EZchip Announces Fourth Quarter And Full Year 2014 Results

 

EZchip Semiconductor Ltd.

Reconciliation of GAAP to Non-GAAP Measures

(U.S. Dollars in thousands, except per share amounts)

(Unaudited)









Three Months Ended


Twelve Months Ended



Dec. 31,


Sept. 30,


Dec. 31,


Dec. 31,


Dec. 31,



2014


2014


2013


2014


2013












GAAP gross profit


$       14,738


$       15,874


$       16,417


$       64,914


$       58,828

Stock-based compensation


206


75


73


431


292

Amortization of purchased intangible assets


 

2,143


 

--


 

--


 

2,143


 

--

Non-GAAP gross profit


$      17,087


$      15,949


$      16,490


$       67,488


$       59,120












GAAP gross profit as percentage of revenues


65.9%


82.5%


81.7%


77.3%


83.0%

Non-GAAP gross profit as percentage of revenues


 

76.4%


 

82.9%


 

82.1%


 

80.4%


 

83.4%























GAAP operating expenses


$       22,366


$       12,013


$       10,450


$       57,125


$       39,178

Stock-based compensation:











    Research and development


(4,311)


(2,360)


(2,045)


(11,359)


(7,963)

    Selling, general and administrative


(2,417)


(1,590)


(1,515)


(7,243)


(5,665)

Acquisition related costs











    Selling, general and administrative


(5,383)


(320)


--


(6,363)


--

Amortization of purchased intangible assets

    Selling, general and administrative


 

 

(58)


 

 

--


 

 

--


 

 

(58)


 

 

--

Non-GAAP operating expenses


$       10,197


$        7,743


$        6,890


$       32,102


$       25,550























GAAP operating income (loss)


$       (7,628)


$        3,861


$        5,967


$       7,789


$       19,650












Non-GAAP operating income


$         6,890


$       8,206


$        9,600


$       35,386


$       33,570












GAAP net income (loss)


$       (7,341)


$      4,199


$      6,513


$       9,158


$       21,698

Stock-based compensation


6,934


4,025


3,633


19,033


13,920

Acquisition related costs


5,383


320


--


6,363


--

Amortization of purchased intangible assets


2,201


--


--


2,201


--

Non-GAAP net income


$        7,177


$       8,544


$       10,146


$       36,755


$       35,618












Non-GAAP net income per share - Diluted


$          0.23


$          0.28


$          0.34


$           1.19


$           1.18

Non-GAAP weighted average shares - Diluted*


 

31,026,773


 

30,784,673


 

30,213,501


 

30,871,759


 

30,074,563


* In calculating diluted non-GAAP net income per share, the diluted weighted average number of shares outstanding excludes the effects of stock-based compensation expenses in accordance with FASB ASC 718.  


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