Rambus Reports Second Quarter 2021 Financial Results

 

Rambus Inc.

Condensed Consolidated Statements of Operations

(Unaudited)




Three Months Ended

June 30,


Six Months Ended

June 30,

(In thousands, except per share amounts)


2021


2020


2021


2020

Revenue:









Product revenue


$

31,170



$

31,725



$

61,951



$

62,453


Royalties


41,910



18,744



70,769



40,226


Contract and other revenue


11,779



11,248



22,521



24,815


Total revenue


84,859



61,717



155,241



127,494


Cost of revenue:









Cost of product revenue


11,422



10,277



22,832



20,620


Cost of contract and other revenue


1,017



1,535



2,573



2,733


Amortization of acquired intangible assets


4,439



4,336



8,825



8,680


Total cost of revenue


16,878



16,148



34,230



32,033


Gross profit


67,981



45,569



121,011



95,461


Operating expenses:









Research and development


31,469



34,688



63,823



71,352


Sales, general and administrative


22,184



21,721



45,746



45,027


Amortization of acquired intangible assets


229



248



458



596


Restructuring charges






368



836


Change in fair value of earn-out liability








(1,800)


Total operating expenses


53,882



56,657



110,395



116,011


Operating income (loss)


14,099



(11,088)



10,616



(20,550)


Interest income and other income (expense), net


2,381



4,688



5,362



11,131


Interest expense


(2,683)



(2,580)



(5,297)



(5,135)


Interest and other income (expense), net


(302)



2,108



65



5,996


Income (loss) before income taxes


13,797



(8,980)



10,681



(14,554)


Provision for income taxes


2,631



160



2,128



1,125


Net income (loss)


$

11,166



$

(9,140)



$

8,553



$

(15,679)


Net income (loss) per share:









Basic


$

0.10



$

(0.08)



$

0.08



$

(0.14)


Diluted


$

0.10



$

(0.08)



$

0.07



$

(0.14)


Weighted average shares used in per share calculation









Basic


112,144



113,572



112,177



113,240


Diluted


114,931



113,572



115,358



113,240



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