(State or other jurisdiction of incorporation) | (Commission File Number) | (I. R. S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
(The NASDAQ Global Select Market) |
99.1 | |||||
104 | Cover Page Interactive Date File (formatted as inline XBRL and contained in Exhibit 101) |
Date: August 2, 2021 | Rambus Inc. | |||||||||||||
/s/ Rahul Mathur | ||||||||||||||
Rahul Mathur, Senior Vice President, Finance and Chief Financial Officer |
Quarterly Financial Review - GAAP | Three Months Ended June 30, | |||||||||||||
(In millions, except for percentages and per share amounts) | 2021 | 2020 | ||||||||||||
Revenue | ||||||||||||||
Product revenue | $ | 31.2 | $ | 31.7 | ||||||||||
Royalties | 41.9 | 18.7 | ||||||||||||
Contract and other revenue | 11.8 | 11.3 | ||||||||||||
Total revenue | 84.9 | 61.7 | ||||||||||||
Cost of product revenue | 11.4 | 10.3 | ||||||||||||
Cost of contract and other revenue | 1.0 | 1.5 | ||||||||||||
Amortization of acquired intangible assets (included in total cost of revenue) | 4.5 | 4.3 | ||||||||||||
Total operating expenses (1) | 53.9 | 56.7 | ||||||||||||
Operating income (loss) | $ | 14.1 | $ | (11.1) | ||||||||||
Operating margin | 17 | % | (18) | % | ||||||||||
Net income (loss) | $ | 11.2 | $ | (9.1) | ||||||||||
Diluted net income (loss) per share | $ | 0.10 | $ | (0.08) | ||||||||||
Net cash provided by operating activities | $ | 51.6 | $ | 62.0 |
Quarterly Financial Review - Non-GAAP (including operational metric) (1) | Three Months Ended June 30, | |||||||||||||
(In millions) | 2021 | 2020 | ||||||||||||
Licensing billings (2) | $ | 65.2 | $ | 60.7 | ||||||||||
Product revenue | $ | 31.2 | $ | 31.7 | ||||||||||
Contract and other revenue | $ | 11.8 | $ | 11.3 | ||||||||||
Cost of product revenue | $ | 11.4 | $ | 10.3 | ||||||||||
Cost of contract and other revenue | $ | 1.0 | $ | 1.5 | ||||||||||
Total operating expenses | $ | 43.7 | $ | 47.7 | ||||||||||
Interest and other income (expense), net | $ | (0.8) | $ | 0.1 | ||||||||||
Diluted share count | 115 | 115 |
(In millions) | GAAP | Non-GAAP (1) | ||||||||||||
Licensing billings (2) | $59 - $65 | $59 - $65 | ||||||||||||
Product revenue | $34 - $40 | $34 - $40 | ||||||||||||
Contract and other revenue | $11 - $17 | $11 - $17 | ||||||||||||
Total operating costs and expenses | $76 - $72 | $65 - $61 | ||||||||||||
Interest and other income (expense), net | ($1) | ($1) | ||||||||||||
Diluted share count | 113 | 113 | ||||||||||||
(In thousands) | June 30, 2021 | December 31, 2020 | ||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 204,731 | $ | 128,967 | ||||||||||
Marketable securities | 272,382 | 373,682 | ||||||||||||
Accounts receivable | 38,730 | 27,903 | ||||||||||||
Unbilled receivables | 144,546 | 138,813 | ||||||||||||
Inventories | 8,052 | 14,466 | ||||||||||||
Prepaids and other current assets | 10,544 | 15,881 | ||||||||||||
Total current assets | 678,985 | 699,712 | ||||||||||||
Intangible assets, net | 27,203 | 36,487 | ||||||||||||
Goodwill | 183,222 | 183,222 | ||||||||||||
Property, plant and equipment, net | 50,058 | 57,693 | ||||||||||||
Operating lease right-of-use assets | 25,801 | 28,708 | ||||||||||||
Deferred tax assets | 3,907 | 4,353 | ||||||||||||
Unbilled receivables | 179,503 | 236,699 | ||||||||||||
Other assets | 4,306 | 4,535 | ||||||||||||
Total assets | $ | 1,152,985 | $ | 1,251,409 | ||||||||||
LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 8,975 | $ | 8,993 | ||||||||||
Accrued salaries and benefits | 15,878 | 23,326 | ||||||||||||
Deferred revenue | 12,299 | 10,198 | ||||||||||||
Income taxes payable | 19,754 | 20,064 | ||||||||||||
Operating lease liabilities | 6,722 | 4,724 | ||||||||||||
Other current liabilities | 17,798 | 18,559 | ||||||||||||
Total current liabilities | 81,426 | 85,864 | ||||||||||||
Long-term liabilities: | ||||||||||||||
Convertible notes | 159,806 | 156,031 | ||||||||||||
Long-term operating lease liabilities | 31,104 | 34,305 | ||||||||||||
Long-term income taxes payable | 31,853 | 41,333 | ||||||||||||
Deferred tax liabilities | 15,147 | 14,276 | ||||||||||||
Other long-term liabilities | 3,061 | 6,894 | ||||||||||||
Total long-term liabilities | 240,971 | 252,839 | ||||||||||||
Total stockholders’ equity | 830,588 | 912,706 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,152,985 | $ | 1,251,409 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(In thousands, except per share amounts) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Product revenue | $ | 31,170 | $ | 31,725 | $ | 61,951 | $ | 62,453 | ||||||||||||||||||
Royalties | 41,910 | 18,744 | 70,769 | 40,226 | ||||||||||||||||||||||
Contract and other revenue | 11,779 | 11,248 | 22,521 | 24,815 | ||||||||||||||||||||||
Total revenue | 84,859 | 61,717 | 155,241 | 127,494 | ||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||
Cost of product revenue | 11,422 | 10,277 | 22,832 | 20,620 | ||||||||||||||||||||||
Cost of contract and other revenue | 1,017 | 1,535 | 2,573 | 2,733 | ||||||||||||||||||||||
Amortization of acquired intangible assets | 4,439 | 4,336 | 8,825 | 8,680 | ||||||||||||||||||||||
Total cost of revenue | 16,878 | 16,148 | 34,230 | 32,033 | ||||||||||||||||||||||
Gross profit | 67,981 | 45,569 | 121,011 | 95,461 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Research and development | 31,469 | 34,688 | 63,823 | 71,352 | ||||||||||||||||||||||
Sales, general and administrative | 22,184 | 21,721 | 45,746 | 45,027 | ||||||||||||||||||||||
Amortization of acquired intangible assets | 229 | 248 | 458 | 596 | ||||||||||||||||||||||
Restructuring charges | — | — | 368 | 836 | ||||||||||||||||||||||
Change in fair value of earn-out liability | — | — | — | (1,800) | ||||||||||||||||||||||
Total operating expenses | 53,882 | 56,657 | 110,395 | 116,011 | ||||||||||||||||||||||
Operating income (loss) | 14,099 | (11,088) | 10,616 | (20,550) | ||||||||||||||||||||||
Interest income and other income (expense), net | 2,381 | 4,688 | 5,362 | 11,131 | ||||||||||||||||||||||
Interest expense | (2,683) | (2,580) | (5,297) | (5,135) | ||||||||||||||||||||||
Interest and other income (expense), net | (302) | 2,108 | 65 | 5,996 | ||||||||||||||||||||||
Income (loss) before income taxes | 13,797 | (8,980) | 10,681 | (14,554) | ||||||||||||||||||||||
Provision for income taxes | 2,631 | 160 | 2,128 | 1,125 | ||||||||||||||||||||||
Net income (loss) | $ | 11,166 | $ | (9,140) | $ | 8,553 | $ | (15,679) | ||||||||||||||||||
Net income (loss) per share: | ||||||||||||||||||||||||||
Basic | $ | 0.10 | $ | (0.08) | $ | 0.08 | $ | (0.14) | ||||||||||||||||||
Diluted | $ | 0.10 | $ | (0.08) | $ | 0.07 | $ | (0.14) | ||||||||||||||||||
Weighted average shares used in per share calculation | ||||||||||||||||||||||||||
Basic | 112,144 | 113,572 | 112,177 | 113,240 | ||||||||||||||||||||||
Diluted | 114,931 | 113,572 | 115,358 | 113,240 | ||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||
Cost of product revenue | $ | 11,422 | $ | 10,277 | ||||||||||
Adjustment: | ||||||||||||||
Stock-based compensation expense | (70) | — | ||||||||||||
Non-GAAP cost of product revenue | $ | 11,352 | $ | 10,277 | ||||||||||
Total operating expenses | $ | 53,882 | $ | 56,657 | ||||||||||
Adjustments: | ||||||||||||||
Stock-based compensation expense | (7,228) | (6,707) | ||||||||||||
Acquisition-related costs and retention bonus expense | (2,200) | (1,577) | ||||||||||||
Amortization of acquired intangible assets | (229) | (248) | ||||||||||||
Expense on abandoned operating leases | (521) | — | ||||||||||||
Facility restoration costs | — | (411) | ||||||||||||
Non-GAAP total operating expenses | $ | 43,704 | $ | 47,714 | ||||||||||
Interest and other income (expense), net | $ | (302) | $ | 2,108 | ||||||||||
Adjustments: | ||||||||||||||
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements | (2,382) | (3,788) | ||||||||||||
Non-cash interest expense on convertible notes | 1,901 | 1,798 | ||||||||||||
Non-GAAP interest and other income (expense), net | $ | (783) | $ | 118 | ||||||||||
2021 Third Quarter Outlook | Three Months Ended September 30, 2021 | |||||||||||||
(In millions) | Low | High | ||||||||||||
Forward-looking operating costs and expenses | $ | 76.2 | $ | 72.2 | ||||||||||
Adjustments: | ||||||||||||||
Stock-based compensation expense | (8.0) | (8.0) | ||||||||||||
Amortization of acquired intangible assets | (3.2) | (3.2) | ||||||||||||
Forward-looking Non-GAAP operating costs and expenses | $ | 65.0 | $ | 61.0 | ||||||||||
Forward-looking interest and other income (expense), net | $ | (0.8) | $ | (0.8) | ||||||||||
Adjustments: | ||||||||||||||
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements | (2.1) | (2.1) | ||||||||||||
Non-cash interest expense on convertible notes | 1.9 | 1.9 | ||||||||||||
Forward-looking Non-GAAP interest and other income (expense), net | $ | (1.0) | $ | (1.0) | ||||||||||
Document and Entity Information Document |
Aug. 02, 2021 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Aug. 02, 2021 |
Entity Registrant Name | Rambus Inc |
Entity Central Index Key | 0000917273 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 000-22339 |
Entity Tax Identification Number | 94-3112828 |
Entity Address, Address Line One | 4453 North First Street |
Entity Address, City or Town | San Jose |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 95134 |
City Area Code | 408 |
Local Phone Number | 462-8000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $.001 Par Value |
Trading Symbol | RMBS |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Address, Address Line Two | Suite 100 |
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