Rambus Reports Fourth Quarter and Fiscal Year 2023 Financial Results

  • Delivered strong Q4 results with revenue and earnings at the high end of guidance
  • Generated $54.8 million in cash from operations in Q4
  • Produced quarterly product revenue of $53.7 million driven by memory interface chips
  • Launched industry’s first Gen4 DDR5 RCD for server memory modules

SAN JOSE, Calif. — (BUSINESS WIRE) — February 5, 2024 — Rambus Inc. (NASDAQ: RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for the fourth quarter ended December 31, 2023. GAAP revenue for the fourth quarter was $122.2 million; licensing billings were $66.2 million, product revenue was $53.7 million, and contract and other revenue was $16.1 million. The Company also generated $54.8 million in cash provided by operating activities in the fourth quarter.

“Through continued product leadership and outstanding execution on our strategy, we delivered a strong fourth quarter and full-year results that outpaced the overall semiconductor market,” said Luc Seraphin, chief executive officer of Rambus. “With our focus on high-performance solutions for the data center and AI, we are well positioned to drive the long-term profitable growth of the company and consistently return value to our stockholders.”

Quarterly Financial Review - GAAP

 

Three Months Ended
December 31,

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

 

 

2023

 

 

 

2022

 

Revenue

 

 

 

 

Product revenue

 

$

53.7

 

 

$

67.2

 

Royalties

 

 

52.4

 

 

 

31.4

 

Contract and other revenue

 

 

16.1

 

 

 

23.8

 

Total revenue

 

 

122.2

 

 

 

122.4

 

Cost of product revenue

 

 

19.9

 

 

 

28.2

 

Cost of contract and other revenue

 

 

1.1

 

 

 

1.6

 

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

 

 

3.1

 

 

 

3.6

 

Total operating expenses (1)

 

 

63.0

 

 

 

72.8

 

Operating income

 

$

35.1

 

 

$

16.2

 

Operating margin

 

 

29

%

 

 

13

%

Net income

 

$

58.5

 

 

$

15.9

 

Diluted net income per share

 

$

0.53

 

 

$

0.14

 

 

 

 

 

 

Net cash provided by operating activities

 

$

54.8

 

 

$

51.3

 

____________________________

(1)

Includes amortization of acquired intangible assets of approximately $0.2 million and $0.4 million for the three months ended December 31, 2023 and 2022, respectively.

 

Quarterly Financial Review - Supplemental Information (1)

 

Three Months Ended
December 31,

(In millions)

 

2023

 

2022

Licensing billings (operational metric) (2)

 

$

66.2

 

$

64.3

 

Product revenue (GAAP)

 

$

53.7

 

$

67.2

 

Contract and other revenue (GAAP)

 

$

16.1

 

$

23.8

 

Non-GAAP cost of product revenue

 

$

19.8

 

$

28.1

 

Cost of contract and other revenue (GAAP)

 

$

1.1

 

$

1.6

 

Non-GAAP total operating expenses

 

$

51.0

 

$

55.8

 

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

 

$

3.6

 

$

(0.7

)

Diluted share count (GAAP)

 

 

110

 

 

111

 

____________________________

(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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