Rambus Reports First Quarter Financial Results

Business and Financial Highlights:

  • Signed license agreements with LSI Corporation and EchoStar
  • Marvell selected Cryptography Research’s CryptoFirewall™ Anti-Counterfeiting Technology for use in Consumable Security Chip
  • Transferred a set of display patents to Acacia Research subsidiary
  • Quarterly revenue of $66.9 million; non-GAAP customer licensing income of $72.1 million
  • Quarterly GAAP diluted loss per share of $0.09; non-GAAP diluted income per share of $0.11

SUNNYVALE, Calif. — (BUSINESS WIRE) — April 18, 2013 — 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, 2013.

GAAP Financial Results:

Revenue for the first quarter of 2013 was $66.9 million, up 16% on a sequential basis from the fourth quarter of 2012 primarily due to recognition of one-time royalty revenue during the first quarter of 2013 from a patent license agreement with LSI Corporation. As compared to the first quarter of 2012, revenue was up 6% for the same reason.

Total operating costs and expenses for the first quarter of 2013 were $65.4 million, 6% higher than the previous quarter, primarily due to bonus accruals and restructuring charges. First quarter operating costs and expenses of $65.4 million included $2.0 million of general litigation expenses, $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 past business acquisitions. This is compared to total operating costs and expenses for the fourth quarter of 2012 of $61.5 million, which included $2.1 million of general litigation expenses, $4.5 million of stock-based compensation expenses, $0.7 million of restructuring charges, $6.8 million of amortization expenses and $4.2 million of retention bonuses from past business acquisitions. Total operating costs and expenses for the first quarter of 2012 were $80.4 million, which included $4.1 million of general litigation expenses, $6.7 million of stock-based compensation expenses, $7.6 million of amortization expenses and $9.4 million of acquisition-related transaction costs and retention bonuses from past business acquisitions.

Net loss for the first quarter of 2013 was $10.4 million as compared to net loss of $16.1 million in the fourth quarter of 2012 and net loss of $27.9 million in the first quarter of 2012. Diluted net loss per share for the first quarter of 2013 was $0.09 as compared to diluted net loss per share of $0.14 in the fourth quarter of 2012 and diluted net loss per share of $0.25 in the first quarter of 2012.

Non-GAAP Financial Results (1):

Customer licensing income in the first quarter of 2013 was $72.1 million, up 17% sequentially from the fourth quarter of 2012, and up 11% from the first quarter of 2012, primarily due to recognition of one-time royalty revenue during the first quarter of 2013 from a patent license agreement with LSI Corporation.

Total non-GAAP operating costs and expenses in the first quarter of 2013 were $48.0 million, 6% higher than the previous quarter, primarily due to the higher bonus accruals. Litigation expenses for the current quarter, which are included in the non-GAAP operating costs and expenses above, were $2.0 million. The prior quarter’s non-GAAP operating costs and expenses of $45.2 million included general litigation expenses of $2.1 million. Total non-GAAP operating costs and expenses in the first quarter of 2012 were $56.7 million, which included general litigation expenses of $4.1 million.

Non-GAAP net income in the first quarter of 2013 was $13.4 million as compared to non-GAAP net income of $8.3 million in the fourth quarter of 2012 and non-GAAP net income of $3.6 million in the first quarter of 2012. Non-GAAP diluted net income per share was $0.11 in the first quarter of 2013 as compared to $0.07 in the fourth quarter of 2012 and $0.03 in the first quarter of 2012.

Other Financial Highlights:

Cash, cash equivalents, and marketable securities as of March 31, 2013 were $214.8 million, an increase of approximately $11.5 million as compared to December 31, 2012, due primarily to cash generated from operations.

During the first quarter of 2013, the Company recorded an income tax provision of approximately $4.5 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.

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 on the Rambus Investor Relations website for one week at the following numbers: (855) 859-2056 (domestic) or (404) 537-3406 (international) with ID# 32237211.

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