RAMBUS INC
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 30, 2024
RMBS$74.53+7.0%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| (In thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 |
| Revenue: | ||||
| Product revenue | $66,394 | $52,181 | $173,446 | $170,934 |
| Royalties | 64,105 | 28,857 | 167,961 | 97,698 |
| Contract and other revenue | 15,014 | 24,260 | 54,115 | 70,260 |
| Total revenue | 145,513 | 105,298 | 395,522 | 338,892 |
| Cost of revenue: | ||||
| Cost of product revenue | 24,554 | 19,388 | 67,381 | 64,554 |
| Cost of contract and other revenue | 752 | 1,295 | 2,307 | 4,280 |
| Amortization of acquired intangible assets | 2,796 | 3,349 | 8,904 | 10,472 |
| Total cost of revenue | 28,102 | 24,032 | 78,592 | 79,306 |
| Gross profit | 117,411 | 81,266 | 316,930 | 259,586 |
| Operating expenses (benefits): | ||||
| Research and development | 41,299 | 37,368 | 119,183 | 120,842 |
| Sales, general and administrative | 25,867 | 25,333 | 76,096 | 82,484 |
| Amortization of acquired intangible assets | 94 | 258 | 476 | 1,022 |
| Restructuring and other charges (recoveries) | — | (100) | — | 9,394 |
| Gain on divestiture | — | (90,843) | — | (90,843) |
| Impairment of assets | — | 10,045 | 1,071 | 10,045 |
| Change in fair value of earn-out liability | (4,544) | (5,666) | (5,044) | 8,134 |
| Total operating expenses (benefits) | 62,716 | (23,605) | 191,782 | 141,078 |
| Operating income | 54,695 | 104,871 | 125,148 | 118,508 |
| Interest income and other income (expense), net | 4,667 | 2,715 | 13,654 | 7,112 |
| Loss on fair value adjustment of derivatives, net | — | — | — | (240) |
| Interest expense | (327) | (356) | (1,064) | (1,113) |
| Interest and other income (expense), net | 4,340 | 2,359 | 12,590 | 5,759 |
| Income before income taxes | 59,035 | 107,230 | 137,738 | 124,267 |
| Provision for (benefit from) income taxes | 10,370 | 4,032 | 20,119 | (151,092) |
| Net income | $48,665 | $103,198 | $117,619 | $275,359 |
| Net income per share: | ||||
| Basic | $0.45 | $0.95 | $1.09 | $2.54 |
| Diluted | $0.45 | $0.93 | $1.08 | $2.48 |
| Weighted-average shares used in per share calculation: | ||||
| Basic | 107,235 | 108,317 | 107,681 | 108,412 |
| Diluted | 108,474 | 110,775 | 109,318 | 111,179 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| (In thousands) | 2024 | 2023 | 2024 | 2023 |
| Net income | $48,665 | $103,198 | $117,619 | $275,359 |
| Other comprehensive income (loss): | ||||
| Foreign currency translation adjustment | 97 | (166) | (51) | 164 |
| Unrealized gain on marketable securities, net of tax | 1,426 | 827 | 877 | 2,431 |
| Total comprehensive income | $50,188 | $103,859 | $118,445 | $277,954 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
| Common Stock · Additional Paid-in Capital · Accumulated Deficit · Accumulated OtherComprehensive Loss | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (In thousands) · Shares · Amount · Total | |||||||||
| Balances at June 30, 2024 | 107,680 | $108 | $1,295,277 | $(264,527) | $(1,966) | $1,028,892 | |||
| Net income | — | — | — | 48,665 | — | 48,665 | |||
| Foreign currency translation adjustment | — | — | — | — | 97 | 97 | |||
| Unrealized gain on marketable securities, net of tax | — | — | — | — | 1,426 | 1,426 | |||
| Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan, net of withholding taxes | 68 | — | (1,623) | — | — | (1,623) | |||
| Repurchase and retirement of common stock under repurchase program (includes excise tax) | (1,173) | (1) | (50,469) | — | — | (50,470) | |||
| Stock-based compensation | — | — | 11,998 | — | — | 11,998 | |||
| Balances at September 30, 2024 | 106,575 | $107 | $1,255,183 | $(215,862) | $(443) | $1,038,985 | |||
| Common Stock · Additional Paid-in Capital · Accumulated Deficit · Accumulated OtherComprehensive Loss | |||||||||
| (In thousands) | Shares | Amount | Total | ||||||
| Balances at June 30, 2023 | 109,131 | $109 | $1,301,013 | $(352,535) | $(3,029) | $945,558 | |||
| Net income | — | — | — | 103,198 | — | 103,198 | |||
| Foreign currency translation adjustment | — | — | — | — | (166) | (166) | |||
| Unrealized gain on marketable securities, net of tax | — | — | — | — | 827 | 827 | |||
| Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan, net of withholding taxes | 233 | — | (3,366) | — | — | (3,366) | |||
| Repurchase and retirement of common stock under repurchase program | (1,855) | (1) | (5,781) | (94,742) | (100,524) | ||||
| Stock-based compensation | — | — | 10,039 | — | — | 10,039 | |||
| Balances at September 30, 2023 | 107,509 | $108 | $1,301,905 | $(344,079) | $(2,368) | $955,566 | |||
| Common Stock · Additional Paid-in Capital · Accumulated Deficit · Accumulated OtherComprehensive Loss | |||||||||
| (In thousands) | Shares | Amount | Total | ||||||
| Balances at December 31, 2023 | 107,854 | $108 | $1,324,796 | $(285,534) | $(1,269) | $1,038,101 | |||
| Net income | — | — | — | 117,619 | — | 117,619 | |||
| Foreign currency translation adjustment | — | — | — | — | (51) | (51) | |||
| Unrealized gain on marketable securities, net of tax | — | — | — | — | 877 | 877 | |||
| Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan, net of withholding taxes | 932 | 1 | (36,866) | — | — | (36,865) | |||
| Repurchase and retirement of common stock under repurchase program (includes excise tax) | (2,211) | (2) | (65,892) | (47,947) | — | (113,841) | |||
| Stock-based compensation | — | — | 33,145 | — | — | 33,145 | |||
| Balances at September 30, 2024 | 106,575 | $107 | $1,255,183 | $(215,862) | $(443) | $1,038,985 | |||
| Common Stock · Additional Paid-in Capital · Accumulated Deficit · Accumulated OtherComprehensive Loss | |||||||||
| (In thousands) | Shares | Amount | Total | ||||||
| Balances at December 31, 2022 | 107,610 | $108 | $1,297,408 | $(513,256) | $(4,963) | $779,297 | |||
| Net income | — | — | — | 275,359 | — | 275,359 | |||
| Foreign currency translation adjustment | — | — | — | — | 164 | 164 | |||
| Unrealized gain on marketable securities, net of tax | — | — | — | — | 2,431 | 2,431 | |||
| Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan, net of withholding taxes | 1,556 | 1 | (30,204) | — | — | (30,203) | |||
| Repurchase and retirement of common stock under repurchase program | (1,855) | (1) | (5,781) | (94,742) | — | (100,524) | |||
| Stock-based compensation | — | — | 34,477 | — | — | 34,477 | |||
| Issuance of common stock in connection with the payment of year 1 earn-out related to the PLDA Group (“PLDA”) acquisition | 198 | — | 5,022 | — | — | 5,022 | |||
| Issuance of common stock in connection with the maturity of the convertible senior notes related to the settlement of the in-the-money conversion feature of the convertible senior notes | 284 | — | — | — | — | — | |||
| Exercise of the convertible senior note hedges in connection with the conversion of convertible senior notes and retirement of the corresponding shares | (284) | — | 11,440 | (11,440) | — | — | |||
| Retirement of warrants | — | — | (10,457) | — | — | (10,457) | |||
| Balances at September 30, 2023 | 107,509 | $108 | $1,301,905 | $(344,079) | $(2,368) | $955,566 | |||
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