Rambus Reports Fourth Quarter and Fiscal Year 2015 Financial Results

Business and Financial Highlights:

  • Generated fourth quarter revenue of $76.8 million and annual revenue of $296.3 million
  • Acquired secure mobile payment and ticketing solutions to complement CryptoManager platform
  • Announced R+ DDR4 server memory chip for RDIMMs and LRDIMMs
  • Signed and renewed key license agreements with IBM, Renesas, SK hynix and Toshiba
  • Revealed Smart Data Acceleration research program to improve data center performance
  • Initiated $100 million Accelerated Share Repurchase Program
  • Fourth quarter GAAP diluted net income per share of $0.11; fourth quarter non-GAAP diluted net income per share of $0.18
  • Annual GAAP diluted net income per share of $1.80; annual non-GAAP diluted net income per share of $0.60

SUNNYVALE, Calif. — (BUSINESS WIRE) — January 25, 2016 — Rambus Inc. (NASDAQ: RMBS) today reported financial results for the fourth quarter and year ended December 31, 2015.

GAAP Financial Results:

Revenue for the fourth quarter of 2015 was $76.8 million, up 4% on a sequential basis from the third quarter of 2015 primarily due to higher contract and product revenue, offset by lower royalty revenue. As compared to the fourth quarter of 2014, revenue was up 7% primarily due to higher royalty revenue from SK hynix, IBM and the renewal of our patent license agreement with Toshiba in the fourth quarter of 2015 as well as higher contract revenue, offset by lower royalty revenue from Renesas and STMicroelectronics.

Total operating costs and expenses for the fourth quarter of 2015 were $56.4 million, 1% higher than the previous quarter and 4% higher than the fourth quarter of 2014. Fourth quarter operating costs and expenses of $56.4 million included $3.3 million of stock-based compensation expenses, $6.2 million of amortization expenses and $3.6 million of restructuring charges. In comparison, total operating costs and expenses for the third quarter of 2015 of $56.1 million included $3.6 million of stock-based compensation expenses and $6.3 million of amortization expenses. Total operating costs and expenses for the fourth quarter of 2014 were $54.5 million, which included $3.5 million of stock-based compensation expenses and $6.3 million of amortization expenses. The change in total operating costs and expenses in the fourth quarter of 2015 as compared to the third quarter of 2015 was primarily due to the restructuring charges in the fourth quarter of 2015 and higher prototyping costs, offset by lower consulting costs and lower marketing expenses. The change in total operating costs and expenses in the fourth quarter of 2015 as compared to the fourth quarter of 2014 was primarily attributable to the restructuring charges in the fourth quarter of 2015, lower gain from sale of intellectual property and higher expenses related to software design tools, offset by lower prototyping costs, lower headcount related costs and lower consulting costs.

Net income for the fourth quarter of 2015 was $13.0 million as compared to net income of $182.0 million in the third quarter of 2015 and net income of $7.8 million in the fourth quarter of 2014. Diluted net income per share for the fourth quarter of 2015 was $0.11 as compared to diluted net income per share of $1.52 in the third quarter of 2015 and diluted net income per share of $0.07 in the fourth quarter of 2014.

Revenue for the year ended December 31, 2015 was $296.3 million, which was relatively flat as compared to the prior year period, primarily due to lower royalty revenue from ST Microelectronics and NVIDIA Corporation, offset by higher revenue from SK hynix, IBM and higher sales of security and lighting products.

Total operating costs and expenses for the year ended December 31, 2015 were $224.9 million, 2% higher than the year ended December 31, 2014. The year ended December 31, 2015 operating costs and expenses of $224.9 million included $15.1 million of stock-based compensation expenses, $25.1 million of amortization expenses and $3.6 million of restructuring charges. This is compared to total operating costs and expenses for the year ended December 31, 2014 of $221.2 million, which included $14.7 million of stock-based compensation expenses, $26.6 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 the restructuring charges in 2015, higher headcount related costs, higher expenses related to software design tools and higher cost of sales due to higher sales of security and lighting products and engineering services, offset by lower consulting costs and lower retention bonus expense from acquisitions.

Net income for the year ended December 31, 2015 was $211.4 million as compared to a net income of $26.2 million for the same period of 2014. Diluted net income per share for the year ended December 31, 2015 was $1.80 as compared to a diluted net income per share of $0.22 for the same period of 2014.

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