Rambus Reports Fourth Quarter and Fiscal Year 2013 Financial Results

About Rambus Inc.:

Rambus brings invention to market. Our customizable IP cores, architecture licenses, tools, services, and training improve the competitive advantage of our customers’ products while accelerating their time-to-market. Rambus products and innovations capture, secure and move data. For more information, visit rambus.com.

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Rambus Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

   

 

December 31,
2013

December 31,
2012

ASSETS
 
Current assets:
Cash and cash equivalents $ 338,696 $ 148,984
Marketable securities 48,966 54,346
Accounts receivable 2,251 529
Prepaids and other current assets 8,253 10,529
Deferred taxes   205   788
Total current assets 398,371 215,176
Intangible assets, net 117,172 153,173
Goodwill 116,899 124,969
Property, plant and equipment, net 72,642 86,905
Deferred taxes, long-term 4,797 4,458
Other assets   3,498   3,131
Total assets $ 713,379 $ 587,812
 
LIABILITIES & STOCKHOLDERS’ EQUITY
 
Current liabilities:
Accounts payable $ 7,001 $ 7,918
Accrued salaries and benefits 33,448 23,992
Accrued litigation expenses 498 9,822
Convertible notes, short-term 164,047
Other accrued liabilities   7,848   12,402
Total current liabilities 212,842 54,134
Long-term liabilities:
Convertible notes, long-term 109,629 147,556
Long-term imputed financing obligation 39,349 45,919
Other long-term liabilities   11,330   18,609
Total long-term liabilities   160,308   212,084
Total stockholders’ equity   340,229   321,594
Total liabilities and stockholders’ equity $ 713,379 $ 587,812
 

Rambus Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

   

 

Three Months Ended
December 31,

Year Ended
December 31,

  2013       2012     2013       2012  
 
Revenue:
Royalties $ 69,867 $ 57,258 $ 264,111 $ 232,385
Contract and other revenue   3,555     185     7,390     1,666  
Total revenue   73,422     57,443     271,501     234,051  
Operating costs and expenses:
Cost of revenue (1) 10,358 6,340 33,215 28,372
Research and development (1) 26,803 33,088 117,981 140,503
Marketing, general and administrative (1) 18,511 21,311 76,448 112,594
Restructuring charges 2,211 679 5,546 7,301
Impairment of goodwill and long-lived assets 9,681 17,751 35,471
Gain from sale of intellectual property (1,388 )
Gain from settlement (356 ) (535 )
Costs of restatement and related legal activities       52     19     244  
Total operating costs and expenses   67,208     61,470     249,037     324,485  
Operating income (loss) 6,214 (4,027 ) 22,464 (90,434 )
Interest income and other income (expense), net (223 ) (116 ) (1,596 ) 59
Interest expense   (9,595 )   (7,090 )   (32,885 )   (27,510 )
Interest and other income (expense), net   (9,818 )   (7,206 )   (34,481 )   (27,451 )
Loss before income taxes (3,604 ) (11,233 ) (12,017 ) (117,885 )
Provision for income taxes   6,173     4,899     21,731     16,451  
Net loss $ (9,777 ) $ (16,132 ) $ (33,748 ) $ (134,336 )
Net loss per share:
Basic $ (0.09 ) $ (0.14 ) $ (0.30 ) $ (1.21 )
Diluted $ (0.09 ) $ (0.14 ) $ (0.30 ) $ (1.21 )
Weighted average shares used in per share calculation
Basic   113,217     111,332     112,415     110,769  
Diluted   113,217     111,332     112,415     110,769  

_________

(1) Total stock-based compensation expense for the three months and years ended December 31, 2013 and 2012 are presented as follows:

 

Three Months Ended
December 31,

Year Ended
December 31,

  2013     2012     2013     2012  
Cost of revenue $ 7 $ $ 19 $ 20
Research and development $ 1,431 $ 1,974 $ 6,597 $ 9,546
Marketing, general and administrative $ 1,658 $ 2,542 $ 8,365 $ 12,980
 

Rambus Inc.

Supplemental Reconciliation of GAAP to Non-GAAP Results

(In thousands)

(Unaudited)

 
Three Months Ended Year Ended

December 31,
2013

September 30,
2013

December 31,
2012

December 31,
2013

December 31,
2012

 
Revenue $ 73,422 $ 73,294 $ 57,443 $ 271,501 $ 234,051
Adjustments:
Other patent royalties received 75 850 4,175 9,554 12,665
Gain from settlement 356 179 535
Total customer licensing income $ 73,853 $ 74,323 $ 61,618 $ 281,590 $ 246,716
 
Operating costs and expenses $ 67,208 $ 64,229 $ 61,470 $ 249,037 $ 324,485
Adjustments:
Other patent royalties received 2,250
Stock-based compensation (3,096 ) (3,363 ) (4,516 ) (14,981 ) (22,546 )
Acquisition-related transaction costs and retention bonuses (1,463 ) (1,512 ) (4,191 ) (10,372 ) (25,678 )
Amortization (7,489 ) (7,383 ) (6,811 ) (28,909 ) (30,347 )
Reversal of one-time litigation costs 566 9,048
Restructuring charges (2,211 ) (1,129 ) (679 ) (5,546 ) (7,301 )
Impairment of goodwill and long-lived assets (9,681 ) (8,070 ) (17,751 ) (35,471 )
Severance costs (514 )
Gain from settlement 356 179 535
Costs of restatement and related legal activities (52 ) (19 ) (244 )
Non-GAAP operating costs and expenses $ 44,190 $ 42,951 $ 45,221 $ 182,778 $ 202,898
 
Operating income (loss) $ 6,214 $ 9,065 $ (4,027 ) $ 22,464 $ (90,434 )
Adjustments:
Other patent royalties received 75 850 4,175 7,304 12,665
Stock-based compensation 3,096 3,363 4,516 14,981 22,546
Acquisition-related transaction costs and retention bonuses 1,463 1,512 4,191 10,372 25,678
Amortization 7,489 7,383 6,811 28,909 30,347
Reversal of one-time litigation costs (566 ) (9,048 )
Restructuring charges 2,211 1,129 679 5,546 7,301
 
  Three Months Ended Year Ended

December 31,
2013

September 30,
2013

 

December 31,
2012

December 31,
2013

December 31,
2012

 
Impairment of goodwill and long-lived assets 9,681 8,070 17,751 35,471
Severance costs 514
Costs of restatement and related legal activities 52 19 244
Non-GAAP operating income $ 29,663 $ 31,372 $ 16,397 $ 98,812 $ 43,818
 
Income (loss) before income taxes $ (3,604 ) $ 579 $ (11,233 ) $ (12,017 )

$

(117,885 )
Adjustments:
Other patent royalties received 75 850 4,175 7,304 12,665
Stock-based compensation 3,096 3,363 4,516 14,981 22,546
Acquisition-related transaction costs and retention bonuses 1,463 1,512 4,191 10,372 25,678
Amortization 7,489 7,383 6,811 28,909 30,347
Reversal of one-time litigation costs (566 ) (9,048 )
Restructuring charges 2,211 1,129 679 5,546 7,301
Impairment of goodwill and long-lived assets 9,681 8,070 17,751 35,471
Severance costs 514
Costs of restatement and related legal activities 52 19 244
Impairment of investment 1,400
Non-cash interest expense on convertible notes 5,927 5,135 3,839 19,296 14,695
Non-GAAP income before income taxes $ 25,772 $ 28,021 $ 13,030 $ 85,027

$

31,062
Non-GAAP provision for income taxes 9,278 10,088 4,691 30,610 11,182
Non-GAAP net income $ 16,494 $ 17,933 $ 8,339 $ 54,417 $ 19,880
 
Non-GAAP basic net income per share $ 0.15 $ 0.16 $ 0.07 $ 0.48 $ 0.18

Non-GAAP diluted net income per share

$ 0.14 $ 0.15 $ 0.07 $ 0.47 $ 0.17

Weighted average shares used in non-GAAP per share calculation:

Basic 113,217 112,640 111,332 112,415 110,769
Diluted 116,211 116,052 118,022 115,670 117,619

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