Intermolecularが2018年第1四半期の決算を発表 （後半）
AsiaNet 73449
Intermolecular, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts, Unaudited)
Three Months Ended March 31,
2018 2017
Revenue:
Program revenue $ 9,256 $ 6,812
Licensing and royalty revenue 419 3,133
Total revenue 9,675 9,945
Cost of revenue:
Cost of program revenue 3,375 2,697
Cost of licensing and royalty revenue 1 290
Total cost of revenue 3,376 2,987
Gross profit 6,299 6,958
Operating expenses:
Research and development 4,032 7,108
Sales and marketing 796 1,481
General and administrative 2,286 3,008
Restructuring charges -- 1,348
Total operating expenses 7,114 12,945
Loss from operations (815) (5,987)
Other income (expense):
Interest income (expense), net 106 55
Other income (expense), net 87 97
Total other income (expense), net 193 152
Loss before provision for income taxes (622) (5,835)
Provision for income taxes 1 1
Net loss $ (623) $ (5,836)
Net loss per share, basic and diluted $ (0.01) $ (0.12)
Weighted-average number of shares used
in computing net loss per share,
basic and diluted 49,581,927 49,519,251
Intermolecular, Inc.
Condensed Consolidated Balance Sheets
(In thousands, Unaudited)
As of As of
March 31, 2018 December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents $ 4,421 $ 6,090
Short-term investments 22,822 18,060
Total cash, cash equivalents
and short-term investments 27,243 24,150
Accounts receivable 4,199 5,519
Prepaid expenses and other
current assets 959 1,069
Total current assets 32,401 30,738
Long-term investments -- 1,657
Materials inventory 2,814 2,781
Property and equipment, net 4,940 5,913
Intangible assets, net 2,485 2,620
Other assets 589 600
Total assets $ 43,229 $ 44,309
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 399 $ 928
Accrued liabilities 958 865
Accrued compensation and employee
benefits 1,781 2,535
Deferred revenue 997 941
Total current liabilities 4,135 5,269
Other long-term liabilities 2,906 2,967
Total liabilities 7,041 8,236
Stockholders' equity:
Common stock 50 50
Additional paid-in capital 215,082 214,796
Accumulated other comprehensive loss (59) (35)
Accumulated deficit (178,885) (178,738)
Total stockholders' equity 36,188 36,073
Total liabilities and stockholders' equity $ 43,229 $ 44,309
Intermolecular, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands, Unaudited)
Three Months Ended March 31,
2018 2017
Cash flows from operating activities:
Net loss $ (623) $ (5,836)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Depreciation, amortization and
accretion 1,423 1,977
Stock-based compensation 270 656
(Gain) loss on disposal of property
and equipment -- (4)
Changes in operating assets and
liabilities:
Accounts receivable 1,796 1,248
Prepaid expenses and other assets 121 476
Materials inventory (69) 78
Accounts payable (554) 381
Accrued and other liabilities (730) 1,394
Deferred revenue 56 183
Net cash provided by operating
activities 1,690 553
Cash flows from investing activities:
Purchase of investments (6,252) (2,827)
Redemption of investments 3,070 4,408
Purchase of property and equipment (194) (264)
Proceeds from sale of equipment -- 7
Net cash (used in) provided by
investing activities (3,376) 1,324
Cash flows from financing activities:
Payment of capital leases -- (5)
Proceeds from exercise of common
stock options 17 --
Net cash (used in) provided by
financing activities 17 (5)
Net increase (decrease) in cash and
cash equivalents (1,669) 1,872
Cash and cash equivalents at beginning
of period 6,090 5,759
Cash and cash equivalents at end of
period $ 4,421 $ 7,631
Intermolecular, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share amounts and percentages, Unaudited)
Three Months Ended March 31,
2018 2017
GAAP cost of net revenue $ 3,376 $ 2,987
Stock-based compensation expense (a) (53) (65)
Non-GAAP cost of net revenue $ 3,323 $ 2,922
GAAP gross profit $ 6,299 $ 6,958
Stock-based compensation expense (a) 53 65
Non-GAAP gross profit $ 6,352 $ 7,023
As a percentage of net revenue:
GAAP gross margin 65.1% 70.0%
Non-GAAP gross margin 65.7% 70.6%
GAAP operating loss $ (815) $ (5,987)
Stock-based compensation expense (a):
- Cost of net revenue 53 65
- Research and development 55 182
- Sales and marketing 30 59
- General and administrative 132 350
Non-GAAP operating loss $ (545) $ (5,331)
GAAP net loss $ (623) $ (5,836)
Stock-based compensation expense (a) 270 656
Non-GAAP net loss $ (353) $ (5,180)
GAAP net loss $ (623) $ (5,836)
Interest income (expense), net 106 55
Provision for taxes 1 1
Depreciation, amortization, impairments
and accretion 1,423 1,977
Restructuring charges (b) -- 1,348
Stock-based compensation expense (a) 270 656
Adjusted EBITDA $ 965 $ (1,909)
Shares used in computing GAAP basic and
diluted earnings per share 49,582 49,519
GAAP earnings per share:
Basic and diluted net loss per share $ (0.01) $
(0.12)Shares used in computing Non-GAAP basic
and diluted earnings per share 49,582 49,519
Non-GAAP earnings per share:
Basic and diluted net loss per share $ (0.01) $ (0.10)
(a) Stock-based compensation reflects expense recorded relating to stock-
based awards. The Company excludes this item when it evaluates the
continuing operational performance of the Company, as management
believes this provides it a meaningful understanding of its core
operating performance.
(b) Restructuring charges incurred in connection with a reduction in
headcount primarily comprised of employee severance and benefit costs.
Intermolecular, Inc.
Second Quarter 2018 Outlook
Reconciliation of GAAP Net Income/Loss to Non-GAAP Net Income
(In thousands, except per share amounts, Unaudited)
GAAP net income/loss range $(300) - $300
Stock-based compensation $300 - $300
Non-GAAP net income range $0 - $600
GAAP and Non-GAAP diluted shares 49,600
GAAP net income/loss per share range $(0.01) - $0.01
Non-GAAP net income per share range $0.00 - $0.01
▽企業問い合わせ先
Bill Roeschlein
Intermolecular, Inc.
Chief Financial Officer
bill.roeschlein@intermolecular.com
+1 (408) 582-5415
▽投資家問い合わせ先
Matt Glover or NajimMostamand, CFA
Liolios Group, Inc.
IMI@liolios.com
+1 (949) 574-3860
AsiaNet 73449
Intermolecular, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts, Unaudited)
Three Months Ended March 31,
2018 2017
Revenue:
Program revenue $ 9,256 $ 6,812
Licensing and royalty revenue 419 3,133
Total revenue 9,675 9,945
Cost of revenue:
Cost of program revenue 3,375 2,697
Cost of licensing and royalty revenue 1 290
Total cost of revenue 3,376 2,987
Gross profit 6,299 6,958
Operating expenses:
Research and development 4,032 7,108
Sales and marketing 796 1,481
General and administrative 2,286 3,008
Restructuring charges -- 1,348
Total operating expenses 7,114 12,945
Loss from operations (815) (5,987)
Other income (expense):
Interest income (expense), net 106 55
Other income (expense), net 87 97
Total other income (expense), net 193 152
Loss before provision for income taxes (622) (5,835)
Provision for income taxes 1 1
Net loss $ (623) $ (5,836)
Net loss per share, basic and diluted $ (0.01) $ (0.12)
Weighted-average number of shares used
in computing net loss per share,
basic and diluted 49,581,927 49,519,251
Intermolecular, Inc.
Condensed Consolidated Balance Sheets
(In thousands, Unaudited)
As of As of
March 31, 2018 December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents $ 4,421 $ 6,090
Short-term investments 22,822 18,060
Total cash, cash equivalents
and short-term investments 27,243 24,150
Accounts receivable 4,199 5,519
Prepaid expenses and other
current assets 959 1,069
Total current assets 32,401 30,738
Long-term investments -- 1,657
Materials inventory 2,814 2,781
Property and equipment, net 4,940 5,913
Intangible assets, net 2,485 2,620
Other assets 589 600
Total assets $ 43,229 $ 44,309
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 399 $ 928
Accrued liabilities 958 865
Accrued compensation and employee
benefits 1,781 2,535
Deferred revenue 997 941
Total current liabilities 4,135 5,269
Other long-term liabilities 2,906 2,967
Total liabilities 7,041 8,236
Stockholders' equity:
Common stock 50 50
Additional paid-in capital 215,082 214,796
Accumulated other comprehensive loss (59) (35)
Accumulated deficit (178,885) (178,738)
Total stockholders' equity 36,188 36,073
Total liabilities and stockholders' equity $ 43,229 $ 44,309
Intermolecular, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands, Unaudited)
Three Months Ended March 31,
2018 2017
Cash flows from operating activities:
Net loss $ (623) $ (5,836)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Depreciation, amortization and
accretion 1,423 1,977
Stock-based compensation 270 656
(Gain) loss on disposal of property
and equipment -- (4)
Changes in operating assets and
liabilities:
Accounts receivable 1,796 1,248
Prepaid expenses and other assets 121 476
Materials inventory (69) 78
Accounts payable (554) 381
Accrued and other liabilities (730) 1,394
Deferred revenue 56 183
Net cash provided by operating
activities 1,690 553
Cash flows from investing activities:
Purchase of investments (6,252) (2,827)
Redemption of investments 3,070 4,408
Purchase of property and equipment (194) (264)
Proceeds from sale of equipment -- 7
Net cash (used in) provided by
investing activities (3,376) 1,324
Cash flows from financing activities:
Payment of capital leases -- (5)
Proceeds from exercise of common
stock options 17 --
Net cash (used in) provided by
financing activities 17 (5)
Net increase (decrease) in cash and
cash equivalents (1,669) 1,872
Cash and cash equivalents at beginning
of period 6,090 5,759
Cash and cash equivalents at end of
period $ 4,421 $ 7,631
Intermolecular, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share amounts and percentages, Unaudited)
Three Months Ended March 31,
2018 2017
GAAP cost of net revenue $ 3,376 $ 2,987
Stock-based compensation expense (a) (53) (65)
Non-GAAP cost of net revenue $ 3,323 $ 2,922
GAAP gross profit $ 6,299 $ 6,958
Stock-based compensation expense (a) 53 65
Non-GAAP gross profit $ 6,352 $ 7,023
As a percentage of net revenue:
GAAP gross margin 65.1% 70.0%
Non-GAAP gross margin 65.7% 70.6%
GAAP operating loss $ (815) $ (5,987)
Stock-based compensation expense (a):
- Cost of net revenue 53 65
- Research and development 55 182
- Sales and marketing 30 59
- General and administrative 132 350
Non-GAAP operating loss $ (545) $ (5,331)
GAAP net loss $ (623) $ (5,836)
Stock-based compensation expense (a) 270 656
Non-GAAP net loss $ (353) $ (5,180)
GAAP net loss $ (623) $ (5,836)
Interest income (expense), net 106 55
Provision for taxes 1 1
Depreciation, amortization, impairments
and accretion 1,423 1,977
Restructuring charges (b) -- 1,348
Stock-based compensation expense (a) 270 656
Adjusted EBITDA $ 965 $ (1,909)
Shares used in computing GAAP basic and
diluted earnings per share 49,582 49,519
GAAP earnings per share:
Basic and diluted net loss per share $ (0.01) $
(0.12)Shares used in computing Non-GAAP basic
and diluted earnings per share 49,582 49,519
Non-GAAP earnings per share:
Basic and diluted net loss per share $ (0.01) $ (0.10)
(a) Stock-based compensation reflects expense recorded relating to stock-
based awards. The Company excludes this item when it evaluates the
continuing operational performance of the Company, as management
believes this provides it a meaningful understanding of its core
operating performance.
(b) Restructuring charges incurred in connection with a reduction in
headcount primarily comprised of employee severance and benefit costs.
Intermolecular, Inc.
Second Quarter 2018 Outlook
Reconciliation of GAAP Net Income/Loss to Non-GAAP Net Income
(In thousands, except per share amounts, Unaudited)
GAAP net income/loss range $(300) - $300
Stock-based compensation $300 - $300
Non-GAAP net income range $0 - $600
GAAP and Non-GAAP diluted shares 49,600
GAAP net income/loss per share range $(0.01) - $0.01
Non-GAAP net income per share range $0.00 - $0.01
▽企業問い合わせ先
Bill Roeschlein
Intermolecular, Inc.
Chief Financial Officer
bill.roeschlein@intermolecular.com
+1 (408) 582-5415
▽投資家問い合わせ先
Matt Glover or NajimMostamand, CFA
Liolios Group, Inc.
IMI@liolios.com
+1 (949) 574-3860
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