Our capital allocation program was very robust as we purchased 3.3 million shares during the year, it’s approximately 6% of the shares outstanding compared to the start of the year at a total cost of $119 million. We also generated $145 million in free cash flow. Non-GAAP operating margin increased by 5 percentage points to 71% for the year. Although, overall annual revenue from 2014 to 2015 was down slightly, recurring revenue, which we view as the primary measure for yearly growth, grew by approximately 62% from $150 million in 2014 to $242 million in 2015. Let me begin with some highlights for 2015 summarized on Slide number 3, entitled 2015 full-year highlights. As you will again hear today, we remain very positive on the developments of the company and we’re optimistic about our future. We provided a slide deck, as Don mentioned, and we’ll refer to the slide number and slide titles as we proceed. Robert and I are very pleased to provide a summary of our Q4 2015 and full year 2015 results and our expectation is for 2016, including an update of our key growth initiatives and full-year revenue guidance. Whether live or via the webcast recording, thank you for joining us on the call today. Now, I would like to introduce Tessera’s Chief Executive Officer, Tom Lacey. Management may also discuss certain non-GAAP financial measures for comparison purposes only, for a definition of non-GAAP financial measures and reconciliation of GAAP to non-GAAP financial results, please see the fourth quarter financial results news release issued earlier today. The company disclaims any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances that occur after today’s date. More information about factors that may cause results to differ from the projections made in these forward-looking statements can be found in Tessera’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended Decemand the 10-Q for the quarter ended September 30, 2015, especially in the sections titled Risk Factors. You are cautioned not to place undue reliance on forward-looking statements, which speak only to the date of today’s call, February 2, 2016. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. These forward-looking statements are made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Please be advised that during the course of today’s call, management will make forward-looking statements regarding future events, including the future financial performance of the company. This call is also being webcast live over the Internet and today’s webcast is accompanied by a slide presentation that can be accessed at in the Investors section under Events and Presentations. Good afternoon and welcome to Tessera Technologies fourth quarter 2015 financial results conference call. Thank you.ĭon Markley, Investor Relations, you may begin your conference. After the speaker’s remarks, there will be a question-and-answer session. All lines have been placed on mute to prevent any background noise. At this time, I would like to welcome everyone to Tessera Technologies Fourth Quarter 2015 Financial Results Conference Call. Good afternoon, my name is James, and I’ll be your conference operator today. Robert Andersen – Chief Financial Officer (TSRA) Q4 2015 Earnings Conference Call Febru5:00 PM ET
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