Rambus Reports Third Quarter Financial Results

_________

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

       

Three Months Ended
September 30,

Nine Months Ended
September 30,

2016 2015 2016 2015
Cost of revenue $ 14 $ 12 $ 42 $ 51
Research and development $ 2,337 $ 1,548 $ 6,526 $ 5,303
Sales, general and administrative $ 3,092 $ 2,008 $ 8,788 $ 6,395
 

Rambus Inc.

Supplemental Reconciliation of GAAP to Non-GAAP Results

(In thousands)

(Unaudited)

   
Three Months Ended Nine Months Ended

September 30,
2016

 

June 30,
2016

 

September 30,
2015

September 30,
2016

 

September 30,
2015

 
Operating costs and expenses $ 78,039 $ 64,493 $ 56,139 $ 205,920 $ 168,419
Adjustments:
Stock-based compensation expense (5,443 ) (5,049 ) (3,568 ) (15,356 ) (11,749 )
Acquisition-related transaction costs and retention bonus expense (441 ) (789 ) (3,038 ) (2 )
Purchase accounting adjustment for inventory fair value step-up (1,168 ) (1,168 )
Amortization expense (10,174 ) (8,152 ) (6,268 ) (26,045 ) (18,914 )
Non-GAAP operating costs and expenses $ 60,813   $ 50,503   $ 46,303   $ 160,313   $ 137,754  
 
Operating income $ 11,816 $ 12,008 $ 17,640 $ 33,118 $ 51,086
Adjustments:
Stock-based compensation expense 5,443 5,049 3,568 15,356 11,749
Acquisition-related transaction costs and retention bonus expense 441 789 3,038 2
Purchase accounting adjustment for inventory fair value step-up 1,168 1,168
Amortization expense 10,174   8,152   6,268   26,045   18,914  
Non-GAAP operating income $ 29,042   $ 25,998   $ 27,476   $ 78,725   $ 81,751  
 
Income before income taxes $ 8,765 $ 9,983 $ 15,062 $ 25,143 $ 42,669
Adjustments:
Stock-based compensation expense 5,443 5,049 3,568 15,356 11,749
Acquisition-related transaction costs and retention bonus expense 441 789 3,038 2
Purchase accounting adjustment for inventory fair value step-up 1,168 1,168
Amortization expense 10,174 8,152 6,268 26,045 18,914
Non-cash interest expense on convertible notes 1,700   1,675   1,605   5,026   4,745  
Non-GAAP income before income taxes $ 27,691 $ 25,648 $ 26,503 $ 75,776 $ 78,079
GAAP provision for (benefit from) income taxes 4,254 6,107 (166,971 ) 14,878 (155,727 )
Adjustment to GAAP provision for income taxes 5,438   2,870   176,512   11,644   183,836  
Non-GAAP provision for income taxes 9,692   8,977   9,541   26,522   28,109  
Non-GAAP net income $ 17,999   $ 16,671   $ 16,962   $ 49,254   $ 49,970  
 
Non-GAAP basic net income per share $ 0.16 $ 0.15 $ 0.15 $ 0.45 $ 0.43
Non-GAAP diluted net income per share $ 0.16 $ 0.15 $ 0.14 $ 0.44 $ 0.42
Weighted average shares used in non-GAAP per share calculation:
Basic 110,214 109,904 116,444 109,951 115,940
Diluted 113,723 112,061 119,542 112,805 118,997
 

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

   
Three Months Ended Nine Months Ended

September 30,
2016

 

June 30,
2016

 

September 30,
2015

September 30,
2016

 

September 30,
2015

 
GAAP effective tax rate 49

 %

61

 %

1,109

 %

59

 %

365

 %

Adjustment to GAAP effective tax rate (14 )% (26 )% (1,073 )% (24 )% (329 )%
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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