Audience, Inc.
Reconciliation of GAAP to non-GAAP net income (loss)
(in thousands, except per share data)
Three months ended Twelve months ended
December 31, December 31,
------------------------ ------------------------
2014 2013 2014 2013
----------- ----------- ----------- -----------
GAAP net income (loss) $ (45,517) $ (2,921) $ (73,611) $ 2,070
Non-GAAP adjustments:
Stock-based compensation 2,233 1,465 7,789 5,660
Impairment of goodwill
and intangible assets 31,336 - 31,336 -
Impairment - related fees
and expenses 107 - 107 -
Amortization of purchased
intangible assets 1,067 - 2,081 -
Acquisition-related fees
and expenses 66 - 1,264 -
Restructuring charges 64 - 1,369 -
Non-cash rent expense - - - 663
Effective tax rate change 2,140 (1,327) 7,508 374
----------- ----------- ----------- -----------
Non-GAAP net income (loss)$ (8,504) $ (2,783) $ (22,157) $ 8,767
=========== =========== =========== ===========
Audience, Inc.
Reconciliation of GAAP to non-GAAP diluted net income (loss) per share
(in thousands, except per share data)
Three months ended Twelve months ended
December 31, December 31,
------------------------ ------------------------
2014 2013 2014 2013
----------- ----------- ----------- -----------
GAAP net income (loss) $ (45,517) $ (2,921) $ (73,611) $ 2,070
Non-GAAP adjustments:
Stock-based compensation 2,233 1,465 7,789 5,660
Impairment of goodwill
and intangible assets 31,336 - 31,336 -
Impairment - related fees
and expenses 107 - 107 -
Amortization of purchased
intangible assets 1,067 - 2,081 -
Acquisition-related fees
and expenses 66 - 1,264 -
Restructuring charges 64 - 1,369 -
Non-cash rent expense - - - 663
Effective tax rate change 2,140 (1,327) 7,508 374
----------- ----------- ----------- -----------
Non-GAAP net income (loss)$ (8,504) $ (2,783) $ (22,157) $ 8,767
=========== =========== =========== ===========
GAAP - diluted weighted
average shares 23,173 22,012 22,683 23,197
=========== =========== =========== ===========
Non-GAAP - diluted
weighted average shares 23,173 22,012 22,683 23,197
=========== =========== =========== ===========
GAAP - diluted net income
(loss) per share $ (1.96) $ (0.13) $ (3.25) $ 0.09
Non-GAAP adjustments:
Stock-based compensation 0.10 0.06 0.34 0.24
Impairment of goodwill
and intangible assets 1.35 - 1.38 -
Impairment - related fees
and expenses 0.01 - - -
Amortization of purchased
intangible assets 0.05 - 0.09 -
Acquisition-related fees
and expenses - - 0.06 -
Restructuring charges - - 0.06 -
Non-cash rent expense - - - 0.03
Effective tax rate change 0.09 (0.06) 0.34 0.02
----------- ----------- ----------- -----------
Non-GAAP - diluted net
income (loss) per share $ (0.37) $ (0.13) $ (0.98) $ 0.38
=========== =========== =========== ===========
Audience, Inc.
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands)
(unaudited)
Three months ended December 31, 2014
--------------------------------------------------
Reported GAAP Adjustments Non-GAAP
---------------- ---------------- ----------------
Total revenue $ 17,208 $ - $ 17,208
Cost of revenue (1) 10,129 (925) 9,204
---------------- ---------------- ----------------
Gross profit 7,079 925 8,004
Total operating expenses
(2) 52,385 (33,948) 18,437
---------------- ---------------- ----------------
Income (loss) from
operations $ (45,306)$ 34,873 $ (10,433)
Income (loss) before
income taxes $ (45,502)$ 34,873 $ (10,629)
Income tax provision
(benefit) (3) 15 (2,140)$ (2,125)
---------------- ---------------- ----------------
Net income (loss) $ (45,517)$ 37,013 $ (8,504)
================ ================ ================
-------------------------
(1) For the fourth quarter of 2014, adjustments are related to stock-based
compensation expense of $92 and amortization of purchased intangible assets
of $833 recognized for GAAP purposes. For the fourth quarter of 2013,
adjustments are related to stock-based compensation expense of $79
recognized for GAAP purposes.
(2) For the fourth quarter of 2014, adjustments are related to stock-based
compensation expense of $2,141, acquisition-related fees and expenses of
$66, amortization of purchased intangible assets of $234, impairment -
related fees and expenses of $107, impairment of goodwill and intangible
assets of $31,336 and restructuring charges of $64 recognized for GAAP
purposes. For the fourth quarter of 2013, adjustments are related to stock-
based compensation expense of $1,386 recognized for GAAP purposes.
(3) Adjustment reflects the tax effect from all non-GAAP adjustments for the
periods.
Three months ended December 31, 2013
--------------------------------------------------
Reported GAAP Adjustments Non-GAAP
---------------- ---------------- ----------------
Total revenue $ 33,141 $ - $ 33,141
Cost of revenue (1) 15,806 (79) 15,727
---------------- ---------------- ----------------
Gross profit 17,335 79 17,414
Total operating expenses
(2) 22,237 (1,386) 20,851
---------------- ---------------- ----------------
Income (loss) from
operations $ (4,902)$ 1,465 $ (3,437)
Income (loss) before
income taxes $ (4,944)$ 1,465 $ (3,479)
Income tax provision
(benefit) (3) (2,023) 1,327 (696)
---------------- ---------------- ----------------
Net income (loss) $ (2,921)$ 138 $ (2,783)
================ ================ ================
-------------------------
(1) For the fourth quarter of 2014, adjustments are related to stock-based
compensation expense of $92 and amortization of purchased intangible
assets of $833 recognized for GAAP purposes. For the fourth quarter of
2013, adjustments are related to stock-based compensation expense of $79
recognized for GAAP purposes.
(2) For the fourth quarter of 2014, adjustments are related to stock-based
compensation expense of $2,141, acquisition-related fees and expenses of
$66, amortization of purchased intangible assets of $234, impairment -
related fees and expenses of $107, impairment of goodwill and intangible
assets of $31,336 and restructuring charges of $64 recognized for GAAP
purposes. For the fourth quarter of 2013, adjustments are related to
stock-based compensation expense of $1,386 recognized for GAAP purposes.
(3) Adjustment reflects the tax effect from all non-GAAP adjustments for
the periods.
Twelve months ended December 31, 2014
----------------------------------------------------
Reported GAAP Adjustments Non-GAAP
---------------- ---------------- ----------------
Total revenue $ 113,340 $ - $ 113,340
Cost of revenue (1) 56,572 (1,965) 54,607
---------------- ---------------- ----------------
Gross profit 56,768 1,965 58,733
Total operating
expenses (2) 128,102 (41,981) 86,121
---------------- ---------------- ----------------
Income (loss) from
operations $ (71,334) $ 43,946 $ (27,388)
Income (loss) before
income taxes $ (71,643) $ 43,946 $ (27,697)
Income tax provision
(benefit) (3) 1,968 (7,508) $ (5,540)
---------------- ---------------- ----------------
Net income (loss) $ (73,611) $ 51,454 $ (22,157)
================ ================ ================
----------------------
(1) For the year ended December 31, 2014, adjustments are related to stock-
based compensation expense of $338 and amortization of purchased intangible
assets of $1,627 recognized for GAAP purposes. For the year ended December
31, 2013, adjustments are related to stock-based compensation expense of
$305 recognized for GAAP purposes.
(2) For the year ended December 31, 2014, adjustments are related to
impairment of goodwill and intangible assets of $31,336, stock-based
compensation expense of $7,451, acquisition-related fees and expenses of
$1,264, amortization of purchased intangible assets of $454, impairment -
related fees and expenses of $107, and restructuring charges of $1,369
recognized for GAAP purposes. For the year ended December 31, 2013,
adjustments are related to stock-based compensation expense of $5,355 and
non-cash rent expense of $663 recognized for GAAP purposes.
(3) Adjustment reflects the tax effect from all non-GAAP adjustments for the
periods.
Twelve months ended December 31, 2013
------------------------------------------------------
Reported GAAP Adjustments Non-GAAP
----------------- ----------------- -----------------
Total revenue $ 160,131 $ - $ 160,131
Cost of revenue (1) 71,267 (305) 70,962
----------------- ----------------- -----------------
Gross profit 88,864 305 89,169
Total operating
expenses (2) 84,602 (6,018) 78,584
----------------- ----------------- -----------------
Income (loss) from
operations $ 4,262 $ 6,323 $ 10,585
Income (loss) before
income taxes $ 4,139 $ 6,323 $ 10,462
Income tax provision
(benefit) (3) 2,069 (374) 1,695
----------------- ----------------- -----------------
Net income (loss) $ 2,070 $ 6,697 $ 8,767
================= ================= =================
----------------------
(1) For the year ended December 31, 2014, adjustments are related to stock-
based compensation expense of $338 and amortization of purchased intangible
assets of $1,627 recognized for GAAP purposes. For the year ended December
31, 2013, adjustments are related to stock-based compensation expense of
$305 recognized for GAAP purposes.
(2) For the year ended December 31, 2014, adjustments are related to
impairment of goodwill and intangible assets of $31,336, stock-based
compensation expense of $7,451, acquisition-related fees and expenses of
$1,264, amortization of purchased intangible assets of $454, impairment -
related fees and expenses of $107, and restructuring charges of $1,369
recognized for GAAP purposes. For the year ended December 31, 2013,
adjustments are related to stock-based compensation expense of $5,355 and
non-cash rent expense of $663 recognized for GAAP purposes.
(3) Adjustment reflects the tax effect from all non-GAAP adjustments for the
periods.
Audience, Inc.
Reconciliation of estimated GAAP to non-GAAP diluted net loss per share
(unaudited)
Three months
ending
March 31, 2015
----------------
($0.68) -
Estimated GAAP diluted net loss per share ($0.76)
Estimated stock-based compensation expense per share $0.09
Estimated amortization of intangible assets per share $0.04
Estimated effective tax change per share $0.11 - $0.13
----------------
($0.44) -
Estimated Non-GAAP diluted net loss per share ($0.50)
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Audience Announces Fourth Quarter and Full Year 2014 Financial Results
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