{"id":63923,"date":"2024-02-05T13:05:35","date_gmt":"2024-02-05T21:05:35","guid":{"rendered":"https:\/\/www.rambus.com\/?p=63923"},"modified":"2024-02-05T13:05:35","modified_gmt":"2024-02-05T21:05:35","slug":"fourth-quarter-fiscal-year-2023-financial-results","status":"publish","type":"post","link":"https:\/\/www.rambus.com\/fourth-quarter-fiscal-year-2023-financial-results\/","title":{"rendered":"Rambus Reports Fourth Quarter and Fiscal Year 2023 Financial Results"},"content":{"rendered":"<ul>\n<li>Delivered strong Q4 results with revenue and earnings at the high end of guidance<\/li>\n<li>Generated $54.8 million in cash from operations in Q4<\/li>\n<li>Produced quarterly product revenue of $53.7 million driven by memory interface chips<\/li>\n<li>Launched industry\u2019s first Gen4 DDR5 RCD for server memory modules<\/li>\n<\/ul>\n<p><strong>SAN JOSE, Calif. &#8211; February 5, 2024 <\/strong>&#8211; Rambus Inc. (NASDAQ:RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for the fourth quarter ended December\u00a031, 2023. GAAP revenue for the fourth quarter was $122.2\u00a0million; licensing billings were $66.2\u00a0million, product revenue was $53.7\u00a0million, and contract and other revenue was $16.1\u00a0million. The Company also generated $54.8 million in cash provided by operating activities in the fourth quarter.<\/p>\n<p>\u201cThrough 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,\u201d said Luc Seraphin, chief executive officer of Rambus. \u201cWith 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.\u201d<\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"521\"><strong>Quarterly Financial Review &#8211; GAAP<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td style=\"text-align: center;\" colspan=\"3\" width=\"159\"><strong>Three Months Ended December 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"521\"><strong>(In millions, except for percentages and per share amounts)<\/strong><\/td>\n<td width=\"4\"><\/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=\"521\">Revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Product revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$53.7<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$67.2<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Royalties<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">\u00a052.4<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u00a031.4<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Contract and other revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">\u00a016.1<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u00a023.8<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Total revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">122.2<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">122.4<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Cost of product revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">19.9<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">28.2<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Cost of contract and other revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">1.1<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">1.6<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Amortization of acquired intangible assets (included in total cost of revenue)<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">3.1<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">3.6<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Total operating expenses <sup>(1)<\/sup><\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">63.0<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">72.8<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Operating income<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$35.1<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$16.2<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Operating margin<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">29%<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">13%<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Net income<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$58.5<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$15.9<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Diluted net income per share<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$0.53<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$0.14<\/td>\n<\/tr>\n<tr>\n<td width=\"521\"><\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Net cash provided by operating activities<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$54.8<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$51.3<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>____________________________<\/p>\n<p><sup>(1)<\/sup>\u00a0\u00a0 Includes amortization of acquired intangible assets of approximately $0.2 million and $0.4\u00a0million for the three months ended December\u00a031, 2023 and 2022, respectively.<\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"521\"><strong>Quarterly Financial Review &#8211; Supplemental Information<sup>(1)<\/sup><\/strong><\/td>\n<td width=\"4\"><\/td>\n<td style=\"text-align: center;\" colspan=\"3\" width=\"159\"><strong>Three Months Ended December 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"521\"><strong>(In millions)<\/strong><\/td>\n<td width=\"4\"><\/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=\"521\">Licensing billings (operational metric)<sup> (2)<\/sup><\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$66.2<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$64.3<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Product revenue (GAAP)<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$53.7<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$67.2<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Contract and other revenue (GAAP)<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$16.1<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$23.8<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Non-GAAP cost of product revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$19.8<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$28.1<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Cost of contract and other revenue (GAAP)<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$1.1<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$1.6<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Non-GAAP total operating expenses<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$51.0<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$55.8<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Non-GAAP interest and other income (expense), net<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$3.6<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$(0.7)<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Diluted share count (GAAP)<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">110<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">111<\/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 $122.2\u00a0million. The Company also had licensing billings of $66.2\u00a0million, product revenue of $53.7\u00a0million, and contract and other revenue of $16.1\u00a0million. The Company had total GAAP cost of revenue of $24.1\u00a0million and operating expenses of $63.0\u00a0million. The Company also had total non-GAAP operating expenses of $71.9\u00a0million (including non-GAAP cost of revenue). The Company had GAAP diluted net income per share of $0.53. The Company\u2019s basic share count was 108 million shares and its diluted share count was 110 million shares.<\/p>\n<p>Cash, cash equivalents, and marketable securities as of December\u00a031, 2023 were $425.8\u00a0million, an increase of $50.3\u00a0million as compared to September 30, 2023, mainly due to cash provided by operating activities of approximately $54.8 million. Cash provided by operating activities for the year ended December\u00a031, 2023 was $195.8 million.<\/p>\n<p><strong>2024 First Quarter Outlook<\/strong><\/p>\n<p>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.<\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"493\"><strong>(In millions)<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\"><strong>GAAP<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><strong>Non-GAAP <sup>(1)<\/sup><\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Licensing billings (operational metric) <sup>(2)<\/sup><\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">$59 &#8211; $65<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$59 &#8211; $65<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Product revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">$47 &#8211; $53<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$47 &#8211; $53<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Contract and other revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">$17 &#8211; $23<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$17 &#8211; $23<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Total operating costs and expenses<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">$89 &#8211; $85<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$75 &#8211; $71<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Interest and other income (expense), net<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">$3<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$3<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Diluted share count<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">110<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">110<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>____________________________<\/p>\n<p><sup>(1)<\/sup>\u00a0See \u201cReconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates\u201d table included below.<\/p>\n<p><sup>(2)<\/sup>\u00a0Licensing 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 first quarter of 2024, the Company expects licensing billings to be between $59 million and $65 million. The Company also expects royalty revenue to be between $43 million and $49 million, product revenue to be between $47 million and $53 million and contract and other revenue to be between $17 million and $23 million. 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 $89 million and $85 million. Additionally, the Company expects non-GAAP operating costs and expenses to be between $75 million and $71 million.\u00a0These expectations also assume non-GAAP interest and other income (expense), net, of ($3 million), tax rate of 22% and diluted share count of 110 million, and exclude stock-based compensation expense ($11 million), amortization expense ($3 million), and interest income related to the significant financing component from fixed-fee patent and technology licensing arrangements ($0 million).<\/p>\n<p><strong>Conference Call<\/strong><\/p>\n<p>Rambus management will discuss the results of the quarter during a conference call scheduled for 2:00\u00a0p.m. PT today. The call will be webcast and can be accessed via Rambus\u2019 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.<\/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\/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\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.<\/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\/divestiture-related 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 (benefits).<\/em> 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.<\/p>\n<p><em>(Gain) loss on divestiture. <\/em>Reflects the (gain) loss on the sale of the Company&#8217;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).<\/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>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>Gain on sale of non-marketable equity security. <\/em>The Company has excluded gain on sale of non-marketable equity security as this is not a reflection of the Company\u2019s ongoing operations.<\/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 percent 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.<\/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 first quarter of 2024 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. 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=\"493\"><strong>(In thousands)<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\"><strong>December 31, 2023<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><strong>December 31, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"493\"><strong>ASSETS<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Current assets:<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Cash and cash equivalents<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">$94,767<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$125,334<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Marketable securities<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">331,077<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">187,892<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Accounts receivable<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">82,925<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">55,368<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Unbilled receivables<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">50,872<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">125,698<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Inventories<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">36,154<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">20,900<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Prepaids and other current assets<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">34,850<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">12,022<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Total current assets<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">630,645<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">527,214<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Intangible assets, net<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">28,769<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">50,880<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Goodwill<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">286,812<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">292,040<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Property, plant and equipment, net<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">67,808<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">86,255<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Operating lease right-of-use assets<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">21,497<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">24,143<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Unbilled receivables<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">4,423<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">25,222<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Deferred tax assets<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">130,268<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">3,031<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Income tax receivable<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">84,298<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">1,064<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Other assets<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">1,613<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">2,745<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Total assets<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">$1,256,133<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$1,012,594<\/td>\n<\/tr>\n<tr>\n<td width=\"493\"><\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"493\"><strong>LIABILITIES &amp; STOCKHOLDERS\u2019 EQUITY<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Current liabilities:<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Accounts payable<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">$18,074<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$24,815<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Accrued salaries and benefits<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">17,504<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">20,502<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Convertible notes<\/td>\n<td width=\"4\"><\/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=\"493\">Deferred revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">17,393<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">23,861<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Income taxes payable<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">5,099<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">18,137<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Operating lease liabilities<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">4,453<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">5,024<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Other current liabilities<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">26,598<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">23,992<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Total current liabilities<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">89,121<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">126,709<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Long-term operating lease liabilities<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">26,255<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">29,079<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Long-term income taxes payable<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">76,853<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">5,892<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Deferred tax liabilities<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">4,462<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">24,964<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Other long-term liabilities<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">21,341<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">46,653<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Total liabilities<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">218,032<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">233,297<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Total stockholders\u2019 equity<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">1,038,101<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">779,297<\/td>\n<\/tr>\n<tr>\n<td width=\"493\">Total liabilities and stockholders\u2019 equity<\/td>\n<td width=\"4\"><\/td>\n<td width=\"91\">$1,256,133<\/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=\"357\"><\/td>\n<td width=\"4\"><\/td>\n<td style=\"text-align: center;\" colspan=\"3\" width=\"159\"><strong>Three Months Ended<br \/>\nDecember 31,<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"5\"><\/td>\n<td style=\"text-align: center;\" colspan=\"3\" width=\"159\"><strong>Years Ended<br \/>\nDecember 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"357\"><strong>(In thousands, except per share amounts)<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><strong>2023<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><strong>2022<\/strong><\/td>\n<td width=\"5\"><\/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=\"357\">Revenue:<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Product revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$53,698<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$67,178<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$224,632<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$227,068<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Royalties<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">52,412<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">31,436<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">150,110<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">139,816<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Contract and other revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">16,115<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">23,753<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">86,375<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">87,909<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Total revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">122,225<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">122,367<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">461,117<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">454,793<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Cost of revenue:<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Cost of product revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">19,941<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">28,209<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">84,495<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">88,976<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Cost of contract and other revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">1,123<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">1,615<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">5,403<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">4,668<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Amortization of acquired intangible assets<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">3,052<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">3,560<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">13,524<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">13,935<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Total cost of revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">24,116<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">33,384<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">103,422<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">107,579<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Gross profit<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">98,109<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">88,983<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">357,695<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">347,214<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Operating expenses:<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Research and development<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">35,985<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">40,121<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">156,827<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">158,769<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Sales, general and administrative<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">25,665<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">27,309<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">108,149<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">106,718<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Amortization of acquired intangible assets<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">195<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">415<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">1,217<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">1,674<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Restructuring and other charges (benefits)<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">(26)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">9,368<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">(Gain) loss on divestiture<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">59<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(90,784)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Impairment of assets<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">10,045<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Change in fair value of earn-out liability<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">1,100<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">5,000<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">9,234<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">3,111<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Total operating expenses<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">62,978<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">72,845<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">204,056<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">270,272<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Operating income<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">35,131<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">16,138<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">153,639<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">76,942<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Interest income and other income (expense), net<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">4,215<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">835<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">11,327<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">7,771<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Gain on fair value of equity security<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">3,547<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Loss on extinguishment of debt<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(83,626)<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Loss on fair value adjustment of derivatives, net<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(240)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(10,585)<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Gain on sale of non-marketable equity security<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">23,924<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">23,924<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Interest expense<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">(377)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(484)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(1,490)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(1,874)<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Interest and other income (expense), net<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">27,762<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">351<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">33,521<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(84,767)<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Income (loss) before income taxes<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">62,893<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">16,489<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">187,160<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(7,825)<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Provision for (benefit from) income taxes<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">4,348<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">540<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(146,744)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">6,485<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Net income (loss)<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$58,545<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$15,949<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$333,904<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$(14,310)<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Net income (loss) per share:<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Basic<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$0.54<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$0.15<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$3.09<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$(0.13)<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Diluted<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$0.53<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$0.14<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$3.01<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$(0.13)<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Weighted average shares used in per share calculation:<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Basic<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">107,703<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">107,603<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">108,183<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">109,472<\/td>\n<\/tr>\n<tr>\n<td width=\"357\">Diluted<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">110,065<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">110,820<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">110,889<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">109,472<\/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=\"521\"><\/td>\n<td width=\"4\"><\/td>\n<td style=\"text-align: center;\" colspan=\"3\" width=\"159\"><strong>Three Months Ended <\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" width=\"521\"><\/td>\n<td style=\"text-align: center;\" width=\"4\"><\/td>\n<td style=\"text-align: center;\" colspan=\"3\" width=\"159\"><strong>December 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"521\"><strong>(In thousands)<\/strong><\/td>\n<td width=\"4\"><\/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=\"521\">Cost of product revenue<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$19,941<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$28,209<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Adjustment:<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Stock-based compensation expense<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">(145)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(144)<\/td>\n<\/tr>\n<tr>\n<td width=\"521\"><strong>Non-GAAP cost of product revenue<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><strong>$19,796 <\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><strong>$28,065 <\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"521\"><\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Total operating expenses<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$62,978<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$72,845<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Adjustments:<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Stock-based compensation expense<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">(10,389)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(10,122)<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Acquisition\/divestiture-related costs and retention bonus expense<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">(285)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(1,028)<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Amortization of acquired intangible assets<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">(195)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(415)<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Restructuring and other benefits<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">26<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Loss on divestiture<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">(59)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Expense on abandoned operating leases<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">(3)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(521)<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Change in fair value of earn-out liability<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">(1,100)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(5,000)<\/td>\n<\/tr>\n<tr>\n<td width=\"521\"><strong>Non-GAAP total operating expenses<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><strong>$50,973<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><strong>$55,759<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"521\"><\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Interest and other income (expense), net<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$27,762<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$351<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Adjustments:<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">(246)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(1,029)<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Gain on sale of non-marketable equity security<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">(23,924)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Non-cash interest expense on convertible notes<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">\u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">10<\/td>\n<\/tr>\n<tr>\n<td width=\"521\"><strong>Non-GAAP interest and other income (expense), net<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><strong>$3,592 <\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><strong>$(668)<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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=\"521\"><strong>2024<\/strong><strong> First Quarter Outlook<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td style=\"text-align: center;\" colspan=\"3\" width=\"159\"><strong>Three Months Ended<br \/>\nMarch 31, 2024<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"521\"><strong>(In millions)<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><strong>Low<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><strong>High<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Forward-looking operating costs and expenses<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$89.1<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$85.1<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Adjustments:<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Stock-based compensation expense<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">(11.0)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(11.0)<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Amortization of acquired intangible assets<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">(3.1)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(3.1)<\/td>\n<\/tr>\n<tr>\n<td width=\"521\"><strong>Forward-looking Non-GAAP operating costs and expenses<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><strong>$75.0 <\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><strong>$71.0 <\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"521\"><\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Forward-looking interest and other income (expense), net<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">$3.2<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$3.2<\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Adjustments:<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"521\">Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements<\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\">(0.2)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">(0.2)<\/td>\n<\/tr>\n<tr>\n<td width=\"521\"><strong>Forward-looking Non-GAAP interest and other income (expense), net<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"77\"><strong>$3.0 <\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><strong>$3.0 <\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Delivered 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\u2019s first Gen4 DDR5 RCD for server memory modules SAN JOSE, Calif. &#8211; February 5, 2024 &#8211; Rambus Inc. [&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-63923","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 Fourth Quarter and Fiscal Year 2023 Financial Results - Rambus<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rambus.com\/fourth-quarter-fiscal-year-2023-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rambus Reports Fourth Quarter and Fiscal Year 2023 Financial Results\" \/>\n<meta property=\"og:description\" content=\"Delivered 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\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rambus.com\/fourth-quarter-fiscal-year-2023-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Rambus\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/RambusInc\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-05T21:05:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rambus.com\/wp-content\/uploads\/2020\/05\/financial-reports.png\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"286\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"fongj@rambus.com\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@rambusinc\" \/>\n<meta name=\"twitter:site\" content=\"@rambusinc\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.rambus.com\/fourth-quarter-fiscal-year-2023-financial-results\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.rambus.com\/fourth-quarter-fiscal-year-2023-financial-results\/\"},\"author\":{\"name\":\"fongj@rambus.com\",\"@id\":\"https:\/\/www.rambus.com\/#\/schema\/person\/37e2e7e0a04304c805d567b056b6282e\"},\"headline\":\"Rambus Reports Fourth Quarter and Fiscal Year 2023 Financial Results\",\"datePublished\":\"2024-02-05T21:05:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.rambus.com\/fourth-quarter-fiscal-year-2023-financial-results\/\"},\"wordCount\":2301,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.rambus.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.rambus.com\/fourth-quarter-fiscal-year-2023-financial-results\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rambus.com\/wp-content\/uploads\/2020\/05\/financial-reports.png\",\"articleSection\":[\"Corporate\",\"Financial\",\"Press Releases\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.rambus.com\/fourth-quarter-fiscal-year-2023-financial-results\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rambus.com\/fourth-quarter-fiscal-year-2023-financial-results\/\",\"url\":\"https:\/\/www.rambus.com\/fourth-quarter-fiscal-year-2023-financial-results\/\",\"name\":\"Rambus Reports Fourth Quarter and Fiscal Year 2023 Financial Results - 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