Financial

Rambus Reports Third Quarter 2023 Financial Results

Delivered strong Q3 results with revenue and earnings above the midpoint of guidance
Generated $51.6 million in cash from operations and completed $100.0 million accelerated share repurchase program
Completed the sale of the PHY IP business, strengthening focus on chips and digital IP
Produced quarterly product revenue of $52.2 million driven by memory interface chips

SAN JOSE, Calif. – October 30, 2023 – Rambus Inc. (NASDAQ:RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for the third quarter ended September 30, 2023. GAAP revenue for the third quarter was $105.3 million, licensing billings were $57.9 million, product revenue was $52.2 million, and contract and other revenue was $24.2 million. The Company also generated $51.6 million in cash provided by operating activities in the third quarter.

“Rambus delivered a strong third quarter, as we continue to execute on our strategy, drive the company’s long-term profitable growth and consistently return value to our stockholders amidst challenging market conditions,” said Luc Seraphin, chief executive officer of Rambus. “We are well positioned to address the increasing memory performance requirements in the data center fueled by AI and other advanced workloads.”

Quarterly Financial Review – GAAP	Three Months Ended September 30,
(In millions, except for percentages and per share amounts)	2023	2022
Revenue
Product revenue	$52.2	$58.6
Royalties	28.9	29.9
Contract and other revenue	24.2	23.7
Total revenue	105.3	112.2
Cost of product revenue	19.4	21.9
Cost of contract and other revenue	1.3	1.5
Amortization of acquired intangible assets (included in total cost of revenue)	3.3	3.6
Total operating expenses (benefits) ⁽¹⁾	(23.6)	68.3
Operating income	$104.9	$16.9
Operating margin	100%	15%
Net income	$103.2	$0.9
Diluted net income per share	$0.93	$0.01
Net cash provided by operating activities	$51.6	$80.0

_________________________________________

⁽¹⁾Includes amortization of acquired intangible assets of approximately $0.3 million and $0.4 million for the three months ended September 30, 2023 and 2022, respectively.

Quarterly Financial Review – Supplemental Information⁽¹⁾	Three Months Ended September 30,
(In millions)	2023	2022
Licensing billings (operational metric) ⁽²⁾	$57.9	$62.2
Product revenue (GAAP)	$52.2	$58.6
Contract and other revenue (GAAP)	$24.2	$23.7
Non-GAAP cost of product revenue	$19.2	$21.8
Cost of contract and other revenue (GAAP)	$1.3	$1.5
Non-GAAP total operating expenses	$52.4	$54.6
Non-GAAP interest and other income (expense), net	$1.9	$1.6
Diluted share count (GAAP)	111	112

_________________________________________

⁽¹⁾ See “Supplemental Reconciliation of GAAP to Non-GAAP Results” table included below.

⁽²⁾ 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.

GAAP revenue for the quarter was $105.3 million. The Company also had licensing billings of $57.9 million, product revenue of $52.2 million, and contract and other revenue of $24.2 million. The Company had total GAAP cost of revenue of $24.0 million and operating benefits of $(23.6) million. The Company also had total non-GAAP operating expenses of $72.9 million (including non-GAAP cost of revenue of $20.5 million). The Company had GAAP diluted net income per share of $0.93, largely driven by a net gain on divestiture of $90.8 million from the sale of the Company’s PHY IP business in the third quarter. The Company’s basic share count was 108 million shares and its diluted share count was 111 million shares.

Cash, cash equivalents, and marketable securities as of September 30, 2023 were $375.5 million, an increase of $42.9 million from June 30, 2023, mainly due to $51.6 million in cash provided by operating activities and the net proceeds from the PHY IP business divestiture of $106.3 million, partly offset by $100.0 million paid in connection with an accelerated share repurchase program.

2023 Fourth Quarter Outlook

The Company will discuss its full revenue guidance for the fourth quarter of 2023 during its upcoming conference call. The following table sets forth fourth quarter outlook for other measures.

(In millions)	GAAP	Non-GAAP ⁽¹⁾
Licensing billings (operational metric) ⁽²⁾	$56 – $62	$56 – $62
Product revenue (GAAP)	$52 – $58	$52 – $58
Contract and other revenue (GAAP)	$17 – $23	$17 – $23
Total operating costs and expenses	$88 – $84	$73 – $69
Interest and other income (expense), net	$2	$2
Diluted share count	110	110

_________________________________________

⁽¹⁾ See “Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates” table included below.

For the fourth quarter of 2023, the Company expects licensing billings to be between $56 million and $62 million. The Company also expects royalty revenue to be between $42 million and $48 million, product revenue to be between $52 million and $58 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.

The Company also expects operating costs and expenses to be between $88 million and $84 million. Additionally, the Company expects non-GAAP operating costs and expenses to be between $73 million and $69 million. These expectations also assume non-GAAP interest and other income (expense), net, of $2 million, a tax rate of 24% and diluted share count of 110 million, and exclude stock-based compensation expense of $11 million, amortization of acquired intangible assets of $4 million, and interest income related to the significant financing component from fixed-fee patent and technology licensing arrangements of $0 million.

Conference Call

The Company’s management will discuss the results of the quarter during a conference call scheduled for 2:00 p.m. PT today. The call, audio and slides will be available online at investor.rambus.com and a replay will be available for the next week at the following numbers: (866) 813-9403 (domestic) or (+1) 929-458-6194 (international) with ID# 195743.

Non-GAAP Financial Information

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: cost of product revenue, operating expenses and interest and other income (expense), net. In computing each of these non-GAAP financial measures, the following items were considered as discussed below: stock-based compensation expense, acquisition-related costs and retention bonus expense, amortization of acquired intangible assets, restructuring and other charges, expense on abandoned operating leases, facility restoration costs, gain on divestiture, impairment of assets, change in fair value of earn-out liability, gain on sale of equity security, loss on extinguishment of debt, loss on fair value adjustment of derivatives, net, realized loss on sale of marketable securities sold for the purpose of notes repurchase, non-cash interest expense 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’s 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.

The Company’s non-GAAP financial measures reflect adjustments based on the following items:

Stock-based compensation expense. 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’s results with peer companies.

Acquisition-related/divestiture costs and retention bonus expense. These expenses include all direct costs of certain acquisitions, divestitures and the current periods’ 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’s operations.

Amortization of acquired intangible assets. 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’s prior acquisitions and have no direct correlation to the operation of the Company’s core business.

Restructuring and other charges. These charges 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.

Expense on abandoned operating leases. 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.

Facility restoration costs. These charges consist of exit costs associated with our leased office space and are excluded because such charges are not directly related to ongoing business results and do not reflect expected future operating expenses.

Gain on divestiture. Reflects the gain on the sale of the Company’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).

Impairment of assets. These charges primarily consist of non-cash charges to long-lived assets and other assets resulting from the divestiture of the Company’s PHY IP business, and are excluded because such charges are non-recurring and do not reduce the Company’s liquidity.

Change in fair value of earn-out liability. 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.

Gain on sale of equity security. The Company has excluded gain on sale of equity security as this is not a reflection of the Company’s ongoing operations.

Loss on extinguishment of debt. The Company has excluded loss on extinguishment of debt as this represents a cost of repurchasing its existing convertible notes and is not a reflection of the Company’s ongoing operations.

Loss on fair value adjustment of derivatives, net. The Company has excluded its loss on fair value adjustment of derivatives, net, as this represents cost and benefits of repurchasing its convertible notes and is not a reflection of the Company’s ongoing operations.

Realized loss on sale of marketable securities sold for the purpose of notes repurchase. The Company has excluded its realized loss on sale of marketable securities sold for the purpose of repurchasing its convertible notes as this is not a reflection of the Company’s ongoing operations.

Non-cash interest expense on convertible notes. 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’s results with other peer companies and to more accurately reflect the Company’s ongoing operations.

Income tax adjustments. 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’s planning.

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.

About Rambus Inc.

Rambus is a provider of industry-leading chips and silicon IP making data faster and safer. With over 30 years of advanced semiconductor experience, we are a pioneer in high-performance memory solutions that solve the bottleneck between memory and processing for data-intensive systems. Whether in the cloud, at the edge or in your hand, real-time and immersive applications depend on data throughput and integrity. Rambus products and innovations deliver the increased bandwidth, capacity and security required to meet the world’s data needs and drive ever-greater end-user experiences. For more information, visit rambus.com.

Forward-Looking Statements

This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including those relating to Rambus’ expectations regarding business opportunities, the Company’s ability to deliver long-term, profitable growth, product and investment strategies, and the Company’s outlook and financial guidance for the fourth quarter of 2023 and related drivers, and the Company’s ability to effectively manage supply chain and other market challenges. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by the Company’s management. Actual results may differ materially. The Company’s business generally is subject to a number of risks which are described more fully in Rambus’ periodic reports filed with the Securities and Exchange Commission, as well as potential adverse impacts related to, or arising from, COVID-19 and its variants. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

Contact
Desmond Lynch
Senior Vice President, Finance and Chief Financial Officer
(408) 462-8000
[email protected]

Rambus Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

(In thousands)	September 30, 2023	December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$131,957	$125,334
Marketable securities	243,588	187,892
Accounts receivable	65,101	55,368
Unbilled receivables	64,252	125,698
Inventories	34,615	20,900
Prepaids and other current assets	11,112	12,022
Total current assets	550,625	527,214
Intangible assets, net	32,015	50,880
Goodwill	286,812	292,040
Property, plant and equipment, net	73,466	86,255
Operating lease right-of-use assets	20,964	24,143
Deferred tax assets	131,020	3,031
Unbilled receivables	3,479	25,222
Income taxes receivable	84,487	1,064
Other assets	1,463	2,745
Total assets	$1,184,331	$1,012,594

LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$15,682	$24,815
Accrued salaries and benefits	13,076	20,502
Convertible notes	—	10,378
Deferred revenue	17,459	23,861
Income taxes payable	8,638	18,137
Operating lease liabilities	4,174	5,024
Other current liabilities	25,167	23,992
Total current liabilities	84,196	126,709
Long-term liabilities:
Long-term operating lease liabilities	26,117	29,079
Long-term income taxes payable	77,655	5,892
Deferred tax liabilities	5,819	24,964
Other long-term liabilities	34,978	46,653
Total long-term liabilities	144,569	106,588
Total stockholders’ equity	955,566	779,297
Total liabilities and stockholders’ equity	$1,184,331	$1,012,594

Rambus Inc.
Condensed Consolidated Statements of Operations
(Unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
(In thousands, except per share amounts)	2023	2022	2023	2022
Revenue:
Product revenue	$52,181	$58,619	$170,934	$159,890
Royalties	28,857	29,878	97,698	108,380
Contract and other revenue	24,260	23,747	70,260	64,156
Total revenue	105,298	112,244	338,892	332,426
Cost of revenue:
Cost of product revenue	19,388	21,953	64,554	60,767
Cost of contract and other revenue	1,295	1,455	4,280	3,053
Amortization of acquired intangible assets	3,349	3,576	10,472	10,375
Total cost of revenue	24,032	26,984	79,306	74,195
Gross profit	81,266	85,260	259,586	258,231
Operating expenses (benefits):
Research and development	37,368	39,295	120,842	118,648
Sales, general and administrative	25,333	26,198	82,484	79,409
Amortization of acquired intangible assets	258	433	1,022	1,259
Restructuring and other charges (recoveries)	(100)	—	9,394	—
Gain on divestiture	(90,843)	—	(90,843)	—
Impairment of assets	10,045	—	10,045	—
Change in fair value of earn-out liability	(5,666)	2,411	8,134	(1,889)
Total operating expenses (benefits)	(23,605)	68,337	141,078	197,427
Operating income	104,871	16,923	118,508	60,804
Interest income and other income (expense), net	2,715	2,838	7,112	6,936
Gain on fair value of equity security	—	3,547	—	3,547
Loss on extinguishment of debt	—	(17,129)	—	(83,626)
Loss on fair value adjustment of derivatives, net	—	(2,302)	(240)	(10,585)
Interest expense	(356)	(437)	(1,113)	(1,390)
Interest and other income (expense), net	2,359	(13,483)	5,759	(85,118)
Income (loss) before income taxes	107,230	3,440	124,267	(24,314)
Provision for (benefit from) income taxes	4,032	2,501	(151,092)	5,945
Net income (loss)	$103,198	$939	$275,359	$(30,259)
Net income (loss) per share:
Basic	$0.95	$0.01	$2.54	$(0.27)
Diluted	$0.93	$0.01	$2.48	$(0.27)
Weighted average shares used in per share calculation
Basic	108,317	109,968	108,412	110,102
Diluted	110,775	111,962	111,179	110,102

Rambus Inc.
Supplemental Reconciliation of GAAP to Non-GAAP Results
(Unaudited)

	Three Months Ended September 30,
(In thousands)	2023	2022
Cost of product revenue	$19,388	$21,953
Adjustment:
Stock-based compensation expense	(149)	(142)
Non-GAAP cost of product revenue	$19,239	$21,811

Total operating expenses (benefits)	$(23,605)	$68,337
Adjustments:
Stock-based compensation expense	(9,889)	(8,730)
Acquisition-related costs and retention bonus expense	(37)	(1,627)
Amortization of acquired intangible assets	(258)	(433)
Restructuring and other recoveries	100	—
Expense on abandoned operating leases	(40)	(520)
Facility restoration costs	3	—
Severance costs	(373)	—
Gain on divestiture	90,843	—
Impairment of assets	(10,045)	—
Change in fair value of earn-out liability	5,666	(2,411)
Non-GAAP total operating expenses	$52,365	$54,616

Interest and other income (expense), net	$2,359	$(13,483)
Adjustments:
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements	(426)	(1,248)
Non-cash interest expense on convertible notes	—	33
Gain on sale of equity security	—	(3,547)
Loss on extinguishment of debt	—	17,129
Loss on fair value adjustment of derivatives, net	—	2,302
Realized loss on sale of marketable securities sold for the purpose of notes repurchase	—	450
Non-GAAP interest and other income (expense), net	$1,933	$1,636

Rambus Inc.
Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates
(Unaudited)

2023 Fourth Quarter Outlook	Three Months Ended December 31, 2023
(In millions)	Low	High
Forward-looking operating costs and expenses	$87.5	$83.5
Adjustments:
Stock-based compensation expense	(11.0)	(11.0)
Amortization of acquired intangible assets	(3.5)	(3.5)
Forward-looking Non-GAAP operating costs and expenses	$73.0	$69.0

Forward-looking interest and other income (expense), net	$2.2	$2.2
Adjustments:
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements	(0.2)	(0.2)
Forward-looking Non-GAAP interest and other income (expense), net	$2.0	$2.0

Rambus Reports Second Quarter 2023 Financial Results

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

SAN JOSE, Calif. – July 31, 2023 – Rambus Inc. (NASDAQ:RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for the second quarter ended June 30, 2023. GAAP revenue for the second quarter was $119.8 million, licensing billings were $60.2 million, product revenue was $55.0 million, and contract and other revenue was $24.1 million. The Company also generated $50.4 million in cash provided by operating activities in the second quarter.

“Rambus delivered a strong second quarter with solid results and execution from the team as we continue to successfully navigate through challenging market conditions,” said Luc Seraphin, chief executive officer of Rambus. “By delivering the critical chips and IP that address the growing demand in data center fueled by AI, we are well positioned to drive the company’s long-term profitable growth.”

Quarterly Financial Review – GAAP	Three Months Ended June 30,
(In millions, except for percentages and per share amounts)	2023	2022
Revenue
Product revenue	$55.0	$53.3
Royalties	40.7	48.0
Contract and other revenue	24.1	19.8
Total revenue	119.8	121.1
Cost of product revenue	18.7	20.4
Cost of contract and other revenue	1.3	1.0
Amortization of acquired intangible assets (included in total cost of revenue)	3.6	3.4
Total operating expenses ⁽¹⁾	84.5	60.8
Operating income	$11.7	$35.5
Operating margin	10%	29%
Net income	$168.9	$35.0
Diluted net income per share	$1.51	$0.31
Net cash provided by operating activities	$50.4	$56.5

_________________________________________

⁽¹⁾Includes amortization of acquired intangible assets of approximately $0.4 million for each of the three months ended June 30, 2023 and 2022.

Quarterly Financial Review – Supplemental Information⁽¹⁾	Three Months Ended June 30,
(In millions)	2023	2022
Licensing billings (operational metric) ⁽²⁾	$60.2	$66.1
Product revenue (GAAP)	$55.0	$53.3
Contract and other revenue (GAAP)	$24.1	$19.8
Non-GAAP cost of product revenue	$18.6	$20.3
Cost of contract and other revenue (GAAP)	$1.3	$1.0
Non-GAAP total operating expenses	$55.9	$54.9
Non-GAAP interest and other income (expense), net	$1.2	$1.0
Diluted share count (GAAP)	112	113

_________________________________________

⁽¹⁾See “Supplemental Reconciliation of GAAP to Non-GAAP Results” table included below.

⁽²⁾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.

GAAP revenue for the quarter was $119.8 million. The Company also had licensing billings of $60.2 million, product revenue of $55.0 million, and contract and other revenue of $24.1 million. The Company had total GAAP cost of revenue of $23.6 million and operating expenses of $84.5 million. The Company also had total non-GAAP operating expenses of $75.7 million (including non-GAAP cost of revenue of $19.9 million). The Company had 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. The Company’s basic share count was 109 million shares and its diluted share count was 112 million shares.

Cash, cash equivalents, and marketable securities as of June 30, 2023 were $332.6 million, an increase of $40.5 million from March 31, 2023, mainly due to $50.4 million in cash provided by operating activities.

2023 Third Quarter Outlook

The Company will discuss its full revenue guidance for the third quarter of 2023 during its upcoming conference call. The following table sets forth third quarter outlook for other measures.

(In millions)	GAAP	Non-GAAP ⁽¹⁾
Licensing billings (operational metric) ⁽²⁾	$59 – $65	$59 – $65
Product revenue (GAAP)	$47 – $53	$47 – $53
Contract and other revenue (GAAP)	$17 – $23	$17 – $23
Total operating costs and expenses	$90 – $86	$75 – $71
Interest and other income (expense), net	$1	$1
Diluted share count	112	112

_________________________________________

⁽¹⁾See “Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates” table included below.

⁽²⁾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.

For the third quarter of 2023, 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, 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.

The Company also expects operating costs and expenses to be between $90 million and $86 million. Additionally, the Company expects non-GAAP operating costs and expenses to be between $75 million and $71 million. These expectations also assume non-GAAP interest and other income (expense), net, of $1 million, a tax rate of 24% and diluted share count of 112 million, and 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.

Conference Call

Non-GAAP Financial Information

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: cost of product revenue, operating expenses and interest and other income (expense), net. In computing each of these non-GAAP financial measures, the following items were considered as discussed below: stock-based compensation expense, acquisition-related costs and retention bonus expense, amortization of acquired intangible assets, expense on abandoned operating leases, facility restoration costs, change in fair value of earn-out liability, loss on extinguishment of debt, loss on fair value adjustment of derivatives, net, realized loss on sale of marketable securities sold for the purpose of notes repurchase, non-cash interest expense 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’s 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.

The Company’s non-GAAP financial measures reflect adjustments based on the following items:

Forward-Looking Statements

This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including those relating to Rambus’ expectations regarding business opportunities, the Company’s ability to deliver long-term, profitable growth, product and investment strategies, and the Company’s outlook and financial guidance for the third quarter of 2023 and related drivers, and the Company’s ability to effectively manage supply chain and other market challenges. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by the Company’s management. Actual results may differ materially. The Company’s business generally is subject to a number of risks which are described more fully in Rambus’ periodic reports filed with the Securities and Exchange Commission, as well as potential adverse impacts related to, or arising from, COVID-19 and its variants. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

Contact
Desmond Lynch
Senior Vice President, Finance and Chief Financial Officer
(408) 462-8000
[email protected]

Rambus Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

(In thousands)	June 30, 2023	December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$122,190	$125,334
Marketable securities	210,437	187,892
Accounts receivable	63,929	55,368
Unbilled receivables	94,553	125,698
Inventories	33,527	20,900
Prepaids and other current assets	11,829	12,022
Total current assets	536,465	527,214
Intangible assets, net	42,992	50,880
Goodwill	292,040	292,040
Property, plant and equipment, net	87,167	86,255
Operating lease right-of-use assets	21,598	24,143
Deferred tax assets	140,405	3,031
Unbilled receivables	3,298	25,222
Other assets	3,151	3,809
Total assets	$1,127,116	$1,012,594

LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$17,643	$24,815
Accrued salaries and benefits	22,251	20,502
Convertible notes	—	10,378
Deferred revenue	16,779	23,861
Income taxes payable	12,942	18,137
Operating lease liabilities	4,098	5,024
Other current liabilities	27,731	23,992
Total current liabilities	101,444	126,709
Long-term liabilities:
Long-term operating lease liabilities	27,160	29,079
Long-term income taxes payable	1,973	5,892
Deferred tax liabilities	5,819	24,964
Other long-term liabilities	45,162	46,653
Total long-term liabilities	80,114	106,588
Total stockholders’ equity	945,558	779,297
Total liabilities and stockholders’ equity	$1,127,116	$1,012,594

Rambus Inc.
Condensed Consolidated Statements of Operations
(Unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands, except per share amounts)	2023	2022	2023	2022
Revenue:
Product revenue	$54,978	$53,302	$118,753	$101,271
Royalties	40,672	48,038	68,841	78,502
Contract and other revenue	24,182	19,792	46,000	40,409
Total revenue	119,832	121,132	233,594	220,182
Cost of revenue:
Cost of product revenue	18,743	20,417	45,166	38,814
Cost of contract and other revenue	1,294	974	2,985	1,598
Amortization of acquired intangible assets	3,561	3,421	7,123	6,799
Total cost of revenue	23,598	24,812	55,274	47,211
Gross profit	96,234	96,320	178,320	172,971
Operating expenses:
Research and development	41,576	39,538	83,474	79,353
Sales, general and administrative	26,187	26,305	57,151	53,211
Amortization of acquired intangible assets	382	417	764	826
Restructuring and other charges	9,494	—	9,494	—
Change in fair value of earn-out liability	6,900	(5,500)	13,800	(4,300)
Total operating expenses	84,539	60,760	164,683	129,090
Operating income	11,695	35,560	13,637	43,881
Interest income and other income (expense), net	2,236	2,738	4,397	4,098
Loss on extinguishment of debt	—	—	—	(66,497)
Loss on fair value adjustment of derivatives, net	—	—	(240)	(8,283)
Interest expense	(376)	(348)	(757)	(953)
Interest and other income (expense), net	1,860	2,390	3,400	(71,635)
Income (loss) before income taxes	13,555	37,950	17,037	(27,754)
Provision for (benefit from) income taxes	(155,325)	2,930	(155,124)	3,444
Net income (loss)	$168,880	$35,020	$172,161	$(31,198)
Net income (loss) per share:
Basic	$1.55	$0.32	$1.59	$(0.28)
Diluted	$1.51	$0.31	$1.55	$(0.28)
Weighted average shares used in per share calculation
Basic	109,039	110,447	108,561	110,170
Diluted	111,601	112,715	111,373	110,170

Rambus Inc.
Supplemental Reconciliation of GAAP to Non-GAAP Results
(Unaudited)

	Three Months Ended June 30,
(In thousands)	2023	2022
Cost of product revenue	$18,743	$20,417
Adjustment:
Stock-based compensation expense	(151)	(132)
Non-GAAP cost of product revenue	$18,592	$20,285

Total operating expenses	$84,539	$60,760
Adjustments:
Stock-based compensation expense	(11,224)	(8,504)
Acquisition-related costs and retention bonus expense	(478)	(1,949)
Amortization of acquired intangible assets	(382)	(417)
Restructuring and other charges	(9,494)	—
Expense on abandoned operating leases	(195)	(531)
Facility restoration costs	(10)	—
Change in fair value of earn-out liability	(6,900)	5,500
Non-GAAP total operating expenses	$55,856	$54,859

Interest and other income (expense), net	$1,860	$2,390
Adjustments:
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements	(627)	(1,455)
Non-cash interest expense on convertible notes	—	45
Non-GAAP interest and other income (expense), net	$1,233	$980

Rambus Inc.
Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates
(Unaudited)

2023 Third Quarter Outlook	Three Months Ended September 30, 2023
(In millions)	Low	High
Forward-looking operating costs and expenses	$90.1	$86.1
Adjustments:
Stock-based compensation expense	(11.7)	(11.7)
Amortization of acquired intangible assets	(3.4)	(3.4)
Forward-looking Non-GAAP operating costs and expenses	$75.0	$71.0

Forward-looking interest and other income (expense), net	$1.4	$1.4
Adjustments:
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements	(0.4)	(0.4)
Forward-looking Non-GAAP interest and other income (expense), net	$1.0	$1.0

Rambus Reports First Quarter 2023 Financial Results

Delivered strong Q1 results with revenue and earnings at the high end of guidance
Produced quarterly product revenue of $63.8 million driven by memory interface chips, up 33% year over year
Extended comprehensive patent license agreement with SK hynix by 10 years through 2034

SAN JOSE, Calif. – May 1, 2023 – Rambus Inc. (NASDAQ:RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for the first quarter ended March 31, 2023. GAAP revenue for the first quarter was $113.8 million, licensing billings were $63.4 million, product revenue was $63.8 million, and contract and other revenue was $21.8 million. The Company also generated $38.9 million in cash provided by operating activities in the first quarter.

“Rambus delivered a strong first quarter with revenue and earnings at the high end of guidance, driven by continued execution and industry-leading products as we successfully navigate the near-term challenges in the market,” said Luc Seraphin, chief executive officer of Rambus. “We are well positioned to address the favorable secular trends in the data center, fueled by exciting advancements in AI and other demanding workloads, and drive the company’s long-term profitable growth.”

Quarterly Financial Review – GAAP	Three Months Ended March 31,
(In millions, except for percentages and per share amounts)	2023	2022
Revenue
Product revenue	$63.8	$48.0
Royalties	28.2	30.4
Contract and other revenue	21.8	20.6
Total revenue	113.8	99.0
Cost of product revenue	26.4	18.4
Cost of contract and other revenue	1.7	0.6
Amortization of acquired intangible assets (included in total cost of revenue)	3.6	3.4
Total operating expenses ⁽¹⁾	80.2	68.3
Operating income	$1.9	$8.3
Operating margin	2%	8%
Net income (loss)	$3.3	$(66.2)
Diluted net income (loss) per share	$0.03	$(0.60)
Net cash provided by operating activities	$38.9	$42.6

_________________________________________

⁽¹⁾Includes amortization of acquired intangible assets of approximately $0.4 million for each of the three months ended March 31, 2023 and 2022.

Quarterly Financial Review – Supplemental Information⁽¹⁾	Three Months Ended March 31,
(In millions)	2023	2022
Licensing billings (operational metric) ⁽²⁾	$63.4	$64.1
Product revenue (GAAP)	$63.8	$48.0
Contract and other revenue (GAAP)	$21.8	$20.6
Non-GAAP cost of product revenue	$26.3	$18.3
Cost of contract and other revenue (GAAP)	$1.7	$0.6
Non-GAAP total operating expenses	$58.3	$56.0
Non-GAAP interest and other income (expense), net	$0.9	$(0.3)
Diluted share count (GAAP)	111	113

_________________________________________

⁽¹⁾See “Supplemental Reconciliation of GAAP to Non-GAAP Results” table included below.

⁽²⁾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.

GAAP revenue for the quarter was $113.8 million. The Company also had licensing billings of $63.4 million, product revenue of $63.8 million, and contract and other revenue of $21.8 million. The Company had total GAAP cost of revenue of $31.7 million and operating expenses of $80.2 million. The Company also had total non-GAAP operating expenses of $86.3 million (including non-GAAP cost of revenue). The Company had GAAP diluted net income per share of $0.03. The Company’s basic share count was 108 million shares and its diluted share count was 111 million shares.

Cash, cash equivalents, and marketable securities as of March 31, 2023 were $292.1 million, a decrease of $21.1 million from December 31, 2022, mainly due to $30.7 million in payments of taxes on restricted stock units, $10.7 million paid in connection with the settlement of warrants associated with the 2023 senior notes, $10.4 million paid in connection with the repayment of the 2023 senior notes, partially offset by $38.9 million in cash provided by operating activities.

2023 Second Quarter Outlook

The Company will discuss its full revenue guidance for the second quarter of 2023 during its upcoming conference call. The following table sets forth second quarter outlook for other measures.

(In millions)	GAAP	Non-GAAP ⁽¹⁾
Licensing billings (operational metric) ⁽²⁾	$61 – $67	$61 – $67
Product revenue (GAAP)	$50 – $56	$50 – $56
Contract and other revenue (GAAP)	$18 – $24	$18 – $24
Total operating costs and expenses	$97 – $93	$82 – $78
Interest and other income (expense), net	$1	$0
Diluted share count	112	112

_________________________________________

⁽¹⁾See “Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates” table included below.

⁽²⁾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.

For the second quarter of 2023, the Company expects licensing billings to be between $61 million and $67 million. The Company also expects royalty revenue to be between $37 million and $43 million, product revenue to be between $50 million and $56 million and contract and other revenue to be between $18 million and $24 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.

The Company also expects operating costs and expenses to be between $97 million and $93 million. Additionally, the Company expects non-GAAP operating costs and expenses to be between $82 million and $78 million. These expectations also assume non-GAAP interest and other income (expense), net, of ($0 million), a tax rate of 24% and diluted share count of 112 million, and exclude stock-based compensation expense ($11 million), amortization of acquired intangible assets ($4 million), and interest income related to the significant financing component from fixed-fee patent and technology licensing arrangements ($1 million).

Conference Call

Non-GAAP Financial Information

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: cost of product revenue, operating expenses and interest and other income (expense), net. In computing each of these non-GAAP financial measures, the following items were considered as discussed below: stock-based compensation expense, acquisition-related costs and retention bonus expense, amortization of acquired intangible assets, expense on abandoned operating leases, facility restoration costs, change in fair value of earn-out liability, loss on extinguishment of debt, loss on fair value adjustment of derivatives, net, realized loss on sale of marketable securities sold for the purpose of notes repurchase, non-cash interest expense 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’s 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.

The Company’s non-GAAP financial measures reflect adjustments based on the following items:

Acquisition-related costs and retention bonus expense. These expenses include all direct costs of certain acquisitions and the current period’s 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 have no direct correlation to the Company’s operations.

Non-cash interest expense on convertible notes. The Company incurs non-cash interest expense related to its convertible notes. The Company excludes non-cash interest expense related to its convertible notes to provide more accurate comparisons of the Company’s results with other peer companies and to more accurately reflect the Company’s ongoing operations.

About Rambus Inc.

Rambus is a provider of industry-leading chips and silicon IP making data faster and safer. With over 30 years of advanced semiconductor experience, we are a pioneer in high-performance memory subsystems that solve the bottleneck between memory and processing for data-intensive systems. Whether in the cloud, at the edge or in your hand, real-time and immersive applications depend on data throughput and integrity. Rambus products and innovations deliver the increased bandwidth, capacity and security required to meet the world’s data needs and drive ever-greater end-user experiences. For more information, visit rambus.com.

Forward-Looking Statements

This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including those relating to Rambus’ expectations regarding business opportunities, the Company’s ability to deliver long-term, profitable growth, product and investment strategies, and the Company’s outlook and financial guidance for the second quarter of 2023 and related drivers, and the Company’s ability to effectively manage supply chain shortages. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by the Company’s management. Actual results may differ materially. The Company’s business generally is subject to a number of risks which are described more fully in Rambus’ periodic reports filed with the Securities and Exchange Commission, as well as the potential adverse impacts related to, or arising from, the COVID-19 and its variants. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

Contact
Desmond Lynch
Senior Vice President, Finance and Chief Financial Officer
(408) 462-8000
[email protected]

Rambus Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

(In thousands)	March 31, 2023	December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$99,876	$125,334
Marketable securities	192,261	187,892
Accounts receivable	59,408	55,368
Unbilled receivables	100,435	125,698
Inventories	26,180	20,900
Prepaids and other current assets	14,603	12,022
Total current assets	492,763	527,214
Intangible assets, net	46,936	50,880
Goodwill	292,040	292,040
Property, plant and equipment, net	89,393	86,255
Operating lease right-of-use assets	22,696	24,143
Deferred tax assets	2,623	3,031
Unbilled receivables	12,548	25,222
Other assets	3,631	3,809
Total assets	$962,630	$1,012,594

LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$18,117	$24,815
Accrued salaries and benefits	15,906	20,502
Convertible notes	—	10,378
Deferred revenue	20,846	23,861
Income taxes payable	15,669	18,137
Operating lease liabilities	4,287	5,024
Other current liabilities	21,349	23,992
Total current liabilities	96,174	126,709
Long-term liabilities:
Long-term operating lease liabilities	28,127	29,079
Long-term income taxes payable	3,963	5,892
Deferred tax liabilities	26,658	24,964
Other long-term liabilities	45,979	46,653
Total long-term liabilities	104,727	106,588
Total stockholders’ equity	761,729	779,297
Total liabilities and stockholders’ equity	$962,630	$1,012,594

Rambus Inc.
Condensed Consolidated Statements of Operations
(Unaudited)

	Three Months Ended March 31,
(In thousands, except per share amounts)	2023	2022
Revenue:
Product revenue	$63,775	$47,969
Royalties	28,169	30,464
Contract and other revenue	21,818	20,617
Total revenue	113,762	99,050
Cost of revenue:
Cost of product revenue	26,423	18,397
Cost of contract and other revenue	1,691	624
Amortization of acquired intangible assets	3,562	3,378
Total cost of revenue	31,676	22,399
Gross profit	82,086	76,651
Operating expenses:
Research and development	41,898	39,815
Sales, general and administrative	30,964	26,906
Amortization of acquired intangible assets	382	409
Change in fair value of earn-out liability	6,900	1,200
Total operating expenses	80,144	68,330
Operating income	1,942	8,321
Interest income and other income (expense), net	2,161	1,360
Loss on extinguishment of debt	—	(66,497)
Loss on fair value adjustment of derivatives, net	(240)	(8,283)
Interest expense	(381)	(605)
Interest and other income (expense), net	1,540	(74,025)
Income (loss) before income taxes	3,482	(65,704)
Provision for income taxes	201	514
Net income (loss)	$3,281	$(66,218)
Net income (loss) per share:
Basic	$0.03	$(0.60)
Diluted	$0.03	$(0.60)
Weighted average shares used in per share calculation
Basic	108,277	109,889
Diluted	111,048	109,889

Rambus Inc.
Supplemental Reconciliation of GAAP to Non-GAAP Results
(Unaudited)

	Three Months Ended March 31,
(In thousands)	2023	2022
Cost of product revenue	$26,423	$18,397
Adjustment:
Stock-based compensation expense	(131)	(125)
Non-GAAP cost of product revenue	$26,292	$18,272

Total operating expenses	$80,144	$68,330
Adjustments:
Stock-based compensation expense	(12,932)	(7,653)
Acquisition-related costs and retention bonus expense	(825)	(2,575)
Amortization of acquired intangible assets	(382)	(409)
Expense on abandoned operating leases	(521)	(539)
Facility restoration costs	(316)	—
Change in fair value of earn-out liability	(6,900)	(1,200)
Non-GAAP total operating expenses	$58,268	$55,954

Interest and other income (expense), net	$1,540	$(74,025)
Adjustments:
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements	(919)	(1,827)
Non-cash interest expense on convertible notes	3	105
Loss on extinguishment of debt	—	66,497
Loss on fair value adjustment of derivatives, net	240	8,283
Realized loss on sale of marketable securities sold for the purpose of notes repurchase	—	688
Non-GAAP interest and other income (expense), net	$864	$(279)

Rambus Inc.
Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates
(Unaudited)

2023 Second Quarter Outlook	Three Months Ended June 30, 2023
(In millions)	Low	High
Forward-looking operating costs and expenses	$97.1	$93.1
Adjustments:
Stock-based compensation expense	(11.1)	(11.1)
Amortization of acquired intangible assets	(4.0)	(4.0)
Forward-looking Non-GAAP operating costs and expenses	$82.0	$78.0

Forward-looking interest and other income (expense), net	$0.6	$0.6
Adjustments:
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements	(0.6)	(0.6)
Forward-looking Non-GAAP interest and other income (expense), net	$—	$—

Rambus Reports Fourth Quarter and Fiscal Year 2022 Financial Results

Delivered strong Q4 revenue and earnings in line with guidance
Produced record annual product revenue driven by memory interface chips, up 58% year over year
Generated record cash from operations of $230.4 million for full year 2022

SAN JOSE, Calif. – February 6, 2023 – 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 31, 2022. GAAP revenue for the fourth quarter was $122.4 million; licensing billings were $64.3 million, product revenue was $67.2 million, and contract and other revenue was $23.8 million. The Company also generated $51.3 million in cash provided by operating activities in the fourth quarter.

“Rambus delivered a tremendous performance in 2022, achieving record annual product revenue and cash from operations,” said Luc Seraphin, chief executive officer of Rambus. “Our strategic focus on the data center and strong execution across our diverse offerings continues to drive the company’s long-term profitable growth and enables consistent capital returns to our stockholders.”

Quarterly Financial Review – GAAP	Three Months Ended December 31,
(In millions, except for percentages and per share amounts)	2022	2021
Revenue
Product revenue	$67.2	$45.3
Royalties	31.4	32.9
Contract and other revenue	23.8	13.6
Total revenue	$122.4	$91.8
Cost of product revenue	$28.2	$13.4
Cost of contract and other revenue	$1.6	$0.7
Amortization of acquired intangible assets (included in total cost of revenue)	$3.6	$3.6
Total operating expenses ⁽¹⁾	$72.8	$65.1
Operating income	$16.2	$9.0
Operating margin	13%	10%
Net income	$15.9	$6.1
Diluted net income per share	$0.14	$0.05

Net cash provided by operating activities	$51.3	$72.2

____________________________

⁽¹⁾ Includes amortization of acquired intangible assets of approximately $0.4 million for both the three months ended December 31, 2022 and 2021.

Quarterly Financial Review – Supplemental Information⁽¹⁾	Three Months Ended December 31,
(In millions)	2022	2021
Licensing billings (operational metric)⁽²⁾	$64.3	$66.6
Product revenue (GAAP)	$67.2	$45.3
Contract and other revenue (GAAP)	$23.8	$13.6
Non-GAAP cost of product revenue	$28.1	$13.3
Cost of contract and other revenue (GAAP)	$1.6	$0.7
Non-GAAP total operating expenses	$55.8	$51.4
Non-GAAP interest and other income (expense), net	$(0.7)	$(1.1)
Diluted share count (GAAP)	111	115

____________________________

⁽¹⁾ See “Supplemental Reconciliation of GAAP to Non-GAAP Results” table included below.

GAAP revenue for the quarter was $122.4 million. The Company also had licensing billings of $64.3 million, product revenue of $67.2 million, and contract and other revenue of $23.8 million. The Company had total GAAP cost of revenue of $33.4 million and operating expenses of $72.8 million. The Company also had total non-GAAP operating expenses of $85.4 million (including non-GAAP cost of revenue). The Company’s annual product revenue increased 58% year over year as the Company continues to gain market share. The Company had GAAP diluted net income per share of $0.14. The Company’s basic share count was 108 million shares and its diluted share count was 111 million shares.

Cash, cash equivalents, and marketable securities as of December 31, 2022 were $313.2 million, an increase of $48.4 million as compared to September 30, 2022, mainly due to cash provided by operating activities of approximately $51.3 million. Cash provided by operating activities for the year ended December 31, 2022 was $230.4 million, an increase of $21.2 million or 10%, from the same period in the prior year.

2023 First Quarter Outlook

The Company will discuss its full revenue guidance for the first quarter of 2023 during its upcoming conference call. The following table sets forth first quarter outlook for other measures.

(In millions)	GAAP	Non-GAAP ⁽¹⁾
Licensing billings (operational metric) ⁽²⁾	$61- $67	$61- $67
Product revenue	$57 – $63	$57 – $63
Contract and other revenue	$19 – $25	$19 – $25
Total operating costs and expenses	$104 – $100	$87 – $83
Interest and other income (expense), net	$0	($1)
Diluted share count	110	110

____________________________

⁽¹⁾ See “Reconciliation of GAAP Forward Looking Estimates to Non-GAAP Forward Looking Estimates” tables included below. Note that the applicable non-GAAP measures are presented, and that revenue is solely presented on a GAAP basis.

For the first quarter of 2023, the Company expects licensing billings to be between $61 million and $67 million. The Company also expects royalty revenue to be between $25 million and $31 million, product revenue to be between $57 million and $63 million and contract and other revenue to be between $19 million and $25 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.

The Company also expects operating costs and expenses to be between $104 and $100 million. Additionally, the Company expects non-GAAP operating costs and expenses to be between $87 million and $83 million. These expectations also assume non-GAAP interest and other income (expense), net, of ($1 million), tax rate of 24% and diluted share count of 110 million, and exclude stock-based compensation expense ($13 million), amortization expense ($4 million), non-cash interest expense on convertible notes ($0.1 million) and interest income related to the significant financing component from fixed-fee patent and technology licensing arrangements ($1 million).

Conference Call

Rambus management will discuss the results of the quarter during a conference call scheduled for 2:00 p.m. PT today. The call will be webcast and can be accessed via Rambus’ website at investor.rambus.com. A replay will be available following the call on the Rambus Investor Relations website or for one week at the following numbers: (866) 813-9403 (domestic) or (+44) 204-525-0658 (international) with ID# 579366.

Non-GAAP Financial Information

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: cost of product revenue, operating expenses and interest and other income (expense), net. In computing each of these non-GAAP financial measures, the following items were considered as discussed below: stock-based compensation expenses, acquisition-related costs and retention bonus expense, amortization of acquired intangible assets, expense on abandoned operating leases, change in fair value of earn-out liability, non-cash interest expense 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’s 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. Reconciliation from GAAP to non-GAAP results is included in the financial statements contained in this release.

The Company’s non-GAAP financial measures reflect adjustments based on the following items:

Amortization of acquired intangible assets. 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’s prior acquisitions and have no direct correlation to the operation of the Company’s core business.

Income tax adjustments. 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% for both 2022 and 2021, 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’s planning.

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.

Forward-Looking Statements

This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including those relating to Rambus’ expectations regarding business opportunities, the Company’s ability to deliver long-term, profitable growth, product and investment strategies, and the Company’s outlook and financial guidance for the first quarter of 2023 and related drivers, and the Company’s ability to effectively manage supply chain shortages. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by the Company’s management. Actual results may differ materially. The Company’s business generally is subject to a number of risks which are described more fully in Rambus’ periodic reports filed with the Securities and Exchange Commission, as well as the potential adverse impacts related to, or arising from, the COVID-19 and its variants. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

Contact
Desmond Lynch
Senior Vice President, Finance and Chief Financial Officer
(408) 462-8000
[email protected]

Rambus Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

(In thousands)	December 31, 2022	December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$125,334	$107,891
Marketable securities	187,892	377,718
Accounts receivable	55,368	44,065
Unbilled receivables	125,698	135,608
Inventories	20,900	8,482
Prepaids and other current assets	12,022	10,600
Total current assets	527,214	684,364
Intangible assets, net	50,880	58,420
Goodwill	292,040	278,810
Property, plant and equipment, net	86,255	56,035
Operating lease right-of-use assets	24,143	23,712
Deferred tax assets	3,031	4,047
Unbilled receivables	25,222	123,018
Other assets	3,809	4,240
Total assets	$1,012,594	$1,232,646

LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$24,815	$11,279
Accrued salaries and benefits	20,502	20,945
Convertible notes	10,378	163,687
Deferred revenue	23,861	24,755
Income taxes payable	18,137	20,607
Operating lease liabilities	5,024	5,992
Other current liabilities	23,992	20,002
Total current liabilities	126,709	267,267
Long-term liabilities:
Long-term operating lease liabilities	29,079	29,099
Long-term income taxes payable	5,892	21,424
Deferred tax liabilities	24,964	23,985
Other long-term liabilities	46,653	28,475
Total long-term liabilities	106,588	102,983
Total stockholders’ equity	779,297	862,396
Total liabilities and stockholders’ equity	$1,012,594	$1,232,646

Rambus Inc.
Condensed Consolidated Statements of Operations
(Unaudited)

	Three Months Ended December 31,		Years Ended December 31,
(In thousands, except per share amounts)	2022	2021	2022	2021
Revenue:
Product revenue	$67,178	$45,274	$227,068	$143,935
Royalties	31,436	32,893	139,816	136,706
Contract and other revenue	23,753	13,614	87,909	47,663
Total revenue	122,367	91,781	454,793	328,304
Cost of revenue:
Cost of product revenue	28,209	13,408	88,976	49,397
Cost of contract and other revenue	1,615	727	4,668	4,756
Amortization of acquired intangible assets	3,560	3,603	13,935	16,241
Total cost of revenue	33,384	17,738	107,579	70,394
Gross profit	88,983	74,043	347,214	257,910
Operating expenses:
Research and development	40,121	36,263	158,769	135,678
Sales, general and administrative	27,309	23,101	106,718	91,057
Amortization of acquired intangible assets	415	409	1,674	1,226
Restructuring and other charges	—	—	—	368
Change in fair value of earn-out liability	5,000	5,300	3,111	5,300
Total operating expenses	72,845	65,073	270,272	233,629
Operating income	16,138	8,970	76,942	24,281
Interest income and other income (expense), net	835	1,623	7,771	9,711
Gain on fair value of equity security	—	—	3,547	—
Loss on extinguishment of debt	—	—	(83,626)	—
Loss on fair value adjustment of derivatives, net	—	—	(10,585)	—
Interest expense	(484)	(2,737)	(1,874)	(10,706)
Interest and other income (expense), net	351	(1,114)	(84,767)	(995)
Income (loss) before income taxes	16,489	7,856	(7,825)	23,286
Provision for income taxes	540	1,751	6,485	4,952
Net income (loss)	$15,949	$6,105	$(14,310)	$18,334
Net income (loss) per share:
Basic	$0.15	$0.06	$(0.13)	$0.17
Diluted	$0.14	$0.05	$(0.13)	$0.16
Weighted average shares used in per share calculation:
Basic	107,603	109,161	109,472	110,538
Diluted	110,820	114,534	109,472	114,865

Rambus Inc.
Supplemental Reconciliation of GAAP to Non-GAAP Result
(Unaudited)

	Three Months Ended
	December 31,
(In thousands)	2022	2021
Cost of product revenue	$28,209	$13,408
Adjustment:
Stock-based compensation expense	(144)	$(112)
Non-GAAP cost of product revenue	$28,065	$13,296

Total operating expenses	$72,845	$65,073
Adjustments:
Stock-based compensation expense	(10,122)	(6,092)
Acquisition-related costs and retention bonus expense	(1,028)	(1,308)
Amortization of acquired intangible assets	(415)	(409)
Expense on abandoned operating leases	(521)	(559)
Change in fair value of earn-out liability	(5,000)	(5,300)
Non-GAAP total operating expenses	$55,759	$51,405

Interest and other income (expense), net	$351	$(1,114)
Adjustments:
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements	(1,029)	(1,907)
Non-cash interest expense on convertible notes	10	1,954
Non-GAAP interest and other income (expense), net	$(668)	$ (1,067)

Rambus Inc.
Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates
(Unaudited)

2023 First Quarter Outlook	Three Months Ended March 31, 2023
(In millions)	Low	High
Forward-looking operating costs and expenses	$103.7	$99.7
Adjustments:
Stock-based compensation expense	(12.6)	(12.6)
Amortization of acquired intangible assets	(4.1)	(4.1)
Forward-looking Non-GAAP operating costs and expenses	$87.0	$83.0

Forward-looking interest and other income (expense), net	$ 0.3	$0.3
Adjustments:
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements	(0.9)	(0.9)
Non-cash interest expense on convertible notes	0.1	0.1
Forward-looking Non-GAAP interest and other income (expense), net	$(0.5)	$(0.5)

Rambus Reports Third Quarter 2022 Financial Results

Exceeded guidance for Q3 revenue and earnings
Delivered record quarterly product revenue driven by memory interface chips
Generated $80 million in cash from operations
Initiated $100 million accelerated share repurchase program

SAN JOSE, Calif. – October 31, 2022– Rambus Inc. (NASDAQ:RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for the third quarter ended September 30, 2022. GAAP revenue for the third quarter was $112.2 million, licensing billings were $62.2 million, product revenue was $58.6 million, and contract and other revenue was $23.7 million. The Company also generated $80 million in cash provided by operating activities in the third quarter.

“Rambus had an excellent performance in the third quarter, exceeding guidance and delivering record cash and product revenue,” said Luc Seraphin, chief executive officer of Rambus. “Our strategic focus and strong execution in data center, combined with a diverse portfolio of offerings, drive the company’s long-term profitable growth and enable consistent capital returns to our stockholders.”

Quarterly Financial Review – GAAP	Three Months Ended September 30,
(In millions, except for percentages and per share amounts)	2022	2021
Revenue
Product revenue	$58.6	$36.7
Royalties	29.9	33.1
Contract and other revenue	23.7	11.5
Total revenue	112.2	81.3
Cost of product revenue	21.9	13.1
Cost of contract and other revenue	1.5	1.5
Amortization of acquired intangible assets (included in total cost of revenue)	3.6	3.8
Total operating expenses ⁽¹⁾	68.3	58.2
Operating income	$16.9	$4.7
Operating margin	15%	6%
Net income	$0.9	$3.7
Diluted net income per share	$0.01	$0.03
Net cash provided by operating activities	$80.0	$46.0

_________________________________________

⁽¹⁾ Includes amortization of acquired intangible assets of approximately $0.4 million for each of the three months ended September 30, 2022 and 2021.

Quarterly Financial Review – Supplemental Information⁽¹⁾	Three Months Ended September 30,
(In millions)	2022	2021
Licensing billings (operational metric) ⁽²⁾	$62.2	$66.1
Product revenue (GAAP)	$58.6	$36.7
Contract and other revenue (GAAP)	$23.7	$11.5
Non-GAAP cost of product revenue	$21.8	$13.1
Cost of contract and other revenue (GAAP)	$1.5	$1.5
Non-GAAP total operating expenses	$54.6	$48.2
Non-GAAP interest and other income (expense), net	$1.6	$(0.2)
Diluted share count (GAAP)	112	114

_________________________________________

⁽¹⁾See “Supplemental Reconciliation of GAAP to Non-GAAP Results” table included below.

⁽²⁾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.

GAAP revenue for the quarter was $112.2 million. The Company also had licensing billings of $62.2 million, product revenue of $58.6 million, and contract and other revenue of $23.7 million. The Company had GAAP cost of revenue of $27.0 million and operating expenses of $68.3 million. The Company also had total non-GAAP operating expenses of $77.9 million (including non-GAAP cost of revenue). The Company’s basic share count was 110 million shares and its diluted share count was 112 million shares.

Cash, cash equivalents, and marketable securities as of September 30, 2022 were $264.8 million, a decrease of $86.8 million from June 30, 2022, mainly due to $100 million paid in connection with an accelerated share repurchase program, $58.9 million paid in connection with the repayment of 2023 senior notes, $14.4 million paid in connection with the settlement of warrants, partially offset by $80 million in cash generated by operating activities and proceeds of $19.3 million from the settlement of senior convertible note hedges.

2022 Fourth Quarter Outlook

The Company will discuss its full revenue guidance for the fourth quarter of 2022 during its upcoming conference call. The following table sets forth fourth quarter outlook for other measures.

(In millions)	GAAP	Non-GAAP ⁽¹⁾
Licensing billings (operational metric) ⁽²⁾	$59 – $65	$59 – $65
Product revenue (GAAP)	$63 – $69	$63 – $69
Contract and other revenue (GAAP)	$21 – $27	$21 – $27
Total operating costs and expenses	$100 – $96	$86 – $82
Interest and other income (expense), net	$0	($1)
Diluted share count	110	110

_________________________________________

⁽¹⁾ See “Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates” table included below.

For the fourth quarter of 2022, the Company expects licensing billings to be between $59 million and $65 million. The Company also expects royalty revenue to be between $29 million and $35 million, product revenue to be between $63 million and $69 million and contract and other revenue to be between $21 million and $27 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.

The Company also expects operating costs and expenses to be between $100 million and $96 million. Additionally, the Company expects non-GAAP operating costs and expenses to be between $86 million and $82 million. These expectations also assume non-GAAP interest and other income (expense), net, of ($1 million), tax rate of 24% and diluted share count of 110 million, and exclude stock-based compensation expense ($10 million), amortization expense ($4 million), non-cash interest expense ($0.1 million) and interest income related to the significant financing component from fixed-fee patent and technology licensing arrangements ($1 million).

Conference Call

Non-GAAP Financial Information

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: cost of product revenue, operating expenses and interest and other income (expense), net. In computing each of these non-GAAP financial measures, the following items were considered as discussed below: stock-based compensation expense, acquisition-related costs and retention bonus expense, amortization of acquired intangible assets, expense on abandoned operating leases, change in fair value of earn-out liability, loss on extinguishment of debt, loss on fair value adjustment of derivatives, net, realized loss on sale of marketable securities sold for the purpose of notes repurchase, non-cash interest expense 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’s 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.

The Company’s non-GAAP financial measures reflect adjustments based on the following items:

Gain on sale of equity security. The Company has excluded gain on sale of equity security as this is not a reflection of the Company’s ongoing operations.

Income tax adjustments. 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 2022 and 2021, 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’s planning.

Forward-Looking Statements

This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including those relating to Rambus’ expectations regarding business opportunities, the Company’s ability to deliver long-term, profitable growth, product and investment strategies, and the Company’s outlook and financial guidance for the fourth quarter of 2022 and related drivers, and the Company’s ability to effectively manage supply chain shortages. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by the Company’s management. Actual results may differ materially. The Company’s business generally is subject to a number of risks which are described more fully in Rambus’ periodic reports filed with the Securities and Exchange Commission, as well as the potential adverse impacts related to, or arising from, the COVID-19 and its variants. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

Rambus Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

(In thousands)	September 30, 2022	December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$141,559	$107,891
Marketable securities	123,289	377,718
Accounts receivable	38,547	44,065
Unbilled receivables	142,037	135,608
Inventories	14,161	8,482
Prepaids and other current assets	14,584	10,600
Total current assets	474,177	684,364
Intangible assets, net	54,856	58,420
Goodwill	292,038	278,810
Property, plant and equipment, net	78,563	56,035
Operating lease right-of-use assets	25,232	23,712
Deferred tax assets	2,803	4,047
Unbilled receivables	37,914	123,018
Other assets	3,473	4,240
Total assets	$969,056	$1,232,646

LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$20,405	$11,279
Accrued salaries and benefits	16,654	20,945
Convertible notes	10,368	163,687
Deferred revenue	23,460	24,755
Income taxes payable	20,024	20,607
Operating lease liabilities	5,435	5,992
Other current liabilities	20,085	20,002
Total current liabilities	116,431	267,267
Long-term liabilities:
Long-term operating lease liabilities	30,093	29,099
Long-term income taxes payable	7,818	21,424
Deferred tax liabilities	25,746	23,985
Other long-term liabilities	39,084	28,475
Total long-term liabilities	102,741	102,983
Total stockholders’ equity	749,884	862,396
Total liabilities and stockholders’ equity	$969,056	$1,232,646

Rambus Inc.
Condensed Consolidated Statements of Operations
(Unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
(In thousands, except per share amounts)	2022	2021	2022	2021
Revenue:
Product revenue	$58,619	$36,710	$159,890	$98,661
Royalties	29,878	33,044	108,380	103,813
Contract and other revenue	23,747	11,528	64,156	34,049
Total revenue	112,244	81,282	332,426	236,523
Cost of revenue:
Cost of product revenue	21,953	13,157	60,767	35,989
Cost of contract and other revenue	1,455	1,456	3,053	4,029
Amortization of acquired intangible assets	3,576	3,813	10,375	12,638
Total cost of revenue	26,984	18,426	74,195	52,656
Gross profit	85,260	62,856	258,231	183,867
Operating expenses:
Research and development	39,295	35,592	118,648	99,415
Sales, general and administrative	26,198	22,210	79,409	67,956
Amortization of acquired intangible assets	433	359	1,259	817
Restructuring charges	—	—	—	368
Change in fair value of earn-out liability	2,411	—	(1,889)	—
Total operating expenses	68,337	58,161	197,427	168,556
Operating income	16,923	4,695	60,804	15,311
Interest income and other income (expense), net	6,385	2,726	10,483	8,088
Loss on extinguishment of debt	(17,129)	—	(83,626)	—
Loss on fair value adjustment of derivatives, net	(2,302)	—	(10,585)	—
Interest expense	(437)	(2,672)	(1,390)	(7,969)
Interest and other income (expense), net	(13,483)	54	(85,118)	119
Income (loss) before income taxes	3,440	4,749	(24,314)	15,430
Provision for income taxes	2,501	1,073	5,945	3,201
Net income (loss)	$939	$3,676	$(30,259)	$12,229
Net income (loss) per share:
Basic	$0.01	$0.03	$(0.27)	$0.11
Diluted	$0.01	$0.03	$(0.27)	$0.11
Weighted average shares used in per share calculation
Basic	109,968	108,989	110,102	111,103
Diluted	111,962	113,661	110,102	114,954

Rambus Inc.
Supplemental Reconciliation of GAAP to Non-GAAP Results
(Unaudited)

	Three Months Ended September 30,
(In thousands)	2022	2021
Cost of product revenue	$21,953	$13,157
Adjustment:
Stock-based compensation expense	(142)	(101)
Non-GAAP cost of product revenue	$21,811	$13,056

Total operating expenses	$68,337	$58,161
Adjustments:
Stock-based compensation expense	(8,730)	(7,381)
Acquisition-related costs and retention bonus expense	(1,627)	(1,658)
Amortization of acquired intangible assets	(433)	(359)
Expense on abandoned operating leases	(520)	(521)
Change in fair value of earn-out liability	(2,411)	—
Non-GAAP total operating expenses	$54,616	$48,242

Interest and other income (expense), net	$(13,483)	$54
Adjustments:
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements	(1,248)	(2,163)
Non-cash interest expense on convertible notes	33	1,927
Gain on sale of equity security	(3,547)	—
Loss on extinguishment of debt	17,129	—
Loss on fair value adjustment of derivatives, net	2,302	—
Realized loss on sale of marketable securities sold for the purpose of notes repurchase	450	—
Non-GAAP interest and other income (expense), net	$1,636	$(182)

Rambus Inc.
Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates
(Unaudited)

2022 Fourth Quarter Outlook	Three Months Ended December 31, 2022
(In millions)	Low	High
Forward-looking operating costs and expenses	$100.3	$96.3
Adjustments:
Stock-based compensation expense	(10.3)	(10.3)
Amortization of acquired intangible assets	(4.0)	(4.0)
Forward-looking Non-GAAP operating costs and expenses	$86.0	$82.0

Forward-looking interest and other income (expense), net	$0.4	$0.4
Adjustments:
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements	(1.0)	(1.0)
Non-cash interest expense	0.1	0.1
Forward-looking Non-GAAP interest and other income (expense), net	$(0.5)	$(0.5)

Rambus Initiates Accelerated Share Repurchase Program

SAN JOSE, Calif. – Sep. 12, 2022 – Rambus Inc. (NASDAQ: RMBS), a provider of industry-leading chips and silicon IP making data faster and safer, today announced that it initiated an accelerated share repurchase program with Wells Fargo Bank, National Association (“Wells Fargo Bank”), to repurchase an aggregate of approximately $100 million of its common stock, with an initial delivery of approximately 3.1 million shares.

“As part of our strategic approach to capital allocation, this program demonstrates our confidence in the future growth of the company, and highlights our continuing ability to invest in critical products and technologies while delivering long-term value to our stockholders,” said Luc Seraphin, president and chief executive officer at Rambus.

Under the accelerated share repurchase program, Rambus will pre-pay to Wells Fargo Bank the $100 million purchase price for its common stock and, in turn, Rambus will receive an initial delivery of approximately 3.1 million shares of its common stock from Wells Fargo Bank within the first week of the program. The number of shares to be purchased ultimately by Rambus will be determined based on the volume-weighted average price of Rambus common stock during the terms of the transaction, minus an agreed upon discount between the parties. The program is expected to be completed within four months.

The accelerated share repurchase program is part of the broader share repurchase program previously authorized by the Rambus Board of Directors.

About Rambus Inc.

Rambus is a provider of industry-leading chips and silicon IP making data faster and safer. With over 30 years of advanced semiconductor experience, we are a pioneer in high-performance memory subsystems that solve the bottleneck between memory and processing for data-intensive systems. Whether in the cloud, at the edge or in your hand, real-time and immersive applications depend on data throughput and integrity. Rambus products and innovations deliver the increased bandwidth, capacity and security required to meet the world’s data needs and drive ever-greater end-user experiences. For more information, visit rambus.com.

Forward-Looking Statements

This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 relating, among other things, to the terms of Rambus’ accelerated share repurchase program, including timing, Rambus’ growth potential, and the long-term success of Rambus’ investment strategy. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by Rambus’ management. Actual results may differ materially. The forward-looking statements contained in this press release are subject to risks and uncertainties, including those more fully described in Rambus’ Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2022. The forward-looking statements in this press release are based on information available to Rambus as of the date hereof, and Rambus undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

Contact:
Nicole Noutsios
Rambus Investor Relations
(510) 315-1003
[email protected]

Rambus Reports Third Quarter 2023 Financial Results

Rambus Reports Second Quarter 2023 Financial Results

Rambus Reports First Quarter 2023 Financial Results

Rambus Reports Fourth Quarter and Fiscal Year 2022 Financial Results

Rambus Reports Third Quarter 2022 Financial Results

Rambus Initiates Accelerated Share Repurchase Program

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