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businesswire

Brocade Reports Q2 FY 2009 Results

Revenue Up 43 Percent Year-Over-Year, 17 Percent Sequentially


  • Press Release
  • Source: Brocade
  • On 7:00 am EDT, Thursday May 21, 2009

SAN JOSE, Calif.--(BUSINESS WIRE)--Brocade® (NASDAQ:BRCD - News) today reported financial results for its second fiscal quarter, which ended May 2, 2009. Brocade reported Q2 revenues of $506.3 million, a 17% quarter on quarter growth and a 43% year on year growth.

Commenting on Brocade's second quarter financial results, Michael Klayko, Brocade CEO, said:

“Brocade had another outstanding quarter where we achieved record revenues driven by strong customer demand for our end-to-end networking solutions. We are executing well to our long-term business-growth strategy with the rapid integration of the Foundry business, securing new routes-to-market for our IP networking portfolio, and leveraging our OEM and channel partner relationships to expand our footprint in the industry.”

Second Fiscal Quarter 2009 Business Highlights

Partnership Announcements

  • Brocade announced that IBM will rebrand and sell a set of Brocade enterprise IP networking products through the IBM global sales force and authorized IBM Business Partners, extending the existing relationship between Brocade and IBM for storage area networking products;
  • Brocade became the manufacturing and marketing partner for the new HP Virtual Connect 8 Gbps 24-port Fibre Channel module to provide leading storage area network connectivity within the new HP BladeSystem Matrix virtualization offering;
  • Brocade announced the new Brocade Technology Alliance Partner Program to develop new business opportunities and long-term strategic alliances by delivering comprehensive, proven, and customized joint technology solutions to enterprises and service providers;

Product Introductions

Executive and Corporate Leadership

Customer Wins

Second Fiscal Quarter 2009 Financial Highlights and Additional Financial Information (3)

  • In Q2 09, Brocade achieved record revenue of $506.3 million, a 17% quarter on quarter growth and a 43% year on year growth.
  • Brocade reported GAAP net loss of $63.1 million or $(0.16) per share diluted, and net income of $47.1 million or $0.11 per share diluted on a non-GAAP basis.
  • Brocade's total installed base of SAN ports was approximately 21.8 million.
  • In Q2 09, Average Selling Price (ASP) declines were in the low single digits compared to Q1 09.
  • In Q2 09, net stock-based compensation expense was $40.1 million.
  • Brocade’s GAAP effective tax rate was 28.2%, and its non-GAAP effective tax-rate was 32.1% in Q2 09.
    Q2 2009     Q1 2009     Q2 2008
Revenue $506.3 M $431.6 M $354.9 M
GAAP net income (loss) $(63.1) M $(26.0) M $91.4 M
GAAP EPS – diluted ($0.16) M ($0.07) $0.23
Non-GAAP net income $47.1 M $63.6 M $59.7 M
Non-GAAP EPS – diluted $0.11 $0.15 $0.15
Non-GAAP gross margin 56.20% 59.70% 61.10%
Non-GAAP operating margin 18.80% 26.10% 22.90%
Cash provided by (used in) operations $107.3 M $(163.8) M $198.3 M
Normalized cash provided by operations $107.3 M $46.0 M $198.3 M
Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. A detailed reconciliation between GAAP and non-GAAP information is contained in the tables included herein.
 

As a % of total revenues

Q2 2009 Q1 2009 Q2 2008
OEM revenues 62% 76% 86%
Channel/Direct revenues 38% 24% 14%
10% or greater customer revenues 43% 56% 65%
Domestic revenues (1) 69% 64% 62%
International revenues (1) 31% 36% 38%
Service revenues 17% 16% 17%
Data Storage Revenue 58% 72% 83%

IP Products Revenue

24%

12%

1%

Stackable % of IP Revenues (2)

26%

27%

28%

Chassis % of IP Revenues (2)

74%

73%

72%

Enterprise% of IP Revenues (2)

78%

74%

74%

Service Providers % of IP Revenues (2)

22%

26%

26%

Global Services Revenue 17% 16% 17%
 

Q2 2009

Q1 2009 Q2 2008
Cash, cash equivalents and investments $236.9 M $215.9 M $796.5 M
Deferred revenues $244.4 M $226.7 M $103.0 M
Capital expenditures – non-campus related $ 15.7 M $ 12.6 M $ 14.1 M
Capital expenditures – campus related $21.9M $ 23.2 M 0
Total debt, net of discount $1,169M $1,240 M $169 M
Days sales outstanding 49 days 52 days 43 days
Employees at end of period 3,800 3,950 2,759

1. Based on Brocade estimates of adjustment for OEMs taking delivery of internationally bound shipments in the United States, end-user demand was 51% domestic and 49% international.

2. On a As If combined company basis.

3. Q2’09 is the first full quarter of combined operations post acquisition of Foundry.

Non-GAAP Financial Measures

This press release and the related conference call contain non-GAAP financial measures. In evaluating the Company's performance, management uses certain non-GAAP financial measures to supplement consolidated financial statements prepared under GAAP.

Management believes that non-GAAP net income and other non-GAAP financial measures used in this press release allow management to gain a better understanding of the Company's comparative operating performance from period-to-period and to its competitors' operating results. Management also believes these non-GAAP financial measures help indicate the Company’s baseline performance before gains, losses or charges that are considered by management to be outside ongoing operating results. Accordingly, management uses these non-GAAP financial measures for planning and forecasting of future periods and in making decisions regarding operations performance and the allocation of resources. Management believes these non-GAAP financial measures, when read in conjunction with the Company's GAAP financials, provide useful information to investors by offering:

  • the ability to make more meaningful period-to-period comparisons of the Company's ongoing operating results;
  • the ability to better identify trends in the Company's underlying business and perform related trend analysis;
  • a better understanding of how management plans and measures the Company's underlying business; and
  • an easier way to compare the Company's most recent results of operations against investor and analyst financial models.

Management excludes certain gains or losses and benefits or costs in determining non-GAAP net income that are the result of infrequent events or arise outside the ordinary course of our continuing operations. Management believes that it is appropriate to evaluate the Company's operating performance by excluding those items that are not indicative of ongoing operating results or limit comparability. Such items include: (i) legal fees associated with indemnification obligations to former directors and officers and other related costs, (ii) legal fees associated with certain pre-acquisition litigation, (iii) acquisition and integration costs (in connection with the Foundry acquisition), (iv) in-process research and development charge (in connection with the Foundry acquisition), (v) loss on sale of investments, and (vi) acquisition-related financing charges (in connection with the Foundry acquisition).

Management also excludes the following non-cash charges in determining non-GAAP net income: (i) stock-based compensation expense and (ii) amortization of purchased intangible assets, (iii) goodwill and acquisition related intangible impairment. Because of varying available valuation methodologies, subjective assumptions and the variety of award types, management believes that the exclusion of stock-based compensation allows for more accurate comparisons of our operating results to our peer companies. Management believes that the expense associated with the amortization of acquisition-related intangible assets is appropriate to be excluded because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have short lives and exclusion of the amortization expense allows comparisons of operating results that are consistent over time for the Company's newly acquired and long-held businesses.

Finally, management believes that it is appropriate to exclude the tax effects of the items noted above in order to present a more meaningful measure of non-GAAP net income.

Limitations. These non-GAAP financial measures have limitations, however, because they do not include all items of income and expense that impact the Company. Management compensates for these limitations by also considering the Company's GAAP results. The non-GAAP financial measures the Company uses are not prepared in accordance with, and should not be considered an alternative to, measurements required by GAAP, such as operating income, net income (loss) and net income (loss) per share, and should not be considered measures of the Company's liquidity. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. In addition, these non-GAAP financial measures may not be comparable to similar measures reported by other companies.

Second Fiscal Quarter 2009 Conference Call and Webcast Information

Brocade management will host a conference call to discuss second quarter 2009 results on Thursday, May 21, 2009, at 5:00 a.m. Pacific Standard Time. To access the live webcast, please visit Brocade's website at http://www.brcd.com at least 20 minutes prior to the call to download any necessary audio or plug-in software. A telephone replay will be available approximately two hours after the conference ends and will be available until 5:00 p.m. Pacific Standard Time on May 28, 2009. A replay of the conference call will be available via webcast at http://www.brcd.com for approximately twelve months.

Cautionary Statement

This press release contains statements that are forward-looking in nature, including statements regarding the Company’s market positioning and opportunities, and the integration of the Foundry acquisition. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties which may cause actual results to differ significantly from such estimates. The risks include, but are not limited to, the impact of the economic slowdown and the effect of changes in IT spending levels, the Company’s ability to realize the anticipated benefits from the acquisition of Foundry, the Company’s ability to successfully introduce new products and services on a timely basis, market competition, and the Company's ability to manage its business effectively in a rapidly evolving market. Certain of these and other risks are set forth in more detail in "Item 1A. Risk Factors" in Brocade's Quarterly Report on Form 10-Q for the fiscal quarter ended January 24, 2009. Brocade does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.

About Brocade

Brocade® (Nasdaq:BRCD - News) develops extraordinary networking solutions that enable today’s complex, data-intensive businesses to optimize information connectivity and maximize the business value of their data. For more information, visit www.brocade.com.

Brocade, the B-wing symbol, BigIron, DCX, Fabric OS, FastIron, IronPoint, IronShield, IronView, IronWare, JetCore, NetIron, SecureIron, ServerIron, StorageX, and TurboIron are registered trademarks, and DCFM, Extraordinary Networks, and SAN Health are trademarks of Brocade Communications Systems, Inc., in the United States and/or in other countries. All other brands, products, or service names are or may be trademarks or service marks of, and are used to identify, products or services of their respective owners.

© 2009 Brocade Communications Systems, Inc. All Rights Reserved.

BROCADE COMMUNICATIONS SYSTEMS, INC.

GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

     
Three Months Ended Six Months Ended
May 2,     April 26, May 2,     April 26,
  2009     2008     2009     2008  
 
Net revenues
Product $ 418,034 $ 295,584 $ 780,634 $ 593,529
Services   88,266     59,311     157,257     109,214  
Total net revenues 506,300 354,895 937,891 702,743
Cost of revenues
Product 199,374 116,628 350,565 234,404
Services   47,133     32,814     85,118     66,309  
Total cost of revenues   246,507     149,422     435,683     300,713  
Gross margin 259,793 205,453 502,208 402,030
Operating expenses:
Research and development 96,295 61,131 164,746 119,336
Sales and marketing 104,898 69,985 178,064 133,160
General and administrative 21,295 13,316 39,683 25,683
Legal fees associated with indemnification obligations, SEC investigation and other related costs 19,814 4,789 39,113 14,448
Provision for class action lawsuit — 160,000 — 160,000
Amortization of intangible assets 21,385 7,909 34,614 15,818
Acquisition and integration costs 2,391 — 3,344 —
Restructuring costs and facilities lease loss (benefits), net 2,329 (477 ) 2,329 (477 )
In-process research and development — — 26,900 —
Goodwill and Acquisition related intangibles impairment   53,306     —     53,306     —  
Total operating expenses   321,713     316,653     542,099     467,968  
(Loss) from operations (61,920 ) (111,200 ) (39,891 ) (65,938 )
Interest and other income/(expense), net 90 7,306 (3,721 ) 18,791
Interest expense (26,398 ) (1,760 ) (47,755 ) (3,281 )
Gain /(Loss) on investments, net   341     (4,725 )   (523 )   (6,949 )
Income (Loss) before provision for income taxes (87,887 ) (110,379 ) (91,890 ) (57,377 )
Income tax provision/(benefit)   (24,769 )   (201,757 )   (2,741 )   (168,600 )
Net income $ (63,118 ) $ 91,378   $ (89,149 ) $ 111,223  
 
Net income/(loss) per share – Basic $ (0.16 ) $ 0.24   $ (0.23 ) $ 0.29  
Net income/(loss) per share – Diluted $ (0.16 ) $ 0.23   $ (0.23 ) $ 0.28  
Shares used in per share calculation – Basic   387,143     374,827     381,673     379,010  
Shares used in per share calculation – Diluted   387,143     393,471     381,673     398,375  

BROCADE COMMUNICATIONS SYSTEMS, INC.

GAAP CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

   
May 2, October 25,
  2009     2008  
Assets
Current assets:
Cash and cash equivalents $ 222,626 $ 453,884
Short-term investments   14,239     152,741  
Total cash, cash equivalents and short-term investments 236,865 606,625
Accounts receivable, net 254,237 158,935
Inventories 65,765 21,362
Deferred tax asset 115,134 104,705
Prepaid expenses and other current assets   61,733     49,931  
Total current assets 733,734 941,558
 
Long-term marketable equity securities — 177,380
Long-term investments — 36,120
Restricted cash — 1,075,079
Property and equipment, net 373,562 313,379
Goodwill 1,693,103 268,977
Intangible assets, net 540,825 220,567
Non-current deferred tax asset 127,002 227,795
Other assets   31,370     37,793  
Total assets $ 3,499,596   $ 3,298,648  
 

Liabilities and Stockholders’ Equity

 

Current liabilities:

Accounts payable $ 140,498 $ 167,660
Accrued employee compensation 122,263 107,994
Deferred revenue 185,689 103,372
Current liabilities associated with facilities lease losses 14,017 13,422
Liability associated with class action lawsuit — 160,000
Revolving credit facility 14,050 —
Current portion of long-term debt 43,601 43,606
Convertible subordinated debt 170,741 —
Purchase commitments 28,212 17,332
Other accrued liabilities   64,048     88,472  
Total current liabilities 783,119 701,858
 
Long-term debt, net of current portion 940,365 1,011,399
Convertible subordinated debt — 169,660
Non-current liabilities associated with lease losses 15,102 15,007
Non-current deferred revenue 58,750 37,869
Non-current income tax liability 92,237 67,497
Other non-current liabilities 10,866 13,118
 
Stockholders’ equity
Common stock 1,723,641 1,393,299
Accumulated other comprehensive loss (10,155 ) (85,877 )
Accumulated deficit   (114,329 )   (25,182 )
Total stockholders’ equity   1,599,157     1,282,240  
Total liabilities and stockholders’ equity $ 3,499,596   $ 3,298,648  

BROCADE COMMUNICATIONS SYSTEMS, INC.

GAAP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three Months Ended May 2, 2009 and April 26, 2008

(in thousands)

(unaudited)

 
Three Months Ended
May 2,   April 26,
  2009     2008  
Cash flows from operating activities:
Net income (loss) $ (63,118 ) $ 91,378
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Release of valuation allowance — (185,176 )
Excess tax benefit from employee stock plans 651 5,009
Depreciation and amortization 54,377 28,635
(Gain) Loss on disposal of property and equipment 593 567
Amortization of debt issuance costs 5,077 —
Net (gains) losses on investments and marketable equity securities (342 ) 4,780
Provision for doubtful accounts receivable and sales allowances 3,079 1,620
Non-cash compensation expense 40,111 11,176
Capitalization of interest cost (2,000 ) —
In-process research and development — —
Non-cash facilities lease loss benefit (339 ) (477 )
Goodwill and Acquisition related intangibles impairment 53,306 —
Changes in assets and liabilities:
Accounts receivable (12,009 ) (10,116 )
Inventories 19,409 2,937
Prepaid expenses and other assets 19,381 (24,973 )
Deferred tax assets 651 (41 )
Accounts payable 15,443 13,791
Accrued employee compensation 6,739 18,713
Deferred revenue 17,767 4,282
Other accrued liabilities (49,721 ) (367 )
Liabilities associated with facilities lease losses (1,704 ) (2,365 )
Liability associated with class action lawsuit   —     160,000  
Net cash provided by (used in) operating activities   107,349     119,073  
 
Cash flows from investing activities:
Purchases of property and equipment (37,634 ) (14,072 )
Purchases of short-term investments (55 ) (26,656 )
Proceeds from sale of marketable equity securities and equity investments — 4,123
Proceeds from maturities and sale of short-term investments 10,168 121,145
Purchases of long-term investments — (8,275 )
Proceeds from maturities and sale of long-term investments 115 22,331
Decrease in restricted cash — —
Net cash paid in connection with acquisitions   —     (43,554 )
Net cash provided by (used in) investing activities   (27,406 )   55,042  
 
Cash flows from financing activities:
Payment related to the term loan (75,000 ) —
Common stock repurchases — (50,170 )
Excess tax benefit from employee stock plans (651 ) (5,009 )
Proceeds from issuance of common stock, net 28,638 6,876
Proceeds from revolving credit facility     —  
Net cash used in financing activities   (47,013 )   (48,303 )
 
Effect of exchange rate fluctuations on cash and cash equivalents   (341 )   1,131  
 
Net increase (decrease) in cash and cash equivalents 32,589 126,943
Cash and cash equivalents, beginning of period   190,038     386,590  
Cash and cash equivalents, end of period $ 222,627   $ 513,533  

BROCADE COMMUNICATIONS SYSTEMS, INC.

GAAP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Six Months Ended May 2, 2009 and April 26, 2008

(in thousands)

(unaudited)

 
Six Months Ended
May 2,   April 26,
  2009     2008  
Cash flows from operating activities:
Net income (loss) $ (89,149 ) $ 111,223
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Release of valuation allowance — (185,176 )
Excess tax benefit from employee stock plans 986 1,084
Depreciation and amortization 94,131 59,524
Loss on disposal of property and equipment 1,150 1,196
Amortization of debt issuance costs 6,699 —
Net losses on investments and marketable equity securities 518 6,447
Provision for doubtful accounts receivable and sales allowances 5,350 3,309
Non-cash compensation expense 58,192 19,647
Capitalization of interest cost (4,044 ) —
Goodwill and Acquisition related intangibles impairment 53,306 —
In-process research and development 26,900 —
Non-cash facilities lease loss benefit (339 ) (477 )
Changes in assets and liabilities:
Accounts receivable (24,053 ) 11,586
Inventories 33,806 5,599
Prepaid expenses and other assets 21,208 (21,703 )
Deferred tax assets 651 —
Accounts payable (48,637 ) (16,792 )
Accrued employee compensation (40,319 ) 2,597
Deferred revenue 35,448 9,988
Other accrued liabilities (23,200 ) 35,063
Liabilities associated with facilities lease losses (5,025 ) (4,841 )
Liability associated with class action lawsuit   (160,000 )   160,000  
Net cash provided by (used in) operating activities   (56,421 )   198,274  
 
Cash flows from investing activities:
Purchases of property and equipment (73,452 ) (31,251 )
Purchases of short-term investments (55 ) (101,575 )
Proceeds from sale of marketable equity securities and equity investments — 9,926
Proceeds from maturities and sale of short-term investments 146,465 298,446
Purchases of long-term investments — (37,731 )
Proceeds from maturities and sale of long-term investments 30,173 22,483
Decrease in restricted cash 1,075,079 —
Net cash paid in connection with acquisitions   (1,297,482 )   (43,554 )
Net cash provided by (used in) investing activities   (119,272 )   116,744  
 
Cash flows from financing activities:
Payment of senior underwriting fees related to the term loan (30,525 ) —
Payment related to the term loan (75,000 ) —
Common stock repurchases — (130,181 )
Excess tax benefit from employee stock plans (986 ) (1,084 )
Proceeds from issuance of common stock, net 37,186 14,699
Proceeds from revolving credit facility   14,050     —  
Net cash used in financing activities   (55,275 )   (116,566 )
 
Effect of exchange rate fluctuations on cash and cash equivalents   (290 )   (674 )
 
Net increase (decrease) in cash and cash equivalents (231,260 ) 197,778
Cash and cash equivalents, beginning of period   453,884     315,755  
Cash and cash equivalents, end of period $ 222,627   $ 513,533  

BROCADE COMMUNICATIONS SYSTEMS, INC.

RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME

(in thousands, except per share data)

(unaudited)

 
Three Months Ended
 

May 2, 2009

April 26, 2008

 
Net income on a GAAP basis $ (63,118 ) $ 91,378
Adjustments:
Stock-based compensation expense included in cost of revenues 6,825 2,371
Amortization of intangible assets expense included in cost of revenues 17,987 8,512
Legal fees associated with certain pre-acquisition litigation   —     458  
Total gross margin adjustments   24,812     11,341  
Legal fees associated with indemnification obligations, SEC investigation and other related costs 19,814 4,789
Stock-based compensation expense included in research and development 12,329 2,528
Stock-based compensation expense included in sales and marketing 14,684 3,146
Stock-based compensation expense included in general and administrative 6,273 3,131
Amortization of intangible assets expense included in operating expenses 21,385 7,909
Acquisition and integration costs 2,391 —
In-process research and development — (477 )
Restructuring costs and facilities lease losses (benefits), net 2,329 —
Goodwill and acquisition related intangibles impairment   53,306     —  
Total operating expense adjustments   132,511     21,026  
Total operating income adjustments 157,323 32,367
Loss on sale of investments, net — 4,189
Acquisition-related financing charges — —
Provision for class action lawsuit — 160,000
Income tax effect of adjustments   (47,079 )   (228,248 )
Non-GAAP net income $ 47,126   $ 59,686  
 
Non-GAAP net income per share – Basic $ 0.12   $ 0.16  
Non-GAAP net income per share – Diluted $ 0.11   $ 0.15  
Shares used in non-GAAP per share calculation – Basic   387,143     374,827  
Shares used in non-GAAP per share calculation – Diluted   432,331     393,471  

See explanation of non-GAAP information included herein.

BROCADE COMMUNICATIONS SYSTEMS, INC.

RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME (LOSS)

(in thousands, except per share amounts)

(unaudited)

 
Six Months Ended
 

May 2, 2009

April 26, 2008

 
Net income (loss) on a GAAP basis $ (89,149 ) $ 111,223
Adjustments:
Stock-based compensation expense included in cost of revenues 10,133 4,863
Amortization of intangible assets expense included in cost of revenues 29,955 19,841
Legal fees associated with certain pre-acquisition litigation   —     458  
Total gross margin adjustments   40,088     25,162  
Legal fees associated with indemnification obligations and other related costs 39,113 14,448
Stock-based compensation expense included in research and development 17,670 5,152
Stock-based compensation expense included in sales and marketing 20,873 5,132
Stock-based compensation expense included in general and administrative 9,515 4,502
Amortization of intangible assets expense included in operating expenses 34,614 15,818
Acquisition and integration costs 3,344 —
Restructuring costs and facilities lease losses (benefits), net 2,329 (477 )
In-process research and development 26,900 —
Goodwill and acquisition related intangibles impairment   53,306     —  
Total operating expense adjustments   207,664     44,575  
Total operating income adjustments 247,752 69,737
Loss on sale of investments, net — 6,004
Acquisition-related financing charges 4,366 —
Provision for class action lawsuit — 160,000

Income tax effect of adjustments

  (52,288 )   (223,042 )
Non-GAAP net income $ 110,681   $ 123,922  
 
Non-GAAP net income per share – basic $ 0.29   $ 0.33  
Non-GAAP net income per share – diluted $ 0.26   $ 0.32  
Shares used in non-GAAP per share calculation – basic   381,673     379,010  
Shares used in non-GAAP per share calculation – diluted   424,056     398,375  

See explanation of non-GAAP information included herein.

Contact:

Brocade
Public Relations
John Noh, 408-333-5108
jnoh@brocade.com
Investor Relations
John Patun, 408-333-6281
jpatun@brocade.com

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