Rambus Reports Second Quarter 2019 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 product and service offerings, the expected benefits of our merger, acquisition and divestiture activity, future profit and growth, and financial guidance for the third quarter of 2019, including operating costs and expenses, 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.

Source: Rambus Inc.

Rambus Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

June 30,
2019

 

December 31,
2018

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

114,186

 

 

$

115,924

 

Marketable securities

223,532

 

 

161,840

 

Accounts receivable

28,225

 

 

50,863

 

Unbilled receivables

177,897

 

 

176,613

 

Inventories

9,326

 

 

6,772

 

Assets held for sale

78,388

 

 

 

Prepaids and other current assets

9,350

 

 

15,738

 

Total current assets

640,904

 

 

527,750

 

Intangible assets, net

29,748

 

 

59,936

 

Goodwill

153,144

 

 

207,178

 

Property, plant and equipment, net

41,590

 

 

57,028

 

Operating lease right-of-use assets

16,081

 

 

 

Deferred tax assets

4,399

 

 

4,435

 

Unbilled receivables, long-term

419,532

 

 

497,003

 

Other assets

6,763

 

 

7,825

 

Total assets

$

1,312,161

 

 

$

1,361,155

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

7,794

 

 

$

7,392

 

Accrued salaries and benefits

13,966

 

 

16,938

 

Deferred revenue

6,448

 

 

19,374

 

Income taxes payable, short-term

17,461

 

 

16,390

 

Operating lease liabilities

8,381

 

 

 

Liabilities held for sale

13,706

 

 

 

Other current liabilities

16,668

 

 

9,191

 

Total current liabilities

84,424

 

 

69,285

 

Long-term liabilities:

 

 

 

Convertible notes, long-term

145,314

 

 

141,934

 

Long-term imputed financing obligation

 

 

36,297

 

Long-term operating lease liabilities

9,548

 

 

 

Long-term income taxes payable

69,359

 

 

77,280

 

Other long-term liabilities

30,290

 

 

24,247

 

Total long-term liabilities

254,511

 

 

279,758

 

Total stockholders’ equity

973,226

 

 

1,012,112

 

Total liabilities and stockholders’ equity

$

1,312,161

 

 

$

1,361,155

 

Rambus Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

Royalties

$

27,050

 

 

$

30,049

 

 

$

51,903

 

 

$

51,423

 

Product revenue

16,031

 

 

8,087

 

 

24,995

 

 

15,400

 

Contract and other revenue

15,216

 

 

18,322

 

 

29,783

 

 

36,061

 

Total revenue

58,297

 

 

56,458

 

 

106,681

 

 

102,884

 

Operating costs and expenses:

 

 

 

 

 

 

 

Cost of product revenue (1)

6,310

 

 

4,199

 

 

 

10,737

 

 

 

8,556

 

Cost of contract and other revenue

6,717

 

 

11,089

 

 

13,488

 

 

23,211

 

Research and development (1)

37,890

 

 

37,696

 

 

78,509

 

 

77,813

 

Sales, general and administrative (1)

24,908

 

 

24,483

 

 

52,553

 

 

54,681

 

Restructuring charges (recoveries)

2,528

 

 

(1,022

)

 

2,859

 

 

2,223

 

Impairment of assets held for sale

16,990

 

 

 

 

16,990

 

 

 

Total operating costs and expenses

95,343

 

 

76,445

 

 

175,136

 

 

166,484

 

Operating loss

(37,046

)

 

(19,987

)

 

(68,455

)

 

(63,600

)

Interest income and other income (expense), net

6,972

 

 

8,249

 

 

14,385

 

 

17,365

 

Interest expense

(2,534

)

 

(4,634

)

 

(4,805

)

 

(9,055

)

Interest and other income (expense), net

4,438

 

 

3,615

 

 

9,580

 

 

8,310

 

Loss before income taxes

(32,608

)

 

(16,372

)

 

(58,875

)

 

(55,290

)

Provision for (benefit from) income taxes

4,372

 

 

(1,015

)

 

4,681

 

 

(4,244

)

Net loss

$

(36,980

)

 

$

(15,357

)

 

$

(63,556

)

 

$

(51,046

)

Net loss per share:

 

 

 

 

 

 

 

Basic

$

(0.33

)

 

$

(0.14

)

 

$

(0.58

)

 

$

(0.47

)

Diluted

$

(0.33

)

 

$

(0.14

)

 

$

(0.58

)

 

$

(0.47

)

Weighted average shares used in per share calculation

 

 

 

 

 

 

 

Basic

110,875

 

 

107,737

 

 

110,287

 

 

108,542

 

Diluted

110,875

 

 

107,737

 

 

110,287

 

 

108,542

 


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