Rambus Reports Second Quarter Financial Results

On occasion in the future, there may be other items, such as impairments and significant gains or losses from contingencies that the Company may exclude in deriving its non-GAAP financial measures if it believes that doing so is consistent with the goal of providing useful information to investors and management.

Forward-Looking Statements

This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 including those relating to Rambus’ expectations regarding revenue for the third quarter of 2016, and estimated, fixed, long-term projected tax rates. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by Rambus’ management. Actual results may differ materially. Rambus’ business generally is subject to a number of risks which are described more fully in Rambus’ periodic reports filed with the Securities and Exchange Commission. Rambus undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About Rambus Inc.

Rambus creates cutting-edge semiconductor and IP products, spanning memory and interfaces to security, smart sensors and lighting. Our chips, customizable IP cores, architecture licenses, tools, services, training and innovations improve the competitive advantage of our customers. We collaborate with the industry, partnering with leading ASIC and SoC designers, foundries, IP developers, EDA companies and validation labs. For more information, visit www.rambus.com.

RMBSFN

 

Rambus Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

   

 

June 30, 2016 December 31, 2015
ASSETS
 
Current assets:
Cash and cash equivalents $ 188,011 $ 143,764
Marketable securities 71,320 143,942
Accounts receivable 11,326 16,408
Prepaids and other current assets 12,993   11,476
Total current assets 283,650 315,590
Intangible assets, net 100,900 64,266
Goodwill 162,715 116,899
Property, plant and equipment, net 55,056 56,616
Deferred taxes 159,097 162,485
Other assets 4,365   2,165
Total assets $ 765,783   $ 718,021
 
LIABILITIES & STOCKHOLDERS’ EQUITY
 
Current liabilities:
Accounts payable $ 6,269 $ 4,096
Accrued salaries and benefits 10,040 12,278
Deferred revenue 10,347 5,780
Other current liabilities 17,326   6,212
Total current liabilities 43,982 28,366
Long-term liabilities:
Convertible notes, long-term 122,744 119,418
Long-term imputed financing obligation 38,355 38,625
Other long-term liabilities 18,340   5,079
Total long-term liabilities 179,439   163,122
Total stockholders’ equity 542,362   526,533
Total liabilities and stockholders’ equity $ 765,783   $ 718,021
 

Rambus Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

   

 

Three Months Ended

June 30,

Six Months Ended

June 30,

2016   2015 2016   2015
 
Revenue:
Royalties $ 62,835 $ 62,387 $ 125,712 $ 129,350
Contract and other revenue 13,666   10,425   23,471   16,376  
Total revenue 76,501   72,812   149,183   145,726  
Operating costs and expenses:
Cost of revenue (1) 14,089 12,137 26,296 22,893
Research and development (1) 28,753 29,188 57,280 57,722
Sales, general and administrative (1) 21,789 17,339 44,884 35,841
Gain from sale of intellectual property (896 ) (3,156 )
Gain from settlement (138 ) (510 ) (579 ) (1,020 )
Total operating costs and expenses 64,493   57,258   127,881   112,280  
Operating income 12,008 15,554 21,302 33,446
Interest income and other income (expense), net 1,138 203 1,380 335
Interest expense (3,163 ) (3,091 ) (6,304 ) (6,174 )
Interest and other income (expense), net (2,025 ) (2,888 ) (4,924 ) (5,839 )
Income before income taxes 9,983 12,666 16,378 27,607
Provision for income taxes 6,107   5,805   10,624   11,244  
Net income $ 3,876   $ 6,861   $ 5,754   $ 16,363  
Net income per share:
Basic $ 0.04   $ 0.06   $ 0.05   $ 0.14  
Diluted $ 0.03   $ 0.06   $ 0.05   $ 0.14  
Weighted average shares used in per share calculation
Basic 109,904   116,027   109,818   115,683  
Diluted 112,061   120,939   112,202   119,225  

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