SAN DIEGO, Feb. 15, 2018
/PRNewswire/ -- Maxwell Technologies, Inc. (NASDAQ: MXWL)
today reported financial results for the three months and full year
ended December 31, 2017. Total revenues for the fourth quarter
of 2017 were $30.8 million, compared
with $35.8 million for the third
quarter of 2017 and $26.4 million for
the prior year quarter. Net loss for the fourth quarter of 2017 was
$8.8 million, compared with a net
loss of $13.9 million for the third
quarter of 2017 and a net loss of $12.2
million for the prior year quarter. The Company reported
$(1.8) million of adjusted earnings
before interest, taxes, depreciation and amortization (Adjusted
EBITDA) for the fourth quarter of 2017, compared with $(2.1) million for the third quarter of 2017 and
$(3.9) million for the prior year
quarter. Non-GAAP net loss for the fourth quarter of 2017 was
$5.3 million, compared with a
non-GAAP net loss of $4.9 million for
the third quarter of 2017 and $7.5
million for the prior year quarter.
For the full year ended December 31,
2017, net revenues were $130.4
million, compared with $121.2
million for the year ended December
31, 2016. Net loss for 2017 was $43.1
million, compared to a net loss of $23.7 million for the prior year. Non-GAAP net
loss for 2017 was $23.1 million,
compared with a non-GAAP net loss of $21.5
million for the prior year. Non-GAAP financial measures are
described and defined later in this release.
Full Year 2017 Highlights
- Successfully completed the acquisition of the core business and
operating entities of Nesscap Energy, Inc., creating the most
comprehensive ultracapacitor product portfolio globally.
- Grew top-line revenue 8% year over year.
- Reduced annual non-GAAP operating expense 5% due to focus on
expense management and organizational optimization, achieving the
lowest operating expense in six years.
- Solidified the balance sheet by adding $43 million in cash from a convertible debt
financing to facilitate investment in future growth areas.
- Successfully completed the dry battery electrode "proof of
concept" technology program, achieving an energy density milestone
of approximately 300 Wh/kg, as compared to an average of 250 Wh/kg
for current batteries in the market.
"2017 was a year in which we delivered many significant
accomplishments to further advance our business transformation and
to better position us to capitalize on the coming inflection points
and next phase of growth," said Dr. Franz Fink, Maxwell's
President and Chief Executive Officer. "As I look at 2018, I am
excited as we enter the year with the strongest opportunity
pipeline and design win momentum ever and we are expecting year
over year revenue growth. By capitalizing on this growth and
improving gross margins as well as our continued attention to
expense management, we expect improved financial performance,
targeting breakeven adjusted EBITDA for the full year. Most
importantly, we believe that 2018 will be the year that
advancements with our revolutionary dry battery electrode position
us for strategic partnerships to accelerate the commercialization
of this technology."
Financial Results
and Operating Metrics (1)
(Unaudited; in
thousands, except for per share amounts)
|
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
|
December
31, 2017
|
|
September
30, 2017
|
|
December
31, 2016
|
|
December
31, 2017
|
|
December
31, 2016
|
Total
revenue
|
|
$
|
30,763
|
|
|
$
|
35,816
|
|
|
$
|
26,400
|
|
|
$
|
130,368
|
|
|
$
|
121,244
|
|
Ultracapacitor
revenue
|
|
$
|
20,832
|
|
|
$
|
27,564
|
|
|
$
|
12,730
|
|
|
$
|
87,709
|
|
|
$
|
71,491
|
|
High-Voltage
revenue
|
|
$
|
9,931
|
|
|
$
|
8,252
|
|
|
$
|
13,670
|
|
|
$
|
42,659
|
|
|
$
|
45,177
|
|
Microelectronics
revenue
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,576
|
|
Gross
margin
|
|
24.0
|
%
|
|
20.6
|
%
|
|
21.6
|
%
|
|
22.1
|
%
|
|
27.2
|
%
|
Non-GAAP gross
margin
|
|
25.6
|
%
|
|
22.5
|
%
|
|
22.4
|
%
|
|
23.6
|
%
|
|
28.0
|
%
|
Loss from
operations
|
|
$
|
(6,931)
|
|
|
$
|
(13,260)
|
|
|
$
|
(9,895)
|
|
|
$
|
(37,896)
|
|
|
$
|
(25,886)
|
|
Non-GAAP loss from
operations
|
|
$
|
(3,923)
|
|
|
$
|
(4,356)
|
|
|
$
|
(6,381)
|
|
|
$
|
(18,358)
|
|
|
$
|
(17,952)
|
|
Interest expense,
net
|
|
$
|
1,043
|
|
|
$
|
152
|
|
|
$
|
69
|
|
|
$
|
1,355
|
|
|
$
|
248
|
|
Non-GAAP interest
expense, net
|
|
$
|
623
|
|
|
$
|
128
|
|
|
$
|
69
|
|
|
$
|
911
|
|
|
$
|
248
|
|
Net
loss
|
|
$
|
(8,752)
|
|
|
$
|
(13,860)
|
|
|
$
|
(12,169)
|
|
|
$
|
(43,129)
|
|
|
$
|
(23,705)
|
|
Net loss per
share
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.24)
|
|
|
$
|
(0.37)
|
|
|
$
|
(0.38)
|
|
|
$
|
(1.22)
|
|
|
$
|
(0.74)
|
|
Adjusted
EBITDA
|
|
$
|
(1,790)
|
|
|
$
|
(2,125)
|
|
|
$
|
(3,926)
|
|
|
$
|
(9,587)
|
|
|
$
|
(8,206)
|
|
Non-GAAP net
loss
|
|
$
|
(5,324)
|
|
|
$
|
(4,932)
|
|
|
$
|
(7,451)
|
|
|
$
|
(23,147)
|
|
|
$
|
(21,464)
|
|
Non-GAAP net loss per
share
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.14)
|
|
|
$
|
(0.13)
|
|
|
$
|
(0.23)
|
|
|
$
|
(0.65)
|
|
|
$
|
(0.67)
|
|
Net cash used in
operating activities
|
|
$
|
(6,230)
|
|
|
$
|
(2,274)
|
|
|
$
|
(374)
|
|
|
$
|
(15,006)
|
|
|
$
|
(14,357)
|
|
Cash purchases of
property and equipment
|
|
$
|
2,502
|
|
|
$
|
1,255
|
|
|
$
|
1,267
|
|
|
$
|
5,817
|
|
|
$
|
5,956
|
|
Cash, cash
equivalents and restricted cash
|
|
$
|
50,122
|
|
|
$
|
52,852
|
|
|
$
|
25,359
|
|
|
$
|
50,122
|
|
|
$
|
25,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
For a reconciliation of non-GAAP financial measures, please
refer to the section entitled "Reconciliation of GAAP to Non-GAAP
Financial Measures" included at the end of this
release.
|
Discussion of Financial Results for the Fourth
Quarter
Revenue and Gross Margin
- Total revenue for the fourth quarter of 2017 was $30.8 million, compared with $35.8 million for the third quarter of 2017,
driven by expected seasonal softness in ultracapacitor revenue in
the wind market. Ultracapacitor revenue for the fourth quarter of
2017 was $20.8 million, compared with
$27.6 million for the third quarter
of 2017. High-voltage revenue was $9.9
million for the fourth quarter of 2017, compared with
$8.3 million for the third quarter of
2017.
- Gross margin for the fourth quarter of 2017 was 24.0% compared
with 20.6% in the third quarter of 2017, driven by increased
high-voltage sales, which generally have higher gross margins than
the corporate average, and lower losses related to inventory write
downs and provisions for product warranties.
- Non-GAAP gross margin for the fourth quarter of 2017 was 25.6%
compared with 22.5% in the third quarter of 2017 and excludes
acquisition related intangibles amortization and inventory step-up
expense as well as stock-based compensation expense.
Operating Expense, Interest Expense, Net Loss &
Adjusted EBITDA
- Operating expense for the fourth quarter of 2017 was
$14.3 million, compared with
$20.7 million for the third quarter
of 2017. In the third quarter, the Company incurred restructuring
charges associated with the early execution of an organizational
optimization following the Nesscap acquisition and costs related to
certain legal matters, including an amended agreement with Viex
Capital Advisors, LLC, a settlement with the SEC and previously
capitalized fees associated with an investment agreement with SDIC
that did not close. Additionally, expense was lower in the fourth
quarter due to a continued focus on operational efficiencies and
discipline, a benefit from the aforementioned restructuring and
higher than expected vacation usage during the year-end holiday
shutdown.
- Non-GAAP operating expense for the fourth quarter of 2017 was
$11.8 million compared with
$12.4 million for the third quarter
of 2017 and excludes stock-based compensation, amortization of
intangibles, acquisition related expenses, a small amount of
restructuring charges and other non-recurring legal costs.
- Net interest expense for the fourth quarter of 2017 was
$1.0 million compared to $0.2 million for the third quarter of 2017,
including the convertible note coupon interest and non-cash
interest for amortization of debt issuance costs and discounts. The
increase was due to a full quarter of accrued interest in the
fourth quarter.
- Non-GAAP interest expense for the fourth quarter of 2017 was
$0.6 million compared to $0.1 million for the third quarter of 2017, which
excludes the non-cash interest mentioned above.
- Net loss for the fourth quarter of 2017 was $8.8 million, or $(0.24) per share, compared with a net loss of
$13.9 million, or $(0.37) per share, for the third quarter of
2017.
- Non-GAAP net loss for the fourth quarter of 2017 was
$5.3 million compared with a non-GAAP
net loss of $4.9 million for the
third quarter of 2017.
- Adjusted EBITDA for the fourth quarter of 2017 was $(1.8) million, compared with $(2.1) million for the third quarter of
2017.
Capital Expenditures
- Capital expenditures during the fourth quarter of 2017 were
$2.5 million, compared with
$1.3 million for the third quarter of
2017. Capital expenditures in the fourth quarter were primarily
related to investments in the Korea manufacturing facility, the
Switzerland manufacturing facility
and equipment upgrades and research and development
activities.
First Quarter 2018 Business Outlook
- Total revenue is expected to be in the range of $31 million to $33
million.
- Gross margin is expected to be 25.4%, plus or minus 150 basis
points.
- Non-GAAP gross margin is expected to be 26.5%, plus or minus
150 basis points.
- GAAP operating expense is expected to be in the range of
$14.9 million to $15.3 million.
- Non-GAAP operating expense is expected to be in the range of
$12.6 million to $13.0 million.
The Company has reconciled expected GAAP and non-GAAP gross
margin, operating expenses, adjusted EBITDA, net loss and net loss
per share at the midpoint of guidance. However, the Company is not
able to estimate additional potentially excluded and reconciling
amounts due to the substantial uncertainties involved. The effect
of these excluded items may be significant. The reconciliation of
GAAP and non-GAAP first quarter outlook is as follows (in millions,
except for percentages and per share data):
|
Projected at
Midpoint of Guidance
|
|
Projected at
Midpoint of Guidance
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
March 31,
2018
|
|
March 31,
2018
|
Gross Margin
Reconciliation:
|
|
|
|
Total Operating
Expenses Reconciliation:
|
|
|
|
GAAP gross
margin
|
|
25.4
|
%
|
|
GAAP total operating
expenses
|
|
$
|
15.1
|
|
|
Stock-based
compensation expense
|
|
0.8
|
%
|
|
Stock-based
compensation expense
|
|
(2.0)
|
|
|
Acquisition related
expense (1)
|
|
0.3
|
%
|
|
Acquisition related
expense (1)
|
|
(0.2)
|
|
|
Non-GAAP gross
margin
|
|
26.5
|
%
|
|
SEC and FCPA legal
costs
|
|
(0.1)
|
|
|
|
|
|
|
Non-GAAP total
operating expenses
|
|
$
|
12.8
|
|
|
Net Loss
Reconciliation:
|
|
|
|
|
|
|
|
GAAP net
loss
|
|
$
|
(7.7)
|
|
|
Adjusted EBITDA
Reconciliation:
|
|
|
|
Stock-based
compensation expense
|
|
2.2
|
|
|
GAAP net
loss
|
|
$
|
(7.7)
|
|
|
Non-cash interest
expense
|
|
0.5
|
|
|
Non-cash interest
expense
|
|
0.5
|
|
|
Acquisition related
expense (1)
|
|
0.3
|
|
|
Interest, taxes,
depreciation, amortization
|
|
3.0
|
|
|
SEC and FCPA legal
costs
|
|
0.1
|
|
|
EBITDA
|
|
(4.2)
|
|
|
Non-GAAP net
loss
|
|
$
|
(4.6)
|
|
|
Stock-based
compensation expense
|
|
2.2
|
|
|
|
|
|
|
SEC and FCPA legal
costs
|
|
0.1
|
|
|
Net Loss per
Share Reconciliation:
|
|
|
|
Adjusted
EBITDA
|
|
$
|
(1.9)
|
|
|
GAAP net loss per
diluted share
|
|
$
|
(0.20)
|
|
|
|
|
|
|
Expenses excluded
from GAAP
|
|
0.08
|
|
|
|
|
|
|
Non-GAAP net loss per
diluted share
|
|
$
|
(0.12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Acquisition related
expense is partially recorded in operating expenses and partially
recorded in cost of revenue.
|
Webcast Information
As previously announced, Maxwell management will host a live
webcast at approximately 5:00 p.m.
EST / 2:00 p.m. PST today to
discuss these results. Other forward-looking and material
information may also be discussed during this call.
The call may be accessed by dialing toll-free, (866) 393-4306
from the U.S. or (734) 385-2616 for international callers, and
entering the conference ID 3987793.
More information about this event including a live webcast and
other supporting materials may be accessed by visiting
http://investors.maxwell.com.
A replay of the conference call will be available for a limited
time by visiting http://investors.maxwell.com.
About Maxwell
Maxwell is a global leader in the development and manufacture of
innovative, cost-effective energy storage and power delivery
solutions. We have developed and transformed our patented,
proprietary and fundamental dry electrode manufacturing technology
that we have historically used to make ultracapacitors to create a
breakthrough technology that can be applied to the manufacturing of
batteries. Our ultracapacitor products provide safe and reliable
power solutions for applications in consumer and industrial
electronics, transportation, renewable energy and information
technology. Our CONDIS® high-voltage grading and coupling
capacitors help to ensure the safety and reliability of electric
utility infrastructure and other applications involving transport,
distribution and measurement of high-voltage electrical energy. For
more information, visit www.maxwell.com.
Notes Regarding Non-GAAP Financial Measures
The Company uses non-GAAP financial measures for internal
evaluation and to report the results of its business. Information
presented in this press release and in the attached financial
tables includes financial information prepared in accordance with
generally accepted accounting principles in the U.S., or GAAP, as
well as non-GAAP financial measures. Generally, a non-GAAP
financial measure, within the meaning of Item 10 of Regulation S-K
promulgated by the Securities and Exchange Commission (SEC), is a
numerical measure of a company's financial performance or cash
flows that (a) excludes amounts, or is subject to adjustments that
have the effect of excluding amounts, which are included in the
most directly comparable measure calculated and presented in
accordance with GAAP in the condensed consolidated balance sheets,
condensed consolidated statements of operations, condensed
consolidated statements of comprehensive income (loss) or condensed
consolidated statements of cash flows; or (b) includes amounts, or
is subject to adjustments that have the effect of including
amounts, which are excluded from the most directly comparable
measure so calculated and presented.
The Company uses the following non-GAAP financial measures in
this release, in its earnings conference call and in its on-going
evaluation of the business: (a) non-GAAP gross profit; (b) non-GAAP
operating expense; (c) non-GAAP income (loss) from operations; (d)
EBITDA; (e) adjusted EBITDA; (f) non-GAAP net income (loss); (g)
non-GAAP net income (loss) per diluted share and (h) non-GAAP gross
margin.
The definitions of non-GAAP financial measures used in this news
release are presented below:
- Non-GAAP gross margin and non-GAAP gross profit exclude the
effect of stock-based compensation, amortization of intangible
assets, accelerated depreciation and acquisition related
expense.
- Non-GAAP operating expense excludes the effect of stock-based
compensation, amortization of intangible assets, restructuring and
related costs, impairment of assets, strategic equity transaction
costs, acquisition related expense, shareholder advisement and
settlement costs, release of tax liability and SEC and FCPA legal
and settlement costs.
- Non-GAAP loss from operations excludes the effect of
accelerated depreciation, stock-based compensation, amortization of
intangible assets, restructuring and related costs, impairment of
assets, strategic equity transaction costs, acquisition related
expense, shareholder advisement and settlement costs, release of
tax liability and SEC and FCPA legal and settlement costs.
- Adjusted EBITDA excludes the effect of foreign currency
exchange loss, other income, stock-based compensation,
restructuring and related costs, impairment of assets, strategic
equity transaction costs, acquisition related expense, shareholder
advisement and settlement costs, release of tax liability, gain on
sale of product line and SEC and FCPA legal and settlement
costs.
- Non-GAAP net loss and non-GAAP net loss per share exclude the
effect of accelerated depreciation, stock-based compensation,
amortization of intangible assets, non-cash interest expense, tax
impact of potential cash repatriation, restructuring and related
costs, impairment of assets, strategic equity transaction costs,
acquisition related expense, shareholder advisement and settlement
costs, release of tax liability, gain on sale of product line and
SEC and FCPA legal and settlement costs.
The Company believes that these measures provide useful
information to its management, board of directors and investors
about its operating activities and business trends related to its
financial condition and results of operations.
In addition, the Company's management and board of directors use
these non-GAAP financial measures in developing operating budgets
and in reviewing the Company's results of operations, as non-cash
items, non-recurring items and items unrelated to ongoing operating
results have limited impact on current and future operating
decisions. Additionally, the Company believes that inclusion of
non-GAAP financial measures provides consistency and comparability
with its past reports of financial results. Non-GAAP financial
measures should be considered in addition to, but not as a
substitute for, the information prepared in accordance with GAAP.
These measures are intended to supplement GAAP financial
information, and may be computed differently from non-GAAP
financial measures used by other companies. However, investors
should be aware that non-GAAP measures have inherent limitations
and should be read in conjunction with the Company's consolidated
financial statements prepared in accordance with GAAP.
The Company's non-GAAP financial measures included in this news
release exclude the following non-cash items, non-recurring items
or items unrelated to its ongoing operating results, as
applicable:
- Stock-based compensation expense consisting of non-cash charges
for stock options, restricted stock awards, restricted stock units,
employee stock purchase plan awards and bonuses and director's fees
expected to be settled with the Company's fully vested common
stock.
- Amortization of intangibles consisting of non-cash amortization
of purchased intangibles acquired in connection with the Company's
acquisition of the assets, including the operating subsidiaries, of
Nesscap Energy, Inc.
- Non-cash interest expense consisting of amortization of
convertible debt discounts and amortization of convertible debt
transaction costs.
- Gain on sale of product line consisting of the gain recorded in
connection with the sale of the Company's microelectronics product
line.
- Tax impact of potential cash repatriation consists of non-cash
charges associated with a portion of the unremitted earnings of a
foreign subsidiary that may be repatriated to the U.S.
- Restructuring and related costs including restructuring and
exit costs incurred in connection with the Company's restructuring
plans, disposition transaction costs consisting of legal fees and
other expenses incurred in connection with the sale of the
microelectronics product line and executive transition costs
representing recruiting and other expenses incurred in relation to
the resignation and hiring of certain executive officers.
- Accelerated depreciation charges representing the adjustment of
the remaining useful life for certain manufacturing equipment in
connection with the Company's restructuring plan.
- Impairment of assets which represent impairment of the net book
value of machinery no longer forecasted to be used for its
remaining useful life.
- Release of tax liability consisting of a foreign tax liability
that was released without payment due to the lapse of a statute of
limitation.
- Strategic equity transaction costs consisting of expenses
incurred in connection with the Company's strategic equity
investment agreement with China's
SDIC Fund which was terminated in the third quarter of 2017.
- Acquisition related expense consisting of costs incurred in
connection with the Company's acquisition of the assets, including
the operating subsidiaries, of Nesscap Energy, Inc. which include
transaction and integration expenses as well as the fair value
adjustment for acquired inventory recorded in cost of revenue.
- Shareholder advisement and settlement costs which represent
external advisor expenses incurred in connection with preparing for
the Company's 2016 and 2017 shareholder proxy and annual meeting
and shareholder settlement costs.
- SEC and FCPA legal and settlement costs which represent
external legal expenses and settlement expenses related to the U.S.
Securities and Exchange Commission's investigation of the facts and
circumstances surrounding the restatement of the Company's
financial statements for the fiscal years 2011 and 2012, as well as
for ongoing legal matters related to previous Foreign Corrupt
Practices Act (FCPA) violations.
Reconciliations of non-GAAP financial measures used in this
release to the most directly comparable GAAP financial measures can
be found in the section entitled "Reconciliation of GAAP to
Non-GAAP Financial Measures" included toward the end of this
release.
Forward-Looking Statements
Maxwell cautions you that statements included in this news
release or made on the investor conference call referenced herein
that are not a description of historical facts are forward-looking
statements that involve risks, uncertainties, assumptions and other
factors which, if they do not materialize or prove correct, could
cause Maxwell's results to differ materially from historical
results or those expressed or implied by such forward-looking
statements. In addition, this news release contains selected
financial results for the fourth quarter and full year 2017, as
well as projections for 2018 financial guidance and longer-term
financial performance goals. The Company's projections for 2018
financial guidance and longer-term financial performance goals
represent current estimates, including initial estimates of the
potential benefits, synergies and cost savings associated with
acquisitions, which are subject to the risk of being inaccurate
because of the preliminary nature of the forecasts, the risk of
further adjustment, or unanticipated difficulty in developing or
selling products and technologies. The potential risks and
uncertainties that could cause actual growth and results to differ
materially include, but are not limited to.
- Our intentions, beliefs and expectations regarding our
expenses, cost savings, sales, operations and future financial
performance;
- Our operating results;
- Our ability to develop, introduce and commercialize new
products, technologies applications or enhancements to existing
products and educate prospective customers;
- Anticipated growth and trends in our business;
- Our ability to obtain sufficient capital to meet our operating
requirements, including, but not limited to, our investment
requirements for new technology and products, or other needs;
- Our ability to manage our long-term debt and our ability to
service our debt, including our convertible debt;
- Risks related to changes in legislation, regulation and
governmental policy;
- Risks related to tax laws and tax changes (including U.S. and
foreign taxes on foreign subsidiaries);
- Risks related to our international operations;
- Our expectations regarding our revenues, customers and
distributors;
- Our beliefs and expectations regarding our market penetration
and expansion efforts, especially considering the small number of
vertical markets and a small number of geographic regions;
- Our expectations regarding the benefits and integration of
recently-acquired businesses and our ability to make future
acquisitions and successfully integrate any such future-acquired
businesses;
- Our ability to protect our intellectual property rights and to
defend claims against us;
- Dependence upon third party manufacturing and other service
providers, many of which are located outside the U.S. and our
ability to manage reliance upon certain key suppliers;
- Our anticipated trends and challenges in the markets in which
we operate; and
- Our expectations and beliefs regarding and the impact of
investigations, claims and litigation.
For further information regarding risks and uncertainties
associated with Maxwell's business, please refer to the
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" and "Risk Factors" sections of our SEC
filings, including, but not limited to, our annual report on Form
10-K and any subsequent quarterly reports on Form 10-Q. Copies of
these documents are available with the Securities and Exchange
Commission at www.sec.gov or may be obtained by contacting
Maxwell's investor relations department at (858) 503-3368, or at
our investor relations website: investors.maxwell.com. The
forward-looking statements contained herein are based on the
current expectations and assumptions of Maxwell and not on
historical facts. All information in this release is as of
February 15, 2018. The Company undertakes no duty to update
any forward-looking statement to reflect actual results or changes
in the Company's expectations.
Investor Contact: Kimberly
Tom, CFA, +1 (858) 503-3368, ir@maxwell.com
MAXWELL
TECHNOLOGIES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except
per share data)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
|
December
31, 2017
|
|
September
30, 2017
|
|
December
31, 2016
|
|
December
31, 2017
|
|
December
31, 2016
|
Revenue
|
|
$
|
30,763
|
|
|
$
|
35,816
|
|
|
$
|
26,400
|
|
|
$
|
130,368
|
|
|
$
|
121,244
|
|
Cost of
revenue
|
|
23,382
|
|
|
28,420
|
|
|
20,692
|
|
|
101,573
|
|
|
88,274
|
|
Gross
profit
|
|
7,381
|
|
|
7,396
|
|
|
5,708
|
|
|
28,795
|
|
|
32,970
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
9,694
|
|
|
14,514
|
|
|
9,586
|
|
|
45,818
|
|
|
36,281
|
|
Research and
development
|
|
4,344
|
|
|
4,891
|
|
|
4,783
|
|
|
18,351
|
|
|
20,889
|
|
Restructuring and
exit costs
|
|
34
|
|
|
1,251
|
|
|
—
|
|
|
2,282
|
|
|
297
|
|
Impairment of
assets
|
|
240
|
|
|
—
|
|
|
1,234
|
|
|
240
|
|
|
1,389
|
|
Total operating
expenses
|
|
14,312
|
|
|
20,656
|
|
|
15,603
|
|
|
66,691
|
|
|
58,856
|
|
Loss from
operations
|
|
(6,931)
|
|
|
(13,260)
|
|
|
(9,895)
|
|
|
(37,896)
|
|
|
(25,886)
|
|
Gain on sale of
product line
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,657)
|
|
Interest expense,
net
|
|
1,043
|
|
|
152
|
|
|
69
|
|
|
1,355
|
|
|
248
|
|
Other
income
|
|
(18)
|
|
|
(14)
|
|
|
3
|
|
|
(85)
|
|
|
(133)
|
|
Foreign currency
exchange (gain) loss, net
|
|
256
|
|
|
(65)
|
|
|
(36)
|
|
|
306
|
|
|
216
|
|
Loss before income
taxes
|
|
(8,212)
|
|
|
(13,333)
|
|
|
(9,931)
|
|
|
(39,472)
|
|
|
(19,560)
|
|
Income tax
provision
|
|
540
|
|
|
527
|
|
|
2,238
|
|
|
3,657
|
|
|
4,145
|
|
Net loss
|
|
$
|
(8,752)
|
|
|
$
|
(13,860)
|
|
|
$
|
(12,169)
|
|
|
$
|
(43,129)
|
|
|
$
|
(23,705)
|
|
Net loss per common
share:
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.24)
|
|
|
$
|
(0.37)
|
|
|
$
|
(0.38)
|
|
|
$
|
(1.22)
|
|
|
$
|
(0.74)
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
37,115
|
|
|
37,008
|
|
|
31,995
|
|
|
35,480
|
|
|
31,870
|
|
MAXWELL
TECHNOLOGIES, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in thousands, except
shares and per share data)
(Unaudited)
|
|
|
|
December 31,
2017
|
|
December 31,
2016
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
50,122
|
|
|
$
|
25,359
|
|
Trade and other
accounts receivable, net
|
|
31,643
|
|
|
20,441
|
|
Inventories
|
|
32,228
|
|
|
32,248
|
|
Prepaid expenses and
other current assets
|
|
2,983
|
|
|
4,407
|
|
Total current
assets
|
|
116,976
|
|
|
82,455
|
|
Property and
equipment, net
|
|
28,044
|
|
|
26,120
|
|
Intangible assets,
net
|
|
11,715
|
|
|
—
|
|
Goodwill
|
|
36,061
|
|
|
22,799
|
|
Pension
asset
|
|
11,712
|
|
|
8,887
|
|
Other non-current
assets
|
|
871
|
|
|
613
|
|
Total
assets
|
|
$
|
205,379
|
|
|
$
|
140,874
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
|
32,758
|
|
|
$
|
19,181
|
|
Accrued employee
compensation
|
|
9,070
|
|
|
6,152
|
|
Deferred revenue and
customer deposits
|
|
6,669
|
|
|
3,967
|
|
Short-term borrowings
and current portion of long-term debt
|
|
33
|
|
|
40
|
|
Total current
liabilities
|
|
48,530
|
|
|
29,340
|
|
Deferred tax
liability, long-term
|
|
8,762
|
|
|
8,580
|
|
Long-term debt,
excluding current portion
|
|
35,124
|
|
|
43
|
|
Defined benefit plan
liability
|
|
3,942
|
|
|
—
|
|
Other long-term
liabilities
|
|
2,920
|
|
|
2,089
|
|
Total
liabilities
|
|
99,278
|
|
|
40,052
|
|
Stockholders'
equity:
|
|
|
|
|
Common stock, $0.10
par value per share, 80,000,000 shares authorized at December 31,
2017 and 2016; 37,199,519 and 32,135,029 shares issued and
outstanding at December, 2017 and 2016, respectively
|
|
3,717
|
|
|
3,210
|
|
Additional paid-in
capital
|
|
337,541
|
|
|
296,316
|
|
Accumulated
deficit
|
|
(247,233)
|
|
|
(204,104)
|
|
Accumulated other
comprehensive income
|
|
12,076
|
|
|
5,400
|
|
Total stockholders'
equity
|
|
106,101
|
|
|
100,822
|
|
Total liabilities and
stockholders' equity
|
|
$
|
205,379
|
|
|
$
|
140,874
|
|
MAXWELL
TECHNOLOGIES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
|
December 31,
2017
|
|
September 30,
2017
|
|
December 31,
2016
|
|
December 31,
2017
|
|
December 31,
2016
|
OPERATING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(8,752)
|
|
|
$
|
(13,860)
|
|
|
$
|
(12,169)
|
|
|
$
|
(43,129)
|
|
|
$
|
(23,705)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
2,133
|
|
|
2,231
|
|
|
2,455
|
|
|
8,771
|
|
|
9,871
|
|
Amortization
of intangible assets
|
|
307
|
|
|
300
|
|
|
—
|
|
|
809
|
|
|
—
|
|
Non-cash
interest expense
|
|
420
|
|
|
24
|
|
|
—
|
|
|
444
|
|
|
—
|
|
Loss on lease
due to restructuring
|
|
—
|
|
|
179
|
|
|
—
|
|
|
179
|
|
|
87
|
|
Pension and
defined benefit plan cost
|
|
250
|
|
|
243
|
|
|
156
|
|
|
770
|
|
|
635
|
|
Stock-based
compensation expense
|
|
2,490
|
|
|
2,755
|
|
|
1,605
|
|
|
9,037
|
|
|
5,364
|
|
Gain on sale
of property and equipment
|
|
—
|
|
|
(20)
|
|
|
—
|
|
|
(20)
|
|
|
(131)
|
|
Impairment of
property and equipment
|
|
240
|
|
|
—
|
|
|
1,234
|
|
|
240
|
|
|
1,389
|
|
Gain on sale
of product line
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,657)
|
|
Unrealized
(gain) loss on foreign currency exchange rates
|
|
(142)
|
|
|
14
|
|
|
18
|
|
|
(150)
|
|
|
63
|
|
Release of tax
liability
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,518)
|
|
Provision for
(recovery of) losses on accounts receivable
|
|
6
|
|
|
2
|
|
|
(162)
|
|
|
10
|
|
|
(106)
|
|
Losses on
write downs of inventory
|
|
640
|
|
|
841
|
|
|
171
|
|
|
2,309
|
|
|
397
|
|
Provision for
(release of) warranties
|
|
(302)
|
|
|
396
|
|
|
(61)
|
|
|
303
|
|
|
383
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Trade
and other accounts receivable
|
|
(4,327)
|
|
|
3,097
|
|
|
(66)
|
|
|
(7,981)
|
|
|
20,085
|
|
Inventories
|
|
(1,058)
|
|
|
(2,431)
|
|
|
2,253
|
|
|
2,568
|
|
|
(4,956)
|
|
Prepaid
expenses and other assets
|
|
332
|
|
|
744
|
|
|
916
|
|
|
477
|
|
|
(372)
|
|
Pension
asset
|
|
(565)
|
|
|
(197)
|
|
|
(143)
|
|
|
(1,067)
|
|
|
(584)
|
|
Accounts
payable and accrued liabilities
|
|
1,549
|
|
|
2,579
|
|
|
1,820
|
|
|
8,842
|
|
|
(14,884)
|
|
Deferred
revenue and customer deposits
|
|
539
|
|
|
466
|
|
|
619
|
|
|
2,356
|
|
|
630
|
|
Accrued
employee compensation
|
|
(581)
|
|
|
950
|
|
|
(516)
|
|
|
609
|
|
|
(1,478)
|
|
Deferred
tax liability
|
|
827
|
|
|
(791)
|
|
|
1,844
|
|
|
(154)
|
|
|
1,957
|
|
Other
long-term liabilities
|
|
(236)
|
|
|
204
|
|
|
(348)
|
|
|
(229)
|
|
|
(827)
|
|
Net cash
used in operating activities
|
|
(6,230)
|
|
|
(2,274)
|
|
|
(374)
|
|
|
(15,006)
|
|
|
(14,357)
|
|
INVESTING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
(2,502)
|
|
|
(1,255)
|
|
|
(1,267)
|
|
|
(5,817)
|
|
|
(5,956)
|
|
Proceeds from sale of
property and equipment
|
|
—
|
|
|
20
|
|
|
—
|
|
|
20
|
|
|
133
|
|
Cash used in
acquisition, net of cash acquired
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(97)
|
|
|
—
|
|
Proceeds from sale of
product line
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,500
|
|
|
20,486
|
|
Net cash
provided by (used in) investing activities
|
|
(2,502)
|
|
|
(1,235)
|
|
|
(1,267)
|
|
|
(4,394)
|
|
|
14,663
|
|
FINANCING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Principal payments on
long-term debt and short-term borrowings
|
|
(8)
|
|
|
(7)
|
|
|
(12)
|
|
|
(32)
|
|
|
(45)
|
|
Proceeds from
long-term debt and short-term borrowings, net of discount and
issuance costs
|
|
5,658
|
|
|
37,333
|
|
|
—
|
|
|
42,991
|
|
|
—
|
|
Proceeds from
issuance of common stock under equity compensation plans
|
|
133
|
|
|
(1)
|
|
|
223
|
|
|
326
|
|
|
841
|
|
Net cash
provided by financing activities
|
|
5,783
|
|
|
37,325
|
|
|
211
|
|
|
43,285
|
|
|
796
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
|
219
|
|
|
(145)
|
|
|
(1,113)
|
|
|
878
|
|
|
(525)
|
|
Increase
(decrease) in cash, cash equivalents and restricted
cash
|
|
(2,730)
|
|
|
33,671
|
|
|
(2,543)
|
|
|
24,763
|
|
|
577
|
|
Cash, cash
equivalents and restricted cash, beginning of period
|
|
52,852
|
|
|
19,181
|
|
|
27,902
|
|
|
25,359
|
|
|
24,782
|
|
Cash, cash
equivalents and restricted cash, end of period
|
|
$
|
50,122
|
|
|
$
|
52,852
|
|
|
$
|
25,359
|
|
|
$
|
50,122
|
|
|
$
|
25,359
|
|
MAXWELL
TECHNOLOGIES, INC.
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands, except
per share data) (Unaudited)
|
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
|
December 31,
2017
|
|
September 30,
2017
|
|
December 31,
2016
|
|
December 31,
2017
|
|
December 31,
2016
|
Gross Margin
Reconciliation:
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
margin
|
|
24.0
|
%
|
|
20.6
|
%
|
|
21.6
|
%
|
|
22.1
|
%
|
|
27.2
|
%
|
Stock-based
compensation expense
|
|
1.1
|
%
|
|
0.8
|
%
|
|
0.8
|
%
|
|
0.8
|
%
|
|
0.7
|
%
|
Amortization of
intangible assets
|
|
0.3
|
%
|
|
0.3
|
%
|
|
—
|
%
|
|
0.2
|
%
|
|
—
|
%
|
Accelerated
depreciation
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.1
|
%
|
Acquisition related
expense
|
|
0.2
|
%
|
|
0.8
|
%
|
|
—
|
%
|
|
0.5
|
%
|
|
—
|
%
|
Non-GAAP gross
margin
|
|
25.6
|
%
|
|
22.5
|
%
|
|
22.4
|
%
|
|
23.6
|
%
|
|
28.0
|
%
|
Gross Profit
Reconciliation:
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
$
|
7,381
|
|
|
$
|
7,396
|
|
|
$
|
5,708
|
|
|
$
|
28,795
|
|
|
$
|
32,970
|
|
Stock-based
compensation expense
|
|
349
|
|
|
271
|
|
|
211
|
|
|
1,070
|
|
|
854
|
|
Amortization of
intangible assets
|
|
90
|
|
|
88
|
|
|
—
|
|
|
238
|
|
|
—
|
|
Accelerated
depreciation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
125
|
|
Acquisition related
expense
|
|
67
|
|
|
287
|
|
|
—
|
|
|
645
|
|
|
—
|
|
Non-GAAP gross
profit
|
|
$
|
7,887
|
|
|
$
|
8,042
|
|
|
$
|
5,919
|
|
|
$
|
30,748
|
|
|
$
|
33,949
|
|
Total Operating
Expenses Reconciliation:
|
|
|
|
|
|
|
|
|
|
|
GAAP total operating
expenses
|
|
$
|
14,312
|
|
|
$
|
20,656
|
|
|
$
|
15,603
|
|
|
$
|
66,691
|
|
|
$
|
58,856
|
|
Stock-based
compensation expense
|
|
(2,141)
|
|
|
(2,484)
|
|
|
(1,394)
|
|
|
(7,967)
|
|
|
(4,510)
|
|
Amortization of
intangible assets
|
|
(217)
|
|
|
(212)
|
|
|
—
|
|
|
(571)
|
|
|
—
|
|
Restructuring and
related costs
|
|
(34)
|
|
|
(1,251)
|
|
|
—
|
|
|
(2,282)
|
|
|
(853)
|
|
Impairment of
assets
|
|
—
|
|
|
—
|
|
|
(1,234)
|
|
|
—
|
|
|
(1,234)
|
|
Release of tax
liability(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,278
|
|
Strategic equity
transaction costs
|
|
—
|
|
|
(503)
|
|
|
—
|
|
|
(503)
|
|
|
—
|
|
Acquisition related
expense
|
|
(46)
|
|
|
(46)
|
|
|
(675)
|
|
|
(1,879)
|
|
|
(675)
|
|
Shareholder
advisement and settlement costs
|
|
—
|
|
|
(761)
|
|
|
—
|
|
|
(1,135)
|
|
|
(314)
|
|
SEC and FCPA legal
and settlement costs
|
|
(64)
|
|
|
(3,001)
|
|
|
—
|
|
|
(3,248)
|
|
|
(647)
|
|
Non-GAAP operating
expenses
|
|
$
|
11,810
|
|
|
$
|
12,398
|
|
|
$
|
12,300
|
|
|
$
|
49,106
|
|
|
$
|
51,901
|
|
Loss from
Operations Reconciliation:
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from
operations
|
|
$
|
(6,931)
|
|
|
$
|
(13,260)
|
|
|
$
|
(9,895)
|
|
|
$
|
(37,896)
|
|
|
$
|
(25,886)
|
|
Stock-based
compensation expense
|
|
2,490
|
|
|
2,755
|
|
|
1,605
|
|
|
9,037
|
|
|
5,364
|
|
Amortization of
intangible assets
|
|
307
|
|
|
300
|
|
|
—
|
|
|
809
|
|
|
—
|
|
Restructuring and
related costs
|
|
34
|
|
|
1,251
|
|
|
—
|
|
|
2,282
|
|
|
853
|
|
Accelerated
depreciation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
125
|
|
Impairment of
assets
|
|
—
|
|
|
—
|
|
|
1,234
|
|
|
—
|
|
|
1,234
|
|
Release of tax
liability(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,278)
|
|
Strategic equity
transaction costs
|
|
—
|
|
|
503
|
|
|
—
|
|
|
503
|
|
|
—
|
|
Acquisition related
expense
|
|
113
|
|
|
333
|
|
|
675
|
|
|
2,524
|
|
|
675
|
|
Shareholder
advisement and settlement costs
|
|
—
|
|
|
761
|
|
|
—
|
|
|
1,135
|
|
|
314
|
|
SEC and FCPA legal
and settlement costs
|
|
64
|
|
|
3,001
|
|
|
—
|
|
|
3,248
|
|
|
647
|
|
Non-GAAP loss from
operations
|
|
$
|
(3,923)
|
|
|
$
|
(4,356)
|
|
|
$
|
(6,381)
|
|
|
$
|
(18,358)
|
|
|
$
|
(17,952)
|
|
Adjusted EBITDA
Reconciliation:
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
|
$
|
(8,752)
|
|
|
$
|
(13,860)
|
|
|
$
|
(12,169)
|
|
|
$
|
(43,129)
|
|
|
$
|
(23,705)
|
|
Interest expense,
net
|
|
1,043
|
|
|
152
|
|
|
69
|
|
|
1,355
|
|
|
248
|
|
Income tax
provision
|
|
540
|
|
|
527
|
|
|
2,238
|
|
|
3,657
|
|
|
4,145
|
|
Depreciation
|
|
2,133
|
|
|
2,231
|
|
|
2,455
|
|
|
8,771
|
|
|
9,871
|
|
Amortization of
intangible assets
|
|
307
|
|
|
300
|
|
|
—
|
|
|
809
|
|
|
—
|
|
EBITDA
|
|
(4,729)
|
|
|
(10,650)
|
|
|
(7,407)
|
|
|
(28,537)
|
|
|
(9,441)
|
|
Foreign currency
exchange loss, net
|
|
256
|
|
|
(65)
|
|
|
(36)
|
|
|
306
|
|
|
216
|
|
Other
income
|
|
(18)
|
|
|
(14)
|
|
|
3
|
|
|
(85)
|
|
|
(133)
|
|
Stock-based
compensation expense
|
|
2,490
|
|
|
2,755
|
|
|
1,605
|
|
|
9,037
|
|
|
5,364
|
|
Gain on sale of
product line
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,657)
|
|
Restructuring and
related costs
|
|
34
|
|
|
1,251
|
|
|
—
|
|
|
2,282
|
|
|
853
|
|
Impairment of
assets
|
|
—
|
|
|
—
|
|
|
1,234
|
|
|
—
|
|
|
1,234
|
|
Strategic equity
transaction costs
|
|
—
|
|
|
503
|
|
|
—
|
|
|
503
|
|
|
—
|
|
Acquisition related
expense
|
|
113
|
|
|
333
|
|
|
675
|
|
|
2,524
|
|
|
675
|
|
Release of tax
liability(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,278)
|
|
Shareholder
advisement and settlement costs
|
|
—
|
|
|
761
|
|
|
—
|
|
|
1,135
|
|
|
314
|
|
SEC and FCPA legal
and settlement costs
|
|
64
|
|
|
3,001
|
|
|
—
|
|
|
3,248
|
|
|
647
|
|
Adjusted
EBITDA
|
|
$
|
(1,790)
|
|
|
$
|
(2,125)
|
|
|
$
|
(3,926)
|
|
|
$
|
(9,587)
|
|
|
$
|
(8,206)
|
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
|
December 31,
2017
|
|
September 30,
2017
|
|
December 31,
2016
|
|
December 31,
2017
|
|
December 31,
2016
|
Interest
Expense, net Reconciliation
|
|
|
|
|
|
|
|
|
|
|
GAAP interest
expense, net
|
|
$
|
1,043
|
|
|
$
|
152
|
|
|
$
|
69
|
|
|
$
|
1,355
|
|
|
$
|
248
|
|
Non-cash interest
expense
|
|
(420)
|
|
|
(24)
|
|
|
—
|
|
|
(444)
|
|
|
—
|
|
Non-GAAP interest
expense, net
|
|
$
|
623
|
|
|
$
|
128
|
|
|
$
|
69
|
|
|
$
|
911
|
|
|
$
|
248
|
|
Net Loss
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
|
$
|
(8,752)
|
|
|
$
|
(13,860)
|
|
|
$
|
(12,169)
|
|
|
$
|
(43,129)
|
|
|
$
|
(23,705)
|
|
Stock-based
compensation expense
|
|
2,490
|
|
|
2,755
|
|
|
1,605
|
|
|
9,037
|
|
|
5,364
|
|
Amortization of
intangible assets
|
|
307
|
|
|
300
|
|
|
—
|
|
|
809
|
|
|
—
|
|
Non-cash interest
expense
|
|
420
|
|
|
24
|
|
|
—
|
|
|
444
|
|
|
—
|
|
Gain on sale of
product line
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,657)
|
|
Tax impact of
potential cash repatriation
|
|
—
|
|
|
—
|
|
|
1,204
|
|
|
—
|
|
|
1,204
|
|
Restructuring and
related costs
|
|
34
|
|
|
1,251
|
|
|
—
|
|
|
2,282
|
|
|
853
|
|
Accelerated
depreciation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
125
|
|
Impairment of
assets
|
|
—
|
|
|
—
|
|
|
1,234
|
|
|
—
|
|
|
1,234
|
|
Release of tax
liability(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,518)
|
|
Strategic equity
transaction costs
|
|
—
|
|
|
503
|
|
|
—
|
|
|
503
|
|
|
—
|
|
Acquisition related
expense
|
|
113
|
|
|
333
|
|
|
675
|
|
|
2,524
|
|
|
675
|
|
Shareholder
advisement and settlement costs
|
|
—
|
|
|
761
|
|
|
—
|
|
|
1,135
|
|
|
314
|
|
SEC and FCPA legal
and settlement costs
|
|
64
|
|
|
3,001
|
|
|
—
|
|
|
3,248
|
|
|
647
|
|
Non-GAAP net
loss
|
|
$
|
(5,324)
|
|
|
$
|
(4,932)
|
|
|
$
|
(7,451)
|
|
|
$
|
(23,147)
|
|
|
$
|
(21,464)
|
|
Net Loss per
Diluted Share Reconciliation:
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per
diluted share
|
|
$
|
(0.24)
|
|
|
$
|
(0.37)
|
|
|
$
|
(0.38)
|
|
|
$
|
(1.22)
|
|
|
$
|
(0.74)
|
|
Stock-based
compensation expense
|
|
0.07
|
|
|
0.07
|
|
|
0.05
|
|
|
0.26
|
|
|
0.17
|
|
Amortization of
intangible assets
|
|
0.01
|
|
|
0.01
|
|
|
—
|
|
|
0.02
|
|
|
—
|
|
Non-cash interest
expense
|
|
0.01
|
|
|
*
|
|
|
—
|
|
|
0.01
|
|
|
—
|
|
Gain on sale of
product line
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.21)
|
|
Tax impact of
potential cash repatriation
|
|
—
|
|
|
—
|
|
|
0.04
|
|
|
—
|
|
|
0.04
|
|
Restructuring and
related costs
|
|
*
|
|
|
0.04
|
|
|
—
|
|
|
0.07
|
|
|
0.03
|
|
Accelerated
depreciation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
*
|
|
Impairment of
assets
|
|
—
|
|
|
—
|
|
|
0.04
|
|
|
—
|
|
|
0.04
|
|
Release of tax
liability(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.05)
|
|
Strategic equity
transaction costs
|
|
—
|
|
|
0.01
|
|
|
—
|
|
|
0.01
|
|
|
—
|
|
Acquisition related
expense
|
|
0.01
|
|
|
0.01
|
|
|
0.02
|
|
|
0.08
|
|
|
0.02
|
|
Shareholder
advisement and settlement costs
|
|
—
|
|
|
0.02
|
|
|
—
|
|
|
0.03
|
|
|
0.01
|
|
SEC and FCPA legal
and settlement costs
|
|
*
|
|
|
0.08
|
|
|
—
|
|
|
0.09
|
|
|
0.02
|
|
Non-GAAP net loss per
diluted share
|
|
$
|
(0.14)
|
|
|
$
|
(0.13)
|
|
|
$
|
(0.23)
|
|
|
$
|
(0.65)
|
|
|
$
|
(0.67)
|
|
Weighted
Average Diluted Common Shares Outstanding used
for:
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
|
37,115
|
|
|
37,008
|
|
|
31,995
|
|
|
35,480
|
|
|
31,870
|
|
Non-GAAP net
loss
|
|
37,115
|
|
|
37,008
|
|
|
31,995
|
|
|
35,480
|
|
|
31,870
|
|
|
|
*
|
Net loss effect of
this reconciling item was less than $0.01 per share.
|
(1)
|
Release of tax
liability is partially related to operating expense and partially
related to income tax expense.
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/maxwell-reports-fourth-quarter-and-full-year-2017-results-300599781.html
SOURCE Maxwell Technologies, Inc.