Rambus (RMBS) 10-Q30 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page	9 Months Ended
Cover Page	Sep. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	106,575,437
Entity Central Index Key	0000917273
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 113,980	$ 94,767
Marketable securities	318,717	331,077
Accounts receivable	87,198	82,925
Unbilled receivables	30,778	50,872
Inventories	48,905	36,154
Prepaids and other current assets	12,435	34,850
Total current assets	612,013	630,645
Intangible assets, net	19,389	28,769
Goodwill	286,812	286,812
Property, plant and equipment, net	73,374	67,808
Operating lease right-of-use assets	21,039	21,497
Deferred tax assets	129,348	127,892
Income taxes receivable	104,270	88,768
Other assets	5,325	6,036
Total assets	1,251,570	1,258,227
Current liabilities:
Accounts payable	20,365	18,074
Accrued salaries and benefits	13,966	17,504
Deferred revenue	18,404	17,393
Income taxes payable	1,114	5,099
Operating lease liabilities	5,397	4,453
Other current liabilities	14,881	26,598
Total current liabilities	74,127	89,121
Long-term operating lease liabilities	24,794	26,255
Long-term income taxes payable	101,350	78,947
Other long-term liabilities	12,314	25,803
Total liabilities	212,585	220,126
Commitments and contingencies (Notes 9, 11 and 15)
Stockholders’ equity:
Convertible preferred stock, $.001 par value: Authorized: 5,000,000 shares; Issued and outstanding: no shares at September 30, 2024 and December 31, 2023	0	0
Common stock, $.001 par value: Authorized: 500,000,000 shares; Issued and outstanding: 106,575,437 shares at September 30, 2024 and 107,853,778 shares at December 31, 2023	107	108
Additional paid-in capital	1,255,183	1,324,796
Accumulated deficit	(215,862)	(285,534)
Accumulated other comprehensive loss	(443)	(1,269)
Total stockholders’ equity	1,038,985	1,038,101
Total liabilities and stockholders’ equity	$ 1,251,570	$ 1,258,227

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	106,575,437	107,853,778
Common stock, outstanding shares	106,575,437	107,853,778

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Revenue	$ 145,513	$ 105,298	$ 395,522	$ 338,892
Cost of revenue
Cost of product revenue	24,554	19,388	67,381	64,554
Cost of contract and other revenue	752	1,295	2,307	4,280
Amortization of acquired intangible assets	2,796	3,349	8,904	10,472
Cost of revenue	28,102	24,032	78,592	79,306
Gross profit	117,411	81,266	316,930	259,586
Operating expenses:
Research and development	41,299	37,368	119,183	120,842
Sales, general and administrative	25,867	25,333	76,096	82,484
Amortization of acquired intangible assets	94	258	476	1,022
Restructuring and other charges (recoveries)	0	(100)	0	9,394
Gain on divestiture	0	(90,843)	0	(90,843)
Impairment of assets	0	10,045	1,071	10,045
Change in fair value of earn-out liability	(4,544)	(5,666)	(5,044)	8,134
Total operating expenses (benefits)	62,716	(23,605)	191,782	141,078
Operating income	54,695	104,871	125,148	118,508
Interest income and other income (expense), net	4,667	2,715	13,654	7,112
Loss on fair value adjustment of derivatives, net	0	0	0	(240)
Interest expense	(327)	(356)	(1,064)	(1,113)
Interest and other income (expense), net	4,340	2,359	12,590	5,759
Income before income taxes	59,035	107,230	137,738	124,267
Provision for (benefit from) income taxes	10,370	4,032	20,119	(151,092)
Net income	$ 48,665	$ 103,198	$ 117,619	$ 275,359
Net income per share:
Basic net income per share	$ 0.45	$ 0.95	$ 1.09	$ 2.54
Diluted net income per share	$ 0.45	$ 0.93	$ 1.08	$ 2.48
Weighted-average shares used in per share calculation:
Basic (in shares)	107,235	108,317	107,681	108,412
Diluted (in shares)	108,474	110,775	109,318	111,179
Product revenue
Revenue
Revenue	$ 66,394	$ 52,181	$ 173,446	$ 170,934
Royalties
Revenue
Revenue	64,105	28,857	167,961	97,698
Contract and other revenue
Revenue
Revenue	$ 15,014	$ 24,260	$ 54,115	$ 70,260

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 48,665	$ 103,198	$ 117,619	$ 275,359
Other comprehensive income (loss):
Foreign currency translation adjustment	97	(166)	(51)	164
Unrealized gain on marketable securities, net of tax	1,426	827	877	2,431
Total comprehensive income	$ 50,188	$ 103,859	$ 118,445	$ 277,954

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance (in shares) at Dec. 31, 2022		107,610
Balance at Dec. 31, 2022	$ 779,297	$ 108	$ 1,297,408	$ (513,256)	$ (4,963)
Increase (Decrease) in Stockholders' Equity
Net income	275,359			275,359
Foreign currency translation adjustment	164				164
Unrealized gain on marketable securities, net of tax	2,431				2,431
Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan, net of withholding taxes (in shares)		1,556
Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan, net of withholding taxes	(30,203)	$ 1	(30,204)
Issuance of common stock in connection with the payment of year 1 earn-out related to the PLDA Group acquisition (in shares)		198
Issuance of common stock in connection with the payment of year 1 earn-out related to the PLDA Group acquisition	5,022		5,022
Repurchase and retirement of common stock under repurchase program (in shares)		(1,855)
Repurchase and retirement of common stock under repurchase program	(100,524)	$ (1)	(5,781)	(94,742)
Stock-based compensation	34,477		34,477
Issuance of common stock in connection with the maturity of the convertible senior notes related to the settlement of the in-the-money conversion feature of the convertible senior notes (in shares)		284
Exercise of the convertible senior note hedges in connection with the conversion of convertible senior notes and retirement of the corresponding shares (in shares)		(284)
Exercise of the convertible senior note hedges in connection with the conversion of convertible senior notes and retirement of the corresponding shares			11,440	(11,440)
Retirement of warrants	(10,457)		(10,457)
Balance (in shares) at Sep. 30, 2023		107,509
Balance at Sep. 30, 2023	955,566	$ 108	1,301,905	(344,079)	(2,368)
Balance (in shares) at Jun. 30, 2023		109,131
Balance at Jun. 30, 2023	945,558	$ 109	1,301,013	(352,535)	(3,029)
Increase (Decrease) in Stockholders' Equity
Net income	103,198			103,198
Foreign currency translation adjustment	(166)				(166)
Unrealized gain on marketable securities, net of tax	827				827
Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan, net of withholding taxes (in shares)		233
Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan, net of withholding taxes	(3,366)		(3,366)
Repurchase and retirement of common stock under repurchase program (in shares)		(1,855)
Repurchase and retirement of common stock under repurchase program	(100,524)	$ (1)	(5,781)	(94,742)
Stock-based compensation	10,039		10,039
Balance (in shares) at Sep. 30, 2023		107,509
Balance at Sep. 30, 2023	955,566	$ 108	1,301,905	(344,079)	(2,368)
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	117,619			117,619
Foreign currency translation adjustment	(51)				(51)
Unrealized gain on marketable securities, net of tax	877				877
Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan, net of withholding taxes (in shares)		932
Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan, net of withholding taxes	(36,865)	$ 1	(36,866)
Issuance of common stock in connection with the payment of year 1 earn-out related to the PLDA Group acquisition	0
Repurchase and retirement of common stock under repurchase program (in shares)		(2,211)
Repurchase and retirement of common stock under repurchase program	(113,841)	$ (2)	(65,892)	(47,947)
Stock-based compensation	33,145		33,145
Balance (in shares) at Sep. 30, 2024		106,575
Balance at Sep. 30, 2024	1,038,985	$ 107	1,255,183	(215,862)	(443)
Balance (in shares) at Jun. 30, 2024		107,680
Balance at Jun. 30, 2024	1,028,892	$ 108	1,295,277	(264,527)	(1,966)
Increase (Decrease) in Stockholders' Equity
Net income	48,665			48,665
Foreign currency translation adjustment	97				97
Unrealized gain on marketable securities, net of tax	1,426				1,426
Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan, net of withholding taxes (in shares)		68
Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan, net of withholding taxes	(1,623)		(1,623)
Repurchase and retirement of common stock under repurchase program (in shares)		(1,173)
Repurchase and retirement of common stock under repurchase program	(50,470)	$ (1)	(50,469)
Stock-based compensation	11,998		11,998
Balance (in shares) at Sep. 30, 2024		106,575
Balance at Sep. 30, 2024	$ 1,038,985	$ 107	$ 1,255,183	$ (215,862)	$ (443)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 117,619	$ 275,359
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	33,145	34,477
Depreciation	23,000	26,608
Amortization of intangible assets	9,380	11,494
Loss on fair value adjustment of derivatives, net	0	240
Impairment of assets	1,071	10,045
Gain on divestiture	0	(90,843)
Deferred income taxes	(2,217)	(147,144)
Change in fair value of earn-out liability	(5,044)	8,134
Other	19	649
Change in operating assets and liabilities, net of effects of disposition:
Accounts receivable	(4,279)	(10,984)
Unbilled receivables	20,938	81,418
Prepaids and other current assets	(1,694)	785
Inventories	(12,751)	(13,715)
Income taxes receivable	(15,502)	(83,423)
Accounts payable	2,295	(7,436)
Accrued salaries and benefits and other liabilities	(9,666)	(7,596)
Income taxes payable	17,890	61,736
Deferred revenue	1,259	(4,783)
Operating lease liabilities	(3,848)	(4,085)
Net cash provided by operating activities	171,615	140,936
Cash flows from investing activities:
Purchases of property, plant, and equipment	(24,208)	(22,454)
Purchases of marketable securities	(278,158)	(298,289)
Maturities of marketable securities	206,861	127,467
Proceeds from sales of marketable securities	85,722	117,798
Proceeds from divestiture	0	106,347
Proceeds from sale of non-marketable equity security	22,796	0
Net cash provided by investing activities	13,013	30,869
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock plans	3,447	6,453
Payments of taxes on restricted stock units	(40,312)	(36,656)
Payments under installment payment arrangements	(12,699)	(11,323)
Payments for settlement and repurchase of convertible senior notes	0	(10,381)
Payments for settlement of warrants	0	(10,697)
Payment of deferred purchase consideration from acquisition	(2,450)	(2,450)
Repurchase and retirement of common stock	(113,312)	(100,325)
Net cash used in financing activities	(165,326)	(165,379)
Effect of exchange rate changes on cash and cash equivalents	(89)	(163)
Net increase in cash and cash equivalents	19,213	6,263
Cash and cash equivalents at beginning of period	94,767	125,694
Cash and cash equivalents at end of period	113,980	131,957
Non-cash operating, investing and financing activities:
Property, plant and equipment received and accrued in accounts payable and other liabilities	1,510	375
Operating lease right-of-use assets obtained in exchange for operating lease obligations	3,331	273
Issuance of common stock in connection with the payment of year 1 earn-out related to the PLDA acquisition	$ 0	$ 5,022

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
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 consolidated financial statements and notes thereto in Form 10-K for the year ended December 31, 2023. 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 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’s 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, 2023.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This guidance requires disclosure of incremental segment information on an annual and interim basis, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker. In addition, this ASU requires that all existing annual disclosures about segment profit or loss must be provided on an interim basis and clarifies that single reportable segment entities are subject to the disclosure requirement under Topic 280 in its entirety. This ASU is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods within annual reporting periods beginning after December 15, 2024. Early adoption is permitted. The amendments in this ASU should be applied on a retrospective basis. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In December 2023, the FASB issued 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.

Revenue Recognition

Revenue Recognition	9 Months Ended
Revenue Recognition	Sep. 30, 2024
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 September 30, 2024. The Company’s contract balances were as follows: As of (In thousands) September 30, 2024 December 31, 2023 Unbilled receivables $ 34,357 $ 55,295 Deferred revenue $ 19,346 $ 18,085 During the nine months ended September 30, 2024, the Company recognized $16.4 million of revenue that was included in deferred revenue as of December 31, 2023. During the nine months ended September 30, 2023, the Company recognized $19.3 million of revenue that was included in deferred revenue as of December 31, 2022. 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 $28.2 million as of September 30, 2024, which the Company primarily expects to recognize over the next 2 years.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2024
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 incremental common shares issuable upon exercise of stock options, employee stock purchases, and restricted stock and restricted stock units and shares issuable upon the conversion of convertible notes. The dilutive effect of outstanding shares is reflected in diluted earnings per share by application of the treasury stock method, or the if-converted method for the in-the-money conversion feature of the Company’s 2023 Notes (“the 2023 Notes”). 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 Nine Months Ended September 30, September 30, (In thousands, except per share amounts) 2024 2023 2024 2023 Net income per share: Numerator: Net income $ 48,665 $ 103,198 $ 117,619 $ 275,359 Denominator: Weighted-average shares outstanding - basic 107,235 108,317 107,681 108,412 Effect of potentially dilutive common shares 1,239 2,458 1,637 2,767 Weighted-average shares outstanding - diluted 108,474 110,775 109,318 111,179 Basic net income per share $ 0.45 $ 0.95 $ 1.09 $ 2.54 Diluted net income per share $ 0.45 $ 0.93 $ 1.08 $ 2.48

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
Intangible Assets and Goodwill	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Goodwill The following tables present goodwill information for the nine months ended September 30, 2024: (In thousands) As of December 31, 2023 Adjustments to As of September 30, 2024 Total goodwill $ 286,812 $ — $ 286,812 Intangible Assets, Net The components of the Company’s intangible assets as of September 30, 2024 and December 31, 2023 were as follows: As of September 30, 2024 (In thousands, except useful life) Useful Life Gross Carrying Accumulated Amortization Net Carrying Amount Existing technology 3 to 10 years $ 286,712 $ (274,765) $ 11,947 Customer contracts and contractual relationships 0.5 to 10 years 37,496 (37,454) 42 Trademarks 3 years 300 (300) — In-process research and development (“IPR&D”) Not applicable 7,400 — 7,400 Total intangible assets $ 331,908 $ (312,519) $ 19,389 As of December 31, 2023 (In thousands, except useful life) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Existing technology 3 to 10 years $ 286,712 $ (265,756) $ 20,956 Customer contracts and contractual relationships 0.5 to 10 years 37,496 (37,083) 413 Trademarks 3 years 300 (300) — IPR&D Not applicable 7,400 — 7,400 Total intangible assets $ 331,908 $ (303,139) $ 28,769 Amortization expense for intangible assets for the three and nine months ended September 30, 2024 was $2.9 million and $9.4 million, respectively. Amortization expense for intangible assets for the three and nine months ended September 30, 2023 was $3.6 million and $11.5 million, respectively. The estimated future amortization of intangible assets as of September 30, 2024 was as follows (in thousands): Years Ending December 31: Amount 2024 (remaining three months) $ 2,349 2025 5,433 2026 3,744 2027 463 Total amortizable purchased intangible assets 11,989 IPR&D 7,400 Total intangible assets $ 19,389

Segment Information

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2024
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 September 30, 2024, the Company has a single operating and reportable segment. Accounts receivable from the Company’s major customers representing 10% or more of total accounts receivable at September 30, 2024 and December 31, 2023, respectively, was as follows: As of Customer September 30, 2024 December 31, 2023 Customer 1 38 % 49 % Customer 2 24 % 13 % Customer 3 * 12 % _________________________________________ * 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 and nine months ended September 30, 2024 and 2023, respectively, was as follows: Three Months Ended Nine Months Ended September 30, September 30, Customer 2024 2023 2024 2023 Customer A 21 % 29 % 23 % 26 % Customer B 21 % 25 % 19 % 18 % Customer C 10 % * 11 % * Customer D 14 % * * * __________________________________________ * 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 Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 USA $ 46,315 $ 32,347 $ 153,915 $ 131,415 South Korea 56,129 38,228 134,931 100,985 Singapore 21,082 16,325 45,406 42,371 Other 21,987 18,398 61,270 64,121 Total $ 145,513 $ 105,298 $ 395,522 $ 338,892

Marketable Securities

Marketable Securities	9 Months Ended
Marketable Securities	Sep. 30, 2024
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 September 30, 2024 (In thousands) Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Cash $ 101,110 $ 101,110 $ — $ — Cash equivalents: Money market funds 6,089 6,089 — — Corporate bonds, commercial paper and notes 6,781 6,781 1 (1) Total cash equivalents 12,870 12,870 1 (1) Total cash and cash equivalents 113,980 113,980 1 (1) Marketable securities: Time deposits 13,090 13,090 — — U.S. Government bonds and notes 180,035 179,639 428 (32) Corporate bonds, commercial paper and notes 125,592 125,315 287 (10) Total marketable securities 318,717 318,044 715 (42) Total cash, cash equivalents and marketable securities $ 432,697 $ 432,024 $ 716 $ (43) As of December 31, 2023 (In thousands) Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Cash $ 88,486 $ 88,486 $ — $ — Cash equivalents: Money market funds 3,790 3,790 — — U.S. Government bonds and notes 2,491 2,491 — — Total cash equivalents 6,281 6,281 — — Total cash and cash equivalents 94,767 94,767 — — Marketable securities: U.S. Government bonds and notes 194,428 194,389 251 (212) Corporate bonds, commercial paper and notes 136,649 136,892 162 (405) Total marketable securities 331,077 331,281 413 (617) Total cash, cash equivalents and marketable securities $ 425,844 $ 426,048 $ 413 $ (617) Available-for-sale securities are reported at fair value on the balance sheets and classified along with cash as follows: As of (In thousands) September 30, 2024 December 31, 2023 Cash $ 101,110 $ 88,486 Cash equivalents 12,870 6,281 Total cash and cash equivalents 113,980 94,767 Marketable securities 318,717 331,077 Total cash, cash equivalents and marketable securities $ 432,697 $ 425,844 The Company continues to invest in highly rated and highly 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 at September 30, 2024 and December 31, 2023 are as follows: Fair Value Gross Unrealized Losses (In thousands) September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Less than 12 months U.S. Government bonds and notes $ 46,746 $ 32,454 $ (32) $ (53) Corporate bonds, commercial paper and notes 21,009 46,407 (11) (40) Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months 67,755 78,861 (43) (93) 12 months or greater U.S. Government bonds and notes — 6,841 — (159) Corporate bonds, commercial paper and notes — 16,619 — (365) Total marketable securities in a continuous unrealized loss position for 12 months or greater — 23,460 — (524) Total cash equivalents and marketable securities in a continuous unrealized loss position $ 67,755 $ 102,321 $ (43) $ (617) The gross unrealized losses at September 30, 2024 and December 31, 2023 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) September 30, 2024 Due in less than one year $ 282,683 Due from one year through three years 42,815 Total $ 325,498 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following table presents the financial instruments and liabilities that are carried at fair value and summarizes their valuation by the respective pricing levels as of September 30, 2024 and December 31, 2023: As of September 30, 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 $ 6,089 $ 6,089 $ — $ — Time deposits 13,090 — 13,090 — U.S. Government bonds and notes 180,035 — 180,035 — Corporate bonds, commercial paper and notes 132,373 — 132,373 — Total assets carried at fair value $ 331,587 $ 6,089 $ 325,498 $ — As of December 31, 2023 (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 $ 3,790 $ 3,790 $ — $ — U.S. Government bonds and notes 196,919 — 196,919 — Corporate bonds, commercial paper and notes 136,649 — 136,649 — Total available-for-sale securities $ 337,358 $ 3,790 $ 333,568 $ — Liabilities carried at fair value Earn-out liability related to the PLDA acquisition $ 12,500 $ — $ — $ 12,500 Total liabilities carried at fair value $ 12,500 $ — $ — $ 12,500 The Company’s liabilities related to earn-out liability were classified within Level 3 of the fair value hierarchy because the fair value was determined using significant unobservable inputs. The following table presents additional information about liabilities measured at fair value for which the Company utilizes Level 3 inputs to determine fair value, as of September 30, 2024 and 2023. Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Balance as of beginning of period $ 12,000 $ 28,600 $ 12,500 $ 14,800 Change in fair value of earn-out liability due to remeasurement (4,544) (5,666) (5,044) 8,134 Change in fair value of earn-out liability due to achievement of revenue target (7,456) (11,534) (7,456) (11,534) Balance as of end of period $ — $ 11,400 $ — $ 11,400 For the three and nine months ended September 30, 2024 and 2023, the changes in the fair value of the earn-out liability related to the 2021 acquisition of PLDA, which was subject to certain revenue targets of the acquired business for a period of three years from the date of acquisition, and which is 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 liability for the contingent earn-out liability related to the PLDA acquisition 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 and nine months ended September 30, 2024, the Company remeasured the fair value of the earn-out liability, which resulted in reductions of $4.5 million and $5.0 million, respectively, in the Company’s Unaudited Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2023, the Company remeasured the fair value of the earn-out liability, which resulted in a reduction of $5.7 million and additional expenses of $8.1 million, respectively, in the Company’s Unaudited Condensed Consolidated Statements of Operations. The final earn-out was achieved as of September 30, 2024 and is expected to be fully paid during the fourth quarter of 2024. The Company monitors its investments for impairment and records appropriate reductions in carrying value when necessary. The Company monitors its investments for impairment by considering current factors, including the economic environment, market conditions, operational performance and other specific factors relating to the business underlying the investment, reductions in carrying values when necessary and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery in the market. Any impairment is reported under “Interest and other income (expense), net” in the Unaudited Condensed Consolidated Statements of Operations. In 2018, the Company made an investment in a non-marketable equity security of a private company. This equity investment was accounted for under the equity method of accounting, and the Company accounted for its equity method share of the income (loss) on a quarterly basis. During the fourth quarter of 2023, the Company sold its 25.0% ownership share in the equity investment for approximately $25.0 million, which represented a gross gain on this transaction for the same amount. The gross gain was offset by transaction costs of approximately $1.1 million, resulting in a net gain of approximately $23.9 million, which was included in the Company’s Consolidated Statement of Operations for the year ended December 31, 2023. Subsequently, the Company received proceeds, net of tax, of approximately $22.8 million from this transaction during the first quarter of 2024. During the three and nine months ended September 30, 2024 and 2023, there were no transfers of financial instruments between different categories of fair value.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
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 six 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 on the Unaudited Condensed Consolidated Balance Sheet as of September 30, 2024 (in thousands): Years ending December 31, Amount 2024 (remaining three months) $ 1,723 2025 6,939 2026 7,209 2027 5,661 2028 4,549 Thereafter 8,453 Total minimum lease payments 34,534 Less: amount of lease payments representing interest (4,343) Present value of future minimum lease payments 30,191 Less: current obligations under leases (5,397) Long-term lease obligations $ 24,794 As of September 30, 2024, the weighted-average remaining lease term for the Company’s operating leases was 5.4 years and the weighted-average discount rate used to determine the present value of the Company’s operating leases was 7.3%. Operating lease costs included in research and development and selling, general and administrative costs on the Unaudited Condensed Consolidated Statements of Operations were $1.4 million and $1.3 million for the three months ended September 30, 2024 and 2023, respectively. Operating lease costs included in research and development and selling, general and administrative costs on the Unaudited Condensed Consolidated Statements of Operations were $4.0 million and $4.7 million for the nine months ended September 30, 2024 and 2023, respectively. Cash paid for amounts included in the measurement of operating lease liabilities were $4.5 million and $5.2 million for the nine months ended September 30, 2024 and 2023, respectively.

Convertible Notes

Convertible Notes	9 Months Ended
Convertible Notes	Sep. 30, 2024
Debt Disclosure [Abstract]
Convertible Notes	Convertible Notes The Company did not have any convertible notes outstanding as of September 30, 2024 and December 31, 2023. During the first quarter of 2023, the holders of the remaining $10.4 million aggregate principal amount of the 2023 Notes elected to convert the notes pursuant to the original terms of the conversion feature. Accordingly, upon maturity, the Company paid $10.4 million in cash to settle the aggregate principal amount of the 2023 Notes and delivered approximately 0.3 million shares of the Company's common stock to settle the conversion spread. In connection with the settlement of the conversion of the remaining 2023 Notes, the Company received 0.3 million shares of the Company’s common stock for the retirement of the remaining convertible senior note hedges and paid $10.7 million in cash for the retirement of the remaining warrants during the first quarter of 2023. Additionally, the retirement of the remaining warrants was subject to derivative accounting, resulting in a loss on fair value adjustment of derivatives of $0.2 million for the nine months ended September 30, 2023. Interest expense related to the convertible notes for the nine months ended September 30, 2023 was immaterial.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 2024, the Company’s material contractual obligations were as follows: (In thousands) Total Remainder of 2024 2025 2026 Contractual obligations (1) (2) Software licenses (3) $ 13,001 $ 4,044 $ 8,520 $ 437 Other contractual obligations 300 31 131 138 Acquisition retention bonuses (4) 275 — 275 — Total $ 13,576 $ 4,075 $ 8,926 $ 575 _________________________________________ (1) The above table does not reflect possible payments in connection with unrecognized tax benefits of approximately $126.9 million, including $25.6 million recorded as a reduction of long-term deferred tax assets and $101.3 million in long-term income taxes payable as of September 30, 2024. As noted below in Note 14, “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 September 30, 2024, 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 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 September 30, 2024 and December 31, 2023, respectively, was not material.

Equity Incentive Plans and Stoc

Equity Incentive Plans and Stock-Based Compensation	9 Months Ended
Equity Incentive Plans and Stock-Based Compensation	Sep. 30, 2024
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, 2023 11,954,150 Stock options expired 1,125 Nonvested equity stock and stock units granted (1) (2) (1,145,510) Nonvested equity stock and stock units forfeited (1) 290,495 Total shares available for grant as of September 30, 2024 11,100,260 _________________________________________ (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. (2) Amount includes approximately 0.1 million shares that have been reserved for potential future issuance related to certain performance unit awards granted in the second quarter of 2024 and discussed under the section titled “Nonvested Equity Stock and Stock Units” below. General Stock Option Information The following table summarizes stock option activity under the Company’s equity incentive plans for the nine months ended September 30, 2024 and information regarding stock options outstanding, exercisable, and vested and expected to vest as of September 30, 2024. Options Outstanding (In thousands, except shares, per share amounts and years) Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding as of December 31, 2023 124,732 $ 11.60 Options exercised (33,607) $ 9.42 $ 1,102 Options expired (1,125) $ 8.76 Outstanding and vested as of September 30, 2024 90,000 $ 12.45 3.79 $ 2,679 Employee Stock Purchase Plan Under the 2015 Employee Stock Purchase Plan (“2015 ESPP”) the Company issued 69,828 shares at a price of $44.84 and 120,569 shares at a price of $27.91 per share during the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, approximately 2.3 million shares under the 2015 ESPP remained available for issuance. Stock-Based Compensation For the nine months ended September 30, 2024 and 2023, 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 Options There were no stock options granted during the nine months ended September 30, 2024 and 2023, respectively. All compensation cost net of expected forfeitures, related to unvested stock-based compensation arrangements granted under the stock option plans had been fully recognized as of December 31, 2023. There was no stock-based compensation expense related to stock options for the nine months ended September 30, 2024. Stock-based compensation expense related to stock options was immaterial for the nine months ended September 30, 2023. Employee Stock Purchase Plan For the three and nine months ended September 30, 2024 the Company recorded stock-based compensation expense related to the 2015 ESPP of $0.4 million and $1.4 million, respectively. For the three and nine months ended September 30, 2023, the Company recorded stock-based compensation expens e related to the 2015 ESPP of $0.5 million and $1.5 million, respectively. As of September 30, 2024, there was $0.1 million of total unrecognized compensation cost related to stock-based compensation arrangements granted under the 2015 ESPP. That cost is expected to be recognized over one month. Nonvested Equity Stock and Stock Units The Company grants nonvested equity stock units to officers, employees and directors. During the three and nine months ended September 30, 2024, the Company granted nonvested equity stock units totaling approximately 0.1 million and 1.0 million shares, respectively. During the three months ended September 30, 2023, the Company granted an immaterial amount of nonvested equity stock units. During the nine months ended September 30, 2023, the Company granted nonvested equity stock units totaling approximately 1.2 million shares. 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. For the three and nine months ended September 30, 2024, the nonvested equity stock units granted were valued at the date of grant giving them a fair value of approximately $4.1 million and $59.8 million, respectively. For the three and nine months ended September 30, 2023, the nonvested equity stock units granted were valued at the date of grant giving them a fair value of approximately $2.1 million and $57.3 million, respectively. During the second quarter of 2024, as part of its updated annual grant process, the Company granted performance unit awards to certain company executive officers with vesting subject to the achievement of certain performance and/or market conditions. During the first quarter of 2023, as part of its previous annual grant process, the Company granted 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 gran t. The Company’s shares available for grant have been reduced to reflect the shares that could be earned at the maximum target. For the three and nine months ended September 30, 2024, the Company recorded stock-based compensation expense of approximately $11.6 million and $31.8 million, respectively, related to all outstanding nonvested equity stock grants. For the three and nine months ended September 30, 2023, the Company recorded stock-based compensation expense of approximately $9.5 million and $32.9 million, respectively, related to all outstanding nonvested equity stock grants. Unrecognized stock-based compensation related to all nonvested equity stock grants, net of estimated forfeitures, was approximately $81.2 million as of September 30, 2024. This amount is expected to be recognized over a weighted-average period of 2.0 years. The following table reflects the activity related to nonvested equity stock and stock units for the nine months ended September 30, 2024: Nonvested Equity Stock and Stock Units Shares Weighted- Average Grant-Date Fair Value Nonvested at December 31, 2023 3,430,192 $ 32.90 Granted 1,000,828 $ 59.76 Vested (1,226,610) $ 26.59 Forfeited (207,877) $ 36.91 Nonvested at September 30, 2024 2,996,533 $ 44.17

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2024
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. During the nine months ended September 30, 2024, the Company repurchased shares of its common stock under the 2020 Repurchase Program as discussed below. On February 29, 2024, the Company entered into an accelerated share repurchase program with Royal Bank of Canada (“RBC”) (the “2024 ASR Program”). The 2024 ASR Program was part of the 2020 Repurchase Program. Under the 2024 ASR Program, the Company pre-paid to RBC the $50.0 million purchase price for its common stock and, in turn, the Company received an initial delivery of approximately 0.7 million shares of its common stock from RBC on March 1, 2024, which were retired and recorded as a $40.0 million reduction to stockholders’ equity. The remaining $10.0 million of the initial payment was recorded as a reduction to stockholders’ equity as an unsettled forward contract indexed to the Company’s stock. On March 18, 2024, the accelerated share repurchase program was completed and the Company received an additional 0.1 million shares of its common stock, which were retired, as the final settlement of the 2024 ASR Program. On November 2, 2023, the Company entered into a share repurchase plan (the “Buying Plan”) with RBC Capital Markets, LLC (“RBCCM”). The Buying Plan was part of the 2020 Repurchase Program. Under the Buying Plan, RBCCM commenced purchases for a 12-month period starting on November 2, 2023 and ending on November 1, 2024, with a provision to terminate sooner pursuant to the Buying Plan (the “Repurchase Period”). During the first quarter of 2024, the Buying Plan was amended and as a result, no purchases were made from the Buying Plan during the period from March 1, 2024 to March 28, 2024, while the 2024 ASR Program was in effect. During the third quarter of 2024, the Buying Plan was further amended to allow RBCCM to purchase an aggregate amount of $100.0 million of the Company’s common stock during the Repurchase Period, not to exceed $50.0 million in a quarter. The execution of share repurchases is dependent on the Company’s stock price reaching certain levels. During the nine months ended September 30, 2024, the Company repurchased approximately 1.4 million shares for approximately $63.1 million as part of the Buying Plan, which were retired and recorded as a reduction to stockholders’ equity. On August 10, 2023, the Company entered into an accelerated share repurchase program with RBC (the “2023 ASR Program”). The 2023 ASR Program was part of the 2020 Repurchase Program. Under the 2023 ASR Program, the Company pre-paid to RBC the $100.0 million purchase price for its common stock and, in turn, the Company received an initial delivery of approximately 1.6 million shares of its common stock from RBC on August 11, 2023, which were retired and recorded as an $80.0 million reduction to stockholders’ equity. The remaining $20.0 million of the initial payment was recorded as a reduction to stockholders’ equity as an unsettled forward contract indexed to the Company’s stock. On September 22, 2023, the accelerated share repurchase program was completed and the Company received an additional 0.2 million shares of its common stock, which were retired, as the final settlement of the 2023 ASR Program. Effective January 1, 2023, the Company’s share repurchases are subject to a 1% excise tax as a result of the Inflation Reduction Act of 2022. As of September 30, 2024, the Company recorded an immaterial excise tax liability on its accompanying Unaudited Condensed Consolidated Balance Sheet. As of September 30, 2024, there remained an outstanding authorization to repurchase approximately 5.7 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.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a provision for income taxes of $10.4 million and $4.0 million for the three months ended September 30, 2024 and 2023, respectively, and a provision for (benefit from) income taxes of $20.1 million and $(151.1) million for the nine months ended September 30, 2024 and 2023, respectively. The provision for income taxes for the three and nine months ended September 30, 2024 was primarily driven by the statutory tax expense for domestic and foreign jurisdictions for 2024, offset by tax benefits from excess stock-based compensation deductions. The provision for income taxes for the three months ended September 30, 2023 was primarily driven by foreign withholding taxes and adjustments to the valuation allowance release on U.S. deferred tax assets due to a change in forecasted taxable income and expense, offset by tax benefits from excess stock-based compensation deductions. The benefit from income taxes for the nine months ended September 30, 2023 was primarily driven by the valuation allowance release on U.S. deferred tax assets, as well as tax benefits from excess stock-based compensation deductions, offset by foreign withholding taxes. During the three months ended September 30, 2024 and 2023, the Company paid foreign withholding taxes of $5.1 million and $5.4 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company paid foreign withholding taxes of $15.5 million and $15.8 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. During the second quarter of 2023, based on all available positive and negative evidence, the Company determined that it was appropriate to release the valuation allowance on the majority of the Company’s U.S. federal and state deferred tax assets. During the third quarter of 2023, the Company further adjusted its valuation allowance release as a result of a change in forecasted income and tax expense, primarily due to the sale of intangible assets as part of the PHY IP group divestiture. During the second quarter of 2023, the Company reached a cumulative income position over the previous three years. The cumulative three-year income is considered positive evidence, which is considered objective and verifiable, and thus received significant weighting. Additional positive evidence considered by the Company in its assessment included recent utilization of tax attribute carryforwards and future forecasts of continued profitability in the United States. Upon considering the relative impact of all evidence during the second quarter of 2023, 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 released the related valuation allowance against the majority of its federal and state deferred tax assets. 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, 2023, the Company had $185.7 million of unrecognized tax benefits, including $31.7 million recorded as a reduction of long-term deferred tax assets, $75.0 million recorded as a reduction of other assets associated with refundable withholding taxes previously withheld from licensees in South Korea, and $78.9 million recorded to long-term income taxes payable. As of September 30, 2024, the Company had approximately $201.9 million of unrecognized tax benefits, including $25.6 million recorded as a reduction of long-term deferred tax assets, $75.0 million recorded as a reduction of other assets associated with refundable withholding taxes previously withheld from licensees in South Korea, and $101.3 million recorded in long-term income taxes payable. As a result of recent court rulings in South Korea, the Company has determined that it may be entitled to refund claims for foreign taxes previously withheld from licensees in South Korea. If the Company is successful in recovering the $177.8 million of refundable withholding taxes from South Korea, the refund will result in an offsetting reduction in U.S. foreign tax credits. The Company recognizes there are numerous risks and uncertainties associated with the ultimate collection of this refund. The Company previously maintained an offsetting reserve for the entire amount of refundable withholding taxes previously withheld in South Korea. During the year ended December 31, 2023, the Company concluded it is more likely than not it will recover withholding taxes withheld during the past five years and accordingly filed a claim in October 2023 for refund of certain refundable withholding taxes, and recorded an income taxes receivable of $82.7 million with an offsetting long-term income taxes payable of $72.6 million and a reduction in long-term deferred tax assets of $10.1 million for the reduction in U.S. foreign tax credits. The Company has recorded a receivable for the portion of withholding taxes paid subsequent to the third quarter of 2023 for which it intends to file a future refund claim. For the periods prior to the fourth quarter of 2018, the Company has not recorded a receivable because the Company does not believe recovery of those taxes would be more likely than not if a refund claim were submitted. The Company continues to evaluate the potential for recovery of these taxes and has therefore established an offsetting reserve for the entire amount of potentially refundable withholding taxes previously withheld in South Korea, for which a claim for refund has not been submitted. 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.

Litigation and Asserted Claims

Litigation and Asserted Claims	9 Months Ended
Litigation and Asserted Claims	Sep. 30, 2024
Loss Contingency [Abstract]
Litigation and Asserted Claims	Litigation and Asserted Claims 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 such 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.

Restructuring and Related Activ

Restructuring and Related Activities	9 Months Ended
Restructuring and Related Activities	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Other Charges	Restructuring and Other Charges 2023 Restructuring Plan In June 2023, the Company initiated a restructuring program to reduce overall expenses, which was expected to improve future profitability by reducing the Company’s overall spending (the “2023 Restructuring Plan”). In connection with this restructuring program, the Company initiated a plan resulting in a reduction of 42 employees. During the nine months ended September 30, 2023, the Company recorded charges of approximately $9.4 million to “Restructuring and other charges (recoveries)” in its Unaudited Condensed Consolidated Statement of Operations, related to the reduction in workforce, as well as write-downs of obligations related to certain IP development costs and software licenses for engineering development tools. The 2023 Restructuring Plan was materially completed in the fourth quarter of 2023. During the nine months ended September 30, 2024, the Company did not initiate any restructuring programs.

Divestiture

Divestiture	9 Months Ended
Divestiture	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Divestiture	Divestiture 2023 Divestiture In July 2023, the Company entered into an asset purchase agreement (the “Purchase Agreement”) with Cadence Design Systems, Inc. (the “Purchaser”), pursuant to which the Company agreed to sell certain assets and the Purchaser agreed to assume certain liabilities from the Company, in each case with respect to the Company’s PHY IP group, for $110.0 million in cash, subject to certain adjustments and certain closing conditions (the “Transaction”). The decision to sell this portion of our business reflects the evolution of the Company’s core semiconductor business to focus on the development of digital IP and chips, including novel memory solutions for high-performance computing, to support the continued advancement of the data center and artificial intelligence. The Transaction was completed on September 6, 2023 and resulted in net proceeds of approximately $106.3 million, which consisted of the initial selling price of $110.0 million, offset by approximately $3.7 million related to certain purchase price adjustments. The Company recognized a net gain on divestiture of the PHY IP group in the Unaudited Condensed Consolidated Statements of Operations of approximately $90.8 million during the three and nine months ended September 30, 2023. Transaction costs of approximately $1.4 million were included in the net gain of $90.8 million. The divestiture of the PHY IP group did not represent a strategic shift that would have a major effect on the Company’s consolidated results of operations, and therefore its results of operations were not reported as discontinued operations. Concurrent with the Transaction, the Company also recorded a charge of approximately $10.0 million in the Company’s Unaudited Condensed Consolidated Statements of Operations. The charge was primarily related to the accelerated amortization of software licenses that were not part of the PHY IP disposal group.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 48,665	$ 103,198	$ 117,619	$ 275,359

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
Revenue Recognition (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Contract balances	The Company’s contract balances were as follows: As of (In thousands) September 30, 2024 December 31, 2023 Unbilled receivables $ 34,357 $ 55,295 Deferred revenue $ 19,346 $ 18,085

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
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 Nine Months Ended September 30, September 30, (In thousands, except per share amounts) 2024 2023 2024 2023 Net income per share: Numerator: Net income $ 48,665 $ 103,198 $ 117,619 $ 275,359 Denominator: Weighted-average shares outstanding - basic 107,235 108,317 107,681 108,412 Effect of potentially dilutive common shares 1,239 2,458 1,637 2,767 Weighted-average shares outstanding - diluted 108,474 110,775 109,318 111,179 Basic net income per share $ 0.45 $ 0.95 $ 1.09 $ 2.54 Diluted net income per share $ 0.45 $ 0.93 $ 1.08 $ 2.48

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
Intangible Assets and Goodwill (Tables)	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in carrying amount of goodwill	The following tables present goodwill information for the nine months ended September 30, 2024: (In thousands) As of December 31, 2023 Adjustments to As of September 30, 2024 Total goodwill $ 286,812 $ — $ 286,812
Components of intangible assets	The components of the Company’s intangible assets as of September 30, 2024 and December 31, 2023 were as follows: As of September 30, 2024 (In thousands, except useful life) Useful Life Gross Carrying Accumulated Amortization Net Carrying Amount Existing technology 3 to 10 years $ 286,712 $ (274,765) $ 11,947 Customer contracts and contractual relationships 0.5 to 10 years 37,496 (37,454) 42 Trademarks 3 years 300 (300) — In-process research and development (“IPR&D”) Not applicable 7,400 — 7,400 Total intangible assets $ 331,908 $ (312,519) $ 19,389 As of December 31, 2023 (In thousands, except useful life) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Existing technology 3 to 10 years $ 286,712 $ (265,756) $ 20,956 Customer contracts and contractual relationships 0.5 to 10 years 37,496 (37,083) 413 Trademarks 3 years 300 (300) — IPR&D Not applicable 7,400 — 7,400 Total intangible assets $ 331,908 $ (303,139) $ 28,769
Estimated future amortization of intangible assets	The estimated future amortization of intangible assets as of September 30, 2024 was as follows (in thousands): Years Ending December 31: Amount 2024 (remaining three months) $ 2,349 2025 5,433 2026 3,744 2027 463 Total amortizable purchased intangible assets 11,989 IPR&D 7,400 Total intangible assets $ 19,389

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2024
Concentration risk
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 Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 USA $ 46,315 $ 32,347 $ 153,915 $ 131,415 South Korea 56,129 38,228 134,931 100,985 Singapore 21,082 16,325 45,406 42,371 Other 21,987 18,398 61,270 64,121 Total $ 145,513 $ 105,298 $ 395,522 $ 338,892
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 at September 30, 2024 and December 31, 2023, respectively, was as follows: As of Customer September 30, 2024 December 31, 2023 Customer 1 38 % 49 % Customer 2 24 % 13 % Customer 3 * 12 % _________________________________________ * 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 and nine months ended September 30, 2024 and 2023, respectively, was as follows: Three Months Ended Nine Months Ended September 30, September 30, Customer 2024 2023 2024 2023 Customer A 21 % 29 % 23 % 26 % Customer B 21 % 25 % 19 % 18 % Customer C 10 % * 11 % * Customer D 14 % * * * __________________________________________ * Customer accounted for less than 10% of total revenue in the period.

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
Marketable Securities (Tables)	Sep. 30, 2024
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 September 30, 2024 (In thousands) Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Cash $ 101,110 $ 101,110 $ — $ — Cash equivalents: Money market funds 6,089 6,089 — — Corporate bonds, commercial paper and notes 6,781 6,781 1 (1) Total cash equivalents 12,870 12,870 1 (1) Total cash and cash equivalents 113,980 113,980 1 (1) Marketable securities: Time deposits 13,090 13,090 — — U.S. Government bonds and notes 180,035 179,639 428 (32) Corporate bonds, commercial paper and notes 125,592 125,315 287 (10) Total marketable securities 318,717 318,044 715 (42) Total cash, cash equivalents and marketable securities $ 432,697 $ 432,024 $ 716 $ (43) As of December 31, 2023 (In thousands) Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Cash $ 88,486 $ 88,486 $ — $ — Cash equivalents: Money market funds 3,790 3,790 — — U.S. Government bonds and notes 2,491 2,491 — — Total cash equivalents 6,281 6,281 — — Total cash and cash equivalents 94,767 94,767 — — Marketable securities: U.S. Government bonds and notes 194,428 194,389 251 (212) Corporate bonds, commercial paper and notes 136,649 136,892 162 (405) Total marketable securities 331,077 331,281 413 (617) Total cash, cash equivalents and marketable securities $ 425,844 $ 426,048 $ 413 $ (617)
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) September 30, 2024 December 31, 2023 Cash $ 101,110 $ 88,486 Cash equivalents 12,870 6,281 Total cash and cash equivalents 113,980 94,767 Marketable securities 318,717 331,077 Total cash, cash equivalents and marketable securities $ 432,697 $ 425,844
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 at September 30, 2024 and December 31, 2023 are as follows: Fair Value Gross Unrealized Losses (In thousands) September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Less than 12 months U.S. Government bonds and notes $ 46,746 $ 32,454 $ (32) $ (53) Corporate bonds, commercial paper and notes 21,009 46,407 (11) (40) Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months 67,755 78,861 (43) (93) 12 months or greater U.S. Government bonds and notes — 6,841 — (159) Corporate bonds, commercial paper and notes — 16,619 — (365) Total marketable securities in a continuous unrealized loss position for 12 months or greater — 23,460 — (524) Total cash equivalents and marketable securities in a continuous unrealized loss position $ 67,755 $ 102,321 $ (43) $ (617)
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) September 30, 2024 Due in less than one year $ 282,683 Due from one year through three years 42,815 Total $ 325,498

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary of the valuation of cash equivalents and marketable securities by pricing levels	The following table presents the financial instruments and liabilities that are carried at fair value and summarizes their valuation by the respective pricing levels as of September 30, 2024 and December 31, 2023: As of September 30, 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 $ 6,089 $ 6,089 $ — $ — Time deposits 13,090 — 13,090 — U.S. Government bonds and notes 180,035 — 180,035 — Corporate bonds, commercial paper and notes 132,373 — 132,373 — Total assets carried at fair value $ 331,587 $ 6,089 $ 325,498 $ — As of December 31, 2023 (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 $ 3,790 $ 3,790 $ — $ — U.S. Government bonds and notes 196,919 — 196,919 — Corporate bonds, commercial paper and notes 136,649 — 136,649 — Total available-for-sale securities $ 337,358 $ 3,790 $ 333,568 $ — Liabilities carried at fair value Earn-out liability related to the PLDA acquisition $ 12,500 $ — $ — $ 12,500 Total liabilities carried at fair value $ 12,500 $ — $ — $ 12,500
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 utilizes Level 3 inputs to determine fair value, as of September 30, 2024 and 2023. Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Balance as of beginning of period $ 12,000 $ 28,600 $ 12,500 $ 14,800 Change in fair value of earn-out liability due to remeasurement (4,544) (5,666) (5,044) 8,134 Change in fair value of earn-out liability due to achievement of revenue target (7,456) (11,534) (7,456) (11,534) Balance as of end of period $ — $ 11,400 $ — $ 11,400

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
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 on the Unaudited Condensed Consolidated Balance Sheet as of September 30, 2024 (in thousands): Years ending December 31, Amount 2024 (remaining three months) $ 1,723 2025 6,939 2026 7,209 2027 5,661 2028 4,549 Thereafter 8,453 Total minimum lease payments 34,534 Less: amount of lease payments representing interest (4,343) Present value of future minimum lease payments 30,191 Less: current obligations under leases (5,397) Long-term lease obligations $ 24,794

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
Commitments and Contingencies (Tables)	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of material contractual obligations	As of September 30, 2024, the Company’s material contractual obligations were as follows: (In thousands) Total Remainder of 2024 2025 2026 Contractual obligations (1) (2) Software licenses (3) $ 13,001 $ 4,044 $ 8,520 $ 437 Other contractual obligations 300 31 131 138 Acquisition retention bonuses (4) 275 — 275 — Total $ 13,576 $ 4,075 $ 8,926 $ 575 _________________________________________ (1) The above table does not reflect possible payments in connection with unrecognized tax benefits of approximately $126.9 million, including $25.6 million recorded as a reduction of long-term deferred tax assets and $101.3 million in long-term income taxes payable as of September 30, 2024. As noted below in Note 14, “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 September 30, 2024, 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 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.

Equity Incentive Plans and St_2

Equity Incentive Plans and Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2023 11,954,150 Stock options expired 1,125 Nonvested equity stock and stock units granted (1) (2) (1,145,510) Nonvested equity stock and stock units forfeited (1) 290,495 Total shares available for grant as of September 30, 2024 11,100,260 _________________________________________ (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. (2) Amount includes approximately 0.1 million shares that have been reserved for potential future issuance related to certain performance unit awards granted in the second quarter of 2024 and discussed under the section titled “Nonvested Equity Stock and Stock Units” below.
Schedule of stock option activity	The following table summarizes stock option activity under the Company’s equity incentive plans for the nine months ended September 30, 2024 and information regarding stock options outstanding, exercisable, and vested and expected to vest as of September 30, 2024. Options Outstanding (In thousands, except shares, per share amounts and years) Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding as of December 31, 2023 124,732 $ 11.60 Options exercised (33,607) $ 9.42 $ 1,102 Options expired (1,125) $ 8.76 Outstanding and vested as of September 30, 2024 90,000 $ 12.45 3.79 $ 2,679
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 nine months ended September 30, 2024: Nonvested Equity Stock and Stock Units Shares Weighted- Average Grant-Date Fair Value Nonvested at December 31, 2023 3,430,192 $ 32.90 Granted 1,000,828 $ 59.76 Vested (1,226,610) $ 26.59 Forfeited (207,877) $ 36.91 Nonvested at September 30, 2024 2,996,533 $ 44.17

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Unbilled receivables	$ 34,357	$ 55,295
Deferred revenue	$ 19,346	$ 18,085

Revenue Recognition (Details 2)

Revenue Recognition (Details 2) - USD ($) $ in Millions	9 Months Ended
Revenue Recognition (Details 2) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Contract balances, revenue recognized	$ 16.4	$ 19.3

Revenue Recognition (Details 3)

Revenue Recognition (Details 3) $ in Millions	Sep. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 28.2
Remaining performance obligation, expected timing of satisfaction, start date: 2024-10-01
Remaining performance obligation, expected timing of satisfaction
Remaining performance obligations, expected timing of satisfaction period	2 years

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 48,665	$ 103,198	$ 117,619	$ 275,359
Denominator:
Weighted-average common shares outstanding, basic (in shares)	107,235	108,317	107,681	108,412
Effect of potentially dilutive common shares	1,239	2,458	1,637	2,767
Denominator:
Weighted-average common shares outstanding, diluted (in shares)	108,474	110,775	109,318	111,179
Basic net income per share	$ 0.45	$ 0.95	$ 1.09	$ 2.54
Diluted net income per share	$ 0.45	$ 0.93	$ 1.08	$ 2.48

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill (Details) $ in Thousands	9 Months Ended
Intangible Assets and Goodwill (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill
Beginning balance	$ 286,812
Adjustments to goodwill	0
Ending balance	$ 286,812

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill (Details 2) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Components of intangible assets
Intangible assets, gross	$ 331,908	$ 331,908
Accumulated amortization	(312,519)	(303,139)
Finite-lived intangible assets	11,989
In-process research and development	7,400
Intangible assets, net	19,389	28,769
In-process research and development
Components of intangible assets
In-process research and development	7,400	7,400
Existing technology
Components of intangible assets
Gross carrying amount	286,712	286,712
Accumulated amortization	(274,765)	(265,756)
Finite-lived intangible assets	$ 11,947	$ 20,956
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	(37,454)	(37,083)
Finite-lived intangible assets	$ 42	$ 413
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

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill (Details 3) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 2,900	$ 3,600	$ 9,380	$ 11,494

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill (Details 4) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Estimated future amortization expense of intangible assets
2024 (remaining three months)	$ 2,349
2025	5,433
2026	3,744
2027	463
Finite-lived intangible assets	11,989
In-process research and development	7,400
Intangible assets, net	$ 19,389	$ 28,769

Segment Information (Details)

Segment Information (Details) - Customer concentration risk - Accounts receivable	Sep. 30, 2024	Dec. 31, 2023
Customer 1
Concentration risk
Accounts receivable from major customer as a percentage of total accounts receivable	38%	49%
Customer 2
Concentration risk
Accounts receivable from major customer as a percentage of total accounts receivable	24%	13%
Customer 3
Concentration risk
Accounts receivable from major customer as a percentage of total accounts receivable		12%

Segment Information (Details 2)

Segment Information (Details 2) - Customer concentration risk - Revenue	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Customer A
Concentration risk
Revenue from major customer as a percentage of total revenue	21%	29%	23%	26%
Customer B
Concentration risk
Revenue from major customer as a percentage of total revenue	21%	25%	19%	18%
Customer C
Concentration risk
Revenue from major customer as a percentage of total revenue	10%		11%
Customer D
Concentration risk
Revenue from major customer as a percentage of total revenue	14%

Segment Information (Details 3)

Segment Information (Details 3) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details 3) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Major customer disclosure
Revenue	$ 145,513	$ 105,298	$ 395,522	$ 338,892
USA
Major customer disclosure
Revenue	46,315	32,347	153,915	131,415
South Korea
Major customer disclosure
Revenue	56,129	38,228	134,931	100,985
Singapore
Major customer disclosure
Revenue	21,082	16,325	45,406	42,371
Other
Major customer disclosure
Revenue	$ 21,987	$ 18,398	$ 61,270	$ 64,121

Marketable Securities (Details)

Marketable Securities (Details) - USD ($) $ in Thousands	9 Months Ended
Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
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	$ 113,980	$ 94,767
Total cash and cash equivalents, amortized cost	113,980	94,767
Gross unrealized gains	1	0
Gross unrealized losses	(1)	0
Marketable securities
Fair value	318,717	331,077
Amortized cost	318,044	331,281
Gross unrealized gains	715	413
Gross unrealized losses	(42)	(617)
Cash, cash equivalents and marketable securities
Fair value	432,697	425,844
Amortized cost	432,024	426,048
Gross unrealized gains	716	413
Gross unrealized losses	(43)	(617)
Time deposits
Marketable securities
Fair value	13,090
Amortized cost	13,090
Gross unrealized gains	0
Gross unrealized losses	0
U.S. Government bonds and notes
Marketable securities
Fair value	180,035	194,428
Amortized cost	179,639	194,389
Gross unrealized gains	428	251
Gross unrealized losses	(32)	(212)
Corporate bonds, commercial paper and notes
Marketable securities
Fair value	125,592	136,649
Amortized cost	125,315	136,892
Gross unrealized gains	287	162
Gross unrealized losses	(10)	(405)
Cash
Cash and cash equivalents
Fair value	101,110	88,486
Amortized cost	101,110	88,486
Money market funds
Cash and cash equivalents
Fair value	6,089	3,790
Amortized cost	6,089	3,790
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Corporate bonds, commercial paper and notes
Cash and cash equivalents
Fair value	6,781	2,491
Amortized cost	6,781	2,491
Gross unrealized gains	1	0
Gross unrealized losses	(1)	0
Cash equivalents
Cash and cash equivalents
Fair value	12,870	6,281
Amortized cost	12,870	6,281
Gross unrealized gains	1	0
Gross unrealized losses	$ (1)	$ 0

Marketable Securities (Details

Marketable Securities (Details 2) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt securities, available-for-sale
Total cash and cash equivalents	$ 113,980	$ 94,767
Marketable securities	318,717	331,077
Fair value	432,697	425,844
Cash
Debt securities, available-for-sale
Fair value	101,110	88,486
Cash equivalents
Debt securities, available-for-sale
Fair value	12,870	6,281
Marketable securities
Debt securities, available-for-sale
Marketable securities	$ 318,717	$ 331,077

Marketable Securities (Detail_2

Marketable Securities (Details 3) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt securities, available-for-sale
Less than 12 months, fair value	$ 67,755	$ 78,861
Less than 12 months, gross unrealized losses	(43)	(93)
12 months or greater, fair value	0	23,460
12 months or greater, gross unrealized losses	0	(524)
Fair value	67,755	102,321
Gross unrealized losses	(43)	(617)
U.S. Government bonds and notes
Debt securities, available-for-sale
Less than 12 months, fair value	46,746	32,454
Less than 12 months, gross unrealized losses	(32)	(53)
12 months or greater, fair value	0	6,841
12 months or greater, gross unrealized losses	0	(159)
Corporate bonds, commercial paper and notes
Debt securities, available-for-sale
Less than 12 months, fair value	21,009	46,407
Less than 12 months, gross unrealized losses	(11)	(40)
12 months or greater, fair value	0	16,619
12 months or greater, gross unrealized losses	$ 0	$ (365)

Marketable Securities (Detail_3

Marketable Securities (Details 4) $ in Thousands	Sep. 30, 2024 USD ($)
Contractual maturities
Contractual maturities, fair value, due less than one year	$ 282,683
Contractual maturities, fair value, due from one year through three years	42,815
Contractual maturities, fair value	$ 325,498

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets carried at fair value
Marketable securities	$ 318,717	$ 331,077
Time deposits
Assets carried at fair value
Marketable securities	13,090
U.S. Government bonds and notes
Assets carried at fair value
Marketable securities	180,035	194,428
Corporate bonds, commercial paper and notes
Assets carried at fair value
Marketable securities	125,592	136,649
Recurring basis
Assets carried at fair value
Total assets carried at fair value	331,587	337,358
Liabilities carried at fair value
Earn-out liability related to the PLDA acquisition		12,500
Total liabilities carried at fair value		12,500
Recurring basis \| Money market funds
Assets carried at fair value
Marketable securities	6,089	3,790
Recurring basis \| Time deposits
Assets carried at fair value
Marketable securities	13,090
Recurring basis \| U.S. Government bonds and notes
Assets carried at fair value
Marketable securities	180,035	196,919
Recurring basis \| Corporate bonds, commercial paper and notes
Assets carried at fair value
Marketable securities	132,373	136,649
Recurring basis \| Quoted market prices in active markets (Level 1)
Assets carried at fair value
Total assets carried at fair value	6,089	3,790
Liabilities carried at fair value
Earn-out liability related to the PLDA acquisition		0
Total liabilities carried at fair value		0
Recurring basis \| Quoted market prices in active markets (Level 1) \| Money market funds
Assets carried at fair value
Marketable securities	6,089	3,790
Recurring basis \| Quoted market prices in active markets (Level 1) \| Time deposits
Assets carried at fair value
Marketable securities	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	325,498	333,568
Liabilities carried at fair value
Earn-out liability related to the PLDA acquisition		0
Total liabilities carried at fair value		0
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	13,090
Recurring basis \| Significant other observable inputs (Level 2) \| U.S. Government bonds and notes
Assets carried at fair value
Marketable securities	180,035	196,919
Recurring basis \| Significant other observable inputs (Level 2) \| Corporate bonds, commercial paper and notes
Assets carried at fair value
Marketable securities	132,373	136,649
Recurring basis \| Significant unobservable inputs (Level 3)
Assets carried at fair value
Total assets carried at fair value	0	0
Liabilities carried at fair value
Earn-out liability related to the PLDA acquisition		12,500
Total liabilities carried at fair value		12,500
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
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

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Details 2) - Earn-out liability - Significant unobservable inputs (Level 3) - Recurring basis - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair value, assets measured on recurring basis, unobservable input reconciliation, rollforward
Balance as of beginning of period	$ 12,000	$ 28,600	$ 12,500	$ 14,800
Change in fair value of earn-out liability due to remeasurement	(4,544)	(5,666)	(5,044)	8,134
Change in fair value of earn-out liability due to achievement of revenue target	(7,456)	(11,534)	(7,456)	(11,534)
Balance as of end of period	$ 0	$ 11,400	$ 0	$ 11,400

Fair Value of Financial Instr_5

Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity security without readily determinable fair value
Proceeds from sale of non-marketable equity security					$ 22,796	$ 0
Private company
Equity security without readily determinable fair value
Non-marketable equity security, ownership percentage			25%
Sale of equity method investment, total consideration transferred			$ 25,000
Realized gain on sale of equity method investment, gross			25,000
Transaction costs			1,100
Gain on sale of non-marketable equity security, net			$ 23,900
Proceeds from sale of non-marketable equity security		$ 22,800
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	$ (4,544)			$ (5,666)	$ (5,044)	$ 8,134

Leases, Operating Lease Maturit

Leases, Operating Lease Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining three months)	$ 1,723
2025	6,939
2026	7,209
2027	5,661
2028	4,549
Thereafter	8,453
Total minimum lease payments	34,534
Less: amount of lease payments representing interest	(4,343)
Present value of future minimum lease payments	30,191
Less: current obligations under leases	(5,397)	$ (4,453)
Long-term operating lease liabilities	$ 24,794	$ 26,255

Leases, Additional Details (Det

Leases, Additional Details (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessee, lease, description
Operating lease, weighted-average remaining lease term	5 years 4 months 24 days		5 years 4 months 24 days
Operating lease, weighted-average discount rate (as a percentage)	7.30%		7.30%
Operating lease costs	$ 1.4	$ 1.3	$ 4	$ 4.7
Operating lease payments			$ 4.5	$ 5.2
Minimum
Lessee, lease, description
Lessee, operating lease, remaining lease term	1 year		1 year
Maximum
Lessee, lease, description
Lessee, operating lease, remaining lease term	6 years		6 years

Convertible Notes (Details Text

Convertible Notes (Details Textual) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Debt instrument
Payments for settlement and repurchase of convertible senior notes				$ 0	$ 10,381
Payments for settlement of warrants			$ (10,700)	0	(10,697)
Loss on fair value adjustment of derivatives, net	$ 0	$ 0		$ 0	$ 240
Common Stock
Debt instrument
Issuance of common stock in connection with the maturity of the convertible senior notes related to the settlement of the in-the-money conversion feature of the convertible senior notes (in shares)					284
Exercise of the convertible senior note hedges in connection with the conversion of convertible senior notes and retirement of the corresponding shares (in shares)			(300)		(284)
Convertible senior notes \| 1.375% Convertible senior notes due 2023
Debt instrument
Face value						$ 10,400
Payments for settlement and repurchase of convertible senior notes			$ 10,400
Issuance of common stock in connection with the maturity of the convertible senior notes related to the settlement of the in-the-money conversion feature of the convertible senior notes (in shares)			300

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Dec. 31, 2023
Contractual obligations
Remainder of 2024	[1],[2]	$ 4,075
2025	[1],[2]	8,926
2026	[1],[2]	575
Total contractual obligation	[1],[2]	13,576
Unrecognized tax benefit excluding foreign tax withholdings		126,900
Unrecognized tax benefits		201,900	$ 185,700
Long-term deferred tax assets
Contractual obligations
Unrecognized tax benefits		25,600	31,700
Long-term income taxes payable
Contractual obligations
Unrecognized tax benefits		101,300	$ 78,900
Software licenses
Contractual obligations
Remainder of 2024	[1],[2],[3]	4,044
2025	[1],[2],[3]	8,520
2026	[1],[2],[3]	437
Total contractual obligation	[1],[2],[3]	$ 13,001
Terms of noncancellable license agreements, minimum (in years)		1 year
Other contractual obligations
Contractual obligations
Remainder of 2024	[1],[2]	$ 31
2025	[1],[2]	131
2026	[1],[2]	138
Total contractual obligation	[1],[2]	300
Acquisition retention bonuses
Contractual obligations
Remainder of 2024	[1],[2],[4]	0
2025	[1],[2],[4]	275
2026	[1],[2],[4]	0
Total contractual obligation	[1],[2],[4]	$ 275

[1]For the Company’s lease commitments as of September 30, 2024, refer to Note 9, “Leases.”[2]The above table does not reflect possible payments in connection with unrecognized tax benefits of approximately $126.9 million, including $25.6 million recorded as a reduction of long-term deferred tax assets and $101.3 million in long-term income taxes payable as of September 30, 2024. As noted below in Note 14, “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 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.

Equity Incentive Plans and St_3

Equity Incentive Plans and Stock-Based Compensation (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Stock compensation plan
Shares available for grant
Shares available as of beginning of period		11,954,150
Options expired		1,125
Nonvested equity stock and stock units granted (in shares)		(1,145,510)	[1],[2]
Nonvested equity stock and stock units forfeited (in shares)		290,495	[2]
Shares available as of end of period	11,100,260	11,100,260
Stock compensation plan \| 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	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	1.5
Stock compensation plan \| 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	1
Conversion factor used to calculate the increase in the number of shares available for grant resulting from the forfeiture of restricted stock awards	1	1
Potential additional performance stock units
Shares available for grant
Nonvested equity stock and stock units granted (in shares)	100,000	100,000

[1]Amount includes approximately 0.1 million shares that have been reserved for potential future issuance related to certain performance unit awards granted in the second quarter of 2024 and discussed under the section titled “Nonvested Equity Stock and Stock Units” below[2]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.

Equity Incentive Plans and St_4

Equity Incentive Plans and Stock-Based Compensation (Details 2) - Options $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Number of shares
Outstanding as of beginning of period \| shares	124,732
Options exercised \| shares	(33,607)
Options expired \| shares	(1,125)
Outstanding and vested as of end of period \| shares	90,000
Weighted-average exercise price
Outstanding as of beginning of period \| $ / shares	$ 11.60
Options exercised \| $ / shares	9.42
Options expired \| $ / shares	8.76
Outstanding and vested as of end of period \| $ / shares	$ 12.45
Weighted-average remaining contractual term (in years)
Outstanding and vested as of end of period	3 years 9 months 14 days
Aggregate intrinsic value
Options exercised \| $	$ 1,102
Outstanding and vested as of end of period \| $	$ 2,679

Equity Incentive Plans and St_5

Equity Incentive Plans and Stock-Based Compensation (Details 3) - Nonvested equity stock units and stock units - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Nonvested equity stock and stock units
Nonvested as of beginning of period (in shares)		3,430,192
Granted (in shares)	100,000	1,000,828	1,200,000
Vested (in shares)		(1,226,610)
Forfeited (in shares)		(207,877)
Nonvested as of end of period (in shares)	2,996,533	2,996,533
Weighted-average grant-date fair value
Nonvested as of beginning of period (in dollars per share)		$ 32.90
Granted (in dollars per share)		59.76
Vested (in dollars per share)		26.59
Forfeited (in dollars per share)		36.91
Nonvested as of end of period (in dollars per share)	$ 44.17	$ 44.17

Equity Incentive Plans and St_6

Equity Incentive Plans and Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Contingently issuable ESPP shares
Stock-based compensation
Employee stock purchase plan, shares issued during period			69,828	120,569
Employee stock purchase plan, price per share	$ 44.84	$ 27.91	$ 44.84	$ 27.91
Shares available for issuance	2,300,000		2,300,000
Discount from the fair market value (as a percentage)			15%
Stock-based compensation expense	$ 0.4	$ 0.5	$ 1.4	$ 1.5
Unrecognized compensation cost	0.1		$ 0.1
Unrecognized compensation cost, weighted-average period			1 month
Nonvested equity stock units and stock units
Stock-based compensation
Stock-based compensation expense	11.6	$ 9.5	$ 31.8	$ 32.9
Unrecognized compensation cost	$ 81.2		$ 81.2
Unrecognized compensation cost, weighted-average period			2 years
Awards, nonvested grants in period, shares	100,000		1,000,828	1,200,000
Requisite service period	4 years	4 years	4 years	4 years
Awards, nonvested grants in period, fair value	$ 4.1	$ 2.1	$ 59.8	$ 57.3
Nonvested equity stock units and stock units \| Director
Stock-based compensation
Requisite service period	1 year	1 year	1 year	1 year
Nonvested equity stock units and stock units \| Minimum
Stock-based compensation
Awards, vesting rights (as a percentage)			0%	0%
Nonvested equity stock units and stock units \| Maximum
Stock-based compensation
Awards, vesting rights (as a percentage)			200%	200%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Stockholders' Equity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Nov. 02, 2023	Oct. 29, 2020
Class of stock
Repurchase and retirement of common stock under repurchase program	$ (50,470)	$ (100,524)	$ (113,841)	$ (100,524)
2020 Share repurchase program
Class of stock
Total number of shares authorized to be repurchased under the program						20,000,000
Amount authorized to be repurchased					$ 100,000
Amount authorized to be repurchased, maximum per quarter					$ 50,000
Repurchase and retirement of common stock under repurchase program (in shares)			(1,400,000)
Repurchase and retirement of common stock under repurchase program			$ (63,100)
Remaining number of shares authorized to be repurchased	5,700,000		5,700,000

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - USD ($) $ in Thousands, shares in Millions					3 Months Ended			9 Months Ended
	Mar. 18, 2024	Mar. 01, 2024	Sep. 22, 2023	Aug. 11, 2023	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accelerated share repurchases
Repurchase and retirement of common stock under repurchase program					$ (50,470)		$ (100,524)	$ (113,841)	$ (100,524)
2023 Accelerated Share Repurchase Program
Accelerated share repurchases
Accelerated share repurchase program, upfront payment							100,000
Repurchase and retirement of common stock under repurchase program (in shares)			(0.2)	(1.6)
Repurchase and retirement of common stock under repurchase program							(80,000)
Remaining initial payment, unsettled forward contract indexed to Company's stock							$ 20,000
2024 Accelerated Share Repurchase Program
Accelerated share repurchases
Accelerated share repurchase program, upfront payment						$ 50,000
Repurchase and retirement of common stock under repurchase program (in shares)	(0.1)	(0.7)
Repurchase and retirement of common stock under repurchase program						(40,000)
Remaining initial payment, unsettled forward contract indexed to Company's stock						$ 10,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ 10,370	$ 4,032	$ 20,119	$ (151,092)
Income taxes paid	$ 5,100	$ 5,400	$ 15,500	$ 15,800

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Thousands	1 Months Ended
Income Taxes (Details 2) - USD ($) $ in Thousands	Oct. 31, 2023	Sep. 30, 2024	Dec. 31, 2023
Valuation allowance
Unrecognized tax benefits		$ 201,900	$ 185,700
Income taxes receivable		104,270	88,768
Long-term income taxes payable		101,350	78,947
Foreign tax authority \| National Tax Services
Valuation allowance
Portion of unrecognized tax benefits, which if recognized, would be recorded as an income tax benefit		177,800
Income taxes receivable	$ 82,700
Long-term income taxes payable	72,600
Valuation allowance, deferred tax asset, increase (decrease)	$ 10,100
Long-term deferred tax assets
Valuation allowance
Unrecognized tax benefits		25,600	31,700
Other assets \| Foreign tax authority \| National Tax Services
Valuation allowance
Unrecognized tax benefits		75,000	75,000
Long-term income taxes payable
Valuation allowance
Unrecognized tax benefits		$ 101,300	$ 78,900

Restructuring and Related Act_2

Restructuring and Related Activities (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Restructuring costs and reserves
Restructuring and other charges (recoveries)		$ 0	$ (100)	$ 0	$ 9,394
2023 Plan
Restructuring costs and reserves
Restructuring, number of positions eliminated	42
2023 Plan
Restructuring costs and reserves
Restructuring and other charges (recoveries)				$ 9,400

Divestiture (Details)

Divestiture (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Divestiture (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Divestiture
Divestiture, proceeds, net			$ 0	$ 106,347
Divestiture, gain (loss), net	$ 0	$ 90,843	0	90,843
Other asset impairment charges	$ 0	10,045	$ 1,071	10,045
Divestiture, not discontinued operations \| PHY IP group
Divestiture
Divestiture, consideration, initial selling price		110,000		110,000
Divestiture, proceeds, net		106,300
Divestiture, purchase price adjustments		3,700		3,700
Divestiture, gain (loss), net		90,800		90,800
Divestiture, transaction costs		$ 1,400		$ 1,400