Acacia Communications Reports First Quarter 2018 Results
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GlobeNewswire•May 3, 2018
MAYNARD, Mass., May 03, 2018 (GLOBE NEWSWIRE) -- Acacia Communications, Inc. ( ACIA), a leading provider of high-speed coherent optical interconnect products, today reported financial results for its first quarter ended March 31, 2018.
“While first quarter revenue, non-GAAP income and non-GAAP diluted EPS were in the high-end of our guidance ranges, the recent activation by the U.S. Department of Commerce of the denial order against ZTE is disappointing,” said Raj Shanmugaraj, President and Chief Executive Officer of Acacia Communications. “Although the denial order will have an adverse impact on our business for the foreseeable future, we are prioritizing several initiatives and opportunities that we believe will help mitigate that impact. We continue to believe that the strength of our balance sheet, technology and product portfolio position us well for opportunities that are key to our future success.”
“Our second quarter 2018 outlook assumes no revenue contribution from ZTE after the effective date of the ZTE denial order,” said John Gavin, Chief Financial Officer of Acacia Communications. “In addition, we have and will continue to take steps to reduce our year-over-year operating expense growth rate while continuing to fund our core strategic projects.”
Results for the First Quarter of 2018
- Revenue of $72.9 million, decreased 36% year-over-year
- GAAP gross margin of 33.0%; non-GAAP gross margin* of 42.9%
- GAAP loss from operations of $14.7 million; non-GAAP income from operations* of $2.2 millionG
- AAP net loss of $9.1 million; non-GAAP net income* of $4.3 million
- EBITDA* of $(11.5) million; adjusted EBITDA* of $5.4 million
- GAAP diluted loss per share of $0.23; non-GAAP diluted EPS* of $0.10
Outlook for the Second Quarter of 2018
The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially, as a result of, among other things, the important factors discussed at the end of this press release. Acacia Communications disclaims any obligation to update these forward-looking statements.
Acacia Communications’ guidance for its second quarter ending June 30, 2018 is:
| Quarter Ending June 30, 2018 | | | | | | | | Revenue (millions) | | $ | 60.0 | | | to | | $ | 66.0 | | | Non-GAAP Net Loss* (millions) | | $ | (6.2 | ) | | to | | $ | (1.2 | ) | | Non-GAAP Diluted Loss Per Share* | | $ | (0.15 | ) | | to | | $ | (0.03 | ) |
*Non-GAAP gross margin, non-GAAP income from operations, non-GAAP net income (loss), (loss) earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA and non-GAAP diluted earnings (loss) per share are non-GAAP financial measures that are not prepared in accordance with generally accepted accounting principles (GAAP). Please refer below to Use of Non-GAAP Financial Information for descriptions of these non-GAAP financial measures and to the Reconciliation of GAAP Measures to Non-GAAP Measures, attached as Schedule D, for reconciliations of the most directly comparable GAAP financial measures to these non-GAAP financial measures.
Acacia Communications has not reconciled the above second quarter 2018 guidance for GAAP net loss and GAAP diluted loss per share to non-GAAP net loss and non-GAAP diluted loss per share, respectively, because the expected tax benefits derived from any employee equity awards during the second quarter of 2018 cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.
Conference CallAcacia Communications will host a conference call to discuss its results for the first quarter of 2018, recent developments and the Company’s business outlook and strategy at 5 p.m. Eastern Time today. The live webcast of the call, along with the Company’s earnings press release, can be accessed at the Acacia Communications’ Investor Relations website at http://ir.acacia-inc.com. The U.S. dial-in for the call is 1-877-407-8293 (1-201-689-8349 for non-U.S. callers). Please ask to be joined to the Acacia Communications call. A replay of the conference call will be available until May 17, 2018, at 11:59 p.m. Eastern Time, while an archived version of the webcast will be available on the Acacia Communications’ Investor Relations website for 90 days. The U.S. dial-in for the conference call replay is 1-877-660-6853 (1-201-612-7415 for non-U.S. callers). The replay access code is 13679013.
Use of Non-GAAP Financial InformationThis press release includes non-GAAP financial measures that are not prepared in accordance with, nor an alternative to, generally accepted accounting principles (GAAP). In addition, these non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies. |
