(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, |
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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) |
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Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, 2015 |
June 30, 2015 |
September 30, 2014 |
September 30, 2015 |
September 30, 2014 |
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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) |
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Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2015 |
June 30, 2015 |
September 30, 2014 |
September 30, 2015 |
September 30, 2014 |
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GAAP effective tax rate | 1,109 |
% |
|
46 |
% |
|
49 |
% |
|
365 |
% |
|
48 |
% |
|
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Adjustment to GAAP effective tax rate |
(1,073 |
)% |
|
(10 |
)% |
|
(13 |
)% |
|
(329 |
)% |
|
(12 |
)% |
|
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Non-GAAP effective tax rate | 36 |
% |
|
36 |
% |
|
36 |
% |
|
36 |
% |
|
36 |
% |
|
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