Rambus Inc.
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| Three Months Ended
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| Six Months Ended
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| 2020 |
| 2019 |
| 2020 |
| 2019 | |||||||||||
Revenue: |
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Royalties | $ | 16,957 |
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| $ | 27,050 |
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| $ | 36,651 |
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| $ | 51,903 |
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Product revenue | 31,725 |
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| 16,031 |
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| 62,453 |
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| 24,995 |
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Contract and other revenue | 11,248 |
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| 15,216 |
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| 24,815 |
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| 29,783 |
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Total revenue | 59,930 |
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| 58,297 |
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| 123,919 |
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| 106,681 |
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Cost of revenue: |
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Cost of product revenue (1) | 10,277 |
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| 6,310 |
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| 20,620 |
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| 10,737 |
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Cost of contract and other revenue | 1,535 |
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| 2,910 |
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| 2,733 |
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| 5,818 |
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Amortization of acquired intangible assets | 4,336 |
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| 3,807 |
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| 8,680 |
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| 7,670 |
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Total cost of revenue | 16,148 |
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| 13,027 |
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| 32,033 |
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| 24,225 |
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Gross profit | 43,782 |
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| 45,270 |
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| 91,886 |
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| 82,456 |
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Operating expenses: |
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Research and development (1) | 34,688 |
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| 37,890 |
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| 71,352 |
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| 78,509 |
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Sales, general and administrative (1) | 21,310 |
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| 23,794 |
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| 44,205 |
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| 50,314 |
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Amortization of acquired intangible assets | 248 |
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| 1,114 |
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| 596 |
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| 2,239 |
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Restructuring charges | — |
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| 2,528 |
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| 836 |
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| 2,859 |
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Change in fair value of earn-out liability | — |
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| — |
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| (1,800) |
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| — |
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Impairment of assets held for sale | — |
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| 16,990 |
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| — |
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| 16,990 |
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Total operating expenses | 56,246 |
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| 82,316 |
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| 115,189 |
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| 150,911 |
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Operating loss | (12,464) |
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| (37,046) |
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| (23,303) |
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| (68,455) |
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Interest income and other income (expense), net | 4,597 |
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| 6,972 |
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| 10,971 |
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| 14,385 |
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Interest expense | (2,580) |
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| (2,534) |
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| (5,135) |
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| (4,805) |
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Interest and other income (expense), net | 2,017 |
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| 4,438 |
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| 5,836 |
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| 9,580 |
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Loss before income taxes | (10,447) |
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| (32,608) |
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| (17,467) |
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| (58,875) |
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Provision for income taxes | 334 |
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| 4,372 |
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| 1,297 |
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| 4,681 |
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Net loss | $ | (10,781) |
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| $ | (36,980) |
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| $ | (18,764) |
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| $ | (63,556) |
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Net loss per share: |
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Basic | $ | (0.09) |
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| $ | (0.33) |
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| $ | (0.17) |
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| $ | (0.58) |
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Diluted | $ | (0.09) |
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| $ | (0.33) |
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| $ | (0.17) |
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| $ | (0.58) |
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Weighted average shares used in per share calculation |
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Basic | 113,572 |
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| 110,875 |
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| 113,240 |
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| 110,287 |
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Diluted | 113,572 |
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| 110,875 |
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| 113,240 |
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| 110,287 |
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(1) Total stock-based compensation expense for the three and six months ended June 30, 2020 and 2019 is presented as follows: | ||||||||||||||||||
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| Three Months Ended
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| Six Months Ended
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| 2020 |
| 2019 |
| 2020 |
| 2019 | |||||||||||
Cost of product revenue | $ | — |
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| $ | 1 |
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| $ | — |
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| $ | 2 |
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Research and development | $ | 2,515 |
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| $ | 3,058 |
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| $ | 5,128 |
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| $ | 6,268 |
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Sales, general and administrative | $ | 4,192 |
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| $ | 4,021 |
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| $ | 7,651 |
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| $ | 7,999 |
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Rambus Reports Second Quarter 2020 Financial Results
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