Rambus Reports First Quarter 2018 Financial Results

On occasion in the future, there may be other items, such as 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.

About Rambus Inc.

Dedicated to making data faster and safer, Rambus creates innovative hardware, software and services that drive technology advancements from the data center to the mobile edge. Our architecture licenses, IP cores, chips, software, and services span memory and interfaces, security, and emerging technologies to positively impact the modern world. We collaborate with the industry, partnering with leading chip and system designers, foundries, and service providers. Integrated into tens of billions of devices and systems, our products power and secure diverse applications, including Big Data, Internet of Things (IoT) security, mobile payments, and smart ticketing. For more information, visit rambus.com.

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 our new product and service offerings, growth for 2018 and financial guidance for the second quarter of 2018, including revenue, operating costs and expenses, earnings per share and estimated, fixed, long-term projected tax rates, both on a GAAP and non-GAAP basis as appropriate. 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.


Rambus Inc. Condensed Consolidated Balance Sheets (In thousands) (Unaudited)

	March 31, 2018		December 31, 2017
ASSETS

Current assets:
Cash and cash equivalents	$	122,361	$	225,844
Marketable securities	168,859		103,532
Accounts receivable	26,734		25,326
Unbilled receivables	163,107		566
Inventories	5,596		5,159
Prepaids and other current assets	16,770		11,317
Total current assets	503,427		371,744
Intangible assets, net	82,083		91,722
Goodwill	211,356		209,661
Property, plant and equipment, net	48,392		54,303
Deferred tax assets	96,902		159,099
Unbilled receivables, long-term	607,507		—
Other assets	4,507		4,543
Total assets	$	1,554,174	$	891,072

LIABILITIES & STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	7,080	$	9,614
Accrued salaries and benefits	14,982		17,091
Deferred revenue	16,480		18,272
Income taxes payable, short-term	15,830		258
Convertible notes, short-term	79,541		78,451
Other current liabilities	11,263		9,156
Total current liabilities	145,176		132,842
Long-term liabilities:
Convertible notes, long-term	137,037		135,447
Long-term imputed financing obligation	37,045		37,262
Long-term income taxes payable	92,052		3,344
Other long-term liabilities	14,345		10,593
Total long-term liabilities	280,479		186,646
Total stockholders’ equity	1,128,519		571,584
Total liabilities and stockholders’ equity	$	1,554,174	$	891,072

Rambus Inc. Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited)

	Three Months Ended March 31,
	2018			2017

Revenue:
Royalties	$	21,374		$	68,956
Product revenue	7,313			10,904
Contract and other revenue	17,739			17,491
Total revenue	46,426			97,351
Operating costs and expenses:
Cost of product revenue (1)	4,357			5,250
Cost of contract and other revenue	12,122			14,481
Research and development (1)	40,117			36,000
Sales, general and administrative (1)	30,198			28,186
Restructuring charges	3,245			—
Total operating costs and expenses	90,039			83,917
Operating income (loss)	(43,613		)	13,434
Interest income and other income (expense), net	9,116			154
Interest expense	(4,421		)	(3,206		)
Interest and other income (expense), net	4,695			(3,052		)
Income (loss) before income taxes	(38,918		)	10,382
Provision for (benefit from) income taxes	(1		)	7,376
Net income (loss)	$	(38,917	)	$	3,006
Net income (loss) per share:
Basic	$	(0.36	)	$	0.03
Diluted	$	(0.36	)	$	0.03
Weighted average shares used in per share calculation
Basic	109,358			111,464
Diluted	109,358			115,325

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