Rambus Inc (RMBS) 2020 Q1 法說會逐字稿

Welcome to the Rambus First Quarter and Fiscal Year 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

歡迎參加 Rambus 第一季和 2020 財年財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to turn the conference over to Rahul Mathur, Chief Financial Officer. You may begin your conference.

我現在想將會議交給財務長拉胡爾·馬圖爾 (Rahul Mathur)。您可以開始您的會議了。

Thank you, operator, and welcome to the Rambus First Quarter 2020 Results Conference Call. I'm Rahul Mathur, CFO; and on the call with me today is Luc Seraphin, our CEO. The press release for the results that we will be discussing today have been furnished to 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 9761889 when you hear the prompt. In addition, we are simultaneously webcasting this call, and along with the audio, we're 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 5:00 p.m. Pacific Time.

謝謝營運商，歡迎參加 Rambus 2020 年第一季業績電話會議。我是財務長拉胡爾‧馬圖爾 (Rahul Mathur)；今天與我通話的是我們的執行長 Luc Seraphin。我們今天將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 9761889 來收聽重播。此外，我們同時對本次電話會議進行網路廣播，並與音訊一起網路廣播投影片，我們將在今天電話會議的部分內容中引用這些投影片。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 5:00 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 discussion today will contain forward-looking statements, including our financial guidance for future periods; 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; risks and the potential adverse impacts related to or arising from the coronavirus or 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're under no obligation to update these statements.

我們今天的討論將包含前瞻性陳述，包括我們對未來時期的財務指導；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；與冠狀病毒或 COVID-19 相關或由其引起的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're using both GAAP and non-GAAP financial presentations in both our press release and also on this call. A reconciliation of these non-GAAP financials to our -- the most directly comparable GAAP measures has been included in our press release and our slide presentation and on our website at rambus.com, on the Investor Relations page under Financial Releases. The order of our call today will be as follows: Luc will start with an overview of the business; I will discuss our financial results, including our guidance for future periods, and then we will end with Q&A.

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 財務數據與我們最直接可比較的 GAAP 指標的對帳已包含在我們的新聞稿和幻燈片簡報中，以及我們網站 rambus.com 的「財務發布」下的「投資者關係」頁面上。我們今天的電話會議順序如下：Luc 首先概述業務；我將討論我們的財務業績，包括我們對未來時期的指導，然後我們將以問答結束。

I'll 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, Rahul, and good afternoon, everyone. Before we discuss our results for the first quarter, I wanted to take a moment to provide an update on the impact we are seeing from COVID-19. It is clear that we are in unprecedented times as the industry navigates the uncertainty created by the coronavirus. Our top priority has been the health and safety of our global workforce, customers and partners. And I'm extremely proud and humbled by the collective commitments, patience and ingenuity demonstrated by all Rambus employees in this challenging time.

謝謝拉胡爾，大家下午好。在我們討論第一季的業績之前，我想花點時間介紹一下我們所看到的 COVID-19 影響的最新情況。顯然，我們正處於前所未有的時代，產業正在應對冠狀病毒帶來的不確定性。我們的首要任務是全球員工、客戶和合作夥伴的健康和安全。在這個充滿挑戰的時刻，所有 Rambus 員工所表現出的集體承諾、耐心和聰明才智讓我感到非常自豪和謙卑。

While we cannot predict the long term with certainty, the current increased demand in our target markets, combined with the strength of our balance sheet, makes me optimistic about the opportunity ahead of us. The Rambus business model is naturally resilient to the near-term financial effects of COVID-19 with a patent-licensing business that is highly predictable due to the long-term nature of our agreements. This provides us financial stability and strong cash generation to weather these turbulent times. From an operational standpoint, we are on track to deliver on all of our customer commitments. We have been able to maintain a very high level of productivity, with product design, development and delivery continuing throughout this transition to a remote work environment.

雖然我們無法確定地預測長期情況，但我們目標市場當前需求的增加，加上我們資產負債表的實力，使我對我們面前的機會感到樂觀。 Rambus 的業務模式自然能夠抵禦 COVID-19 的近期財務影響，其專利授權業務由於我們協議的長期性質而具有高度可預測性。這為我們提供了財務穩定性和強大的現金產生能力，以度過這個動盪的時期。從營運角度來看，我們有望兌現所有客戶承諾。我們能夠保持非常高的生產力水平，在向遠距工作環境的過渡過程中繼續進行產品設計、開發和交付。

Finally, the almost universal shift to learning and working from home has placed a tremendous strain on the global data infrastructure in terms of increased bandwidth, capacity and security. With increasing requirements for faster and safer hardware are accelerating demand for Rambus IP and chips in the data center, cloud and 5G. As a result, the number of design starts and customer demand for our IP and chips remains strong, creating some tailwinds for the business. The company's focus on our core strength in semiconductor, emphasis on operational efficiency and strong cash generation, has built an enduring foundation for growth even in this challenging environment.

最後，幾乎普遍轉向在家學習和工作，這對全球資料基礎設施在頻寬、容量和安全性方面帶來了巨大壓力。隨著對更快、更安全硬體的需求不斷增加，資料中心、雲端和 5G 對 Rambus IP 和晶片的需求也不斷增加。因此，設計啟動數量以及客戶對我們的 IP 和晶片的需求仍然強勁，為業務創造了一些推動力。該公司專注於我們在半導體領域的核心優勢，強調營運效率和強大的現金生成能力，即使在這個充滿挑戰的環境中也為成長奠定了持久的基礎。

Turning now to our results. This combination of factors, coupled with our continued execution, has translated into an exceptional first quarter. We delivered $64 million in revenue, exceeding the high end of expectations, and outstanding cash generation from operations of $37.3 million, further strengthening our balance sheet. The licensing team continues to make great progress as highlighted by last week's announcement of our DRAM patent license agreement with CXMT. This agreement is a great demonstration of the ongoing relevance of our portfolio, as the term extends well beyond our existing agreements. While the near-term impact of the deal on revenue will be small due to how nascent the DRAM market is in China, we are optimistic about the potential long-term impact as the market grows.

現在轉向我們的結果。這些因素的結合，再加上我們持續的執行力，使得第一季表現異常出色。我們實現了 6,400 萬美元的收入，超出了最高預期，營運產生的現金達到 3,730 萬美元，進一步增強了我們的資產負債表。正如上週我們與長鑫儲存簽署 DRAM 專利授權協議所強調的那樣，授權團隊繼續取得巨大進展。該協議很好地證明了我們產品組合的持續相關性，因為該協議的期限遠遠超出了我們現有的協議。雖然由於中國 DRAM 市場剛剛起步，該交易對收入的短期影響很小，但隨著市場的成長，我們對潛在的長期影響持樂觀態度。

Our product teams had a tremendous performance with record revenue from both silicon IP and chip businesses. The silicon IP business delivered record revenue in the first quarter, augmented by multiple Tier 1 SoC design wins and strong execution from last year's acquisitions. We introduced 3 industry-leading products to deliver and protect data: the 112-gig XSR chiplet interface, an HBM2E memory solution with integrated PHY and controller, and 800-gig MACsec security IP solution. This strengthens our position in the fast-growing and critical markets of data center, cloud, AI and 5G, with additions to both the high-speed interface and security IP portfolios.

我們的產品團隊表現出色，矽 IP 和晶片業務收入均創歷史新高。矽 IP 業務在第一季實現了創紀錄的收入，得益於多個一級 SoC 設計的勝利以及去年收購的強勁執行力。我們推出了 3 種業界領先的產品來提供和保護資料：112g XSR 小晶片介面、具有整合 PHY 和控制器的 HBM2E 記憶體解決方案以及 800g MACsec 安全 IP 解決方案。這加強了我們在資料中心、雲端、人工智慧和 5G 等快速成長的關鍵市場中的地位，並增加了高速介面和安全 IP 產品組合。

Memory Interface Chips continues to be the fastest-growing segment of the business, delivering its fourth consecutive quarter of record revenue. The growth was driven by ongoing gains in market share and was bolstered by the increased demand for memory in data center and cloud that is being echoed by other players in the industry. Emphasizing excellence in quality and delivery, data center and OEM qualifications continue to increase for the DDR4 memory interface chipset, and the company remains well positioned as the first mover for the industry transition to DDR5.

記憶體介面晶片仍然是該業務中成長最快的部分，連續第四個季度實現創紀錄的收入。這一增長是由市場份額的持續增長推動的，並且受到數據中心和雲端運算記憶體需求增加的推動，業內其他參與者也對此表示贊同。該公司強調卓越的品質和交付，DDR4 記憶體介面晶片組的資料中心和 OEM 資格不斷提高，並且該公司仍然處於行業向 DDR5 過渡的先行者的地位。

In closing, COVID-19 has introduced a great deal of uncertainty into the market, but the global shift to increased remote collaboration has also presented us with an opportunity for upside. The resilience of our business model, ongoing ability to execute and increased demand for our products across the critical markets of data center, communications, AI and 5G, give us confidence in our ongoing ability to generate cash, further strengthen our balance sheet and reinvest in our future. Our innovations and products are well aligned to near- and long-term customer demand, giving us the stability and flexibility to position ourselves for success throughout the rest of the year and beyond.

最後，新冠肺炎 (COVID-19) 為市場帶來了極大的不確定性，但全球向遠端協作的轉變也為我們帶來了上漲的機會。我們業務模式的彈性、持續的執行能力以及資料中心、通訊、人工智慧和5G 等關鍵市場對我們產品的需求不斷增加，使我們對我們持續產生現金、進一步加強我們的資產負債表和再投資的能力充滿信心我們的未來。我們的創新和產品與近期和長期客戶需求完美契合，為我們提供了穩定性和靈活性，使我們能夠在今年剩餘時間及以後取得成功。

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

接下來，我將打電話給拉胡爾，討論季度財務表現。拉胡爾？

Thanks, Luc. I'd like to begin with our financial results for the first quarter. Let me start with some highlights on Slide 6. As Luc mentioned, we continue to execute in our product businesses and delivered excellent financial results above the high end of our revenue and earnings expectations, while continuing to strengthen our balance sheet. We've adopted ASC 606 using the modified retrospective method, which does not restate prior periods but rather runs the cumulative effect of the adoption through retained earnings as a beginning balance sheet adjustment. Any comparison between our results under ASC 606 and prior results under ASC 605 is not an accurate way to track the company's progress. We will continue to provide operational metrics such as licensing billings to give our investors better insight into our operational performance.

謝謝，盧克。我想先介紹一下我們第一季的財務表現。讓我從幻燈片6 中的一些要點開始。正如Luc 所提到的，我們繼續執行我們的產品業務，並取得了高於我們收入和盈利預期高端的出色財務業績，同時繼續強化我們的資產負債表。我們採用了採用修改後的追溯法的 ASC 606，該方法不會重述前期，而是透過留存收益作為期初資產負債表調整來計算採用的累積效應。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帳單等營運指標，讓投資者更了解我們的營運績效。

We delivered revenue of $64 million and licensing billings of $67.1 million. Revenue was higher than our expectations due to strong buffer chip sales. We have a very strong balance sheet and ended the quarter with cash, cash equivalents and marketable securities of $435.4 million, up from the previous quarter due to cash from operations of $37.3 million. Our continued execution on our strategy and our operational discipline has yielded excellent financial results and a strong balance sheet that affords us flexibility on our strategic initiatives.

我們實現了 6,400 萬美元的收入和 6,710 萬美元的授權費用。由於緩衝晶片銷售強勁，收入高於我們的預期。我們擁有非常強勁的資產負債表，本季末現金、現金等價物和有價證券為 4.354 億美元，高於上一季度，因為營運現金為 3,730 萬美元。我們持續執行我們的策略和營運紀律，取得了出色的財務表現和強大的資產負債表，為我們的策略舉措提供了靈活性。

Now let me walk you through some revenue details on Slide 7. Revenue for the first quarter was $64 million, well above the high end of our expected range due to market share gains in our buffer chip business. Royalty revenue for the first quarter was $19.7 million, while licensing billings was $67.1 million. The difference between licensing billings and royalty revenue primarily relates to timing, as we don't always recognize revenue the same quarter we bill our customers.

現在讓我向您介紹投影片 7 上的一些收入詳細資料。第一季的營收為 6,400 萬美元，遠高於我們預期範圍的上限，因為我們的緩衝晶片業務的市佔率有所增加。第一季的版稅收入為 1,970 萬美元，授權費用為 6,710 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。

Going into additional detail, our product revenue was $30.7 million, consisting primarily of our buffer chip business. Our contract and other revenue was $13.6 million, consisting primarily of our silicon IP business. As a reminder, in Q4, we recorded $0.9 million of revenue associated with our Payments and Ticketing business prior to the sale to Visa. So this reflects record results in Q1 for both buffer chip and silicon IP. Our growth in these areas illustrates the benefit of our focus and strategy.

更詳細地說，我們的產品收入為 3,070 萬美元，主要包括我們的緩衝晶片業務。我們的合約和其他收入為 1360 萬美元，主要包括我們的矽 IP 業務。提醒一下，在第四季度，在出售給 Visa 之前，我們的支付和票務業務相關收入為 90 萬美元。因此，這反映了緩衝器晶片和矽 IP 在第一季的創紀錄結果。我們在這些領域的成長說明了我們的重點和策略的好處。

Let me walk you through our non-GAAP income statement on Slide 8. Along with our excellent revenue performance in Q1, we also exceeded our profitability targets. Total operating expenses, including COGS for the quarter, came in at $63.5 million. Operating expenses of $51.9 million were lower than our expectations due to lower spending on employee-related expenses such as travel. With higher revenue and disciplined execution on spending, our profit was nicely above our expectations. We ended the quarter with head count of 665, down from 685 in the previous quarter, primarily due to attrition. Under ASC 606, we recorded $4.4 million of interest income related to the financing component of our fixed-fee licensing arrangements for which we have recognized revenue but not yet received payment.

讓我向您介紹投影片 8 上的非 GAAP 損益表。除了第一季出色的營收表現外，我們還超越了獲利目標。包括本季銷貨成本在內的總營運費用為 6,350 萬美元。由於差旅等員工相關費用支出減少，營運費用為 5,190 萬美元，低於我們的預期。憑藉更高的收入和嚴格的支出執行，我們的利潤遠遠超出了我們的預期。本季結束時，我們的員工人數為 665 人，低於上一季的 685 人，主要是由於員工流失。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 440 萬美元利息收入，我們已確認收入但尚未收到付款。

We incurred $0.6 million of interest expense related to the convertible notes we issued in Q4 2017. This was offset by incremental interest income related to the return on our cash portfolio. After adjusting for noncash interest expense on our convertible notes, this resulted in non-GAAP interest and other income for the first quarter of $5.6 million. Excluding the interest income related to the significant financing component of ASC 606, this would have been $1.2 million. Using an assumed flat rate of 24% for non-GAAP pretax income, non-GAAP net income for the quarter was $4.7 million.

我們因 2017 年第四季發行的可轉換票據而產生了 60 萬美元的利息支出。這被與我們的現金投資組合回報相關的增量利息收入所抵銷。對可轉換票據的非現金利息支出進行調整後，第一季的非 GAAP 利息和其他收入為 560 萬美元。不包括與 ASC 606 的重要融資部分相關的利息收入，這將是 120 萬美元。採用假定非 GAAP 稅前收入 24% 的統一稅率，該季度非 GAAP 淨利潤為 470 萬美元。

Now let me turn to the balance sheet details on Slide 9. Over the past several years, we have built a very strong balance sheet. Cash, cash equivalents and marketable securities totaled $435.4 million, up significantly from the previous quarter, primarily through cash from operations of $37.3 million. At the end of Q1, we had contract assets worth $487 million, which reflects the net present value of unbilled AR related to licensing arrangements for which the company has no future performance obligations. I 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 several customers have royalty-based agreements that allow us to recognize revenue each quarter under ASC 606.

現在讓我談談幻燈片 9 上的資產負債表詳細資訊。在過去幾年中，我們建立了非常強大的資產負債表。現金、現金等價物和有價證券總計 4.354 億美元，較上一季大幅增加，主要來自營運現金 3,730 萬美元。截至第一季末，我們的合約資產價值 4.87 億美元，這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。我預計隨著我們為這些合約開立帳單和收取費用，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，因為有些客戶擁有基於特許權使用費的協議，使我們能夠根據 ASC 606 每個季度確認收入。

First quarter CapEx was $4.5 million, and depreciation was $4.8 million. We delivered $32.8 million of free cash flow in the quarter. Looking forward, assuming construction is resumed, I expect roughly $12 million of CapEx for the second quarter and roughly $23 million for the full year of 2020, half of which is related to the relocation of our headquarters facility. I also expect depreciation of roughly $5 million for the second quarter and roughly $20 million for the full year of 2020.

第一季資本支出為 450 萬美元，折舊為 480 萬美元。本季我們交付了 3,280 萬美元的自由現金流。展望未來，假設施工恢復，我預計第二季資本支出約為 1,200 萬美元，2020 年全年資本支出約為 2,300 萬美元，其中一半與總部設施的搬遷有關。我還預計第二季折舊約為 500 萬美元，2020 年全年折舊約為 2,000 萬美元。

Our strategic refocus on our core markets and operational efficiencies have set a solid foundation for our company. Our limited debt and predictable high-margin licensing business have put us in a position to come out of the current environment stronger than ever. We continue to build cash and have limited debt. Due to the predictability of our licensing agreements, we expect to maintain our ability to generate solid cash from operations in 2020.

我們對核心市場和營運效率的策略重新關注為我們公司奠定了堅實的基礎。我們有限的債務和可預測的高利潤許可業務使我們能夠比以往任何時候都更強大地擺脫當前的環境。我們持續累積現金，債務有限。由於我們的授權協議的可預測性，我們預計將在 2020 年保持從營運中產生穩定現金的能力。

With a disciplined financial approach that has built capital while investing in growth, we have the liquidity to weather any sustained weakness and are well positioned to take advantage of any uncertainty in the market, both organically and inorganically. Furthermore, our historical and ongoing investments in technology R&D have helped us build a patent portfolio that is foundational to our industry and positions us well for our licensing renewals in the upcoming periods. Our recent license with CXMT demonstrates that the ongoing and long-term relevance of our portfolio extends well beyond the length of our current agreements. Long term, we are optimistic about the licensing opportunities in China, but we don't expect significant financial benefit from this royalty-bearing agreement in the near term.

透過在投資成長的同時建立資本的嚴格財務方法，我們擁有足夠的流動性來應對任何持續的疲軟，並處於有利地位，可以有機地和無機地利用市場中的任何不確定性。此外，我們在技術研發方面的歷史和持續投資幫助我們建立了一個專利組合，這是我們行業的基礎，並為我們在未來時期的許可續訂做好了準備。我們最近與長鑫儲存的授權表明，我們產品組合的持續和長期相關性遠遠超出了我們目前協議的期限。從長遠來看，我們對中國的許可機會持樂觀態度，但我們預計短期內不會從這項特許權使用費協議中獲得重大財務利益。

Now let me turn to our guidance for the second quarter on Slide 10. As a reminder, our forward-looking guidance reflects our current best estimates, and our actual results could differ materially from what I'm about to review. In addition to 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.

現在讓我談談幻燈片 10 上我們對第二季度的指導。提醒一下，我們的前瞻性指導反映了我們當前的最佳估計，我們的實際結果可能與我將要審查的結果有重大差異。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內向我們的許可客戶開出的發票金額。

As you can see in the supplemental information we've provided on Slide 14 of our earnings deck, licensing billings closely correlates with what we have historically reported as royalty revenue under ASC 605. As Luc mentioned, we saw tailwinds in the form of increased demand in data center and infrastructure and had a fantastic first quarter. While we are optimistic about the potential for these trends to continue, we are remaining conservative in our guidance for Q2 due to the lack of visibility and uncertainty created by COVID-19 and as we continue to monitor inventory status in the industry and supply chain.

正如您在我們收益表幻燈片14 上提供的補充資訊中所看到的那樣，授權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。正如Luc 所提到的，我們看到了需求增加的順風車在資料中心和基礎設施方面，第一季表現出色。雖然我們對這些趨勢持續下去的潛力持樂觀態度，但由於缺乏可見性和COVID-19 造成的不確定性，以及我們繼續監控行業和供應鏈的庫存狀況，我們對第二季度的指導仍保持保守。

With that said, under ASC 606, we expect revenue in the second quarter between $50 million and $56 million. We expect royalty revenue between $9 million and $15 million. We also expect licensing billings between $57 million and $63 million. We expect Q2 non-GAAP total operating expenses, which includes COGS, to be between $62 million and $66 million. Under ASC 606, non-GAAP operating results for the second quarter are expected to be between a loss of $5 million and $15 million. For non-GAAP interest and other income and expense, which excludes interest income related to ASC 606, we would have expected $1 million in income, which includes $0.6 million of interest expense related to the notes due in 2023.

儘管如此，根據 ASC 606，我們預計第二季的營收將在 5,000 萬美元至 5,600 萬美元之間。我們預計特許權使用費收入將在 900 萬至 1500 萬美元之間。我們也預計許可證費用在 5700 萬美元至 6300 萬美元之間。我們預計第二季非 GAAP 總營運支出（包括銷貨成本）將在 6,200 萬美元至 6,600 萬美元之間。根據 ASC 606，第二季非 GAAP 營運業績預計將虧損 500 萬美元至 1,500 萬美元。對於非 GAAP 利息和其他收入和支出（不包括與 ASC 606 相關的利息收入），我們預計收入為 100 萬美元，其中包括與 2023 年到期票據相關的 60 萬美元利息支出。

Based on the tax legislation passed at the end of 2017, we expect our pro forma tax rate in 2020 to remain consistent with our 2019 pro forma tax rate of roughly 24%. The 24% is higher than the new statutory rate of 21%, primarily due to higher tax rates in our foreign jurisdictions. As a reminder, we pay roughly $20 million of cash taxes each year driven primarily by our licensing agreements with our partners in Korea. We expect non-GAAP taxes to be between a benefit of $1 million and $3 million in Q2. We expect our Q2 share count to be roughly 116 million basic and diluted shares outstanding. This leads you to be between a non-GAAP loss per share of $0.03 and $0.09 for the quarter.

根據 2017 年底通過的稅收立法，我們預計 2020 年的預估稅率將與 2019 年約 24% 的預估稅率保持一致。 24% 高於新的法定稅率 21%，主要是由於我們外國司法管轄區的稅率較高。提醒一下，我們每年繳納約 2000 萬美元的現金稅，主要是由於我們與韓國合作夥伴簽訂的許可協議所致。我們預計第二季非 GAAP 稅收收益將在 100 萬美元至 300 萬美元之間。我們預計第二季的流通股基本股和稀釋股約為 1.16 億股。這導致本季非 GAAP 每股虧損為 0.03 美元至 0.09 美元。

I'd like to provide some additional context as to how we developed our guidance for the quarter. We are fortunate to have a strong base of predictable recurring patent license agreements, and our guidance reflects some of the structural step-downs we've discussed previously. In our product businesses, we continue to be actively engaged with our partners on chip design activity and have backlog that represents approximately 80% of our expected chip and silicon IP revenue for the quarter. Our Q2 guidance, therefore, reflects a combination of our structural step-downs and conservatism in an uncertain environment. We continue to manage costs carefully and invest in our R&D programs, though travel and other activities are limited.

我想提供一些有關我們如何制定本季指導的額外背景資訊。我們很幸運，擁有可預測的經常性專利授權協議的堅實基礎，我們的指導反映了我們之前討論過的一些結構性降級。在我們的產品業務中，我們繼續積極與合作夥伴合作進行晶片設計活動，積壓訂單約佔本季預期晶片和矽 IP 收入的 80%。因此，我們的第二季指引反映了我們在不確定的環境中採取結構性降級和保守主義的結合。儘管旅行和其他活動受到限制，但我們繼續謹慎管理成本並投資於我們的研發項目。

While we have reasonable visibility for Q2 and are encouraged by the engagement with our partners, given the uncertainty surrounding the global macroeconomic environment with COVID-19, we don't yet understand how our end markets will be impacted in the second half of this year. While we don't provide guidance beyond Q2 and demand remains robust, due to the resilience of our model, even if Q3 and Q4 were 10% lower on the top line than what we expected in January, I expect the same overall profitability for the year due to our strong performance in the first half.

雖然我們對第二季有合理的預見性，並因與合作夥伴的合作而受到鼓舞，但考慮到COVID-19 帶來的全球宏觀經濟環境的不確定性，我們尚不了解今年下半年我們的終端市場將會受到怎樣的影響。雖然我們不會提供第二季度之後的指引，而且需求仍然強勁，但由於我們模型的彈性，即使第三季度和第四季度的營收比我們1 月份的預期低10%，我預計整體盈利能力將相同由於我們上半年的強勁表現。

Let me finish with a summary on Slide 11. We are proud of the excellent performance by our team and the progress we continue to make against our strategic initiatives to drive long-term profitable growth. While we understand that ASC 606 added a level of complexity to our financial reporting, it's important to reiterate that the underlying financial strength of our business remains strong, reflected in our demonstrated ability to generate cash. We have refocused our product portfolio around Rambus' core strengths in the semiconductor industry, improved our operational efficiency and profitability, generated solid cash from operations and leveraged our balance sheet to support our strategic initiatives. We continue to focus on our core markets and are well positioned to come out of the current environment stronger than ever.

最後讓我對幻燈片 11 進行總結。我們為我們團隊的出色表現以及我們在推動長期盈利增長的戰略舉措方面不斷取得的進展感到自豪。雖然我們知道 ASC 606 增加了我們財務報告的複雜性，但重要的是要重申，我們業務的潛在財務實力仍然強勁，這反映在我們所展示的產生現金的能力上。我們圍繞 Rambus 在半導體行業的核心優勢重新調整了我們的產品組合，提高了我們的營運效率和盈利能力，從營運中產生了穩定的現金，並利用我們的資產負債表來支持我們的戰略舉措。我們繼續專注於我們的核心市場，並處於有利地位，能夠在當前環境下變得比以往任何時候都更加強大。

Before I open up the call to Q&A, I would once again like to thank our employees, customers and partners. Everyone, please stay safe and take care of yourself and your families. Your health is more important than anything we'll discuss on our call today.

在打開問答電話之前，我要再次感謝我們的員工、客戶和合作夥伴。請大家注意安全，照顧好自己和家人。您的健康比我們今天電話中討論的任何事情都更重要。

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

這樣，我會將電話轉回給我們的接線生進行問答。我們可以問第一個問題嗎？

(Operator Instructions) Your first question comes from the line of Suji Desilva with ROTH.

（操作員說明）您的第一個問題來自 Suji Desilva 與 ROTH 的線路。

Luc, Rahul, thanks for the well wishes from you guys, and I hope the Rambus family is doing well as well. So on the guidance, Rahul, if I take your numbers and try to adjust to what I would [think] the non-GAAP is, I get to 1Q results actuals of $111.4 million and EPS of $0.32. Is that about where those numbers would fall out?

Luc、Rahul，感謝你們的良好祝愿，我希望 Rambus 家族也一切順利。因此，拉胡爾，根據指導，如果我根據您的數據並嘗試調整我認為的非公認會計原則，我會得到 1 季度實際業績 1.114 億美元，每股收益 0.32 美元。這就是那些數字會下降的地方嗎？

So Suji, I think what you're doing is you're substituting licensing billings for what we normally report as royalty revenue. And obviously, that's not GAAP, and those aren't numbers that we can provide. But if I were to do the math, then I'd get the same math that you did for Q1.

所以 Suji，我認為你正在做的就是用許可費用代替我們通常報告的特許權使用費收入。顯然，這不是公認會計準則，這些數字也不是我們可以提供的。但如果我進行數學計算，那麼我會得到與第一季相同的數學結果。

Okay. Just to make sure I covered this all. The guidance seems to be leading to something closer to $101 million and $0.25. I want to make sure that also sounds reasonable.

好的。只是為了確保我涵蓋了這一切。該指導似乎導致接近 1.01 億美元和 0.25 美元。我想確保這聽起來也合理。

Yes. On the same basis, I think what you're doing is you're replacing our guidance for royalty revenue with licensing billings. And if I were to do the same math, yes, I'd get the same numbers.

是的。在同樣的基礎上，我認為你們正在做的是用許可帳單取代我們對特許權使用費收入的指導。如果我做同樣的數學，是的，我會得到相同的數字。

Okay. Appreciate that, Rahul. And then on the business itself, the memory buffer, I don't know if you've guided the full year or not. If you did, I missed it, what it might be in 2020. I know the visibility is lower. But can you talk about the linearity here? Are you depending on cloud spending? It's been stronger near term. Is it expected to continue or take a pause for digestion? Any color there would be helpful.

好的。很欣賞這一點，拉胡爾。然後是業務本身，內存緩衝區，我不知道你是否指導了全年。如果你這樣做了，我錯過了，2020 年可能會發生什麼。我知道能見度較低。但你能談談這裡的線性嗎？您是否依賴雲端支出？近期表現更為強勁。預計會繼續還是暫停消化？任何顏色都會有幫助。

Suji, this is Luc. Yes. We had a great quarter in the first quarter for our buffer chip business. Our product revenue was $30.7 million in the first quarter, which was much higher than the same quarter a year ago. So we see continued gain in market share on our side, and we see demand going up, at least in Q1 and Q2 for server memories. And that's, as you said, due to the increasing demand for work-from-home and learn-from-home environments. So we did see an uptick and increased market share on our side. So that led us to very good results in Q1. We're very optimistic about Q2 in the numbers that Rahul just shared with you. And in the long run, we continue to see high demand for data centers type of memory modules. Of course, with the uncertainty of COVID-19, Q3 and Q4 may be a bit turbulent given the possible impact on supply chains, but we remain confident with that business going forward for Q2 and in the long run.

蘇吉，這是路克。是的。第一季我們的緩衝晶片業務表現出色。第一季我們的產品營收為 3,070 萬美元，遠高於去年同期。因此，我們看到我們的市場份額持續增長，而且我們看到需求正在上升，至少在第一季和第二季度伺服器記憶體是如此。正如您所說，這是由於對在家工作和在家學習環境的需求不斷增加。因此，我們確實看到了市場份額的上升和增加。這使我們在第一季取得了非常好的成績。從拉胡爾剛剛與您分享的數據來看，我們對第二季非常樂觀。從長遠來看，我們將繼續看到對資料中心類型記憶體模組的高需求。當然，由於 COVID-19 的不確定性，考慮到對供應鏈可能產生的影響，第三季和第四季可能會有點動盪，但我們對第二季和長期的業務前景仍然充滿信心。

Okay. Luc, appreciate that color. And then maybe more broadly, that's one example of what's happening with COVID, the remote work/learn straining the infrastructure, and being something of a benefit for your business, for lack of a better term. Can you talk about other qualitative examples? You talked about the cores and things like that. Just any color anecdotally would be helpful.

好的。盧克，欣賞那個顏色。也許更廣泛地說，這就是新冠疫情的一個例子，遠距工作/學習給基礎設施帶來了壓力，但由於缺乏更好的術語，這對您的企業有利。能談談其他定性的例子嗎？你談到了核心之類的事情。任何顏色的軼事都會有幫助。

I think some markets will resist better than others to the COVID-19 crisis. Everything that has to do with building infrastructure will be more resilient than markets in the automotive space or consumer space, for example. And a lot of our IP, the -- above and beyond our chip business, a lot of our IP actually goes into infrastructure chip development for 5G or AI. So high-speed interface designs with our customers continue to be very relevant. Our security business continues to be very relevant as well. And as you noticed, we announced 3 new products this quarter that will strengthen our position in those markets. This was 112-gig XSR, PHY and controller, HBM2 controller and 800-gig MAX SoC in the security space. So all of these markets are going to resist better than others. And we do develop IP that goes into chips that serve those markets. And again, Q3, Q4 may be a bit turbulent, but in the long run, both our products and our end markets are going to be more resilient to the crisis than other products and other markets.

我認為有些市場會比其他市場更好地抵禦 COVID-19 危機。例如，與基礎設施建設有關的一切都將比汽車領域或消費領域的市場更具彈性。我們的許多智慧財產權，除了我們的晶片業務之外，我們的許多智慧財產權實際上都用於 5G 或人工智慧的基礎設施晶片開發。因此，高速介面設計與我們的客戶仍然非常相關。我們的安全業務也仍然非常重要。正如您所注意到的，我們在本季發布了 3 款新產品，這將加強我們在這些市場的地位。這是安全領域中的 112 g XSR、PHY 和控制器、HBM2 控制器和 800 g MAX SoC。因此，所有這些市場都將比其他市場更好地抵抗。我們確實開發了用於服務這些市場的晶片的智慧財產權。再說一次，第三季、第四季可能會有點動盪，但從長遠來看，我們的產品和終端市場將比其他產品和其他市場更具抵禦危機的能力。

Okay. And then one last quick question on the new China DRAM agreement, if you can provide the color. Historically, with Samsung, Hynix and Micron, you've had to kind of go back to kind of a more flattish licensing structure than variable on average. With this new customer, given the geography and the opportunity for upside in DRAM, if they can gain share, did you negotiate a variable component here that would benefit you? Or did you not -- were you not able to? Or can you discuss that?

好的。然後是關於新的中國 DRAM 協議的最後一個快速問題，您是否可以提供具體資訊。從歷史上看，對於三星、海力士和美光來說，你不得不回到比平均可變的更扁平的許可結構。對於這個新客戶，考慮到地理位置和 DRAM 的上升機會，如果他們能夠獲得份額，您是否在這裡協商了一個對您有利的可變組件？或者你沒有──你不能嗎？或者你可以討論一下嗎？

Suji, it's Rahul. As I mentioned in prepared remarks, this is a royalty-bearing agreement. So as CXMT continues to grow, then I'd expect to see our billings from CXMT continue to increase as well. As I mentioned in the prepared remarks, they're still going to be a relatively small portion of the industry on the near term. But we are very optimistic about the licensing opportunity in China over the long term. And as I mentioned earlier, what this also does is gives us a lot of confidence, because it's essentially an independent third-party validation about the strength of our licensing portfolio well beyond the existing renewals and extensions in our current contracts with the other large DRAM providers.

蘇吉，我是拉胡爾。正如我在準備好的發言中提到的，這是一份特許權使用費協議。因此，隨著CXMT的不斷增長，我預計CXMT的帳單也會繼續增加。正如我在準備好的演講中提到的，短期內它們仍將佔該行業相對較小的一部分。但從長遠來看，我們對中國的授權機會非常樂觀。正如我之前提到的，這也給了我們很大的信心，因為它本質上是對我們許可組合實力的獨立第三方驗證，遠遠超出了我們與其他大型DRAM 當前合約的現有續約和延期提供者。

Your next question comes from the line of Sidney Ho with Deutsche Bank.

你的下一個問題來自德意志銀行的 Sidney Ho。

This is Jeff on for Sid. Congrats on the good results in a tough market environment. Can you talk a little bit about what the biggest headwinds you're seeing from COVID? And have there been any changes in the customer behavior?

這是傑夫替希德發言。恭喜您在嚴峻的市場環境中取得了良好的成績。您能談談您從新冠疫情中看到的最大阻力是什麼嗎？客戶行為有什麼改變嗎？

Jeff, it's Rahul. Thanks for your question. So I think from a headwind perspective it's been interesting, because we've seen a pretty robust business across the board. As we mentioned, we've reported record results, both in our chip business as well as our silicon IP business, because of the strength that we see in data center and some of the other key markets. We've continued to see a fairly robust design activity cycle through our silicon IP business, so that's been strong as well. I think if we have seen any weakness, it's been in any of our businesses which have more of a short-term sales cycle. So you could see that in some of our silicon IP businesses in the coming quarter, and I think that's reflected a bit in our guide for Q2. Does that help answer your question?

傑夫，我是拉胡爾。謝謝你的提問。因此，我認為從逆風的角度來看，這很有趣，因為我們看到了全面的業務相當強勁。正如我們所提到的，由於我們在資料中心和其他一些關鍵市場看到了強勁的實力，我們在晶片業務和矽 IP 業務方面都取得了創紀錄的業績。我們的矽 IP 業務持續看到相當強勁的設計活動週期，因此這也很強勁。我認為，如果我們看到任何弱點的話，那就是我們的任何業務都有短期銷售週期。所以你可以在我們下一季的一些矽 IP 業務中看到這一點，我認為這在我們第二季的指南中有所反映。這有助於回答您的問題嗎？

Yes. Sounds good. And just as a follow-up, can you give us a ballpark of how much of your revenue is generally fixed regardless of the environment, and how much could be more variable?

是的。聽起來不錯。作為後續問題，您能否給我們大概介紹一下，無論環境如何，您的收入有多少通常是固定的，以及有多少可以變化？

So between fixed and variable, I think one way to look at it is that we ended the quarter with about $487 million on our balance sheet regarding the unbilled contract assets. And one way to look at it, again, if you look at our press release, what we reported from a royalty revenue perspective was about $19.7 million. So that's royalties under ASC 606, where there is a performance obligation. So for example, it's related to shipments. What we reported in licensing billings, on the other hand, was about $67.1 million, so that includes any agreements where there's no performance obligation. So if you look at the difference there between $67.1 million and $19.7 million -- I don't mean to put you through a quiz -- but that difference is about $45 million. So $45 million, $47 million a quarter, at least in Q1, was the difference there, which you could attribute to agreements where there's no performance obligation, where it's just billing and collecting.

因此，在固定資產和可變資產之間，我認為一種看待方法是，本季結束時，我們的資產負債表上未開立合約資產約為 4.87 億美元。再次，如果你看一下我們的新聞稿，我們從特許權使用費收入的角度報告的金額約為 1970 萬美元。這就是 ASC 606 規定的特許權使用費，其中存在履約義務。例如，它與發貨有關。另一方面，我們在許可帳單中報告的金額約為 6,710 萬美元，因此這包括沒有履行義務的任何協議。因此，如果你看看 6710 萬美元和 1970 萬美元之間的差異——我並不是想讓你做一個測驗——但這個差異大約是 4500 萬美元。因此，至少在第一季度，每季度 4500 萬美元、4700 萬美元就是其中的差異，您可以將其歸因於沒有履約義務、僅計費和收款的協議。

Now as I mentioned in our Analyst Day in September, we had given a range of licensing billings from the $220 million to $240 million range. So about $230 million for the year. So that kind of gives you an idea of where we expected the year to come out, at least in September. And I think the other number is to also give you an idea of how much is you would call fixed versus variable. Is that helpful?

現在，正如我在 9 月的分析師日中提到的，我們給出了 2.2 億美元到 2.4 億美元範圍內的授權費用。所以今年大約是 2.3 億美元。因此，這可以讓您了解我們對今年的預期，至少在 9 月。我認為另一個數字也可以讓您了解固定與可變的比例是多少。有幫助嗎？

Yes. Great.

是的。偉大的。

Your next question comes from the line of Gary Mobley with Wells Fargo.

您的下一個問題來自富國銀行的加里·莫布里 (Gary Mobley)。

Let me extend my congratulations on a strong start to 2020 given the circumstances. I wanted to ask about perhaps what you didn't say so far on the call, and that is some reiteration of your buffer chip sales. I think the guidance midpoint previously for 2020 was $90 million and $400 million in overall revenue. Are you hesitant to sort of reaffirm that number or raise it higher simply because you're worried about some of the data center guys pulling forward capacity or some inventory out there of dual in-line memory modules?

鑑於這種情況，請允許我對 2020 年的良好開局表示祝賀。我想問一下您到目前為止在電話會議上沒有說的話，那就是您對緩衝晶片銷售的一些重申。我認為之前 2020 年的指導中點是總收入 9,000 萬美元和 4 億美元。您是否因為擔心某些資料中心人員提前增加容量或雙列直插記憶體模組的庫存而猶豫是否重申該數字或提高該數字？

Gary, thank you very much for your comments, and it's a great question. As I mentioned, our guide for Q2 reflects a combination of some of the structural step-downs we have in our licensing agreements as well as a bit of conservatism, just based on everything we see and read externally from macro environment. The demand from our partners continues to be very robust. So I think the cautiousness that you heard when I talked about the second half is really just that; is that I think we're in an environment where you have less visibility. And as I mentioned in the prepared remarks, we do look at what the inventory looks like, both in the supply chain and across the industry. And so that kind of also helps frame how we look at the second half. But let me be clear, everything that we're getting from our customers is very positive.

加里，非常感謝您的評論，這是一個很好的問題。正如我所提到的，我們第二季度的指南反映了我們在許可協議中進行的一些結構性降級以及一點保守主義的結合，這只是基於我們從宏觀環境中看到和讀到的外部情況。我們合作夥伴的需求仍然非常強勁。所以我認為，當我談到下半年時，你聽到的謹慎確實就是這樣；我認為我們處於一個可見度較低的環境。正如我在準備好的演講中提到的，我們確實關注供應鏈和整個行業的庫存情況。因此，這也有助於我們如何看待下半年。但讓我明確一點，我們從客戶那裡得到的一切都是非常正面的。

Okay. I wanted to touch base on the CXMT license agreement, and to the extent you're willing to talk on behalf of each party involved in the license agreements, I was curious to know whether this relates to their desire for domestic consumption for DRAM, or if this was driven largely by their desire to move outside of the China market?

好的。我想談談長鑫儲存的授權協議，如果您願意代表授權協議中涉及的各方進行交談，我很好奇這是否與他們對 DRAM 國內消費的渴望有關，或者這是否主要是因為他們想要走出中國市場？

Gary, this is Luc. It's actually both. I think everyone investing in DRAM technology has so large investments to face that they have to address the global markets. And therefore, they need to be able to address their domestic market probably first and then the global market. But the important aspect of this agreement is twofold. One is that it's a royalty-bearing agreement. So although we expect revenue to be low at the beginning because these technologies take time to mature and ramp in production, when it goes into production our royalty stream is going to be growing with their revenue. And the second thing is that it shows the strength of our patent portfolio, because the terms of this agreement extend well beyond the terms of the current agreements we have with DRAM vendors. So strategically, that's an important step for us to have that agreement with CXMT.

加里，這是盧克。實際上兩者都是。我認為每個投資 DRAM 技術的人都面臨著如此巨大的投資，以至於他們必須應對全球市場。因此，他們可能需要先解決國內市場問題，然後再解決全球市場問題。但該協議的重要面向是雙重的。一是這是一份特許權使用費協議。因此，儘管我們預計一開始的收入會很低，因為這些技術需要時間成熟和提高產量，但當它投入生產時，我們的版稅流將隨著他們的收入而成長。第二件事是，它顯示了我們專利組合的實力，因為該協議的條款遠遠超出了我們與 DRAM 供應商目前協議的條款。因此，從戰略上來說，與長鑫儲存達成協議對我們來說是重要的一步。

Okay. On the idea of patent strength, I'm curious if you could address the topic of 1 of your big 3 patent licensees coming up for renewal this year and sort of the prospects of getting that across the goal line.

好的。關於專利強度的想法，我很好奇您是否可以解決今年即將續展的三大專利被授權人之一的主題，以及實現這一目標的前景。

It's Rahul. I'll tell you, we are very confident that we have a renewal with Micron. I think that's coming up in the fourth quarter, and we're very confident that they'll renew, for a bunch of reasons. One is that, if you look at the terms of that agreement, Micron is substantially larger than they were when we signed into that agreement about 5, 6 years ago. And so it just wouldn't make sense for them to necessarily come back to do some sort of renegotiation. And we think it's a pretty attractive license. And then after that, you would have Samsung coming up for a renewal in 2023 and then Hynix in 2024. So we have fairly good visibility between the DRAM industry on a typical year.

這是拉胡爾。我告訴你，我們非常有信心與美光續約。我認為這會在第四季度出現，出於多種原因，我們非常有信心他們會續約。一是，如果你看看協議的條款，美光的規模比我們大約五、六年前簽署協議時的規模要大得多。因此，他們不一定要回來進行某種重新談判，這是沒有意義的。我們認為這是一個非常有吸引力的許可證。之後，三星將在 2023 年進行更新，然後海力士將在 2024 年進行更新。因此，我們對典型年份的 DRAM 行業有相當好的可視性。

And of course, Gary, as we've talked about, sometimes there's ups and downs, but on a typical year, we get about $150 million a year from our DRAM industry. I think one thing that you look at is that our patent portfolio continues to grow. I think we're now at 2,900-plus patents and applications. And that's part of our worldwide portfolio, which includes patents in multiple jurisdictions. And as you were talking to Luc about earlier, the license that we have with CXMT is actually a patent license to our worldwide portfolio, not just China. So we continue to file, and we have new relevant patents that continue to be issued. And I think that's important as well. But we are very confident about the future of our licensing business in the long term.

當然，Gary，正如我們所討論的，有時會有起起落落，但在典型的一年中，我們每年從 DRAM 行業獲得約 1.5 億美元。我認為您關注的一件事是我們的專利組合持續成長。我認為我們現在擁有 2,900 多項專利和申請。這是我們全球產品組合的一部分，其中包括多個司法管轄區的專利。正如您之前與 Luc 談論的那樣，我們與長鑫儲存的許可實際上是對我們全球產品組合的專利許可，而不僅僅是中國。所以我們繼續申請，我們有繼續頒發的新的相關專利。我認為這也很重要。但從長遠來看，我們對許可業務的未來非常有信心。

Your next question comes from the line of Mark Lipacis with Jefferies.

你的下一個問題來自 Mark Lipacis 和 Jefferies 的對話。

Could you review a bit on the product side, like how your supply chain is set up? Like where are the major centers for packaging and testing? One of the things that we heard is that as this virus has spread from China to Malaysia and the Philippines, that there is also issues in the supply chain there. And I was wondering if you could just give us a framework for thinking about where you guys, where the major operations are centered. Have you encountered any issues you anticipate? Does your guidance anticipate any supply chain disruptions on the product side? That's the first question. I had a follow-up.

您能否回顧一下產品方面的情況，例如您的供應鏈是如何建立的？例如主要的封裝和測試中心在哪裡？我們聽到的一件事是，隨著這種病毒從中國傳播到馬來西亞和菲律賓，那裡的供應鏈也存在問題。我想知道你們是否能給我們一個框架來思考你們的主要業務集中在哪裡。您是否遇到過任何預期的問題？您的指導意見是否預期到產品方面會出現任何供應鏈中斷？這是第一個問題。我有一個後續行動。

Yes. Mark, this is Luc. That's a great question. As we said earlier, we had a record quarter in Q1. One of the reasons we had a record quarter is that we could continue to ship in high volumes and upsize to our customers. And one of the reasons is that our supply chain has been quite resilient. We -- our supply chain is mainly located in Taiwan and Korea. So all of the issues that were impacting Malaysia and Philippines, we've been kind of immune to those, and that allowed us to continue to ship without any issues. And as over the last 4 quarters, we continued to gain market share. We've also built a resilient supply chain by building some strategic buffer of stock, if you wish, in critical places of our supply chain so that we could serve the upsurge of demand which has happened during this crisis. So again, I think our supply chain is based in countries that have been very little impacted, Korea and Taiwan. And we had built some strategic inventory across the supply chain to deal with upsurge in demand. So that put us in a very strong position for Q1 and for Q2 as well.

是的。馬克，這是盧克。這是一個很好的問題。正如我們之前所說，我們在第一季創下了創紀錄的季度業績。我們季度業績創紀錄的原因之一是我們可以繼續向客戶大量出貨並擴大規模。原因之一是我們的供應鏈非常有彈性。我們－我們的供應鏈主要位於台灣和韓國。因此，對於影響馬來西亞和菲律賓的所有問題，我們都沒有受到影響，這使我們能夠繼續運送而不會出現任何問題。與過去 4 個季度一樣，我們繼續擴大市場份額。如果您願意的話，我們還透過在我們供應鏈的關鍵位置建立一些戰略庫存緩衝來建立一個有彈性的供應鏈，以便我們能夠滿足這場危機期間出現的需求激增。再說一次，我認為我們的供應鏈位於受影響很小的國家，韓國和台灣。我們在整個供應鏈中建立了一些策略庫存，以應對需求激增。因此，這使我們在第一季和第二季處於非常有利的地位。

That's very helpful. So the other -- the second question I had was, Luc, you used the expression "potential for turbulence" in the second half of the year, and I think everybody is extremely empathetic to that idea. Sometimes, the turbulence is a broad expression. It could be issues on the demand side or on the supply side. Is there -- when you talk about turbulence, is there also embedded in that an idea that there's a potential that, because demand was so high, that there may have been double ordering or pulling orders ahead into the first half of the year from the second half of the year? Is there any way that you guys can determine that if you even suspected that that was the case?

這非常有幫助。所以我的第二個問題是，Luc，你在下半年使用了「潛在的動盪」這個詞，我認為每個人都非常理解這個想法。有時，湍流是一種廣泛的表達。可能是需求方的問題，也可能是供應方的問題。當你談論動盪時，是否也存在這樣一種想法：由於需求如此之高，可能會出現雙重訂購或將訂單從今年上半年推遲到今年上半年的情況。下半年？如果你們甚至懷疑情況確實如此，有什麼方法可以確定嗎？

That's a great question, Mark. I think when I talk about turbulence, let me explain what I meant. I think the whole supply chain ordered a little more than they would usually do as an insurance policy because supply chains are very complex, and anything that breaks in the supply chain can impact the rest of the supply chain. And it's not necessarily the chips themselves or the materials that goes on the modules. It can be a gas that a factory needs to have to manufacture their products. I think the whole supply chain, inbound and outbound, have been a bit prudent and have ordered a little more than they would usually do.

這是一個很好的問題，馬克。我想當我談論湍流時，讓我解釋一下我的意思。我認為整個供應鏈的訂購量比通常作為保險單的訂購量要多一些，因為供應鏈非常複雜，供應鏈中的任何故障都可能影響供應鏈的其餘部分。而且不一定是晶片本身或模組上的材料。它可以是工廠製造產品所需的氣體。我認為整個供應鏈，無論是入境還是出境，都比較謹慎，並且訂購的數量比平時多一點。

But we don't see situations at this point in time where we see double bookings or overholding of chips. That's not the case for the time being. What we see is a combination of higher demand in the short run because of the work-from-home and learn-from-home environment. And at the same time, the whole supply chain taking a kind of an insurance policy by building a little more than they would usually do in order to protect themselves against potential incidents in the supply chain. And that's why Rahul was talking about Q3, Q4, saying that we are optimistic, but at the same time, we are prudent about what we guide. Rahul, you want to add something to that?

但目前我們還沒有看到重複預訂或超額持有籌碼的情況。暫時還不是這樣。我們看到的是，由於在家工作和在家學習的環境，短期內需求更高。同時，整個供應鏈採取了一種保險政策，比平常多做一點，以保護自己免受供應鏈中潛在事件的影響。這就是為什麼拉胡爾在談論第三、第四季時表示我們很樂觀，但同時我們對我們的指導也持謹慎態度。拉胡爾，你想補充一些東西嗎？

That sounds -- yes.

聽起來——是的。

That's great. May I ask just one last follow-up?

那太棒了。我可以問最後一個後續問題嗎？

Of course. Sure.

當然。當然。

Yes. So last week, the Department of Commerce announced some additional restrictions on sales to China, Russia and Venezuela, I believe, associated with military end markets applications and having to do with civilian exemptions. Can you share -- I assume that you guys had a chance to review that, at least on a preliminary basis. Can you share with us your views on how that might impact Rambus?

是的。因此，上週，商務部宣布了對向中國、俄羅斯和委內瑞拉銷售的一些額外限制，我認為這與軍事終端市場應用以及民用豁免有關。你能分享一下嗎——我想你們有機會回顧一下，至少初步回顧一下。您能否與我們分享一下您對這可能對 Rambus 產生何種影響的看法？

Yes. We continue to monitor those new rules and restrictions very, very closely and make sure that we comply to them. Our business is not exposed to those as we understand today, but we continue to monitor the situation. In the case of CXMT, this is a kind of opposite situation where our DRAM partner in China is actually paying us for patents, not for technology. So they're paying us for the rights to actually develop their own products, including our ideas. So we're not exporting anything. We're just giving them the right to use inventions that we invented ourselves.

是的。我們將繼續非常非常密切地監控這些新規則和限制，並確保我們遵守它們。我們的業務並未受到我們今天所了解的影響，但我們將繼續監控情況。就長鑫儲存而言，這是一種相反的情況，我們在中國的 DRAM 合作夥伴實際上向我們支付專利費用，而不是技術費用。因此，他們付錢給我們，以獲得實際開發自己產品的權利，包括我們的想法。所以我們不出口任何東西。我們只是賦予他們使用我們自己發明的發明的權利。

(Operator Instructions) At this time, there are no further questions. This concludes the question-and-answer session. I would now like to turn the conference back over to the company.

（操作員說明） 此時，沒有進一步的問題。問答環節到此結束。我現在想將會議轉回公司。

Thank you. Before we end our call today, I'd like to give a special thank you to everyone on the global Rambus team for their continued dedication during this challenging and unprecedented time. Our focus on the ongoing well-being of our employees, coordination with our partners to ensure the integrity of our supply chain and commitment to customers have been and will continue to be critical to our success. Thank you to everyone who has joined us today for your continued interest and time. We hope each one of you stays safe and healthy and look forward to speaking with you again soon. Have a great day.

謝謝。在我們今天結束通話之前，我要特別感謝全球 Rambus 團隊的每個人，感謝他們在這個充滿挑戰和前所未有的時期的持續奉獻。我們對員工持續福祉的關注、與合作夥伴的協調以確保供應鏈的完整性以及對客戶的承諾一直並將繼續對我們的成功至關重要。感謝今天加入我們的所有人的持續關注和時間。我們希望你們每個人都保持安全和健康，並期待很快再次與你們交談。祝你有美好的一天。

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。