- Delivered strong Q1 results with revenue and earnings at the high end of guidance
- Produced quarterly product revenue of $63.8 million driven by memory interface chips, up 33% year over year
- Extended comprehensive patent license agreement with SK hynix by 10 years through 2034
SAN JOSE, Calif. — (BUSINESS WIRE) — May 1, 2023 — 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, 2023. GAAP revenue for the first quarter was $113.8 million, licensing billings were $63.4 million, product revenue was $63.8 million, and contract and other revenue was $21.8 million. The Company also generated $38.9 million in cash provided by operating activities in the first quarter.
“Rambus delivered a strong first quarter with revenue and earnings at the high end of guidance, driven by continued execution and industry-leading products as we successfully navigate the near-term challenges in the market,” said Luc Seraphin, chief executive officer of Rambus. “We are well positioned to address the favorable secular trends in the data center, fueled by exciting advancements in AI and other demanding workloads, and drive the company’s long-term profitable growth.”
Quarterly Financial Review - GAAP |
Three Months Ended March 31, |
||||||
(In millions, except for percentages and per share amounts) |
2023 |
|
2022 |
||||
Revenue |
|
|
|
||||
Product revenue |
$ |
63.8 |
|
|
$ |
48.0 |
|
Royalties |
|
28.2 |
|
|
|
30.4 |
|
Contract and other revenue |
|
21.8 |
|
|
|
20.6 |
|
Total revenue |
|
113.8 |
|
|
|
99.0 |
|
Cost of product revenue |
|
26.4 |
|
|
|
18.4 |
|
Cost of contract and other revenue |
|
1.7 |
|
|
|
0.6 |
|
Amortization of acquired intangible assets (included in total cost of revenue) |
|
3.6 |
|
|
|
3.4 |
|
| Total operating expenses (1) |
|
80.2 |
|
|
|
68.3 |
|
| Operating income |
$ |
1.9 |
|
|
$ |
8.3 |
|
| Operating margin |
|
2 |
% |
|
|
8 |
% |
| Net income (loss) |
$ |
3.3 |
|
|
$ |
(66.2 |
) |
| Diluted net income (loss) per share |
$ |
0.03 |
|
|
$ |
(0.60 |
) |
| Net cash provided by operating activities |
$ |
38.9 |
|
|
$ |
42.6 |
|
