Rambus Inc. (NASDAQ:RMBS) Q3 2019 Earnings Conference Call Transcript

Nov 04, 2019 • 05:00 pm ET

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Rambus Inc. (NASDAQ:RMBS) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Welcome to the Rambus Third Quarter and FY '19 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Rahul Mathur Chief Financial Officer. You may begin your conference.

Executive
Rahul Mathur

Thank you Bonita and welcome to the Rambus Third Quarter 2019 Results Conference Call. I'm Rahul Mathur CFO; and on the call with me today is Luc Seraphin our CEO. The press release for the results that we will be discussing today have been furnished to the SEC on Form 8-K. A replay of this call will be available for the next week at [855] 859-2056. You can hear the replay by dialing the toll-free number and then entering ID number 7170477 when you hear the prompt. In addition we are simultaneously webcasting this call and along with the audio we're webcasting slides that we will reference during portions of today's call. So even if you're joining us via conference call you may want to access the webcast with the slide presentation. A replay of this call can be accessed on our website beginning today at 5:00 p.m. Pacific Time. Our discussion today will contain forward-looking statements including our financial guidance for future periods product and investment strategies; timing of expected product launches; demand for existing and newly acquired technologies; the growth opportunities of the various markets we serve; the expected benefits of our merger acquisition and divestiture activity including the expected timing of transaction completions and the success of our integration efforts; and the effects of ASC 606 on reported revenue amongst other things.

These statements are subject to risks and uncertainties that are discussed during this call and may be more fully described in the documents we filed with the SEC including our 8-Ks 10-Qs and 10-Ks. These forward looking statements may differ materially from our actual results. And we're under no obligation to update these statements. In an effort to provide greater clarity in our financials. We're using both gap and non GAAP financial presentations in both our press release and also on this call. reconciliation of these non GAAP financial to the most directly comparable gap measures has included in our press release in our slide presentation and on our website@rambis.com on the investor relations page under financial releases. The order of our call today will be as follows: Luc will start with an overview of the business. I will discuss our financial results including our guidance for future periods.

And then we will end with Q&A.

Executive
Luc Seraphin

Thanks Rahul and good afternoon everyone. Over the past year we have consistently demonstrated strong execution and product revenue growth while meeting or exceeding the expectations in the market. This quarter was no exception with revenue above the high end of guidance at $57.4 million. We strengthened our balance sheet by generating $25.6 million in cash from operations taking the year-to-date total to $93.1 million which already exceeds the cash generated for all of 2018. The company has made tremendous progress towards the strategic objectives set