RF Micro Devices® Delivers 29% Sequential Growth In December Quarterly Revenue

 

RF MICRO DEVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except percentages)
(Unaudited)





Three Months Ended



December 29,
2012



September 29,
2012



December 31,
2011


GAAP gross margin

$

86,810


32.0

%


$

66,535


31.7

%


$

63,561


28.2

%

Adjustment for intangible amortization

5,147


1.9

%


3,682


1.8

%


3,515


1.6

%

Adjustment for share-based compensation

1,578


0.6

%


1,201


0.6

%


993


0.4

%

Acquisition inventory step-up and revaluation

2,558


1.0

%







Inventory revaluation resulting from transfer of MBE operations




2,436


1.1

%




Other expenses

107









Non-GAAP gross margin

$

96,200


35.5

%


$

73,854


35.2

%


$

68,069


30.2

%




Three Months Ended

Non-GAAP Operating Income

December 29, 2012

(as a percentage of sales)




GAAP operating income

2.1

%

Share-based compensation expense

3.3


Amortization of intangible assets

2.4


Acquired inventory step-up and revaluation

1.0


Acquisition-related costs and restructuring expenses

0.7


IPR litigation costs

0.4


Other expenses (restructuring, (gain) loss on PP&E, start-up costs and other expenses)


Non-GAAP operating income

9.9

%


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