Better Than Expected First Quarter Results; On
Track to Achieve Non-GAAP Profitability in Second Half of 2018
Radisys Corporation (NASDAQ: RSYS), a global leader of open
telecom solutions, today announced financial results for the first
quarter ended March 31, 2018.
First Quarter Summary
- Consolidated revenue of $26.2 million,
with Software-Systems revenue growth of 10% over prior year;
- GAAP gross margin of 26.6% and non-GAAP
gross margin of 32.8%;
- GAAP loss per share of ($0.16) and
non-GAAP loss per share of ($0.08), at the favorable-end of the
Company’s guidance range;
- Delivered orders totaling over $1
million in software revenue to a top MediaEngine channel partner
tied to accelerating end-customer voice-over-LTE deployments;
- Awarded orders totaling nearly $4
million for CORD services programs with an existing European Tier 1
customer and a new customer in India, both of which are expected to
be delivered in 2018; and
- Closed a previously announced $17
million senior note financing in January.
“First quarter revenue and EPS both met or exceeded the high-end
of our expectations given strong execution across the business,”
said Brian Bronson, Radisys President and Chief Executive Officer.
“Importantly, we are driving increased conversion of our pipeline
within Software-Systems, having secured multiple wins in the first
quarter through both direct sales and channel partners. This
included a significant award from a European Tier 1 service
provider as well as a new customer in India for development
services tied to CORD initiatives. We also experienced ongoing
strength in software deployments of MediaEngine with our largest
channel partner via multiple new end-customer awards.
“In addition to our growing pipeline and improving customer
conversion rate, we made fundamental progress toward transforming
our cost structure and balance sheet. Importantly, our first
quarter results do not yet fully reflect the significant
enhancements to the business that we have made. Closing our new
financing arrangements has enabled us to realign our operating
model and reduce anticipated second quarter expenses by over 30% as
compared to the third quarter of 2017. Coupled with increased
revenue growth in our Software-Systems business, which will drive
gross margin expansion over time, we remain on track to deliver
quarterly non-GAAP profitability in the second half of 2018.”
Software-Systems Results
For the first quarter of 2018, Software-Systems revenue was
$11.1 million, compared to $14.8 million in the prior quarter and
$10.1 million in the first quarter of 2017.
Gross margin was 49.2%, compared to 53.9% in the prior quarter
and 53.8% in the first quarter of 2017. Operating loss was $3.1
million, compared to operating income of $0.6 million in the prior
quarter and an operating loss of $3.3 million in the first quarter
of 2017.
Hardware Solutions Results
For the first quarter of 2018, Hardware Solutions revenue was
$15.0 million, compared to $17.5 million in the prior quarter and
$27.5 million in the first quarter of 2017. Revenue in the first
quarter of 2018 included approximately $5 million associated with
previously anticipated legacy customer last-time builds.
Gross margin was 20.7%, compared to (26.7)% in the prior quarter
and 17.4% in the first quarter of 2017. Operating income was $1.0
million, compared to an operating loss of $9.6 million in the prior
quarter and an operating loss of $1.3 million in the first quarter
of 2017.
Consolidated Results
For the first quarter of 2018, consolidated revenue was $26.2
million, compared to $32.3 million in the prior quarter and $37.6
million in the first quarter of 2017.
On a GAAP basis, gross margin in the first quarter of 2018 was
26.6%, compared to 4.2% in the prior quarter and 21.9% in the first
quarter of 2017. First quarter 2018 GAAP research and development
and selling, general, and administrative expenses were $11.0
million, compared to $12.7 million in the prior quarter and $15.9
million in the first quarter of 2017. The decline in operating
expenses over the comparable periods was primarily the result of
previously announced restructuring actions associated with the
Company’s Hardware Solutions business.
On a non-GAAP basis, first quarter 2018 gross margin was 32.8%,
compared to 40.4% in the prior quarter and 27.2% in the first
quarter of 2017. First quarter 2018 research and development and
selling, general and administrative expenses on a non-GAAP basis
were $10.7 million, compared to $12.3 million in the prior quarter
and $14.8 million in the first quarter of 2017.
For the first quarter of 2018, the Company recorded a GAAP net
loss of $6.4 million, or ($0.16) per share, compared to a GAAP net
loss of $19.6 million, or ($0.50) per share, in the prior quarter
and a GAAP net loss of $10.0 million, or ($0.26) per share, in the
first quarter of 2017. On a non-GAAP basis, the Company recorded a
net loss of $3.3 million, or ($0.08) per share, in the first
quarter of 2018, compared to a net loss of $0.3 million, or ($0.01)
per share, in the prior quarter and a net loss of $5.5 million, or
($0.14) per diluted share, in the first quarter of 2017.
Second Quarter 2018 Financial Guidance
- Revenue is expected to be between $20
and $22 million. Note the first quarter of 2018 included
approximately $5 million associated with legacy customer last-time
build revenue recognized in the first quarter.
- GAAP gross margin is expected to
approximate 29%. Non-GAAP gross margin is expected to be between
37% and 41% of sales.
- GAAP R&D and SG&A expenses are
expected to approximate $9.5 million. Non-GAAP R&D and SG&A
expenses are expected to approximate $9 million.
- GAAP loss is expected to range from
($0.18) to ($0.12) per share. Non-GAAP loss is expected to range
from ($0.08) to ($0.02) per share. Both GAAP and non-GAAP loss per
share are based on a projected 40 million shares outstanding.
Conference Call and Webcast Information
The Company will host a conference call to discuss first quarter
2018 results on May 1, 2018, at 5:00 p.m. ET. To participate in the
live conference call, dial 888-333-0027 in the U.S. and Canada or
706-634-4990 for all other countries and reference conference ID #
4996908. The live conference call will also be available via
webcast on the Radisys investor relations website at http://investor.radisys.com/.
A replay of the conference call will be available two hours
after the call is complete until 11:59 p.m. on May 15, 2018. To
access the replay, dial 855-859-2056 or 404-537-3406 and reference
conference ID# 4996908. A replay of the webcast will be available
for an extended period of time on the Radisys investor relations
website at http://investor.radisys.com/.
About Radisys
Radisys (NASDAQ: RSYS), a global leader in open telecom
solutions, enables service providers to drive disruption with new
open architecture business models. Radisys’ innovative
disaggregated and virtualized enabling technology solutions
leverage open reference architectures and standards, combined with
open software and hardware to power business transformation for the
telecom industry, while its world-class services organization
delivers systems integration expertise necessary to solve
communications and content providers’ complex deployment
challenges. For more information, visit www.Radisys.com.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements about the Company's business, financial
outlook and expectations for the second quarter of 2018. Actual
results could differ materially from the outlook guidance and
expectations in these forward-looking statements as a result of a
number of risk factors which are outlined in the Company’s most
recent Form 10-K and Form 10-Q filings with the Securities and
Exchange Commission (SEC), copies of which may be obtained by
contacting the Company at 503-615-1100, from the Company's investor
relations web site at http://investor.radisys.com/, or at the SEC's
website at http://www.sec.gov. Although forward-looking statements
help provide additional information about Radisys, investors should
keep in mind that forward-looking statements are inherently less
reliable than historical information. Should one or more of these
risks or uncertainties materialize (or the other consequences of
such a development worsen), or should underlying assumptions prove
incorrect, actual outcomes may vary materially from those
forecasted or expected. The Company believes its expectations and
assumptions are reasonable, but there can be no assurance that the
expectations reflected herein will be achieved. All information in
this press release is as of the date of this release. The Company
undertakes no duty to update any forward-looking statement to
conform the statement to actual results or changes in the Company's
expectations.
Non-GAAP Financial Measures
To supplement its consolidated financial statements in
accordance with generally accepted accounting principles (GAAP),
the Company's earnings release contains non-GAAP financial measures
that exclude certain expenses, gains and losses, such as the
effects of (a) amortization of acquired intangible assets, (b)
stock-based compensation expense, (c) restructuring and other
charges (reversals), net, (d) non-cash income tax expense, (e)
restructuring inventory adjustment, (f) amortization of financing
activities expenses, and (g) change in fair value of warrants. The
Company believes that the use of non-GAAP financial measures
provides useful information to investors to gain an overall
understanding of its current financial performance and its
prospects for the future. Specifically, the Company believes the
non-GAAP results provide useful information to both management and
investors by excluding certain expenses, gains and losses that the
Company believes are not indicative of its core operating results.
In addition, non-GAAP financial measures are used by management for
budgeting and forecasting as well as subsequently measuring the
Company's performance, and the Company believes that it is
providing investors with financial measures that most closely align
to its internal measurement processes. These non-GAAP measures are
considered to be reflective of the Company's core operating results
as they more closely reflect the essential revenue-generating
activities of the Company and direct operating expenses (resulting
in cash expenditures) needed to perform these revenue-generating
activities. The Company also believes, based on feedback provided
to the Company during its earnings calls' Q&A sessions and
discussions with the investment community, that the non-GAAP
financial measures it provides are necessary to allow the
investment community to construct their valuation models to better
align its results and projections with its competitors and market
sector, as there is significant variability and unpredictability
across companies with respect to certain expenses, gains and
losses.
The non-GAAP financial information is presented using a
consistent methodology from quarter-to-quarter and year-to-year.
These measures should be considered in addition to results prepared
in accordance with GAAP. In addition, these non-GAAP financial
measures are not based on any comprehensive set of accounting rules
or principles. The Company believes that non-GAAP financial
measures have limitations in that they do not reflect all of the
amounts associated with the Company's results of operations as
determined in accordance with GAAP and that these measures should
only be used to evaluate the Company's results of operations in
conjunction with the corresponding GAAP financial measures.
A reconciliation of non-GAAP information to GAAP information is
included in the tables below. The non-GAAP financial measures
disclosed by the Company should not be considered a substitute for
or superior to financial measures calculated in accordance with
GAAP, and reconciliations between GAAP and non-GAAP financial
measures included in this earnings release should be carefully
evaluated. The non-GAAP financial measures used by the Company may
be calculated differently from, and therefore may not be comparable
to, similarly titled measures used by other companies.
Radisys® is a registered trademark of
Radisys
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except per share amounts,
unaudited) Three Months Ended
March 31, 2018
2017 Revenues Product $ 17,642 $ 28,699 Service
8,548 8,911 Total revenues
26,190 37,610 Cost of sales: Product 12,308
22,175 Service 4,987 5,286 Amortization of purchased technology
1,927 1,927 Total cost of sales
19,222 29,388 Gross margin 6,968 8,222
Operating expenses: Research and development 3,686 6,480 Selling,
general and administrative 7,334 9,382 Intangible assets
amortization 198 1,260 Restructuring and other charges, net
1,571 235 Loss from operations (5,821 ) (9,135
) Change in fair value of warrant liability 1,852 — Interest
expense (1,430 ) (272 ) Other income (expense), net (181 )
(297 ) Loss before income tax expense (5,580 ) (9,704 )
Income tax expense 865 304 Net loss $
(6,445 ) $ (10,008 ) Net loss per share: Basic $ (0.16 ) $
(0.26 ) Diluted $ (0.16 ) $ (0.26 ) Weighted average shares
outstanding Basic 39,355 38,715 Diluted
39,355 38,715
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands,
unaudited) March 31,
December 31, 2018 2017 ASSETS Current
assets: Cash and cash equivalents $ 7,402 $ 8,124 Restricted cash
4,000 — Accounts receivable, net 29,590 32,820 Inventories, net
4,599 4,265 Other current assets 4,810 6,607
Total current assets 50,401 51,816 Property and equipment,
net 4,131 4,728 Intangible assets, net 4,737 6,862 Other assets,
net 2,372 2,623 Total assets $ 61,641
$ 66,029
LIABILITIES AND SHAREHOLDERS'
EQUITY Current liabilities: Accounts payable $ 13,916 $ 18,297
Deferred revenue 6,318 4,200 Other accrued liabilities 11,205
14,116 Line of credit 8,547 16,000 Short term obligations 6,000 —
Warrant liability 2,006 — Total current
liabilities 47,992 52,613 Long term debt obligations, net 6,364 —
Other long-term liabilities 6,942 6,866
Total liabilities 61,298 59,479
Shareholders' equity: Common stock 342,630 342,219
Accumulated deficit (342,627 ) (336,182 ) Accumulated other
comprehensive income 340 513 Total
shareholders’ equity 343 6,550 Total
liabilities and shareholders’ equity $ 61,641 $ 66,029
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (In thousands, unaudited)
Three Months Ended March 31, 2018
2017 Cash flows from
operating activities: Net loss $ (6,445 ) $ (10,008 )
Adjustments to reconcile net loss to net cash used in operating
activities: Depreciation and amortization 2,816 4,358 Amortization
of debt discount and issuance costs 888 — Stock-based compensation
expense 344 1,154 Inventory valuation allowance (332 ) 702 Change
in fair value of warranty liability (1,852 ) — Other 402 10 Changes
in operating assets and liabilities: Accounts receivable 3,226
(11,547 ) Inventories and deferred cost of sales (994 ) 8,681 Other
receivables 804 741 Accounts payable (4,683 ) (7,038 ) Deferred
revenue 1,845 1,578 Other operating assets and liabilities
(247 ) (3,142 ) Net cash used in operating activities
(4,228 ) (14,511 )
Cash flows from investing
activities: Capital expenditures (269 ) (1,803 )
Net cash used in investing activities (269 ) (1,803 )
Cash flows from financing activities: Borrowings on line of
credit, net (7,453 ) 15,000 Proceeds from borrowings on senior
notes 17,000 — Payments of debt issuance costs (1,861 ) — Other
financing activities, net 67 (84 ) Net cash
provided by financing activities 7,753 14,916
Effect of exchange rate changes on cash and cash equivalents
22 336
Net increase (decrease) in
cash and cash equivalents 3,278 (1,062 )
Cash and cash equivalents, beginning of period 8,124 33,087
Restricted cash and cash equivalents, beginning of period —
—
Cash, cash equivalents, and restricted
cash, beginning of period 8,124 33,087
Cash and cash equivalents, end of period 7,402 32,025
Restricted cash and cash equivalents, end of period 4,000
—
Cash, cash equivalents, and restricted
cash, end of period $ 11,402 $ 32,025
REVENUES, GROSS MARGIN AND INCOME (LOSS) FROM OPERATIONS
BY OPERATING SEGMENT (In thousands, unaudited)
Three Months Ended March 31,
2018 2017 Revenue
Software-Systems $ 11,148 $ 10,149 Hardware Solutions 15,042
27,461 Total revenues $ 26,190 $ 37,610
Three Months Ended March 31,
2018 2017 Gross margin
Software-Systems $ 5,486 $ 5,465 Hardware Solutions 3,107 4,781
Corporate and other (1,625 ) (2,024 ) Total gross
margin $ 6,968 $ 8,222
Three Months
Ended March 31, 2018
2017 Income (loss) from operations Software-Systems $
(3,121 ) $ (3,273 ) Hardware Solutions 1,008 (1,286 ) Corporate and
other (3,708 ) (4,576 ) Total loss from operations $
(5,821 ) $ (9,135 )
REVENUES BY GEOGRAPHY
(In thousands, unaudited) Three
Months Ended March 31, 2018
2017 North America $ 8,773 33.5 % $ 23,171
61.6 % Asia Pacific 5,202 19.9 5,419 14.4 Europe, the
Middle East and Africa 12,215 46.6
9,020 24.0 Total $ 26,190
100.0 % $ 37,610 100.0 %
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND AS A
PERCENT OF REVENUES (In thousands, except per share amounts,
unaudited) Three Months Ended
March 31, December 31,
March 31, 2018 2017
2017 GROSS MARGIN:
GAAP gross margin $ 6,968 26.6 %
$ 1,345 4.2 % $ 8,222
21.9 % (a) Amortization of acquired intangible assets 1,927 1,927
1,927 (b) Stock-based compensation 30 23 97 (e) Restructuring
inventory adjustment (332 )
9,745 —
Non-GAAP gross margin $ 8,593 32.8 % $
13,040 40.4 % $ 10,246
27.2 %
RESEARCH AND DEVELOPMENT: GAAP research and
development $ 3,686 14.1 % $ 5,303
16.4 % $ 6,480 17.2 % (b)
Stock-based compensation 61
22 230
Non-GAAP research and development $ 3,625
13.8 % $ 5,281 16.4 % $ 6,250
16.6 %
SELLING, GENERAL AND
ADMINISTRATIVE: GAAP selling, general and administrative $
7,334 28.0 % $ 7,347 22.8
% $ 9,382 24.9 % (b) Stock-based compensation
253 331
827 Non-GAAP
selling, general and administrative $ 7,081
27.0 % $ 7,016 21.7 % $ 8,555
22.7 %
INCOME (LOSS) FROM OPERATIONS: GAAP
loss from operations $ (5,821 ) (22.2 )% $ (17,027 )
(52.7 )% $ (9,135 ) (24.3 )% (a)
Amortization of acquired intangible assets 2,124 2,124 3,187 (b)
Stock-based compensation 344 376 1,154 (c) Restructuring and other
charges, net 1,571 5,525 235 (e) Restructuring inventory adjustment
(332 ) 9,745
— Non-GAAP income
(loss) from operations $ (2,114 ) (8.1 )% $ 743
2.3 % $ (4,559 ) (12.1 )%
NET INCOME (LOSS): GAAP net loss $ (6,445 )
(24.6 )% $ (19,631 ) (60.8 )% $ (10,008 )
(26.6 )% (a) Amortization of acquired intangible assets
2,124 2,124 3,187 (b) Stock-based compensation 344 376 1,154 (c)
Restructuring and other charges, net 1,571 5,525 235 (d) Income
taxes 446 1,583 (114 ) (e) Restructuring Inventory adjustment (332
) 9,745 — (f) Amortization of financing activities 862 — — (g)
Change in fair value of warrants (1,852 )
— —
Non-GAAP net income (loss) $ (3,282 )
(12.5 )% $ (278 ) (0.9 )% $ (5,546 )
(14.7 )% GAAP weighted average diluted shares 39,355 39,207
38,715 Dilutive equity awards included in
Non-GAAP earnings per share
— —
— Non-GAAP weighted
average diluted shares 39,355
39,207 38,715
GAAP net loss per share (diluted) $ (0.16 ) $
(0.50 ) $ (0.26 ) Non-GAAP adjustments detailed above 0.08
0.49
0.12 Non-GAAP net income (loss)
per share (diluted) $ (0.08 ) $ (0.01 )
$ (0.14 )
RECONCILIATION OF GAAP TO NON-GAAP GUIDANCE NET LOSS PER
SHARE (In millions, except per share amounts, unaudited)
Three Months Ended June 30, 2018
Low End High End GAAP net loss (7.3 )
(4.8 ) (a) Amortization of acquired intangible assets 2.1 2.1 (b)
Stock-based compensation 0.4 0.4 (c) Restructuring and
acquisition-related charges, net 0.7 0.5 (d) Income taxes 0.2 0.2
(e) Amortization of financing activities 0.7 0.7 Total adjustments
4.1 3.9 Non-GAAP net loss
(3.2 )
(0.9 ) GAAP weighted average shares 40,000
40,000 Non-GAAP adjustments — — Non-GAAP weighted
average shares
40,000 40,000
GAAP net loss per share (0.18 ) (0.12 ) Non-GAAP adjustments
detailed above 0.10 0.10 Non-GAAP net loss per share
(0.08 ) (0.02 )
RECONCILIATION OF GAAP TO NON-GAAP GUIDANCE GROSS
MARGIN (unaudited) Estimates at
the midpoint of the guidance range Three
Months Ended June 30, 2018 GAAP
29.1 % (a)
Amortization of acquired intangible assets 9.2 (b) Stock-based
compensation 0.2 (c) Restructuring and acquisition-related charges,
net 0.5 Non-GAAP
39.0 %
RECONCILIATION OF GAAP TO NON-GAAP GUIDANCE RESEARCH AND
DEVELOPMENT EXPENSE AND SELLING, GENERAL AND ADMINISTRATIVE
EXPENSE (In millions, unaudited)
Estimates at the midpoint of the guidance
range Three Months Ended June 30, 2018 GAAP
$ 9.5 (b) Stock-based compensation 0.4
Non-GAAP
$ 9.1
Non-GAAP financial measures includes the performance of
Software-Systems and Embedded Products and Hardware Services. The
Company excludes the following corporate and other expenses,
reversals, gains and losses from its non-GAAP financial measures,
when applicable:
(a) Amortization of acquired intangible assets:
Amortization of acquisition-related intangible assets primarily
relate to core and existing technologies, trade name and customer
relationships that were acquired with the acquisitions of
Continuous Computing and Pactolus. The Company excludes the
amortization of acquisition-related intangible assets because it
does not reflect the Company's ongoing business and it does not
have a direct correlation to the operation of the Company's
business. In addition, in accordance with GAAP, the Company
generally recognizes expenses for internally-developed intangible
assets as they are incurred, notwithstanding the potential future
benefit such assets may provide. Unlike internally-developed
intangible assets, however, and also in accordance with GAAP, the
Company generally capitalizes the cost of acquired intangible
assets and recognizes that cost as an expense over the useful lives
of the assets acquired. As a result of their GAAP treatment, there
is an inherent lack of comparability between the financial
performance of internally-developed intangible assets and acquired
intangible assets. Accordingly, the Company believes it is useful
to provide, as a supplement to its GAAP operating results, non-GAAP
financial measures that exclude the amortization of acquired
intangibles in order to enhance the period-over-period comparison
of its operating results, as there is significant variability and
unpredictability across companies with respect to this expense.
(b) Stock-based compensation: Stock-based compensation
consists of expenses recorded under GAAP, in connection with stock
awards such as stock options, restricted stock awards and
restricted stock units granted under the Company's equity incentive
plans and shares issued pursuant to the Company's employee stock
purchase plan. The Company excludes stock-based compensation from
non-GAAP financial measures because it is a non-cash measurement
that does not reflect the Company's ongoing business and because
the Company believes that investors want to understand the impact
on the Company of the adoption of the applicable GAAP surrounding
share based payments; the Company believes that the provision of
non-GAAP information that excludes stock-based compensation
improves the ability of investors to compare its period-over-period
operating results, as there is significant variability and
unpredictability across companies with respect to this expense.
(c) Restructuring and other charges, net: Restructuring
and other charges, net relates to costs associated with
non-recurring events. These include costs incurred for employee
severance, acquisition or divestiture activities, excess facility
costs, certain legal costs, asset related charges and other
expenses associated with business restructuring activities.
Restructuring and other charges are excluded from non-GAAP
financial measures because they are not considered core operating
activities. Although the Company has engaged in various
restructuring activities over the past several years, each has been
a discrete event based on a unique set of business objectives. The
Company does not engage in restructuring activities in the ordinary
course of business. As such, the Company believes it is appropriate
to exclude restructuring charges from its non-GAAP financial
measures because it enhances the ability of investors to compare
the Company's period-over-period operating results.
(d) Income taxes: Non-GAAP income tax expense is equal to
the Company's projected cash tax expense. Adjustments to GAAP
income tax expense are required to eliminate the recognition of tax
expense from profitable entities where we utilize deferred tax
assets to offset current period tax liabilities. We believe that
providing this non-GAAP figure is useful to our investors as it
more closely represents the true economic impact of our tax
positions.
(e) Restructuring inventory adjustment: Includes
inventory write-downs and benefits associated with non-recurring
events, predominantly tied to the Company’s decision to end-of-life
or discontinue certain products for which the Company has no future
ongoing demand. During 2017, the Company recorded such charges tied
to discrete product decisions within its Hardware-Solutions segment
associated with its DCEngine and certain legacy embedded products.
Restructuring inventory write-downs and benefits are excluded from
non-GAAP financial measures because they are not considered core
operating activities. Although the Company has incurred various
inventory write-downs over the past several years, they have
generally been associated with ongoing business activities. As
such, the Company believes it is appropriate to exclude end-of-life
and product discontinuance inventory write-downs and benefits
related to those write-downs from its non-GAAP financial measures
because it enhances the ability of investors to compare the
Company's period-over-period operating results.
(f) Amortization of financing activities: Amortization of
financing activities consists of expenses recorded under GAAP
related to the amortization of debt issuance costs, the
amortization of warrant issuance costs, and terminations costs
related to previous unamortized debt issuance costs from terminated
financing agreements. The Company excludes amortization of
financing activities because they are not considered to reflect the
core cash-generating performance of the business and therefore is
excluded from our non-GAAP results.
(g) Change in fair value of warrants: Represents the
change to the current fair value of the warranty liability. The
Company excludes the change in fair value of warrants from non-GAAP
financial measures because it is a non-cash measurement that does
not reflect the Company's ongoing business. The Company believes
that the provision of non-GAAP information that excludes changes in
fair value of warrants improves the ability of investors to compare
its period-over-period operating results, as there is significant
variability and unpredictability based on the current fair value of
the underlying warrants.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180501006450/en/
Company ContactRadisys CorporationJon Wilson,
503-615-1685Chief Financial
Officerjon.wilson@radisys.comorInvestor ContactShelton
GroupBrett L. Perry, 214-272-0070bperry@sheltongroup.com
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