Rambus Reports First Quarter 2021 Financial Results

- Delivered strong Q1 results at high end of revenue and profitability targets

SAN JOSE, Calif., May 3, 2021 — (PRNewswire) — 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, 2021. GAAP revenue for the first quarter was $70.4 million; licensing billings were $63.5 million, product revenue was $30.8 million, and contract and other revenue was $10.7 million. The Company also generated $39.5 million in cash provided by operating activities.

"Rambus executed well in the first quarter, with revenue and earnings at the high end of expectations, and strong cash generation fueling investment in our product roadmap," said Luc Seraphin, chief executive officer of Rambus. "Ongoing share gains for memory interface chips and strong demand in Cloud and other target markets are driving topline growth for the company. We are pleased with our customer momentum and are confident in the Company's ability to deliver ongoing profitable growth."

Quarterly Financial Review - GAAP

Three Months Ended

March 31,

(In millions, except for percentages and per share amounts)

2021


2020

Revenue




Royalties

$

28.9



$

21.5


Product revenue

30.8



30.7


Contract and other revenue

10.7



13.6


   Total revenue

$

70.4



$

65.8


Cost of product revenue

$

11.4



$

10.3


Cost of contract and other revenue

$

1.6



$

1.2


Amortization of acquired intangible assets (included in total cost of revenue)

$

4.4



$

4.4


Total operating expenses (1)

$

56.5



$

59.4


Operating loss

$

(3.5)



$

(9.5)


Operating margin

(5)

%


(14)

%

Net loss

$

(2.6)



$

(6.5)


Diluted net loss per share

$

(0.02)



$

(0.06)


Net cash provided by operating activities

$

39.5



$

37.3




(1)

Includes amortization of acquired intangible assets of approximately $0.2 million and $0.3 million for the three months ended March 31, 2021 and 2020, respectively.



Quarterly Financial Review - Non-GAAP (including operational metric) (1)

Three Months Ended

March 31,

(In millions)

2021


2020

Licensing billings (2)

$

63.5



$

67.1


Product revenue

$

30.8



$

30.7


Contract and other revenue

$

10.7



$

13.6


Cost of product revenue

$

11.3



$

10.3


Cost of contract and other revenue

$

1.6



$

1.2


Total operating expenses

$

45.3



$

51.9


Interest and other income (expense), net

$

(0.6)



$

1.2


Diluted share count

116



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.


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