Rambus brings invention to market. Our customizable IP cores, architecture licenses, tools, services, and training improve the competitive advantage of our customers’ products while accelerating their time-to-market. Rambus products and innovations capture, secure and move data. For more information, visit rambus.com.
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Rambus Inc. Condensed Consolidated Balance Sheets (In thousands) (Unaudited) |
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December 31,
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December 31,
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| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 338,696 | $ | 148,984 | ||
| Marketable securities | 48,966 | 54,346 | ||||
| Accounts receivable | 2,251 | 529 | ||||
| Prepaids and other current assets | 8,253 | 10,529 | ||||
| Deferred taxes | 205 | 788 | ||||
| Total current assets | 398,371 | 215,176 | ||||
| Intangible assets, net | 117,172 | 153,173 | ||||
| Goodwill | 116,899 | 124,969 | ||||
| Property, plant and equipment, net | 72,642 | 86,905 | ||||
| Deferred taxes, long-term | 4,797 | 4,458 | ||||
| Other assets | 3,498 | 3,131 | ||||
| Total assets | $ | 713,379 | $ | 587,812 | ||
| LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 7,001 | $ | 7,918 | ||
| Accrued salaries and benefits | 33,448 | 23,992 | ||||
| Accrued litigation expenses | 498 | 9,822 | ||||
| Convertible notes, short-term | 164,047 | — | ||||
| Other accrued liabilities | 7,848 | 12,402 | ||||
| Total current liabilities | 212,842 | 54,134 | ||||
| Long-term liabilities: | ||||||
| Convertible notes, long-term | 109,629 | 147,556 | ||||
| Long-term imputed financing obligation | 39,349 | 45,919 | ||||
| Other long-term liabilities | 11,330 | 18,609 | ||||
| Total long-term liabilities | 160,308 | 212,084 | ||||
| Total stockholders’ equity | 340,229 | 321,594 | ||||
| Total liabilities and stockholders’ equity | $ | 713,379 | $ | 587,812 | ||
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Rambus Inc. Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) |
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Three Months Ended
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Year Ended
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| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenue: | ||||||||||||||||
| Royalties | $ | 69,867 | $ | 57,258 | $ | 264,111 | $ | 232,385 | ||||||||
| Contract and other revenue | 3,555 | 185 | 7,390 | 1,666 | ||||||||||||
| Total revenue | 73,422 | 57,443 | 271,501 | 234,051 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Cost of revenue (1) | 10,358 | 6,340 | 33,215 | 28,372 | ||||||||||||
| Research and development (1) | 26,803 | 33,088 | 117,981 | 140,503 | ||||||||||||
| Marketing, general and administrative (1) | 18,511 | 21,311 | 76,448 | 112,594 | ||||||||||||
| Restructuring charges | 2,211 | 679 | 5,546 | 7,301 | ||||||||||||
| Impairment of goodwill and long-lived assets | 9,681 | — | 17,751 | 35,471 | ||||||||||||
| Gain from sale of intellectual property | — | — | (1,388 | ) | — | |||||||||||
| Gain from settlement | (356 | ) | — | (535 | ) | — | ||||||||||
| Costs of restatement and related legal activities | — | 52 | 19 | 244 | ||||||||||||
| Total operating costs and expenses | 67,208 | 61,470 | 249,037 | 324,485 | ||||||||||||
| Operating income (loss) | 6,214 | (4,027 | ) | 22,464 | (90,434 | ) | ||||||||||
| Interest income and other income (expense), net | (223 | ) | (116 | ) | (1,596 | ) | 59 | |||||||||
| Interest expense | (9,595 | ) | (7,090 | ) | (32,885 | ) | (27,510 | ) | ||||||||
| Interest and other income (expense), net | (9,818 | ) | (7,206 | ) | (34,481 | ) | (27,451 | ) | ||||||||
| Loss before income taxes | (3,604 | ) | (11,233 | ) | (12,017 | ) | (117,885 | ) | ||||||||
| Provision for income taxes | 6,173 | 4,899 | 21,731 | 16,451 | ||||||||||||
| Net loss | $ | (9,777 | ) | $ | (16,132 | ) | $ | (33,748 | ) | $ | (134,336 | ) | ||||
| Net loss per share: | ||||||||||||||||
| Basic | $ | (0.09 | ) | $ | (0.14 | ) | $ | (0.30 | ) | $ | (1.21 | ) | ||||
| Diluted | $ | (0.09 | ) | $ | (0.14 | ) | $ | (0.30 | ) | $ | (1.21 | ) | ||||
| Weighted average shares used in per share calculation | ||||||||||||||||
| Basic | 113,217 | 111,332 | 112,415 | 110,769 | ||||||||||||
| Diluted | 113,217 | 111,332 | 112,415 | 110,769 | ||||||||||||
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_________ (1) Total stock-based compensation expense for the three months and years ended December 31, 2013 and 2012 are presented as follows: |
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Three Months Ended
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Year Ended
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| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Cost of revenue | $ | 7 | $ | — | $ | 19 | $ | 20 | ||||||||
| Research and development | $ | 1,431 | $ | 1,974 | $ | 6,597 | $ | 9,546 | ||||||||
| Marketing, general and administrative | $ | 1,658 | $ | 2,542 | $ | 8,365 | $ | 12,980 | ||||||||
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Rambus Inc. Supplemental Reconciliation of GAAP to Non-GAAP Results (In thousands) (Unaudited) |
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| Three Months Ended | Year Ended | |||||||||||||||
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December 31,
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September 30,
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December 31,
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December 31,
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December 31,
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| Revenue | $ | 73,422 | $ | 73,294 | $ | 57,443 | $ | 271,501 | $ | 234,051 | ||||||
| Adjustments: | ||||||||||||||||
| Other patent royalties received | 75 | 850 | 4,175 | 9,554 | 12,665 | |||||||||||
| Gain from settlement | 356 | 179 | — | 535 | — | |||||||||||
| Total customer licensing income | $ | 73,853 | $ | 74,323 | $ | 61,618 | $ | 281,590 | $ | 246,716 | ||||||
| Operating costs and expenses | $ | 67,208 | $ | 64,229 | $ | 61,470 | $ | 249,037 | $ | 324,485 | ||||||
| Adjustments: | ||||||||||||||||
| Other patent royalties received | — | — | — | 2,250 | — | |||||||||||
| Stock-based compensation | (3,096 | ) | (3,363 | ) | (4,516 | ) | (14,981 | ) | (22,546 | ) | ||||||
| Acquisition-related transaction costs and retention bonuses | (1,463 | ) | (1,512 | ) | (4,191 | ) | (10,372 | ) | (25,678 | ) | ||||||
| Amortization | (7,489 | ) | (7,383 | ) | (6,811 | ) | (28,909 | ) | (30,347 | ) | ||||||
| Reversal of one-time litigation costs | 566 | — | — | 9,048 | — | |||||||||||
| Restructuring charges | (2,211 | ) | (1,129 | ) | (679 | ) | (5,546 | ) | (7,301 | ) | ||||||
| Impairment of goodwill and long-lived assets | (9,681 | ) | (8,070 | ) | — | (17,751 | ) | (35,471 | ) | |||||||
| Severance costs | — | — | — | (514 | ) | — | ||||||||||
| Gain from settlement | 356 | 179 | — | 535 | — | |||||||||||
| Costs of restatement and related legal activities | — | — | (52 | ) | (19 | ) | (244 | ) | ||||||||
| Non-GAAP operating costs and expenses | $ | 44,190 | $ | 42,951 | $ | 45,221 | $ | 182,778 | $ | 202,898 | ||||||
| Operating income (loss) | $ | 6,214 | $ | 9,065 | $ | (4,027 | ) | $ | 22,464 | $ | (90,434 | ) | ||||
| Adjustments: | ||||||||||||||||
| Other patent royalties received | 75 | 850 | 4,175 | 7,304 | 12,665 | |||||||||||
| Stock-based compensation | 3,096 | 3,363 | 4,516 | 14,981 | 22,546 | |||||||||||
| Acquisition-related transaction costs and retention bonuses | 1,463 | 1,512 | 4,191 | 10,372 | 25,678 | |||||||||||
| Amortization | 7,489 | 7,383 | 6,811 | 28,909 | 30,347 | |||||||||||
| Reversal of one-time litigation costs | (566 | ) | — | — | (9,048 | ) | — | |||||||||
| Restructuring charges | 2,211 | 1,129 | 679 | 5,546 | 7,301 | |||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
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December 31,
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September 30,
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December 31,
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December 31,
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December 31,
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| Impairment of goodwill and long-lived assets | 9,681 | 8,070 | — | 17,751 | 35,471 | |||||||||||
| Severance costs | — | — | — | 514 | — | |||||||||||
| Costs of restatement and related legal activities | — | — | 52 | 19 | 244 | |||||||||||
| Non-GAAP operating income | $ | 29,663 | $ | 31,372 | $ | 16,397 | $ | 98,812 | $ | 43,818 | ||||||
| Income (loss) before income taxes | $ | (3,604 | ) | $ | 579 | $ | (11,233 | ) | $ | (12,017 | ) |
$ |
(117,885 | ) | ||
| Adjustments: | ||||||||||||||||
| Other patent royalties received | 75 | 850 | 4,175 | 7,304 | 12,665 | |||||||||||
| Stock-based compensation | 3,096 | 3,363 | 4,516 | 14,981 | 22,546 | |||||||||||
| Acquisition-related transaction costs and retention bonuses | 1,463 | 1,512 | 4,191 | 10,372 | 25,678 | |||||||||||
| Amortization | 7,489 | 7,383 | 6,811 | 28,909 | 30,347 | |||||||||||
| Reversal of one-time litigation costs | (566 | ) | — | — | (9,048 | ) | — | |||||||||
| Restructuring charges | 2,211 | 1,129 | 679 | 5,546 | 7,301 | |||||||||||
| Impairment of goodwill and long-lived assets | 9,681 | 8,070 | — | 17,751 | 35,471 | |||||||||||
| Severance costs | — | — | — | 514 | — | |||||||||||
| Costs of restatement and related legal activities | — | — | 52 | 19 | 244 | |||||||||||
| Impairment of investment | — | — | — | 1,400 | — | |||||||||||
| Non-cash interest expense on convertible notes | 5,927 | 5,135 | 3,839 | 19,296 | 14,695 | |||||||||||
| Non-GAAP income before income taxes | $ | 25,772 | $ | 28,021 | $ | 13,030 | $ | 85,027 |
$ |
31,062 | ||||||
| Non-GAAP provision for income taxes | 9,278 | 10,088 | 4,691 | 30,610 | 11,182 | |||||||||||
| Non-GAAP net income | $ | 16,494 | $ | 17,933 | $ | 8,339 | $ | 54,417 | $ | 19,880 | ||||||
| Non-GAAP basic net income per share | $ | 0.15 | $ | 0.16 | $ | 0.07 | $ | 0.48 | $ | 0.18 | ||||||
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Non-GAAP diluted net income per share |
$ | 0.14 | $ | 0.15 | $ | 0.07 | $ | 0.47 | $ | 0.17 | ||||||
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Weighted average shares used in non-GAAP per share calculation: |
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| Basic | 113,217 | 112,640 | 111,332 | 112,415 | 110,769 | |||||||||||
| Diluted | 116,211 | 116,052 | 118,022 | 115,670 | 117,619 | |||||||||||
