Acacia Communications Reports First Quarter 2020 Results
Results for the First Quarter of 2020
- Revenue of
$125.6 million - GAAP gross margin of 47.2%; non-GAAP gross margin* of 47.4%
- GAAP income from operations of
$12.8 million ; non-GAAP income from operations* of$22.8 million - GAAP net income of
$15.6 million ; non-GAAP net income* of$23.3 million - EBITDA* of
$15.4 million ; adjusted EBITDA* of$25.4 million - GAAP diluted EPS of
$0.36 ; non-GAAP diluted EPS* of$0.54
*Non-GAAP gross margin, non-GAAP income from operations, non-GAAP net income, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA and non-GAAP diluted earnings per share (EPS) are non-GAAP financial measures that are not prepared in accordance with generally accepted accounting principles (GAAP). Please refer below to Use of Non-GAAP Financial Information for descriptions of these non-GAAP financial measures and to the Reconciliation of GAAP Measures to Non-GAAP Measures, attached as Schedule D, for reconciliations of the most directly comparable GAAP financial measures to these non-GAAP financial measures.
Use of Non-GAAP Financial Information
This press release includes non-GAAP financial measures that are not prepared in accordance with, nor an alternative to, GAAP. In addition, these non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.
Schedule D of this press release provides reconciliations of Acacia Communications’ most comparable GAAP financial measures to non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development expenses, non-GAAP sales, general and administrative expenses, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, non-GAAP effective tax rate, EBITDA, adjusted EBITDA and non-GAAP diluted EPS.
Acacia Communications’ non-GAAP financial measures reflect adjustments based on the metrics described below, as well as the related income tax effects. The income tax effect of these non-GAAP adjustments is determined by recalculating income tax expense excluding these adjustments.
Non-GAAP gross profit and non-GAAP gross margin. Acacia Communications defines non-GAAP gross profit as gross profit as reported on its consolidated statements of operations, excluding the impact of stock-based compensation, which is a non-cash charge, warranty and other charges arising from a manufacturing process quality issue and ZTE-related inventory write-offs and subsequent adjustments.
Non-GAAP research and development expenses. Acacia Communications defines non-GAAP research and development expenses as research and development expenses as reported on the Company’s consolidated statements of operations, excluding the impact of stock-based compensation. Acacia Communications has presented non-GAAP research and development expenses because the Company believes that the exclusion of stock-based compensation facilitates comparisons of its results of operations to other companies in its industry.
Non-GAAP sales, general and administrative expenses. Acacia Communications defines non-GAAP sales, general and administrative expenses as sales, general and administrative expenses as reported on the Company’s consolidated statements of operations, excluding the impact of stock-based compensation, certain litigation related costs and settlement reserves and acquisition related costs. Acacia Communications has presented non-GAAP sales, general and administrative expenses because the Company believes that the exclusion of stock-based compensation, certain litigation related costs and settlement reserves and acquisition related costs facilitates comparisons of its results of operations to other companies in its industry.
Non-GAAP operating expenses. Acacia Communications defines non-GAAP operating expenses as operating expenses as reported on the Company’s consolidated statements of operations, excluding the impact of stock-based compensation, certain litigation related costs and settlement reserves and acquisition related costs. Acacia Communications has presented non-GAAP operating expenses because the Company believes that the exclusion of stock-based compensation, certain litigation related costs and settlement reserves and acquisition related costs facilitates comparisons of its results of operations to other companies in its industry.
Non-GAAP income from operations. Acacia Communications defines non-GAAP income from operations as income from operations as reported on the Company’s consolidated statements of operations, excluding the impact of stock-based compensation, warranty and other charges arising from a manufacturing process quality issue, ZTE-related inventory write-offs and subsequent adjustments, certain litigation related costs and settlement reserves and acquisition related costs. Acacia Communications has presented non-GAAP income from operations because the Company believes that the exclusion of stock-based compensation, warranty and other charges arising from a manufacturing process quality issue, ZTE-related inventory write-offs and subsequent adjustments, certain litigation related costs and settlement reserves and acquisition related costs facilitates comparisons of its results of operations to other companies in its industry.
Non-GAAP net income, non-GAAP effective tax rate and non-GAAP diluted EPS. Acacia Communications defines non-GAAP net income as net income as reported on the Company’s consolidated statements of operations, excluding the impact of stock-based compensation which is a non-cash charge, as well as warranty and other charges arising from a manufacturing process quality issue, ZTE-related inventory write-offs and subsequent adjustments, certain litigation related costs and settlement reserves, acquisition related costs, the tax effects of those excluded items and certain valuation allowance adjustments against deferred tax assets.
In order to calculate non-GAAP diluted EPS, Acacia Communications uses a non-GAAP weighted-average share count which includes the impact of dilutive stock-based awards for periods in which there was a GAAP net loss resulting in GAAP diluted net loss per share, but a non-GAAP net income.
Acacia Communications has presented non-GAAP net income, non-GAAP effective tax rate and non-GAAP diluted EPS because the Company believes that the exclusion of the items discussed above facilitates comparisons of its results of operations to other companies in its industry and more accurately reflects the underlying performance of our continuing business operations.
EBITDA and Adjusted EBITDA. Acacia Communications defines EBITDA as net income as reported on the Company’s consolidated statements of operations before depreciation, interest income, net, and its benefit for income taxes. Acacia Communications defines adjusted EBITDA as EBITDA excluding the impact of stock-based compensation, warranty and other charges arising from a manufacturing process quality issue, ZTE-related inventory write-offs and subsequent adjustments, certain litigation related costs and settlement reserves and acquisition related costs. Acacia Communications has presented adjusted EBITDA because it is a key measure used by its management and board of directors to understand and evaluate the Company’s operating performance, to establish budgets and to develop operational goals for managing its business. In particular, Acacia Communications believes that the exclusion of the amounts eliminated in calculating adjusted EBITDA can provide a useful measure for period-to-period comparisons of its core operating performance.
Acacia Communications uses these non-GAAP financial measures to evaluate its operating performance and trends, and make planning decisions. Acacia Communications believes that each of these non-GAAP financial measures helps identify underlying trends in its business that could otherwise be masked by the effect of the items that the Company excludes. Accordingly, Acacia Communications believes that these financial measures provide useful information to investors and others in understanding and evaluating its operating results, enhancing the overall understanding of the Company’s past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in its financial and operational decision-making.
Acacia Communications’ non-GAAP financial measures are not prepared in accordance with GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures rather than gross profit, gross margin, research and development expenses, sales, general and administrative expenses, operating expenses, income from operations, net income, effective tax rate or diluted EPS, which are the most directly comparable GAAP measures. Some of these limitations are:
Acacia Communications excludes stock-based compensation expense from each of its non-GAAP financial measures, although it has recently been, and will continue to be for the foreseeable future, a significant recurring expense for its business and an important part of the Company’s compensation strategy;Acacia Communications excludes the tax benefits generated from the exercise of non-qualified stock options, the disqualifying disposition of incentive stock options and ESPP shares, and the vesting of restricted stock units, including any excess tax benefits and shortfalls recognized by the Company in the year of the taxable transaction, in calculating its non-GAAP net income, non-GAAP effective tax rate and non-GAAP diluted EPS. The Company believes that excluding these tax benefits enables investors to see the full effect that excluding stock-based compensation expense had on the operating results. These benefits are tied to the exercise or vesting of underlying employee equity awards and the price of our common stock at the time of exercise or vesting, which factors may vary from period to period independent of the operating performance of the Company’s business. Similar to stock-based compensation expense, the Company believes that excluding these tax benefits provides investors and management with greater visibility to the underlying performance of its business operations and facilitates comparison with other periods as well as the results of other companies in its industry;Acacia Communications excludes warranty and other charges arising from a manufacturing process quality issue from its non-GAAP gross profit, non-GAAP gross margin, non-GAAP income from operations, non-GAAP net income, non-GAAP effective tax rate, non-GAAP diluted EPS and adjusted EBITDA measures, as management does not believe the charges are reflective of the Company’s underlying operating performance;Acacia Communications excludes certain adjustments to its valuation allowance against deferred tax assets from its non-GAAP net income, non-GAAP effective tax rate and non-GAAP diluted EPS measures, as management does not believe the charges are reflective of the Company’s underlying operating performance;Acacia Communications excludes ZTE-related inventory write-offs and subsequent adjustments from its non-GAAP gross profit, non-GAAP gross margin, non-GAAP income from operations, non-GAAP net income, non-GAAP effective tax rate, non-GAAP diluted EPS and adjusted EBITDA measures, as management believes the activity is not related to the Company’s normal course of business and is not reflective of the Company’s underlying operating performance;Acacia Communications excludes certain litigation related costs and settlement reserves from its non-GAAP sales, general and administrative expenses, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, non-GAAP effective tax rate, non-GAAP diluted EPS and adjusted EBITDA measures, if management believes the activity is not related to the Company’s normal course of business and is not reflective of the Company’s underlying operating performance. These expenses may continue in the future;Acacia Communications excludes acquisition related costs from its non-GAAP sales, general and administrative expenses, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, non-GAAP effective tax rate, non-GAAP diluted EPS and adjusted EBITDA measures, as management believes the activity is not related to the Company’s normal course of business and is not reflective of the Company’s underlying operating performance;- EBITDA and adjusted EBITDA exclude depreciation expense and, although this is a non-cash expense, the assets being depreciated may have to be replaced in the future;
- EBITDA and adjusted EBITDA do not reflect interest income, which increases cash available to the Company, as this income is not generated by the Company’s core operations;
- EBITDA and adjusted EBITDA do not reflect the benefit for income tax which may impact cash available to the Company; and
- the expenses and other items that the Company excludes in its calculation of adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude from adjusted EBITDA when they report their operating results.
Because of these limitations, non-GAAP financial measures should be considered along with other operating and financial performance measures presented in accordance with GAAP.
Acacia Communications’ use of non-GAAP financial measures, and the underlying methodology when excluding certain items, is not necessarily an indication of the results of operations that may be expected in the future, or that
Investors should consider Acacia Communications’ non-GAAP financial measures in conjunction with the corresponding GAAP financial measures.
About
Acacia Communications develops, manufactures and sells high-speed coherent optical interconnect products that are designed to transform communications networks through improvements in performance, capacity and cost. By implementing optical interconnect technology in a silicon-based platform, a process
Forward Looking Statements
This press release includes statements concerning Acacia Communications and its future expectations, plans and prospects that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “will” or “continue” or the negative of these terms or other similar expressions are intended to help you identify forward-looking statements. The forward-looking statements in this press release are only predictions. The events and circumstances reflected in the forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements.
SCHEDULE A CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) |
|||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 86,010 | $ | 36,617 | |||
Marketable securities - short-term | 281,686 | 300,129 | |||||
Accounts receivable | 96,826 | 97,948 | |||||
Inventory | 36,300 | 40,820 | |||||
Prepaid expenses and other current assets | 8,180 | 6,518 | |||||
Total current assets | 509,002 | 482,032 | |||||
Marketable securities - long-term | 122,545 | 134,632 | |||||
Property and equipment, net | 26,427 | 26,801 | |||||
Operating lease right-of-use assets | 30,097 | 25,046 | |||||
Deferred tax asset | 52,185 | 51,798 | |||||
Other assets | 789 | 1,106 | |||||
Total assets | $ | 741,045 | $ | 721,415 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 43,578 | $ | 46,957 | |||
Accrued liabilities | 58,524 | 61,680 | |||||
Deferred revenue | 3,496 | 4,483 | |||||
Total current liabilities | 105,598 | 113,120 | |||||
Income taxes payable | 7,117 | 7,117 | |||||
Non-current operating lease liabilities | 19,710 | 15,726 | |||||
Other long-term liabilities | 5,980 | 7,029 | |||||
Total liabilities | 138,405 | 142,992 | |||||
Stockholders’ equity: | |||||||
Common stock | 4 | 4 | |||||
(39,712 | ) | (39,712 | ) | ||||
Additional paid-in capital | 411,618 | 402,032 | |||||
Accumulated other comprehensive (loss) income | (293 | ) | 720 | ||||
Retained earnings | 231,023 | 215,379 | |||||
Total stockholders’ equity | 602,640 | 578,423 | |||||
Total liabilities and stockholders’ equity | $ | 741,045 | $ | 721,415 |
SCHEDULE B CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) |
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Three Months Ended |
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2020 | 2019 | ||||||
Revenue | $ | 125,626 | $ | 105,216 | |||
Cost of revenue | 66,344 | 55,374 | |||||
Gross profit | 59,282 | 49,842 | |||||
Operating expenses: | |||||||
Research and development | 32,095 | 30,953 | |||||
Sales, general and administrative | 14,371 | 15,787 | |||||
Total operating expenses | 46,466 | 46,740 | |||||
Income from operations | 12,816 | 3,102 | |||||
Other income, net: | |||||||
Interest income, net | 2,293 | 2,446 | |||||
Other expense, net | (43 | ) | (52 | ) | |||
Total other income, net | 2,250 | 2,394 | |||||
Income before benefit for income taxes | 15,066 | 5,496 | |||||
Benefit for income taxes | (578 | ) | (1,481 | ) | |||
Net income | $ | 15,644 | $ | 6,977 | |||
Earnings per share: | |||||||
Basic | $ | 0.38 | $ | 0.17 | |||
Diluted | $ | 0.36 | $ | 0.17 | |||
Weighted-average shares used to compute earnings per share: | |||||||
Basic | 41,575 | 40,284 | |||||
Diluted | 43,042 | 41,962 |
SCHEDULE C CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) |
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Three Months Ended |
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2020 | 2019 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 15,644 | $ | 6,977 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 2,670 | 3,243 | |||||
Stock-based compensation | 9,384 | 8,008 | |||||
Deferred income taxes | (387 | ) | (1,449 | ) | |||
Non-cash lease expense | 1,206 | 1,074 | |||||
Other non-cash benefits | (247 | ) | (643 | ) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 1,122 | 7,440 | |||||
Inventory | 4,520 | (1,201 | ) | ||||
Prepaid expenses and other current assets | (1,662 | ) | 805 | ||||
Other assets | 324 | (96 | ) | ||||
Accounts payable | (2,828 | ) | 1,658 | ||||
Accrued liabilities | (3,803 | ) | 4,661 | ||||
Deferred revenue | (2,155 | ) | 519 | ||||
Income taxes payable | — | (862 | ) | ||||
Lease liabilities | (1,852 | ) | (815 | ) | |||
Other long-term liabilities | 119 | 9 | |||||
Net cash provided by operating activities | 22,055 | 29,328 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchases of property and equipment | (2,742 | ) | (2,724 | ) | |||
Purchases of marketable securities | (81,937 | ) | (105,206 | ) | |||
Sales and maturities of marketable securities | 111,701 | 90,290 | |||||
Deposits | (7 | ) | — | ||||
Net cash provided by (used in) investing activities | 27,015 | (17,640 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from the issuance of common stock under stock-based compensation plans | 323 | 1,400 | |||||
Net cash provided by financing activities | 323 | 1,400 | |||||
Net increase in cash and cash equivalents | 49,393 | 13,088 | |||||
Cash and cash equivalents—Beginning of period | 36,617 | 60,444 | |||||
Cash and cash equivalents—End of period | $ | 86,010 | $ | 73,532 | |||
Supplemental cash flow disclosures: | |||||||
(Refunds received) cash paid for income taxes, net | $ | (545 | ) | $ | 878 | ||
Non-cash transactions: | |||||||
Right of use assets acquired under operating leases | $ | 4,846 | $ | 3,328 |
SCHEDULE D RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (in thousands, except for per share data) (unaudited) |
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Three Months Ended | ||||||||||||
Q1 2020 | Q4 2019 | Q1 2019 | ||||||||||
Non-GAAP Gross Profit and Non-GAAP Gross Margin | ||||||||||||
GAAP gross profit | $ | 59,282 | $ | 60,674 | $ | 49,842 | ||||||
Stock-based compensation - cost of revenue | 522 | 475 | 520 | |||||||||
Warranty and other charges due to manufacturing process quality issue | (250 | ) | (250 | ) | (79 | ) | ||||||
Inventory write-offs | — | (7 | ) | (392 | ) | |||||||
Non-GAAP gross profit | $ | 59,554 | $ | 60,892 | $ | 49,891 | ||||||
GAAP gross margin | 47.2 | % | 47.2 | % | 47.4 | % | ||||||
Non-GAAP gross margin | 47.4 | % | 47.3 | % | 47.4 | % | ||||||
Three Months Ended | ||||||||||||
Q1 2020 | Q4 2019 | Q1 2019 | ||||||||||
Non-GAAP R&D Expenses | ||||||||||||
GAAP research and development expenses | $ | 32,095 | $ | 40,122 | $ | 30,953 | ||||||
Stock-based compensation | 5,985 | 5,982 | 4,746 | |||||||||
Non-GAAP research and development expenses | $ | 26,110 | $ | 34,140 | $ | 26,207 | ||||||
Three Months Ended | ||||||||||||
Q1 2020 | Q4 2019 | Q1 2019 | ||||||||||
Non-GAAP SG&A Expenses | ||||||||||||
GAAP sales, general and administrative expenses | $ | 14,371 | $ | 14,438 | $ | 15,787 | ||||||
Stock-based compensation | 2,877 | 2,979 | 2,742 | |||||||||
Litigation related costs and settlement reserves | — | — | 3,253 | |||||||||
Acquisition related costs | 868 | 653 | — | |||||||||
Non-GAAP sales, general and administrative expenses | $ | 10,626 | $ | 10,806 | $ | 9,792 | ||||||
Three Months Ended | ||||||||||||
Q1 2020 | Q4 2019 | Q1 2019 | ||||||||||
Non-GAAP Operating Expenses | ||||||||||||
GAAP operating expenses | $ | 46,466 | $ | 54,560 | $ | 46,740 | ||||||
Stock-based compensation | 8,862 | 8,961 | 7,488 | |||||||||
Litigation related costs and settlement reserves | — | — | 3,253 | |||||||||
Acquisition related costs | 868 | 653 | — | |||||||||
Non-GAAP operating expenses | $ | 36,736 | $ | 44,946 | $ | 35,999 | ||||||
SCHEDULE D (Cont.) RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (in thousands, except for per share data) (unaudited) |
|||||||||||
Three Months Ended | |||||||||||
Q1 2020 | Q4 2019 | Q1 2019 | |||||||||
Non-GAAP Income from Operations | |||||||||||
GAAP income from operations | $ | 12,816 | $ | 6,114 | $ | 3,102 | |||||
Stock-based compensation | 9,384 | 9,436 | 8,008 | ||||||||
Warranty and other charges due to manufacturing process quality issue | (250 | ) | (250 | ) | (79 | ) | |||||
Litigation related costs and settlement reserves | — | — | 3,253 | ||||||||
Inventory write-offs | — | (7 | ) | (392 | ) | ||||||
Acquisition related costs | 868 | 653 | — | ||||||||
Non-GAAP income from operations | $ | 22,818 | $ | 15,946 | $ | 13,892 | |||||
Three Months Ended | |||||||||||
Q1 2020 | Q4 2019 | Q1 2019 | |||||||||
Non-GAAP Net Income | |||||||||||
GAAP net income | $ | 15,644 | $ | 12,782 | $ | 6,977 | |||||
Stock-based compensation | 9,384 | 9,436 | 8,008 | ||||||||
Warranty and other charges due to manufacturing process quality issue | (250 | ) | (250 | ) | (79 | ) | |||||
Litigation related costs and settlement reserves | — | — | 3,253 | ||||||||
Inventory write-offs | — | (7 | ) | (392 | ) | ||||||
Acquisition related costs | 868 | 653 | — | ||||||||
Tax effect of excluded items | (2,308 | ) | 69 | (2,415 | ) | ||||||
Valuation allowance adjustments | (28 | ) | (2,005 | ) | — | ||||||
Non-GAAP net income | $ | 23,310 | $ | 20,678 | $ | 15,352 | |||||
Three Months Ended | |||||||||||
Q1 2020 | Q4 2019 | Q1 2019 | |||||||||
Non-GAAP Effective Tax Rate | |||||||||||
GAAP effective tax rate | (3.8 | )% | (48.2 | )% | (26.9 | )% | |||||
Tax effect of excluded items | 10.7 | % | (1.3 | )% | 32.6 | % | |||||
Valuation allowance adjustments | 0.1 | % | 37.5 | % | — | % | |||||
Non-GAAP effective tax rate | 7.0 | % | (12.0 | )% | 5.7 | % |
SCHEDULE D (Cont.) RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (in thousands, except for per share data) (unaudited) |
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Three Months Ended | ||||||||||||
Q1 2020 | Q4 2019 | Q1 2019 | ||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA | ||||||||||||
GAAP net income | $ | 15,644 | $ | 12,782 | $ | 6,977 | ||||||
Depreciation | 2,670 | 3,284 | 3,243 | |||||||||
Interest income, net | (2,293 | ) | (2,472 | ) | (2,446 | ) | ||||||
Benefit for income taxes | (578 | ) | (4,159 | ) | (1,481 | ) | ||||||
EBITDA | 15,443 | 9,435 | 6,293 | |||||||||
Stock-based compensation | 9,384 | 9,436 | 8,008 | |||||||||
Warranty and other charges due to manufacturing process quality issue | (250 | ) | (250 | ) | (79 | ) | ||||||
Litigation related costs and settlement reserves | — | — | 3,253 | |||||||||
Inventory write-offs | — | (7 | ) | (392 | ) | |||||||
Acquisition related costs | 868 | 653 | — | |||||||||
Adjusted EBITDA | $ | 25,445 | $ | 19,267 | $ | 17,083 | ||||||
Three Months Ended | ||||||||||||
Q1 2020 | Q4 2019 | Q1 2019 | ||||||||||
Non-GAAP Diluted EPS | ||||||||||||
GAAP diluted EPS | $ | 0.36 | $ | 0.30 | $ | 0.17 | ||||||
Stock-based compensation | 0.22 | 0.22 | 0.19 | |||||||||
Warranty and other charges due to manufacturing process quality issue | (0.01 | ) | (0.01 | ) | — | |||||||
Litigation related costs and settlement reserves | — | — | 0.08 | |||||||||
Inventory write-offs | — | — | (0.01 | ) | ||||||||
Acquisition related costs | 0.02 | 0.02 | — | |||||||||
Tax effect of excluded items | (0.05 | ) | — | (0.06 | ) | |||||||
Valuation allowance adjustments | — | (0.05 | ) | — | ||||||||
Non-GAAP diluted EPS | $ | 0.54 | $ | 0.48 | $ | 0.37 | ||||||
Weighted-average shares used to compute GAAP and non-GAAP diluted EPS | 43,042 | 42,832 | 41,962 |
SOURCE
For further information:
Investor Relations Contact:
Office: (212) 871-3927
Email: IR@acacia-inc.com
Office: (212) 331-8417
Email: IR@acacia-inc.com
Public Relations Contact:
Office: (408) 718-9350
Email: PR@acacia-inc.com
Source: Acacia Communications, Inc.