Rambus Inc (RMBS) 2021 Q3 法說會逐字稿

Welcome to the Rambus Third Quarter and Fiscal Year 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference over to Desmond Lynch, Vice President of Finance and Investor Relations. You may begin your conference.

歡迎參加 Rambus 第三季和 2021 財政年度收益電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。我現在想將會議交給財務和投資者關係副總裁德斯蒙德林奇 (Desmond Lynch)。您可以開始您的會議了。

Thank you, operator, and welcome to the Rambus Third Quarter 2021 Results Conference Call. I am Desmond Lynch, VP of Finance and Investor Relations. And on the call with me today is Luc Seraphin, our CEO; Rahul Mathur, our CFO; and Keith Jones, our Chief Accounting Officer.

謝謝營運商，歡迎參加 Rambus 2021 年第三季業績電話會議。我是德斯蒙德‧林奇，財務與投資者關係副總裁。今天與我通話的是我們的執行長 Luc Seraphin；拉胡爾‧馬圖爾，我們的財務長；和我們的首席會計官基思瓊斯。

The press release for the results that we will be discussing today has been filed with the SEC on Form 8-K. A replay of this call will be available for the next week at (855) 859-2056. You can hear the replay by dialing the toll-free number and then entering ID number 9537075 when you hear the prompt.

我們今天討論的結果新聞稿已透過 8-K 表格提交給 SEC。下週可撥打 (855) 859-2056 重播此電話會議。您可以撥打免費電話，然後在聽到提示時輸入 ID 號碼 9537075 來收聽重播。

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

此外，我們正在同時對本次電話會議進行網路直播。除了音訊之外，我們還播放了網路廣播幻燈片，我們將在今天電話會議的部分內容中參考這些幻燈片。因此，即使您透過電話會議加入我們，您也可能想要存取帶有幻燈片簡報的網路廣播。從今天下午 5 點開始，您可以在我們的網站上觀看本次電話會議的重播。太平洋時間。

Our discussions today will contain forward-looking statements, including our expectations regarding business opportunities; products and investment strategies; timing of expected product launches; demand for existing and newly acquired technologies; the growth opportunities of the various markets we serve; the expected benefits of our merger, acquisition and divestiture activity, including the success of our integration efforts; the company's ability to deliver ongoing profitable growth; the company's outlook and financial guidance for the fourth quarter of 2021 and related drivers, risks and the potential adverse impacts related to or arising from COVID-19; and the effects of ASC 606 on reported revenue, amongst other things. These statements are subject to risks and uncertainties that are discussed during this call and may be more fully described in the documents we file with the SEC, including our 8-Ks, 10-Qs and 10-Ks. These forward-looking statements may differ materially from our actual results, and we are under no obligation to update these statements.

我們今天的討論將包含前瞻性陳述，包括我們對商業機會的期望；產品和投資策略；預期產品發布的時間；對現有技術和新取得技術的需求；我們所服務的各個市場的成長機會；我們的合併、收購和剝離活動的預期效益，包括我們整合工作的成功；公司實現持續獲利成長的能力；公司 2021 年第四季的展望和財務指引以及與 COVID-19 相關或由其引起的相關驅動因素、風險和潛在不利影響；以及 ASC 606 對報告收入的影響等。這些聲明受到本次電話會議期間討論的風險和不確定性的影響，並且可能在我們向 SEC 提交的文件中進行更全面的描述，包括我們的 8-K、10-Q 和 10-K。這些前瞻性陳述可能與我們的實際結果有重大差異，我們沒有義務更新這些陳述。

In an effort to provide greater clarity in the financials, we are using both GAAP and non-GAAP financial presentations in both our press release and on this call. A reconciliation of these non-GAAP financials to the most directly comparable GAAP measures has been included in our press release, in our slide presentation and on our website at rambus.com on the Investor Relations page under Financial Releases.

為了讓財務數據更加清晰，我們在新聞稿和本次電話會議中同時使用 GAAP 和非 GAAP 財務簡報。這些非 GAAP 財務數據與最直接可比較的 GAAP 指標的對帳已包含在我們的新聞稿、幻燈片演示以及我們網站 rambus.com 投資者關係頁面的財務發布下。

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

我們在 2018 年採用了 ASC 606，採用了修改後的追溯法，該方法沒有重述前期，而是透過留存收益作為期初資產負債表調整的累積影響。我們在 ASC 606 下的結果與先前在 ASC 605 下的結果之間的任何比較都不是追蹤公司進展的準確方法。我們將繼續提供許可證帳單等營運指標，以便我們的投資者更了解我們的營運績效。

The order of our call today will be as follows: Luc will start with an overview of the business; Rahul will discuss the financial results; Keith will discuss our guidance for future periods; and then we will end with Q&A.

我們今天的電話會議順序如下：Luc 首先概述業務；拉胡爾將討論財務表現；基斯將討論我們對未來時期的指導；然後我們將以問答結束。

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

我現在將把電話轉給 Luc，以提供本季的概述。呂克？

Thank you, Des, and good afternoon, everyone. Q3 was another strong quarter for Rambus. We delivered revenue in line with expectations at $81.3 million, generated $46 million in cash from operations and hit our targets for profitability. This performance was driven by great execution from the entire global team.

謝謝你，德斯，大家下午好。第三季是 Rambus 的另一個強勁季度。我們實現了 8,130 萬美元的收入，符合預期，從營運中產生了 4,600 萬美元的現金，並實現了獲利目標。這項業績得益於整個全球團隊的出色執行力。

Memory interface chips delivered record revenue of roughly $37 million, which is up 18% quarter-over-quarter and 23% year-over-year. We have high demand for server memory; and with that, we expect further growth and another record quarter in Q4. All of this growth and momentum are happening in the context of a very challenging supply chain environment across the entire semiconductor industry.

記憶體介面晶片的營收創歷史新高，約 3,700 萬美元，季增 18%，年增 23%。我們對伺服器記憶體的需求很高；因此，我們預計第四季將進一步成長並再創歷史新高。所有這些成長和勢頭都是在整個半導體產業供應鏈環境極具挑戰性的背景下發生的。

As we mentioned last quarter, we are seeing the same shortages and cycle time challenges experienced by our peers. We are proactively managing our supply chain and working closely with our partners to ensure our ability to satisfy the growing customer demand for our products and support the aggressive memory interface chip revenue targets we set at the beginning of the year. Despite these challenges, as I stated earlier, we delivered 18% quarter-over-quarter growth in Q3 and will continue to grow in Q4.

正如我們上季度提到的，我們看到同行也經歷了同樣的短缺和周期挑戰。我們正在積極管理我們的供應鏈，並與合作夥伴密切合作，以確保我們有能力滿足客戶對我們產品不斷增長的需求，並支援我們在年初設定的積極的記憶體介面晶片收入目標。儘管面臨這些挑戰，正如我之前所說，我們在第三季度實現了 18% 的環比增長，並將在第四季度繼續增長。

In addition to the solid financial performance, we also achieved some very exciting product milestones. Our first-generation DDR5 RCD is in production and shipping in volume to customers. In anticipation of the ever rising needs of future data centers, we are also the first to sample a second-generation DDR5 RCD. This is an important achievement as we raise the bar on performance and maintain our leadership position in DDR5 memory interface chips.

除了穩健的財務表現外，我們還實現了一些非常令人興奮的產品里程碑。我們的第一代 DDR5 RCD 已投入生產並向客戶批量發貨。考慮到未來資料中心不斷增長的需求，我們也是第一個提供第二代 DDR5 RCD 樣品的公司。這是一項重要成就，因為我們提高了性能標準並保持了我們在 DDR5 記憶體介面晶片領域的領先地位。

Turning to our CXL interconnect initiative. We're seeing high engagement across the entire ecosystem, including DRAM, OEM and cloud players alike and are getting great feedback on the needs of both the markets and our customers for our future road map. We launched our industry-leading CXL 2.0 controller IT, including integrated security functionality that protects data with no performance overhead. This IP was developed by the team that recently joined from PLDA and will be a key ingredient for future data center architectures.

轉向我們的 CXL 互連計劃。我們看到整個生態系統的高度參與，包括 DRAM、OEM 和雲端廠商等，並且得到了有關市場和客戶對我們未來路線圖的需求的良好回饋。我們推出了業界領先的 CXL 2.0 控制器 IT，包括可保護資料且無需任何效能開銷的整合安全功能。該IP由最近從PLDA加入的團隊開發，將成為未來資料中心架構的關鍵要素。

This brings me to a broader progress across the silicon IP business where we are growing in size and scale with new products and design wins. We are leading the charge for critical technologies in our focus areas, including CXL, HBM and security IP. Through our continued internal development efforts and the additions of Northwest Logic, the security IP team from Verimatrix; AnalogX; and PLDA, our total silicon IP business is now on a run rate of over $100 million in bookings annually.

這讓我在矽 IP 業務上取得了更廣泛的進展，我們的規模和規模隨著新產品和設計的成功而不斷成長。我們在重點領域的關鍵技術方面處於領先地位，包括 CXL、HBM 和安全 IP。透過我們持續的內部開發工作以及 Verimatrix 安全 IP 團隊 Northwest Logic 的加入；模擬X；和 PLDA，我們的整體矽 IP 業務目前每年的預訂量超過 1 億美元。

In support of our company's performance, we are increasing our attention on environmental and social matters. We are focusing on opportunities to drive responsible, inclusive and sustainable practices across our own operations as well as our supply chain. This has led to continued improvements in our ESG structure and disclosures.

為了支持我們公司的業績，我們越來越關注環境和社會議題。我們專注於尋找機會在我們自己的營運和供應鏈中推動負責任、包容和永續的實踐。這導致我們的 ESG 結構和揭露不斷改進。

Overall, the team is executing very well. We brought in record product revenue and achieved industry-leading technology milestones across multiple businesses. We see a growing number of opportunities to address the critical challenges facing the industry and remain on the forefront of next-generation data intensity architectures. As we continue our journey as a leading product and technology company, I am very excited about what the Rambus team can accomplish.

整體而言，團隊執行得非常好。我們帶來了創紀錄的產品收入，並在多個業務領域實現了領先業界的技術里程碑。我們看到越來越多的機會來解決產業面臨的關鍵挑戰，並保持在下一代資料強度架構的前沿。當我們繼續作為領先的產品和技術公司的旅程時，我對 Rambus 團隊能夠取得的成就感到非常興奮。

Before I turn the call over to Rahul, I would like to take a moment to thank him for his contributions over the past 5 years and wish him well in the next chapter of his career. As we announced last month, Rahul will be leaving Rambus to pursue an opportunity outside of the semiconductor industry. We have appointed Keith Jones, our current Vice President, Chief Accounting Officer and Corporate Controller, as the Interim CFO. Keith brings a wealth of experience and expertise, and I am confident he will help lead the team through a successful transition.

在我把電話轉給拉胡爾之前，我想花點時間感謝他在過去 5 年中所做的貢獻，並祝他在職業生涯的下一個篇章中一切順利。正如我們上個月宣布的那樣，Rahul 將離開 Rambus，去尋找半導體產業之外的機會。我們已任命現任副總裁、首席會計官兼公司財務總監基思瓊斯 (Keith Jones) 為臨時首席財務官。 Keith 帶來了豐富的經驗和專業知識，我相信他將幫助領導團隊成功過渡。

With that, I'll turn the call over to Rahul to discuss the quarterly financial results. Rahul?

接下來，我將把電話轉給拉胡爾，討論季度財務表現。拉胡爾？

Thanks, Luc. I'd like to begin with a summary of financial results for the third quarter on Slide 5. Once again, we delivered a solid quarter with product revenues growing 19% and generated $46 million in cash from operations. We have consistently executed on our profitable growth over the past many years. This has enabled us to invest in strategic initiatives, return capital to investors and improve cash from operations and free cash flow. We've built a strong foundation for our future growth.

謝謝，盧克。我想先在投影片 5 上總結第三季的財務業績。我們再次實現了穩健的季度業績，產品收入成長了 19%，並從營運中產生了 4,600 萬美元的現金。過去多年來，我們始終如一地實現獲利成長。這使我們能夠投資於策略性舉措、向投資者返還資本並改善營運現金和自由現金流。我們已經為未來的發展奠定了堅實的基礎。

Let me walk you through our non-GAAP income statement on Slide 6. Revenue for the third quarter was $81.3 million, in line with expectations. Royalty revenue was $33.1 million, while licensing billings was $66.1 million. The difference between licensing billings and royalty revenue primarily relates to timing as we don't always recognize revenue in the same quarter we bill our customers.

讓我向您介紹投影片 6 上的非 GAAP 損益表。第三季營收為 8,130 萬美元，符合預期。特許權使用費收入為 3,310 萬美元，許可費用為 6,610 萬美元。授權帳單和特許權使用費收入之間的差異主要與時間安排有關，因為我們並非總是向客戶開立帳單的同一季度確認收入。

Licensing billings for the quarter included $1.7 million related to PLDA, which closed in the quarter. Including our product and silicon IP business, we were delighted to report record billings for the company in Q3.

本季的許可費用包括與本季結束的 PLDA 相關的 170 萬美元。包括我們的產品和矽 IP 業務，我們很高興地報告公司第三季的創紀錄的帳單。

Product revenue was $36.7 million, consisting primarily of our memory interface business. Memory interface chip revenue was at an all-time high for the company despite the supply chain challenges seen in our industry, and we're delighted to see such strong demand from our customers. Contract and other revenue was $11.5 million, consisting primarily of the silicon IP business. We were pleased to report another quarterly record for our security IP business.

產品收入為 3,670 萬美元，主要由我們的記憶體介面業務組成。儘管我們行業面臨供應鏈挑戰，但該公司的記憶體介面晶片收入仍處於歷史最高水平，我們很高興看到客戶如此強勁的需求。合約和其他收入為 1,150 萬美元，主要由矽 IP 業務組成。我們很高興地報告我們的安全 IP 業務再創季度記錄。

Total operating costs, including cost of goods sold for the quarter, came in at $62.8 million. Operating expenses of $48.2 million were in line with our expectations as lower variable R&D expense was offset by higher expense associated with the acquisition of PLDA, which closed after we had provided guidance for the quarter. We expect to continue to grow investments in our product road map in the coming quarters to drive long-term growth. We ended the quarter with total headcount of 694. This was over 100 heads higher than the previous quarter as we integrate the strong engineering talent from both AnalogX and PLDA.

包括本季銷售成本在內的總營運成本為 6,280 萬美元。 4,820 萬美元的營運費用符合我們的預期，因為較低的可變研發費用被收購 PLDA 相關的較高費用所抵消，PLDA 是在我們提供本季指引後完成的。我們預計在未來幾季繼續增加對產品路線圖的投資，以推動長期成長。本季結束時，我們的總人數為 694 人。這比上一季增加了 100 多人，因為我們整合了來自 AnalogX 和 PLDA 的強大工程人才。

Under ASC 606, we recorded $2.2 million of interest income related to the financing component of fixed fee licensing arrangements for which we have recognized revenue but not yet received payment. We incurred $0.7 million of interest expense, primarily associated with our convertible note. This was offset by incremental interest income associated with our cash and investment portfolio.

根據 ASC 606，我們記錄了與固定費用許可安排的融資部分相關的 220 萬美元利息收入，我們已確認收入但尚未收到付款。我們產生了 70 萬美元的利息費用，主要與我們的可轉換票據相關。這被與我們的現金和投資組合相關的增量利息收入所抵消。

After adjusting for noncash interest expense on the convertible note, this resulted in non-GAAP interest and other expense for the third quarter of $2 million. Excluding the financing interest income related to ASC 606, this would have been $0.2 million of interest and other expense. Using an assumed flat rate of 24% for non-GAAP pretax income, non-GAAP net income for the quarter was $15.6 million. With continued focus on cost and disciplined execution, we again delivered profit that was above expectations.

對可轉換票據的非現金利息支出進行調整後，第三季的非公認會計準則利息和其他支出為 200 萬美元。不包括與 ASC 606 相關的融資利息收入，這將是 20 萬美元的利息和其他費用。採用假定的非 GAAP 稅前收入 24% 的統一稅率，該季度的非 GAAP 淨利潤為 1,560 萬美元。透過持續關注成本和嚴格執行，我們再次實現了超出預期的利潤。

Now let me turn to the balance sheet details on Slide 7. Our ability to generate cash has helped us both invest in growth drivers and consistently return capital to shareholders. The end-of-quarter cash, cash equivalents and marketable securities totaled $419.7 million, down from the previous quarter as cash from operations of $46 million was offset by net payments for the acquisitions of AnalogX and PLDA of approximately $97.1 million. As we deliver on the top line and execute on operational efficiency, we expect to continue to deliver strong cash from operations in the future.

現在讓我談談幻燈片 7 上的資產負債表詳細資料。我們產生現金的能力幫助我們投資於成長動力，並持續向股東返還資本。季度末現金、現金等價物和有價證券總額為 4.197 億美元，較上一季有所下降，因為 4,600 萬美元的營運現金被收購 AnalogX 和 PLDA 的約 9,710 萬美元的淨付款所抵銷。隨著我們實現營收並提高營運效率，我們預計未來將繼續從營運中獲得強勁的現金。

At the end of Q3, we had contract assets worth $289.7 million, which reflects the net present value of unbilled AR related to licensing arrangements for which the company has no future performance obligations. We expect this number to continue to trend down as we bill and collect for these contracts. It's important to note that this metric doesn't represent the entire value of our existing licensing agreements as we have consistently renewed our royalty-based agreements in a manner that allows us to recognize revenue each quarter.

截至第三季末，我們的合約資產價值 2.897 億美元，反映了與公司沒有未來履約義務的許可安排相關的未開票 AR 的淨現值。我們預計隨著我們為這些合約開立帳單和收款，這個數字將繼續下降。值得注意的是，該指標並不代表我們現有授權協議的全部價值，因為我們一直在更新基於特許權使用費的協議，以便我們每季都能確認收入。

Third quarter CapEx was $4.9 million, while depreciation was $5.4 million. We delivered $41.1 million of free cash flow in the quarter. Looking forward, we expect CapEx for the fourth quarter to be roughly $5 million. We continue to expect depreciation of roughly $21 million for the full year of 2021.

第三季資本支出為 490 萬美元，折舊為 540 萬美元。本季我們交付了 4,110 萬美元的自由現金流。展望未來，我們預計第四季的資本支出約為 500 萬美元。我們仍然預計 2021 年全年折舊約為 2,100 萬美元。

Now let me hand the call over to Keith, who will go through our guidance for the fourth quarter.

現在讓我將電話轉交給基思，他將負責我們對第四季的指導。

Thanks, Rahul. Let me turn to our guidance for the fourth quarter on Slide 8. As a reminder, the forward-looking guidance reflects our current best estimates at this time. Our actual results could differ materially from what I'm about to review. In addition to the financial outlook under ASC 606, we've also been providing information on licensing billings, which is an operational metric that reflects amounts invoiced to our licensing customers during the period adjusted for certain differences. As we have reported historically, licensing billings closely correlates with what we had historically reported as royalty revenue under ASC 605.

謝謝，拉胡爾。讓我談談幻燈片 8 中我們對第四季度的指導。提醒一下，前瞻性指導反映了我們目前的最佳估計。我們的實際結果可能與我將要審查的結果大不相同。除了 ASC 606 規定的財務前景外，我們還提供了有關許可帳單的信息，這是一個營運指標，反映了在針對某些差異進行調整的期間向我們的許可客戶開出的發票金額。正如我們歷史上所報告的那樣，許可費用與我們歷史上根據 ASC 605 報告的特許權使用費收入密切相關。

Under ASC 606, we expect revenue in the fourth quarter between $84 million and $90 million. We expect royalty revenue between $26 million and $32 million, and licensing billings between $62 million of $68 million. As Luc mentioned, this outlook represents another record revenue for the buffer chip business and record billings for the total company. We continue to actively manage through the supply chain challenges in our industry.

根據 ASC 606，我們預計第四季的營收將在 8,400 萬美元至 9,000 萬美元之間。我們預計特許權使用費收入在 2,600 萬美元至 3,200 萬美元之間，許可費用在 6,200 萬美元至 6,800 萬美元之間。正如 Luc 所提到的，這個前景代表著緩衝晶片業務的收入再創新高，整個公司的營收也創下新紀錄。我們持續積極應對行業供應鏈挑戰。

We expect Q4 non-GAAP total operating costs, which includes COGS, to be between $68 million and $64 million as we increased investment in our strategic initiatives and include a full quarter impact of PLDA expense. Under ASC 606, non-GAAP operating results for the fourth quarter is expected to be a profit of $16 million and $26 million. For non-GAAP interest and other income and expense, which excludes interest income related to ASC 606, we expect approximately $1 million of expense, which includes $600,000 of interest expense related to the convertible notes due 2023. We expect the pro forma tax rate to remain consistent at roughly 24%. The 24% is higher than the statutory tax rate of 21%, primarily due to higher tax rates in our foreign jurisdictions.

我們預計第四季度非 GAAP 總營運成本（包括 COGS）將在 6,800 萬美元至 6,400 萬美元之間，因為我們增加了對戰略計劃的投資，並考慮了 PLDA 費用的全季影響。根據 ASC 606，第四季非 GAAP 營運業績預計分別為利潤 1,600 萬美元和 2,600 萬美元。對於非GAAP 利息和其他收入和費用（不包括與ASC 606 相關的利息收入），我們預計費用約為100 萬美元，其中包括與2023 年到期的可轉換票據相關的60 萬美元利息費用。我們預計預計稅率為維持在 24% 左右。 24% 高於 21% 的法定稅率，主要是因為我們外國司法管轄區的稅率較高。

As a reminder, we pay roughly $20 million of cash taxes each year driven primarily by licensing agreements with our partners in Korea. We expect non-GAAP taxes to be between an expense of $4 million and $6 million in Q4. We expect Q4 share count to be roughly 115 million basic and diluted shares outstanding as we have completed the repurchase program we announced in the second quarter. Overall, we anticipate a non-GAAP profit per share range between $0.10 and $0.16 for the quarter.

提醒一下，我們每年繳納大約 2000 萬美元的現金稅，主要是透過與韓國合作夥伴簽訂的許可協議來實現的。我們預計第四季非 GAAP 稅費將在 400 萬美元至 600 萬美元之間。由於我們已經完成了第二季宣布的回購計劃，我們預計第四季度的流通股基本股和稀釋股數量約為 1.15 億股。總體而言，我們預計本季非 GAAP 每股利潤在 0.10 美元至 0.16 美元之間。

Let me finish with a summary on Slide 9. Over the past several years, we have made substantial progress strategically, operationally and financially. We have realigned our portfolio to address opportunities in the data center and to support long-term growth. Our product businesses are well positioned in the market and anticipate long-term growth in each segment. We continue to invest organically in products like DDR5 and our CXL initiatives, make inorganic investments such as our acquisitions of AnalogX and PLDA, and we've returned value to our shareholders through share repurchases.

最後讓我對投影片 9 進行總結。在過去幾年中，我們在策略、營運和財務方面取得了實質進展。我們重新調整了我們的產品組合，以抓住資料中心的機會並支持長期成長。我們的產品業務在市場中處於有利地位，並預計每個細分市場都將實現長期成長。我們繼續對 DDR5 等產品和 CXL 計劃進行有機投資，進行無機投資，例如收購 AnalogX 和 PLDA，並透過股票回購向股東回報價值。

Before I open the call up to Q&A, I would like to thank our employees for their continued teamwork, execution and resilience during these uncertain times. Everyone, please stay safe and take care of yourselves and your loved ones.

在開始問答之前，我要感謝我們的員工在這個不確定的時期持續的團隊合作、執行力和韌性。大家請注意安全，照顧好自己和親人。

With that, I'll turn the call back to our operator to begin Q&A. Can we have our first question?

之後，我會將電話轉回給我們的接線生以開始問答。我們可以問第一個問題嗎？

(Operator Instructions) Your first question comes from Sidney Ho with Deutsche Bank.

（操作員說明）您的第一個問題來自德意志銀行的 Sidney Ho。

First of all, Rahul, thank you for the help over the years, and good luck with your next adventure. My first question is on the supply chain. You guys have done a pretty good job managing the supply chain last quarter. It seems like the quarter before as well. Have you seen any customers holding back on purchases of your products because they can't get all the parts from other suppliers? And conversely, have you seen customers ordering more than they need because they worry about getting the parts from you? What are the indications you're looking at?

首先，拉胡爾，感謝您多年來的幫助，祝您下次冒險順利。我的第一個問題是關於供應鏈的。上個季度你們在供應鏈管理方面做得非常好。似乎也是前一個季度的情況。您是否見過任何客戶因為無法從其他供應商獲得所有零件而拒絕購買您的產品？相反，您是否見過客戶因為擔心無法從您那裡獲得零件而訂購了超出他們需要的數量？您正在查看哪些跡象？

Sidney, this is Luc. Thanks for the question. On the supply chain, we do not see customers holding back purchases because of the constraints we have with potentially other components. So we don't see that dynamics happening to us.

西德尼，這是路克。謝謝你的提問。在供應鏈上，我們沒有看到客戶因為我們對其他潛在組件的限製而推遲購買。所以我們沒有看到這種動態發生在我們身上。

With respect to people over ordering, what we see in the current environment that lead times are a bit longer, cycles are a bit longer, and there's lack of visibility. And we're also in the middle of the transition between DDR4 and DDR5. So people make sure that they manage their ramp into DDR5 in a correct way. So we don't see any, I would say, worrying behavior from our customers. But our customers are managing the transition from DDR4 to DDR5, and we are supporting them to that transition.

對於人們過度訂購的情況，我們在當前環境下看到交貨時間有點長，週期有點長，缺乏可見性。我們也正處於 DDR4 和 DDR5 之間的過渡過程。因此，人們要確保以正確的方式管理 DDR5 的升級。所以我想說，我們沒有看到客戶有任何令人擔憂的行為。但我們的客戶正在管理從 DDR4 到 DDR5 的過渡，我們正在支持他們實現這一過渡。

Great. That's helpful. Maybe my follow-up question is on the licensing billing side. I'm surprised to see you expect your Q4 licensing billing coming down a little bit on a sequential basis and up only slightly year-over-year given Q4 is typically seasonally stronger. Plus you have the silicon IP business growing very nicely in the past few quarters, and you also have the acquisitions coming in. Can you talk about the dynamics a little bit here for Q4?

偉大的。這很有幫助。也許我的後續問題是關於許可證計費方面的。我很驚訝地看到您預計第四季度的許可費用會環比下降一點，並且由於第四季度通常季節性較強，因此同比僅略有上升。另外，在過去幾個季度中，矽 IP 業務成長得非常好，而且還進行了收購。您能談談第四季度的動態嗎？

Sure, Sidney. What we see in our licensing billings, we have a little bit of a mix in how the revenue gets recorded related to our silicon IP business. So some of that ends up in the contract and other line item that you see, and then some amounts end up in the royalties and the license billings. And in large part, it has to do with if there's any services that we have associated with those agreements that will impact reporting. But in any event, we really do see strong momentum in both businesses. So if you take a look at the whole in aggregate, you do see growth.

當然，西德尼。我們在授權帳單中看到，我們在與矽 IP 業務相關的收入記錄方式上有一些混合。因此，其中一些最終會出現在合約和您看到的其他行項目中，然後一些金額最終會出現在特許權使用費和許可帳單中。在很大程度上，這與我們與這些協議相關的任何服務是否會影響報告有關。但無論如何，我們確實看到了這兩項業務的強勁勢頭。因此，如果你從總體上看，你確實會看到成長。

Your next question comes from Mehdi Hosseini with SIG.

您的下一個問題來自 SIG 的 Mehdi Hosseini。

A couple of follow-ups. When I take your guide details, especially looking at your licensing billing contract and product revenue, it seems to me that there is a little bit of upside to expectation given what you have guided to for calendar year '21. Now you also have the PLD cost that is dialed into your cost, but still your pro forma EPS is going up despite lack of revenue contribution from PLD. So my question is given the trend that I tried to highlight upside to your core business, that's enough to absorb incremental cost from the acquisition that will take a little bit of time to generate revenue. Is that the right way of thinking about the core business versus what you have acquired? And I have a follow-up.

一些後續行動。當我了解您的指南詳細資訊時，特別是查看您的許可證計費合約和產品收入時，在我看來，考慮到您對 21 日曆年的指導，預期有一點上行空間。現在，您也可以將 PLD 成本計入您的成本中，但儘管缺乏 PLD 的收入貢獻，您的預估 EPS 仍在上升。因此，我的問題是考慮到我試圖強調核心業務的優勢的趨勢，這足以吸收收購中的增量成本，而收購需要一點時間才能產生收入。這是思考核心業務與所收購業務的正確方式嗎？我有一個後續行動。

Thanks, Mehdi. The core business is really strong. You can see the guidance that we put forth for our chip business, and what you're seeing is just growth there as we really see demand for sever memory. So that is a really strong business. Our patent license billings business is solid. That's pretty stable, and we don't see a lot of fluctuation as we really do a good job at renewals. And last but not least, you kind of mention on the silicon IP business, and that has been a great story. As Luc mentioned, that is exiting the year at a $100 million run rate for revenue.

謝謝，邁赫迪。核心業務確實很強。您可以看到我們為晶片業務提出的指導，您看到的只是晶片業務的成長，因為我們確實看到了對伺服器記憶體的需求。所以這是一項非常強大的業務。我們的專利許可計費業務穩健。這是相當穩定的，我們沒有看到太多的波動，因為我們在續約方面確實做得很好。最後但並非最不重要的一點是，您提到了矽 IP 業務，這是一個很棒的故事。正如 Luc 所提到的，今年的收入預計將達到 1 億美元。

When we take a look at PLDA and AnalogX, we do see them contributing. So in the current quarter in Q3, they contributed about $1.7 million of revenue. Looking out to Q4, we're looking at a range of about $3 million to $4 million. And in particular, we expect a similar amount of costs. So overall, we'll be relatively breakeven in 2021. But as we talked about before, we're looking at the revenues increasing for those acquisitions to about $20 million in 2022, and then they'll start contributing to the bottom line as well.

當我們查看 PLDA 和 AnalogX 時，我們確實看到它們做出了貢獻。因此，在第三季度當前季度，他們貢獻了約 170 萬美元的收入。展望第四季度，我們預計範圍約為 300 萬至 400 萬美元。特別是，我們預計會有類似的成本。因此，總體而言，我們將在2021 年實現相對收支平衡。但正如我們之前談到的，我們預計這些收購的收入將在2022 年增加到約2000 萬美元，然後它們也將開始為利潤做出貢獻。

Got it. Clear. And then just looking at the trend with DDR5, how should I think about introduction of DDR5, all the mixed signals out there with the server build and new CPU? How do you see DDR5 traction from your end and associated revenue contribution?

知道了。清除。然後看看 DDR5 的趨勢，我應該如何考慮 DDR5 的引入，以及伺服器建置和新 CPU 帶來的所有混合訊號？您如何看待 DDR5 對您終端的吸引力以及相關的收入貢獻？

That's a great question. So as we talked about almost a year ago, we do see the volume ramp of DDR5 happening this coming quarter, Q4. We had production orders shipping in Q3. We continue to see growth in Q4. So this is a confirmation that DDR5 is starting to ramp in the market. As expected as well, we do see better pricing on DDR5, which is typically the case when the industry moves from generation to generation.

這是一個很好的問題。因此，正如我們大約一年前談到的那樣，我們確實看到 DDR5 的銷量在下個季度（即第四季度）出現增長。我們在第三季有生產訂單出貨。我們繼續看到第四季的成長。因此，這證實了 DDR5 正在開始在市場上崛起。正如預期的那樣，我們確實看到了 DDR5 的更好定價，這通常是行業代代相傳時的情況。

And finally, what's really exciting for us is that when we look at our design win footprint on DDR5, it continues to be better than what we had in the successful generations of DDR4. So as DDR5 ramp into the market, we expect to continue to grow our share.

最後，真正令我們興奮的是，當我們查看 DDR5 上的設計勝利足跡時，它仍然比我們在成功的幾代 DDR4 中所擁有的更好。因此，隨著 DDR5 進入市場，我們預計我們的份額將繼續增長。

You probably saw as well that we announced the introduction of a faster DDR5 chip at 5.6 instead of 4.8, and this is in anticipation of the future needs of officers. So we're continuing to charge the lead in terms of introducing the latest product to these markets so that we can continue to grow share.

您可能還看到，我們宣布推出更快的 DDR5 晶片，速度為 5.6，而不是 4.8，這是對軍官未來需求的預期。因此，我們將繼續在向這些市場推出最新產品方面保持領先地位，以便我們能夠繼續擴大份額。

Your next question comes from Gary Mobley with Wells Fargo Securities.

您的下一個問題來自富國銀行證券公司的加里·莫布里。

I guess I feel somewhat obligated to say some nice things about Rahul. I'm just kidding. No, it's great working with you over the last 5 years, Rahul, and you will be missed.

我想我覺得有必要說一些關於拉胡爾的好話。我只是在開玩笑。不，拉胡爾，過去 5 年與你一起工作真是太棒了，我們會想念你的。

I wanted to ask about the outlook for product revenue in fiscal year '22, maybe not so much in actual dollar amounts, but maybe help us level set how the year may trend in terms of the key determinants of demand, the uniformity of the quarter-to-quarter demand. In other words, are some customers perhaps prepping their supply chain in anticipation of shipping servers based on DDR5? Can you fill the demand based on the wafer supply you have lined up with TSMC? And as well perhaps if there's any inventory or any inventory-related considerations and as well perhaps some of the supply chain constraints that some of your competitors may be dealing with that are allowing you to take some market share? I know it's a lot.

我想詢問 22 財年產品收入的前景，也許實際美元金額沒有那麼多，但也許可以幫助我們根據需求的關鍵決定因素（季度的均勻性）確定這一年的趨勢季度需求。換句話說，一些客戶是否可能正在準備他們的供應鏈以期待發布基於 DDR5 的伺服器？您能根據與台積電簽訂的晶圓供應來滿足需求嗎？也許還有任何庫存或任何與庫存相關的考慮因素，以及您的一些競爭對手可能正在處理的一些供應鏈限制，這些限制使您能夠佔據一些市場份額？我知道很多。

Thanks, Gary. Yes, that's a lot, but they're all great questions. I would start by saying that we continue to gain share in the DDR space. We were probably -- in 2020, we were in the high teens market share. This year, we'll be above 20% market share, so we continue to gain share. As we said earlier on the call, in the third quarter of this year, we grew 18% quarter-over-quarter and 23% year-over-year, which is a much higher growth than the market growth, which is still low single digit. So we do continue to gain share in that market, and we have no concerns whatsoever about the demand.

謝謝，加里。是的，這個問題很多，但都是很好的問題。我首先要說的是，我們在 DDR 領域的份額不斷增加。到 2020 年，我們的市佔率可能會達到十幾歲。今年，我們的市佔率將超過 20%，因此我們將繼續擴大份額。正如我們早些時候在電話會議上所說，今年第三季度，我們環比增長18%，同比增長23%，這比市場增長要高得多，市場增長仍然較低。數字。因此，我們確實繼續獲得該市場的份額，並且我們對需求沒有任何擔憂。

Regarding the supply, we're facing what the whole industry is facing today in terms of supply. This is something we're working on with our suppliers and the support of our suppliers, I would say, almost on a daily basis. We managed to work with our supply chain partners to get a record revenue in Q3. As we said, we will continue to grow in Q4. But I think what we're facing, as we said in the earlier call, is lack of visibility. It's something that we plan week after week after week working with our partners, and it's difficult to have visibility.

關於供應，我們面臨著今天整個產業所面臨的供應問題。我想說，這是我們與供應商合作以及供應商支援的事情，幾乎每天都在進行。我們設法與供應鏈合作夥伴合作，在第三季度獲得了創紀錄的收入。正如我們所說，我們將在第四季度繼續成長。但我認為，正如我們在先前的電話會議中所說，我們面臨的是缺乏可見性。這是我們與合作夥伴一起週復一周地計劃的事情，但很難獲得可見性。

This being said, the fundamentals remain very strong. We expect to continue to grow share as we move into 2022. We may see -- we really watch this transition between DDR4 and DDR5. As people ramp their products of DDR5, we see longer lead times, as we said earlier, as people want to make sure that they have the parts they need to manage this ramp of DDR5.

話雖如此，基本面仍然非常強勁。進入 2022 年，我們預計份額將繼續增長。我們可能會看到——我們確實關注 DDR4 和 DDR5 之間的過渡。正如我們之前所說，隨著人們增加 DDR5 產品，我們會看到更長的交貨時間，因為人們希望確保擁有管理 DDR5 增加所需的零件。

In terms of filling the demand, as I said, we're working with our suppliers on a daily basis. We're working with our customers to work on the mix of our products as well and so far has been working for us. As I said, we had a record quarter in Q3. We see growth in Q4. I think Q1, Q2 are going to continue to be tight as they will continue to be a daily fight. Maybe the second half of the year is going to be EBITDA. That's the way you look at it.

在滿足需求方面，正如我所說，我們每天都在與供應商合作。我們正在與客戶合作開發我們的產品組合，到目前為止一直在為我們服務。正如我所說，我們在第三季創下了創紀錄的季度業績。我們看到第四季的成長。我認為第一季和第二季將繼續緊張，因為它們將繼續是一場日常戰鬥。也許今年下半年將是 EBITDA。這就是你看待它的方式。

Appreciate all the color, Luc. Either for Rahul or Keith, I wanted to ask about the operating margin in the fourth quarter. I think your -- all your different guidance [primer] might point to adjusted operating margin somewhere in the mid- to upper 40% range substituting license billings for royalties or other way around. And so I'm wondering if that's mid- to high 40% operating margin is sort of the new bogey as we think about 2022.

欣賞所有的顏色，呂克。無論是拉胡爾還是基思，我想問第四季的營業利潤率。我認為你的——你所有不同的指導[底漆]可能會指向調整後的營業利潤率在中上40%的範圍內，用許可證費用代替版稅或其他方式。因此，我想知道 40% 的中高營業利潤率是否是我們對 2022 年的新忌。

That's a great question, Gary. So the math you did is accurate. As we look into the -- 2022, one of the impacts that we do have is that our overall mix will change. So we will have more product being part of a percentage of the revenue, which has a 60% to 65% margin opposed to the licensing, which has 100% margin. So overall, it could be in that range. What we do expect is overall growth into profitability as our revenue grows, where our profit margins overall should be relatively stable.

這是一個很好的問題，加里。所以你所做的數學是準確的。當我們展望 2022 年時，我們確實產生的影響之一是我們的整體結構將會改變。因此，我們將有更多的產品佔收入的一定比例，其利潤率為 60% 至 65%，而授權的利潤率為 100%。所以總的來說，它可能在這個範圍內。我們確實期望隨著收入的增長而實現盈利能力的整體增長，我們的利潤率總體上應該相對穩定。

Your next question comes from John Pitzer with Credit Suisse.

您的下一個問題來自瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

Congratulations on the solid results. Luc, I'm kind of curious -- and I apologize if you gave out a number. I didn't hear one. I know there's a lot of sort of indirect constraints on your business. Did you see any direct constraints on your product revenue business in the quarter, either on wafer or back-end test and packaging or logistics?

祝賀取得了紮實的成果。盧克，我有點好奇——如果你給了電話號碼，我很抱歉。我沒有聽到。我知道您的業務有許多間接限制。您是否發現本季產品收入業務受到任何直接限制，無論是在晶圓上還是在後端測試和封裝或物流方面？

Yes, of course. As I said, we do experience what our competitors and partners in the industry are experiencing. Depending on the week, we do see wafer concerns. We do see substrate constraints. So what we do is we work with our partners on a weekly basis. We replan our shipments on a weekly basis, and that's how we manage our supply to our customers.

是的當然。正如我所說，我們確實經歷了業界競爭對手和合作夥伴正在經歷的事情。根據一周的情況，我們確實看到了晶圓問題。我們確實看到了基材的限制。因此，我們所做的就是每週與合作夥伴合作。我們每週重新規劃出貨，這就是我們管理向客戶供應的方式。

So we do see pockets of constraints across the supply chain that can potentially impact us directly. But for the last, I would say, couple of months or 3 months, we've been working on them in collaboration with our partners to minimize the impacts on our customers and our growth.

因此，我們確實看到整個供應鏈中存在一些可能直接影響我們的限制。但我想說的是，在過去的幾個月或三個月裡，我們一直在與合作夥伴合作解決這些問題，以盡量減少對客戶和我們成長的影響。

That's helpful. And then at the midpoint of your guidance, the product revenue is going to be up about 25% plus or minus this year. And I know that in the buffer business at the end of last year, you had some customer inventory that needs to get chewed through. But when you think about the 25% growth this year, do you feel that that's keeping up with the market? That implies share gains? And I guess, more importantly, as you continue this transformation to more of a product revenue company, how should we think about the 3- to 5-year CAGR kind of in the product revenue, especially with things like DDR5 on the cusp?

這很有幫助。然後，在您指導的中點，今年產品收入將成長約 25% 上下。我知道，在去年年底的緩衝業務中，您有一些需要消化的客戶庫存。但當你想到今年25%的成長時，你覺得這跟得上市場的步伐嗎？這意味著股票收益？我想，更重要的是，當您繼續轉型為產品收入公司時，我們應該如何考慮產品收入的 3 到 5 年複合年增長率，尤其是在 DDR5 等產品處於風口浪尖的情況下？

Sure. So we do see continued growth and share gain. And as we said earlier, it's mostly coming from the increased footprint of design wins from generation to generation. So even the last generation of DDR4, Ice Lake, we had a better footprint than in the previous generation. So that translated into share gain in DDR4. We were first to market to DDR5. And as I said earlier, we have volume production orders from all of our customers in DDR5. And based on the information we have, we are leading position in the first generation of DDR5. And we're introducing as the first, simply introducing the next generation of DDR5 RCD.

當然。因此，我們確實看到了持續的成長和份額的成長。正如我們之前所說，這主要來自一代又一代設計勝利的足跡的增加。因此，即使是最後一代 DDR4 Ice Lake，我們的佔用空間也比上一代更好。因此，這轉化為 DDR4 的份額增長。我們是第一個推出 DDR5 的公司。正如我之前所說，我們的所有客戶都收到了 DDR5 的大量生產訂單。而且根據我們掌握的信息，我們在第一代DDR5方面處於領先地位。我們首先介紹的是下一代 DDR5 RCD。

So being first to market with high-quality products leads to a very good footprint in terms of design wins and qualification, and that leads into gain -- share gains. So that is what's happening.

因此，率先將高品質產品推向市場可以在設計勝利和資格認證方面取得良好的足跡，從而帶來收益——份額收益。這就是正在發生的事情。

Going forward, to answer the second part of your question, we continue to see us gaining share. I think our DDR5 position is very, very strong. Once you go through the supply constraint that everyone has, this will translate into higher growth than what we used to see in DDR4. And beyond that, we're also working on the development of companion chips that are going to add revenue on to the [5] modules and on the CXL-based products that will hit the market towards the second half of 2023. So we have a rollout of products that will fuel the growth on the product side and because we started to introduce those products to market, producing share of those products. So we see continued growth in the product space.

展望未來，回答你問題的第二部分，我們繼續看到我們的份額不斷增加。我認為我們的 DDR5 地位非常非常強大。一旦克服了每個人都面臨的供應限制，這將轉化為比我們過去在 DDR4 中看到的更高的成長。除此之外，我們也致力於開發配套晶片，這些晶片將為 [5] 模組和基於 CXL 的產品增加收入，這些產品將於 2023 年下半年投放市場。產品的推出將推動產品方面的成長，因為我們開始將這些產品推向市場，從而產生這些產品的份額。因此，我們看到產品空間持續成長。

And then if I could sneak one quick one in here for Keith. Keith, you mentioned in the answer to the last question, product gross margin sort of in that 60% to 65% range. Is that where they are today? How should we think about the DDR transition? And before you answer, I should have started with this, but I wanted to also thank Rahul publicly for all the help over the years.

然後我可以偷偷地給基斯一份快速的禮物嗎？ Keith，您在回答上一個問題時提到，產品毛利率大約在 60% 到 65% 的範圍內。那是他們今天的處境嗎？我們該如何看待 DDR 過渡？在你回答之前，我應該從這個開始，但我還想公開感謝拉胡爾多年來的所有幫助。

Sure, Gary. So if you take a look at our gross margins today, what we have and what we see is that for DDR5, it's a new product introduction, so those gross margins are a little bit higher. But conversely, on DDR4, given where it's at in its cycle, those margins are being a little bit compressed as we see a little bit of ASP pricing pressure. Our team is doing a great job from a manufacturing standpoint to reduce the standard cost. But at the end of the day, on a net-net basis, you do see that blended 60% to 65% range for our gross margins on product.

當然，加里。因此，如果你看看我們今天的毛利率，我們所擁有的和我們看到的是，對於 DDR5，這是一個新產品的推出，所以這些毛利率要高一些。但相反，在 DDR4 上，考慮到它在周期中的位置，由於我們看到了一點 ASP 定價壓力，這些利潤正在被一點點壓縮。從製造角度來看，我們的團隊在降低標準成本方面做得非常出色。但歸根結底，在淨值基礎上，您確實會看到我們產品的毛利率混合在 60% 到 65% 的範圍內。

(Operator Instructions) Your next question comes from Kevin Cassidy with Rosenblatt Securities.

（操作員說明）您的下一個問題來自羅森布拉特證券公司的凱文·卡西迪。

Congratulations. And sorry, I didn't get to work with you much, Rahul. The -- on the CXL, can you say what the adoption rate is? Do you have visibility into the next generation of server processors? Do you have an idea of what -- how much the adoption is of motherboards designing with that, that are going to use the CXL standard?

恭喜。抱歉，拉胡爾，我沒能經常和你一起工作。 - 關於 CXL，您能透露一下採用率是多少嗎？您了解下一代伺服器處理器嗎？您是否知道使用 CXL 標準設計的主機板的採用率有多少？

Kevin, great question. I think every generation of processors, whether it's (inaudible) [AMD] or others, will offer CXL interface capability as part of their processor interfaces. So that's why we're so excited about CXL. There are several use cases of CXL. And one that is of special interest to us is memory expansion as whatever processor you use, you would need access to more memory. So the first quarter of the suite of product that we're going to develop is going to be a CXL memory expander. And that CXL memory expander, which will be compliant to CXL 2.0, is going to be able to use any processor platform being used in data centers.

凱文，好問題。我認為每一代處理器，無論是（聽不清楚）[AMD] 還是其他處理器，都會提供 CXL 介面功能作為其處理器介面的一部分。這就是我們對 CXL 如此興奮的原因。 CXL 有多個用例。我們特別感興趣的是記憶體擴展，因為無論您使用什麼處理器，您都需要存取更多記憶體。因此，我們要開發的第一季產品套件將是 CXL 記憶體擴充器。此 CXL 記憶體擴充器將相容於 CXL 2.0，將能夠使用資料中心使用的任何處理器平台。

Okay. Great. And you had mentioned on the DDR5 modules that there's other components that you might be going after. Can you give us maybe a high-level picture of what we would expect the increase in your TAM would be per module?

好的。偉大的。您曾提到 DDR5 模組，您可能還會追求其他組件。您能否為我們大概介紹一下我們預計每個模組 TAM 會增加多少？

Sure. First of all, on the timing, I think the 3 companion products on the DDR5 module, given our development schedule and qualification schedule, they will hit the market probably in the second half of next year. So that's where it's going to increase the potential revenue for us. And I would say that would probably add at this point in time 50% of content compared to the buffer chip itself onto the module.

當然。首先，關於時間安排，我認為DDR5模組上的3個配套產品，根據我們的開發時間表和認證時間表，它們可能會在明年下半年上市。這就是我們增加潛在收入的地方。我想說，與緩衝晶片本身相比，此時可能會在模組上添加 50% 的內容。

And again, we're monitoring that. We're introducing those products to the market now. I think this is going to be something that will be relevant to our revenue growth in the second half of next year.

我們再次對此進行監控。我們現在正在將這些產品推向市場。我認為這將與我們明年下半年的收入成長有關。

All right. At this time, there are no further questions. This concludes the question-and-answer session. I would now like to turn the conference back to Luc Seraphin.

好的。目前，沒有其他問題了。問答環節到此結束。我現在想把會議轉回呂克·塞拉芬 (Luc Seraphin) 主持。

Thank you. Well, thank you, Rahul, for all your help over the last few years. Thank you to everyone who have joined today for your continued interest and time. We hope each of you stay safe and healthy. And we look forward to speaking with you again soon. Have a great day. Thank you.

謝謝。好吧，謝謝你，拉胡爾，過去幾年來的所有幫助。感謝今天加入的所有人的持續關注和時間。我們希望你們每個人都安全健康。我們期待很快再次與您交談。祝你有美好的一天。謝謝。

Thank you. This now concludes today's conference. You may now disconnect.

謝謝。今天的會議到此結束。您現在可以斷開連線。