Peregrine Semiconductor Announces Third Quarter 2013 Financial Results

* Diluted net income per share attributable to common stockholders is computed by dividing net income attributable to common stockholders, calculated as net income less income allocable to preferred stockholders for the period prior to their conversion upon our initial public offering, by the weighted average number of common shares outstanding, including unvested shares subject to repurchase, and potential dilutive securities assuming the dilutive effect of outstanding stock options and warrants using the treasury stock method.

Peregrine Semiconductor Corporation

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 
 
September 28, December 29,
2013 2012
Assets
Current assets:
Cash and cash equivalents $ 17,206 $ 44,106
Short-term marketable securities 23,213 30,361
Accounts receivable, net 18,322 13,353
Inventories 52,311 57,017
Prepaids and other current assets 7,955   11,108  
Total current assets 119,007 155,945
Property and equipment, net 23,358 22,871
Long-term marketable securities 22,664 18,892
Other assets 211   210  
Total assets $ 165,240   $ 197,918  
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 12,465 $ 22,306
Accrued liabilities 9,151 12,672
Accrued compensation 3,664 5,726
Customer deposits 4,954 24,425
Deferred revenue 5,627 12,755
Current portion of obligations under capital leases 10   11  
Total current liabilities 35,871 77,895
Obligations under capital leases, less current portion 18 18
Other long-term liabilities 826 886
Stockholders’ equity:
Common stock 33 32
Additional paid-in capital 346,837 340,221
Accumulated deficit (218,158 ) (220,935 )
Accumulated other comprehensive loss (187 ) (199 )
Total stockholders’ equity 128,525   119,119  
Total liabilities and stockholders’ equity $ 165,240   $ 197,918  
 
Peregrine Semiconductor Corporation

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 
  Nine Months Ended
September 28,   September 29,
2013 2012
Operating activities
Net income $ 2,777 $ 1,645
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization 4,825 3,132
Stock-based compensation 4,854 3,116
Revaluation of warrants to fair value 633
Imputed interest related to deposit arrangements, net (307 ) 273
Amortization of premium and discount on investments, net 293 48
Cash received for lease incentives 135
Changes in operating assets and liabilities:
Accounts receivable (4,956 ) (8,727 )
Inventories 4,717 (26,709 )
Prepaids and other current and noncurrent assets 3,676 (6,354 )
Accounts payable and accrued liabilities (16,144 ) 21,606
Customer deposits (11,425 ) 29,791
Deferred revenue (6,787 ) 7,122  
Net cash provided by (used in) operating activities (18,342 ) 25,576
Investing activities
Purchases of property and equipment (5,304 ) (13,157 )
Purchase of marketable securities (28,552 ) (48,462 )
Sale of marketable securities 31,607    
Net cash used in investing activities (2,249 ) (61,619 )
Financing activities
Proceeds from customer deposit financing arrangement 13,000
Payments on customer deposit financing arrangement (8,046 )
Proceeds from line of credit 3,000
Payments on line of credit (10,749 )
Payments on obligations under capital leases (7 ) (661 )
Payments on notes payable (1,618 )
Proceeds from exercise of stock options 1,759 369
Proceeds from exercise of warrants 31
Proceeds from initial public offering, net of offering cost 80,278
Costs paid in connection with initial public offering   (1,707 )
Net cash provided by (used in) financing activities (6,294 ) 81,943
Effect of exchange rate changes on cash and cash equivalents (15 ) (12 )
Net change in cash and cash equivalents (26,900 ) 45,888
Cash and cash equivalents at beginning of period 44,106   12,119  
Cash and cash equivalents at end of period $ 17,206   $ 58,007  
 
Peregrine Semiconductor Corporation

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(in thousands, except per share data)

(unaudited)

 
Three Months Ended     Nine Months Ended
September 28,
2013
    September 29,
2012
  September 28,
2013
    September 29,
2012
Gross profit - GAAP $ 25,253     42.1 % $ 25,015     41.3 % $ 65,789     41.4 % $ 52,491     37.3 %
Non-cash compensation expense (1) 238   0.4   133   0.2   652   0.4   404   0.2  
Gross profit - Non-GAAP $ 25,491   42.5 % $ 25,148   41.5 % $ 66,441   41.8 % $ 52,895   37.5 %
Income from operations - GAAP $ 4,266 7.1 % $ 4,670 7.7 % $ 2,885 1.8 % $ 2,790 2.0 %
Non-cash compensation expense (1) 1,728   2.9   1,152   1.9   4,854   3.1   3,116   2.2  
Income from operations - Non-GAAP $ 5,994   10.0 % $ 5,822   9.6 % $ 7,739   4.9 % $ 5,906   4.2 %
Net income - GAAP $ 4,433 7.4 % $ 4,713 7.8 % $ 2,777 1.7 % $ 1,645 1.2 %
Non-cash compensation expense (1) 1,728     2.9   1,152     1.9   4,854     3.1   3,116   2.2  
Net income - Non-GAAP $ 6,161   10.3 % $ 5,865   9.7 % $ 7,631   4.8 % $ 4,761   3.4 %
Diluted net income per share attributable to common stockholders - GAAP $ 0.12 $ 0.10 $ 0.08 $ 0.02
Adjustment to reflect conversion of preferred stock at the beginning of period 0.04 0.03
Non-cash compensation expense 0.05   0.03   0.13   0.10  
Diluted net income per share - Non-GAAP $ 0.17   $ 0.17   $ 0.21   $ 0.15  
Net income attributable to common stockholders - GAAP $ 4,433   $ 2,434   $ 2,777   $ 283  
Net income - Non-GAAP $ 6,161   $ 5,865   $ 7,631   $ 4,761  
Shares used to compute diluted net income per share attributable to common stockholders - GAAP 35,804 24,351 35,738 12,692
Adjustment to reflect conversion of preferred stock at the beginning of period   9,347     18,039  
Shares used to compute diluted net income per share - Non-GAAP 35,804   33,698   35,738   30,731  
 
(1) Includes stock-based compensation as follows:
Three Months Ended   Nine Months Ended
September 28,
2013
  September 29,
2012
  September 28,
2013
  September 29,
2012
Cost of net revenue $ 238 $ 133 $ 652 $ 404
Research and development 537 368 1,534 935
Selling, general and administrative 953   651   2,668   1,777  
Total $ 1,728   $ 1,152   $ 4,854   $ 3,116  



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