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    NeoPhotonics Reports Fourth Quarter and Full Year 2021 Financial Results

    2/24/22 4:05:00 PM ET
    $NPTN
    Semiconductors
    Technology
    Get the next $NPTN alert in real time by email
    • Year-over-year growth of products for 400G and above applications exceeded 70% to $148 million
    • Growth of 18% over the same quarter last year despite supply chain shortages
    • Three Cloud and data center switch design wins for 400ZR DCO modules
    • Proposed merger agreement with Lumentum approved by stockholders; transaction expected to close in the second half of 2022

    NeoPhotonics Corporation (NYSE:NPTN), a leading developer of silicon photonics and advanced hybrid photonic integrated circuit-based lasers, modules and subsystems for bandwidth-intensive, high speed communications networks, today announced financial results for its fourth quarter and full year for 2021.

    "Our business remains on a strong growth path, as demand continues to increase and our backlog has expanded to record levels with nearly a year of visibility. Our fourth quarter revenue trend reflected the operational challenges as the full force of industry-wide IC chip supply shortages impacted our topline revenue by more than $15 million. Our products for 400G and above applications grew 9% sequentially, comprising 56% of total revenue, despite this product group being the most impacted by supply chain chip shortages," said Tim Jenks, Chairman and CEO of NeoPhotonics. "Moreover, we now have three Cloud and data center switch customer design wins in place for our 400ZR coherent DCO modules products."

    Mr. Jenks continued, "The Lumentum transaction announced last November remains on track, having been approved by our stockholders at our special meeting on the first of February and the expiration of the waiting period under U.S. anti-trust regulations, as previously announced. We believe Lumentum is an ideal partner to serve our customers on a larger scale and look forward to securing regulatory approval from China and closing the transaction. I would like to thank all NeoPhotonics employees for their hard work and dedication for our strong performance in 2021, and for building the company's strong technology leadership for high speed over distance applications."

    Fourth Quarter 2021 Summary

    • Revenue of $80.6 million was up 18% year-over-year on growth in 400G and above capable products and down 3.7% quarter-over-quarter. Supply chain shortages negatively impacted revenue by $15 million in the fourth quarter.
    • Gross margin was 25.6%, up 2.9 percentage points year-over year on better utilization and down from 28.4% in the prior quarter due to supply chain constraints.
    • Non-GAAP gross margin was 26.6%, down from 29.4% in the prior quarter. The fourth quarter gross margin includes $2.5 million, or 3.1 percentage points, of incremental costs related to purchasing product on the spot buy market to help ensure supply for 2022.
    • Operating expense was $29.7 million, an increase of $4.6 million from Q3'21 on acquisition related charges and higher stock compensation expense.
    • Non-GAAP operating expense of $23.3 million was flat to Q3'21.
    • Operating income was a loss of $9.1 million, compared to a loss of $7.9 million in Q4'20. The results in Q4'20 included gains of $4 million for a legal settlement and sale of assets.
    • Non-GAAP operating income was a loss of $1.8 million, compared to a loss of $6.9 million in Q4'20 and a profit of $1.3 million in the prior quarter. The lower operating income was the result of lower revenue and increased costs, both due to supply chain constraints.
    • Foreign Exchange negatively impacted Q4'21 results by $1.0 million.
    • Net loss per share was $0.20, compared to net loss of $0.23 a year ago and a loss of $0.04 per share in the prior quarter.
    • Non-GAAP net loss per share was $0.06, compared to a Non-GAAP loss per share of $0.14 a year ago and a Non-GAAP net earnings per share of $0.01 in the prior quarter.
    • Adjusted EBITDA was $2.3 million, down from $6.7 million in the prior quarter
    • As of December 31, 2021, cash and cash equivalents, short-term investments and restricted cash totaled $106 million, up approximately $1.0 million from Q3'21.

    Non-GAAP results in the fourth quarter of 2021 exclude $3.6 million of acquisition related charges, $3.2 million of stock-based compensation and $0.5 million of accelerated depreciation, restructuring and other charges. A reconciliation of the non-GAAP and Adjusted EBITDA financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release.

    Full Year 2021 Summary

    • Revenue of $290.3 million was down 22% year-over-year as we replace the revenue base of our largest customer in 2020. Revenue from customers excluding Huawei increased 17% year-over-year.
    • Gross margin was 23.3%, down 4.5 percentage points year-over year on lower factory utilization.
    • Non-GAAP gross margin was 25.4%, down from 31.3% in the prior year.
    • Operating expense was $105.4 million, an increase of $5.9 million on the lack of the gains in 2020 for litigation and asset sales, and 2021 acquisition related charges.
    • Non-GAAP operating expense of $92.4 million was approximately flat to the prior year.
    • Operating loss was $37.8 million, compared to a gain of $3.6 million in 2020 reflecting lower revenue and lower factory utilization in 2021.
    • Non-GAAP operating income was a loss of $18.6 million, compared to a profit of $23.9 million in the prior year.
    • Net loss per share was $0.78, compared to net loss per share of $0.09 in the prior year.
    • Non-GAAP net loss per share was $0.41, compared to a Non-GAAP earnings per share of $0.31 in the prior year.
    • Adjusted EBITDA was $2.9 million, down from $43.3 million in the prior year.

    Non-GAAP results in 2021 exclude $11.0 million of stock-based compensation, $3.7 million of acquisition related charges, $3.6 million of end-of-life inventory write-down, accelerated depreciation and restructuring, and $0.9 million of amortization and other charges. A reconciliation of the non-GAAP and Adjusted EBITDA financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release.

    Product Milestones

    • Products capable of use for 400G and above applications were 51% of revenue in 2021.
    • We announced General Availability of our 400ZR QSFP-DD and OSFP compact coherent transceiver modules.
    • We achieved three Cloud and data center switch design wins for 400ZR DCO modules.
    • We announced that we have shipped more than two million ultra-pure light tunable lasers, cumulatively.
    • We announced 400Gbps transmission over 1500 km by our CFP2-DCO transceiver module.
    • We announced a new frequency modulated continuous wave laser (FMCW). This laser, together with a high power semiconductor optical amplifier, or SOA, is used in coherent LIDAR applications for autonomous vehicles and for precision industrial instruments.

    Supply Chain Impacts

    • Due to supply chain impacts, our fourth quarter revenue was approximately $15 million lower than it would have been without such constraints.
    • Supply chain impacts in the quarter were primarily shortages of analog and power semiconductors.
    • The Company expects such impacts to continue for at least the next two quarters.

    Proposed Merger Agreement with Lumentum Holdings Inc.

    On November 4, 2021, NeoPhotonics announced that it had entered into a definitive agreement under which Lumentum will acquire NeoPhotonics for $16.00 per share in cash, which represents a total equity value of approximately $913 million.

    The transaction is expected to close in the second half of calendar year 2022, as previously announced. On February 1, 2022, the NeoPhotonics stockholders approved the merger agreement. The remaining requirements for closure of the transaction are customary closing conditions set forth in the merger agreement and approval from the State Administration for Market Regulation (SAMR) of the People's Republic of China. As previously announced, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has expired with respect to the proposed acquisition.

    Due to the pending merger, NeoPhotonics will not host a fourth quarter and full year 2021 results conference call or provide a financial outlook.

    Non-GAAP and Adjusted EBITDA Measures vs. GAAP Financial Measures

    The Company's non-GAAP and Adjusted EBITDA measures exclude certain GAAP financial measures. A reconciliation of the non-GAAP and Adjusted EBITDA financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release. These non-GAAP financial measures differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

    The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. NeoPhotonics believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

    About NeoPhotonics

    NeoPhotonics is a leading developer and manufacturer of lasers and optoelectronic solutions that transmit, receive and switch high-speed digital optical signals for Cloud and hyper-scale data center internet content provider and telecom networks. The Company's products enable cost-effective, high-speed over distance data transmission and efficient allocation of bandwidth in optical networks. NeoPhotonics maintains headquarters in San Jose, California and ISO 9001:2015 certified engineering and manufacturing facilities in Silicon Valley (USA), Japan and China. For additional information visit www.neophotonics.com.

    Notice Regarding Forward-Looking Statements

    This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events, including the timing of the proposed transaction and other information related to the proposed transaction. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern the proposed transaction and our expectations, strategy, plans or intentions regarding it. Forward-looking statements in this communication include, but are not limited to, (i) expectations regarding the timing, completion and expected benefits of the proposed transaction, and (ii) plans, objectives and intentions with respect to future operations, customers and the market. Expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include the risk that the transaction may not be completed in a timely manner or at all; the ability to secure additional regulatory approvals on the terms expected in a timely manner or at all; the effect of the announcement or pendency of the transaction on our business relationships, results of operations and business generally; risks that the proposed transaction disrupts current plans and operations; the risk of litigation and/or regulatory actions related to the proposed transaction; disruptions and shortages in supply chains; potential impacts of the Covid-19 pandemic; changing supply and demand conditions in the industry; and general market, political, economic and business conditions. The forward-looking statements contained in this communication are also subject to other risks and uncertainties, including those more fully described in filings with the Securities and Exchange Commission, including reports filed on Form 10-K, 10-Q and 8-K and in other filings made by NeoPhotonics and Lumentum with the SEC from time to time and available at www.sec.gov. These forward-looking statements are based on current expectations, and with regard to the proposed transaction, are based on Lumentum's and NeoPhotonics' current expectations, estimates and projections about the expected date of closing of the proposed transaction and the potential benefits thereof, its business and industry, management's beliefs and certain assumptions made by NeoPhotonics and Lumentum, all of which are subject to change.

    The parties undertake no obligation to update the information contained in this communication or any other forward-looking statement.

    ©2022 NeoPhotonics Corporation. All rights reserved. NeoPhotonics and the red dot logo are trademarks of NeoPhotonics Corporation. All other marks are the property of their respective owners.

    NeoPhotonics Corporation

    Condensed Consolidated Balance Sheets (Unaudited)

    (In thousands)

     

     

     

    As of

     

     

    Dec. 31, 2021

     

    Dec. 31, 2020

     

     

     

     

     

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    77,833

     

     

    $

    95,117

     

    Short-term investments

     

     

    27,675

     

     

     

    27,669

     

    Restricted cash

     

     

    87

     

     

     

    489

     

    Accounts receivable, net

     

     

    55,324

     

     

     

    45,232

     

    Inventories

     

     

    52,896

     

     

     

    46,901

     

    Prepaid expenses and other current assets

     

     

    16,246

     

     

     

    20,173

     

    Total current assets

     

     

    230,061

     

     

     

    235,581

     

    Property, plant and equipment, net

     

     

    54,190

     

     

     

    66,765

     

    Operating lease right-of-use assets

     

     

    13,201

     

     

     

    13,823

     

    Purchased intangible assets, net

     

     

    844

     

     

     

    1,468

     

    Goodwill

     

     

    1,115

     

     

     

    1,115

     

    Other long-term assets

     

     

    6,156

     

     

     

    4,912

     

    Total assets

     

    $

    305,567

     

     

    $

    323,664

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

     

    $

    58,125

     

     

    $

    43,539

     

    Short-term borrowing, net

     

     

    14,914

     

     

     

    —

     

    Current portion of long-term debt

     

     

    2,928

     

     

     

    3,232

     

    Accrued and other current liabilities

     

     

    30,008

     

     

     

    42,053

     

    Total current liabilities

     

     

    105,975

     

     

     

    88,824

     

    Long-term debt, net of current portion

     

     

    25,753

     

     

     

    30,327

     

    Operating lease liabilities, noncurrent

     

     

    13,441

     

     

     

    14,522

     

    Other noncurrent liabilities

     

     

    7,437

     

     

     

    9,584

     

    Total liabilities

     

     

    152,606

     

     

     

    143,257

     

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

    Common stock

     

     

    133

     

     

     

    126

     

    Additional paid-in capital

     

     

    610,085

     

     

     

    597,460

     

    Accumulated other comprehensive income

     

     

    2,376

     

     

     

    1,735

     

    Accumulated deficit

     

     

    (459,633

    )

     

     

    (418,914

    )

    Total stockholders' equity

     

     

    152,961

     

     

     

    180,407

     

    Total liabilities and stockholders' equity

     

    $

    305,567

     

     

    $

    323,664

     

    NeoPhotonics Corporation

    Condensed Consolidated Statements of Operations (Unaudited)

    (In thousands, except percentages and per share data)

     

     

     

    Three Months Ended

     

    Twelve Months Ended

     

     

    Dec. 31, 2021

     

    Sep. 30, 2021

     

    Dec. 31, 2020

     

    Dec. 31, 2021

     

    Dec. 31, 2020

    Revenue

     

    $

    80,612

     

     

    $

    83,742

     

     

    $

    68,193

     

     

    $

    290,289

     

     

    $

    371,163

     

    Cost of goods sold (1)

     

     

    60,012

     

     

     

    59,968

     

     

     

    52,743

     

     

     

    222,701

     

     

     

    268,081

     

    Gross profit

     

     

    20,600

     

     

     

    23,774

     

     

     

    15,450

     

     

     

    67,588

     

     

     

    103,082

     

    Gross margin

     

     

    25.6

    %

     

     

    28.4

    %

     

     

    22.7

    %

     

     

    23.3

    %

     

     

    27.8

    %

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

    Research and development (1)

     

     

    14,103

     

     

     

    13,875

     

     

     

    15,251

     

     

     

    56,486

     

     

     

    56,100

     

    Sales and marketing (1)

     

     

    3,814

     

     

     

    3,498

     

     

     

    3,999

     

     

     

    14,539

     

     

     

    15,629

     

    General and administrative (1)

     

     

    8,053

     

     

     

    7,719

     

     

     

    7,219

     

     

     

    30,464

     

     

     

    30,569

     

    Acquisition and asset sale related costs

     

     

    3,578

     

     

     

    28

     

     

     

    875

     

     

     

    3,733

     

     

     

    1,094

     

    Restructuring charges (recoveries)

     

     

    4

     

     

     

    (12

    )

     

     

    15

     

     

     

    14

     

     

     

    156

     

    Litigation Settlement

     

     

    240

     

     

     

    —

     

     

     

    (2,988

    )

     

     

    240

     

     

     

    (2,988

    )

    Gain on asset sale

     

     

    (58

    )

     

     

    —

     

     

     

    (1,044

    )

     

     

    (58

    )

     

     

    (1,044

    )

    Total operating expenses

     

     

    29,734

     

     

     

    25,108

     

     

     

    23,327

     

     

     

    105,418

     

     

     

    99,516

     

    Income (loss) from operations

     

     

    (9,134

    )

     

     

    (1,334

    )

     

     

    (7,877

    )

     

     

    (37,830

    )

     

     

    3,566

     

    Interest income

     

     

    70

     

     

     

    94

     

     

     

    41

     

     

     

    409

     

     

     

    182

     

    Interest expense

     

     

    (315

    )

     

     

    (207

    )

     

     

    (240

    )

     

     

    (969

    )

     

     

    (1,182

    )

    Other income (expense), net

     

     

    (927

    )

     

     

    43

     

     

     

    (3,416

    )

     

     

    (621

    )

     

     

    (5,730

    )

    Total interest and other expense, net

     

     

    (1,172

    )

     

     

    (70

    )

     

     

    (3,615

    )

     

     

    (1,181

    )

     

     

    (6,730

    )

    Loss before income taxes

     

     

    (10,306

    )

     

     

    (1,404

    )

     

     

    (11,492

    )

     

     

    (39,011

    )

     

     

    (3,164

    )

    Income tax provision

     

     

    (429

    )

     

     

    (456

    )

     

     

    (3

    )

     

     

    (1,708

    )

     

     

    (1,202

    )

    Net loss

     

    $

    (10,735

    )

     

    $

    (1,860

    )

     

    $

    (11,495

    )

     

    $

    (40,719

    )

     

    $

    (4,366

    )

    Basic net loss per share

     

    $

    (0.20

    )

     

    $

    (0.04

    )

     

    $

    (0.23

    )

     

    $

    (0.78

    )

     

    $

    (0.09

    )

    Diluted net loss per share

     

    $

    (0.20

    )

     

    $

    (0.04

    )

     

    $

    (0.23

    )

     

    $

    (0.78

    )

     

    $

    (0.09

    )

    Weighted average shares used to compute basic net loss per share

     

     

    52,895

     

     

     

    52,427

     

     

     

    50,256

     

     

     

    51,926

     

     

     

    49,474

     

    Weighted average shares used to compute diluted net loss per share

     

     

    52,895

     

     

     

    52,427

     

     

     

    50,256

     

     

     

    51,926

     

     

     

    49,474

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Includes stock-based compensation expense as follows for the periods presented:

     

     

     

     

     

     

     

     

     

     

    Cost of goods sold

     

    $

    493

     

     

    $

    403

     

     

    $

    540

     

     

    $

    2,016

     

     

    $

    2,305

     

    Research and development

     

     

    794

     

     

     

    565

     

     

     

    862

     

     

     

    2,965

     

     

     

    3,367

     

    Sales and marketing

     

     

    380

     

     

     

    353

     

     

     

    570

     

     

     

    1,548

     

     

     

    2,403

     

    General and administrative

     

     

    1,515

     

     

     

    873

     

     

     

    1,287

     

     

     

    4,464

     

     

     

    4,262

     

    Total stock-based compensation expense

     

    $

    3,182

     

     

    $

    2,194

     

     

    $

    3,259

     

     

    $

    10,993

     

     

    $

    12,337

     

    NeoPhotonics Corporation

    Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)

    (In thousands, except percentages and per share data)

     

     

     

    Three Months Ended

     

    Twelve Months Ended

     

     

    Dec. 31, 2021

     

    Sep. 30, 2021

     

    Dec. 31, 2020

     

    Dec. 31, 2021

     

    Dec. 31, 2020

    NON-GAAP GROSS PROFIT:

     

     

     

     

     

     

     

     

     

     

    GAAP gross profit

     

    $

    20,600

     

     

    $

    23,774

     

     

    $

    15,450

     

     

    $

    67,588

     

     

    $

    103,082

     

    Stock-based compensation expense

     

     

    493

     

     

     

    403

     

     

     

    540

     

     

     

    2,016

     

     

     

    2,305

     

    Amortization of purchased intangible assets

     

     

    154

     

     

     

    154

     

     

     

    185

     

     

     

    646

     

     

     

    737

     

    Depreciation of acquisition-related fixed asset step-up

     

     

    4

     

     

     

    2

     

     

     

    (6

    )

     

     

    3

     

     

     

    (34

    )

    End-of-life related inventory write-down

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,680

     

     

     

    4,435

     

    Accelerated depreciation

     

     

    174

     

     

     

    173

     

     

     

    515

     

     

     

    678

     

     

     

    4,635

     

    Restructuring charges

     

     

    58

     

     

     

    78

     

     

     

    161

     

     

     

    249

     

     

     

    867

     

    Non-GAAP gross profit

     

    $

    21,483

     

     

    $

    24,584

     

     

    $

    16,845

     

     

    $

    73,860

     

     

    $

    116,027

     

    Non-GAAP gross margin as a % of revenue

     

     

    26.6

    %

     

     

    29.4

    %

     

     

    24.7

    %

     

     

    25.4

    %

     

     

    31.3

    %

     

     

     

     

     

     

     

     

     

     

     

    NON-GAAP TOTAL OPERATING EXPENSES:

     

     

     

     

     

     

     

     

     

     

    GAAP total operating expenses

     

    $

    29,734

     

     

    $

    25,108

     

     

    $

    23,327

     

     

    $

    105,418

     

     

    $

    99,516

     

    Stock-based compensation expense

     

     

    (2,689

    )

     

     

    (1,791

    )

     

     

    (2,719

    )

     

     

    (8,977

    )

     

     

    (10,032

    )

    Depreciation of acquisition-related fixed asset step-up

     

     

    (14

    )

     

     

    (19

    )

     

     

    (28

    )

     

     

    (79

    )

     

     

    (113

    )

    Acquisition and asset sale related costs

     

     

    (3,578

    )

     

     

    (28

    )

     

     

    (875

    )

     

     

    (3,733

    )

     

     

    (1,094

    )

    Restructuring charges (recoveries)

     

     

    (4

    )

     

     

    12

     

     

     

    (15

    )

     

     

    (14

    )

     

     

    (156

    )

    Litigation settlement

     

     

    (240

    )

     

     

    —

     

     

     

    2,988

     

     

     

    (240

    )

     

     

    2,988

     

    Gain on sale of asset

     

     

    58

     

     

     

    —

     

     

     

    1,044

     

     

     

    58

     

     

     

    1,044

     

    Non-GAAP total operating expenses

     

    $

    23,267

     

     

    $

    23,282

     

     

    $

    23,722

     

     

    $

    92,433

     

     

    $

    92,153

     

    Non-GAAP total operating expenses as a % of revenue

     

     

    28.9

    %

     

     

    27.8

    %

     

     

    34.8

    %

     

     

    31.8

    %

     

     

    24.8

    %

     

     

     

     

     

     

     

     

     

     

     

    NON-GAAP OPERATING INCOME (LOSS):

     

     

     

     

     

     

     

     

     

     

    GAAP income (loss) from operations

     

    $

    (9,134

    )

     

    $

    (1,334

    )

     

    $

    (7,877

    )

     

    $

    (37,830

    )

     

    $

    3,566

     

    Stock-based compensation expense

     

     

    3,182

     

     

     

    2,194

     

     

     

    3,259

     

     

     

    10,993

     

     

     

    12,337

     

    Amortization of purchased intangible assets

     

     

    154

     

     

     

    154

     

     

     

    185

     

     

     

    646

     

     

     

    737

     

    Depreciation of acquisition-related fixed asset step-up

     

     

    18

     

     

     

    21

     

     

     

    22

     

     

     

    82

     

     

     

    79

     

    Acquisition and asset sale related costs

     

     

    3,578

     

     

     

    28

     

     

     

    875

     

     

     

    3,733

     

     

     

    1,094

     

    End-of-life related inventory write-down

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,680

     

     

     

    4,435

     

    Accelerated depreciation

     

     

    174

     

     

     

    173

     

     

     

    515

     

     

     

    678

     

     

     

    4,635

     

    Restructuring charges

     

     

    62

     

     

     

    66

     

     

     

    176

     

     

     

    263

     

     

     

    1,023

     

    Litigation settlement

     

     

    240

     

     

     

    —

     

     

     

    (2,988

    )

     

     

    240

     

     

     

    (2,988

    )

    Gain on asset sale

     

     

    (58

    )

     

     

    —

     

     

     

    (1,044

    )

     

     

    (58

    )

     

     

    (1,044

    )

    Non-GAAP income (loss) from operations

     

    $

    (1,784

    )

     

    $

    1,302

     

     

    $

    (6,877

    )

     

    $

    (18,573

    )

     

    $

    23,874

     

    Non-GAAP operating margin as a % of revenue

     

     

    (2.2

    )%

     

     

    1.6

    %

     

     

    (10.1

    )%

     

     

    (6.4

    )%

     

     

    6.4

    %

    NeoPhotonics Corporation

    Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited) (Continued)

    (In thousands, except percentages and per share data)

     

     

     

    Three Months Ended

     

    Twelve Months Ended

     

     

    Dec. 31, 2021

     

    Sep. 30, 2021

     

    Dec. 31, 2020

     

    Dec. 31, 2021

     

    Dec. 31, 2020

    NON-GAAP NET INCOME (LOSS):

     

     

     

     

     

     

     

     

     

     

    GAAP net loss

     

    $

    (10,735

    )

     

    $

    (1,860

    )

     

    $

    (11,495

    )

     

    $

    (40,719

    )

     

    $

    (4,366

    )

    Stock-based compensation expense

     

     

    3,182

     

     

     

    2,194

     

     

     

    3,259

     

     

     

    10,993

     

     

     

    12,337

     

    Amortization of purchased intangible assets

     

     

    154

     

     

     

    154

     

     

     

    185

     

     

     

    646

     

     

     

    737

     

    Depreciation of acquisition-related fixed asset step-up

     

     

    18

     

     

     

    21

     

     

     

    22

     

     

     

    82

     

     

     

    79

     

    Acquisition and asset sale related costs

     

     

    3,578

     

     

     

    28

     

     

     

    875

     

     

     

    3,733

     

     

     

    1,094

     

    End-of-life related inventory write-down

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,680

     

     

     

    4,435

     

    Accelerated depreciation

     

     

    174

     

     

     

    173

     

     

     

    515

     

     

     

    678

     

     

     

    4,635

     

    Restructuring charges

     

     

    62

     

     

     

    66

     

     

     

    176

     

     

     

    263

     

     

     

    1,023

     

    Litigation settlement

     

     

    240

     

     

     

    —

     

     

     

    (2,988

    )

     

     

    240

     

     

     

    (2,988

    )

    Gain on asset sale

     

     

    (58

    )

     

     

    —

     

     

     

    (1,044

    )

     

     

    (58

    )

     

     

    (1,044

    )

    Income tax effect of Non-GAAP adjustments

     

     

    (4

    )

     

     

    —

     

     

     

    3,255

     

     

     

    (23

    )

     

     

    794

     

    Non-GAAP net income (loss)

     

    $

    (3,389

    )

     

    $

    776

     

     

    $

    (7,240

    )

     

    $

    (21,485

    )

     

    $

    16,736

     

    Non-GAAP net income (loss) as a % of revenue

     

     

    (4.2

    )%

     

     

    0.9

    %

     

     

    (10.6

    )%

     

     

    (7.4

    )%

     

     

    4.5

    %

     

     

     

     

     

     

     

     

     

     

     

    ADJUSTED EBITDA:

     

     

     

     

     

     

     

     

     

     

    GAAP net loss

     

    $

    (10,735

    )

     

    $

    (1,860

    )

     

    $

    (11,495

    )

     

    $

    (40,719

    )

     

    $

    (4,366

    )

    Stock-based compensation expense

     

     

    3,182

     

     

     

    2,194

     

     

     

    3,259

     

     

     

    10,993

     

     

     

    12,337

     

    Amortization of purchased intangible assets

     

     

    154

     

     

     

    154

     

     

     

    185

     

     

     

    646

     

     

     

    737

     

    Depreciation of acquisition-related fixed asset step-up

     

     

    18

     

     

     

    21

     

     

     

    22

     

     

     

    82

     

     

     

    79

     

    Acquisition and asset sale related costs

     

     

    3,578

     

     

     

    28

     

     

     

    875

     

     

     

    3,733

     

     

     

    1,094

     

    End-of-life related inventory write-down

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,680

     

     

     

    4,435

     

    Accelerated depreciation

     

     

    174

     

     

     

    173

     

     

     

    515

     

     

     

    678

     

     

     

    4,635

     

    Restructuring charges

     

     

    62

     

     

     

    66

     

     

     

    176

     

     

     

    263

     

     

     

    1,023

     

    Litigation settlement

     

     

    240

     

     

     

    —

     

     

     

    (2,988

    )

     

     

    240

     

     

     

    (2,988

    )

    Gain on asset sale

     

     

    (58

    )

     

     

    —

     

     

     

    (1,044

    )

     

     

    (58

    )

     

     

    (1,044

    )

    Interest expense, net

     

     

    245

     

     

     

    113

     

     

     

    199

     

     

     

    560

     

     

     

    1,000

     

    Income tax provision

     

     

    429

     

     

     

    456

     

     

     

    3

     

     

     

    1,708

     

     

     

    1,202

     

    Depreciation expense

     

     

    4,979

     

     

     

    5,380

     

     

     

    5,831

     

     

     

    22,133

     

     

     

    25,197

     

    Adjusted EBITDA

     

    $

    2,268

     

     

    $

    6,725

     

     

    $

    (4,462

    )

     

    $

    2,939

     

     

    $

    43,341

     

    Adjusted EBITDA as a % of revenue

     

     

    2.8

    %

     

     

    8.0

    %

     

     

    (6.5

    )%

     

     

    1.0

    %

     

     

    11.7

    %

     

     

     

     

     

     

     

     

     

     

     

    BASIC AND DILUTED NET INCOME (LOSS) PER SHARE:

     

     

     

     

     

     

     

     

     

     

    GAAP basic net loss per share

     

    $

    (0.20

    )

     

    $

    (0.04

    )

     

    $

    (0.23

    )

     

    $

    (0.78

    )

     

    $

    (0.09

    )

    GAAP diluted net loss per share

     

    $

    (0.20

    )

     

    $

    (0.04

    )

     

    $

    (0.23

    )

     

    $

    (0.78

    )

     

    $

    (0.09

    )

    Non-GAAP basic net income (loss) per share

     

    $

    (0.06

    )

     

    $

    0.01

     

     

    $

    (0.14

    )

     

    $

    (0.41

    )

     

    $

    0.34

     

    Non-GAAP diluted net income (loss) per share

     

    $

    (0.06

    )

     

    $

    0.01

     

     

    $

    (0.14

    )

     

    $

    (0.41

    )

     

    $

    0.31

     

     

     

     

     

     

     

     

     

     

     

     

    SHARES USED TO COMPUTE GAAP AND NON-GAAP BASIC NET INCOME (LOSS) PER SHARE

     

     

    52,895

     

     

     

    52,427

     

     

     

    50,256

     

     

     

    51,926

     

     

     

    49,474

     

    SHARES USED TO COMPUTE GAAP DILUTED NET LOSS PER SHARE

     

     

    52,895

     

     

     

    52,427

     

     

     

    50,256

     

     

     

    51,926

     

     

     

    49,474

     

    SHARES USED TO COMPUTE NON-GAAP DILUTED NET INCOME (LOSS) PER SHARE

     

     

    52,895

     

     

     

    55,971

     

     

     

    50,256

     

     

     

    51,926

     

     

     

    53,872

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20220224005679/en/

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    • SEC Form SC 13G/A filed by NeoPhotonics Corporation (Amendment)

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