Rambus Reports First Quarter Financial Results

_________

(1) Total stock-based compensation expense for the three months ended March 31, 2016 and 2015 is presented as follows:

   

Three Months Ended
March 31,

2016 2015
Cost of revenue $ 14 $ 12
Research and development $ 2,080 $ 1,767
Sales, general and administrative $ 2,770 $ 1,987

Rambus Inc.

Supplemental Reconciliation of GAAP to Non-GAAP Results

(In thousands)

(Unaudited)

 

Three Months Ended

March 31,
2016

 

December 31,
2015

 

March 31,
2015

 
Operating costs and expenses $ 63,388 $ 56,439 $ 55,022
Adjustments:
Stock-based compensation expense (4,864 ) (3,347 ) (3,766 )
Acquisition-related transaction costs and retention bonus expense (1,808 ) (2 )
Amortization expense (7,719 ) (6,160 ) (6,323 )
Restructuring charges   (3,576 )  
Non-GAAP operating costs and expenses $ 48,997   $ 43,356   $ 44,931  
 
Operating income $ 9,294 $ 20,334 $ 17,892
Adjustments:
Stock-based compensation expense 4,864 3,347 3,766
Acquisition-related transaction costs and retention bonus expense 1,808 2
Amortization expense 7,719 6,160 6,323
Restructuring charges   3,576    
Non-GAAP operating income $ 23,685   $ 33,417   $ 27,983  
 
Income before income taxes $ 6,395 $ 17,562 $ 14,941
Adjustments:
Stock-based compensation expense 4,864 3,347 3,766
Acquisition-related transaction costs and retention bonus expense 1,808 2
Amortization expense 7,719 6,160 6,323
Restructuring charges 3,576
Non-cash interest expense on convertible notes 1,651   1,627   1,559  
Non-GAAP income before income taxes $ 22,437 $ 32,272 $ 26,591
GAAP provision for income taxes 4,517 4,570 5,439
Adjustment to GAAP provision for income taxes 3,336   7,048   4,134  
Non-GAAP provision for income taxes 7,853   11,618   9,573  
Non-GAAP net income $ 14,584   $ 20,654   $ 17,018  
 
Non-GAAP basic net income per share $ 0.13 $ 0.19 $ 0.15
Non-GAAP diluted net income per share $ 0.13 $ 0.18 $ 0.14
Weighted average shares used in non-GAAP per share calculation:
Basic 109,733 111,476 115,336
Diluted 112,252 113,388 117,442

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

 
Three Months Ended

March 31,
2016

 

December 31,
2015

 

March 31,
2015

   
GAAP effective tax rate 71 % 26 % 36 %
Adjustment to GAAP effective tax rate (36 )% 10 % %
Non-GAAP effective tax rate 35 % 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 35 percent for periods in 2016 and 36 percent for periods in 2015, 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 these tax rates to its non-GAAP financial results for all periods in the relevant year to assist the Company’s planning for future periods.

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