Business and Financial Highlights:
-
Generated fourth quarter revenue of $76.8 million and annual revenue
of $296.3 million
-
Acquired secure mobile payment and ticketing solutions to complement
CryptoManager platform
-
Announced R+ DDR4 server memory chip for RDIMMs and LRDIMMs
-
Signed and renewed key license agreements with IBM, Renesas, SK hynix
and Toshiba
-
Revealed Smart Data Acceleration research program to improve data
center performance
-
Initiated $100 million Accelerated Share Repurchase Program
-
Fourth quarter GAAP diluted net income per share of $0.11; fourth
quarter non-GAAP diluted net income per share of $0.18
-
Annual GAAP diluted net income per share of $1.80; annual non-GAAP
diluted net income per share of $0.60
SUNNYVALE, Calif.--(BUSINESS WIRE)--
Rambus Inc. (NASDAQ:RMBS) today reported financial results for the
fourth quarter and year ended December 31, 2015.
GAAP Financial Results:
Revenue for the fourth quarter of 2015 was $76.8 million, up 4% on a
sequential basis from the third quarter of 2015 primarily due to higher
contract and product revenue, offset by lower royalty revenue. As
compared to the fourth quarter of 2014, revenue was up 7% primarily due
to higher royalty revenue from SK hynix, IBM and the renewal of our
patent license agreement with Toshiba in the fourth quarter of 2015 as
well as higher contract revenue, offset by lower royalty revenue from
Renesas and STMicroelectronics.
Total operating costs and expenses for the fourth quarter of 2015 were
$56.4 million, 1% higher than the previous quarter and 4% higher than
the fourth quarter of 2014. Fourth quarter operating costs and expenses
of $56.4 million included $3.3 million of stock-based compensation
expenses, $6.2 million of amortization expenses and $3.6 million of
restructuring charges. In comparison, total operating costs and expenses
for the third quarter of 2015 of $56.1 million included $3.6 million of
stock-based compensation expenses and $6.3 million of amortization
expenses. Total operating costs and expenses for the fourth quarter of
2014 were $54.5 million, which included $3.5 million of stock-based
compensation expenses and $6.3 million of amortization expenses. The
change in total operating costs and expenses in the fourth quarter of
2015 as compared to the third quarter of 2015 was primarily due to the
restructuring charges in the fourth quarter of 2015 and higher
prototyping costs, offset by lower consulting costs and lower marketing
expenses. The change in total operating costs and expenses in the fourth
quarter of 2015 as compared to the fourth quarter of 2014 was primarily
attributable to the restructuring charges in the fourth quarter of 2015,
lower gain from sale of intellectual property and higher expenses
related to software design tools, offset by lower prototyping costs,
lower headcount related costs and lower consulting costs.
Net income for the fourth quarter of 2015 was $13.0 million as compared
to net income of $182.0 million in the third quarter of 2015 and net
income of $7.8 million in the fourth quarter of 2014. Diluted net income
per share for the fourth quarter of 2015 was $0.11 as compared to
diluted net income per share of $1.52 in the third quarter of 2015 and
diluted net income per share of $0.07 in the fourth quarter of 2014.
Revenue for the year ended December 31, 2015 was $296.3 million, which
was relatively flat as compared to the prior year period, primarily due
to lower royalty revenue from ST Microelectronics and NVIDIA
Corporation, offset by higher revenue from SK hynix, IBM and higher
sales of security and lighting products.
Total operating costs and expenses for the year ended December 31, 2015
were $224.9 million, 2% higher than the year ended December 31, 2014.
The year ended December 31, 2015 operating costs and expenses of $224.9
million included $15.1 million of stock-based compensation expenses,
$25.1 million of amortization expenses and $3.6 million of restructuring
charges. This is compared to total operating costs and expenses for the
year ended December 31, 2014 of $221.2 million, which included $14.7
million of stock-based compensation expenses, $26.6 million of
amortization expenses and $2.5 million of retention bonus expense from
acquisitions. The change in total operating costs and expenses was
primarily attributable to the restructuring charges in 2015, higher
headcount related costs, higher expenses related to software design
tools and higher cost of sales due to higher sales of security and
lighting products and engineering services, offset by lower consulting
costs and lower retention bonus expense from acquisitions.
Net income for the year ended December 31, 2015 was $211.4 million as
compared to a net income of $26.2 million for the same period of 2014.
Diluted net income per share for the year ended December 31, 2015 was
$1.80 as compared to a diluted net income per share of $0.22 for the
same period of 2014.
Non-GAAP Financial Results (1):
Total non-GAAP operating costs and expenses in the fourth quarter of
2015 were $43.4 million, 6% lower than the previous quarter, and 3%
lower than the fourth quarter of 2014.
Non-GAAP net income in the fourth quarter of 2015 was $20.7 million, 22%
higher than the prior quarter and 24% higher than the fourth quarter of
2014. Non-GAAP diluted net income per share was $0.18 in the fourth
quarter of 2015 as compared to $0.14 in the prior quarter and $0.14 in
the fourth quarter of 2014.
Total non-GAAP operating costs and expenses for the year ended December
31, 2015 were $181.1 million as compared to $177.4 million in the same
period of 2014 due primarily to higher headcount related costs, higher
expenses related to software design tools and higher cost of sales due
to higher sales of security and lighting products offset by lower
consulting costs.
Non-GAAP net income for the year ended December 31, 2015 was $70.6
million as compared to $70.1 million in the same period of 2014.
Non-GAAP diluted net income per share was $0.60 for the year ended
December 31, 2015 as compared to non-GAAP diluted net income per share
of $0.60 for the year ended December 31, 2014.
Other Financial Highlights:
Cash, cash equivalents, and marketable securities as of December 31,
2015 were $287.7 million, a decrease of $75.2 million from September 30,
2015, mainly due to the repurchased 7.8 million shares of the Company's
common stock under its share repurchase program via an accelerated share
repurchase program.
During the fourth quarter of 2015, the Company recorded an income tax
provision of approximately $4.6 million.
2016 First Quarter and Annual Outlook:
For the first quarter of 2016, the Company expects revenue to be between
$71 million and $75 million. For 2016, the Company expects revenue to be
between $310 million and $325 million. Revenue is not without risk and
includes expectations that the Company will sign new customers for
patent as well as solutions licensing and renew or extend agreements
with existing customers.
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 as a webcast on the Rambus
Investor Relations website and for one week at the following numbers:
(855) 859-2056 (domestic) or (404) 537-3406 (international) with
ID#23967982.
(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: 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 as discussed
below: stock-based compensation expense, acquisition-related transaction
costs and retention bonus expense, restructuring charges, amortization
expense, 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:
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 such expenses 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 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 36 percent, 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 the 36 percent tax rate to its
non-GAAP financial results for all periods. The Company has provided
below a reconciliation of its GAAP provision for income taxes and GAAP
effective tax rate to the assumed non-GAAP provision for income taxes
and non-GAAP effective tax rate.
On occasion in the future, there may be other items, such as asset
impairments and 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.
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 2016 revenue for the first quarter and
year, and estimated, fixed, long-term projected tax rates. 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.
About Rambus Inc.
Rambus creates cutting-edge semiconductor and IP products, spanning
memory and interfaces to security, smart sensors and lighting. Our
chips, customizable IP cores, architecture licenses, tools, services,
training and innovations improve the competitive advantage of our
customers. We collaborate with the industry, partnering with leading
ASIC and SoC designers, foundries, IP developers, EDA companies and
validation labs. For more information, visit www.rambus.com.
RMBSFN
|
|
|
Rambus Inc.
|
|
Condensed Consolidated Balance Sheets
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
143,764
|
|
$
|
154,126
|
|
Marketable securities
|
|
143,942
|
|
145,983
|
|
Accounts receivable
|
|
16,408
|
|
6,001
|
|
Prepaids and other current assets
|
|
11,476
|
|
8,541
|
|
Deferred taxes
|
|
—
|
|
187
|
|
Total current assets
|
|
315,590
|
|
314,838
|
|
Intangible assets, net
|
|
64,266
|
|
89,371
|
|
Goodwill
|
|
116,899
|
|
116,899
|
|
Property, plant and equipment, net
|
|
56,616
|
|
64,023
|
|
Deferred taxes, long-term
|
|
162,485
|
|
536
|
|
Other assets
|
|
3,648
|
|
2,612
|
|
Total assets
|
|
$
|
719,504
|
|
$
|
588,279
|
|
|
|
|
|
|
|
LIABILITIES & STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
4,096
|
|
$
|
6,962
|
|
Accrued salaries and benefits
|
|
12,278
|
|
14,840
|
|
Other accrued liabilities
|
|
11,992
|
|
12,856
|
|
Total current liabilities
|
|
28,366
|
|
34,658
|
|
Long-term liabilities:
|
|
|
|
|
|
Convertible notes, long-term
|
|
120,901
|
|
115,089
|
|
Long-term imputed financing obligation
|
|
38,625
|
|
39,063
|
|
Other long-term liabilities
|
|
5,079
|
|
7,847
|
|
Total long-term liabilities
|
|
164,605
|
|
161,999
|
|
Total stockholders' equity
|
|
526,533
|
|
391,622
|
|
Total liabilities and stockholders' equity
|
|
$
|
719,504
|
|
$
|
588,279
|
|
|
|
Rambus Inc.
|
|
Condensed Consolidated Statements of Operations
|
|
(In thousands, except per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Royalties
|
|
$
|
66,242
|
|
|
$
|
64,134
|
|
|
$
|
262,415
|
|
|
$
|
271,521
|
|
|
Contract and other revenue
|
|
10,531
|
|
|
7,906
|
|
|
33,863
|
|
|
25,037
|
|
|
Total revenue
|
|
76,773
|
|
|
72,040
|
|
|
296,278
|
|
|
296,558
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of revenue (1)
|
|
11,340
|
|
|
10,748
|
|
|
45,344
|
|
|
41,947
|
|
|
Research and development (1)
|
|
25,604
|
|
|
28,445
|
|
|
111,110
|
|
|
110,025
|
|
|
Sales, general and administrative (1)
|
|
16,853
|
|
|
19,131
|
|
|
70,554
|
|
|
74,770
|
|
|
Restructuring charges
|
|
3,576
|
|
|
—
|
|
|
3,576
|
|
|
39
|
|
|
Gain from sale of intellectual property
|
|
(424
|
)
|
|
(3,359
|
)
|
|
(3,686
|
)
|
|
(3,529
|
)
|
|
Gain from settlement
|
|
(510
|
)
|
|
(510
|
)
|
|
(2,040
|
)
|
|
(2,040
|
)
|
|
Total operating costs and expenses
|
|
56,439
|
|
|
54,455
|
|
|
224,858
|
|
|
221,212
|
|
|
Operating income
|
|
20,334
|
|
|
17,585
|
|
|
71,420
|
|
|
75,346
|
|
|
Interest income and other income (expense), net
|
|
350
|
|
|
156
|
|
|
1,224
|
|
|
(276
|
)
|
|
Interest expense
|
|
(3,122
|
)
|
|
(3,065
|
)
|
|
(12,413
|
)
|
|
(24,820
|
)
|
|
Interest and other income (expense), net
|
|
(2,772
|
)
|
|
(2,909
|
)
|
|
(11,189
|
)
|
|
(25,096
|
)
|
|
Income before income taxes
|
|
17,562
|
|
|
14,676
|
|
|
60,231
|
|
|
50,250
|
|
|
Provision for (benefit from) income taxes
|
|
4,570
|
|
|
6,835
|
|
|
(151,157
|
)
|
|
24,049
|
|
|
Net income
|
|
$
|
12,992
|
|
|
$
|
7,841
|
|
|
$
|
211,388
|
|
|
$
|
26,201
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.12
|
|
|
$
|
0.07
|
|
|
$
|
1.84
|
|
|
$
|
0.23
|
|
|
Diluted
|
|
$
|
0.11
|
|
|
$
|
0.07
|
|
|
$
|
1.80
|
|
|
$
|
0.22
|
|
|
Weighted average shares used in per share calculation
|
|
|
|
|
|
|
|
|
|
Basic
|
|
111,476
|
|
|
115,024
|
|
|
114,814
|
|
|
114,318
|
|
|
Diluted
|
|
113,388
|
|
|
117,620
|
|
|
117,484
|
|
|
117,624
|
|
_________
(1) Total stock-based compensation expense for the three months and
years ended December 31, 2015 and 2014 are presented as follows:
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Cost of revenue
|
|
$
|
12
|
|
$
|
10
|
|
$
|
63
|
|
$
|
44
|
|
Research and development
|
|
$
|
1,459
|
|
$
|
1,642
|
|
$
|
6,762
|
|
$
|
7,216
|
|
Sales, general and administrative
|
|
$
|
1,876
|
|
$
|
1,883
|
|
$
|
8,271
|
|
$
|
7,470
|
|
|
|
Rambus Inc.
|
|
Supplemental Reconciliation of GAAP to Non-GAAP Results
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses
|
|
$
|
56,439
|
|
|
$
|
56,139
|
|
|
$
|
54,455
|
|
|
$
|
224,858
|
|
|
$
|
221,212
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
(3,347
|
)
|
|
(3,568
|
)
|
|
(3,535
|
)
|
|
(15,096
|
)
|
|
(14,730
|
)
|
|
Acquisition-related transaction costs and retention bonus expense
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(2
|
)
|
|
(2,475
|
)
|
|
Amortization expense
|
|
(6,160
|
)
|
|
(6,268
|
)
|
|
(6,323
|
)
|
|
(25,074
|
)
|
|
(26,618
|
)
|
|
Restructuring charges
|
|
(3,576
|
)
|
|
—
|
|
|
—
|
|
|
(3,576
|
)
|
|
(39
|
)
|
|
Non-GAAP operating costs and expenses
|
|
$
|
43,356
|
|
|
$
|
46,303
|
|
|
$
|
44,591
|
|
|
$
|
181,110
|
|
|
$
|
177,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
$
|
20,334
|
|
|
$
|
17,640
|
|
|
$
|
17,585
|
|
|
$
|
71,420
|
|
|
$
|
75,346
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
3,347
|
|
|
3,568
|
|
|
3,535
|
|
|
15,096
|
|
|
14,730
|
|
|
Acquisition-related transaction costs and retention bonus expense
|
|
—
|
|
|
—
|
|
|
6
|
|
|
2
|
|
|
2,475
|
|
|
Amortization expense
|
|
6,160
|
|
|
6,268
|
|
|
6,323
|
|
|
25,074
|
|
|
26,618
|
|
|
Restructuring charges
|
|
3,576
|
|
|
—
|
|
|
—
|
|
|
3,576
|
|
|
39
|
|
|
Non-GAAP operating income
|
|
$
|
33,417
|
|
|
$
|
27,476
|
|
|
$
|
27,449
|
|
|
$
|
115,168
|
|
|
$
|
119,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
$
|
17,562
|
|
|
$
|
15,062
|
|
|
$
|
14,676
|
|
|
$
|
60,231
|
|
|
$
|
50,250
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
3,347
|
|
|
3,568
|
|
|
3,535
|
|
|
15,096
|
|
|
14,730
|
|
|
Acquisition-related transaction costs and retention bonus expense
|
|
—
|
|
|
—
|
|
|
6
|
|
|
2
|
|
|
2,475
|
|
|
Amortization expense
|
|
6,160
|
|
|
6,268
|
|
|
6,323
|
|
|
25,074
|
|
|
26,618
|
|
|
Restructuring charges
|
|
3,576
|
|
|
—
|
|
|
—
|
|
|
3,576
|
|
|
39
|
|
|
Impairment of investment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
600
|
|
|
Non-cash interest expense on convertible notes
|
|
1,627
|
|
|
1,605
|
|
|
1,536
|
|
|
6,372
|
|
|
14,762
|
|
|
Non-GAAP income before income taxes
|
|
$
|
32,272
|
|
|
$
|
26,503
|
|
|
$
|
26,076
|
|
|
$
|
110,351
|
|
|
$
|
109,474
|
|
|
GAAP provision for income taxes
|
|
4,570
|
|
|
(166,971
|
)
|
|
6,835
|
|
|
(151,157
|
)
|
|
24,049
|
|
|
Adjustment to GAAP provision for income taxes
|
|
7,048
|
|
|
176,512
|
|
|
2,552
|
|
|
190,884
|
|
|
15,362
|
|
|
Non-GAAP provision for income taxes
|
|
11,618
|
|
|
9,541
|
|
|
9,387
|
|
|
39,727
|
|
|
39,411
|
|
|
Non-GAAP net income
|
|
$
|
20,654
|
|
|
$
|
16,962
|
|
|
$
|
16,689
|
|
|
$
|
70,624
|
|
|
$
|
70,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic net income per share
|
|
$
|
0.19
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.62
|
|
|
$
|
0.61
|
|
|
Non-GAAP diluted net income per share
|
|
$
|
0.18
|
|
|
$
|
0.14
|
|
|
$
|
0.14
|
|
|
$
|
0.60
|
|
|
$
|
0.60
|
|
|
Weighted average shares used in non-GAAP per share calculation:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
111,476
|
|
|
116,444
|
|
|
115,024
|
|
|
114,814
|
|
|
114,318
|
|
|
Diluted
|
|
113,388
|
|
|
119,542
|
|
|
117,620
|
|
|
117,484
|
|
|
117,624
|
|
|
|
|
Supplemental Reconciliation of GAAP to Non-GAAP Effective Tax
Rate (1)
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP effective tax rate
|
|
26
|
%
|
|
(1,109
|
)%
|
|
47
|
%
|
|
(251
|
)%
|
|
48
|
%
|
|
Adjustment to GAAP effective tax rate
|
|
10
|
%
|
|
1,145
|
%
|
|
(11
|
)%
|
|
287
|
%
|
|
(12
|
)%
|
|
Non-GAAP effective tax rate
|
|
36
|
%
|
|
36
|
%
|
|
36
|
%
|
|
36
|
%
|
|
36
|
%
|
|
|
|
|
|
|
|
|
|
(1)
|
|
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
36 percent, 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 the 36 percent tax
rate to its non-GAAP financial results for all periods.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160125006522/en/
Rambus Inc.
Linda Ashmore, 408-462-8411
Corporate
Communications
lashmore@rambus.com
Nicole
Noutsios, 408-462-8050
Investor Relations
nnoutsios@rambus.com
Source: Rambus Inc.
News Provided by Acquire Media