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 ...

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]