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EZchip Semiconductor Ltd.
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Three Months Ended | ||||
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March 31, |
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December 31, |
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March 31, |
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2015 |
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2014 |
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2014 |
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GAAP gross profit |
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$ 9,197 |
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$ 14,738 |
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$ 16,500 |
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Stock-based compensation |
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103 |
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206 |
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74 |
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Amortization of purchased intangible assets |
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973 |
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2,143 |
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-- |
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Repayment of OCS grants* |
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9,636 |
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-- |
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-- |
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Non-GAAP gross profit |
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$ 19,909 |
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$ 17,087 |
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$ 16,574 |
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GAAP gross profit as percentage of revenues |
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34.2% |
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65.9% |
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81.3% |
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Non-GAAP gross profit as percentage of revenues |
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74.0% |
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76.4% |
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81.7% |
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GAAP operating expenses |
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$ 17,754 |
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$ 22,366 |
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$ 10,874 |
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Stock-based compensation: |
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Research and development |
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(2,934) |
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(4,311) |
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(2,267) |
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Selling, general and administrative |
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(1,765) |
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(2,417) |
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(1,584) |
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Acquisition related costs |
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Selling, general and administrative |
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-- |
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(5,383) |
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-- |
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Amortization of purchased intangible assets Selling, general and administrative |
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(347) |
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(58) |
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-- |
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Non-GAAP operating expenses |
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$ 12,708 |
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$ 10,197 |
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$ 7,023 |
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GAAP operating income (loss) |
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$ (8,557) |
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$ (7,628) |
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$ 5,626 |
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Non-GAAP operating income |
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$ 7,201 |
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$ 6,890 |
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$ 9,551 |
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GAAP net income (loss) |
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$ (8,266) |
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$ (7,341) |
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$ 6,086 |
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Stock-based compensation |
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4,802 |
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6,934 |
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3,925 |
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Acquisition related costs |
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-- |
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5,383 |
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-- |
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Amortization of purchased intangible assets |
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1,320 |
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2,201 |
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-- |
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Repayment of OCS grants* |
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9,636 |
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-- |
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-- |
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Non-GAAP net income |
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$ 7,492 |
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$ 7,177 |
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$ 10,011 |
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Non-GAAP net income per share - Diluted |
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$ 0.24 |
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$ 0.23 |
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$ 0.33 |
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Non-GAAP weighted average shares - Diluted** |
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31,601,170 |
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31,026,773 |
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30,507,804 |
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* |
During February 2015 we have made a one-time early payment of $9.6 million to the Israeli Office of Chief Scientist, representing the full balance of the contingent liability related to the NP-5 grants received. Upon making this payment, we have eliminated all future royalty obligations related to our anticipated NP-5 revenues and saved the associated future interest payments related to such obligations. This amount was excluded from the non-GAAP statements of operations as it represents future royalty obligations. |
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** |
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. |
