Rambus Reports Fourth Quarter And Fiscal Year 2019 Financial Results

Acquisition-related/divestiture costs and retention bonus expense. These expenses include all direct costs of certain acquisitions, divestitures and the current periods' portion of any retention bonus expense associated with the acquisitions. The Company excludes these expenses in order to provide better comparability between periods as they are related to acquisitions and divestitures and have no direct correlation to the Company's operations.

Restructuring and other charges. These charges may consist of severance, contractual retention payments, exit costs and other charges and are excluded because such charges are not directly related to ongoing business results and do not reflect expected future operating expenses.

Impairment (recovery) of assets held for sale. These charges consist of non-cash charges (recoveries) to assets held for sale and are excluded because such charges (recoveries) are non-recurring and do not reduce the Company's liquidity.

Facility restoration costs. These charges consist of exit costs associated with our leased office space and are excluded because such charges are not directly related to ongoing business results and do not reflect expected future operating expenses.

Amortization expense. The Company incurs expenses for the amortization of intangible assets acquired in acquisitions. The Company excludes these items because these expenses are not reflective of ongoing operating results in the period incurred. These amounts arise from the Company's prior acquisitions and have no direct correlation to the operation of the Company's core business.

Non-cash interest expense on convertible notes. The Company incurs non-cash interest expense related to its convertible notes. The Company excludes non-cash interest expense related to its convertible notes to provide more accurate comparisons of the Company's results with other peer companies and to more accurately reflect the Company's ongoing operations.

Income tax adjustments. For purposes of internal forecasting, planning and analyzing future periods that assume net income from operations, the Company estimates a fixed, long-term projected tax rate of approximately 24 percent for both 2019 and 2018, which consists of estimated U.S. federal and state tax rates, and excludes tax rates associated with certain items such as withholding tax, tax credits, deferred tax asset valuation allowance and the release of any deferred tax asset valuation allowance. Accordingly, the Company has applied these tax rates to its non-GAAP financial results for all periods in the relevant years to assist the Company's planning.

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.

Rambus is a premier Silicon IP and chip provider that makes data faster and safer. With 30 years of innovation, we continue to develop the foundational technology for all modern computing systems. Leveraging our semiconductor expertise, Rambus solutions speed performance, expand capacity and improve security for today's most demanding applications. From data center and edge to artificial intelligence and automotive, our interface and security IP, and memory interface chips enable SoC and system designers to deliver their vision of the future. 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 growth in product and service offerings and product revenue, expected benefits of our merger, acquisition and divestiture activity and related integration, and financial guidance for the first quarter of 2020, including licensing billings and revenue estimates, operating costs and expenses, interest and other income (expense), net and estimated, fixed, long-term projected tax rates 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.

Contact:

Rahul Mathur
Senior Vice President, Finance and Chief Financial Officer
Rambus Inc.
(408) 462-8000
rmathur@rambus.com

 

Rambus Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)



December 31,
2019


December 31,
2018

ASSETS








Current assets:




Cash and cash equivalents

$

102,176



$

115,924


Marketable securities

305,488



161,840


Accounts receivable

44,039



50,863


Unbilled receivables

184,366



176,613


Inventories

10,086



6,772


Prepaids and other current assets

18,524



15,738


Total current assets

664,679



527,750


Intangible assets, net

54,900



59,936


Goodwill

183,465



207,178


Property, plant and equipment, net

44,714



57,028


Operating lease right-of-use assets

37,020




Deferred tax assets

4,574



4,435


Unbilled receivables, long-term

343,703



497,003


Other assets

5,931



7,825


Total assets

$

1,338,986



$

1,361,155






LIABILITIES & STOCKHOLDERS' EQUITY








Current liabilities:




Accounts payable

$

9,549



$

7,392


Accrued salaries and benefits

20,291



16,938


Deferred revenue

11,947



19,374


Income taxes payable, short-term

19,142



16,390


Operating lease liabilities

6,357




Other current liabilities

18,893



9,191


Total current liabilities

86,179



69,285


Long-term liabilities:




Convertible notes, long-term

148,788



141,934


Long-term imputed financing obligation



36,297


Long-term operating lease liabilities

39,889




Long-term income taxes payable

60,094



77,280


Deferred tax liabilities

13,846



18,960


Other long-term liabilities

19,272



5,287


Total long-term liabilities

281,889



279,758


Total stockholders' equity

970,918



1,012,112


Total liabilities and stockholders' equity

$

1,338,986



$

1,361,155



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