Rambus Reports First Quarter Financial Results

RMBSFN

Rambus Inc. Condensed Consolidated Balance Sheets (In thousands) (Unaudited)

	March 31, 2016		December 31, 2015
ASSETS

Current assets:
Cash and cash equivalents	$	136,629	$	143,764
Marketable securities	88,943		143,942
Accounts receivable	14,617		16,408
Prepaids and other current assets	13,017		11,476
Total current assets	253,206		315,590
Intangible assets, net	114,325		64,266
Goodwill	163,805		116,899
Property, plant and equipment, net	56,403		56,616
Deferred taxes, long-term	160,464		162,485
Other assets	4,622		2,165
Total assets	$	752,825	$	718,021

LIABILITIES & STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	4,874	$	4,096
Accrued salaries and benefits	8,432		12,278
Other current liabilities	26,809		11,992
Total current liabilities	40,115		28,366
Long-term liabilities:
Convertible notes, long-term	121,069		119,418
Long-term imputed financing obligation	38,496		38,625
Other long-term liabilities	18,424		5,079
Total long-term liabilities	177,989		163,122
Total stockholders’ equity	534,721		526,533
Total liabilities and stockholders’ equity	$	752,825	$	718,021

Rambus Inc. Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited)

	Three Months Ended March 31,
	2016			2015

Revenue:
Royalties	$	62,877		$	66,963
Contract and other revenue	9,805			5,951
Total revenue	72,682			72,914
Operating costs and expenses:
Cost of revenue (1)	12,207			10,756
Research and development (1)	28,527			28,534
Sales, general and administrative (1)	23,095			18,502
Gain from sale of intellectual property	—			(2,260		)
Gain from settlement	(441		)	(510		)
Total operating costs and expenses	63,388			55,022
Operating income	9,294			17,892
Interest income and other income (expense), net	242			132
Interest expense	(3,141		)	(3,083		)
Interest and other income (expense), net	(2,899		)	(2,951		)
Income before income taxes	6,395			14,941
Provision for income taxes	4,517			5,439
Net income	$	1,878		$	9,502
Net income per share:
Basic	$	0.02		$	0.08
Diluted	$	0.02		$	0.08
Weighted average shares used in per share calculation
Basic	109,733			115,336
Diluted	112,252			117,442