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 Instructions] As a reminder, this conference call is being recorded.

I would now like to pass the conference over to Desmond Lynch, Chief Financial Officer. You may begin, sir.

Desmond Lynch

Thank you, operator and welcome to the Rambus third quarter 2022 results conference call. I am Desmond Lynch, Chief Financial Officer at Rambus and on the call with me today is Luc Seraphin, our CEO. The press release for the results that we will be discussing today has been filed with the SEC on Form 8-K. A replay of this call will be available for the next week at 866-813-9403. In addition, we are simultaneously webcasting this call and along with the audio, we are webcasting slides that we will reference during portions of today's call.

A replay of this call can be accessed on our website beginning today at 5:00 p.m. Pacific Time. Our discussions today will contain forward-looking statements, including our expectations regarding projected financial results, financial prospects, market growth, demand for our solutions, the company's ability to effectively manage any supply chain shortages and the effects of ASC 606 on reported revenue amongst other items. These statements are subject to risks and uncertainties that may be discussed during this call and are 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 are under no obligation to update these statements. In an effort to provide greater clarity in the financials, we are using both GAAP and non-GAAP financial presentations in both our press release and 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.

We adopted ASC 606 in 2018 using a modified retrospective method which did not restate prior periods but rather than the cumulative effect of the adoption through retained earnings as a beginning balance sheet adjustment. Any comparison between our results under ASC 606 and prior results under ASC 605 is not an accurate way to track the company's progress. We will continue to provide operational metrics such as licensing billings to give our investors better insight into our operational performance.