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Volterra Semiconductor Corp. (VLTR) filed Quarterly Report for the period ended 2011-09-30.
Volterra Semiconductor Corp. has a market cap of $587.9 million; its shares were traded at around $23.7 with a P/E ratio of 34.4 and P/S ratio of 3.8.
This is the annual revenues and earnings per share of VLTR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of VLTR.
Highlight of Business Operations:
Our net revenue was $104.9 million and $153.6 million in 2009 and 2010, respectively and $117.2 million for the nine months ending September 30, 2011. We generated net income of $10.9 million and $28.4 million in 2009 and 2010, respectively, and $15.0 million in the nine months ending September 30, 2011. As of September 30, 2011, we had retained earnings of $37.5 million.We recognize revenue on our sales upon shipment with a provision for estimated sales returns and allowances. A portion of our revenues come from customer orders that are both received and shipped against within the same quarter, or “turns business,” which is inherently difficult to forecast. We estimate turns business as a percent of net revenue as the ratio of net revenue less beginning backlog to net revenue making adjustments for the effect of sales return reserves or other adjustments to net revenue not included in backlog. Turns business was between 5% and 15% in the third quarter of 2011 compared to between 15% and 25% in the second quarter of 2011 and between 10% and 20% in the third quarter of 2010. If our turns business increases, forecasting revenue becomes more difficult. Generally, our current sales practice allows customers to, and customers routinely do, revise and cancel orders and reschedule delivery dates on relatively short notice pursuant to changes in the customer’s requirements. In addition, in circumstances where we have achieved our objectives in a period and have fulfilled our customers’ requirements or when we have limited or insufficient inventories available, we may delay shipment of orders. For these reasons, backlog has limited value as a predictor of future revenues.
Cost of Revenue and Gross Margin. Cost of revenue was $17.8 million for the three months ended September 30, 2011 and $16.1 million for the three months ended September 30, 2010, an increase of 11%. Gross margin was $23.6 million for the three months ended September 30, 2011 and $25.5 million for the three months ended September 30, 2010, a decrease of 8%. Gross margin as a percentage of net revenue was 57% for the three months ended September 30, 2011 compared to 61% for the three months ended September 30, 2010. The decrease in gross margin as a percentage of revenue for the three months ended September 30, 2011 compared to the three months ended September 30, 2010 was primarily due to the shift in product mix towards the consumer and portable market, which products currently have somewhat lower gross margin percentage than products in our other markets. The Company partially mitigated the decrease in gross margin percentage with cost reductions.
Cost of Revenue and Gross Margin. Cost of revenue was $50.3 million for the nine months ended September 30, 2011 and $44.9 million for the nine months ended September 30, 2010, an increase of 12%. Gross margin was $66.9 million for the nine months ended September 30, 2011 and $73.2 million for the nine months ended September 30, 2010, a decrease of 9%. Gross margin as a percentage of net revenue was 57% for the nine months ended September 30, 2011 and 62% for the nine months ended September 30, 2010. The decrease in the gross margin percentage as a percentage of revenue for the nine months ended September 30, 2011 compared to the nine months ended September 30, 2010 was primarily due to the shift in product mix towards the consumer and portable market, which products currently have a somewhat lower gross margin percentage than products in our other markets. The Company partially mitigated the decrease in gross margin percentage with cost reductions.
operating activities for the nine months ended September 30, 2011 was primarily due to net income of $15.0 million. The above increases in cash were partially offset by increases in accounts receivable of $1.7 million and a decrease in accrued liabilities of $2.8 million. The increase in accounts receivable was due to the timing of collections and the decrease in accrued liabilities was primarily due to a decrease in legal accruals and a decrease in profit-dependent accruals. The primary sources of cash from operations for the nine months ended September 30, 2010 was primarily due to net income of $25.0 million and an increase in accrued liabilities of $2.2 million. The increase in accrued liabilities is primarily due to profit-dependent accruals of $1.6 million. The above increases in cash were partially offset by increases in accounts receivable and inventories of $6.2 million and $2.5 million, respectively. The increase in accounts receivable was primarily due to increased revenues and the increase in inventories was primarily due to higher production levels.
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