|By Business Wire||
|January 30, 2014 05:18 PM EST||
Silicon Image, Inc. (NASDAQ:SIMG), a leading provider of HD connectivity solutions, today reported financial results for its fourth quarter and fiscal year ended December 31, 2013.
Revenue for fiscal year 2013 was $276.4 million, an increase of approximately 9.5% over fiscal year 2012 of $252.4 million. Revenue for the fourth quarter of 2013 was $61.4 million, compared with $59.6 million in the fourth quarter of 2012 and $79.3 million in the third quarter of 2013.
“We remain focused on enhancing shareholder value. 2013 was another year of growth for Silicon Image. We increased earnings per share by more than 30% and also generated more than $33 million in free cash flow,” said Camillo Martino, chief executive officer of Silicon Image, Inc. “We drove new product development, and saw the introduction of new versions of the MHL® and HDMI® standards, which will create additional opportunities for growth. Looking ahead, we expect continued growth in the MHL ecosystem and we are excited about the opportunities for our 60GHz wireless technology.”
GAAP net loss for the fourth quarter of 2013 was $1.0 million, or $0.01 per share, compared with a GAAP net income of $9.0 million, or $0.11 per diluted share, for the third quarter of 2013 and a GAAP net loss of $0.3 million, or $0.00 per share, for the fourth quarter of 2012. GAAP net income for fiscal year 2013 was $11.5 million, or $0.15 per diluted share, compared with a net loss for fiscal year 2012 of $11.2 million, or $0.14 per share.
Non-GAAP net income for the fourth quarter of 2013 was $4.1 million, or $0.05 per diluted share, compared with a non-GAAP net income of $9.2 million, or $0.12 per diluted share, for the third quarter of 2013, and a non-GAAP net income of $6.2 million, or $0.08 per diluted share, for the fourth quarter of 2012. Non-GAAP net income for fiscal year 2013 was $22.9 million, or $0.29 per diluted share, compared with a net income for fiscal year 2012 of $18.5 million, or $0.22 per share. Non-GAAP net income for these periods excludes stock-based compensation expense, amortization of intangible assets, business acquisition related expenses, other than temporary impairment of a privately-held company investment, proceeds from legal settlement, restructuring charges, impairment of intangible assets and write-down (recovery) of certain unsalable inventory.
A reconciliation of GAAP and non-GAAP items is provided in a table following the Condensed Consolidated Statements of Operations.
Pursuant to the previously announced share repurchase program, Silicon Image repurchased approximately 308,000 shares of its common stock for $1.6 million at an average price of approximately $5.27 per share during the fourth quarter of 2013. The company’s cash and short-term investments balance as of December 31, 2013 was $138.2 million.
The following are Silicon Image’s financial performance estimates for the first quarter of 2014:
$58 million to $62 million
59% - 60%
|GAAP operating expenses:||approximately $34.5 million|
|Non-GAAP operating expenses:||approximately $31 million|
|Diluted shares outstanding:||approximately 79 million|
|Non-GAAP tax rate:||approximately 28% of non-GAAP pre-tax income|
Use of Non-GAAP Financial Information
Silicon Image presents and discusses gross margin, operating expenses, net income (loss) and basic and diluted net income (loss) per share in accordance with Generally Accepted Accounting Principles (GAAP), and on a non-GAAP basis for informational purposes only. Silicon Image believes that non-GAAP reporting, giving effect to the adjustments shown in the attached reconciliation, provides meaningful information and therefore uses non-GAAP reporting to supplement its GAAP reporting and internally in evaluating operations, managing and monitoring performance, and determining bonus compensation. Further, Silicon Image uses non-GAAP information as certain non-cash charges such as stock-based compensation expense, amortization of intangible assets, business acquisition related expenses, other than temporary impairment of a privately-held company investment, proceeds from legal settlement, restructuring charges, impairment of intangible assets and write-down (recovery) of certain unsalable inventory do not reflect the cash operating results of the business. Silicon Image has chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of its operating results and to illustrate the results of operations giving effect to such non-GAAP adjustments. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
Silicon Image will host an investor conference call today to discuss its fiscal 2013 and fourth quarter of 2013 results at 2:00 p.m. Pacific Time and will webcast the event. To access the conference call, dial 877-941-1427 or 480-629-9664 and enter pass code 4662072. The webcast and replay will be accessible on Silicon Image's investor relations website at http://www.SiliconImage.com. A replay of the conference call will be available within two hours of the conclusion of the conference call through February 13, 2014. To access the replay, please dial 800-406-7325 or 303-590-3030 and enter pass code 4662072.
About Silicon Image, Inc.
Silicon Image is a leading provider of connectivity solutions that enable the reliable distribution and presentation of high-definition content for mobile, consumer electronics, and PC markets. The company delivers its technology via semiconductor and intellectual property products that are compliant with global industry standards and feature market leading Silicon Image innovations such as InstaPort™ and InstaPrevue™. Silicon Image's products are deployed by the world's leading electronics manufacturers in devices such as mobile phones, tablets, DTVs, Blu-ray Disc™ players, audio-video receivers, digital cameras, as well as desktop and notebook PCs. Silicon Image has driven the creation of the highly successful HDMI® and DVI™ industry standards, the latest standard for mobile devices — MHL®, and the leading 60GHz wireless HD video standard — WirelessHD®. Via its wholly-owned subsidiary, Simplay Labs, Silicon Image offers manufacturers comprehensive standards interoperability and compliance testing services. For more information, visit us at http://www.siliconimage.com/.
Silicon Image and the Silicon Image logo are trademarks, registered trademarks or service marks of Silicon Image, Inc. in the United States and/or other countries. All other trademarks and registered trademarks are the property of their respective owners in the United States and/or other countries.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements include, but are not limited to, statements related to Silicon Image's future operating results, including revenue, gross margin, operating expenses, tax rates, company growth, progress and stock repurchases. These forward-looking statements involve risks and uncertainties, including the risks of uncertain economic conditions, competition in our markets, Silicon Image's ability to deliver financial performance in-line with its stated goals and other risks and uncertainties described from time to time in Silicon Image's filings with the U.S. Securities and Exchange Commission (SEC). These risks and uncertainties could cause the actual results to differ materially from those anticipated by these forward-looking statements. In addition, see the Risk Factors section of the most recent Form 10-K and 10-Q filed by Silicon Image with the SEC. These forward-looking statements are made on the date of this press release, and Silicon Image assumes no obligation to update any such forward-looking information.
|SILICON IMAGE, INC.|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(In thousands, except per share amounts)|
|Three Months Ended||Twelve Months Ended|
|December 31,||September 30,||December 31,||December 31,||
|Cost of revenue and operating expenses:|
|Cost of product revenue (1)(2)(3)||22,897||33,222||30,105||112,940||109,815|
|Cost of licensing revenue||267||185||220||881||626|
|Research and development (4)||19,787||18,424||17,305||76,994||77,372|
|Selling, general and administrative (5)||16,046||16,191||12,279||64,736||57,446|
|Amortization and impairment of acquisition-related intangible assets||230||405||(889||)||1,116||599|
|Total cost of revenue and operating expenses||60,534||
|Income from operations||843||10,401||638||17,956||6,396|
|Proceeds from legal settlement||-||-||-||1,275||-|
|Other than temporary impairment of a privately-held company investment||-||-||-||(1,500||)||(7,467||)|
|Interest income and other, net||144||168||555||1,203||1,661|
|Income before provision for income taxes and equity in net loss of an unconsolidated affiliate||987||10,569||1,193||18,934||590|
|Income tax expense||1,837||1,488||1,458||6,955||9,979|
|Equity in net loss of an unconsolidated affiliate||114||116||-||489||1,803|
|Net income (loss)||$||(964||)||$||8,965||$||(265||)||$||11,490||$||(11,192||)|
|Net income (loss) per share – basic||$||(0.01||)||$||0.12||$||(0.00||)||$||0.15||$||(0.14||)|
|Net income (loss) per share – diluted||$||(0.01||)||$||0.11||$||(0.00||)||$||0.15||$||(0.14||)|
|Weighted average shares – basic||77,417||77,530||79,564||77,399||81,872|
|Weighted average shares – diluted||77,417||78,995||79,564||79,065||81,872|
|(1) Includes restructuring expense||$||284||$||-||$||-||$||284||$||-|
|(2) Includes amortization of acquisition-related intangible assets||$||225||$||250||$||250||$||975||$||425|
|(3) Includes stock-based compensation expense||$||152||$||163||$||104||$||603||$||523|
|(4) Includes stock-based compensation expense||$||852||$||879||$||871||$||3,576||$||3,585|
|(5) Includes stock-based compensation expense||$||1,687||$||1,440||$||1,200||$||6,336||$||5,096|
|SILICON IMAGE, INC.|
|GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME RECONCILIATION|
|(In thousands, except per share amounts)|
|Three Months Ended||Twelve Months Ended|
|December 31,||December 31,||
|GAAP net income (loss)||$ (964)||$ 8,965||$ (265)||$ 11,490||$ (11,192)|
|Stock-based compensation expense (1)||2,691||2,482||2,175||10,515||9,204|
|Amortization of intangible assets (2)||455||480||(639)||1,916||1,024|
|Amortization of intangible assets of an unconsolidated affiliate (2)||40||52||-||168||402|
|Strategic initiative and acquisition related expenses (2)||1,000||-||-||1,000||3,257|
|Restructuring expense (3)||1,591||483||(54)||2,067||110|
|Other than temporary impairment of a privately-held company investment (3)||-||-||-||1,500||7,467|
|Impairment of intangible asset (3)||-||175||-||175||-|
|Write-down (recovery) of certain unsalable inventory (3)||(825)||(960)||6,245||(1,785)||6,245|
|Proceeds from legal settlement (3)||-||-||-||(1,275)|
|Non-GAAP net income before tax adjustments||3,988||11,677||7,462||25,771||16,517|
|Tax adjustments (4)||89||(2,462)||(1,218)||(2,864)||2,030|
|Non-GAAP net income||$ 4,077||$ 9,215||$ 6,244||$ 22,907||$ 18,547|
|Non-GAAP net income per share — basic||$ 0.05||$ 0.12||$ 0.08||$ 0.30||$ 0.23|
|Non-GAAP net income per share — diluted||$ 0.05||$ 0.12||$ 0.08||$ 0.29||$ 0.22|
|Weighted average shares — basic||77,417||77,530||79,564||77,399||81,872|
|Weighted average shares — diluted||78,990||78,995||80,389||79,065||82,871|
|Stock-based compensation expense is composed of the following:|
|Cost of revenue||$ 152||$ 163||$ 104||$ 603||$ 523|
|Research and development||852||879||871||3,576||3,585|
|Selling, general and administrative||1,687||1,440||1,200||6,336||5,096|
|Total||$ 2,691||$ 2,482||$ 2,175||$ 10,515||$ 9,204|
Discussion of Non-GAAP Financial Measures
(1) Stock-Based Compensation Related Items: Stock-based compensation expense relates primarily to equity awards, such as stock options and restricted stock units. Stock-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond our control. As such, management excludes this item from our internal operating forecasts and models. Management believes that non-GAAP measures adjusted for stock-based compensation provide investors with a basis to measure our core performance against the performance of other companies without the variability created by stock-based compensation as a result of the variety of equity awards used by companies and the varying methodologies and subjective assumptions used in determining such non-cash expense.
(2) Strategic Initiative and Acquisition Related Items: We exclude certain expense items resulting from our strategic initiative and acquisitions including the following, when applicable: (i) amortization of purchased intangible assets associated with our acquisitions; or relating to our unconsolidated affiliates and (ii) strategic initiative and acquisition-related charges. The amortization of purchased intangible assets associated with our acquisitions results in our recording expenses in our GAAP financial statements that were already expensed by the acquired company before the acquisition and for which we have not expended cash. Moreover, had we internally developed the products acquired, the amortization of intangible assets, and the expenses of uncompleted research and development would have been expensed in prior periods. Accordingly, we analyze the performance of our operations in each period without regard to such expenses. In addition, our strategic initiatives and acquisitions result in non-continuing operating expenses, which would not otherwise have been incurred by us in the normal course of our business operations. During January 2012, we established a research and development center in Hyderabad, India, whereby we hired 75 employees from our subcontractor and had to incur a onetime fee of approximately $3 million towards acquiring these employees. In October 2012, we executed a warrant purchase agreement with a privately-held company which give us an option to purchase the privately-held company’s preferred stock. We also agreed to pay specific amounts to the privately-held company if certain conditions were met. In the fourth quarter of fiscal 2013, as a result of us executing an agreement with a specific customer, one of the earn-out conditions were met and we paid the privately-held company $1.0 million. We do not expect a fee of similar nature to be paid in our normal course of business and consider it infrequent and non-recurring. We believe that providing non-GAAP information for strategic initiative and acquisition-related expense items in addition to the corresponding GAAP information allows the users of our financial statements to better review and understand the historic and current results of our continuing operations, and also facilitates comparisons to less acquisitive peer companies.
(3) Other Items: We exclude certain other items that are the result of either unique or unplanned events including the following, when applicable: (i) other than temporary impairment of a privately held company investment, (ii) proceeds from legal settlement, (iii) restructuring and related costs, (iv) impairment of intangible assets and (v) write-down (recovery) of certain unsalable inventory. It is difficult to estimate the amount or timing of these items in advance. Other than temporary impairment of a privately held company investment was recorded due to the conclusion that the possibility is remote that we will exercise our warrants to purchase the entity’s preferred stock or that we will realize any other value from these investments. Proceeds from legal settlement relates to our acquisition of SiBEAM, Inc on May 16, 2011. We do not expect the payment of similar nature to be received in our normal course of business and consider it infrequent and non-recurring. Restructuring charges result from events which arise from unforeseen circumstances, which often occur outside of the ordinary course of continuing operations. We recognized impairment of an intangible asset because the sum of its estimated future undiscounted cash flows used to test for recoverability is less than its carrying value. In the fourth quarter of 2012, we wrote-down certain unsalable inventory, for which we were seeking recovery from the vendor who supplied the inventory. In the third quarter of 2013, we entered into a settlement with a vendor and received recovery related to previously written-down inventory in the third and fourth quarter of 2013. The inventory write-down and subsequent recovery are unusual and one-time events, which we do not expect to recur. Although these events are reflected in our GAAP financials, these unique transactions may limit the comparability of our on-going operations with prior and future periods. As such, we believe that these expenses do not accurately reflect the underlying performance of our continuing operations for the period in which they are incurred. We assess our operating performance both with these amounts included and excluded, and by providing this information, we believe the users of our financial statements are better able to understand the financial results of what we consider our continuing operations.
(4) Tax adjustments: For the three and twelve months ended December 31, 2013 and 2012 and the three months ended September 30, 2013, our non-GAAP tax rate was approximately 30% of non-GAAP pre-tax income. Non-GAAP tax rate is primarily based on net expected cash flow for income taxes.
|SILICON IMAGE, INC.|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|December 31, 2013||December 31, 2012|
|Cash and cash equivalents||$||82,220||$||29,069|
|Accounts receivable, net||34,729||37,936|
|Prepaid expenses and other current assets||7,733||8,105|
|Deferred income taxes||191||841|
Total current assets
|Property and equipment, net||14,676||14,840|
|Deferred income taxes, non-current||4,368||4,144|
|Intangible assets, net||10,348||11,452|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accrued and other current liabilities||20,622||19,600|
|Deferred margin on sales to distributors||9,634||10,340|
|Deferred license revenue||2,742||2,185|
|Total current liabilities||45,892||42,815|
|Other long-term liabilities||16,522||16,827|
|Total liabilities and stockholders’ equity||$||252,139||$||226,742|
|SILICON IMAGE, INC.|
|CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS|
|Year Ended December 31,|
|Cash flows from operating activities:|
|Net income (loss)||$||11,490||$||(11,192||)|
|Adjustments to reconcile net income (loss) to cash provided by operating activities:|
|Stock-based compensation expense||10,515||9,204|
|Amortization of investment premium||1,048||1,995|
|Tax benefits from employee stock-based transactions||354||498|
|Amortization and impairment of intangible assets||3,124||1,331|
|Deferred income taxes||426||429|
|Excess tax benefits from employee stock-based transactions||(354||)||(498||)|
|Non-operating proceeds from legal settlement||(1,275||)||-|
|Other than temporary impairment of a privately-held company investment||1,500||7,467|
|Equity in net loss of unconsolidated affiliate||489||1,803|
|Changes in assets and liabilities:|
|Prepaid expenses and other assets||94||1,124|
|Accrued and other liabilities||941||(3,581||)|
|Deferred margin on sales to distributors||557||2,531|
|Deferred license revenue||(706||)||(505||)|
|Cash provided by operating activities||39,192||4,676|
|Cash flows from investing activities:|
|Proceeds from sales of short-term investments||62,699||104,765|
|Purchases of short-term investments||(41,053||)||(60,612||)|
|Purchases of property and equipment||(5,761||)||(8,885||)|
|Proceeds from legal settlement||1,275||-|
|Investment in privately-held companies||(1,500||)||(8,750||)|
|Cash paid for assets purchased from a privately-held company||(300||)||(1,200||)|
|Advances for intellectual properties||(2,031||)||(1,242||)|
|Cash provided by investing activities||13,432||24,076|
|Cash flows from financing activities:|
|Proceeds from employee stock program||5,545||5,631|
|Excess tax benefits from employee stock-based transactions||354||498|
|Repurchase of restricted stock units for income tax withholding||(1,981||)||(2,179||)|
|Payment to acquire treasure shares||(3,005||)||(39,684||)|
|Cash paid to settle contingent consideration liabilities||(81||)||(1,054||)|
|Cash provided by (used in) financing activities||832||(36,788||)|
|Effect of exchange rate changes on cash and cash equivalents||(305||)||(20||)|
|Net increase (decrease) in cash and cash equivalents||53,151||(8,056||)|
|Cash and cash equivalents — beginning of year||29,069||37,125|
|Cash and cash equivalents — end of year||$||82,220||$||29,069|
|Supplemental cash flow information:|
|Cash payment for income taxes||$||(6,476||)||$||(6,389||)|
|Restricted stock units vested||$||5,617||$||6,276|
|Property and equipment and other assets purchased but not paid for||$||668||$||2,380|
|Unrealized gain (loss) on available-for-sale securities||$||(223||)||$||40|
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