-
Fourth quarter GAAP revenue of $68.5 million; revenue under ASC 605
would have been $102.0 million, in line with expectations; $35.1
million in cash provided by operating activities
-
Record product revenue in 2018 for IP cores and server DIMM chips with
wins at Tier 1 customers in data center and communications segments
worldwide
-
CryptoManager platform selected to securely provision Authenta™ secure
memory product line at Micron
SUNNYVALE, Calif.--(BUSINESS WIRE)--
Rambus Inc. (NASDAQ:RMBS) today reported financial results for the
fourth quarter ended December 31, 2018 under GAAP Accounting Standards
Codification Topic 606 (“ASC 606”), which superseded the revenue
recognition requirements in ASC Topic 605, Revenue Recognition (“ASC
605”) that was previously applicable. Rambus also reported financial
results as they would have been presented under ASC 605. This ASC 605
presentation is required under the modified retrospective transition
method that Rambus has chosen to adopt under ASC 606. Rambus notes that
this presentation allows a more relevant comparability with prior
results, which were all reported under ASC 605.
Luc Seraphin, chief executive officer of Rambus said, “Rambus had a
strong fourth quarter and solid year overall, with continued execution
from our product teams and record annual revenue for IP cores and server
DIMM chips. As we refocus our product portfolio around our core
strengths in semiconductor, improve operational efficiency, and continue
to generate cash from operations, we align the company for profitable
growth.”
|
|
|
Fourth Quarter and Fiscal Year 2018 Financial Highlights
|
|
(In millions, except per share amounts)
|
|
Three Months Ended December 31, 2018
|
|
Year Ended December 31, 2018
|
|
|
ASC 606
|
|
ASC 605 (1)
|
|
ASC 606
|
|
ASC 605 (1)
|
|
|
GAAP
|
|
Non-
GAAP
(2)
|
|
GAAP
|
|
Non-
GAAP
(2)
|
|
GAAP
|
|
Non-
GAAP
(2)
|
|
GAAP
|
|
Non-
GAAP
(2)
|
|
Revenue
|
|
$
|
68.5
|
|
|
$
|
68.5
|
|
|
$
|
102.0
|
|
|
$
|
102.0
|
|
|
$
|
231.2
|
|
|
$
|
231.2
|
|
|
$
|
401.1
|
|
|
$
|
401.1
|
|
Diluted net income (loss) per share
|
|
$
|
(0.02
|
)
|
|
$
|
0.09
|
|
|
$
|
0.23
|
|
|
$
|
0.28
|
|
|
$
|
(1.46
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
As noted above, Rambus is presenting the financial results under ASC
606 along with the results that would have been applicable under ASC
605. The ASC 605 information should be considered in addition to,
not as a substitute for, nor superior to or in isolation from, the
financial information prepared in accordance with ASC 606.
|
|
|
|
|
|
|
|
|
|
(2)
|
|
See “Reconciliation of GAAP Forward Looking Estimates to Non-GAAP
Forward Looking Estimates” tables included below. Note that the
applicable non-GAAP measures are presented and that revenue is
solely presented on a GAAP basis.
|
|
|
|
|
|
|
Business Review
For the Rambus IP cores and Server DIMM chipset businesses, 2018 saw
sustained technology leadership in the market, growing customer traction
and record revenue. Our DDR4 server DIMM chip business met its revenue
targets for the quarter and year and continues to gain market share.
With an increasing number of OEM qualifications in the existing server
platform and more than double for the upcoming advanced performance CPU
refresh, the buffer chip remains poised for growth in 2019. In addition
to the steady growth in DDR4, we maintain our leadership position for
next-generation DDR5 memory buffer chips and are now shipping customer
samples at the top-end speeds for both the RCD and DB chips.
Rambus high-speed IP cores business has been growing at an impressive
compound annual growth rate of greater than 50% over the past four
years. We continue to gain traction in high-growth, high-performance
applications including artificial intelligence, machine learning,
graphics, wired switches, and wireless infrastructure. We closed out the
year with record revenue fueled by wins with Tier 1 customers in data
center and communications segments worldwide. We continued our
leadership position in high-end and high-bandwidth SerDes and memory IP
cores in advanced process nodes with the tape out of the industry’s
first GDDR6 memory PHY in a leading-edge process node. In Q4, we closed
a substantial number of design wins with top tier customers worldwide,
which sets us up nicely for healthy growth to continue in 2019.
Moving over to our Cryptography business, 2018 saw the importance of
semiconductor device-level security grow in the industry, resulting in
increased traction and opportunities for our embedded security cores and
provisioning capabilities in market segments like IoT, automotive,
networking and government. We launched the programmable CryptoManager
Root of Trust, which combines our deep security expertise with a modern
open architecture, RISC-V, to create an easy-to-consume, secure
processing core and have numerous engagements in the semiconductor
ecosystem. In Q4, we announced that our CryptoManager platform will be
used to securely provision Micron Authenta™ based secure memory. This is
a key milestone as it showcases our ability to combine our device-level
provisioning solutions with 3rd-party cores to extend our market share
and enable a new level of protection for connected devices.
|
|
|
|
Quarterly Financial Review - GAAP
|
|
Three Months Ended December 31,
|
|
(In millions, except for percentages and per share amounts)
|
|
2018
|
|
2017
|
|
|
As Reported
ASC 606
|
|
Adjustments
(1)
|
|
ASC 605 (1)
|
|
As Reported
ASC 605
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
Royalties
|
|
$
|
45.4
|
|
|
$
|
31.3
|
|
|
$
|
76.7
|
|
|
$
|
77.9
|
|
|
Product revenue
|
|
11.5
|
|
|
0.4
|
|
|
11.9
|
|
|
8.5
|
|
|
Contract and other revenue
|
|
11.6
|
|
|
1.8
|
|
|
13.4
|
|
|
15.5
|
|
|
Total revenue
|
|
$
|
68.5
|
|
|
$
|
33.5
|
|
|
$
|
102.0
|
|
|
$
|
101.9
|
|
|
Total operating costs and expenses
|
|
$
|
72.8
|
|
|
$
|
—
|
|
|
$
|
72.8
|
|
|
$
|
86.2
|
|
|
Operating income (loss)
|
|
$
|
(4.3
|
)
|
|
$
|
33.5
|
|
|
$
|
29.2
|
|
|
$
|
15.7
|
|
|
Operating margin
|
|
(6
|
)%
|
|
35
|
%
|
|
29
|
%
|
|
15
|
%
|
|
Net income (loss)
|
|
$
|
(2.0
|
)
|
|
$
|
27.2
|
|
|
$
|
25.2
|
|
|
$
|
(36.2
|
)
|
|
Diluted net income (loss) per share
|
|
$
|
(0.02
|
)
|
|
$
|
0.25
|
|
|
$
|
0.23
|
|
|
$
|
(0.33
|
)
|
|
|
|
|
|
|
|
|
|
|
Licensing billings (2)
|
|
$
|
76.7
|
|
|
$
|
—
|
|
|
$
|
76.7
|
|
|
$
|
76.6
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
35.1
|
|
|
$
|
—
|
|
|
$
|
35.1
|
|
|
$
|
59.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
As noted above, Rambus is presenting the ASC 606 results together
with the adjustments made to reconcile the ASC 606 presentation to
the results that would have been applicable under ASC 605. The ASC
605 information should be considered in addition to, not as a
substitute for, nor superior to or in isolation from, the financial
information prepared in accordance with ASC 606.
|
|
|
|
|
|
|
|
|
|
(2)
|
|
Licensing billings is an operational metric that reflects amounts
invoiced to our licensing customers during the period, as adjusted
for certain differences.
|
|
|
|
|
|
|
|
Quarterly Financial Review - Non-GAAP (1)
|
|
Three Months Ended December 31,
|
|
(In millions, except for percentages and per share amounts)
|
|
2018
|
|
2017
|
|
|
As Reported
ASC 606
|
|
Adjustments
(2)
|
|
ASC 605 (2)
|
|
As Reported
ASC 605
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
Royalties
|
|
$
|
45.4
|
|
|
$
|
31.3
|
|
|
$
|
76.7
|
|
|
$
|
77.9
|
|
|
Product revenue
|
|
11.5
|
|
|
0.4
|
|
|
11.9
|
|
|
8.5
|
|
|
Contract and other revenue
|
|
11.6
|
|
|
1.8
|
|
|
13.4
|
|
|
15.5
|
|
|
Total revenue
|
|
$
|
68.5
|
|
|
$
|
33.5
|
|
|
$
|
102.0
|
|
|
$
|
101.9
|
|
|
Total operating costs and expenses
|
|
$
|
61.6
|
|
|
$
|
—
|
|
|
$
|
61.6
|
|
|
$
|
68.4
|
|
|
Operating income
|
|
$
|
6.9
|
|
|
$
|
33.5
|
|
|
$
|
40.4
|
|
|
$
|
33.5
|
|
|
Operating margin
|
|
10
|
%
|
|
30
|
%
|
|
40
|
%
|
|
33
|
%
|
|
Net income
|
|
$
|
9.6
|
|
|
$
|
20.7
|
|
|
$
|
30.3
|
|
|
$
|
21.2
|
|
|
Diluted net income per share
|
|
$
|
0.09
|
|
|
$
|
0.19
|
|
|
$
|
0.28
|
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
See “Reconciliation of GAAP Forward Looking Estimates to Non-GAAP
Forward Looking Estimates” tables included below. Note that the
applicable non-GAAP measures are presented and that revenue is
solely presented on a GAAP basis.
|
|
|
|
|
|
|
|
|
|
(2)
|
|
See note (1) under “Quarterly Financial Review-GAAP” above for a
description of the Adjustments and ASC 605 presentations.
|
|
|
|
|
|
|
Revenue for the quarter was $68.5 million, above the high end of our
expectations, due to the structure of our licensing agreements signed
within the quarter. Revenue under ASC 605 would have been $102.0
million, at the mid-point of our expectations. Revenue for the year
ended December 31, 2018 under ASC 605 was 6% higher than a year ago
excluding the impact of the Lighting Division which was wound down in
the first quarter of 2018. We had GAAP total operating costs and
expenses of $72.8 million and non-GAAP total operating costs and
expenses of $61.6 million, at the bottom of our expectations due to our
refocus on our core semiconductor business. We also had GAAP and
non-GAAP diluted net income (loss) per share of ($0.02) and $0.09,
respectively. Total GAAP and non-GAAP diluted net income per share under
ASC 605 would have been $0.23 and $0.28, respectively, at the high end
of our expectations.
For the year ended December 31, 2018, we had GAAP diluted net loss per
share under ASC 605 of $0.14. We also had non-GAAP diluted net income
per share under ASC 605 of $0.92, which was 35% higher than a year ago.
Cash, cash equivalents, and marketable securities as of December 31,
2018 were $277.8 million, an increase of $29.6 million from September
30, 2018, mainly due to $35.1 million in cash provided by operating
activities. Adjusted EBITDA under ASC 605 for the quarter would have
been $43.0 million.
2019 First Quarter Outlook
The Company will discuss revenue guidance for the first quarter of 2019
during its upcoming conference call. The following table sets forth
first quarter outlook for other measures.
|
|
|
|
|
|
(In millions)
|
|
GAAP
|
|
Non-GAAP (1)
|
|
Total operating costs and expenses
|
|
$78 - $74
|
|
$66 - $62
|
|
Interest and other income (expense), net
|
|
$3
|
|
($1)
|
|
Diluted share count
|
|
110
|
|
110
|
|
|
|
|
|
|
|
|
|
(1)
|
|
See “Reconciliation of GAAP Forward Looking Estimates to Non-GAAP
Forward Looking Estimates” tables included below.
|
|
|
|
|
|
|
For the first quarter of 2019, the Company expects operating costs and
expenses to be between $78 million and $74 million. Additionally, the
Company expects non-GAAP operating costs and expenses to be between $66
million and $62 million. These expectations also assume non-GAAP
interest and other income (expense), net, of ($1 million), tax rate of
24% (refer to non-GAAP financial information below - income tax
adjustments) and diluted share count of 110 million, and exclude
stock-based compensation expense ($7 million), amortization expense ($5
million) and non-cash interest expense on convertible notes ($2 million).
Conference Call:
Rambus management will discuss the results of the quarter during a
conference call scheduled for 2:00pm PT today. The call, audio and
slides will be available online at investor.rambus.com
and a replay will be available for the next week at the following
numbers: (855) 859-2056 (domestic) or (404) 537-3406 (international)
with ID# 8397247.
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
margin, operating income (loss), net income (loss) and, diluted net
income (loss) per share, presented both under ASC 606 and as they would
have been presented under ASC 605. 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.
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.
Loss on extinguishment of debt. The Company has excluded loss on
extinguishment of debt as this represents a cost of refinancing its
existing convertible notes and is not a reflection of the Company's
ongoing operations.
Non-cash interest expense on convertible notes. The Company
incurs non-cash interest expense related to its convertible notes. The
Company excludes non-cash interest expense related to its convertible
notes to provide more accurate comparisons of the Company’s results with
other peer companies and to more accurately reflect the Company’s
ongoing operations.
Income tax adjustments. For purposes of internal forecasting,
planning and analyzing future periods that assume net income from
operations, the Company estimates a fixed, long-term projected tax rate
of approximately 24 percent for both 2019 and 2018, and 35 percent for
2017, 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. 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 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.
Dedicated to making data faster and safer, Rambus creates innovative
hardware, software and services that drive technology advancements from
the data center to the mobile edge. Our architecture licenses, IP cores,
chips, software and services span memory and interfaces, security and
emerging technologies to positively impact the modern world. We
collaborate with the industry, partnering with leading chip and system
designers, foundries and service providers. Integrated into tens of
billions of devices and systems, our products power and secure diverse
applications, including Big Data, Internet of Things (IoT) security,
mobile payments and smart ticketing. For more information, visit rambus.com.
Forward-Looking Statements
This release contains forward-looking statements under the Private
Securities Litigation Reform Act of 1995 including those relating to
Rambus’ expectations regarding product and service offerings, future
profit and growth and financial guidance for the first quarter of 2019,
including operating costs and expenses, and estimated, fixed, long-term
projected tax rates, both on a GAAP and non-GAAP basis as appropriate.
Such forward-looking statements are based on current expectations,
estimates and projections, management’s beliefs and certain assumptions
made by Rambus’ management. Actual results may differ materially.
Rambus’ business generally is subject to a number of risks which are
described more fully in Rambus’ periodic reports filed with the
Securities and Exchange Commission. Rambus undertakes no obligation to
update forward-looking statements to reflect events or circumstances
after the date hereof.
|
|
|
Rambus Inc.
|
|
Condensed Consolidated Balance Sheets
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
December 31,
2018
|
|
December 31,
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
115,924
|
|
|
$
|
225,844
|
|
Marketable securities
|
|
161,840
|
|
|
103,532
|
|
Accounts receivable
|
|
50,863
|
|
|
25,326
|
|
Unbilled receivables
|
|
176,613
|
|
|
566
|
|
Inventories
|
|
6,772
|
|
|
5,159
|
|
Prepaids and other current assets
|
|
15,738
|
|
|
11,317
|
|
Total current assets
|
|
527,750
|
|
|
371,744
|
|
Intangible assets, net
|
|
59,936
|
|
|
91,722
|
|
Goodwill
|
|
207,178
|
|
|
209,661
|
|
Property, plant and equipment, net
|
|
57,028
|
|
|
54,303
|
|
Deferred tax assets
|
|
4,435
|
|
|
159,099
|
|
Unbilled receivables, long-term
|
|
497,003
|
|
|
—
|
|
Other assets
|
|
7,825
|
|
|
4,543
|
|
Total assets
|
|
$
|
1,361,155
|
|
|
$
|
891,072
|
|
|
|
|
|
|
LIABILITIES & STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
7,392
|
|
|
$
|
9,614
|
|
Accrued salaries and benefits
|
|
16,938
|
|
|
17,091
|
|
Deferred revenue
|
|
19,374
|
|
|
18,272
|
|
Income taxes payable, short-term
|
|
16,390
|
|
|
258
|
|
Convertible notes, short-term
|
|
—
|
|
|
78,451
|
|
Other current liabilities
|
|
9,191
|
|
|
9,156
|
|
Total current liabilities
|
|
69,285
|
|
|
132,842
|
|
Long-term liabilities:
|
|
|
|
|
|
Convertible notes, long-term
|
|
141,934
|
|
|
135,447
|
|
Long-term imputed financing obligation
|
|
36,297
|
|
|
37,262
|
|
Long-term income taxes payable
|
|
77,280
|
|
|
3,344
|
|
Deferred tax liabilities
|
|
18,960
|
|
|
9,830
|
|
Other long-term liabilities
|
|
5,287
|
|
|
763
|
|
Total long-term liabilities
|
|
279,758
|
|
|
186,646
|
|
Total stockholders’ equity
|
|
1,012,112
|
|
|
571,584
|
|
Total liabilities and stockholders’ equity
|
|
$
|
1,361,155
|
|
|
$
|
891,072
|
|
|
|
|
|
|
|
|
|
Rambus Inc.
|
|
Condensed Consolidated Statements of Operations
|
|
(In thousands, except per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Royalties
|
|
$
|
45,430
|
|
|
$
|
77,861
|
|
|
$
|
130,452
|
|
|
$
|
289,594
|
|
|
Product revenue
|
|
11,537
|
|
|
8,543
|
|
|
38,690
|
|
|
36,509
|
|
|
Contract and other revenue
|
|
11,596
|
|
|
15,487
|
|
|
62,059
|
|
|
66,993
|
|
|
Total revenue
|
|
68,563
|
|
|
101,891
|
|
|
231,201
|
|
|
393,096
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of product revenue (1)
|
|
4,367
|
|
|
5,901
|
|
|
18,299
|
|
|
23,783
|
|
|
Cost of contract and other revenue
|
|
6,239
|
|
|
12,090
|
|
|
35,402
|
|
|
55,364
|
|
|
Research and development (1)
|
|
37,395
|
|
|
39,417
|
|
|
158,339
|
|
|
149,135
|
|
|
Sales, general and administrative (1)
|
|
24,768
|
|
|
28,818
|
|
|
103,911
|
|
|
110,940
|
|
|
Restructuring charges (recoveries)
|
|
(6
|
)
|
|
—
|
|
|
2,217
|
|
|
—
|
|
|
Gain from sale of intellectual property
|
|
—
|
|
|
(54
|
)
|
|
—
|
|
|
(533
|
)
|
|
Total operating costs and expenses
|
|
72,763
|
|
|
86,172
|
|
|
318,168
|
|
|
338,689
|
|
|
Operating income (loss)
|
|
(4,200
|
)
|
|
15,719
|
|
|
(86,967
|
)
|
|
54,407
|
|
|
Interest income and other income (expense), net
|
|
7,248
|
|
|
893
|
|
|
32,621
|
|
|
1,384
|
|
|
Loss on extinguishment of debt
|
|
—
|
|
|
(1,082
|
)
|
|
—
|
|
|
(1,082
|
)
|
|
Interest expense
|
|
(3,251
|
)
|
|
(3,966
|
)
|
|
(16,282
|
)
|
|
(13,720
|
)
|
|
Interest and other income (expense), net
|
|
3,997
|
|
|
(4,155
|
)
|
|
16,339
|
|
|
(13,418
|
)
|
|
Income (loss) before income taxes
|
|
(203
|
)
|
|
11,564
|
|
|
(70,628
|
)
|
|
40,989
|
|
|
Provision for income taxes
|
|
1,815
|
|
|
47,732
|
|
|
87,329
|
|
|
63,851
|
|
|
Net loss
|
|
$
|
(2,018
|
)
|
|
$
|
(36,168
|
)
|
|
$
|
(157,957
|
)
|
|
$
|
(22,862
|
)
|
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.02
|
)
|
|
$
|
(0.33
|
)
|
|
$
|
(1.46
|
)
|
|
$
|
(0.21
|
)
|
|
Diluted
|
|
$
|
(0.02
|
)
|
|
$
|
(0.33
|
)
|
|
$
|
(1.46
|
)
|
|
$
|
(0.21
|
)
|
|
Weighted average shares used in per share calculation
|
|
|
|
|
|
|
|
|
|
Basic
|
|
108,826
|
|
|
109,737
|
|
|
108,450
|
|
|
110,198
|
|
|
Diluted
|
|
108,826
|
|
|
109,737
|
|
|
108,450
|
|
|
110,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________
(1) Total stock-based compensation expense for the three months
and years ended December 31, 2018 and 2017 are presented as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Cost of product revenue
|
|
$
|
1
|
|
|
$
|
25
|
|
|
$
|
8
|
|
|
$
|
78
|
|
|
Research and development
|
|
$
|
2,920
|
|
|
$
|
3,137
|
|
|
$
|
12,582
|
|
|
$
|
12,185
|
|
|
Sales, general and administrative
|
|
$
|
3,224
|
|
|
$
|
4,072
|
|
|
$
|
9,146
|
|
|
$
|
15,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rambus Inc.
|
|
Supplemental Annual Financial Review
|
|
(In millions, except per share amounts)
|
|
(Unaudited)
|
|
|
|
|
Annual Financial Review - GAAP
|
|
Year Ended December 31,
|
|
(In millions, except for percentages and per share amounts)
|
|
2018
|
|
2017
|
|
|
As Reported
ASC 606
|
|
Adjustments
(1)
|
|
ASC 605 (1)
|
|
As Reported
ASC 605
|
|
|
|
|
|
|
Revenue
|
|
$
|
231.2
|
|
|
$
|
169.9
|
|
|
$
|
401.1
|
|
|
$
|
393.1
|
|
|
Total operating costs and expenses
|
|
$
|
318.2
|
|
|
$
|
—
|
|
|
$
|
318.2
|
|
|
$
|
338.7
|
|
|
Operating income (loss)
|
|
$
|
(87.0
|
)
|
|
$
|
169.9
|
|
|
$
|
82.9
|
|
|
$
|
54.4
|
|
|
Operating margin
|
|
(38
|
)%
|
|
58
|
%
|
|
21
|
%
|
|
14
|
%
|
|
Net income (loss)
|
|
$
|
(157.9
|
)
|
|
$
|
142.6
|
|
|
$
|
(15.3
|
)
|
|
$
|
(22.9
|
)
|
|
Diluted net income (loss) per share
|
|
$
|
(1.46
|
)
|
|
$
|
1.32
|
|
|
$
|
(0.14
|
)
|
|
$
|
(0.21
|
)
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
87.1
|
|
|
$
|
—
|
|
|
$
|
87.1
|
|
|
$
|
117.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See note (1) under “Quarterly Financial Review-GAAP” above for
a description of the Adjustments and ASC 605 presentations.
|
|
|
|
|
Annual Financial Review - Non-GAAP (1)
|
|
Year Ended December 31,
|
|
(In millions, except for percentages and per share amounts)
|
|
2018
|
|
2017
|
|
|
As Reported
ASC 606
|
|
Adjustments
(2)
|
|
ASC 605 (2)
|
|
As Reported
ASC 605
|
|
|
|
|
|
|
Revenue
|
|
$
|
231.2
|
|
|
$
|
169.9
|
|
|
$
|
401.1
|
|
|
$
|
393.1
|
|
|
Total operating costs and expenses
|
|
$
|
264.8
|
|
|
$
|
—
|
|
|
$
|
264.8
|
|
|
$
|
269.1
|
|
|
Operating income (loss)
|
|
$
|
(33.6
|
)
|
|
$
|
169.9
|
|
|
$
|
136.3
|
|
|
$
|
124.0
|
|
|
Operating margin
|
|
(15
|
)%
|
|
49
|
%
|
|
34
|
%
|
|
32
|
%
|
|
Net income (loss)
|
|
$
|
(6.1
|
)
|
|
$
|
108.4
|
|
|
$
|
102.3
|
|
|
$
|
77.5
|
|
|
Diluted net income (loss) per share
|
|
$
|
(0.06
|
)
|
|
$
|
0.98
|
|
|
$
|
0.92
|
|
|
$
|
0.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See “Reconciliation of GAAP Forward Looking Estimates to
Non-GAAP Forward Looking Estimates” tables included below. Note
that the applicable non-GAAP measures are presented and that
revenue is solely presented on a GAAP basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) See note (1) under “Quarterly Financial Review-GAAP” above for
a description of the Adjustments and ASC 605 presentations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rambus Inc.
|
|
Supplemental Revenue and Licensing Billings
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
2018 Revenue under ASC 606
|
|
|
|
|
|
|
Quarter ended
|
|
Year ended
|
|
|
December 31,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2018
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Royalties
|
|
$
|
45,430
|
|
|
$
|
33,599
|
|
|
$
|
30,049
|
|
|
$
|
21,374
|
|
|
$
|
130,452
|
|
Product revenue
|
|
11,537
|
|
|
11,753
|
|
|
8,087
|
|
|
7,313
|
|
|
38,690
|
|
Contract and other revenue
|
|
11,596
|
|
|
14,402
|
|
|
18,322
|
|
|
17,739
|
|
|
62,059
|
|
Total revenue
|
|
$
|
68,563
|
|
|
$
|
59,754
|
|
|
$
|
56,458
|
|
|
$
|
46,426
|
|
|
$
|
231,201
|
|
|
|
|
|
|
2018 Revenue under ASC 605 and Licensing Billings
|
|
|
|
|
|
|
Quarter ended
|
|
Year ended
|
|
|
December 31,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2018
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Royalties
|
|
$
|
76,717
|
|
|
$
|
75,704
|
|
|
$
|
73,626
|
|
|
$
|
77,174
|
|
|
$
|
303,221
|
|
Product revenue
|
|
11,867
|
|
|
11,753
|
|
|
8,221
|
|
|
7,556
|
|
|
39,397
|
|
Contract and other revenue
|
|
13,398
|
|
|
12,383
|
|
|
16,973
|
|
|
15,729
|
|
|
58,483
|
|
Total revenue
|
|
$
|
101,982
|
|
|
$
|
99,840
|
|
|
$
|
98,820
|
|
|
$
|
100,459
|
|
|
$
|
401,101
|
|
|
|
|
|
|
|
|
|
|
|
|
Licensing billings (1)
|
|
$
|
76,717
|
|
|
$
|
75,374
|
|
|
$
|
73,210
|
|
|
$
|
75,924
|
|
|
$
|
301,225
|
|
|
|
|
|
|
2017 Revenue under ASC 605 and Licensing Billings
|
|
|
|
|
|
|
Quarter ended
|
|
Year ended
|
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2017
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Royalties
|
|
$
|
77,861
|
|
|
$
|
72,787
|
|
|
$
|
69,990
|
|
|
$
|
68,956
|
|
|
$
|
289,594
|
|
Product revenue
|
|
8,543
|
|
|
8,661
|
|
|
8,401
|
|
|
10,904
|
|
|
36,509
|
|
Contract and other revenue
|
|
15,487
|
|
|
17,686
|
|
|
16,329
|
|
|
17,491
|
|
|
66,993
|
|
Total revenue
|
|
$
|
101,891
|
|
|
$
|
99,134
|
|
|
$
|
94,720
|
|
|
$
|
97,351
|
|
|
$
|
393,096
|
|
|
|
|
|
|
|
|
|
|
|
|
Licensing billings (1)
|
|
$
|
76,611
|
|
|
$
|
71,537
|
|
|
$
|
72,890
|
|
|
$
|
68,556
|
|
|
$
|
289,594
|
|
|
|
|
|
|
2016 Revenue under ASC 605 and Licensing Billings
|
|
|
|
|
|
|
Quarter ended
|
|
Year ended
|
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
|
December 31,
2016
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Royalties
|
|
$
|
70,604
|
|
|
$
|
68,298
|
|
|
$
|
62,835
|
|
|
$
|
62,877
|
|
|
$
|
264,614
|
|
Product revenue
|
|
11,746
|
|
|
7,092
|
|
|
3,902
|
|
|
3,312
|
|
|
26,052
|
|
Contract and other revenue
|
|
15,209
|
|
|
14,465
|
|
|
9,764
|
|
|
6,493
|
|
|
45,931
|
|
Total revenue
|
|
$
|
97,559
|
|
|
$
|
89,855
|
|
|
$
|
76,501
|
|
|
$
|
72,682
|
|
|
$
|
336,597
|
|
|
|
|
|
|
|
|
|
|
|
|
Licensing billings (1)
|
|
$
|
64,854
|
|
|
$
|
71,548
|
|
|
$
|
66,604
|
|
|
$
|
61,683
|
|
|
$
|
264,689
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Licensing billings is an operational metric that reflects amounts
invoiced to our licensing customers during the period, as adjusted
for certain differences.
|
|
|
|
|
|
|
|
Rambus Inc.
|
|
Supplemental Reconciliation of GAAP to Non-GAAP Results
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
ASC 606
|
|
ASC 605
|
|
ASC 606
|
|
ASC 605
|
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses
|
|
$
|
72,763
|
|
|
$
|
72,763
|
|
|
$
|
86,172
|
|
|
$
|
318,168
|
|
|
$
|
318,168
|
|
|
$
|
338,689
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
(6,145
|
)
|
|
(6,145
|
)
|
|
(7,234
|
)
|
|
(21,736
|
)
|
|
(21,736
|
)
|
|
(27,403
|
)
|
|
Acquisition-related transaction costs and retention bonus expense
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(70
|
)
|
|
(70
|
)
|
|
(248
|
)
|
|
Amortization expense
|
|
(4,989
|
)
|
|
(4,989
|
)
|
|
(10,526
|
)
|
|
(29,341
|
)
|
|
(29,341
|
)
|
|
(41,962
|
)
|
|
Restructuring charges (recoveries)
|
|
6
|
|
|
6
|
|
|
—
|
|
|
(2,217
|
)
|
|
(2,217
|
)
|
|
—
|
|
|
Non-GAAP operating costs and expenses
|
|
$
|
61,635
|
|
|
$
|
61,635
|
|
|
$
|
68,382
|
|
|
$
|
264,804
|
|
|
$
|
264,804
|
|
|
$
|
269,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
$
|
(4,200
|
)
|
|
$
|
29,219
|
|
|
$
|
15,719
|
|
|
$
|
(86,967
|
)
|
|
$
|
82,933
|
|
|
$
|
54,407
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
6,145
|
|
|
6,145
|
|
|
7,234
|
|
|
21,736
|
|
|
21,736
|
|
|
27,403
|
|
|
Acquisition-related transaction costs and retention bonus expense
|
|
—
|
|
|
—
|
|
|
30
|
|
|
70
|
|
|
70
|
|
|
248
|
|
|
Amortization expense
|
|
4,989
|
|
|
4,989
|
|
|
10,526
|
|
|
29,341
|
|
|
29,341
|
|
|
41,962
|
|
|
Restructuring charges (recoveries)
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
2,217
|
|
|
2,217
|
|
|
—
|
|
|
Non-GAAP operating income (loss)
|
|
$
|
6,928
|
|
|
$
|
40,347
|
|
|
$
|
33,509
|
|
|
$
|
(33,603
|
)
|
|
$
|
136,297
|
|
|
$
|
124,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
$
|
(203
|
)
|
|
$
|
27,068
|
|
|
$
|
11,564
|
|
|
$
|
(70,628
|
)
|
|
$
|
72,037
|
|
|
$
|
40,989
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
6,145
|
|
|
6,145
|
|
|
7,234
|
|
|
21,736
|
|
|
21,736
|
|
|
27,403
|
|
|
Acquisition-related transaction costs and retention bonus expense
|
|
—
|
|
|
—
|
|
|
30
|
|
|
70
|
|
|
70
|
|
|
248
|
|
|
Amortization expense
|
|
4,989
|
|
|
4,989
|
|
|
10,526
|
|
|
29,341
|
|
|
29,341
|
|
|
41,962
|
|
|
Restructuring charges (recoveries)
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
2,217
|
|
|
2,217
|
|
|
—
|
|
|
Loss on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
1,082
|
|
|
—
|
|
|
—
|
|
|
1,082
|
|
|
Non-cash interest expense on convertible notes
|
|
1,655
|
|
|
1,655
|
|
|
2,255
|
|
|
9,242
|
|
|
9,242
|
|
|
7,579
|
|
|
Non-GAAP income (loss) before income taxes
|
|
$
|
12,580
|
|
|
$
|
39,851
|
|
|
$
|
32,691
|
|
|
$
|
(8,022
|
)
|
|
$
|
134,643
|
|
|
$
|
119,263
|
|
|
GAAP provision for income taxes
|
|
1,815
|
|
|
1,815
|
|
|
47,732
|
|
|
87,329
|
|
|
87,329
|
|
|
63,851
|
|
|
Adjustment to GAAP provision for income taxes
|
|
1,204
|
|
|
7,749
|
|
|
(36,290
|
)
|
|
(89,255
|
)
|
|
(55,015
|
)
|
|
(22,109
|
)
|
|
Non-GAAP provision for (benefit from) income taxes
|
|
3,019
|
|
|
9,564
|
|
|
11,442
|
|
|
(1,926
|
)
|
|
32,314
|
|
|
41,742
|
|
|
Non-GAAP net income (loss)
|
|
$
|
9,561
|
|
|
$
|
30,287
|
|
|
$
|
21,249
|
|
|
$
|
(6,096
|
)
|
|
$
|
102,329
|
|
|
$
|
77,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic net income (loss) per share
|
|
$
|
0.09
|
|
|
$
|
0.28
|
|
|
$
|
0.19
|
|
|
$
|
(0.06
|
)
|
|
$
|
0.94
|
|
|
$
|
0.70
|
|
|
Non-GAAP diluted net income (loss) per share
|
|
$
|
0.09
|
|
|
$
|
0.28
|
|
|
$
|
0.19
|
|
|
$
|
(0.06
|
)
|
|
$
|
0.92
|
|
|
$
|
0.68
|
|
|
Weighted average shares used in non-GAAP per share calculation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
108,826
|
|
|
108,826
|
|
|
109,737
|
|
|
108,450
|
|
|
108,450
|
|
|
110,198
|
|
|
Diluted
|
|
109,618
|
|
|
109,618
|
|
|
114,341
|
|
|
108,450
|
|
|
110,837
|
|
|
113,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Reconciliation of GAAP to Non-GAAP Effective Tax
Rate (1)
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December 31,
|
|
|
ASC 606
|
|
ASC 605
|
|
ASC 606
|
|
ASC 605
|
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
GAAP effective tax rate
|
|
(894
|
)%
|
|
7
|
%
|
|
413
|
%
|
|
(124
|
)%
|
|
121
|
%
|
|
156
|
%
|
|
Adjustment to GAAP effective tax rate
|
|
918
|
%
|
|
17
|
%
|
|
(378
|
)%
|
|
148
|
%
|
|
(97
|
)%
|
|
(121
|
)%
|
|
Non-GAAP effective tax rate
|
|
24
|
%
|
|
24
|
%
|
|
35
|
%
|
|
24
|
%
|
|
24
|
%
|
|
35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 24
percent for 2018 and 35 percent for 2017, 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.
|
|
|
|
|
|
|
|
Rambus Inc.
|
|
Reconciliation of Other GAAP to Non-GAAP Items
|
|
(In thousands, except percentages)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
GAAP
|
|
Non-GAAP
|
|
|
Three Months Ended December 31,
|
|
Three Months Ended December 31,
|
|
|
ASC 606
|
|
ASC 605
|
|
ASC 606
|
|
ASC 605
|
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (i)
|
|
$
|
68,563
|
|
|
$
|
101,982
|
|
|
$
|
101,891
|
|
|
$
|
68,563
|
|
|
$
|
101,982
|
|
|
$
|
101,891
|
|
|
Operating income (loss) (ii)
|
|
(4,200
|
)
|
|
29,219
|
|
|
15,719
|
|
|
6,928
|
|
|
40,347
|
|
|
33,509
|
|
|
Operating margin (ii/i)
|
|
(6
|
)%
|
|
29
|
%
|
|
15
|
%
|
|
10
|
%
|
|
40
|
%
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
Non-GAAP
|
|
|
Year Ended December 31,
|
|
Year Ended December 31,
|
|
|
ASC 606
|
|
ASC 605
|
|
ASC 606
|
|
ASC 605
|
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (i)
|
|
$
|
231,201
|
|
|
$
|
401,101
|
|
|
$
|
393,096
|
|
|
$
|
231,201
|
|
|
$
|
401,101
|
|
|
$
|
393,096
|
|
|
Operating income (loss) (ii)
|
|
(86,967
|
)
|
|
82,933
|
|
|
54,407
|
|
|
(33,603
|
)
|
|
136,297
|
|
|
124,020
|
|
|
Operating margin (ii/i)
|
|
(38
|
)%
|
|
21
|
%
|
|
14
|
%
|
|
(15
|
)%
|
|
34
|
%
|
|
32
|
%
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
ASC 605
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
25,253
|
|
|
$
|
(36,168
|
)
|
|
Add back:
|
|
|
|
|
|
Interest and other income (expense), net
|
|
2,151
|
|
|
4,155
|
|
|
Provision for income taxes
|
|
1,815
|
|
|
47,732
|
|
|
Depreciation expense
|
|
2,638
|
|
|
3,304
|
|
|
Amortization expense
|
|
4,989
|
|
|
10,526
|
|
|
EBITDA (1)
|
|
$
|
36,846
|
|
|
$
|
29,549
|
|
|
Adjustments:
|
|
|
|
|
|
Stock-based compensation expense
|
|
6,145
|
|
|
7,234
|
|
|
Acquisition-related transaction costs and retention bonus expense
|
|
—
|
|
|
30
|
|
|
Restructuring recoveries
|
|
(6
|
)
|
|
—
|
|
|
Adjusted EBITDA (2)
|
|
$
|
42,985
|
|
|
$
|
36,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
EBITDA is a non-GAAP measure that management uses to evaluate the
cash generating capacity of the company. The most directly
comparable GAAP measure is net income (loss). EBITDA is net income
(loss) adjusted for net interest and other income (expense), income
taxes, and depreciation and amortization. It should not be
considered as an alternative to net income computed under GAAP.
|
|
|
|
|
|
|
|
|
|
(2)
|
|
Adjusted EBITDA excludes the impact of other non-GAAP adjustments
indicated in the above tables.
|
|
|
|
|
|
|
|
Rambus Inc.
|
|
Reconciliation of GAAP Forward Looking Estimates to Non-GAAP
Forward Looking Estimates
|
|
(In millions)
|
|
(Unaudited)
|
|
|
|
|
2019 First Quarter Outlook
|
|
Three Months Ended
March 31, 2019
|
|
|
Low
|
|
High
|
|
|
|
|
|
|
Forward-looking operating costs and expenses
|
|
$
|
78.1
|
|
|
$
|
74.1
|
|
|
Adjustments:
|
|
|
|
|
|
Stock-based compensation expense
|
|
(6.6
|
)
|
|
(6.6
|
)
|
|
Amortization expense
|
|
(5.0
|
)
|
|
(5.0
|
)
|
|
Forward-looking Non-GAAP operating costs and expenses
|
|
$
|
66.5
|
|
|
$
|
62.5
|
|
|
|
|
|
|
|
Forward-looking interest and other income (expense), net
|
|
$
|
3.4
|
|
|
$
|
3.4
|
|
|
Adjustments:
|
|
|
|
|
|
Interest income related to significant financing component from
fixed-fee patent and technology licensing arrangements
|
|
(5.7
|
)
|
|
(5.7
|
)
|
|
Non-cash interest expense on convertible notes
|
|
1.7
|
|
|
1.7
|
|
|
Forward-looking Non-GAAP interest and other income (expense), net
|
|
$
|
(0.6
|
)
|
|
$
|
(0.6
|
)
|
|
|
|
|
|
|
|
|
|
Source: Rambus Inc.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190128005688/en/
Rahul Mathur
Senior Vice President, Finance and Chief Financial
Officer
Rambus Inc.
(408) 462-8000
rmathur@rambus.com
Source: Rambus Inc.