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EZchip Semiconductor Ltd. Reconciliation of GAAP to Non-GAAP Measures (U.S. Dollars in thousands, except per share amounts) (Unaudited) | ||||||||||
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Three Months Ended |
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Six Months Ended | ||||||
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June 30, |
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March 31, |
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June 30, |
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June 30, |
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June 30, |
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2015 |
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2015 |
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2014 |
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2015 |
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2014 |
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GAAP gross profit |
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$ 21,354 |
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$ 9,197 |
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$ 17,802 |
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$ 30,551 |
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$ 34,302 |
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Stock-based compensation |
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102 |
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103 |
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76 |
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205 |
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150 |
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Amortization of purchased intangible assets |
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233 |
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973 |
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-- |
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1,206 |
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-- |
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Repayment of OCS grants* |
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-- |
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9,636 |
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-- |
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9,636 |
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-- |
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Non-GAAP gross profit |
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$ 21,689 |
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$ 19,909 |
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$ 17,878 |
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$ 41,598 |
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$ 34,452 |
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GAAP gross profit as percentage of revenues |
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75.5% |
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34.2% |
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80.5% |
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55.4% |
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80.9% |
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Non-GAAP gross profit as percentage of revenues |
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76.7% |
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74.0% |
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80.9% |
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75.4% |
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81.3% |
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GAAP operating expenses |
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$ 16,422 |
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$ 17,754 |
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$ 11,872 |
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$ 34,176 |
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$ 22,746 |
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Stock-based compensation: |
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Research and development |
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(2,996) |
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(2,934) |
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(2,421) |
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(5,930) |
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(4,688) |
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Selling, general and administrative |
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(1,787) |
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(1,765) |
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(1,652) |
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(3,552) |
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(3,236) |
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Acquisition related costs |
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Selling, general and administrative |
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-- |
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-- |
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(660) |
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-- |
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(660) |
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Amortization of purchased intangible assets - Selling, general and administrative |
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(347) |
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(347) |
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-- |
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(694) |
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-- |
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Non-GAAP operating expenses |
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$ 11,292 |
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$ 12,708 |
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$ 7,139 |
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$ 24,000 |
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$ 14,162 |
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GAAP operating income (loss) |
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$ 4,932 |
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$ (8,557) |
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$ 5,930 |
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$ (3,625) |
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$ 11,556 |
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Non-GAAP operating income |
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$ 10,397 |
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$ 7,201 |
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$ 10,739 |
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$ 17,598 |
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$ 20,290 |
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GAAP net income (loss) |
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$ 5,419 |
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$ (8,266) |
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$ 6,214 |
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$ (2,847) |
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$ 12,300 |
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Stock-based compensation |
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4,885 |
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4,802 |
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4,149 |
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9,687 |
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8,074 |
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Acquisition related costs |
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-- |
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-- |
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660 |
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-- |
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660 |
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Amortization of purchased intangible assets |
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580 |
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1,320 |
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-- |
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1,900 |
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-- |
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Repayment of OCS grants* |
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-- |
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9,636 |
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-- |
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9,636 |
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-- |
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Non-GAAP net income |
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$ 10,884 |
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$ 7,492 |
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$ 11,023 |
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$ 18,376 |
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$ 21,034 |
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Non-GAAP net income per share - Diluted |
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$ 0.34 |
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$ 0.24 |
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$ 0.36 |
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$ 0.58 |
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$ 0.69 |
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Non-GAAP weighted average shares - Diluted** |
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31,811,176 |
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31,601,170 |
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30,774,136 |
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31,689,825 |
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30,637,994 |
