- Exceeded Q2 guidance for revenue and profitability
SAN JOSE, Calif., Aug. 2, 2021 — (PRNewswire) — Rambus Inc. (NASDAQ: RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for the second quarter ended June 30, 2021. GAAP revenue for the second quarter was $84.9 million; licensing billings were $65.2 million, product revenue was $31.2 million, and contract and other revenue was $11.8 million. The Company also generated $51.6 million in cash provided by operating activities.
"Rambus had an exciting second quarter, making a number of strategic advancements to capture the next wave of semiconductor growth focused on next-generation data center architectures, and exceeding financial guidance for the top and bottom line," said Luc Seraphin, chief executive officer of Rambus. "Product revenue from memory interface chips remains strong, and we had record revenue from security and digital controller IP. The Company continues to scale, putting us in a great position for long-term profitable growth."
Quarterly Financial Review - GAAP |
| Three Months Ended June 30, | ||||||
(In millions, except for percentages and per share amounts) |
| 2021 |
| 2020 | ||||
Revenue |
|
|
|
| ||||
Product revenue |
| $ | 31.2 |
|
| $ | 31.7 |
|
Royalties |
| 41.9 |
|
| 18.7 |
| ||
Contract and other revenue |
| 11.8 |
|
| 11.3 |
| ||
Total revenue |
| 84.9 |
|
| 61.7 |
| ||
Cost of product revenue |
| 11.4 |
|
| 10.3 |
| ||
Cost of contract and other revenue |
| 1.0 |
|
| 1.5 |
| ||
Amortization of acquired intangible assets (included in total cost of revenue) |
| 4.5 |
|
| 4.3 |
| ||
Total operating expenses (1) |
| 53.9 |
|
| 56.7 |
| ||
Operating income (loss) |
| $ | 14.1 |
|
| $ | (11.1) |
|
| Operating margin |
| 17 | % |
| (18) | % | ||
| Net income (loss) |
| $ | 11.2 |
|
| $ | (9.1) |
|
| Diluted net income (loss) per share |
| $ | 0.10 |
|
| $ | (0.08) |
|
| Net cash provided by operating activities |
| $ | 51.6 |
|
| $ | 62.0 |
|
|
| |
| _________________________________________ | |
| (1) | Includes amortization of acquired intangible assets of approximately $0.2 million for each of the three months ended June 30, 2021 and 2020. |
