Rambus Reports First Quarter 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.

Forward-Looking Statements

This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 relating to Rambus' expectations regarding revenue for the second quarter of 2014. 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 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.

RMBSFN

Rambus Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

   

 

March 31,

2014

December 31,

2013

ASSETS
 
Current assets:
Cash and cash equivalents $ 346,576 $ 338,696
Marketable securities 56,848 48,966
Accounts receivable 7,816 2,251
Prepaids and other current assets 8,766 8,253
Deferred taxes 1,009   205
Total current assets 421,015 398,371
Intangible assets, net 109,260 117,172
Goodwill 116,899 116,899
Property, plant and equipment, net 70,110 72,642
Deferred taxes, long-term 643 4,797
Other assets 3,071   3,498
Total assets $ 720,998   $ 713,379
 
LIABILITIES & STOCKHOLDERS’ EQUITY
 
Current liabilities:
Accounts payable $ 5,555 $ 7,001
Accrued salaries and benefits 27,257 33,448
Convertible notes, short-term 168,658 164,047
Other accrued liabilities 8,171   8,346
Total current liabilities 209,641 212,842
Long-term liabilities:
Convertible notes, long-term 110,962 109,629
Long-term imputed financing obligation 39,295 39,349
Other long-term liabilities 9,115   11,330
Total long-term liabilities 159,372   160,308
Total stockholders’ equity 351,985   340,229
Total liabilities and stockholders’ equity $ 720,998   $ 713,379
 

Rambus Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

Three Months Ended

March 31,

2014   2013
 
Revenue:
Royalties $ 73,637 $ 66,222
Contract and other revenue 4,651   644  
Total revenue 78,288   66,866  
Operating costs and expenses:
Cost of revenue (1) 10,022 6,534
Research and development (1) 26,898 32,848
Marketing, general and administrative (1) 18,820 25,122
Restructuring charges 39 2,206
Gain from sale of intellectual property (170 ) (1,285 )
Gain from settlement (510 )  
Total operating costs and expenses 55,099   65,425  
Operating income 23,189 1,441
Interest income and other income (expense), net 13 (20 )
Interest expense (9,926 ) (7,312 )
Interest and other income (expense), net (9,913 ) (7,332 )
Income (loss) before income taxes 13,276 (5,891 )
Provision for income taxes 5,472   4,511  
Net income (loss) $ 7,804   $ (10,402 )
Net income (loss) per share:
Basic $ 0.07   $ (0.09 )
Diluted $ 0.07   $ (0.09 )
Weighted average shares used in per share calculation
Basic 113,590   111,599  
Diluted 116,629   111,599  
 

_________

(1) Total stock-based compensation expense for the three months ended March 31, 2014 and 2013 are presented as follows:

 

Three Months Ended March 31,
2014 2013
Cost of revenue $ 7 $
Research and development $ 1,311 $ 1,876
Marketing, general and administrative $ 1,581 $ 3,072
 

Rambus Inc.

Supplemental Reconciliation of GAAP to Non-GAAP Results

(In thousands)

(Unaudited)

 
Three Months Ended

March 31,

2014

 

December 31,

2013

 

March 31,

2013

 
Operating costs and expenses $ 55,099 $ 67,208 $ 65,425
Adjustments:
Stock-based compensation (2,899 ) (3,096 ) (4,948 )
Acquisition-related transaction costs and retention bonuses (1,435 ) (1,463 ) (4,012 )
Amortization (6,797 ) (7,489 ) (7,040 )
Reversal of one-time litigation costs 566
Restructuring charges (39 ) (2,211 ) (2,206 )
Impairment of goodwill and long-lived assets (9,681 )
Severance costs (514 )
Costs of restatement and related legal activities     (17 )
Non-GAAP operating costs and expenses $ 43,929   $ 43,834   $ 46,688  
 
Operating income $ 23,189 $ 6,214 $ 1,441
Adjustments:
Stock-based compensation 2,899 3,096 4,948
Acquisition-related transaction costs and retention bonuses 1,435 1,463 4,012
Amortization 6,797 7,489 7,040
Reversal of one-time litigation costs (566 )
Restructuring charges 39 2,211 2,206
Impairment of goodwill and long-lived assets 9,681
Severance costs 514
Costs of restatement and related legal activities     17  
Non-GAAP operating income $ 34,359   $ 29,588   $ 20,178  
 
Income (loss) before income taxes $ 13,276 $ (3,604 ) $ (5,891 )
Adjustments:
Stock-based compensation 2,899 3,096 4,948
Acquisition-related transaction costs and retention bonuses 1,435 1,463 4,012
Amortization 6,797 7,489 7,040
Reversal of one-time litigation costs (566 )
Restructuring charges 39 2,211 2,206
Impairment of goodwill and long-lived assets 9,681
Severance costs 514
Costs of restatement and related legal activities 17
Non-cash interest expense on convertible notes 6,242   5,927   4,089  
Non-GAAP income before income taxes $ 30,688 $ 25,697 $ 16,935
Non-GAAP provision for income taxes 11,048   9,251   6,096  
Non-GAAP net income $ 19,640   $ 16,446   $ 10,839  
 
Non-GAAP basic net income per share $ 0.17 $ 0.15 $ 0.10
Non-GAAP diluted net income per share $ 0.17 $ 0.14 $ 0.09
 
Weighted average shares used in non-GAAP per share calculation:
Basic 113,590 113,217 111,599
Diluted 116,629 116,211 118,021

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