Rambus Reports Second Quarter 2020 Financial Results

 

Rambus Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)



Three Months Ended
June 30,


Six Months Ended
June 30,


2020


2019


2020


2019

Revenue:








Royalties

$

16,957



$

27,050



$

36,651



$

51,903


Product revenue

31,725



16,031



62,453



24,995


Contract and other revenue

11,248



15,216



24,815



29,783


 Total revenue

59,930



58,297



123,919



106,681


Cost of revenue:








Cost of product revenue (1)

10,277



6,310



20,620



10,737


Cost of contract and other revenue

1,535



2,910



2,733



5,818


Amortization of acquired intangible assets

4,336



3,807



8,680



7,670


 Total cost of revenue

16,148



13,027



32,033



24,225


Gross profit

43,782



45,270



91,886



82,456


Operating expenses:








Research and development (1)

34,688



37,890



71,352



78,509


Sales, general and administrative (1)

21,310



23,794



44,205



50,314


Amortization of acquired intangible assets

248



1,114



596



2,239


Restructuring charges



2,528



836



2,859


Change in fair value of earn-out liability





(1,800)




Impairment of assets held for sale



16,990





16,990


 Total operating expenses

56,246



82,316



115,189



150,911


Operating loss

(12,464)



(37,046)



(23,303)



(68,455)


Interest income and other income (expense), net

4,597



6,972



10,971



14,385


Interest expense

(2,580)



(2,534)



(5,135)



(4,805)


Interest and other income (expense), net

2,017



4,438



5,836



9,580


Loss before income taxes

(10,447)



(32,608)



(17,467)



(58,875)


Provision for income taxes

334



4,372



1,297



4,681


Net loss

$

(10,781)



$

(36,980)



$

(18,764)



$

(63,556)


Net loss per share:








Basic

$

(0.09)



$

(0.33)



$

(0.17)



$

(0.58)


Diluted

$

(0.09)



$

(0.33)



$

(0.17)



$

(0.58)


Weighted average shares used in per share calculation








Basic

113,572



110,875



113,240



110,287


Diluted

113,572



110,875



113,240



110,287





















(1) Total stock-based compensation expense for the three and six months ended June 30, 2020 and 2019 is presented as follows:



Three Months Ended
June 30,


Six Months Ended
June 30,


2020


2019


2020


2019

Cost of product revenue

$



$

1



$



$

2


Research and development

$

2,515



$

3,058



$

5,128



$

6,268


Sales, general and administrative

$

4,192



$

4,021



$

7,651



$

7,999



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