Delaware | 000-22660 | 95-3654013 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Exhibit No. | Description | |
99.1 | Press Release of TriQuint Semiconductor, Inc. dated July 23, 2014 |
TRIQUINT SEMICONDUCTOR, INC. | ||
By: | /s/ Steve Buhaly | |
Steve Buhaly | ||
Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release of TriQuint Semiconductor, Inc. dated July 23, 2014 |
• | Revenue grew 30% sequentially to $230.8 million |
• | GAAP gross margin was 40.2% and net income was $0.03 per share |
• | Non-GAAP gross margin was up 640 basis points sequentially to 41.7% |
• | Non-GAAP net income was well above guidance at $0.13 per share |
• | Sold premium filters to over 50 unique customers with discrete filter revenue on track to more than double in 2014 |
• | 5 GHz WLAN front-end modules winning chipset reference design |
• | Completed GaN performance, cost and capacity goals as part of the Defense Production Act Title III program |
• | Expected merger with RFMD on track for second half of 2014 |
GAAP RESULTS | ||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
Q2 2014 | Q1 2014 | Change vs. Q1 2014 | Q2 2013 | Change vs. Q2 2013 | Q2 2014 | Q2 2013 | Change vs. Q2 2013 | |||||||||||||||||||||
Revenue | $ | 230.8 | $ | 177.6 | 30 | % | $ | 190.1 | 21 | % | $ | 408.4 | $ | 374.3 | 9 | % | ||||||||||||
Gross Profit | $ | 92.7 | $ | 59.1 | 57 | % | $ | 56.7 | 63 | % | $ | 151.8 | $ | 95.5 | 59 | % | ||||||||||||
Gross Margin % | 40.2 | % | 33.2 | % | 7.0 | % | 29.8 | % | 10.4 | % | 37.2 | % | 25.5 | % | 11.7 | % | ||||||||||||
Op Income (Loss) | $ | 7.4 | $ | (20.0 | ) | 137 | % | $ | (16.4 | ) | 145 | % | $ | (12.6 | ) | $ | (50.9 | ) | 75 | % | ||||||||
Net Income (Loss) | $ | 5.2 | $ | (19.1 | ) | 127 | % | $ | (14.9 | ) | 135 | % | $ | (13.9 | ) | $ | (42.8 | ) | 68 | % | ||||||||
Inc (Loss) per share | $ | 0.03 | $ | (0.12 | ) | $ | 0.15 | $ | (0.09 | ) | $ | 0.12 | $ | (0.08 | ) | $ | (0.27 | ) | $ | 0.19 | ||||||||
NON-GAAP RESULTS A | ||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
Q2 2014 | Q1 2014 | Change vs. Q1 2014 | Q2 2013 | Change vs. Q2 2013 | Q2 2014 | Q2 2013 | Change vs. Q2 2013 | |||||||||||||||||||||
Revenue | $ | 230.8 | $ | 177.6 | 30 | % | $ | 190.1 | 21 | % | $ | 408.4 | $ | 374.3 | 9 | % | ||||||||||||
Gross Profit | $ | 96.2 | $ | 62.6 | 54 | % | $ | 59.5 | 62 | % | $ | 158.8 | $ | 101.5 | 56 | % | ||||||||||||
Gross Margin % | 41.7 | % | 35.3 | % | 6.4 | % | 31.3 | % | 10.4 | % | 38.9 | % | 27.1 | % | 11.8 | % | ||||||||||||
Op Income (Loss) | $ | 24.3 | $ | (8.3 | ) | 393 | % | $ | (10.1 | ) | 341 | % | $ | 15.9 | $ | (36.1 | ) | 144 | % | |||||||||
Net Income (Loss) | $ | 23.6 | $ | (9.4 | ) | 351 | % | $ | (10.9 | ) | 317 | % | $ | 14.2 | $ | (38.2 | ) | 137 | % | |||||||||
Inc (Loss) per share | $ | 0.13 | $ | (0.06 | ) | $ | 0.19 | $ | (0.07 | ) | $ | 0.20 | $ | 0.08 | $ | (0.24 | ) | $ | 0.32 | |||||||||
A | Excludes stock based compensation charges, non-cash tax benefit, certain entries associated with mergers and acquisitions and other specifically identified non-routine transactions. | |||||||||||||||||||||||||||
Steve Buhaly VP of Finance & Administration, CFO TriQuint Semiconductor, Inc Tel: +1.503.615.9401 E-mail: steve.buhaly@triquint.com | Grant Brown Director, Investor Relations TriQuint Semiconductor, Inc Tel: +1.503.615.9413 E-mail: grant.brown@triquint.com | Media Contact: Brandi Frye Sr. Director, Corporate Communications TriQuint Semiconductor, Inc. Tel: +1.503.615.9488 E-mail: brandi.frye@triquint.com |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | |||||||||||
June 28, 2014 | December 31, 2013 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 214,498 | $ | 79,026 | |||||||
Investments in marketable securities | 8,979 | — | |||||||||
Accounts receivable, net | 141,719 | 177,114 | |||||||||
Inventories | 157,400 | 159,488 | |||||||||
Prepaid expenses | 10,429 | 13,617 | |||||||||
Deferred tax assets, net | 15,982 | 12,787 | |||||||||
Other current assets | 37,341 | 39,960 | |||||||||
Total current assets | 586,348 | 481,992 | |||||||||
Property, plant and equipment, net | 415,109 | 420,363 | |||||||||
Goodwill | 13,519 | 13,519 | |||||||||
Intangible assets, net | 20,680 | 23,510 | |||||||||
Deferred tax assets – noncurrent, net | 61,679 | 61,554 | |||||||||
Other noncurrent assets, net | 34,073 | 32,319 | |||||||||
Total assets | $ | 1,131,408 | $ | 1,033,257 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 65,779 | $ | 52,472 | |||||||
Accrued payroll | 41,587 | 39,743 | |||||||||
Other accrued liabilities | 12,101 | 15,893 | |||||||||
Total current liabilities | 119,467 | 108,108 | |||||||||
Long-term liabilities: | |||||||||||
Long-term income tax liability | 3,996 | 2,062 | |||||||||
Cross-licensing liability | 11,604 | 11,752 | |||||||||
Other long-term liabilities | 16,402 | 16,782 | |||||||||
Total liabilities | 151,469 | 138,704 | |||||||||
Stockholders' equity: | |||||||||||
Common stock | 174 | 162 | |||||||||
Additional paid-in capital | 799,138 | 699,903 | |||||||||
Accumulated other comprehensive income | 93 | 95 | |||||||||
Retained earnings | 180,534 | 194,393 | |||||||||
Total stockholders' equity | 979,939 | 894,553 | |||||||||
Total liabilities and stockholders' equity | $ | 1,131,408 | $ | 1,033,257 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||
June 28, 2014 | March 29, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | ||||||||||||||||||
Revenues | $ | 230,771 | $ | 177,606 | $ | 190,103 | $ | 408,377 | 374,312 | |||||||||||||
Cost of goods sold | 138,057 | 118,556 | 133,384 | 256,613 | 278,821 | |||||||||||||||||
Gross profit | 92,714 | 59,050 | 56,719 | 151,764 | 95,491 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Research, development and engineering | 48,001 | 49,870 | 47,107 | 97,871 | 93,178 | |||||||||||||||||
Selling, general and administrative | 37,316 | 29,163 | 25,989 | 66,479 | 53,230 | |||||||||||||||||
Total operating expenses | 85,317 | 79,033 | 73,096 | 164,350 | 146,408 | |||||||||||||||||
Operating income (loss) | 7,397 | (19,983 | ) | (16,377 | ) | (12,586 | ) | (50,917 | ) | |||||||||||||
Other (expense) income: | ||||||||||||||||||||||
Interest income | 42 | 27 | 38 | 69 | 76 | |||||||||||||||||
Interest expense | (844 | ) | (855 | ) | (1,137 | ) | (1,699 | ) | (2,276 | ) | ||||||||||||
Other, net | (624 | ) | 45 | 336 | (579 | ) | 27 | |||||||||||||||
Other (expense) income, net | (1,426 | ) | (783 | ) | (763 | ) | (2,209 | ) | (2,173 | ) | ||||||||||||
Income (loss) before income tax | 5,971 | (20,766 | ) | (17,140 | ) | (14,795 | ) | (53,090 | ) | |||||||||||||
Income tax expense (benefit) | 761 | (1,697 | ) | (2,255 | ) | (936 | ) | (10,256 | ) | |||||||||||||
Net income (loss) | $ | 5,210 | $ | (19,069 | ) | $ | (14,885 | ) | $ | (13,859 | ) | $ | (42,834 | ) | ||||||||
Per Share Data: | ||||||||||||||||||||||
Basic per share net earnings (loss) | $ | 0.03 | $ | (0.12 | ) | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.27 | ) | ||||||||
Diluted per share net earnings (loss) | $ | 0.03 | $ | (0.12 | ) | $ | (0.09 | ) | (0.08 | ) | $ | (0.27 | ) | |||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||
Basic | 171,770 | 164,386 | 159,347 | 168,140 | 160,044 | |||||||||||||||||
Diluted | 181,319 | 164,386 | 159,347 | 168,140 | 160,044 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(% of revenue) | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, 2014 | March 29, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | |||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||
Cost of goods sold | 59.8 | % | 66.8 | % | 70.2 | % | 62.8 | % | 74.5 | % | |||||||
Gross profit | 40.2 | % | 33.2 | % | 29.8 | % | 37.2 | % | 25.5 | % | |||||||
Operating expenses: | |||||||||||||||||
Research, development and engineering | 20.8 | % | 28.1 | % | 24.8 | % | 24.0 | % | 24.9 | % | |||||||
Selling, general and administrative | 16.2 | % | 16.4 | % | 13.6 | % | 16.3 | % | 14.2 | % | |||||||
Total operating expenses | 37.0 | % | 44.5 | % | 38.4 | % | 40.3 | % | 39.1 | % | |||||||
Operating income (loss) | 3.2 | % | (11.3 | )% | (8.6 | )% | (3.1 | )% | (13.6 | )% | |||||||
Other (expense) income: | |||||||||||||||||
Interest income | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
Interest expense | (0.3 | )% | (0.4 | )% | (0.6 | )% | (0.4 | )% | (0.6 | )% | |||||||
Other, net | (0.3 | )% | 0.0 | % | 0.2 | % | (0.1 | )% | 0.0 | % | |||||||
Other (expense) income, net | (0.6 | )% | (0.4 | )% | (0.4 | )% | (0.5 | )% | (0.6 | )% | |||||||
Income (loss) before income tax | 2.6 | % | (11.7 | )% | (9.0 | )% | (3.6 | )% | (14.2 | )% | |||||||
Income tax expense (benefit) | 0.3 | % | (1.0 | )% | (1.2 | )% | (0.2 | )% | (2.8 | )% | |||||||
Net income (loss) | 2.3 | % | (10.7 | )% | (7.8 | )% | (3.4 | )% | (11.4 | )% |
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 28, 2014 | March 29, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | ||||||||||||||||||||||||||||
(% of revenues) | (% of revenues) | (% of revenues) | (% of revenues) | (% of revenues) | ||||||||||||||||||||||||||||
GAAP GROSS PROFIT | $ | 92,714 | 40.2 | % | $ | 59,050 | 33.2 | % | $ | 56,719 | 29.8 | % | $ | 151,764 | 37.2 | % | $ | 95,491 | 25.5 | % | ||||||||||||
Adjustment for stock based compensation charges | 2,218 | 1.0 | % | 1,785 | 1.0 | % | 1,570 | 0.8 | % | 4,003 | 1.0 | % | 3,606 | 1.0 | % | |||||||||||||||||
Adjustment for restructuring and impairment charges | (20 | ) | 0.0 | % | 715 | 0.4 | % | — | — | % | 695 | 0.0 | % | — | — | % | ||||||||||||||||
Adjustment for charges associated with acquisitions | 1,301 | 0.5 | % | 1,083 | 0.7 | % | 1,202 | 0.7 | % | 2,384 | 0.6 | % | 2,410 | 0.6 | % | |||||||||||||||||
NON-GAAP GROSS PROFIT | $ | 96,213 | 41.7 | % | $ | 62,633 | 35.3 | % | $ | 59,491 | 31.3 | % | 158,846 | 38.9 | % | 101,507 | 27.1 | % | ||||||||||||||
GAAP OPERATING EXPENSES | $ | 85,317 | 37.0 | % | $ | 79,033 | 44.5 | % | $ | 73,096 | 38.4 | % | $ | 164,350 | 40.3 | % | $ | 146,408 | 39.1 | % | ||||||||||||
Adjustment for stock based compensation charges | (5,287 | ) | (2.3 | )% | (4,805 | ) | (2.7 | )% | (5,623 | ) | (3.0 | )% | (10,092 | ) | (2.5 | )% | (10,610 | ) | (2.8 | )% | ||||||||||||
Adjustment for restructuring and impairment charges | 52 | 0.0 | % | (1,080 | ) | (0.6 | )% | — | — | % | (1,028 | ) | (0.3 | )% | — | — | % | |||||||||||||||
Adjustment for charges associated with acquisitions | (8,124 | ) | (3.5 | )% | (2,200 | ) | (1.2 | )% | 2,108 | 1.2 | % | (10,324 | ) | (2.4 | )% | 1,794 | 0.5 | % | ||||||||||||||
NON-GAAP OPERATING EXPENSES | $ | 71,958 | 31.2 | % | $ | 70,948 | 40.0 | % | $ | 69,581 | 36.6 | % | $ | 142,906 | 35.1 | % | $ | 137,592 | 36.8 | % | ||||||||||||
GAAP OPERATING INCOME (LOSS) | $ | 7,397 | 3.2 | % | $ | (19,983 | ) | (11.3 | )% | $ | (16,377 | ) | (8.6 | )% | $ | (12,586 | ) | (3.1 | )% | $ | (50,917 | ) | (13.6 | )% | ||||||||
Adjustment for stock based compensation charges | 7,505 | 3.3 | % | 6,590 | 3.7 | % | 7,193 | 3.8 | % | 14,095 | 3.5 | % | 14,216 | 3.8 | % | |||||||||||||||||
Adjustment for restructuring and impairment charges | (72 | ) | (0.1 | )% | 1,795 | 1.0 | % | — | — | % | 1,723 | 0.4 | % | — | — | % | ||||||||||||||||
Adjustment for charges associated with acquisitions | 9,425 | 4.1 | % | 3,283 | 1.9 | % | (906 | ) | (0.5 | )% | 12,708 | 3.1 | % | 616 | 0.2 | % | ||||||||||||||||
NON-GAAP OPERATING INCOME (LOSS) | $ | 24,255 | 10.5 | % | $ | (8,315 | ) | (4.7 | )% | $ | (10,090 | ) | (5.3 | )% | $ | 15,940 | 3.9 | % | $ | (36,085 | ) | (9.6 | )% | |||||||||
GAAP NET INCOME (LOSS) | $ | 5,210 | 2.3 | % | $ | (19,069 | ) | (10.7 | )% | $ | (14,885 | ) | (7.8 | )% | $ | (13,859 | ) | (3.4 | )% | $ | (42,834 | ) | (11.4 | )% | ||||||||
Adjustment for stock based compensation charges | 7,505 | 3.3 | % | 6,590 | 3.7 | % | 7,193 | 3.8 | % | 14,095 | 3.5 | % | 14,216 | 3.8 | % | |||||||||||||||||
Adjustment for restructuring and impairment charges | (72 | ) | 0.0 | % | 1,795 | 1.0 | % | — | — | % | 1,723 | 0.4 | % | — | — | % | ||||||||||||||||
Adjustment for impairment (recovery) of investment | 515 | 0.2 | % | — | — | % | (421 | ) | (0.2 | )% | 515 | 0.1 | % | (421 | ) | (0.1 | )% | |||||||||||||||
Adjustment for non-cash tax expense (benefit) | 803 | 0.3 | % | (2,190 | ) | (1.2 | )% | (2,413 | ) | (1.4 | )% | (1,387 | ) | (0.2 | )% | (10,725 | ) | (2.9 | )% |
Adjustment for charges associated with acquisitions | 9,643 | 4.1 | % | 3,510 | 1.9 | % | (421 | ) | (0.2 | )% | 13,153 | 3.2 | % | 1,591 | 0.4 | % | ||||||||||||||||
NON-GAAP NET INCOME (LOSS) | $ | 23,604 | 10.2 | % | $ | (9,364 | ) | (5.3 | )% | $ | (10,947 | ) | (5.8 | )% | $ | 14,240 | 3.6 | % | $ | (38,173 | ) | (10.2 | )% | |||||||||
GAAP DILUTED EARNINGS (LOSS) PER SHARE | 0.03 | $ | (0.12 | ) | $ | (0.09 | ) | $ | (0.08 | ) | (0.27 | ) | ||||||||||||||||||||
Adjustment for stock based compensation charges | 0.04 | 0.04 | 0.04 | 0.08 | 0.09 | |||||||||||||||||||||||||||
Adjustment for restructuring and impairment charges | (0.00 | ) | 0.01 | — | 0.01 | — | ||||||||||||||||||||||||||
Adjustment for impairment (recovery) of investment | 0.00 | — | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||
Adjustment for non-cash tax expense (benefit) | 0.01 | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.07 | ) | |||||||||||||||||||||||
Adjustment for charges associated with acquisitions | 0.05 | 0.02 | 0.00 | 0.08 | 0.01 | |||||||||||||||||||||||||||
NON-GAAP DILUTED EARNINGS (LOSS) PER SHARE | $ | 0.13 | $ | (0.06 | ) | $ | (0.07 | ) | $ | 0.08 | $ | (0.24 | ) | |||||||||||||||||||
Forward Looking Q3 GAAP Gross Margin | 42.0 | % | ||||
Adjustment for stock based compensation charges | 1.0 | % | ||||
Adjustment for charges associated with acquisitions | 1.0 | % | ||||
Forward Looking Q3 non-GAAP Gross Margin | 44.0 | % | ||||
Forward Looking Q3 GAAP Operating Expenses (in millions) | $ | 82.7 | ||||
Adjustment for stock based compensation charges | (5.0 | ) | ||||
Adjustment for charges associated with acquisitions | (7.7 | ) | ||||
Forward Looking Q3 non-GAAP Operating Expenses | $ | 70.0 | ||||
Forward Looking Q3 GAAP Net Earnings per Share | $ | 0.10 | ||||
Adjustment for stock based compensation charges | 0.04 | |||||
Adjustment for non-cash tax expense | 0.02 | |||||
Adjustment for charges associated with acquisitions | 0.08 | |||||
Forward Looking Q3 non-GAAP Net Earnings per Share | $ | 0.24 |
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