respectively, of impairment charge recorded for the investment in Deca Technologies Inc.

Table P: Free cash flow

 

Three Months Ended

 

Twelve Months Ended

 

 

Q4'19

 

Q3'19

 

Q4'18

 

Q4'19

 

Q4'18

GAAP net cash provided by operating activities

 

$

 

234,246

 

 

$

 

64,497

 

 

$

 

142,215

 

 

$

 

478,915

 

 

$

 

471,700

 

Acquisition of property, plant and equipment, net

 

 

(12,063

)

 

 

(10,599

)

 

 

(5,069

)

 

 

(40,686

)

 

 

(63,130

)

Free cash flow

 

$

 

222,183

 

 

$

 

53,898

 

 

$

 

137,146

 

 

$

 

438,229

 

 

$

 

408,570

 

CYPRESS SEMICONDUCTOR CORPORATION

SUPPLEMENTAL FINANCIAL DATA

(In thousands except financial ratios and per-share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 29,
2019

 

September 29,
2019

 

December 30,
2018

 

December 29,
2019

 

December 30,
2018

Selected Cash Flow Data (Preliminary):

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

234,246

 

 

$

64,497

 

 

$

142,215

 

 

$

478,915

 

 

$

471,700

 

Net cash used in investing activities

 

$

(14,058

)

 

$

(2,056

)

 

$

(5,988

)

 

$

(27,311

)

 

$

(49,690

)

Net cash used in financing activities

 

$

(147,754

)

 

$

(91,594

)

 

$

(55,252

)

 

$

(321,862

)

 

$

(287,886

)

Other Supplemental Data (Preliminary):

 

 

 

 

 

 

 

 

 

 

Capital expenditures, net

 

$

12,063

 

 

$

10,599

 

 

$

5,069

 

 

$

40,686

 

 

$

63,130

 

Depreciation

 

$

19,282

 

 

$

19,060

 

 

$

16,527

 

 

$

77,248

 

 

$

66,299

 

Payment of dividend

 

$

40,679

 

 

$

40,289

 

 

$

39,772

 

 

$

160,850

 

 

$

157,364

 

Dividend paid per share

 

$

0.11

 

 

$

0.11

 

 

$

0.11

 

 

$

0.44

 

 

$

0.44

 

Total debt (principal amount)

 

$

758,632

 

 

$

856,102

 

 

$

935,838

 

 

$

758,632

 

 

$

935,838

 

Net leverage ratio¹

 

0.63

 

 

0.90

 

 

1.03

 

 

0.63

 

 

1.03

 

Cash Income Tax

 

$

1,796

 

 

$

2,667

 

 

$

6,343

 

 

$

9,272

 

 

$

15,261

 

1. Total debt (principal amount) less cash / Last 12 months Adjusted EBITDA


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