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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NeoPhotonics Corporation | NYSE:NPTN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.01 | 0 | 01:00:00 |
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Delaware
|
|
94-3253730
|
(State or other jurisdiction
of incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
Large accelerated filer
|
☐
|
|
Accelerated filer
|
☒
|
Non-accelerated filer
|
☐
|
(do not check if a smaller reporting company)
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
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Page
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As of
|
||||||
|
September 30,
2017 |
|
December 31, 2016
|
||||
(In thousands, except par data)
|
|
||||||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
58,528
|
|
|
$
|
82,500
|
|
Short-term investments
|
12,281
|
|
|
19,015
|
|
||
Restricted cash
|
2,917
|
|
|
4,085
|
|
||
Accounts receivable, net of allowance for doubtful accounts
|
67,003
|
|
|
80,610
|
|
||
Inventories
|
82,809
|
|
|
48,237
|
|
||
Assets held for sale
|
—
|
|
|
13,953
|
|
||
Prepaid expenses and other current assets
|
34,568
|
|
|
22,396
|
|
||
Total current assets
|
258,106
|
|
|
270,796
|
|
||
Property, plant and equipment, net
|
127,316
|
|
|
106,867
|
|
||
Purchased intangible assets, net
|
4,594
|
|
|
5,562
|
|
||
Goodwill
|
1,115
|
|
|
1,115
|
|
||
Other long-term assets
|
6,858
|
|
|
6,547
|
|
||
Total assets
|
$
|
397,989
|
|
|
$
|
390,887
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
69,771
|
|
|
$
|
84,766
|
|
Notes payable and short-term borrowing
|
19,630
|
|
|
30,190
|
|
||
Current portion of long-term debt
|
5,740
|
|
|
747
|
|
||
Accrued and other current liabilities
|
44,743
|
|
|
30,625
|
|
||
Total current liabilities
|
139,884
|
|
|
146,328
|
|
||
Long-term debt, net of current portion
|
41,029
|
|
|
10,215
|
|
||
Other noncurrent liabilities
|
14,959
|
|
|
8,939
|
|
||
Total liabilities
|
195,872
|
|
|
165,482
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Preferred stock, $0.0025 par value, 10,000 shares authorized, no shares issued or outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.0025 par value, 100,000 shares authorized
|
|
|
|
|
|
||
As of September 30, 2017, 43,909 shares issued and outstanding; as of December 31, 2016, 42,526 shares issued and outstanding
|
110
|
|
|
106
|
|
||
Additional paid-in capital
|
542,029
|
|
|
532,378
|
|
||
Accumulated other comprehensive loss
|
(2,294
|
)
|
|
(8,401
|
)
|
||
Accumulated deficit
|
(337,728
|
)
|
|
(298,678
|
)
|
||
Total stockholders’ equity
|
202,117
|
|
|
225,405
|
|
||
Total liabilities and stockholders’ equity
|
$
|
397,989
|
|
|
$
|
390,887
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
||||||||||||||
(In thousands, except per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenue
|
$
|
71,121
|
|
|
$
|
103,312
|
|
|
$
|
216,023
|
|
|
$
|
301,586
|
|
Cost of goods sold
|
60,608
|
|
|
75,863
|
|
|
170,230
|
|
|
215,486
|
|
||||
Gross profit
|
10,513
|
|
|
27,449
|
|
|
45,793
|
|
|
86,100
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
14,662
|
|
|
17,474
|
|
|
44,412
|
|
|
42,206
|
|
||||
Sales and marketing
|
4,071
|
|
|
5,936
|
|
|
12,913
|
|
|
13,674
|
|
||||
General and administrative
|
7,637
|
|
|
9,822
|
|
|
26,792
|
|
|
26,747
|
|
||||
Amortization of purchased intangible assets
|
119
|
|
|
462
|
|
|
355
|
|
|
1,375
|
|
||||
Acquisition and asset sale related costs
|
78
|
|
|
148
|
|
|
229
|
|
|
923
|
|
||||
Restructuring charges
|
2,829
|
|
|
—
|
|
|
3,550
|
|
|
—
|
|
||||
Gain on asset sale
|
—
|
|
|
—
|
|
|
(2,000
|
)
|
|
—
|
|
||||
Total operating expenses
|
29,396
|
|
|
33,842
|
|
|
86,251
|
|
|
84,925
|
|
||||
Income (loss) from operations
|
(18,883
|
)
|
|
(6,393
|
)
|
|
(40,458
|
)
|
|
1,175
|
|
||||
Interest income
|
37
|
|
|
95
|
|
|
141
|
|
|
227
|
|
||||
Interest expense
|
(495
|
)
|
|
(103
|
)
|
|
(743
|
)
|
|
(304
|
)
|
||||
Other income (expense), net
|
(41
|
)
|
|
18
|
|
|
197
|
|
|
(828
|
)
|
||||
Total interest and other income (expense), net
|
(499
|
)
|
|
10
|
|
|
(405
|
)
|
|
(905
|
)
|
||||
Income (loss) before income taxes
|
(19,382
|
)
|
|
(6,383
|
)
|
|
(40,863
|
)
|
|
270
|
|
||||
Income tax (provision) benefit
|
1,195
|
|
|
(804
|
)
|
|
1,813
|
|
|
(2,471
|
)
|
||||
Net loss
|
$
|
(18,187
|
)
|
|
$
|
(7,187
|
)
|
|
$
|
(39,050
|
)
|
|
$
|
(2,201
|
)
|
|
|
|
|
|
|
|
|
||||||||
Basic net loss per share
|
$
|
(0.42
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.90
|
)
|
|
$
|
(0.05
|
)
|
Diluted net loss per share
|
$
|
(0.42
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.90
|
)
|
|
$
|
(0.05
|
)
|
Weighted average shares used to compute basic net loss per share
|
43,790
|
|
|
42,038
|
|
|
43,212
|
|
|
41,589
|
|
||||
Weighted average shares used to compute diluted net loss per share
|
43,790
|
|
|
42,038
|
|
|
43,212
|
|
|
41,589
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
||||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net loss
|
$
|
(18,187
|
)
|
|
$
|
(7,187
|
)
|
|
$
|
(39,050
|
)
|
|
$
|
(2,201
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments, net of zero tax
|
2,177
|
|
|
(22
|
)
|
|
6,090
|
|
|
292
|
|
||||
Unrealized gains on available-for-sale securities, net of zero tax
|
1
|
|
|
—
|
|
|
17
|
|
|
33
|
|
||||
Total other comprehensive income (loss)
|
2,178
|
|
|
(22
|
)
|
|
6,107
|
|
|
325
|
|
||||
Comprehensive loss
|
$
|
(16,009
|
)
|
|
$
|
(7,209
|
)
|
|
$
|
(32,943
|
)
|
|
$
|
(1,876
|
)
|
|
Nine Months Ended
September 30, |
||||||
|
|||||||
(In thousands)
|
2017
|
|
2016
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net loss
|
$
|
(39,050
|
)
|
|
$
|
(2,201
|
)
|
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
20,630
|
|
|
16,921
|
|
||
Stock-based compensation expense
|
5,692
|
|
|
14,445
|
|
||
Deferred taxes
|
673
|
|
|
(1,162
|
)
|
||
Amortization of investment, debt and other
|
158
|
|
|
125
|
|
||
Gain on sale of assets and other write-offs
|
(1,623
|
)
|
|
(18
|
)
|
||
Gain on foreign currency hedges
|
(1,501
|
)
|
|
—
|
|
||
Allowance for doubtful accounts
|
76
|
|
|
(415
|
)
|
||
Write-down of inventories
|
7,083
|
|
|
1,995
|
|
||
Asset impairment charge
|
275
|
|
|
—
|
|
||
Foreign currency remeasurement and other, net
|
1,576
|
|
|
(556
|
)
|
||
Change in assets and liabilities, net of effects of asset sale:
|
|
|
|
||||
Accounts receivable
|
13,755
|
|
|
(12,169
|
)
|
||
Inventories
|
(36,466
|
)
|
|
4,518
|
|
||
Prepaid expenses and other assets
|
(12,002
|
)
|
|
(3,439
|
)
|
||
Accounts payable
|
(9,424
|
)
|
|
12,610
|
|
||
Accrued and other liabilities
|
8,937
|
|
|
(3,937
|
)
|
||
Net cash (used in) provided by operating activities
|
(41,211
|
)
|
|
26,717
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Purchase of property, plant and equipment
|
(41,461
|
)
|
|
(29,962
|
)
|
||
Proceeds from sale of property, plant and equipment and other assets
|
21,806
|
|
|
139
|
|
||
Purchase of marketable securities
|
(52,031
|
)
|
|
(69,520
|
)
|
||
Proceeds from sale of marketable securities
|
52,272
|
|
|
48,979
|
|
||
Proceeds from maturity of marketable securities
|
6,458
|
|
|
15,373
|
|
||
Change in restricted cash
|
1,316
|
|
|
(226
|
)
|
||
Settlement of foreign currency hedges
|
1,553
|
|
|
—
|
|
||
Net cash used in investing activities
|
(10,087
|
)
|
|
(35,217
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Proceeds from exercise of stock options and issuance of stock under ESPP
|
3,568
|
|
|
5,083
|
|
||
Tax withholding on restricted stock units
|
(973
|
)
|
|
(570
|
)
|
||
Payments for public stock offering
|
(117
|
)
|
|
(25
|
)
|
||
Proceeds from bank loans, net of debt issuance costs
|
96,039
|
|
|
71,400
|
|
||
Repayment of bank loans
|
(68,270
|
)
|
|
(72,090
|
)
|
||
Proceeds from issuance of notes payable
|
5,842
|
|
|
13,144
|
|
||
Repayment of notes payable
|
(9,789
|
)
|
|
(14,069
|
)
|
||
Proceeds from government grants
|
—
|
|
|
608
|
|
||
Net cash provided by financing activities
|
26,300
|
|
|
3,481
|
|
||
Effect of exchange rates on cash and cash equivalents
|
1,026
|
|
|
556
|
|
||
Net decrease in cash and cash equivalents
|
(23,972
|
)
|
|
(4,463
|
)
|
||
Cash and cash equivalents at the beginning of the period
|
82,500
|
|
|
76,088
|
|
||
Cash and cash equivalents at the end of the period
|
$
|
58,528
|
|
|
$
|
71,625
|
|
Supplemental disclosure of non-cash investing and financing activities:
|
|
|
|
||||
Decrease (increase) in unpaid property, plant and equipment
|
$
|
6,430
|
|
|
$
|
(12,494
|
)
|
Asset retirement obligations
|
$
|
2,146
|
|
|
$
|
—
|
|
Unpaid deferred offering costs
|
$
|
—
|
|
|
$
|
76
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(18,187
|
)
|
|
$
|
(7,187
|
)
|
|
$
|
(39,050
|
)
|
|
$
|
(2,201
|
)
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares used to compute per share amount:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
43,790
|
|
|
42,038
|
|
|
43,212
|
|
|
41,589
|
|
||||
Dilutive effect of equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Diluted
|
43,790
|
|
|
42,038
|
|
|
43,212
|
|
|
41,589
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic net loss per share
|
$
|
(0.42
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.90
|
)
|
|
$
|
(0.05
|
)
|
Diluted net loss per share
|
$
|
(0.42
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.90
|
)
|
|
$
|
(0.05
|
)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
|
||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Employee stock options
|
4,227
|
|
|
4,344
|
|
|
4,227
|
|
|
4,344
|
|
Restricted stock units
|
2,504
|
|
|
2,044
|
|
|
2,504
|
|
|
2,044
|
|
Employee stock purchase plan
|
245
|
|
|
151
|
|
|
245
|
|
|
151
|
|
|
6,976
|
|
|
6,539
|
|
|
6,976
|
|
|
6,539
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
|
||||||
Cash and cash equivalents:
|
|
|
|
||||
Cash
|
$
|
53,716
|
|
|
$
|
58,691
|
|
Cash equivalents
|
4,812
|
|
|
23,809
|
|
||
Cash and cash equivalents
|
$
|
58,528
|
|
|
$
|
82,500
|
|
Short-term investments
|
$
|
12,281
|
|
|
$
|
19,015
|
|
Restricted cash
|
$
|
2,917
|
|
|
$
|
4,085
|
|
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||||||||||||||||||||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Loss
|
|
Fair Value
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Loss
|
|
Fair Value
|
||||||||||||||||
Marketable securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Money market funds
|
$
|
11,530
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,530
|
|
|
$
|
199
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
199
|
|
Money market accounts
|
4,812
|
|
|
—
|
|
|
—
|
|
|
4,812
|
|
|
23,809
|
|
|
—
|
|
|
—
|
|
|
23,809
|
|
||||||||
Corporate debt securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,438
|
|
|
4
|
|
|
(3
|
)
|
|
9,439
|
|
||||||||
Government agency securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,767
|
|
|
—
|
|
|
(10
|
)
|
|
3,757
|
|
||||||||
U.S. government securities
|
753
|
|
|
—
|
|
|
(2
|
)
|
|
751
|
|
|
5,008
|
|
|
—
|
|
|
(10
|
)
|
|
4,998
|
|
||||||||
Sovereign government bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
622
|
|
|
—
|
|
|
—
|
|
|
622
|
|
||||||||
Total
|
$
|
17,095
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
17,093
|
|
|
$
|
42,843
|
|
|
$
|
4
|
|
|
$
|
(23
|
)
|
|
$
|
42,824
|
|
Reported as:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash equivalents
|
$
|
4,812
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,812
|
|
|
$
|
23,809
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,809
|
|
Short-term investments
|
12,283
|
|
|
—
|
|
|
(2
|
)
|
|
12,281
|
|
|
19,034
|
|
|
4
|
|
|
(23
|
)
|
|
19,015
|
|
||||||||
Total
|
$
|
17,095
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
17,093
|
|
|
$
|
42,843
|
|
|
$
|
4
|
|
|
$
|
(23
|
)
|
|
$
|
42,824
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
|
||||||
Less than 1 year
|
$
|
17,093
|
|
|
$
|
36,054
|
|
Due in 1 to 2 years
|
—
|
|
|
6,468
|
|
||
Due in 3 to 5 years
|
—
|
|
|
302
|
|
||
Total
|
$
|
17,093
|
|
|
$
|
42,824
|
|
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Cash equivalents and short-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Money market funds
|
$
|
11,530
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,530
|
|
|
$
|
199
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
199
|
|
U.S. government securities
|
751
|
|
|
—
|
|
|
—
|
|
|
751
|
|
|
4,998
|
|
|
—
|
|
|
—
|
|
|
4,998
|
|
||||||||
Money market accounts
|
—
|
|
|
4,812
|
|
|
—
|
|
|
4,812
|
|
|
—
|
|
|
23,809
|
|
|
—
|
|
|
23,809
|
|
||||||||
Corporate debt securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,439
|
|
|
—
|
|
|
9,439
|
|
||||||||
Government agency securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,757
|
|
|
—
|
|
|
3,757
|
|
||||||||
Sovereign government bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
622
|
|
|
—
|
|
|
622
|
|
||||||||
Total
|
$
|
12,281
|
|
|
$
|
4,812
|
|
|
$
|
—
|
|
|
$
|
17,093
|
|
|
$
|
5,197
|
|
|
$
|
37,627
|
|
|
$
|
—
|
|
|
$
|
42,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Foreign currency forward contracts*
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mutual funds held in Rabbi Trust, recorded in other long-term assets
|
$
|
927
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
927
|
|
|
$
|
622
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
622
|
|
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Rusnano payment derivative
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
389
|
|
|
$
|
389
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
389
|
|
|
$
|
389
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Accounts receivable
|
$
|
65,980
|
|
|
$
|
78,143
|
|
Trade notes receivable
|
1,148
|
|
|
2,892
|
|
||
Allowance for doubtful accounts
|
(125
|
)
|
|
(425
|
)
|
||
|
$
|
67,003
|
|
|
$
|
80,610
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Raw materials
|
$
|
38,617
|
|
|
$
|
23,348
|
|
Work in process
|
14,746
|
|
|
10,996
|
|
||
Finished goods
(1)
|
29,446
|
|
|
13,893
|
|
||
|
$
|
82,809
|
|
|
$
|
48,237
|
|
(1)
|
Finished goods inventory at customer vendor managed inventory locations was
$8.7 million
and
$8.3 million
as of
September 30, 2017
and
December 31, 2016
, respectively.
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Prepaid taxes and taxes receivable
|
$
|
15,234
|
|
|
$
|
16,102
|
|
Transition services agreement receivable (Note 5)
|
13,006
|
|
|
—
|
|
||
Deposits and other prepaid expenses
|
4,162
|
|
|
3,571
|
|
||
Other receivable
|
2,166
|
|
|
2,723
|
|
||
|
$
|
34,568
|
|
|
$
|
22,396
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Gross
Assets
|
|
Accumulated
Amortization
|
|
Net
Assets
|
|
Gross
Assets |
|
Accumulated
Amortization |
|
Net
Assets |
||||||||||||
|
|
|
|
|
|
||||||||||||||||||
Technology and patents
|
$
|
37,415
|
|
|
$
|
(34,458
|
)
|
|
$
|
2,957
|
|
|
$
|
36,918
|
|
|
$
|
(33,316
|
)
|
|
$
|
3,602
|
|
Customer relationships
|
15,302
|
|
|
(14,595
|
)
|
|
707
|
|
|
15,039
|
|
|
(13,990
|
)
|
|
1,049
|
|
||||||
Leasehold interest
|
1,280
|
|
|
(350
|
)
|
|
930
|
|
|
1,226
|
|
|
(315
|
)
|
|
911
|
|
||||||
|
$
|
53,997
|
|
|
$
|
(49,403
|
)
|
|
$
|
4,594
|
|
|
$
|
53,183
|
|
|
$
|
(47,621
|
)
|
|
$
|
5,562
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cost of goods sold
|
$
|
202
|
|
|
$
|
853
|
|
|
$
|
667
|
|
|
$
|
2,542
|
|
Operating expenses
|
119
|
|
|
462
|
|
|
355
|
|
|
1,375
|
|
||||
Total
|
$
|
321
|
|
|
$
|
1,315
|
|
|
$
|
1,022
|
|
|
$
|
3,917
|
|
2017 (remaining three months)
|
$
|
321
|
|
2018
|
1,209
|
|
|
2019
|
807
|
|
|
2020
|
689
|
|
|
2021
|
689
|
|
|
Thereafter
|
879
|
|
|
|
$
|
4,594
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Transition services agreement payables (Note 5)
|
$
|
12,603
|
|
|
$
|
—
|
|
Employee-related
|
12,103
|
|
|
18,654
|
|
||
Asset sale related contingent liabilities (Note 5)
|
6,977
|
|
|
—
|
|
||
Accrued warranty
|
1,402
|
|
|
678
|
|
||
Deferred revenue, current
|
809
|
|
|
956
|
|
||
Income and other taxes payable
|
305
|
|
|
3,956
|
|
||
Rusnano payment derivative
|
—
|
|
|
389
|
|
||
Other accrued expenses
|
10,544
|
|
|
5,992
|
|
||
|
$
|
44,743
|
|
|
$
|
30,625
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Beginning balance
|
$
|
528
|
|
|
$
|
669
|
|
|
$
|
678
|
|
|
$
|
1,175
|
|
Warranty accruals
|
1,047
|
|
|
126
|
|
|
1,019
|
|
|
25
|
|
||||
Settlements
|
(173
|
)
|
|
(110
|
)
|
|
(295
|
)
|
|
(515
|
)
|
||||
Ending balance
|
$
|
1,402
|
|
|
$
|
685
|
|
|
$
|
1,402
|
|
|
$
|
685
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Pension and other employee-related
|
$
|
5,535
|
|
|
$
|
5,045
|
|
Deferred rent
|
2,856
|
|
|
1,509
|
|
||
Deferred revenue
|
916
|
|
|
136
|
|
||
Government grant
|
743
|
|
|
1,048
|
|
||
Rusnano payment derivative
|
389
|
|
|
—
|
|
||
Deferred income tax liabilities
|
64
|
|
|
46
|
|
||
Asset retirement obligations and other
|
4,456
|
|
|
1,155
|
|
||
|
$
|
14,959
|
|
|
$
|
8,939
|
|
|
Employee Severance
|
|
Facilities Consolidation
|
|
Asset-Related
|
|
Total
|
||||||||
Restructuring obligations December 31, 2016
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Charges
|
1,790
|
|
|
1,930
|
|
|
394
|
|
|
4,114
|
|
||||
Cash payments
|
(902
|
)
|
|
—
|
|
|
—
|
|
|
(902
|
)
|
||||
Non-cash settlements and other
|
—
|
|
|
(149
|
)
|
|
(323
|
)
|
|
(472
|
)
|
||||
Restructuring obligations September 30, 2017
|
$
|
888
|
|
|
$
|
1,781
|
|
|
$
|
71
|
|
|
$
|
2,740
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||
|
Carrying
Amount
|
|
Interest
Rate
|
|
Carrying
Amount |
|
Interest
Rate |
||||||
|
|
|
|
||||||||||
Note payable to financial institution
|
$
|
17,000
|
|
|
4.06
|
%
|
|
$
|
—
|
|
|
—
|
|
Notes payable to suppliers
|
2,630
|
|
|
—
|
|
|
6,390
|
|
|
|
|||
Short-term borrowing under Comerica Bank Credit Facility
|
—
|
|
|
—
|
|
|
23,800
|
|
|
3.37
|
%
|
||
Total notes payable and short-term borrowing
|
$
|
19,630
|
|
|
|
|
|
$
|
30,190
|
|
|
|
|
Long-term debt, current and non-current:
|
|
|
|
|
|
|
|
|
|
|
|
||
Borrowing under Wells Fargo Credit Facility
|
$
|
30,018
|
|
|
3.16
|
%
|
|
$
|
—
|
|
|
|
|
Mitsubishi Bank loans
|
17,168
|
|
|
1.44
|
%
|
|
11,253
|
|
|
1.43
|
%
|
||
Unaccreted discount and issuance costs within current portion of long-term debt
|
(103
|
)
|
|
|
|
|
(108
|
)
|
|
|
|
||
Unaccreted discount and issuance costs within long-term debt, net of current portion
|
(314
|
)
|
|
|
|
|
(183
|
)
|
|
|
|
||
Total long-term debt, net of unaccreted discount and issuance costs
|
$
|
46,769
|
|
|
|
|
|
$
|
10,962
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reported as:
|
|
|
|
|
|
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
5,740
|
|
|
|
|
|
$
|
747
|
|
|
|
|
Long-term debt, net of current portion
|
41,029
|
|
|
|
|
|
10,215
|
|
|
|
|
||
Total long-term debt, net of unaccreted discount and issuance costs
|
$
|
46,769
|
|
|
|
|
|
$
|
10,962
|
|
|
|
|
•
|
Under the first line of credit facility, the Company can borrow up to RMB
120.0 million
(
$18.0 million
) for short-term loans at varying interest rates, or up to approximately RMB
171.4 million
(
$25.8 million
) for bank acceptance drafts (with a
30%
compensating balance requirement). This line of credit facility expires in July 2019.
|
•
|
Under the second line of credit facility, which expires in July 2019, the Company can borrow up to RMB
30.0 million
(
$4.5 million
) for short-term loans at varying interest rates, or up to approximately RMB
42.9 million
(
$6.4 million
) for bank acceptance drafts (with a
30%
compensating balance requirement).
|
2017 (remaining three months)
|
$
|
222
|
|
2018
|
6,099
|
|
|
2019
|
1,911
|
|
|
2020
|
1,911
|
|
|
2021
|
1,911
|
|
|
Thereafter
|
35,132
|
|
|
|
$
|
47,186
|
|
|
Foreign Currency Translation Adjustments
|
|
Unrealized Gain (Loss) on Available-For-Sale Securities
|
|
Defined Benefit Pension Plan Adjustment
|
|
Total Accumulated Other Comprehensive Loss
|
||||||||
Balance as of December 31, 2016
|
$
|
(8,235
|
)
|
|
$
|
(19
|
)
|
|
$
|
(147
|
)
|
|
$
|
(8,401
|
)
|
Other comprehensive income, net of taxes of zero and reclassifications
|
6,090
|
|
|
17
|
|
|
—
|
|
|
6,107
|
|
||||
Balance as of September 30, 2017
|
$
|
(2,145
|
)
|
|
$
|
(2
|
)
|
|
$
|
(147
|
)
|
|
$
|
(2,294
|
)
|
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||||
|
|
||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cost of goods sold
|
$
|
340
|
|
|
$
|
297
|
|
|
$
|
811
|
|
|
$
|
1,605
|
|
Research and development
|
606
|
|
|
2,981
|
|
|
1,779
|
|
|
4,508
|
|
||||
Sales and marketing
|
393
|
|
|
2,352
|
|
|
1,170
|
|
|
3,604
|
|
||||
General and administrative
|
595
|
|
|
3,146
|
|
|
1,932
|
|
|
4,728
|
|
||||
|
$
|
1,934
|
|
|
$
|
8,776
|
|
|
$
|
5,692
|
|
|
$
|
14,445
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||
|
|
||||||
Stock options
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Weighted-average expected term (years)
|
6.0
|
|
5.9
|
|
6.0
|
|
5.8
|
Weighted-average volatility
|
65%
|
|
65%
|
|
65%
|
|
65%
|
Risk-free interest rate
|
2.02%
|
|
1.01%-1.15%
|
|
2.02%-2.08%
|
|
1.01%-1.76%
|
Expected dividends
|
—%
|
|
—%
|
|
—%
|
|
—%
|
Stock appreciation units
|
|
|
|
|
|
|
|
Weighted-average expected term (years)
|
2.2
|
|
2.6
|
|
2.3
|
|
2.8
|
Weighted-average volatility
|
71%
|
|
62%
|
|
71%
|
|
62%
|
Risk-free interest rate
|
1.03%-1.55%
|
|
0.45%-0.71%
|
|
0.51%-1.55%
|
|
0.45%-1.47%
|
Expected dividends
|
—%
|
|
—%
|
|
—%
|
|
—%
|
ESPP
|
|
|
|
|
|
|
|
Weighted-average expected term (years)
|
0
|
|
0
|
|
0.67
|
|
0.70
|
Weighted-average volatility
|
—%
|
|
—%
|
|
55%
|
|
70%
|
Risk-free interest rate
|
—%
|
|
—%
|
|
0.45%-0.91%
|
|
0.08%-0.39%
|
Expected dividends
|
—%
|
|
—%
|
|
—%
|
|
—%
|
|
Stock Options
|
|
Restricted Stock Units
|
||||||||||
|
Number of
Shares
|
|
Weighted
Average
Exercise
Price
|
|
Number of
Units
|
|
Weighted
Average
Grant Date
Fair Value
|
||||||
|
|
|
|
||||||||||
Balance as of December 31, 2016
|
4,301,340
|
|
|
$
|
5.18
|
|
|
2,089,473
|
|
|
$
|
10.15
|
|
Granted
|
502,746
|
|
|
7.37
|
|
|
1,351,071
|
|
|
7.91
|
|
||
Exercised/Converted
|
(515,988
|
)
|
|
3.80
|
|
|
(789,123
|
)
|
|
9.40
|
|
||
Cancelled/Forfeited
|
(61,106
|
)
|
|
8.71
|
|
|
(147,783
|
)
|
|
10.50
|
|
||
Balance as of September 30, 2017
|
4,226,992
|
|
|
$
|
5.56
|
|
|
2,503,638
|
|
|
$
|
9.15
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
|
||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Income tax (provision) benefit
|
1,195
|
|
|
(804
|
)
|
|
1,813
|
|
|
(2,471
|
)
|
|
Three Months Ended
September 30, |
|
|
|
|
|
Nine Months Ended
September 30, |
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||||
Total revenue
|
$
|
71,121
|
|
|
$
|
103,312
|
|
|
$(32,191)
|
|
(31)%
|
|
$
|
216,023
|
|
|
$
|
301,586
|
|
|
$(85,563)
|
|
(28
|
)%
|
|
Three Months Ended
September 30, |
|
|
|
|
|
Nine Months Ended
September 30, |
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(in thousands, except percentages)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
||||||||||
Cost of goods sold
|
60,608
|
|
|
75,863
|
|
|
$
|
(15,255
|
)
|
|
(20
|
)%
|
|
170,230
|
|
|
215,486
|
|
|
$
|
(45,256
|
)
|
|
(21
|
)%
|
Gross profit
|
10,513
|
|
|
27,449
|
|
|
$
|
(16,936
|
)
|
|
(62
|
)%
|
|
45,793
|
|
|
86,100
|
|
|
(40,307
|
)
|
|
(47
|
)%
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
|
||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Gross profit as a % of revenue
|
15
|
%
|
|
27
|
%
|
|
21
|
%
|
|
29
|
%
|
|
Three Months Ended
September 30, |
|
|
|
|
|
Nine Months Ended
September 30, |
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
(in thousands, except percentages)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
Research and development
|
$
|
14,662
|
|
|
$
|
17,474
|
|
|
$
|
(2,812
|
)
|
|
(16
|
)%
|
|
$
|
44,412
|
|
|
$
|
42,206
|
|
|
$
|
2,206
|
|
|
5
|
%
|
Sales and marketing
|
4,071
|
|
|
5,936
|
|
|
(1,865
|
)
|
|
(31
|
)%
|
|
12,913
|
|
|
13,674
|
|
|
(761
|
)
|
|
(6
|
)%
|
||||||
General and administrative
|
7,637
|
|
|
9,822
|
|
|
(2,185
|
)
|
|
(22
|
)%
|
|
26,792
|
|
|
26,747
|
|
|
45
|
|
|
—
|
%
|
||||||
Amortization of purchased intangible assets
|
119
|
|
|
462
|
|
|
(343
|
)
|
|
(74
|
)%
|
|
355
|
|
|
1,375
|
|
|
(1,020
|
)
|
|
(74
|
)%
|
||||||
Acquisition and asset sale related costs
|
78
|
|
|
148
|
|
|
(70
|
)
|
|
(47
|
)%
|
|
229
|
|
|
923
|
|
|
(694
|
)
|
|
(75
|
)%
|
||||||
Restructuring charges
|
2,829
|
|
|
—
|
|
|
2,829
|
|
|
—
|
%
|
|
3,550
|
|
|
—
|
|
|
3,550
|
|
|
—
|
%
|
||||||
Gain on asset sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
(2,000
|
)
|
|
—
|
|
|
(2,000
|
)
|
|
—
|
%
|
||||||
Total operating expenses
|
$
|
29,396
|
|
|
$
|
33,842
|
|
|
$
|
(4,446
|
)
|
|
(13
|
)%
|
|
$
|
86,251
|
|
|
$
|
84,925
|
|
|
$
|
1,326
|
|
|
2
|
%
|
|
Three Months Ended
September 30, |
|
|
|
|
|
Nine Months Ended
September 30, |
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
||||||||||
Interest income
|
37
|
|
|
95
|
|
|
$
|
(58
|
)
|
|
(61
|
)%
|
|
141
|
|
|
227
|
|
|
$
|
(86
|
)
|
|
(38
|
)%
|
Interest expense
|
(495
|
)
|
|
(103
|
)
|
|
$
|
(392
|
)
|
|
381
|
%
|
|
(743
|
)
|
|
(304
|
)
|
|
$
|
(439
|
)
|
|
144
|
%
|
Other income (expense), net
|
(41
|
)
|
|
18
|
|
|
$
|
(59
|
)
|
|
(328
|
)%
|
|
197
|
|
|
(828
|
)
|
|
$
|
1,025
|
|
|
(124
|
)%
|
Total
|
(499
|
)
|
|
10
|
|
|
$
|
(509
|
)
|
|
(5,090
|
)%
|
|
(405
|
)
|
|
(905
|
)
|
|
$
|
500
|
|
|
(55
|
)%
|
|
Three Months Ended
September 30, |
|
|
|
|
|
Nine Months Ended
September 30, |
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
||||||||||
Income tax (provision) benefit
|
1,195
|
|
|
(804
|
)
|
|
$
|
1,999
|
|
|
(249
|
)%
|
|
1,813
|
|
|
(2,471
|
)
|
|
$
|
4,284
|
|
|
(173
|
)%
|
|
Nine Months Ended
September 30, |
||||||
|
|||||||
(in thousands)
|
2017
|
|
2016
|
||||
Net cash (used in) provided by operating activities
|
$
|
(41,211
|
)
|
|
$
|
26,717
|
|
Net cash used in investing activities
|
(10,087
|
)
|
|
(35,217
|
)
|
||
Net cash provided by financing activities
|
26,300
|
|
|
3,481
|
|
||
Effect of exchange rates on cash and cash equivalents
|
1,026
|
|
|
556
|
|
||
Net decrease in cash and cash equivalents
|
$
|
(23,972
|
)
|
|
$
|
(4,463
|
)
|
|
Payments Due by Period
|
||||||||||||||||||
|
Total
|
|
Less than 1 Year
|
|
1-3 years
|
|
3-5 Years
|
|
More than 5 Years
|
||||||||||
Note payable to financial institution
|
$
|
17,000
|
|
|
$
|
17,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Borrowing under Wells Fargo Credit Facility
|
30,018
|
|
|
—
|
|
|
—
|
|
|
30,018
|
|
|
—
|
|
|||||
Expected interest payments
(1)
|
4,966
|
|
|
580
|
|
|
2,885
|
|
|
1,501
|
|
|
—
|
|
|||||
Total
|
$
|
51,984
|
|
|
$
|
17,580
|
|
|
$
|
2,885
|
|
|
$
|
31,519
|
|
|
$
|
—
|
|
(a)
|
Strengthening our cut-off controls with improved documentation standards and training;
|
(b)
|
Improving logistics and operations documentation standards and procedures; and
|
(c)
|
Restricting and enhancing system access rights to ensure adequate controls within the sales organization.
|
•
|
invest in our research and development efforts, including by hiring additional technical and other personnel;
|
•
|
maintain and expand our operating or manufacturing infrastructure;
|
•
|
acquire complementary businesses, products, services or technologies; or
|
•
|
otherwise pursue our strategic plans and respond to competitive pressures.
|
•
|
difficulties in staffing, managing and supporting operations in more than one country;
|
•
|
difficulties in enforcing agreements and collecting receivables through foreign legal systems;
|
•
|
fewer legal protections for intellectual property in foreign jurisdictions;
|
•
|
the need for compliance with local laws and regulations;
|
•
|
foreign and U.S. taxation issues and international trade barriers;
|
•
|
general economic and political conditions in the markets in which we operate;
|
•
|
difficulties in obtaining any necessary governmental authorizations for the export of our products to certain foreign jurisdictions;
|
•
|
imposition of export restrictions on sales to any of our major foreign customers;
|
•
|
fluctuations in foreign economies and fluctuations in the value of foreign currencies and interest rates;
|
•
|
trade and travel restrictions;
|
•
|
outbreaks of contagious disease;
|
•
|
domestic and international economic or political changes, hostilities and other disruptions; and
|
•
|
difficulties and increased expenses in complying with a variety of U.S. and foreign laws, regulations and trade standards, including the Foreign Corrupt Practices Act and international labor standards. Negative developments in any of these areas in China, Japan, Russia or other countries could result in a reduction in demand for our products, the cancellation or delay of orders already placed, difficulties in producing and delivering our products, threats to our intellectual property, difficulty in collecting receivables, higher labor costs and a higher cost of doing business.
|
•
|
fluctuations in demand for our products;
|
•
|
the timing, size and product mix of sales of our products;
|
•
|
changes in our pricing and sales policies, particularly in the first quarter of the year, or changes in the pricing and sales policies of our competitors;
|
•
|
our ability to design, manufacture and deliver products to our customers in a timely and cost-effective manner and that meet customer requirements;
|
•
|
quality control or yield problems in our manufacturing operations;
|
•
|
our ability to timely obtain adequate quantities of the components used in our products;
|
•
|
length and variability of the sales cycles of our products;
|
•
|
unanticipated increases in costs or expenses; and
|
•
|
fluctuations in foreign currency exchange rates.
|
•
|
providing for a classified board of directors with staggered, three-year terms;
|
•
|
not providing for cumulative voting in the election of directors;
|
•
|
authorizing our board of directors to issue, without stockholder approval, preferred stock rights senior to those of common stock;
|
•
|
prohibiting stockholder action by written consent;
|
•
|
limiting the persons who may call special meetings of stockholders; and
|
•
|
requiring advance notification of stockholder nominations and proposals.
|
Exhibit
no.
|
|
Exhibit Description
|
|
Form
|
|
SEC File No.
|
|
Exhibit
|
|
Filing Date
|
Filed herewith
|
|
|
|
Form 8-K
|
|
001-35061
|
|
2.1
|
|
January 23, 2017
|
|
|
|
|
|
Form 8-K
|
|
001-35061
|
|
2.2
|
|
January 23, 2017
|
|
|
|
|
Form 8-K
|
|
001-35061
|
|
2.3
|
|
January 23, 2017
|
|
||
|
|
Form 8-K
|
|
001-35061
|
|
3.1
|
|
February 10, 2011
|
|
||
|
|
Form S-1
|
|
333-166096
|
|
3.4
|
|
November 22, 2010
|
|
||
|
|
Form S-1
|
|
333-166096
|
|
4.1
|
|
May 17, 2010
|
|
||
|
|
Form S-1
|
|
333-166096
|
|
4.2
|
|
April 15, 2010
|
|
||
|
|
Form S-1
|
|
333-201180
|
|
4.4
|
|
December 19, 2014
|
|
||
10.1
+
|
|
|
|
|
|
|
|
|
|
X
|
|
10.2
+
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
Form 8-K
|
|
001-35061
|
|
10.1
|
|
September 7, 2017
|
|
||
|
|
Form 8-K
|
|
001-35061
|
|
10.1
|
|
September 11, 2017
|
|
Exhibit
no.
|
|
Exhibit Description
|
|
Form
|
|
SEC File No.
|
|
Exhibit
|
|
Filing Date
|
Filed herewith
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
X
|
||
101.INS
|
|
XBRL Instance Document.
|
|
|
|
|
|
|
|
|
X
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
|
|
|
|
|
X
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
|
|
|
|
|
X
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
|
|
|
|
|
X
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
|
|
|
|
|
X
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
|
|
|
|
|
X
|
|
NeoPhotonics Corporation
|
||
|
|
||
Date:
|
November 8, 2017
|
By:
|
/S/ ELIZABETH EBY
|
|
|
Elizabeth Eby
|
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Senior Vice President, Finance and Chief Financial Officer
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(Principal Financial and Accounting Officer)
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1 Year NeoPhotonics Chart |
1 Month NeoPhotonics Chart |
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