NI Reports Q4 Revenue of $334 Million
Continued Year-Over-Year Core Revenue Growth
Q4 2015 Highlights
-
Record revenue of
$334 million , up 0.5 percent year over year inU.S. dollar terms with core revenue up 4.3 percent year over year - Record bookings for software
- GAAP operating margin of 15 percent
- Non-GAAP operating margin of 18.5 percent
-
Fully diluted GAAP EPS of
$0.25 and fully diluted non-GAAP EPS of$0.34 -
EBITDA of
$63 million or$0.49 per share -
Cash and short-term investments of
$333 million as ofDec. 31, 2015
In Q4 2015, NI received
"Despite the revenue headwinds, the strength of our business model has
allowed us to deliver strong gross and operating margins for the year.
Our platform-based approach, built around highly differentiated
software, has created a large ecosystem of customers, partners and
technologies that are key drivers to the long-term growth and
profitability of the company," said Dr.
GAAP net income for Q4 was
In Q4, GAAP gross margin was 74 percent and non-GAAP gross margin was 75
percent. Total GAAP operating expenses were
GAAP operating margin was 15 percent in Q4, with GAAP operating income
of
"While our results for 2015 were below our expectations coming into the
year, I am proud of our execution. Given the revenue headwinds that
developed due to currency, a weak PMI and other issues, I am proud that
we were able to essentially maintain our revenue and operating
profitability in 2015," said
Geographic revenue in
As of
The company's non-GAAP results exclude the impact of stock-based compensation, amortization of acquisition-related intangibles and acquisition transaction costs and restructuring charges. Reconciliations of the company's GAAP and non-GAAP results are included as part of this news release.
FY 2015 Highlights
-
Revenue of
$1.23 billion , down 1.5 percent year over year - Core revenue up 6 percent year-over-year
-
Fully diluted GAAP EPS of
$0.74 -
Non-GAAP fully diluted EPS of
$1.00 -
EBITDA of
$204 million , or$1.59 per share -
Dividends paid of
$98 million , or$0.76 per share
Full-year 2015 revenue was
Guidance for Q1 2016
NI currently expects Q1 revenue to be in the range of
Non-GAAP Presentation
In addition to disclosing results determined in accordance with GAAP, NI
discloses certain non-GAAP operating results and non-GAAP information
that exclude certain charges. In this news release, the company has
presented its gross profit, gross margin, operating expenses, operating
income, operating margin, income before income taxes, provision for
income taxes, net income and basic and fully diluted EPS for the three-
and twelve-month periods ending
When presenting non-GAAP information, the company includes a reconciliation of the non-GAAP results to the GAAP results. Management believes that including the non-GAAP results assists investors in assessing the company's operational performance and its performance relative to its competitors. The company presents these non-GAAP results as a complement to results provided in accordance with GAAP, and these results should not be regarded as a substitute for GAAP. Management uses these non-GAAP measures to manage and assess the profitability and performance of its business and does not consider stock-based compensation expense, amortization of acquisition-related intangibles, acquisition-related transaction costs, restructuring charges, foreign exchange loss on acquisitions and impairment of minority cost basis investments in managing its operations. Specifically, management uses non-GAAP measures to plan and forecast future periods; to establish operational goals; to compare with its business plan and individual operating budgets; to measure management performance for the purposes of executive compensation, including payments to be made under bonus plans; to assist the public in measuring the company's performance relative to the company's long-term public performance goals; to allocate resources; and, relative to the company's historical financial performance, to enable comparability between periods. Management also considers such non-GAAP results to be an important supplemental measure of its performance.
This news release discloses the company's EBITDA and EBITDA diluted EPS
for the three- and twelve-month periods ending
Conference Call Information and Availability of Presentation Materials
Interested parties can listen to the Q4 2015 earnings conference call
with NI management today,
Forward-Looking Statements
This release contains "forward-looking statements," including statements
regarding continued year over year core revenue growth; that our
platform-based approach has created a large ecosystem of customers,
partners, and technologies that are key drivers to long-term growth and
profitability; that our platform puts us at the forefront as we empower
engineers to solve their unique challenges; that we remain committed to
our goal of driving operating leverage to achieve our long-term
operating margin targets; that NI expects the impact of the
strengthening of the
The company directs readers to its Form 10-K for the year ended
About NI
Since 1976, NI (www.ni.com) has made it possible for engineers and scientists to solve the world's greatest engineering challenges with powerful, flexible technology solutions that accelerate productivity and drive rapid innovation. Customers from a wide variety of industries - from healthcare to automotive and from consumer electronics to particle physics - use NI's integrated hardware and software platform to improve the world we live in. (NATI-F)
Big Analog Data, LabVIEW,
|
||||||||||
Condensed Consolidated Balance Sheets | ||||||||||
(in thousands, unaudited) | ||||||||||
|
|
|||||||||
2015 | 2014 | |||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents |
$ |
251,129 |
$ |
274,030 |
||||||
Short-term investments | 81,789 | 197,163 | ||||||||
Accounts receivable, net | 216,244 | 202,329 | ||||||||
Inventories, net | 185,197 | 173,052 | ||||||||
Prepaid expenses and other current assets | 65,381 | 70,075 | ||||||||
Deferred income taxes, net | - | 31,171 | ||||||||
Total current assets | 799,740 | 947,820 | ||||||||
Property and equipment, net | 257,853 | 264,086 | ||||||||
|
257,718 | 144,325 | ||||||||
Intangible assets, net | 108,196 | 78,282 | ||||||||
Other long-term assets | 30,349 | 20,978 | ||||||||
Total assets |
$ |
1,453,856 |
$ |
1,455,491 |
||||||
Liabilities and Stockholders' Equity | ||||||||||
Current liabilities: | ||||||||||
Accounts payable |
$ |
50,970 |
$ |
58,603 |
||||||
Accrued compensation | 27,956 | 33,774 | ||||||||
Deferred revenue - current | 112,283 | 105,964 | ||||||||
Accrued expenses and other liabilities | 11,755 | 14,714 | ||||||||
Other taxes payable | 37,250 | 34,602 | ||||||||
Total current liabilities | 240,214 | 247,657 | ||||||||
Long-term debt | 37,000 | - | ||||||||
Deferred income taxes | 44,673 | 47,406 | ||||||||
Liability for uncertain tax positions | 11,974 | 10,127 | ||||||||
Deferred revenue - long-term | 27,708 | 26,452 | ||||||||
Other long-term liabilities | 10,565 | 6,353 | ||||||||
Total liabilities | 372,134 | 337,995 | ||||||||
Stockholders' equity: | ||||||||||
Preferred stock | - | - | ||||||||
Common stock | 1,275 | 1,278 | ||||||||
Additional paid-in capital | 717,706 | 662,889 | ||||||||
Retained earnings | 400,831 | 464,993 | ||||||||
Accumulated other comprehensive income (loss) | (38,090 | ) | (11,664 | ) | ||||||
Total stockholders' equity | 1,081,722 | 1,117,496 | ||||||||
Total liabilities and stockholders' equity |
$ |
1,453,856 |
$ |
1,455,491 |
|
||||||||||||||||||||
Condensed Consolidated Statements of Income | ||||||||||||||||||||
(in thousands, except per share data, unaudited) | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
|
|
|||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Net sales: | ||||||||||||||||||||
Product | $ | 306,350 | $ | 305,176 | $ | 1,113,590 | $ | 1,143,000 | ||||||||||||
Software maintenance | 27,989 | 27,600 | 111,866 | 100,862 | ||||||||||||||||
Total net sales | 334,339 | 332,776 | 1,225,456 | 1,243,862 | ||||||||||||||||
Cost of sales: | ||||||||||||||||||||
Product | 85,575 | 83,094 | 311,226 | 312,623 | ||||||||||||||||
Software maintenance | 1,200 | 1,066 | 5,730 | 5,509 | ||||||||||||||||
Total cost of sales | 86,775 | 84,160 | 316,956 | 318,132 | ||||||||||||||||
Gross profit | 247,564 | 248,616 | 908,500 | 925,730 | ||||||||||||||||
74.0 | % | 74.7 | % | 74.1 | % | 74.4 | % | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Sales and marketing | 116,348 | 113,819 | 452,263 | 461,845 | ||||||||||||||||
Research and development | 56,670 | 57,351 | 225,131 | 227,433 | ||||||||||||||||
General and administrative | 24,544 | 22,411 | 93,935 | 91,265 | ||||||||||||||||
Total operating expenses | 197,562 | 193,581 | 771,329 | 780,543 | ||||||||||||||||
Operating income | 50,002 | 55,035 | 137,171 | 145,187 | ||||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income | 314 | 340 | 1,403 | 1,133 | ||||||||||||||||
Net foreign exchange loss | (5,110 | ) | (1,245 | ) | (7,075 | ) | (2,250 | ) | ||||||||||||
Other (expense) income, net | (1,014 | ) | (352 | ) | (221 | ) | (69 | ) | ||||||||||||
Income before income taxes | 44,192 | 53,778 | 131,278 | 144,001 | ||||||||||||||||
Provision for income taxes | 12,058 | 10,393 | 36,016 | 17,668 | ||||||||||||||||
Net income | $ | 32,134 | $ | 43,385 | $ | 95,262 | $ | 126,333 | ||||||||||||
Basic earnings per share | $ | 0.25 | $ | 0.34 | $ | 0.74 | $ | 0.99 | ||||||||||||
Diluted earnings per share | $ | 0.25 | $ | 0.34 | $ | 0.74 | $ | 0.99 | ||||||||||||
Weighted average shares outstanding - | ||||||||||||||||||||
basic | 127,341 | 127,755 | 127,997 | 127,030 | ||||||||||||||||
diluted | 127,798 | 128,233 | 128,668 | 127,799 | ||||||||||||||||
Dividends declared per share | $ | 0.19 | $ | 0.15 | $ | 0.76 | $ | 0.60 |
|
|||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||
(in thousands, unaudited) | |||||||||
Year Ended |
|||||||||
2015 | 2014 | ||||||||
Cash flow from operating activities: | |||||||||
Net income |
$ |
95,262 |
$ |
126,333 |
|||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation and amortization | 74,090 | 70,206 | |||||||
Stock-based compensation | 24,572 | 25,759 | |||||||
Tax expense/(benefit) expense from deferred income taxes | 9,361 | 5,886 | |||||||
Tax benefit from stock option plans | (967 | ) | (1,242 | ) | |||||
Net change in operating assets and liabilities | (39,586 | ) | (31,836 | ) | |||||
Net cash provided by operating activities | 162,732 | 195,106 | |||||||
Cash flow from investing activities: | |||||||||
Capital expenditures | (33,984 | ) | (44,944 | ) | |||||
Capitalization of internally developed software | (31,356 | ) | (25,781 | ) | |||||
Additions to other intangibles | (2,811 | ) | (2,834 | ) | |||||
Acquisitions, net of cash received | (125,710 | ) | - | ||||||
Purchases of short-term investments | (29,649 | ) | (123,849 | ) | |||||
Sales and maturities of short-term investments | 145,023 | 89,835 | |||||||
Net cash used by investing activities | (78,487 | ) | (107,573 | ) | |||||
Cash flow from financing activities: | |||||||||
Proceeds from revolving line of credit | 54,000 | - | |||||||
Principal payments on revolving line of credit | (17,000 | ) | - | ||||||
Proceeds from issuance of common stock | 27,785 | 31,277 | |||||||
Repurchase of common stock | (75,255 | ) | - | ||||||
Dividends paid | (97,643 | ) | (76,285 | ) | |||||
Tax benefit from stock option plans | 967 | 1,242 | |||||||
Net cash used by financing activities | (107,146 | ) | (43,766 | ) | |||||
Net change in cash and cash equivalents | (22,901 | ) | 43,767 | ||||||
Cash and cash equivalents at beginning of period | 274,030 | 230,263 | |||||||
Cash and cash equivalents at end of period |
$ |
251,129 |
$ |
274,030 |
|||||
Detail of GAAP charges related to stock-based compensation, amortization of acquisition intangibles, acquisition related transaction costs, restructuring charges, foreign exchange loss on acquisitions and impairment of minority cost basis investments (unaudited)
Three Months Ended | Year Ended | |||||||||||||||||||
|
|
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2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Stock-based compensation | ||||||||||||||||||||
Cost of sales | $ | 509 | $ | 447 | $ | 1,936 | $ | 1,711 | ||||||||||||
Sales and marketing | 2,701 | 2,597 | 11,003 | 10,931 | ||||||||||||||||
Research and development | 2,240 | 2,428 | 9,004 | 9,649 | ||||||||||||||||
General and administrative | 888 | 810 | 3,544 | 3,467 | ||||||||||||||||
Provision for income taxes | (1,870 | ) | (1,497 | ) | (7,289 | ) | (7,414 | ) | ||||||||||||
Total | $ | 4,468 | $ | 4,785 | $ | 18,198 | $ | 18,344 | ||||||||||||
Amortization of acquisition intangibles | ||||||||||||||||||||
Cost of sales | $ | 3,080 | $ | 2,660 | $ | 10,938 | $ | 10,651 | ||||||||||||
Sales and marketing | 740 | 433 | 2,039 | 1,784 | ||||||||||||||||
Research and development | 316 | 369 | 1,299 | 1,567 | ||||||||||||||||
Other income, net | 93 | 165 | 542 | 672 | ||||||||||||||||
Provision for income taxes | (1,398 | ) | (1,199 | ) | (4,867 | ) | (4,846 | ) | ||||||||||||
Total | $ | 2,831 | $ | 2,428 | $ | 9,951 | $ | 9,828 | ||||||||||||
Acquisition transaction costs, restructuring charges, and other | ||||||||||||||||||||
Cost of sales | $ | 296 | $ | 742 | $ | 1,269 | $ | 1,289 | ||||||||||||
Sales and marketing | 123 | 37 | 123 | 189 | ||||||||||||||||
Research and development | 198 | 178 | 198 | 442 | ||||||||||||||||
General and administrative | 593 | 96 | 1,035 | 241 | ||||||||||||||||
Foreign exchange loss on acquisition | 3,111 | - | 3,111 | - | ||||||||||||||||
Impairment of minority cost basis investment | 1,000 | - | 1,000 | - | ||||||||||||||||
Provision for income taxes | (1,453 | ) | (286 | ) | (1,843 | ) | (674 | ) | ||||||||||||
$ | 3,868 | $ | 767 | $ | 4,893 | $ | 1,487 |
Reconciliation of Gross Profit to Non-GAAP Gross Profit | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
|
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2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Gross profit, as reported | $ | 247,564 | $ | 248,616 | $ | 908,500 | $ | 925,730 | ||||||||||||
Stock-based compensation | 509 | 447 | 1,936 | 1,711 | ||||||||||||||||
Amortization of acquisition intangibles | 3,080 | 2,660 | 10,938 | 10,651 | ||||||||||||||||
Acquisition transaction costs, restructuring charges and other | 296 | 742 | 1,269 | 1,289 | ||||||||||||||||
Non-GAAP gross profit | $ | 251,449 | $ | 252,465 | $ | 922,643 | $ | 939,381 | ||||||||||||
Non-GAAP gross margin | 75.2 | % | 75.9 | % | 75.3 | % | 75.5 | % | ||||||||||||
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
|
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2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Operating expenses, as reported | $ | 197,562 | $ | 193,581 | $ | 771,329 | $ | 780,543 | ||||||||||||
Stock-based compensation | (5,829 | ) | (5,835 | ) | (23,551 | ) | (24,047 | ) | ||||||||||||
Amortization of acquisition intangibles | (1,056 | ) | (802 | ) | (3,338 | ) | (3,351 | ) | ||||||||||||
Acquisition transaction costs, restructuring charges and other | (914 | ) | (311 | ) | (1,356 | ) | (872 | ) | ||||||||||||
Non-GAAP operating expenses | $ | 189,763 | $ | 186,633 | $ | 743,084 | $ | 752,273 | ||||||||||||
Reconciliation of Operating Income to Non-GAAP Operating Income | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
|
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2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Operating income, as reported | $ | 50,002 | $ | 55,035 | $ | 137,171 | $ | 145,187 | ||||||||||||
Stock-based compensation | 6,338 | 6,282 | 25,487 | 25,758 | ||||||||||||||||
Amortization of acquisition intangibles | 4,136 | 3,462 | 14,276 | 14,002 | ||||||||||||||||
Acquisition transaction costs, restructuring charges and other | 1,210 | 1,053 | 2,625 | 2,161 | ||||||||||||||||
Non-GAAP operating income | $ | 61,686 | $ | 65,832 | $ | 179,559 | $ | 187,108 | ||||||||||||
Non-GAAP operating margin | 18.5 | % | 19.8 | % | 14.7 | % | 15.0 | % | ||||||||||||
Reconciliation of Income before income taxes to Non-GAAP Income before income taxes |
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Three Months Ended |
Year Ended | |||||||||||||||||||
|
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2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Income before income taxes, as reported | $ | 44,192 | $ | 53,778 | $ | 131,278 | $ | 144,001 | ||||||||||||
Stock-based compensation | 6,338 | 6,282 | 25,487 | 25,758 | ||||||||||||||||
Amortization of acquisition intangibles | 4,229 | 3,627 | 14,818 | 14,674 | ||||||||||||||||
Acquisition transaction costs, restructuring charges and other | 5,321 | 1,053 | 6,736 | 2,161 | ||||||||||||||||
Non-GAAP income before income taxes | $ | 60,080 | $ | 64,740 | $ | 178,319 | $ | 186,594 | ||||||||||||
Reconciliation of Provision for income taxes to Non-GAAP Provision for income taxes | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
|
|
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2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Provision for income taxes, as reported | $ | 12,058 | $ | 10,393 | $ | 36,016 | $ | 17,668 | ||||||||||||
Stock-based compensation | 1,870 | 1,497 | 7,289 | 7,414 | ||||||||||||||||
Amortization of acquisition intangibles | 1,398 | 1,199 | 4,867 | 4,846 | ||||||||||||||||
Acquisition transaction costs, restructuring charges and other | 1,453 | 286 | 1,843 | 674 | ||||||||||||||||
Non-GAAP provision for income taxes | $ | 16,779 | $ | 13,375 | $ | 50,015 | $ | 30,602 |
Reconciliation of GAAP Net Income, Basic EPS and Diluted EPS to Non-GAAP Net Income, Non-GAAP Basic EPS and Non-GAAP Diluted EPS (unaudited) | ||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||
|
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2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income, as reported | $ | 32,134 | $ | 43,385 | $ | 95,262 | $ | 126,333 | ||||||||
Adjustments to reconcile net income to non-GAAP net income: | ||||||||||||||||
Stock-based compensation, net of tax effect | 4,468 | 4,785 | 18,198 | 18,344 | ||||||||||||
Amortization of acquisition intangibles, net of tax effect | 2,831 | 2,428 | 9,951 | 9,828 | ||||||||||||
Acquisition transaction costs, restructuring charges and other, net of tax effect | 3,868 | 767 | 4,893 | 1,487 | ||||||||||||
Non-GAAP net income | $ | 43,301 | $ | 51,365 | $ | 128,304 | $ | 155,992 | ||||||||
Basic EPS, as reported | $ | 0.25 | $ | 0.34 | $ | 0.74 | $ | 0.99 | ||||||||
Adjustment to reconcile basic EPS to non-GAAP basis EPS: | ||||||||||||||||
Impact of stock-based compensation, net of tax effect | 0.04 | 0.04 | 0.14 | 0.14 | ||||||||||||
Impact of amortization of acquisition intangibles, net of tax effect | 0.02 | 0.02 | 0.08 | 0.08 | ||||||||||||
Impact of acquisition transaction costs, restructuring charges and other, net of tax effect | 0.03 | - | 0.04 | 0.02 | ||||||||||||
Non-GAAP basic EPS | $ | 0.34 | $ | 0.40 | $ | 1.00 | $ | 1.23 | ||||||||
Diluted EPS, as reported | $ | 0.25 | $ | 0.34 | $ | 0.74 | $ | 0.99 | ||||||||
Adjustment to reconcile diluted EPS to non-GAAP diluted EPS: | ||||||||||||||||
Impact of stock-based compensation, net of tax effect | 0.04 | 0.04 | 0.14 | 0.14 | ||||||||||||
Impact of amortization of acquisition intangibles, net of tax effect | 0.02 | 0.02 | 0.08 | 0.08 | ||||||||||||
Impact of acquisition transaction costs, restructuring charges and other, net of tax effect | 0.03 | - | 0.04 | 0.01 | ||||||||||||
Non-GAAP diluted EPS | $ | 0.34 | $ | 0.40 | $ | 1.00 | $ | 1.22 | ||||||||
Weighted average shares outstanding - | ||||||||||||||||
Basic | 127,341 | 127,755 | 127,997 | 127,030 | ||||||||||||
Diluted | 127,798 | 128,233 | 128,668 | 127,799 |
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Reconciliation of Net Income and Diluted EPS to EBITDA and EBITDA Diluted EPS | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
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2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Net income, as reported | $ | 32,134 | $ | 43,385 | $ | 95,262 | $ | 126,333 | ||||||||||||
Adjustments to reconcile net income to EBITDA: | ||||||||||||||||||||
Interest income, net of interest expense | (167 | ) | (306 | ) | (1,099 | ) | (991 | ) | ||||||||||||
Tax expense | 12,058 | 10,393 | 36,016 | 17,668 | ||||||||||||||||
Depreciation and amortization | 18,933 | 19,195 | 74,090 | 70,206 | ||||||||||||||||
EBITDA | $ | 62,958 | $ | 72,667 | $ | 204,269 | $ | 213,216 | ||||||||||||
Diluted EPS, as reported | $ | 0.25 | $ | 0.34 | $ | 0.74 | $ | 0.99 | ||||||||||||
Adjustment to reconcile diluted EPS to EBITDA | ||||||||||||||||||||
Interest income, net of interest expense | - | - | (0.01 | ) | (0.01 | ) | ||||||||||||||
Taxes | 0.09 | 0.08 | 0.28 | 0.14 | ||||||||||||||||
Depreciation and amortization | 0.15 | 0.15 | 0.58 | 0.55 | ||||||||||||||||
EBITDA diluted EPS | $ | 0.49 | $ | 0.57 | $ | 1.59 | $ | 1.67 | ||||||||||||
Weighted average shares outstanding - Diluted | 127,798 | 128,233 | 128,668 | 127,799 |
Reconciliation of GAAP to Non-GAAP EPS Guidance | ||||||||
(unaudited) | ||||||||
Three Months Ended | ||||||||
|
||||||||
Low | High | |||||||
GAAP Fully Diluted EPS, guidance | $ | 0.09 | $ | 0.21 | ||||
Adjustment to reconcile diluted EPS to non-GAAP diluted EPS: | ||||||||
Impact of stock-based compensation, net of tax effect | 0.04 | 0.04 | ||||||
Impact of amortization of acquisition intangibles, net of tax effect | 0.03 | 0.03 | ||||||
Impact of acquisition restructuring costs, net of tax effect | 0.01 | 0.01 | ||||||
Non-GAAP diluted EPS, guidance | $ | 0.17 | $ | 0.29 |
|
|||||
Reconciliation of GAAP Revenue to Core Revenue | |||||
(unaudited) | |||||
Three Months Ended | |||||
|
|||||
2015 | |||||
YoY GAAP revenue growth, as reported | $ | 0.5 | % | ||
Effect of excluding our current largest customer | -0.7 | % | |||
YoY GAAP revenue growth, excluding our largest customer | -0.2 | % | |||
Effect of excluding the impact of foreign currency exchange | 4.5 | % | |||
YoY Core revenue growth | $ | 4.3 | % | ||
|
|||||
Reconciliation of GAAP Revenue to Core Revenue | |||||
(unaudited) | |||||
Year Ended | |||||
|
|||||
2015 | |||||
YoY GAAP revenue growth, as reported | $ | -1.5 | % | ||
Effect of excluding our current largest customer | 1.8 | % | |||
YoY GAAP revenue growth, excluding our largest customer |
.3 |
% | |||
Effect of excluding the impact of foreign currency exchange | 5.8 | % | |||
YoY Core revenue growth | $ | 6.1 | % | ||
|
|||||
|
|||||
Reconciliation of GAAP Revenue to Core Revenue Guidance | |||||
(unaudited) | |||||
Three Months Ended | |||||
|
|||||
2016 | |||||
Estimated YoY GAAP revenue growth, as reported | $ | 5.3 | % | ||
Estimated effect of excluding our current largest customer | -0.3 | % | |||
Estimated YoY GAAP revenue growth, excluding our largest customer | 5.0 | % | |||
Estimated effect of excluding the impact of foreign currency exchange | 4.0 | % | |||
Estimated YoY Core revenue growth | $ | 9.0 | % |
View source version on businesswire.com: http://www.businesswire.com/news/home/20160128006455/en/
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