Rambus Inc

NASDAQ:RMBSUnited States

Oct 28, 2024

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• Rambus Q3 Earnings Decline, Revenue Rises -- Shares Down After Hours, from 5:09PM ET on Monday Oct 28, 2024 by MT Newswires

  5:09PM ET on Monday Oct 28, 2024 by MT Newswires
  Companies Mentioned: RMBS
  05:09 PM EDT, 10/28/2024 (MT Newswires) -- Rambus (RMBS) reported Q3 earnings late Monday of $0.45 per diluted share, down from $0.93 a year earlier. Two analysts polled by Capital IQ expected $0.40. Revenue in the quarter ended Sept. 30 was $145.5 ...

• -- Earnings Flash (RMBS) RAMBUS Reports Q3 Revenue $145.5M, from 4:06PM ET on Monday Oct 28, 2024 by MT Newswires

  4:06PM ET on Monday Oct 28, 2024 by MT Newswires
  Companies Mentioned: RMBS
  04:06 PM EDT, 10/28/2024 (MT Newswires) -- ...

• Rambus Reports Third Quarter 2024 Financial Results, from 4:05PM ET on Monday Oct 28, 2024 by Dow Jones

  4:05PM ET on Monday Oct 28, 2024 by Dow Jones
  Companies Mentioned: RMBS
  Cost of product revenue 24,554 19,388 67,381 64,554 Cost of contract and other revenue 752 1,295 2,307 4,280 Amortization of acquired intangible assets 2,796 3,349 8,904 10,472 ------- ------- ------- -------- Total cost of revenue 28,102 24,032 78,592 79,306 ------- ------- ------- -------- Gross profit 117,411 81,266 316,930 259,586 ------- ------- ------- -------- Operating expenses (benefits): Research and development 41,299 37,368 119,183 120,842 Sales, general and administrative 25,867 25,333 76,096 82,484 Amortization of acquired intangible assets 94 258 476 1,022 Restructuring and other charges (recoveries) -- (100) -- 9,394 Gain on divestiture -- (90,843) -- (90,843) Impairment of assets -- 10,045 1,071 10,045 Change in fair value of earn-out liability (4,544) (5,666) (5,044) 8,134 ------- ------- ------- -------- Total operating expenses (benefits) 62,716 (23,605) 191,782 141,078 ------- ------- ------- -------- Operating income 54,695 104,871 125,148 118,508 Interest income and other income (expense), net 4,667 2,715 13,654 7,112 Loss on fair value adjustment of derivatives, net -- -- -- (240) Interest expense (327) (356) (1,064) (1,113) ------- ------- ------- -------- Interest and other income (expense), net 4,340 2,359 12,590 5,759 ------- ------- ------- -------- Income before income taxes 59,035 107,230 137,738 124,267 Provision for (benefit from) income taxes 10,370 4,032 20,119 (151,092) ------- ------- ------- -------- Net income $ 48,665 $103,198 $117,619 $ 275,359 ======= ======= ======= ======== Net income per share: Basic $ 0.45 $ 0.95 $ 1.09 $ 2.54 ======= ======= ======= ======== Diluted $ 0.45 $ 0.93 $ 1.08 $ 2.48 ======= ======= ======= ======== Weighted average shares used in per share calculation Basic 107,235 108,317 107,681 108,412 ======= ======= ======= ======== Diluted 108,474 110,775 109,318 111,179 ======= ======= ======= ======== Rambus Inc. Supplemental Reconciliation of GAAP to Non-GAAP Results (Unaudited) Three Months Ended September 30, ---------------------- (In thousands) 2024 2023 ---------------------------------------------- ------- ------- Cost of product revenue $ 24,554 $ 19,388 Adjustment: Stock-based compensation expense (117) (149) ------- ------- Non-GAAP cost of product revenue $ 24,437 $ 19,239 ======= ======= Total operating expenses (benefits) $ 62,716 $(23,605) Adjustments: Stock-based compensation expense (11,881) (9,889) Acquisition-related costs and retention bonus expense (17) (37) Amortization of acquired intangible assets (94) (258) Restructuring and other recoveries -- 100 Expense on abandoned operating leases -- (40) Facility restoration costs -- 3 Severance costs -- (373) Gain on divestiture -- 90,843 Impairment of assets -- (10,045) Change in fair value of earn-out liability 4,544 5,666 ------- ------- Non-GAAP total operating expenses $ 55,268 $ 52,365 ======= ======= Interest and other income (expense), net $ 4,340 $ 2,359 Adjustment: Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements (163) (426) ------- ------- Non-GAAP interest and other income (expense), net $ 4,177 $ 1,933 ======= ======= Rambus Inc. Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates (Unaudited) Three Months Ended 2024 Fourth Quarter Outlook December 31, 2024 ------------------------------------------- ------------------------ (In millions) Low High ------------- --------- Forward-looking operating costs and expenses $ 101.0 $ 97.0 Adjustments: Stock-based compensation expense (13.0) (13.0) Amortization of acquired intangible assets (2.0) (2.0) --- ------- ----- Forward-looking Non-GAAP operating costs and expenses $ 86.0 $ 82.0 === ======= =====