Rambus Reports First Quarter 2023 Financial Results

Rambus Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

 

(In thousands)

March 31,
2023

 

December 31,
2022

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

99,876

 

$

125,334

Marketable securities

 

192,261

 

 

187,892

Accounts receivable

 

59,408

 

 

55,368

Unbilled receivables

 

100,435

 

 

125,698

Inventories

 

26,180

 

 

20,900

Prepaids and other current assets

 

14,603

 

 

12,022

Total current assets

 

492,763

 

 

527,214

Intangible assets, net

 

46,936

 

 

50,880

Goodwill

 

292,040

 

 

292,040

Property, plant and equipment, net

 

89,393

 

 

86,255

Operating lease right-of-use assets

 

22,696

 

 

24,143

Deferred tax assets

 

2,623

 

 

3,031

Unbilled receivables

 

12,548

 

 

25,222

Other assets

 

3,631

 

 

3,809

Total assets

$

962,630

 

$

1,012,594

 

 

 

 

LIABILITIES & STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

18,117

 

$

24,815

Accrued salaries and benefits

 

15,906

 

 

20,502

Convertible notes

 

 

 

10,378

Deferred revenue

 

20,846

 

 

23,861

Income taxes payable

 

15,669

 

 

18,137

Operating lease liabilities

 

4,287

 

 

5,024

Other current liabilities

 

21,349

 

 

23,992

Total current liabilities

 

96,174

 

 

126,709

Long-term liabilities:

 

 

 

Long-term operating lease liabilities

 

28,127

 

 

29,079

Long-term income taxes payable

 

3,963

 

 

5,892

Deferred tax liabilities

 

26,658

 

 

24,964

Other long-term liabilities

 

45,979

 

 

46,653

Total long-term liabilities

 

104,727

 

 

106,588

Total stockholders’ equity

 

761,729

 

 

779,297

Total liabilities and stockholders’ equity

$

962,630

 

$

1,012,594

Rambus Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

 

 

Three Months Ended

March 31,

(In thousands, except per share amounts)

2023

 

2022

Revenue:

 

 

 

Product revenue

$

63,775

 

 

$

47,969

 

Royalties

 

28,169

 

 

 

30,464

 

Contract and other revenue

 

21,818

 

 

 

20,617

 

Total revenue

 

113,762

 

 

 

99,050

 

Cost of revenue:

 

 

 

Cost of product revenue

 

26,423

 

 

 

18,397

 

Cost of contract and other revenue

 

1,691

 

 

 

624

 

Amortization of acquired intangible assets

 

3,562

 

 

 

3,378

 

Total cost of revenue

 

31,676

 

 

 

22,399

 

Gross profit

 

82,086

 

 

 

76,651

 

Operating expenses:

 

 

 

Research and development

 

41,898

 

 

 

39,815

 

Sales, general and administrative

 

30,964

 

 

 

26,906

 

Amortization of acquired intangible assets

 

382

 

 

 

409

 

Change in fair value of earn-out liability

 

6,900

 

 

 

1,200

 

Total operating expenses

 

80,144

 

 

 

68,330

 

Operating income

 

1,942

 

 

 

8,321

 

Interest income and other income (expense), net

 

2,161

 

 

 

1,360

 

Loss on extinguishment of debt

 

 

 

 

(66,497

)

Loss on fair value adjustment of derivatives, net

 

(240

)

 

 

(8,283

)

Interest expense

 

(381

)

 

 

(605

)

Interest and other income (expense), net

 

1,540

 

 

 

(74,025

)

Income (loss) before income taxes

 

3,482

 

 

 

(65,704

)

Provision for income taxes

 

201

 

 

 

514

 

Net income (loss)

$

3,281

 

 

$

(66,218

)

Net income (loss) per share:

 

 

 

Basic

$

0.03

 

 

$

(0.60

)

Diluted

$

0.03

 

 

$

(0.60

)

Weighted average shares used in per share calculation

 

 

 

Basic

 

108,277

 

 

 

109,889

 

Diluted

 

111,048

 

 

 

109,889

 

Rambus Inc.

Supplemental Reconciliation of GAAP to Non-GAAP Results

(Unaudited)

 

 

 

Three Months Ended

March 31,

(In thousands)

2023

 

2022

Cost of product revenue

$

26,423

 

 

$

18,397

 

Adjustment:

 

 

 

Stock-based compensation expense

 

(131

)

 

 

(125

)

Non-GAAP cost of product revenue

$

26,292

 

 

$

18,272

 

 

 

 

 

Total operating expenses

$

80,144

 

 

$

68,330

 

Adjustments:

 

 

 

Stock-based compensation expense

 

(12,932

)

 

 

(7,653

)

Acquisition-related costs and retention bonus expense

 

(825

)

 

 

(2,575

)

Amortization of acquired intangible assets

 

(382

)

 

 

(409

)

Expense on abandoned operating leases

 

(521

)

 

 

(539

)

Facility restoration costs

 

(316

)

 

 

 

Change in fair value of earn-out liability

 

(6,900

)

 

 

(1,200

)

Non-GAAP total operating expenses

$

58,268

 

 

$

55,954

 

 

 

 

 

Interest and other income (expense), net

$

1,540

 

 

$

(74,025

)

Adjustments:

 

 

 

Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements

 

(919

)

 

 

(1,827

)

Non-cash interest expense on convertible notes

 

3

 

 

 

105

 

Loss on extinguishment of debt

 

 

 

 

66,497

 

Loss on fair value adjustment of derivatives, net

 

240

 

 

 

8,283

 

Realized loss on sale of marketable securities sold for the purpose of notes repurchase

 

 

 

 

688

 

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

$

864

 

 

$

(279

)

Rambus Inc.

Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates

(Unaudited)

 

2023 Second Quarter Outlook

 

Three Months Ended

June 30, 2023

(In millions)

 

Low

 

High

Forward-looking operating costs and expenses

 

$

97.1

 

 

$

93.1

 

Adjustments:

 

 

 

 

Stock-based compensation expense

 

 

(11.1

)

 

 

(11.1

)

Amortization of acquired intangible assets

 

 

(4.0

)

 

 

(4.0

)

Forward-looking Non-GAAP operating costs and expenses

 

$

82.0

 

 

$

78.0

 

 

 

 

 

 

Forward-looking interest and other income (expense), net

 

$

0.6

 

 

$

0.6

 

Adjustments:

 

 

 

 

Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements

 

 

(0.6

)

 

 

(0.6

)

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

 

$

 

 

$

 


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