SHANGPHARMA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANACIAL DATA (in thousands of U.S. dollars, except for ADS(1) data and per ADS data) | ||||
| Three months ended | |||
March 31, | ||||
2010 | 2011 | % | ||
GAAP gross profit | 6,940 | 8,000 | 15.3% | |
GAAP gross margin | 35.2% | 32.3% | ||
Adjustments: | ||||
Share-based compensation | 125 | 598 | 378.4% | |
Non-GAAP gross profit | 7,065 | 8,598 | 21.7% | |
Non-GAAP gross margin | 35.8% | 34.7% | | |
GAAP operating expenses | (3,815) | (5,522) | 44.7% | |
Adjustments: | ||||
Share-based compensation | 51 | 771 | 1411.8% | |
Non-GAAP operating expenses | (3,764) | (4,751) | 26.2% | |
GAAP profit from operations | 3,125 | 2,478 | -20.7% | |
GAAP operating margin | 15.8% | 10.0% | ||
Adjustments: | ||||
Share-based compensation | 176 | 1,369 | 677.8% | |
Non-GAAP profit from operations | 3,301 | 3,847 | 16.5% | |
Non-GAAP operating margin | 16.7% | 15.5% | | |
GAAP net income | 2,732 | 3,012 | 10.2% | |
GAAP net margin | 13.8% | 12.2% | ||
Adjustments: | ||||
Share-based compensation | 176 | 1,369 | 677.8% | |
Non-GAAP net income | 2,908 | 4,381 | 50.7% | |
Non-GAAP net margin | 14.7% | 17.7% | | |
GAAP net income attributable to ShangPharma Corporation's ordinary shareholders per ADS, diluted : | 0.18 | 0.16 | -11.1% | |
Adjustments: | ||||
Share-based compensation | 0.01 | 0.07 | | |
Non-GAAP net income attributable to ShangPharma Corporation's ordinary shareholders per ADS, diluted: | 0.19 | 0.23 | 21.1% | |
Weighted average ADS outstanding - basic (Non-GAAP) | 11,555,888 | 18,644,444 | ||
Weighted average ADS outstanding - diluted (Non-GAAP) | 11,606,506 | 18,947,692 | ||
(1) Each ADS represents 18 ordinary shares. | ||||