Business and Financial Highlights:
-
Signed license agreements with SK Hynix and STMicroelectronics;
settled all legal claims
-
Expanded family of LED-based bulbs with advanced color temperature
change technology
-
Quarterly revenue of $57.9 million; non-GAAP customer licensing income
of $61.3 million
-
Quarterly GAAP diluted loss per share of $0.06; non-GAAP diluted
income per share of $0.06
SUNNYVALE, Calif.--(BUSINESS WIRE)--
Rambus Inc. (NASDAQ:RMBS), the innovative technology solutions company
that brings invention to market, today reported financial results for
the second quarter ended June 30, 2013.
GAAP Financial Results:
Revenue for the second quarter of 2013 was $57.9 million, down 13% on a
sequential basis from the first quarter of 2013 primarily due to
recognition of one-time royalty revenue during the first quarter of 2013
from LSI Corporation. This was, however, partially offset by royalty
revenue received from STMicroelectronics, subsequent to the settlement,
in the second quarter of 2013. As compared to the second quarter of
2012, revenue was up 3% primarily due to the royalty revenue received in
the second quarter of 2013 from STMicroelectronics.
Revenue for the six months ended June 30, 2013 was $124.8 million, which
was up 5% over the prior year period, primarily due to recognition of
one-time royalty revenue during the first quarter of 2013 from LSI
Corporation.
Total operating costs and expenses for the second quarter of 2013 were
$52.2 million, 20% lower than the previous quarter, mostly due to the
one-time reversal of accrued SK Hynix related litigation costs and the
absence of restructuring charges. Second quarter operating costs and
expenses of $52.2 million included negative $6.2 million of general
litigation expenses (primarily due to the reversal of the accrued
litigation costs referred to above), $3.6 million of stock-based
compensation expenses, $7.0 million of amortization expenses and $3.4
million of retention bonuses from past business acquisitions. This is
compared to total operating costs and expenses for the first quarter of
2013 of $65.4 million, which included $2.0 million of general litigation
expenses, $4.9 million of stock-based compensation expenses, $2.2
million of restructuring charges, $7.0 million of amortization expenses
and $4.0 million of retention bonuses from past business acquisitions.
As compared to a year ago, total operating costs and expenses for the
second quarter of 2012 were $78.0 million, which included $4.5 million
of general litigation expenses, $6.2 million of stock-based compensation
expenses, $7.9 million of amortization expenses and $7.7 million of
acquisition-related transaction costs and retention bonuses from past
business acquisitions.
Total operating costs and expenses for the six months ended June 30,
2013 were $117.6 million, which included $8.5 million of stock-based
compensation expenses, $14.0 million of amortization expenses and $7.4
million of retention bonuses from past business acquisitions. This is
compared to total operating costs and expenses for the six months ended
June 30, 2012 of $158.4 million, which included $12.9 million of
stock-based compensation expenses, $15.6 million of amortization
expenses and $17.1 million of acquisition-related transaction costs and
retention bonuses from past business acquisitions. General litigation
expenses for the six months ended June 30, 2013 were negative $4.2
million, a decrease of $12.8 million from the same period in 2012. The
change in total operating costs and expenses was primarily attributable
to lower general litigation expenses, lower acquisition-related
transaction costs and retention bonuses from past business acquisitions,
lower headcount-related costs due to the restructuring efforts in the
second half of 2012 and lower consulting costs, partially offset by
restructuring charges in the first half of 2013.
Net loss for the second quarter of 2013 was $6.4 million as compared to
net loss of $10.4 million in the first quarter of 2013 and net loss of
$32.2 million in the second quarter of 2012. Diluted net loss per share
for the second quarter of 2013 was $0.06 as compared to diluted net loss
per share of $0.09 in the first quarter of 2013 and diluted net loss per
share of $0.29 in the second quarter of 2012.
Net loss for the six months ended June 30, 2013 was $16.8 million as
compared to a net loss of $60.1 million for the same period of 2012.
Diluted net loss per share for the six months ended June 30, 2013 was
$0.15 as compared to a diluted net loss per share of $0.54 for the same
period of 2012.
Non-GAAP Financial Results (1):
Customer licensing income in the second quarter of 2013 was $61.3
million, down 15% sequentially from the first quarter of 2013 primarily
due to recognition of one-time royalty revenue during the first quarter
of 2013 from LSI Corporation, and up 7% from the second quarter of 2012,
primarily due to royalty revenue from STMicroelectronics in the second
quarter of 2013.
Customer licensing income for the six months ended June 30, 2013 was
$133.4 million as compared to $122.7 million in the same period of 2012,
primarily due to recognition of one-time royalty revenue from LSI
Corporation.
Total non-GAAP operating costs and expenses in the second quarter of
2013 were $47.7 million, 1% lower than the previous quarter. Non-GAAP
general litigation expenses for the current quarter, which are included
in the non-GAAP operating costs and expenses above, were $2.3 million.
The prior quarter's non-GAAP operating costs and expenses of $48.0
million included general litigation expenses of $2.0 million. Total
non-GAAP operating costs and expenses in the second quarter of 2012 were
$56.0 million, which included general litigation expenses of $4.5
million.
Total non-GAAP operating costs and expenses for the six months ended
June 30, 2013 were $95.6 million as compared to $112.7 million in the
same period of 2012 due primarily to lower general litigation expenses,
lower headcount-related costs due to the restructuring in the second
half of 2012 and lower consulting costs.
Non-GAAP net income in the second quarter of 2013 was $6.6 million as
compared to non-GAAP net income of $13.4 million in the first quarter of
2013 and non-GAAP net loss of $1.1 million in the second quarter of
2012. Non-GAAP diluted net income per share was $0.06 in the second
quarter of 2013 as compared to $0.11 in the first quarter of 2013 and
diluted net loss per share of $0.01 in the second quarter of 2012.
Non-GAAP net income for the six months ended June 30, 2013 was $20.0
million as compared to $2.5 million in the same period of 2012. Non-GAAP
diluted net income per share was $0.17 for the six months ended June 30,
2013 as compared to non-GAAP diluted net income per share of $0.02 for
the six months ended June 30, 2012.
Other Financial Highlights:
Cash, cash equivalents, and marketable securities as of June 30, 2013
were $205.6 million, a decrease of approximately $9.2 million as
compared to March 31, 2013. During the second quarter of 2013, the
Company used $16.7 million to pay retention bonuses related to the
acquisition of Cryptography Research, Inc. and $4.3 million to pay the
interest expense related to the Company's convertible notes.
During the second quarter of 2013, the Company recorded an income tax
provision of $4.7 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.
Conference Call:
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 investor.rambus.com.
A replay will be available following the call on the Rambus Investor
Relations website for one week at the following numbers: (855) 859-2056
(domestic) or (404) 537-3406 (international) with ID# 18188767.
(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 following items
were considered: other patent royalties received but not recognized as
revenue, proceeds from sale of intellectual property, stock-based
compensation expenses, acquisition-related transaction costs and
retention bonus expense, amortization expenses, costs of restatement and
related legal activities, restructuring charges, severance costs,
non-cash interest expense and certain other one-time adjustments. 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. In addition,
customer licensing income includes other patent royalties received but
not recognized as revenue and proceeds from sale of intellectual
property. In both the first and second quarters of 2013, certain patent
royalties received 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 has
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 primarily relate
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 peer companies.
Acquisition-related transaction 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.
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 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.
Reversal of one-time litigation costs. This adjustment is a
one-time litigation cost reversal of prior litigation costs accrued
related to previously awarded costs in connection with the SK Hynix
litigation. The Company excludes this reversal from its non-GAAP
measures because the Company believes that this reversal has no direct
correlation to the core operations of the Company's business and it is a
one-time event.
Severance costs. These expenses relate to the separation payment
to the Company's former chief executive officer. The Company excludes
these costs from its non-GAAP measures because the Company believes that
these non-recurring costs have no direct correlation to the core
operations of the Company's business.
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 impairment
of goodwill and long-lived assets, or 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 the innovative technology solutions company that brings
invention to market. Unleashing the intellectual power of our
world-class engineers and scientists in a collaborative and synergistic
way, Rambus invents, licenses and develops solutions that challenge and
enable our customers to create the future. While best known for creating
unsurpassed semiconductor memory architectures, Rambus is also
developing world-changing products and services in security, advanced
LED lighting and displays, and immersive mobile media. For additional
information visit rambus.com.
RMBSFN
|
|
|
Rambus Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
June 30,
2013
|
|
December 31,
2012
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
155,276
|
|
$
|
148,984
|
|
Marketable securities
|
|
|
50,364
|
|
|
54,346
|
|
Accounts receivable
|
|
|
1,003
|
|
|
529
|
|
Prepaids and other current assets
|
|
|
8,694
|
|
|
10,529
|
|
Deferred taxes
|
|
|
788
|
|
|
788
|
|
Total current assets
|
|
|
216,125
|
|
|
215,176
|
|
Intangible assets, net
|
|
|
139,395
|
|
|
153,173
|
|
Goodwill
|
|
|
124,969
|
|
|
124,969
|
|
Property, plant and equipment, net
|
|
|
75,831
|
|
|
86,905
|
|
Deferred taxes, long-term
|
|
|
4,806
|
|
|
4,458
|
|
Other assets
|
|
|
3,118
|
|
|
3,131
|
|
Total assets
|
|
$
|
564,244
|
|
$
|
587,812
|
|
|
|
|
|
|
|
LIABILITIES & STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
5,300
|
|
$
|
7,918
|
|
Accrued salaries and benefits
|
|
|
29,582
|
|
|
23,992
|
|
Accrued litigation expenses
|
|
|
1,673
|
|
|
9,822
|
|
Convertible notes, short-term
|
|
|
155,473
|
|
|
—
|
|
Other accrued liabilities
|
|
|
5,957
|
|
|
12,402
|
|
Total current liabilities
|
|
|
197,985
|
|
|
54,134
|
|
Long-term liabilities:
|
|
|
|
|
|
Convertible notes, long-term
|
|
|
—
|
|
|
147,556
|
|
Long-term imputed financing obligation
|
|
|
39,724
|
|
|
45,919
|
|
Other long-term liabilities
|
|
|
10,600
|
|
|
18,609
|
|
Total long-term liabilities
|
|
|
50,324
|
|
|
212,084
|
|
Total stockholders' equity
|
|
|
315,935
|
|
|
321,594
|
|
Total liabilities and stockholders' equity
|
|
$
|
564,244
|
|
$
|
587,812
|
|
|
|
|
|
|
|
|
|
Rambus Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Royalties
|
|
$
|
57,009
|
|
|
$
|
55,723
|
|
|
$
|
123,231
|
|
|
$
|
117,766
|
|
|
Contract revenue
|
|
|
910
|
|
|
|
492
|
|
|
|
1,554
|
|
|
|
1,312
|
|
|
Total revenue
|
|
|
57,919
|
|
|
|
56,215
|
|
|
|
124,785
|
|
|
|
119,078
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of revenue (1)
|
|
|
7,365
|
|
|
|
7,340
|
|
|
|
13,899
|
|
|
|
14,503
|
|
|
Research and development (1)
|
|
|
30,777
|
|
|
|
38,347
|
|
|
|
63,625
|
|
|
|
76,741
|
|
|
Marketing, general and administrative (1)
|
|
|
14,134
|
|
|
|
32,194
|
|
|
|
39,239
|
|
|
|
67,028
|
|
|
Gain from sale of intellectual property
|
|
|
(103
|
)
|
|
|
—
|
|
|
|
(1,388
|
)
|
|
|
—
|
|
|
Costs of restatement and related legal activities
|
|
|
2
|
|
|
|
83
|
|
|
|
19
|
|
|
|
113
|
|
|
Restructuring charges
|
|
|
—
|
|
|
|
—
|
|
|
|
2,206
|
|
|
|
—
|
|
|
Total operating costs and expenses
|
|
|
52,175
|
|
|
|
77,964
|
|
|
|
117,600
|
|
|
|
158,385
|
|
|
Operating income (loss)
|
|
|
5,744
|
|
|
|
(21,749
|
)
|
|
|
7,185
|
|
|
|
(39,307
|
)
|
|
Interest income and other income (expense), net
|
|
|
(19
|
)
|
|
|
89
|
|
|
|
(39
|
)
|
|
|
187
|
|
|
Interest expense
|
|
|
(7,426
|
)
|
|
|
(6,719
|
)
|
|
|
(14,738
|
)
|
|
|
(13,299
|
)
|
|
Interest and other income (expense), net
|
|
|
(7,445
|
)
|
|
|
(6,630
|
)
|
|
|
(14,777
|
)
|
|
|
(13,112
|
)
|
|
Loss before income taxes
|
|
|
(1,701
|
)
|
|
|
(28,379
|
)
|
|
|
(7,592
|
)
|
|
|
(52,419
|
)
|
|
Provision for income taxes
|
|
|
4,743
|
|
|
|
3,837
|
|
|
|
9,254
|
|
|
|
7,687
|
|
|
Net loss
|
|
$
|
(6,444
|
)
|
|
$
|
(32,216
|
)
|
|
$
|
(16,846
|
)
|
|
$
|
(60,106
|
)
|
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.06
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
(0.54
|
)
|
|
Diluted
|
|
$
|
(0.06
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
(0.54
|
)
|
|
Weighted average shares used in per share calculation
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
112,183
|
|
|
|
110,553
|
|
|
|
111,892
|
|
|
|
110,456
|
|
|
Diluted
|
|
|
112,183
|
|
|
|
110,553
|
|
|
|
111,892
|
|
|
|
110,456
|
|
|
_________
|
|
|
|
|
|
(1) Total stock-based compensation expense for the three and six
month periods ended June 30, 2013 and June 30, 2012 are presented
as follows:
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2013
|
|
|
|
2012
|
|
|
Cost of revenue
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
15
|
|
|
Research and development
|
|
$
|
1,660
|
|
|
$
|
2,631
|
|
|
$
|
3,536
|
|
|
$
|
5,351
|
|
|
Marketing, general and administrative
|
|
$
|
1,909
|
|
|
$
|
3,579
|
|
|
$
|
4,981
|
|
|
$
|
7,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rambus Inc.
Supplemental Reconciliation of GAAP to Non-GAAP Results
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
|
June 30,
2013
|
|
March 31,
2013
|
|
June 30,
2012
|
|
June 30,
2013
|
|
June 30,
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
57,919
|
|
$
|
66,866
|
|
$
|
56,215
|
|
$
|
124,785
|
|
$
|
119,078
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other patent royalties received
|
|
|
3,392
|
|
|
5,237
|
|
|
1,201
|
|
|
8,629
|
|
|
3,615
|
|
|
Total customer licensing income
|
|
$
|
61,311
|
|
$
|
72,103
|
|
$
|
57,416
|
|
$
|
133,414
|
|
$
|
122,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses
|
|
$
|
52,175
|
|
$
|
65,425
|
|
$
|
77,964
|
|
$
|
117,600
|
|
$
|
158,385
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other patent royalties received
|
|
|
965
|
|
|
1,285
|
|
|
—
|
|
|
2,250
|
|
|
—
|
|
|
Stock-based compensation
|
|
|
(3,574
|
)
|
|
(4,948
|
)
|
|
(6,215
|
)
|
|
(8,522
|
)
|
|
(12,941
|
)
|
|
Acquisition-related transaction costs and retention bonuses
|
|
|
(3,385
|
)
|
|
(4,012
|
)
|
|
(7,699
|
)
|
|
(7,397
|
)
|
|
(17,050
|
)
|
|
Amortization
|
|
|
(6,997
|
)
|
|
(7,040
|
)
|
|
(7,943
|
)
|
|
(14,037
|
)
|
|
(15,559
|
)
|
|
Reversal of one-time litigation costs
|
|
|
8,482
|
|
|
—
|
|
|
—
|
|
|
8,482
|
|
|
—
|
|
|
Restructuring charges
|
|
|
—
|
|
|
(2,206
|
)
|
|
—
|
|
|
(2,206
|
)
|
|
—
|
|
|
Severance costs
|
|
|
—
|
|
|
(514
|
)
|
|
—
|
|
|
(514
|
)
|
|
—
|
|
|
Costs of restatement and related legal activities
|
|
|
(2
|
)
|
|
(17
|
)
|
|
(83
|
)
|
|
(19
|
)
|
|
(113
|
)
|
|
Non-GAAP operating costs and expenses
|
|
$
|
47,664
|
|
$
|
47,973
|
|
$
|
56,024
|
|
$
|
95,637
|
|
$
|
112,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
$
|
5,744
|
|
$
|
1,441
|
|
$
|
(21,749
|
)
|
$
|
7,185
|
|
$
|
(39,307
|
)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other patent royalties received
|
|
|
2,427
|
|
|
3,952
|
|
|
1,201
|
|
|
6,379
|
|
|
3,615
|
|
|
Stock-based compensation
|
|
|
3,574
|
|
|
4,948
|
|
|
6,215
|
|
|
8,522
|
|
|
12,941
|
|
|
Acquisition-related transaction costs and retention bonuses
|
|
|
3,385
|
|
|
4,012
|
|
|
7,699
|
|
|
7,397
|
|
|
17,050
|
|
|
Amortization
|
|
|
6,997
|
|
|
7,040
|
|
|
7,943
|
|
|
14,037
|
|
|
15,559
|
|
|
Reversal of one-time litigation costs
|
|
|
(8,482
|
)
|
|
—
|
|
|
—
|
|
|
(8,482
|
)
|
|
—
|
|
|
Restructuring charges
|
|
|
—
|
|
|
2,206
|
|
|
—
|
|
|
2,206
|
|
|
—
|
|
|
Severance costs
|
|
|
—
|
|
|
514
|
|
|
—
|
|
|
514
|
|
|
—
|
|
|
Costs of restatement and related legal activities
|
|
|
2
|
|
|
17
|
|
|
83
|
|
|
19
|
|
|
113
|
|
|
Non-GAAP operating income
|
|
$
|
13,647
|
|
$
|
24,130
|
|
$
|
1,392
|
|
$
|
37,777
|
|
$
|
9,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes
|
|
$
|
(1,701
|
)
|
$
|
(5,891
|
)
|
$
|
(28,379
|
)
|
$
|
(7,592
|
)
|
$
|
(52,419
|
)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other patent royalties received
|
|
|
2,427
|
|
|
3,952
|
|
|
1,201
|
|
|
6,379
|
|
|
3,615
|
|
|
Stock-based compensation
|
|
|
3,574
|
|
|
4,948
|
|
|
6,215
|
|
|
8,522
|
|
|
12,941
|
|
|
Acquisition-related transaction costs and retention bonuses
|
|
|
3,385
|
|
|
4,012
|
|
|
7,699
|
|
|
7,397
|
|
|
17,050
|
|
|
Amortization
|
|
|
6,997
|
|
|
7,040
|
|
|
7,943
|
|
|
14,037
|
|
|
15,559
|
|
|
Reversal of one-time litigation costs
|
|
|
(8,482
|
)
|
|
—
|
|
|
—
|
|
|
(8,482
|
)
|
|
—
|
|
|
Restructuring charges
|
|
|
—
|
|
|
2,206
|
|
|
—
|
|
|
2,206
|
|
|
—
|
|
|
Severance costs
|
|
|
—
|
|
|
514
|
|
|
—
|
|
|
514
|
|
|
—
|
|
|
Costs of restatement and related legal activities
|
|
|
2
|
|
|
17
|
|
|
83
|
|
|
19
|
|
|
113
|
|
|
Non-cash interest expense on convertible notes
|
|
|
4,145
|
|
|
4,089
|
|
|
3,557
|
|
|
8,234
|
|
|
7,067
|
|
|
Non-GAAP income (loss) before income taxes
|
|
$
|
10,347
|
|
$
|
20,887
|
|
$
|
(1,681
|
)
|
$
|
31,234
|
|
$
|
3,926
|
|
|
Non-GAAP provision for (benefit from) income taxes
|
|
|
3,725
|
|
|
7,519
|
|
|
(606
|
)
|
|
11,244
|
|
|
1,413
|
|
|
Non-GAAP net income (loss)
|
|
$
|
6,622
|
|
$
|
13,368
|
|
$
|
(1,075
|
)
|
$
|
19,990
|
|
$
|
2,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic net income (loss) per share
|
|
$
|
0.06
|
|
$
|
0.12
|
|
$
|
(0.01
|
)
|
$
|
0.18
|
|
$
|
0.02
|
|
|
Non-GAAP diluted net income (loss) per share
|
|
$
|
0.06
|
|
$
|
0.11
|
|
$
|
(0.01
|
)
|
$
|
0.17
|
|
$
|
0.02
|
|
|
Weighted average shares used in non-GAAP per share calculation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
112,183
|
|
|
111,599
|
|
|
110,553
|
|
|
111,892
|
|
|
110,456
|
|
|
Diluted
|
|
|
116,162
|
|
|
118,021
|
|
|
110,553
|
|
|
116,009
|
|
|
116,909
|
|
Rambus Inc.
Carolyn Robinson, 408-462-8717
Public Relations
crobinson@rambus.com
or
Rambus
Inc.
Nicole Noutsios, 408-462-8050
Investor Relations
nnoutsios@rambus.com
Source: Rambus Inc.
News Provided by Acquire Media