imi-8k_20180213.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported):  February 13, 2018

 

Intermolecular, Inc.

(Exact Name of Registrant as Specified in Charter)

 

Delaware

001-35348

20-1616267

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

 

 

 

3011 N. First Street

San Jose, California

 

95134

(Address of Principal Executive Offices)

 

(Zip Code)

 

(408) 582-5700

(Registrant’s Telephone Number, Including Area Code)

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 


 

ITEM 2.02.        RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 13, 2018, Intermolecular, Inc. issued a press release announcing its financial results for the fourth quarter 2017 and full year ended December 31, 2017. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished in Item 2.02 of this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except expressly set forth by specific reference in such filing.

ITEM 9.01.        FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

The following exhibit relating to Item 2.02 shall be deemed to be furnished and not filed:

99.1 Press Release dated February 13, 2018, entitled “Intermolecular Reports Fourth Quarter 2017 and Full Year 2017 Financial Results

 

 

 


 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

INTERMOLECULAR, INC.

 

Date:  February 13, 2018

By:

 

/s/ Bill Roeschlein

 

 

 

Bill Roeschlein

 

 

 

Chief Financial Officer

 

 

 

imi-ex991_6.htm

 

Exhibit 99.1

Intermolecular Reports Fourth Quarter and Full Year 2017 Financial Results

 

SAN JOSE, Calif., February 13, 2018 -- Intermolecular, Inc. (NASDAQ: IMI), the trusted partner for advanced materials innovation, today reported results for its fourth quarter and full year ended December 31, 2017.

 

Results Highlights:

 

Fourth quarter total revenue of $10.5 million, an increase of 22% over prior quarter and 1% over the same period last year; 2017 fiscal year revenue of $37.2 million.

 

Fourth quarter net income of $0.1 million compared to net loss of $(3.0) million in the same period last year.

 

Fourth quarter Adjusted EBITDA of $2.1 million, or 20% of revenue.

 

“The fourth quarter of 2017 marked Intermolecular’s first GAAP profitable quarter in five years, driven by a 22% increase in revenue and a 10% decrease in operating expense as compared to the prior quarter,” said company president and CEO, Chris Kramer. “From an operational standpoint, we added three new programs during the fourth quarter and we also formed an important strategic alliance with the Shanghai Industrial Technology Research Institute (SITRI), which we believe will drive future revenue opportunities for Intermolecular in the second half of 2018 and beyond.”

 

Fourth Quarter Fiscal 2017 Results

Revenue for the fourth quarter of 2017 was $10.5 million, up 22% compared to $8.6 million in the third quarter of 2017, and up 1% compared to $10.5 million in the same period a year ago.

Net income for the fourth quarter of 2017 was $0.1 million, or $0.00 per share, compared to net loss of $(1.8) million, or $(0.04) per share, in the third quarter of 2017 and net loss of $(3.0) million, or $(0.06) per share, in the same period a year ago.

Non-GAAP net income for the fourth quarter of 2017 was $0.4 million, or $0.01 per share, compared to non-GAAP net loss of $(1.6) million, or $(0.03) per share, in the prior quarter and non-GAAP net loss of $(2.3) million, or $(0.05) per share, in the same period a year ago.  

Adjusted EBITDA for the fourth quarter of 2017 was $2.1 million, compared to $0.1 million in the prior quarter and Adjusted EBITDA loss of $(0.5) million in the same period a year ago.  

Cash and investments were $25.8 million at the end of fourth quarter of 2017, a decrease of $1.3 million compared to $27.1 million at the end of third quarter of 2017.    

 

Full Year Fiscal 2017 Results


 

Revenue for the full year ended December 31, 2017 was $37.2 million, down 21% compared to $47.3 million in 2016. The decrease in revenue was primarily due to the strategic transition of the company’s business model in 2017 from a royalty and services model to a services-based program model.

Net loss for the full year ended December 31, 2017 was $(10.4) million, or $(0.21) per share, compared with $(15.4) million, or $(0.31) per share, for 2016.

Non-GAAP net loss for 2017 was $(8.9) million, or $(0.18) per share, compared to $(11.8) million, or $(0.24) per share, for 2016.

Cash and investments were $25.8 million at the end of 2017, compared to $27.8 million at the end of 2016.

 

First Quarter of 2018 Outlook

The following statements are based on Intermolecular’s current expectations for the first quarter ending March 31, 2018. The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” below. Intermolecular does not plan to update, nor does it undertake any obligation to update, this outlook in the future.

 

 

Revenue is projected to be in the range of $9.6 million to $9.9 million;

 

Net loss is projected to be between $(1.0) million and $(1.3) million, or between $(0.02) to $(0.03) per share, based on approximately 49.6 million shares expected to be outstanding;

 

Non-GAAP net loss, excluding stock-based compensation expense, is projected to be between $(0.7) million and $(1.0) million, or between $(0.01) to $(0.02) per share based on 49.6 million shares expected to be outstanding; and,

 

Adjusted EBITDA is projected to be between $0.4 million and $0.7 million.

 

Intermolecular reports revenue, cost of revenue, gross margin, operating income (loss), net income (loss) and earnings (loss) per share in accordance with U.S. generally accepted accounting principles (GAAP) and additionally on a non-GAAP basis. A reconciliation of the non-GAAP financial measures with the most directly comparable GAAP measures, as well as a description of the items excluded from the non-GAAP measures, is included in the financial statements portion of this press release. Please refer to “Reconciliation of GAAP to Non-GAAP Financial Measures” and “Reconciliation of GAAP Net Loss to Non-GAAP Net Loss” below.

 

Conference Call

Intermolecular will host a conference call and simultaneous audio-only webcast today (February 13, 2018) at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss these results. The call will be hosted by Intermolecular President and CEO Chris Kramer and CFO Bill Roeschlein.

 

U.S. dial-in number: (877) 251-1860

International dial-in number: (244) 357-2386

Conference ID: 5955988

 

Please call the conference telephone number five to ten minutes prior to start time. An operator will register your name and organization. If you have difficulty connecting with the conference call, please contact Liolios Group at (949) 574-2386


 

A live and archived webcast (audio only) of the call will be available on Intermolecular’s website for up to 30 days after the call.

 

About Intermolecular, Inc.

 

Intermolecular® is the trusted partner for advanced materials innovation. Advanced materials are at the core of innovation in the 21st century for a wide range of industries including semiconductors, consumer electronics, automotive and aerospace. With its substantial materials expertise; accelerated learning and experimentation platform; and information and analytics infrastructure, Intermolecular has a ten-year track record helping leading companies accelerate and de-risk materials innovation.

“Intermolecular” and the Intermolecular logo are registered trademarks; all rights reserved. Learn more at www.intermolecular.com.  

 

Forward-Looking Statements

Statements made in this press release and the earnings call referencing the press release that are not statements of historical fact are forward-looking statements. Forward-looking statements are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “expects,” “believes,” “plans,” “intends,” “projects” and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this document are based on current beliefs, assumptions and expectations, speak only as of the date of this document and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond Intermolecular’s control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: our ability to productize our workflows with existing and future customers; expectations regarding our future revenue, cash flow and GAAP and non-GAAP net income or loss; financial condition; the ability of our new business model to generate profits and long-term shareholder returns; the extent to which technology developed in collaboration with our customers will continue to remain on the critical path and have significant value for such customers and us as well as the industry as a whole; and anticipated growth in our current markets through expansion of existing customer programs and the entry into other engagements with new customers. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations, including but not limited to: our ability to execute on our strategy, prove our business model and remain technologically competitive in rapidly evolving industry conditions; commercial acceptance of our HPC platform and methodology as effective R&D tools; our ability to achieve and sustain profitability; the ability of our customers to achieve their announced product roadmaps in a timely manner; the extent to which we are able to successfully extend and expand relationships with existing customers; our ability to manage the growth of our business; the rapid technology changes and volatility of the customers and industries we serve; our potential need for future capital to finance our operations; and other risks described in our most recent annual report on Form 10-K as updated by our quarterly reports on Form 10-Q and other filings with the Securities and Exchange Commission available at www.sec.gov, particularly in the sections titled "Risk Factors." All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.

 

Non-GAAP Financial Measures

 

To supplement the financial data presented on a GAAP basis, we also disclose certain non-GAAP financial measures, which exclude the effect of stock-based compensation expense. These non-GAAP financial measures are not prepared in accordance with GAAP, do not serve as an alternative to GAAP and may be calculated differently than non-GAAP financial information disclosed by other companies. These results should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. We believe that our non-GAAP


 

financial information provides useful information to management and investors regarding financial and business trends relating to our financial condition and results of operations because the non-GAAP measures exclude charges that management considers to be outside of Intermolecular's core operating results. We believe that the non-GAAP measures of revenue, cost of net revenue, gross profit, gross margin, operating (loss) income, net (loss) income, earnings per share and net (loss) income per share, viewed in combination with our financial results calculated in accordance with GAAP, provide investors with additional perspective and a more meaningful understanding of our ongoing operating performance. In addition, management uses these non-GAAP measures to review and assess financial performance, to determine executive officer incentive compensation and to plan and forecast performance in future periods.


 

Intermolecular, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts, Unaudited)

 

 

Three Months Ended December 31,

 

 

Twelve Months Ended December 31,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Program revenue

 

$

8,850

 

 

$

8,833

 

 

$

29,010

 

 

$

39,690

 

Licensing and royalty revenue

 

 

1,698

 

 

 

1,644

 

 

 

8,193

 

 

 

7,608

 

Total revenue

 

 

10,548

 

 

 

10,477

 

 

 

37,203

 

 

 

47,298

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of program revenue

 

 

3,353

 

 

 

3,421

 

 

 

11,449

 

 

 

15,705

 

Cost of licensing and royalty revenue

 

 

344

 

 

 

25

 

 

 

656

 

 

 

125

 

Total cost of revenue

 

 

3,697

 

 

 

3,446

 

 

 

12,105

 

 

 

15,830

 

Gross profit

 

 

6,851

 

 

 

7,031

 

 

 

25,098

 

 

 

31,468

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

4,206

 

 

 

5,847

 

 

 

21,535

 

 

 

28,126

 

Sales and marketing

 

 

734

 

 

 

1,518

 

 

 

4,019

 

 

 

7,383

 

General and administrative

 

 

1,974

 

 

 

2,777

 

 

 

9,198

 

 

 

10,713

 

Restructuring charges

 

 

 

 

 

(6

)

 

 

1,351

 

 

 

1,114

 

Total operating expenses

 

 

6,914

 

 

 

10,136

 

 

 

36,103

 

 

 

47,336

 

Loss from operations

 

 

(63

)

 

 

(3,105

)

 

 

(11,005

)

 

 

(15,868

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

84

 

 

 

50

 

 

 

266

 

 

 

173

 

Other income (expense), net

 

 

95

 

 

 

63

 

 

 

337

 

 

 

265

 

Total other income (expense), net

 

 

179

 

 

 

113

 

 

 

603

 

 

 

438

 

Income (loss) before provision for income taxes

 

 

116

 

 

 

(2,992

)

 

 

(10,402

)

 

 

(15,430

)

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

1

 

 

 

7

 

Net income (loss)

 

$

116

 

 

$

(2,992

)

 

$

(10,403

)

 

$

(15,437

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income (loss) per common share

 

$

0.00

 

 

$

(0.06

)

 

$

(0.21

)

 

$

(0.31

)

Diluted net income (loss) per common share

 

$

0.00

 

 

$

(0.06

)

 

$

(0.21

)

 

$

(0.31

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in basic net income (loss) per common share

 

 

49,559

 

 

 

49,486

 

 

 

49,547

 

 

 

49,396

 

Shares used in diluted net income (loss) per common share

 

 

49,765

 

 

 

49,486

 

 

 

49,547

 

 

 

49,396

 

 


 

Intermolecular, Inc.

Condensed Consolidated Balance Sheets

(In thousands, Unaudited)

 

 

As of December 31, 2017

 

 

As of December 31, 2016

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,090

 

 

$

5,759

 

Short-term investments

 

 

18,060

 

 

 

20,035

 

Total cash, cash equivalents and short-term investments

 

 

24,150

 

 

 

25,794

 

Accounts receivable

 

 

5,519

 

 

 

5,063

 

Prepaid expenses and other current assets

 

 

1,069

 

 

 

1,397

 

Total current assets

 

 

30,738

 

 

 

32,254

 

Long-term investments

 

 

1,657

 

 

 

1,995

 

Materials inventory

 

 

2,781

 

 

 

3,357

 

Property and equipment, net

 

 

5,913

 

 

 

10,964

 

Intangible assets, net

 

 

2,620

 

 

 

4,001

 

Other assets

 

 

600

 

 

 

597

 

Total assets

 

$

44,309

 

 

$

53,168

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

928

 

 

$

309

 

Accrued liabilities

 

 

865

 

 

 

1,451

 

Accrued compensation and employee benefits

 

 

2,535

 

 

 

1,663

 

Deferred revenue

 

 

941

 

 

 

1,533

 

Total current liabilities

 

 

5,269

 

 

 

4,956

 

Other long-term liabilities

 

 

2,967

 

 

 

3,216

 

Total liabilities

 

 

8,236

 

 

 

8,172

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock

 

 

50

 

 

 

50

 

Additional paid-in capital

 

 

214,796

 

 

 

213,313

 

Accumulated other comprehensive loss

 

 

(36

)

 

 

(32

)

Accumulated deficit

 

 

(178,737

)

 

 

(168,335

)

Total stockholders’ equity

 

 

36,073

 

 

 

44,996

 

Total liabilities and stockholders’ equity

 

$

44,309

 

 

$

53,168

 

 


 

Intermolecular, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands, Unaudited)

 

 

Twelve Months Ended December 31,

 

 

 

2017

 

 

2016

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(10,403

)

 

$

(15,437

)

Adjustments to reconcile net loss to net cash used in operating

   activities:

 

 

 

 

 

 

 

 

Depreciation, amortization and accretion

 

 

7,194

 

 

 

9,537

 

Stock-based compensation

 

 

1,472

 

 

 

3,627

 

(Gain) loss on disposal of property and equipment

 

 

68

 

 

 

(12

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(456

)

 

 

1,051

 

Prepaid expenses and other assets

 

 

585

 

 

 

122

 

Materials inventory

 

 

557

 

 

 

333

 

Accounts payable

 

 

592

 

 

 

(493

)

Accrued and other liabilities

 

 

110

 

 

 

(3,069

)

Deferred revenue

 

 

(592

)

 

 

(1,063

)

Net cash used in operating activities

 

 

(873

)

 

 

(5,404

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchase of investments

 

 

(20,888

)

 

 

(23,486

)

Redemption of investments

 

 

22,861

 

 

 

24,676

 

Purchase of property and equipment

 

 

(777

)

 

 

(2,381

)

Proceeds from sale of equipment

 

 

14

 

 

 

22

 

Purchased and capitalized intangible assets

 

 

 

 

 

(45

)

Net cash (used in) provided by investing activities

 

 

1,210

 

 

 

(1,214

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Payment of capital leases

 

 

(13

)

 

 

(13

)

Proceeds from exercise of common stock options

 

 

7

 

 

 

714

 

Net cash (used in) provided by financing activities

 

 

(6

)

 

 

701

 

Net increase (decrease) in cash and cash equivalents

 

 

331

 

 

 

(5,917

)

Cash and cash equivalents at beginning of period

 

 

5,759

 

 

 

11,676

 

Cash and cash equivalents at end of period

 

$

6,090

 

 

$

5,759

 

 


 

Intermolecular, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, except per share amounts and percentages, Unaudited)

 

 

Three Months Ended December 31,

 

 

Twelve Months Ended December 31,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

GAAP cost of net revenue

 

$

3,697

 

 

$

3,446

 

 

$

12,105

 

 

$

15,830

 

Stock-based compensation expense (a)

 

 

(47

)

 

 

(102

)

 

 

(191

)

 

 

(510

)

Non-GAAP cost of net revenue

 

$

3,650

 

 

$

3,344

 

 

$

11,914

 

 

$

15,320

 

GAAP gross profit

 

$

6,851

 

 

$

7,031

 

 

$

25,098

 

 

$

31,468

 

Stock-based compensation expense (a)

 

 

47

 

 

 

102

 

 

 

191

 

 

 

510

 

Non-GAAP gross profit

 

$

6,898

 

 

$

7,133

 

 

$

25,289

 

 

$

31,978

 

As a percentage of net revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

65.0

%

 

 

67.1

%

 

 

67.5

%

 

 

66.5

%

Non-GAAP gross margin

 

 

65.4

%

 

 

68.1

%

 

 

68.0

%

 

 

67.6

%

GAAP operating loss

 

$

(63

)

 

$

(3,105

)

 

$

(11,005

)

 

$

(15,868

)

Stock-based compensation expense (a):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Cost of net revenue

 

 

47

 

 

 

102

 

 

 

191

 

 

 

510

 

- Research and development

 

 

66

 

 

 

189

 

 

 

373

 

 

 

949

 

- Sales and marketing

 

 

23

 

 

 

(40

)

 

 

119

 

 

 

527

 

- General and administrative

 

 

115

 

 

 

440

 

 

 

789

 

 

 

1,641

 

Non-GAAP operating income (loss)

 

$

188

 

 

$

(2,414

)

 

$

(9,533

)

 

$

(12,241

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

116

 

 

$

(2,992

)

 

$

(10,403

)

 

$

(15,437

)

Stock-based compensation expense (a)

 

 

251

 

 

 

691

 

 

 

1,472

 

 

 

3,627

 

Non-GAAP net income (loss)

 

$

367

 

 

$

(2,301

)

 

$

(8,931

)

 

$

(11,810

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

116

 

 

$

(2,992

)

 

$

(10,403

)

 

$

(15,437

)

Interest (income) expense, net

 

 

(84

)

 

 

(50

)

 

 

(266

)

 

 

(173

)

Provision for taxes

 

 

 

 

 

 

 

 

1

 

 

 

7

 

Depreciation, amortization, impairment and accretion

 

 

1,824

 

 

 

1,829

 

 

 

7,194

 

 

 

9,537

 

Restructuring charges (b)

 

 

 

 

 

(6

)

 

 

1,351

 

 

 

1,114

 

Stock based compensation expense (a)

 

 

251

 

 

 

691

 

 

 

1,472

 

 

 

3,627

 

Adjusted EBITDA

 

$

2,107

 

 

$

(528

)

 

$

(651

)

 

$

(1,325

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

49,559

 

 

 

49,486

 

 

 

49,547

 

 

 

49,396

 

Diluted

 

 

49,765

 

 

 

49,486

 

 

 

49,547

 

 

 

49,396

 

GAAP earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.00

 

 

$

(0.06

)

 

$

(0.21

)

 

$

(0.31

)

Diluted

 

$

0.00

 

 

$

(0.06

)

 

$

(0.21

)

 

$

(0.31

)

Non-GAAP earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.01

 

 

$

(0.05

)

 

$

(0.18

)

 

$

(0.24

)

Diluted

 

$

0.01

 

 

$

(0.05

)

 

$

(0.18

)

 

$

(0.24

)

 

 

(a)

Stock-based compensation reflects 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 provides it a meaningful understanding of its core operating performance.

 

 

(b)

Restructuring charges incurred in connection with a reduction in headcount primarily comprised of employee severance and benefit costs.



 

Intermolecular, Inc.

First Quarter 2018 Outlook

Reconciliation of GAAP Net Loss to Non-GAAP Net Loss

(In thousands, except per share amounts, Unaudited)

 

GAAP net loss range

 

$(1,000)

-

$(1,300)

 

Stock-based compensation

 

$300

-

$

300

 

Non-GAAP net loss range

 

$(700)

-

$(1,000)

 

 

 

 

 

 

 

 

GAAP and Non-GAAP diluted shares

 

49,600

 

GAAP net loss per share range

 

$(0.02)

-

$(0.03)

 

Non-GAAP net loss per share range

 

$(0.01)

-

$(0.02)

 

 


 

 

Corporate Contact:

Bill Roeschlein

Intermolecular, Inc.

Chief Financial Officer

bill.roeschlein@intermolecular.com

(408) 582-5415

 

Investor Contact:

Matt Glover or Najim Mostamand, CFA

Liolios Group, Inc.

IMI@liolios.com

(949) 574-3860