Rambus Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(In thousands, except per share amounts)

2021

2020

2021

2020

Revenue:

Product revenue

$

36,710

$

29,769

$

98,661

$

92,222

Royalties

33,044

16,602

103,813

56,828

Contract and other revenue

11,528

10,544

34,049

35,359

Total revenue

81,282

56,915

236,523

184,409

Cost of revenue:

Cost of product revenue

13,157

9,661

35,989

30,281

Cost of contract and other revenue

1,456

1,267

4,029

4,000

Amortization of acquired intangible assets

3,813

4,336

12,638

13,016

Total cost of revenue

18,426

15,264

52,656

47,297

Gross profit

62,856

41,651

183,867

137,112

Operating expenses:

Research and development

35,592

33,733

99,415

105,085

Sales, general and administrative

22,210

20,182

67,956

65,209

Amortization of acquired intangible assets

359

236

817

832

Restructuring charges

—

—

368

836

Change in fair value of earn-out liability

—

—

—

(1,800)

Total operating expenses

58,161

54,151

168,556

170,162

Operating income (loss)

4,695

(12,500)

15,311

(33,050)

Interest income and other income (expense), net

2,726

3,554

8,088

14,685

Interest expense

(2,672)

(2,586)

(7,969)

(7,721)

Interest and other income (expense), net

54

968

119

6,964

Income (loss) before income taxes

4,749

(11,532)

15,430

(26,086)

Provision for income taxes

1,073

1,205

3,201

2,330

Net income (loss)

$

3,676

$

(12,737)

$

12,229

$

(28,416)

Net income (loss) per share:

Basic

$

0.03

$

(0.11)

$

0.11

$

(0.25)

Diluted

$

0.03

$

(0.11)

$

0.11

$

(0.25)

Weighted average shares used in per share calculation

Basic

108,989

113,828

111,103

113,437

Diluted

113,661

113,828

114,954

113,437