Zarlink Semiconductor Inc.
TSX : ZL
OTC Bulletin Board : ZARLF

Zarlink Semiconductor Inc.

January 28, 2010 16:26 ET

Zarlink Third Quarter Fiscal 2010 Revenue Exceeds Guidance

OTTAWA, CANADA--(Marketwire - Jan. 28, 2010) -

  • Q3 revenue of $54.4 million exceeds guidance, margins improve to 52% of revenue and cash increases by 11% to $61.9 million

  • Company guides for Q4 revenue growth driven by increasing customer demand for network timing and line circuit products

Zarlink Semiconductor (TSX: ZL) today issued third quarter Fiscal 2010 results for the three-month period ended December 25, 2009. All figures are is U.S. dollars unless otherwise noted.

Third quarter financial highlights include:

  • Revenue of $54.4 million, exceeding the Company's guidance range of $52 million to $54 million;

  • Gross margin of 52% of revenue, up from 50% of revenue in the previous quarter;

  • Generated $6.2 million of cash, ending Q3 with cash and short-term investments totaling $61.9 million

"Revenue for the quarter exceeded guidance, gross margin improved significantly, and the business continues to generate solid operating cash flow," said Kirk Mandy, President and CEO, Zarlink Semiconductor. "Fourth quarter guidance highlights signs of recovery across core areas of our business. Most notably, there is growing demand for our timing products as carriers evolve their wireless networks to more efficiently support higher-bandwidth smartphone services, as well as increasing customer design activity for our line circuit products. This communications market strength, coupled with the long-term opportunity for our medical products as the new devices integrate wireless technology to support advanced applications and therapies, provides a solid foundation for further growth and increased profitability in the coming quarters."

Third Quarter Financial Results

Third quarter revenue was $54.4 million, compared with second quarter revenue of $53.6 million and $53.7 million in Q3 Fiscal 2009. Gross margin in Q3 Fiscal 2010 increased to 52% of revenue, which included $0.6 million in supply chain harmonization costs. In comparison, gross margin in Q2 Fiscal 2010 was 50% of revenue, which included $0.9 million in supply chain harmonization costs. Gross margin in Q3 Fiscal 2009 was 49%, which included integration costs of $0.5 million.   

R&D expenses in Q3 Fiscal 2010 were $10.9 million, or 20% of revenue, compared with Q2 Fiscal 2010 R&D expenses of $10.6 million, or 20% of revenue. S&A expenses in Q3 Fiscal 2010 were $11.2 million, or 21% of revenue, compared with Q2 Fiscal 2010 S&A expenses of $10.1 million, or 19% of revenue. Increased S&A expenses in the quarter reflect a weakening U.S. dollar, as many of the Company's S&A expenses are incurred in other currencies, and restructuring costs related to management team changes announced in the quarter.

Third quarter Fiscal 2010 operating income was $4.5 million, compared with Q2 Fiscal 2010 operating income of $5.2 million and a Q3 Fiscal 2009 operating loss of $1.0 million. Net income in Q3 Fiscal 2010 was $0.6 million or break-even per share, which included a non-cash foreign exchange loss of $2.7 million related primarily to Zarlink's Canadian dollar denominated debenture. Excluding the impact of foreign exchange, earnings per share were inline with Q3 guidance of $0.01 to $0.03 per share. In Q2 Fiscal 2010 Zarlink recorded net income of $0.7 million, or break-even per share, which included a non-cash foreign exchange loss of $3 million. In Q3 Fiscal 2009 Zarlink recorded net income of $12.1 million, or $0.09 per basic share and $0.08 per diluted share, which included a non-cash foreign exchange gain of $10.3 million.  

As a supplement to Zarlink's consolidated financial statements presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), the Company provides additional non-GAAP measures for operating income, net income (loss), and basis and diluted net income (loss) per share. For full reconciliation of GAAP to non-GAAP measures, refer to the schedule included with this press releases.

Non-GAAP operating income for Q3 Fiscal 2010 was $7.3 million, compared with Q2 Fiscal 2010 non-GAAP operating income of $7.4 million and Q3 Fiscal 2009 non-GAAP operating income of $6.4 million. Non-GAAP net income in Q3 Fiscal 2010 was $6.1 million, or $0.05 per basic share and $0.04 per diluted share. For Q2 Fiscal 2010 non-GAAP net income was $6.3 million, or $0.05 per basic share and $0.04 per diluted share. For Q3 Fiscal 2009 non-GAAP net income was $5.6 million, or $0.04 per basic and diluted share.

Cash and short-term investments increased by $6.2 million to $61.9 million at the end of Q3 Fiscal 2010, compared with $55.7 million at the end of the Q2 Fiscal 2010 and $45.5 million at the end of Q3 Fiscal 2009.

On January 28, 2010 Zarlink declared a quarterly dividend of CDN$0.50 per share on its preferred shares (TSX:ZL.PR.A) payable on March 31, 2010 to preferred shareholders of record as of March 5, 2010. Dividends paid by Zarlink to Canadian residents are eligible dividends for Canadian income tax purposes.

Business Summary

Third quarter revenue from Zarlink's Communication Products Group was $33.8 million, compared with $34.2 million in Q2 Fiscal 2010 and $33.7 million in Q3 Fiscal 2009. Revenue in the quarter was impacted by expected seasonality for communications products for the residential gateway market, but the Company is seeing increasing customer design activity for its line circuit and network timing products. 

In the quarter, Zarlink added new design wins for timing products required by carriers as they transform their wireless networks to more efficiently and cost-effectively support high-bandwidth smartphone applications. Zarlink is also expanding the market opportunity for its timing products, with leading processor vendors incorporating the Company's Timing over Packet software to provide a complete synchronization solution for femtocells. Carriers are deploying femtocells, which are small basestations for residential and enterprise environments, to extend wireless coverage and improve voice and data services. To date, more than one million network ports are synchronized by the Company's packet network timing products.    

For the Company's Medical Products Group, Q3 Fiscal 2010 revenue was $7.9 million, compared with Q2 Fiscal 2010 revenue of $7.8 million and Q3 Fiscal 2009 revenue of $8.2 million. Short-term revenue for Zarlink's Medical products was impacted by general market softness for end-customers as hospitals slowed spending for heart rhythm devices, as well as extended FDA qualification approvals for a customer-specific platform. The long-term opportunity for Zarlink's medical telemetry products remains strong as equipment manufacturers integrate wireless technologies into advanced devices.

In the quarter, Zarlink announced an expanded relationship with Given Imaging. Zarlink's custom RF (radio frequency) radio chip is now in use in Given Imaging's new PillCam COLON 2 camera capsule for wireless examination of the colon. Zarlink's RF technology is also used in Given Imaging's camera capsules for visualizing the small bowel. In addition, Zarlink announced that the Self-Energizing Implantable Medical Microsystem (SIMM) microgenerator, which converts energy from the heartbeat into power for implanted medical devices, was named winner of the Emerging Technology Award at the Institution of Engineering and Technology's (IET) Innovation Awards.

Optical Products revenue in Q3 Fiscal 2010 was $4.5 million, compared with revenue of $3.8 million in Q2 Fiscal 2010, as the product group saw some recovery in its module and IC businesses. In Q3 Fiscal 2009 Optical Products revenue was $5.4 million. Custom and Other revenue in Q3 Fiscal 2010 was $8.2 million, compared with $7.8 million in Q2 Fiscal 2010 and $6.4 million in Q3 Fiscal 2009.

Fourth Quarter Fiscal 2010 Guidance

The opening backlog at the start of Q4 Fiscal 2010 was approximately $56 million, compared with an opening backlog of $45 million at the start of Q3 Fiscal 2010.

For Q4 Fiscal 2010, Zarlink is forecasting:

  • Revenue between $56 million and $58 million;

  • Gross margins between 52% and 53%, excluding supply chain harmonization costs of approximately $0.7 million;

  • Operating expenses between $22 million and $23 million, excluding amortization of intangibles;

  • Excluding any potential impact of foreign exchange gains/losses related to the Company's Canadian dollar denominated debenture, Zarlink expects Q4 earnings of $0.02 to $0.04 per share.

Analyst Conference Call

An open conference call for analysts will be held on January 28, 2010 beginning at 5:00 p.m. EDT. Access the call by dialing 1-800-814-4860. Investors, media and other parties are listen-only. For a replay, call 1-877-289-8525, Access Code 4201481# or 416-640-1917, Access Code 4201481#. The replay is available until midnight on February 11th, 2010. A live audio webcast will be available through http://www.marketwire.com/ (Marketwire) or from the Company's website at http://www.zarlink.com/.

About Zarlink Semiconductor

For over 30 years, Zarlink Semiconductor has delivered semiconductor solutions that drive the capabilities of voice, enterprise, broadband and wireless communications. The Company's success is built on its technology strengths including voice and data networks, optoelectronics and ultra low-power communications. For more information, visit www.zarlink.com.

Shareholders and other individuals wishing to receive, free of charge, copies of the reports filed with the U.S. Securities and Exchange Commission and Canadian Securities Regulatory Authorities, should visit the Company's web site at www.zarlink.com or contact Investor Relations.

Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties and assumptions include, among others, the following: our dependence on the successful development and market introduction of new products; our ability to integrate any business, technologies, product lines or services that we have or will acquire; our dependence on revenue generation from our legacy products in order to fund development of our new products; current market conditions, including the lack of liquidity in the markets and economic slowdown, may increase our operating costs or reduce our revenue, thereby negatively impacting our operating results; our ability to operate profitably and generate positive cash flows in the future; the impact of the current economic crisis on our suppliers and customers and our ability to transfer parts to other suppliers; our dependence on our foundry suppliers and third-party subcontractors; order cancellations and deferrals by our customers; our substantial indebtedness could adversely affect our financial position; the cost and accounting implications of compliance with new accounting standards; and other factors referenced in our Annual Report on Form 20-F. Investors are encouraged to consider the risks detailed in this filing.

Zarlink and the Zarlink Semiconductor logo are trademarks of Zarlink Semiconductor Inc.      Zarlink Semiconductor Inc.
CONSOLIDATED STATEMENTS OF INCOME (LOSS) DATA
(in thousands of U.S dollars, except per share amounts, U.S. GAAP)
(Unaudited)

  Three Months Ended   Nine Months Ended
  Dec. 25, Sept. 25, Dec. 26,   Dec. 25, Dec. 26,
  2009 2009 2008   2009 2008
Revenue $ 54,425 $ 53,596 $ 53,726   $ 161,629 $ 176,064
Cost of revenue 26,074 26,665 27,215   79,484 91,386
Gross margin 28,351 26,931 26,511   82,145 84,678
             
Expenses:            
  Research and development 10,930 10,601 10,402   31,067 33,560
  Selling and administrative 11,219 10,124 10,877   31,636 36,960
  Amortization of intangible assets 1,803 1,803 1,846   5,431 5,538
  Contract impairment (recovery) (94) - 142   715 142
  Impairment (recovery) of current asset - (768) 3,000   (768) 3,000
  Impairment of asset held for sale - - 1,200   - 1,200
  Gain on sale of assets - - -   - (936)
  23,858 21,760 27,467   68,081 79,464
Operating income (loss) 4,493 5,171 (956)   14,064 5,214
             
Gain (loss) on repurchase of convertible debentures - (316) 3,593   (316) 3,593
Interest income 69 43 392   157 1,108
Interest expense (985) (973) (978)   (2,861) (3,293)
Amortization of debt issue costs (161) (160) (161)   (481) (529)
Foreign exchange gain (loss) (2,719) (2,999) 10,302   (9,598) 11,920
Net income before income taxes 697 766 12,192   965 18,013
Income tax recovery (expense) (66) (46) (92)   (130) 2,419
             
Net income $     631 $     720 $ 12,100   $         835 $    20,432
             
Net income (loss) attributable to common   shareholders $     112 $     135 $ 11,642   $        (758) $    18,587
             
Net income (loss) per common share:            
Basic $    0.00 $    0.00 $    0.09   $        (0.01) $        0.15
Diluted $    0.00 $    0.00 $    0.08   $        (0.01) $        0.13
             
Weighted average number of common shares outstanding (thousands):            
Basic 122,293 122,426 123,942   122,381 125,589
Diluted 123,652 123,510 154,297   122,381 157,136
             
Percentage of revenue:            
  Gross margin 52% 50% 49%   51% 48%
  Research and development 20% 20% 19%   19% 19%
  Selling and administrative 21% 19% 20%   20% 21%

Zarlink Semiconductor Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS DATA
(in thousands of U.S. dollars, U.S. GAAP)
(Unaudited)

  Three Months Ended   Nine Months Ended
  Dec. 25, Sept. 25, Dec. 26,   Dec. 25, Dec. 26,
  2009 2009 2008   2009 2008
CASH PROVIDED BY (USED IN)            
Operating activities:            
  Net income $   631 $   720 $12,100   $   835 $20,432
  Depreciation of fixed assets 939 949 1,205   2,864 3,588
  Amortization of other assets 1,964 1,963 2,007   5,912 6,067
  Stock compensation expense 475 325 575   1,163 1,575
  Other non-cash changes in operating activities 2,802 2,665 (9,153)   9,857 (10,789)
  Deferred income taxes 162 (71) 1,248   245 2,181
  Decrease (increase) in working capital:            
    Trade accounts and other receivables (6,615) 2,692 8,836   (5,536) 3,091
    Inventories 3,809 (878) (383)   1,286 685
    Prepaid expenses and other 951 (247) 2,175   634 3,744
    Payables and other accrued liabilities 1,671 (796) (11,492)   (208) (16,270)
    Deferred revenue 1,770 1,898 (1,084)   3,685 857
Total 8,559 9,220 6,034   20,737 15,161
             
Investing activities:            
  Expenditures for fixed assets (998) (411) (806)   (1,984) (3,070)
  Proceeds from disposal of fixed assets - - -   - 984
Total (998) (411) (806)   (1,984) (2,086)
             
Financing activities:            
  Repurchase of convertible debentures - (13) (2,594)   (13) (2,594)
  Payment of dividends on preferred shares (474) (466) (437)   (1,417) (1,522)
  Repurchase of preferred shares (144) (433) (290)   (849) (1,180)
  Repurchase of common shares (642) - (887)   (642) (2,707)
Total (1,260) (912) (4,208)   (2,921) (8,003)
Effect of currency translation on cash (102) 672 (1,613)   1,067 (2,154)
             
Increase (decrease) in cash and cash equivalents 6,199 8,569 (593)   16,899 2,918
             
Cash and cash equivalents, beginning of period 55,706 47,137 45,872   45,006 42,361
             
Cash and cash equivalents, end of period $ 61,905 $ 55,706 $ 45,279   $ 61,905 $ 45,279

Zarlink Semiconductor Inc.
CONSOLIDATED BALANCE SHEETS DATA
(in thousands of U.S. dollars, U.S. GAAP)
(Unaudited)

  Dec. 25,   Sept. 25,   March 27,
  2009   2009   2009
ASSETS          
           
Current assets:          
  Cash and cash equivalents $      61,905   $      55,706   $      45,006
  Restricted cash and cash equivalents 14,704   15,455   13,145
  Trade accounts receivable – net 30,352   23,209   24,556
  Other accounts receivable – net 3,987   4,568   4,300
  Inventories – net 26,535   30,344   27,821
  Prepaid expenses and other 2,048   2,998   2,681
  Current assets held for sale 1,935   1,935   1,935
  141,466   134,215   119,444
Fixed assets – net 11,528   11,803   12,530
Deferred income tax assets – net 5,561   5,723   5,800
Intangible assets – net 43,674   45,477   49,106
Other assets 2,081   2,283   2,655
  $     204,310   $     199,501   $     189,535
           
LIABILITIES AND SHAREHOLDERS' EQUITY          
           
Current liabilities:          
  Trade accounts payable $      11,885   $      12,513   $       12,018
  Employee-related payables 10,269   8,918   9,478
  Income and other taxes payable 746   657   482
  Current portion of provisions for exit activities 1,574   1,826   3,645
  Other accrued liabilities 8,332   6,972   6,454
  Deferred revenue 4,546   2,776   861
  Deferred income tax liabilities – current portion 31   31   28
  37,383   33,693   32,966
           
Long-term debt – convertible debentures 67,567   64,923   57,203
Long-term portion of provisions for exit activities 323   558   200
Pension liabilities 16,208   17,075   14,690
Deferred income tax liabilities – long-term portion 31   31   28
Long-term accrued income taxes 2,192   2,350   2,408
Other long-term liabilities 545   833   830
  124,249   119,463   108,325
           
Redeemable preferred shares, unlimited shares authorized; 1,006,600 shares issued and outstanding as at December 25, 2009 12,884   12,984   13,558
           
Shareholders' equity:          
Common shares, unlimited shares authorized; no par value; 121,683,182 shares issued and outstanding as at December 25, 2009 734,337   738,818   738,818
Additional paid-in capital 38,795   34,526   33,969
Deficit (670,454)   (670,611)   (669,872)
Accumulated other comprehensive loss (35,501)   (35,679)   (35,263)
  67,177   67,054   67,652
  $     204,310   $     199,501   $     189,535

Zarlink Semiconductor Inc.
SUPPLEMENTARY SCHEDULES
(in thousands of U.S. dollars, U.S. GAAP)
(Unaudited)
Geographic Information:

Revenue, based on the geographic location of Zarlink's customers, was distributed as follows:

  Three Months       Three Months       Three Months      
  Ended   % of   Ended   % of   Ended   % of  
  Dec. 25, 2009   Total   Sept. 25, 2009   Total   Dec. 26, 2008   Total  
                         
Asia – Pacific $         26,487   49 % $         29,143   54 % $26,925   50 %
Europe 16,617   31   13,379   25   14,482   27  
Americas 11,321   20   11,074   21   12,319   23  
  $         54,425   100 % $         53,596   100 % $ 53,726   100 %
  Nine Months       Nine Months      
  Ended   % of   Ended   % of  
  Dec. 25, 2009   Total   Dec. 26, 2008   Total  
                 
Asia – Pacific $         84,059   52 % $         89,225   51 %
Europe 44,302   27   46,617   26  
Americas 33,268   21   40,222   23  
  $161,629   100 % $176,064   100 %

Product Group Information:

Revenue, based on product group, was distributed as follows:

  Three Months       Three Months       Three Months      
  Ended   % of   Ended   % of   Ended   % of  
  Dec. 25, 2009   Total   Sept. 25, 2009   Total   Dec. 26, 2008   Total  
                         
Communication Products $ 33,818   62 % $ 34,196   64 % $ 33,682   63 %
Medical Products 7,937   15   7,799   15   8,217   15  
Optical Products 4,463   8   3,830   7   5,443   10  
Custom & Other 8,207   15   7,771   14   6,384   12  
  $         54,425   100 % $         53,596   100 % $ 53,726   100 %
  Nine Months       Nine Months      
  Ended   % of   Ended   % of  
  Dec. 25, 2009   Total   Dec. 26, 2008   Total  
                 
Communication Products $ 100,662   62 % $ 112,464   64 %
Medical Products 24,720   15   25,195   14  
Optical Products 12,246   8   18,491   11  
Custom & Other 24,001   15   19,914   11  
  $161,629   100 % $176,064   100 %

Non-GAAP Measures

As a supplement to Zarlink's consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), the Company provides additional non-GAAP measures for operating income, net income (loss), and basic and diluted net income (loss) per share.

A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The Company believes that the additional non-GAAP measures are useful to investors for the purpose of financial analysis. Management uses these measures internally to evaluate the Company's in-period operating performance before gains, losses and other charges that are considered by management to be outside of the Company's core operating results. These non-GAAP financial measures should assist investors in understanding how management views our core results of operations on an on-going basis, as well as enhance comparisons of our core results of operations with historical periods. In addition, the measures are used for planning and forecasting of the Company's future periods. Investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures do not reflect all costs associated with our operations as determined in accordance with GAAP. Other companies may exclude or include different items in a particular non-GAAP financial measure, or provide different non-GAAP financial measures to those provided by Zarlink. Therefore, our non-GAAP financial measures are unlikely to be comparable to those presented by other companies.

Reconciliations of historical presentations of non-GAAP measures to their most directly comparable GAAP financial measures are provided in the following table. The Company is unable to reconcile these non-GAAP measures on a forward-looking basis primarily because it is impractical to project certain events, such as the impact of foreign exchange gains/losses.

Zarlink Semiconductor Inc.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts)
(Unaudited)

  Three Months Ended   Nine Months Ended
  Dec. 25, Sept. 25, Dec. 26,   Dec. 25, Dec. 26,
  2009 2009 2008   2009 2008
             
GAAP net income $      631 $      720 $ 12,100   $        835 $20,432
  Amortization of intangible assets 1,803 1,803 1,846   5,431 5,538
  Contract impairment (recovery) (94) - 142   715 142
  Foreign exchange loss (gain) 2,719 2,999 (10,302)   9,598 (11,920)
  Restructuring and supply chain harmonization 592 889 604   2,573 3,884
  Impairment of asset held for sale - - 1,200   - 1,200
  Impairment (recovery) of current asset - (768) 3,000   (768) 3,000
  Stock compensation expense 475 325 575   1,163 1,575
  Gain on sale of assets - - -   - (936)
  Loss (gain) on repurchase of convertible debentures - 316 (3,593)   316 (3,593)
Non-GAAP net income $   6,126 $   6,284 $   5,572   $   19,863 $19,322
             
GAAP operating income (loss) $   4,493 $   5,171 $    (956)   $    14,064 $   5,214
  Amortization of intangible assets 1,803 1,803 1,846   5,431 5,538
  Contract impairment (recovery) (94) - 142   715 142
  Restructuring and supply chain harmonization 592 889 604   2,573 3,884
  Impairment of asset held for sale - - 1,200   - 1,200
  Impairment (recovery) of current asset - (768) 3,000   (768) 3,000
  Stock compensation expense 475 325 575   1,163 1,575
  Gain on sale of assets - - -   - (936)
Non-GAAP operating income $   7,269 $   7,420 $   6,411   $   23,178 $19,617
             
GAAP net income (loss) per common share - basic $      0.00 $      0.00 $      0.09   $      (0.01) $     0.15
  Amortization of intangible assets 0.01 0.01 0.01   0.04 0.04
  Contract impairment (recovery) (0.00) - 0.00   0.01 0.00
  Foreign exchange loss (gain) 0.02 0.02 (0.08)   0.08 (0.10)
  Restructuring and supply chain harmonization 0.00 0.01 0.00   0.02 0.03
  Impairment of asset held for sale - - 0.01   - 0.01
  Impairment (recovery) of current asset - (0.01) 0.02   (0.01) 0.02
  Stock compensation expense 0.00 0.00 0.00   0.01 0.01
  Gain on sale of assets - - -   - (0.01)
  Loss (gain) on repurchase of convertible debentures - 0.00 (0.03)   0.00 (0.03)
Non-GAAP net income per common share – basic* $     0.05 $     0.05 $      0.04   $       0.15 $     0.14
             
GAAP net income (loss) per common share - diluted $     0.00 $     0.00 $     0.08   $      (0.01) $     0.13
  Amortization of intangible assets 0.01 0.01 0.01   0.04 0.04
  Contract impairment (recovery) (0.00) - 0.00   0.00 0.00
  Foreign exchange loss (gain) 0.02 0.02 (0.07)   0.06 (0.08)
  Restructuring and supply chain harmonization 0.00 0.01 0.00   0.02 0.02
  Impairment of asset held for sale - - 0.01   - 0.01
  Impairment (recovery) of current asset - (0.01) 0.02   (0.01) 0.02
  Stock compensation expense 0.00 0.00 0.00   0.01 0.01
  Gain on sale of assets - - -   - (0.01)
  Loss (gain) on repurchase of convertible debentures - 0.00 (0.02)   0.00 (0.02)
  Effect of dilutive potential common shares 0.00 0.00 -   0.02 -
Non-GAAP net income per common share – diluted* $     0.04 $     0.04 $     0.04   $       0.13 $     0.13
             
Shares used to calculate non-GAAP net income per common share – basic 122,293 122,426 123,942   122,381 125,589
Shares used to calculate non-GAAP net income per common share – diluted 152,576 152,436 154,297   152,321 157,136

* Amounts may not add due to rounding.

Contact Information