Gigamon Reports Second Quarter 2014 Financial Results
SANTA CLARA, Calif., July 24, 2014 /PRNewswire/ -- Gigamon® Inc. (NYSE: GIMO), a leader in traffic visibility solutions with the innovative Visibility Fabric™ architecture, today released financial results for the second quarter ended June 28, 2014.
Financial Highlights:
- Revenues for the second quarter of fiscal 2014 were $34.9 million, compared to $32.4 million in the second quarter of fiscal 2013, representing growth of 8% year-over-year.
- GAAP gross margins were 78% in the second quarter of fiscal 2014, compared to 73% in the second quarter of fiscal 2013.
- Non-GAAP gross margins were 79% in the second quarter of fiscal 2014, compared to 82% in the second quarter of fiscal 2013.
- GAAP net loss for the second quarter of fiscal 2014 was $32.5 million, or $1.01 per diluted share, impacted by a one-time charge of $24.6 million to the Company's GAAP income tax provision to establish a valuation allowance against deferred tax assets. This compares to GAAP net loss of $9.8 million, or $0.51 per diluted share, in the second quarter of fiscal 2013.
- Non-GAAP net loss for the second quarter of fiscal 2014 was $1.1 million, or $0.04 per diluted share, compared to non-GAAP net income of $3.8 million, or $0.14 per diluted share, in the second quarter of fiscal 2013.
"Our disappointing second quarter results were due primarily to lower than expected performance in our Enterprise business where we continued to see longer sales cycles and larger deals requiring more steps in the customer approval process. In addition, our Service Provider and international segments did not accelerate at the pace we anticipated," said Paul Hooper, chief executive officer of Gigamon. "We are taking actions to address these dynamics and improve our go-to-market execution, including initiating a search for a new head of worldwide sales."
"We continue to believe in the strength and health of the Network Visibility market and the demand for our industry leading solutions as evidenced by our 84 customer additions, and we were pleased with the performance of our Federal business during the second quarter," Hooper said.
Recent Business Highlights:
- Appointed Mike Burns as the Company's chief financial officer and Sachi Sambandan as the company's senior vice president of engineering.
- Announced forthcoming solutions to address the growing security needs of organizations including modules to address inline traffic security.
- Delivered enhanced centralized management and configuration for network visibility in private clouds and virtualized data centers (GigaVUE-VM and GigaVUE-FM).
- Recognized as the winner of Network World Asia's 2014 Information Management Awards in the "Network Traffic Monitoring & Management" category.
- Became a member of the Network Intelligence Alliance (NI Alliance), an industry organization created to promote collaborative solutions for Intelligent Network solutions.
- Selected as 'Best New Product' 2014 finalist in the Leading Lights Awards, recognizing Gigamon's NetFlow Generation application.
Conference Call Information:
Gigamon will host an investor conference call and live webcast today at 5:00 p.m. ET (2:00 p.m. PT) to discuss its financial results for the second quarter ended June 28, 2014. To access the conference call, dial 888-438-5525, using conference code 8532663. Callers outside the U.S. and Canada should dial 719-325-2432, using conference code 8532663. A replay of the conference call will be available through Thursday, July 31, 2014. To access the replay, please dial 888-203-1112 and enter pass code 8532663. Callers outside the U.S. and Canada should dial 719-457-0820 and enter pass code 8532663. The live webcast will be accessible on Gigamon's investor relations website at http://investor.gigamon.com and will be archived and available on this site for twelve months.
Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures that exclude stock-based compensation and related payroll taxes and a valuation allowance against deferred tax assets. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Gigamon considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the company, exclusive of unusual events or factors that do not directly affect what we consider to be our core operating performance, and are used by the company's management for that purpose. In addition, investors often use similar measures to evaluate the operating performance of a company. Non-GAAP financial measures are presented for supplemental informational purposes only for understanding the company's operating results. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP financial measures presented by other companies. Please see the reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure attached to this release.
Legal Notice Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, our expectations regarding improvements to our business. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include our ability to continue to deliver and improve our products and successfully develop new products; customer acceptance and purchase of our existing products and new products; our ability to retain existing customers and generate new customers; the market for network traffic visibility solutions not continuing to develop; competition from other products and services; and general market, political, economic and business conditions. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the period ended March 29, 2014. The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.
About the Visibility Fabric architecture
At Gigamon we realized that delivering the visibility essential to manage, analyze and secure the complex system that is the IT infrastructure requires a new approach. With millions of traffic flows across thousands of endpoints, visibility needs to be pervasive, intelligent and dynamic. Using our patented, unique technology, we created an innovative new approach for delivering this visibility called the Visibility Fabric architecture. This new approach is intelligent and versatile in its ability to enable visibility into the network. For more information visit http://www.gigamon.com/traffic-visibility-fabric.
About Gigamon
Gigamon provides an intelligent Visibility Fabric™ architecture for enterprises, data centers and service providers around the globe. Our technology empowers infrastructure architects, managers and operators with pervasive and dynamic intelligent visibility of traffic across both physical and virtual environments without affecting the performance or stability of the production network. Through patented technologies and centralized management, the Gigamon GigaVUE portfolio of high availability and high density products intelligently delivers the appropriate network traffic to management, analysis, compliance and security tools. With over eight years' experience designing and building traffic visibility products in the US, Gigamon solutions are deployed globally across vertical markets including over half of the Fortune 100 and many government and federal agencies. www.gigamon.com
| Gigamon Inc. |
||||||||
| Consolidated Statements of Operations |
||||||||
| (In thousands, except per share amounts) |
||||||||
| (unaudited) |
||||||||
| Three Months Ended |
Six Months Ended |
|||||||
| June 28, |
June 29, |
June 28, |
June 29, |
|||||
| 2014 |
2013 |
2014 |
2013 |
|||||
| Revenue: |
||||||||
| Product |
$ 22,544 |
$ 23,354 |
$ 42,624 |
$ 40,873 |
||||
| Service |
12,307 |
9,055 |
23,987 |
17,349 |
||||
| Total revenue |
34,851 |
32,409 |
66,611 |
58,222 |
||||
| Cost of revenue: |
||||||||
| Product |
6,281 |
6,944 |
13,286 |
11,668 |
||||
| Service |
1,544 |
1,911 |
3,124 |
2,564 |
||||
| Cost of revenue |
7,825 |
8,855 |
16,410 |
14,232 |
||||
| Gross profit |
27,026 |
23,554 |
50,201 |
43,990 |
||||
| Operating expenses: |
||||||||
| Research and development |
10,860 |
17,097 |
21,798 |
22,768 |
||||
| Sales and marketing |
19,558 |
26,114 |
37,728 |
38,535 |
||||
| General and administrative |
4,446 |
12,688 |
10,451 |
16,197 |
||||
| Total operating expenses |
34,864 |
55,899 |
69,977 |
77,500 |
||||
| Loss from operations |
(7,838) |
(32,345) |
(19,776) |
(33,510) |
||||
| Other income (expense): |
||||||||
| Interest income |
73 |
1 |
134 |
3 |
||||
| Other income (expense), net |
6 |
(18) |
(35) |
(25) |
||||
| Loss before income taxes |
(7,759) |
(32,362) |
(19,677) |
(33,532) |
||||
| Income tax (expense) benefit |
(24,727) |
22,569 |
(21,027) |
22,540 |
||||
| Net loss |
(32,486) |
(9,793) |
(40,704) |
(10,992) |
||||
| Accretion of preferred stock |
- |
(503) |
- |
(1,088) |
||||
| Loss attributable to preferred stock holders |
- |
538 |
- |
1,107 |
||||
| Net loss to common stock holders |
$ (32,486) |
$ (9,758) |
$ (40,704) |
$ (10,973) |
||||
| Net loss per share attributable to common stock holders: |
||||||||
| Basic and Diluted |
$ (1.01) |
$ (0.51) |
$ (1.28) |
$ (0.60) |
||||
| Weighted-average number of shares used in per share amounts: |
||||||||
| Basic and Diluted |
32,116 |
19,247 |
31,895 |
18,284 |
||||
| Gigamon Inc. |
|||
| Consolidated Balance Sheets |
|||
| (In thousands) |
|||
| (unaudited) |
|||
| June 28, |
December 28, |
||
| 2014 |
2013 |
||
| Assets |
|||
| Current assets: |
|||
| Cash and cash equivalents |
$ 30,923 |
$ 79,908 |
|
| Short-term investments |
103,917 |
58,242 |
|
| Accounts receivable, net |
17,287 |
24,528 |
|
| Inventories, net |
7,704 |
1,484 |
|
| Deferred tax assets |
- |
3,574 |
|
| Prepaid expenses and other current assets |
5,849 |
5,606 |
|
| Total current assets |
165,680 |
173,342 |
|
| Property and equipment, net |
7,654 |
4,389 |
|
| Deferred tax assets, non-current |
12 |
17,315 |
|
| Other assets |
484 |
471 |
|
| Total assets |
$ 173,830 |
$ 195,517 |
|
| Liabilities and Stockholders' Equity |
|||
| Current liabilities: |
|||
| Accounts payable |
$ 5,228 |
$ 1,405 |
|
| Accrued liabilities |
17,020 |
22,401 |
|
| Deferred revenue |
37,750 |
37,592 |
|
| Gigamon LLC members' distribution payable |
- |
476 |
|
| Total current liabilities |
59,998 |
61,874 |
|
| Deferred revenue, non-current |
10,293 |
9,884 |
|
| Other liabilities |
1,642 |
321 |
|
| Stockholders' equity: |
|||
| Common stock |
3 |
3 |
|
| Treasury stock |
(12,469) |
(12,469) |
|
| Additional paid in capital |
163,951 |
144,810 |
|
| Accumulated other comprehensive income |
50 |
23 |
|
| Accumulated deficit |
(49,638) |
(8,929) |
|
| Total stockholders' equity |
101,897 |
123,438 |
|
| Total liabilities and stockholders' equity |
$ 173,830 |
$ 195,517 |
|
| Gigamon Inc. |
|||||||
| Consolidated Statements of Cash Flows |
|||||||
| (In thousands) |
|||||||
| (unaudited) |
|||||||
| Three Months Ended |
Six Months Ended |
||||||
| June 28, |
June 29, |
June 28, |
June 29, |
||||
| 2014 |
2013 |
2014 |
2013 |
||||
| Operating activities: |
|||||||
| Net loss |
$ (32,486) |
$ (9,793) |
$ (40,704) |
$ (10,992) |
|||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|||||||
| Depreciation and amortization |
1,254 |
649 |
2,237 |
1,198 |
|||
| Stock-based compensation expense |
6,039 |
16,697 |
13,897 |
18,290 |
|||
| Deferred income taxes |
24,596 |
(22,583) |
20,877 |
(22,583) |
|||
| Inventory write-offs |
627 |
138 |
2,437 |
395 |
|||
| Loss on disposal of fixed assets |
- |
14 |
- |
14 |
|||
| Changes in operating assets and liabilities: |
|||||||
| Accounts receivable, net |
(965) |
(3,977) |
7,241 |
2,769 |
|||
| Inventories |
(7,689) |
(243) |
(7,936) |
963 |
|||
| Prepaid expenses and other assets |
(314) |
968 |
(1,097) |
230 |
|||
| Accounts payable |
3,302 |
1,555 |
3,349 |
(85) |
|||
| Accrued and other liabilities |
1,562 |
20,293 |
(4,617) |
19,385 |
|||
| Deferred revenue |
(1,475) |
1,094 |
567 |
5,481 |
|||
| Net cash provided by (used in) operating activities |
(5,549) |
4,812 |
(3,749) |
15,065 |
|||
| Investing activities: |
|||||||
| Purchases of short-term investments |
(26,214) |
- |
(60,644) |
- |
|||
| Proceeds from sales of short-term investments |
1,000 |
- |
2,000 |
- |
|||
| Proceeds from maturities of short-term investments |
8,337 |
- |
13,412 |
- |
|||
| Purchases of property and equipment |
(2,463) |
(1,251) |
(4,732) |
(2,200) |
|||
| Net cash used in investing activities |
(19,340) |
(1,251) |
(49,964) |
(2,200) |
|||
| Financing activities: |
|||||||
| Proceeds from employee stock purchase plan |
- |
- |
3,863 |
- |
|||
| Proceeds from exercise of stock options, net |
690 |
11 |
3,571 |
11 |
|||
| Proceeds from initial public offering and follow-on public offering, net |
- |
97,102 |
(8) |
97,068 |
|||
| Shares repurchased for tax withholdings on vesting of restricted stock units and other exercises |
(590) |
- |
(2,222) |
- |
|||
| Distribution of income to Gigamon LLC members |
- |
(2,276) |
(476) |
(7,097) |
|||
| Net cash provided by financing activities |
100 |
94,837 |
4,728 |
89,982 |
|||
| Net (decrease) increase in cash and cash equivalents |
(24,789) |
98,398 |
(48,985) |
102,847 |
|||
| Cash and cash equivalents at beginning of period |
55,712 |
23,124 |
79,908 |
18,675 |
|||
| Cash and cash equivalents at end of period |
$ 30,923 |
$ 121,522 |
$ 30,923 |
$ 121,522 |
|||
| Gigamon Inc. |
|||||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures |
|||||||||
| (In thousands, except percentages) |
|||||||||
| (unaudited) |
|||||||||
| Three Months Ended |
Six Months Ended |
||||||||
| June 28, |
June 29, |
June 28, |
June 29, |
||||||
| 2014 |
2013 |
2014 |
2013 |
||||||
| Revenue |
$ 34,851 |
$ 32,409 |
$ 66,611 |
$ 58,222 |
|||||
| Reconciliation of Gross Profit and Gross Margin to Non-GAAP Gross Profit and Non-GAAP Gross Margin: |
|||||||||
| GAAP gross profit |
$ 27,026 |
$ 23,554 |
$ 50,201 |
$ 43,990 |
|||||
| Stock-based compensation expense |
471 |
2,691 |
919 |
2,709 |
|||||
| Stock-based compensation related payroll taxes |
1 |
- |
59 |
- |
|||||
| Performance unit plan compensation expense |
- |
353 |
- |
353 |
|||||
| Non-GAAP gross profit |
$ 27,498 |
$ 26,598 |
$ 51,179 |
$ 47,052 |
|||||
| GAAP gross margin |
78% |
73% |
75% |
76% |
|||||
| Non-GAAP gross margin |
79% |
82% |
77% |
81% |
|||||
| Reconciliation of Operating Loss and Operating Margin to Non-GAAP Operating (Loss) Income and Non-GAAP Operating Margin: |
|||||||||
| GAAP operating loss |
$ (7,838) |
$ (32,345) |
$ (19,776) |
$ (33,510) |
|||||
| Stock-based compensation expense |
6,039 |
16,697 |
13,897 |
18,290 |
|||||
| Stock-based compensation related payroll taxes |
(20) |
- |
757 |
- |
|||||
| Performance unit plan compensation expense |
- |
20,371 |
- |
20,371 |
|||||
| Non-GAAP operating (loss) income |
$ (1,819) |
$ 4,723 |
$ (5,122) |
$ 5,151 |
|||||
| Reconciliation of Net Loss Attributable To Common Stockholders to Non-GAAP Net (Loss) Income: |
|||||||||
| GAAP net loss attributable to common stock holders |
$ (32,486) |
$ (9,758) |
$ (40,704) |
$ (10,973) |
|||||
| Stock-based compensation expense |
6,039 |
16,697 |
13,897 |
18,290 |
|||||
| Stock-based compensation related payroll taxes |
(20) |
- |
757 |
- |
|||||
| Accretion of preferred stock |
- |
503 |
- |
1,088 |
|||||
| Loss attributable to preferred stock holders |
- |
(538) |
- |
(1,107) |
|||||
| Performance unit plan compensation expense |
- |
20,371 |
- |
20,371 |
|||||
| Tax benefit upon conversion of LLC to a C Corporation |
- |
(14,811) |
- |
(14,811) |
|||||
| Income tax effect of Non-GAAP adjustments |
25,333 |
(8,673) |
22,684 |
(8,673) |
|||||
| Non-GAAP net (loss) income |
$ (1,134) |
$ 3,791 |
$ (3,366) |
$ 4,185 |
|||||
| Gigamon Inc. |
|||||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures (continued) |
|||||||||
| (In thousands, except per share data) |
|||||||||
| (unaudited) |
|||||||||
| Three Months Ended |
Six Months Ended |
||||||||
| June 28, |
June 29, |
June 28, |
June 29, |
||||||
| 2014 |
2013 |
2014 |
2013 |
||||||
| Reconciliation of Diluted Net Loss per Share to Non-GAAP Diluted Net (Loss) Income per Share: |
|||||||||
| GAAP diluted net loss per share |
$ (1.01) |
$ (0.51) |
$ (1.28) |
$ (0.60) |
|||||
| Stock-based compensation expense |
0.18 |
0.87 |
0.44 |
1.00 |
|||||
| Stock-based compensation related payroll taxes |
- |
- |
0.02 |
- |
|||||
| Accretion of preferred stock |
- |
0.03 |
- |
0.06 |
|||||
| Loss attributable to preferred stock holders |
- |
(0.03) |
- |
(0.06) |
|||||
| Performance unit plan compensation expense |
- |
1.06 |
- |
1.11 |
|||||
| Tax benefit upon conversion of LLC to a C corporation |
- |
(0.77) |
- |
(0.81) |
|||||
| Income tax effect on non-GAAP adjustments |
0.79 |
(0.45) |
0.71 |
(0.47) |
|||||
| Impact of difference in number of GAAP and non-GAAP diluted shares |
- |
(0.06) |
- |
(0.07) |
|||||
| Non-GAAP diluted net (loss) income per share |
$ (0.04) |
$ 0.14 |
$ (0.11) |
$ 0.16 |
|||||
| Reconciliation of Diluted Weighted-Average Number of Shares to Non-GAAP Diluted Weighted-Average Number of Shares: |
|||||||||
| GAAP diluted weighted-average number of shares |
32,116 |
19,247 |
31,895 |
18,284 |
|||||
| Dilutive impact due to stock-based compensation |
- |
8,209 |
- |
8,542 |
|||||
| Non-GAAP diluted weighted-average number of shares |
32,116 |
27,456 |
31,895 |
26,826 |
|||||
| Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations |
|||||||||||||||||||||||
| For the Three and Six Months Ended June 28, 2014 and June 29, 2013 |
|||||||||||||||||||||||
| (In thousands, except per share amounts and percentages) |
|||||||||||||||||||||||
| (unaudited) |
|||||||||||||||||||||||
| (In thousands) |
Three Months Ended June 28, 2014 |
Three Months Ended June 29, 2013 |
Six Months Ended June 28, 2014 |
Six Months Ended June 29, 2013 |
|||||||||||||||||||
| As Reported |
Adjustments |
Non-GAAP |
As Reported |
Adjustments |
Non-GAAP |
As Reported |
Adjustments |
Non-GAAP |
As Reported |
Adjustments |
Non-GAAP |
||||||||||||
| Revenue: |
|||||||||||||||||||||||
| Product |
$ 22,544 |
$ - |
$ 22,544 |
$ 23,354 |
$ - |
$ 23,354 |
$ 42,624 |
$ - |
$ 42,624 |
$ 40,873 |
$ - |
$ 40,873 |
|||||||||||
| Service |
12,307 |
- |
12,307 |
9,055 |
- |
9,055 |
23,987 |
- |
23,987 |
17,349 |
- |
17,349 |
|||||||||||
| Total revenue |
34,851 |
- |
34,851 |
32,409 |
- |
32,409 |
66,611 |
- |
66,611 |
58,222 |
- |
58,222 |
|||||||||||
| Cost of revenue: |
|||||||||||||||||||||||
| Product (1) (3) |
6,281 |
(287) |
5,994 |
6,944 |
(1,951) |
4,993 |
13,286 |
(541) |
12,745 |
11,668 |
(1,964) |
9,704 |
|||||||||||
| Service (1) (3) |
1,544 |
(185) |
1,359 |
1,911 |
(1,092) |
819 |
3,124 |
(435) |
2,689 |
2,564 |
(1,098) |
1,466 |
|||||||||||
| Total cost of revenue |
7,825 |
(472) |
7,353 |
8,855 |
(3,043) |
5,812 |
16,410 |
(976) |
15,434 |
14,232 |
(3,062) |
11,170 |
|||||||||||
| Gross profit |
27,026 |
472 |
27,498 |
23,554 |
3,043 |
26,597 |
50,201 |
976 |
51,177 |
43,990 |
3,062 |
47,052 |
|||||||||||
| Product Gross Margin |
72% |
73% |
70% |
79% |
69% |
70% |
71% |
76% |
|||||||||||||||
| Service Gross Margin |
87% |
89% |
79% |
91% |
87% |
89% |
85% |
92% |
|||||||||||||||
| Total Gross Margin |
78% |
79% |
73% |
82% |
75% |
77% |
76% |
81% |
|||||||||||||||
| Operating expenses: |
|||||||||||||||||||||||
| Research and development (1) (3) |
10,860 |
(2,050) |
8,810 |
17,097 |
(11,257) |
5,840 |
21,798 |
(5,049) |
16,749 |
22,768 |
(11,566) |
11,202 |
|||||||||||
| Sales and marketing (1) (3) |
19,558 |
(2,402) |
17,156 |
26,114 |
(13,254) |
12,860 |
37,728 |
(5,407) |
32,321 |
38,535 |
(13,683) |
24,852 |
|||||||||||
| General and administrative (1) (3) |
4,446 |
(1,095) |
3,351 |
12,688 |
(9,513) |
3,175 |
10,451 |
(3,223) |
7,228 |
16,197 |
(10,350) |
5,847 |
|||||||||||
| Total operating expenses |
34,864 |
(5,547) |
29,317 |
55,899 |
(34,024) |
21,875 |
69,977 |
(13,679) |
56,298 |
77,500 |
(35,599) |
41,901 |
|||||||||||
| (Loss) income from operations |
(7,838) |
6,019 |
(1,819) |
(32,345) |
37,067 |
4,722 |
(19,776) |
14,655 |
(5,121) |
(33,510) |
38,661 |
5,151 |
|||||||||||
| Other income (expense): |
|||||||||||||||||||||||
| Interest income |
73 |
- |
73 |
1 |
- |
1 |
134 |
- |
134 |
3 |
- |
3 |
|||||||||||
| Other expense, net |
6 |
- |
6 |
(18) |
- |
(18) |
(35) |
- |
(35) |
(25) |
- |
(25) |
|||||||||||
| (Loss) income before income taxes |
(7,759) |
6,019 |
(1,740) |
(32,362) |
37,067 |
4,705 |
(19,677) |
14,655 |
(5,022) |
(33,532) |
38,661 |
5,129 |
|||||||||||
| Income tax benefit (expense) (2) (4) (5) |
(24,727) |
25,333 |
606 |
22,569 |
(23,484) |
(915) |
(21,027) |
22,684 |
1,657 |
22,540 |
(23,484) |
(944) |
|||||||||||
| Net (loss) income |
(32,486) |
31,352 |
(1,134) |
(9,793) |
13,583 |
3,790 |
(40,704) |
37,339 |
(3,365) |
(10,992) |
15,177 |
4,185 |
|||||||||||
| Accretion of preferred stock |
- |
- |
- |
(503) |
503 |
- |
- |
- |
- |
(1,088) |
1,088 |
- |
|||||||||||
| Loss attributable to preferred stock holders |
- |
- |
- |
538 |
(538) |
- |
- |
- |
- |
1,107 |
(1,107) |
- |
|||||||||||
| Net (loss) income to common stock holders |
$ (32,486) |
$ 31,352 |
$ (1,134) |
$ (9,758) |
$ 13,548 |
$ 3,790 |
$ (40,704) |
$ 37,339 |
$ (3,365) |
$ (10,973) |
$ 15,158 |
$ 4,185 |
|||||||||||
| Net (loss) income per share attributable to common stockholders: |
|||||||||||||||||||||||
| Basic |
$ (1.01) |
$ 0.97 |
$ (0.04) |
$ (0.51) |
$ 0.71 |
$ 0.20 |
$ (1.28) |
$ 1.17 |
$ (0.11) |
$ (0.60) |
$ 0.83 |
$ 0.23 |
|||||||||||
| Diluted |
$ (1.01) |
$ 0.97 |
$ (0.04) |
$ (0.51) |
$ 0.65 |
$ 0.14 |
$ (1.28) |
$ 1.17 |
$ (0.11) |
$ (0.60) |
$ 0.76 |
$ 0.16 |
|||||||||||
| Weighted-average number of shares used in per share amounts: |
|||||||||||||||||||||||
| Basic |
32,116 |
- |
32,116 |
19,247 |
- |
19,247 |
31,895 |
- |
31,895 |
18,284 |
- |
18,284 |
|||||||||||
| Diluted |
32,116 |
- |
32,116 |
19,247 |
8,209 |
27,456 |
31,895 |
- |
31,895 |
18,284 |
8,542 |
26,826 |
|||||||||||
| Notes: |
|||||||||||||||||||||||
| (1) Includes stock-based compensation expense and related payroll taxes in the three and six months ended June 28, 2014 and stock-based compensation expense in the three and six months ended June 29, 2013. |
|||||||||||||||||||||||
| (2) Includes income tax effect on non-GAAP adjustments in the three and six months ended June 28, 2014 and June 29, 2013. |
|||||||||||||||||||||||
| (3) Includes performance unit plan compensation related expenses in the three and six months ended June 29, 2013. |
|||||||||||||||||||||||
| (4) Amount for the three and six months ended June 29, 2013 includes tax benefit recorded upon the conversion from an LLC to a C Corporation on May 31, 2013. |
|||||||||||||||||||||||
| (5) Amount for the three and six months ended June 28, 2014 includes establishment of valuation allowance against the deferred tax asset . |
|||||||||||||||||||||||
SOURCE Gigamon
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