pcti-8k_20170930.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported)

November 8, 2017

 

 

PCTEL, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

 

Delaware

 

000-27115

 

77-0364943

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer
Identification No.)

471 Brighton Drive

Bloomingdale, Illinois 60108

(Address of Principal Executive Offices, including Zip Code)

(630) 372-6800

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12(b))

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 

 


 

 

Item 2.02 Results of Operations and Financial Condition

The following information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On November 8, 2017, PCTEL, Inc. issued a press release regarding its financial results for its third fiscal quarter ended September 30, 2017.  The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

 

(d)

Exhibits.

 

99.1

Press release, dated November 8, 2017, of PCTEL, Inc. announcing its financial results for its third fiscal quarter ended September 30, 2017.

 


 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  November 9, 2017

 

 

 

 

 

 

PCTEL, INC.

 

 

By:

 

/s/ John W. Schoen

 

pcti-ex991_6.htm

EXHIBIT 99.1

  

PCTEL Reports $23.7 Million in Third Quarter Revenue

 

BLOOMINGDALE, Ill. – November 8, 2017 – PCTEL, Inc. (NASDAQ: PCTI), a leader in Performance Critical TELecom solutions, announced its results for the third quarter and the three quarters ended September 30, 2017.

 

Highlights From Continuing Operations

 

 

Revenue of $23.7 million in the third quarter and $68.1 million year to date, an 13% increase in the quarter and a 11% increase year to date compared to last year. Connected Solutions revenue was up 5% in the quarter and 9% year to date. RF Solutions was up 50% in the quarter and up 16% year to date.

 

 

Gross profit margin of 42.9% in the third quarter and 41.9% year to date, up 340 basis points in the quarter and up 170 basis points year to date compared to last year.

 

 

Net income per diluted share of $0.04 in the third quarter and $0.04 year to date, compared to net income per diluted share of $0.01 per share in the quarter and a loss of $0.51 year to date last year.  

 

 

Non-GAAP net income and adjusted EBITDA are measures the company uses to reflect the results of its core earnings. A reconciliation of those non-GAAP measures to our financial statements is provided later in the press release.

 

 

Non-GAAP net income per diluted share of $0.09 in the third quarter and $0.19 year to date, up $0.04 in the quarter and $0.06 year to date compared to last year.

 

 

Adjusted EBITDA margin as a percent of revenue of 11% in the third quarter and 9% year to date, up 270 basis points in the quarter and 110 basis points year to date compared to last year.

 

 

$36.5 million of cash and short-term investments and no debt at September 30, 2017. The Company generated free cash flow (cash flow from operations less capital spending) from continuing operations of approximately $2.1 million in the quarter and $5.0 million year to date.

 

“We are pleased to see revenue growth in both segments. Fleet and utilities markets continue to lead the growth in antennas and we closed several large scanning receiver deals through our OEM partners in the quarter.” said David Neumann, PCTEL’s CEO.  “PCTEL is well positioned to take advantage of the long-term growth opportunities in Industrial IoT, small cells and 5G, which require both performance critical antenna solutions and RF test equipment.”

 

 

CONFERENCE CALL / WEBCAST  


PCTELs management team will discuss the Companys results today at 4:30 p.m. ET. The call can be accessed by dialing (888) 782-2072 (U.S. / Canada) or (706) 679-6397 (International), conference ID: 47850702. The call will also be webcast at http://investor.pctel.com/events.cfm.

REPLAY: A replay will be available for two weeks after the call on either the website listed above or by calling (855) 859-2056 (U.S./Canada), or International (404) 537-3406, conference ID: 47850702.

 

About PCTEL

PCTEL, Inc. provides Performance Critical TELecom technology solutions. We are a leading global supplier of antennas and wireless network testing solutions. Our precision antennas are deployed in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in equipment and devices for the Industrial Internet of Things (IIoT). We offer in-house design, testing, radio integration, and manufacturing capabilities for our antenna customers. PCTEL’s test and measurement tools improve the performance of wireless networks globally, with a focus on LTE, public safety, and emerging 5G technologies. Network operators, neutral hosts, and equipment manufacturers rely on our scanning receivers and testing solutions to analyze, design, and optimize their networks.

 

For more information, please visit our website at http://www.pctel.com/.

 

PCTEL Safe Harbor Statement

This press release and our related comments in our earnings conference call contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Specifically, the statements regarding our future financial performance, growth of our Connected Solutions and RF Solutions businesses, anticipated demand for certain products (including antennas for small cell, enterprise WiFi, IoT and FirstNet applications), the impact of digital automation and the anticipated growth of public and private wireless systems are forward-looking statements within the meaning of the safe harbor. These statements are based on management’s current expectations and actual results may differ materially from those projected as a result of certain risks and uncertainties, including the impact of data densification and IoT on capacity and coverage demand, impact of 5G, customer demand for these types of products and services generally, growth and continuity in PCTEL’s vertical markets, and PCTEL’s ability to grow its wireless products business and create, protect and implement new technologies and solutions. These and other risks and uncertainties are detailed in PCTEL's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and PCTEL disclaims any obligation to update or revise the information contained in any forward-looking statement, whether as a result of new information, future events or otherwise.

 

# # #

For further information contact:

 

John SchoenMichael Rosenberg

CFODirector of Marketing

PCTEL, Inc.PCTEL, Inc.

(630) 372-6800(301) 444-2046

public.relations@pctel.com

 

 


 

PCTEL, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

 

 

(unaudited)

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2017

 

 

2016

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,527

 

 

$

14,855

 

Short-term investment securities

 

 

29,979

 

 

 

18,456

 

Accounts receivable, net of allowance for doubtful accounts of $302 and $273 at

   September 30, 2017 and December 31, 2016, respectively

 

 

18,530

 

 

 

19,101

 

Inventories, net

 

 

12,828

 

 

 

14,442

 

Prepaid expenses and other assets

 

 

966

 

 

 

1,498

 

Current assets held for sale

 

 

0

 

 

 

50

 

Total current assets

 

 

68,830

 

 

 

68,402

 

Property and equipment, net

 

 

12,227

 

 

 

11,833

 

Goodwill

 

 

3,332

 

 

 

3,332

 

Intangible assets, net

 

 

2,403

 

 

 

3,275

 

Deferred tax assets, net

 

 

5,344

 

 

 

4,512

 

Other noncurrent assets

 

 

69

 

 

 

36

 

Non-current assets held for sale

 

 

0

 

 

 

776

 

TOTAL ASSETS

 

$

92,205

 

 

$

92,166

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

5,185

 

 

$

6,073

 

Accrued liabilities

 

 

6,734

 

 

 

7,177

 

Total current liabilities

 

 

11,919

 

 

 

13,250

 

 

 

 

 

 

 

 

 

 

Other long-term liabilities

 

 

430

 

 

 

391

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

12,349

 

 

 

13,641

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized, 17,762,694 and 17,335,122

   shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively

 

 

18

 

 

 

17

 

Additional paid-in capital

 

 

134,441

 

 

 

134,480

 

Accumulated deficit

 

 

(54,508

)

 

 

(55,590

)

Accumulated other comprehensive loss

 

 

(95

)

 

 

(382

)

Total stockholders’ equity

 

 

79,856

 

 

 

78,525

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

92,205

 

 

$

92,166

 

 

 

 

 

 

 

 

 

 

 



 

PCTEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

23,665

 

 

$

20,892

 

 

$

68,136

 

 

$

61,383

 

COST OF REVENUES

 

 

13,515

 

 

 

12,637

 

 

 

39,570

 

 

 

36,735

 

GROSS PROFIT

 

 

10,150

 

 

 

8,255

 

 

 

28,566

 

 

 

24,648

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

2,757

 

 

 

2,451

 

 

 

8,141

 

 

 

7,581

 

Sales and marketing

 

 

3,230

 

 

 

3,116

 

 

 

9,394

 

 

 

9,070

 

General and administrative

 

 

3,146

 

 

 

2,847

 

 

 

10,081

 

 

 

9,031

 

Amortization of intangible assets

 

 

124

 

 

 

124

 

 

 

372

 

 

 

408

 

Restructuring expenses

 

 

0

 

 

 

17

 

 

 

0

 

 

 

233

 

Total operating expenses

 

 

9,257

 

 

 

8,555

 

 

 

27,988

 

 

 

26,323

 

OPERATING INCOME (LOSS)

 

 

893

 

 

 

(300

)

 

 

578

 

 

 

(1,675

)

Other income, net

 

 

32

 

 

 

35

 

 

 

74

 

 

 

49

 

INCOME (LOSS) BEFORE INCOME TAXES

 

 

925

 

 

 

(265

)

 

 

652

 

 

 

(1,626

)

(Benefit) expense for income taxes

 

 

206

 

 

 

(354

)

 

 

(68

)

 

 

6,603

 

NET INCOME (LOSS) FROM CONTINUING OPERATIONS

 

 

719

 

 

 

89

 

 

 

720

 

 

 

(8,229

)

NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT (EXPENSE)

 

 

236

 

 

 

86

 

 

 

(148

)

 

 

(4,125

)

NET INCOME (LOSS)

 

$

955

 

 

$

175

 

 

$

572

 

 

$

(12,354

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) per Share From Continuing Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.04

 

 

$

0.01

 

 

$

0.04

 

 

$

(0.51

)

Diluted

 

$

0.04

 

 

$

0.01

 

 

$

0.04

 

 

$

(0.51

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) per Share From Discontinued Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.01

 

 

$

0.01

 

 

$

(0.01

)

 

$

(0.26

)

Diluted

 

$

0.01

 

 

$

0.01

 

 

$

(0.01

)

 

$

(0.26

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.06

 

 

$

0.01

 

 

$

0.03

 

 

$

(0.77

)

Diluted

 

$

0.06

 

 

$

0.01

 

 

$

0.03

 

 

$

(0.77

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

16,757

 

 

 

16,106

 

 

 

16,526

 

 

 

16,136

 

Diluted

 

 

17,065

 

 

 

16,245

 

 

 

16,830

 

 

 

16,136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividend per share

 

$

0.055

 

 

$

0.05

 

 

$

0.155

 

 

$

0.15

 

 



 

PCTEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

 

  

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

.

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

720

 

 

$

(8,229

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

1,913

 

 

 

1,994

 

Intangible asset amortization

 

 

872

 

 

 

908

 

Stock-based compensation

 

 

2,458

 

 

 

3,069

 

Loss on disposal/sale of property and equipment

 

 

18

 

 

 

4

 

Restructuring costs

 

 

(88

)

 

 

112

 

Deferred tax provision

 

 

(282

)

 

 

6,332

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

710

 

 

 

2,946

 

Inventories

 

 

1,809

 

 

 

2,793

 

Prepaid expenses and other assets

 

 

509

 

 

 

306

 

Accounts payable

 

 

(1,078

)

 

 

(1,360

)

Income taxes payable

 

 

(154

)

 

 

(153

)

Other accrued liabilities

 

 

(426

)

 

 

(857

)

Deferred revenue

 

 

95

 

 

 

12

 

Net cash provided by operating activities

 

 

7,076

 

 

 

7,877

 

 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(2,097

)

 

 

(1,550

)

Proceeds from disposal of property and equipment

 

 

1

 

 

 

1

 

Purchases of investments

 

 

(37,579

)

 

 

(47,552

)

Redemptions/maturities of short-term investments

 

 

26,056

 

 

 

54,181

 

Net cash (used in) provided by investing activities

 

 

(13,619

)

 

 

5,080

 

 

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

 

1,375

 

 

 

649

 

Payments for repurchase of common stock

 

 

0

 

 

 

(4,095

)

Payment of withholding tax on stock-based compensation

 

 

(1,190

)

 

 

(365

)

Principle payments on capital leases

 

 

(64

)

 

 

(34

)

Cash dividends

 

 

(2,730

)

 

 

(2,589

)

Net cash used in financing activities

 

 

(2,609

)

 

 

(6,434

)

 

 

 

 

 

 

 

 

 

Cash flows from discontinued operations:

 

 

 

 

 

 

 

 

      Net cash used in operating activities

 

 

(697

)

 

 

(321

)

      Net cash provided by (used in) investing activities

 

 

1,434

 

 

 

(149

)

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

 

 

(8,415

)

 

 

6,053

 

Effect of exchange rate changes on cash

 

 

87

 

 

 

(3

)

Cash and cash equivalents, beginning of year

 

 

14,855

 

 

 

7,055

 

Cash and Cash Equivalents, End of Period

 

$

6,527

 

 

$

13,105

 

 

 

 


PCTEL, INC.

 

P&L INFORMATION BY SEGMENT - Continuing Operations (unaudited)

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2017

 

 

Nine Months Ended September 30, 2017

 

 

 

Connected Solutions

 

 

RF Solutions

 

 

Corporate

 

 

Total

 

 

Connected Solutions

 

 

RF Solutions

 

 

Corporate

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

17,988

 

 

$

5,739

 

 

$

(62

)

 

$

23,665

 

 

$

52,125

 

 

$

16,157

 

 

$

(146

)

 

$

68,136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

6,148

 

 

 

4,006

 

 

 

(4

)

 

 

10,150

 

 

 

17,283

 

 

 

11,275

 

 

 

8

 

 

 

28,566

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING (LOSS) INCOME

 

$

2,684

 

 

$

883

 

 

$

(2,674

)

 

$

893

 

 

$

6,775

 

 

$

2,319

 

 

$

(8,516

)

 

$

578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2016

 

 

Nine Months Ended September 30, 2016

 

 

 

Connected Solutions

 

 

RF Solutions

 

 

Corporate

 

 

Total

 

 

Connected Solutions

 

 

RF Solutions

 

 

Corporate

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

17,136

 

 

$

3,814

 

 

$

(58

)

 

$

20,892

 

 

$

47,616

 

 

$

13,931

 

 

$

(164

)

 

$

61,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

5,771

 

 

 

2,497

 

 

 

(13

)

 

 

8,255

 

 

 

15,035

 

 

 

9,620

 

 

 

(7

)

 

 

24,648

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING (LOSS) INCOME

 

$

2,530

 

 

$

(467

)

 

$

(2,363

)

 

$

(300

)

 

$

5,625

 

 

$

344

 

 

$

(7,644

)

 

$

(1,675

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Reconciliation of GAAP to non-GAAP Results - Continuing Operations (unaudited)

 

(in thousands except per share information)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP operating income (loss) to non-GAAP operating income - Continuing Operations (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

$

893

 

 

$

(300

)

 

$

578

 

 

$

(1,675

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     -Cost of revenues

 

 

167

 

 

 

167

 

 

 

500

 

 

 

501

 

 

     -Operating expenses

 

 

124

 

 

 

124

 

 

 

372

 

 

 

408

 

 

Restructuring

 

 

0

 

 

 

17

 

 

 

0

 

 

 

233

 

 

TelWorx investigation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     -General & Administrative

 

 

0

 

 

 

0

 

 

 

0

 

 

 

4

 

 

Stock Compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     -Cost of revenues

 

 

68

 

 

 

78

 

 

 

200

 

 

 

219

 

 

         -Engineering

 

 

128

 

 

 

183

 

 

 

394

 

 

 

525

 

 

     -Sales & Marketing

 

 

116

 

 

 

176

 

 

 

362

 

 

 

477

 

 

         -General & Administrative

 

 

349

 

 

 

541

 

 

 

1,501

 

 

 

1,847

 

 

 

 

 

952

 

 

 

1,286

 

 

 

3,329

 

 

 

4,214

 

 

Non-GAAP Operating Income

 

$

1,845

 

 

$

986