Non-GAAP net income for the year ended December 31, 2012 was $19.9 million as compared to $46.3 million in the same period of 2011. Non-GAAP diluted net income per share for the year ended December 31, 2012 was $0.17 as compared to $0.41 for the same period of 2011.
Other Financial Highlights:
Cash, cash equivalents, and marketable securities as of December 31, 2012 were $203.3 million, a decrease of approximately $3.8 million from September 30, 2012. During the fourth quarter of 2012, the Company used approximately $8.0 million for capital expenditures. Cash provided from operations during the fourth quarter was approximately $2.2 million.
During the fourth quarter of 2012 and the year ended December 31, 2012, the Company recorded an income tax provision of approximately $4.9 million and $16.5 million, respectively. As the Company continues to maintain a full valuation allowance against its U.S. deferred tax assets, the Company’s tax provision consists of primarily foreign withholding taxes, current state taxes and foreign taxes.The Company will host a conference call at 2:00 p.m. PT today to discuss its financial results. The call, audio and slides will be available online at http://investor.rambus.com/events.cfm. A replay will be available following the call on Rambus' Investor Relations website for one week at the following numbers: (855) 859-2056 (domestic) or (404) 537-3406 (international) with ID# 89935133. (1) Non-GAAP Financial Information: In the commentary set forth above and in the financial statements included in this earnings release, the Company presents the following non-GAAP financial measures: customer licensing income, operating costs and expenses, operating income (loss) and net income (loss). In computing each of these non-GAAP financial measures, the Company combined revenue, other patent royalties received but not recognized as revenue and gain from settlement, and excluded charges or gains relating to: stock-based compensation expenses, acquisition-related deal costs and retention bonus expense, amortization expenses, costs of restatement and related legal activities, restructuring charges, impairment charges and non-cash interest expense. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Management believes the non-GAAP financial measures are appropriate for both its own assessment of, and to show investors, how the Company’s performance compares to other periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. Reconciliation from GAAP to non-GAAP results is included in the financial statements contained in this release.
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