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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
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Inphi Corporation Announces Fourth Quarter and Full Year 2012 Results

SANTA CLARA, CA -- (Marketwire) -- 02/04/13 -- Inphi Corporation (NYSE: IPHI), a leading provider of high-speed analog semiconductor solutions for the communications and computing markets, today announced results for its fourth quarter and full year ended December 31, 2012.

Revenue for the fourth quarter of 2012 was $22.9 million, compared with $17.3 million for the fourth quarter of 2011.

As reported under U.S. generally accepted accounting principles (GAAP), fourth quarter 2012 net loss was $16.6 million, or ($0.58) per share, compared with a GAAP net loss of $0.3 million, or ($0.01) per diluted common share, for the fourth quarter of 2011.

Inphi established a full valuation allowance against its net deferred tax assets, which resulted in a one-time, non-cash charge of $14.6 million in the fourth quarter of 2012. The decision to establish the valuation allowance was based on an assessment made at year-end that considered factors such as passage of new California tax law as well as projected taxable income. The establishment of a valuation allowance does not preclude Inphi from using its loss- carryforward, research and development tax credits and other deferred tax assets in the future.

Gross margin on a GAAP basis for the fourth quarter of 2012 was 64.3% of revenue, compared with 63.8% of revenue for the fourth quarter of 2011.

Inphi reports gross margin, 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 margin, net income, and 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 news release.

Gross margin on a non-GAAP basis for the fourth quarter of 2012 was 65.4% of revenue, compared with 64.3% of revenue for the fourth quarter of 2011.

Non-GAAP net income for the fourth quarter of 2012 was $1.0 million, or $0.03 per diluted share. This compared with non-GAAP net income of $0.2 million, or $0.01 per diluted share, for the fourth quarter of 2011.

"We delivered on our non-GAAP guidance for Q4, resulting in 16% year-on-year revenue growth in 2012 at 65% gross margin," said Ford Tamer, Inphi CEO. "As already announced by others in our industry, the near term economic climate continues to remain uncertain as we look into Q1. However, we remain optimistic about our growth prospects in the second half of 2013, based on new products going into production, and strong design win momentum in communication equipment, optical modules and next generation servers."

Full Year 2012 Results
For the year ended December 31, 2012, revenue was $91.2 million, compared with $79.3 million for 2011. GAAP net loss for 2012 was $20.7 million, or ($0.73) per diluted share, on approximately 28.4 million diluted weighted average common shares outstanding. This compared with GAAP net income of $1.9 million, or $0.07 per diluted share, on approximately 29.4 million diluted weighted average common shares outstanding for 2011.

Non GAAP net income for the year ended December 31, 2012 was $5.0 million, or approximately $0.17 per diluted share. This compared with non-GAAP net income of $7.3 million, or $0.25 per diluted share, for the year ended December 31, 2011.

Business Outlook
The following statements are based on our current expectations for the first quarter of 2013. These statements are forward looking and actual results may differ materially.

  • Revenues are expected to range from approximately $20.9 million to $22 million.
  • Non-GAAP gross margin is expected to be approximately 65% - 66%.
  • Stock-based compensation expense is expected to be in the range of $3.9 million to $4.2 million.
  • GAAP results are expected to be a net loss in a range between $3.6 million to $4.5 million, or ($0.12) -($0.15) per diluted share, on approximately 30.1 million diluted shares outstanding.
  • Non-GAAP net income, excluding stock-based compensation expense, is expected to be at breakeven plus or minus $0.3 million, or ($0.01) - $0.01 per diluted share.

Quarterly Conference Call Today
Inphi plans to hold a conference call at 5:00 p.m. Eastern Time/2:00 p.m. Pacific Time today with Ford Tamer, President and Chief Executive Officer, and John Edmunds, Chief Financial Officer, to discuss fourth quarter and full year 2012 results.

The call can be accessed by dialing 888-396-2298; international callers should dial 617-847-8708, participant passcode: 61785872. 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 http://investors.inphi.com for up to 30 days after the call.

About Inphi
Inphi Corporation is a leading provider of high-speed mixed signal semiconductor solutions for the communications and computing markets. Inphi's end-to-end data transport platform delivers high signal integrity at leading-edge data speeds, addressing performance and bandwidth bottlenecks in networks, from fiber to memory. Inphi's solutions minimize latency in computing environments and enable the rollout of next- generation communications infrastructure. Inphi's solutions provide a vital interface between analog signals and digital information in high-performance systems, such as telecommunications transport systems, enterprise networking equipment, enterprise and data center servers, and storage platforms. To learn more about Inphi, visit www.inphi.com.

Cautionary Note Concerning Forward-Looking Statements
Statements in the press release and certain matters to be discussed on the fourth quarter of 2012 conference call regarding Inphi Corporation, which are not historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as outlook, believe, expect, may, will, provide, could, and should, and the negative of these terms or other similar expressions. These statements include statements relating to: our business outlook and current expectations for the first quarter of 2013, including our revenue, gross margin, stock-based compensation expense, operating performance, net income, earnings per share; expectations of our growth; expectations of economic trends and macroeconomic conditions; and 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 the markets that the Company targets; market demand for the Company's products; reliance on third parties to manufacture, assemble and test products; ability to compete; 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 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, 2011, 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            Year Ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                             2012         2011         2012         2011
                         -----------  -----------  -----------  -----------
Revenue                  $    22,935  $    17,310  $    91,206  $    79,297
Cost of revenue                8,194        6,269       32,684       28,687
                         -----------  -----------  -----------  -----------
Gross margin                  14,741       11,041       58,522       50,610
                         -----------  -----------  -----------  -----------

Operating expenses:
  Research and
   development                11,030        7,953       40,102       28,565
  Sales and marketing          3,705        3,095       14,052       12,700
  General and
   administrative              2,670        2,152       12,300        9,141
                         -----------  -----------  -----------  -----------
Total operating expenses      17,405       13,200       66,454       50,406
                         -----------  -----------  -----------  -----------
Income (loss) from
 operations                   (2,664)      (2,159)      (7,932)         204
Other income                     236          236          914          509
                         -----------  -----------  -----------  -----------

Income (loss) before
 income taxes                 (2,428)      (1,923)      (7,018)         713
Provision (benefit) for
 income taxes                 14,126       (1,642)      13,673       (1,218)
                         -----------  -----------  -----------  -----------
Net income (loss)        $   (16,554) $      (281) $   (20,691) $     1,931
                         ===========  ===========  ===========  ===========


Earnings per share:
    Basic                $     (0.58) $     (0.01) $     (0.73) $      0.07
                         ===========  ===========  ===========  ===========
    Diluted              $     (0.58) $     (0.01) $     (0.73) $      0.07
                         ===========  ===========  ===========  ===========

Weighted-average shares
 used in computing
 earnings per share:
    Basic                 28,658,836   27,771,622   28,378,680   26,799,237
    Diluted               28,658,836   27,771,622   28,378,680   29,367,423


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            Year Ended
                                December 31,              December 31,
                         ------------------------- -------------------------
                             2012         2011         2012         2011
                         ------------ ------------ ------------ ------------
                                      (in thousands of dollars)
                                             (Unaudited)
Cost of revenue          $        197 $         89 $        726 $        315
Research and development        1,465        1,018        5,833        3,214
Sales and marketing               626          672        2,660        2,054
General and
 administrative                   834          479        3,240        1,609
                         ------------ ------------ ------------ ------------

                         $      3,122 $      2,258 $     12,459 $      7,192
                         ============ ============ ============ ============



                             INPHI CORPORATION
                        CONSOLIDATED BALANCE SHEETS
                         (in thousands of dollars)
                                (Unaudited)

                                                 December 31,  December 31,
                                                     2012          2011
                                                 ------------  ------------
Assets
Current assets:
  Cash and cash equivalents                      $     30,161  $     29,696
  Short-term investments in marketable
   securities                                          91,107        89,283
  Accounts receivable, net                             13,717         9,358
  Inventories                                           4,894         5,716
  Other current assets                                  4,518         6,032
                                                 ------------  ------------
    Total current assets                              144,397       140,085

Property and equipment, net                            13,893         9,566
Goodwill                                                5,875         5,875
Deferred tax charge and other assets                    5,909        17,102
                                                 ------------  ------------
      Total assets                               $    170,074  $    172,628
                                                 ============  ============

Liabilities and Stockholders' Equity

Current liabilities:
  Accounts payable                               $      6,888  $      5,016
  Accrued expenses and other current liabilities        5,116         3,745
  Deferred revenue                                      1,083         1,929
                                                 ------------  ------------

    Total current liabilities                          13,087        10,690

Other liabilities                                       4,022         3,534
                                                 ------------  ------------
    Total liabilities                                  17,109        14,224
                                                 ------------  ------------

Stockholders' equity:
  Common Stock                                             29            28
  Additional paid-in capital                          205,269       190,314
  Accumulated deficit                                 (53,404)      (32,713)
  Accumulated other comprehensive income                1,071           775
                                                 ------------  ------------
  Total stockholders' equity                          152,965       158,404
                                                 ------------  ------------

Total liabilities and stockholders' equity       $    170,074  $    172,628
                                                 ============  ============



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

To supplement the audited financial data presented on a GAAP basis, the Company discloses certain non-GAAP financial measures, which exclude stock-based compensation, certain warranty, legal costs and other claims, restructuring charges of its Taiwan subsidiary, accelerated depreciation of certain property and equipment associated with the facility to be abandoned 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; non-GAAP financial information 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, 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; these measurements may be calculated differently than non-GAAP financial information disclosed by other companies.



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

                    Three Months Ended                Year Ended
                       December 31,                  December 31,
                --------------------------    --------------------------
                    2012           2011           2012           2011
                -----------    -----------    -----------    -----------
GAAP net income
 (loss)         $   (16,554)   $      (281)   $   (20,691)   $     1,931
Adjusting items
 to GAAP net
 income (loss):
  Operating
   expenses
   related to
   stock-based
   compensation
   expense, net
   of tax effect      2,857 (a)      1,316 (a)      9,699 (a)      4,499 (a)
  Adjustment to
   revenue as a
   result of
   warranty
   claim                  -              -            497 (b)          -
  Legal expense
   and accrual
   of
   provisional
   costs                  -              -            650 (c)          -
  Taiwan
   restructuring
   charges                -            168 (d)          -          1,814 (d)
  Transitional
   tax effects
   of moving to
   an
   internationally based
   structure              -           (955)(e)          -           (955)(e)
  Accelerated
   depreciation
   of certain
   property and
   equipment
   associated
   with the
   facility to
   be abandoned,
   net of tax
   effect               254 (f)                       254 (f)
  Valuation
   allowance         14,594 (g)          -         14,594 (g)          -
  Delta in
   interim
   period tax
   allocation
   from GAAP to
   non-GAAP            (164)(h)          -              -              -
                -----------    -----------    -----------    -----------
Non-GAAP net
 income         $       987    $       248    $     5,003    $     7,289
                ===========    ===========    ===========    ===========

Shares used in
 computing non-
 GAAP basic
 earnings per
 share           28,658,836     27,771,622     28,378,680     26,799,237
                ===========    ===========    ===========    ===========

Shares used in
 computing non-
 GAAP diluted
 earnings per
 share           29,892,186     29,401,746     29,784,635     29,367,423
                ===========    ===========    ===========    ===========

Non-GAAP
 earnings per
 share:
    Basic       $      0.03    $      0.01    $      0.18    $      0.27
                ===========    ===========    ===========    ===========
    Diluted     $      0.03    $      0.01    $      0.17    $      0.25
                ===========    ===========    ===========    ===========

GAAP gross
 margin as a %
 of revenue            64.3%          63.8%          64.2%          63.8%
Stock-based
 compensation:
  Cost of
   revenue              0.9%           0.5%           0.8%           0.4%
Restructuring
 charges                  -              -              -            1.0%
Accelerated
 depreciation of
 certain
 property and
 equipment
 associated with
 the facility to
 be abandoned           0.2%             -              -              -
Adjustment to
 revenue as a
 result of
 warranty claim           -              -            0.3%             -
                -----------    -----------    -----------    -----------
Non-GAAP gross
 margin as a %
 of revenue            65.4%          64.3%          65.3%          65.2%
                ===========    ===========    ===========    ===========


(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 reduction in revenue as a result of warranty claim of a
    customer. 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.
(c) Reflects legal expense and accrual of provisional costs with regard to
    employment and other related claims, net of insurance reimbursement. 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.
(d) In 2011, the Company decided to discontinue the sale of acquired legacy
    products in Taiwan. The restructuring expenses were reflected in the
    consolidated statements of operations as follows:


                                       Three months ended     Year ended
                                        December 31, 2011  December 31, 2011
                                       ------------------ ------------------
    Cost of goods sold                 $                - $              782
      Operating expenses:
      Research and development                        137                324
      Sales and marketing                               -                671
    General and administrative                         31                 37
                                       ------------------ ------------------
    Total                              $              168 $            1,814
                                       ================== ==================

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 transitional tax effects of moving to an internationally
    based structure. 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 accelerated depreciation of certain property and equipment
    associated with the facility to be abandoned. 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.
(g) Reflects the valuation allowance established against deferred tax
    assets. 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.
(h) Reflects the 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 -FIRST QUARTER 2013 GUIDANCE
       (in thousands of dollars, except share and per share amounts)
                                (Unaudited)

                                                      Three Months Ending
                                                        March 31, 2013
                                                   ------------------------
                                                       High         Low
                                                   -----------  -----------
Estimated GAAP net income (loss)                   $       300  $      (300)
Adjusting items to estimated GAAP net income
 (loss):
  Operating expenses related to stock-based
   compensation expense                                 (3,900)      (4,200)
  Tax effect of stock-based compensation expense             -            -
                                                   -----------  -----------
Estimated non-GAAP net income (loss)               $    (3,600) $    (4,500)
                                                   ===========  ===========

Shares used in computing estimated non-GAAP
 diluted earnings per share                         30,100,000   30,100,000
                                                   ===========  ===========

Estimated non-GAAP diluted earnings per share      $     (0.12) $     (0.15)
                                                   ===========  ===========

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

About Marketwired .
Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

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