- Delivered Q2 revenue and earnings at the high end of guidance
- Achieved record quarterly product revenue driven by memory interface chips
- Expanded DDR5 portfolio with introduction of companion chips for server and client memory modules
- Generated $56.5 million in cash from operations
SAN JOSE, Calif. — (BUSINESS WIRE) — August 1, 2022 — 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, 2022. GAAP revenue for the second quarter was $121.1 million, licensing billings were $66.1 million, product revenue was $53.3 million, and contract and other revenue was $19.8 million. The Company also generated $56.5 million in cash provided by operating activities in the second quarter.
“Rambus delivered a strong performance with another quarter of record product revenue from memory interface chips and sustained silicon IP momentum driving our results,” said Luc Seraphin, chief executive officer of Rambus. “We continue to address the growing needs of the data center with our diverse and expanding portfolio of offerings to fuel the company’s long-term profitable growth.”
Quarterly Financial Review - GAAP |
|
Three Months Ended June 30, |
||||||
(In millions, except for percentages and per share amounts) |
|
2022 |
|
2021 |
||||
Revenue |
|
|
|
|
||||
Product revenue |
|
$ |
53.3 |
|
|
$ |
31.2 |
|
Royalties |
|
|
48.0 |
|
|
|
41.9 |
|
Contract and other revenue |
|
|
19.8 |
|
|
|
11.8 |
|
Total revenue |
|
|
121.1 |
|
|
|
84.9 |
|
Cost of product revenue |
|
|
20.4 |
|
|
|
11.4 |
|
Cost of contract and other revenue |
|
|
1.0 |
|
|
|
1.0 |
|
Amortization of acquired intangible assets (included in total cost of revenue) |
|
|
3.4 |
|
|
|
4.5 |
|
| Total operating expenses (1) |
|
|
60.8 |
|
|
|
53.9 |
|
| Operating income |
|
$ |
35.5 |
|
|
$ |
14.1 |
|
| Operating margin |
|
|
29 |
% |
|
|
17 |
% |
| Net income |
|
$ |
35.0 |
|
|
$ |
11.2 |
|
| Diluted net income per share |
|
$ |
0.31 |
|
|
$ |
0.10 |
|
| Net cash provided by operating activities |
|
$ |
56.5 |
|
|
$ |
51.6 |
|
| _________________________________________ |
||
| (1) |
Includes amortization of acquired intangible assets of approximately $0.4 million and $0.2 million for the three months ended June 30, 2022 and 2021, respectively. |
|
| Quarterly Financial Review - Supplemental Information (1) |
|
Three Months Ended June 30, |
||||||
| (In millions) |
|
2022 |
|
2021 |
||||
| Licensing billings (operational metric) (2) |
|
$ |
66.1 |
|
|
$ |
65.2 |
|
| Product revenue (GAAP) |
|
$ |
53.3 |
|
|
$ |
31.2 |
|
| Contract and other revenue (GAAP) |
|
$ |
19.8 |
|
|
$ |
11.8 |
|
| Non-GAAP cost of product revenue |
|
$ |
20.3 |
|
|
$ |
11.4 |
|
| Cost of contract and other revenue (GAAP) |
|
$ |
1.0 |
|
|
$ |
1.0 |
|
| Non-GAAP total operating expenses |
|
$ |
54.9 |
|
|
$ |
43.7 |
|
| Non-GAAP interest and other income (expense), net |
|
$ |
1.0 |
|
$ |
(0.8 |
) |
|
| Diluted share count (GAAP) |
|
|
113 |
|
|
|
115 |
|
| _________________________________________ |
||
| (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. |
|
