FTC Solar, Inc. (Nasdaq: FTCI), a fast-growing global provider of
solar tracker systems, software and engineering services, today
announced financial results for the first quarter ended March 31,
2021. This is the company’s first public announcement of quarterly
financial results, as it initiated trading as a public company on
April 28, 2021, on Nasdaq.
“Our first quarter results were largely in line with our
expectations,” said Tony Etnyre, FTC Solar President and Chief
Executive Officer. “While the marketplace has seen significant
increases in steel prices and freight, their impact to our first
quarter results was manageable relative to estimates.
“We are pleased that with our IPO complete, we are well-funded
to pursue the many significant growth opportunities we see ahead,
and to continue our growth trajectory,” Etnyre continued. “The
solar industry continues to see significant growth as part of a
multi-decade, fundamental change in energy markets. At the same
time, the industry is transitioning to trackers because of the
increased energy production benefit. FTC Solar is well positioned
to benefit from these developments as we offer the global solar
market a unique and differentiated offering.
“In addition to doubling our revenue year-over-year in the first
quarter, we are seeing meaningful growth in our executed contracts
and awarded orders, as well as our overall project pipeline. Our
executed contracts and awarded orders have grown by 260% on a
year-to-date basis through June 1, with another $55 million added
since the last update at the time of the company’s IPO. Subtracting
the amount included in reported first quarter revenue, that brings
the new balance to $326 million, with $159 million remaining with
expected delivery in 2021, and $167 million currently expected to
be delivered in 2022. These metrics give us additional confidence
in the long-term growth and positioning of our business.”
Summary Financial Performance: Q1 2021 and Q1
2020 (in thousands, except per
share data and percentages)
|
GAAP |
|
Non-GAAP |
|
Q1 2021 |
|
Q1 2020 |
|
Q1 2021 |
|
Q1 2020 |
|
Revenue |
$ |
65,707 |
|
|
$ |
32,376 |
|
|
$ |
65,707 |
|
|
$ |
32,376 |
|
|
Gross margin |
|
0.00 |
% |
|
|
21.60 |
% |
|
|
0.00 |
% |
|
|
21.8 |
% |
|
Operating expense |
$ |
8,138 |
|
|
$ |
4,084 |
|
|
$ |
6,849 |
|
|
$ |
3,672 |
|
|
Operating income (loss) |
$ |
(8,019 |
) |
|
$ |
2,896 |
|
|
$ |
(6,664 |
) |
|
$ |
3,390 |
|
|
Net income (loss) |
$ |
(7,442 |
) |
|
$ |
3,420 |
|
|
$ |
(6,676 |
) |
|
$ |
3,430 |
|
|
Diluted EPS |
$ |
(0.11 |
) |
|
$ |
0.04 |
|
|
$ |
(0.10 |
) |
|
$ |
0.04 |
|
|
See reconciliations of all non-GAAP to GAAP measures presented
in this release in the tables below.
*Includes amounts included in first quarter reported revenue. We
define executed contracts and awarded orders as orders that have
been documented and signed through a contract or where we are in
the process of documenting a contract but for which a contract has
not yet been signed. See below for current balance of executed
contracts and awarded orders.
Etnyre added, “We are both pleased and proud of FTC Solar’s
growth and promising future. As we move forward, we fully intend to
build a value-creating business focused on maximizing long-term
shareholder returns.” First Quarter 2021
ResultsTotal first quarter revenue was $65.7 million,
generally in line with expectations. This represents growth of 103%
versus the first quarter of 2020, primarily driven by increased
product volumes.
GAAP Gross profit was $119 thousand, down from $7 million in
the prior year period, with such year over year decline driven
primarily by a strong ramp up in employee count and other overhead
expenses to support the company’s growth trajectory. Other
factors relevant to this decline included not having safe harbor
related sales that we had in the prior year period, additional
shipping and logistics costs that were not passed along to
customers, as well as some product enhancement related
expenses.
GAAP Operating expenses increased to $8.1 million, in line with
expectations, compared to $4.1 million in the year-ago quarter,
with such year over year decline driven primarily by necessary
growth in personnel staffing and other public-company preparations.
GAAP Net Loss was $7.4 million, or ($0.11) per share compared to
net income of $3.4 million, or $0.04 per share in the year-ago
quarter. Non-GAAP net loss, which excludes a loss from an
unconsolidated subsidiary, as well as the impact of stock-based
compensation, IPO related expenses and consulting fees and other
non-cash items, was $6.7 million, or $0.10 per share, compared to
Non-GAAP net income of $3.4 million, or $0.04 per share in the
year-ago quarter.
Initial Public OfferingSubsequent to the end of
the first quarter, FTC Solar completed its initial public offering.
Proceeds to the company, net of fees and expenses, and after the
repurchase described in our S-1, were approximately $181 million,
adding to the company’s net cash, debt-free position.
Second Quarter and Financial OutlookWe continue
to believe that the second quarter will represent the revenue
and profit low point for the year from which we’ll
grow. Steel and solar modules input costs as well
as shipping expenses have increased dramatically. Since the
company’s IPO, steel pricing has increased 19%, standard freight
indexes are up 18%, not including the premium freight surcharges
that are prevalent in the market today, and solar modules, a large
input cost to our customers, are also up 18%. These factors are
causing solar developers to take a closer look at uncontracted
projects to re-evaluate their construction timelines and project
economics.
Our revenue outlook for the second quarter of 2021 reflects the
delays we saw earlier this year by developers on uncontracted solar
projects, as well as one large customer opting for delivery in the
third quarter rather than the second. This decision to delay was to
mitigate premium logistics fees and surcharges prevalent in the
current market environment. We have seen the incurrence of these
fees and surcharges on other deliveries in the quarter and are
working with our customers to address these additional costs.
Depending on the outcome of these discussions, this could have a
negative impact on our second quarter profitability.
We have taken the following actions to address the current
market conditions:
- We are increasing pricing to customers on new contracts to
reflect the higher input costs.
- We fix our steel input prices for the entire projects prior to,
concurrently with, or as soon as possible after signing a purchase
order, and we don’t currently have any project contracts for which
the steel is not also contracted. We have recently expanded our
supply chain and have contracted for the majority of our
anticipated second-half steel needs.
- We have implemented innovative ways to reduce project logistics
costs through the use of alternative shipping methods. This is
expected to have a positive impact on gross margin beginning in the
second half of this year.
- We continue to make progress implementing our cost reduction
roadmap that is expected to yield measurable results in the second
half of this year.
- We see opportunity for revenue acceleration of our SunPath
software product as increased site production is even more
important to project economics in today’s environment. The software
can significantly increase overall project profitability and
mitigate upfront cost increases, helping us and our customers
improve margin.
Based on our current backlog and forecasts, and accounting for
direct cost uncertainty, for the second quarter we currently
expect:
- Revenue between $41.0 and $46.0 million, reflecting project
delays as customers evaluate the current market pricing
dynamics;
- Non-GAAP Operating expenses between $9.5-10.5 million, up in
the second quarter as a result of consulting fees supporting our
cost roadmap initiatives and additional R&D spend on wind
tunnel testing to expand our product offering; and
- Non-GAAP Net Loss between $17.3 and $10.4 million.
Second Half of 2021As we look to the remainder of the year, we
feel good about many factors under our control, including our
cost-reduction roadmap. While the current environment with solar
developers reviewing uncontracted projects warrants some caution in
terms of revenue timing between quarters and between 2021 and 2022,
based on what we see today, we believe:
- Third quarter revenue will grow meaningfully over the second
quarter, and we will make progress toward profitability on a
non-GAAP net income basis; and
- Fourth quarter revenue will continue to grow in a healthy
manner, with an expectation that we will achieve profitability on a
non-GAAP net income basis.
As you would expect, given our current size, the fast pace of
our growth and the large size of several projects in our pipeline,
potential revenue moving between periods can have a considerable
impact on a given period. However, we continue to expect to grow
faster than the market, remain excited about our positioning and
remain encouraged by our continued progress expanding our pipeline
and executed contracts and awarded orders.
First Quarter 2021 Earnings Conference CallFTC
Solar’s senior management will host a conference call for members
of the investment community that will be held at 8:30 a.m. E.T.
today, during which the company will discuss its first quarter
results, its outlook and other business items. This call will be
webcast and can be accessed within the Investor Relations section
of the FTC Solar corporate website at investor.ftcsolar.com. A
replay of the conference call will also be available on the website
for 30 days following the webcast.
About FTC Solar Inc.Founded in 2017 by a group
of renewable energy industry veterans, FTC Solar is a fast-growing,
global provider of solar tracker systems, technology, software, and
engineering services. Solar trackers significantly increase energy
production at solar power installations by dynamically optimizing
solar panel orientation to the sun. FTC Solar’s innovative tracker
designs provide compelling performance and reliability, with an
industry-leading installation cost-per-watt advantage.
Forward-Looking StatementsThis press release
contains forward looking statements. These statements are not
historical facts but rather are based on our current expectations
and projections regarding our business, operations and other
factors relating thereto. Words such as “may,” “will,” “could,”
“would,” “should,” “anticipate,” “predict,” “potential,”
“continue,” “expects,” “intends,” “plans,” “projects,” “believes,”
“estimates” and similar expressions are used to identify these
forward-looking statements. These statements are only predictions
and as such are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict.
You should not rely on our forward-looking statements as
predictions of future events, as actual results may differ
materially from those in the forward-looking statements because of
several factors, including those described in more detail in our
filings with the U.S. Securities and Exchange Commission, including
the section entitled “Risk Factors” contained therein. FTC Solar
undertakes no duty or obligation to update any forward-looking
statements contained in this release as a result of new
information, future events or changes in its expectations, except
as required by law.
Source: FTC Solar, Inc.Category: Financial News
FTC Solar Investor Contact:Bill
Michalek Vice President, Investor Relations FTC SolarT:
(737) 241-8618 E: IR@FTCSolar.com
FTC Solar Media Contact:Scott DeitzOn behalf of
FTC SolarT: (336) 908-7759
|
FTC Solar, Inc. |
Condensed Consolidated Statements of Comprehensive Income
(Loss) |
(in thousands, except share and per share
data) |
(unaudited) |
|
|
Three Months Ended March 31, |
|
|
2021 |
|
|
2020 |
|
Revenue: |
|
|
|
|
|
Product |
$ |
56,462 |
|
|
$ |
30,469 |
|
Service |
|
9,245 |
|
|
|
1,907 |
|
Total revenue |
|
65,707 |
|
|
|
32,376 |
|
Cost of revenue: |
|
|
|
|
|
Product |
|
54,996 |
|
|
|
23,747 |
|
Service |
|
10,592 |
|
|
|
1,649 |
|
Total cost of revenue |
|
65,588 |
|
|
|
25,396 |
|
Gross
profit |
|
119 |
|
|
|
6,980 |
|
Operating expenses |
|
|
|
|
|
Research and development |
|
1,954 |
|
|
|
1,094 |
|
Selling and marketing |
|
1,100 |
|
|
|
515 |
|
General and administrative |
|
5,084 |
|
|
|
2,475 |
|
|
|
8,138 |
|
|
|
4,084 |
|
Income (loss) from
operations |
|
(8,019 |
) |
|
|
2,896 |
|
Interest expense |
|
(14 |
) |
|
|
(112 |
) |
Gain on extinguishment of debt |
|
790 |
|
|
|
- |
|
Income (loss) before
income taxes |
|
(7,243 |
) |
|
|
2,784 |
|
Benefit from income taxes |
|
19 |
|
|
|
158 |
|
Income (loss) from unconsolidated subsidiary |
|
(218 |
) |
|
|
478 |
|
Net income
(loss) |
$ |
(7,442 |
) |
|
$ |
3,420 |
|
Other comprehensive
income (loss): |
|
|
|
|
|
Foreign currency translation adjustments |
|
(1 |
) |
|
|
8 |
|
Comprehensive income
(loss) |
$ |
(7,443 |
) |
|
$ |
3,428 |
|
Net income (loss) per
share: |
|
|
|
|
|
Basic |
$ |
(0.11 |
) |
|
$ |
0.05 |
|
Diluted |
$ |
(0.11 |
) |
|
$ |
0.04 |
|
Weighted-average
common shares outstanding: |
|
|
|
|
|
Basic |
|
66,875,469 |
|
|
|
67,334,111 |
|
Diluted |
|
66,875,469 |
|
|
|
77,105,419 |
|
|
|
|
|
|
|
|
|
|
FTC Solar, Inc. |
Condensed Consolidated Balance Sheets |
(in thousands, except share and per share
data) |
|
|
March 31,2021 |
|
|
December 31, 2020 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash |
$ |
5,340 |
|
|
$ |
32,359 |
|
Restricted cash |
|
— |
|
|
|
1,014 |
|
Accounts receivable, net |
|
43,906 |
|
|
|
23,734 |
|
Inventories |
|
4,273 |
|
|
|
1,686 |
|
Prepaid and other current assets |
|
9,747 |
|
|
|
6,924 |
|
Total current assets |
|
63,266 |
|
|
|
65,717 |
|
Investments in unconsolidated
subsidiary |
|
1,639 |
|
|
|
1,857 |
|
Other assets |
|
7,546 |
|
|
|
3,819 |
|
Total assets |
$ |
72,451 |
|
|
$ |
71,393 |
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable |
$ |
30,107 |
|
|
$ |
17,127 |
|
Line of credit |
|
— |
|
|
|
1,000 |
|
Accrued expenses and other liabilities |
|
29,750 |
|
|
|
18,495 |
|
Accrued interest – related party |
|
— |
|
|
|
207 |
|
Deferred revenue |
|
8,184 |
|
|
|
22,980 |
|
Total current liabilities |
|
68,041 |
|
|
|
59,809 |
|
Long-term debt and other borrowings |
|
— |
|
|
|
784 |
|
Other non-current liabilities |
|
3,914 |
|
|
|
3,349 |
|
Total liabilities |
|
71,955 |
|
|
|
63,942 |
|
Commitments and contingencies
(Note 8) |
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
Common stock par value of $0.0001 per share, 98,960,064
sharesauthorized; 67,329,409 and 66,155,340 shares issued and
outstanding as of March 31, 2021 and December 31, 2020 |
|
1 |
|
|
|
1 |
|
Treasury stock, at cost; 10,045,106 and 9,896,666 shares as of
March 31, 2021 and December 31, 2020 |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
50,584 |
|
|
|
50,096 |
|
Accumulated other comprehensive loss |
|
(4 |
) |
|
|
(3 |
) |
Accumulated deficit |
|
(50,085 |
) |
|
|
(42,643 |
) |
Total stockholders’
equity |
|
496 |
|
|
|
7,451 |
|
Total liabilities and
stockholders’ equity |
$ |
72,451 |
|
|
$ |
71,393 |
|
|
|
FTC Solar, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(in
thousands) |
(unaudited) |
|
|
Three Months Ended March 31, |
|
|
2021 |
|
|
2020 |
|
Cash flows from
operating activities |
|
|
|
|
|
Net income (loss) |
$ |
(7,442 |
) |
|
$ |
3,420 |
|
Adjustments to reconcile net
income (loss) to cash used in operating activities: |
|
|
|
|
|
Stock-based compensation |
|
449 |
|
|
|
458 |
|
Depreciation and amortization |
|
9 |
|
|
|
37 |
|
(Income) loss from unconsolidated subsidiary |
|
218 |
|
|
|
(478 |
) |
Gain on extinguishment of debt |
|
(790 |
) |
|
|
— |
|
Warranty provision |
|
1,554 |
|
|
|
441 |
|
Warranty asset |
|
328 |
|
|
|
(182 |
) |
Bad debt expense |
|
58 |
|
|
|
(3 |
) |
Deferred income taxes |
|
(20 |
) |
|
|
(3 |
) |
Other non-cash items |
|
— |
|
|
|
14 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
Accounts receivable, net |
|
(20,230 |
) |
|
|
3,364 |
|
Inventories |
|
(2,587 |
) |
|
|
4,128 |
|
Prepaid and other current assets |
|
(2,887 |
) |
|
|
(9,009 |
) |
Other assets |
|
(3,649 |
) |
|
|
(119 |
) |
Accounts payable |
|
12,913 |
|
|
|
(936 |
) |
Accruals and other current liabilities |
|
10,379 |
|
|
|
4,355 |
|
Accrued interest – related party debt |
|
(207 |
) |
|
|
(228 |
) |
Deferred revenue |
|
(14,797 |
) |
|
|
(11,562 |
) |
Other non-current liabilities |
|
(206 |
) |
|
|
52 |
|
Other, net |
|
(81 |
) |
|
|
(49 |
) |
Net cash used in operating activities |
|
(26,988 |
) |
|
|
(6,300 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
Purchases of property and equipment |
|
(85 |
) |
|
|
— |
|
Net cash used in investing activities: |
|
(85 |
) |
|
|
— |
|
Cash flows from
financing activities: |
|
|
|
|
|
Repayments of borrowings |
|
(1,000 |
) |
|
|
— |
|
Proceeds from stock issuance |
|
39 |
|
|
|
30,000 |
|
Net cash (used in) provided by financing activities |
|
(961 |
) |
|
|
30,000 |
|
Effect of exchange rate
changes on cash and restricted cash |
|
1 |
|
|
|
8 |
|
Net (decrease) increase in
cash and restricted cash |
|
(28,033 |
) |
|
|
23,708 |
|
Cash and restricted cash at
beginning of period |
|
33,373 |
|
|
|
8,235 |
|
Cash and restricted cash at
end of period |
$ |
5,340 |
|
|
$ |
31,943 |
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
Purchase of property and equipment included in accounts
payable |
$ |
67 |
|
|
$ |
— |
|
Non-cash gain on extinguishment of debt from PPP loan
forgiveness |
$ |
(790 |
) |
|
$ |
— |
|
Cash paid during the period for interest |
$ |
247 |
|
|
$ |
350 |
|
|
|
|
|
|
|
Reconciliation of cash
and restricted cash at period end |
March 31,2021 |
|
|
December 31, 2020 |
|
Cash |
|
5,340 |
|
|
|
32,359 |
|
Restricted cash |
|
— |
|
|
|
1,014 |
|
Total cash and restricted cash |
$ |
5,340 |
|
|
$ |
33,373 |
|
|
Because of these limitations, Non-GAAP Gross
Margin, Non-GAAP Operating Expense, Non-GAAP Net Income (Loss) and
Adjusted Non-GAAP Net Income (Loss) Per Share (Adjusted EPS) should
not be considered in isolation or as substitutes for performance
measures calculated in accordance with GAAP and you should not rely
on any single financial measure to evaluate our business. These
Non-GAAP financial measures, when presented, are reconciled to the
most closely applicable GAAP measure as disclosed below.
The following table reconciles Non-GAAP Gross Margin for the
three months ended March 31, 2021 and 2020, respectively:
|
Three Months Ended |
|
March 31, |
|
2021 |
|
|
2020 |
|
|
(in thousands) |
GAAP gross profit |
$ |
119 |
|
|
$ |
6,980 |
|
Stock-based compensation |
|
66 |
|
|
|
82 |
|
Non-GAAP gross profit |
|
185 |
|
|
|
7,062 |
|
Non-GAAP revenue |
$ |
65,707 |
|
|
$ |
32,376 |
|
Non-GAAP gross margin |
|
0.0 |
% |
|
|
21.8 |
% |
|
The following table reconciles GAAP Operating
Expense to Non-GAAP Operating Expense for the three months ended
March 31, 2021 and 2020, respectively:
|
Three Months Ended |
|
|
March 31, |
|
|
2021 |
|
|
2020 |
|
|
(in thousands) |
|
GAAP Operating expense |
$ |
8,138 |
|
|
$ |
4,084 |
|
Depreciation expense |
|
(9 |
) |
|
|
(3 |
) |
Amortization of
intangibles |
|
─ |
|
|
|
(33 |
) |
Stock-based compensation |
|
(383 |
) |
|
|
(376 |
) |
Other costs |
|
(897 |
) |
|
|
─ |
|
Non-GAAP Operating
expense |
$ |
6,849 |
|
|
$ |
3,672 |
|
|
The following table reconciles GAAP Operating
Income (Loss) to Non-GAAP Operating Income (Loss) for the three
months ended March 31, 2021 and 2020, respectively:
|
Three Months Ended |
|
|
March 31, |
|
|
2021 |
|
|
2020 |
|
|
(in thousands) |
|
GAAP Operating income (loss) |
$ |
(8,019 |
) |
|
$ |
2,896 |
|
Depreciation expense |
|
9 |
|
|
|
3 |
|
Amortization of
intangibles |
─ |
|
|
|
33 |
|
Stock-based compensation |
|
449 |
|
|
|
458 |
|
Other costs |
|
897 |
|
|
─ |
|
Non-GAAP Operating income
(loss) |
$ |
(6,664 |
) |
|
$ |
3,390 |
|
|
The following table reconciles Net Income (Loss)
to Adjusted Non-GAAP Net Income (Loss) and Adjusted EPS for the
three months ended March 31, 2021 and 2020, respectively. All
shares and per share amounts have been adjusted for a 8.25-for-1
share forward stock split which took effect on April 27, 2021:
|
Three Months Ended |
|
March 31, |
|
2021 |
|
2020 |
|
(in thousands, except per share data) |
Net income (loss) |
$ |
(7,442 |
) |
|
$ |
3,420 |
|
Amortization of
intangibles |
─ |
|
|
|
33 |
|
Stock-based compensation |
|
449 |
|
|
|
458 |
|
(Gain) on extinguishment of
debt |
|
(790 |
) |
|
─ |
|
Other costs |
|
897 |
|
|
─ |
|
(Income) loss from
unconsolidated subsidiary |
|
218 |
|
|
|
(478 |
) |
Income tax expense of
adjustments(a) |
|
(8 |
) |
|
|
(3 |
) |
Adjusted Non-GAAP net income
(loss) |
$ |
(6,676 |
) |
|
$ |
3,430 |
|
|
|
|
|
|
|
Adjusted Non-GAAP net
income (loss) per share(Adjusted
EPS) |
|
|
|
|
|
Basic |
$ |
(0.10 |
) |
|
$ |
0.05 |
|
Diluted |
$ |
(0.10 |
) |
|
$ |
0.04 |
|
|
|
|
|
|
|
Weighted-average
Non-GAAP common shares outstanding: |
|
|
|
|
|
Basic |
|
66,875,469 |
|
|
|
67,334,111 |
|
Diluted |
|
66,875,469 |
|
|
|
77,105,419 |
|
(a) Represents incremental tax expense of
adjustments made to reconcile Net Income (Loss) to Adjusted
Non-GAAP Net Income (Loss) driven from (Income) loss from
unconsolidated subsidiary.
Notes to Reconciliations of Non-GAAP Financial Measures
to Nearest Comparable GAAP Measures
We present Non-GAAP Gross Margin, Non-GAAP
Operating Expense, Non-GAAP Operating Income (Loss), Adjusted Net
Income (Loss) and Adjusted Non-GAAP Net Income (Loss) Per Share
(Adjusted EPS) as supplemental measures of our performance. To
calculate Non-GAAP Gross Margin and Non-GAAP Gross Profit, (i) we
adjust GAAP Gross Margin and GAAP Gross Profit for stock-based
compensation amortization in cost of revenue. Non-GAAP Operating
Expense is calculated by taking GAAP Operating Expenses and
adjusting for (i) depreciation expense, (ii) amortization expense,
(iii) stock-based compensation and (iv) other cost. In the case of
Non-GAAP Operating Income (Loss), we adjust GAAP Operating Income
(Loss) for (i) depreciation expense, (ii) amortization expense,
(iii) stock-based compensation and (iv) other cost. We define
Adjusted Net Income (Loss) as Net Income (Loss) plus (i)
amortization of intangibles, (ii) stock-based compensation, (iii)
loss (income) from unconsolidated subsidiary, (iv) (gain) on
extinguishment of debt, (v) other costs and (vi) income tax benefit
of adjustments. Adjusted EPS is defined as Adjusted Non-GAAP Net
Income (Loss) Per Share basis using the weighted average basic and
diluted shares outstanding.
Non-GAAP Gross Margin, Non-GAAP Operating
Expense, Non-GAAP Operating Income (Loss), Adjusted Net Income
(Loss) and Adjusted EPS are intended as supplemental measures of
performance that are neither required by, nor presented in
accordance with, U.S. generally accepted accounting principles
(“GAAP”). We present Non-GAAP Gross Margin, Non-GAAP Operating
Expense, Non-GAAP Operating Income (Loss), Adjusted Net Loss and
Adjusted EPS because we believe they assist investors and analysts
in comparing our performance across reporting periods on an ongoing
basis by excluding items that we do not believe are indicative of
our core operating performance. In addition, we use Non-GAAP Gross
Margin, Non-GAAP Operating Expense, Non-GAAP Operating Income
(Loss), Adjusted Net Income (Loss) and Adjusted EPS to evaluate the
effectiveness of our business strategies.
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