Rambus Reports Fourth Quarter and Fiscal Year 2015 Financial Results

Non-cash interest expense on convertible notes. The Company incurs non-cash interest expense related to its convertible notes. The Company excludes non-cash interest expense related to its convertible notes to provide more accurate comparisons of the Company’s results with other peer companies and to more accurately reflect the Company’s ongoing operations.

Income tax adjustments. For purposes of internal forecasting, planning and analyzing future periods that assume net income from operations, the Company estimates a fixed, long-term projected tax rate of approximately 36 percent, which consists of estimated U.S. federal and state tax rates, and excludes tax rates associated with certain items such as withholding tax, tax credits, deferred tax asset valuation allowance and the release of any deferred tax asset valuation allowance. Accordingly, the Company has applied the 36 percent tax rate to its non-GAAP financial results for all periods. The Company has provided below a reconciliation of its GAAP provision for income taxes and GAAP effective tax rate to the assumed non-GAAP provision for income taxes and non-GAAP effective tax rate.

On occasion in the future, there may be other items, such as asset impairments and significant gains or losses from contingencies that the Company may exclude in deriving its non-GAAP financial measures if it believes that doing so is consistent with the goal of providing useful information to investors and management.

Forward-Looking Statements

This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 including those relating to Rambus’ expectations regarding 2016 revenue for the first quarter and year, and estimated, fixed, long-term projected tax rates. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by Rambus’ management. Actual results may differ materially. Rambus’ business generally is subject to a number of risks which are described more fully in Rambus’ periodic reports filed with the Securities and Exchange Commission. Rambus undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About Rambus Inc.

Rambus creates cutting-edge semiconductor and IP products, spanning memory and interfaces to security, smart sensors and lighting. Our chips, customizable IP cores, architecture licenses, tools, services, training and innovations improve the competitive advantage of our customers. We collaborate with the industry, partnering with leading ASIC and SoC designers, foundries, IP developers, EDA companies and validation labs. For more information, visit www.rambus.com.

RMBSFN

 
Rambus Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
  December 31,   December 31,
2015 2014
ASSETS
 
Current assets:
Cash and cash equivalents $ 143,764 $ 154,126
Marketable securities 143,942 145,983
Accounts receivable 16,408 6,001
Prepaids and other current assets 11,476 8,541
Deferred taxes 187
Total current assets 315,590 314,838
Intangible assets, net 64,266 89,371
Goodwill 116,899 116,899
Property, plant and equipment, net 56,616 64,023
Deferred taxes, long-term 162,485 536
Other assets 3,648 2,612
Total assets $ 719,504 $ 588,279
 
LIABILITIES & STOCKHOLDERS’ EQUITY
 
Current liabilities:
Accounts payable $ 4,096 $ 6,962
Accrued salaries and benefits 12,278 14,840
Other accrued liabilities 11,992 12,856
Total current liabilities 28,366 34,658
Long-term liabilities:
Convertible notes, long-term 120,901 115,089
Long-term imputed financing obligation 38,625 39,063
Other long-term liabilities 5,079 7,847
Total long-term liabilities 164,605 161,999
Total stockholders’ equity 526,533 391,622
Total liabilities and stockholders’ equity $ 719,504 $ 588,279
 
Rambus Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
 
  Three Months Ended   Year Ended
December 31, December 31,
2015   2014 2015   2014
 
Revenue:
Royalties $ 66,242 $ 64,134 $ 262,415 $ 271,521
Contract and other revenue 10,531   7,906   33,863   25,037  
Total revenue 76,773 72,040 296,278 296,558
Operating costs and expenses:
Cost of revenue (1) 11,340 10,748 45,344 41,947
Research and development (1) 25,604 28,445 111,110 110,025
Sales, general and administrative (1) 16,853 19,131 70,554 74,770
Restructuring charges 3,576 3,576 39
Gain from sale of intellectual property (424 ) (3,359 ) (3,686 ) (3,529 )
Gain from settlement (510 ) (510 ) (2,040 ) (2,040 )
Total operating costs and expenses 56,439   54,455   224,858   221,212  
Operating income 20,334 17,585 71,420 75,346
Interest income and other income (expense), net 350 156 1,224 (276 )
Interest expense (3,122 ) (3,065 ) (12,413 ) (24,820 )
Interest and other income (expense), net (2,772 ) (2,909 ) (11,189 ) (25,096 )
Income before income taxes 17,562 14,676 60,231 50,250
Provision for (benefit from) income taxes 4,570   6,835   (151,157 ) 24,049  
Net income $ 12,992   $ 7,841   $ 211,388   $ 26,201  
Net income per share:
Basic $ 0.12   $ 0.07   $ 1.84   $ 0.23  
Diluted $ 0.11   $ 0.07   $

1.80

  $ 0.22  
Weighted average shares used in per share calculation
Basic 111,476   115,024   114,814   114,318  
Diluted

113,388

  117,620  

117,484

  117,624  

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