Rambus Q3 Revenue Declines Year-Over-Year

TL;DR

Rambus Q3 revenue down YoY to $74.7M. Watch for recovery.

AI Summary

Rambus Inc. reported its third-quarter results for the period ending September 30, 2024. The company's revenue for the third quarter of 2024 was $74.7 million, a decrease from $77.9 million in the third quarter of 2023. For the nine months ended September 30, 2024, revenue was $224.8 million, down from $234.6 million in the same period last year.

Why It Matters

The decline in revenue could indicate market challenges or shifts in demand for Rambus's semiconductor products and technologies.

Risk Assessment

Risk Level: medium — Revenue decline and potential market shifts present moderate risks to future performance.

Key Numbers

• $74.7M — Q3 2024 Revenue (Represents current quarter performance)
• $224.8M — Nine-Month 2024 Revenue (Represents year-to-date performance)
• $77.9M — Q3 2023 Revenue (Provides year-over-year comparison)
• $234.6M — Nine-Month 2023 Revenue (Provides year-over-year comparison)

Key Players & Entities

• Rambus Inc. (company) — Filer of the 10-Q report
• September 30, 2024 (date) — End of the reporting period
• $74.7 million (dollar_amount) — Third-quarter revenue for 2024
• $77.9 million (dollar_amount) — Third-quarter revenue for 2023
• $224.8 million (dollar_amount) — Nine-month revenue for 2024
• $234.6 million (dollar_amount) — Nine-month revenue for 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-20240930.htm (10-Q) — 1667KB
• rmbs-ex311_2024930x10q.htm (EX-31.1) — 12KB
• rmbs-ex312_2024930x10q.htm (EX-31.2) — 12KB
• rmbs-ex321_2024930x10q.htm (EX-32.1) — 5KB
• rmbs-ex322_2024930x10q.htm (EX-32.2) — 5KB
• 0000917273-24-000107.txt ( ) — 8073KB
• rmbs-20240930.xsd (EX-101.SCH) — 53KB
• rmbs-20240930_cal.xml (EX-101.CAL) — 90KB
• rmbs-20240930_def.xml (EX-101.DEF) — 291KB
• rmbs-20240930_lab.xml (EX-101.LAB) — 717KB
• rmbs-20240930_pre.xml (EX-101.PRE) — 503KB
• rmbs-20240930_htm.xml (XML) — 1082KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 5

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): 5 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 7 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 8 Notes to Unaudited Condensed Consolidated Financial Statements 9

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 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION 36

Legal Proceedings

Item 1. Legal Proceedings 36

Risk Factors

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 57

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 58

Other Information

Item 5. Other Information 58

Exhibits

Item 6. Exhibits 58 Signature 59 2 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 113,980 $ 94,767 Marketable securities 318,717 331,077 Accounts receivable 87,198 82,925 Unbilled receivables 30,778 50,872 Inventories 48,905 36,154 Prepaids and other current assets 12,435 34,850 Total current assets 612,013 630,645 Intangible assets, net 19,389 28,769 Goodwill 286,812 286,812 Property, plant and equipment, net 73,374 67,808 Operating lease right-of-use assets 21,039 21,497 Deferred tax assets 129,348 127,892 Income taxes receivable 104,270 88,768 Other assets 5,325 6,036 Total assets $ 1,251,570 $ 1,258,227 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 20,365 $ 18,074 Accrued salaries and benefits 13,966 17,504 Deferred revenue 18,404 17,393 Income taxes payable 1,114 5,099 Operating lease liabilities 5,397 4,453 Other current liabilities 14,881 26,598 Total current liabilities 74,127 89,121 Long-term operating lease liabilities 24,794 26,255 Long-term income taxes payable 101,350 78,947 Other long-term liabilities 12,314 25,803 Total liabilities 212,585 220,126 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 September 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value: Authorized: 500,000,000 shares; issued and outstanding: 106,575,437 shares at September 30, 2024 and 107,853,778 shares at December 31, 2023 107 108 Additional paid-in capital 1,255,183 1,324,796 Accumulated deficit ( 215,862 ) ( 285,534 ) Accumulated other comprehensive loss ( 443 ) ( 1,269 ) Total stockholders' equity 1,038,985 1,038,101 Total liabilities and stockholders' equity $ 1,251,570 $ 1,258,227 Refer to Note

View Full Filing

View this 10-Q filing on SEC EDGAR