Rambus (RMBS) Q4 FY2023 earnings: revenue $122 million, down 0.1% on the year

Rambus Inc. (RMBS) reported revenue of $122 million for Q4 FY2023, the quarter ended 31 December 2023, down 0.1% on the same quarter a year earlier. Net income was $59 million, up 267.1% on the year, and diluted earnings per share $0.53. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue$122 milliondown 0.1%

Net income$59 millionup 267.1%

Diluted EPS$0.53

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	122	105	n/a	n/a
Cost of revenue	24.1	24.0	n/a	n/a
Gross profit	98.1	81.3	n/a	n/a
Gross margin	80.3%	77.2%	n/a
Research and development	36.0	37.4	n/a	n/a
Selling, general and administrative	25.7	25.3	n/a	n/a
Operating income	35.1	105	n/a	n/a
Operating margin	28.7%	99.6%	n/a
Interest expense	0.4	0.4	n/a	n/a
Pre-tax income	62.9	107	n/a	n/a
Income tax	4.3	4.0	n/a	n/a
Effective tax rate	6.9%	3.8%	n/a
Net income	58.5	103	n/a	n/a
Net margin	47.9%	98.0%	n/a
Diluted EPS	$0.53	$0.93	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	54.9	51.6	n/a	n/a
Capital expenditure	0.8	8.0	n/a	n/a
Free cash flow	54.1	43.6	n/a	n/a
Free cash flow margin	44.2%	41.4%	n/a
Cash from investing	-88.3	65.9	n/a	n/a
Cash from financing	-4.2	-107	n/a	n/a
Depreciation and amortisation	14.3	11.5	n/a	n/a
Share-based compensation	10.5	10.0	n/a	n/a
Buybacks	0.2	100	n/a	n/a
Diluted shares, weighted	110m	111m	n/a	n/a
Shares outstanding at period end	108m	108m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,038	956	n/a	n/a
Debt	0.0	n/a	n/a	n/a
Operating lease liabilities	26.3	26.1	n/a	n/a
Other liabilities	194	203	n/a	n/a
Total liabilities and equity	1,258	1,184	n/a	n/a
Fixed assets	67.8	73.5	n/a	n/a
Goodwill	287	287	n/a	n/a
Intangible assets	28.8	32.0	n/a	n/a
Investments	331	244	n/a	n/a
Cash and equivalents	94.8	132	n/a	n/a
Receivables	82.9	65.1	n/a	n/a
Inventory	36.2	34.6	n/a	n/a
Other assets	330	317	n/a	n/a
Total assets	1,258	1,184	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	105	122	118	132	146	161	167	172	179	190	180	207
Cost of revenue	24.0	24.1	23.7	26.8	28.1	31.5	32.8	34.8	36.6	40.2	36.5	42.0
Gross profit	81.3	98.1	94.2	105	117	130	134	137	142	150	144	165
Gross margin	77%	80%	80%	80%	81%	80%	80%	80%	80%	79%	80%	80%
R&D	37.4	36.0	37.4	40.5	41.3	43.7	42.6	46.3	49.5	49.2	50.2	51.1
SG&A	25.3	25.7	25.8	24.4	25.9	28.0	28.1	28.1	29.2	30.0	31.7	38.3
Operating income	105	35.1	30.1	40.3	54.7	57.9	63.1	63.0	63.3	70.8	61.8	72.7
Operating margin	100%	29%	26%	31%	38%	36%	38%	37%	35%	37%	34%	35%
Interest expense	0.4	0.4	0.4	0.4	0.3	0.4	0.4	0.4	0.3	0.3	0.3	0.3
Pre-tax income	107	62.9	34.4	44.4	59.0	62.3	67.6	67.8	69.3	77.2	68.6	79.5
Tax rate	4%	7%	4%	19%	18%	0%	11%	15%	30%	17%	13%	15%
Net income	103	58.5	32.9	36.1	48.7	62.2	60.3	57.9	48.4	63.8	59.9	67.6
Net margin	98%	48%	28%	27%	33%	39%	36%	34%	27%	34%	33%	33%
Diluted EPS	$0.93	$0.53	$0.30	$0.33	$0.45	$0.58	$0.56	$0.53	$0.44	$0.58	$0.55	$0.61
Operating cash flow	51.6	54.9	39.1	70.4	62.1	59.0	77.4	94.4	88.4	99.8	83.2	61.2
Capital expenditure	8.0	0.8	3.0	11.3	9.9	6.5	7.9	6.5	5.9	6.5	11.6	9.1
Free cash flow	43.6	54.1	36.1	59.1	52.2	52.5	69.5	87.9	82.5	93.3	71.6	52.2
Buybacks	100	0.2	50.8	12.5	50.0	0.0	2.2	3.7	0.0	1.3	2.6	0.4
Shares outstanding	108m	108m	108m	108m	107m	107m	107m	108m	108m	108m	108m	108m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 23 February 2024, accession 0000917273-24-000028: the filing on EDGAR. All of Rambus Inc.'s filings: EDGAR company page.

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