Rambus Reports Fourth Quarter and Fiscal Year 2015 Financial Results

_________

(1) Total stock-based compensation expense for the three months and years ended December 31, 2015 and 2014 are presented as follows:

 
  Three Months Ended   Year Ended
December 31, December 31,
2015   2014 2015   2014
Cost of revenue $ 12 $ 10 $ 63 $ 44
Research and development $ 1,459 $ 1,642 $ 6,762 $ 7,216
Sales, general and administrative $ 1,876 $ 1,883 $ 8,271 $ 7,470
 
Rambus Inc.
Supplemental Reconciliation of GAAP to Non-GAAP Results
(In thousands)
(Unaudited)
 
  Three Months Ended   Year Ended
December 31,  

September 30,

  December 31, December 31,   December 31,
2015

2015

2014 2015 2014
 
Operating costs and expenses $ 56,439 $ 56,139 $ 54,455 $ 224,858 $ 221,212
Adjustments:
Stock-based compensation expense (3,347 ) (3,568 ) (3,535 ) (15,096 ) (14,730 )
Acquisition-related transaction costs and retention bonus expense (6 ) (2 ) (2,475 )
Amortization expense (6,160 ) (6,268 ) (6,323 ) (25,074 ) (26,618 )
Restructuring charges (3,576 )     (3,576 ) (39 )
Non-GAAP operating costs and expenses $ 43,356   $ 46,303   $ 44,591   $ 181,110   $ 177,350  
 
Operating income $ 20,334 $ 17,640 $ 17,585 $ 71,420 $ 75,346
Adjustments:
Stock-based compensation expense 3,347 3,568 3,535 15,096 14,730
Acquisition-related transaction costs and retention bonus expense 6 2 2,475
Amortization expense 6,160 6,268 6,323 25,074 26,618
Restructuring charges 3,576       3,576   39  
Non-GAAP operating income $ 33,417   $ 27,476   $ 27,449   $ 115,168   $ 119,208  
 
Income before income taxes $ 17,562 $ 15,062 $ 14,676 $ 60,231 $ 50,250
Adjustments:
Stock-based compensation expense 3,347 3,568 3,535 15,096 14,730
Acquisition-related transaction costs and retention bonus expense 6 2 2,475
Amortization expense 6,160 6,268 6,323 25,074 26,618
Restructuring charges 3,576 3,576 39
Impairment of investment 600
Non-cash interest expense on convertible notes 1,627   1,605   1,536   6,372   14,762  
Non-GAAP income before income taxes $ 32,272 $ 26,503 $ 26,076 $ 110,351 $ 109,474
GAAP provision for income taxes 4,570 (166,971 ) 6,835 (151,157 ) 24,049
Adjustment to GAAP provision for income taxes 7,048   176,512   2,552   190,884   15,362  
Non-GAAP provision for income taxes 11,618   9,541   9,387   39,727   39,411  
Non-GAAP net income $ 20,654   $ 16,962   $ 16,689   $ 70,624   $ 70,063  
 
Non-GAAP basic net income per share $ 0.19 $ 0.15 $ 0.15 $ 0.62 $ 0.61
Non-GAAP diluted net income per share $ 0.18 $ 0.14 $ 0.14 $ 0.60 $ 0.60
Weighted average shares used in non-GAAP per share calculation:
Basic 111,476 116,444 115,024 114,814 114,318
Diluted

113,388

119,542 117,620

117,484

117,624
 

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

 
  Three Months Ended   Year Ended
December 31,  

September 30,

  December 31, December 31,   December 31,
2015

2015

2014 2015 2014
 
GAAP effective tax rate 26 % (1,109 )% 47 % (251 )% 48 %
Adjustment to GAAP effective tax rate 10 % 1,145 % (11 )% 287 % (12 )%
Non-GAAP effective tax rate 36 % 36 % 36 % 36 % 36 %
     

(1)

For purposes of internal forecasting, planning and analyzing future periods that assume net income from operations, the Company estimates a fixed, long-term projected tax rate of approximately 36 percent, which consists of estimated U.S. federal and state tax rates, and excludes tax rates associated with certain items such as withholding tax, tax credits, deferred tax asset valuation allowance and the release of any deferred tax asset valuation allowance. Accordingly, the Company has applied the 36 percent tax rate to its non-GAAP financial results for all periods.


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