Achronix Announces Record Second Quarter 2021 Financial Results and Business Highlights

 

ACHRONIX SEMICONDUCTOR CORPORATION

RECONCILIATION OF GAAP NET INCOME (LOSS)

TO NON-GAAP MEASURES

(Dollar in thousands, except shares and per share amounts)

(Unaudited)




















Three Months Ended


Six Months Ended








June 30, 


June 30, 








2021


2020


2021


2020



Non-GAAP gross margin











GAAP gross profit


$                28,314


$               11,177


$               51,540


$               15,216



GAAP gross margin


82%


80%


80%


79%

















Stock-based compensation expense - cost of revenue


32


20


65


40

















Non-GAAP gross profit


$                28,347


$               11,198


$               51,606


$               15,257



Non-GAAP gross margin


82%


80%


80%


79%

















Non-GAAP Operating income (loss)











GAAP operating income (loss)


$                11,062


$                 1,199


$               20,735


$               (4,245)



Stock-based compensation expense












Cost of revenues 


32


20


65


40




Research and development


306


104


557


211




Sales and marketing


242


120


382


220




General and administrative


318


108


602


220





Total stock-based compensation expense


898


352


1,606


691



Non-GAAP operating income (loss)


$                11,960


$                 1,551


$               22,341


$               (3,554)

















Non-GAAP net income











GAAP net income (loss)


$                12,176


$                  (298)


$               20,939


$               (5,645)

















Stock-based compensation expense


898


352


1,606


691



Change in fair value of warrant liability 


(1,095)


222


(328)


(118)

















Non-GAAP net income (loss)


$                11,979


$                    276


$               22,217


$               (5,072)

















GAAP basic earnings per share


$                    0.66


$                 (0.05)


$                   2.23


$                 (0.91)



Effect of non-GAAP adjustments on basic earnings per share


(0.01)


0.09


0.14


0.09



Non-GAAP basic earnings per share


$                    0.65


$                   0.04


$                   2.37


$                 (0.81)

















GAAP diluted earnings per share


$                    0.26


$                 (0.05)


$                   0.53


$                 (0.91)



Effect of non-GAAP adjustments on diluted earnings per share


(0.00)


0.09


0.03


0.09



Non-GAAP diluted earnings per share


 

$                    0.25


$                   0.04


$                   0.56


$                 (0.81)

















Weighted - average shares used in computing net income (loss) per share: 











Basic




18,495


6,226


9,370


6,226




Diluted*




47,278


6,226


 

39,511


6,226

















* Diluted  shares  include options  and warrants  on an  as -if-converted basis  and  exclude redeemable preferred  stocks

 






Three Months Ended


Six Months Ended






June 30, 


June 30, 






2021


2020


2021


2020

Adjusted EBIT










GAAP net income (loss)


$                12,176


$                  (298)


$               20,939


$               (5,645)













Stock-based compensation expense


898


352


1,606


691

Total other income (expense), net


(1,061)


1,476


(250)


1,356

Provision for income tax


(53)


21


46


44

Adjusted EBIT



$                11,960


$                 1,551


$               22,341


$               (3,554)













 

In addition to disclosing financial results calculated in accordance with U. S. generally accepted accounting principles (GAAP), the operating

results presented contain non-GAAP financial measures that exclude the income statement effects of stock-based compensation expense

and expenses related to the change in fair value of our redeemable preferred stock warrants.


Management believes it is useful to provide these non-GAAP financial measures and a reconciliation to comparable GAAP financial measures

as we believe non-GAAP measures provide useful supplemental information for investors to evaluate our operating results in the same manner 

as used by industry research analysts, all of whom present non-GAAP projections in their published reports.  As such, non-GAAP measures

provided by Achronix facilitate a more direct comparison of its performance with the financial reports published by the industry analysts.  

The items reconciling GAAP financial measures to non-GAAP financial measures and additional comments and the usefulness of each item are 

set forth below: 


(1)

Stock-based compensation is excluded by management when evaluating operating activities and for strategic decision making, forecasting 


future results and evaluating current performance. Management believes that utilizing non-GAAP financial measures that exclude this 


non-cash item is useful in providing an alternate measure that excludes the variability caused by different methodologies and subjective 


assumptions used in the valuation of equity awards across different companies.


(2)

Redeemable preferred stock warrant is excluded from the internal analysis of Achronix's operations and management does not view this


non-cash expense as reflective of the business' current performance. Management believes that utilizing non-GAAP financial measures


that exclude this non-cash item is useful in providing an alternate measure that excludes the variability caused by such item.


Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other

companies' financial information and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures 

calculated in accordance with GAAP.

 

ACHRONIX SEMICONDUCTOR CORPORATION


CONDENSED CONSOLIDATED BALANCE SHEETS


(Dollar in thousands)
















June 30,


December 31,







2021


2020







(unaudited)


(audited)


Assets








Current assets:








Cash and cash equivalents 


$                40,613


$               38,546



Restricted Cash


5,145


5,011



Accounts receivable, net


15,886


16,900



Inventories



14,174


2,116



Prepaid expenses and other current assets


1,944


2,251




Total current assets


77,762


64,824











Property and equipment, net


10,039


3,723


Operating lease assets, net


5,722


-


Intangible assets, net


21,477


16,432


Other current assets


600


1,247




Total assets


$              115,600


$               86,226




















Liabilities, redeemable convertible preferred shares and stockholders' equity (deficit)




Current liabilities:








Accounts payable


$                  3,442


$                 5,938



Accrued liabilities


13,942


13,414



Operating lease liabilities


1,236


-



Deferred revenue


2,540


4,176




Total current liabilities


21,160


23,528












Preferred stock warrant liability 


3,983


4,311



Deferred revenue - noncurrent


4,942


2,800



Operating lease liabilities - noncurrent


2,317


-



Other noncurrent liabilities


9,619


6,125













Total liabilities


$                42,021


$               36,764











Redeemable convertible preferred stock


$              320,916


$             320,916











Stockholders' equity (deficit):







Common stock


18


9



Additional paid-in capital


9,151


5,983



Currency translation adjustment


(86)


(87)



Accumulated deficit


(256,420)


(277,359)



Total stockholders' equity (deficit)


(247,337)


(271,454)




Total liabilities, redeemable convertible preferred
shares and stockholders' equity (deficit)


$              115,600


$               86,226


 

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/achronix-announces-record-second-quarter-2021-financial-results-and-business-highlights-301338909.html

SOURCE Achronix

Contact:
Company Name: Achronix
Web: achronix.com



« Previous Page 1 | 2 | 3             



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise