Rambus Inc (RMBS) 2022 Q2 法說會逐字稿

Good afternoon. Thank you for attending the Rambus Second Quarter 2022 Earnings Call. My name is Matt, and I will be your moderator for today's call. (Operator Instructions)

午安.感謝您參加 Rambus 2022 年第二季財報電話會議。我叫馬特，我將擔任今天電話會議的主持人。 （操作員說明）

I would now like to pass the conference over to our host, Desmond Lynch, Chief Financial Officer of Rambus. Desmond, please go ahead.

現在我想將會議交給我們的東道主、Rambus 財務長 Desmond Lynch。戴斯蒙德，請繼續。

Thank you, operator, and welcome to Rambus Second Quarter 2022 Results Conference Call. I am Desmond Lynch, Chief Financial Officer at Rambus. And on the call with me today is Luc Seraphin, our CEO.

謝謝營運商，歡迎參加 Rambus 2022 年第二季業績電話會議。我是德斯蒙德林奇 (Desmond Lynch)，Rambus 的財務長。今天與我通話的是我們的執行長 Luc Seraphin。

The press release for the results that we will be discussing today has been filed with the SEC on Form 8-K. A replay of this call will be available for the next week at (866) 813-9403. You can hear the replay by dialing the toll-free number and then entering ID number 092440 when you hear the prompt. 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 5:00 p.m. Pacific Time.

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 (866) 813-9403 重播此電話會議。您可以透過撥打免費電話並在聽到提示時輸入 ID 號碼 092440 來收聽重播。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 5:00 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 discussions today will contain forward-looking statements, including our expectations regarding business opportunities; industry growth rates; product 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 long-term profitable growth; the long-term sustainability of the company's increased product revenue and cash generated from operating activities; the company's outlook and financial guidance for the third quarter of 2022 and related drivers; the company's ability to effectively manage supply chain shortages, risks and the potential adverse impacts related to or arising from COVID-19 and its variants; and the effects of ASC 606 on reported revenue, amongst other things.

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；產業成長率；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；公司實現長期獲利成長的能力；公司增加的產品收入及經營活動所產生的現金的長期可持續性；公司對 2022 年第三季的展望與財務指引以及相關驅動因素；本公司有效管理供應鏈短缺、風險以及與 COVID-19 及其變體相關或由其引起的潛在不利影響的能力；以及 ASC 606 對報告收入的影響等。

These statements are subject to risks and uncertainties that are discussed during this call 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.

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，這些風險和不確定性可能會在我們向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 run the cumulative effect of the adoption through retained earnings as a beginning balance sheet adjustment. Any comparison between our actual 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.

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來計算採用的累積效應。我們在 ASC 606 下的實際結果與 ASC 605 下的先前結果之間的任何比較都不是追蹤公司進展的準確方法。我們將繼續提供營運指標，例如授權帳單，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, I will discuss our financial results, and then we will end with Q&A.

我們今天的電話會議順序如下。盧克將從業務概述開始，我將討論我們的財務業績，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 congratulations on your newly announced role as CFO. I know many on the call already know you, but I'd like to take a moment to introduce you before we dive into our results.

謝謝你，Des，並祝賀你新宣布擔任財務長。我知道電話會議中的許多人已經認識您，但在我們深入研究結果之前，我想花點時間向您介紹一下。

Des brings over 20 years of finance experience to the table, including leadership roles at major players like Renesas, IDT, Atmel and National Semiconductor. His deep understanding of Rambus and demonstrated success of the company make him an ideal choice for CFO. I'm very pleased to have him in his expanded role on the senior management team and will now turn to our results for the quarter.

Des 擁有 20 多年的財務經驗，包括在 Renesas、IDT、Atmel 和 National Semiconductor 等主要企業擔任領導職務。他對 Rambus 的深刻了解以及公司所取得的成功使他成為財務長的理想選擇。我很高興讓他在高階管理團隊中發揮更大的作用，現在將討論我們本季的表現。

The company delivered a strong performance in Q2, with revenue and earnings at the high end of guidance and generated $56.5 million in cash from operations. In Q3, we expect strong demand in the data center to drive our results even as the industry continues to be supply constrained. We are addressing the needs of the data center with our diverse portfolio of chips, silicon IP and patents, each of which is contributing at scale and fueling the company's long-term profitable growth.

該公司在第二季度表現強勁，收入和利潤處於指導價值的高端，並從營運中產生了 5,650 萬美元的現金。在第三季度，我們預計資料中心的強勁需求將推動我們的業績，儘管該行業仍然受到供應限制。我們正在透過多樣化的晶片、矽 IP 和專利組合來滿足資料中心的需求，其中每一項都在大規模做出貢獻，並推動公司的長期獲利成長。

Memory interface chips delivered another record performance, driving $53.3 million in product revenue even in the face of a very challenging industry-wide supply chain environment. The situation remains dynamic, and the team continues to work very closely and proactively with our supply chain partners to help minimize the impact to our customers.

即使面對非常具有挑戰性的全產業供應鏈環境，記憶體介面晶片仍創下了新的效能記錄，推動了 5,330 萬美元的產品收入。情況仍在變化，團隊繼續與我們的供應鏈合作夥伴密切、積極地合作，以幫助最大限度地減少對客戶的影響。

As a leader in DDR5 memory interface chips, Rambus has a great opportunity for growth and some expansion as the industry transitions to DDR5. Our DDR5 RCD is in volume production with a growing qualification footprint. And just a few weeks ago, we expanded our DDR5 chipset offering with the introduction of our new companion chips, the SPD hub and temperature sensor. These chips, along with the RCD, are integrated into server memory modules. And the SPD hub is also used in PC memory modules. We are sampling to customers now and expect initial production shipments of the companion chips late this year with a ramp in 2023.

作為 DDR5 記憶體介面晶片的領導者，隨著產業向 DDR5 過渡，Rambus 擁有巨大的成長和擴張機會。我們的 DDR5 RCD 已投入批量生產，並且認證範圍不斷擴大。就在幾週前，我們推出了新的配套晶片、SPD 集線器和溫度感測器，擴展了 DDR5 晶片組產品。這些晶片與 RCD 一起整合到伺服器記憶體模組中。 SPD集線器也用於PC記憶體模組。我們現在正在向客戶提供樣品，預計配套晶片將在今年稍後開始量產出貨，並在 2023 年開始量產。

This is a very exciting milestone for the company. But as we've discussed before, DDR5 is still in the early stages of its product life cycle and is dependent on the rollout of new computing platforms. As our customers continue to build ahead of next-generation server volume shipments, we expect the demand ramp for DDR5 to be somewhat lumpy in nature. With that, our memory interface chip product mix may shift as we march towards the projected DDR4/DDR5 crossover.

這對公司來說是一個非常令人興奮的里程碑。但正如我們之前討論的，DDR5 仍處於產品生命週期的早期階段，並且依賴新運算平台的推出。隨著我們的客戶繼續在下一代伺服器批量出貨之前進行建設，我們預計 DDR5 的需求成長本質上會有些波動。因此，隨著我們向預計的 DDR4/DDR5 交叉邁進，我們的記憶體介面晶片產品組合可能會發生變化。

In addition, as we look to the longer-term evolution of the data center, we are seeing strong engagement across the entire ecosystem and getting great feedback on the needs of the market for CXL memory expansion and pooling solutions. We are working closely with key players, including leading cloud service providers and major DRAM vendors on next-generation platforms addressed by our CXL initiative. We also amplified our world-class product team with the addition of Hardent and further strengthened the development of CXL-based data center solutions.

此外，當我們展望資料中心的長期發展時，我們看到整個生態系統的強烈參與，並獲得了有關 CXL 記憶體擴展和池解決方案市場需求的良好回饋。我們正在與主要參與者密切合作，包括領先的雲端服務供應商和主要 DRAM 供應商，開發我們的 CXL 計劃所涉及的下一代平台。我們也透過Hardent的加入擴大了我們世界級的產品團隊，並進一步加強了基於CXL的資料中心解決方案的開發。

Turning now to silicon IP. We delivered another strong performance, highlighted by key design wins and continued momentum across multiple markets. Data center and AI are driving robust demand for our high-performance silicon IP solutions, and we are seeing growth in edge, government and automotive. Rambus continues to demonstrate leadership in our areas of focus with major Fi, controller and security IP wins.

現在轉向矽IP。我們再次取得了強勁的業績，其中包括關鍵的設計勝利和跨多個市場的持續成長勢頭。資料中心和人工智慧正在推動對我們高性能矽 IP 解決方案的強勁需求，我們看到邊緣、政府和汽車領域的成長。 Rambus 憑藉著在 Fi、控制器和安全 IP 方面的重大勝利，繼續在我們的重點領域展現出領導地位。

In closing, this was another strong quarter for the company with the team continuing to execute on our long-term strategy and deliver considerable growth from our key programs. We achieved revenue and earnings at the high end of guidance. We delivered another record quarter of product revenue driven by memory interface chips and expanded our SAM with the addition of the DDR5 companion chips.

最後，這是公司又一個強勁的季度，團隊繼續執行我們的長期策略，並從我們的關鍵項目中實現可觀的成長。我們的收入和利潤達到了指導值的上限。在記憶體介面晶片的推動下，我們的產品收入再創歷史新高，並透過添加 DDR5 配套晶片擴展了我們的 SAM。

Silicon IP remains on track for a record year with sustained momentum in the data center and strong inroads into adjacent markets. And finally, we have a solid foundation from licensing as part of a balanced and diverse portfolio of offerings with multiple revenue streams. We continue to invest in critical programs that keep us at the forefront of advanced data center architectures. And our unique combination of products and expertise will fuel sustained growth in 2022 and beyond.

憑藉在資料中心領域的持續發展勢頭以及對鄰近市場的強勁進軍，Silicon IP 仍將迎來創紀錄的一年。最後，我們擁有堅實的授權基礎，作為具有多種收入來源的平衡且多樣化的產品組合的一部分。我們繼續投資關鍵項目，使我們始終處於先進資料中心架構的前沿。我們獨特的產品和專業知識組合將推動 2022 年及以後的持續成長。

Before I turn the call back over to Des, I'd like to take a moment to thank Keith for his contributions during this interim period. He has done a very good job working closely with both me and Des to bring the company through a successful transition, and we remain very well positioned for the future.

在我將電話轉回給 Des 之前，我想花點時間感謝 Keith 在這段過渡期間所做的貢獻。他與我和 Des 密切合作，帶領公司成功過渡，做得非常出色，我們仍然為未來做好了充分的準備。

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

接下來，我會將電話轉給 Des，討論季度財務表現。德斯？

Thank you, Luc, and thank you to Keith as well for his support. I'd like to begin with a summary of our financial results for the second quarter on Slide 5. Once again, we delivered a strong quarter, and we are very pleased with the ongoing execution of our growth initiatives. We delivered financial results at the high end of our revenue and earnings expectations.

謝謝你，Luc，也謝謝基斯的支持。我想先在投影片 5 上總結我們第二季的財務業績。我們的財務表現超出了收入和盈利預期的上限。

During the quarter, we successfully completed the acquisition of Hardent, Inc. We are very excited about the acquisition as it adds an extremely talented group of engineers which will bolster our CXL initiative.

本季度，我們成功完成了對 Hardent, Inc. 的收購。

Let me walk you through our non-GAAP income statement on Slide 6.

讓我向您介紹投影片 6 上的非 GAAP 損益表。

Revenue for the second quarter was $121.1 million at the high end of our expectations. Royalty revenue was $48 million, up from Q1 and in line with our expectations driven by additional upfront revenue from several license agreements. Licensing billings were $66.1 million. The difference between licensing billings and royalty revenue primarily relates to timing as we do not always recognize revenue in the same quarter as we bill our customers.

第二季營收為 1.211 億美元，處於我們預期的上限。特許權使用費收入為 4,800 萬美元，高於第一季度，符合我們因多項授權協議帶來的額外預付費用而產生的預期。許可證費用為 6610 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收取費用的同一季度確認收入。

Product revenue was $53.3 million, consisting primarily of our memory interface chip business. Memory interface chip revenue was a record for the company despite the supply chain challenges seen in our industry, and we are delighted to see such strong demand from our customers.

產品收入為 5,330 萬美元，主要由我們的記憶體介面晶片業務組成。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創下了紀錄，我們很高興看到客戶的需求如此強勁。

Contract and other revenue was $19.8 million, consisting primarily of silicon IP. As a reminder, only a portion of our silicon IP revenue is reflected in contract and other revenue, and the remaining portion is reported in royalty revenue as well as licensing billings.

合約和其他收入為 1,980 萬美元，主要由矽 IP 組成。提醒一下，我們的矽 IP 收入中只有一部分反映在合約和其他收入中，其餘部分則在特許權使用費收入和許可帳單中報告。

Total operating costs, including cost of goods sold for the quarter, came in at $76.1 million. Operating expense of $54.9 million were in line with our expectations.

包括本季銷售成本在內的總營運成本為 7,610 萬美元。營運費用為 5,490 萬美元，符合我們的預期。

We ended the quarter with a total head count of 747 employees, an increase of 32 employees from the prior period, which includes the strong engineering talent added through the Hardent acquisition.

截至本季末，我們的員工總數為 747 名，比上一時期增加了 32 名，其中包括透過收購 Hardent 增加的強大工程人才。

Under ASC 606, we recorded $2.7 million of interest income, of which $1.5 million related to the financing component of fixed fee licensing arrangements for which we have recognized revenue but not yet received payment. Additionally, we benefited from approximately $1 million in favorable foreign currency exchanges during the quarter.

根據 ASC 606，我們記錄了 270 萬美元的利息收入，其中 150 萬美元與固定費用許可安排的融資部分有關，我們已確認該安排的收入但尚未收到付款。此外，本季我們也受惠於約 100 萬美元的有利外匯兌換。

We incurred $300,000 of interest expense primarily associated with our convertible notes. This was offset by incremental interest income associated with our cash and investment portfolio.

我們產生了 30 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 notes, this resulted in non-GAAP interest and other expense for the second quarter of $2.4 million. Excluding the financing interest income related to ASC 606, this would have been $1 million of interest and other income. Using an assumed flat tax rate of 24% for non-GAAP pretax income, non-GAAP net income for the quarter was $36.1 million. With disciplined execution and focus, we again delivered earnings that were at the high end of expectations.

在對可轉換票據的非現金利息支出進行調整後，第二季的非 GAAP 利息和其他支出為 240 萬美元。不包括與 ASC 606 相關的融資利息收入，這將是 100 萬美元的利息和其他收入。採用假設非 GAAP 稅前收入 24% 的統一稅率，該季度非 GAAP 淨利潤為 3,610 萬美元。憑藉著嚴格的執行力和專注力，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. We ended the quarter with cash, cash equivalents and marketable securities totaling $351.6 million, an increase from the prior quarter as cash flows from operations of $56.5 million were partially offset by payments made to the final settlement of the previously announced debt repurchase and cash paid for the Hardent acquisition.

現在讓我看一下投影片7 上的資產負債表詳細資料。流量5,650 萬美元支付給先前宣布的債務回購和為 Hardent 收購支付的現金的最終結算。

At the end of Q2, we had contract assets worth $211.9 million, which reflects the net present value of unbilled accounts receivable 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 is important to note that this metric does not represent the entire value of an existing licensing agreement. At each renewal opportunity, we restructured our patent agreements in a manner that allows us to recognize revenue each quarter.

第二季末，我們的合約資產價值 2.119 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應收帳款的淨現值。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，該指標並不代表現有授權協議的全部價值。在每次續約機會時，我們都會重組專利協議，使我們能夠每季確認收入。

Second quarter CapEx was $8.9 million, while depreciation expense was $6.2 million. We delivered $47.6 million of free cash flow in the quarter. Looking forward, we expect CapEx for the third quarter to be approximately $8 million.

第二季資本支出為 890 萬美元，折舊費用為 620 萬美元。本季我們交付了 4,760 萬美元的自由現金流。展望未來，我們預計第三季的資本支出約為 800 萬美元。

As a reminder, the forward-looking guidance reflects our current best estimates at this time, and our actual results could differ materially from what I'm about to review. In addition to the financial outlook under ASC 606, we have 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.

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即將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，這是一項營運指標，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。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。

Now let me turn to our guidance for the third quarter on Slide 8. Under ASC 606, we expect revenue in the third quarter between $104 million and $110 million. We expect royalty revenue between $29 million and $35 million and licensing billings between $63 million and $69 million. We expect Q3 non-GAAP total operating cost, which includes COGS, to be between $81 million and $77 million.

現在讓我轉向投影片 8 中我們對第三季的指引。我們預計特許權使用費收入將在 2,900 萬美元至 3,500 萬美元之間，授權費用將在 6,300 萬美元至 6,900 萬美元之間。我們預計第三季非 GAAP 總營運成本（包括銷貨成本）將在 8,100 萬美元至 7,700 萬美元之間。

Under ASC 606, non-GAAP operating results for the third quarter is expected to be between a profit of $23 million and $33 million. For non-GAAP interest and other income and expense, which excludes interest income related to ASC 606, we expect approximately $1 million of interest expense. We expect the pro forma tax rate to remain at approximately 24%. The 24% is higher than the statutory tax rate of 21%, primarily due to higher tax rates in our foreign jurisdictions.

根據 ASC 606，第三季非 GAAP 營運業績預計將在 2,300 萬美元至 3,300 萬美元之間。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），我們預計利息支出約為 100 萬美元。我們預計預計稅率將維持在 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 approximately $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 $5 million and $8 million in Q3. We expect Q3 share count to be 113 million basic and diluted shares outstanding. Overall, we anticipate a non-GAAP earnings per share range between $0.15 and $0.21 for the quarter.

謹此提醒，我們每年繳納約 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。我們預計第三季非 GAAP 稅費將在 500 萬美元至 800 萬美元之間。我們預計第三季已發行基本股和稀釋後流通股數量將為 1.13 億股。總體而言，我們預計本季非 GAAP 每股盈餘將在 0.15 美元至 0.21 美元之間。

Let me finish with a summary on Slide 9. We continue to profitably grow our business, demonstrating strong cash flow generation while having minimal debt. This financial leverage allows us to continue to focus on our strategic investments, both organically and inorganically. This has allowed us to develop a diverse set of products and solutions and leverages our strength in the data center and cloud markets.

最後，讓我對投影片 9 進行總結。這種財務槓桿使我們能夠繼續專注於有機和無機的策略投資。這使我們能夠開發多樣化的產品和解決方案，並充分利用我們在資料中心和雲端市場的優勢。

In addition to the success of memory interface chips, delivering another record quarter, I am pleased with the success in silicon IP. Silicon IP continued its momentum and remains on an annual run rate of $120 million to $130 million. With ongoing discipline and focus, we are well positioned to continue the strong execution of our long-term strategic plans.

除了記憶體介面晶片的成功（再創歷史新季紀錄）之外，我對矽 IP 的成功也感到很高興。 Silicon IP 繼續保持其勢頭，每年運行率保持在 1.2 億至 1.3 億美元。憑藉持續的紀律和專注，我們有能力繼續強有力地執行我們的長期策略計劃。

Before I open up the call to Q&A, I would like to thank our employees for their continued teamwork and execution.

在開始問答之前，我要感謝我們的員工持續的團隊合作和執行力。

With that, I'll turn the call back to our operator to begin Q&A. Could 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？

The first question is from the line of Gary Mobley with Wells Fargo.

第一個問題來自富國銀行的加里‧莫布里 (Gary Mobley)。

Des, let me extend my congratulations on the appointment. I'm most curious to start out asking about your buffer chip revenue, your memory interface revenue on the chipset side specifically. And I'm curious if you were able to grow your backlog, considering the different shifting trends in the demand dynamics as well as incremental supply. And presumably, you're getting more supply coming on as maybe there's some fungible capacity at your foundry partner, and maybe if you can just share some additional details there.

德斯，請允許我對這項任命表示祝賀。我很好奇首先詢問您的緩衝晶片收入，特別是晶片組方面的記憶體介面收入。我很好奇，考慮到需求動態和增量供應的不同變化趨勢，您是否能夠增加積壓訂單。據推測，您將獲得更多供應，因為您的代工合作夥伴可能有一些可替代的產能，也許您可以在那裡分享一些額外的細節。

Gary, I'll start, and then Des can comment. We're still in an environment where demand is much higher than supply. In the first half of this year, we had a meaningful gap between supply and demand, and that's the case again through Q3. We're working on a weekly basis with our suppliers and our customers to manage our backlog and our orders.

加里，我先開始，然後德賽爾可以發表評論。我們仍然處於需求遠高於供應的環境。今年上半年，供需之間存在較大差距，第三季也是如此。我們每週都會與供應商和客戶合作，管理我們的積壓訂單和訂單。

We have large orders on the books. We have not seen any cancellations on these orders. What's happening is in a supply-constrained environment, we're shifting the backlog in out quarters as we work with our suppliers.

我們有大量訂單。我們還沒有看到這些訂單被取消。所發生的情況是在供應受限的環境中，我們在與供應商合作時將積壓的訂單轉移到了其他季度。

We have a little more visibility into the front-end capacity for Q4, but it remains very, very tight because we are still in a technology node that is quite tight. So we turn also our attention to the back end. And at this point in time, between managing the backlogs, managing our suppliers, the shift of crossover between DDR4 and DDR5, we still believe the street estimates that we have for Q4, [flagged at] Q3, are the right assumptions. Des?

我們對第四季的前端產能有了更多的了解，但它仍然非常非常緊張，因為我們仍然處於一個非常緊張的技術節點。因此我們也將注意力轉向後端。此時，在管理積壓、管理供應商、DDR4 和 DDR5 之間交叉的轉變之間，我們仍然相信我們對第四季度（[標記為]第三季度）的街頭估計是正確的假設。德斯？

Thanks, Luc. And as we mentioned, we've been delighted with the growth in our product revenue in Q2. It was another quarterly record at $53 million, and we were able to guide up slightly for the Q3 midpoint.

謝謝，盧克。正如我們所提到的，我們對第二季產品收入的成長感到高興。 5300 萬美元又創下季度紀錄，我們能夠略微上調第三季的中點。

When we look at the sort of back half of the year, Gary, I think most analysts have this model somewhere between $200 million to $210 million for product revenue, which seems a relatively flat Q3 and Q4 revenue number. Given the ongoing supply challenges and the uncertainty of the DDR5 ramp, I think that's a reasonable assumption, and that would assume our growth rate year-over-year being about 40% versus fiscal year '21. Demand remains strong, and we remain very optimistic about our product business.

加里，當我們回顧今年下半年的情況時，我認為大多數分析師的產品收入模型都在 2 億至 2.1 億美元之間，這似乎是一個相對持平的第三季和第四季營收數字。考慮到持續的供應挑戰和 DDR5 產能提升的不確定性，我認為這是一個合理的假設，並假設我們的年成長率與 21 財年相比約為 40%。需求依然強勁，我們對我們的產品業務仍然非常樂觀。

Well, thank you for all the detail, both of you. I wanted to extend the conversation and ask about your view on the substantial ramp of DDR5. And so I think your Intel and Sapphire Rapids, it was official last week that, that is delayed to the very end of the year, I think best case and more so into next year. Is that kind of how you view your official DDR5 ramp?

好的，謝謝你們提供的所有細節。我想延長對話，詢問您對 DDR5 大幅提升的看法。因此，我認為英特爾和 Sapphire Rapids 上週正式宣布推遲到今年年底，我認為最好的情況是明年。您是這樣看待官方 DDR5 升級的嗎？

Yes, Gary. As you know, we started to ship our DDR5 chips in the second half of last year and second half of 2021 because the module makers are going to production ahead of the initial product deals. So we are monitoring what both Intel and AMD are doing. We think that the crossover between DDR4 and DDR5 in volume might be slightly shifting from the end of 2023 to the beginning of 2024. But we're shipping to the first SKUs. We're getting orders from our customers. And I think we're just monitoring this very, very closely. It's going to be lumpy in nature, that transition between DDR4 and DDR5. But the market is going to be there, and we're confident in our position in that market. It's just going to be lumpy.

是的，加里。如您所知，我們在去年下半年和 2021 年下半年開始出貨 DDR5 晶片，因為模組製造商將在初始產品交易之前進行生產。因此，我們正在監控英特爾和 AMD 的動態。我們認為，從 2023 年底到 2024 年初，DDR4 和 DDR5 的銷售交叉可能會略有變化。我們正在收到客戶的訂單。我認為我們正在非常非常密切地監控這種情況。 DDR4 和 DDR5 之間的過渡本質上會是不穩定的。但市場將會存在，我們對我們在該市場的地位充滿信心。它只會變得結塊。

The next question is from the line of Mehdi Hosseini with SIG.

下一個問題來自 SIG 的 Mehdi Hosseini。

Luc, you had a very strong product revenue in Q2, up 70% year-over-year and up almost 12% on a sequential basis, and this is despite the fact that DDR5 is somewhat pushed out because of Sapphire Rapids. So can you please help us understand the dynamics behind this strength? And why shouldn't it go through like some sort of a pause before DDR5 adoption accelerates when Sapphire Rapids is available? And I have a follow-up.

Luc，您在第二季度的產品收入非常強勁，同比增長 70%，環比增長近 12%，儘管 DDR5 由於 Sapphire Rapids 的影響而受到一定程度的淘汰。那麼您能幫助我們了解這種優勢背後的動力嗎？當 Sapphire Rapids 可用時，為什麼不應該在 DDR5 的採用加速之前經歷某種暫停呢？我有一個後續行動。

Thanks, Mehdi. One of the main reasons we continue to post a growth that is much higher than the market growth is because we had a very strong design win footprint in the last generation of DDR4. Many times on this call, we explained that the footprint that we have in qualification translates a few quarters later into market share, and this is what happened with the DDR4 Ice Lake platform. We had a very strong footprint with our 3 customers. That platform, Ice Lake, is lasting a bit longer than expected, precisely because of the delay of DDR5, and that explains why we see this growth year-over-year and quarter-over-quarter.

謝謝，邁赫迪。我們繼續實現遠高於市場成長的成長的主要原因之一是我們在上一代 DDR4 中擁有非常強大的設計優勢。在這次電話會議上，我們多次解釋說，我們在資格認證中所擁有的足跡會在幾個季度後轉化為市場份額，這就是 DDR4 Ice Lake 平台所發生的情況。我們與 3 位客戶建立了非常密切的聯繫。 Ice Lake 平台的持續時間比預期要長一些，正是由於 DDR5 的延遲，這解釋了為什麼我們看到這種同比和環比增長。

The other thing is we've literally worked very, very closely with our supply chain partners on a weekly basis and with our customers on a weekly basis to make sure that we optimize supply and backlog management through that period of a supply-constrained environment.

另一件事是，我們實際上每週都與我們的供應鏈合作夥伴以及我們的客戶進行非常非常密切的合作，以確保我們在供應受限的環境時期優化供應和積壓管理。

Regarding DDR5, as we said, we believe it's going to be lumpy in nature, but DDR5 is going to ramp. We have received orders from the end of last year. We continue to see orders, but I think the transition might take a little longer than we expected earlier. But the demand that is not going to be fulfilled by the Sapphire Rapids platform is going to be fulfilled by the Ice Lake platform. So we're just monitoring that transition every week.

關於 DDR5，正如我們所說，我們相信它本質上會是不穩定的，但 DDR5 將會加速。我們從去年年底就收到訂單了。我們繼續看到訂單，但我認為過渡時間可能比我們之前預期的要長一些。但 Sapphire Rapids 平台無法滿足的需求將由 Ice Lake 平台來滿足。所以我們每週都會監控這種轉變​​。

Got you. And then one quick follow-up. Based on ASC 605, your revenue guide for Q3 implies $1 million incremental increase, but your total cost is going up by $3 million to $4 million. How should I think about this dynamic? And would your cost moderate after Q3 or cost increase will moderate after Q3?

明白你了。然後是快速跟進。根據 ASC 605，您的第三季收入指南意味著增量增加 100 萬美元，但您的總成本將增加 300 萬至 400 萬美元。我該如何看待這種動態？您的成本在第三季之後會放緩，還是成本成長會在第三季之後放緩？

Mehdi, this is Des. Looking at the Q3 guidance, we guided total operating cost which includes cost of goods sold at $79 million in the midpoint. This was up a few million dollars versus Q2, mainly driven by the timing of some variable R&D expense.

邁赫迪，這是德賽爾。從第三季的指導來看，我們指導總營運成本，其中包括中點 7,900 萬美元的銷售成本。與第二季相比，這一數字增加了幾百萬美元，主要是由於一些可變研發費用的時間表所致。

If we look at the back half of the year for OpEx, we would expect SG&A to remain relatively flat with what you saw in the first half of the year. But we will, from time to time, see some increases in available R&D to support some of our R&D programs that are expected to ramp in the back half of the year.

如果我們看看今年下半年的營運支出，我們預計 SG&A 將與上半年保持相對持平。但我們會不時看到可用研發的一些增加，以支持我們的一些研發計劃，這些計劃預計將在今年下半年增加。

The next question is from the line of Sidney Ho with Deutsche Bank.

下一個問題來自德意志銀行的 Sidney Ho。

Congrats on the solid results and, Des, also on your CFO appointment. My first question is on the supply constraint side. You talked about supply constraint impact in last quarter and probably going forward as well. Is there any way you can help us understand the impact in the past quarter in terms of revenue and margins? And what's your expectations going forward? And maybe what kind of visibility in terms of supply constraints do you have beyond 90 days?

恭喜您取得了可喜的業績，Des，也恭喜您任命了財務長。我的第一個問題是關於供應限制方面的。您談到了上個季度的供應限制影響，也可能影響未來。您有什麼方法可以幫助我們了解上一季對營收和利潤率的影響？您對未來有何期望？也許您對 90 天後的供應限制有什麼樣的了解？

If you're talking about the last couple of quarters, the impact on supply constraint is that we could have had higher revenue had we had the supply to support that revenue. We had a meaningful gap between our supply and our demand. As a result of that, we had to shift some of our customers' backlog into Q3 and Q4. So that's the main impact. We're trying to maintain our cost of goods to the right level. So we are posting the margins that we said we would make despite the supply environment. And as I said, we were working week after week with our suppliers and customers to optimize that equation until we get out of that situation.

如果你談論的是過去幾個季度，對供應限制的影響是，如果我們有供應來支持收入，我們本可以獲得更高的收入。我們的供應和需求之間存在著很大的差距。因此，我們不得不將部分客戶的積壓訂單轉移到第三季和第四季。這就是主要影響。我們正在努力將商品成本維持在適當的水平。因此，儘管供應環境不佳，我們還是公佈了我們所說的利潤。正如我所說，我們一周又一周地與供應商和客戶合作，優化這個方程式，直到我們擺脫這種情況。

Certainly. And maybe I would just add to the gross margin question as well. We've consistently talked about our blended product gross margin being between 60% to 65%. If you look at our gross margins for Q2 on the product side, we were around 62%, which was relatively flat to sort of Q1. So we've been operating in the first half of the year in the middle of the sort of product range that we mentioned. We'll continue to watch the underlying sort of product mix. But on a sort of long-term basis, we remain committed to the 60% to 65% product gross margins.

當然。也許我也想補充毛利率問題。我們一直在談論我們的混合產品毛利率在 60% 到 65% 之間。如果你看我們第二季產品方面的毛利率，我們約為 62%，與第一季相對持平。因此，我們在今年上半年一直在我們提到的產品系列中運作。我們將繼續關注潛在的產品組合類型。但從長遠來看，我們仍然致力於 60% 至 65% 的產品毛利率。

That's helpful. My follow-up question is on the (inaudible) chips, the [memory] chipset business. So you announced the SPD hubs in the temperature sensor. Can you just remind us the timing of when you recognize reference from these opportunities? What is the revenue potential versus your existing RCD chips? And what do you expect the attach rate with the RCD products, how you expect that over time?

這很有幫助。我的後續問題是關於（聽不清楚）晶片，[記憶體]晶片組業務。因此，您宣布了溫度感測器中的 SPD 集線器。您能提醒我們一下您從這些機會中認識到參考的時間嗎？與您現有的 RCD 晶片相比，收入潛力有多大？您預計 RCD 產品的附加率是多少？

Yes, Sidney. So as we say, we're sampling customers as we speak. These 2 companion chips are added to the DDR5 memory modules, so the ramp of those companion chips are also going to depend on the DDR4/DDR5 transition. What I mean by this is that the SAM only starts when DDR5 starts in the market.

是的，西德尼。正如我們所說，我們正在對客戶進行抽樣調查。這 2 個配套晶片被添加到 DDR5 記憶體模組中，因此這些配套晶片的效能提升也將取決於 DDR4/DDR5 過渡。我的意思是，SAM 僅在 DDR5 上市時啟動。

We are not expecting any meaningful revenue this year. This will ramp next year. And there are several suppliers for this type of products, so we don't expect either a one-to-one attach rate to the RCD. But the RCD remains the main component on these memory modules for DDR5. We believe the companion chips could add some SAM to the buffer chip. When we look at the market size for companion chips in 2024 when DDR5 is going to be out there, that adds a sum of about above $400 million in total to the SAM, and we're going to compete for a share of that SAM.

我們預計今年不會有任何有意義的收入。這將在明年增加。而且這類產品有多家供應商，因此我們預期 RCD 不會出現一對一的附加率。但 RCD 仍然是這些 DDR5 記憶體模組的主要元件。我們相信配套晶片可以在緩衝晶片中添加一些 SAM。當我們看到 2024 年 DDR5 即將推出時配套晶片的市場規模時，SAM 的總價值將增加約 4 億美元以上，我們將爭奪 SAM 的份額。

Okay. That's fair. Do you mind if I ask one more question?

好的。這很公平。你介意我再問一個問題嗎？

Absolutely, yes. Please go.

絕對是的。請走吧。

Yes. Just on the Hardent acquisition, what does it bring to the table that you don't already have? And how does that change the time line for your OCXL chips?

是的。就哈登特收購而言，它為你帶來了哪些你還沒有的東西？這將如何改變您的 OCXL 晶片的時間軸？

Thanks, Sidney. So the Hardent acquisition brings a couple of advantages to our CXL program. The first one is that they are very knowledgeable in some specific technologies like ECC and these kind of things. And secondly and probably more importantly for us, they have a long experience as complex SoC design.

謝謝，西德尼。因此，收購 Hardent 為我們的 CXL 計劃帶來了一些優勢。第一個是他們對某些特定技術非常了解，例如 ECC 等。其次，對我們來說可能更重要的是，他們在複雜 SoC 設計方面擁有豐富的經驗。

Rambus is known for buffer chips. Buffer chips are small chips with signal integrity being the most important aspect of those. CXL chip is going to be much larger chip, SoC chip, and this is something that we didn't have in-house. So we're bringing a team that had many, many years of experience building large SoCs together as a team, and that's going to help us in the back-end design of our CXL chips.

Rambus 以緩衝晶片而聞名。緩衝器晶片是小型晶片，訊號完整性是其中最重要的方面。 CXL 晶片將是更大的晶片，SoC 晶片，這是我們內部沒有的。因此，我們將組建一支擁有多年建造大型 SoC 經驗的團隊，這將有助於我們進行 CXL 晶片的後端設計。

The next question is from the line of Kevin Cassidy with Rosenblatt Securities.

下一個問題來自羅森布拉特證券公司的凱文卡西迪。

This is McClain Culver on for Kevin Cassidy. Congratulations, Des, on your appointment. I know you touched on it in the remarks. But have you experienced any slowdown in licensing activity? And is that activity more weighted to memory interface, CXL or security?

我是麥克萊恩·卡爾弗 (McClain Culver) 替補凱文·卡西迪 (Kevin Cassidy)。恭喜你，德斯，你的任命。我知道你在發言中提到了這一點。但您是否經歷過許可活動放緩的情況？該活動是否更注重記憶體介面、CXL 還是安全性？

I'll start, and I'll let Des comment. The silicon IP business can be lumpy in nature because we're going after a lot of customers and a lot of designs. But as Des said, we are on track to deliver $120 million to $130 million from that business. And if we look back to last year, that's about $20 million to $30 million more. So the trajectory is the trajectory of growth. But we do see some, I would say, variation from quarter-to-quarter depending on the timing of the designs that we win. We're winning designs across the board between interface IP and security. In the security IP, we address market beyond data centers and AI. This is with the security IP that we have our first wins with automotive or government types of applications.

我先開始，然後讓德賽爾發表評論。矽 IP 業務本質上可能是不穩定的，因為我們正在追求大量的客戶和大量的設計。但正如 Des 所說，我們預計從該業務中獲得 1.2 億至 1.3 億美元的收入。如果我們回顧去年，大約增加了 2000 萬至 3000 萬美元。所以這個軌跡就是成長的軌跡。但我想說，我們確實看到了一些季度與季度之間的變化，這取決於我們贏得設計的時間。我們正在贏得介面 IP 和安全性之間的全面設計。在安全IP方面，我們致力於資料中心和人工智慧以外的市場。這是我們在汽車或政府類型應用中首次贏得的安全 IP。

And just to add, Luc, we've been very happy with the momentum and traction in our silicon IP business. We did reconfirm the $120 million to $130 million range for silicon IP in the prepared remarks. It's really great to see this business growing and approaching scale. And as you mentioned, this comes from the combination of interface IP and the security offerings that we have.

Luc，我要補充一點，我們對矽 IP 業務的勢頭和吸引力感到非常滿意。我們確實在準備好的評論中再次確認了矽 IP 的 1.2 億至 1.3 億美元範圍。很高興看到這項業務不斷發展並接近規模。正如您所提到的，這來自介面 IP 和我們擁有的安全產品的結合。

There are currently no further questions registered. (Operator Instructions)

目前沒有登記任何其他問題。 （操作員說明）

Okay. So if there's no more question, thank you. I'd like to thank you to everyone who's joined the call today for your continued interest and time, and we look forward to speaking with you again soon. Have a great day. Thank you.

好的。如果沒有其他問題了，謝謝。我要感謝今天參加電話會議的所有人的持續關注和時間，我們期待很快再次與您交談。祝你有美好的一天。謝謝。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。現在您可以斷開線路。