Sigma Designs, Inc. Reports Second Quarter Fiscal Year 2018

Sigma Designs, Inc. Reports Second Quarter Fiscal Year 2018 Financial Results

SIGMA DESIGNS, INC.
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET (LOSS) INCOME
(Unaudited)
(In thousands, except per share data)

		Three months ended									Six months ended
		July 29,			April 29,			July 30,			July 29,			July 30,
			2017			2017			2016			2017			2016

GAAP Net Revenue		$	39,508		$	39,564		$	61,316		$	79,072		$	115,091
Items reconciling GAAP Net Revenue to Non-GAAP:
	Reversal of rebate		-			-			-			-			-
	GAAP to Non-GAAP adjustments		-			-			-			-			-
	Non-GAAP Net Revenue	$	39,508		$	39,564		$	61,316		$	79,072		$	115,091

GAAP Cost of Revenue		$	20,688		$	20,940		$	31,734		$	41,628		$	61,508
Items reconciling GAAP Cost of Revenue to Non-GAAP:
	Stock based compensation expense		(54	)		(57	)		(74	)		(111	)		(178	)
	Amortization of acquired intangibles		(145	)		(145	)		(940	)		(290	)		(1,889	)
	GAAP to Non-GAAP adjustments		(199	)		(202	)		(1,014	)		(401	)		(2,067	)
	Non-GAAP Cost of Revenue	$	20,489		$	20,738		$	30,720		$	41,227		$	59,441

	GAAP Gross Profit	$	18,820		$	18,624		$	29,582		$	37,444		$	53,583
	GAAP Gross Margin %		47.6	%		47.1	%		48.2	%		47.4	%		46.6	%
	Non-GAAP Gross Profit	$	19,019		$	18,826		$	30,596		$	37,845		$	55,650
	Non-GAAP Gross Margin %		48.1	%		47.6	%		49.9	%		47.9	%		48.4	%

GAAP Operating Expenses		$	29,774		$	32,001		$	29,895		$	61,775		$	59,911
Items reconciling GAAP Operating Expenses to Non-GAAP:
	Stock based compensation expense		(1,180	)		(1,472	)		(1,677	)		(2,652	)		(3,465	)
	Amortization of acquired intangibles		(431	)		(431	)		(696	)		(862	)		(1,395	)
	Impairment of IP, mask sets and design tools		-			(3,006	)		(300	)		(3,006	)		(300	)
	Legal and other professional expenses		(305	)		(139	)		-			(444	)		(11	)
	Restructuring charges		(1,723	)		(243	)		-			(1,966	)		-
	GAAP to Non-GAAP adjustments		(3,639	)		(5,291	)		(2,673	)		(8,930	)		(5,171	)
	Non-GAAP Operating Expenses	$	26,135		$	26,710		$	27,222		$	52,845		$	54,740

GAAP Other Income (Expense) and Tax		$	(1,723	)	$	(1,482	)	$	(1,409	)	$	(3,205	)	$	(3,492	)
Items reconciling GAAP Other Income (Expense) and Tax to Non-GAAP:
	Impairment (gain on sale) of privately held instruments, net		-			-			584			-			884
	GAAP to Non-GAAP adjustments		-			-			584			-			884
	Non-GAAP Other Income (Expense) and Tax	$	(1,723	)	$	(1,482	)	$	(825	)	$	(3,205	)	$	(2,608	)

Non-GAAP Net (loss) income		$	(8,839	)	$	(9,366	)	$	2,549		$	(18,205	)	$	(1,698	)

Non-GAAP Net (loss) income per share:
	Basic	$	(0.23	)	$	(0.25	)	$	0.07		$	(0.48	)	$	(0.05	)
	Diluted	$	(0.23	)	$	(0.25	)	$	0.07		$	(0.48	)	$	(0.05	)
Shares used in computing Non-GAAP net (loss) income per share:
	Basic		38,289			38,156			37,182			38,222			37,028
	Diluted		38,289			38,156			37,527			38,222			37,028

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