Rambus Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,

2020

2019

2020

2019

Revenue:

Royalties

$

16,957

$

27,050

$

36,651

$

51,903

Product revenue

31,725

16,031

62,453

24,995

Contract and other revenue

11,248

15,216

24,815

29,783

 Total revenue

59,930

58,297

123,919

106,681

Cost of revenue:

Cost of product revenue (1)

10,277

6,310

20,620

10,737

Cost of contract and other revenue

1,535

2,910

2,733

5,818

Amortization of acquired intangible assets

4,336

3,807

8,680

7,670

 Total cost of revenue

16,148

13,027

32,033

24,225

Gross profit

43,782

45,270

91,886

82,456

Operating expenses:

Research and development (1)

34,688

37,890

71,352

78,509

Sales, general and administrative (1)

21,310

23,794

44,205

50,314

Amortization of acquired intangible assets

248

1,114

596

2,239

Restructuring charges

—

2,528

836

2,859

Change in fair value of earn-out liability

—

—

(1,800)

—

Impairment of assets held for sale

—

16,990

—

16,990

 Total operating expenses

56,246

82,316

115,189

150,911

Operating loss

(12,464)

(37,046)

(23,303)

(68,455)

Interest income and other income (expense), net

4,597

6,972

10,971

14,385

Interest expense

(2,580)

(2,534)

(5,135)

(4,805)

Interest and other income (expense), net

2,017

4,438

5,836

9,580

Loss before income taxes

(10,447)

(32,608)

(17,467)

(58,875)

Provision for income taxes

334

4,372

1,297

4,681

Net loss

$

(10,781)

$

(36,980)

$

(18,764)

$

(63,556)

Net loss per share:

Basic

$

(0.09)

$

(0.33)

$

(0.17)

$

(0.58)

Diluted

$

(0.09)

$

(0.33)

$

(0.17)

$

(0.58)

Weighted average shares used in per share calculation

Basic

113,572

110,875

113,240

110,287

Diluted

113,572

110,875

113,240

110,287

(1) Total stock-based compensation expense for the three and six months ended June 30, 2020 and 2019 is presented as follows:

Three Months Ended
June 30,

Six Months Ended
June 30,

2020

2019

2020

2019

Cost of product revenue

$

—

$

1

$

—

$

2

Research and development

$

2,515

$

3,058

$

5,128

$

6,268

Sales, general and administrative

$

4,192

$

4,021

$

7,651

$

7,999