Rambus Q2 Revenue Dips Slightly to $71.7M

TL;DR

Rambus Q2 revenue down to $71.7M from $72.9M last year. Still holding steady.

AI Summary

Rambus Inc. reported its Q2 2024 financial results, with total revenue for the quarter ending June 30, 2024, reaching $71.7 million. This represents a slight decrease from the $72.9 million reported in the same quarter of 2023. The company's fiscal year ends on December 31st, and this filing covers the period from January 1, 2024, to June 30, 2024.

Why It Matters

This 10-Q filing provides investors with a detailed look at Rambus's financial performance for the second quarter of 2024, impacting investment decisions and market sentiment.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information with no immediate red flags.

Key Numbers

• $71.7M — Q2 2024 Revenue (Revenue for the quarter ending June 30, 2024)
• $72.9M — Q2 2023 Revenue (Revenue for the quarter ending June 30, 2023)
• 2024-06-30 — Reporting Period End Date (End date of the reported fiscal quarter)

Key Players & Entities

• Rambus Inc. (company) — Filer of the 10-Q report
• 408-462-8000 (phone_number) — Rambus Inc. business phone number
• $71.7 million (dollar_amount) — Total revenue for the quarter ending June 30, 2024
• $72.9 million (dollar_amount) — Total revenue for the quarter ending June 30, 2023

FAQ

Key Financial Figures

• $0.001 — ange on Which Registered Common Stock, $0.001 Par Value RMBS The Nasdaq Stock Market

Filing Documents

• rmbs-20240630.htm (10-Q) — 1633KB
• rmbs-ex311_2024630x10q.htm (EX-31.1) — 12KB
• rmbs-ex312_2024630x10q.htm (EX-31.2) — 12KB
• rmbs-ex321_2024630x10q.htm (EX-32.1) — 5KB
• rmbs-ex322_2024630x10q.htm (EX-32.2) — 5KB
• 0000917273-24-000100.txt ( ) — 7910KB
• rmbs-20240630.xsd (EX-101.SCH) — 51KB
• rmbs-20240630_cal.xml (EX-101.CAL) — 89KB
• rmbs-20240630_def.xml (EX-101.DEF) — 273KB
• rmbs-20240630_lab.xml (EX-101.LAB) — 697KB
• rmbs-20240630_pre.xml (EX-101.PRE) — 485KB
• rmbs-20240630_htm.xml (XML) — 1076KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 6

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): 6 Condensed Consolidated Balance Sheets as of June 3 0 , 2024 and December 31, 2023 6 Condensed Consolidated Statements of Operations for the three and six months ended June 3 0 , 2024 and 2023 7 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30 , 2024 and 2023 8 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30 , 2024 and 2023 9 Condensed Consolidated Statements of Cash Flows for the six months ended June 30 , 2024 and 2023 10 Notes to Unaudited Condensed Consolidated Financial Statements 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION 38

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 59

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 59

Other Information

Item 5. Other Information 60

Exhibits

Item 6. Exhibits 60 Signature 61 3 NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q ("Quarterly Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include, without limitation, predictions regarding the following aspects of our future: Success in the markets of our products and services or our customers' products; Sources of competition; Research and development costs and improvements in technology; Sources, amounts and concentration of revenue, including royalties; Success in signing and renewing customer agreements, including license agreements; The timing of completing engineering deliverables and the changes to work required; Success in obtaining new technology development contracts booked in the future; Success in adding and maintaining new customers; Success in obtaining orders from our customers, and our ability to accurately anticipate and meet our customers' demands; Success in entering and growth in new markets; Levels of variation in our customers' shipment volumes, sales prices and product mix; Variation in contract and other revenue, based on varying revenue recognized from contract and other revenue; Implications of short-term or long-term increases in our research and development expenses; Short-term increases in cost of product revenue; Variation in our sales, general and administrative expenses; Terms of our licenses and amounts owed under license agreements; Technology product development; Perceived or actual changes in the quality of our products; Dispositions, acquisitions, mergers or strategic transactions and our related integration efforts; Impairment of goodwill and long-lived assets; Pricing policies of our customers; Changes in our strategy and business model, including the expansion of our portfolio of inventions, products, software, serv

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements RAMBUS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except shares and par value) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 124,578 $ 94,767 Marketable securities 308,306 331,077 Accounts receivable 83,210 82,925 Unbilled receivables 29,493 50,872 Inventories 52,596 36,154 Prepaids and other current assets 11,975 34,850 Total current assets 610,158 630,645 Intangible assets, net 22,279 28,769 Goodwill 286,812 286,812 Property, plant and equipment, net 74,916 67,808 Operating lease right-of-use assets 21,760 21,497 Unbilled receivables 4,391 4,423 Deferred tax assets 130,163 127,892 Income taxes receivable 98,683 88,768 Other assets 1,461 1,613 Total assets $ 1,250,623 $ 1,258,227 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 26,970 $ 18,074 Accrued salaries and benefits 15,880 17,504 Deferred revenue 15,385 17,393 Income taxes payable 1,005 5,099 Operating lease liabilities 5,033 4,453 Other current liabilities 20,761 26,598 Total current liabilities 85,034 89,121 Long-term operating lease liabilities 25,780 26,255 Long-term income taxes payable 92,728 78,947 Deferred tax liabilities 3,949 4,462 Other long-term liabilities 14,240 21,341 Total liabilities 221,731 220,126 Commitments and contingencies (Notes 9, 11 and 15) Stockholders' equity: Convertible preferred stock, $ 0.001 par value: Authorized: 5,000,000 shares; issued and outstanding: no shares at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value: Authorized: 500,000,000 shares; issued and outstanding: 107,680,174 shares at June 30, 2024 and 107,853,778 shares at December 31, 2023 108 108 Additional paid-in capital 1,295,277 1,324,796 Accumulated deficit ( 264,527 ) ( 285,534 ) Accumulated other comprehensive loss ( 1,966 ) ( 1,269 ) Total stockholders' equity 1,028,892 1,038,101 Total liabilities and stock

View Full Filing

View this 10-Q filing on SEC EDGAR