Intermolecularが2017年第4四半期および通年決算を発表
Intermolecularが2017年第4四半期および通年決算を発表
AsiaNet 72309 （0311）
【サンノゼ（カリフォルニア州）2018年2月14日PR Newswire＝共同通信JBN】先端素材イノベーションの信頼されるパートナーであるIntermolecular, Inc. (NASDAQ: IMI)は14日、2017年12月31日に終了した第4四半期および通年の決算を発表した。
業績ハイライト：
＊第4四半期総売上高は1050万ドルと前期比22%増、前年同期比1%増；2017会計年度の売上高は3720万ドル。
＊第4四半期純利益は10万ドル。前年同期は300万ドルの純損失。
＊第4四半期調整済みの利払い前・税引き前・減価償却前利益（EBITDA）は210万ドルで、売上高の20%を占めた。
Intermolecularのクリス・クレイマー最高経営責任者（CEO）は「Intermolecularは2017年第4四半期に、前期比で売上高が22%増、営業費用が10%減となったことから、5年ぶりにGAAP純利益を計上した。業務上の観点から、第4四半期に3つの新しいプログラムを追加した。当社はまたShanghai Industrial Technology Research Institute（SITRI）との間で重要な戦略的提携を結んだ。これは2018年下半期以降のIntermolecularの将来の収入機会を推進すると確信している」と語った。
▽2017会計年度第4四半期業績
2017年第4四半期の売上高は1050万ドルで、2017年第3四半期の860万ドルと比較して22%増、前年同期の1050万ドルに比べて1%増だった。
2017年第4四半期の純利益は10万ドル、1株当たり利益は0.00ドルだった。2017年第3四半期は180万ドルの純損失、1株当たり0.04ドルの損失で、前年同期は300万ドルの純損失、1株当たり0.06ドルの損失だった。
2017年第4四半期のNon-GAAP純利益は40万ドル、1株当たり利益は0.01ドルだった。前四半期は160万ドルのNon-GAAP純損失、1株当たり0.03ドルの損失で、前年同期は230万ドルのNon-GAAP純損失、1株当たり0.05ドルの損失だった。
2017年第4四半期の調整済みEBITDAは210万ドルと、前四半期の10万ドルから増えた。前年同期は50万ドルの損失だった。
2017年第4四半期末の現金・投資は2580万ドルと、2017年第3四半期末の2710万ドルから130万ドル減少した。
▽2017会計年度通年業績
2017年12月31日に終了した通年の売上高は3720万ドルと2016年の4730万ドルから21%減少した。売上高減少は主として、2017年に同社のビジネスモデルをロイヤルティー・サービスモデルからサービスベースのプログラムモデルに変えた戦略的移行によるものである。
2017年12月31日に終了した通年の純損失は1040万ドル、1株当たり損失は0.21ドル。2016年は1540万ドルの純損失、1株当たり損失は0.31ドルだった。
2017年のNon-GAAP純損失は890万ドル、1株当たり損失は0.18ドル。2016年は1180万ドルの純損失、1株当たり損失は0.24ドルだった。
2017年末の現金・投資は2580万ドルで、2016年末は2780万ドルだった。
▽2018年第1四半期見通し
以下の記述は2018年3月31日に終了する第1四半期に関するIntermolecularの現在の見通しに基づいている。以下の記述は将来の見通しに関するものであり、実際の業績は、市場条件および下記の「将来の見通しに関する記述」に記載されている要因によって大きく異なる可能性がある。Intermolecularは今後この見通しの更新を予定しておらず、将来この見通しを更新するいかなる義務も負わない。
＊売上高は960万－990万ドルと見込まれる。
＊純損失は100万－130万ドル、1株当たり損失は0.02－0.03ドルと予測される。発行済み株式数が約4960万株との前提に基づく。
＊株式報酬費用を除くNon-GAAP純損失は70万－100万ドル、1株当たり損失は0.01－0.02ドルと予測される。発行済み株式数が約4960万株との前提に基づく。
＊調整済みEBITDAは40万－70万ドルと見込まれる。
Intermolecularは米国一般会計基準（GAAP）に従い、そして追加的に非GAAPベースで、売上高、売上原価、粗利益、営業利益（損失）、純利益（純損失）および1株当たり利益（損失）を報告している。非GAAP財務指標と最も直接的に比較可能なGAAP指標との調整ならびに非GAAP指標から除外された項目の記述は、本プレスリリースの財務諸表に含まれている。 以下の「GAAPと非GAAP財務指標との調整」および「GAAP純損失から非GAAP純損失への調整」を参照。
▽カンファレンスコール
Intermolecularは米東部時間2018年2月13日午後5時（米太平洋時間午後2時）からカンファレンスコールおよび同時ウェブキャスト（音声のみ）を開催し、これらの業績について議論する。カンファレンスコールはIntermolecularのクリス・クレイマー社長兼CEOおよびビル・ロシュレイン最高財務責任者（CFO）が主催する。
直通電話番号
米国: (877) 251-1860
海外から: (244) 357-2386
Conference ID: 5955988
開始時間の5－10分前に上記の番号に電話を。オペレーターがあなたの名前と組織を登録する。カンファレンスコールとの接続が困難な場合には、 (949) 574-2386に電話し、Liolios Groupと接触を。
カンファレンスコールの生放送およびウェブキャスト（音声のみ）は、終了後最長30日間、Intermolecularのウェブサイト（http://ir.intermolecular.com/ ）で利用可能。
▽Intermolecular, Inc.について
Intermolecular（R）は先端素材イノベーションの信頼されるパートナーである。先端素材は、半導体、家電、自動車、航空宇宙を含む幅広い産業のための21世紀におけるイノベーションの中核である。Intermolecularは豊富な素材に関する専門知識、加速学習・実験プラットフォーム、そして情報・分析インフラストラクチャーで、10年間にわたり大手企業が素材イノベーションを加速し、リスクを極小化するのをサポートしてきた。
「Intermolecular」およびIntermolecularロゴは登録商標である。不許複製。詳細についてはwww.intermolecular.com を参照。
▽非GAAP財務指標
当社はまた、GAAPベースで提示された財務データを補足するため、株式報酬費用の影響を除いた特定の非GAAP財務指標を開示している。これらの非GAAP財務指標は、GAAPに準拠して作成されたものではなく、GAAPに代わるものでもない。他の企業が開示した非GAAP財務情報とは異なる方法で算出される可能性もある。これらの結果は、当社の業績をそれと対応するGAAP指標と併せて評価するためにのみ使用される必要がある。
われわれは、非GAAP財務指標は経営陣がIntermolecularの中核事業の業績の外にあると判断した費用を除外しているため、非GAAP財務情報は経営陣および投資家に対し、当社の財務状態および経営成績に関連する財務および事業の傾向に関する有益な情報を提供すると考えている。当社は、GAAPに従って計算された当社の財務実績と対応して見られる非GAAPベースの売上高、売上原価、粗利益、売上総利益、営業利益（損失）、純利益（純損失）および1株当たり利益（損失）という非GAAP財務指標は、投資家にさらなる視点と継続的な業績のより意味のある理解を提供すると考える。さらに、経営幹部は、これらの非GAAP指標を使用して、財務実績をレビューおよび評価し、幹部職員のインセンティブ報酬を決定し、将来の業績を計画および予測する。
Intermolecular, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts, Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2017 2016 2017 2016
Revenue:
Program revenue $ 8,850 $ 8,833 $ 29,010 $ 39,690
Licensing and
royalty revenue 1,698 1,644 8,193 7,608
Total revenue 10,548 10,477 37,203 47,298
Cost of revenue:
Cost of program
revenue 3,353 3,421 11,449 15,705
Cost of licensing
and royalty revenue 344 25 656 125
Total cost of revenue 3,697 3,446 12,105 15,830
Gross profit 6,851 7,031 25,098 31,468
Operating expenses:
Research and development 4,206 5,847 21,535 28,126
Sales and marketing 734 1,518 4,019 7,383
General and
Administrative 1,974 2,777 9,198 10,713
Restructuring charges - (6) 1,351 1,114
Total operating
expenses 6,914 10,136 36,103 47,336
Loss from operations (63) (3,105) (11,005) (15,868)
Other income (expense):
Interest income
(expense), net 84 50 266 173
Other income (expense),
net 95 63 337 265
Total other income
(expense), net 179 113 603 438
Income (loss) before
provision for
income taxes 116 (2,992) (10,402) (15,430)
Provision for income taxes - - 1 7
Net income (loss) $ 116 $ (2,992) $ (10,403) $ (15,437)
Basic net income
(loss) per common share $ 0.00 $ (0.06) $ (0.21) $ (0.31)
Diluted net income
(loss) per common share $ 0.00 $ (0.06) $ (0.21) $ (0.31)
Shares used in basic
net income (loss) per
common share 49,559 49,486 49,547 49,396
Shares used in diluted
net income (loss) per
common share 49,765 49,486 49,547 49,396
Intermolecular, Inc.
Condensed Consolidated Balance Sheets
(In thousands, Unaudited)
As of December 31, As of December 31,
2017 2016
ASSETS
Current assets:
Cash and cash equivalents $ 6,090 $ 5,759
Short-term investments 18,060 20,035
Total cash, cash
equivalents and
short-term investments 24,150 25,794
Accounts receivable 5,519 5,063
Prepaid expenses and
other current assets 1,069 1,397
Total current assets 30,738 32,254
Long-term investments 1,657 1,995
Materials inventory 2,781 3,357
Property and equipment, net 5,913 10,964
Intangible assets, net 2,620 4,001
Other assets 600 597
Total assets $ 44,309 $ 53,168
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 928 $ 309
Accrued liabilities 865 1,451
Accrued compensation and
employee benefits 2,535 1,663
Deferred revenue 941 1,533
Total current liabilities 5,269 4,956
Other long-term liabilities 2,967 3,216
Total liabilities 8,236 8,172
Stockholders' equity:
Common stock 50 50
Additional paid-in capital 214,796 213,313
Accumulated other
comprehensive loss (36) (32)
Accumulated deficit (178,737) (168,335)
Total stockholders' equity 36,073 44,996
Total liabilities and
stockholders' equity $ 44,309 $ 53,168
Intermolecular, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands, Unaudited)
Twelve Months Ended December 31,
2017 2016
Cash flows from operating
activities:
Net loss $ (10,403) $ (15,437)
Adjustments to reconcile
net loss to net cash
used in operating
activities:
Depreciation, amortization
and accretion 7,194 9,537
Stock-based compensation 1,472 3,627
(Gain) loss on disposal of
property and equipment 68 (12)
Changes in operating assets
and liabilities:
Accounts receivable (456) 1,051
Prepaid expenses and other assets 585 122
Materials inventory 557 333
Accounts payable 592 (493)
Accrued and other liabilities 110 (3,069)
Deferred revenue (592) (1,063)
Net cash used in operating
activities (873) (5,404)
Cash flows from investing
activities:
Purchase of investments (20,888) (23,486)
Redemption of investments 22,861 24,676
Purchase of property and
equipment (777) (2,381)
Proceeds from sale of equipment 14 22
Purchased and capitalized
intangible assets - (45)
Net cash (used in) provided by
investing activities 1,210 (1,214)
Cash flows from financing
activities:
Payment of capital leases (13) (13)
Proceeds from exercise of
common stock options 7 714
Net cash (used in) provided by
financing activities (6) 701
Net increase (decrease) in cash
and cash equivalents 331 (5,917)
Cash and cash equivalents at
beginning of period 5,759 11,676
Cash and cash equivalents
at end of period $ 6,090 $ 5,759
Intermolecular, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share amounts and percentages, Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2017 2016 2017 2016
GAAP cost of net
revenue $ 3,697 $ 3,446 $ 12,105 $ 15,830
Stock-based
compensation
expense (a) (47) (102) (191) (510)
Non-GAAP cost
of net revenue $ 3,650 $ 3,344 $ 11,914 $ 15,320
GAAP gross profit $ 6,851 $ 7,031 $ 25,098 $ 31,468
Stock-based
compensation
expense (a) 47 102 191 510
Non-GAAP gross
profit $ 6,898 $ 7,133 $ 25,289 $ 31,978
As a percentage
of net revenue:
GAAP gross margin 65.0 % 67.1 % 67.5 % 66.5 %
Non-GAAP gross margin 65.4 % 68.1% 68.0 % 67.6 %
GAAP operating loss $ (63) $ (3,105) $ (11,005) $ (15,868)
Stock-based
compensation
expense (a):
- Cost of net revenue 47 102 191 510
- Research and
Development 66 189 373 949
- Sales and marketing 23 (40) 119 527
- General and
administrative 115 440 789 1,641
Non-GAAP operating
income (loss) $ 188 $ (2,414) $ (9,533) $ (12,241)
GAAP net income
(loss) $ 116 $ (2,992) $ (10,403) $ (15,437)
Stock-based
compensation
expense (a) 251 691 1,472 3,627
Non-GAAP net
income (loss) $ 367 $ (2,301) $ (8,931) $ (11,810)
GAAP net income
(loss) $ 116 $ (2,992) $ (10,403) $ (15,437)
Interest (income)
expense, net (84) (50) (266) (173)
Provision for taxes - - 1 7
Depreciation,
amortization, impairment
and accretion 1,824 1,829 7,194 9,537
Restructuring
charges (b) - (6) 1,351 1,114
Stock based compensation
expense (a) 251 691 1,472 3,627
Adjusted EBITDA $ 2,107 $ (528) $ (651) $ (1,325)
Shares used in
computing earnings
per share:
Basic 49,559 49,486 49,547 49,396
Diluted 49,765 49,486 49,547 49,396
GAAP earnings (loss)
per share:
Basic $ 0.00 $ (0.06) $ (0.21) $ (0.31)
Diluted $ 0.00 $ (0.06) $ (0.21) $ (0.31)
Non-GAAP earnings
(loss) per share:
Basic $ 0.01 $ (0.05) $ (0.18) $ (0.24)
Diluted $ 0.01 $ (0.05) $ (0.18) $ (0.24)
(a) Stock-based compensation reflects expense recorded relating to
stock-based awards. The Company excludes this item when it evaluates
the continuing operational performance of the Company, as management
believes this provides it a meaningful understanding of its core
operating performance.
(b) Restructuring charges incurred in connection with a reduction in
headcount primarily comprised of employee severance and benefit costs.
Intermolecular, Inc.
First Quarter 2018 Outlook
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss
(In thousands, except per share amounts, Unaudited)
GAAP net loss range $(1,000) - $(1,300)
Stock-based compensation $300 - $300
Non-GAAP net loss range $(700) - $(1,000)
GAAP and Non-GAAP diluted shares 49,600
GAAP net loss per share range $(0.02) - $(0.03)
Non-GAAP net loss per share range $(0.01) - $(0.02)
▽企業問い合わせ先
Bill Roeschlein
Intermolecular, Inc.
Chief Financial Officer
bill.roeschlein@intermolecular.com
+1 (408) 582-5415
▽投資家問い合わせ先
Matt Glover or Najim Mostamand, CFA
Liolios Group, Inc.
IMI@liolios.com
+1 (949) 574-3860
Logo - https://mma.prnewswire.com/media/641639/Intermolecular_Logo.jpg
ソース：Intermolecular, Inc.
Intermolecular Reports Fourth Quarter and Full Year 2017 Financial Results
PR72309
SAN JOSE, Calif., Feb. 14, 2018 /PRNewswire=KYODO JBN/ --
Intermolecular, Inc. (NASDAQ: IMI), the trusted partner for advanced materials
innovation, today reported results for its fourth quarter and full year ended
December 31, 2017.
Results Highlights:
-- Fourth quarter total revenue of $10.5 million, an increase of 22% over
prior quarter and 1% over the same period last year; 2017 fiscal year
revenue of $37.2 million.
-- Fourth quarter net income of $0.1 million compared to net loss of
$(3.0) million in the same period last year.
-- Fourth quarter Adjusted EBITDA of $2.1 million, or 20% of revenue.
"The fourth quarter of 2017 marked Intermolecular's first GAAP profitable
quarter in five years, driven by a 22% increase in revenue and a 10% decrease
in operating expense as compared to the prior quarter," said company president
and CEO, Chris Kramer. "From an operational standpoint, we added three new
programs during the fourth quarter and we also formed an important strategic
alliance with the Shanghai Industrial Technology Research Institute (SITRI),
which we believe will drive future revenue opportunities for Intermolecular in
the second half of 2018 and beyond."
Fourth Quarter Fiscal 2017 Results
Revenue for the fourth quarter of 2017 was $10.5 million, up 22% compared to
$8.6 million in the third quarter of 2017, and up 1% compared to $10.5 million
in the same period a year ago.
Net income for the fourth quarter of 2017 was $0.1 million, or $0.00 per share,
compared to net loss of $(1.8) million, or $(0.04) per share, in the third
quarter of 2017 and net loss of $(3.0) million, or $(0.06) per share, in the
same period a year ago.
Non-GAAP net income for the fourth quarter of 2017 was $0.4 million, or $0.01
per share, compared to non-GAAP net loss of $(1.6) million, or $(0.03) per
share, in the prior quarter and non-GAAP net loss of $(2.3) million, or $(0.05)
per share, in the same period a year ago.
Adjusted EBITDA for the fourth quarter of 2017 was $2.1 million, compared to
$0.1 million in the prior quarter and Adjusted EBITDA loss of $(0.5) million in
the same period a year ago.
Cash and investments were $25.8 million at the end of fourth quarter of 2017, a
decrease of $1.3 million compared to $27.1 million at the end of third quarter
of 2017.
Full Year Fiscal 2017 Results
Revenue for the full year ended December 31, 2017 was $37.2 million, down 21%
compared to $47.3 million in 2016. The decrease in revenue was primarily due to
the strategic transition of the company's business model in 2017 from a royalty
and services model to a services-based program model.
Net loss for the full year ended December 31, 2017 was $(10.4) million, or
$(0.21) per share, compared with $(15.4) million, or $(0.31) per share, for
2016.
Non-GAAP net loss for 2017 was $(8.9) million, or $(0.18) per share, compared
to $(11.8) million, or $(0.24) per share, for 2016.
Cash and investments were $25.8 million at the end of 2017, compared to $27.8
million at the end of 2016.
First Quarter of 2018 Outlook
The following statements are based on Intermolecular's current expectations for
the first quarter ending March 31, 2018. The following statements are
forward-looking, and actual results could differ materially depending on market
conditions and the factors set forth under "Forward-Looking Statements" below.
Intermolecular does not plan to update, nor does it undertake any obligation to
update, this outlook in the future.
-- Revenue is projected to be in the range of $9.6 million to $9.9
million;
-- Net loss is projected to be between $(1.0) million and $(1.3) million,
or between $(0.02) to $(0.03) per share, based on approximately 49.6
million shares expected to be outstanding;
-- Non-GAAP net loss, excluding stock-based compensation expense, is
projected to be between $(0.7) million and $(1.0) million, or between
$(0.01) to $(0.02) per share based on 49.6 million shares expected to
be outstanding; and,
-- Adjusted EBITDA is projected to be between $0.4 million and $0.7
million.
Intermolecular reports revenue, cost of revenue, gross margin, operating income
(loss), net income (loss) and earnings (loss) per share in accordance with U.S.
generally accepted accounting principles (GAAP) and additionally on a non-GAAP
basis. A reconciliation of the non-GAAP financial measures with the most
directly comparable GAAP measures, as well as a description of the items
excluded from the non-GAAP measures, is included in the financial statements
portion of this press release. Please refer to "Reconciliation of GAAP to
Non-GAAP Financial Measures" and "Reconciliation of GAAP Net Loss to Non-GAAP
Net Loss" below.
Conference Call
Intermolecular will host a conference call and simultaneous audio-only webcast
today (February 13, 2018) at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to
discuss these results. The call will be hosted by Intermolecular President and
CEO Chris Kramer and CFO Bill Roeschlein.
U.S. dial-in number: (877) 251-1860
International dial-in number: (244) 357-2386
Conference ID: 5955988
Please call the conference telephone number five to ten minutes prior to start
time. An operator will register your name and organization. If you have
difficulty connecting with the conference call, please contact Liolios Group at
(949) 574-2386
A live and archived webcast (audio only) of the call will be available on
Intermolecular's website (http://ir.intermolecular.com/ ) for up to 30 days
after the call.
About Intermolecular, Inc.
Intermolecular(R) is the trusted partner for advanced materials innovation.
Advanced materials are at the core of innovation in the 21st century for a wide
range of industries including semiconductors, consumer electronics, automotive
and aerospace. With its substantial materials expertise; accelerated learning
and experimentation platform; and information and analytics infrastructure,
Intermolecular has a ten-year track record helping leading companies accelerate
and de-risk materials innovation.
"Intermolecular" and the Intermolecular logo are registered trademarks; all
rights reserved. Learn more at www.intermolecular.com.
Forward-Looking Statements
Statements made in this press release and the earnings call referencing the
press release that are not statements of historical fact are forward-looking
statements. Forward-looking statements are subject to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are commonly identified by words such as "would,"
"may," "expects," "believes," "plans," "intends," "projects" and other terms
with similar meaning. Investors are cautioned that the forward-looking
statements in this document are based on current beliefs, assumptions and
expectations, speak only as of the date of this document and involve risks and
uncertainties that could cause actual results to differ materially from current
expectations. Such statements are subject to certain known and unknown risks
and uncertainties, many of which are difficult to predict and generally beyond
Intermolecular's control, that could cause actual results and other future
events to differ materially from those expressed in, or implied or projected
by, the forward-looking information and statements. Material factors that could
cause actual results to differ materially from current expectations include,
without limitation, the following: our ability to productize our workflows with
existing and future customers; expectations regarding our future revenue, cash
flow and GAAP and non-GAAP net income or loss; financial condition; the ability
of our new business model to generate profits and long-term shareholder
returns; the extent to which technology developed in collaboration with our
customers will continue to remain on the critical path and have significant
value for such customers and us as well as the industry as a whole; and
anticipated growth in our current markets through expansion of existing
customer programs and the entry into other engagements with new customers.
Forward-looking statements are subject to risks and uncertainties that could
cause actual results to differ materially from expectations, including but not
limited to: our ability to execute on our strategy, prove our business model
and remain technologically competitive in rapidly evolving industry conditions;
commercial acceptance of our HPC platform and methodology as effective R&D
tools; our ability to achieve and sustain profitability; the ability of our
customers to achieve their announced product roadmaps in a timely manner; the
extent to which we are able to successfully extend and expand relationships
with existing customers; our ability to manage the growth of our business; the
rapid technology changes and volatility of the customers and industries we
serve; our potential need for future capital to finance our operations; and
other risks described in our most recent annual report on Form 10-K as updated
by our quarterly reports on Form 10-Q and other filings with the Securities and
Exchange Commission available at www.sec.gov, particularly in the sections
titled "Risk Factors." All forward-looking statements are based on management's
current estimates, projections and assumptions, and we assume no obligation to
update them.
Non-GAAP Financial Measures
To supplement the financial data presented on a GAAP basis, we also disclose
certain non-GAAP financial measures, which exclude the effect of stock-based
compensation expense. These non-GAAP financial measures are not prepared in
accordance with GAAP, do not serve as an alternative to GAAP and may be
calculated differently than non-GAAP financial information disclosed by other
companies. These results should only be used to evaluate our results of
operations in conjunction with the corresponding GAAP measures. We believe that
our non-GAAP financial information provides useful information to management
and investors regarding financial and business trends relating to our financial
condition and results of operations because the non-GAAP measures exclude
charges that management considers to be outside of Intermolecular's core
operating results. We believe that the non-GAAP measures of revenue, cost of
net revenue, gross profit, gross margin, operating (loss) income, net (loss)
income, earnings per share and net (loss) income per share, viewed in
combination with our financial results calculated in accordance with GAAP,
provide investors with additional perspective and a more meaningful
understanding of our ongoing operating performance. In addition, management
uses these non-GAAP measures to review and assess financial performance, to
determine executive officer incentive compensation and to plan and forecast
performance in future periods.
Intermolecular, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts, Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2017 2016 2017 2016
Revenue:
Program revenue $ 8,850 $ 8,833 $ 29,010 $ 39,690
Licensing and
royalty revenue 1,698 1,644 8,193 7,608
Total revenue 10,548 10,477 37,203 47,298
Cost of revenue:
Cost of program
revenue 3,353 3,421 11,449 15,705
Cost of licensing
and royalty revenue 344 25 656 125
Total cost of revenue 3,697 3,446 12,105 15,830
Gross profit 6,851 7,031 25,098 31,468
Operating expenses:
Research and development 4,206 5,847 21,535 28,126
Sales and marketing 734 1,518 4,019 7,383
General and
Administrative 1,974 2,777 9,198 10,713
Restructuring charges - (6) 1,351 1,114
Total operating
expenses 6,914 10,136 36,103 47,336
Loss from operations (63) (3,105) (11,005) (15,868)
Other income (expense):
Interest income
(expense), net 84 50 266 173
Other income (expense),
net 95 63 337 265
Total other income
(expense), net 179 113 603 438
Income (loss) before
provision for
income taxes 116 (2,992) (10,402) (15,430)
Provision for income taxes - - 1 7
Net income (loss) $ 116 $ (2,992) $ (10,403) $ (15,437)
Basic net income
(loss) per common share $ 0.00 $ (0.06) $ (0.21) $ (0.31)
Diluted net income
(loss) per common share $ 0.00 $ (0.06) $ (0.21) $ (0.31)
Shares used in basic
net income (loss) per
common share 49,559 49,486 49,547 49,396
Shares used in diluted
net income (loss) per
common share 49,765 49,486 49,547 49,396
Intermolecular, Inc.
Condensed Consolidated Balance Sheets
(In thousands, Unaudited)
As of December 31, As of December 31,
2017 2016
ASSETS
Current assets:
Cash and cash equivalents $ 6,090 $ 5,759
Short-term investments 18,060 20,035
Total cash, cash
equivalents and
short-term investments 24,150 25,794
Accounts receivable 5,519 5,063
Prepaid expenses and
other current assets 1,069 1,397
Total current assets 30,738 32,254
Long-term investments 1,657 1,995
Materials inventory 2,781 3,357
Property and equipment, net 5,913 10,964
Intangible assets, net 2,620 4,001
Other assets 600 597
Total assets $ 44,309 $ 53,168
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 928 $ 309
Accrued liabilities 865 1,451
Accrued compensation and
employee benefits 2,535 1,663
Deferred revenue 941 1,533
Total current liabilities 5,269 4,956
Other long-term liabilities 2,967 3,216
Total liabilities 8,236 8,172
Stockholders' equity:
Common stock 50 50
Additional paid-in capital 214,796 213,313
Accumulated other
comprehensive loss (36) (32)
Accumulated deficit (178,737) (168,335)
Total stockholders' equity 36,073 44,996
Total liabilities and
stockholders' equity $ 44,309 $ 53,168
Intermolecular, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands, Unaudited)
Twelve Months Ended December 31,
2017 2016
Cash flows from operating
activities:
Net loss $ (10,403) $ (15,437)
Adjustments to reconcile
net loss to net cash
used in operating
activities:
Depreciation, amortization
and accretion 7,194 9,537
Stock-based compensation 1,472 3,627
(Gain) loss on disposal of
property and equipment 68 (12)
Changes in operating assets
and liabilities:
Accounts receivable (456) 1,051
Prepaid expenses and other assets 585 122
Materials inventory 557 333
Accounts payable 592 (493)
Accrued and other liabilities 110 (3,069)
Deferred revenue (592) (1,063)
Net cash used in operating
activities (873) (5,404)
Cash flows from investing
activities:
Purchase of investments (20,888) (23,486)
Redemption of investments 22,861 24,676
Purchase of property and
equipment (777) (2,381)
Proceeds from sale of equipment 14 22
Purchased and capitalized
intangible assets - (45)
Net cash (used in) provided by
investing activities 1,210 (1,214)
Cash flows from financing
activities:
Payment of capital leases (13) (13)
Proceeds from exercise of
common stock options 7 714
Net cash (used in) provided by
financing activities (6) 701
Net increase (decrease) in cash
and cash equivalents 331 (5,917)
Cash and cash equivalents at
beginning of period 5,759 11,676
Cash and cash equivalents
at end of period $ 6,090 $ 5,759
Intermolecular, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share amounts and percentages, Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2017 2016 2017 2016
GAAP cost of net
revenue $ 3,697 $ 3,446 $ 12,105 $ 15,830
Stock-based
compensation
expense (a) (47) (102) (191) (510)
Non-GAAP cost
of net revenue $ 3,650 $ 3,344 $ 11,914 $ 15,320
GAAP gross profit $ 6,851 $ 7,031 $ 25,098 $ 31,468
Stock-based
compensation
expense (a) 47 102 191 510
Non-GAAP gross
profit $ 6,898 $ 7,133 $ 25,289 $ 31,978
As a percentage
of net revenue:
GAAP gross margin 65.0 % 67.1 % 67.5 % 66.5 %
Non-GAAP gross margin 65.4 % 68.1% 68.0 % 67.6 %
GAAP operating loss $ (63) $ (3,105) $ (11,005) $ (15,868)
Stock-based
compensation
expense (a):
- Cost of net revenue 47 102 191 510
- Research and
Development 66 189 373 949
- Sales and marketing 23 (40) 119 527
- General and
administrative 115 440 789 1,641
Non-GAAP operating
income (loss) $ 188 $ (2,414) $ (9,533) $ (12,241)
GAAP net income
(loss) $ 116 $ (2,992) $ (10,403) $ (15,437)
Stock-based
compensation
expense (a) 251 691 1,472 3,627
Non-GAAP net
income (loss) $ 367 $ (2,301) $ (8,931) $ (11,810)
GAAP net income
(loss) $ 116 $ (2,992) $ (10,403) $ (15,437)
Interest (income)
expense, net (84) (50) (266) (173)
Provision for taxes - - 1 7
Depreciation,
amortization, impairment
and accretion 1,824 1,829 7,194 9,537
Restructuring
charges (b) - (6) 1,351 1,114
Stock based compensation
expense (a) 251 691 1,472 3,627
Adjusted EBITDA $ 2,107 $ (528) $ (651) $ (1,325)
Shares used in
computing earnings
per share:
Basic 49,559 49,486 49,547 49,396
Diluted 49,765 49,486 49,547 49,396
GAAP earnings (loss)
per share:
Basic $ 0.00 $ (0.06) $ (0.21) $ (0.31)
Diluted $ 0.00 $ (0.06) $ (0.21) $ (0.31)
Non-GAAP earnings
(loss) per share:
Basic $ 0.01 $ (0.05) $ (0.18) $ (0.24)
Diluted $ 0.01 $ (0.05) $ (0.18) $ (0.24)
(a) Stock-based compensation reflects expense recorded relating to
stock-based awards. The Company excludes this item when it evaluates
the continuing operational performance of the Company, as management
believes this provides it a meaningful understanding of its core
operating performance.
(b) Restructuring charges incurred in connection with a reduction in
headcount primarily comprised of employee severance and benefit costs.
Intermolecular, Inc.
First Quarter 2018 Outlook
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss
(In thousands, except per share amounts, Unaudited)
GAAP net loss range $(1,000) - $(1,300)
Stock-based compensation $300 - $300
Non-GAAP net loss range $(700) - $(1,000)
GAAP and Non-GAAP diluted shares 49,600
GAAP net loss per share range $(0.02) - $(0.03)
Non-GAAP net loss per share range $(0.01) - $(0.02)
Corporate Contact:
Bill Roeschlein
Intermolecular, Inc.
Chief Financial Officer
bill.roeschlein@intermolecular.com
+1 (408) 582-5415
Investor Contact:
Matt Glover or Najim Mostamand, CFA
Liolios Group, Inc.
IMI@liolios.com
+1 (949) 574-3860
Logo - https://mma.prnewswire.com/media/641639/Intermolecular_Logo.jpg
SOURCE: Intermolecular, Inc.
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