Rambus Reports Second Quarter Financial Results

Business and Financial Highlights:

  • Generated quarterly revenue of $72.8 million
  • Extended license agreement with SK hynix to 2024
  • Renewed license agreement with Renesas Electronics Corporation
  • GAAP diluted net income per share of $0.06; non-GAAP diluted net income per share of $0.13

SUNNYVALE, Calif. — (BUSINESS WIRE) — July 20, 2015 — Rambus Inc. (NASDAQ: RMBS) today reported financial results for the second quarter ended June 30, 2015.

GAAP Financial Results:

Revenue for the second quarter of 2015 was $72.8 million, which was relatively flat on a sequential basis from the first quarter of 2015 primarily due to higher sales of security products offset by lower royalty revenue. As compared to the second quarter of 2014, revenue was down 5% primarily due to lower royalty revenue, offset by higher revenue from a new license agreement signed with IBM during the first quarter of 2015 as well as higher sales of security and lighting products.

Revenue for the six months ended June 30, 2015 was $145.7 million, which was down 6% over the prior year period, primarily due to lower royalty revenue from ST Microelectronics and NVIDIA Corporation, offset by higher revenue from a new license agreement signed with IBM during the first quarter of 2015 as well as higher sales of security and lighting products.

Total operating costs and expenses for the second quarter of 2015 were $57.3 million, 4% higher than the previous quarter and 2% higher than the second quarter of 2014. Second quarter operating costs and expenses of $57.3 million included $4.4 million of stock-based compensation expenses and $6.3 million of amortization expenses. In comparison, total operating costs and expenses for the first quarter of 2015 of $55.0 million included $3.8 million of stock-based compensation expenses and $6.3 million of amortization expenses. Total operating costs and expenses for the second quarter of 2014 were $56.4 million, which included $4.9 million of stock-based compensation expenses, $6.8 million of amortization expenses and $1.0 million of retention bonus expense from acquisitions. The change in total operating costs and expenses in the second quarter of 2015 as compared to the first quarter of 2015 was primarily due to lower gain from sale of intellectual property, higher prototyping costs and higher costs of sales due to sale of security and lighting products, partially offset by lower headcount related costs and lower bonus accrual expense. The change in total operating costs and expenses in the second quarter of 2015 as compared to the second quarter of 2014 was primarily attributable to higher headcount related costs, higher costs of sales due to sale of security and lighting products and higher prototyping costs offset by higher gain from sale of intellectual property and lower retention bonus expense from acquisitions.

Total operating costs and expenses for the six months ended June 30, 2015 were $112.3 million, 1% higher than the six months ended June 30, 2014. The six months operating costs and expenses of $112.3 million included $8.2 million of stock-based compensation expenses and $12.6 million of amortization expenses. This is compared to total operating costs and expenses for the six months ended June 30, 2014 of $111.5 million, which included $7.8 million of stock-based compensation expenses, $13.6 million of amortization expenses and $2.5 million of retention bonus expense from acquisitions. The change in total operating costs and expenses was primarily attributable to higher headcount related costs, higher cost of sales due to the sale of security and lighting products and higher prototyping costs offset by higher gain from sale of intellectual property, lower retention bonus expense from acquisitions and lower consulting costs.

Net income for the second quarter of 2015 was $6.9 million as compared to net income of $9.5 million in the first quarter of 2015 and net income of $5.0 million in the second quarter of 2014. Diluted net income per share for the second quarter of 2015 was $0.06 as compared to diluted net income per share of $0.08 in the first quarter of 2015 and diluted net income per share of $0.04 in the second quarter of 2014, respectively.

Net income for the six months ended June 30, 2015 was $16.4 million as compared to a net income of $12.8 million for the same period of 2014. Diluted net income per share for the six months ended June 30, 2015 was $0.14 as compared to a diluted net income per share of $0.11 for the same period of 2014.

Non-GAAP Financial Results (1):

Total non-GAAP operating costs and expenses in the second quarter of 2015 were $46.5 million, 4% higher than the previous quarter, and 6% higher than the second quarter of 2014.

Total non-GAAP operating costs and expenses for the six months ended June 30, 2015 were $91.5 million as compared to $87.7 million in the same period of 2014 due primarily to higher headcount related costs, higher cost of sales due to the sale of security and lighting products and higher prototyping costs, offset by higher gain from sale of intellectual property and lower consulting costs.

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