The following is a summary of the Rambus Inc. (RMBS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Rambus Inc. reported Q1 2024 product revenue of $50 million and total revenue of $117.9 million, exceeding expectations.

• Through a $50 million accelerated share repurchase, the company has returned $350 million to shareholders over the past 3 years.

• Cash, cash equivalents, and marketable securities amounted to $391.1 million at quarter-end while the free cash flow was $32.1 million.

• Q1 product gross margins were around 61%, a decrease from the previous quarter due to anticipated average selling price erosion and one-time manufacturing costs.

Business Progress:

• Rambus unveiled a new family of DDR5 server PMICs, expanding their market opportunity and product portfolio.

• The company expects the DDR5 product cycle to drive approximately 10% product revenue growth in Q2.

• Long-term growth is anticipated from AI servers and from expanding the product portfolio with new offerings like the PMIC.

• Initial volumes of the new power management integrated circuit (PMIC) are expected to be shipped in the second half of this year, targeting a 20% long-term market share.

More details: Rambus IR

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