Financial Data and Key Metrics Changes - The company reported Q1 revenue of $113.8 million, at the high end of expectations, with product revenue of $63.8 million, up 33% year-over-year [100][21][5] - Cash from operations for the quarter was $38.9 million, with total operating costs of $86.3 million [22][9] - Non-GAAP earnings per share for Q2 is expected to range between $0.20 and $0.26, with a projected share count of 112 million [11] Business Line Data and Key Metrics Changes - Product revenue primarily from memory interface chips was $63.8 million, while contract and other revenue was $21.8 million [21] - The company expects a slight improvement in product gross margins in Q2, driven by a favorable product mix, with Q1 product gross margins at approximately 59% [32][33] - Silicon IP gross margins were just over 90% in Q1, expected to remain around that level going forward [34] Market Data and Key Metrics Changes - The transition from DDR4 to DDR5 is projected for the first half of 2024, with initial orders for DDR5 expected to start shipping in late Q2 [18][54] - The company anticipates a stronger second half of the year as DDR5 demand ramps up and DDR4 inventories normalize [97][48] Company Strategy and Development Direction - The company is focused on advancing data center memory performance to meet the growing demands of generative AI and other advanced workloads [6] - A strategic licensing agreement with SK Hynix was extended for an additional 10 years, effective Q3 2024, which is expected to enhance revenue recognition under ASC 606 [8][51] - The company is making investments in differentiated, high-quality products to address performance bottlenecks between processing and memory [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and ability to drive long-term profitable growth despite a challenging macroeconomic environment [20][19] - The company expects the second half of the year to show growth compared to the first half, driven by the ramp of DDR5 [48][18] - Management noted that while the transition to DDR5 will be lumpy, they are encouraged by initial orders and the overall market dynamics [54][24] Other Important Information - The company ended Q1 with cash, cash equivalents, and marketable securities totaling $292.1 million, a decrease due to convertible note repayment [101] - The company continues to maintain a disciplined approach to ASP management and product cost reductions [33] Q&A Session Summary Question: Can you provide insights on product revenue for the second half of the year? - Management indicated that product revenue was $64 million in Q1, a 33% increase year-over-year, and expects a resurgence in DDR5-related revenue in the second half [24] Question: What is the outlook for gross margins outside of licensing and royalty? - Management expects product gross margins to improve slightly in Q2, with a long-term target of 60% to 65% [31][33] Question: Can you discuss the licensing activity for CXL? - Management noted that CXL has been a strong driver for Silicon IP growth, despite current macroeconomic headwinds [61] Question: What is the expected pricing trend for DDR5 compared to DDR4? - Management confirmed that DDR5 is expected to carry a price premium over DDR4 initially, with potential erosion over time as volumes grow [67] Question: When will the company ship its PMIC devices? - Management stated that they are developing their own PMIC devices and expect to hit the market next year [69] Question: How does the company benefit from generative AI applications? - Management highlighted that generative AI applications are driving demand for high bandwidth memory and are expected to positively impact both IP and product revenue [88]

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 of expected product launches, demand for existing and newly-acquired technologies, product and investment strategies, the Company's outlook and financial guidance for recent and upcoming quarters and related drivers, and the effects of ASC 606 on reported revenue, among othe ...

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, 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 __________________________ ...

Safe Harbor for Forward-Looking Statements; Other Disclosures Effective January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers in ASC 606. The adoption of ASC 606 materially impacted the timing of revenue recognition for the Company's fixed-fee intellectual property licensing arrangements. The adoption of ASC 606 did not have a material impact on the Company's other revenue streams, net cash provided by operating activities, or its underlying fina ...

Financial Data and Key Metrics Changes - For the full year 2022, the company's product gross margins were around 61%, aligning with the long-term target of 60% to 65% [1] - In Q4, product gross margins were below the target range due to product mix, with expectations for improvement in Q1 2023 [2][6] - The company generated a record $230 million in cash from operations in 2022, up from $209 million in 2021 [32][44] - Q4 revenue was $122.4 million, with product revenue of $67.2 million, marking a record for the company [45] Business Line Data and Key Metrics Changes - Memory interface chips delivered Q4 product revenue of $67 million, up 15% quarter-over-quarter, and $227 million for the full year, representing 58% year-over-year growth [34][39] - The silicon IP business achieved over 30% revenue growth year-over-year, with expectations for lower growth in 2023 due to macroeconomic conditions [39][68] Market Data and Key Metrics Changes - The transition to DDR5 is expected to create softness in the first half of 2023, with a stronger second half anticipated as next-generation memory ramps up [36][37] - The industry is projected to see a crossover from DDR4 to DDR5 in the first half of 2024 [37] Company Strategy and Development Direction - The company aims to maintain its leadership position in key programs while managing operating expenses prudently amid macro challenges [12][58] - Focused investments in technology and talent are critical for growth initiatives, with a commitment to delivering high-quality products [33][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth despite current macroeconomic challenges and the transition from DDR4 to DDR5 [40][41] - The company is well-positioned for growth in 2023, particularly in the second half, as it navigates inventory adjustments and customer transitions [36][67] Other Important Information - The company executed a $100 million accelerated share repurchase program in 2022, retiring 3.2 million shares [44] - Total operating costs for Q4 were $85.4 million, with operating expenses at $55.8 million [47] Q&A Session Summary Question: Clarification on product mix affecting gross margins - Management confirmed that the product mix, particularly between DDR4 and DDR5, impacted Q4 margins and expected similar trends in Q1 [6][8] Question: Expectations for product revenue growth in 2023 - Management indicated that Q1 is expected to be the trough quarter, with growth anticipated in the second half of the year [7][8] Question: Status of silicon IP business growth - The silicon IP business grew about 30% in 2022, with expectations for lower growth in 2023 due to the macroeconomic environment [68] Question: Update on DDR5 chipsets and pricing - Management noted that DDR5 pricing typically resets with new generation launches, with expectations for margin improvement throughout the year [15][16] Question: Status of companion chips and market share - Companion chips are in qualification with customers, expected to start production towards the end of the year, with good revenue prospects anticipated [17][72]

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 September 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 na ...

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 ...