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Jun 30, 2023
Rambus Q2 2023 Earnings Report
Delivered strong Q2 results with revenue in line and earnings at the high end of guidance.
Key Takeaways
Rambus reported a strong second quarter with revenue of $119.8 million, driven by product revenue of $55.0 million. The company generated $50.4 million in cash from operations and a GAAP diluted net income per share of $1.51, largely driven by a net benefit from income taxes.
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
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's valuation allowance in the second quarter.
Rambus
Rambus
Rambus Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comRoyalties Revenue
CapyFin.comContract and other Revenue
CapyFin.com Forward Guidance
The Company will discuss its full revenue guidance for the third quarter of 2023 during its upcoming conference call.
Positive Outlook
- The Company expects licensing billings to be between $59 million and $65 million.
- The Company also expects royalty revenue to be between $26 million and $32 million
- The Company expects product revenue to be between $47 million and $53 million
- The Company expects contract and other revenue to be between $17 million and $23 million.
- The Company expects non-GAAP interest and other income (expense), net, of $1 million
Challenges Ahead
- 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.
- The Company expects operating costs and expenses to be between $90 million and $86 million.
- The Company expects non-GAAP operating costs and expenses to be between $75 million and $71 million.
- These expectations also assume a tax rate of 24% and diluted share count of 112 million
- These expectations exclude stock-based compensation expense of $12 million, amortization of acquired intangible assets of $3 million, and interest income related to the significant financing component from fixed-fee patent and technology licensing arrangements of $0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income