Rambus Inc. (NASDAQ:RMBS) Q3 2022 Earnings Conference Call October 31, 2022 5:00 PM ET Company Participants Desmond Lynch - Senior Vice President & Chief Financial Officer Luc Seraphin - President & Chief Executive Officer Conference Call Participants Kevin Cassidy - Rosenblatt Securities Mehdi Hosseini - SIG Sidney Ho - Deutsche Bank Ashley McCurry - Wells Fargo Kevin Cassidy - Rosenblatt Securities Operator Welcome to the Rambus Third Quarter and Fiscal Year 2022 Earnings Conference Call. [Operator Instru ...

Company Overview - Rambus is headquartered in San Jose, CA, USA, with worldwide offices[8,9] - The company has over 30 years of tech leadership and innovation in industry-leading chips and silicon IP[10] - Rambus has approximately 750 employees worldwide and around 3000 patents and applications[7] Financial Performance - In 2021, Rambus generated $209 million in cash from operations[7] - Chip and Silicon IP revenue accounted for over 75% of the total, primarily from Data Center & Edge markets[7] - Product, Contract and Other revenue grew by 18% year-over-year in 2021[7] - Cash equivalents were $486 million in 2021[28] - Return of capital was $100 million in 2021[28] Strategic Focus - The company focuses on strategic initiatives to drive financial results and profitable growth[30] - Rambus aims to amplify its data center market opportunity as memory relevance grows[30] - Continued innovation feeds the patent portfolio and product roadmap expansion[30]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ FORM 10-Q _______________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-22339 _______________________________ RAMBUS INC. (Exact name of ...

| --- | --- | --- | --- | |------------------------------------------------|-------|-------|-------| | | | | | | | | | | | Rambus Second Quarter 2022 Financial Results | | | | | | | | | | | | | | Safe Harbor for Forward-Looking Statements; Other Disclosures This presentation contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including those relating to the Company's expectations regarding business opportunities, the Company's ability to deliver long-term, profita ...

Financial Data and Key Metrics Changes - Revenue for Q2 2022 was $121.1 million, at the high end of expectations, with product revenue reaching a record $53.3 million, driven primarily by memory interface chips [26][27][12] - Non-GAAP net income for the quarter was $36.1 million, reflecting disciplined execution and focus [32] - Cash from operations totaled $56.5 million, contributing to an increase in cash, cash equivalents, and marketable securities to $351.6 million [33][12] Business Line Data and Key Metrics Changes - Memory interface chips generated $53.3 million in product revenue, marking a record performance despite supply chain challenges [27][13] - Licensing revenue was $48 million, up from Q1, driven by additional upfront revenue from several license agreements [26] - Silicon IP revenue continued to show strong performance, with expectations for an annual run rate of $120 million to $130 million [43][85] Market Data and Key Metrics Changes - The company is experiencing strong demand in the data center market, particularly for DDR5 memory interface chips, which are in volume production [14][12] - The transition from DDR4 to DDR5 is expected to be lumpy, with demand ramping as new computing platforms are rolled out [16][52] - Engagement with key players in the ecosystem for CXL memory expansion and pooling solutions is increasing [17][18] Company Strategy and Development Direction - The company aims to leverage its diverse portfolio of chips, silicon IP, and patents to fuel long-term profitable growth [12][22] - The acquisition of Hardent, Inc. is expected to enhance the company's capabilities in CXL initiatives and SOC design [25][78] - Continued investment in critical programs is planned to maintain a competitive edge in advanced data center architectures [22][42] Management's Comments on Operating Environment and Future Outlook - Management noted that supply constraints have impacted revenue potential, with a meaningful gap between supply and demand [68][46] - The outlook for Q3 includes expected revenue between $104 million and $110 million, with royalty revenue projected between $29 million and $35 million [38] - Management remains optimistic about product business growth, projecting a year-over-year growth rate of about 40% compared to fiscal year 2021 [50][12] Other Important Information - The company recorded $2.7 million in interest income, with $1 million attributed to favorable foreign currency exchanges during the quarter [30][33] - Total operating costs for Q2 were $76.1 million, with operating expenses of $54.9 million in line with expectations [28] Q&A Session Summary Question: About buffer chip revenue and backlog growth - Management indicated that demand is significantly higher than supply, with large orders on the books and no cancellations noted [46][47] Question: Dynamics behind strong product revenue growth - The growth is attributed to a strong design win footprint in the last generation of DDR4, with ongoing demand from customers [58][59] Question: Impact of supply constraints on revenue and margins - Supply constraints have limited revenue potential, but management is working to optimize supply and backlog management [68][70] Question: Timing and revenue potential of new companion chips - Revenue from new companion chips is not expected to be meaningful this year, with a ramp anticipated next year [73][74] Question: Benefits of the Hardent acquisition - The acquisition brings expertise in complex SOC design, which is crucial for the development of CXL chips [78][77]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ FORM 10-Q _______________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-22339 _______________________________ RAMBUS ...

Rambus First Quarter 2022 Financial Results Safe Harbor for Forward-Looking Statements; Other Disclosures This presentation contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, 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 of expected product launches, demand for existing and newly-acquired technologies, the growth opportunities of ...

Rambus Inc. (NASDAQ:RMBS) Q1 2022 Earnings Conference Call May 2, 2022 5:00 PM ET Company Participants Desmond Lynch - Vice President, Finance and Investor Relations Luc Seraphin - Chief Executive Officer Keith Jones - Interim Chief Financial Officer Conference Call Participants Sidney Ho - Deutsche Bank Gary Mobley - Wells Fargo Kevin Cassidy - Rosenblatt Mehdi Hosseini - SIG Operator Welcome to the Rambus First Quarter and Fiscal Year 2022 Earnings Conference Call. [Operator Instructions] As a reminder, t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________ FORM 10-K ________________________________________ (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-22339 __________________________ ...

Financial Performance Highlights - Rambus exceeded Q4 targets for revenue and profitability[7, 10] - The company generated record cash from operations of $2092 million for full year 2021, with $722 million generated in Q4[7] - Record product revenue of $453 million was achieved in Q4, driven by memory interface chips[7, 10] - Full year 2021 product revenue reached a record $1439 million, up 26% year-over-year[7] Strategic Initiatives and Outlook - Silicon IP continued run rate of over $100 million in bookings per year, with key design wins for HBM3, PCIe 50, CXL20, Root of Trust and MACsec[7] - Q1 2022 non-GAAP outlook includes licensing billings of $64 million - $70 million, product revenue of $43 million - $49 million, and total operating costs of $69 million - $73 million[14] Balance Sheet Strength - Total cash and marketable securities reached $4856 million in Q4 2021[13] Revenue Breakdown - Q4 2021 total revenue was $918 million, driven by higher product revenue quarter over quarter[11]