The convertible notes are carried at face value less the debt discount associated with the adoption of the FASB staff position for the periods presented. As such, the carrying value of the convertible notes as of December 31, 2008 has been retrospectively adjusted to reflect the impact of the adoption of the FASB staff position.
The conference call discussing third quarter 2009 results will be webcast live via the Rambus Investor Relations website ( http://investor.rambus.com) at 2:00 p.m. Pacific Time today. A replay will be available following the call on Rambus’ Investor Relations website and for one week at the following numbers: (888) 203-1112 (domestic) or (719) 457-0820 (international) with ID# 5928140.
About Rambus Inc.
Rambus is one of the world’s premier technology licensing companies specializing in the invention and design of high-speed memory architectures. Additional information is available at www.rambus.com.
RMBSFN
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Condensed Consolidated Balance Sheets (In thousands) (Unaudited) |
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|
|
September 30,
|
December 31,
|
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| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 367,291 | $ | 116,241 | |
| Marketable securities | 131,192 | 229,612 | |||
| Accounts receivable | 754 | 1,503 | |||
| Prepaids and other current assets | 7,276 | 8,486 | |||
| Deferred taxes | 892 | 88 | |||
| Total current assets | 507,405 | 355,930 | |||
| Restricted cash | 648 | 632 | |||
| Deferred taxes, long-term | 1,069 | 1,857 | |||
| Intangible assets, net | 6,585 | 7,244 | |||
| Property and equipment, net | 15,941 | 22,290 | |||
| Goodwill | 4,454 | 4,454 | |||
| Other assets | 7,653 | 4,963 | |||
| Total assets | $ | 543,755 | $ | 397,370 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current liabilities: | |||||
| Accounts payable | $ | 11,162 | $ | 6,374 | |
| Accrued salaries and benefits | 8,458 | 9,859 | |||
| Accrued litigation expenses | 6,220 | 14,265 | |||
| Other accrued liabilities | 5,982 | 3,816 | |||
| Convertible notes | 133,312 | — | |||
| Deferred revenue | 395 | 1,787 | |||
| Total current liabilities | 165,529 | 36,101 | |||
| Long-term liabilities: | |||||
| Convertible notes | 109,333 | 125,474 | |||
| Other long-term liabilities | 2,297 | 2,854 | |||
| Total long-term liabilities | 111,630 | 128,328 | |||
| Total stockholders’ equity | 266,596 | 232,941 | |||
| Total liabilities and stockholders’ equity | $ | 543,755 | $ | 397,370 | |
|
Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) |
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Three Months Ended
|
Nine Months Ended
|
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| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| Revenue: | ||||||||||||||||
| Royalties | $ | 26,898 | $ | 25,793 | $ | 77,826 | $ | 91,174 | ||||||||
| Contract revenue | 976 | 3,635 | 4,365 | 13,707 | ||||||||||||
| Total revenue | 27,874 | 29,428 | 82,191 | 104,881 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of contract revenue (1) | 1,858 | 4,611 | 5,479 | 18,411 | ||||||||||||
| Research and development (1) | 16,727 | 17,511 | 50,277 | 59,048 | ||||||||||||
| Marketing, general and administrative (1) | 29,882 | 31,288 | 99,601 | 88,377 | ||||||||||||
| Restructuring costs (1) | — | 4,024 | — | 4,024 | ||||||||||||
| Impairment of asset | — | 2,158 | — | 2,158 | ||||||||||||
| Costs (recovery) of restatement and related legal activities | 68 | 392 | (14,000 | ) | 3,564 | |||||||||||
| Total costs and expenses | 48,535 | 59,984 | 141,357 | 175,582 | ||||||||||||
| Operating loss | (20,661 | ) | (30,556 | ) | (59,166 | ) | (70,701 | ) | ||||||||
| Interest and other income, net | 891 | 2,704 | 3,504 | 10,207 | ||||||||||||
| Interest expense | (7,641 | ) | (3,002 | ) | (13,128 | ) | (8,834 | ) | ||||||||
| Interest and other income (expense), net | (6,750 | ) | (298 | ) | (9,624 | ) | 1,373 | |||||||||
| Loss before income taxes | (27,411 | ) | (30,854 | ) | (68,790 | ) | (69,328 | ) | ||||||||
| Provision for income taxes | 85 | 92 | 103 | 114,287 | ||||||||||||
| Net loss | $ | (27,496 | ) | $ | (30,946 | ) | $ | (68,893 | ) | $ | (183,615 | ) | ||||
| Net loss per share: | ||||||||||||||||
| Basic | $ | (0.26 | ) | $ | (0.29 | ) | $ | (0.66 | ) | $ | (1.75 | ) | ||||
| Diluted | $ | (0.26 | ) | $ | (0.29 | ) | $ | (0.66 | ) | $ | (1.75 | ) | ||||
| Weighted average shares used in per share calculation | ||||||||||||||||
| Basic | 105,182 | 104,897 | 104,761 | 104,795 | ||||||||||||
| Diluted | 105,182 | 104,897 | 104,761 | 104,795 | ||||||||||||
|
(1) Total stock-based compensation expense for the three and nine
month periods ended
September 30, 2009 and September 30, 2008 are presented as follows: |
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|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
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| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| Cost of contract revenue | $ | 283 | $ | 1,321 | $ | 906 | $ | 4,604 | ||||||||
| Research and development | $ | 2,332 | $ | 3,326 | $ | 7,286 | $ | 10,997 | ||||||||
| Marketing, general and administrative | $ | 5,134 | $ | 4,371 | $ | 15,826 | $ | 12,899 | ||||||||
| Restructuring costs | $ | — | $ | 547 | $ | — | $ | 547 | ||||||||
