Rambus Reports Second Quarter 2019 Financial Results

_________

(1)

Total stock-based compensation expense for the three and six months ended June 30, 2019 and 2018 is presented as follows:

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2019

 

2018

 

2019

 

2018

Cost of product revenue

$

1

 

 

$

2

 

 

$

2

 

 

$

5

 

Research and development

$

3,058

 

 

$

3,286

 

 

$

6,268

 

 

$

6,478

 

Sales, general and administrative

$

4,021

 

 

$

(1,400

)

 

$

7,999

 

 

$

2,919

 

Rambus Inc.

Supplemental Reconciliation of GAAP to Non-GAAP Results

(In thousands)

(Unaudited)

 

Three Months Ended June 30,

 

2019

 

2018

 

 

 

 

Operating costs and expenses

$

95,343

 

 

$

76,445

 

Adjustments:

 

 

 

Stock-based compensation expense

(7,080

)

 

(1,888

)

Acquisition-related costs and retention bonus expense

 

 

(30

)

Amortization expense

(4,921

)

 

(8,738

)

Restructuring charges (recoveries)

(2,528

)

 

1,022

 

Impairment of assets held for sale

(16,990

)

 

 

Escrow settlement refund

296

 

 

 

Non-GAAP operating costs and expenses

$

64,120

 

 

$

66,811

 

 

 

 

 

Operating loss

$

(37,046

)

 

$

(19,987

)

Adjustments:

 

 

 

Stock-based compensation expense

7,080

 

 

1,888

 

Acquisition-related costs and retention bonus expense

 

 

30

 

Amortization expense

4,921

 

 

8,738

 

Restructuring charges (recoveries)

2,528

 

 

(1,022

)

Impairment of assets held for sale

16,990

 

 

 

Escrow settlement refund

(296

)

 

 

Non-GAAP operating loss

$

(5,823

)

 

$

(10,353

)

 

 

 

 

Loss before income taxes

$

(32,608

)

 

$

(16,372

)

Adjustments:

 

 

 

Stock-based compensation expense

7,080

 

 

1,888

 

Acquisition-related costs and retention bonus expense

 

 

30

 

Amortization expense

4,921

 

 

8,738

 

Restructuring charges (recoveries)

2,528

 

 

(1,022

)

Impairment of assets held for sale

16,990

 

 

 

Escrow settlement refund

(296

)

 

 

Non-cash interest expense on convertible notes

1,702

 

 

2,717

 

Non-GAAP income (loss) before income taxes

$

317

 

 

$

(4,021

)

GAAP provision for (benefit from) income taxes

4,372

 

 

(1,015

)

Adjustment to GAAP provision for (benefit from) income taxes

(4,296

)

 

50

 

Non-GAAP provision for (benefit from) income taxes

76

 

 

(965

)

Non-GAAP net income (loss)

$

241

 

 

$

(3,056

)

 

 

 

 

Non-GAAP basic net income (loss) per share

$

0.00

 

 

$

(0.03

)

Non-GAAP diluted net income (loss) per share

$

0.00

 

 

$

(0.03

)

Weighted average shares used in non-GAAP per share calculation:

 

 

 

Basic

110,875

 

 

107,737

 

Diluted

112,522

 

 

107,737

 

Supplemental Reconciliation of GAAP to Non-GAAP Effective Tax Rate (1)

 

Three Months Ended
June 30,

 

2019

 

2018

GAAP effective tax rate

(13

)%

 

6

%

Adjustment to GAAP effective tax rate

37

 %

 

18

%

Non-GAAP effective tax rate

24

 %

 

24

%

(1)

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 24 percent for both 2019 and 2018, 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 these tax rates to its non-GAAP financial results for all periods in the relevant year to assist the Company’s planning for future periods.

Rambus Inc.

Reconciliation of Other GAAP to Non-GAAP Items

(In thousands, except percentages)

(Unaudited)

 

GAAP

 

Non-GAAP

 

Three Months Ended
June 30,

 

Three Months Ended
June 30,

 

2019

 

2018

 

2019

 

2018

Revenue (i)

$

58,297

 

 

$

56,458

 

 

$

58,297

 

 

$

56,458

 

Operating loss (ii)

(37,046

)

 

(19,987

)

 

(5,823

)

 

(10,353

)

Operating margin (ii/i)

(64

)%

 

(35

)%

 

(10

)%

 

(18

)%

Rambus Inc.

Reconciliation of GAAP Forward Looking Estimates to Non-GAAP Forward Looking Estimates

(In millions)

(Unaudited)

2019 Third Quarter Outlook

Three Months Ended
September 30, 2019

 

Low

 

High

 

 

 

 

Forward-looking operating costs and expenses

$

69.8

 

 

$

65.8

 

Adjustments:

 

 

 

Stock-based compensation expense

(7.1

)

 

(7.1

)

Amortization expense

(4.9

)

 

(4.9

)

Forward-looking Non-GAAP operating costs and expenses

$

57.8

 

 

$

53.8

 

 

 

 

 

Forward-looking interest and other income (expense), net

$

4.4

 

 

$

4.4

 

Adjustments:

 

 

 

Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements

(5.3

)

 

(5.3

)

Non-cash interest expense on convertible notes

1.7

 

 

1.7

 

Forward-looking Non-GAAP interest and other income (expense), net

$

0.8

 

 

$

0.8

 


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