Hi all; Rambus' contract revenue now the lowest it's been since two years before they went public. In fact, it's less than half what it was 2 years before they went public:
4Q95 2,510 0
1Q96 2,562 0
2Q96 2,833 1
3Q96 3,299 64
4Q96 4,066 1,425
1Q97 4,401 1,533
2Q97 5,375 1,399
3Q97 6,344 1,472
4Q97 6,676 2,714
1Q98 7,122 2,529
2Q98 7,535 1,625
3Q98 7,394 2,269
4Q98 7,948 2,626
1Q99 7,945 1,914
2Q99 8,830 1,802
3Q99 10,630 1,675
4Q99 9,319 2,630
1Q00 12,191 3,503
2Q00 11,186 6,574
3Q00 6,987 20,161
4Q00 7,869 26,848
1Q01 7,581 23,665
2Q01 3,514 19,787
3Q01 2,833 25,063
4Q01 3,084 21,780
1Q02 1,722 21,809
2Q02 1,507 22,183
3Q02 1,244 23,236
Rambus' contracts are declining because of a declining interest in their technology in the memory industry. Royalty revenue will eventually follow this downward trend. A big chunk (i.e. $10 million per quarter) of royalty revenues are from Intel.
And yearly figures, with expenses (which vary too much to bother with on a quarterly basis) added:
Income Expenses
-------------------------- ---------------------
Contract Royalty Total Costs(1.) Net Income
-------- ------- ------ --------- ----------
FY92 1,916 0 1,916 7,663 (6,594)
FY93 3,371 0 3,371 9,333 (6,336)
FY94 5,000 0 5,000 11,197 (6,629)
FY95 7,364 0 7,364 13,417 (7,020)
FY96 11,205 65 11,270 15,838 (4,415)
FY97 20,186 5,829 26,015 24,061 1,981
FY98 28,727 9,137 34,556 29,897 6,788
FY99 35,353 8,017 43,370 33,871 8,718
FY00 39,683 32,868 72,551 215,819 (106,127) (2.)
44,734 64,958 (3.)
FY01 21,797 95,363 117,160 76,445 31,271
FY02 7,557 89,008 96,565 65,143 24,704
Notes:
(1.) "Costs" are operating costs and include expenses but not interest and "other income", nor income taxes. "Net Income" includes all that.
(2.) Includes a charge of $171 million for giving management and employees options after apparently illegally running the stock up, but doesn't include legal liabilities to shareholders (or the memory makers), LOL.
(3.) With the $171.085 million charge backed out. From the point of view of examining how Rambus' cost structure has changed over the years, this is probably the line you want. It's obvious from the figures that Rambus has gotten a bit fat. Well, wouldn't you, if you were management?
-- Carl
P.S. Figures are from 10-Qs and 10-Ks, except for early quarter revenue figures, which are from:
edgar-online.com |
