EZchip Announces First Quarter 2015 Results; Provides Update On Status Of NPS Adoption

 

 

EZchip Semiconductor Ltd.
Reconciliation of GAAP to Non-GAAP Measures
(U.S. Dollars in thousands, except per share amounts)
(Unaudited)






Three Months Ended



March 31,


December 31,


March 31,



2015


2014


2014








GAAP gross profit


$       9,197


$       14,738


$       16,500

Stock-based compensation


103


206


74

Amortization of purchased intangible assets


973


2,143


--

Repayment of OCS grants*


9,636


--


--

Non-GAAP gross profit


$      19,909


$      17,087


$      16,574








GAAP gross profit as percentage of revenues


34.2%


65.9%


81.3%

Non-GAAP gross profit as percentage of revenues


74.0%


76.4%


81.7%















GAAP operating expenses


$       17,754


$       22,366


$       10,874

Stock-based compensation:







    Research and development


(2,934)


(4,311)


(2,267)

    Selling, general and administrative


(1,765)


(2,417)


(1,584)

Acquisition related costs







    Selling, general and administrative


--


(5,383)


--

Amortization of purchased intangible assets

    Selling, general and administrative


 

(347)


 

(58)


 

--

Non-GAAP operating expenses


$       12,708


$       10,197


$        7,023















GAAP operating income (loss)


$      (8,557)


$      (7,628)


$        5,626








Non-GAAP operating income


$       7,201


$       6,890


$        9,551








GAAP net income (loss)


$      (8,266)


$      (7,341)


$      6,086

Stock-based compensation


4,802


6,934


3,925

Acquisition related costs


--


5,383


--

Amortization of purchased intangible assets


1,320


2,201


--

Repayment of OCS grants*


9,636


--


--

Non-GAAP net income


$       7,492


$       7,177


$       10,011








Non-GAAP net income per share - Diluted


$          0.24


$          0.23


$          0.33

Non-GAAP weighted average shares - Diluted**


 

31,601,170


 

31,026,773


 

30,507,804



During February 2015 we have made a one-time early payment of $9.6 million to the Israeli Office of Chief Scientist, representing the full balance of the contingent liability related to the NP-5 grants received. Upon making this payment, we have eliminated all future royalty obligations related to our anticipated NP-5 revenues and saved the associated future interest payments related to such obligations. This amount was excluded from the non-GAAP statements of operations as it represents future royalty obligations.



**

 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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