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LSI CORPORATION | |||||||||
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Consolidated Statements of Operations (GAAP) | |||||||||
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(In thousands, except per share amounts) | |||||||||
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(Unaudited) | |||||||||
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Three Months Ended |
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Six Months Ended | ||||||
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|
June 30, |
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March 31, |
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July 1, |
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June 30, |
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July 1, |
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|
2013 |
|
2013 |
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2012 |
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2013 |
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2012 |
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Revenues |
$ 589,583 |
|
$ 568,636 |
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$ 659,573 |
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$ 1,158,219 |
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$ 1,281,997 |
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Cost of revenues |
268,341 |
|
256,511 |
|
303,334 |
|
524,852 |
|
599,486 |
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Amortization of acquisition-related intangibles |
19,746 |
|
19,746 |
|
21,348 |
|
39,492 |
|
42,738 |
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Purchase accounting effect on inventory |
- |
|
- |
|
- |
|
- |
|
14,458 |
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Stock-based compensation expense |
2,237 |
|
2,875 |
|
3,003 |
|
5,112 |
|
6,515 |
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Total cost of revenues |
290,324 |
|
279,132 |
|
327,685 |
|
569,456 |
|
663,197 |
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Gross profit |
299,259 |
|
289,504 |
|
331,888 |
|
588,763 |
|
618,800 |
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Research and development |
166,829 |
|
158,896 |
|
163,591 |
|
325,725 |
|
321,154 |
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Stock-based compensation expense |
9,619 |
|
12,409 |
|
11,973 |
|
22,028 |
|
24,281 |
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Total research and development |
176,448 |
|
171,305 |
|
175,564 |
|
347,753 |
|
345,435 |
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Selling, general and administrative |
67,540 |
|
69,350 |
|
69,905 |
|
136,890 |
|
136,324 |
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Amortization of acquisition-related intangibles |
9,883 |
|
9,883 |
|
8,667 |
|
19,766 |
|
17,334 |
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Stock-based compensation expense |
10,009 |
|
10,262 |
|
10,342 |
|
20,271 |
|
25,356 |
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Total selling, general and administrative |
87,432 |
|
89,495 |
|
88,914 |
|
176,927 |
|
179,014 |
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Restructuring of operations and other items, net |
7,807 |
|
20,452 |
|
6,491 |
|
28,259 |
|
21,953 |
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Income from operations |
27,572 |
|
8,252 |
|
60,919 |
|
35,824 |
|
72,398 |
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Interest income and other, net |
2,248 |
|
7,880 |
|
9,594 |
|
10,128 |
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24,250 |
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Income before income taxes |
29,820 |
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16,132 |
|
70,513 |
|
45,952 |
|
96,648 |
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Provision for/(benefit from) income taxes |
5,200 |
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(2,300) |
|
11,800 |
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2,900 |
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(37,262) |
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Net income |
$ 24,620 |
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$ 18,432 |
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$ 58,713 |
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$ 43,052 |
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$ 133,910 |
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Net income per share: |
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Basic |
$ 0.04 |
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$ 0.03 |
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$ 0.10 |
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$ 0.08 |
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$ 0.24 |
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Diluted |
$ 0.04 |
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$ 0.03 |
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$ 0.10 |
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$ 0.08 |
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$ 0.23 |
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Shares used in computing per share amounts: |
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Basic |
548,282 |
|
550,227 |
|
563,686 |
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549,249 |
|
564,945 |
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Diluted |
561,801 |
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567,092 |
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581,344 |
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565,426 |
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586,431 |
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Reconciliations of certain GAAP measures to non-GAAP measures are included below. |
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Three Months Ended |
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Six Months Ended | ||||||
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|
June 30, |
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March 31, |
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July 1, |
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June 30, |
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July 1, |
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Reconciliation of GAAP net income to non-GAAP net income: |
2013 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
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|
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GAAP net income |
$ 24,620 |
|
$ 18,432 |
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$ 58,713 |
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$ 43,052 |
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$ 133,910 |
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Special items: |
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a) Stock-based compensation expense - cost of revenues |
2,237 |
|
2,875 |
|
3,003 |
|
5,112 |
|
6,515 |
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b) Stock-based compensation expense - R&D |
9,619 |
|
12,409 |
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11,973 |
|
22,028 |
|
24,281 |
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c) Stock-based compensation expense - SG&A |
10,009 |
|
10,262 |
|
10,342 |
|
20,271 |
|
25,356 |
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d) Amortization of acquisition-related intangibles - cost of revenues |
19,746 |
|
19,746 |
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21,348 |
|
39,492 |
|
42,738 |
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e) Amortization of acquisition-related intangibles - SG&A |
9,883 |
|
9,883 |
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8,667 |
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19,766 |
|
17,334 |
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f) Purchase accounting effect on inventory |
- |
|
- |
|
- |
|
- |
|
14,458 |
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g) Restructuring of operations and other items, net |
7,807 |
|
20,452 |
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6,491 |
|
28,259 |
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21,953 |
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h) Gain on re-measurement of a pre-acquisition equity interest to fair value |
- |
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- |
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- |
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- |
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(5,765) |
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i) Income tax effect |
- |
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- |
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- |
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- |
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(43,198) |
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Total special items |
59,301 |
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75,627 |
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61,824 |
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134,928 |
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103,672 |
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Non-GAAP net income |
$ 83,921 |
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$ 94,059 |
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$ 120,537 |
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$ 177,980 |
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$ 237,582 |
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Non-GAAP income per share: |
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Basic |
$ 0.15 |
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$ 0.17 |
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$ 0.21 |
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$ 0.32 |
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$ 0.42 |
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Diluted |
$ 0.15 |
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$ 0.17 |
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$ 0.21 |
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$ 0.31 |
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$ 0.41 |
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Shares used in computing non-GAAP per share amounts: |
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Basic |
548,282 |
|
550,227 |
|
563,686 |
|
549,249 |
|
564,945 |
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|
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|
|
|
|
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Diluted |
561,801 |
|
567,092 |
|
581,344 |
|
565,426 |
|
586,431 |
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