Revenue of $57.5 million; GAAP net loss of $0.52 a share; Non-GAAP
net income of $0.08 per share
Third Quarter Fiscal 2012 Business and Financial Highlights
-
Quarterly revenue of $57.5 million; non-GAAP customer licensing income
of $62.4 million
-
Quarterly GAAP diluted loss per share of $0.52; non-GAAP diluted
income per share of $0.08
-
Signed patent license agreement with Fujitsu
-
Secure Content Storage Association selects Cryptography Research to
provide security expertise
-
Restructuring initiatives expected to provide overall net cash savings
of $30 million - $35 million annually
-
The Company recorded a non-cash charge for the impairment of goodwill
and long-lived assets in its Lighting and Display Technology Division
of $35.5 million
SUNNYVALE, Calif.--(BUSINESS WIRE)--
Rambus Inc. (NASDAQ:RMBS), one of the world's premier technology
licensing companies, today reported financial results for the third
quarter ended September 30, 2012.
GAAP Financial Results:
Revenue for the third quarter of 2012 was $57.5 million, up 2%
sequentially from the second quarter of 2012. This quarter-over-quarter
increase was primarily due to recognition of one-time royalty revenue
during the third quarter of 2012 from patent license agreement with
Fujitsu. As compared to the third quarter of 2011, revenue was down 43%
primarily due to recognition of one-time royalty revenue during the
third quarter of 2011 from patent license agreements signed in the
second and third quarter of 2011, lower royalties reported by certain
licensees and a decrease in contract revenue. The decreased revenue for
the third quarter of 2012 as compared to the prior year period was
partially offset by revenue recognized from various new patent license
agreements signed in 2012.
Revenue for the nine months ended September 30, 2012 was $176.6 million,
down 23% from the same period last year, for the same reasons as
discussed above.
Total operating costs and expenses for the third quarter of 2012 were
$104.6 million, which included $2.6 million of general litigation
expenses, $5.1 million of stock-based compensation expenses, $6.6
million of restructuring charges, $35.5 million of impairment of
goodwill and long-lived assets, $8.0 million of amortization expenses
and $4.4 million of retention bonuses from past business acquisitions.
This is compared to total operating costs and expenses for the second
quarter of 2012 of $78.0 million, which included general litigation
expenses of $4.5 million, $6.2 million of stock-based compensation
expenses, $7.9 million of amortization expenses and $7.7 million of
acquisition-related deal costs and retention bonuses from past business
acquisitions. Total operating costs and expenses for the third quarter
of 2011 were $89.5 million, which included general litigation expenses
of $23.5 million, $7.2 million of stock-based compensation expenses,
$6.9 million of amortization expenses and $7.7 million of
acquisition-related deal costs and retention bonuses from past business
acquisitions.
Total operating costs and expenses for the nine months ended September
30, 2012 were $263.0 million, which included $11.2 million of general
litigation expenses, $18.0 million of stock-based compensation expenses,
$6.6 million of restructuring charges, $35.5 million of impairment of
goodwill and long-lived assets, $23.5 million of amortization expenses
and $21.5 million of acquisition-related deal costs and retention
bonuses from past business acquisitions. This is compared to total
operating costs and expenses for the nine months ended September 30,
2011 of $212.4 million, which included a $6.2 million gain related to
the Samsung settlement, $44.2 million of general litigation expenses,
$21.5 million of stock-based compensation expenses, $12.9 million of
amortization expenses and $14.0 million of acquisition-related deal
costs and retention bonuses from past business acquisitions. The change
in total operating costs and expenses was primarily attributable to the
impairment of goodwill and long-lived assets and restructuring charge
taken during the third quarter of 2012, higher acquisition-related deal
costs, retention bonuses and amortization expenses for business
acquisitions, a lack of any gain from settlement, partially offset by
lower general litigation expenses.
Net loss for the third quarter of 2012 was $58.1 million as compared to
net loss of $32.2 million in the second quarter of 2012 and net income
of $0.5 million in the third quarter of 2011. Diluted net loss per share
for the third quarter of 2012 was $0.52 as compared to diluted net loss
per share of $0.29 in the second quarter of 2012 and diluted net income
per share of $0.00 in the third quarter of 2011.
Net loss for the nine months ended September 30, 2012 was $118.2 million
as compared to a net loss of $14.3 million for the same period of 2011.
Diluted net loss per share for the nine months ended September 30, 2012
was $1.07 as compared to a diluted net loss per share of $0.13 for the
same period of 2011.
The Company updated the amount of the pre-tax charge it expects to
record in the third quarter of 2012 in relation to its restructuring
program announced on August 22, 2012. The charge is primarily driven by
the reduction of overall corporate expenses which is expected to improve
future profitability while refining some of the Company's research and
development efforts. The Company recorded a pre-tax charge of
approximately $6.6 million during the third quarter of 2012 related
primarily to the reduction in workforce, which included approximately
$1.8 million in early termination payments to certain employees related
to their previous retention bonus arrangements.
Additionally, the Company recorded a non-cash charge for the impairment
of goodwill and long-lived assets within its Lighting and Display
Technology division of approximately $35.5 million in the third quarter
of 2012. The Company conducted this impairment review under the
accounting rules as a result of the change in business strategy with
less focus on display technology licensing and an increased focus on its
general lighting technologies. Under generally accepted accounting
principles, when indicators of potential impairment are identified,
companies are required to conduct a review of the carrying amounts of
goodwill and other long-lived assets to determine if impairment exists.
Non-GAAP Financial Results (1):
Customer licensing income in the third quarter of 2012 was $62.4
million, up 9% sequentially from the second quarter of 2012 for the
reasons set out in the Company's discussion of GAAP financial results
above. As compared to the third quarter of 2011, customer licensing
income was down 32% due to several factors, including recognition of
one-time royalty revenue during the third quarter of 2011 from patent
license agreements signed in the second and third quarter of 2011, lower
royalties reported by certain licensees and the absence of new
development contracts. This decline was partially offset by revenue
recognized from various new patent license agreements signed in 2012.
Customer licensing income for the nine months ended September 30, 2012
was $185.1 million as compared to $233.3 million in the same period of
2011 for the same reasons.
Total non-GAAP operating costs and expenses in the third quarter of 2012
were $45.0 million, which included general litigation expenses of $2.6
million. This is compared to total non-GAAP operating costs and expenses
for the second quarter of 2012 of $56.0 million, which included general
litigation expenses of $4.5 million. Total non-GAAP operating costs and
expenses in the third quarter of 2011 were $66.8 million, which included
general litigation expenses of $23.5 million. Non-GAAP operating costs
and expenses for the nine months ended September 30, 2012 were $157.7
million as compared to $167.4 million in the same period of 2011 due
primarily to lower litigation expenses, partially offset by higher
headcount related costs from the increase in employee headcount
attributable to business acquisitions and higher consulting costs.
Non-GAAP net income in the third quarter of 2012 was $9.0 million as
compared to non-GAAP net loss of $1.1 million in the second quarter of
2012 and non-GAAP net income of $14.0 million in the third quarter of
2011. Non-GAAP diluted net income per share was $0.08 in the third
quarter of 2012 as compared to non-GAAP diluted net loss per share of
$0.01 in the second quarter of 2012 and non-GAAP net income of $0.12 in
the third quarter of 2011. Non-GAAP net income for the nine months ended
September 30, 2012 was $11.5 million as compared to $36.6 million in the
same period of 2011. Non-GAAP diluted net income per share was $0.10 for
the nine months ended September 30, 2012 as compared to non-GAAP diluted
net income per share of $0.33 for the nine months ended September 30,
2011.
Other Financial Highlights:
Cash, cash equivalents, and marketable securities as of September 30,
2012 were $207.1 million, an increase of approximately $3.9 million from
June 30, 2012 as a result of positive cash flows provided from operating
activities.
During the third quarter of 2012, the Company recorded an income tax
provision of approximately $3.9 million. As the Company continues to
maintain a full valuation allowance against its U.S. deferred tax
assets, the Company's tax provision consists of primarily foreign
withholding taxes, current state taxes and foreign taxes.
The Company will host a conference call at 2:00 p.m. PT today to discuss
its financial results. The call, audio and slides will be available
online at http://investor.rambus.com/events.cfm.
A replay will be available following the call on Rambus' Investor
Relations website for one week at the following numbers: (855) 859-2056
(domestic) or (404) 537-3406 (international) with ID# 38404730.
(1) Non-GAAP Financial Information:
In the commentary set forth above and in the financial statements
included in this earnings release, the Company presents the following
non-GAAP financial measures: customer licensing income, operating costs
and expenses, operating income (loss) and net income (loss). In
computing each of these non-GAAP financial measures, the Company
combined revenue, other patent royalties received but not recognized as
revenue and gain from settlement, and excluded charges or gains relating
to: stock-based compensation expenses, acquisition-related deal costs
and retention bonus expense, amortization expenses, costs of restatement
and related legal activities, restructuring charges, impairment charges
and non-cash interest expense. The non-GAAP financial measures disclosed
by the Company should not be considered a substitute for, or superior
to, financial measures calculated in accordance with GAAP, and the
financial results calculated in accordance with GAAP and reconciliations
from these results should be carefully evaluated. Management believes
the non-GAAP financial measures are appropriate for both its own
assessment of, and to show investors, how the Company's performance
compares to other periods. The non-GAAP financial measures used by the
Company may be calculated differently from, and therefore may not be
comparable to, similarly titled measures used by other companies.
Reconciliation from GAAP to non-GAAP results is included in the
financial statements contained in this release.
The Company's non-GAAP financial measures reflect adjustments based on
the following items:
Customer licensing income. Customer licensing income includes the
Company's measure of the total cash royalties received from its
customers under its licensing agreements with them. Prior to the second
quarter of 2011, the Company bifurcated royalty payments that it
received from Samsung between revenue and gain from settlement, which
was reflected as reducing operating expenses. The Company has combined
revenue from its customers, including Samsung, and the gain from the
Samsung settlement as customer licensing income to reflect the total
amounts received from all of its customers for the periods presented. In
addition, customer licensing income includes other patent royalties
received but not recognized as revenue. In the second quarter of 2011, a
one-time receipt of a patent royalty payment from a customer was not
recognized as revenue as not all revenue recognition criteria were met
during the period. Upon meeting all of the revenue recognition criteria,
the Company recognized this cash payment as revenue in the third quarter
of 2011. In the third quarter of 2012, a receipt of a patent
royalty payment from a customer was not recognized as revenue as not all
revenue recognition criteria were met during the period. Additionally,
since the third quarter of 2011, the Company received patent royalty
payments from certain patent license agreements assumed in the
acquisition of CRI which were treated as favorable contracts. Cash
received from these acquired favorable contracts reduced the favorable
contract intangible asset on the Company's balance sheet. The Company
has combined these cash royalty payments as customer licensing income to
reflect the total amounts received from its customers.
Stock-based compensation expense. These expenses consist
primarily of expenses related to employee stock options, employee stock
purchase plans, and employee non-vested equity stock and non-vested
stock units. The Company excludes stock-based compensation expense from
its non-GAAP measures primarily because they are non-cash expenses that
the Company does not believe are reflective of ongoing operating
results. Additionally, given the fact that other companies may grant
different amounts and types of equity awards and may use different
option valuation assumptions, excluding stock-based compensation expense
permits more accurate comparisons of the Company's results with other
peer companies.
Acquisition-related deal costs and retention bonus expense. These
expenses include all direct costs of certain acquisitions 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.
Restructuring 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 of goodwill and long-lived assets. These charges
consist of non-cash charges to goodwill and long-lived assets and are
excluded because such charges are non-recurring and do not reduce the
Company's liquidity.
Amortization expense. The Company incurs expenses for the
amortization of intangible assets in connection with 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 core operation of the Company's business.
Costs of restatement and related legal activities. These expenses
consist primarily of investigation, audit, legal and other professional
fees related to the 2006-2007 stock option investigation and related
litigation, as well as recoveries received from third parties. The
Company excludes these costs and recoveries from its non-GAAP measures
primarily because the Company believes that these non-recurring costs
and recoveries have no direct correlation to the core operation of the
Company's business.
Non-cash interest expense. 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 assumes net income from
operations, the Company estimates a fixed, long-term projected tax rate
of approximately 36 percent. Accordingly, the Company has applied the 36
percent tax rate to its non-GAAP financial results to assist the
Company's planning for future periods.
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 one of the world's premier technology licensing companies. As
a company of inventors, Rambus focuses on the development of
technologies that enrich the end-user experience of electronic systems.
Additional information is available at www.rambus.com.
RMBSFN
|
|
|
Rambus Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
|
|
|
|
|
|
September 30,
2012
|
|
December 31,
2011
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
152,206
|
|
$
|
162,244
|
|
Marketable securities
|
|
|
54,880
|
|
|
127,212
|
|
Accounts receivable
|
|
|
452
|
|
|
1,026
|
|
Prepaids and other current assets
|
|
|
9,759
|
|
|
8,096
|
|
Deferred taxes
|
|
|
1,807
|
|
|
2,798
|
|
Total current assets
|
|
|
219,104
|
|
|
301,376
|
|
Intangible assets, net
|
|
|
160,408
|
|
|
181,955
|
|
Goodwill
|
|
|
124,969
|
|
|
115,148
|
|
Property, plant and equipment, net
|
|
|
84,255
|
|
|
81,105
|
|
Deferred taxes, long-term
|
|
|
7,575
|
|
|
7,531
|
|
Other assets
|
|
|
5,514
|
|
|
6,539
|
|
Total assets
|
|
$
|
601,825
|
|
$
|
693,654
|
|
|
|
|
|
|
|
LIABILITIES & STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
7,841
|
|
$
|
16,567
|
|
Accrued salaries and benefits
|
|
|
29,785
|
|
|
31,763
|
|
Accrued litigation expenses
|
|
|
10,035
|
|
|
10,502
|
|
Other accrued liabilities
|
|
|
13,448
|
|
|
6,479
|
|
Total current liabilities
|
|
|
61,109
|
|
|
65,311
|
|
Long-term liabilities:
|
|
|
|
|
|
Convertible notes, long-term
|
|
|
143,875
|
|
|
133,493
|
|
Long-term imputed financing obligation
|
|
|
45,878
|
|
|
43,793
|
|
Other long-term liabilities
|
|
|
20,137
|
|
|
21,263
|
|
Total long-term liabilities
|
|
|
209,890
|
|
|
198,549
|
|
Total stockholders' equity
|
|
|
330,826
|
|
|
429,794
|
|
Total liabilities and stockholders' equity
|
|
$
|
601,825
|
|
$
|
693,654
|
|
|
|
|
|
|
|
|
|
Rambus Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Royalties
|
|
$
|
57,361
|
|
|
$
|
96,216
|
|
|
$
|
175,127
|
|
|
$
|
216,421
|
|
|
Contract revenue
|
|
|
169
|
|
|
|
4,047
|
|
|
|
1,481
|
|
|
|
12,583
|
|
|
Total revenue
|
|
|
57,530
|
|
|
|
100,263
|
|
|
|
176,608
|
|
|
|
229,004
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of revenue (1)
|
|
|
7,529
|
|
|
|
7,425
|
|
|
|
22,032
|
|
|
|
16,632
|
|
|
Research and development (1)
|
|
|
30,674
|
|
|
|
32,318
|
|
|
|
107,415
|
|
|
|
79,855
|
|
|
Marketing, general and administrative (1)
|
|
|
24,255
|
|
|
|
48,952
|
|
|
|
91,283
|
|
|
|
119,416
|
|
|
Restructuring charges
|
|
|
6,622
|
|
|
|
—
|
|
|
|
6,622
|
|
|
|
—
|
|
|
Impairment of goodwill and long-lived assets
|
|
|
35,471
|
|
|
|
—
|
|
|
|
35,471
|
|
|
|
—
|
|
|
Costs of restatement and related legal activities
|
|
|
79
|
|
|
|
832
|
|
|
|
192
|
|
|
|
2,703
|
|
|
Gain from settlement
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(6,200
|
)
|
|
Total operating costs and expenses
|
|
|
104,630
|
|
|
|
89,527
|
|
|
|
263,015
|
|
|
|
212,406
|
|
|
Operating income (loss)
|
|
|
(47,100
|
)
|
|
|
10,736
|
|
|
|
(86,407
|
)
|
|
|
16,598
|
|
|
Interest and other income (expense), net
|
|
|
(12
|
)
|
|
|
172
|
|
|
|
175
|
|
|
|
471
|
|
|
Interest expense
|
|
|
(7,121
|
)
|
|
|
(6,350
|
)
|
|
|
(20,420
|
)
|
|
|
(18,462
|
)
|
|
Interest and other expense, net
|
|
|
(7,133
|
)
|
|
|
(6,178
|
)
|
|
|
(20,245
|
)
|
|
|
(17,991
|
)
|
|
Income (loss) before income taxes
|
|
|
(54,233
|
)
|
|
|
4,558
|
|
|
|
(106,652
|
)
|
|
|
(1,393
|
)
|
|
Provision for income taxes
|
|
|
3,865
|
|
|
|
4,080
|
|
|
|
11,552
|
|
|
|
12,944
|
|
|
Net income (loss)
|
|
$
|
(58,098
|
)
|
|
$
|
478
|
|
|
$
|
(118,204
|
)
|
|
$
|
(14,337
|
)
|
|
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.52
|
)
|
|
$
|
0.00
|
|
|
$
|
(1.07
|
)
|
|
$
|
(0.13
|
)
|
|
Diluted
|
|
$
|
(0.52
|
)
|
|
$
|
0.00
|
|
|
$
|
(1.07
|
)
|
|
$
|
(0.13
|
)
|
|
Weighted average shares used in per share calculation
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
110,826
|
|
|
|
112,334
|
|
|
|
110,580
|
|
|
|
109,997
|
|
|
Diluted
|
|
|
110,826
|
|
|
|
115,552
|
|
|
|
110,580
|
|
|
|
109,997
|
|
|
|
|
|
|
|
|
_________
(1) Total stock-based compensation expense for the three and nine
month periods ended September 30, 2012 and September 30, 2011 are
presented as follows:
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
|
|
Cost of revenue
|
|
$
|
5
|
|
|
$
|
90
|
|
|
$
|
20
|
|
|
$
|
499
|
|
|
Research and development
|
|
$
|
2,221
|
|
|
$
|
2,775
|
|
|
$
|
7,572
|
|
|
$
|
7,777
|
|
|
Marketing, general and administrative
|
|
$
|
2,863
|
|
|
$
|
4,354
|
|
|
$
|
10,438
|
|
|
$
|
13,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rambus Inc.
Supplemental Reconciliation of GAAP to Non-GAAP Results
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
2012
|
|
June 30,
2012
|
|
September 30,
2011
|
|
September 30,
2012
|
|
September 30,
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
57,530
|
|
|
$
|
56,215
|
|
|
$
|
100,263
|
|
|
$
|
176,608
|
|
|
$
|
229,004
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Gain from settlement
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,200
|
|
|
Other patent royalties received
|
|
|
4,875
|
|
|
|
1,201
|
|
|
|
(8,625
|
)
|
|
|
8,490
|
|
|
|
(1,875
|
)
|
|
Total customer licensing income
|
|
$
|
62,405
|
|
|
$
|
57,416
|
|
|
$
|
91,638
|
|
|
$
|
185,098
|
|
|
$
|
233,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses
|
|
$
|
104,630
|
|
|
$
|
77,964
|
|
|
$
|
89,527
|
|
|
$
|
263,015
|
|
|
$
|
212,406
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
(5,089
|
)
|
|
|
(6,215
|
)
|
|
|
(7,219
|
)
|
|
|
(18,030
|
)
|
|
|
(21,538
|
)
|
|
Acquisition-related deal costs and retention bonuses
|
|
|
(4,437
|
)
|
|
|
(7,699
|
)
|
|
|
(7,702
|
)
|
|
|
(21,487
|
)
|
|
|
(14,037
|
)
|
|
Amortization
|
|
|
(7,977
|
)
|
|
|
(7,943
|
)
|
|
|
(6,927
|
)
|
|
|
(23,536
|
)
|
|
|
(12,909
|
)
|
|
Restructuring charges
|
|
|
(6,622
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(6,622
|
)
|
|
|
—
|
|
|
Impairment of goodwill and long-lived assets
|
|
|
(35,471
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(35,471
|
)
|
|
|
—
|
|
|
Costs of restatement and related legal activities
|
|
|
(79
|
)
|
|
|
(83
|
)
|
|
|
(832
|
)
|
|
|
(192
|
)
|
|
|
(2,703
|
)
|
|
Gain from settlement
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,200
|
|
|
Non-GAAP operating costs and expenses
|
|
$
|
44,955
|
|
|
$
|
56,024
|
|
|
$
|
66,847
|
|
|
$
|
157,677
|
|
|
$
|
167,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
$
|
(47,100
|
)
|
|
$
|
(21,749
|
)
|
|
$
|
10,736
|
|
|
$
|
(86,407
|
)
|
|
$
|
16,598
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Other patent royalties received
|
|
|
4,875
|
|
|
|
1,201
|
|
|
|
(8,625
|
)
|
|
|
8,490
|
|
|
|
(1,875
|
)
|
|
Stock-based compensation
|
|
|
5,089
|
|
|
|
6,215
|
|
|
|
7,219
|
|
|
|
18,030
|
|
|
|
21,538
|
|
|
Acquisition-related deal costs and retention bonuses
|
|
|
4,437
|
|
|
|
7,699
|
|
|
|
7,702
|
|
|
|
21,487
|
|
|
|
14,037
|
|
|
Amortization
|
|
|
7,977
|
|
|
|
7,943
|
|
|
|
6,927
|
|
|
|
23,536
|
|
|
|
12,909
|
|
|
Restructuring charges
|
|
|
6,622
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,622
|
|
|
|
—
|
|
|
Impairment of goodwill and long-lived assets
|
|
|
35,471
|
|
|
|
—
|
|
|
|
—
|
|
|
|
35,471
|
|
|
|
—
|
|
|
Costs of restatement and related legal activities
|
|
|
79
|
|
|
|
83
|
|
|
|
832
|
|
|
|
192
|
|
|
|
2,703
|
|
|
Non-GAAP operating income
|
|
$
|
17,450
|
|
|
$
|
1,392
|
|
|
$
|
24,791
|
|
|
$
|
27,421
|
|
|
$
|
65,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
$
|
(54,233
|
)
|
|
$
|
(28,379
|
)
|
|
$
|
4,558
|
|
|
$
|
(106,652
|
)
|
|
$
|
(1,393
|
)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Other patent royalties received
|
|
|
4,875
|
|
|
|
1,201
|
|
|
|
(8,625
|
)
|
|
|
8,490
|
|
|
|
(1,875
|
)
|
|
Stock-based compensation
|
|
|
5,089
|
|
|
|
6,215
|
|
|
|
7,219
|
|
|
|
18,030
|
|
|
|
21,538
|
|
|
Acquisition-related deal costs and retention bonuses
|
|
|
4,437
|
|
|
|
7,699
|
|
|
|
7,702
|
|
|
|
21,487
|
|
|
|
14,037
|
|
|
Amortization
|
|
|
7,977
|
|
|
|
7,943
|
|
|
|
6,927
|
|
|
|
23,536
|
|
|
|
12,909
|
|
|
Restructuring charges
|
|
|
6,622
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,622
|
|
|
|
—
|
|
|
Impairment of goodwill and long-lived assets
|
|
|
35,471
|
|
|
|
—
|
|
|
|
—
|
|
|
|
35,471
|
|
|
|
—
|
|
|
Costs of restatement and related legal activities
|
|
|
79
|
|
|
|
83
|
|
|
|
832
|
|
|
|
192
|
|
|
|
2,703
|
|
|
Non-cash interest expense on convertible notes
|
|
|
3,789
|
|
|
|
3,557
|
|
|
|
3,254
|
|
|
|
10,856
|
|
|
|
9,326
|
|
|
Non-GAAP income (loss) before income taxes
|
|
$
|
14,106
|
|
|
$
|
(1,681
|
)
|
|
$
|
21,867
|
|
|
$
|
18,032
|
|
|
$
|
57,245
|
|
|
Non-GAAP provision for (benefit from) income taxes
|
|
|
5,078
|
|
|
|
(606
|
)
|
|
|
7,872
|
|
|
|
6,491
|
|
|
|
20,618
|
|
|
Non-GAAP net income (loss)
|
|
$
|
9,028
|
|
|
$
|
(1,075
|
)
|
|
$
|
13,995
|
|
|
$
|
11,541
|
|
|
$
|
36,627
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic net income (loss) per share
|
|
$
|
0.08
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.12
|
|
|
$
|
0.10
|
|
|
$
|
0.33
|
|
|
Non-GAAP diluted net income (loss) per share
|
|
$
|
0.08
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.12
|
|
|
$
|
0.10
|
|
|
$
|
0.33
|
|
|
Weighted average shares used in non-GAAP per share calculation:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
110,826
|
|
|
|
110,553
|
|
|
|
112,334
|
|
|
|
110,580
|
|
|
|
109,997
|
|
|
Diluted
|
|
|
117,738
|
|
|
|
110,553
|
|
|
|
115,552
|
|
|
|
117,569
|
|
|
|
112,525
|
|
Rambus Inc.
Carolyn Robinson, 408-462-8717 (Public Relations)
crobinson@rambus.com
Nicole
Noutsios, 408-462-8050 (Investor Relations)
nnoutsios@rambus.com
Source: Rambus Inc.
News Provided by Acquire Media