Rambus Reports Fourth Quarter and Fiscal Year 2023 Financial Results
- Strong Q4 results with revenue and earnings at the high end of guidance
- Generated $54.8 million in cash from operations in Q4
- Produced quarterly product revenue of $53.7 million driven by memory interface chips
- Launched industry’s first Gen4 DDR5 RCD for server memory modules
- Operating income of $35.1 million, with a net income of $58.5 million and diluted net income per share of $0.53
- Cash, cash equivalents, and marketable securities as of December 31, 2023, were $425.8 million, an increase of $50.3 million as compared to September 30, 2023
- None.
Insights
The reported Q4 earnings of Rambus Inc. are indicative of a robust financial performance, with revenues and earnings at the high end of guidance. A significant cash generation of $54.8 million from operations underscores a strong cash flow position, which is a vital indicator of the company's operational efficiency and financial health. The product revenue driven by memory interface chips, particularly the launch of the industry's first Gen4 DDR5 RCD for server memory modules, suggests product innovation and potential market leadership.
From an investment perspective, the solid earnings report could signal underlying strength in Rambus's business model and execution, possibly affecting investor sentiment positively. The increase in net income to $58.5 million, compared to the previous year and a substantial operating margin improvement from 13% to 29%, reflect operational leverage and cost management effectiveness that could influence the stock's valuation multiples.
Furthermore, the company's positioning in high-performance solutions for data centers and AI indicates alignment with growing market segments, which may contribute to sustainable long-term growth. The increase in cash and cash equivalents to $425.8 million provides the company with strategic flexibility for investments or shareholder return programs, which are factors often evaluated by investors when assessing a company's future prospects.
Rambus Inc.'s focus on high-performance solutions for data centers and AI aligns with the broader industry trends where demand for memory interface chips is driven by the increasing data processing needs of modern technologies. The launch of the industry's first Gen4 DDR5 RCD for server memory modules could represent a competitive advantage and an opportunity to capture market share in a growing segment. This innovation could resonate with trends in server upgrades and cloud infrastructure expansion, potentially leading to increased demand for Rambus's products.
The company's forward-looking guidance, with licensing billings expected to be between $59 million and $65 million and product revenue between $47 million and $53 million, provides a glimpse into management's expectations for continued growth. However, it is important to note that revenue projections are subject to the successful signing of customer agreements and other variables, which introduces some degree of uncertainty and risk.
Additionally, the projected operating costs and expenses suggest a focus on maintaining cost discipline while investing in growth opportunities. As the semiconductor industry is known for its cyclical nature, Rambus's ability to manage its cost structure while innovating could be a critical factor in maintaining profitability during industry downturns.
The financial results of Rambus Inc. reflect not only the company's internal operational strengths but also the broader economic environment of the semiconductor industry. The semiconductor sector is currently experiencing a phase of growth, driven by the increasing demand for high-performance computing and AI applications. Rambus's strategic positioning in these areas may allow it to benefit from industry tailwinds.
The company's revenue diversification, with a mix of product revenue, licensing billings and contract revenue, suggests a business model that can leverage different revenue streams. This diversification can be particularly advantageous in mitigating sector-specific risks and capitalizing on various growth opportunities.
It is also worth noting that the semiconductor industry is subject to global supply chain dynamics and geopolitical factors that can influence production costs and market access. Rambus's strong cash position may provide a buffer against such external shocks, enabling the company to navigate potential supply chain disruptions with greater resilience.
- Delivered strong Q4 results with revenue and earnings at the high end of guidance
-
Generated
$54.8 million -
Produced quarterly product revenue of
$53.7 million - Launched industry’s first Gen4 DDR5 RCD for server memory modules
“Through continued product leadership and outstanding execution on our strategy, we delivered a strong fourth quarter and full-year results that outpaced the overall semiconductor market,” said Luc Seraphin, chief executive officer of Rambus. “With our focus on high-performance solutions for the data center and AI, we are well positioned to drive the long-term profitable growth of the company and consistently return value to our stockholders.”
Quarterly Financial Review - GAAP |
|
Three Months Ended
|
||||||
(In millions, except for percentages and per share amounts) |
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
|
|
|
||||
Product revenue |
|
$ |
53.7 |
|
|
$ |
67.2 |
|
Royalties |
|
|
52.4 |
|
|
|
31.4 |
|
Contract and other revenue |
|
|
16.1 |
|
|
|
23.8 |
|
Total revenue |
|
|
122.2 |
|
|
|
122.4 |
|
Cost of product revenue |
|
|
19.9 |
|
|
|
28.2 |
|
Cost of contract and other revenue |
|
|
1.1 |
|
|
|
1.6 |
|
Amortization of acquired intangible assets (included in total cost of revenue) |
|
|
3.1 |
|
|
|
3.6 |
|
Total operating expenses (1) |
|
|
63.0 |
|
|
|
72.8 |
|
Operating income |
|
$ |
35.1 |
|
|
$ |
16.2 |
|
Operating margin |
|
|
29 |
% |
|
|
13 |
% |
Net income |
|
$ |
58.5 |
|
|
$ |
15.9 |
|
Diluted net income per share |
|
$ |
0.53 |
|
|
$ |
0.14 |
|
|
|
|
|
|
||||
Net cash provided by operating activities |
|
$ |
54.8 |
|
|
$ |
51.3 |
|
____________________________ |
||
(1) |
Includes amortization of acquired intangible assets of approximately |
|
Quarterly Financial Review - Supplemental Information(1) |
|
Three Months Ended
|
|||||
(In millions) |
|
2023 |
|
2022 |
|||
Licensing billings (operational metric) (2) |
|
$ |
66.2 |
|
$ |
64.3 |
|
Product revenue (GAAP) |
|
$ |
53.7 |
|
$ |
67.2 |
|
Contract and other revenue (GAAP) |
|
$ |
16.1 |
|
$ |
23.8 |
|
Non-GAAP cost of product revenue |
|
$ |
19.8 |
|
$ |
28.1 |
|
Cost of contract and other revenue (GAAP) |
|
$ |
1.1 |
|
$ |
1.6 |
|
Non-GAAP total operating expenses |
|
$ |
51.0 |
|
$ |
55.8 |
|
Non-GAAP interest and other income (expense), net |
|
$ |
3.6 |
|
$ |
(0.7 |
) |
Diluted share count (GAAP) |
|
|
110 |
|
|
111 |
|
____________________________ |
||
(1) |
See “Supplemental Reconciliation of GAAP to Non-GAAP Results” table included below. |
|
(2) |
Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period, as adjusted for certain differences relating to advanced payments for variable licensing agreements. |
|
GAAP revenue for the quarter was
Cash, cash equivalents, and marketable securities as of December 31, 2023 were
2024 First Quarter Outlook
The Company will discuss its full revenue guidance for the first quarter of 2024 during its upcoming conference call. The following table sets forth first quarter outlook for other measures.
(In millions) |
|
GAAP |
|
Non-GAAP (1) |
Licensing billings (operational metric) (2) |
|
|
|
|
Product revenue |
|
|
|
|
Contract and other revenue |
|
|
|
|
Total operating costs and expenses |
|
|
|
|
Interest and other income (expense), net |
|
|
|
|
Diluted share count |
|
110 |
|
110 |
____________________________ |
||
(1) |
See “Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates” table included below. |
|
(2) |
Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period, as adjusted for certain differences relating to advanced payments for variable licensing agreements. |
|
For the first quarter of 2024, the Company expects licensing billings to be between
The Company also expects operating costs and expenses to be between
Conference Call
Rambus management will discuss the results of the quarter during a conference call scheduled for 2:00 p.m. PT today. The call will be webcast and can be accessed via Rambus’ website at investor.rambus.com. A replay will be available following the call on the Rambus Investor Relations website or for the next week at the following numbers: (866) 813-9403 (domestic) or (+1) 929-458-6194 (international) with ID# 272129.
Non-GAAP Financial Information
In the commentary set forth above and in the financial statements included in this earnings release, the Company presents the following non-GAAP financial measures: cost of product revenue, operating expenses and interest and other income (expense), net. In computing each of these non-GAAP financial measures, the following items were considered as discussed below: stock-based compensation expense, acquisition/divestiture-related costs and retention bonus expense, amortization of acquired intangible assets, restructuring and other charges (benefits), (gain) loss on divestiture, expense on abandoned operating leases, change in fair value of earn-out liability, gain on sale of non-marketable equity security, non-cash interest expense on convertible notes, and certain other one-time adjustments. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Management believes the non-GAAP financial measures are appropriate for both its own assessment of, and to show investors, how the Company’s performance compares to other periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. A reconciliation from GAAP to non-GAAP results is included in the financial statements contained in this release.
The Company’s non-GAAP financial measures reflect adjustments based on the following items:
Stock-based compensation expense. These expenses primarily relate to employee stock options, employee stock purchase plans, and employee non-vested equity stock and non-vested stock units. The Company excludes stock-based compensation expense from its non-GAAP measures primarily because such expenses are non-cash expenses that the Company does not believe are reflective of ongoing operating results. Additionally, given the fact that other companies may grant different amounts and types of equity awards and may use different option valuation assumptions, excluding stock-based compensation expense permits more accurate comparisons of the Company’s results with peer companies.
Acquisition/divestiture-related costs and retention bonus expense. These expenses include all direct costs of certain acquisitions, divestitures and the current periods’ portion of any retention bonus expense associated with the acquisitions. The Company excludes these expenses in order to provide better comparability between periods as they are related to acquisitions and divestitures and have no direct correlation to the Company’s operations.
Amortization of acquired intangible assets. The Company incurs expenses for the amortization of intangible assets acquired in acquisitions. The Company excludes these items because these expenses are not reflective of ongoing operating results in the period incurred. These amounts arise from the Company’s prior acquisitions and have no direct correlation to the operation of the Company’s core business.
Restructuring and other charges (benefits). These charges (benefits) may consist of severance, contractual retention payments, exit costs and other charges and are excluded because such charges are not directly related to ongoing business results and do not reflect expected future operating expenses.
(Gain) loss on divestiture. Reflects the (gain) loss on the sale of the Company's PHY IP business. The Company excludes these charges (benefits) because such charges (benefits) are not directly related to ongoing business results and do not reflect expected future operating expenses (benefits).
Expense on abandoned operating leases. Reflects the expense on building leases that were abandoned. The Company excludes these charges because such charges are not directly related to ongoing business results and do not reflect expected future operating expenses.
Change in fair value of earn-out liability. This change is due to adjustments to acquisition purchase consideration. The Company excludes these adjustments because such adjustments are not directly related to ongoing business results and do not reflect expected future operating expenses.
Gain on sale of non-marketable equity security. The Company has excluded gain on sale of non-marketable equity security as this is not a reflection of the Company’s ongoing operations.
Non-cash interest expense on convertible notes. The Company incurred non-cash interest expense related to its convertible notes through the first quarter of 2023, at which point the remaining convertible notes matured. The Company excludes non-cash interest expense related to its convertible notes to provide more accurate comparisons of the Company’s results with other peer companies and to more accurately reflect the Company’s ongoing operations.
Income tax adjustments. For purposes of internal forecasting, planning and analyzing future periods that assume net income from operations, the Company estimates a fixed, long-term projected tax rate of approximately 24 percent for both 2023 and 2022, which consists of estimated
On occasion in the future, there may be other items, such as significant gains or losses from contingencies, that the Company may exclude in deriving its non-GAAP financial measures if it believes that doing so is consistent with the goal of providing useful information to investors and management.
About Rambus Inc.
Rambus is a provider of industry-leading chips and silicon IP making data faster and safer. With over 30 years of advanced semiconductor experience, we are a pioneer in high-performance memory solutions that solve the bottleneck between memory and processing for data-intensive systems. Whether in the cloud, at the edge or in your hand, real-time and immersive applications depend on data throughput and integrity. Rambus products and innovations deliver the increased bandwidth, capacity and security required to meet the world’s data needs and drive ever-greater end-user experiences. For more information, visit rambus.com.
Forward-Looking Statements
This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including those relating to Rambus’ expectations regarding business opportunities, the Company’s ability to deliver long-term, profitable growth, product and investment strategies, and the Company’s outlook and financial guidance for the first quarter of 2024 and related drivers, and the Company’s ability to effectively manage supply chain and other market challenges. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by the Company’s management. Actual results may differ materially. The Company’s business generally is subject to a number of risks which are described more fully in Rambus’ periodic reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
Rambus Inc. Condensed Consolidated Balance Sheets (Unaudited) |
||||||
(In thousands) |
|
December 31,
|
|
December 31,
|
||
ASSETS |
|
|
|
|
||
Current assets: |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
94,767 |
|
$ |
125,334 |
Marketable securities |
|
|
331,077 |
|
|
187,892 |
Accounts receivable |
|
|
82,925 |
|
|
55,368 |
Unbilled receivables |
|
|
50,872 |
|
|
125,698 |
Inventories |
|
|
36,154 |
|
|
20,900 |
Prepaids and other current assets |
|
|
34,850 |
|
|
12,022 |
Total current assets |
|
|
630,645 |
|
|
527,214 |
Intangible assets, net |
|
|
28,769 |
|
|
50,880 |
Goodwill |
|
|
286,812 |
|
|
292,040 |
Property, plant and equipment, net |
|
|
67,808 |
|
|
86,255 |
Operating lease right-of-use assets |
|
|
21,497 |
|
|
24,143 |
Unbilled receivables |
|
|
4,423 |
|
|
25,222 |
Deferred tax assets |
|
|
130,268 |
|
|
3,031 |
Income tax receivable |
|
|
84,298 |
|
|
1,064 |
Other assets |
|
|
1,613 |
|
|
2,745 |
Total assets |
|
$ |
1,256,133 |
|
$ |
1,012,594 |
|
|
|
|
|
||
LIABILITIES & STOCKHOLDERS’ EQUITY |
|
|
|
|
||
Current liabilities: |
|
|
|
|
||
Accounts payable |
|
$ |
18,074 |
|
$ |
24,815 |
Accrued salaries and benefits |
|
|
17,504 |
|
|
20,502 |
Convertible notes |
|
|
— |
|
|
10,378 |
Deferred revenue |
|
|
17,393 |
|
|
23,861 |
Income taxes payable |
|
|
5,099 |
|
|
18,137 |
Operating lease liabilities |
|
|
4,453 |
|
|
5,024 |
Other current liabilities |
|
|
26,598 |
|
|
23,992 |
Total current liabilities |
|
|
89,121 |
|
|
126,709 |
Long-term operating lease liabilities |
|
|
26,255 |
|
|
29,079 |
Long-term income taxes payable |
|
|
76,853 |
|
|
5,892 |
Deferred tax liabilities |
|
|
4,462 |
|
|
24,964 |
Other long-term liabilities |
|
|
21,341 |
|
|
46,653 |
Total liabilities |
|
|
218,032 |
|
|
233,297 |
Total stockholders’ equity |
|
|
1,038,101 |
|
|
779,297 |
Total liabilities and stockholders’ equity |
|
$ |
1,256,133 |
|
$ |
1,012,594 |
Rambus Inc. Condensed Consolidated Statements of Operations (Unaudited) |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||||||
(In thousands, except per share amounts) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
||||||||
Product revenue |
|
$ |
53,698 |
|
|
$ |
67,178 |
|
|
$ |
224,632 |
|
|
$ |
227,068 |
|
Royalties |
|
|
52,412 |
|
|
|
31,436 |
|
|
|
150,110 |
|
|
|
139,816 |
|
Contract and other revenue |
|
|
16,115 |
|
|
|
23,753 |
|
|
|
86,375 |
|
|
|
87,909 |
|
Total revenue |
|
|
122,225 |
|
|
|
122,367 |
|
|
|
461,117 |
|
|
|
454,793 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
||||||||
Cost of product revenue |
|
|
19,941 |
|
|
|
28,209 |
|
|
|
84,495 |
|
|
|
88,976 |
|
Cost of contract and other revenue |
|
|
1,123 |
|
|
|
1,615 |
|
|
|
5,403 |
|
|
|
4,668 |
|
Amortization of acquired intangible assets |
|
|
3,052 |
|
|
|
3,560 |
|
|
|
13,524 |
|
|
|
13,935 |
|
Total cost of revenue |
|
|
24,116 |
|
|
|
33,384 |
|
|
|
103,422 |
|
|
|
107,579 |
|
Gross profit |
|
|
98,109 |
|
|
|
88,983 |
|
|
|
357,695 |
|
|
|
347,214 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
35,985 |
|
|
|
40,121 |
|
|
|
156,827 |
|
|
|
158,769 |
|
Sales, general and administrative |
|
|
25,665 |
|
|
|
27,309 |
|
|
|
108,149 |
|
|
|
106,718 |
|
Amortization of acquired intangible assets |
|
|
195 |
|
|
|
415 |
|
|
|
1,217 |
|
|
|
1,674 |
|
Restructuring and other charges (benefits) |
|
|
(26 |
) |
|
|
— |
|
|
|
9,368 |
|
|
|
— |
|
(Gain) loss on divestiture |
|
|
59 |
|
|
|
— |
|
|
|
(90,784 |
) |
|
|
— |
|
Impairment of assets |
|
|
— |
|
|
|
— |
|
|
|
10,045 |
|
|
|
— |
|
Change in fair value of earn-out liability |
|
|
1,100 |
|
|
|
5,000 |
|
|
|
9,234 |
|
|
|
3,111 |
|
Total operating expenses |
|
|
62,978 |
|
|
|
72,845 |
|
|
|
204,056 |
|
|
|
270,272 |
|
Operating income |
|
|
35,131 |
|
|
|
16,138 |
|
|
|
153,639 |
|
|
|
76,942 |
|
Interest income and other income (expense), net |
|
|
4,215 |
|
|
|
835 |
|
|
|
11,327 |
|
|
|
7,771 |
|
Gain on fair value of equity security |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,547 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(83,626 |
) |
Loss on fair value adjustment of derivatives, net |
|
|
— |
|
|
|
— |
|
|
|
(240 |
) |
|
|
(10,585 |
) |
Gain on sale of non-marketable equity security |
|
|
23,924 |
|
|
|
— |
|
|
|
23,924 |
|
|
|
— |
|
Interest expense |
|
|
(377 |
) |
|
|
(484 |
) |
|
|
(1,490 |
) |
|
|
(1,874 |
) |
Interest and other income (expense), net |
|
|
27,762 |
|
|
|
351 |
|
|
|
33,521 |
|
|
|
(84,767 |
) |
Income (loss) before income taxes |
|
|
62,893 |
|
|
|
16,489 |
|
|
|
187,160 |
|
|
|
(7,825 |
) |
Provision for (benefit from) income taxes |
|
|
4,348 |
|
|
|
540 |
|
|
|
(146,744 |
) |
|
|
6,485 |
|
Net income (loss) |
|
$ |
58,545 |
|
|
$ |
15,949 |
|
|
$ |
333,904 |
|
|
$ |
(14,310 |
) |
Net income (loss) per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.54 |
|
|
$ |
0.15 |
|
|
$ |
3.09 |
|
|
$ |
(0.13 |
) |
Diluted |
|
$ |
0.53 |
|
|
$ |
0.14 |
|
|
$ |
3.01 |
|
|
$ |
(0.13 |
) |
Weighted average shares used in per share calculation: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
107,703 |
|
|
|
107,603 |
|
|
|
108,183 |
|
|
|
109,472 |
|
Diluted |
|
|
110,065 |
|
|
|
110,820 |
|
|
|
110,889 |
|
|
|
109,472 |
|
Rambus Inc. Supplemental Reconciliation of GAAP to Non-GAAP Results (Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
December 31, |
||||||
(In thousands) |
|
|
2023 |
|
|
|
2022 |
|
Cost of product revenue |
|
$ |
19,941 |
|
|
$ |
28,209 |
|
Adjustment: |
|
|
|
|
||||
Stock-based compensation expense |
|
|
(145 |
) |
|
|
(144 |
) |
Non-GAAP cost of product revenue |
|
$ |
19,796 |
|
|
$ |
28,065 |
|
|
|
|
|
|
||||
Total operating expenses |
|
$ |
62,978 |
|
|
$ |
72,845 |
|
Adjustments: |
|
|
|
|
||||
Stock-based compensation expense |
|
|
(10,389 |
) |
|
|
(10,122 |
) |
Acquisition/divestiture-related costs and retention bonus expense |
|
|
(285 |
) |
|
|
(1,028 |
) |
Amortization of acquired intangible assets |
|
|
(195 |
) |
|
|
(415 |
) |
Restructuring and other benefits |
|
|
26 |
|
|
|
— |
|
Loss on divestiture |
|
|
(59 |
) |
|
|
— |
|
Expense on abandoned operating leases |
|
|
(3 |
) |
|
|
(521 |
) |
Change in fair value of earn-out liability |
|
|
(1,100 |
) |
|
|
(5,000 |
) |
Non-GAAP total operating expenses |
|
$ |
50,973 |
|
|
$ |
55,759 |
|
|
|
|
|
|
||||
Interest and other income (expense), net |
|
$ |
27,762 |
|
|
$ |
351 |
|
Adjustments: |
|
|
|
|
||||
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements |
|
|
(246 |
) |
|
|
(1,029 |
) |
Gain on sale of non-marketable equity security |
|
|
(23,924 |
) |
|
|
— |
|
Non-cash interest expense on convertible notes |
|
|
— |
|
|
|
10 |
|
Non-GAAP interest and other income (expense), net |
|
$ |
3,592 |
|
|
$ |
(668 |
) |
Rambus Inc. Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates (Unaudited) |
||||||||
2024 First Quarter Outlook |
|
Three Months Ended March 31, 2024 |
||||||
(In millions) |
|
Low |
|
High |
||||
Forward-looking operating costs and expenses |
|
$ |
89.1 |
|
|
$ |
85.1 |
|
Adjustments: |
|
|
|
|
||||
Stock-based compensation expense |
|
|
(11.0 |
) |
|
|
(11.0 |
) |
Amortization of acquired intangible assets |
|
|
(3.1 |
) |
|
|
(3.1 |
) |
Forward-looking Non-GAAP operating costs and expenses |
|
$ |
75.0 |
|
|
$ |
71.0 |
|
|
|
|
|
|
||||
Forward-looking interest and other income (expense), net |
|
$ |
3.2 |
|
|
$ |
3.2 |
|
Adjustments: |
|
|
|
|
||||
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements |
|
|
(0.2 |
) |
|
|
(0.2 |
) |
Forward-looking Non-GAAP interest and other income (expense), net |
|
$ |
3.0 |
|
|
$ |
3.0 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240205433005/en/
Desmond Lynch
Senior Vice President, Finance and Chief Financial Officer
(408) 462-8000
dlynch@rambus.com
Source: Rambus Inc.
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