RAMBUS INC, 10-Q filed on 4/29/2025
Quarterly Report
v3.25.1
Cover Page
 3 Months Ended
Mar. 31, 2025
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2025
Document Transition Report false
Entity File Number 000-22339
Entity Registrant Name RAMBUS INC
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 94-3112828
Entity Address, Address Line One 4453 North First Street
Entity Address, Address Line Two Suite 100
Entity Address, City or Town San Jose
Entity Address, State or Province CA
Entity Address, Postal Zip Code 95134
City Area Code 408
Local Phone Number 462-8000
Title of 12(b) Security Common Stock, $0.001 Par Value
Trading Symbol RMBS
Security Exchange Name NASDAQ
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 107,411,916
Entity Central Index Key 0000917273
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q1
Amendment Flag false
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 132,185 $ 99,775
Marketable securities 382,204 382,023
Accounts receivable 119,142 122,813
Unbilled receivables 23,624 25,070
Inventories 44,701 44,634
Prepaids and other current assets 17,600 15,942
Total current assets 719,456 690,257
Intangible assets, net 15,347 17,059
Goodwill 286,812 286,812
Property and equipment, net 81,988 75,509
Operating lease right-of-use assets 20,369 21,454
Deferred tax assets 134,230 136,466
Income taxes receivable 115,898 109,947
Other assets 5,265 5,632
Total assets 1,379,365 1,343,136
Current liabilities:    
Accounts payable 16,356 18,522
Accrued salaries and benefits 14,157 19,193
Deferred revenue 20,336 19,903
EDA tools software licenses liability 8,086 8,438
Operating lease liabilities 5,727 5,617
Other current liabilities 6,200 10,139
Total current liabilities 70,862 81,812
Long-term operating lease liabilities 23,467 24,534
Long-term income taxes payable 115,124 109,383
Other long-term liabilities 10,075 6,715
Total liabilities 219,528 222,444
Commitments and contingencies (Notes 9, 10 and 14)
Stockholders’ equity:    
Convertible preferred stock, $.001 par value: Authorized: 5,000,000 shares; Issued and outstanding: no shares at March 31, 2025 and December 31, 2024 0 0
Common stock, $.001 par value: Authorized: 500,000,000 shares; Issued and outstanding: 107,411,916 shares at March 31, 2025 and 106,843,112 shares at December 31, 2024 107 107
Additional paid-in capital 1,253,924 1,275,505
Accumulated deficit (93,357) (153,660)
Accumulated other comprehensive loss (837) (1,260)
Total stockholders’ equity 1,159,837 1,120,692
Total liabilities and stockholders’ equity $ 1,379,365 $ 1,343,136
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Stockholders’ equity:    
Convertible preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Convertible preferred stock, authorized shares 5,000,000 5,000,000
Convertible preferred stock, issued shares 0 0
Convertible preferred stock, outstanding shares 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized shares 500,000,000 500,000,000
Common stock, issued shares 107,411,916 106,843,112
Common stock, outstanding shares 107,411,916 106,843,112
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue    
Revenue $ 166,664 $ 117,871
Cost of revenue    
Cost of product revenue 30,583 20,048
Cost of contract and other revenue 546 555
Amortization of acquired intangible assets 1,713 3,056
Cost of revenue 32,842 23,659
Gross profit 133,822 94,212
Operating expenses:    
Research and development 42,620 37,359
Sales, general and administrative 28,058 25,827
Amortization of acquired intangible assets 0 195
Change in fair value of earn-out liability 0 700
Total operating expenses 70,678 64,081
Operating income 63,144 30,131
Interest income and other income (expense), net 4,856 4,587
Interest expense (377) (366)
Interest and other income (expense), net 4,479 4,221
Income before income taxes 67,623 34,352
Provision for income taxes 7,320 1,454
Net income $ 60,303 $ 32,898
Net income per share:    
Basic net income per share $ 0.56 $ 0.30
Diluted net income per share $ 0.56 $ 0.30
Weighted-average shares used in per share calculation:    
Basic (in shares) 107,236 108,090
Diluted (in shares) 108,628 110,037
Product revenue    
Revenue    
Revenue $ 76,309 $ 50,360
Royalties    
Revenue    
Revenue 73,975 47,476
Contract and other revenue    
Revenue    
Revenue $ 16,380 $ 20,035
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 60,303 $ 32,898
Other comprehensive income (loss):    
Foreign currency translation adjustment 308 (95)
Unrealized gain (loss) on marketable securities, net of tax 115 (492)
Total comprehensive income $ 60,726 $ 32,311
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Gain (Loss)
Balance (in shares) at Dec. 31, 2023   107,854      
Balance at Dec. 31, 2023 $ 1,038,101 $ 108 $ 1,324,796 $ (285,534) $ (1,269)
Increase (Decrease) in Stockholders' Equity          
Net income 32,898     32,898  
Foreign currency translation adjustment (95)       (95)
Unrealized gain (loss) on marketable securities, net of tax (492)       (492)
Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan, net of withholding taxes (in shares)   744      
Common stock issued under employee stock plans, net of withholding taxes (37,504)   (37,504)    
Repurchase and retirement of common stock under repurchase program (in shares)   (817)      
Repurchase and retirement of common stock under repurchase program (50,812)   (2,865) (47,947)  
Stock-based compensation 9,496   9,496    
Balance (in shares) at Mar. 31, 2024   107,781      
Balance at Mar. 31, 2024 991,592 $ 108 1,293,923 (300,583) (1,856)
Balance (in shares) at Dec. 31, 2024   106,843      
Balance at Dec. 31, 2024 1,120,692 $ 107 1,275,505 (153,660) (1,260)
Increase (Decrease) in Stockholders' Equity          
Net income 60,303     60,303  
Foreign currency translation adjustment 308       308
Unrealized gain (loss) on marketable securities, net of tax 115       115
Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan, net of withholding taxes (in shares)   609      
Common stock issued under employee stock plans, net of withholding taxes (30,807)   (30,807)    
Repurchase and retirement of common stock under repurchase program (in shares)   (40)      
Repurchase and retirement of common stock under repurchase program (2,157)   (2,157)    
Stock-based compensation 11,383   11,383    
Balance (in shares) at Mar. 31, 2025   107,412      
Balance at Mar. 31, 2025 $ 1,159,837 $ 107 $ 1,253,924 $ (93,357) $ (837)
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 60,303 $ 32,898
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 11,383 9,496
Depreciation 8,122 7,723
Amortization of intangible assets 1,713 3,251
Deferred income taxes 1,922 (4,252)
Change in fair value of earn-out liability 0 700
Other 4 39
Change in operating assets and liabilities:    
Accounts receivable 3,718 (4,006)
Unbilled receivables 1,923 12,831
Prepaids and other current assets (856) 528
Inventories (67) (11,445)
Income taxes receivable (5,951) (5,158)
Accounts payable (1,913) 4,072
Accrued salaries and benefits and other liabilities (6,822) (10,327)
Income taxes payable 5,122 5,431
Deferred revenue 153 (913)
Operating lease liabilities (1,340) (1,749)
Net cash provided by operating activities 77,414 39,119
Cash flows from investing activities:    
Purchases of property and equipment (7,872) (3,008)
Purchases of marketable securities (91,168) (112,547)
Maturities of marketable securities 90,675 100,717
Proceeds from sales of marketable securities 0 63,412
Proceeds from sale of non-marketable equity security 0 22,796
Net cash provided by (used in) investing activities (8,365) 71,370
Cash flows from financing activities:    
Proceeds from issuance of common stock under employee stock plans 0 220
Payments of taxes on restricted stock units (30,807) (37,724)
Payments under installment payment arrangements (3,799) (4,031)
Repurchase and retirement of common stock (2,157) (50,812)
Net cash used in financing activities (36,763) (92,347)
Effect of exchange rate changes on cash and cash equivalents 124 (295)
Net increase in cash and cash equivalents 32,410 17,847
Cash and cash equivalents at beginning of period 99,775 94,767
Cash and cash equivalents at end of period 132,185 112,614
Non-cash operating, investing and financing activities:    
Property and equipment received and accrued in accounts payable and other liabilities 8,716 3,696
Operating lease right-of-use assets obtained in exchange for operating lease obligations $ 0 $ 1,662
v3.25.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of Rambus Inc. (“Rambus” or the “Company”) and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the accompanying Unaudited Condensed Consolidated Financial Statements.
In the opinion of management, the Unaudited Condensed Consolidated Financial Statements include all adjustments (consisting only of normal recurring items) necessary to state fairly the financial position and results of operations for each interim period presented. Interim results are not necessarily indicative of results for a full year.
Financial Statement Preparation
The Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim financial information. Certain information and note disclosures included in the financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) have been omitted in these interim statements pursuant to such SEC rules and regulations. The information included in this Form 10-Q should be read in conjunction with the Audited Consolidated Financial Statements and Notes thereto in Form 10-K for the year ended December 31, 2024.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.
Reclassifications
Certain prior-year balances were reclassified to conform to the current year’s presentation. None of these reclassifications had an impact on reported net income or cash flows for any of the periods presented.
Significant Accounting Policies
There were no material changes to Rambus’ significant accounting policies disclosed in Note 2, “Summary of Significant Accounting Policies,” of Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
v3.25.1
Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This guidance requires additional disclosures related to rate reconciliation, income taxes paid and other disclosures. For each annual period presented, public business entities are required to 1) disclose specific categories in the rate reconciliation and 2) provide additional information for reconciling items that meet a quantitative threshold. In addition, this ASU requires all reporting entities to disclose on an annual basis the amount of income taxes paid disaggregated by federal, state and foreign taxes, as well as the amount of income taxes paid disaggregated by individual jurisdictions which meet a quantitative threshold. This ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this ASU should be applied on a prospective basis, with retrospective application permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”).” This guidance requires public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement expense caption, as applicable. The ASU also requires a qualitative description of the amounts remaining in expense captions that are not separately disaggregated quantitatively, as well as disclosure of the total amount of selling expenses and, in annual reporting periods, the entity’s
definition of selling expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this ASU may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures.
v3.25.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Contract Balances
The contract assets are primarily related to the Company’s fixed fee intellectual property (“IP”) licensing arrangements and rights to consideration for performance obligations delivered but not billed as of March 31, 2025.
The Company’s contract balances were as follows:
As of
(In thousands)March 31, 2025December 31, 2024
Unbilled receivables$27,181 $29,104 
Deferred revenue$22,008 $21,852 
During the three months ended March 31, 2025, the Company recognized $8.1 million of revenue that was included in deferred revenue as of December 31, 2024. During the three months ended March 31, 2024, the Company recognized $8.8 million of revenue that was included in deferred revenue as of December 31, 2023.
Remaining Performance Obligations
Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted but unsatisfied performance obligations were approximately $25.9 million as of March 31, 2025, which the Company primarily expects to recognize over the next two years.
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per share is calculated by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing the earnings by the weighted-average number of common shares and potentially dilutive securities outstanding during the period. Potentially dilutive common shares consist of restricted stock units, incremental common shares issuable upon exercise of stock options and employee stock purchases. The dilutive effect of outstanding shares is reflected in diluted earnings per share using the treasury stock method, as applicable. This method includes consideration of the amounts to be paid by the employees, the amount of excess tax benefits that would be recognized in equity if the instrument was exercised and the amount of unrecognized stock-based compensation related to future services. No potential dilutive common shares are included in the computation of any diluted per share amount when a net loss is reported.
The following table sets forth the computation of basic and diluted net income per share:
Three Months Ended
 March 31,
(In thousands, except per share amounts)20252024
Net income per share:
Numerator:  
Net income$60,303 $32,898 
Denominator:
Weighted-average shares outstanding - basic107,236108,090
Effect of potentially dilutive common shares1,392 1,947 
Weighted-average shares outstanding - diluted108,628110,037
Basic net income per share$0.56 $0.30 
Diluted net income per share$0.56 $0.30 
v3.25.1
Intangible Assets and Goodwill
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible Assets and Goodwill
Goodwill
The following tables present goodwill information for the three months ended March 31, 2025:
(In thousands)As of December 31, 2024Adjustment to
Goodwill		As of March 31, 2025
Total goodwill$286,812 $— $286,812 
Intangible Assets, Net
The components of the Company’s intangible assets as of March 31, 2025 and December 31, 2024 were as follows:
  As of March 31, 2025
(In thousands, except useful life)Useful LifeGross Carrying
Amount
Accumulated
 Amortization
Net Carrying
 Amount
Existing technology
3 to 10 years
$288,001 $(272,654)$15,347 
Customer contracts and contractual relationships
0.5 to 10 years
37,496 (37,496)— 
Non-compete agreements and trademarks
3 years
300 (300)— 
Total intangible assets $325,797 $(310,450)$15,347 
  As of December 31, 2024
(In thousands, except useful life)Useful Life
Gross Carrying
 Amount
Accumulated
 Amortization
Net Carrying
 Amount
Existing technology
3 to 10 years
$288,001 $(270,954)$17,047 
Customer contracts and contractual relationships
0.5 to 10 years
37,496 (37,484)12 
Non-compete agreements and trademarks
3 years
300 (300)— 
Total intangible assets $325,797 $(308,738)$17,059 
Amortization expense for intangible assets for the three months ended March 31, 2025 and 2024 were $1.7 million and $3.3 million, respectively.
The estimated future amortization of intangible assets as of March 31, 2025 was as follows (in thousands):
Years Ending December 31:Amount
2025 (remaining nine months)$5,554 
20265,163 
20271,917 
20281,480 
20291,233 
Total intangible assets$15,347 
v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segments and Major Customers
Operating segments are based upon the Company’s internal organization structure, the manner in which its operations are managed, the criteria used by its Chief Operating Decision Maker (“CODM”) to evaluate segment performance and availability of separate financial information regularly reviewed for resource allocation and performance assessment.
The Company has determined its CODM to be the Chief Executive Officer (“CEO”). The CEO reviews financial information presented on a consolidated basis for purposes of managing the business, allocating resources, making operating decisions and assessing financial performance. On this basis, the Company is organized and operates as a single segment within the semiconductor space. As of March 31, 2025, the Company has a single operating and reportable segment.
The CODM uses net income to assess segment performance, allocate resources and manage the business on a consolidated basis. The significant expenses for the segment exclude certain non-cash adjustments and non-recurring items, and are used to monitor budget versus actual results and to analyze the period-over-period comparisons.
The significant expenses that are regularly provided to the CODM and reconciliations to the consolidated net income for the three months ended March 31, 2025 and 2024, respectively, were as follows:
Three Months Ended March 31,
(In thousands)20252024
Total revenue
$166,664 $117,871 
Adjusted cost of revenue (1)
(30,967)(20,479)
Adjusted research and development (2)
(38,089)(33,841)
Adjusted sales, general and administrative (3)
(21,347)(19,862)
Other segment items:
Stock-based compensation expenses (4)
(11,383)(9,496)
Amortization of acquired intangible assets (4)
(1,713)(3,251)
Acquisition-related costs (5)
(21)(111)
Change in fair value of earn-out liability — (700)
Interest and other income (expense), net
4,479 4,221 
Provision for income taxes(7,320)(1,454)
Net income
$60,303 $32,898 
_________________________________________
(1)    Excludes stock-based compensation expenses and amortization of acquisition-related intangible assets.
(2)     Excludes stock-based compensation expenses and retention bonus expense related to acquisitions.
(3)    Excludes stock-based compensation expenses and acquisition-related costs and retention bonus expense.
(4)    The Company excludes these expenses from its adjusted cost of revenue and operating expenses primarily because such expenses are non-cash expenses that the Company does not believe are reflective of ongoing operating results.
(5)    The Company excludes these expenses in order to provide better comparability between periods as they are related to acquisitions and have no direct correlation to the Company’s ongoing operating results.
The following represents the Company’s significant expenses related to research and development expenses and sales, general and administrative expenses, as shown above, for the three months ended March 31, 2025 and 2024.
Three Months Ended March 31,
(In thousands)20252024
Payroll and benefits$37,929 $32,251 
Professional fees 5,489 5,655 
Variable research and development expenses (1)
4,809 5,837 
Facilities costs3,084 2,785 
Temporary labor services and consulting expenses2,843 2,650 
Amortization and depreciation2,781 2,378 
Other expenses2,501 2,147 
Total adjusted operating expenses $59,436 $53,703 
_________________________________________
(1)    Includes primarily software tools, software licenses and prototyping costs.
The measure of segment assets is reported on the Company’s Unaudited Condensed Consolidated Balance Sheets as total consolidated assets.
Accounts receivable from the Company’s major customers representing 10% or more of total accounts receivable as of March 31, 2025 and December 31, 2024, respectively, was as follows:
As of
Customer March 31, 2025December 31, 2024
Customer 134 %39 %
Customer 227 %17 %
Customer 3 15 %*
_________________________________________
*    Customer accounted for less than 10% of total accounts receivable in the period.
Revenue from the Company’s major customers representing 10% or more of total revenue for the three months ended March 31, 2025 and 2024, respectively, was as follows:
Three Months Ended
 March 31,
Customer 20252024
Customer A23 %31 %
Customer B20 %13 %
Customer C11 %*
Customer D*13 %
__________________________________________
*    Customer accounted for less than 10% of total revenue in the period.
Revenue from customers in the geographic regions based on the location of contracting parties was as follows:
Three Months Ended
 March 31,
(In thousands)20252024
South Korea$68,025 $42,966 
Singapore51,676 5,167 
United States26,390 51,917 
Other20,573 17,821 
Total$166,664 $117,871 
v3.25.1
Marketable Securities
 3 Months Ended
Mar. 31, 2025
Debt Securities, Available-for-Sale [Abstract]  
Marketable Securities Marketable Securities
Rambus invests its excess cash and cash equivalents primarily in U.S. government-sponsored obligations, corporate bonds, commercial paper and notes, time deposits and money market funds that mature within three years.
All cash equivalents and marketable securities are classified as available-for-sale. Total cash, cash equivalents and marketable securities are summarized as follows:
As of March 31, 2025
(In thousands)Fair Value
Amortized
 Cost
Gross
 Unrealized
 Gains
Gross
 Unrealized
 Losses
Cash$105,933 $105,933 $— $— 
Cash equivalents:
Money market funds13,212 13,212 — — 
Corporate bonds, commercial paper and notes13,040 13,044 — (4)
Total cash equivalents26,252 26,256 — (4)
Total cash and cash equivalents132,185 132,189 — (4)
Marketable securities:
Time deposits12,870 12,870 — — 
U.S. Government bonds and notes201,989 201,875 173 (59)
Corporate bonds, commercial paper and notes167,345 167,305 101 (61)
Total marketable securities382,204 382,050 274 (120)
Total cash, cash equivalents and marketable securities$514,389 $514,239 $274 $(124)
As of December 31, 2024
(In thousands)Fair Value
Amortized
 Cost
Gross
 Unrealized
 Gains
Gross
 Unrealized
 Losses
Cash$87,415 $87,415 $— $— 
Cash equivalents:
Money market funds6,025 6,025 — — 
Corporate bonds, commercial paper and notes6,335 6,334 1 — 
Total cash equivalents12,360 12,359 1 — 
Total cash and cash equivalents99,775 99,774 1 — 
Marketable securities:
Time deposits12,870 12,870 — — 
U.S. Government bonds and notes220,056 220,034 184 (162)
Corporate bonds, commercial paper and notes149,097 149,085 121 (109)
Total marketable securities382,023 381,989 305 (271)
Total cash, cash equivalents and marketable securities$481,798 $481,763 $306 $(271)
Available-for-sale securities are reported at fair value on the balance sheets and classified along with cash as follows:
As of
(In thousands)
March 31, 2025
December 31, 2024
Cash$105,933 $87,415 
Cash equivalents26,252 12,360 
Total cash and cash equivalents132,185 99,775 
Marketable securities382,204 382,023 
Total cash, cash equivalents and marketable securities$514,389 $481,798 
The Company continues to invest in highly rated, liquid debt securities. The Company holds all of its marketable securities as available-for-sale, marks them to market, and regularly reviews its portfolio to ensure adherence to its investment policy and to monitor individual investments for risk analysis, proper valuation, and impairment.
The estimated fair value and gross unrealized losses of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position as of March 31, 2025 and December 31, 2024 are as follows:
 Fair ValueGross Unrealized Losses
(In thousands)March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Less than 12 months    
U.S. Government bonds and notes$55,038 $83,162 $(59)$(162)
Corporate bonds, commercial paper and notes98,920 48,360 (65)(109)
Total cash equivalents and marketable securities in a continuous unrealized loss position$153,958 $131,522 $(124)$(271)
The gross unrealized losses as of March 31, 2025 and December 31, 2024 were not material in relation to the Company’s total available-for-sale portfolio. The gross unrealized losses can be primarily attributed to a combination of market conditions as well as the demand for and duration of the U.S. government-sponsored obligations and corporate bonds, commercial paper and notes. The Company reasonably believes that there is no need to sell these investments and that it can recover the amortized cost of these investments. The Company has found no evidence of impairment due to credit losses in its portfolio. Therefore, these unrealized losses were recorded in other comprehensive income (loss). The Company cannot provide any assurance that its portfolio of cash, cash equivalents and marketable securities will not be impacted by adverse conditions in the financial markets, which may require the Company in the future to record an impairment charge for credit losses which could adversely impact its financial results.
The contractual maturities of cash equivalents (excluding money market funds which have no maturity) and marketable securities are summarized as follows:
(In thousands)March 31, 2025
Due in less than one year$301,855 
Due from one year through three years93,389 
Total$395,244 
Refer to Note 8, “Fair Value of Financial Instruments,” for a discussion regarding the fair value of the Company’s cash equivalents and marketable securities.
v3.25.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The following table presents the financial instruments that are carried at fair value and summarizes their valuation by the respective pricing levels as of March 31, 2025 and December 31, 2024:
 As of March 31, 2025
(In thousands)Total
Quoted Market Prices in Active Markets
 (Level 1)
Significant Other Observable Inputs
 (Level 2)
Significant Unobservable Inputs
 (Level 3)
Assets carried at fair value
Money market funds$13,212 $13,212 $— $— 
Time deposits12,870 — 12,870 — 
U.S. Government bonds and notes201,989 — 201,989 — 
Corporate bonds, commercial paper and notes180,385 — 180,385 — 
Total assets carried at fair value$408,456 $13,212 $395,244 $— 
 As of December 31, 2024
(In thousands)Total
Quoted Market Prices in Active Markets
 (Level 1)
Significant Other Observable Inputs
 (Level 2)
Significant Unobservable Inputs
 (Level 3)
Assets carried at fair value
Money market funds$6,025 $6,025 $— $— 
Time deposits12,870 — 12,870 — 
U.S. Government bonds and notes220,056 — 220,056 — 
Corporate bonds, commercial paper and notes155,432 — 155,432 — 
Total assets carried at fair value$394,383 $6,025 $388,358 $— 
The following table presents additional information about liabilities measured at fair value for which the Company utilized Level 3 inputs to determine fair value, as of March 31, 2024.
Three Months Ended
March 31,
(In thousands)2024
Balance as of beginning of period$12,500 
Change in fair value of earn-out liability due to remeasurement700 
Balance as of end of period$13,200 
For the three months ended March 31, 2024, the change in the fair value of the earn-out liability related to the 2021 acquisition of PLDA Group (“PLDA”), which was subject to certain revenue targets of the acquired business for a period of three years from the date of acquisition, and was settled annually in shares of the Company’s common stock based on the fair value of that common stock fixed at the time the Company acquired PLDA. The fair value of the earn-out liability was remeasured each quarter, depending on the acquired business’s revenue performance relative to target over the applicable period, and adjusted to reflect changes in the per share value of the Company’s common stock. The Company classified its earn-out liability within Level 3 of the fair value hierarchy because the fair value calculation included significant unobservable inputs, such as revenue forecast, revenue volatility, equity volatility and weighted-average cost of capital. During the three months ended March 31, 2024, the Company recorded expense of $0.7 million. The final earn-out was achieved in the third quarter of 2024 and fully paid during the fourth quarter of 2024.
The Company monitors its investments for impairment and records appropriate reductions in carrying value when necessary. During the three months ended March 31, 2025 and 2024, the Company recorded no other-than-temporary impairment charges on its investments.
During the three months ended March 31, 2025 and 2024, there were no transfers of financial instruments between different categories of fair value.
Information regarding the Company’s goodwill and long-lived assets balances are disclosed in Note 5, “Intangible Assets and Goodwill.”
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
The Company leases office space, domestically and internationally, under operating leases. The Company’s leases have remaining lease terms generally between one year and eight years. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities and long-term operating lease liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets. The Company does not have any finance leases.
The table below reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded in the Unaudited Condensed Consolidated Balance Sheet as of March 31, 2025 (in thousands):
Years ending December 31,Amount
2025 (remaining nine months)$5,346 
20267,511 
20275,991 
20284,858 
20294,871 
Thereafter4,918 
Total minimum lease payments33,495 
Less: amount of lease payments representing interest(4,301)
Present value of future minimum lease payments29,194 
Less: current obligations under leases(5,727)
Long-term lease obligations$23,467 
As of March 31, 2025, the weighted-average remaining lease term for the Company’s operating leases was 5.1 years and the weighted-average discount rate used to determine the present value of the Company’s operating leases was 7.6%.
Operating lease costs included in research and development and selling, general and administrative costs in the Unaudited Condensed Consolidated Statements of Income were $1.5 million and $1.2 million for the three months ended March 31, 2025 and 2024, respectively.
Cash paid for amounts included in the measurement of operating lease liabilities was $1.8 million and $1.5 million for the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
As of March 31, 2025, the Company’s material contractual obligations were as follows:
(In thousands)TotalRemainder of 2025202620272028
Contractual obligations (1) (2)
     
Software licenses (3)
$16,760 $7,070 $5,101 $4,493 $96 
Acquisition retention bonuses (4)
260 260 — — — 
Other contractual obligations235 98 137 — — 
Total$17,255 $7,428 $5,238 $4,493 $96 
_________________________________________
(1)    The above table does not reflect possible payments in connection with unrecognized tax benefits of approximately $138.3 million, including $23.2 million recorded as a reduction of long-term deferred tax assets and $115.1 million in long-term income taxes payable as of March 31, 2025. As noted below in Note 13, “Income Taxes,” although it is possible that some of the unrecognized tax benefits could be settled within the next 12 months, the Company cannot reasonably estimate the timing of the outcome at this time.
(2)    For the Company’s lease commitments as of March 31, 2025, refer to Note 9, “Leases.”
(3)    The Company has commitments with various software vendors for agreements generally having terms longer than one year.
(4)    In connection with the acquisitions of Hardent, Inc. in the second quarter of 2022 and PLDA in the third quarter of 2021, the Company is obligated to pay retention bonuses to certain employees subject to certain eligibility and acceleration provisions, including the condition of employment.
From time to time, the Company indemnifies certain customers as a necessary means of doing business. Indemnification covers customers for losses suffered or incurred by them as a result of any patent, copyright, or other IP infringement or any other claim by any third party arising as a result of the applicable agreement with the Company. The Company generally attempts to limit the maximum amount of indemnification that the Company could be required to make under these agreements
to the amount of fees received by the Company, however, this may not always be possible. The fair value of the liability as of March 31, 2025 and December 31, 2024, respectively, was not material.
v3.25.1
Equity Incentive Plans and Stock-Based Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans and Stock-Based Compensation Equity Incentive Plans and Stock-Based Compensation
A summary of shares available for grant under the Company’s plans is as follows:
 
Shares Available
 for Grant
Total shares available for grant as of December 31, 202410,889,878
Nonvested equity stock and stock units granted (1)
(51,449)
Nonvested equity stock and stock units forfeited (1)
95,826
Total shares available for grant as of March 31, 202510,934,255
_________________________________________
(1)    For purposes of determining the number of shares available for grant under the 2015 Plan against the maximum number of shares authorized, each restricted stock unit granted prior to April 27, 2023 reduces the number of shares available for grant by 1.5 shares and each restricted stock unit forfeited increases shares available for grant by 1.5 shares. Each restricted stock unit granted on or after April 27, 2023 reduces the number of shares available for grant by 1.0 share and each restricted stock unit forfeited increases shares available for grant by 1.0 share.
Employee Stock Purchase Plan
No purchases were made under the 2015 Employee Stock Purchase Plan (“2015 ESPP”) during the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, approximately 2.3 million shares under the 2015 ESPP remained available for issuance.
Stock-Based Compensation
For the three months ended March 31, 2025 and 2024, the Company maintained stock plans covering a broad range of potential equity grants, including stock options, nonvested equity stock and equity stock units and performance-based instruments. In addition, the Company sponsors the 2015 ESPP, whereby eligible employees are entitled to purchase common stock semi-annually, by means of limited payroll deductions, at a 15% discount from the fair market value of the common stock as of specific dates.
Stock-based compensation expense recorded in the Unaudited Condensed Consolidated Statements of Income was as follows:
Three Months Ended
March 31,
(In thousands)20252024
Cost of revenue$162 $124 
Research and development4,511 3,442 
Sales, general and administrative6,710 5,930 
Total$11,383 $9,496 
Nonvested Equity Stock and Stock Units
The Company grants nonvested equity stock units to officers, employees and directors. These awards have a service condition, generally a service period of four years, except in the case of grants to directors, for which the service period is one year. The Company also grants performance unit awards to certain company executive officers with vesting subject to the achievement of certain performance and/or market conditions. The ultimate number of performance units that can be earned can range from 0% to 200% of target depending on performance relative to target over the applicable period. The shares earned will vest on the third or fourth anniversary of the date of grant. The Company’s shares available for grant have been reduced to reflect the shares that could be earned at the maximum target.
Unrecognized stock-based compensation related to all nonvested equity stock grants, net of estimated forfeitures, was approximately $72.1 million as of March 31, 2025. This amount is expected to be recognized over a weighted-average period of 2.1 years.
The following table reflects the activity related to nonvested equity stock and stock units for the three months ended March 31, 2025:
Nonvested Equity Stock and Stock UnitsShares
Weighted-
 Average
 Grant-Date
 Fair Value
Nonvested as of December 31, 20243,150,161$44.72 
Granted51,449$55.35 
Vested(856,378)$33.15 
Forfeited(53,452)$49.60 
Nonvested as of March 31, 20252,291,780$49.16 
v3.25.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Share Repurchase Program
On October 29, 2020, the Company’s board of directors (the “Board”) approved a share repurchase program authorizing the repurchase of up to an aggregate of 20.0 million shares (the “2020 Repurchase Program”). Share repurchases under the 2020 Repurchase Program may be made through the open market, established plans or privately negotiated transactions in accordance with all applicable securities laws, rules and regulations. There is no expiration date applicable to the 2020 Repurchase Program.
In February 2025, the Company entered into a share repurchase plan (the “Buying Plan”) with Mizuho Securities USA, LLC (“Mizuho”). The Buying Plan was part of the 2020 Repurchase Program. Under the Buying Plan, Mizuho commenced purchases during the period from February 6, 2025 to March 31, 2025, with a provision to terminate sooner pursuant to the Buying Plan. The execution of share repurchases was dependent on the Company’s stock price reaching certain levels. During the three months ended March 31, 2025, the Company repurchased an immaterial amount of shares as part of the Buying Plan, which were retired and recorded as a reduction to stockholders’ equity.
During the three months ended March 31, 2024, the Company repurchased approximately 0.8 million shares for approximately $50.8 million under the 2020 Repurchase Program, which were retired and recorded as a reduction to stockholders’ equity.
As of March 31, 2025, there remained an outstanding authorization to repurchase approximately 5.6 million shares of the Company’s outstanding common stock under the 2020 Repurchase Program.
The Company records share repurchases as a reduction to stockholders’ equity. The Company records a portion of the purchase price of the repurchased shares as an increase to accumulated deficit when the price of the shares repurchased exceeds the average original proceeds per share received from the issuance of common stock in accordance with its accounting policy.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company recorded a provision for income taxes of $7.3 million and $1.5 million for the three months ended March 31, 2025 and 2024, respectively. The provisions for income taxes for the three months ended March 31, 2025 and 2024 were primarily driven by the statutory tax expense for domestic and foreign jurisdictions for 2025 and 2024, respectively, offset by tax benefits from excess stock-based compensation deductions.
During the three months ended March 31, 2025 and 2024, the Company paid foreign withholding taxes of $5.6 million and $5.1 million, respectively.
The Company periodically evaluates the realizability of its net deferred tax assets based on all available evidence, both positive and negative. The realizability of the Company’s net deferred tax assets is dependent on its ability to generate sufficient future taxable income during periods prior to the expiration of tax attributes to fully utilize these assets.
Upon considering the relative impact of all evidence during 2025, both negative and positive, and the weight accorded to each, the Company concluded that it was more likely than not that the majority of its deferred tax assets would be realizable, with the exception of primarily its California research and development credits that have not met the “more likely than not” realization threshold criteria. As a result, the Company continues to maintain a valuation allowance on only those deferred tax assets that it does not think will be realizable.
The Company has U.S. federal deferred tax assets related to research and development credits, foreign tax credits and other tax attributes that can be used to offset U.S. federal taxable income in future periods. These credit carryforwards will expire if they are not used within certain time periods. It is possible that some or all of these attributes could ultimately expire unused.
The Company maintains liabilities for uncertain tax positions within its long-term income taxes payable accounts and as a reduction to existing deferred tax assets to the extent tax attributes are available to offset such liabilities. These liabilities involve judgment and estimation and are monitored by management based on the best information available, including changes in tax regulations, the outcome of relevant court cases and other information.
As of December 31, 2024, the Company had $203.8 million of unrecognized tax benefits, before interest accrual, including $22.8 million recorded as a reduction of long-term deferred tax assets, $74.8 million recorded as a reduction of other assets associated with refundable withholding taxes previously withheld from licensees in South Korea, and $106.2 million recorded to long-term income taxes payable, which are primarily comprised of $105.1 million in income taxes payable related to withholding taxes previously withheld from licensees in South Korea.
As of March 31, 2025, the Company had approximately $209.3 million of unrecognized tax benefits, before interest accrual, including $23.2 million recorded as a reduction of long-term deferred tax assets, $74.8 million recorded as a reduction of other assets associated with refundable withholding taxes previously withheld from licensees in South Korea, and $111.3 million recorded to long-term income taxes payable, which are primarily comprised of $110.3 million in income taxes payable related to withholding taxes previously withheld from licensees in South Korea.
As a result of recent court rulings in 2023, the Company determined that it is more likely than not that withholding taxes paid in South Korea in the preceding five years are recoverable. In October 2023, the Company filed refund claims for withholding taxes paid in South Korea in the amount of $82.7 million related to the period from the fourth quarter of 2018 through the third quarter of 2023. The Company intends to file additional refund claims in the future for $4.2 million of withholding taxes paid in the fourth quarter of 2023, $18.2 million paid in 2024, and $5.1 million paid year-to-date in 2025. Therefore, the Company recorded long-term tax receivables of $110.3 million and $105.1 million, before interest accrual, related to these refund claims as of March 31, 2025 and December 31, 2024, respectively.
If the South Korea withholding taxes are recovered through the refund claim process, the U.S. foreign tax credit claimed for these withholding taxes on historical federal tax returns will be forfeited. Therefore, the Company recorded a long-term tax payable of $110.3 million and $105.1 million as of March 31, 2025 and December 31, 2024, respectively. These amounts exclude interest and reflect the future U.S. federal tax liability in the event of filing amended federal tax returns to revise the foreign tax credit amounts.
The recovery of South Korea withholding taxes paid before the fourth quarter of 2018 of $74.8 million is uncertain due to the statute of limitations for filing a refund claim. Thus, the Company did not record a long-term tax receivable and included the amount in the uncertain tax benefit. Although it is possible that some of the unrecognized tax benefits could be settled within the next 12 months, the Company cannot reasonably estimate the outcome at this time.
Additionally, the Company’s future effective tax rates could be adversely affected by earnings being higher than anticipated in countries where the Company has higher statutory rates or lower than anticipated in countries where it has lower statutory rates, by changes in valuation of its deferred tax assets and liabilities or by changes in tax laws or interpretations of those laws.
v3.25.1
Litigation and Contingent Liability
 3 Months Ended
Mar. 31, 2025
Loss Contingency [Abstract]  
Litigation and Asserted Claims Litigation and Contingent Liability
Rambus is not currently a party to any material pending legal proceeding; however, from time to time, Rambus may become involved in legal proceedings or be subject to claims arising in the ordinary course of its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these ordinary course matters will not have a material adverse effect on its business, operating results, financial position or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management attention and resources and other factors.
The Company records a contingent liability when it is probable that a loss has been incurred and the amount is reasonably estimable in accordance with accounting for contingencies.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income $ 60,303 $ 32,898
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Contract balances
The Company’s contract balances were as follows:
As of
(In thousands)March 31, 2025December 31, 2024
Unbilled receivables$27,181 $29,104 
Deferred revenue$22,008 $21,852 
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Computation of basic and diluted net income (loss) per share
The following table sets forth the computation of basic and diluted net income per share:
Three Months Ended
 March 31,
(In thousands, except per share amounts)20252024
Net income per share:
Numerator:  
Net income$60,303 $32,898 
Denominator:
Weighted-average shares outstanding - basic107,236108,090
Effect of potentially dilutive common shares1,392 1,947 
Weighted-average shares outstanding - diluted108,628110,037
Basic net income per share$0.56 $0.30 
Diluted net income per share$0.56 $0.30 
v3.25.1
Intangible Assets and Goodwill (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in carrying amount of goodwill
The following tables present goodwill information for the three months ended March 31, 2025:
(In thousands)As of December 31, 2024Adjustment to
Goodwill		As of March 31, 2025
Total goodwill$286,812 $— $286,812 
Components of intangible assets
The components of the Company’s intangible assets as of March 31, 2025 and December 31, 2024 were as follows:
  As of March 31, 2025
(In thousands, except useful life)Useful LifeGross Carrying
Amount
Accumulated
 Amortization
Net Carrying
 Amount
Existing technology
3 to 10 years
$288,001 $(272,654)$15,347 
Customer contracts and contractual relationships
0.5 to 10 years
37,496 (37,496)— 
Non-compete agreements and trademarks
3 years
300 (300)— 
Total intangible assets $325,797 $(310,450)$15,347 
  As of December 31, 2024
(In thousands, except useful life)Useful Life
Gross Carrying
 Amount
Accumulated
 Amortization
Net Carrying
 Amount
Existing technology
3 to 10 years
$288,001 $(270,954)$17,047 
Customer contracts and contractual relationships
0.5 to 10 years
37,496 (37,484)12 
Non-compete agreements and trademarks
3 years
300 (300)— 
Total intangible assets $325,797 $(308,738)$17,059 
Estimated future amortization of intangible assets
The estimated future amortization of intangible assets as of March 31, 2025 was as follows (in thousands):
Years Ending December 31:Amount
2025 (remaining nine months)$5,554 
20265,163 
20271,917 
20281,480 
20291,233 
Total intangible assets$15,347 
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Concentration risk  
Schedule of segment reporting information, by segment
The significant expenses that are regularly provided to the CODM and reconciliations to the consolidated net income for the three months ended March 31, 2025 and 2024, respectively, were as follows:
Three Months Ended March 31,
(In thousands)20252024
Total revenue
$166,664 $117,871 
Adjusted cost of revenue (1)
(30,967)(20,479)
Adjusted research and development (2)
(38,089)(33,841)
Adjusted sales, general and administrative (3)
(21,347)(19,862)
Other segment items:
Stock-based compensation expenses (4)
(11,383)(9,496)
Amortization of acquired intangible assets (4)
(1,713)(3,251)
Acquisition-related costs (5)
(21)(111)
Change in fair value of earn-out liability — (700)
Interest and other income (expense), net
4,479 4,221 
Provision for income taxes(7,320)(1,454)
Net income
$60,303 $32,898 
_________________________________________
(1)    Excludes stock-based compensation expenses and amortization of acquisition-related intangible assets.
(2)     Excludes stock-based compensation expenses and retention bonus expense related to acquisitions.
(3)    Excludes stock-based compensation expenses and acquisition-related costs and retention bonus expense.
(4)    The Company excludes these expenses from its adjusted cost of revenue and operating expenses primarily because such expenses are non-cash expenses that the Company does not believe are reflective of ongoing operating results.
(5)    The Company excludes these expenses in order to provide better comparability between periods as they are related to acquisitions and have no direct correlation to the Company’s ongoing operating results.
The following represents the Company’s significant expenses related to research and development expenses and sales, general and administrative expenses, as shown above, for the three months ended March 31, 2025 and 2024.
Three Months Ended March 31,
(In thousands)20252024
Payroll and benefits$37,929 $32,251 
Professional fees 5,489 5,655 
Variable research and development expenses (1)
4,809 5,837 
Facilities costs3,084 2,785 
Temporary labor services and consulting expenses2,843 2,650 
Amortization and depreciation2,781 2,378 
Other expenses2,501 2,147 
Total adjusted operating expenses $59,436 $53,703 
_________________________________________
(1)    Includes primarily software tools, software licenses and prototyping costs.
Revenue from external customer by geographic regions
Revenue from customers in the geographic regions based on the location of contracting parties was as follows:
Three Months Ended
 March 31,
(In thousands)20252024
South Korea$68,025 $42,966 
Singapore51,676 5,167 
United States26,390 51,917 
Other20,573 17,821 
Total$166,664 $117,871 
Accounts receivable  
Concentration risk  
Schedule of customer accounts representing 10% or more than 10% of total balance
Accounts receivable from the Company’s major customers representing 10% or more of total accounts receivable as of March 31, 2025 and December 31, 2024, respectively, was as follows:
As of
Customer March 31, 2025December 31, 2024
Customer 134 %39 %
Customer 227 %17 %
Customer 3 15 %*
_________________________________________
*    Customer accounted for less than 10% of total accounts receivable in the period.
Revenue  
Concentration risk  
Schedule of customer accounts representing 10% or more than 10% of total balance
Revenue from the Company’s major customers representing 10% or more of total revenue for the three months ended March 31, 2025 and 2024, respectively, was as follows:
Three Months Ended
 March 31,
Customer 20252024
Customer A23 %31 %
Customer B20 %13 %
Customer C11 %*
Customer D*13 %
__________________________________________
*    Customer accounted for less than 10% of total revenue in the period.
v3.25.1
Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Securities, Available-for-Sale [Abstract]  
Cash equivalents and marketable securities classified as available-for-sale Total cash, cash equivalents and marketable securities are summarized as follows:
As of March 31, 2025
(In thousands)Fair Value
Amortized
 Cost
Gross
 Unrealized
 Gains
Gross
 Unrealized
 Losses
Cash$105,933 $105,933 $— $— 
Cash equivalents:
Money market funds13,212 13,212 — — 
Corporate bonds, commercial paper and notes13,040 13,044 — (4)
Total cash equivalents26,252 26,256 — (4)
Total cash and cash equivalents132,185 132,189 — (4)
Marketable securities:
Time deposits12,870 12,870 — — 
U.S. Government bonds and notes201,989 201,875 173 (59)
Corporate bonds, commercial paper and notes167,345 167,305 101 (61)
Total marketable securities382,204 382,050 274 (120)
Total cash, cash equivalents and marketable securities$514,389 $514,239 $274 $(124)
As of December 31, 2024
(In thousands)Fair Value
Amortized
 Cost
Gross
 Unrealized
 Gains
Gross
 Unrealized
 Losses
Cash$87,415 $87,415 $— $— 
Cash equivalents:
Money market funds6,025 6,025 — — 
Corporate bonds, commercial paper and notes6,335 6,334 1 — 
Total cash equivalents12,360 12,359 1 — 
Total cash and cash equivalents99,775 99,774 1 — 
Marketable securities:
Time deposits12,870 12,870 — — 
U.S. Government bonds and notes220,056 220,034 184 (162)
Corporate bonds, commercial paper and notes149,097 149,085 121 (109)
Total marketable securities382,023 381,989 305 (271)
Total cash, cash equivalents and marketable securities$481,798 $481,763 $306 $(271)
Available-for-sale securities reported at fair value
Available-for-sale securities are reported at fair value on the balance sheets and classified along with cash as follows:
As of
(In thousands)
March 31, 2025
December 31, 2024
Cash$105,933 $87,415 
Cash equivalents26,252 12,360 
Total cash and cash equivalents132,185 99,775 
Marketable securities382,204 382,023 
Total cash, cash equivalents and marketable securities$514,389 $481,798 
Estimated fair value of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position
The estimated fair value and gross unrealized losses of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position as of March 31, 2025 and December 31, 2024 are as follows:
 Fair ValueGross Unrealized Losses
(In thousands)March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Less than 12 months    
U.S. Government bonds and notes$55,038 $83,162 $(59)$(162)
Corporate bonds, commercial paper and notes98,920 48,360 (65)(109)
Total cash equivalents and marketable securities in a continuous unrealized loss position$153,958 $131,522 $(124)$(271)
Contractual maturities of cash equivalents (excluding money market funds which have no maturity) and marketable securities
The contractual maturities of cash equivalents (excluding money market funds which have no maturity) and marketable securities are summarized as follows:
(In thousands)March 31, 2025
Due in less than one year$301,855 
Due from one year through three years93,389 
Total$395,244 
v3.25.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of the valuation of cash equivalents and marketable securities by pricing levels
The following table presents the financial instruments that are carried at fair value and summarizes their valuation by the respective pricing levels as of March 31, 2025 and December 31, 2024:
 As of March 31, 2025
(In thousands)Total
Quoted Market Prices in Active Markets
 (Level 1)
Significant Other Observable Inputs
 (Level 2)
Significant Unobservable Inputs
 (Level 3)
Assets carried at fair value
Money market funds$13,212 $13,212 $— $— 
Time deposits12,870 — 12,870 — 
U.S. Government bonds and notes201,989 — 201,989 — 
Corporate bonds, commercial paper and notes180,385 — 180,385 — 
Total assets carried at fair value$408,456 $13,212 $395,244 $— 
 As of December 31, 2024
(In thousands)Total
Quoted Market Prices in Active Markets
 (Level 1)
Significant Other Observable Inputs
 (Level 2)
Significant Unobservable Inputs
 (Level 3)
Assets carried at fair value
Money market funds$6,025 $6,025 $— $— 
Time deposits12,870 — 12,870 — 
U.S. Government bonds and notes220,056 — 220,056 — 
Corporate bonds, commercial paper and notes155,432 — 155,432 — 
Total assets carried at fair value$394,383 $6,025 $388,358 $— 
Fair value, liabilities measured on recurring basis, unobservable input reconciliation
The following table presents additional information about liabilities measured at fair value for which the Company utilized Level 3 inputs to determine fair value, as of March 31, 2024.
Three Months Ended
March 31,
(In thousands)2024
Balance as of beginning of period$12,500 
Change in fair value of earn-out liability due to remeasurement700 
Balance as of end of period$13,200 
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Lessee, operating lease liability, maturities and undiscounted cash flows
The table below reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded in the Unaudited Condensed Consolidated Balance Sheet as of March 31, 2025 (in thousands):
Years ending December 31,Amount
2025 (remaining nine months)$5,346 
20267,511 
20275,991 
20284,858 
20294,871 
Thereafter4,918 
Total minimum lease payments33,495 
Less: amount of lease payments representing interest(4,301)
Present value of future minimum lease payments29,194 
Less: current obligations under leases(5,727)
Long-term lease obligations$23,467 
v3.25.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of material contractual obligations
As of March 31, 2025, the Company’s material contractual obligations were as follows:
(In thousands)TotalRemainder of 2025202620272028
Contractual obligations (1) (2)
     
Software licenses (3)
$16,760 $7,070 $5,101 $4,493 $96 
Acquisition retention bonuses (4)
260 260 — — — 
Other contractual obligations235 98 137 — — 
Total$17,255 $7,428 $5,238 $4,493 $96 
_________________________________________
(1)    The above table does not reflect possible payments in connection with unrecognized tax benefits of approximately $138.3 million, including $23.2 million recorded as a reduction of long-term deferred tax assets and $115.1 million in long-term income taxes payable as of March 31, 2025. As noted below in Note 13, “Income Taxes,” although it is possible that some of the unrecognized tax benefits could be settled within the next 12 months, the Company cannot reasonably estimate the timing of the outcome at this time.
(2)    For the Company’s lease commitments as of March 31, 2025, refer to Note 9, “Leases.”
(3)    The Company has commitments with various software vendors for agreements generally having terms longer than one year.
(4)    In connection with the acquisitions of Hardent, Inc. in the second quarter of 2022 and PLDA in the third quarter of 2021, the Company is obligated to pay retention bonuses to certain employees subject to certain eligibility and acceleration provisions, including the condition of employment.
v3.25.1
Equity Incentive Plans and Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of shares available for grant
A summary of shares available for grant under the Company’s plans is as follows:
 
Shares Available
 for Grant
Total shares available for grant as of December 31, 202410,889,878
Nonvested equity stock and stock units granted (1)
(51,449)
Nonvested equity stock and stock units forfeited (1)
95,826
Total shares available for grant as of March 31, 202510,934,255
_________________________________________
(1)    For purposes of determining the number of shares available for grant under the 2015 Plan against the maximum number of shares authorized, each restricted stock unit granted prior to April 27, 2023 reduces the number of shares available for grant by 1.5 shares and each restricted stock unit forfeited increases shares available for grant by 1.5 shares. Each restricted stock unit granted on or after April 27, 2023 reduces the number of shares available for grant by 1.0 share and each restricted stock unit forfeited increases shares available for grant by 1.0 share.
Schedule of stock-based compensation expenses
Stock-based compensation expense recorded in the Unaudited Condensed Consolidated Statements of Income was as follows:
Three Months Ended
March 31,
(In thousands)20252024
Cost of revenue$162 $124 
Research and development4,511 3,442 
Sales, general and administrative6,710 5,930 
Total$11,383 $9,496 
Schedule of nonvested equity stock and stock units activity
The following table reflects the activity related to nonvested equity stock and stock units for the three months ended March 31, 2025:
Nonvested Equity Stock and Stock UnitsShares
Weighted-
 Average
 Grant-Date
 Fair Value
Nonvested as of December 31, 20243,150,161$44.72 
Granted51,449$55.35 
Vested(856,378)$33.15 
Forfeited(53,452)$49.60 
Nonvested as of March 31, 20252,291,780$49.16 
v3.25.1
Revenue Recognition (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Unbilled receivables $ 27,181 $ 29,104
Deferred revenue $ 22,008 $ 21,852
v3.25.1
Revenue Recognition (Details 2) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]    
Contract balances, revenue recognized $ 8.1 $ 8.8
v3.25.1
Revenue Recognition (Details 3)
$ in Millions
Mar. 31, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Remaining performance obligations $ 25.9
Remaining performance obligation, expected timing of satisfaction, start date: 2025-04-01  
Remaining performance obligation, expected timing of satisfaction  
Remaining performance obligations, expected timing of satisfaction period 2 years
v3.25.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator:    
Net income $ 60,303 $ 32,898
Denominator:    
Weighted-average common shares outstanding, basic (in shares) 107,236 108,090
Effect of potentially dilutive common shares 1,392 1,947
Denominator:    
Weighted-average common shares outstanding, diluted (in shares) 108,628 110,037
Basic net income per share $ 0.56 $ 0.30
Diluted net income per share $ 0.56 $ 0.30
v3.25.1
Intangible Assets and Goodwill (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Goodwill  
Beginning balance $ 286,812
Adjustment to goodwill 0
Ending balance $ 286,812
v3.25.1
Intangible Assets and Goodwill (Details 2) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Components of intangible assets    
Intangible assets, gross $ 325,797 $ 325,797
Accumulated amortization (310,450) (308,738)
Intangible assets, net 15,347 17,059
Existing technology    
Components of intangible assets    
Gross carrying amount 288,001 288,001
Accumulated amortization (272,654) (270,954)
Finite-lived intangible assets $ 15,347 $ 17,047
Existing technology | Minimum    
Components of intangible assets    
Useful life (in years) 3 years 3 years
Existing technology | Maximum    
Components of intangible assets    
Useful life (in years) 10 years 10 years
Customer contracts and contractual relationships    
Components of intangible assets    
Gross carrying amount $ 37,496 $ 37,496
Accumulated amortization (37,496) (37,484)
Finite-lived intangible assets $ 0 $ 12
Customer contracts and contractual relationships | Minimum    
Components of intangible assets    
Useful life (in years) 6 months 6 months
Customer contracts and contractual relationships | Maximum    
Components of intangible assets    
Useful life (in years) 10 years 10 years
Non-compete agreements and trademarks    
Components of intangible assets    
Gross carrying amount $ 300 $ 300
Accumulated amortization (300) (300)
Finite-lived intangible assets $ 0 $ 0
Useful life (in years) 3 years 3 years
v3.25.1
Intangible Assets and Goodwill (Details 3) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization of intangible assets $ 1,713 $ 3,251
v3.25.1
Intangible Assets and Goodwill (Details 4) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Estimated future amortization expense of intangible assets    
2025 (remaining nine months) $ 5,554  
2026 5,163  
2027 1,917  
2028 1,480  
2029 1,233  
Intangible assets, net $ 15,347 $ 17,059
v3.25.1
Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment reporting information    
Stock-based compensation expenses $ 11,383 $ 9,496
Change in fair value of earn-out liability 0 700
Interest and other income (expense), net 4,479 4,221
Provision for income taxes (7,320) (1,454)
Net income 60,303 32,898
Reportable segment    
Segment reporting information    
Total revenue 166,664 117,871
Adjusted cost of revenue (30,967) (20,479)
Adjusted research and development (38,089) (33,841)
Adjusted sales, general and administrative (21,347) (19,862)
Stock-based compensation expenses (11,383) (9,496)
Amortization of acquired intangible assets (1,713) (3,251)
Acquisition-related costs (21) (111)
Change in fair value of earn-out liability 0 (700)
Interest and other income (expense), net 4,479 4,221
Provision for income taxes (7,320) (1,454)
Net income $ 60,303 $ 32,898
v3.25.1
Segment Information - Schedule of Significant Expense Category (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting [Abstract]    
Payroll and benefits $ 37,929 $ 32,251
Professional fees 5,489 5,655
Variable research and development expenses 4,809 5,837
Facilities costs 3,084 2,785
Temporary labor services and consulting expenses 2,843 2,650
Amortization and depreciation 2,781 2,378
Other expenses 2,501 2,147
Total adjusted operating expenses $ 59,436 $ 53,703
v3.25.1
Segment Information (Details) - Customer concentration risk - Accounts receivable
Mar. 31, 2025
Dec. 31, 2024
Customer 1    
Concentration risk    
Accounts receivable from major customer as a percentage of total accounts receivable 34.00% 39.00%
Customer 2    
Concentration risk    
Accounts receivable from major customer as a percentage of total accounts receivable 27.00% 17.00%
Customer 3    
Concentration risk    
Accounts receivable from major customer as a percentage of total accounts receivable 15.00%  
v3.25.1
Segment Information (Details 2) - Customer concentration risk - Revenue
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Customer A    
Concentration risk    
Revenue from major customer as a percentage of total revenue 23.00% 31.00%
Customer B    
Concentration risk    
Revenue from major customer as a percentage of total revenue 20.00% 13.00%
Customer C    
Concentration risk    
Revenue from major customer as a percentage of total revenue 11.00%  
Customer D    
Concentration risk    
Revenue from major customer as a percentage of total revenue   13.00%
v3.25.1
Segment Information (Details 3) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Major customer disclosure    
Revenue $ 166,664 $ 117,871
South Korea    
Major customer disclosure    
Revenue 68,025 42,966
Singapore    
Major customer disclosure    
Revenue 51,676 5,167
USA    
Major customer disclosure    
Revenue 26,390 51,917
Other    
Major customer disclosure    
Revenue $ 20,573 $ 17,821
v3.25.1
Marketable Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Debt securities, available-for-sale    
Maximum maturity period of available-for-sale securities (in years) 3 years  
Cash and cash equivalents    
Total cash and cash equivalents, fair value $ 132,185 $ 99,775
Total cash and cash equivalents, amortized cost 132,189 99,774
Gross unrealized gains 0 1
Gross unrealized losses (4) 0
Marketable securities    
Fair value 382,204 382,023
Amortized cost 382,050 381,989
Gross unrealized gains 274 305
Gross unrealized losses (120) (271)
Cash, cash equivalents and marketable securities    
Fair value 514,389 481,798
Amortized cost 514,239 481,763
Gross unrealized gains 274 306
Gross unrealized losses (124) (271)
Time deposits    
Marketable securities    
Fair value 12,870 12,870
Amortized cost 12,870 12,870
Gross unrealized gains 0 0
Gross unrealized losses 0 0
U.S. Government bonds and notes    
Marketable securities    
Fair value 201,989 220,056
Amortized cost 201,875 220,034
Gross unrealized gains 173 184
Gross unrealized losses (59) (162)
Corporate bonds, commercial paper and notes    
Marketable securities    
Fair value 167,345 149,097
Amortized cost 167,305 149,085
Gross unrealized gains 101 121
Gross unrealized losses (61) (109)
Cash    
Cash and cash equivalents    
Fair value 105,933 87,415
Amortized cost 105,933 87,415
Money market funds    
Cash and cash equivalents    
Fair value 13,212 6,025
Amortized cost 13,212 6,025
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Corporate bonds, commercial paper and notes    
Cash and cash equivalents    
Fair value 13,040 6,335
Amortized cost 13,044 6,334
Gross unrealized gains 0 1
Gross unrealized losses (4) 0
Cash equivalents    
Cash and cash equivalents    
Fair value 26,252 12,360
Amortized cost 26,256 12,359
Gross unrealized gains 0 1
Gross unrealized losses $ (4) $ 0
v3.25.1
Marketable Securities (Details 2) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt securities, available-for-sale    
Total cash and cash equivalents $ 132,185 $ 99,775
Marketable securities 382,204 382,023
Fair value 514,389 481,798
Cash    
Debt securities, available-for-sale    
Fair value 105,933 87,415
Cash equivalents    
Debt securities, available-for-sale    
Fair value 26,252 12,360
Marketable securities    
Debt securities, available-for-sale    
Marketable securities $ 382,204 $ 382,023
v3.25.1
Marketable Securities (Details 3) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt securities, available-for-sale    
Fair value $ 153,958 $ 131,522
Gross unrealized losses (124) (271)
U.S. Government bonds and notes    
Debt securities, available-for-sale    
Less than 12 months, fair value 55,038 83,162
Less than 12 months, gross unrealized losses (59) (162)
Corporate bonds, commercial paper and notes    
Debt securities, available-for-sale    
Less than 12 months, fair value 98,920 48,360
Less than 12 months, gross unrealized losses $ (65) $ (109)
v3.25.1
Marketable Securities (Details 4)
$ in Thousands
Mar. 31, 2025
USD ($)
Contractual maturities  
Contractual maturities, fair value, due less than one year $ 301,855
Contractual maturities, fair value, due from one year through three years 93,389
Contractual maturities, fair value $ 395,244
v3.25.1
Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets carried at fair value    
Marketable securities $ 382,204 $ 382,023
Time deposits    
Assets carried at fair value    
Marketable securities 12,870 12,870
U.S. Government bonds and notes    
Assets carried at fair value    
Marketable securities 201,989 220,056
Corporate bonds, commercial paper and notes    
Assets carried at fair value    
Marketable securities 167,345 149,097
Recurring basis    
Assets carried at fair value    
Total assets carried at fair value 408,456 394,383
Recurring basis | Money market funds    
Assets carried at fair value    
Marketable securities 13,212 6,025
Recurring basis | Time deposits    
Assets carried at fair value    
Marketable securities 12,870 12,870
Recurring basis | U.S. Government bonds and notes    
Assets carried at fair value    
Marketable securities 201,989 220,056
Recurring basis | Corporate bonds, commercial paper and notes    
Assets carried at fair value    
Marketable securities 180,385 155,432
Recurring basis | Quoted market prices in active markets (Level 1)    
Assets carried at fair value    
Total assets carried at fair value 13,212 6,025
Recurring basis | Quoted market prices in active markets (Level 1) | Money market funds    
Assets carried at fair value    
Marketable securities 13,212 6,025
Recurring basis | Quoted market prices in active markets (Level 1) | Time deposits    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Quoted market prices in active markets (Level 1) | U.S. Government bonds and notes    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Quoted market prices in active markets (Level 1) | Corporate bonds, commercial paper and notes    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Significant other observable inputs (Level 2)    
Assets carried at fair value    
Total assets carried at fair value 395,244 388,358
Recurring basis | Significant other observable inputs (Level 2) | Money market funds    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Significant other observable inputs (Level 2) | Time deposits    
Assets carried at fair value    
Marketable securities 12,870 12,870
Recurring basis | Significant other observable inputs (Level 2) | U.S. Government bonds and notes    
Assets carried at fair value    
Marketable securities 201,989 220,056
Recurring basis | Significant other observable inputs (Level 2) | Corporate bonds, commercial paper and notes    
Assets carried at fair value    
Marketable securities 180,385 155,432
Recurring basis | Significant unobservable inputs (Level 3)    
Assets carried at fair value    
Total assets carried at fair value 0 0
Recurring basis | Significant unobservable inputs (Level 3) | Money market funds    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Significant unobservable inputs (Level 3) | Time deposits    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Significant unobservable inputs (Level 3) | U.S. Government bonds and notes    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Significant unobservable inputs (Level 3) | Corporate bonds, commercial paper and notes    
Assets carried at fair value    
Marketable securities $ 0 $ 0
v3.25.1
Fair Value of Financial Instruments (Details 2) - Earn-out liability - Significant unobservable inputs (Level 3) - Recurring basis
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Fair value, assets measured on recurring basis, unobservable input reconciliation, rollforward  
Balance as of beginning of period $ 12,500
Change in fair value of earn-out liability due to remeasurement 700
Balance as of end of period $ 13,200
v3.25.1
Fair Value of Financial Instruments (Narrative) (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Recurring basis | Significant unobservable inputs (Level 3) | Earn-out liability  
Equity security without readily determinable fair value  
Change in fair value of earn-out liability due to remeasurement $ 700
v3.25.1
Leases, Operating Lease Maturities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2025 (remaining nine months) $ 5,346  
2026 7,511  
2027 5,991  
2028 4,858  
2029 4,871  
Thereafter 4,918  
Total minimum lease payments 33,495  
Less: amount of lease payments representing interest (4,301)  
Present value of future minimum lease payments 29,194  
Less: current obligations under leases (5,727) $ (5,617)
Long-term operating lease liabilities $ 23,467 $ 24,534
v3.25.1
Leases, Additional Details (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Lessee, lease, description    
Operating lease, weighted-average remaining lease term 5 years 1 month 6 days  
Operating lease, weighted-average discount rate (as a percentage) 7.60%  
Operating lease costs $ 1.5 $ 1.2
Operating lease payments $ 1.8 $ 1.5
Minimum    
Lessee, lease, description    
Lessee, operating lease, remaining lease term 1 year  
Maximum    
Lessee, lease, description    
Lessee, operating lease, remaining lease term 8 years  
v3.25.1
Commitments and Contingencies (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Contractual obligations    
Remainder of 2025 [1],[2] $ 7,428  
2026 [1],[2] 5,238  
2027 [1],[2] 4,493  
2028 [1],[2] 96  
Total contractual obligation [1],[2] 17,255  
Unrecognized tax benefit excluding foreign tax withholdings 138,300  
Unrecognized tax benefits 209,300 $ 203,800
Long-term deferred tax assets    
Contractual obligations    
Unrecognized tax benefits 23,200 22,800
Long-term income taxes payable    
Contractual obligations    
Unrecognized tax benefits 111,300 $ 106,200
Long-term income taxes payable | Unrecognized tax benefits, including interest    
Contractual obligations    
Unrecognized tax benefits 115,100  
Software licenses    
Contractual obligations    
Remainder of 2025 [1],[2],[3] 7,070  
2026 [1],[2],[3] 5,101  
2027 [1],[2],[3] 4,493  
2028 [1],[2],[3] 96  
Total contractual obligation [1],[2],[3] $ 16,760  
Terms of noncancellable license agreements, minimum (in years) 1 year  
Acquisition retention bonuses    
Contractual obligations    
Remainder of 2025 [1],[2],[4] $ 260  
2026 [1],[2],[4] 0  
2027 [1],[2],[4] 0  
2028 [1],[2],[4] 0  
Total contractual obligation [1],[2],[4] 260  
Other contractual obligations    
Contractual obligations    
Remainder of 2025 [1],[2] 98  
2026 [1],[2] 137  
2027 [1],[2] 0  
2028 [1],[2] 0  
Total contractual obligation [1],[2] $ 235  
[1] For the Company’s lease commitments as of March 31, 2025, refer to Note 9, “Leases.”
[2] The above table does not reflect possible payments in connection with unrecognized tax benefits of approximately $138.3 million, including $23.2 million recorded as a reduction of long-term deferred tax assets and $115.1 million in long-term income taxes payable as of March 31, 2025. As noted below in Note 13, “Income Taxes,” although it is possible that some of the unrecognized tax benefits could be settled within the next 12 months, the Company cannot reasonably estimate the timing of the outcome at this time.
[3] The Company has commitments with various software vendors for agreements generally having terms longer than one year.
[4] In connection with the acquisitions of Hardent, Inc. in the second quarter of 2022 and PLDA in the third quarter of 2021, the Company is obligated to pay retention bonuses to certain employees subject to certain eligibility and acceleration provisions, including the condition of employment.
v3.25.1
Equity Incentive Plans and Stock-Based Compensation (Details) - Stock compensation plan
 3 Months Ended
Mar. 31, 2025
shares
Shares available for grant  
Shares available as of beginning of period 10,889,878
Nonvested equity stock and stock units granted (in shares) (51,449) [1]
Nonvested equity stock and stock units forfeited (in shares) 95,826 [1]
Shares available as of end of period 10,934,255
Award date, Period 1  
Shares available for grant  
Conversion factor used to calculate the decrease in the number of shares available for grant resulting from the grant of restricted stock awards 1.5
Conversion factor used to calculate the increase in the number of shares available for grant resulting from the forfeiture of restricted stock awards 1.5
Award date, Period 2  
Shares available for grant  
Conversion factor used to calculate the decrease in the number of shares available for grant resulting from the grant of restricted stock awards 1.0
Conversion factor used to calculate the increase in the number of shares available for grant resulting from the forfeiture of restricted stock awards 1.0
[1] For purposes of determining the number of shares available for grant under the 2015 Plan against the maximum number of shares authorized, each restricted stock unit granted prior to April 27, 2023 reduces the number of shares available for grant by 1.5 shares and each restricted stock unit forfeited increases shares available for grant by 1.5 shares. Each restricted stock unit granted on or after April 27, 2023 reduces the number of shares available for grant by 1.0 share and each restricted stock unit forfeited increases shares available for grant by 1.0 share.
v3.25.1
Equity Incentive Plans and Stock-Based Compensation (Details 2) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Stock-based compensation expense    
Stock-based compensation expense $ 11,383 $ 9,496
Cost of revenue    
Stock-based compensation expense    
Stock-based compensation expense 162 124
Research and development    
Stock-based compensation expense    
Stock-based compensation expense 4,511 3,442
Sales, general and administrative    
Stock-based compensation expense    
Stock-based compensation expense $ 6,710 $ 5,930
v3.25.1
Equity Incentive Plans and Stock-Based Compensation (Details 3) - Nonvested equity stock units and stock units
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Nonvested equity stock and stock units  
Nonvested as of beginning of period | shares 3,150,161
Granted | shares 51,449
Vested | shares (856,378)
Forfeited | shares (53,452)
Nonvested as of end of period | shares 2,291,780
Weighted-average grant-date fair value  
Nonvested as of beginning of period | $ / shares $ 44.72
Granted | $ / shares 55.35
Vested | $ / shares 33.15
Forfeited | $ / shares 49.60
Nonvested as of end of period | $ / shares $ 49.16
v3.25.1
Equity Incentive Plans and Stock-Based Compensation (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Stock-based compensation    
Stock-based compensation expense $ 11,383 $ 9,496
Contingently issuable ESPP shares    
Stock-based compensation    
Shares available for issuance 2,300,000  
Discount from the fair market value (as a percentage) 15.00%  
Nonvested equity stock units and stock units    
Stock-based compensation    
Unrecognized compensation cost $ 72,100  
Unrecognized compensation cost, weighted-average period 2 years 1 month 6 days  
Awards, nonvested grants in period, shares 51,449  
Requisite service period 4 years 4 years
Nonvested equity stock units and stock units | Director    
Stock-based compensation    
Requisite service period 1 year 1 year
Nonvested equity stock units and stock units | Minimum    
Stock-based compensation    
Awards, vesting rights (as a percentage) 0.00% 0.00%
Nonvested equity stock units and stock units | Maximum    
Stock-based compensation    
Awards, vesting rights (as a percentage) 200.00% 200.00%
v3.25.1
Stockholders' Equity (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Oct. 29, 2020
Class of stock      
Repurchase and retirement of common stock under repurchase program $ 2,157 $ 50,812  
Common stock      
Class of stock      
Repurchase and retirement of common stock under repurchase program (in shares) 40,000 817,000  
2020 Share repurchase program      
Class of stock      
Number of shares authorized to be repurchased under the program     20,000,000
Repurchase and retirement of common stock under repurchase program   $ 50,800  
Remaining number of shares authorized to be repurchased 5,600,000    
2020 Share repurchase program | Common stock      
Class of stock      
Repurchase and retirement of common stock under repurchase program (in shares)   800,000  
v3.25.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Provision for income taxes $ 7,320 $ 1,454
Income taxes paid $ 5,600 $ 5,100
v3.25.1
Income Taxes (Details 2) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Oct. 31, 2023
Dec. 31, 2018
Valuation allowance        
Unrecognized tax benefits $ 209,300 $ 203,800    
Income taxes receivable 115,898 109,947    
Long-term income taxes payable 115,124 109,383    
Foreign tax authority | National Tax Services        
Valuation allowance        
Income taxes receivable 110,300 105,100 $ 82,700  
Long-term income taxes payable 110,300 105,100    
Foreign tax authority | National Tax Services | Tax Year 2018        
Valuation allowance        
Portion of unrecognized tax benefits, which if recognized, would be recorded as an income tax benefit       $ 74,800
Foreign tax authority | National Tax Services | Tax Year 2023        
Valuation allowance        
Portion of unrecognized tax benefits, which if recognized, would be recorded as an income tax benefit 4,200      
Foreign tax authority | National Tax Services | Tax Year 2024        
Valuation allowance        
Portion of unrecognized tax benefits, which if recognized, would be recorded as an income tax benefit 18,200      
Foreign tax authority | National Tax Services | Tax Year 2025        
Valuation allowance        
Portion of unrecognized tax benefits, which if recognized, would be recorded as an income tax benefit 5,100      
Long-term deferred tax assets        
Valuation allowance        
Unrecognized tax benefits 23,200 22,800    
Other assets | Foreign tax authority | National Tax Services        
Valuation allowance        
Unrecognized tax benefits 74,800 74,800    
Long-term income taxes payable        
Valuation allowance        
Unrecognized tax benefits $ 111,300 $ 106,200