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Glu Mobile Announces Preliminary Second Quarter 2012 Results; Moves Earnings Conference Call Date Forward To August 2nd

In the financial tables below, Glu has provided a reconciliation of the most comparable GAAP financial measure to each of the historical non-GAAP financial measures used in this press release.

 
Glu Mobile Inc.
GAAP to Non-GAAP Reconciliation
(in thousands, except per share data)
(unaudited)
 
For the
Three Months
Ended
June 30,
2012
 
GAAP revenues
Featurephone $ 3,710
Smartphone   19,911  
Total GAAP revenues   23,621  
 
Change in deferred revenues and amortization of in-process development contracts
Featurephone change in deferred revenue 17
Smartphone change in deferred revenue and amortization of in-process development contracts   534  
Total change in deferred revenues and amortization of in-process development contracts   551  
 
Non-GAAP Revenues
Featurephone 3,727
Smartphone   20,445  
Total non-GAAP Revenues   24,172  
 
GAAP gross profit 20,552
Change in deferred revenues and amortization of in-process development contracts 551
Amortization of intangible assets 932
Change in deferred royalty expense   67  
Non-GAAP gross profit   22,102  
 
GAAP operating expense 25,769
Stock-based compensation (3,038 )
Amortization of intangible assets (495 )
Transitional costs (30 )
Change in fair value of Blammo earnout (386 )
Restructuring charge   (320 )
Non-GAAP operating expense   21,500  
 
GAAP operating loss (5,217 )
Change in deferred revenues and amortization of in-process development contracts 551
Non-GAAP cost of revenues adjustment 999
Stock-based compensation 3,038
Amortization of intangible assets 495
Transitional costs 30
Change in fair value of Blammo earnout 386
Restructuring charge   320  
Non-GAAP operating income/(loss)   602  
 
GAAP net loss (2,988 )
Change in deferred revenues and amortization of in-process development contracts 551
Non-GAAP cost of revenues adjustment 999
Non-GAAP operating expense adjustment 4,269
Foreign currency exchange loss/(gain) (205 )
Release of pre-acquisition tax liabilities   (2,427 )
Non-GAAP net income/(loss)loss $ 199  
 
 
Reconciliation of net loss and net loss per share:
GAAP net loss per share - basic and diluted $ (0.05 )
Non-GAAP net income/(loss) per share - basic and diluted $ 0.00
Shares used in computing basic and diluted net loss per share 63,802
 
Non-GAAP operating expense break-out:
GAAP research and development expense $ 15,697
Transitional costs (1 )
Stock-based compensation   (2,396 )
Non-GAAP research and development expense   13,300  
 
GAAP sales and marketing expense 4,701
Transitional costs -
Stock-based compensation   (155 )
Non-GAAP sales and marketing expense   4,546  
 
GAAP general & administrative expense 4,556
Transitional costs (29 )
Change in fair value of Blammo earnout (386 )
Stock-based compensation   (487 )
Non-GAAP general and administrative expense $ 3,654  
 
 
Glu Mobile Inc.
Non-GAAP Adjusted EBITDA
(in thousands, except per share data)
(unaudited)
 
For the
Three Months
Ended
June 30,
2012
 
GAAP net loss $ (2,988 )
Change in deferred revenues and amortization of in-process development contracts 551
Change in deferred royalty expense 67
Amortization of intangible assets 1,427
Depreciation 556
Stock-based compensation 3,038
Change in fair value of Blammo earnout 386
Transitional costs 30
Restructuring charge 320
Foreign currency exchange loss/(gain) (205 )
Interest (income)/expense, net (5 )
Other non operating expense -
Income tax provision/(benefit)   (2,019 )
Total Non-GAAP Adjusted EBITDA $ 1,158  
 

In addition to the reasons stated above, which are generally applicable to each of the items Glu excludes from its non-GAAP financial measures, Glu believes it is appropriate to exclude certain items for the following reasons:

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