Q4’13 orders increased 7% from Q3’13
Q4’13 revenue of
Q4’13 diluted non-GAAP net income of
Q1’14 guidance: Revenue of
Quarterly cash dividend of
Bookings in the fourth quarter of 2013 were
For fiscal year 2013, revenue was
“The fourth quarter capped a strong year of market share gains in both
semiconductor and wireless test,” said CEO
“In line with seasonal trends, orders improved in the fourth quarter and
we expect that order trend to accelerate in the first quarter as
customers build capacity for new consumer devices in 2014,” said
President
Guidance for the first quarter of 2014 is revenue of
The Company additionally announced that its Board of Directors has
approved the initiation of a quarterly cash dividend of
“Teradyne’s operating model provides the financial foundation to support
both a dividend and our growth plans,” said
Future dividend declarations, as well as record and payment dates, are subject to board approval.
As announced on
Webcast
A conference call to discuss the fourth quarter and fiscal year 2013
results, along with management's business outlook, will follow at
A replay will be available approximately two hours after the completion
of the call. The replay number in the U.S. &
Non-GAAP Results
In addition to disclosing results that are determined in accordance with
GAAP,
About
Safe Harbor Statement
This release contains forward-looking statements regarding future
business prospects, Teradyne’s results of operations, market conditions
and the payment of a quarterly dividend. Such statements are based on
the current assumptions and expectations of Teradyne’s management and
are neither promises nor guarantees of future performance or future
payment of dividends. You can identify these forward-looking statements
based on the context of the statements and by the fact that they use
words such as “will,” “anticipate,” “expect,” “project,” “intend,”
“plan,” “believe,” “target” and other words and terms of similar meaning
in connection with any discussion of future operating or financial
performance. There can be no assurance that management’s estimates of
Teradyne’s future results or other forward looking statements will be
achieved or that dividends will be declared in the future. Important
factors that could cause actual results or dividend payments to differ
materially from those presently expected include: conditions affecting
the markets in which
|
||||||||||||||||||||||||
CONDENSED CONSOLIDATED OPERATING STATEMENTS | ||||||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||
Net revenues | $ | 285,301 | $ | 433,376 | $ | 248,404 | $ | 1,427,933 | $ | 1,656,750 | ||||||||||||||
Cost of revenues (1) (2) | 125,444 | 179,082 | 122,999 | 619,132 | 770,713 | |||||||||||||||||||
Gross profit | 159,857 | 254,294 | 125,405 | 808,801 | 886,037 | |||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Engineering and development (1) | 64,613 | 68,918 | 62,807 | 264,055 | 255,866 | |||||||||||||||||||
Selling and administrative (1) | 69,523 | 72,917 | 69,289 | 279,560 | 277,016 | |||||||||||||||||||
Acquired intangible asset amortization | 18,284 | 18,064 | 18,221 | 72,447 | 73,508 | |||||||||||||||||||
Restructuring and other (3) | 600 | 889 | (317 | ) | 2,080 | (7,721 | ) | |||||||||||||||||
Operating expenses | 153,020 | 160,788 | 150,000 | 618,142 | 598,669 | |||||||||||||||||||
Income (loss) from operations | 6,837 | 93,506 | (24,595 | ) | 190,659 | 287,368 | ||||||||||||||||||
Interest and other (4) | 28,602 | (5,954 | ) | (5,690 | ) | 11,263 | (21,392 | ) | ||||||||||||||||
Income (loss) before income taxes | 35,439 | 87,552 | (30,285 | ) | 201,922 | 265,976 | ||||||||||||||||||
Income tax provision (benefit) | 13,096 | 18,093 | (13,742 | ) | 36,975 | 48,927 | ||||||||||||||||||
Net income (loss) | $ | 22,343 | $ | 69,459 | $ | (16,543 | ) | $ | 164,947 | $ | 217,049 | |||||||||||||
Net income (loss) per common share: |
||||||||||||||||||||||||
Basic | $ | 0.12 | $ | 0.36 | $ | (0.09 | ) | $ | 0.86 | $ | 1.16 | |||||||||||||
Diluted | $ | 0.09 | $ | 0.29 | $ | (0.09 | ) | $ | 0.70 | $ | 0.94 | |||||||||||||
Weighted average common shares - basic | 191,525 | 191,307 | 187,737 | 190,772 | 186,878 | |||||||||||||||||||
Weighted average common shares - diluted (5) | 236,903 | 235,828 | 187,737 | 235,599 | 230,246 | |||||||||||||||||||
Net orders | $ | 289,653 | $ | 270,595 | $ | 272,620 | $ | 1,434,145 | $ | 1,553,199 | ||||||||||||||
(1) | In the first quarter of 2012, we changed our accounting method from delayed recognition of actuarial gains and losses for our defined benefit pension plans and other post retirement benefit plans to immediate recognition. We elected to immediately recognize net actuarial gains and losses and the change in the fair value of plan assets in our operating results in the year in which they occur. Below are the pension (gains) and losses included in our operating results: | |||||||||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||
Cost of revenues | $ | (2,742 | ) | $ | - | $ | 7,802 | $ | (3,077 | ) | $ | 9,029 | ||||||||||||
Engineering and development | (3,782 | ) | - | 5,064 | (4,441 | ) | 7,463 | |||||||||||||||||
Selling and administrative | (2,540 | ) | - | 5,463 | (2,905 | ) | 6,828 | |||||||||||||||||
$ | (9,064 | ) | $ | - | $ | 18,329 | $ | (10,423 | ) | $ | 23,320 | |||||||||||||
(2) | Cost of revenues includes: | Quarter Ended | Year Ended | |||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||
Provision for excess and obsolete inventory | $ | 6,976 | $ | 3,841 | $ | 10,441 | $ | 16,592 | $ | 26,849 | ||||||||||||||
Sale of previously written down inventory | (861 | ) | (4,093 | ) | (1,101 | ) | (9,795 | ) | (4,271 | ) | ||||||||||||||
Inventory step-up | - | - | - | - | 6,089 | |||||||||||||||||||
$ | 6,115 | $ | (252 | ) | $ | 9,340 | $ | 6,797 | $ | 28,667 | ||||||||||||||
(3) | Restructuring and other consists of: | Quarter Ended | Year Ended | |||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||
Employee severance | $ | 600 | $ | 1,337 | $ | 71 | $ | 2,528 | $ | 1,040 | ||||||||||||||
Facility related | - | (448 | ) | - | (448 | ) | - | |||||||||||||||||
Contingent consideration fair value adjustment | - | - | (388 | ) | - | (8,761 | ) | |||||||||||||||||
$ | 600 | $ | 889 | $ | (317 | ) | $ | 2,080 | $ | (7,721 | ) | |||||||||||||
(4) | Interest and other includes: | Quarter Ended | Year Ended | |||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||
Gain from the sale of an equity investment | $ | (34,212 | ) | $ | - | $ | - |
$ |
(34,212 | ) | $ | - | ||||||||||||
Non-cash convertible debt interest expense | 4,158 | 4,018 | 3,628 | 15,814 | 13,798 | |||||||||||||||||||
(5) |
Under GAAP, when calculating diluted earnings per share, convertible
debt must be assumed to have converted if the effect on EPS would be
dilutive. Diluted shares assume the conversion of the convertible
debt as the effect would be dilutive. Accordingly, for the quarters
ended |
|||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) | |||||||||
|
|
||||||||
Assets | |||||||||
Cash and cash equivalents | $ | 341,638 | $ | 338,920 | |||||
Marketable securities | 586,882 | 431,516 | |||||||
Accounts receivable | 157,642 | 153,423 | |||||||
Inventories | 137,939 | 139,410 | |||||||
Deferred tax assets | 54,667 | 77,305 | |||||||
Prepayments | 136,374 | 90,931 | |||||||
Other current assets | 7,324 | 4,556 | |||||||
Total current assets | 1,422,466 | 1,236,061 | |||||||
Net property, plant and equipment | 275,236 | 265,782 | |||||||
Marketable securities | 271,078 | 235,872 | |||||||
Deferred tax assets | 96,684 | 5,372 | |||||||
Other assets | 14,590 | 14,837 | |||||||
Retirement plans assets |
9,342 | 3,282 | |||||||
Intangible assets | 252,291 | 318,867 | |||||||
Goodwill | 361,792 | 349,272 | |||||||
Total assets | $ | 2,703,479 | $ | 2,429,345 | |||||
Liabilities | |||||||||
Accounts payable | $ | 62,874 | $ | 58,324 | |||||
Accrued employees' compensation and withholdings | 95,619 | 86,264 | |||||||
Deferred revenue and customer advances | 55,404 | 81,357 | |||||||
Other accrued liabilities | 63,713 | 57,249 | |||||||
Accrued income taxes | 11,333 | 12,306 | |||||||
Current debt | 186,663 | 2,328 | |||||||
Total current liabilities | 475,606 | 297,828 | |||||||
Long-term deferred revenue and customer advances | 13,306 | 16,227 | |||||||
Retirement plans liabilities |
91,517 | 94,373 | |||||||
Deferred tax liabilities | 115,133 | 50,201 | |||||||
Long-term other accrued liabilities | 22,823 | 21,302 | |||||||
Long-term debt | - | 171,059 | |||||||
Total liabilities | 718,385 | 650,990 | |||||||
Shareholders' equity | 1,985,094 | 1,778,355 | |||||||
Total liabilities and shareholders' equity | $ | 2,703,479 | $ | 2,429,345 | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | |||||||||||||||||||
Quarter Ended | Year Ended | ||||||||||||||||||
|
|
|
|
||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income (loss) | $ | 22,343 | $ | (16,543 | ) | $ | 164,947 | $ | 217,049 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||
Depreciation | 15,444 | 15,237 | 57,317 | 55,049 | |||||||||||||||
Amortization | 23,875 | 23,099 | 93,370 | 90,465 | |||||||||||||||
Stock-based compensation | 9,388 | 9,286 | 36,615 | 39,920 | |||||||||||||||
Provision for excess and obsolete inventory | 6,976 | 10,441 | 16,592 | 26,849 | |||||||||||||||
Deferred taxes | 15,555 | (1,520 | ) | (3,656 | ) | 5,556 | |||||||||||||
Gain from the sale of an equity investment | (34,212 | ) | - | (34,212 | ) | - | |||||||||||||
Inventory step-up | - | - | - | 6,089 | |||||||||||||||
Contingent consideration adjustment | - | (388 | ) | - | (8,761 | ) | |||||||||||||
Tax benefit related to stock options and restricted stock units | (1,789 | ) | (758 | ) | (2,596 | ) | (8,358 | ) | |||||||||||
Retirement plans actuarial (gains) losses |
(9,064 | ) | 18,329 | (10,423 | ) | 23,320 | |||||||||||||
Other | (1,321 | ) | 109 | (164 | ) | (2,250 | ) | ||||||||||||
Changes in operating assets and liabilities, net of business acquired: | |||||||||||||||||||
Accounts receivable | 52,307 | 52,041 | (3,656 | ) | (24,093 | ) | |||||||||||||
Inventories | (13,024 | ) | (7,418 | ) | 21,170 | 17,652 | |||||||||||||
Prepayments and other assets | (23,279 | ) | (8,154 | ) | (49,572 | ) | (2,995 | ) | |||||||||||
Accounts payable and accrued expenses | 13,681 | (15,210 | ) | 14,177 | (32,810 | ) | |||||||||||||
Deferred revenue and customer advances | (19,115 | ) | (3,976 | ) | (28,877 | ) | (14,627 | ) | |||||||||||
Retirement plans contributions |
(1,971 | ) | (1,099 | ) | (5,540 | ) | (4,778 | ) | |||||||||||
Accrued income taxes | (12,127 | ) | (30,509 | ) | 1,623 | 19,804 | |||||||||||||
Net cash provided by operating activities | 43,667 | 42,967 | 267,115 | 403,081 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchases of property, plant and equipment | (23,646 | ) | (27,948 | ) | (106,571 | ) | (119,080 | ) | |||||||||||
Purchases of marketable securities | (511,433 | ) | (238,072 | ) | (1,168,621 | ) | (748,229 | ) | |||||||||||
Acquisition of a business net of cash acquired | (14,999 | ) | - | (14,999 | ) | - | |||||||||||||
Proceeds from maturities of marketable securities | 114,598 | 68,663 | 516,499 | 225,085 | |||||||||||||||
Proceeds from sales of marketable securities | 125,523 | 24,034 | 458,120 | 38,284 | |||||||||||||||
Proceeds from the sale of an equity investment | 34,212 | - | 34,212 | - | |||||||||||||||
(Purchases of) proceeds from life insurance | (288 | ) | (668 | ) | (307 | ) | 1,451 | ||||||||||||
Net cash used for investing activities | (276,033 | ) | (173,991 | ) | (281,667 | ) | (602,489 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Issuance of common stock under stock option and stock purchase plans | 818 | 518 | 17,596 | 18,477 | |||||||||||||||
Tax benefit related to stock options and restricted stock units | 1,789 | 758 | 2,596 | 8,358 | |||||||||||||||
Payments of long-term debt | (1,471 | ) | (1,287 | ) | (2,534 | ) | (2,533 | ) | |||||||||||
Payments of contingent consideration | - | (15,737 | ) | (388 | ) | (59,710 | ) | ||||||||||||
Net cash provided by (used for) financing activities | 1,136 | (15,748 | ) | 17,270 | (35,408 | ) | |||||||||||||
(Decrease) Increase in cash and cash equivalents | (231,230 | ) | (146,772 | ) | 2,718 | (234,816 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 572,868 | 485,692 | 338,920 | 573,736 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 341,638 | $ | 338,920 | $ | 341,638 | $ | 338,920 | |||||||||||
GAAP to Non-GAAP Earnings Reconciliation | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||
|
% of Net |
|
% of Net |
|
% of Net |
||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 285.3 | $ | 433.4 | $ | 248.4 | |||||||||||||||||||||||||||||||||||||||||
Gross profit - GAAP | $ | 159.9 | 56.0 | % | $ | 254.3 | 58.7 | % | $ | 125.4 | 50.5 | % | |||||||||||||||||||||||||||||||||||
Pension mark-to-market adjustments (1) | (2.7 | ) | -0.9 | % | - | - | 7.8 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||
Gross profit - non-GAAP | $ | 157.2 | 55.1 | % | $ | 254.3 | 58.7 | % | $ | 133.2 | 53.6 | % | |||||||||||||||||||||||||||||||||||
Income (loss) from operations - GAAP | $ | 6.8 | 2.4 | % | $ | 93.5 | 21.6 | % | $ | (24.6 | ) | -9.9 | % | ||||||||||||||||||||||||||||||||||
Acquired intangible asset amortization | 18.3 | 6.4 | % | 18.1 | 4.2 | % | 18.2 | 7.3 | % | ||||||||||||||||||||||||||||||||||||||
Restructuring and other (2) | 0.6 | 0.2 | % | 0.9 | 0.2 | % | (0.3 | ) | -0.1 | % | |||||||||||||||||||||||||||||||||||||
Pension mark-to-market adjustments (1) | (9.1 | ) | -3.2 | % | - | - | 18.3 | 7.4 | % | ||||||||||||||||||||||||||||||||||||||
Income from operations - non-GAAP | $ | 16.6 | 5.8 | % | $ | 112.5 | 26.0 | % | $ | 11.6 | 4.7 | % | |||||||||||||||||||||||||||||||||||
Net Income |
Net Income |
Net Income |
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|
% of Net |
Basic | Diluted |
|
% of Net |
Basic | Diluted |
|
% of Net |
Basic | Diluted | ||||||||||||||||||||||||||||||||||||
Net income (loss) - GAAP | $ | 22.3 | 7.8 | % | $ | 0.12 | $ | 0.09 | $ | 69.5 | 16.0 | % | $ | 0.36 | $ | 0.29 | $ | (16.5 | ) | -6.6 | % | $ | (0.09 | ) | $ | (0.09 | ) | ||||||||||||||||||||
Acquired intangible asset amortization | 18.3 | 6.4 | % | 0.10 | 0.08 | 18.1 | 4.2 | % | 0.09 | 0.08 | 18.2 | 7.3 | % | 0.10 | 0.10 | ||||||||||||||||||||||||||||||||
Income tax adjustment (3) | 11.1 | 3.9 | % | 0.06 | 0.05 | 2.5 | 0.6 | % | 0.01 | 0.01 | (10.7 | ) | -4.3 | % | (0.06 | ) | (0.06 | ) | |||||||||||||||||||||||||||||
Interest and other (4) | (30.0 | ) | -10.5 | % | (0.16 | ) | (0.13 | ) | 4.0 | 0.9 | % | 0.02 | 0.02 | 3.6 | 1.4 | % | 0.02 | 0.02 | |||||||||||||||||||||||||||||
Restructuring and other (2) | 0.6 | 0.2 | % | 0.00 | 0.00 | 0.9 | 0.2 | % | 0.00 | 0.00 | (0.3 | ) | -0.1 | % | (0.00 | ) | (0.00 | ) | |||||||||||||||||||||||||||||
Pension mark-to-market adjustments (1) | (9.1 | ) | -3.2 | % | (0.05 | ) | (0.04 | ) | - | - | - | - | 18.3 | 7.4 | % | 0.10 | 0.10 | ||||||||||||||||||||||||||||||
Convertible share adjustment (5) | - | - | - | 0.02 | - | - | - | 0.06 | - | - | - | - | |||||||||||||||||||||||||||||||||||
Net income - non-GAAP | $ | 13.2 | 4.6 | % | $ | 0.07 | $ | 0.07 | $ | 95.0 | 21.9 | % | $ | 0.50 | $ | 0.46 | $ | 12.6 | 5.1 | % | $ | 0.07 | $ | 0.07 | |||||||||||||||||||||||
GAAP and non-GAAP weighted average common shares - basic | 191.5 | 191.3 | 187.7 | ||||||||||||||||||||||||||||||||||||||||||||
GAAP weighted average common shares - diluted | 236.9 | 235.8 | 187.7 | ||||||||||||||||||||||||||||||||||||||||||||
Include GAAP dilutive shares | - | - | 3.7 | ||||||||||||||||||||||||||||||||||||||||||||
Exclude dilutive shares from convertible note | (42.4 | ) | (23.3 | ) | - | ||||||||||||||||||||||||||||||||||||||||||
Non-GAAP weighted average common shares - diluted (5) | 194.5 | 212.5 | 191.4 | ||||||||||||||||||||||||||||||||||||||||||||
(1) | Actuarial (gains) losses recognized under GAAP in accordance with the Company's mark-to-market pension accounting. | ||||||||||||||||||||||||||||||||||||||||||||||
(2) | Restructuring and other consists of: | ||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||
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Employee severance | $ | 0.6 | $ | 1.3 | $ | 0.1 | |||||||||||||||||||||||||||||||||||||||||
Contingent consideration fair value adjustment | - | - | (0.4 | ) | |||||||||||||||||||||||||||||||||||||||||||
Facility related | - | (0.4 | ) | - | |||||||||||||||||||||||||||||||||||||||||||
$ | 0.6 | $ | 0.9 | $ | (0.3 | ) | |||||||||||||||||||||||||||||||||||||||||
(3) |
For the quarters ended |
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(4) |
For the quarters ended |
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(5) |
For the quarter ended |
Years Ended | |||||||||||||||||||||||||||||||||||
|
% of Net |
|
% of Net |
||||||||||||||||||||||||||||||||
Net Revenues | $ | 1,427.9 | $ | 1,656.8 | |||||||||||||||||||||||||||||||
Gross profit - GAAP | $ | 808.8 | 56.6 | % | $ | 886.0 | 53.5 | % | |||||||||||||||||||||||||||
Pension mark-to-market adjustments (1) | (3.1 | ) | -0.2 | % | 9.0 | 0.5 | % | ||||||||||||||||||||||||||||
Inventory step-up | - | - | 6.1 | 0.4 | % | ||||||||||||||||||||||||||||||
Gross profit - non-GAAP | $ | 805.7 | 56.4 | % | $ | 901.1 | 54.4 | % | |||||||||||||||||||||||||||
Income from operations - GAAP | $ | 190.7 | 13.4 | % | $ | 287.4 | 17.3 | % | |||||||||||||||||||||||||||
Acquired intangible asset amortization | 72.4 | 5.1 | % | 73.5 | 4.4 | % | |||||||||||||||||||||||||||||
Restructuring and other (2) | 2.1 | 0.1 | % | (7.7 | ) | -0.5 | % | ||||||||||||||||||||||||||||
Pension mark-to-market adjustments (1) | (10.4 | ) | -0.7 | % | 23.3 | 1.4 | % | ||||||||||||||||||||||||||||
Inventory step-up | - | - | 6.1 | 0.4 | % | ||||||||||||||||||||||||||||||
Income from operations - non-GAAP | $ | 254.8 | 17.8 | % | $ | 382.6 | 23.1 | % | |||||||||||||||||||||||||||
Net Income |
Net Income |
||||||||||||||||||||||||||||||||||
|
% of Net |
Basic | Diluted |
|
% of Net |
Basic | Diluted | ||||||||||||||||||||||||||||
Net income - GAAP | $ | 164.9 | 11.5 | % | $ | 0.86 | $ | 0.70 | $ | 217.0 | 13.1 | % | $ | 1.16 | $ | 0.94 | |||||||||||||||||||
Acquired intangible asset amortization | 72.4 | 5.1 | % | 0.38 | 0.31 | 73.5 | 4.4 | % | 0.39 | 0.35 | |||||||||||||||||||||||||
Income tax adjustment (3) | 4.8 | 0.3 | % | 0.03 | 0.02 | 11.5 | 0.7 | % | 0.06 | 0.06 | |||||||||||||||||||||||||
Interest and other (4) | (18.4 | ) | -1.3 | % | (0.10 | ) | (0.08 | ) | 13.8 | 0.8 | % | 0.07 | 0.07 | ||||||||||||||||||||||
Restructuring and other (2) | 2.1 | 0.1 | % | 0.01 | 0.01 | (7.7 | ) | -0.5 | % | (0.04 | ) | (0.04 | ) | ||||||||||||||||||||||
Pension mark-to-market adjustments (1) | (10.4 | ) | -0.7 | % | (0.05 | ) | (0.04 | ) | 23.3 | 1.4 | % | 0.12 | 0.11 | ||||||||||||||||||||||
Inventory step-up | - | - | - | - | 6.1 | 0.4 | % | 0.03 | 0.03 | ||||||||||||||||||||||||||
Convertible share adjustment (5) | - | - | - | 0.14 | - | - | - | 0.15 | |||||||||||||||||||||||||||
Net income - non-GAAP | $ | 215.4 | 15.1 | % | $ | 1.13 | $ | 1.06 | $ | 337.5 | 20.4 | % | $ | 1.81 | $ | 1.67 | |||||||||||||||||||
GAAP and non-GAAP weighted average common shares - basic | 190.8 | 186.9 | |||||||||||||||||||||||||||||||||
GAAP weighted average common shares - diluted | 235.6 | 230.2 | |||||||||||||||||||||||||||||||||
Exclude dilutive shares from convertible note | (23.3 | ) | (22.4 | ) | |||||||||||||||||||||||||||||||
Non-GAAP weighted average common shares - diluted (5) | 212.3 | 207.8 | |||||||||||||||||||||||||||||||||
(1) | Actuarial (gains) losses recognized under GAAP in accordance with the Company's mark-to-market pension accounting. | ||||||||||||||||||||||||||||||||||
(2) | Restructuring and other consists of: | ||||||||||||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||||||||||||
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Employee severance | $ | 2.5 | $ | 1.1 | |||||||||||||||||||||||||||||||
Facility related | (0.4 | ) | - | ||||||||||||||||||||||||||||||||
Contingent consideration fair value adjustment | - | (8.8 | ) | ||||||||||||||||||||||||||||||||
$ | 2.1 | $ | (7.7 | ) | |||||||||||||||||||||||||||||||
(3) |
For the years ended |
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(4) |
For the years ended |
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(5) |
For the years ended |
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GAAP to Non-GAAP Reconciliation of First Quarter 2014 guidance: | ||||||||||||||
GAAP and non-GAAP first quarter revenue guidance: |
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to |
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GAAP net loss per diluted share | $ | (0.09 | ) | $ | (0.03 | ) | ||||||||
Exclude acquired intangible asset amortization | 0.09 | 0.09 | ||||||||||||
Exclude non-cash convertible debt interest | 0.02 | 0.02 | ||||||||||||
Exclude CEO equity charge (6) |
0.03 | 0.03 | ||||||||||||
Adjustment to record income taxes on a cash basis | (0.03 | ) | (0.03 | ) | ||||||||||
Non-GAAP net income per diluted share | $ | 0.02 | $ | 0.09 | ||||||||||
(6) |
CEO equity charge reflects the modification of |
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