Cypress Reports Third Quarter 2019 Results and Provides Update on Regulatory Approvals

1. The three months ended Q2'19 and the nine months ended Q3'19 include a $29.5 million impairment charge recorded for the investment in Deca Technologies, Inc.

Table I: Non-GAAP income tax expense

 

Three Months Ended

 

Nine Months Ended

 

 

Q3'19

 

Q2'19

 

Q3'18

 

Q3'19

 

Q3'18

GAAP income tax provision [i]

 

$

16,247

 

 

$

(18,189

)

 

$

5,618

 

 

$

(2,672

)

 

$

15,829

 

[1] Tax impact of non-GAAP adjustments* relating to:

 

 

 

 

 

 

 

 

 

 

[a] Stock-based compensation

 

5,227

 

 

6,401

 

 

5,081

 

 

15,911

 

 

16,078

 

[b] Changes in value of deferred compensation plan

 

32

 

 

51

 

 

97

 

 

209

 

 

189

 

[c] Share in gain/loss, net and impairment of equity method investees

 

290

 

 

6,805

 

 

768

 

 

7,849

 

 

2,283

 

[d] Imputed interest on convertible debt, equity component amortization on convertible debt and others

 

651

 

 

688

 

 

1,424

 

 

2,046

 

 

3,072

 

[e] Amortization of debt issuance costs

 

131

 

 

195

 

 

 

 

521

 

 

225

 

[f] Amortization of acquisition-related intangible assets and other

 

10,793

 

 

10,835

 

 

11,734

 

 

32,659

 

 

34,494

 

[g] Restructuring charges and other

 

82

 

 

620

 

 

2,098

 

 

723

 

 

3,218

 

[h] Other (income) and expenses

 

6

 

 

 

 

 

 

165

 

 

 

[i] Loss on extinguishment of debt

 

1,344

 

 

 

 

 

 

1,344

 

 

684

 

[j] (Gain) loss on sale of NAND business to joint venture

 

(396

)

 

 

 

 

 

346

 

 

 

[k] Gain on sale of cost method investment

 

 

 

 

 

 

 

 

 

(319

)

[2] Merger-related expenses

 

639

 

 

1,766

 

 

 

 

2,405

 

 

 

[3] Uncertain tax positions

 

(6,675

)

 

2,621

 

 

(2,159

)

 

(3,757

)

 

(4,870

)

[4] Valuation allowance release, utilization of NOL including excess tax benefits, and other items**

 

(25,704

)

 

(9,662

)

 

(21,882

)

 

(50,273

)

 

(61,966

)

Non-GAAP income tax expense [ii]*

 

$

2,667

 

 

$

2,131

 

 

$

2,779

 

 

$

7,476

 

 

$

8,917

 

Impact of reconciling items on income tax provision [i - ii]

 

13,580

 

 

(20,320

)

 

2,839

 

 

(10,148

)

 

6,912

 


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