On occasion in the future, there may be other items, such as 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.

About Rambus Inc.

Dedicated to making data faster and safer, Rambus creates innovative hardware, software and services that drive technology advancements from the data center to the mobile edge. Our architecture licenses, IP cores, chips, software, and services span memory and interfaces, security, and emerging technologies to positively impact the modern world. We collaborate with the industry, partnering with leading chip and system designers, foundries, and service providers. Integrated into tens of billions of devices and systems, our products power and secure diverse applications, including Big Data, Internet of Things (IoT) security, mobile payments, and smart ticketing. For more information, visit rambus.com.

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 our new product and service offerings, growth for 2018 and financial guidance for the second quarter of 2018, including revenue, operating costs and expenses, earnings per share and estimated, fixed, long-term projected tax rates, both on a GAAP and non-GAAP basis as appropriate. 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.

Rambus Inc. Condensed Consolidated Balance Sheets (In thousands) (Unaudited)
		March 31, 2018				December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents		$	122,361			$	225,844
Marketable securities		168,859				103,532
Accounts receivable		26,734				25,326
Unbilled receivables		163,107				566
Inventories		5,596				5,159
Prepaids and other current assets		16,770				11,317
Total current assets		503,427				371,744
Intangible assets, net		82,083				91,722
Goodwill		211,356				209,661
Property, plant and equipment, net		48,392				54,303
Deferred tax assets		96,902				159,099
Unbilled receivables, long-term		607,507				—
Other assets		4,507				4,543
Total assets		$	1,554,174			$	891,072
LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	7,080			$	9,614
Accrued salaries and benefits		14,982				17,091
Deferred revenue		16,480				18,272
Income taxes payable, short-term		15,830				258
Convertible notes, short-term		79,541				78,451
Other current liabilities		11,263				9,156
Total current liabilities		145,176				132,842
Long-term liabilities:
Convertible notes, long-term		137,037				135,447
Long-term imputed financing obligation		37,045				37,262
Long-term income taxes payable		92,052				3,344
Other long-term liabilities		14,345				10,593
Total long-term liabilities		280,479				186,646
Total stockholders’ equity		1,128,519				571,584
Total liabilities and stockholders’ equity		$	1,554,174			$	891,072

Rambus Inc. Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited)
		Three Months Ended March 31,
		2018				2017
Revenue:
Royalties		$	21,374			$	68,956
Product revenue		7,313				10,904
Contract and other revenue		17,739				17,491
Total revenue		46,426				97,351
Operating costs and expenses:
Cost of product revenue (1)		4,357				5,250
Cost of contract and other revenue		12,122				14,481
Research and development (1)		40,117				36,000
Sales, general and administrative (1)		30,198				28,186
Restructuring charges		3,245				—
Total operating costs and expenses		90,039				83,917
Operating income (loss)		(43,613		)		13,434
Interest income and other income (expense), net		9,116				154
Interest expense		(4,421		)		(3,206		)
Interest and other income (expense), net		4,695				(3,052		)
Income (loss) before income taxes		(38,918		)		10,382
Provision for (benefit from) income taxes		(1		)		7,376
Net income (loss)		$	(38,917	)		$	3,006
Net income (loss) per share:
Basic		$	(0.36	)		$	0.03
Diluted		$	(0.36	)		$	0.03
Weighted average shares used in per share calculation
Basic		109,358				111,464
Diluted		109,358				115,325

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