Rambus Inc. (NASDAQ:RMBS) Q2 2020 Earnings Conference Call - Final Transcript

Aug 03, 2020 • 05:00 pm ET

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Rambus Inc. (NASDAQ:RMBS) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Welcome to Rambus Second Quarter and Fiscal Year 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to Rahul Mathur, Chief Financial Officer. You may begin your conference.

Executive
Rahul Mathur

Thank you, operator, and welcome to the Rambus Second Quarter 2020 Results Conference Call. I'm Rahul Mathur, CFO, and on the call with me today is Luc Seraphin, our CEO. The press release for the results that we will be discussing today have been furnished to the SEC on Form 8-K. A replay of this call will be available for the next week at (855) 859-2056. You can hear the replay by dialing the toll-free number and then entering ID number 1788075 when you hear the prompt.

In addition, we are simultaneously webcasting this call, and along with the audio, we're webcasting slides that we will reference during a portion of today's call. So even if you're joining us via conference call, you may want to access the webcast with the slide presentation. A replay of this call can be accessed on our website beginning today at 5:00 pm Pacific time.

Our discussion today will contain forward-looking statements, including our financial guidance for future periods; products and investment strategies; timing of expected product launches; demand for existing and newly acquired technologies; the growth opportunities of the various markets we serve; the expected benefits of our merger, acquisition and divestiture activity, including the success of our integration efforts; risks and the potential adverse impacts related to or arising from the novel coronavirus or COVID-19 and the effects of ASC 606 on reported revenue, among other things.

These statements are subject to risks and uncertainties that are discussed during this call and may be more fully described in the documents we file with the SEC, including our 8-Ks, 10-Qs, and 10-Ks. These forward-looking statements may differ materially from our actual results, and we're under no obligation to update these statements. In an effort to provide greater clarity in our financials, we're using both GAAP and non-GAAP financial presentations in both our press release and also on this call.

A reconciliation of these non-GAAP financials to the most directly comparable GAAP measures has been included in our press release, in our slide presentation, and on our website at rambus.com on the Investor Relations page under financial releases. The order of our call today will be as follows. Luc will start with an overview of the business. I will discuss our financial results, including our guidance for future periods, and then we will end with Q&A.

I'll now turn the call over to Luc to provide an overview of the quarter. Luc?

Executive
Luc Seraphin

Thanks, Rahul, and good afternoon, everyone. This was another excellent quarter for Rambus, delivering in line or above expectations for the eighth consecutive quarter. We delivered $59.9 million in revenue and most notably, $62 million in cash from operations, breaking a 10-year record for quarterly cash generation. This tremendous performance