Slide 1: Rambus Fourth Quarter and Fiscal Year 2023 Financial Results
Rambus Fourth Quarter and Fiscal Year 2023 Financial Results
Slide 2: Safe Harbor for Forward-Looking Statements; Other Disclosures
Safe Harbor for Forward-Looking Statements; Other Disclosures This presentation contains forward-looking statements, including those relating to the Company’s expectations regarding business opportunities, the Company’s ability to deliver long-term, profitable growth, industry growth rates, timing o
Slide 3: Fourth Quarter and Fiscal Year 2023 Highlights
Fourth Quarter and Fiscal Year 2023 Highlights Delivered strong Q4 results at the high end of guidance and $54.8M in cash from operations Continued strong execution with full-year results outpacing overall semiconductor market Enhanced strategic focus on differentiated chips and digital IP for data
Slide 4: Financials: Profitable Growth
Financials Profitable Growth
Slide 5: Fourth Quarter and Fiscal Year 2023 Financial Summary
Fourth Quarter and Fiscal Year 2023 Financial Summary Delivered strong Q4 results with revenue and earnings at the high end of guidance Generated cash from operations in Q4 of $54.8M, further strengthening the balance sheet Achieved quarterly product revenue of $53.7M in Q4 Executed $100M accelerate
Slide 6: Outstanding Cash Generation
Outstanding Cash Generation ASC 606 ASC 606 ASC 606 ASC 606 ASC 606 In Millions Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Revenue $122.4 $113.8 $119.8 $105.3 $122.2 Balanced portfolio drives growth Total Operating Costs and Disciplined investment to support core $85.4 $86.3 $75.7 $72.9 $71.9 Expenses1
Slide 7: Strong Balance Sheet Supports Strategic Initiatives
Strong Balance Sheet Supports Strategic Initiatives In Millions Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Total Cash & Marketable $313.2 $292.1 $332.6 $375.5 $425.8 Driven by continued strong cash from operations Securities Total Assets $1,012.6 $962.6 $1,127.1 $1,184.3 $1,256.1 Strong balance sheet a
Slide 8: Q1 2024 Non-GAAP Outlook
Q1 2024 Non-GAAP Outlook Outlook (1) Outlook (ASC 606) (2) Licensing Billings (3) $59 – $65M Total Operating Costs (2) $75 – $71M Contract & Other Revenue $17 – $23M Interest Income (Expense) (2) $3M Product Revenue $47 – $53M Fully Diluted Shares Outstanding 110M (1) The Q1 2024 outlook for Royalty
Slide 9: Rambus Investment Summary
Rambus Investment Summary Amplified opportunity in data center as memory relevance accelerates fueled by AI Pioneer of industry-leading chips and silicon IP enabling critical performance improvements for the continued evolution of the data center Continued innovation feeds patent portfolio and produ
Slide 10: Thank you
Thank you
Slide 11: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Net Income (Loss) in Millions (ASC 606) (ASC 606) (ASC 606) (ASC 606) (ASC 606) GAAP Net Income $16 $3 $169 $103 $59 Adjustments: Stock-based compensation $10 $13 $11 $10 $11 Acquisition/divestiture-related costs a
Slide 12: Revenue and Licensing Billings
Revenue and Licensing Billings ASC 606 ASC 606 In Thousands Q1'22 Q2'22 Q3'22 Q4'22 FY 2022 Q1'23 Q2'23 Q3'23 Q4'23 FY 2023 Royalty Revenue $30,464 $48,038 $29,878 $31,436 $139,816 $28,169 $40,672 $28,857 $52,412 $150,110 Product Revenue $47,969 $53,302 $58,619 $67,178 $227,068 $63,775 $54,978 $52,1
Slide 13: GAAP to Non-GAAP Income Statement
GAAP to Non-GAAP Income Statement GAAP Non-GAAP Delta In $ Millions Actual Actual to Q4’23 Q4’23 GAAP Revenue $122.2 $122.2 $- Cost of revenue 24.1 20.9 (3.2) Research and development 36.0 32.2 (3.7) Sales, general and administrative 25.9 18.7 (7.1) Change in fair value of earn-out liability 1.1 0.0