Quarterly Financial Review - Non-GAAP (including operational metric) (1) | Three Months Ended September 30, | ||||||
(In millions) | 2020 |
| 2019 | ||||
Licensing billings (2) | $ | 63.1 |
|
| $ | 63.1 |
|
Product revenue | $ | 29.8 |
|
| $ | 21.4 |
|
Contract and other revenue | $ | 10.5 |
|
| $ | 16.6 |
|
Cost of product revenue | $ | 9.7 |
|
| $ | 7.1 |
|
Cost of contract and other revenue | $ | 1.3 |
|
| $ | 2.5 |
|
Total operating expenses | $ | 45.7 |
|
| $ | 57.5 |
|
Interest and other income (expense), net | $ | (0.6) |
|
| $ | 1.0 |
|
Diluted share count | 116 |
|
| 114 |
| ||
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|
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(1) | See "Supplemental Reconciliation of GAAP to Non-GAAP Results" table included below. Note that the applicable
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(2) | Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the
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GAAP revenue for the quarter was $56.9 million, in line with expectations. The Company also had licensing billings of $63.1 million, product revenue of $29.8 million, and contract and other revenue of $10.5 million. Rambus had total GAAP cost of revenue of $15.3 million and operating expenses of $54.2 million. The Company also had total non-GAAP operating expenses of $56.7 million (which includes non-GAAP cost of revenue), below the low end of its expectations through its cost management actions. Due to the Company's strong performance and cost management actions, its revenue was in line with expectations and its profit was at the high end of its expectations. The Company had GAAP diluted net loss per share of $0.11. The Company's basic share count was 114 million shares and its diluted share count would have been 116 million shares.
Cash, cash equivalents, and marketable securities as of September 30, 2020 were $520.2 million, an increase of $34.1 million from June 30, 2020, mainly due to $44.1 million in cash provided by operating activities.
2020 Fourth Quarter Outlook
The Company will discuss its full revenue guidance for the fourth quarter of 2020 during its upcoming conference call. The following table sets forth fourth quarter outlook for other measures.
(In millions) | GAAP |
| Non-GAAP (1) |
Licensing billings (2) | $61 - $67 |
| $61 - $67 |
Product revenue | $18 - $24 |
| $18 - $24 |
Contract and other revenue | $9 - $15 |
| $9 - $15 |
Total operating costs and expenses | $71 - $67 |
| $59 - $55 |
Interest and other income (expense), net | $0 |
| ($1) |
Diluted share count | 117 |
| 117 |
|
|
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| (1) | See "Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates" table included
|
| (2) | Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period,
|
