|
ATMEL CORPORATION | |||
|
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
|
(In thousands) | |||
|
(Unaudited) | |||
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2013 |
|
2012 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ 224,001 |
|
$ 293,370 |
|
Short-term investments |
2,591 |
|
2,687 |
|
Accounts receivable, net |
206,072 |
|
188,488 |
|
Inventories |
323,762 |
|
348,273 |
|
Prepaids and other current assets |
114,530 |
|
125,019 |
|
Total current assets |
870,956 |
|
957,837 |
|
Fixed assets, net |
197,242 |
|
221,044 |
|
Goodwill |
104,501 |
|
104,430 |
|
Intangible assets, net |
31,566 |
|
27,257 |
|
Other assets |
168,712 |
|
122,965 |
|
Total assets |
$ 1,372,977 |
|
$ 1,433,533 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade accounts payable |
83,109 |
|
103,980 |
|
Accrued and other liabilities |
190,176 |
|
203,510 |
|
Deferred income on shipments to distributors |
41,350 |
|
29,226 |
|
Total current liabilities |
314,635 |
|
336,716 |
|
Other long-term liabilities |
111,800 |
|
100,179 |
|
Total liabilities |
426,435 |
|
436,895 |
|
|
|
|
|
|
Stockholders' equity |
946,542 |
|
996,638 |
|
Total liabilities and stockholders' equity |
$ 1,372,977 |
|
$ 1,433,533 |
|
ATMEL CORPORATION |
|
|
|
| |||||
|
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES |
|
|
|
| |||||
|
(in thousands, except per share data) |
|
|
|
| |||||
|
(Unaudited) |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended | ||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2013 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin |
$ 147,925 |
|
$ 131,305 |
|
$ 161,887 |
|
$ 279,230 |
|
$ 314,254 |
|
Gain related to foundry arrangements |
(1,514) |
|
- |
|
- |
|
(1,514) |
|
- |
|
Share-based compensation expense |
1,609 |
|
1,844 |
|
2,314 |
|
3,453 |
|
4,569 |
|
Non-GAAP gross margin |
$ 148,020 |
|
$ 133,149 |
|
$ 164,201 |
|
$ 281,169 |
|
$ 318,823 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development expense |
$ 67,362 |
|
$ 68,308 |
|
$ 66,392 |
|
$ 135,670 |
|
$ 132,681 |
|
Share-based compensation expense |
(3,016) |
|
(4,608) |
|
(5,880) |
|
(7,624) |
|
(12,643) |
|
Non-GAAP research and development expense |
$ 64,346 |
|
$ 63,700 |
|
$ 60,512 |
|
$ 128,046 |
|
$ 120,038 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP selling, general and administrative expense |
$ 58,912 |
|
$ 63,577 |
|
$ 70,990 |
|
$ 122,489 |
|
$ 140,845 |
|
Share-based compensation expense |
(2,855) |
|
(8,310) |
|
(10,288) |
|
(11,165) |
|
(20,597) |
|
Non-GAAP selling, general and administrative expense |
$ 56,057 |
|
$ 55,267 |
|
$ 60,702 |
|
$ 111,324 |
|
$ 120,248 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income (loss) from operations |
$ 19,393 |
|
$ (62,380) |
|
$ 8,195 |
|
$ (42,987) |
|
$ 33,151 |
|
Share-based compensation expense |
7,480 |
|
14,762 |
|
18,482 |
|
22,242 |
|
37,809 |
|
Acquisition-related charges |
1,759 |
|
2,255 |
|
1,956 |
|
4,014 |
|
3,912 |
|
Restructuring charges |
582 |
|
42,814 |
|
14,354 |
|
43,396 |
|
14,354 |
|
Gain related to foundry arrangements |
(1,514) |
|
- |
|
- |
|
(1,514) |
|
- |
|
Recovery of receivables from foundry suppliers |
(83) |
|
(439) |
|
- |
|
(522) |
|
- |
|
Credit from reserved grant income |
- |
|
- |
|
- |
|
- |
|
(10,689) |
|
Gain on sale of assets |
- |
|
(4,430) |
|
- |
|
(4,430) |
|
- |
|
Settlement charges |
- |
|
21,600 |
|
- |
|
21,600 |
|
- |
|
Non-GAAP income from operations |
$ 27,617 |
|
$ 14,182 |
|
$ 42,987 |
|
$ 41,799 |
|
$ 78,537 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP (provision for) benefit from income taxes |
$ (5,679) |
|
$ 14,361 |
|
$ (3,725) |
|
$ 8,682 |
|
$ (8,070) |
|
Adjustments for cash tax and other tax settlements |
(4,057) |
|
15,335 |
|
(1,879) |
|
11,278 |
|
(6,153) |
|
Non-GAAP provision for income taxes |
$ (1,622) |
|
$ (974) |
|
$ (1,846) |
|
$ (2,596) |
|
$ (1,917) |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
$ 12,976 |
|
$ (47,667) |
|
$ 754 |
|
$ (34,691) |
|
$ 21,141 |
|
Share-based compensation expense |
7,480 |
|
14,762 |
|
18,482 |
|
22,242 |
|
37,809 |
|
Acquisition-related charges |
1,759 |
|
2,255 |
|
1,956 |
|
4,014 |
|
3,912 |
|
Restructuring charges |
582 |
|
42,814 |
|
14,354 |
|
43,396 |
|
14,354 |
|
Gain related to foundry arrangements |
(1,514) |
|
- |
|
- |
|
(1,514) |
|
- |
|
Recovery of receivables from foundry suppliers |
(83) |
|
(439) |
|
- |
|
(522) |
|
- |
|
Credit from reserved grant income |
- |
|
- |
|
- |
|
- |
|
(10,689) |
|
Gain on sale of assets |
- |
|
(4,430) |
|
- |
|
(4,430) |
|
- |
|
Settlement charges |
- |
|
21,600 |
|
- |
|
21,600 |
|
- |
|
Tax adjustments |
4,057 |
|
(15,335) |
|
1,879 |
|
(11,278) |
|
6,153 |
|
Non-GAAP net income |
$ 25,257 |
|
$ 13,560 |
|
$ 37,425 |
|
$ 38,817 |
|
$ 72,680 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) per share - diluted |
$ 0.03 |
|
$ (0.11) |
|
$ 0.00 |
|
$ (0.08) |
|
$ 0.05 |
|
Share-based compensation expense |
0.02 |
|
0.03 |
|
0.04 |
|
0.05 |
|
0.08 |
|
Acquisition-related charges |
0.00 |
|
0.01 |
|
0.01 |
|
0.01 |
|
0.01 |
|
Restructuring charges |
0.00 |
|
0.10 |
|
0.03 |
|
0.10 |
|
0.03 |
|
Gain related to foundry arrangements |
(0.00) |
|
- |
|
- |
|
(0.00) |
|
- |
|
Recovery of receivables from foundry suppliers |
(0.00) |
|
(0.00) |
|
- |
|
(0.00) |
|
- |
|
Credit from reserved grant income |
- |
|
- |
|
- |
|
- |
|
(0.02) |
|
Gain on sale of assets |
- |
|
(0.01) |
|
- |
|
(0.01) |
|
- |
|
Settlement charges |
- |
|
0.05 |
|
- |
|
0.05 |
|
- |
|
Tax adjustments |
0.01 |
|
(0.04) |
|
0.00 |
|
(0.03) |
|
0.01 |
|
Non-GAAP net income per share - diluted |
$ 0.06 |
|
$ 0.03 |
|
$ 0.08 |
|
$ 0.09 |
|
$ 0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted shares |
430,536 |
|
428,999 |
|
436,851 |
|
428,617 |
|
440,919 |
|
Adjusted dilutive stock awards - non-GAAP |
9,131 |
|
13,768 |
|
5,102 |
|
11,355 |
|
4,696 |
|
Non-GAAP diluted shares |
439,667 |
|
442,767 |
|
441,953 |
|
439,972 |
|
445,615 |
