Electro Scientific Industries, Inc.
First Quarter Fiscal 2019 Results
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
Fiscal quarter ended | |||||||||||||||||||||||||
(In thousands, except per share data) | Jun 30, 2018 | Mar 31, 2018 | Jul 1, 2017 | ||||||||||||||||||||||
Gross profit per GAAP | $ | 53,198 | $ | 54,722 | $ | 26,420 | |||||||||||||||||||
Purchase accounting | 243 | 242 | 251 | ||||||||||||||||||||||
Equity compensation | 106 | 69 | 67 | ||||||||||||||||||||||
Charges for other asset and inventory impairment | — | 277 | 7,194 | ||||||||||||||||||||||
Charges from VAT audit | (97 | ) | 521 | — | |||||||||||||||||||||
Non-GAAP gross profit | $ | 53,450 | $ | 55,831 | $ | 33,932 | |||||||||||||||||||
Operating expenses per GAAP | $ | 20,189 | $ | 20,022 | $ | 22,953 | |||||||||||||||||||
Purchase accounting | (114 | ) | (114 | ) | (219 | ) | |||||||||||||||||||
Equity compensation | (1,393 | ) | (1,223 | ) | (1,211 | ) | |||||||||||||||||||
Restructuring costs | — | 144 | (1,211 | ) | |||||||||||||||||||||
Non-GAAP operating expenses | $ | 18,682 | $ | 18,829 | $ | 20,312 | |||||||||||||||||||
Operating income per GAAP | $ | 33,009 | $ | 34,700 | $ | 3,467 | |||||||||||||||||||
Non-GAAP adjustments to gross profit | 252 | 1,109 | 7,512 | ||||||||||||||||||||||
Non-GAAP adjustments to operating expenses | 1,507 | 1,193 | 2,641 | ||||||||||||||||||||||
Non-GAAP operating income | $ | 34,768 | $ | 37,002 | $ | 13,620 | |||||||||||||||||||
Non-operating income (expense), net per GAAP | $ | 452 | $ | (283 | ) | $ | (184 | ) | |||||||||||||||||
(Income) expense, on charges from VAT audit, Gain on asset sale, net of other non-operating expense (income) | (49 | ) | 336 | — | |||||||||||||||||||||
Non-GAAP non-operating income
(expense) | $ | 403 | $ | 53 | $ | (184 | ) | ||||||||||||||||||
Non-GAAP income before income taxes | $ | 35,171 | $ | 37,055 | $ | 13,436 | |||||||||||||||||||
Net income per GAAP | $ | 31,143 | $ | 75,088 | $ | 2,902 | |||||||||||||||||||
Non-GAAP adjustments to gross profit | 252 | 1,109 | 7,512 | ||||||||||||||||||||||
Non-GAAP adjustments to operating expenses | 1,507 | 1,193 | 2,641 | ||||||||||||||||||||||
Non-GAAP adjustments to non-operating expense | (49 | ) | 336 | — | |||||||||||||||||||||
Income tax effect of other non-GAAP adjustments | 1,734 | (41,225 | ) | (24 | ) | ||||||||||||||||||||
Non-GAAP net income | $ | 34,587 | $ | 36,501 | $ | 13,031 | |||||||||||||||||||
Basic Non-GAAP net income per share | $ | 1.00 | $ | 1.06 | $ | 0.39 | |||||||||||||||||||
Diluted Non-GAAP net income per share | $ | 0.96 | $ | 1.02 | $ | 0.38 |
Electro Scientific Industries, Inc.