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 revenue for the third quarter of 2016, 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
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Rambus Inc. Condensed Consolidated Balance Sheets (In thousands) (Unaudited) |
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June 30, 2016 | December 31, 2015 | |||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 188,011 | $ | 143,764 | |||
| Marketable securities | 71,320 | 143,942 | |||||
| Accounts receivable | 11,326 | 16,408 | |||||
| Prepaids and other current assets | 12,993 | 11,476 | |||||
| Total current assets | 283,650 | 315,590 | |||||
| Intangible assets, net | 100,900 | 64,266 | |||||
| Goodwill | 162,715 | 116,899 | |||||
| Property, plant and equipment, net | 55,056 | 56,616 | |||||
| Deferred taxes | 159,097 | 162,485 | |||||
| Other assets | 4,365 | 2,165 | |||||
| Total assets | $ | 765,783 | $ | 718,021 | |||
| LIABILITIES & STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 6,269 | $ | 4,096 | |||
| Accrued salaries and benefits | 10,040 | 12,278 | |||||
| Deferred revenue | 10,347 | 5,780 | |||||
| Other current liabilities | 17,326 | 6,212 | |||||
| Total current liabilities | 43,982 | 28,366 | |||||
| Long-term liabilities: | |||||||
| Convertible notes, long-term | 122,744 | 119,418 | |||||
| Long-term imputed financing obligation | 38,355 | 38,625 | |||||
| Other long-term liabilities | 18,340 | 5,079 | |||||
| Total long-term liabilities | 179,439 | 163,122 | |||||
| Total stockholders’ equity | 542,362 | 526,533 | |||||
| Total liabilities and stockholders’ equity | $ | 765,783 | $ | 718,021 | |||
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Rambus Inc. Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) |
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Three Months Ended
June 30, |
Six Months Ended
June 30, |
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| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Revenue: | ||||||||||||||||
| Royalties | $ | 62,835 | $ | 62,387 | $ | 125,712 | $ | 129,350 | ||||||||
| Contract and other revenue | 13,666 | 10,425 | 23,471 | 16,376 | ||||||||||||
| Total revenue | 76,501 | 72,812 | 149,183 | 145,726 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Cost of revenue (1) | 14,089 | 12,137 | 26,296 | 22,893 | ||||||||||||
| Research and development (1) | 28,753 | 29,188 | 57,280 | 57,722 | ||||||||||||
| Sales, general and administrative (1) | 21,789 | 17,339 | 44,884 | 35,841 | ||||||||||||
| Gain from sale of intellectual property | — | (896 | ) | — | (3,156 | ) | ||||||||||
| Gain from settlement | (138 | ) | (510 | ) | (579 | ) | (1,020 | ) | ||||||||
| Total operating costs and expenses | 64,493 | 57,258 | 127,881 | 112,280 | ||||||||||||
| Operating income | 12,008 | 15,554 | 21,302 | 33,446 | ||||||||||||
| Interest income and other income (expense), net | 1,138 | 203 | 1,380 | 335 | ||||||||||||
| Interest expense | (3,163 | ) | (3,091 | ) | (6,304 | ) | (6,174 | ) | ||||||||
| Interest and other income (expense), net | (2,025 | ) | (2,888 | ) | (4,924 | ) | (5,839 | ) | ||||||||
| Income before income taxes | 9,983 | 12,666 | 16,378 | 27,607 | ||||||||||||
| Provision for income taxes | 6,107 | 5,805 | 10,624 | 11,244 | ||||||||||||
| Net income | $ | 3,876 | $ | 6,861 | $ | 5,754 | $ | 16,363 | ||||||||
| Net income per share: | ||||||||||||||||
| Basic | $ | 0.04 | $ | 0.06 | $ | 0.05 | $ | 0.14 | ||||||||
| Diluted | $ | 0.03 | $ | 0.06 | $ | 0.05 | $ | 0.14 | ||||||||
| Weighted average shares used in per share calculation | ||||||||||||||||
| Basic | 109,904 | 116,027 | 109,818 | 115,683 | ||||||||||||
| Diluted | 112,061 | 120,939 | 112,202 | 119,225 | ||||||||||||
