Rambus Reports Second Quarter Financial Results

_________

(1) Total stock-based compensation expense for the three and six months ended June 30, 2016 and 2015 is presented as follows:

       

Three Months Ended
June 30,

Six Months Ended
June 30,

2016 2015 2016 2015
Cost of revenue $ 14 $ 27 $ 28 $ 39
Research and development $ 2,109 $ 1,988 $ 4,189 $ 3,755
Sales, general and administrative $ 2,926 $ 2,400 $ 5,696 $ 4,387
 

Rambus Inc.

Supplemental Reconciliation of GAAP to Non-GAAP Results

(In thousands)

(Unaudited)

   
Three Months Ended Six Months Ended
June 30, 2016   March 31, 2016   June 30, 2015 June 30, 2016   June 30, 2015
 
Operating costs and expenses $ 64,493 $ 63,388 $ 57,258 $ 127,881 $ 112,280
Adjustments:
Stock-based compensation expense (5,049 ) (4,864 ) (4,415 ) (9,913 ) (8,181 )
Acquisition-related transaction costs and retention bonus expense (789 ) (1,808 ) (2,597 ) (2 )
Amortization expense (8,152 ) (7,719 ) (6,323 ) (15,871 ) (12,646 )
Non-GAAP operating costs and expenses $ 50,503   $ 48,997   $ 46,520   $ 99,500   $ 91,451  
 
Operating income $ 12,008 $ 9,294 $ 15,554 $ 21,302 $ 33,446
Adjustments:
Stock-based compensation expense 5,049 4,864 4,415 9,913 8,181
Acquisition-related transaction costs and retention bonus expense 789 1,808 2,597 2
Amortization expense 8,152   7,719   6,323   15,871   12,646  
Non-GAAP operating income $ 25,998   $ 23,685   $ 26,292   $ 49,683   $ 54,275  
 
Income before income taxes $ 9,983 $ 6,395 $ 12,666 $ 16,378 $ 27,607
Adjustments:
Stock-based compensation expense 5,049 4,864 4,415 9,913 8,181
Acquisition-related transaction costs and retention bonus expense 789 1,808 2,597 2
Amortization expense 8,152 7,719 6,323 15,871 12,646
Non-cash interest expense on convertible notes 1,675   1,651   1,581   3,326   3,140  
Non-GAAP income before income taxes $ 25,648 $ 22,437 $ 24,985 $ 48,085 $ 51,576
GAAP provision for income taxes 6,107 4,517 5,805 10,624 11,244
Adjustment to GAAP provision for income taxes 2,870   3,336   3,190   6,206   7,324  
Non-GAAP provision for income taxes 8,977   7,853   8,995   16,830   18,568  
Non-GAAP net income $ 16,671   $ 14,584   $ 15,990   $ 31,255   $ 33,008  
 
Non-GAAP basic net income per share $ 0.15 $ 0.13 $ 0.14 $ 0.28 $ 0.29
Non-GAAP diluted net income per share $ 0.15 $ 0.13 $ 0.13 $ 0.28 $ 0.28
Weighted average shares used in non-GAAP per share calculation:
Basic 109,904 109,733 116,027 109,818 115,683
Diluted 112,061 112,252 120,939 112,202 119,225
 

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

   
Three Months Ended Six Months Ended
June 30, 2016   March 31, 2016   June 30, 2015 June 30, 2016   June 30, 2015
 
GAAP effective tax rate 61

 %

71

 %

46

 %

65

 %

41

 %

Adjustment to GAAP effective tax rate (26 )% (36 )% (10 )% (30 )% (5 )%
Non-GAAP effective tax rate 35

 %

35

 %

36

 %

35

 %

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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