- Delivered solid Q1 results and expanded leadership offerings for the data center
- Completed $50.0 million accelerated share repurchase program
- Launched industry-leading family of DDR5 PMICs for AI and traditional servers
SAN JOSE, Calif. — (BUSINESS WIRE) — April 29, 2024 — 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, 2024. GAAP revenue for the first quarter was $117.9 million, licensing billings were $63.2 million, product revenue was $50.4 million, and contract and other revenue was $20.0 million. The Company also generated $39.1 million in cash provided by operating activities in the first quarter.
“Through strong execution and strategic focus on data center and AI, we delivered solid first quarter results,” said Luc Seraphin, chief executive officer of Rambus. “We expanded our market opportunity with the introduction of new leadership products, and continue to drive the long-term profitable growth of the company while consistently returning value to our stockholders, including a total of $350 million in cash returned over the past three years."
Quarterly Financial Review - GAAP |
Three Months Ended March 31, |
||||||
(In millions, except for percentages and per share amounts) |
2024 |
|
2023 |
||||
Revenue |
|
|
|
||||
Product revenue |
$ |
50.4 |
|
|
$ |
63.8 |
|
Royalties |
|
47.5 |
|
|
|
28.2 |
|
Contract and other revenue |
|
20.0 |
|
|
|
21.8 |
|
Total revenue |
|
117.9 |
|
|
|
113.8 |
|
Cost of product revenue |
|
20.0 |
|
|
|
26.4 |
|
Cost of contract and other revenue |
|
0.6 |
|
|
|
1.7 |
|
Amortization of acquired intangible assets (included in total cost of revenue) |
|
3.1 |
|
|
|
3.6 |
|
| Total operating expenses (1) |
|
64.1 |
|
|
|
80.2 |
|
| Operating income |
$ |
30.1 |
|
|
$ |
1.9 |
|
| Operating margin |
|
26 |
% |
|
|
2 |
% |
| Net income |
$ |
32.9 |
|
|
$ |
3.3 |
|
| Diluted net income per share |
$ |
0.30 |
|
|
$ |
0.03 |
|
| Net cash provided by operating activities |
$ |
39.1 |
|
|
$ |
38.9 |
|
