Rambus Reports First Quarter 2018 Financial Results

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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