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NeoPhotonics Reports Fourth Quarter and Fiscal Year 2020 Financial Results
  • Revenue growth to $371.2 million for FY2020; $68.2 million in the fourth quarter
  • Increased diversification with four 10% or greater customers in the fourth quarter
  • Record cash and cash equivalents, short term investments and restricted cash at $123 million

SAN JOSE, Calif.--(BUSINESS WIRE)--Feb. 25, 2021-- NeoPhotonics Corporation (NYSE: NPTN), a leading developer of silicon photonics and advanced hybrid photonic integrated circuit-based lasers, modules and subsystems for bandwidth-intensive, high speed communications networks, today announced financial results for its fourth quarter and fiscal year ended December 31, 2020.

“2020 was a strong and dynamic year for NeoPhotonics, with accelerating market adoption and deployment of our industry leading ultra-pure light tunable lasers, high bandwidth receiver and modulator solutions for the highest speed over distance interconnects,” said Tim Jenks, NeoPhotonics CEO. “With our current rollout of 400ZR and 400ZR+ coherent modules for Cloud Data Center interconnects, we look forward to accelerating growth. I am proud of our team and what they accomplished in a challenging year,” concluded Mr. Jenks.

Fourth Quarter 2020 Summary

  • Revenue was $68.2 million, down 33% quarter-over-quarter and 34% year-over-year
  • Gross margin was 22.7%, down from 23.8% in the prior quarter
  • Non-GAAP gross margin was 24.7%, down from 33.6% in the prior quarter
  • Net loss per share was $0.23, compared to net loss of $0.10 per share in the prior quarter
  • Non-GAAP net loss per share was $0.14, compared to Non-GAAP net income of $0.11 per share in the prior quarter
  • Cash generated from operations was $5.4 million, compared to $15.0 million in the prior quarter
  • Adjusted EBITDA was negative $4.5 million, down from positive $13.1 million in the prior quarter

Non-GAAP results in the fourth quarter of 2020 exclude a net gain of $2.1 million of legal settlements and advisory services, a gain of $1.0 million on the sale of assets, and expenses of $3.3 million of stock-based compensation, $0.7 million of accelerated depreciation and restructuring, and approximately $0.2 million of amortization of acquisition related intangibles. A reconciliation of the non-GAAP and Adjusted EBITDA financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release.

Full Year 2020 Summary

  • Revenue in 2020 was $371.2 million, compared to $356.8 million in 2019
  • Gross margin was 27.8%, compared to 24.9% in 2019
  • Non-GAAP gross margin was 31.3%, compared to 27.3% in 2019
  • Diluted net loss per share was $0.09, compared to net loss of $0.36 per diluted share in 2019
  • Non-GAAP diluted net income per share was $0.31, compared to net income of $0.01 per diluted share in 2019
  • Cash generated from operations was $54.9 million, compared to $34.7 million in 2019
  • Adjusted EBITDA was $43.3 million, compared to $32.7 million in 2019

Non-GAAP results in 2020 exclude $12.3 million of stock-based compensation expense, $10.1 million for inventory write-downs, accelerated depreciation and restructuring expenses, $1.0 million of amortization of acquisition-related intangibles and other costs, net gain of $2.1 million of legal settlements and advisory services and a gain of $1.0 million on the sale of assets. A reconciliation of the non-GAAP and Adjusted EBITDA financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release.

As of December 31, 2020, cash and cash equivalents, short-term investments and restricted cash totaled $123.3 million.

Outlook for the Quarter Ending March 31, 2021

 

GAAP

Non-GAAP

Revenue

$57 to $62 million

Gross Margin

16% to 20 %

18 % to 22 %

Operating Expenses

$25 to $26 million

$22 to $23 million

Earnings per share

($0.28) to ($0.18)

($0.20) to ($0.10)

The non-GAAP outlook for the first quarter of 2021 excludes the expected impact of stock-based compensation expense of approximately $3.3 million, of which $0.7 million is estimated for cost of goods sold, accelerated depreciation of $0.2 million and the impact of expected amortization of intangibles and other costs of approximately of $0.3 million.

Non-GAAP and Adjusted EBITDA Measures vs. GAAP Financial Measures

The Company’s non-GAAP and Adjusted EBITDA measures exclude certain GAAP financial measures. A reconciliation of the non-GAAP and Adjusted EBITDA financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release. These non-GAAP financial measures differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. NeoPhotonics believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Conference Call

The Company will host a conference call today, Thursday, February 25, 2021 at 5:00 P.M. Eastern Time (2:00 P.M. Pacific Time). The call will be available, live, to interested parties by dialing +1-800-437-2398. For international callers, please dial +1-929-477-0577. The Conference ID number is 6627222. Please dial into the conference call 5-10 minutes prior to the scheduled start time.

A live webcast will be available in the Investor Relations section of NeoPhotonics’ website at: http://ir.neophotonics.com/phoenix.zhtml?c=236218&p=irol-calendar.

A replay of the webcast will be available in the Investor Relations section of the Company’s website approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

About NeoPhotonics

NeoPhotonics is a leading developer and manufacturer of lasers and optoelectronic solutions that transmit, receive and switch high-speed digital optical signals for Cloud and hyper-scale data center internet content provider and telecom networks. The Company’s products enable cost-effective, high-speed over distance data transmission and efficient allocation of bandwidth in optical networks. NeoPhotonics maintains headquarters in San Jose, California and ISO 9001:2015 certified engineering and manufacturing facilities in Silicon Valley (USA), Japan and China. For additional information visit www.neophotonics.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release includes statements that qualify as forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements about the following topics: future financial results, demand for the Company’s high-speed products, and the Company’s market position. Forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially. Those risks and uncertainties include, but are not limited to, such factors as: the Company’s reliance on a small number of customers for a substantial portion of its revenues; market growth in key countries; possible reduction in or volatility of customer orders or delays in shipments of products to customers; timing of customer drawdowns of vendor-managed inventory; potential governmental trade actions; possible disruptions in the supply chain or in demand for the Company’s products due to industry developments; the ability of the Company's vendors and subcontractors to supply or manufacture the Company's products in a timely manner; ability of the Company to meet customer demand; volatility in utilization of manufacturing operations and manufacturing costs; reductions in the Company’s rate of new design wins, and/or the rate at which design wins go into production, and the rate of customer acceptance of new product introductions; potential pricing pressure that may arise from changing conditions in the industry or negotiating leverage of buyers; the impact of any previous or future acquisitions or divestitures of assets and related product lines; the discontinuance or end of life of products; changes in demand for the Company's products; the impact of competitive products and pricing and alternative technological advances; the accuracy of estimates used to prepare the Company's financial statements and forecasts; the timely and successful development and market acceptance of new products and upgrades to existing products; the difficulty of predicting future cash needs; the nature of other investment opportunities available to the Company from time to time; the Company’s operating cash flow; changes in economic and industry projections; a decline in general conditions in the telecommunications equipment industry, the cloud and datacenter industry, or the world economy generally; and the effects of seasonality. For further discussion of these risks and uncertainties, please refer to the documents the Company files with the SEC from time to time, including the Company's Annual Reports on Form 10-K/A for the year ended December 31, 2019 and on Form 10-K for the year ended December 31, 2020. All forward-looking statements are made as of the date of this press release, and the Company disclaims any duty to update such statements.

NeoPhotonics Corporation

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

 

 

 

As of

 

 

Dec. 31, 2020

 

Dec. 31, 2019

 

 

 

 

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

95,117

 

 

$

70,467

 

Short-term investments

 

 

27,669

 

 

 

7,638

 

Restricted cash

 

 

489

 

 

 

10,972

 

Accounts receivable, net

 

 

45,232

 

 

 

68,890

 

Inventories

 

 

46,901

 

 

 

46,930

 

Prepaid expenses and other current assets

 

 

20,173

 

 

 

25,851

 

Total current assets

 

 

235,581

 

 

 

230,748

 

Property, plant and equipment, net

 

 

66,765

 

 

 

81,133

 

Operating lease right-of-use assets

 

 

13,823

 

 

 

15,603

 

Purchased intangible assets, net

 

 

1,468

 

 

 

2,151

 

Goodwill

 

 

1,115

 

 

 

1,115

 

Other long-term assets

 

 

4,912

 

 

 

3,929

 

Total assets

 

$

323,664

 

 

$

334,679

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

43,539

 

 

$

58,554

 

Current portion of long-term debt

 

 

3,232

 

 

 

3,044

 

Accrued and other current liabilities

 

 

42,053

 

 

 

47,481

 

Total current liabilities

 

 

88,824

 

 

 

109,079

 

Long-term debt, net of current portion

 

 

30,327

 

 

 

39,237

 

Operating lease liabilities, noncurrent

 

 

14,522

 

 

 

16,543

 

Other noncurrent liabilities

 

 

9,584

 

 

 

9,614

 

Total liabilities

 

 

143,257

 

 

 

174,473

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

Common stock

 

 

126

 

 

 

121

 

Additional paid-in capital

 

 

597,460

 

 

 

582,504

 

Accumulated other comprehensive loss

 

 

1,735

 

 

 

(7,871

)

Accumulated deficit

 

 

(418,914

)

 

 

(414,548

)

Total stockholders’ equity

 

 

180,407

 

 

 

160,206

 

Total liabilities and stockholders’ equity

 

$

323,664

 

 

$

334,679

 

NeoPhotonics Corporation

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except percentages and per share data)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

Dec. 31, 2020

 

Sep. 30, 2020

 

Dec. 31, 2019

 

Dec. 31, 2020

 

Dec. 31, 2019

Revenue

 

$

68,193

 

 

$

102,398

 

 

$

103,356

 

 

$

371,163

 

 

$

356,804

 

Cost of goods sold (1)

 

 

52,743

 

 

 

77,994

 

 

 

72,154

 

 

 

268,081

 

 

 

267,991

 

Gross profit

 

 

15,450

 

 

 

24,404

 

 

 

31,202

 

 

 

103,082

 

 

 

88,813

 

Gross margin

 

 

22.7

%

 

 

23.8

%

 

 

30.2

%

 

 

27.8

%

 

 

24.9

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Research and development (1)

 

 

15,251

 

 

 

15,276

 

 

 

15,470

 

 

 

56,100

 

 

 

57,634

 

Sales and marketing (1)

 

 

3,999

 

 

 

3,692

 

 

 

4,030

 

 

 

15,629

 

 

 

16,088

 

General and administrative (1)

 

 

7,219

 

 

 

7,758

 

 

 

7,429

 

 

 

30,569

 

 

 

29,759

 

Amortization of purchased intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

119

 

Acquisition and asset sale related costs

 

 

875

 

 

 

87

 

 

 

9

 

 

 

1,094

 

 

 

397

 

Restructuring charges

 

 

15

 

 

 

141

 

 

 

 

 

 

156

 

 

 

261

 

Litigation Settlement

 

 

(2,988

)

 

 

 

 

 

 

 

 

(2,988

)

 

 

 

Gain on asset sale

 

 

(1,044

)

 

 

 

 

 

(86

)

 

 

(1,044

)

 

 

(903

)

Total operating expenses

 

 

23,327

 

 

 

26,954

 

 

 

26,852

 

 

 

99,516

 

 

 

103,355

 

Income (loss) from operations

 

 

(7,877

)

 

 

(2,550

)

 

 

4,350

 

 

 

3,566

 

 

 

(14,542

)

Interest income

 

 

41

 

 

 

21

 

 

 

83

 

 

 

182

 

 

 

376

 

Interest expense

 

 

(240

)

 

 

(263

)

 

 

(447

)

 

 

(1,182

)

 

 

(1,919

)

Other income (expense), net

 

 

(3,416

)

 

 

(3,317

)

 

 

(1,810

)

 

 

(5,730

)

 

 

642

 

Total interest and other income (expense), net

 

 

(3,615

)

 

 

(3,559

)

 

 

(2,174

)

 

 

(6,730

)

 

 

(901

)

Income (loss) before income taxes

 

 

(11,492

)

 

 

(6,109

)

 

 

2,176

 

 

 

(3,164

)

 

 

(15,443

)

Income tax (provision) benefit

 

 

(3

)

 

 

1,206

 

 

 

(107

)

 

 

(1,202

)

 

 

(1,633

)

Net income (loss)

 

$

(11,495

)

 

$

(4,903

)

 

$

2,069

 

 

$

(4,366

)

 

$

(17,076

)

Basic net income (loss) per share

 

$

(0.23

)

 

$

(0.10

)

 

$

0.04

 

 

$

(0.09

)

 

$

(0.36

)

Diluted net income (loss) per share

 

$

(0.23

)

 

$

(0.10

)

 

$

0.04

 

 

$

(0.09

)

 

$

(0.36

)

Weighted average shares used to compute basic net income (loss) per share

 

 

50,256

 

 

 

49,936

 

 

 

48,358

 

 

 

49,474

 

 

 

47,304

 

Weighted average shares used to compute diluted net income (loss) per share

 

 

50,256

 

 

 

49,936

 

 

 

50,238

 

 

 

49,474

 

 

 

47,304

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes stock-based compensation expense as follows for the periods presented:

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

$

540

 

 

$

607

 

 

$

593

 

 

$

2,305

 

 

$

2,244

 

Research and development

 

 

862

 

 

 

748

 

 

 

755

 

 

 

3,367

 

 

 

3,138

 

Sales and marketing

 

 

570

 

 

 

565

 

 

 

559

 

 

 

2,403

 

 

 

2,411

 

General and administrative

 

 

1,287

 

 

 

853

 

 

 

1,255

 

 

 

4,262

 

 

 

4,663

 

Total stock-based compensation expense

 

$

3,259

 

 

$

2,773

 

 

$

3,162

 

 

$

12,337

 

 

$

12,456

 

NeoPhotonics Corporation

Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)

(In thousands, except percentages and per share data)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

Dec. 31, 2020

 

Sep. 30, 2020

 

Dec. 31, 2019

 

Dec. 31, 2020

 

Dec. 31, 2019

NON-GAAP GROSS PROFIT:

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

15,450

 

 

$

24,404

 

 

$

31,202

 

 

$

103,082

 

 

$

88,813

 

Stock-based compensation expense

 

 

540

 

 

 

607

 

 

 

593

 

 

 

2,305

 

 

 

2,244

 

Amortization of purchased intangible assets

 

 

185

 

 

 

184

 

 

 

184

 

 

 

737

 

 

 

737

 

Depreciation of acquisition-related fixed asset step-up

 

 

(6

)

 

 

(8

)

 

 

(66

)

 

 

(34

)

 

 

(264

)

End-of-life related inventory write-down

 

 

 

 

 

4,435

 

 

 

 

 

 

4,435

 

 

 

3,553

 

Accelerated depreciation

 

 

515

 

 

 

4,120

 

 

 

 

 

 

4,635

 

 

 

2,265

 

Restructuring charges

 

 

161

 

 

 

706

 

 

 

 

 

 

867

 

 

 

 

Non-GAAP gross profit

 

$

16,845

 

 

$

34,448

 

 

$

31,913

 

 

$

116,027

 

 

$

97,348

 

Non-GAAP gross margin as a % of revenue

 

 

24.7

%

 

 

33.6

%

 

 

30.9

%

 

 

31.3

%

 

 

27.3

%

 

 

 

 

 

 

 

 

 

 

 

NON-GAAP TOTAL OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

GAAP total operating expenses

 

$

23,327

 

 

$

26,954

 

 

$

26,852

 

 

$

99,516

 

 

$

103,355

 

Stock-based compensation expense

 

 

(2,719

)

 

 

(2,166

)

 

 

(2,569

)

 

 

(10,032

)

 

 

(10,212

)

Amortization of purchased intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(119

)

Depreciation of acquisition-related fixed asset step-up

 

 

(28

)

 

 

(28

)

 

 

(67

)

 

 

(113

)

 

 

(266

)

Acquisition and asset sale related costs

 

 

(875

)

 

 

(87

)

 

 

(9

)

 

 

(1,094

)

 

 

(397

)

Restructuring charges

 

 

(15

)

 

 

(141

)

 

 

 

 

 

(156

)

 

 

(261

)

Litigation settlement

 

 

2,988

 

 

 

 

 

 

 

 

 

2,988

 

 

 

 

Gain on asset sale

 

 

1,044

 

 

 

 

 

 

86

 

 

 

1,044

 

 

 

903

 

Non-GAAP total operating expenses

 

$

23,722

 

 

$

24,532

 

 

$

24,293

 

 

$

92,153

 

 

$

93,003

 

Non-GAAP total operating expenses as a % of revenue

 

 

34.8

%

 

 

24.0

%

 

 

23.5

%

 

 

24.8

%

 

 

26.1

%

 

 

 

 

 

 

 

 

 

 

 

NON-GAAP OPERATING INCOME (LOSS):

 

 

 

 

 

 

 

 

 

 

GAAP income (loss) from operations

 

$

(7,877

)

 

$

(2,550

)

 

$

4,350

 

 

$

3,566

 

 

$

(14,542

)

Stock-based compensation expense

 

 

3,259

 

 

 

2,773

 

 

 

3,162

 

 

 

12,337

 

 

 

12,456

 

Amortization of purchased intangible assets

 

 

185

 

 

 

184

 

 

 

184

 

 

 

737

 

 

 

856

 

Depreciation of acquisition-related fixed asset step-up

 

 

22

 

 

 

20

 

 

 

1

 

 

 

79

 

 

 

2

 

Acquisition and asset sale related costs

 

 

875

 

 

 

87

 

 

 

9

 

 

 

1,094

 

 

 

397

 

End-of-life related inventory write-down

 

 

 

 

 

4,435

 

 

 

 

 

 

4,435

 

 

 

3,553

 

Accelerated depreciation

 

 

515

 

 

 

4,120

 

 

 

 

 

 

4,635

 

 

 

2,265

 

Restructuring charges

 

 

176

 

 

 

847

 

 

 

 

 

 

1,023

 

 

 

261

 

Litigation settlement

 

 

(2,988

)

 

 

 

 

 

 

 

 

(2,988

)

 

 

 

Gain on asset sale

 

 

(1,044

)

 

 

 

 

 

(86

)

 

 

(1,044

)

 

 

(903

)

Non-GAAP income (loss) from operations

 

$

(6,877

)

 

$

9,916

 

 

$

7,620

 

 

$

23,874

 

 

$

4,345

 

Non-GAAP operating margin as a % of revenue

 

 

(10.1

)%

 

 

9.7

%

 

 

7.4

%

 

 

6.4

%

 

 

1.2

%

NeoPhotonics Corporation

Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited) (Continued)

(In thousands, except percentages and per share data)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

Dec. 31, 2020

 

Sep. 30, 2020

 

Dec. 31, 2019

 

Dec. 31, 2020

 

Dec. 31, 2019

NON-GAAP NET INCOME (LOSS):

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

(11,495

)

 

$

(4,903

)

 

$

2,069

 

 

$

(4,366

)

 

$

(17,076

)

Stock-based compensation expense

 

 

3,259

 

 

 

2,773

 

 

 

3,162

 

 

 

12,337

 

 

 

12,456

 

Amortization of purchased intangible assets

 

 

185

 

 

 

184

 

 

 

184

 

 

 

737

 

 

 

856

 

Depreciation of acquisition-related fixed asset step-up

 

 

22

 

 

 

20

 

 

 

1

 

 

 

79

 

 

 

2

 

Acquisition and asset sale related costs

 

 

875

 

 

 

87

 

 

 

9

 

 

 

1,094

 

 

 

397

 

End-of-life related inventory write-down

 

 

 

 

 

4,435

 

 

 

 

 

 

4,435

 

 

 

3,553

 

Accelerated depreciation

 

 

515

 

 

 

4,120

 

 

 

 

 

 

4,635

 

 

 

2,265

 

Restructuring charges

 

 

176

 

 

 

847

 

 

 

 

 

 

1,023

 

 

 

261

 

Litigation settlement

 

 

(2,988

)

 

 

 

 

 

 

 

 

(2,988

)

 

 

 

Gain on asset sale

 

 

(1,044

)

 

 

 

 

 

(86

)

 

 

(1,044

)

 

 

(903

)

Income tax effect of Non-GAAP adjustments

 

 

3,255

 

 

 

(1,327

)

 

 

(82

)

 

 

794

 

 

 

(1,368

)

Non-GAAP net income (loss)

 

$

(7,240

)

 

$

6,236

 

 

$

5,257

 

 

$

16,736

 

 

$

443

 

Non-GAAP net income (loss) as a % of revenue

 

 

(10.6

)%

 

 

6.1

%

 

 

5.1

%

 

 

4.5

%

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED EBITDA:

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

(11,495

)

 

$

(4,903

)

 

$

2,069

 

 

$

(4,366

)

 

$

(17,076

)

Stock-based compensation expense

 

 

3,259

 

 

 

2,773

 

 

 

3,162

 

 

 

12,337

 

 

 

12,456

 

Amortization of purchased intangible assets

 

 

185

 

 

 

184

 

 

 

184

 

 

 

737

 

 

 

856

 

Depreciation of acquisition-related fixed asset step-up

 

 

22

 

 

 

20

 

 

 

1

 

 

 

79

 

 

 

2

 

Acquisition and asset sale related costs

 

 

875

 

 

 

87

 

 

 

9

 

 

 

1,094

 

 

 

397

 

End-of-life related inventory write-down

 

 

 

 

 

4,435

 

 

 

 

 

 

4,435

 

 

 

3,553

 

Accelerated depreciation

 

 

515

 

 

 

4,120

 

 

 

 

 

 

4,635

 

 

 

2,265

 

Restructuring charges

 

 

176

 

 

 

847

 

 

 

 

 

 

1,023

 

 

 

261

 

Litigation settlement

 

 

(2,988

)

 

 

 

 

 

 

 

 

(2,988

)

 

 

 

Gain on asset sale

 

 

(1,044

)

 

 

 

 

 

(86

)

 

 

(1,044

)

 

 

(903

)

Interest expense, net

 

 

199

 

 

 

242

 

 

 

364

 

 

 

1,000

 

 

 

1,543

 

Income tax provision (benefit)

 

 

3

 

 

 

(1,206

)

 

 

107

 

 

 

1,202

 

 

 

1,633

 

Depreciation expense

 

 

5,831

 

 

 

6,479

 

 

 

6,647

 

 

 

25,197

 

 

 

27,665

 

Adjusted EBITDA

 

$

(4,462

)

 

$

13,078

 

 

$

12,457

 

 

$

43,341

 

 

$

32,652

 

Adjusted EBITDA as a % of revenue

 

 

(6.5

)%

 

 

12.8

%

 

 

12.1

%

 

 

11.7

%

 

 

9.2

%

 

 

 

 

 

 

 

 

 

 

 

BASIC AND DILUTED NET INCOME (LOSS) PER SHARE:

 

 

 

 

 

 

 

 

 

 

GAAP basic net income (loss) per share

 

$

(0.23

)

 

$

(0.10

)

 

$

0.04

 

 

$

(0.09

)

 

$

(0.36

)

GAAP diluted net income (loss) per share

 

$

(0.23

)

 

$

(0.10

)

 

$

0.04

 

 

$

(0.09

)

 

$

(0.36

)

Non-GAAP basic net income (loss) per share

 

$

(0.14

)

 

$

0.12

 

 

$

0.11

 

 

$

0.34

 

 

$

0.01

 

Non-GAAP diluted net income (loss) per share

 

$

(0.14

)

 

$

0.11

 

 

$

0.10

 

 

$

0.31

 

 

$

0.01

 

 

 

 

 

 

 

 

 

 

 

 

SHARES USED TO COMPUTE GAAP AND NON-GAAP BASIC NET INCOME (LOSS) PER SHARE

 

 

50,256

 

 

 

49,936

 

 

 

48,358

 

 

 

49,474

 

 

 

47,304

 

SHARES USED TO COMPUTE GAAP DILUTED NET INCOME (LOSS) PER SHARE

 

 

50,256

 

 

 

49,936

 

 

 

50,238

 

 

 

49,474

 

 

 

47,304

 

SHARES USED TO COMPUTE NON-GAAP DILUTED NET INCOME (LOSS) PER SHARE

 

 

50,256

 

 

 

54,385

 

 

 

52,277

 

 

 

53,872

 

 

 

50,631

 

©2021 NeoPhotonics Corporation. All rights reserved. NeoPhotonics and the red dot logo are trademarks of NeoPhotonics Corporation. All other marks are the property of their respective owners.

NeoPhotonics Corporation
Beth Eby, Chief Financial Officer
+1-408-895-6086
ir@neophotonics.com

Sapphire Investor Relations, LLC
Erica Mannion, Investor Relations
+1-617-542-6180
ir@neophotonics.com

Source: NeoPhotonics Corporation