Business and Financial Highlights:
-
Generated quarterly revenue of $89.9 million; quarterly GAAP diluted
net income per share of $0.04 and quarterly non-GAAP diluted net
income per share of $0.16
-
Signed license agreement with Xilinx, showcasing portfolio and ability
to collaborate with leading FPGA provider
-
Executing data center programs with SerDes IP cores now available at
multiple foundries and shipping memory buffer chip products
SUNNYVALE, Calif.--(BUSINESS WIRE)--
Rambus Inc. (NASDAQ:RMBS) today reported financial results for the third
quarter ended September 30, 2016.
Commenting on the quarter, chief executive officer Dr. Ron Black stated,
"We turned in very positive results for the third quarter with a general
uptick across our business showcasing growth, both organically and
inorganically, to support our strategy and plan. Our licensing program
continues to be strong with the signing of FPGA-leader Xilinx, which
expands our footprint beyond DRAM and SoC sectors. We've also seen
strong support in our security business within the mobile payments
segment and believe we are well positioned to advance this technology
further. We have steadily grown the business in terms of revenue,
technologies, offerings and relevance, and expect a strong finish to the
year."
GAAP Financial Results:
Revenue for the third quarter of 2016 was $89.9 million, which was up
17% from the second quarter of 2016 primarily due to revenue from our
licensing program and higher revenue from sales of memory products and
security technology development projects, including revenue from the
various acquisitions during the year. As compared to the third quarter
of 2015, revenue was up 22% primarily due to higher revenue from sales
of memory products and security technology development projects,
including revenue from the various acquisitions during the year.
Revenue for the nine months ended September 30, 2016 was $239.0 million,
which was up 9% over the prior year period, primarily due to higher
revenue from memory products and security technology development
projects, offset by lower royalty revenue from various customers.
Total operating costs and expenses for the third quarter of 2016 were
$78.0 million, 21% higher than the previous quarter and 39% higher than
the third quarter of 2015. Third quarter operating costs and expenses of
$78.0 million included $5.4 million of stock-based compensation
expenses, $10.2 million of amortization expenses, $1.2 million related
to the purchase accounting adjustment for inventory fair value step-up
and $0.4 million of acquisition-related transaction costs. In
comparison, total operating costs and expenses for the second quarter of
2016 of $64.5 million included $5.0 million of stock-based compensation
expenses, $8.2 million of amortization expenses and $0.8 million of
acquisition-related transaction costs. Total operating costs and
expenses for the third quarter of 2015 were $56.1 million which included
$3.6 million of stock-based compensation expenses and $6.3 million of
amortization expenses. The change in total operating costs and expenses
in the third quarter of 2016 as compared to the second quarter of 2016
was primarily due to higher headcount related costs, higher consulting
costs, higher amortization expense, higher costs of goods sold related
to memory and security products and the purchase accounting adjustment
for inventory fair value step-up. The change in total operating costs
and expenses in the third quarter of 2016 as compared to the third
quarter of 2015 was primarily due to higher headcount related costs,
higher amortization expense, higher consulting costs, higher costs of
goods sold related to memory and security products, the purchase
accounting adjustment for inventory fair value step-up and lower gain
from settlement. These increases were primarily due to the business
acquisitions during 2016.
Total operating costs and expenses for the nine months ended September
30, 2016 were $205.9 million, 22% higher than the nine months ended
September 30, 2015. The nine months operating costs and expenses of
$205.9 million included $15.4 million of stock-based compensation
expenses, $26.0 million of amortization expenses, $1.2 million related
to the purchase accounting adjustment for inventory fair value step-up
and $3.0 million of acquisition-related transaction costs. This is
compared to total operating costs and expenses for the nine months ended
September 30, 2015 of $168.4 million, which included $11.7 million of
stock-based compensation expenses and $18.9 million of amortization
expenses. The change in total operating costs and expenses was primarily
attributable to higher headcount related costs, higher amortization
expense, higher acquisition-related transaction costs and the purchase
accounting adjustment for inventory fair value step-up. These increases
were primarily due to the business acquisitions during 2016.
Additionally, the change was due to lower gain from sale of intellectual
property, higher stock-based compensation expense and higher expenses
related to software design tools, offset by lower prototyping costs.
Net income for the third quarter of 2016 was $4.5 million as compared to
net income of $3.9 million in the second quarter of 2016 and net income
of $182.0 million in the third quarter of 2015. Diluted net income per
share for the third quarter of 2016 was $0.04 as compared to diluted net
income per share of $0.03 in the second quarter of 2016 and diluted net
income per share of $1.52 in the third quarter of 2015, respectively.
Net income for the nine months ended September 30, 2016 was $10.3
million as compared to a net income of $198.4 million for the same
period of 2015. Diluted net income per share for the nine months ended
September 30, 2016 was $0.09 as compared to a diluted net income per
share of $1.67 for the same period of 2015.
Non-GAAP Financial Results (1):
Total non-GAAP operating costs and expenses in the third quarter of 2016
were $60.8 million, which was 20% higher than the previous quarter, and
31% higher than the third quarter of 2015. The change in total non-GAAP
operating costs and expenses in the third quarter of 2016 as compared to
the second quarter of 2016 was primarily due to higher headcount related
costs, higher consulting costs and higher costs of goods sold related to
memory and security products. These increases were primarily due to the
business acquisitions during 2016. The change in total non-GAAP
operating costs and expenses in the third quarter of 2016 as compared to
the third quarter of 2015 was primarily due to higher headcount related
costs, higher consulting costs, higher costs of goods sold related to
memory and security products and lower gain from settlement. These
increases were primarily due to the business acquisitions during 2016.
Total non-GAAP operating costs and expenses for the nine months ended
September 30, 2016 were $160.3 million as compared to $137.8 million in
the same period of 2015 due primarily to higher headcount related costs
due to the business acquisitions during 2016, lower gain from sale of
intellectual property and higher expenses related to software design
tools offset by lower prototyping costs.
Non-GAAP net income in the third quarter of 2016 was $18.0 million, 8%
higher than the prior quarter and 6% higher than the third quarter of
2015. Non-GAAP diluted net income per share was $0.16 in the third
quarter of 2016 as compared to $0.15 in the prior quarter and $0.14 in
the third quarter of 2015.
Non-GAAP net income for the nine months ended September 30, 2016 was
$49.3 million as compared to $50.0 million in the same period of 2015.
Non-GAAP diluted net income per share was $0.44 for the nine months
ended September 30, 2016 as compared to non-GAAP diluted net income per
share of $0.42 in the same period of 2015.
Other Financial Highlights:
Cash, cash equivalents, and marketable securities as of September 30,
2016 were $150.8 million, a decrease of $108.5 million from June 30,
2016. The decrease in cash was primarily due to cash used to acquire
businesses of $122 million.
During the third quarter of 2016, the Company recorded an income tax
provision of approximately $4.3 million.
Fourth Quarter 2016 Outlook:
For the fourth quarter of 2016, the Company expects revenue to be
between $94 million and $98 million. Achieving revenue in this range
will require that the Company sign new customer agreements for various
product sales, mobile payments software and solutions licensing among
other matters. The company also expects operating costs and expenses to
be between $85 million and $88 million, and diluted net income per share
to be between $0.03 and $0.07. The company also expects non-GAAP
operating costs and expenses to be between $65 million and $68 million,
and non-GAAP diluted net income per share to be between $0.14 and
$0.18. These non-GAAP expectations assume non-GAAP interest expense of
$1 million, tax rate of 35% (refer to non-GAAP financial information
below - income tax adjustments) and share count of 114 million, and
exclude stock-based compensation expense ($5.3 million), amortization
expense ($11.3 million), purchase accounting adjustment for inventory
fair value step-up ($1.2 million), and non-cash interest expense on
convertible notes ($1.7 million).
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#
95495228.
(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 expenses, acquisition-related
transaction costs and retention bonus expense, amortization expenses,
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.
Purchase accounting adjustment for inventory fair value step-up. These
adjustments are the result of accounting for certain business
acquisitions and are excluded because such adjustments are
non-recurring. Additionally, the Company excludes these expenses in
order to provide better comparability between periods.
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 35 percent for periods in 2016 and 36 percent for
periods in 2015, 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 for future 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 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 financial guidance for the fourth quarter
of 2016, including revenue, operating costs and expenses, earnings per
share 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)
|
|
|
|
|
|
|
|
|
|
September 30,
2016
|
|
December 31,
2015
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
89,479
|
|
|
$
|
143,764
|
|
Marketable securities
|
|
61,310
|
|
|
143,942
|
|
Accounts receivable
|
|
26,363
|
|
|
16,408
|
|
Prepaids and other current assets
|
|
22,150
|
|
|
11,476
|
|
Total current assets
|
|
199,302
|
|
|
315,590
|
|
Intangible assets, net
|
|
164,862
|
|
|
64,266
|
|
Goodwill
|
|
207,531
|
|
|
116,899
|
|
Property, plant and equipment, net
|
|
59,191
|
|
|
56,616
|
|
Deferred taxes
|
|
165,661
|
|
|
162,485
|
|
Other assets
|
|
3,749
|
|
|
2,165
|
|
Total assets
|
|
$
|
800,296
|
|
|
$
|
718,021
|
|
|
|
|
|
|
|
LIABILITIES & STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
10,188
|
|
|
$
|
4,096
|
|
Accrued salaries and benefits
|
|
10,209
|
|
|
12,278
|
|
Deferred revenue
|
|
17,772
|
|
|
5,780
|
|
Other current liabilities
|
|
21,632
|
|
|
6,212
|
|
Total current liabilities
|
|
59,801
|
|
|
28,366
|
|
Long-term liabilities:
|
|
|
|
|
|
Convertible notes, long-term
|
|
124,443
|
|
|
119,418
|
|
Long-term imputed financing obligation
|
|
38,194
|
|
|
38,625
|
|
Other long-term liabilities
|
|
25,018
|
|
|
5,079
|
|
Total long-term liabilities
|
|
187,655
|
|
|
163,122
|
|
Total stockholders' equity
|
|
552,840
|
|
|
526,533
|
|
Total liabilities and stockholders' equity
|
|
$
|
800,296
|
|
|
$
|
718,021
|
|
|
|
|
|
|
|
|
|
|
Rambus Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Royalties
|
|
$
|
68,298
|
|
|
$
|
66,823
|
|
|
$
|
194,010
|
|
|
$
|
196,173
|
|
|
Contract and other revenue
|
|
21,557
|
|
|
6,956
|
|
|
45,028
|
|
|
23,332
|
|
|
Total revenue
|
|
89,855
|
|
|
73,779
|
|
|
239,038
|
|
|
219,505
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of revenue (1)
|
|
19,424
|
|
|
11,111
|
|
|
45,720
|
|
|
34,004
|
|
|
Research and development (1)
|
|
33,820
|
|
|
27,784
|
|
|
91,100
|
|
|
85,506
|
|
|
Sales, general and administrative (1)
|
|
24,795
|
|
|
17,860
|
|
|
69,679
|
|
|
53,701
|
|
|
Gain from sale of intellectual property
|
|
—
|
|
|
(106
|
)
|
|
—
|
|
|
(3,262
|
)
|
|
Gain from settlement
|
|
—
|
|
|
(510
|
)
|
|
(579
|
)
|
|
(1,530
|
)
|
|
Total operating costs and expenses
|
|
78,039
|
|
|
56,139
|
|
|
205,920
|
|
|
168,419
|
|
|
Operating income
|
|
11,816
|
|
|
17,640
|
|
|
33,118
|
|
|
51,086
|
|
|
Interest income and other income (expense), net
|
|
142
|
|
|
539
|
|
|
1,522
|
|
|
874
|
|
|
Interest expense
|
|
(3,193
|
)
|
|
(3,117
|
)
|
|
(9,497
|
)
|
|
(9,291
|
)
|
|
Interest and other income (expense), net
|
|
(3,051
|
)
|
|
(2,578
|
)
|
|
(7,975
|
)
|
|
(8,417
|
)
|
|
Income before income taxes
|
|
8,765
|
|
|
15,062
|
|
|
25,143
|
|
|
42,669
|
|
|
Provision for (benefit from) income taxes
|
|
4,254
|
|
|
(166,971
|
)
|
|
14,878
|
|
|
(155,727
|
)
|
|
Net income
|
|
$
|
4,511
|
|
|
$
|
182,033
|
|
|
$
|
10,265
|
|
|
$
|
198,396
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.04
|
|
|
$
|
1.56
|
|
|
$
|
0.09
|
|
|
$
|
1.71
|
|
|
Diluted
|
|
$
|
0.04
|
|
|
$
|
1.52
|
|
|
$
|
0.09
|
|
|
$
|
1.67
|
|
|
Weighted average shares used in per share calculation
|
|
|
|
|
|
|
|
|
|
Basic
|
|
110,214
|
|
|
116,444
|
|
|
109,951
|
|
|
115,940
|
|
|
Diluted
|
|
113,723
|
|
|
119,542
|
|
|
112,805
|
|
|
118,997
|
|
_________
(1) Total stock-based compensation expense for the three and nine months
ended September 30, 2016 and 2015 is presented as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Cost of revenue
|
|
$
|
14
|
|
|
$
|
12
|
|
|
$
|
42
|
|
|
$
|
51
|
|
Research and development
|
|
$
|
2,337
|
|
|
$
|
1,548
|
|
|
$
|
6,526
|
|
|
$
|
5,303
|
|
Sales, general and administrative
|
|
$
|
3,092
|
|
|
$
|
2,008
|
|
|
$
|
8,788
|
|
|
$
|
6,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rambus Inc.
Supplemental Reconciliation of GAAP to Non-GAAP Results
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
2016
|
|
June 30,
2016
|
|
September 30,
2015
|
|
September 30,
2016
|
|
September 30,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses
|
|
$
|
78,039
|
|
|
$
|
64,493
|
|
|
$
|
56,139
|
|
|
$
|
205,920
|
|
|
$
|
168,419
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
(5,443
|
)
|
|
(5,049
|
)
|
|
(3,568
|
)
|
|
(15,356
|
)
|
|
(11,749
|
)
|
|
Acquisition-related transaction costs and retention bonus expense
|
|
(441
|
)
|
|
(789
|
)
|
|
—
|
|
|
(3,038
|
)
|
|
(2
|
)
|
|
Purchase accounting adjustment for inventory fair value step-up
|
|
(1,168
|
)
|
|
—
|
|
|
—
|
|
|
(1,168
|
)
|
|
—
|
|
|
Amortization expense
|
|
(10,174
|
)
|
|
(8,152
|
)
|
|
(6,268
|
)
|
|
(26,045
|
)
|
|
(18,914
|
)
|
|
Non-GAAP operating costs and expenses
|
|
$
|
60,813
|
|
|
$
|
50,503
|
|
|
$
|
46,303
|
|
|
$
|
160,313
|
|
|
$
|
137,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
$
|
11,816
|
|
|
$
|
12,008
|
|
|
$
|
17,640
|
|
|
$
|
33,118
|
|
|
$
|
51,086
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
5,443
|
|
|
5,049
|
|
|
3,568
|
|
|
15,356
|
|
|
11,749
|
|
|
Acquisition-related transaction costs and retention bonus expense
|
|
441
|
|
|
789
|
|
|
—
|
|
|
3,038
|
|
|
2
|
|
|
Purchase accounting adjustment for inventory fair value step-up
|
|
1,168
|
|
|
—
|
|
|
—
|
|
|
1,168
|
|
|
—
|
|
|
Amortization expense
|
|
10,174
|
|
|
8,152
|
|
|
6,268
|
|
|
26,045
|
|
|
18,914
|
|
|
Non-GAAP operating income
|
|
$
|
29,042
|
|
|
$
|
25,998
|
|
|
$
|
27,476
|
|
|
$
|
78,725
|
|
|
$
|
81,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
$
|
8,765
|
|
|
$
|
9,983
|
|
|
$
|
15,062
|
|
|
$
|
25,143
|
|
|
$
|
42,669
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
5,443
|
|
|
5,049
|
|
|
3,568
|
|
|
15,356
|
|
|
11,749
|
|
|
Acquisition-related transaction costs and retention bonus expense
|
|
441
|
|
|
789
|
|
|
—
|
|
|
3,038
|
|
|
2
|
|
|
Purchase accounting adjustment for inventory fair value step-up
|
|
1,168
|
|
|
—
|
|
|
—
|
|
|
1,168
|
|
|
—
|
|
|
Amortization expense
|
|
10,174
|
|
|
8,152
|
|
|
6,268
|
|
|
26,045
|
|
|
18,914
|
|
|
Non-cash interest expense on convertible notes
|
|
1,700
|
|
|
1,675
|
|
|
1,605
|
|
|
5,026
|
|
|
4,745
|
|
|
Non-GAAP income before income taxes
|
|
$
|
27,691
|
|
|
$
|
25,648
|
|
|
$
|
26,503
|
|
|
$
|
75,776
|
|
|
$
|
78,079
|
|
|
GAAP provision for (benefit from) income taxes
|
|
4,254
|
|
|
6,107
|
|
|
(166,971
|
)
|
|
14,878
|
|
|
(155,727
|
)
|
|
Adjustment to GAAP provision for income taxes
|
|
5,438
|
|
|
2,870
|
|
|
176,512
|
|
|
11,644
|
|
|
183,836
|
|
|
Non-GAAP provision for income taxes
|
|
9,692
|
|
|
8,977
|
|
|
9,541
|
|
|
26,522
|
|
|
28,109
|
|
|
Non-GAAP net income
|
|
$
|
17,999
|
|
|
$
|
16,671
|
|
|
$
|
16,962
|
|
|
$
|
49,254
|
|
|
$
|
49,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic net income per share
|
|
$
|
0.16
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.45
|
|
|
$
|
0.43
|
|
|
Non-GAAP diluted net income per share
|
|
$
|
0.16
|
|
|
$
|
0.15
|
|
|
$
|
0.14
|
|
|
$
|
0.44
|
|
|
$
|
0.42
|
|
|
Weighted average shares used in non-GAAP per share calculation:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
110,214
|
|
|
109,904
|
|
|
116,444
|
|
|
109,951
|
|
|
115,940
|
|
|
Diluted
|
|
113,723
|
|
|
112,061
|
|
|
119,542
|
|
|
112,805
|
|
|
118,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Reconciliation of GAAP to Non-GAAP Effective Tax
Rate (1)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
2016
|
|
June 30,
2016
|
|
September 30,
2015
|
|
September 30,
2016
|
|
September 30,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP effective tax rate
|
|
49
|
%
|
|
61
|
%
|
|
1,109
|
%
|
|
59
|
%
|
|
365
|
%
|
|
Adjustment to GAAP effective tax rate
|
|
(14
|
)%
|
|
(26
|
)%
|
|
(1,073
|
)%
|
|
(24
|
)%
|
|
(329
|
)%
|
|
Non-GAAP effective tax rate
|
|
35
|
%
|
|
35
|
%
|
|
36
|
%
|
|
35
|
%
|
|
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 35
percent for periods in 2016 and 36 percent for periods in 2015,
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 year to assist the Company's
planning for future periods.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161024006423/en/
Rambus Inc.
Linda Ashmore, 408-462-8411
Corporate
Communications
lashmore@rambus.com
or
Rambus
Inc.
Rahul Mathur, 408-462-8000
Senior Vice President, Finance
and Chief Financial Officer
rmathur@rambus.com
Source: Rambus Inc.
News Provided by Acquire Media