Rambus Reports Third Quarter 2018 Financial Results

  • Third quarter GAAP revenue of $59.8 million; revenue under ASC 605 would have been $99.8 million, in line with expectations; $31.6 million in cash provided by operating activities
  • Third quarter GAAP royalty revenue of $33.6 million, royalty revenue under ASC 605 would have been $75.7 million and licensing billings of $75.4 million
  • New and renewed licenses closed with Socionext, Phison, Infineon and Nvidia
  • Continued commercial traction with new customers and partners including Coles, ScotRail, Visa, American Express and Riscure

SUNNYVALE, Calif. — (BUSINESS WIRE) — October 29, 2018 — Rambus Inc. (NASDAQ: RMBS) today reported financial results for the third quarter ended September 30, 2018 under GAAP Accounting Standards Codification Topic 606 (“ASC 606”), which superseded the revenue recognition requirements in ASC Topic 605, Revenue Recognition (“ASC 605”) that was previously applicable. Rambus also reported financial results as they would have been presented under ASC 605. This ASC 605 presentation is required under the modified retrospective transition method that Rambus has chosen to adopt under ASC 606. Rambus notes that this presentation allows a more relevant comparability with prior results, which were all reported under ASC 605.

Luc Seraphin, chief executive officer of Rambus said, “This was a strong quarter that continued to reinforce our confidence in our strategy and execution to plan. As we continue to roll out products, improve operational efficiency and generate cash, we are creating the foundation for future profitable growth.”

Third Quarter 2018 Financial Highlights   Three Months Ended September 30, 2018
 
 
(In millions, except per share amounts) ASC 606   ASC 605 (1)
GAAP  

Non-GAAP
(2)

GAAP  

Non-GAAP
(2)

Revenue (3) $ 59.8 $ 59.8 $ 99.8 $ 99.8
Diluted net income (loss) per share $ (0.97 ) $ (0.01 ) $ (0.65 ) $ 0.22
 
          (1)   As noted above, Rambus is presenting the financial results under ASC 606 along with the results that would have been applicable under ASC 605. The ASC 605 information should be considered in addition to, not as a substitute for, nor superior to or in isolation from, the financial information prepared in accordance with ASC 606.
 
(2) See “Reconciliation of GAAP Forward Looking Estimates to Non-GAAP Forward Looking Estimates” tables included below. Note that the applicable non-GAAP measures are presented and that revenue is solely presented on a GAAP basis.
 
(3) Total revenue for the quarter ended September 30, 2018 under ASC 605 is 5% higher than a year ago excluding the impact of the Lighting Division which was wound down in the first quarter.
 

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