Inphi Corporation Delivers Record Revenue and EPS in Q2 2020

Doubles Year-Over-Year Revenue Driven by both Cloud and Telecom

SANTA CLARA, Calif., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Inphi Corporation (NYSE: IPHI), a leader in high-speed data movement interconnects, today announced financial results for its second quarter ended June 30, 2020.

GAAP Results

Revenue in the second quarter of 2020 was a record $175.3 million on a U.S. generally accepted accounting principles (GAAP) basis, up 103.2% year-over-year, compared with $86.3 million in the second quarter of 2019. The increase was due to higher demand for Cloud and Telecommunications products as well as the inclusion of eSilicon revenues as a result of the acquisition that closed on January 10, 2020.

Gross margin under GAAP in the second quarter of 2020 was 53.0%, compared with 56.9% in the second quarter of 2019. The decrease was mainly due to amortization of intangibles, step up value of inventories related to the eSilicon acquisition and product and revenue mix.

GAAP operating loss in the second quarter of 2020 was $4.3 million or (2.4%) of revenue, compared to GAAP operating loss in the second quarter of 2019 of $14.2 million or (16.5%) of revenue. The decrease in operating loss was mainly due to higher gross profit, partially offset by higher operating expenses.

GAAP net loss includes a charge of $13.3 million associated with the extinguishment of approximately $403.5 million in face value of convertible notes of which $180.4 million were coming due in December 2020 and $223.1 million were coming due in September 2021. We paid the principal value in cash and settled the excess spread in shares of our common stock. In most cases a very small premium was paid in either cash or stock to induce early extinguishment and thereby capped any further dilution if the stock price were to continue to rise before maturity. Approximately, $4.0 million in cash inducements, advisory fees and other transaction costs were paid on the debt extinguishment. Approximately, 4.9 million shares of common stock were also issued at a weighted average price of $112 per share, of which approximately 3.3 million shares were already included in the first quarter non-GAAP weighted average shares calculation using an average stock price of approximately $78.

GAAP provision for income taxes for the second quarter of 2020 include a one-time benefit of approximately $5.6 million primarily from the reversal of a previously accrued reserve for transfer pricing as the result of the formal closure of an income tax audit.  This benefit was offset by a corresponding change in income tax valuation allowance.

GAAP net loss for the second quarter of 2020 was $24.1 million or ($0.49) per diluted common share, compared with $20.6 million or ($0.46) per diluted common share in the second quarter of 2019.  

Inphi reports gross profit, operating expenses, net income (loss), and earnings per share in accordance with GAAP and on a non-GAAP basis. A reconciliation of the GAAP to non-GAAP gross profit, operating expenses, operating income, net income, earnings per share, as well as a description of the items excluded from the non-GAAP calculations is included in the financial statements portion of this press release.

Non-GAAP Results

Gross margin on a non-GAAP basis in the second quarter of 2020 was 64.1%, compared with 70.1% in the second quarter of 2019.  The decrease was due to product mix, mainly from the sale of eSilicon products that have a lower margin.

Non-GAAP operating income in the second quarter of 2020 was $50.3 million, compared with non-GAAP operating income of $16.5 million in the second quarter of 2019. The increase is primarily due to higher gross profit and higher operating leverage.

Non-GAAP benefit for income taxes for the second quarter of 2020 include a one-time benefit of approximately $5.6 million primarily from the reversal of a previously accrued reserve for transfer pricing as the result of the formal closure of an income tax audit.

Non-GAAP net income in the second quarter of 2020 was $50.9 million, or $0.95 per diluted common share. This includes the one-time tax benefit referred to above which represents approximately $0.10 per diluted share as part of the $0.95 per diluted common share for the second quarter of 2020.  This compares with non-GAAP net income of $16.6 million, or $0.35 per diluted common share in the second quarter of 2019.

“In Q2 our product offerings were firing on all cylinders.  On a year-over-year basis, our Cloud revenue grew 92% driven by our PAM4 products inside data centers and our COLORZ solution between data centers.  Our Telecom revenue grew 119% driven by both our new ASIC and PAM4 for 5G and our coherent solutions for long haul and metro,”  said Ford Tamer, President and CEO of Inphi Corporation. “We continue to invest in resources both organically and through strategic acquisitions that can scale Inphi to larger opportunities ahead. Although we are cautious with regard to the macro uncertainties, we believe our continued success and breadth of product cycles will drive sequential growth in the third quarter.”

First Half 2020 Results
Revenue in the six months ended June 30, 2020 was $314.7 million, compared with $168.5 million in the six months ended June 30, 2019. GAAP net loss in the six months ended June 30, 2020 was $44.3 million, or ($0.93) per diluted share, on approximately 47.5 million diluted weighted average common shares outstanding. This compares with GAAP net loss of $43.3 million, or ($0.97) per diluted share, on approximately 44.8 million diluted weighted average common shares outstanding in the six months ended June 30, 2019.

Non-GAAP net income in the six months ended June 30, 2020 was $82.4 million, or $1.58 per diluted weighted average common share outstanding, on approximately 52.1 million diluted weighted average common shares outstanding. This compares with non-GAAP net income of $32.0 million in the six months ended June 30, 2019, or $0.69 per diluted weighted average common share outstanding, on approximately 46.5 million diluted weighted average common shares outstanding.

Business Outlook

The following statements are based on the Company’s current expectations for the third quarter of 2020.  These statements are forward-looking and actual results may differ materially. A reconciliation between the GAAP and non-GAAP outlook is included at the end of this press release.

  • Revenue in Q3 2020 is expected to be in the range of $179.0 million to $182.5 million.   
  • GAAP gross margin is expected to be approximately 55.1% to 56.2%.
  • Non-GAAP gross margin is expected to be approximately 63.5% to 64.5%.
  • Stock-based compensation expense is expected to be in the range of $29.0 million to $30.0 million.
  • GAAP net loss is expected to be in range between $2.7 million to $6.3 million, or ($0.05) to ($0.12) per basic share, based on 52.1 million estimated weighted average basic shares outstanding.
  • Non-GAAP net income, excluding stock-based compensation expense, acquisition expenses, amortization of intangibles and inventory fair value step up related to acquisitions and noncash interest on convertible debt, is expected to be in the range of $45.5 million to $47.9 million, or $0.83 to $0.87 per weighted average diluted share, based on 55.0 million estimated non-GAAP weighted average diluted shares outstanding. 

Quarterly Conference Call Today
Inphi plans to hold a conference call today at 8:30 a.m. Eastern Time / 5:30 a.m. Pacific Time with Ford Tamer, President and Chief Executive Officer, and John Edmunds, Chief Financial Officer, to discuss the second quarter 2020 results. 

The call can be accessed by dialing 765-507-2591, participant passcode: 9798966. Please dial-in ten minutes prior to the scheduled conference call time. A live and archived webcast of the call will be available on Inphi’s website at https://inphi.com/investors/ for up to 30 days after the call.

About Inphi
Inphi Corporation is a leader in high-speed data movement.  We move big data -- fast, throughout the globe, between data centers, and inside data centers.  Inphi's expertise in signal integrity results in reliable data delivery, at high speeds, over a variety of distances.  As data volumes ramp exponentially due to video streaming, social media, cloud-based services, and wireless infrastructure, the need for speed has never been greater.  That's where we come in. Customers rely on Inphi's solutions to develop and build out the Service Provider and Cloud infrastructures, and data centers of tomorrow.  To learn more about Inphi, visit www.inphi.com.

Cautionary Note Concerning Forward-Looking Statements
These forward-looking statements may be identified by terms such as outlook, believe, expect, may, will, provide, continue, could, and should, and the negative of these terms or other similar expressions. These statements include statements relating to: the Company’s business outlook and current expectations for 2020, including with respect to the third quarter of 2020, revenue, gross margin, stock-based compensation expense, operating performance, net income or loss, and earnings per share; the Company’s expectations regarding growth opportunities, success of our growth strategy, strength of the cloud market, increasing demand in Q3 2020, growth inside data centers, customer relationships, the Company’s expectations with respect to the investment in resources, ability to grow and the benefits of using non-GAAP financial measures.  These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including: the Company’s ability to sustain profitable operations due to its history of losses and accumulated deficit; dependence on a limited number of customers for a substantial portion of revenue and lack of long-term purchase commitments from our customers; product defects; risk related to intellectual property matters, lengthy sales cycle and competitive selection process; lengthy and expensive qualification processes; ability to develop new or enhanced products in a timely manner; development of target markets; market demand for the Company’s products; reliance on third parties to manufacture, assemble and test products; ability to compete; the ability to effectively integrate eSilicon and other risks inherent in fabless semiconductor businesses. In addition, actual results could differ materially due to changes in tax rates or tax benefits available, changes in demand, including as a result of the impact of the COVID-19 pandemic, changes in government regulation, changes in claims that may or may not be asserted, as well as changes in pending litigation. For a discussion of these and other related risks, please refer to Inphi Corporation’s recent SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2019, which are available on the SEC’s website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Inphi Corporation undertakes no obligation to update forward-looking statements for any reason, except as required by law, even as new information becomes available or other events occur in the future.

Inphi, the Inphi logo and Think fast are registered trademarks of Inphi Corporation. All other trademarks used herein are the property of their respective owners.

     
INPHI CORPORATION    
CONSOLIDATED STATEMENTS OF OPERATIONS    
(in thousands of dollars, except share and per share amounts)    
(Unaudited)    
                     
    Three Months Ended June 30,   Six Months Ended June 30,    
    2020     2019     2020     2019      
Revenue $ 175,292   $ 86,285   $ 314,722   $ 168,508      
Cost of revenue   82,360     37,176     148,093     71,768      
                     
Gross margin   92,932     49,109     166,629     96,740      
                     
Operating expenses:                    
Research and development   69,176     44,705     131,869     89,104      
Sales and marketing   15,024     11,154     29,933     23,033      
General and administrative   12,991     7,480     25,383     14,313      
                     
Total operating expenses   97,191     63,339     187,185     126,450      
                     
Loss from operations   (4,259 )   (14,230 )   (20,556 )   (29,710 )    
                     
Loss on early extinguishment of convertible debt   (13,297 )   -     (13,297 )   -      
Interest expense, net of other income   (6,246 )   (6,935 )   (10,190 )   (12,980 )    
                     
Loss from operations before income taxes   (23,802 )   (21,165 )   (44,043 )   (42,690 )    
Provision (benefit) for income taxes   249     (587 )   294     633      
                     
Net loss $ (24,051 ) $ (20,578 ) $ (44,337 ) $ (43,323 )    
                     
Earnings per share:                    
Basic $ (0.49 ) $ (0.46 ) $ (0.93 ) $ (0.97 )    
Diluted $ (0.49 ) $ (0.46 ) $ (0.93 ) $ (0.97 )    
                     
                     
Weighted-average shares used in computing earnings per share:                    
Basic   48,928,224     45,191,674     47,477,159     44,823,562      
Diluted   48,928,224     45,191,674     47,477,159     44,823,562      
                     
     
     
The following table presents details of stock-based compensation expense included in each functional line item in the consolidated statements of operations above:    
                     
    Three Months Ended June 30,   Six Months Ended June 30,    
    2020     2019     2020     2019      
    (in thousands of dollars)   (in thousands of dollars)    
    (Unaudited)   (Unaudited)    
Cost of revenue $ 1,986   $ 1,674   $ 3,897   $ 2,479      
Research and development   16,432     9,925     29,511     20,657      
Sales and marketing   5,261     3,269     10,462     7,417      
General and administrative   4,547     3,093     8,385     6,166      
                     
  $ 28,226   $ 17,961   $ 52,255   $ 36,719      
                     


INPHI CORPORATION  
CONSOLIDATED BALANCE SHEETS  
(in thousands of dollars)  
(Unaudited)  
    June 30, 2020   December 31, 2019  
Assets          
Current assets:          
Cash and cash equivalents $ 133,885   $ 282,723    
Restricted cash   100     -    
Investments in marketable securities   88,040     140,131    
Accounts receivable, net   85,413     60,295    
Inventories   90,419     55,013    
Prepaid expenses and other current assets   18,175     17,463    
Total current assets   416,032     555,625    
           
Property and equipment, net   109,334     79,563    
Goodwill   181,689     104,502    
Intangible assets, net   277,649     168,290    
Right of use asset, net   33,974     33,576    
Other assets, net   32,221     34,450    
Total assets $ 1,050,899   $ 976,006    
           
Liabilities and Stockholders’ Equity          
           
Current liabilities:          
Accounts payable $ 45,159   $ 18,771    
Accrued expenses and other current liabilities   78,634     51,820    
Deferred revenue   5,271     3,719    
Convertible debt   48,277     217,467    
           
Total current liabilities   177,341     291,777    
           
Convertible debt   455,246     258,711    
Other liabilities   68,901     78,917    
Total liabilities   701,488     629,405    
           
Stockholders’ equity:          
Common stock   52     46    
Additional paid-in capital   634,729     587,862    
Accumulated deficit   (287,144 )   (242,807 )  
Accumulated other comprehensive income   1,774     1,500    
Total stockholders’ equity   349,411     346,601    
           
Total liabilities and stockholders’ equity $ 1,050,899   $ 976,006    
           

INPHI CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(in thousands of dollars, except share and per share amounts)

To supplement the financial data presented on a GAAP basis, the Company discloses certain non-GAAP financial measures, which exclude stock-based compensation, legal, transition costs and other expenses, purchase price fair value adjustments related to acquisitions,  non-cash interest expense and loss on extinguishment related to convertible debt, unrealized gain or loss on equity investments, lease expense on building not occupied and deferred tax asset valuation allowance.  These non-GAAP financial measures are not in accordance with GAAP. These results should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The Company believes that its non-GAAP financial information provides useful information to management and investors regarding financial and business trends relating to its financial condition and results of operations because it excludes charges or benefits that management considers to be outside of the Company’s core operating results.  The Company believes that the non-GAAP measures of gross margin, income from operations, net income and earnings per share, in combination with the Company’s financial results calculated in accordance with GAAP, provide investors with additional perspective and a more meaningful understanding of the Company’s ongoing operating performance. In addition, the Company’s management uses these non-GAAP measures to review and assess the financial performance of the Company, to determine executive officer incentive compensation and to plan and forecast performance in future periods.  The Company’s non-GAAP measurements are not prepared in accordance with GAAP, and are not an alternative to GAAP financial information, and may be calculated differently than non-GAAP financial information disclosed by other companies.

             
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME    
(in thousands of dollars, except share and per share amounts)    
(Unaudited)    
    Three Months Ended
June 30,
  Six Months Ended
June 30,
   
    2020     2019     2020     2019      
GAAP gross margin to Non-GAAP gross margin                    
GAAP gross margin $ 92,932   $ 49,109   $ 166,629   $ 96,740      
Adjustments to GAAP gross margin:                    
Stock-based compensation   1,986   (a) 1,674   (a) 3,897   (a) 2,479   (a)  
Amortization of inventory step-up   2,063   (b) -     4,339   (b) -      
Amortization of intangibles   15,081   (c) 9,724   (c) 26,464   (c) 19,448   (c)  
Depreciation on step-up values of fixed assets   214   (d) (12 ) (d) 430   (d) (24 ) (d)  
Non-GAAP gross margin $ 112,276   $ 60,495   $ 201,759   $ 118,643      
                     
GAAP operating expenses to Non-GAAP operating expenses                    
GAAP research and development $ 69,176   $ 44,705   $ 131,869   $ 89,104      
Adjustments to GAAP research and development:                    
Stock-based compensation   (16,432 ) (a) (9,925 ) (a) (29,511 ) (a) (20,657 ) (a)  
Depreciation on step-up values of fixed assets   (102 ) (d) (110 ) (d) (124 ) (d) (197 ) (d)  
Acquisition related expenses   (3,011 ) (e) -     (9,403 ) (e) -      
Non-GAAP research and development $ 49,631   $ 34,670   $ 92,831   $ 68,250      
                     
GAAP sales and marketing $ 15,024   $ 11,154   $ 29,933   $ 23,033      
Adjustments to GAAP sales and marketing:                    
Stock-based compensation   (5,261 ) (a) (3,269 ) (a) (10,462 ) (a) (7,417 ) (a)  
Amortization of intangibles   (2,431 ) (c) (2,431 ) (c) (4,863 ) (c) (4,862 ) (c)  
Depreciation on step-up values of fixed assets   (20 ) (d) (2 ) (d) (21 ) (d) (5 ) (d)  
Acquisition related expenses   (16 ) (e) -     (677 ) (e) -      
Non-GAAP sales and marketing $ 7,296   $ 5,452   $ 13,910   $ 10,749      
                     
GAAP general and administrative $ 12,991   $ 7,480   $ 25,383   $ 14,313      
Adjustments to GAAP general and administrative:                    
Stock-based compensation   (4,547 ) (a) (3,093 ) (a) (8,385 ) (a) (6,166 ) (a)  
Amortization of intangibles   (70 ) (c) (116 ) (c) (140 ) (c) (232 ) (c)  
Depreciation on step-up values of fixed assets   2   (d) (4 ) (d) (128 ) (d) (9 ) (d)  
Acquisition related expenses   (2,674 ) (e) -     (4,991 ) (e) -      
Expense on lease that was not yet occupied   (692 ) (f) -     (1,247 ) (f) -      
Loss on claim settlement from ClariPhy acquisition   -     (400 ) (g) -     (400 ) (g)  
Non-GAAP general and administrative $ 5,010   $ 3,867   $ 10,492   $ 7,506      
                     
Non-GAAP total operating expenses $ 61,937   $ 43,989   $ 117,233   $ 86,505      
Non-GAAP income from operations $ 50,339   $ 16,506   $ 84,526   $ 32,138      
                     
GAAP net loss to Non-GAAP net income                    
GAAP net loss $ (24,051 ) $ (20,578 ) $ (44,337 ) $ (43,323 )    
Adjusting items to GAAP net loss:                    
Operating expenses related to stock-based compensation expense   28,226   (a) 17,961   (a) 52,255   (a) 36,719   (a)  
Amortization of inventory step-up   2,063   (b) -     4,339   (b) -      
Amortization of intangibles related to purchase price   17,582   (c) 12,271   (c) 31,467   (c) 24,542   (c)  
Depreciation on step-up values of fixed assets   334   (d) 104   (d) 703   (d) 187   (d)  
Acquisition related expenses   5,701   (e) -     15,071   (e) -      
Expense on lease that was not yet occupied   692   (f) -     1,247   (f)      
Loss on claim settlement from ClariPhy acquisition   -     400   (g) -     400   (g)  
Accretion and amortization expense on convertible debt   8,540   (h) 7,006   (h) 15,931   (h) 13,805   (h)  
Loss on early extinguishment of convertible debt   13,297   (i) -     13,297   (i) -      
Net realized and unrealized loss (gain) on equity investment   (2,676 ) (j) 347   (j) (6,743 ) (j) 75   (j)  
Loss on retirement of certain property and equipment from ClariPhy acquisition   -     -     40   (k) -      
Loss on claim settlement from Exactik disposition   -     296   (l) -     296   (l)  
Valuation allowance and tax effect of the adjustments above from GAAP to non-GAAP   1,241   (m) (1,216 ) (m) (837 ) (m) (700 ) (m)  
Non-GAAP net income $ 50,949   $ 16,591   $ 82,433   $ 32,001      
                     
Shares used in computing non-GAAP basic earnings per share   48,928,224     45,191,674     47,477,159     44,823,562      
                     
Shares used in computing non-GAAP diluted earnings per share before offsetting shares from call option   55,067,012     47,700,457     53,800,332     46,920,852      
Offsetting shares from call option   1,456,642     787,128     1,714,647     393,564      
Shares used in computing non-GAAP diluted earnings per share   53,610,370     46,913,329     52,085,685     46,527,288      
                     
Non-GAAP earnings per share:                    
Basic $ 1.04   $ 0.37   $ 1.74   $ 0.71      
Diluted $ 0.95   $ 0.35   $ 1.58   $ 0.69      
                     
GAAP gross margin as a % of revenue   53.0 %   56.9 %   52.9 %   57.4 %    
Stock-based compensation   1.1 %   1.9 %   1.2 %   1.5 %    
Amortization of inventory fair value step-up and intangibles   10.0 %   11.3 %   10.0 %   11.5 %    
Non-GAAP gross margin as a % of revenue   64.1 %   70.1 %   64.1 %   70.4 %    


(a) Reflects the stock-based compensation 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 GAAP measure is not indicative of its core operating performance.
(b) Reflects the cost of goods sold fair value amortization of inventory step-up related to acquisitions.  The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.
(c) Reflects the fair value amortization of intangibles related to acquisition.  The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.
(d) Reflects the fair value depreciation of fixed assets related to acquisitions.  The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.
(e) Reflects the legal, transition costs and other expenses related to acquisitions.  The transition costs also include short-term cash retention bonus payments to eSilicon employees.  The Company excludes this item when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.
(f) Reflects the expense on building lease not yet occupied.  The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.
(g) Reflects the loss on settlement of certain customer claims from the ClariPhy acquisition.  The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.
(h) Reflects the accretion and amortization expense on convertible debt.  The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.
(i) Reflects the loss on early extinguishment of convertible debt.  The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.
(j) Reflects the unrealized and realized gain or loss on equity investments.  The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.
(k) Reflects the loss on disposal of certain property and equipment from the acquisitions.  The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.
(l) Reflects the loss on settlement of claim from the Exactik business disposal.  The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.
(m) Reflects the change in valuation allowance and delta in interim period tax allocation from GAAP to non-GAAP related to non-GAAP adjustments. The Company excludes this item when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.


INPHI CORPORATION  
RECONCILIATION OF GAAP TO NON-GAAP MEASURES -THIRD QUARTER 2020 GUIDANCE  
(in thousands of dollars, except share and per share amounts)  
(Unaudited)  
           
    Three Months Ending September 30, 2020  
    High   Low  
Estimated GAAP net loss $ (2,700 ) $ (6,300 )  
Adjusting items to estimated GAAP net loss:          
Operating expenses related to stock-based compensation expense   30,000     29,000    
Amortization of intangibles   14,900     14,900    
Amortization of step up values of acquired inventories   350     350    
Amortization of step up values of acquired property and equipment 340     340    
Acquisition related expenses   700     700    
Amortization of convertible debt interest cost   6,650     6,650    
Noncash expense on lease not yet occupied   340     340    
Tax effect of GAAP to non-GAAP adjustments   (2,700 )   (480 )  
Estimated non-GAAP net income $ 47,880   $ 45,500    
           
Shares used in computing estimated non-GAAP diluted earnings per share   55,000,000     55,000,000    
           
Estimated non-GAAP diluted earnings per share $ 0.87   $ 0.83    
           
           
Revenue $ 182,500   $ 179,000    
           
GAAP gross margin $ 102,520   $ 98,600    
as a % of revenue   56.2 %   55.1 %  
Adjusting items to estimated GAAP gross margin:          
Stock-based compensation   2,150     2,050    
Amortization of step up values of acquired inventories   350     350    
Fixed assets depreciation step up   220     220    
Amortization of intangibles   12,400     12,400    
Estimated non-GAAP gross margin $ 117,640   $ 113,620    
as a % of revenue   64.5 %   63.5 %  

 


Corporate Contact:
Kim Markle
408-217-7329
kmarkle@inphi.com

Investor Contact:
Vernon P. Essi, Jr.
408-606-6524
vessi@inphi.com

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Source: Inphi Corporation