Rambus Reports First Quarter Financial Results

Business and Financial Highlights:

  • Generated quarterly revenue of $72.7 million
  • Extended patent license agreement with AMD
  • Acquired secure mobile payment and smart ticketing solutions businesses, Bell ID and Ecebs
  • Bell ID to support Android Pay
  • GAAP diluted net income per share of $0.02; non-GAAP diluted net income per share of $0.13

SUNNYVALE, Calif. — (BUSINESS WIRE) — April 18, 2016 — Rambus Inc. (NASDAQ: RMBS) today reported financial results for the first quarter ended March 31, 2016.

GAAP Financial Results:

Revenue for the first quarter of 2016 was $72.7 million, which was down 5% from the fourth quarter of 2015 primarily due to lower patent and technology royalty revenue from various customers. As compared to the first quarter of 2015, revenue was down slightly primarily due to lower patent royalty revenue, offset by higher revenue from security technology development projects, including revenue from the acquisition of SCS.

Total operating costs and expenses for the first quarter of 2016 were $63.4 million, 12% higher than the previous quarter and 15% higher than the first quarter of 2015. First quarter operating costs and expenses of $63.4 million included $4.9 million of stock-based compensation expenses, $7.7 million of amortization expenses and $1.8 million of acquisition-related transaction costs. In comparison, total operating costs and expenses for the fourth quarter of 2015 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. Total operating costs and expenses for the first quarter of 2015 were $55.0 million, which included $3.8 million of stock-based compensation expenses and $6.3 million of amortization expenses. The change in total operating costs and expenses in the first quarter of 2016 as compared to the fourth quarter of 2015 was primarily due to the restructuring charges in the fourth quarter of 2015, higher headcount related costs, acquisition related costs and amortization expense due to the acquisition in 2016, partially offset by lower prototyping costs. The change in total operating costs and expenses in the first quarter of 2016 as compared to the first quarter of 2015 was primarily attributable to the gain from sale of intellectual property in the first quarter of 2015, higher headcount related costs, acquisition related costs and amortization expense due to the acquisition in 2016.

Net income for the first quarter of 2016 was $1.9 million as compared to net income of $13.0 million in the fourth quarter of 2015 and net income of $9.5 million in the first quarter of 2015. Diluted net income per share for the first quarter of 2016 was $0.02 as compared to diluted net income per share of $0.11 in the fourth quarter of 2015 and diluted net income per share of $0.08 in the first quarter of 2015, respectively.

Non-GAAP Financial Results (1):

Total non-GAAP operating costs and expenses in the first quarter of 2016 were $49.0 million, which was 13% higher than the previous quarter, and 9% higher than the first quarter of 2015.

Non-GAAP net income in the first quarter of 2016 was $14.6 million, 29% lower than the prior quarter and 14% lower than the first quarter of 2015. Non-GAAP diluted net income per share was $0.13 in the first quarter of 2016 as compared to $0.18 in the prior quarter and $0.14 in the first quarter of 2015.

Other Financial Highlights:

Cash, cash equivalents, and marketable securities as of March 31, 2016 were $225.6 million, a decrease of $62.1 million from December 31, 2015. The decrease in cash was primarily due to the cash paid for the acquisition in the first quarter of 2016, partially offset by cash generated from operating activities.

During the first quarter of 2016, the Company recorded an income tax provision of approximately $4.5 million.

Second Quarter 2016 Outlook:

For the second quarter of 2016, the Company expects revenue to be between $72 million and $77 million. Achieving revenue in this range will require that the Company sign new customer agreements for mobile payments software and solutions licensing among other matters.

Conference Call:

The Company will host a conference call at 2:00 p.m. PT today to discuss its financial results. The call, audio and slides will be available online at investor.rambus.com. A replay will be available following the call as a webcast on the Rambus Investor Relations website and for one week at the following numbers: (855) 859-2056 (domestic) or (404) 537-3406 (international) with ID# 89975569.

1 | 2 | 3 | 4 | 5  Next Page »



Review Article Be the first to review this article

Featured Video
Editorial
More Editorial  
Jobs
Staff Software Engineer - (170059) for brocade at San Jose, CA
Lead Java Platform Engineer IOT-WEB for EDA Careers at San Francisco Area, CA
Technical Support Engineer for EDA Careers at Freemont, CA
ASIC/FPGA Design Engineer for Palo Alto Networks at Santa Clara, CA
Mechanical Designer/Engineer for Palo Alto Networks at Santa Clara, CA
Technical Support Engineer EU/Germany/UK for EDA Careers at N/A, United Kingdom
Upcoming Events
Zuken Innovation World 2017 at Hilton Head Marriott Resort & Spa Hilton Head Island NC - Apr 24 - 26, 2017
2017 SEMICON Southeast Asia at SPICE Arena Penang Malaysia - Apr 25 - 27, 2017
EDI CON China 2017! at Shanghai Convention & Exhibition Center of International Sourcing (SHCEC) No.2739 West Guangfu Road Putuo District, Shanghai (200062) China - Apr 25 - 27, 2017
2017 IoT Developers Conference at Santa Clara Convention Center California - Apr 26 - 27, 2017
Verific: SystemVerilog & VHDL Parsers
DAC2017



Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy