- Achieved excellent Q4 results, exceeding guidance for revenue and profitability
- Produced record annual product revenue of $143.9 million driven by memory interface chips, up 26% year over year
- Generated record cash from operations of $209.2 million for full year 2021, with $72.2 million generated in Q4
SAN JOSE, Calif. — (BUSINESS WIRE) — February 7, 2022 — 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, 2021. GAAP revenue for the fourth quarter was $91.8 million; licensing billings were $66.6 million, product revenue was $45.3 million, and contract and other revenue was $13.6 million. The Company also generated $72.2 million in cash provided by operating activities in the fourth quarter, setting an annual record of $209.2 million for the full year 2021.
“Rambus delivered an outstanding fourth quarter contributing to an exceptionally good year, driven by excellent execution and record product revenue,” said Luc Seraphin, chief executive officer of Rambus. “The record cash generation fuels our ongoing strategic investment in scaling the business, returning value to stockholders, and extending our product roadmap to enable continued profitable growth.”
Quarterly Financial Review - GAAP |
Three Months Ended
|
||||||
(In millions, except for percentages and per share amounts) |
2021 |
|
2020 |
||||
Revenue |
|
|
|
||||
Product revenue |
$ |
45.3 |
|
|
$ |
21.8 |
|
Royalties |
|
32.9 |
|
|
|
27.7 |
|
Contract and other revenue |
|
13.6 |
|
|
|
12.4 |
|
Total revenue |
$ |
91.8 |
|
|
$ |
61.9 |
|
Cost of product revenue |
$ |
13.4 |
|
|
$ |
7.5 |
|
Cost of contract and other revenue |
$ |
0.7 |
|
|
$ |
1.6 |
|
Amortization of acquired intangible assets (included in total cost of revenue) |
$ |
3.6 |
|
|
$ |
4.3 |
|
Total operating expenses (1) |
$ |
65.1 |
|
|
$ |
59.5 |
|
| Operating income (loss) |
$ |
9.0 |
|
|
$ |
(11.0 |
) |
| Operating margin |
|
10 |
% |
|
|
(18 |
)% |
| Net income (loss) |
$ |
6.1 |
|
|
$ |
(12.1 |
) |
| Diluted net income (loss) per share |
$ |
0.05 |
|
|
$ |
(0.11 |
) |
|
|
|
|
|
||||
| Net cash provided by operating activities |
$ |
72.2 |
|
|
$ |
42.1 |
|
| ____________________________ |
||
| (1) |
Includes amortization of acquired intangible assets of approximately $0.4 million and $0.2 million for the three months ended December 31, 2021 and 2020, respectively. |
|
| Quarterly Financial Review - Non-GAAP (including operational metric) (1) |
Three Months Ended
|
||||||
| (In millions) |
2021 |
|
2020 |
||||
| Licensing billings (2) |
$ |
66.6 |
|
|
$ |
64.2 |
|
| Product revenue |
$ |
45.3 |
|
|
$ |
21.8 |
|
| Contract and other revenue |
$ |
13.6 |
|
|
$ |
12.4 |
|
| Cost of product revenue |
$ |
13.3 |
|
|
$ |
7.5 |
|
| Cost of contract and other revenue |
$ |
0.7 |
|
|
$ |
1.6 |
|
| Total operating expenses |
$ |
51.4 |
|
|
$ |
46.7 |
|
| Interest and other income (expense), net |
$ |
(1.1 |
) |
|
$ |
(0.6 |
) |
| Diluted share count |
|
115 |
|
|
|
115 |
|
| ____________________________ | ||
| (1) |
See “Supplemental Reconciliation of GAAP to Non-GAAP Results” table included below. Note that the applicable non-GAAP measures are presented and that revenue and cost of contract and other revenue are solely presented on a GAAP basis. |
|
| (2) |
Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period, as adjusted for certain differences. |
|
