EZchip Announces Record Second Quarter 2014 Results: Q2 Revenues Increase 33% Year-Over-Year To $22.1 Million

 

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




Three Months Ended


Six Months Ended



June 30,


March 31,


June 30,


June 30,


June 30,



2014


2014


2013


2014


2013












GAAP gross profit


$ 17,802


$ 16,500


$ 14,178


$ 34,302


$ 26,533

Stock-based compensation


76


74


73


150


146

Non-GAAP gross profit


$ 17,878


$ 16,574


$ 14,251


$ 34,452


$ 26,679












GAAP gross profit as percentage of
revenues


80.5%


81.3%


85.1%


80.9%


83.0%

Non-GAAP gross profit as
percentage of revenues


80.9%


81.7%


85.6%


81.3%


83.5%























GAAP operating expenses


$ 11,872


$ 10,874


$ 9,536


$ 22,746


$ 18,891

Stock-based compensation:











      Research and development


(2,421)


(2,267)


(2,049)


(4,688)


(3,874)

      Selling, general and administrative


(1,652)


(1,584)


(1,398)


(3,236)


(2,725)

Acquisition related costs











      Selling, general and administrative


(660)


--


--


(660)


--












Non-GAAP operating expenses


$ 7,139


$ 7,023


$ 6,089


$ 14,162


$ 12,292























GAAP operating income


$ 5,930


$ 5,626


$ 4,642


$ 11,556


$ 7,642












Non-GAAP operating income


$ 10,739


$ 9,551


$ 8,162


$ 20,290


$ 14,387












GAAP net income


$ 6,214


$ 6,086


$ 5,147


$ 12,300


$ 8,657

Stock-based compensation


4,149


3,925


3,520


8,074


6,745

Acquisition related costs


660


--


--


660


--












Non-GAAP net income


$ 11,023


$ 10,011


$ 8,667


$ 21,034


$ 15,402












Non-GAAP net income per share -
Diluted


$ 0.36


$ 0.33


$ 0.29


$ 0.69


$ 0.51

Non-GAAP weighted average shares
- Diluted*


30,774,136


30,507,804


30,086,653


30,637,994


29,965,981



* 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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