Rambus Reports First Quarter 2022 Financial Results

  • Exceeded Q1 guidance for revenue
  • Delivered record quarterly product revenue of $48.0 million driven by memory interface chips
  • Strengthened balance sheet by retiring debt and generating $42.6 million in cash from operations

SAN JOSE, Calif. — (BUSINESS WIRE) — May 2, 2022 — Rambus Inc. (NASDAQ: RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for the first quarter ended March 31, 2022. GAAP revenue for the first quarter was $99.0 million, licensing billings were $64.1 million, product revenue was $48.0 million, and contract and other revenue was $20.6 million. The Company also generated $42.6 million in cash provided by operating activities in the first quarter.

“Rambus delivered a strong first quarter with record product revenue propelled by robust demand in the data center,” said Luc Seraphin, chief executive officer of Rambus. “With our balanced and diverse portfolio of offerings contributing at scale, we continue to generate cash, execute on our strategy and invest in exciting programs to accelerate the company’s profitable growth.”

Quarterly Financial Review - GAAP

 

Three Months Ended

March 31,

(In millions, except for percentages and per share amounts)

 

 

2022

 

 

 

2021

 

Revenue

 

 

 

 

Product revenue

 

$

48.0

 

 

$

30.8

 

Royalties

 

 

30.4

 

 

 

28.9

 

Contract and other revenue

 

 

20.6

 

 

 

10.7

 

Total revenue

 

 

99.0

 

 

 

70.4

 

Cost of product revenue

 

 

18.4

 

 

 

11.4

 

Cost of contract and other revenue

 

 

0.6

 

 

 

1.6

 

Amortization of acquired intangible assets (included in total cost of revenue)

 

 

3.4

 

 

 

4.4

 

Total operating expenses (1)

 

 

68.3

 

 

 

56.5

 

Operating income (loss)

 

$

8.3

 

 

$

(3.5

)

Operating margin

 

 

8

%

 

 

(5

)%

Net loss

 

$

(66.2

)

 

$

(2.6

)

Diluted net loss per share

 

$

(0.60

)

 

$

(0.02

)

Net cash provided by operating activities

 

$

42.6

 

 

$

39.5

 

_________________________________________

(1)

Includes amortization of acquired intangible assets of approximately $0.4 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively.

 

Quarterly Financial Review - Supplemental Information (1)

 

Three Months Ended

March 31,

(In millions)

 

 

2022

 

 

 

2021

 

Licensing billings (operational metric) (2)

 

$

64.1

 

 

$

63.5

 

Product revenue (GAAP)

 

$

48.0

 

 

$

30.8

 

Contract and other revenue (GAAP)

 

$

20.6

 

 

$

10.7

 

Non-GAAP cost of product revenue

 

$

18.3

 

 

$

11.3

 

Cost of contract and other revenue (GAAP)

 

$

0.6

 

 

$

1.6

 

Non-GAAP total operating expenses

 

$

56.0

 

 

$

45.3

 

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

 

$

(0.3

)

 

$

(0.6

)

Diluted share count (GAAP)

 

 

113

 

 

 

116

 

_________________________________________

(1)

See “Supplemental Reconciliation of GAAP to Non-GAAP Results” table included below.

(2)

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

 

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