Rambus Reports Third Quarter 2017 Financial Results

  • Revenue of $99.1 million, up 10% year over year
  • GAAP diluted net income per share of $0.07; non-GAAP diluted net income per share of $0.19
  • Announced industry’s first silicon-proven server DIMM buffer chipset capable of achieving the speeds expected for next-generation DDR5
  • Teamed up with eftpos domestic debit card network in Australia to support roll out of Apple Pay with tokenization software

SUNNYVALE, Calif. — (BUSINESS WIRE) — October 23, 2017 — Rambus Inc. (NASDAQ: RMBS) today reported financial results for the third quarter ended September 30, 2017. Total revenue for the quarter was $99.1 million, 10% higher than a year ago, with GAAP diluted net income per share of $0.07 and non-GAAP diluted net income per share of $0.19. Total revenue for the nine months ended September 30, 2017 was $291.2 million, 22% higher than a year ago.

“We continue to demonstrate our leadership and execution on strategic programs with the industry’s first functional server DIMM buffer chipset to reach the speeds targeted for next-generation DDR5 and the integration of our Token Service Provider software at eftpos to support the roll out of Apple Pay in Australia,” said Dr. Ron Black, chief executive officer of Rambus. “We are excited by our progress, with strong execution on strategic programs for the data center and mobile edge markets, as we continue to deliver profitable growth.”

Business Review

In our Memory and Interfaces Division, we continue to demonstrate our technology leadership with the announcement of the industry’s first functional silicon of a server DIMM buffer chipset capable of achieving the speeds expected for next-generation DDR5. This represented an important milestone for both the company and the market, as it puts Rambus in a leadership position and provides an early path to market readiness and adoption for future data center solutions. The IP cores team extended its portfolio of high-speed interfaces for data center and enterprise applications with the addition of 16G and 30G SerDes IP cores on GLOBALFOUNDRIES 14nm FX-14™ ASIC platform. In addition, and as part of the ongoing ecosystem development to ease integration and accelerate adoption, we validated the interoperability of our memory PHYs with Northwest Logic and ARM memory controllers.

Our Security Division, which consists of our cryptography, mobile payments and smart ticketing businesses, had a strong quarter with the Cryptography team demonstrating the CryptoManager IoT Security Service on a leading cloud platform to enable secure device connectivity, monitoring and provisioning. In addition, we announced Cryptography will partner with SciFive to make our cryptography technology available for the SciFive Freedom platform, easing the path to designing innovative and cost-effective SoCs in the open and growing RISC-V hardware ecosystem. For mobile payments, we continue to gain traction for our tokenization solutions, teaming with eftpos, a leading debit card network in Australia, to support the roll out of Apple Pay to their debit card users with our Token Service Provider software.

 
Financial Review   GAAP   Non-GAAP(1)
(In millions, except for percentages and per share amounts) Three Months Ended September 30, Three Months Ended September 30,
2017   2016 2017   2016
Revenue $ 99.1 $ 89.9 $ 99.1 $ 89.9
Total operating costs and expenses $ 82.1 $ 78.1 $ 64.6 $ 60.8
Operating income $ 17.0 $ 11.8 $ 34.5 $ 29.1
Operating margin 17 % 13 % 35 % 32 %
Net income $ 7.7 $ 4.5 $ 21.6 $ 18.0
Diluted net income per share $ 0.07 $ 0.04 $ 0.19 $ 0.16
 
Total cash and marketable securities $ 183.6 $ 150.8 $ 183.6 $ 150.8
Total assets $ 824.1 $ 800.3 $ 824.1 $ 800.3
Total stockholders’ equity $ 589.5 $ 552.8 $ 589.5 $ 552.8
 
Financial Review   GAAP   Non-GAAP(1)
(In millions, except for percentages and per share amounts) Nine Months Ended September 30, Nine Months Ended September 30,
2017   2016 2017   2016
Revenue $ 291.2 $ 239.0 $ 291.2 $ 239.0
Total operating costs and expenses $ 252.5 $ 205.9 $ 200.7 $ 160.3
Operating income $ 38.7 $ 33.1 $ 90.5 $ 78.7
Operating margin 13 % 14 % 31 % 33 %
Net income $ 13.3 $ 10.3 $ 56.3 $ 49.3
Diluted net income per share $ 0.12 $ 0.09 $ 0.49 $ 0.44
     
(1) See “Supplemental Reconciliation of GAAP to Non-GAAP Results” and “Reconciliation of Other GAAP to Non-GAAP Items” tables included below. Note that the applicable non-GAAP measures are presented and that revenue and the balance sheet items are solely presented on a GAAP basis.

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