Rambus Reports First Quarter Financial Results

Business and Financial Highlights

  • Signed broad five-year agreement with Nanya Technology Corporation, resolving all outstanding disputes
  • Lensless Smart Sensor technology highlighted as one of the best technologies at Mobile World Congress 2014
  • Generated quarterly revenue of $78.3 million; up 7% quarter-over-quarter and up 17% year-over-year
  • First quarter GAAP diluted net income per share of $0.07
  • First quarter non-GAAP diluted net income per share of $0.17; up 21% quarter-over-quarter and up 89% year-over-year

SUNNYVALE, Calif. — (BUSINESS WIRE) — April 21, 2014 — Rambus Inc. (NASDAQ: RMBS), the innovative technology solutions company that brings invention to market, today reported financial results for the first quarter ended March 31, 2014.

GAAP Financial Results:

Revenue for the first quarter of 2014 was $78.3 million, up 7% on a sequential basis from the fourth quarter of 2013 primarily due to increased revenue from Micron Technology and the new license agreement signed with Nanya Technology Corporation during the first quarter of 2014. As compared to the first quarter of 2013, revenue was up 17% primarily due to the license agreements signed with SK hynix, Micron Technology and Nanya Technology Corporation, offset by lower royalty revenue from Samsung and recognition of a one-time royalty revenue during the first quarter of 2013 from LSI.

Total operating costs and expenses for the first quarter of 2014 were $55.1 million, 18% lower than the previous quarter and 16% lower than the first quarter of 2013. First quarter operating costs and expenses of $55.1 million included $2.9 million of stock-based compensation expenses, $6.8 million of amortization expenses and $1.4 million of retention bonuses from acquisitions. This is compared to total operating costs and expenses for the fourth quarter of 2013 of $67.2 million which included $3.1 million of stock-based compensation expenses, $9.7 million of impairment of long-lived assets, $2.2 million of restructuring charges, $7.5 million of amortization expenses and $1.5 million of retention bonuses from acquisitions. Total operating costs and expenses for the first quarter of 2013 were $65.4 million, which included $4.9 million of stock-based compensation expenses, $2.2 million of restructuring charges, $7.0 million of amortization expenses and $4.0 million of retention bonuses from acquisitions. The change in total operating costs and expenses in the first quarter of 2014 as compared to the fourth quarter of 2013 was primarily due to restructuring charges and impairment of long-lived assets. The change in total operating costs and expenses in the first quarter of 2014 as compared to the first quarter of 2013 was primarily due to lower litigation expenses, restructuring charges, retention bonuses from acquisitions, consulting expenses and stock-based compensation expenses offset by higher cost of sales due to the sale of lighting products.

Net income for the first quarter of 2014 was $7.8 million as compared to net loss of $9.8 million in the fourth quarter of 2013 and net loss of $10.4 million in the first quarter of 2013. Diluted net income per share for the first quarter of 2014 was $0.07 as compared to diluted net loss per share of $0.09 in the fourth quarter of 2013 and diluted net loss per share of $0.09 in the first quarter of 2013.

Non-GAAP Financial Results (1):

Total non-GAAP operating costs and expenses in the first quarter of 2014 were $43.9 million which was relatively flat as compared to the prior quarter, and 6% lower than the first quarter of 2013.

Non-GAAP net income in the first quarter of 2014 was $19.6 million, 19% higher than the prior quarter and 81% higher than the first quarter of 2013. Non-GAAP diluted net income per share was $0.17 in the first quarter of 2014 as compared to $0.14 in the fourth quarter of 2013 and $0.09 in the first quarter of 2013.

Other Financial Highlights:

Cash, cash equivalents, and marketable securities as of March 31, 2014 were $403.4 million, an increase of $15.7 million from December 31, 2013. During the first quarter of 2014, the Company generated approximately $17 million from operations.

During the first quarter of 2014, the Company recorded an income tax provision of approximately $5.5 million. As the Company continues to maintain a full valuation allowance against its U.S. deferred tax assets, the Company’s tax provision consists of primarily foreign withholding taxes.

Second Quarter 2014 Outlook:

For the second quarter of 2014, the Company expects revenue to be between $69 million and $74 million. Revenue is not without risk and includes expectations that the Company will sign new customers for patent as well as solutions licensing.

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