Rambus(RMBS) - 2024 Q4 - Annual Results

Revenue Performance - GAAP revenue for Q4 2024 was $161.1 million, representing a 32% increase year-over-year from $122.2 million in Q4 2023[1][2] - Total revenue for the three months ended December 31, 2024, was $161,102,000, representing a 31.8% increase from $122,225,000 in the same period of 2023[28] - Product revenue reached a record $73.4 million, up 37% year-over-year from $53.7 million in Q4 2023[2][3] - Product revenue increased to $73,369,000 in Q4 2024, up 36.7% from $53,698,000 in Q4 2023[28] - Royalties revenue rose to $58,211,000, a 10.4% increase compared to $52,412,000 in the prior year[28] Income and Expenses - Operating income for Q4 2024 was $57.9 million, with an operating margin of 36%, up from 29% in Q4 2023[2][4] - Operating income for the year ended December 31, 2024, was $183,009,000, reflecting a 19.0% increase from $153,639,000 in 2023[28] - Total operating expenses for Q4 2024 were $71.7 million, up from $63.0 million in Q4 2023[2][4] - Non-GAAP operating expenses for Q4 2024 were $60.1 million, compared to $51.0 million in Q4 2023[4][11] - The company expects forward-looking Non-GAAP operating costs and expenses for Q1 2025 to be between $87,000,000 and $91,000,000[31] Cash Flow and Assets - Annual cash from operations for 2024 was $230.6 million, an 18% increase compared to the previous year[3][5] - Cash, cash equivalents, and marketable securities as of December 31, 2024, totaled $481.8 million, an increase of $49.1 million from the previous quarter[5] - Total current assets increased to $690,257,000 as of December 31, 2024, compared to $630,645,000 in 2023, marking a 9.5% growth[26] Equity and Net Income - Total stockholders' equity rose to $1,120,692,000 in 2024, up 7.9% from $1,038,101,000 in 2023[26] - Net income for the year ended December 31, 2024, was $179,821,000, down 46.3% from $333,904,000 in 2023[28] - The company reported diluted net income per share of $0.58 for Q4 2024, compared to $0.53 in Q4 2023[2][4] Future Guidance - The company expects Q1 2025 licensing billings to be between $59 million and $65 million, with product revenue guidance of $72 million to $78 million[7][8] Research and Development - Research and development expenses for the year ended December 31, 2024, were $162,881,000, a 3.0% increase from $156,827,000 in 2023[28] Strategic Developments - Rambus extended its patent license agreement with Micron through 2029, enhancing its market position[3]