SALT LAKE CITY, April 23, 2014 /PRNewswire/ -- Fusion-io (NYSE:
FIO) today announced its financial results for its fiscal third
quarter ended March 31,
2014.
- Revenue: $100.5 million
- GAAP Gross Margin of 51.0% and Non-GAAP Gross Margin of
52.4%
- GAAP Net Loss per Diluted Share: $0.29
- Non-GAAP Net Loss per Diluted Share: $0.10
- Cash and Cash Equivalents: $225.1
million
FISCAL THIRD QUARTER 2014 GAAP FINANCIAL RESULTS
Fusion-io reported revenue of $100.5
million for the fiscal third quarter of 2014, compared to
$87.7 million for the same quarter of
2013. Net loss for the fiscal third quarter of 2014 was
$30.7 million, or a net loss per
diluted share of $0.29, compared to a
net loss of $20.0 million, or a net
loss per diluted share of $0.21, in
the fiscal third quarter of 2013. Gross margin for the fiscal third
quarter of 2014 was 51.0%. Operating margin for the fiscal third
quarter of 2014 was a negative 30.1%.
FISCAL THIRD QUARTER 2014 NON-GAAP FINANCIAL RESULTS
Non-GAAP net loss for the fiscal third quarter of
2014 was $10.5 million, or a net loss
per diluted share of $0.10, compared
to non-GAAP net loss of $3.2 million,
or a net loss per diluted share of $0.03 in the same quarter of 2013. Non-GAAP gross
margin for the fiscal third quarter of 2014 was 52.4%. Non-GAAP
operating margin for the fiscal third quarter of 2014 was a
negative 16.7%. A complete reconciliation of GAAP to non-GAAP
results is set forth in the attachment to this press release.
"We are pleased to deliver 6% sequential revenue growth this
quarter while making investments in the team, technology and
partnerships that we believe will drive the business forward," said
Shane Robison, Fusion-io chairman
and chief executive officer. "In Q3, we evolved our
solutions-based go-to-market strategy through close collaboration
with our OEM and ISV partners to offer our customers significant
performance gains while lowering their datacenter operating
expense."
Ted Hull, Fusion-io chief
financial officer, added: "We have a healthy balance sheet with
$225 million in cash and cash
equivalents that gives us strategic flexibility to invest in our
market-leading in-server acceleration solutions as well as in the
growth of our all-flash and hybrid appliances. Our ability to offer
end-to-end flash memory solutions creates value for customers and
differentiates us in the industry, while further diversifying our
business."
OTHER FINANCIAL HIGHLIGHTS
- Cash and cash equivalents totaled $225.1
million at the end of fiscal third quarter 2014, a decrease
of $18.8 million from the prior
quarter-end.
- Inventory was $72.7 million at
the end of fiscal third quarter 2014, a decrease of $7.7 million from the prior quarter-end.
- Capital expenditures were $2.9
million in fiscal third quarter 2014 and $8.7 million fiscal year-to-date.
- Cash used in operations was $18.8
million in fiscal third quarter 2014 and $22.9 million fiscal year-to-date.
RECENT BUSINESS HIGHLIGHTS
- On April 15, Fusion-io announced
collaboration with Microsoft to optimize performance for new
in-memory capabilities built into Microsoft SQL Server 2014.
Fusion ioMemory fits natively with SQL Server 2014 to provide a 4x
improvement in transactions per second and a significant reduction
in data latencies that translates to faster insights at lower costs
for Microsoft customers.
- On April 2, Fusion-io announced
collaboration with Oracle on the development of flash-aware
interfaces for MySQL, including NVM Compression and Atomic Writes,
interfaces which allow MySQL to deliver up to 4x more flash
endurance by streamlining commands to help optimize databases for
persistent flash memory architectures.
- On April 2, Fusion-io also
announced partnerships with Percona and MariaDB/SkySQL and the
availability of NVM Compression, a breakthrough software feature
unique to Fusion-io that enables applications like databases to
leverage the native capabilities of flash as a memory to reduce the
amount of space needed to store data without hindering
performance.
- In early February, Fusion-io announced the general availability
of Fusion ioVDI software for VMware Horizon View hosted virtual
desktop environments, as well as comprehensive updates to its suite
of virtualization solutions which maximize performance and
efficiency from in-server to hybrid flash acceleration.
- On February 6, Fusion-io
announced that the all-flash ION Accelerator appliance and
ioControl Hybrid Storage appliance are being offered as fully
integrated solutions from Fusion-io value added resellers (VARs)
for accelerating enterprise applications including Oracle, SAP
HANA, and Microsoft SQL Server, as well as virtualization
workloads.
BUSINESS OUTLOOK
The following statements are based on current expectations. These
statements are forward-looking, and actual results may differ
materially. These statements supersede all prior statements
regarding fiscal 2014 financial results.
Fourth quarter of fiscal year 2014:
- Revenue is expected to be in-line to slightly up
sequentially.
- Non-GAAP gross margin is expected to be 52 to 54%.
- Non-GAAP operating margin of approximately negative 13 to
17%.
- Diluted shares outstanding are expected to be approximately 108
million shares.
NON-GAAP FINANCIAL MEASURES
Fusion-io uses certain non-GAAP financial measures in this release.
Generally, a non-GAAP financial measure is a numerical measure of a
company's performance, financial position, or cash flows that
either excludes or includes amounts that are not normally excluded
or included in the most directly comparable measure calculated and
presented in accordance with generally accepted accounting
principles in the United States of
America, or GAAP. Reconciliation between non-GAAP and GAAP
measures can be found in the accompanying tables and on the
investor relations page of our website at www.fusionio.com.
Non-GAAP financial measures should not be considered as a
substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP. These non-GAAP financial measures
differ from GAAP measures with the same captions, may differ from
non-GAAP financial measures with the same or similar captions that
are used by other companies, and do not reflect a comprehensive
system of accounting.
Fusion-io's management uses the non-GAAP financial measures in
the accompanying schedules to gain an understanding of Fusion-io's
comparative operating performance and future prospects, and
utilizes these measures in its internal financial statements for
purposes of its internal budgets and financial goals. Management
also believes that the exclusion of the items described below
provides an additional measure of the company's operating results
and facilitates comparisons of Fusion-io's core operating
performance against prior periods and business model objectives.
Management believes that investors should have access to the same
set of tools that management uses to analyze Fusion-io's results.
These non-GAAP measures should be considered in addition to results
prepared in accordance with GAAP, but should not be considered a
substitute for or superior to GAAP. Fusion-io endeavors to
compensate for the limitation of the non-GAAP measures presented by
also providing the most directly comparable GAAP measures and
descriptions of the reconciling items and adjustments to derive the
non-GAAP measures.
For all periods presented:
- Non-GAAP gross margin is calculated as non-GAAP gross profit
divided by GAAP revenue. Non-GAAP gross profit consists of GAAP
gross profit excluding the effects of stock-based compensation
expense, amortization of intangible assets, and litigation
settlement related expenses.
- Non-GAAP operating margin is calculated as non-GAAP (loss)
income from operations divided by GAAP revenue. Non-GAAP (loss)
income from operations consists of GAAP loss from operations
excluding the effects of stock-based compensation expense,
amortization of intangible assets, acquisition related expenses,
and litigation settlement related expenses.
- Non-GAAP net (loss) income is calculated as GAAP net loss
excluding the effects of stock-based compensation expense,
amortization of intangible assets, acquisition related expenses,
tax provision adjustments related to stock-based awards, and
litigation settlement related expenses.
- Non-GAAP net (loss) income per diluted share is calculated as
non-GAAP net (loss) income divided by GAAP weighted-average diluted
shares outstanding for the three months ended March 31, 2013 and for the three and nine months
ended March 31, 2014 and is
calculated as non-GAAP net (loss) income divided by non-GAAP
weighted-average diluted shares outstanding for the nine months
ended March 31, 2013. Non-GAAP
weighted-average diluted shares outstanding is calculated as GAAP
weighted-average diluted shares outstanding including the dilutive
impact due to stock options, restricted stock awards, and
restricted stock units.
The accompanying tables provide more details on the GAAP
financial measures that are most directly comparable to the
non-GAAP financial measures described above and the related
reconciliations between these financial measures. With respect to
our expectations under "Business Outlook" above, reconciliation of
non-GAAP guidance measures to corresponding GAAP measures is not
available without unreasonable efforts on a forward-looking basis
due to the high variability and low visibility with respect to the
charges which are excluded from these non-GAAP measures. The
effects of stock-based compensation expense specific to
non-employee common stock options are directly impacted by
unpredictable fluctuations in our stock price. We expect the
variability of the above charges to have a significant impact on
our GAAP financial results.
RECLASSIFICATION
Certain expense amounts previously reported as cost of revenue,
sales and marketing, research and development, and general and
administrative expenses have been reclassified within those
categories to conform to fiscal year 2014 presentation. The
reclassifications did not change amounts previously reported as
income (loss) from operations and net income (loss).
TODAY'S CONFERENCE CALL
Fusion-io will host an investor conference call and live webcast
today, Wednesday, April 23, 2014, at
5:00 p.m. EDT to discuss these
financial results. To access the conference call, dial
1.888.771.4371 or 1.847.585.4405 for international callers. The
access code is 3700 4909. A listen-only live webcast will be
accessible on the investor relations page of our website at
www.fusionio.com and will be archived and available on this site
for at least three months. A telephone replay of the conference
call will be available through Wednesday,
April 30, 2014. To access the replay, please dial
1.888.843.7419 or 1.630.652.3042 for international callers. The
access code is 3700 4909. This press release and the financial
information discussed on today's conference call are available on
the investor relations page of our website at www.fusionio.com.
ABOUT FUSION-IO
Fusion-io delivers the world's data faster. Our Fusion ioMemory
platform and software defined storage solutions accelerate
virtualization, databases, cloud computing, big data and
performance applications. From e-commerce retailers to the world's
social media leaders and Fortune Global 500 companies, our
customers are improving the performance and efficiency of their
data centers with Fusion-io technology to accelerate the critical
applications of the information economy.
NOTE ON FORWARD-LOOKING STATEMENTS
Certain
statements in this release may constitute "forward-looking
statements" within the meaning of Section 21E of the Securities
Exchange Act of 1934 and Section 27A of the Securities Act of 1933,
including, but are not limited to, statements concerning financial
guidance for our fourth quarter of our fiscal year 2014, our
progress on our go-to-market strategy, the effect of our efforts to
diversify our customer base, our strategic flexibility, our
expectations as to recent management changes, our sales execution
efforts, our expectations regarding the market opportunity,
expectations concerning our product portfolio and our strategic
partnerships, and benefits and value of our products and solutions
to our customers and end users. These statements are based on
current expectations and assumptions regarding future events and
business performance and involve certain risks and uncertainties
that could cause actual results to differ materially from those
contained, anticipated, or implied in any forward-looking
statement, including, but not limited to, risks associated with
changes in the demand for our products, our expectation that large
and concentrated purchases by a limited number of customers will
continue to represent a substantial majority of our revenue and our
ability to sustain or increase our revenue from our large customers
or offset the discontinuation of concentrated purchases by our
larger customers with purchases by new or existing customers, the
risk that expected large transactions anticipated to close in one
fiscal quarter may be delayed until a subsequent quarter or
indefinitely, the continued adoption by customers of our ioMemory
platform products, growing our sales through OEMs, resellers and
channel partners and maintaining our relationships with OEMs,
resellers and channel partners, including the timely qualification
of our products for promotion and sale by our OEMs, long and
unpredictable sales cycles, changes in the competitive dynamics of
our markets, including the potential for increased pressure on the
pricing of our products, reduced gross margins, increased sales and
marketing expenses, the potential that we or our customers may not
realize the benefits we currently expect from our acquisitions of
ID7 and NexGen Storage, our ability to develop or acquire new
products to meet customer needs and expectations, including
additional software solutions to be integrated with our storage
memory products, our acquisition and strategic partner strategy and
disruptions in our business, operations and financial results as a
result of acquisitions and strategic partner relationships, as well
as the risks inherent in the integration and combination of complex
products and technologies from acquisitions, undetected errors,
defects or security vulnerabilities in our products, worldwide
economic conditions and the impact these conditions have on levels
of spending on datacenter technology like ours, our ability to
recruit and retain new executive officers, and such other risks set
forth in the registration statements and reports that Fusion-io
files with the U.S. Securities and Exchange Commission, which are
available on the Investor Relations section of our website at
www.fusionio.com. You should not rely upon forward-looking
statements as predictions of future events. Although we believe
that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee that the future results, levels
of activity, performance or events and circumstances reflected in
the forward-looking statements will be achieved or will occur.
Fusion-io undertakes no obligation to update publicly any
forward-looking statement for any reason after the date of this
press release.
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Contacts
Stefanie
Cannon
|
Nancy
Fazioli
|
Fusion-io
Communications
|
Fusion-io Investor
Relations
|
408.597.1494
|
408.416.5779
|
prteam@fusionio.com
|
ir@fusionio.com
|
|
|
Fusion-io,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
87,650
|
|
$
100,528
|
|
$
326,334
|
|
$
281,322
|
Cost of revenue (1),
(2), (5)
|
|
39,521
|
|
49,291
|
|
133,734
|
|
127,319
|
Gross
profit
|
|
48,129
|
|
51,237
|
|
192,600
|
|
154,003
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Sales and marketing
(1), (2)
|
|
33,584
|
|
39,334
|
|
88,837
|
|
109,621
|
Research and
development (1), (2)
|
|
26,035
|
|
30,548
|
|
71,767
|
|
86,746
|
General and
administrative (1), (3), (5)
|
|
16,977
|
|
11,617
|
|
45,120
|
|
36,660
|
Total operating
expenses
|
|
76,596
|
|
81,499
|
|
205,724
|
|
233,027
|
Loss from
operations
|
|
(28,467)
|
|
(30,262)
|
|
(13,124)
|
|
(79,024)
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
|
82
|
|
23
|
|
295
|
|
92
|
Interest
expense
|
|
(44)
|
|
(45)
|
|
(92)
|
|
(157)
|
Other (expense)
income
|
|
(40)
|
|
(27)
|
|
(54)
|
|
182
|
Loss before income
taxes
|
|
(28,469)
|
|
(30,311)
|
|
(12,975)
|
|
(78,907)
|
Income tax benefit
(expense) (4)
|
|
8,422
|
|
(343)
|
|
(1,407)
|
|
(944)
|
Net loss
|
|
$
(20,047)
|
|
$
(30,654)
|
|
$
(14,382)
|
|
$
(79,851)
|
|
|
|
|
|
|
|
|
|
Net loss per common
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
(0.21)
|
|
$
(0.29)
|
|
$
(0.15)
|
|
$
(0.77)
|
Diluted
|
|
$
(0.21)
|
|
$
(0.29)
|
|
$
(0.15)
|
|
$
(0.77)
|
Weighted-average
number of shares:
|
|
|
|
|
|
|
|
|
Basic
|
|
96,805
|
|
106,541
|
|
95,621
|
|
103,736
|
Diluted
|
|
96,805
|
|
106,541
|
|
95,621
|
|
103,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
stock-based compensation expenses, as follows:
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
$
132
|
|
$
156
|
|
$
269
|
|
$
469
|
Sales and
marketing
|
|
2,663
|
|
3,062
|
|
7,370
|
|
8,016
|
Research and
development
|
|
4,891
|
|
4,453
|
|
13,979
|
|
12,519
|
General and
administrative
|
|
5,422
|
|
3,758
|
|
19,308
|
|
12,814
|
Total stock-based
compensation expenses
|
|
$
13,108
|
|
$
11,429
|
|
$
40,926
|
|
$
33,818
|
|
|
|
|
|
|
|
|
|
(2) Includes
amortization of intangible assets, as follows:
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
$
75
|
|
$
1,306
|
|
$
75
|
|
$
3,918
|
Sales and
marketing
|
|
-
|
|
81
|
|
-
|
|
243
|
Research and
development
|
|
656
|
|
656
|
|
1,968
|
|
1,968
|
Total amortization of
intangible assets
|
|
$
731
|
|
$
2,043
|
|
$
2,043
|
|
$
6,129
|
|
|
|
|
|
|
|
|
|
(3) Includes
acquisition related expenses
|
|
$
559
|
|
$
-
|
|
$
559
|
|
$
36
|
|
|
|
|
|
|
|
|
|
(4) Includes tax
provision adjustments related to stock-based awards
|
|
$
(4,377)
|
|
$
6,706
|
|
$
(10,572)
|
|
$
16,368
|
|
|
|
|
|
|
|
|
|
(5) Includes
litigation settlement related expenses, as follows:
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
$
4,052
|
|
$
-
|
|
$
4,052
|
|
$
-
|
General and
administrative
|
|
2,805
|
|
-
|
|
2,805
|
|
-
|
Total litigation
settlement related expenses
|
|
$
6,857
|
|
$
-
|
|
$
6,857
|
|
$
-
|
|
|
Fusion-io,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
June
30,
|
|
March
31,
|
|
2013
|
|
2014
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
238,351
|
|
$
225,146
|
Accounts receivable,
net
|
69,107
|
|
74,211
|
Inventories
|
71,160
|
|
72,659
|
Prepaid expenses and
other current assets
|
9,530
|
|
11,339
|
Total current
assets
|
388,148
|
|
383,355
|
|
|
|
|
Property and
equipment, net
|
35,272
|
|
31,656
|
Restricted
cash
|
4,860
|
|
179
|
Intangible assets,
net
|
28,268
|
|
21,591
|
Goodwill
|
149,467
|
|
149,467
|
Other
assets
|
1,433
|
|
1,098
|
Total
assets
|
$
607,448
|
|
$
587,346
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
14,170
|
|
$
27,703
|
Accrued and other
current liabilities
|
44,425
|
|
46,886
|
Deferred
revenue
|
24,848
|
|
19,779
|
Total current
liabilities
|
83,443
|
|
94,368
|
|
|
|
|
Deferred revenue,
less current portion
|
14,167
|
|
18,389
|
Other
liabilities
|
19,421
|
|
15,200
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common
stock
|
20
|
|
21
|
Additional paid-in
capital
|
599,292
|
|
648,376
|
Accumulated other
comprehensive loss
|
(110)
|
|
(372)
|
Accumulated
deficit
|
(108,785)
|
|
(188,636)
|
Total stockholders' equity
|
490,417
|
|
459,389
|
Total liabilities and stockholders' equity
|
$
607,448
|
|
$
587,346
|
|
Fusion-io,
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
March
31,
|
|
March
31,
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
Operating
activities:
|
|
|
|
|
|
|
|
Net loss
|
$
(20,047)
|
|
$
(30,654)
|
|
$
(14,382)
|
|
$
(79,851)
|
Adjustments to
reconcile net loss to net cash provided by (used in)
|
|
|
|
|
|
|
|
operating activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
4,005
|
|
5,872
|
|
10,768
|
|
17,666
|
Stock-based
compensation
|
13,108
|
|
11,429
|
|
40,926
|
|
33,818
|
Excess tax benefit
from stock-based awards
|
8,945
|
|
(3)
|
|
(448)
|
|
(8)
|
Other non-cash
items
|
11
|
|
1,415
|
|
11
|
|
1,440
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
5,492
|
|
(23,797)
|
|
6,244
|
|
(5,104)
|
Inventories
|
3,096
|
|
7,681
|
|
(11,632)
|
|
(1,499)
|
Prepaid expenses and
other assets
|
890
|
|
(174)
|
|
59
|
|
26
|
Accounts
payable
|
(48)
|
|
6,986
|
|
(704)
|
|
13,533
|
Accrued and other
liabilities
|
(5,653)
|
|
1,773
|
|
8,588
|
|
(2,074)
|
Deferred
revenue
|
(2,879)
|
|
713
|
|
6,382
|
|
(847)
|
Net cash
provided by (used in) operating activities
|
6,920
|
|
(18,759)
|
|
45,812
|
|
(22,900)
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
Business acquisition,
net of cash acquired
|
(5,861)
|
|
-
|
|
(5,861)
|
|
-
|
Purchases of property
and equipment
|
(2,186)
|
|
(2,896)
|
|
(10,898)
|
|
(8,732)
|
Net cash used
in investing activities
|
(8,047)
|
|
(2,896)
|
|
(16,759)
|
|
(8,732)
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
Repayment of notes
payable
|
(623)
|
|
-
|
|
(623)
|
|
-
|
Proceeds from
exercises of stock options
|
866
|
|
2,092
|
|
7,002
|
|
12,583
|
Issuance of
restricted stock awards and restricted stock units,
|
|
|
|
|
|
|
|
net of
repurchases
|
(838)
|
|
(863)
|
|
(2,715)
|
|
(2,661)
|
Proceeds from
issuance of common stock under employee stock
|
|
|
|
|
|
|
|
purchase
plan
|
1,720
|
|
1,669
|
|
5,093
|
|
5,298
|
Excess tax benefit
from stock option exercises
|
(8,945)
|
|
3
|
|
448
|
|
8
|
Change in restricted
cash
|
(4,843)
|
|
-
|
|
(4,843)
|
|
3,181
|
Net cash (used
in) provided by financing activities
|
(12,663)
|
|
2,901
|
|
4,362
|
|
18,409
|
Effect of exchange
rate changes on cash and cash equivalents
|
(88)
|
|
(56)
|
|
(7)
|
|
18
|
Net (decrease)
increase in cash and cash equivalents
|
(13,878)
|
|
(18,810)
|
|
33,408
|
|
(13,205)
|
Cash and cash
equivalents at beginning of period
|
368,525
|
|
243,956
|
|
321,239
|
|
238,351
|
Cash and cash
equivalents at end of period
|
$
354,647
|
|
$
225,146
|
|
$
354,647
|
|
$
225,146
|
|
Fusion-io,
Inc.
|
Reconciliation of
Non-GAAP Financial Measures
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
Reconciliation of
Gross Profit and Gross Margin on a GAAP Basis to Gross Profit and
Gross Margin on a Non-GAAP Basis:
|
|
|
|
|
|
|
|
|
Gross profit on a
GAAP basis
|
|
$
48,129
|
|
$
51,237
|
|
$
192,600
|
|
$
154,003
|
Stock-based
compensation
|
|
132
|
|
156
|
|
269
|
|
469
|
Amortization of
intangible assets
|
|
75
|
|
1,306
|
|
75
|
|
3,918
|
Litigation settlement
related expenses
|
|
4,052
|
|
-
|
|
4,052
|
|
-
|
Gross profit on a
non-GAAP basis
|
|
$
52,388
|
|
$
52,699
|
|
$
196,996
|
|
$
158,390
|
Revenue
|
|
$
87,650
|
|
$ 100,528
|
|
$
326,334
|
|
$
281,322
|
Gross margin on a GAAP basis
|
|
54.9%
|
|
51.0%
|
|
59.0%
|
|
54.7%
|
Gross margin on a non-GAAP basis
|
|
59.8%
|
|
52.4%
|
|
60.4%
|
|
56.3%
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Loss and Operating Margin on a GAAP Basis to Operating
(Loss) Income and Operating Margin on a Non-GAAP
Basis:
|
|
|
|
|
|
|
|
|
Operating loss on a
GAAP basis
|
|
$ (28,467)
|
|
$ (30,262)
|
|
$
(13,124)
|
|
$
(79,024)
|
Stock-based
compensation
|
|
13,108
|
|
11,429
|
|
40,926
|
|
33,818
|
Amortization of
intangible assets
|
|
731
|
|
2,043
|
|
2,043
|
|
6,129
|
Acquisition related
expenses
|
|
559
|
|
-
|
|
559
|
|
36
|
Litigation settlement
related expenses
|
|
6,857
|
|
-
|
|
6,857
|
|
-
|
Operating (loss)
income on a non-GAAP basis
|
|
$
(7,212)
|
|
$ (16,790)
|
|
$
37,261
|
|
$
(39,041)
|
Revenue
|
|
$
87,650
|
|
$ 100,528
|
|
$
326,334
|
|
$
281,322
|
Operating margin on a GAAP basis
|
|
-32.5%
|
|
-30.1%
|
|
-4.0%
|
|
-28.1%
|
Operating margin on a non-GAAP basis
|
|
-8.2%
|
|
-16.7%
|
|
11.4%
|
|
-13.9%
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Loss on a GAAP Basis to Net (Loss) Income on a Non-GAAP
Basis:
|
|
|
|
|
|
|
|
|
Net loss on a GAAP
basis
|
|
$ (20,047)
|
|
$ (30,654)
|
|
$
(14,382)
|
|
$
(79,851)
|
Stock-based
compensation
|
|
13,108
|
|
11,429
|
|
40,926
|
|
33,818
|
Amortization of
intangible assets
|
|
731
|
|
2,043
|
|
2,043
|
|
6,129
|
Acquisition related
expenses
|
|
559
|
|
-
|
|
559
|
|
36
|
Tax provision
adjustments related to stock-based awards
|
|
(4,377)
|
|
6,706
|
|
(10,572)
|
|
16,368
|
Litigation settlement
related expenses
|
|
6,857
|
|
-
|
|
6,857
|
|
-
|
Net (loss) income on
a non-GAAP basis
|
|
$
(3,169)
|
|
$ (10,476)
|
|
$
25,431
|
|
$
(23,500)
|
|
Fusion-io,
Inc.
|
Reconciliation of
Non-GAAP Financial Measures (continued)
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
Reconciliation of
Diluted Net Loss per Share on a GAAP Basis to Diluted Net (Loss)
Income per Share on a Non-GAAP Basis:
|
|
|
|
|
|
|
|
|
Diluted net loss per
share on a GAAP basis
|
|
$
(0.21)
|
|
$
(0.29)
|
|
$
(0.15)
|
|
$
(0.77)
|
Stock-based
compensation
|
|
0.14
|
|
0.11
|
|
0.42
|
|
0.32
|
Amortization of
intangible assets
|
|
0.01
|
|
0.02
|
|
0.02
|
|
0.06
|
Acquisition related
expenses
|
|
0.01
|
|
-
|
|
0.01
|
|
-
|
Tax provision
adjustments related to stock-based awards
|
|
(0.05)
|
|
0.06
|
|
(0.11)
|
|
0.16
|
Litigation settlement
related expenses
|
|
0.07
|
|
-
|
|
0.07
|
|
-
|
Impact of difference
in number of GAAP and non-GAAP diluted shares
|
-
|
|
-
|
|
(0.03)
|
|
-
|
Diluted net (loss)
income per share on a non-GAAP basis
|
|
$
(0.03)
|
|
$
(0.10)
|
|
$
0.23
|
|
$
(0.23)
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP Diluted Weighted-Average Number of Shares to Non-GAAP Diluted
Weighted-Average Number of Shares:
|
|
|
|
|
|
|
|
|
GAAP diluted
weighted-average number of shares
|
|
96,805
|
|
106,541
|
|
95,621
|
|
103,736
|
Dilutive impact due
to stock options, restricted stock awards,
|
|
|
|
|
|
|
|
|
and
restricted stock units
|
|
-
|
|
-
|
|
13,009
|
|
-
|
Non-GAAP diluted
weighted-average number of shares
|
|
96,805
|
|
106,541
|
|
108,630
|
|
103,736
|
SOURCE Fusion-io