Acacia Communications (ACIA) Offers Strong Prelim. Q3 Results

October 4, 2016 4:08 PM EDT
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Acacia Communications (NASDAQ: ACIA) disclosed the following in a U.S. SEC filing on Tuesday:

Item 2.02 Results of Operations and Financial Condition

Unaudited Preliminary Results for the Third Quarter of 2016

Acacia Communications, Inc. (“the Company”) is currently in the process of finalizing its financial results for the three months ended September 30, 2016. Based on preliminary unaudited information and management estimates for the three months ended September 30, 2016, and subject to the completion of its financial closing procedures, the Company now expects revenue of $130 million to $133 million, GAAP net income of $28 million to $31 million, non-GAAP net income of $34 million to $37 million, GAAP diluted earnings per share of $0.68 to $0.75 and non-GAAP diluted earnings per share of $0.83 to $0.90 for the three months ended September 30, 2016. See “Use of Non-GAAP Financial Information and Reconciliations” below for a definition of non-GAAP net income and non-GAAP diluted earnings per share, a reconciliation in the form of a range of non-GAAP net income and non-GAAP diluted earnings per share to their nearest GAAP equivalents and information regarding the Company’s use of non-GAAP financial measures.

The Company has provided ranges for its preliminary results because its financial closing procedures for the three months ended September 30, 2016 are not yet complete. The above information was not prepared with a view toward complying with the guidelines established by the American Institute of Certified Public Accountants with respect to projected financial information, but, in the view of the Company’s management, was prepared on a reasonable basis, reflects the best currently available estimates and judgments, and presents, to the best of management’s knowledge and belief, the Company’s expectations for the three months ended September 30, 2016. Neither the Company’s independent auditors, nor any other independent accountants, have compiled, examined, or performed any procedures with respect to the above information, nor have they expressed any opinion or any other form of assurance on such information, and assume no responsibility for, and disclaim any association with, the above information. In addition, the foregoing information is subject to revision as the Company completes its financial closing procedures for the three months ended September 30, 2016. The results and other disclosures for the three months ended September 30, 2016 may differ materially from the above information as a result of, among other things, the important factors discussed under “Risk Factors” and elsewhere in the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the “SEC”) on October 4, 2016, the Company’s other filings with the SEC and other public announcements that the Company may make, by press release or otherwise, from time to time.

The above information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. In addition, the above information is not necessarily indicative of the results to be achieved for any future period and is subject to risks and uncertainties, many of which are not within the Company’s control. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted.

The following tables reconcile the most directly comparable GAAP financial measure to each of these non-GAAP financial measures.

Three Months Ended
September 30, 2016
Low End of Range High End of Range
(in thousands)

Net Income Reconciliation

GAAP net income

$27,800 $30,500

Stock-based compensation

6,750 6,600

Tax effect of stock-based compensation

(550) (400)

Non-GAAP net income

$34,000 $36,700

Three Months Ended
September 30, 2016
Low End of Range High End of Range

Diluted Earnings Per Share Reconciliation

GAAP diluted earnings per share

$0.68 $0.75

Stock-based compensation

0.17 0.16

Tax effect of stock-based compensation

(0.01) (0.01)

Non-GAAP diluted earnings per share

$0.83 $0.90

Estimated weighted-average shares used to compute GAAP and non-GAAP diluted earnings per share

40,750 40,750

Earnings per share amounts in the table above are based on actual values. Totals may not sum due to rounding.



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