Rambus Reports Fourth Quarter and Fiscal Year 2020 Financial Results

 

Quarterly Financial Review - Non-GAAP (including operational metric) (1)

Three Months Ended
December 31,

(In millions)

2020


2019

Licensing billings (2)

$

64.2



$

63.8


Product revenue

$

21.8



$

26.6


Contract and other revenue

$

12.4



$

13.9


Cost of product revenue

$

7.5



$

9.3


Cost of contract and other revenue

$

1.6



$

1.6


Total operating expenses

$

46.7



$

51.3


Interest and other income (expense), net

$

(0.6)



$

1.0


Diluted share count

115



115




(1)

See "Supplemental Reconciliation of GAAP to Non-GAAP Results" table included below. Note that the applicable
non-GAAP measures are presented and that revenue, cost of product revenue and cost of contract and other revenue
are solely presented on a GAAP basis.



(2)

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

GAAP revenue for the quarter was $61.9 million, with licensing billings of $64.2 million, product revenue of $21.8 million, and contract and other revenue of $12.4 million. Rambus had total GAAP cost of revenue of $13.4 million and operating expenses of $59.5 million. The Company also had total non-GAAP operating expenses of $55.8 million (which includes non-GAAP cost of revenue), at the low end of its expectations through its operational efficiency. The Company's annual product revenue increased 56% year over year as the Company continues to gain market share. The Company made this gain while also improving its operating margins and cash generation. Due to the Company's strong performance and operational efficiency, the Company delivered a strong fourth quarter, in line with revenue and exceeding profitability expectations. The Company had GAAP diluted net loss per share of $0.11. The Company's basic share count was 113 million shares and its diluted share count would have been 115 million shares.

Cash, cash equivalents, and marketable securities as of December 31, 2020 were $502.6 million, a decrease of $17.6 million as compared to September 30, 2020, mainly due to $50.0 million paid in connection with an accelerated share repurchase program, offset by cash provided by operating activities of approximately $42.1 million. Cash provided by operating activities for the year ended December 31, 2020 was $185.5 million, an increase of $56.9 million or 44%, from the same period in the prior year.

2021 First Quarter Outlook

The Company will discuss its full revenue guidance for the first quarter of 2021 during its upcoming conference call. The following table sets forth first quarter outlook for other measures.

(In millions)

GAAP


Non-GAAP (1)

Licensing billings (2)

$60 - $66


$60 - $66

Product revenue

$27 - $33


$27 - $33

Contract and other revenue

$7 - $13


$7 - $13

Total operating costs and expenses

$73 - $69


$61 - $57

Interest and other income (expense), net

$0


($1)

Diluted share count

116


116



(1)

See "Reconciliation of GAAP Forward Looking Estimates to Non-GAAP Forward Looking Estimates" tables included
below. Note that the applicable non-GAAP measures are presented, and that revenue is solely presented on a GAAP basis.



(2)

Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period,
as adjusted for certain differences. This metric is the same for both GAAP and non-GAAP presentations.


« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise