Rambus Reports Third Quarter 2022 Financial Results

  • Exceeded guidance for Q3 revenue and earnings
  • Delivered record quarterly product revenue driven by memory interface chips
  • Generated $80 million in cash from operations
  • Initiated $100 million accelerated share repurchase program

SAN JOSE, Calif. — (BUSINESS WIRE) — October 31, 2022 — Rambus Inc. (NASDAQ: RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for the third quarter ended September 30, 2022. GAAP revenue for the third quarter was $112.2 million, licensing billings were $62.2 million, product revenue was $58.6 million, and contract and other revenue was $23.7 million. The Company also generated $80 million in cash provided by operating activities in the third quarter.

“Rambus had an excellent performance in the third quarter, exceeding guidance and delivering record cash and product revenue,” said Luc Seraphin, chief executive officer of Rambus. “Our strategic focus and strong execution in data center, combined with a diverse portfolio of offerings, drive the company’s long-term profitable growth and enable consistent capital returns to our stockholders.”

Quarterly Financial Review - GAAP

 

Three Months Ended
September 30,

(In millions, except for percentages and per share amounts)

 

 

2022

 

 

 

2021

 

Revenue

 

 

 

 

Product revenue

 

$

58.6

 

 

$

36.7

 

Royalties

 

 

29.9

 

 

 

33.1

 

Contract and other revenue

 

 

23.7

 

 

 

11.5

 

Total revenue

 

 

112.2

 

 

 

81.3

 

Cost of product revenue

 

 

21.9

 

 

 

13.1

 

Cost of contract and other revenue

 

 

1.5

 

 

 

1.5

 

Amortization of acquired intangible assets (included in total cost of revenue)

 

 

3.6

 

 

 

3.8

 

Total operating expenses (1)

 

 

68.3

 

 

 

58.2

 

Operating income

 

$

16.9

 

 

$

4.7

 

Operating margin

 

 

15

%

 

 

6

%

Net income

 

$

0.9

 

 

$

3.7

 

Diluted net income per share

 

$

0.01

 

 

$

0.03

 

Net cash provided by operating activities

 

$

80.0

 

 

$

46.0

 

_________________________________________
(1)

Includes amortization of acquired intangible assets of approximately $0.4 million for each of the three months ended September 30, 2022 and 2021.

 

Quarterly Financial Review - Supplemental Information (1)

 

Three Months Ended
September 30,

(In millions)

 

 

2022

 

 

2021

 

Licensing billings (operational metric) (2)

 

$

62.2

 

$

66.1

 

Product revenue (GAAP)

 

$

58.6

 

$

36.7

 

Contract and other revenue (GAAP)

 

$

23.7

 

$

11.5

 

Non-GAAP cost of product revenue

 

$

21.8

 

$

13.1

 

Cost of contract and other revenue (GAAP)

 

$

1.5

 

$

1.5

 

Non-GAAP total operating expenses

 

$

54.6

 

$

48.2

 

Non-GAAP interest and other income (expense), net

 

$

1.6

 

$

(0.2

)

Diluted share count (GAAP)

 

 

112

 

 

114

 

_______________________________________

(1)

See “Supplemental Reconciliation of GAAP to Non-GAAP Results” table included below.

(2)

Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period, as adjusted for certain differences relating to advanced payments for variable licensing agreements.


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