Rambus Reports Third Quarter Financial Results

_________

(1) Total stock-based compensation expense for the three and nine months ended September 30, 2015 and 2014 is presented as follows:

                             

Three Months Ended

September 30,

Nine Months Ended

September 30,

2015 2014 2015 2014
Cost of revenue $ 12 $ 12 $ 51 $ 34
Research and development $ 1,548 $ 1,648 $ 5,303 $ 5,574
Sales, general and administrative $ 2,008 $ 1,781 $ 6,395 $ 5,587
                   
 

Rambus Inc.

Supplemental Reconciliation of GAAP to Non-GAAP Results

(In thousands)

(Unaudited)

 
Three Months Ended Nine Months Ended

September 30,

2015

     

June 30,

2015

     

September 30,

2014

September 30,

2015

     

September 30,

2014

 
Operating costs and expenses $ 56,139 $ 57,258 $ 55,244 $ 168,419 $ 166,757
Adjustments:
Stock-based compensation expense (3,568 ) (4,415 ) (3,441 ) (11,749 ) (11,195 )
Acquisition-related transaction costs and retention bonus expense (6 ) (2 ) (2,469 )
Amortization expense (6,268 ) (6,323 ) (6,741 ) (18,914 ) (20,295 )
Restructuring charges         (39 )
Non-GAAP operating costs and expenses $ 46,303   $ 46,520   $ 45,056   $ 137,754   $ 132,759  
 
Operating income $ 17,640 $ 15,554 $ 14,468 $ 51,086 $ 57,761
Adjustments:
Stock-based compensation expense 3,568 4,415 3,441 11,749 11,195
Acquisition-related transaction costs and retention bonus expense 6 2 2,469
Amortization expense 6,268 6,323 6,741 18,914 20,295
Restructuring charges         39  
Non-GAAP operating income $ 27,476   $ 26,292   $ 24,656   $ 81,751   $ 91,759  
 
Income before income taxes $ 15,062 $ 12,666 $ 10,860 $ 42,669 $ 35,574
Adjustments:
Stock-based compensation expense 3,568 4,415 3,441 11,749 11,195
Acquisition-related transaction costs and retention bonus expense 6 2 2,469
Amortization expense 6,268 6,323 6,741 18,914 20,295
Restructuring charges 39
Impairment of investment 600 600
Non-cash interest expense on convertible notes 1,605   1,581   1,515   4,745   13,226  
Non-GAAP income before income taxes $ 26,503 $ 24,985 $ 23,163 $ 78,079 $ 83,398
GAAP provision for (benefit from) income taxes (166,971 ) 5,805 5,347 (155,727 ) 17,214
Adjustment to GAAP provision for income taxes 176,512   3,190   2,992   183,836   12,810  
Non-GAAP provision for income taxes 9,541   8,995   8,339   28,109   30,024  
Non-GAAP net income $ 16,962   $ 15,990   $ 14,824   $ 49,970   $ 53,374  
 
Non-GAAP basic net income per share $ 0.15 $ 0.14 $ 0.13 $ 0.43 $ 0.47
Non-GAAP diluted net income per share $ 0.14 $ 0.13 $ 0.13 $ 0.42 $ 0.45
Weighted average shares used in non-GAAP per share calculation:
Basic 116,444 116,027 114,523 115,940 114,080
Diluted 119,542 120,939 118,206 118,997 117,540
                 
 

Supplemental Reconciliation of GAAP to Non-GAAP Effective Tax Rate (1)

 
Three Months Ended Nine Months Ended

September 30,

2015

     

June 30,

2015

     

September 30,

2014

September 30,

2015

     

September 30,

2014

 
GAAP effective tax rate 1,109

%

 

46

%

 

49

%

 

365

%

 

48

%

 

Adjustment to GAAP effective tax rate

(1,073

)%

 

(10

)%

 

(13

)%

 

(329

)%

 

(12

)%

 

Non-GAAP effective tax rate 36

%

 

36

%

 

36

%

 

36

%

 

36

%

 

 

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