{"id":63165,"date":"2023-07-31T13:05:29","date_gmt":"2023-07-31T20:05:29","guid":{"rendered":"https:\/\/www.rambus.com\/?p=63165"},"modified":"2023-07-31T13:05:29","modified_gmt":"2023-07-31T20:05:29","slug":"second-quarter-2023-financial-results","status":"publish","type":"post","link":"https:\/\/www.rambus.com\/second-quarter-2023-financial-results\/","title":{"rendered":"Rambus Reports Second Quarter 2023 Financial Results"},"content":{"rendered":"<ul>\n<li>Delivered strong Q2 results with revenue in line and earnings at the high end of guidance<\/li>\n<li>Generated $50.4 million in cash from operations<\/li>\n<li>Produced quarterly product revenue of $55.0 million driven by memory interface chips<\/li>\n<\/ul>\n<p><strong>SAN JOSE, Calif. <\/strong>\u2013<strong> July 31, 2023 <\/strong>\u2013 Rambus Inc. (NASDAQ:RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for the second quarter ended June\u00a030, 2023. GAAP revenue for the second quarter was $119.8 million, licensing billings were $60.2 million, product revenue was $55.0 million, and contract and other revenue was $24.1 million. The Company also generated $50.4\u00a0million in cash provided by operating activities in the second quarter.<\/p>\n<p>\u201cRambus delivered a strong second quarter with solid results and execution from the team as we continue to successfully navigate through challenging market conditions,\u201d said Luc Seraphin, chief executive officer of Rambus. \u201cBy delivering the critical chips and IP that address the growing demand in data center fueled by AI, we are well positioned to drive the company\u2019s long-term profitable growth.&#8221;<\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"523\"><strong>Quarterly Financial Review &#8211; GAAP<\/strong><\/td>\n<td style=\"text-align: center;\" colspan=\"3\" width=\"159\"><strong>Three Months Ended<br \/>\nJune\u00a030,<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"523\"><strong>(In millions, except for percentages and per share amounts)<\/strong><\/td>\n<td width=\"77\"><strong>2023<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><strong>2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Revenue<\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Product revenue<\/td>\n<td width=\"77\">$55.0<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$53.3<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Royalties<\/td>\n<td width=\"77\">\u00a040.7<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u00a048.0<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Contract and other revenue<\/td>\n<td width=\"77\">\u00a024.1<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u00a019.8<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Total revenue<\/td>\n<td width=\"77\">119.8<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">121.1<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Cost of product revenue<\/td>\n<td width=\"77\">18.7<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">20.4<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Cost of contract and other revenue<\/td>\n<td width=\"77\">1.3<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">1.0<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Amortization of acquired intangible assets (included in total cost of revenue)<\/td>\n<td width=\"77\">3.6<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">3.4<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Total operating expenses <sup>(1)<\/sup><\/td>\n<td width=\"77\">84.5<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">60.8<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Operating income<\/td>\n<td width=\"77\">$11.7<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$35.5<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Operating margin<\/td>\n<td width=\"77\">10%<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">29%<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Net income<\/td>\n<td width=\"77\">$168.9<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$35.0<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Diluted net income per share<\/td>\n<td width=\"77\">$1.51<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$0.31<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Net cash provided by operating activities<\/td>\n<td width=\"77\">$50.4<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$56.5<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>_________________________________________<\/p>\n<p><sup>(1)<\/sup>Includes amortization of acquired intangible assets of approximately $0.4\u00a0million for each of the three months ended June\u00a030, 2023 and 2022.<\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"523\"><strong>Quarterly Financial Review &#8211; Supplemental Information<sup>(1)<\/sup><\/strong><\/td>\n<td style=\"text-align: center;\" colspan=\"3\" width=\"159\"><strong>Three Months Ended<br \/>\nJune\u00a030,<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"523\"><strong>(In millions)<\/strong><\/td>\n<td width=\"77\"><strong>2023<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><strong>2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Licensing billings (operational metric) <sup>(2)<\/sup><\/td>\n<td width=\"77\">$60.2<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$66.1<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Product revenue (GAAP)<\/td>\n<td width=\"77\">$55.0<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$53.3<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Contract and other revenue (GAAP)<\/td>\n<td width=\"77\">$24.1<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$19.8<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Non-GAAP cost of product revenue<\/td>\n<td width=\"77\">$18.6<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$20.3<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Cost of contract and other revenue (GAAP)<\/td>\n<td width=\"77\">$1.3<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$1.0<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Non-GAAP total operating expenses<\/td>\n<td width=\"77\">$55.9<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$54.9<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Non-GAAP interest and other income (expense), net<\/td>\n<td width=\"77\">$1.2<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$1.0<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Diluted share count (GAAP)<\/td>\n<td width=\"77\">112<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">113<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>_________________________________________<\/p>\n<p><sup>(1)<\/sup>See \u201cSupplemental Reconciliation of GAAP to Non-GAAP Results\u201d table included below.<\/p>\n<p><sup>(2)<\/sup>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.<\/p>\n<p>GAAP revenue for the quarter was $119.8 million. The Company also had licensing billings of $60.2 million, product revenue of $55.0\u00a0million, and contract and other revenue of $24.1 million. The Company had total GAAP cost of revenue of $23.6 million and operating expenses of $84.5 million. The Company also had total non-GAAP operating expenses of $75.7\u00a0million (including non-GAAP cost of revenue of $19.9 million). The Company had GAAP diluted net income per share of $1.51, largely driven by a net benefit from income taxes of $155.3 million from a release of the Company&#8217;s valuation allowance in the second quarter. The Company\u2019s basic share count was 109 million shares and its diluted share count was 112\u00a0million shares.<\/p>\n<p>Cash, cash equivalents, and marketable securities as of June\u00a030, 2023 were $332.6\u00a0million, an increase of $40.5\u00a0million from March 31, 2023, mainly due to $50.4\u00a0million in cash provided by operating activities.<\/p>\n<p><strong>2023 Third Quarter Outlook<\/strong><\/p>\n<p>The Company will discuss its full revenue guidance for the third quarter of 2023 during its upcoming conference call. The following table sets forth third quarter outlook for other measures.<\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"455\"><strong>(In millions)<\/strong><\/td>\n<td width=\"112\"><strong>GAAP<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"112\"><strong>Non-GAAP <sup>(1)<\/sup><\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"455\">Licensing billings (operational metric) <sup>(2)<\/sup><\/td>\n<td width=\"112\">$59 &#8211; $65<\/td>\n<td width=\"5\"><\/td>\n<td width=\"112\">$59 &#8211; $65<\/td>\n<\/tr>\n<tr>\n<td width=\"455\">Product revenue (GAAP)<\/td>\n<td width=\"112\">$47 &#8211; $53<\/td>\n<td width=\"5\"><\/td>\n<td width=\"112\">$47 &#8211; $53<\/td>\n<\/tr>\n<tr>\n<td width=\"455\">Contract and other revenue (GAAP)<\/td>\n<td width=\"112\">$17 &#8211; $23<\/td>\n<td width=\"5\"><\/td>\n<td width=\"112\">$17 &#8211; $23<\/td>\n<\/tr>\n<tr>\n<td width=\"455\">Total operating costs and expenses<\/td>\n<td width=\"112\">$90 &#8211; $86<\/td>\n<td width=\"5\"><\/td>\n<td width=\"112\">$75 &#8211; $71<\/td>\n<\/tr>\n<tr>\n<td width=\"455\">Interest and other income (expense), net<\/td>\n<td width=\"112\">$1<\/td>\n<td width=\"5\"><\/td>\n<td width=\"112\">$1<\/td>\n<\/tr>\n<tr>\n<td width=\"455\">Diluted share count<\/td>\n<td width=\"112\">112<\/td>\n<td width=\"5\"><\/td>\n<td width=\"112\">112<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>_________________________________________<\/p>\n<p><sup>(1)<\/sup>See \u201cReconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates\u201d table included below.<\/p>\n<p><sup>(2)<\/sup>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.<\/p>\n<p>For the third quarter of 2023, the Company expects licensing billings to be between $59\u00a0million and $65\u00a0million. The Company also expects royalty revenue to be between $26\u00a0million and $32\u00a0million, product revenue to be between $47\u00a0million and $53\u00a0million and contract and other revenue to be between $17\u00a0million and $23\u00a0million. Revenue is not without risk and achieving revenue in this range will require that the Company sign customer agreements for various product sales and solutions licensing, among other matters.<\/p>\n<p>The Company also expects operating costs and expenses to be between $90\u00a0million and $86\u00a0million. Additionally, the Company expects non-GAAP operating costs and expenses to be between $75\u00a0million and $71\u00a0million. These expectations also assume non-GAAP interest and other income (expense), net, of $1\u00a0million, a tax rate of 24% and diluted share count of 112\u00a0million, and exclude stock-based compensation expense of $12\u00a0million, amortization of acquired intangible assets of $3\u00a0million, and interest income related to the significant financing component from fixed-fee patent and technology licensing arrangements of $0\u00a0million.<\/p>\n<p><strong>Conference Call<\/strong><\/p>\n<p>The Company\u2019s management will discuss the results of the quarter during a conference call scheduled for 2:00\u00a0p.m. PT today. The call, audio and slides will be available online at investor.rambus.com and a replay will be available for the next week at the following numbers: (866)\u00a0813-9403 (domestic) or (+1)\u00a0929-458-6194 (international) with ID# 439534.<\/p>\n<p><strong>Non-GAAP Financial Information<\/strong><\/p>\n<p>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:\u00a0cost of product revenue, operating expenses and interest and other income (expense), net.\u00a0In computing each of these non-GAAP financial measures, the following items were considered as discussed below: stock-based compensation expense, acquisition-related costs and retention bonus expense, amortization of acquired intangible assets, expense on abandoned operating leases, facility restoration costs, change in fair value of earn-out liability, loss on extinguishment of debt, loss on fair value adjustment of derivatives, net, realized loss on sale of marketable securities sold for the purpose of notes repurchase, non-cash interest expense 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\u2019s 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.<sup>\u00a0<\/sup><\/p>\n<p>The Company\u2019s non-GAAP financial measures reflect adjustments based on the following items:<\/p>\n<p><em>Stock-based compensation expense<\/em>. 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\u2019s results with peer companies.<\/p>\n<p><em>Acquisition-related\/divestiture costs and retention bonus expense. <\/em>These expenses include all direct costs of certain acquisitions, divestitures and the current periods\u2019 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\u2019s operations.<\/p>\n<p><em>Amortization of acquired intangible assets<\/em>. 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\u2019s prior acquisitions and have no direct correlation to the operation of the Company\u2019s core business.<\/p>\n<p><em>Restructuring and other charges.<\/em> These charges 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.<\/p>\n<p><em>Expense on abandoned operating leases.<\/em> 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.<\/p>\n<p><em>Facility restoration costs.<\/em> These charges consist of exit costs associated with our leased office space and are excluded because such charges are not directly related to ongoing business results and do not reflect expected future operating expenses.<\/p>\n<p><em>Change in fair value of earn-out liability.<\/em> 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.<\/p>\n<p><em>Non-cash interest expense on convertible notes. <\/em>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\u2019s results with other peer companies and to more accurately reflect the Company\u2019s ongoing operations.<\/p>\n<p><em>Income tax adjustments<\/em>. 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\u00a0percent for both 2023 and 2022, which consists of estimated U.S. federal and state tax rates, and excludes tax rates associated with certain items such as withholding tax, tax credits, deferred tax asset valuation allowance and the release of any deferred tax asset valuation allowance. Accordingly, the Company has applied these tax rates to its non-GAAP financial results for all periods in the relevant years to assist the Company\u2019s planning.<\/p>\n<p>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.<sup>\u00a0<\/sup><\/p>\n<p><strong>Forward-Looking Statements<\/strong><\/p>\n<p>This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including those relating to Rambus\u2019 expectations regarding business opportunities, the Company\u2019s ability to deliver long-term, profitable growth, product and investment strategies, and the Company\u2019s outlook and financial guidance for the third quarter of 2023 and related drivers, and the Company\u2019s ability to effectively manage supply chain and other market challenges. Such forward-looking statements are based on current expectations, estimates and projections, management\u2019s beliefs and certain assumptions made by the Company\u2019s management. Actual results may differ materially. The Company\u2019s business generally is subject to a number of risks which are described more fully in Rambus\u2019 periodic reports filed with the Securities and Exchange Commission, as well as potential adverse impacts related to, or arising from, COVID-19 and its variants. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.<\/p>\n<p><strong>Contact<\/strong><br \/>\nDesmond Lynch<br \/>\nSenior Vice President, Finance and Chief Financial Officer<br \/>\n(408) 462-8000<br \/>\ndlynch@rambus.com<\/p>\n<p style=\"text-align: center;\"><strong>Rambus Inc.<br \/>\nCondensed Consolidated Balance Sheets<br \/>\n(Unaudited)<\/strong><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"495\"><strong>(In thousands)<\/strong><\/td>\n<td width=\"91\"><strong>June 30,<br \/>\n2023<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><strong>December 31,<br \/>\n2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"495\"><strong>ASSETS<\/strong><\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Current assets:<\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Cash and cash equivalents<\/td>\n<td width=\"91\">$122,190<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$125,334<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Marketable securities<\/td>\n<td width=\"91\">210,437<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">187,892<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Accounts receivable<\/td>\n<td width=\"91\">63,929<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">55,368<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Unbilled receivables<\/td>\n<td width=\"91\">94,553<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">125,698<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Inventories<\/td>\n<td width=\"91\">33,527<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">20,900<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Prepaids and other current assets<\/td>\n<td width=\"91\">11,829<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">12,022<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Total current assets<\/td>\n<td width=\"91\">536,465<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">527,214<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Intangible assets, net<\/td>\n<td width=\"91\">42,992<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">50,880<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Goodwill<\/td>\n<td width=\"91\">292,040<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">292,040<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Property, plant and equipment, net<\/td>\n<td width=\"91\">87,167<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">86,255<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Operating lease right-of-use assets<\/td>\n<td width=\"91\">21,598<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">24,143<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Deferred tax assets<\/td>\n<td width=\"91\">140,405<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">3,031<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Unbilled receivables<\/td>\n<td width=\"91\">3,298<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">25,222<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Other assets<\/td>\n<td width=\"91\">3,151<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">3,809<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Total assets<\/td>\n<td width=\"91\">$1,127,116<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$1,012,594<\/td>\n<\/tr>\n<tr>\n<td width=\"495\"><\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\"><strong>LIABILITIES &amp; STOCKHOLDERS\u2019 EQUITY<\/strong><\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Current liabilities:<\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Accounts payable<\/td>\n<td width=\"91\">$17,643<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$24,815<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Accrued salaries and benefits<\/td>\n<td width=\"91\">22,251<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">20,502<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Convertible notes<\/td>\n<td width=\"91\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">10,378<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Deferred revenue<\/td>\n<td width=\"91\">16,779<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">23,861<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Income taxes payable<\/td>\n<td width=\"91\">12,942<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">18,137<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Operating lease liabilities<\/td>\n<td width=\"91\">4,098<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">5,024<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Other current liabilities<\/td>\n<td width=\"91\">27,731<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">23,992<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Total current liabilities<\/td>\n<td width=\"91\">101,444<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">126,709<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Long-term liabilities:<\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Long-term operating lease liabilities<\/td>\n<td width=\"91\">27,160<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">29,079<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Long-term income taxes payable<\/td>\n<td width=\"91\">1,973<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">5,892<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Deferred tax liabilities<\/td>\n<td width=\"91\">5,819<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">24,964<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Other long-term liabilities<\/td>\n<td width=\"91\">45,162<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">46,653<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Total long-term liabilities<\/td>\n<td width=\"91\">80,114<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">106,588<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Total stockholders\u2019 equity<\/td>\n<td width=\"91\">945,558<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">779,297<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Total liabilities and stockholders\u2019 equity<\/td>\n<td width=\"91\">$1,127,116<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$1,012,594<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center;\"><strong>Rambus Inc.<br \/>\nCondensed Consolidated Statements of Operations<br \/>\n(Unaudited)<\/strong><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"390\"><\/td>\n<td style=\"text-align: center;\" colspan=\"3\" width=\"145\"><strong>Three Months Ended<br \/>\nJune\u00a030,<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"4\"><\/td>\n<td style=\"text-align: center;\" colspan=\"3\" width=\"145\"><strong>Six Months Ended<br \/>\nJune\u00a030,<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"390\"><strong>(In thousands, except per share amounts)<\/strong><\/td>\n<td width=\"70\"><strong>2023<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\"><strong>2022<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\"><strong>2023<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\"><strong>2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Revenue:<\/td>\n<td width=\"70\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\"><\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\"><\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Product revenue<\/td>\n<td width=\"70\">$54,978<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">$53,302<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">$118,753<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">$101,271<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Royalties<\/td>\n<td width=\"70\">40,672<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">48,038<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">68,841<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">78,502<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Contract and other revenue<\/td>\n<td width=\"70\">\u00a0\u00a024,182<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">\u00a0\u00a019,792<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">\u00a0\u00a046,000<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">\u00a0\u00a040,409<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Total revenue<\/td>\n<td width=\"70\">119,832<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">121,132<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">233,594<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">220,182<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Cost of revenue:<\/td>\n<td width=\"70\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\"><\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\"><\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Cost of product revenue<\/td>\n<td width=\"70\">18,743<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">20,417<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">45,166<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">38,814<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Cost of contract and other revenue<\/td>\n<td width=\"70\">\u00a01,294<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">974<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">2,985<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">1,598<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Amortization of acquired intangible assets<\/td>\n<td width=\"70\">3,561<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">3,421<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">7,123<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">6,799<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Total cost of revenue<\/td>\n<td width=\"70\">23,598<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">24,812<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">55,274<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">47,211<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Gross profit<\/td>\n<td width=\"70\">96,234<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">96,320<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">178,320<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">172,971<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Operating expenses:<\/td>\n<td width=\"70\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\"><\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\"><\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Research and development<\/td>\n<td width=\"70\">41,576<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">39,538<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">83,474<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">79,353<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Sales, general and administrative<\/td>\n<td width=\"70\">26,187<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">26,305<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">57,151<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">53,211<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Amortization of acquired intangible assets<\/td>\n<td width=\"70\">382<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">417<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">764<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">826<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Restructuring and other charges<\/td>\n<td width=\"70\">9,494<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">\u2014<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">9,494<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">\u2014<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Change in fair value of earn-out liability<\/td>\n<td width=\"70\">6,900<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">(5,500)<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">13,800<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">(4,300)<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Total operating expenses<\/td>\n<td width=\"70\">84,539<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">60,760<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">164,683<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">129,090<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Operating income<\/td>\n<td width=\"70\">11,695<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">35,560<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">13,637<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">43,881<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Interest income and other income (expense), net<\/td>\n<td width=\"70\">2,236<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">2,738<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">4,397<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">4,098<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Loss on extinguishment of debt<\/td>\n<td width=\"70\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">\u2014<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">(66,497)<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Loss on fair value adjustment of derivatives, net<\/td>\n<td width=\"70\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">\u2014<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">(240)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">(8,283)<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Interest expense<\/td>\n<td width=\"70\">(376)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">(348)<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">(757)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">(953)<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Interest and other income (expense), net<\/td>\n<td width=\"70\">1,860<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">2,390<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">3,400<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">(71,635)<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Income (loss) before income taxes<\/td>\n<td width=\"70\">13,555<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">37,950<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">17,037<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">(27,754)<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Provision for (benefit from) income taxes<\/td>\n<td width=\"70\">(155,325)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">2,930<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">(155,124)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">3,444<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Net income (loss)<\/td>\n<td width=\"70\">$168,880<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">$35,020<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">$172,161<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">$(31,198)<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Net income (loss) per share:<\/td>\n<td width=\"70\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\"><\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\"><\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Basic<\/td>\n<td width=\"70\">$1.55<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">$0.32<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">$1.59<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">$(0.28)<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Diluted<\/td>\n<td width=\"70\">$1.51<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">$0.31<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">$1.55<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">$(0.28)<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Weighted average shares used in per share calculation<\/td>\n<td width=\"70\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\"><\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\"><\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Basic<\/td>\n<td width=\"70\">109,039<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">110,447<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">108,561<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">110,170<\/td>\n<\/tr>\n<tr>\n<td width=\"390\">Diluted<\/td>\n<td width=\"70\">111,601<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">112,715<\/td>\n<td width=\"4\"><\/td>\n<td width=\"70\">111,373<\/td>\n<td width=\"5\"><\/td>\n<td width=\"70\">110,170<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center;\"><strong>Rambus Inc.<br \/>\nSupplemental Reconciliation of GAAP to Non-GAAP Results<br \/>\n(Unaudited)<\/strong><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"501\"><\/td>\n<td style=\"text-align: center;\" colspan=\"3\" width=\"181\"><strong>Three Months Ended<br \/>\nJune\u00a030,<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"501\"><strong>(In thousands)<\/strong><\/td>\n<td width=\"88\"><strong>2023<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><strong>2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Cost of product revenue<\/td>\n<td width=\"88\">$18,743<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">$20,417<\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Adjustment:<\/td>\n<td width=\"88\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Stock-based compensation expense<\/td>\n<td width=\"88\">(151)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">(132)<\/td>\n<\/tr>\n<tr>\n<td width=\"501\"><strong>Non-GAAP cost of product revenue<\/strong><\/td>\n<td width=\"88\"><strong>$18,592 <\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><strong>$20,285 <\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"501\"><\/td>\n<td width=\"88\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Total operating expenses<\/td>\n<td width=\"88\">$84,539<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">$60,760<\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Adjustments:<\/td>\n<td width=\"88\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Stock-based compensation expense<\/td>\n<td width=\"88\">(11,224)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">(8,504)<\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Acquisition-related costs and retention bonus expense<\/td>\n<td width=\"88\">(478)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">(1,949)<\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Amortization of acquired intangible assets<\/td>\n<td width=\"88\">(382)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">(417)<\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Restructuring and other charges<\/td>\n<td width=\"88\">(9,494)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">\u2014<\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Expense on abandoned operating leases<\/td>\n<td width=\"88\">(195)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">(531)<\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Facility restoration costs<\/td>\n<td width=\"88\">(10)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">\u2014<\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Change in fair value of earn-out liability<\/td>\n<td width=\"88\">(6,900)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">5,500<\/td>\n<\/tr>\n<tr>\n<td width=\"501\"><strong>Non-GAAP total operating expenses<\/strong><\/td>\n<td width=\"88\"><strong>$55,856 <\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><strong>$54,859 <\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"501\"><\/td>\n<td width=\"88\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Interest and other income (expense), net<\/td>\n<td width=\"88\">$1,860<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">$2,390<\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Adjustments:<\/td>\n<td width=\"88\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements<\/td>\n<td width=\"88\">(627)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">(1,455)<\/td>\n<\/tr>\n<tr>\n<td width=\"501\">Non-cash interest expense on convertible notes<\/td>\n<td width=\"88\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">45<\/td>\n<\/tr>\n<tr>\n<td width=\"501\"><strong>Non-GAAP interest and other income (expense), net<\/strong><\/td>\n<td width=\"88\"><strong>$1,233 <\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><strong>$980 <\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Rambus Inc.<br \/>\nReconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates<br \/>\n(Unaudited)<\/strong><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"499\"><strong>2023<\/strong><strong> Third Quarter Outlook<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td style=\"text-align: center;\" colspan=\"3\" width=\"181\"><strong>Three Months Ended<br \/>\nSeptember 30, 2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"499\"><strong>(In millions)<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\"><strong>Low<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><strong>High<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"499\">Forward-looking operating costs and expenses<\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\">$90.1<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">$86.1<\/td>\n<\/tr>\n<tr>\n<td width=\"499\">Adjustments:<\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><\/td>\n<\/tr>\n<tr>\n<td width=\"499\">Stock-based compensation expense<\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\">(11.7)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">(11.7)<\/td>\n<\/tr>\n<tr>\n<td width=\"499\">Amortization of acquired intangible assets<\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\">(3.4)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">(3.4)<\/td>\n<\/tr>\n<tr>\n<td width=\"499\"><strong>Forward-looking Non-GAAP operating costs and expenses<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\"><strong>$75.0 <\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><strong>$71.0 <\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"499\"><\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><\/td>\n<\/tr>\n<tr>\n<td width=\"499\">Forward-looking interest and other income (expense), net<\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\">$1.4<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">$1.4<\/td>\n<\/tr>\n<tr>\n<td width=\"499\">Adjustments:<\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><\/td>\n<\/tr>\n<tr>\n<td width=\"499\">Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements<\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\">(0.4)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">(0.4)<\/td>\n<\/tr>\n<tr>\n<td width=\"499\"><strong>Forward-looking Non-GAAP interest and other income (expense), net<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\"><strong>$1.0 <\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><strong>$1.0 <\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Delivered strong Q2 results with revenue in line and earnings at the high end of guidance Generated $50.4 million in cash from operations Produced quarterly product revenue of $55.0 million driven by memory interface chips SAN JOSE, Calif. \u2013 July 31, 2023 \u2013 Rambus Inc. (NASDAQ:RMBS), a provider of industry-leading chips and IP making data [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":24756,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[799,82,34],"tags":[],"class_list":{"0":"post-63165","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-press-releases-corporate","8":"category-financial","9":"category-pressreleases","10":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Rambus Reports Second Quarter 2023 Financial Results - 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