Rambus Reports Third Quarter Financial Results

Business and Financial Highlights:

  • Expanded agreement with Freescale Semiconductor
  • Signed agreements with MicroSemi and ALi
  • Bulbs available for purchase on Amazon and in select Costco Canada locations
  • Quarterly revenue of $73.3 million; non-GAAP customer licensing income of $74.3 million
  • Quarterly GAAP diluted loss per share of $0.05; non-GAAP diluted income per share of $0.15

SUNNYVALE, Calif. — (BUSINESS WIRE) — October 17, 2013 — Rambus Inc. (NASDAQ: RMBS), the innovative technology solutions company that brings invention to market, today reported financial results for the third quarter ended September 30, 2013.

GAAP Financial Results:

Revenue for the third quarter of 2013 was $73.3 million, up 27% on a sequential basis from the second quarter of 2013. The increase in revenue was primarily due to royalty revenue recognized in the third quarter of 2013 from SK Hynix. As compared to the third quarter of 2012, revenue was up 27% in the third quarter of 2013, also primarily due to royalty revenue recognized in the third quarter of 2013 from SK Hynix.

Revenue for the nine months ended September 30, 2013 was $198.1 million, up 12% over the prior year period. The increase in revenue was primarily due to royalty revenue recognized in the third quarter of 2013 from SK Hynix and recognition of one-time royalty revenue during the first quarter of 2013 from LSI Corporation.

Total operating costs and expenses for the third quarter of 2013 were $64.2 million, 23% higher than the previous quarter. The previous quarter included a one-time reversal of $8.5 million, for previously accrued SK Hynix related litigation costs. Additionally, during the third quarter of 2013, the Company streamlined its immersive media platform, and as a result of this action, the Company recorded a charge for the impairment of goodwill of $8.1 million and a restructuring charge of $1.2 million. Third quarter operating costs and expenses of $64.2 million included $0.7 million of general litigation expenses, $3.4 million of stock-based compensation expenses, $8.1 million of impairment of goodwill, $1.1 million of restructuring charges, $7.4 million of amortization expenses and $1.5 million of retention bonuses from past business acquisitions. This is compared to total operating costs and expenses for the second quarter of 2013 of $52.2 million, which included a credit of $6.2 million of general litigation expenses (primarily due to the one-time reversal of accrued SK Hynix related litigation costs), $3.6 million of stock-based compensation expenses, $7.0 million of amortization expenses and $3.4 million of retention bonuses from past business acquisitions. As compared to one year ago, total operating costs and expenses for the third quarter of 2012 were $104.6 million, which included $2.6 million of general litigation expenses, $5.1 million of stock-based compensation expenses, $35.5 million of impairment of goodwill and long-lived assets, $6.6 million of restructuring charges, $8.0 million of amortization expenses and $4.4 million of retention bonuses from past business acquisitions.

Total operating costs and expenses for the nine months ended September 30, 2013 were $181.8 million, which included $11.9 million of stock-based compensation expenses, $8.1 million of impairment of goodwill, $3.3 million of restructuring charges, $21.4 million of amortization expenses and $8.9 million of retention bonuses from past business acquisitions. This is compared to total operating costs and expenses for the nine months ended September 30, 2012 of $263.0 million, which included $18.0 million of stock-based compensation expenses, $6.6 million of restructuring charges, $35.5 million of impairment of goodwill and long-lived assets, $23.5 million of amortization expenses and $21.5 million of acquisition-related transaction costs and retention bonuses from past business acquisitions. General litigation expenses for the nine months ended September 30, 2013 were a credit of $3.4 million, a decrease of $14.6 million from the same period in 2012. The change in total operating costs and expenses was primarily attributable to lower general litigation expenses, lower acquisition-related transaction costs and retention bonuses from past business acquisitions, lower headcount-related costs due to restructuring, lower stock-based compensation expenses, lower consulting costs and a decreased charge related to impairment of goodwill and long-lived assets.

Net loss for the third quarter of 2013 was $5.7 million as compared to net loss of $7.8 million in the second quarter of 2013 and net loss of $58.1 million in the third quarter of 2012. Diluted net loss per share for the third quarter of 2013 was $0.05 as compared to diluted net loss per share of $0.07 in the second quarter of 2013 and diluted net loss per share of $0.52 in the third quarter of 2012.

Net loss for the nine months ended September 30, 2013 was $24.0 million as compared to a net loss of $118.2 million for the same period of 2012. Diluted net loss per share for the nine months ended September 30, 2013 was $0.21 as compared to a diluted net loss per share of $1.07 for the same period of 2012.

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