- 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) — January 28, 2019 — 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the fourth quarter ended December 31, 2018 under GAAP Accounting Standards Codification Topic 606 (“ASC 606”), which superseded the revenue recognition requirements in ASC Topic 605, Revenue Recognition (“ASC 605”) that was previously applicable.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 |
Non-
|
GAAP |
Non-
|
GAAP |
Non-
|
||||||||||||||||||||||||
| 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. | ||||
