Global supercomputer leader Cray Inc. (Nasdaq:CRAY) today announced
financial results for its first quarter ended March 31, 2018.
All figures in this release are based on U.S. GAAP unless
otherwise noted. A reconciliation of GAAP to non-GAAP measures is
included in the financial tables in this press release.
Revenue for the first quarter of 2018 was $79.6 million,
compared to $59.0 million in the first quarter of 2017. Net loss
for the first quarter of 2018 was $25.0 million, or $0.62 per
diluted share, compared to a net loss of $19.2 million, or $0.48
per diluted share in the first quarter of 2017. Non-GAAP net loss
was $21.4 million, or $0.53 per diluted share for the first quarter
of 2018, compared to non-GAAP net loss of $28.4 million, or $0.71
per diluted share in the first quarter of 2017.
Overall gross profit margin on a GAAP and non-GAAP basis for the
first quarter of 2018 was 34%, compared to 40% on a GAAP and
non-GAAP basis in the first quarter of 2017.
Operating expenses for the first quarter of 2018 were $51.8
million, compared to $56.1 million in the first quarter of 2017.
Non-GAAP operating expenses for the first quarter of 2018 were
$48.5 million, compared to $53.3 million in the first quarter of
2017.
As of March 31, 2018, cash, investments and restricted cash
totaled $147 million. Working capital at the end of the first
quarter was $332 million, compared to $354 million at December 31,
2017.
“We are off to a strong start to the year,” said Peter Ungaro,
president and CEO of Cray. “We completed several large
acceptances during the first quarter at sites around the world, a
few of these ahead of schedule. We had one of our strongest
bookings quarters in several years, what we believe is another
early sign that our target market is continuing to
strengthen. Among these new awards, we were selected by the
Japanese National Institutes for Quantum and Radiological Science
and Technology to deliver our latest generation XC supercomputer to
serve as their new flagship system. These are good examples of
our strong competitive position, which is key for us to drive
growth in 2018 and beyond.”
OutlookFor 2018, while a wide range of results
remains possible, Cray continues to expect revenue to grow in the
range of 10-15% over 2017. Revenue is expected to be about $110
million for the second quarter of 2018. For 2018, GAAP and non-GAAP
gross margins are expected to be in the low-30% range. Non-GAAP
operating expenses for 2018 are expected to be in the range of $190
million. For 2018, non-GAAP adjustments are expected to total about
$14 million, driven primarily by share-based compensation. For the
year, GAAP operating expenses are anticipated to be about $12
million higher than non-GAAP operating expenses, and GAAP gross
profit is expected to be about $2 million lower than non-GAAP gross
profit.
Based on this outlook, Cray’s effective GAAP and non-GAAP tax
rates for 2018 are both expected to be in the low-single digit
range, on a percentage basis.
Actual results for any future periods are subject to large
fluctuations given the nature of Cray’s business.
Recent Highlights
- In March, Cray announced that the National Institutes for
Quantum and Radiological Science and Technology (QST) in Japan
selected a Cray XC50 supercomputer to be its new flagship
supercomputing system. Once installed, the new system is expected
to be more than twice as powerful as the existing system.
- In March, Cray announced it was adding new options to its
line of CS-Storm GPU-accelerated servers as well as improved
fast-start Artificial Intelligence (AI) configurations, making it
easier for organizations implementing AI to get started on their
journey with AI proof-of-concept projects and pilot-to-production
use.
- In April, Paderborn University in Germany announced that
it selected a Cray CS500 cluster system as well as Cray’s
ClusterStor storage appliance. The supercomputer will feature FPGA
accelerators as well as the latest generation Intel Xeon
processors. It is expected to be put into production in 2018 and to
triple the performance of the previous flagship system.
- In April, Cray announced it is adding AMD EPYC processors
to its Cray CS500 product line. Cray has integrated and optimized
the Cray Programming Environment and libraries to enhance AMD EPYC
processor performance. The new system is expected to be generally
available in Summer 2018.
Conference Call InformationCray will host a
conference call today, Tuesday, May 1, 2018 at 1:15 p.m. PT
(4:15 p.m. ET) to discuss its first quarter ended March 31,
2018 financial results. To access the call, please dial into the
conference at least 10 minutes prior to the beginning of the call
at (855) 894-4205. International callers should dial (765) 889-6838
and use the conference ID #56308205. To listen to the audio
webcast, go to the Investors section of the Cray website at
www.cray.com/company/investors.
If you are unable to attend the live conference call, an audio
webcast replay will be available in the Investors section of the
Cray website for 180 days. A telephonic replay of the call will
also be available by dialing (855) 859-2056, international callers
dial (404) 537-3406, and entering the conference ID #56308205. The
conference call replay will be available for 72 hours, beginning at
4:45 p.m. PT on Tuesday, May 1, 2018.
Use of Non-GAAP Financial MeasuresThis press
release contains “non-GAAP financial measures” under the rules of
the U.S. Securities and Exchange Commission (“SEC”). A
reconciliation of U.S. generally accepted accounting principles, or
GAAP, to non-GAAP results is included in the financial tables
included in this press release. Management believes that the
non-GAAP financial measures that we have set forth provide
additional insight for analysts and investors and facilitate an
evaluation of Cray’s financial and operational performance that is
consistent with the manner in which management evaluates Cray’s
financial performance. However, these non-GAAP financial measures
have limitations as an analytical tool, as they exclude the
financial impact of transactions necessary or advisable for the
conduct of Cray’s business, such as the granting of equity
compensation awards, and are not intended to be an alternative to
financial measures prepared in accordance with GAAP. Hence, to
compensate for these limitations, management does not review these
non-GAAP financial metrics in isolation from its GAAP results, nor
should investors. Non-GAAP financial measures are not based on a
comprehensive set of accounting rules or principles. This non-GAAP
information supplements, and is not intended to represent a measure
of performance in accordance with, or disclosures required by GAAP.
These measures are adjusted as described in the reconciliation of
GAAP to non-GAAP numbers at the end of this release, but these
adjustments should not be construed as an inference that all of
these adjustments or costs are unusual, infrequent or
non-recurring. Non-GAAP financial measures should be considered in
addition to, and not as a substitute for or superior to, financial
measures determined in accordance with GAAP. Investors are advised
to carefully review and consider this non-GAAP information as well
as the GAAP financial results that are disclosed in Cray’s SEC
filings.
Additionally, we have not quantitatively reconciled the non-GAAP
guidance measures disclosed under “Outlook” to their corresponding
GAAP measures because we do not provide specific guidance for the
various reconciling items such as share-based compensation,
adjustments to the provision for income taxes, amortization of
intangibles, costs related to acquisitions, purchase accounting
adjustments, and gain on significant asset sales, as certain items
that impact these measures have not occurred, are out of our
control or cannot be reasonably predicted. Accordingly,
reconciliations to the non-GAAP guidance measures are not available
without unreasonable effort. Please note that the unavailable
reconciling items could significantly impact our financial
results.
About Cray Inc.Global supercomputing leader
Cray Inc. (Nasdaq:CRAY) provides innovative systems and solutions
enabling scientists and engineers in industry, academia and
government to meet existing and future simulation and analytics
challenges. Leveraging more than 40 years of experience in
developing and servicing the world’s most advanced supercomputers,
Cray offers a comprehensive portfolio of supercomputers and big
data storage and analytics solutions delivering unrivaled
performance, efficiency and scalability. Cray’s Adaptive
Supercomputing vision is focused on delivering innovative
next-generation products that integrate diverse processing
technologies into a unified architecture, allowing customers to
meet the market’s continued demand for realized performance. Go to
www.cray.com for more information.
Safe Harbor StatementThis press release
contains forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934 and Section 27A of the
Securities Act of 1933, including, but not limited to, statements
related to Cray’s financial guidance and expected operating
results, Cray’s competitive position in the high-end supercomputing
market and the timing of a rebound in that market, Cray’s ability
to grow in the future, and its product development, sales and
delivery plans. These statements involve current expectations,
forecasts of future events and other statements that are not
historical facts. Inaccurate assumptions and estimates as well as
known and unknown risks and uncertainties can affect the accuracy
of forward-looking statements and cause actual results to differ
materially from those anticipated by these forward-looking
statements. Factors that could affect actual future events or
results include, but are not limited to, the risk that Cray does
not achieve the operational or financial results that it expects,
the risk that Cray will not be able to secure orders for Cray
systems to be accepted in the future when or at the levels
expected, the risk that the segments of the high-end of the
supercomputing market that Cray targets do not recover from the
current downturn as early or as completely as expected or at all,
the risk that the systems ordered by customers are not delivered
when expected, do not perform as expected once delivered or have
technical issues that must be corrected before acceptance, the risk
that the acceptance process for delivered systems is not completed,
or customer acceptances are not received, when expected or at all,
the risk that Cray is not able to successfully sell products and
services in the big data, artificial intelligence and commercial
markets as expected or at all, the risk that Cray is not able to
reach new customers through cloud services offerings as expected or
at all, the risk that Cray is not able to expand and penetrate its
addressable market as expected or at all, the risk that the expense
and/or effort to address Cray systems at customer sites that have
issues with third party components or with Cray components,
including issues related to the “Spectre” and “Meltdown” processor
security vulnerabilities, is material, the risk that Cray is not
able to successfully complete its planned product development
efforts in a timely fashion or at all, the risk that the Cray
systems with AMD EPYC processors are not available with the
performance expected or when expected or at all, the risk that
government funding for research and development projects is less
than expected, the risk that new third-party processors and other
components for our systems are not available with the anticipated
performance, timing or pricing, the risk that Cray is not able to
achieve anticipated gross margin or expense levels and such other
risks as identified in Cray’s Quarterly Report on Form 10-Q for the
quarter ended March 31, 2018, and from time to time in other
reports filed by Cray with the SEC. You should not rely unduly on
these forward-looking statements, which apply only as of the date
of this release. Cray undertakes no duty to publicly announce or
report revisions to these statements as new information becomes
available that may change Cray’s expectations.
CRAY and the stylized CRAY mark are registered trademarks of
Cray Inc. in the United States and other countries, and CS-Storm
and the CS and XC families of supercomputers are trademarks of Cray
Inc.
CRAY INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited and in thousands, except per
share data)
|
|
|
|
|
Three Months Ended March
31, |
|
|
2018 |
|
2017 |
Revenue: |
|
|
|
|
Product |
|
$ |
44,454 |
|
|
$ |
21,128 |
|
Service |
|
35,140 |
|
|
37,903 |
|
Total
revenue |
|
79,594 |
|
|
59,031 |
|
Cost of revenue: |
|
|
|
|
Cost of
product revenue |
|
34,045 |
|
|
14,751 |
|
Cost of
service revenue |
|
18,597 |
|
|
20,471 |
|
Total
cost of revenue |
|
52,642 |
|
|
35,222 |
|
Gross profit |
|
26,952 |
|
|
23,809 |
|
Operating
expenses: |
|
|
|
|
Research
and development, net |
|
29,892 |
|
|
32,640 |
|
Sales and
marketing |
|
15,665 |
|
|
14,653 |
|
General
and administrative |
|
5,779 |
|
|
8,797 |
|
Restructuring |
|
476 |
|
|
— |
|
Total
operating expenses |
|
51,812 |
|
|
56,090 |
|
Loss from operations |
|
(24,860 |
) |
|
(32,281 |
) |
|
|
|
|
|
Other income (expense),
net |
|
(382 |
) |
|
1,042 |
|
Interest income,
net |
|
713 |
|
|
878 |
|
Loss before income taxes |
|
(24,529 |
) |
|
(30,361 |
) |
Income tax benefit
(expense) |
|
(479 |
) |
|
11,146 |
|
Net loss |
|
$ |
(25,008 |
) |
|
$ |
(19,215 |
) |
|
|
|
|
|
Basic net
loss per common share |
|
$ |
(0.62 |
) |
|
$ |
(0.48 |
) |
Diluted
net loss per common share |
|
$ |
(0.62 |
) |
|
$ |
(0.48 |
) |
|
|
|
|
|
Basic
weighted average shares outstanding |
|
40,436 |
|
|
39,994 |
|
Diluted
weighted average shares outstanding |
|
40,436 |
|
|
39,994 |
|
|
|
|
|
|
|
|
CRAY INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(Unaudited and in thousands, except share
data)
|
|
|
|
|
March 31, 2018 |
|
December 31, 2017 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
137,247 |
|
|
$ |
137,326 |
|
Restricted cash |
1,970 |
|
|
1,964 |
|
Short-term investments |
6,991 |
|
|
6,997 |
|
Accounts
and other receivables, net |
96,273 |
|
|
162,034 |
|
Inventory |
180,799 |
|
|
186,307 |
|
Prepaid
expenses and other current assets |
22,501 |
|
|
25,015 |
|
Total
current assets |
445,781 |
|
|
519,643 |
|
|
|
|
|
Long-term restricted
cash |
1,030 |
|
|
1,030 |
|
Long-term investment in
sales-type lease, net |
20,876 |
|
|
23,367 |
|
Property and equipment,
net |
36,855 |
|
|
36,623 |
|
Service spares,
net |
2,431 |
|
|
2,551 |
|
Goodwill |
14,182 |
|
|
14,182 |
|
Intangible assets other
than goodwill, net |
4,067 |
|
|
4,345 |
|
Deferred tax
assets |
1,372 |
|
|
1,106 |
|
Other non-current
assets |
13,921 |
|
|
15,910 |
|
TOTAL
ASSETS |
$ |
540,515 |
|
|
$ |
618,757 |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
21,513 |
|
|
$ |
57,207 |
|
Accrued
payroll and related expenses |
13,685 |
|
|
18,546 |
|
Other
accrued liabilities |
10,204 |
|
|
9,471 |
|
Customer
contract liabilities |
67,976 |
|
|
80,119 |
|
Total
current liabilities |
113,378 |
|
|
165,343 |
|
|
|
|
|
Long-term customer
contract liabilities |
34,393 |
|
|
38,622 |
|
Other non-current
liabilities |
13,866 |
|
|
14,495 |
|
TOTAL
LIABILITIES |
161,637 |
|
|
218,460 |
|
|
|
|
|
Shareholders’
equity: |
|
|
|
Preferred
stock — Authorized and undesignated, 5,000,000 shares; no shares
issued or outstanding |
— |
|
|
— |
|
Common
stock and additional paid-in capital, par value $.01 per share —
Authorized, 75,000,000 shares; issued and outstanding 40,645,003
and 40,464,963 shares, respectively |
637,783 |
|
|
633,408 |
|
Accumulated other comprehensive income |
183 |
|
|
915 |
|
Accumulated deficit |
(259,088 |
) |
|
(234,026 |
) |
TOTAL
SHAREHOLDERS’ EQUITY |
378,878 |
|
|
400,297 |
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
540,515 |
|
|
$ |
618,757 |
|
|
|
|
|
|
|
|
|
CRAY INC. AND
SUBSIDIARIESReconciliation of Selected U.S. GAAP
Measures to non-GAAP Measures(Unaudited; in
millions, except EPS)
|
|
|
|
|
Three Months Ended March 31,
2018 |
|
|
Net Loss |
|
Diluted EPS |
|
Operating Loss |
|
Gross Profit |
|
Operating Expenses |
GAAP |
|
$ |
(25.0 |
) |
|
$ |
(0.62 |
) |
|
$ |
(24.9 |
) |
|
$ |
27.0 |
|
|
$ |
51.8 |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation |
(1 |
) |
2.9 |
|
|
|
|
2.9 |
|
|
0.2 |
|
|
2.7 |
|
Amortization of
acquired and other intangibles |
(2 |
) |
0.3 |
|
|
|
|
0.3 |
|
|
0.2 |
|
|
0.1 |
|
Restructuring |
(3 |
) |
0.5 |
|
|
|
|
0.5 |
|
|
|
|
0.5 |
|
Income tax on
reconciling items |
(4 |
) |
(0.8 |
) |
|
|
|
|
|
|
|
|
Other items impacting
tax provision |
(5 |
) |
0.7 |
|
|
|
|
|
|
|
|
|
Total reconciling
items |
|
3.6 |
|
|
0.09 |
|
|
3.7 |
|
|
0.4 |
|
|
3.3 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP |
|
$ |
(21.4 |
) |
|
$ |
(0.53 |
) |
|
$ |
(21.2 |
) |
|
$ |
27.4 |
|
|
$ |
48.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
2017 |
|
|
Net Loss |
|
Diluted EPS |
|
Operating Loss |
|
Gross Profit |
|
Operating Expenses |
GAAP |
|
$ |
(19.2 |
) |
|
$ |
(0.48 |
) |
|
$ |
(32.3 |
) |
|
$ |
23.8 |
|
|
$ |
56.1 |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation |
(1 |
) |
2.7 |
|
|
|
|
2.7 |
|
|
0.1 |
|
|
2.6 |
|
Amortization of
acquired and other intangibles |
(2 |
) |
0.2 |
|
|
|
|
0.2 |
|
|
|
|
0.2 |
|
Income tax on
reconciling items |
(4 |
) |
(1.1 |
) |
|
|
|
|
|
|
|
|
Other items impacting
tax provision |
(5 |
) |
(11.0 |
) |
|
|
|
|
|
|
|
|
Total reconciling
items |
|
(9.2 |
) |
|
(0.23 |
) |
|
2.9 |
|
|
0.1 |
|
|
2.8 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP |
|
$ |
(28.4 |
) |
|
$ |
(0.71 |
) |
|
$ |
(29.4 |
) |
|
$ |
23.9 |
|
|
$ |
53.3 |
|
|
|
|
|
|
|
|
|
|
|
|
Notes |
|
|
|
|
|
|
|
|
|
|
(1)
Adjustments to exclude non-cash expenses related to share-based
compensation |
(2)
Adjustments to exclude amortization of acquired intangible and
other intangible assets |
(3)
Adjustments to exclude restructuring costs |
(4)
Adjustments associated with the estimated tax impact on non-GAAP
reconciling items at our marginal U.S. tax rate of approximately
21% for the current year period, and 35% for the prior year
comparative period |
(5) As
part of an alternative non-GAAP income measure, we have adjusted
GAAP taxes as reported including the impact to the GAAP tax
provision of the non-GAAP reconciling items (adjusted for note (4)
above). And when applicable, we also adjust for changes related to
the utilization or increase of our net operating loss carryforwards
and for changes in our valuation allowance held against deferred
tax assets and any applicable change in tax law, including the Tax
Cuts and Jobs Act of 2017. |
|
CRAY INC. AND
SUBSIDIARIESReconciliation of Selected U.S. GAAP
Measures to non-GAAP Measures(Unaudited; in
millions, except percentages)
|
|
|
|
|
Three Months Ended March 31,
2018 |
|
|
Product |
|
Service |
|
Total |
|
|
Gross Profit |
|
Gross Margin |
|
Gross Profit |
|
Gross Margin |
|
Gross Profit |
|
Gross Margin |
GAAP |
|
$ |
10.5 |
|
|
23 |
% |
|
$ |
16.5 |
|
|
47 |
% |
|
$ |
27.0 |
|
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation |
(1 |
) |
0.1 |
|
|
|
|
0.1 |
|
|
|
|
0.2 |
|
|
|
Amortization of
acquired and other intangibles |
(2 |
) |
0.2 |
|
|
|
|
— |
|
|
|
|
0.2 |
|
|
|
Total reconciling
items |
|
0.3 |
|
|
1 |
% |
|
0.1 |
|
|
— |
% |
|
0.4 |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP |
|
$ |
10.8 |
|
|
24 |
% |
|
$ |
16.6 |
|
|
47 |
% |
|
$ |
27.4 |
|
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
2017 |
|
|
Product |
|
Service |
|
Total |
|
|
Gross Profit |
|
Gross Margin |
|
Gross Profit |
|
Gross Margin |
|
Gross Profit |
|
Gross Margin |
GAAP |
|
$ |
6.4 |
|
|
30 |
% |
|
$ |
17.4 |
|
|
46 |
% |
|
$ |
23.8 |
|
|
40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation |
(1 |
) |
— |
|
|
|
|
0.1 |
|
|
|
|
0.1 |
|
|
|
Total reconciling
items |
|
— |
|
|
— |
% |
|
0.1 |
|
|
— |
% |
|
0.1 |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP |
|
$ |
6.4 |
|
|
30 |
% |
|
$ |
17.5 |
|
|
46 |
% |
|
$ |
23.9 |
|
|
40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Adjustments to exclude non-cash expenses related to share-based
compensation |
(2)
Adjustments to exclude amortization of acquired intangible and
other intangible assets |
|
CRAY INC. AND
SUBSIDIARIESReconciliation of GAAP to non-GAAP Net
Loss(Unaudited; in millions except per share
amounts and percentages)
|
|
|
|
|
Three Months Ended March
31, |
|
|
2018 |
|
2017 |
GAAP Net Loss |
|
$ |
(25.0 |
) |
|
$ |
(19.2 |
) |
|
|
|
|
|
Non-GAAP adjustments
impacting gross profit: |
|
|
|
|
Share-based
compensation |
(1 |
) |
0.2 |
|
|
0.1 |
|
Amortization of
acquired and other intangibles |
(2 |
) |
0.2 |
|
|
— |
|
Total adjustments
impacting gross profit |
|
0.4 |
|
|
0.1 |
|
|
|
|
|
|
Non-GAAP gross margin
percentage |
|
34 |
% |
|
40 |
% |
|
|
|
|
|
Non-GAAP adjustments
impacting operating expenses: |
|
|
|
|
Share-based
compensation |
(1 |
) |
2.7 |
|
|
2.6 |
|
Amortization of
acquired and other intangibles |
(2 |
) |
0.1 |
|
|
0.2 |
|
Restructuring |
(3 |
) |
0.5 |
|
|
— |
|
Total adjustments
impacting operating expenses |
|
3.3 |
|
|
2.8 |
|
|
|
|
|
|
Non-GAAP adjustments
impacting tax provision: |
|
|
|
|
Income tax on
reconciling items |
(4 |
) |
(0.8 |
) |
|
(1.1 |
) |
Other items
impacting tax provision |
(5 |
) |
0.7 |
|
|
(11.0 |
) |
|
|
(0.1 |
) |
|
(12.1 |
) |
|
|
|
|
|
Non-GAAP Net Loss |
|
$ |
(21.4 |
) |
|
$ |
(28.4 |
) |
|
|
|
|
|
Non-GAAP Diluted Net
Loss per common share |
|
$ |
(0.53 |
) |
|
$ |
(0.71 |
) |
|
|
|
|
|
Diluted weighted
average shares |
|
40.4 |
|
|
40.0 |
|
|
|
|
|
|
Notes |
|
|
|
|
(1)
Adjustments to exclude non-cash expenses related to share-based
compensation |
(2)
Adjustments to exclude amortization of acquired intangible and
other intangible assets |
(3)
Adjustments to exclude restructuring costs |
(4)
Adjustments associated with the estimated tax impact on non-GAAP
reconciling items at our marginal U.S. tax rate of approximately
21% for the current year period, and 35% for the prior year
comparative period |
(5) As
part of an alternative non-GAAP income measure, we have adjusted
GAAP taxes as reported including the impact to the GAAP tax
provision of the non-GAAP reconciling items (adjusted for note (4)
above). And when applicable, we also adjust for changes related to
the utilization or increase of our net operating loss carryforwards
and for changes in our valuation allowance held against deferred
tax assets and any applicable change in tax law, including the Tax
Cuts and Jobs Act of 2017. |
|
Cray Media: |
Investors: |
Juliet McGinnis |
Paul Hiemstra |
206/701-2152 |
206/701-2044 |
pr@cray.com |
ir@cray.com |
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