UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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): May 15, 2018

Commission File Number: 000-55843

 

Techpoint, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

80-0806545

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

2550 N. First Street, #550

San Jose, CA 95131 USA

(408) 324-0588

(Address, including zip code, and telephone number,

including area code, of registrant’s principal executive offices)

 

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 Instructions 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)

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 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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 7.01 Regulation FD Disclosure.

On May 15, 2018 (Japanese Standard Time), Techpoint, Inc. (the “Company”) filed with the Tokyo Stock Exchange a Japanese report referred to as “Kessan Tanshin”, which contained the Company’s financial results for the quarter ended March 31, 2018 (the “Tanshin”).

The Tanshin is substantially the same as the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, except the following supplemental information is provided:

 

In the Tanshin, the Company includes a financial results forecast for the year ending December 31, 2018. These forecasted financial results remain unchanged as compared to the forecasted financial results for the year ending December 31, 2018 presented in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 14, 2018.  

 

The following table contains the financial results for the year ending December 31, 2018 (in thousands, except for per share amounts):

 

Year Ending December 31,

 

Revenue

 

 

Income from operations

 

 

Income before income taxes

 

 

Net income

 

2018

 

$

35,547

 

 

$

2,313

 

 

$

2,332

 

 

$

1,746

 

 

Year Ending December 31,

 

Basic EPS (1)

 

 

Diluted EPS (1)

 

2018

 

$

0.10

 

 

$

0.09

 

 

 

(1)

The forecasted basic and diluted EPS for the year ended December 31, 2018 was computed using a forecasted weighted average shares outstanding for the year ended December 31, 2018.

Note to financial results forecast: The above estimates are based on certain assumptions made by the Company’s management as of the date hereof.  These assumptions are based on management’s experience and perception of current conditions, trends, expected future developments and other factors believed to be appropriate in the circumstances.  Such estimates are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company and may cause the Company’s actual results to differ materially from the above estimates.  Although the Company’s management believes that these assumptions are reasonable, the Company cannot assure you that the Company’s business will develop in accordance with these estimates.  Investors are cautioned not to rely on these estimates as it is highly likely that actual results will differ, perhaps materially.  These risks include the risk factors detailed in the Company’s Securities and Exchange Commission filings, including the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. The Company’s independent auditors have not compiled or been involved in the preparation of the forecasted financial results for the year ending December 31, 2018. Accordingly, they assume no responsibility for the accuracy or presentation of this information.

 

In the Tanshin, for the year ending December 31, 2018, the Company includes a dividend forecast of nil.

 

 

In the Tanshin, for the three months ended March 31, 2018 and 2017, the Company presents non-GAAP income from operations based on the exclusion of stock-based compensation expense and non-GAAP net income based on the exclusion of stock-based compensation expense and the relating tax impact.

 

1


 

The following tables contain a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures (in thousands):

Three Months Ended March 31, 2018

 

Income (loss)

from operations

 

 

Net income

 

GAAP

 

$

(64

)

 

$

473

 

   Stock-based compensation expense

 

 

270

 

 

 

270

 

   Adjustment for taxes (1)

 

 

 

 

 

(46

)

Non-GAAP

 

$

206

 

 

$

697

 

 

 

 

 

 

 

 

 

 

   (1) Adjustment for taxes based on assumed 17% effective tax rate.

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2017

 

Income

from operations

 

 

Net income

 

GAAP

 

$

1,586

 

 

$

1,039

 

   Stock-based compensation expense

 

 

128

 

 

 

128

 

   Adjustment for taxes (1)

 

 

 

 

 

(51

)

Non-GAAP

 

$

1,714

 

 

$

1,116

 

 

 

 

 

 

 

 

 

 

   (1) Adjustment for taxes based on assumed 40% effective tax rate.

 

 

 

 

 

 

 

 

Note to non-GAAP financial information: The Company uses non-GAAP measures of adjusted income from operations and net income, which are adjusted from results based on GAAP to exclude certain expenses.  These non-GAAP financial measures may be provided to enhance the user’s overall understanding of the Company’s current financial performance and its prospects for the future.  Specifically, the Company’s management believes that non-GAAP results provide useful information to the Company’s board of directors, management and investors as these non-GAAP results exclude certain expenses that management believes are not indicative of the Company’s core operating results.  These non-GAAP results are some of the primary measurements management uses to assess the Company’s performance, allocate resources and plan for future periods.  Reported non-GAAP results should only be considered as supplemental to results prepared in accordance with GAAP, and not considered as a substitute for, or superior to, GAAP results.  These non-GAAP measures may differ from the non-GAAP measures reported by other companies in the Company’s industry.

 

In the Tanshin, financial statements denominated in Japanese yen are disclosed as supplementary information. The numbers were translated at 106.24 Japanese yen per U.S. dollar, which was the Telegraphic Transfer Middle Rate as per MUFG Bank, Ltd. (formerly Bank of TokyoMitsubishi UFJ) as of March 30, 2018.

The information in this Current Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section.  The information in this Current Report shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.


2


 

The Tanshin includes forward-looking statements that involve a number of risks and uncertainties, many of which are beyond the Company’s control. The Company’s actual results may differ from those anticipated or expressed in these forward-looking statements as a result of various factors, including those set forth in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 filed with the Securities and Exchange Commission, and the differences may be material. All statements other than statements of historical facts contained in the Tanshin, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “design,” “plan,” “project,” “intend,” “expect” or the negative version of these words and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those set forth in the Company’s Quarterly Report on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in the Tanshin may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Forward-looking statements include, but are not limited to, statements about:

 

our future financial performance, including our revenue, cost of sales and operating expenses;

 

our market opportunity and our ability to effectively manage or sustain our growth;

 

our ability to attract and retain end-customers in our current or future target markets;

 

our ability to continue to develop new technologies and obtain and maintain intellectual property rights protecting such technologies;

 

new product releases and timing;

 

anticipated trends, key factors and challenges in our business and the competition that we face;

 

our liquidity and working capital requirements;

 

our expectations regarding future payments of dividends; and

 

our expectations regarding future expenses and investments.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Any forward-looking statement made by us in the Tanshin speaks only as of the date on which it is made. We disclaim any duty to update any of these forward-looking statements after the date of the Tanshin, except as required by law.

3


 

SIGNATURES

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

 

 

 

Techpoint, Inc.

 

 

 

 

Date: May 15, 2018

 

By:

/s/ Fumihiro Kozato

 

 

 

Fumihiro Kozato

 

 

 

President and Chief Executive Officer

(Principal Executive Officer)

 

 

4