Verigy Ltd. (MM) (NASDAQ:VRGY)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Verigy Ltd. (MM) Charts. Click Here for more Verigy Ltd. (MM) Charts.](/p.php?pid=staticchart&s=N%5EVRGY&p=8&t=15)
Verigy Ltd. (NASDAQ:VRGY), a premier semiconductor test company, today
reported financial results for its fourth quarter and fiscal year 2006
ended October 31, 2006.
Fiscal fourth quarter revenue was $202 million, a 6 percent decrease
from the prior quarter revenue of $214 million and a 27 percent increase
over revenue of $159 million in the fourth quarter of fiscal year 2005.
On a GAAP basis, net income for the quarter was $14 million, or $0.25
per share, compared with net income of $13 million, or $0.23 per share
in the prior quarter. Net income for the fourth quarter included $17
million of charges related principally to separation and restructuring
activities undertaken in connection with Verigy’s
spin-off from Agilent Technologies. The spin-off was completed on
October 31, 2006 with Agilent Technologies’
distribution of the 50 million Verigy ordinary shares it previously
owned. Excluding the charges related to the spin-off and $2.2 million of
share-based compensation expense, on a non-GAAP basis net income was $33
million, or $0.56 per share.
For fiscal year 2006, revenue was $778 million, an increase of 71
percent from revenue of $456 million in fiscal year 2005. On a GAAP
basis for fiscal year 2006 the company broke even, compared to a net
loss of $119 million, or $2.38 per share, for fiscal year 2005.
Orders for the fourth quarter of fiscal 2006 were $164 million, down
approximately 18 percent from the prior quarter. For fiscal year 2006,
orders were $852 million, up approximately 63 percent from fiscal year
2005.
“The strong revenue in our fourth quarter was
fueled primarily by robust sales of our V5000 Series memory and V93000
Pin Scale products, and continued acceptance of our RF test capability
on the V93000 Series platform,” said Keith
Barnes, Verigy president and chief executive officer. “Fiscal
year 2006 was a record year for Verigy from a revenue perspective. We
are pleased with this milestone particularly because it was achieved
while we were undergoing a substantial transition for the company in
terms of our spin-off from Agilent and our manufacturing move to
Flextronics. As we enter our fiscal year 2007, we will continue to focus
on profitable growth, product innovation, and customer satisfaction as
our top priorities.”
“We are very proud of the fact that the
company broke even for the fiscal year 2006 on a GAAP basis,
particularly given the $97 million of restructuring and separation
charges we incurred as a result of the spin-off from Agilent,”
added Bob Nikl, Verigy chief financial officer. “Operationally,
we performed to our financial guidance for the fiscal fourth quarter and
strengthened our cash balance to $300 million with zero debt.”
Outlook for Q1 2007
For the fiscal first quarter ending Jan. 31, 2007, the company provided
the following guidance:
Revenue is expected to be in the range of $150 to $160 million.
GAAP net income is expected to be in the range of $10 to $12 million,
or $0.16 to $0.21 per share, and will include between $3 to $3.5
million of share-based compensation expense.
On a non-GAAP basis, the company expects to report net income of $13
to $16 million, or $0.22 to $0.27 per share. To reconcile first
quarter GAAP and non-GAAP net income and net income per share, the
company expects to exclude $3 to $4 million of charges related
principally to separation and restructuring activities undertaken in
connection with Verigy’s spin-off from
Agilent Technologies from the GAAP results.
This guidance is forward-looking, and actual results may differ
materially. The company has no obligation to update this guidance.
Conference Call and Webcast
Verigy’s management will present more details
on its fourth quarter and fiscal year 2006 financial results on a
conference call with investors today beginning at 1:30 p.m. (Pacific).
This event will be webcast live in listen-only mode. Listeners may log
on at http://investor.verigy.com
and select “Q4 and Fiscal Year 2006 Verigy
Earnings Conference Call” in the “Webcasts
& Presentations” section. The webcast
will remain available on the company’s Web
site for seven days.
A telephone replay of the conference call will be available from 4:30
p.m. (Pacific) today through November 21, 2006. The replay number is +1
888-286-8010 toll-free, or international callers may dial +1
617-801-6888; enter pass code 31988396.
About Verigy
Verigy designs, develops, manufactures, sells and services advanced test
systems and solutions for the flash memory and system-on-chip segments
of the semiconductor industry. Verigy’s
scalable platform systems are used by leading semiconductor companies
worldwide in design validation, characterization, and high volume
manufacturing test. Formerly part of Agilent Technologies, the company
began doing business as Verigy on June 1, and completed its initial
public offering on June 13, 2006. Information about Verigy can be found
at www.verigy.com.
Forward-Looking Statements
In our earnings release, some of the comments are forward-looking,
including statements regarding Verigy’s
revenue and earnings; guidance for the first quarter; and other
statements that express the company’s
expectations, beliefs, plans and forecasts. Words such as expect,
anticipate, intend, plan, believe, estimate and variations of such words
and similar expressions may identify additional forward-looking
statements. These forward-looking statements are based on current
information and estimates, and are not guarantees of future performance
or events. These statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially from
those in the forward-looking statements. The risks and uncertainties
include, but are not limited to, unforeseen changes in demand for
semiconductors and thus for semiconductor test solutions, the strength
of our customers’ businesses, and unforeseen
changes in the demand for current and new products and technologies.
Additional factors that may cause results to differ materially from
those in the forward-looking statements are discussed in our Quarterly
Report on Form 10-Q for the quarter ended July 31, 2006. The
forward-looking statements, including guidance, are only valid as of
this date, and Verigy undertakes no duty to update any forward-looking
statements.
Information About Non-GAAP Measures
Our management uses non-GAAP measures to evaluate the operating
performance of the company. By eliminating the separation and
restructuring charges associated with Verigy’s
spin-off from Agilent Technologies, as well as share-based compensation
expense from the adoption of FAS 123R, management is better able to
assess the actual performance of the business in its independent state.
This also forms the basis for certain elements of employee compensation.
Since management finds the non-GAAP information to be useful, we believe
that our investors would also benefit from seeing our results “through
the eyes” of management in addition to seeing
our GAAP results. This information also facilitates our management’s
internal comparisons to our historical operating results as well as to
the operating results of our competitors. A reconciliation between our
GAAP and non-GAAP results is provided in the attached tables. Readers
are reminded that non-GAAP numbers are merely a supplement to, and not a
replacement for, GAAP financial measures. They should be read in
conjunction with the GAAP financial measures.
VERIGY LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts)
(Unaudited)
Three Months Ended
Twelve Months Ended
October 31,
October 31,
2006
2005
2006
2005
Orders:
$ 164
$ 199
$ 852
$ 522
Net revenue:
Products
$ 164
$ 131
$ 646
$ 355
Services
38
28
132
101
Total net revenue
202
159
778
456
Cost of sales
Cost of products (a)
88
81
331
228
Cost of services (a)
25
23
97
88
Total cost of sales
113
104
428
316
Operating expenses
Research and development (a)
24
25
99
101
Selling, general and administrative (a)
35
33
149
134
Restructuring charges
1
6
17
7
Separation costs
13
3
69
3
Total operating expenses
73
67
334
245
Income (loss) from operations
16
(12)
16
(105)
Other income (expense), net
3
(1)
5
(1)
Income (loss) before taxes
19
(13)
21
(106)
Provision for taxes
5
2
21
13
Net income (loss)
$ 14
$ (15)
$ -
$ (119)
Net income (loss) per share- basic:
$ 0.25
$ (0.30)
$ -
$ (2.38)
Net income (loss) per share- diluted:
$ 0.25
$ (0.30)
$ -
$ (2.38)
Weighted average shares (presented in thousands) used in computing
net income (loss) per share:
Basic
58,652
50,000
53,356
50,000
Diluted
58,666
50,000
53,356
50,000
(a) Share-based compensation expense by function :
Cost of products
$ 0.2
-
$ 1.7
-
Cost of services
0.1
-
0.2
-
Research and development
0.2
-
1.3
-
Selling, general and administrative
1.7
-
7.2
-
Historical amounts were reclassified to conform with current period
presentation.
VERIGY LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts)
(Unaudited)
October 31,
October 31,
2006
2005
ASSETS
Current assets:
Cash and cash equivalents
$
300
$
-
Trade accounts receivable, net
108
75
Related party accounts receivable
8
-
Inventory
87
110
Other current assets
48
14
Total current assets
551
199
Property, plant and equipment, net
44
18
Goodwill
18
17
Other assets
61
26
Total assets
$
674
$
260
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
75
$
21
Related party payable
37
-
Employee compensation and benefits
43
40
Deferred revenue
58
42
Income and other taxes payable
24
32
Other accrued liabilities
16
23
Total current liabilities
253
158
Long-term liabilities
34
15
Total liabilities
287
173
Commitments and contingencies
Stockholders' equity
Owner's net investment
-
86
Ordinary shares issued and outstanding at October 31, 2006 58,651,559
Additional paid in capital
355
-
Deferred share-based compensation
2
-
Retained earnings
33
-
Accumulated other comprehensive income (loss)
(3)
1
Total stockholders' equity
387
87
Total liabilities and stockholders’ equity
$
674
$
260
VERIGY LTD.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME
(LOSS)
(In millions, except per share amounts)
(Unaudited)
Three Months Ended
Twelve Months Ended
Oct. 31,2006
EPS
July 31,2006
EPS
April 30,2006
EPS
Jan. 31,2006
EPS
2006
EPS
GAAP net income (loss)
$ 14
$ 0.25
$ 13
$ 0.23
$ (11)
(0.22)
$ (16)
(0.32)
$ -
$ -
Non-GAAP adjustments:
Restructuring charges in cost of sales
2.2
0.03
2.2
0.04
2.4
0.05
0.9
0.02
7.7
0.14
Restructuring charges in operating expenses
0.9
0.01
1.6
0.03
8.0
0.16
6.0
0.12
16.5
0.31
Separation related costs in cost of sales
1.0
0.02
-
-
3.7
0.07
-
-
4.7
0.09
Separation related costs in operating expenses
12.6
0.21
20.9
0.38
20.0
0.40
15.0
0.30
68.5
1.28
Share-based compensation expense
2.2
0.04
1.7
0.03
2.5
0.05
4.0
0.08
10.4
0.19
Other
-
-
-
-
(0.7)
(0.01)
-
-
(0.7)
(0.01)
Non-GAAP net income
$ 33
$ 0.56
$ 39
$ 0.71
$ 25
$ 0.50
$ 10
$ 0.20
$ 107
$ 2.00
Three Months Ended
Twelve Months Ended
Oct. 31,2005
EPS
July 31,2005
EPS
April 30,2005
EPS
Jan. 31,2005
EPS
2005
EPS
GAAP net loss
$ (15)
(0.30)
$ (22)
(0.44)
$ (37)
(0.74)
$ (45)
(0.90)
$ (119)
(2.38)
Non-GAAP adjustments:
Restructuring charges in cost of sales
1.0
0.02
-
-
-
-
-
-
1.0
0.02
Restructuring charges in operating expenses
6.2
0.12
1.0
0.02
-
-
-
-
7.2
0.14
Separation related costs in cost of sales
-
-
-
-
-
-
-
-
-
-
Separation related costs in operating expenses
2.8
0.06
-
-
-
-
-
-
2.8
0.06
Non-GAAP net loss
$ (5)
$ (0.10)
$ (21)
$ (0.42)
$ (37)
$ (0.74)
$ (45)
$ (0.90)
$ (108)
$ (2.16)
Verigy Ltd. (NASDAQ:VRGY), a premier semiconductor test company,
today reported financial results for its fourth quarter and fiscal
year 2006 ended October 31, 2006.
Fiscal fourth quarter revenue was $202 million, a 6 percent
decrease from the prior quarter revenue of $214 million and a 27
percent increase over revenue of $159 million in the fourth quarter of
fiscal year 2005.
On a GAAP basis, net income for the quarter was $14 million, or
$0.25 per share, compared with net income of $13 million, or $0.23 per
share in the prior quarter. Net income for the fourth quarter included
$17 million of charges related principally to separation and
restructuring activities undertaken in connection with Verigy's
spin-off from Agilent Technologies. The spin-off was completed on
October 31, 2006 with Agilent Technologies' distribution of the 50
million Verigy ordinary shares it previously owned. Excluding the
charges related to the spin-off and $2.2 million of share-based
compensation expense, on a non-GAAP basis net income was $33 million,
or $0.56 per share.
For fiscal year 2006, revenue was $778 million, an increase of 71
percent from revenue of $456 million in fiscal year 2005. On a GAAP
basis for fiscal year 2006 the company broke even, compared to a net
loss of $119 million, or $2.38 per share, for fiscal year 2005.
Orders for the fourth quarter of fiscal 2006 were $164 million,
down approximately 18 percent from the prior quarter. For fiscal year
2006, orders were $852 million, up approximately 63 percent from
fiscal year 2005.
"The strong revenue in our fourth quarter was fueled primarily by
robust sales of our V5000 Series memory and V93000 Pin Scale products,
and continued acceptance of our RF test capability on the V93000
Series platform," said Keith Barnes, Verigy president and chief
executive officer. "Fiscal year 2006 was a record year for Verigy from
a revenue perspective. We are pleased with this milestone particularly
because it was achieved while we were undergoing a substantial
transition for the company in terms of our spin-off from Agilent and
our manufacturing move to Flextronics. As we enter our fiscal year
2007, we will continue to focus on profitable growth, product
innovation, and customer satisfaction as our top priorities."
"We are very proud of the fact that the company broke even for the
fiscal year 2006 on a GAAP basis, particularly given the $97 million
of restructuring and separation charges we incurred as a result of the
spin-off from Agilent," added Bob Nikl, Verigy chief financial
officer. "Operationally, we performed to our financial guidance for
the fiscal fourth quarter and strengthened our cash balance to $300
million with zero debt."
Outlook for Q1 2007
For the fiscal first quarter ending Jan. 31, 2007, the company
provided the following guidance:
-- Revenue is expected to be in the range of $150 to $160
million.
-- GAAP net income is expected to be in the range of $10 to $12
million, or $0.16 to $0.21 per share, and will include between
$3 to $3.5 million of share-based compensation expense.
-- On a non-GAAP basis, the company expects to report net income
of $13 to $16 million, or $0.22 to $0.27 per share. To
reconcile first quarter GAAP and non-GAAP net income and net
income per share, the company expects to exclude $3 to $4
million of charges related principally to separation and
restructuring activities undertaken in connection with
Verigy's spin-off from Agilent Technologies from the GAAP
results.
This guidance is forward-looking, and actual results may differ
materially. The company has no obligation to update this guidance.
Conference Call and Webcast
Verigy's management will present more details on its fourth
quarter and fiscal year 2006 financial results on a conference call
with investors today beginning at 1:30 p.m. (Pacific). This event will
be webcast live in listen-only mode. Listeners may log on at
http://investor.verigy.com and select "Q4 and Fiscal Year 2006 Verigy
Earnings Conference Call" in the "Webcasts & Presentations" section.
The webcast will remain available on the company's Web site for seven
days.
A telephone replay of the conference call will be available from
4:30 p.m. (Pacific) today through November 21, 2006. The replay number
is +1 888-286-8010 toll-free, or international callers may dial +1
617-801-6888; enter pass code 31988396.
About Verigy
Verigy designs, develops, manufactures, sells and services
advanced test systems and solutions for the flash memory and
system-on-chip segments of the semiconductor industry. Verigy's
scalable platform systems are used by leading semiconductor companies
worldwide in design validation, characterization, and high volume
manufacturing test. Formerly part of Agilent Technologies, the company
began doing business as Verigy on June 1, and completed its initial
public offering on June 13, 2006. Information about Verigy can be
found at www.verigy.com.
Forward-Looking Statements
In our earnings release, some of the comments are forward-looking,
including statements regarding Verigy's revenue and earnings; guidance
for the first quarter; and other statements that express the company's
expectations, beliefs, plans and forecasts. Words such as expect,
anticipate, intend, plan, believe, estimate and variations of such
words and similar expressions may identify additional forward-looking
statements. These forward-looking statements are based on current
information and estimates, and are not guarantees of future
performance or events. These statements are subject to a number of
risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. The risks and
uncertainties include, but are not limited to, unforeseen changes in
demand for semiconductors and thus for semiconductor test solutions,
the strength of our customers' businesses, and unforeseen changes in
the demand for current and new products and technologies. Additional
factors that may cause results to differ materially from those in the
forward-looking statements are discussed in our Quarterly Report on
Form 10-Q for the quarter ended July 31, 2006. The forward-looking
statements, including guidance, are only valid as of this date, and
Verigy undertakes no duty to update any forward-looking statements.
Information About Non-GAAP Measures
Our management uses non-GAAP measures to evaluate the operating
performance of the company. By eliminating the separation and
restructuring charges associated with Verigy's spin-off from Agilent
Technologies, as well as share-based compensation expense from the
adoption of FAS 123R, management is better able to assess the actual
performance of the business in its independent state. This also forms
the basis for certain elements of employee compensation. Since
management finds the non-GAAP information to be useful, we believe
that our investors would also benefit from seeing our results "through
the eyes" of management in addition to seeing our GAAP results. This
information also facilitates our management's internal comparisons to
our historical operating results as well as to the operating results
of our competitors. A reconciliation between our GAAP and non-GAAP
results is provided in the attached tables. Readers are reminded that
non-GAAP numbers are merely a supplement to, and not a replacement
for, GAAP financial measures. They should be read in conjunction with
the GAAP financial measures.
-0-
*T
VERIGY LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts)
(Unaudited)
Three Months Twelve Months
Ended Ended
October 31, October 31,
--------------- ---------------
2006 2005 2006 2005
------- ------- ------- -------
Orders: $164 $199 $852 $522
Net revenue:
Products $164 $131 $646 $355
Services 38 28 132 101
------- ------- ------- -------
Total net revenue 202 159 778 456
Cost of sales
Cost of products (a) 88 81 331 228
Cost of services (a) 25 23 97 88
------- ------- ------- -------
Total cost of sales 113 104 428 316
Operating expenses
Research and development (a) 24 25 99 101
Selling, general and
administrative (a) 35 33 149 134
Restructuring charges 1 6 17 7
Separation costs 13 3 69 3
------- ------- ------- -------
Total operating expenses 73 67 334 245
Income (loss) from operations 16 (12) 16 (105)
Other income (expense), net 3 (1) 5 (1)
------- ------- ------- -------
Income (loss) before taxes 19 (13) 21 (106)
Provision for taxes 5 2 21 13
------- ------- ------- -------
Net income (loss) $14 $(15) $- $(119)
======= ======= ======= =======
Net income (loss) per share- basic: $0.25 $(0.30) $- $(2.38)
Net income (loss) per share- diluted: $0.25 $(0.30) $- $(2.38)
Weighted average shares (presented in
thousands) used in computing net
income (loss) per share:
Basic 58,652 50,000 53,356 50,000
Diluted 58,666 50,000 53,356 50,000
(a) Share-based compensation expense
by function :
Cost of products $0.2 - $1.7 -
Cost of services 0.1 - 0.2 -
Research and development 0.2 - 1.3 -
Selling, general and
administrative 1.7 - 7.2 -
Historical amounts were reclassified to conform with current period
presentation.
*T
-0-
*T
VERIGY LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts)
(Unaudited)
October 31, October 31,
2006 2005
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 300 $ -
Trade accounts receivable, net 108 75
Related party accounts receivable 8 -
Inventory 87 110
Other current assets 48 14
----------- -----------
Total current assets 551 199
Property, plant and equipment, net 44 18
Goodwill 18 17
Other assets 61 26
----------- -----------
Total assets $ 674 $ 260
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 75 $ 21
Related party payable 37 -
Employee compensation and benefits 43 40
Deferred revenue 58 42
Income and other taxes payable 24 32
Other accrued liabilities 16 23
----------- -----------
Total current liabilities 253 158
Long-term liabilities 34 15
----------- -----------
Total liabilities 287 173
Commitments and contingencies
Stockholders' equity
Owner's net investment - 86
Ordinary shares issued and outstanding at
October 31, 2006 58,651,559
Additional paid in capital 355 -
Deferred share-based compensation 2 -
Retained earnings 33 -
Accumulated other comprehensive income (loss) (3) 1
----------- -----------
Total stockholders' equity 387 87
----------- -----------
Total liabilities and stockholders' equity $ 674 $ 260
=========== ===========
*T
-0-
*T
VERIGY LTD.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS)
(In millions, except per share amounts)
(Unaudited)
Three Months Ended
--------------------------------
Oct. 31, July 31,
2006 EPS 2006 EPS
-------- ------ -------- -------
GAAP net income (loss) $14 $0.25 $13 $0.23
Non-GAAP adjustments:
Restructuring charges in cost of
sales 2.2 0.03 2.2 0.04
Restructuring charges in
operating expenses 0.9 0.01 1.6 0.03
Separation related costs in cost
of sales 1.0 0.02 - -
Separation related costs in
operating expenses 12.6 0.21 20.9 0.38
Share-based compensation expense 2.2 0.04 1.7 0.03
Other - - - -
-------- ------ -------- -------
Non-GAAP net income $33 $0.56 $39 $0.71
======== ====== ======== =======
Three Months Ended
----------------------------------
April 30, Jan. 31,
2006 EPS 2006 EPS
--------- ------ -------- ------
GAAP net income (loss) $(11) (0.22) $(16) (0.32)
Non-GAAP adjustments:
Restructuring charges in cost of
sales 2.4 0.05 0.9 0.02
Restructuring charges in
operating expenses 8.0 0.16 6.0 0.12
Separation related costs in cost
of sales 3.7 0.07 - -
Separation related costs in
operating expenses 20.0 0.40 15.0 0.30
Share-based compensation expense 2.5 0.05 4.0 0.08
Other (0.7) (0.01) - -
--------- ------ -------- ------
Non-GAAP net income $25 $0.50 $10 $0.20
========= ====== ======== ======
Twelve Months Ended
-------------------
2006 EPS
------------ ------
GAAP net income (loss) $- $-
Non-GAAP adjustments:
Restructuring charges in cost of sales 7.7 0.14
Restructuring charges in operating expenses 16.5 0.31
Separation related costs in cost of sales 4.7 0.09
Separation related costs in operating expenses 68.5 1.28
Share-based compensation expense 10.4 0.19
Other (0.7) (0.01)
------------ ------
Non-GAAP net income $107 $2.00
============ ======
Three Months Ended
----------------------------------
Oct. 31, July 31,
2005 EPS 2005 EPS
-------- ------- -------- --------
GAAP net loss $(15) (0.30) $(22) (0.44)
Non-GAAP adjustments:
Restructuring charges in cost
of sales 1.0 0.02 - -
Restructuring charges in
operating expenses 6.2 0.12 1.0 0.02
Separation related costs in
cost of sales - - - -
Separation related costs in
operating expenses 2.8 0.06 - -
-------- ------- -------- --------
Non-GAAP net loss $(5) $(0.10) $(21) $(0.42)
======== ======= ======== ========
Three Months Ended
------------------------------------
April 30, Jan. 31,
2005 EPS 2005 EPS
--------- ------- -------- -------
GAAP net loss $(37) (0.74) $(45) (0.90)
Non-GAAP adjustments:
Restructuring charges in cost
of sales - - - -
Restructuring charges in
operating expenses - - - -
Separation related costs in
cost of sales - - - -
Separation related costs in
operating expenses - - - -
--------- ------- -------- -------
Non-GAAP net loss $(37) $(0.74) $(45) $(0.90)
========= ======= ======== =======
Twelve Months Ended
-------------------
2005 EPS
----------- -------
GAAP net loss $(119) (2.38)
Non-GAAP adjustments:
Restructuring charges in cost of sales 1.0 0.02
Restructuring charges in operating expenses 7.2 0.14
Separation related costs in cost of sales - -
Separation related costs in operating expenses 2.8 0.06
----------- -------
Non-GAAP net loss $(108) $(2.16)
=========== =======
*T