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, the expected benefits of our merger, acquisition and divestiture activity, future profit and growth, and financial guidance for the third 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.
Source: Rambus Inc.
Rambus Inc. Condensed Consolidated Balance Sheets (In thousands) (Unaudited) |
|||||||
|
June 30,
|
|
December 31,
|
||||
ASSETS |
|
|
|
||||
|
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
114,186 |
|
|
$ |
115,924 |
|
Marketable securities |
223,532 |
|
|
161,840 |
|
||
Accounts receivable |
28,225 |
|
|
50,863 |
|
||
Unbilled receivables |
177,897 |
|
|
176,613 |
|
||
Inventories |
9,326 |
|
|
6,772 |
|
||
Assets held for sale |
78,388 |
|
|
— |
|
||
Prepaids and other current assets |
9,350 |
|
|
15,738 |
|
||
Total current assets |
640,904 |
|
|
527,750 |
|
||
Intangible assets, net |
29,748 |
|
|
59,936 |
|
||
Goodwill |
153,144 |
|
|
207,178 |
|
||
Property, plant and equipment, net |
41,590 |
|
|
57,028 |
|
||
| Operating lease right-of-use assets |
16,081 |
|
|
— |
|
||
| Deferred tax assets |
4,399 |
|
|
4,435 |
|
||
| Unbilled receivables, long-term |
419,532 |
|
|
497,003 |
|
||
| Other assets |
6,763 |
|
|
7,825 |
|
||
| Total assets |
$ |
1,312,161 |
|
|
$ |
1,361,155 |
|
|
|
|
|
|
||||
| LIABILITIES & STOCKHOLDERS’ EQUITY |
|
|
|
||||
|
|
|
|
|
||||
| Current liabilities: |
|
|
|
||||
| Accounts payable |
$ |
7,794 |
|
|
$ |
7,392 |
|
| Accrued salaries and benefits |
13,966 |
|
|
16,938 |
|
||
| Deferred revenue |
6,448 |
|
|
19,374 |
|
||
| Income taxes payable, short-term |
17,461 |
|
|
16,390 |
|
||
| Operating lease liabilities |
8,381 |
|
|
— |
|
||
| Liabilities held for sale |
13,706 |
|
|
— |
|
||
| Other current liabilities |
16,668 |
|
|
9,191 |
|
||
| Total current liabilities |
84,424 |
|
|
69,285 |
|
||
| Long-term liabilities: |
|
|
|
||||
| Convertible notes, long-term |
145,314 |
|
|
141,934 |
|
||
| Long-term imputed financing obligation |
— |
|
|
36,297 |
|
||
| Long-term operating lease liabilities |
9,548 |
|
|
— |
|
||
| Long-term income taxes payable |
69,359 |
|
|
77,280 |
|
||
| Other long-term liabilities |
30,290 |
|
|
24,247 |
|
||
| Total long-term liabilities |
254,511 |
|
|
279,758 |
|
||
| Total stockholders’ equity |
973,226 |
|
|
1,012,112 |
|
||
| Total liabilities and stockholders’ equity |
$ |
1,312,161 |
|
|
$ |
1,361,155 |
|
| Rambus Inc. Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) |
|||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
| Revenue: |
|
|
|
|
|
|
|
||||||||
| Royalties |
$ |
27,050 |
|
|
$ |
30,049 |
|
|
$ |
51,903 |
|
|
$ |
51,423 |
|
| Product revenue |
16,031 |
|
|
8,087 |
|
|
24,995 |
|
|
15,400 |
|
||||
| Contract and other revenue |
15,216 |
|
|
18,322 |
|
|
29,783 |
|
|
36,061 |
|
||||
| Total revenue |
58,297 |
|
|
56,458 |
|
|
106,681 |
|
|
102,884 |
|
||||
| Operating costs and expenses: |
|
|
|
|
|
|
|
||||||||
| Cost of product revenue (1) |
6,310 |
|
|
4,199 |
|
|
|
10,737 |
|
|
|
8,556 |
|
||
| Cost of contract and other revenue |
6,717 |
|
|
11,089 |
|
|
13,488 |
|
|
23,211 |
|
||||
| Research and development (1) |
37,890 |
|
|
37,696 |
|
|
78,509 |
|
|
77,813 |
|
||||
| Sales, general and administrative (1) |
24,908 |
|
|
24,483 |
|
|
52,553 |
|
|
54,681 |
|
||||
| Restructuring charges (recoveries) |
2,528 |
|
|
(1,022 |
) |
|
2,859 |
|
|
2,223 |
|
||||
| Impairment of assets held for sale |
16,990 |
|
|
— |
|
|
16,990 |
|
|
— |
|
||||
| Total operating costs and expenses |
95,343 |
|
|
76,445 |
|
|
175,136 |
|
|
166,484 |
|
||||
| Operating loss |
(37,046 |
) |
|
(19,987 |
) |
|
(68,455 |
) |
|
(63,600 |
) |
||||
| Interest income and other income (expense), net |
6,972 |
|
|
8,249 |
|
|
14,385 |
|
|
17,365 |
|
||||
| Interest expense |
(2,534 |
) |
|
(4,634 |
) |
|
(4,805 |
) |
|
(9,055 |
) |
||||
| Interest and other income (expense), net |
4,438 |
|
|
3,615 |
|
|
9,580 |
|
|
8,310 |
|
||||
| Loss before income taxes |
(32,608 |
) |
|
(16,372 |
) |
|
(58,875 |
) |
|
(55,290 |
) |
||||
| Provision for (benefit from) income taxes |
4,372 |
|
|
(1,015 |
) |
|
4,681 |
|
|
(4,244 |
) |
||||
| Net loss |
$ |
(36,980 |
) |
|
$ |
(15,357 |
) |
|
$ |
(63,556 |
) |
|
$ |
(51,046 |
) |
| Net loss per share: |
|
|
|
|
|
|
|
||||||||
| Basic |
$ |
(0.33 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.58 |
) |
|
$ |
(0.47 |
) |
| Diluted |
$ |
(0.33 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.58 |
) |
|
$ |
(0.47 |
) |
| Weighted average shares used in per share calculation |
|
|
|
|
|
|
|
||||||||
| Basic |
110,875 |
|
|
107,737 |
|
|
110,287 |
|
|
108,542 |
|
||||
| Diluted |
110,875 |
|
|
107,737 |
|
|
110,287 |
|
|
108,542 |
|
||||
