Press release
Rambus Reports Second Quarter 2020 Financial Results
- Excellent quarter, at the high end of expectations for revenue and profit - $62.0 million in cash provided by operating activities, the highest quarterly
About this update from Rambus, Inc.
[{"type":"text","content":"- Excellent quarter, at the high end of expectations for revenue and profit\n - $62.0 million in cash provided by operating activities, the highest quarterly cash generation in over 10 years\n - Fifth consecutive quarter of record revenue from memory interface chips driven by strong demand in data center\n\n\nSAN JOSE, Calif., Aug. 3, 2020 /PRNewswire/ -- Rambus Inc. (NASDAQ: RMBS), a premier silicon IP and chip provider making data faster and safer, today reported financial results for the second quarter ended June 30, 2020. GAAP revenue for the second quarter was $59.9 million; licensing billings were $60.7 million, product revenue was $31.7 million, and contract and other revenue was $11.2 million. The Company also generated $62.0 million in cash provided by operating activities. \n\n \n \n \n \n \n \n\n \n\"Rambus had a superb second quarter with cash generated from operations at a 10-year high and our chip business delivering its fifth consecutive quarter of record revenue,\" said Luc Seraphin, chief executive officer of Rambus. \"This tremendous performance was enabled by our sustained focus on quality and execution, demonstrating our ability to consistently deliver.\"\nBusiness Review\nThe need for increased bandwidth, capacity and security across all data-centric applications continues to create strong sustained demand for products and solutions that improve the performance of the global data infrastructure and drive Rambus growth. \nThe Company's memory interface chip business continued its growth trajectory, with a fifth consecutive quarter of record revenue. This performance was driven by a combination of increased data center and OEM qualifications, and an overall increase in market demand. With the recent industry publication of the DDR5 memory specification, Rambus remains poised as a market leader to support our customers' next-generation systems. \nThe Rambus Silicon IP business maintained its momentum with design wins for interface and security IP at tier-1 SoC makers across data center, AI and 5G. With the availability of the cutting-edge 112G XSR SerDes for chiplets and co-packaged optics, the Company continues to deliver solutions that enable leading-edge architectures and capabilities for high-performance systems.\nQuarterly Financial Review - GAAP\nThree Months Ended June 30,\n(In millions, except for perce...