Rambus Inc (RMBS) 2024 Q3 法說會逐字稿

Welcome to the Rambus's third-quarter fiscal year 2024 earnings conference call. (Operator Instructions)

歡迎參加 Rambus 2024 財年第三季財報電話會議。（操作員說明）

As a reminder, this conference call is being recorded. I would now like to turn the conference over to Desmond Lynch, Chief Financial Officer. You may begin your conference.

謹此提醒，本次電話會議正在錄音中。我現在想將會議交給財務長德斯蒙德林奇 (Desmond Lynch)。您可以開始您的會議了。

Thank you, operator, and welcome to the Rambus's third-quarter 2024 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 2024 年第三季業績電話會議。我是德斯蒙德林奇 (Desmond Lynch)，Rambus 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. We are webcasting this call along with slides that we will reference during portions of today's call. 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。我們正在網路直播本次電話會議以及我們將在今天電話會議的部分內容中參考的幻燈片。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 projected financial results, financial prospects, market growth, demand for our solutions, and other market factors, and the effects of ASC 606 on reported revenue amongst other items. These statements are subject to risks and uncertainties that may be discussed during this call, and are more fully described in the documents we file with the SEC, including our 8-K's, 10-Q's, and 10-K's.

我們今天的討論將包含前瞻性陳述，包括我們對預期財務表現、財務前景、市場成長、對我們解決方案的需求和其他市場因素的預期，以及 ASC 606 對報告收入等項目的影響。這些聲明受到本次電話會議期間可能討論的風險和不確定性的影響，並且在我們向 SEC 提交的文件中進行了更全面的描述，包括我們的 8-K、10-Q 和 10-K。

These forward-looking statements may differ materially from our actual results, and we are under no obligation to update these statements. In an effort to provide greater clarity into 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 and our slide presentation, and on our website at rambus.com, on the Investor Relations page under Financial Releases.

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。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。

In addition, we will continue to provide operational metrics, such as licensing billings, to give investors better insight into our operational performance. 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.

此外，我們將繼續提供營運指標，例如許可帳單，以便投資者更了解我們的營運績效。我們今天的電話會議順序如下：Luc 將首先概述業務，我將討論我們的財務業績，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, Des, and good afternoon, everyone. In Q3, the company delivered strong sequential growth, fueled by double digit increase in product revenue, driven by continued market leadership and from our DDR5 memory interface chips and sustained execution across our growing portfolio of products. And while we invest in our product and technology leadership, we continue to generate excellent cash from operations and deliver consistent returns value to our stockholders.

謝謝你，德斯，大家下午好。第三季度，在產品營收兩位數成長的推動下，公司實現了強勁的連續成長，這得益於持續的市場領先地位、我們的DDR5 記憶體介面晶片以及我們不斷成長的產品組合的持續執行力。在我們投資於我們的產品和技術領先地位的同時，我們繼續從營運中產生大量現金，並為股東提供持續的回報價值。

In Q3 alone, we generated $62 million of cash from mine operations and repurchased $50 million of stock, marking our fifth consecutive quarter of share repurchases.

光是第三季度，我們就從礦場營運中產生了 6,200 萬美元的現金，並回購了 5,000 萬美元的股票，這是我們連續第五個季度回購股票。

In continued demonstration of our product leadership, earlier this month, we were the first to introduce complete chipsets for industry standard DDR5 MRDIMMs at 12,800 mega transfers was taken, and earnings at 8,000 megatrends gross per second, which are commonly refer and to as the MRDIMM 12,800, and RDIMM 8,000, respectively. Designed to meet the insatiable demand for higher memory performance in advanced data center and AI workloads, these new chipset represents a significant expansion of our addressable market and long-term growth opportunity.

為了繼續展示我們的產品領先地位，本月早些時候，我們率先推出了適用於行業標準 DDR5 MRDIMM 的完整晶片組，傳輸速度為 12,800 兆，收益為每秒 8,000 兆，通常稱為 MRDIMM分別為12,800和RDIMM 8,000。這些新晶片組旨在滿足高級資料中心和人工智慧工作負載對更高記憶體效能的持續需求，代表了我們潛在市場的顯著擴展和長期成長機會。

In Q3, memory interface chips delivered revenue of $66 million, up 17% sequentially, and 27% year over year. And in Q4, we anticipate our third consecutive quarter of double digit sequential growth. As expected, we are pleased to see that data center demand growth in the second half of this year is driving increased sales of our core DDR5 RCD products, where we continue to gain share and early contributions from new products.

第三季度，記憶體介面晶片營收為 6,600 萬美元，季增 17%，年增 27%。在第四季度，我們預計將連續第三個季度實現兩位數的環比成長。正如預期，我們很高興看到今年下半年資料中心需求的成長正在推動我們核心 DDR5 RCD 產品銷售的成長，我們繼續獲得新產品的份額和早期貢獻。

We are also very excited by the positive customer feedback on our new products with qualification shipments on the way for both server and client applications. The rapid development of new leadership memory subsystem quarters is difficult to sustain advancement of powerful server architectures. And the growth of AI and other data-intensive applications are accelerating the cadence of new products. As a fundamental pillar to our growth strategy, we will continue to leverage our strong balance sheet to support our strategic investments in new product to expand our market opportunity and to drive the long-term growth of the company.

我們也對客戶對我們的新產品的積極反饋感到非常興奮，並且伺服器和客戶端應用程式的合格發貨正在進行中。新的領先記憶體子系統領域的快速發展很難維持強大的伺服器架構的進步。人工智慧和其他數據密集型應用的成長正在加快新產品的節奏。作為我們成長策略的基本支柱，我們將繼續利用我們強大的資產負債表來支持我們對新產品的策略投資，以擴大我們的市場機會並推動公司的長期成長。

The recent introductions of our complete chipsets for the industry standard DDR5 MRDIMM 12,800 and RDIMM 8,000, which I mentioned earlier, are great illustrations of this strategy in action. These new chipsets enable the next wave of DDR5-based systems, and incorporate the advanced clocking, control, and power management features needed for higher capacity and higher bandwidth modules.

我之前提到過，我們最近推出了適用於業界標準 DDR5 MRDIMM 12,800 和 RDIMM 8,000 的完整晶片組，很好地說明了這項策略的實際應用。這些新晶片組支援下一波基於 DDR5 的系統，並整合了更高容量和更高頻寬模組所需的先進時脈、控制和電源管理功能。

As a recap, our newly announced offerings for DDR5-based systems include the Gen5 RCD, enabling next-generation standard RDIMMs operating at 8,000 mega transfers per second, the multiplexed RCD or MRCD; and multiplexed data buffer, or MDB, enabling industry-standard MRDIMMs running at 12,800 mega transfers per second; and finally, the second-generation server, PMIC, designed for both the RDIMM and MRDIMM.

回顧一下，我們新推出的基於 DDR5 的系統產品包括 Gen5 RCD（支援每秒 8,000 兆傳輸的下一代標準 RDIMM）、多路復用 RCD 或 MRCD；多路復用資料緩衝區 (MDB)，支援業界標準 MRDIMM 以每秒 12,800 兆傳輸的速度運作；最後是第二代伺服器 PMIC，專為 RDIMM 和 MRDIMM 設計。

Our SPD hub and temperature sensor are also utilizing both the MRDIMM and RDIMM memory modules, rounding out our comprehensive chipset offerings. These chipsets are designed to intercept future generation server platforms currently targeted for 2026 and beyond that will use the next wave of DDR5.

我們的 SPD 集線器和溫度感測器也利用 MRDIMM 和 RDIMM 記憶體模組，完善了我們全面的晶片組產品。這些晶片組旨在攔截目前目標為 2026 年及之後將使用下一波 DDR5 的下一代伺服器平台。

As part of this next wave, the RDIMM 8,000 and MRDIMM 12,800 are designed around a common architecture that allows an end user to populate a server with either module-type, enabling flexible and scalable server memory configurations. Addressing a broad range of traditional and AI servers, a DDR5 RDIMM 8,000 utilizes the Gen5 RCD and next-generation server, PMIC, to deliver more than 67% greater bandwidth versus the first generations of DDR5. This represents an important new benchmark in server main memory, and supports the ongoing growth of AI and other compute-intensive workloads.

作為下一波浪潮的一部分，RDIMM 8,000 和 MRDIMM 12,800 圍繞通用架構進行設計，允許最終用戶使用任一模組類型填充伺服器，從而實現靈活且可擴展的伺服器記憶體配置。DDR5 RDIMM 8,000 可滿足各種傳統和 AI 伺服器的需求，利用 Gen5 RCD 和下一代伺服器 PMIC，與第一代 DDR5 相比，頻寬提高了 67% 以上。這代表了伺服器主記憶體的一個重要的新基準，並支援人工智慧和其他運算密集型工作負載的持續成長。

As AI continue to scale with a larger and more complex models, demanding ever-greater memory bandwidth and capacity, the industry standard MRDIMM will be key to extending the DDR5 roadmap to meet these needs. MRDIMM does this by employing a novel and efficient module design that boost data transfer rates and system performance by multiplexing to ranks of DRAM.

隨著人工智慧不斷擴展到更大、更複雜的模型，需要更大的記憶體頻寬和容量，產業標準 MRDIMM 將成為擴展 DDR5 路線圖以滿足這些需求的關鍵。MRDIMM 透過採用新穎高效的模組設計來實現這一點，該設計透過重複使用到 DRAM 列來提高資料傳輸速率和系統效能。

In order to support the increased complexity of this functionality, each DDR5 MRDIMM 12,800 requires 1 MRCD and 10 MDB chips to multiplex the memory channel and support more memory devices. These doubles the bandwidth and provides for greater capacity, while using this same physical connections of DDR5 RDIMMs.

為了支援此功能日益增加的複雜性，每個 DDR5 MRDIMM 12,800 需要 1 個 MRCD 和 10 個 MDB 晶片來重複使用記憶體通道並支援更多記憶體設備。它們使頻寬加倍並提供更大的容量，同時使用 DDR5 RDIMM 的相同實體連接。

As I previously mentioned, our second-generation server, PMIC, is part of the chipset for both the RDIMM 8,000 and MRDIMM 12,800, with new server PMIC, supports higher speeds as well as more DRAM and logic chips per module. This second-generation server, PMIC, along with the Gen5 RCD, MRCD, and MDB, are further demonstrations of Rambus product leadership and our exciting new additions to our portfolio that significantly increase our addressable market in the years to come.

正如我之前提到的，我們的第二代伺服器 PMIC 是 RDIMM 8,000 和 MRDIMM 12,800 晶片組的一部分，採用新的伺服器 PMIC，支援更高的速度以及每個模組更多的 DRAM 和邏輯晶片。這款第二代伺服器 PMIC 以及 Gen5 RCD、MRCD 和 MDB 進一步展示了 Rambus 產品的領先地位以及我們產品組合中令人興奮的新成員，這些新成員將在未來幾年顯著擴大我們的目標市場。

Turning to silicon IP, AI continues to drive long-term momentum across our IP business. We further expanded our portfolio of leading AI-focused offerings with the introduction of the industry's first HBM4 memory controller IP. This new HBM4 controller IP provides a vital building block for cutting edge AI accelerators, graphics, and HPC applications.

談到矽 IP，人工智慧持續推動我們 IP 業務的長期發展動能。透過推出業界首款 HBM4 記憶體控制器 IP，我們進一步擴展了領先的以 AI 為中心的產品組合。這款全新 HBM4 控制器 IP 為尖端 AI 加速器、圖形和 HPC 應用提供了重要的建造模組。

Looking ahead, the requirements for power, performance, and security will only intensify spurred by Generative AI and other data intensive workloads. Across all of our businesses, Rambus is strategically focused on advancing system memory bandwidth and capacity through innovative memory connectivity and power management solutions.

展望未來，在生成式人工智慧和其他資料密集型工作負載的刺激下，對功耗、效能和安全性的要求只會越來越高。在我們所有的業務中，Rambus 的策略重點是透過創新的記憶體連接和電源管理解決方案來提高系統記憶體頻寬和容量。

In closing, Q3 was a strong quarter for the company, driven by excellent execution and double-digit product revenue growth from our chip business. Consistent with our view that we would see our performance strengthening throughout the year, we are poised for another quarter of double-digit product revenue growth in Q4 and are on track for greater than 30% product growth in the second half, compared to the first half of the year.

最後，在晶片業務出色的執行力和兩位數的產品收入成長的推動下，第三季對公司來說是一個強勁的季度。與我們全年業績將有所增強的觀點一致，我們預計第四季度的產品收入將再次實現兩位數的增長，並且與上半年相比，下半年的產品增長預計將超過 30%半年。

Through our continued leadership in DDR5 RCDs, growing momentum in new products, and the introduction of our industry-first MRDIMM and RDIMM chipsets, we continue to expand our addressable market and are well positioned to capitalize on secular trends in data center and AI. Our strong cash generation enables us to continue investing in innovative products and to pursue strategic initiatives that drive the long-term growth of the company while consistently delivering value to our stockholders. As always, I'd like to thank our customers, partners, and employees for their ongoing support.

透過我們在DDR5 RCD 領域的持續領先地位、新產品的不斷增長勢頭以及業界首款MRDIMM 和RDIMM 晶片組的推出，我們不斷擴大我們的潛在市場，並處於有利地位，能夠充分利用資料中心和人工智慧的長期趨勢。我們強大的現金產生能力使我們能夠繼續投資創新產品，並推行推動公司長期成長的策略性舉措，同時持續為股東創造價值。一如既往，我要感謝我們的客戶、合作夥伴和員工的持續支持。

And 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. I'd like to begin with a summary of our financial results for the third quarter on slide 5.

謝謝你，呂克。我想先在投影片 5 上總結我們第三季的財務表現。

We are pleased with our strong Q3 financial results. Our team delivered double-digit product revenue growth, with strong cash generation in the quarter. Our profitable results and outstanding cash generation allowed us to continue to strategically invest in our product roadmap and return capital to our shareholders through share repurchases.

我們對第三季強勁的財務業績感到滿意。我們的團隊實現了兩位數的產品收入成長，本季現金產生強勁。我們的獲利績效和出色的現金產生能力使我們能夠繼續對我們的產品路線圖進行策略性投資，並透過股票回購向股東返還資本。

Let me now provide you a summary of our non-GAAP income statement on slide 6. Revenues for the third quarter was $145.5 million, which was in line with our expectations. Royalty revenue was $64.1 million, while licensing billings were $65.4 million. The difference between licensing billings and royalty revenue mainly relates to timing, as we do not always recognize revenue in the same quarter as we bill our customers.

現在讓我向您提供投影片 6 上我們的非 GAAP 損益表的摘要。第三季營收為1.455億美元，符合我們的預期。特許權使用費收入為 6,410 萬美元，許可費用為 6,540 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 $66.4 million, up 17% sequentially and up 27% year over year, driven by continued strength in DDR5. Contract and other revenue was $15 million, consisting predominantly of silicon IP. As a reminder, only a portion of our silicon IP revenue as reflected in contract and other revenue, and the remaining portion as reported and royalty revenue as well as in licensing billings.

在 DDR5 持續強勁的推動下，產品營收為 6,640 萬美元，較上季成長 17%，較去年同期成長 27%。合約和其他收入為 1500 萬美元，主要由矽 IP 組成。提醒一下，我們的矽 IP 收入只有一部分反映在合約和其他收入中，其餘部分反映在報告和特許權使用費收入以及授權帳單中。

Total operating costs, including cost of goods sold for the quarter were $80.5 million. Operating expenses of $55.3 million, were in line with our expectations, and we ended the quarter with a total headcount of 685.

本季的總營運成本（包括銷售成本）為 8,050 萬美元。營運費用為 5,530 萬美元，符合我們的預期，本季末我們的員工總數為 685 人。

GAAP interest and other income for the third quarter was $4.3 million, which includes $100,000 of ASC 606 interest income. Using an assumed flat tax rate of 22% for non-GAAP pretax income, non-GAAP net income for the quarter was $54.1 million.

第三季 GAAP 利息和其他收入為 430 萬美元，其中包括 10 萬美元的 ASC 606 利息收入。採用假設非 GAAP 稅前收入 22% 的統一稅率，該季度非 GAAP 淨利潤為 5,410 萬美元。

Now, let me turn to the balance sheet details on slide 7. We ended the quarter with cash, cash equivalents, and marketable securities totaling $432.7 million. This is flat to Q2, as our strong cash from operations of $62.1 million was offset by stock repurchases and cash capital expenditures.

現在，讓我來看看投影片 7 上的資產負債表詳細資料。本季結束時，我們的現金、現金等價物和有價證券總計 4.327 億美元。這與第二季度持平，因為我們來自營運的 6,210 萬美元的強勁現金被股票回購和現金資本支出所抵消。

In the quarter, we repurchased $50 million of stock, which retired approximately 1.2 million shares in our fifth consecutive quarter of executing share buybacks. Third-quarter capital expenditures was $13.5 million for depreciation expense was $6.7 million. We delivered $48.6 million of free cash flow in the quarter.

本季度，我們回購了 5,000 萬美元的股票，這是我們連續第五個季度執行股票回購，回購了約 120 萬股股票。第三季資本支出為 1,350 萬美元，折舊費用為 670 萬美元。本季我們交付了 4,860 萬美元的自由現金流。

Let me now review our outlook for the fourth quarter on slide 8. As a reminder, the forward-looking guidance reflects our current base estimates at this time. We continue to actively monitor the macroenvironment and our actual results could differ materially from what I'm about to review.

現在讓我回顧一下投影片 8 上我們對第四季的展望。提醒一下，前瞻性指引反映了我們目前的基本估計。我們將繼續積極監控宏觀環境，我們的實際結果可能與我即將審查的結果有重大差異。

In addition to the financial outlook under ASC 606, we also provide 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.

除了 ASC 606 規定的財務前景外，我們還提供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 ASC 606, we expect revenue in the fourth quarter to be between $154 million and $160 million. We expect royalty revenues to be between $54 million and $60 million, and licensing billings between $57 million and $63 million.

根據 ASC ASC 606，我們預計第四季度的營收將在 1.54 億美元至 1.6 億美元之間。我們預計特許權使用費收入將在 5,400 萬美元至 6,000 萬美元之間，授權費用將在 5,700 萬美元至 6,300 萬美元之間。

We expect Q4 non-GAAP total operating costs, which include COGS to be between $86 million and $82 million. We expect Q4 capital expenditures to be approximately $11 million.

我們預計第四季非 GAAP 總營運成本（包括銷貨成本）將在 8,600 萬美元至 8,200 萬美元之間。我們預計第四季資本支出約為 1100 萬美元。

Under ASC 606, non-GAAP operating results for the fourth quarter is expected to be between a profit of $68 million and $78 million. For non-GAAP interest and other income and expense, we expect $4 million of interest income.

根據 ASC 606，第四季非 GAAP 營運業績預計將在 6,800 萬美元至 7,800 萬美元之間。對於非 GAAP 利息和其他收入和支出，我們預計利息收入為 400 萬美元。

We expect to pro forma tax rate to be approximately 22%, with non-GAAP tax expense is expected to be between $16 million and $18 million in Q4. We expect Q4 share count to be 108 million diluted shares outstanding. Overall, we anticipate the Q4 non-GAAP earnings per share range between $0.52 and $0.59.

我們預計預計稅率約為 22%，第四季非 GAAP 稅務費用預計在 1,600 萬美元至 1,800 萬美元之間。我們預計第四季稀釋後流通股數將為 1.08 億股。總體而言，我們預計第四季非 GAAP 每股收益範圍在 0.52 美元至 0.59 美元之間。

Let me finish with a summary on slide 9. In closing, I am pleased with our financial results and continued execution. In Q3, our team delivered double-digit product revenue growth with continued strong cash generation. Through our leadership and organic investments in DDR5 solutions, we are well positioned to capture the long-term opportunity ahead of us, while continuing to deliver value to our stockholders.

讓我在投影片 9 上進行總結。最後，我對我們的財務表現和持續執行感到滿意。第三季度，我們的團隊透過持續強勁的現金產生實現了兩位數的產品收入成長。憑藉我們在 DDR5 解決方案方面的領導地位和有機投資，我們已做好充分準備，抓住面前的長期機遇，同時繼續為股東創造價值。

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 the operator to begin Q&A. Could we have our first question?

之後，我會將電話轉回接線生開始問答。我們可以問第一個問題嗎？

(Operator Instructions) Kevin Cassidy, Rosenblatt Securities.

（操作員指示）Kevin Cassidy，羅森布拉特證券。

Thanks for taking my question and congratulations on the good results. But just on the results, maybe just to help clarify the guidance for the contract revenue was $17 million to $23 million, and you came in at $15 million, you did much better on the licensing. But maybe can you just talk what some of the moving parts might have been there?

感謝您提出我的問題並祝賀取得了良好的結果。但僅就結果而言，也許只是為了幫助澄清合約收入指引為 1700 萬美元至 2300 萬美元，而您的收入為 1500 萬美元，您在許可方面做得更好。但也許你能談談其中可能存在哪些活動部件嗎？

Kevin, thanks for your question. As we have sort of talked about previously, silicon IP revenue can show up under both contract and other licensing billings. If we customize IP, then it's classified as contract another, and if the IP sold off the shelves, it will show up in our licensing billings. So if you really look at our Q3 results, what we did see is silicon IP revenue was relatively flat quarter over quarter at $28 million to $29 million. However, you did see a shift in revenue between the classification as we sold more off-the-shelf IP which resulted in higher licensing billings, which was offset by lower contract and other revenue.

凱文，謝謝你的提問。正如我們之前談到的，矽 IP 收入可以同時體現在合約和其他授權帳單中。如果我們定制 IP，那麼它將被歸類為另一個合同，如果 IP 下架出售，它將顯示在我們的許可賬單中。因此，如果你仔細觀察我們第三季的業績，我們確實會看到矽 IP 收入環比持平，為 2800 萬美元至 2900 萬美元。然而，您確實看到了分類之間收入的變化，因為我們出售了更多的現成 IP，這導致許可費用增加，但合約和其他收入的減少抵消了這一變化。

If you zoom out from an annual perspective, Kevin, I would expect around $40 million of silicon IP to show up under the licensing billings number. And if you add that to the contract in other revenue of around about $80 million, you will see a business that's growing in line with our expectation and continuing to operate at scale. But overall, we're very pleased with our performance in silicon IP, and we're on track to meet our annual growth rate targets here.

如果你從年度角度來看，凱文，我預計許可帳單數字下會出現大約 4000 萬美元的矽 IP。如果將其添加到合約中約 8000 萬美元的其他收入中，您將看到業務的成長符合我們的預期，並繼續大規模營運。但總的來說，我們對我們在矽 IP 領域的表現非常滿意，並且我們有望實現我們的年度成長率目標。

Okay, great. Thanks for that explanation. And maybe just for further explanation, you announced having the HBM4 controller. That's, I guess, CPUs using that expected a couple of years out. Do you get paid for this now? Is this a license that you had signed and get paid currently? Or do you have to wait for the device to -- the CPU to be in production?

好的，太好了。謝謝你的解釋。也許只是為了進一步解釋，您宣布擁有 HBM4 控制器。我猜想，使用這種技術的 CPU 預計會在幾年後出現。你現在有為此得到報酬嗎？這是您目前已簽署並獲得付款的許可證嗎？或者您必須等待設備—CPU 投入生產？

Kevin, thank you for your question. Typically, we get paid when we deliver the IP to our customers. And we've done this consistently over the years, we've been actually leading the HBM road map with this IP. We announced our HBM3 in '21 -- HBM3 in '23. And this year, we are announcing our HBM4. And every time, we have a wave of silicon companies that buy that IP in the form of license. so we do not wait for these products to go to production to be paid for these licenses.

凱文，謝謝你的問題。通常，當我們向客戶交付 IP 時，我們就會獲得報酬。多年來我們一直在這樣做，我們實際上一直在利用這個 IP 來引領 HBM 路線圖。我們在 21 年宣布了 HBM3，在 23 年宣布了 HBM3。今年，我們發布了 HBM4。每次，我們都會有一波晶片公司以授權的形式購買該智慧財產權。因此，我們不會等到這些產品投入生產才支付這些許可證的費用。

Okay. Great. I'll get back into queue. Let other people ask questions.

好的。偉大的。我會回到隊列中。讓其他人提問。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，杰弗里斯。

Hey, guys. Thanks for taking my question. Congrats on the product revenue growth. Maybe I just want to follow up on Kevin's question.

嘿，夥計們。感謝您提出我的問題。恭喜產品收入成長。也許我只是想跟進凱文的問題。

In terms of silicon IP, I'm not sure I followed the math. But I guess for the guide, it's kind of lumpy in contract revenue and you have it back up. You had talked about kind of the silicon IP growing at like 10%, 15%. I don't think it's been growing that fast. So I'm just kind of curious, is this kind of a base that it grows off of? Or is it kind of lumpy and comes back down?

就矽 IP 而言，我不確定我是否遵循了數學原理。但我想對於指南來說，合約收入有點不穩定，但你可以把它備份起來。您曾談到矽 IP 的成長速度約為 10%、15%。我不認為它增長得那麼快。所以我只是有點好奇，這是它生長的基礎嗎？還是有點凹凸不平然後又掉下來了？

It's just hard to kind of reconcile on a quarterly basis there, but maybe you can talk about if there's anything in December and then if that 10%, 15% growth is still the right number?

很難按季度進行協調，但也許你可以談談 12 月是否有什麼變化，然後 10%、15% 的成長是否仍然是正確的數字？

Hi, Blayne, it's Des. You are correct, the correct way to think about silicon IP is, they're growing that 10% to 15% -- this year, we do expect silicon IP to grow around 10%, which is in line with that 10% to 15% expectation.

嗨，布萊恩，我是德賽爾。你是對的，考慮矽 IP 的正確方法是，它們正在增長 10% 到 15%——今年，我們確實預計矽 IP 將增長 10% 左右，這與 10% 到 15% 的增長是一致的％ 期待。

When you look at the revenue, it split, silicon IP as I mentioned earlier, across the two categories, one that is a component within licensing billings, let's just call it $40 million for the round number there. And you also have around $80 million within contract and others. So that takes the business to about $120 million this year, which is up about 10% compared to last year when you normalize the PHY divestiture from there. And we're really excited about the business going forward.

當你查看收入時，正如我之前提到的，它將矽 IP 分為兩個類別，其中一個類別是許可賬單中的一個組成部分，我們將其稱為 4000 萬美元。合約和其他方面還有大約 8000 萬美元。因此，今年的業務規模約為 1.2 億美元，如果將 PHY 業務剝離正常化，則比去年增長約 10%。我們對未來的業務感到非常興奮。

We have released new products this year, which are really targeted towards the AI solutions, which includes HBM4, PCIe 7 and GDDR7 solutions. So going forward, I would expect the business to grow in that 10% to 15% going into sort of next year, and we've been executing at that sort of growth rate in 2024.

我們今年推出了新產品，真正針對AI解決方案，包括HBM4、PCIe 7和GDDR7解決方案。因此，展望未來，我預計明年業務將成長 10% 到 15%，我們在 2024 年一直以這種成長率執行。

Thanks. And I just had a question on product. DDR4 had been quite small. I was just kind of curious within this pickup, is it still small levels or has it recovered any fit?

謝謝。我只是有一個關於產品的問題。DDR4 本來就很小。我只是對這款皮卡感到好奇，它的水平仍然很小還是已經恢復了？

DDR4 is still at small levels, as expected. We've seen the sixth consecutive decline of inventories in the channel. However, the sales of DDR4 remain modest. And Des indicated in the last -- it was about $5 million a quarter, and we see this continuing. We see a long tail but with low sales.

如預期，DDR4 仍處於小水平。我們已經看到渠道庫存連續第六次下降。然而，DDR4 的銷量仍然不大。Des 最後指出，每季約 500 萬美元，我們預計這種情況會持續下去。我們看到了一長尾，但銷量卻很低。

The good news for us is that most of our sales on -- that's growing this double-digit quarter-over-quarter is coming from DDR5. And we were expecting this given the good design win footprint that we had on several generations of DDR5. So that translates now into that growth that you're seeing in Q3 and that we're expecting in Q4. But DDR4 plays a very modest role in that growth. Most of our sales are in DDR5.

對我們來說，好消息是，我們的大部分銷售額（季度環比成長兩位數）都來自 DDR5。鑑於我們在幾代 DDR5 上擁有良好的設計優勢，我們對此充滿期待。因此，這現在轉化為您在第三季度看到的成長以及我們預計在第四季度的成長。但 DDR4 在這一成長中所扮演的角色非常有限。我們的大部分銷售都是 DDR5。

Thanks so much.

非常感謝。

Mehdi Hosseini, SIG.

邁赫迪·侯賽尼，SIG。

Yes, thanks for taking my question. First one is for Luc. When I look at your product revenue, you've had a very nice incremental increase from Q1 to Q4 from $50 million to $75 million to $25 million of incremental increase, what I want to learn from you is how much of these $25 million of incremental increases driven by companionship and how much of it is just migration to DDR5?

是的，感謝您提出我的問題。第一個是給呂克的。當我查看你們的產品收入時，從第一季度到第四季度，你們的增量增長非常好，從5000 萬美元到7500 萬美元，再到2500 萬美元的增量增長，我想向你們了解的是這2500 萬美元的增量中有多少增長是由陪伴推動的，其中有多少只是遷移到 DDR5？

And if we were to look into next year, should we assume kind of a scaling from the $75 million that you're exiting '24 from?

如果我們要展望明年，我們是否應該假設您在 24 世紀退出時的 7500 萬美元規模有所擴大？

Thank you, Mehdi. Thank you, Mehdi. In terms of the second half of this year, you're correct. Our product revenue for the second half of this year is going to be about 30% higher in the first part of this year. There are two contributors to that. The main contributor is, as I said earlier, DDR5, we've worked over the last few years in making sure that we're leading the DDR5 race by introducing the DDR5 products first in the market, to secure the footprint, and that footprint is translating now into market share.

謝謝你，邁赫迪。謝謝你，邁赫迪。就今年下半年而言，你是對的。我們今年下半年的產品收入比今年上半年高出30%左右。這有兩個貢獻者。正如我之前所說，主要貢獻者是 DDR5，過去幾年我們一直致力於透過在市場上首先推出 DDR5 產品來確保我們在 DDR5 競賽中處於領先地位，以確保足跡和足跡現在正在轉化為市場份額。

So that DDR5 market share is explaining the growth in the second half compared to first half. We also have the initial sales of companionships. We know we missed the first generation of products, but we're starting to ship those companionships Q4 should see an increase versus Q3. And we're also very excited with the traction that we have on our first wave of PMIC products which are in qualification with our customers and where we see qualification volumes into Q4.

因此，DDR5 市佔率解釋了下半年相比上半年的成長。我們也有最初的陪伴銷售。我們知道我們錯過了第一代產品，但我們開始交付這些陪伴產品，第四季應該會比第三季增加。我們也對第一波 PMIC 產品的吸引力感到非常興奮，這些產品已獲得客戶的認證，我們看到第四季度的認證量。

So the main contributor is DDR5 followed by a modest contribution of companionships in the second half but growing with growing qualification footprint. And I think we're going to see that pattern over and over again. That's why we announced the MRDIMM products, the second generation of PMICs as well because being first in the market with this leading-edge products eventually translates into market share.

因此，主要貢獻者是 DDR5，其次是下半年的同儕貢獻，但隨著資格足蹟的增加而增長。我認為我們會一遍又一遍地看到這種模式。這就是我們推出 MRDIMM 產品和第二代 PMIC 的原因，因為憑藉這種領先的產品率先進入市場最終會轉化為市場份額。

So that explains the growth that you saw between Q1 and Q4 of this year. We expect continued growth next year on our product revenue, probably with a similar pattern as this year, Granite Rapid has been announced. Typically, when a product is announced, it takes six months plus before it's in full production.

這解釋了今年第一季和第四季之間的成長。我們預計明年我們的產品收入將持續成長，可能與今年 Granite Rapid 宣布的模式類似。通常，當產品發布後，需要六個月以上的時間才能全面投入生產。

So we're going to see qualification volumes, preproduction volumes into the first half, and then full volume production in the second half. So we're going to see a similar pattern as we saw with MRL rapid. And our companionships will continue to go through their qualification process with our customers and our customers' customers. and will continue to contribute growth quarter-over-quarter with them being in full swing in the second half of next year.

因此，我們將在上半年看到資格認證量、預生產量，然後在下半年看到全面量產。因此，我們將看到與 MRL Rapid 類似的模式。我們的合作夥伴將繼續與我們的客戶以及客戶的客戶一起完成資格審查流程。並將繼續貢獻季度環比成長，並在明年下半年全面展開。

Great. And just a quick follow-up for Des, you're exiting the year with a private gross margin of low-60, should we think of product gross margin trending towards the higher end of your guided range of 60% to 65%?

偉大的。Des 的快速跟進，您將以低至 60 的私人毛利率結束這一年，我們是否應該考慮產品毛利率趨向於您的指導範圍 60% 至 65% 的高端？

Good question. Why I would say is we are pleased with our gross margin performance in Q3. We ended at around 63%, which was up 3% against sort of Q2, driven by stronger product mix in the quarter. As a company, we have a real strong track record of being disciplined in our approach to pricing and continuing to drive cost savings, which have led to us driving and leading these strong product gross margins.

好問題。我之所以這麼說是因為我們對第三季的毛利率表現感到滿意。受本季更強勁的產品組合推動，我們的收盤價約為 63%，比第二季度增長了 3%。作為一家公司，我們在嚴格定價方法和持續推動成本節約方面有著良好的記錄，這使得我們推動並引領了這些強勁的產品毛利率。

For the full year of '24, I would expect gross margins to be around 61% to 62% on the sort of chip side, which is both in line with our historical performance of '22 and '23 and are also a long-term target of 60% to 65%. So that's really where we've been operating Mehdi.

對於 24 年全年，我預計晶片方面的毛利率約為 61% 至 62%，這既符合我們 22 年和 23 年的歷史業績，也是長期的目標。這就是我們一直在經營 Mehdi 的地方。

In any given quarter, we could the margins moving up or down depending upon what products are shipping. But again, over the longer term, in the course of the year, we have a really strong track record of driving towards these gross margins.

在任何特定季度，我們的利潤率都可能根據發貨的產品而上下波動。但從長遠來看，在這一年中，我們在實現這些毛利率方面擁有非常強勁的記錄。

Thank you.

謝謝。

Thanks, Mehdi.

謝謝，邁赫迪。

Naved Khan, RBC.

納維德汗，加拿大皇家銀行。

Hi. Thanks for taking my question. Can you give us update on CXL controller chip development and timeline? Recently, I feel the market sentiment of CXL doesn't seem very strong compared to a few years ago, maybe due to HBM. What's your view on CXL market in general and your opportunity there?

你好。感謝您提出我的問題。您能給我們介紹一下 CXL 控制器晶片開發的最新情況和時間表嗎？最近我感覺CXL的市場情緒與幾年前相比似乎不太強烈，可能是HBM的原因。您對 CXL 市場的整體看法以及您在那裡的機會是什麼？

Hello, thank you for your question. First of all, we do see CXL playing a role in our silicon IP growth. We continue to see people buying from us CXL IP, or OPCI IP for that matter, which is a sign that a lot of chips are actually using CXL interface. But at the same time, what we see is there's a fragmentation of that market, a lot of very different chips -- custom ships are using the CXL interface. And that's good for us on our silicon IP business.

您好，謝謝您的提問。首先，我們確實看到 CXL 在我們的矽 IP 成長中發揮了作用。我們繼續看到人們從我們這裡購買 CXL IP 或 OPCI IP，這表明許多晶片實際上正在使用 CXL 介面。但同時，我們看到該市場存在碎片化，有許多截然不同的晶片——客製化船舶正在使用 CXL 介面。這對我們的矽 IP 業務來說是件好事。

On the product side, we do have a product out with customers in the hands of our customers, and they are testing those products and more precisely testing the use case of those products. We believe, however, that the market will consolidate at the Diamond Rapid node at CXL 3.0. Until then, it's going to be very fragmented. That's our view.

在產品方面，我們確實有一個產品在我們的客戶手中，他們正在測試這些產品，更準確地測試這些產品的用例。然而，我們相信市場將在 CXL 3.0 的 Diamond Rapid 節點進行整合。在那之前，它將會非常分散。這是我們的觀點。

The other thing is that there are some use cases, such as memory expansion that are going to be addressed by alternative solutions like the MRDIMM that we've just announced, which allows actually to use more bandwidth and more capacity on existing infrastructure, where the whole ecosystem has agreed on the same solutions for the industry.

另一件事是，有一些用例，例如記憶體擴展，將透過我們剛剛宣布的 MRDIMM 等替代解決方案來解決，它實際上允許在現有基礎設施上使用更多頻寬和更多容量，其中整個生態系統已就行業的相同解決方案達成一致。

So this is a place that we understand that we are monitoring. We're enjoying the growth on the silicon IP side for CXL IP. We are ready for the CXL 3.0 node on the product side, but we don't believe it's going to be sufficient volumes on a standard type of product until 3.0 is out. But we're also investing in MRDIMM for applications such as memory expansion.

所以我們知道這是我們正在監控的地方。我們很享受 CXL IP 矽 IP 方面的成長。我們已為產品方面的 CXL 3.0 節點做好準備，但我們認為在 3.0 推出之前，標準類型產品的數量不會足夠。但我們也投資了 MRDIMM，用於記憶體擴展等應用。

Okay, thank you.

好的，謝謝。

Gary Mobley, Loop Capital.

加里·莫布里，Loop Capital。

Hi, guys. Thank you so much for allowing me to ask a question. Sorry, I missed the last earnings call. Luc, you spent a lot of time in your prepared remarks talking about MRDIMM and I think it's an important topic. And consequential market evolution over time. But the way I think the technology first evolved was specific to Granite Rapids from Intel and then maybe some joint development between Intel, Hynix, and Renaissance initially.

嗨，大家好。非常感謝您允許我提問。抱歉，我錯過了上次的財報電話會議。Luc，您在準備好的演講中花了很多時間談論 MRDIMM，我認為這是一個重要的話題。隨著時間的推移，隨之而來的市場演變。但我認為這項技術最初發展的方式是英特爾的 Granite Rapids 特有的，然後可能是英特爾、海力士和 Renaissance 之間的共同開發。

And if I'm not mistaken, MRDIMM has moved its way into the JEDEC standard set in, thus has become more open for folks like you to develop product correct me if I'm wrong in that review of the market evolution. But my question for you is that, do you think, given how that market evolves that you will have equal to or greater market share in MRDIMM that you have in current generation of DDR5 DIMM modules?

如果我沒記錯的話，MRDIMM 已經進入了 JEDEC 標準中，因此對於像您這樣的人來說變得更加開放，可以開發產品，如果我對市場演變的回顧是錯誤的，請糾正我。但我想問您的問題是，考慮到市場的發展，您認為您在 MRDIMM 中的市場份額是否會與當前一代 DDR5 DIMM 模組中的市場份額相同或更大？

Thanks, Gary. Welcome back. You're correct on your first statement that there were some point solutions in MRDIMM that were not JEDEC compliant that were probably good proof of concept for the ability to increase bandwidth on existing infrastructure.

謝謝，加里。歡迎回來。您的第一個說法是正確的，即 MRDIMM 中有一些不符合 JEDEC 標準的單點解決方案，這可能是增加現有基礎設施頻寬的能力的良好概念證明。

And the one we are announcing is the first JEDEC standard MRDIMM at 12,800, which is a notch higher than the current speed which is also adopted by the whole industry. And while we were not participating to the custom solution in the first generation, we were working on that JEDEC solution from day one because we think this is the one that is going to get traction in the market, as you said correctly, with Diamond Rapid node.

我們宣布的是第一個 JEDEC 標準 MRDIMM，速度為 12,800，比目前全行業採用的速度高出一個檔次。雖然我們沒有參與第一代的客製化解決方案，但我們從第一天起就致力於 JEDEC 解決方案，因為我們認為這是會在市場上獲得吸引力的解決方案，正如您所說的，Diamond Rapid節點。

And for this generation, not only are we developing the RCD chips set, the DB chipset, but as I said in my prepared remarks, we've got very good feedback on our first generation of PMIC. The PMIC is becoming more complex for MRDIMM. So we're also developing the PMIC for the MRDIMM solution.

對於這一代，我們不僅開發 RCD 晶片組、DB 晶片組，而且正如我在準備好的演講中所說，我們對第一代 PMIC 得到了非常好的反饋。對於 MRDIMM，PMIC 變得越來越複雜。因此，我們也正在開發適用於 MRDIMM 解決方案的 PMIC。

And our objective there is, over time, to get a similar market share as we have in the RCD market. This is a market that is going to show early volumes in 2026 for us. So we have next year to introduce the products to the market to go through the standard qualification with our customers, our customers' customers. But we're going to have a complete chipset, including the PMIC.

隨著時間的推移，我們的目標是獲得與 RCD 市場類似的市場份額。這個市場將在 2026 年為我們展示早期的銷售量。因此，我們明年將產品推向市場，與我們的客戶、客戶的客戶一起通過標準認證。但我們將擁有完整的晶片組，包括 PMIC。

And our goal is to reach the similar market share as we have on the standard RCD. The other aspect of MRDIMM is that the content increases just by the nature of what it is. We have on RCD chip per module and 10 DB chips per module. We will also have a complete power management and companionship offering there.

我們的目標是達到與標準 RCD 類似的市場份額。MRDIMM 的另一個面向是，內容的增加取決於其本身的性質。每個模組有一個 RCD 晶片，每個模組有 10 個 DB 晶片。我們還將在那裡提供完整的電源管理和配套產品。

So the content per module is going to be at least 4x what you see on the current target. So that's what we talk about when we say it's going to be a SAM expansion for us.

因此，每個模組的內容將至少是您在當前目標上看到的內容的 4 倍。這就是當我們說這將是我們的 SAM 擴充功能時所談論的內容。

Thank you for that clarification. Seeing the product revenue, up 30% second half versus first half, one thing you didn't mention that probably is factoring into that is the general market recovery and general server demand that as well, some inventory depletion in that specific channel. So to what degree is that impacting your outlook here and your trends in the second half of the year for product revenue? And how can you be sure that this isn't maybe another situation of an inventory rebuild and setting up for a situation like we saw back in maybe 2022?

謝謝你的澄清。看到產品收入，下半年比上半年成長了 30%，您沒有提到的一件事可能是考慮到整體市場復甦和整體伺服器需求，以及該特定管道中的一些庫存耗盡。那麼，這在多大程度上影響了您的前景以及下半年產品收入的趨勢？你怎麼能確定這可能不是另一種庫存重建的情況，並為我們在 2022 年看到的情況做準備？

That's a good question. So yes, you're correct. We did see a recovery of the standard server market in the second half. So that's helping us. Our view of the server market is that this year is growing about mid-single digit. If you take the midpoint of our guidance for Q4, our product business should grow low double digits.

這是個好問題。所以是的，你是對的。我們確實看到下半年標準伺服器市場的復甦。這對我們有幫助。我們對伺服器市場的看法是，今年的成長約為中個位數。如果您採用我們第四季度指導的中點，我們的產品業務應該會實現低兩位數的成長。

So just from that standpoint, we believe we are gaining share on the DDR4 and I'll come back to DDR5. On DDR4, we do see long inventory depletion, we were starting from a very challenging point in early '23.

因此，僅從這個角度來看，我們相信 DDR4 的份額正在增加，我將回到 DDR5。在 DDR4 上，我們確實看到庫存長期耗盡，我們是從 23 年初的一個非常具有挑戰性的點開始的。

On DDR5, we are not too concerned about the levels of inventory. They are in line with what we would expect for people to start production or preproduction depending on what generations they are in, so the levels of inventory on the DDR5 side of things are reasonable at this point in time.

對於DDR5，我們不太關心庫存水準。它們符合我們對人們開始生產或預生產的預期，這取決於他們所處的世代，因此 DDR5 方面的庫存水準目前是合理的。

Thank you, guys.

謝謝你們，夥計們。

Thanks, Gary.

謝謝，加里。

(Operator Instructions) Kevin Cassidy, Rosenblatt Research.

（操作員說明）Kevin Cassidy，Rosenblatt Research。

Yeah, thanks for taking my follow-up question. And appreciate the details on MRDIMM being 4x the content of RDIMM. What are the expectations for, I guess, the number of CPUs or will this be the new standard? Will most servers use the MRDIMM architecture versus RDIMM?

是的，感謝您提出我的後續問題。並了解 MRDIMM 的詳細信息，其內容是 RDIMM 的 4 倍。我猜對 CPU 數量的期望是多少，或者這會成為新標準嗎？大多數伺服器會使用 MRDIMM 架構還是 RDIMM？

It really depends. That's a good question, Kevin. It really depends on the use cases. Typically, the MRDIMM will provide large capacities and very high bandwidth. So at the first approximation, one would say that if you take an AI box, for example, for processes, standard CPUs that do all the preprocessing, that's the typical type of application that would use an MRDIMM.

這確實取決於。這是個好問題，凱文。這實際上取決於用例。通常，MRDIMM 將提供大容量和非常高的頻寬。因此，在第一個近似值中，人們會說，例如，如果您使用一個 AI 盒子，用於處理所有預處理的標準 CPU，那麼這就是使用 MRDIMM 的典型應用程式類型。

Because in that AI box, the CPUs requires a lot of memory and very high bandwidth. So that's a natural place for MRDIMM. And you'll find it in other applications where the loads are important. But they will not cannibalize the standard RDIMM market as there are a lot of applications that don't need that type of bandwidth. So that's why we see MRDIMM as an addition to our current sand view in 2026. And it will start in the very high end data intensive type of applications such as AI boxes.

因為在那個人工智慧盒子裡，CPU 需要大量的記憶體和非常高的頻寬。因此，這自然是 MRDIMM 的用武之地。您會在負載很重要的其他應用中找到它。但它們不會蠶食標準 RDIMM 市場，因為有許多應用程式不需要這種類型的頻寬。這就是為什麼我們將 MRDIMM 視為我們當前 2026 年前景的一個補充。它將從非常高端的數據密集型應用程式（例如人工智慧盒子）開始。

Okay, great. Thank you.

好的，太好了。謝謝。

Mehdi Hosseini, SIG.

邁赫迪·侯賽尼，SIG。

Yeah. A quick follow-up for me. On HBM4, thanks for highlighting opportunities, but just is there any way you can help me better understand and compare Rambus's content, IP content in HBM4 and how it compares to HBM3?

是的。對我來說是一個快速跟進。關於 HBM4，感謝您強調機會，但是您有什麼方法可以幫助我更好地理解和比較 Rambus 的內容、HBM4 中的 IP 內容以及它與 HBM3 的比較如何？

And then one follow-up for Des. How should we think about operating leverage looking into next year I'm not asking for a specific 2025 OpEx guide, but I just wanted to get a feel for the leverage given all the investments that you have made in generally?

然後是 Des 的後續行動。展望明年，我們應該如何考慮營運槓桿？ 我並不是要求提供具體的 2025 年營運支出指南，但我只是想了解一下您總體上進行的所有投資的槓桿率？

Yes. Thank you for your question on HBM. First of all, we've been developing HBM controllers for many years. So what we provide is actually the HBM controller that sits right before the PHY. We've had a history of providing HBM ahead of the market.

是的。感謝您提出有關 HBM 的問題。首先，我們多年來一直在開發 HBM 控制器。因此，我們提供的實際上是位於 PHY 之前的 HBM 控制器。我們擁有領先於市場提供 HBM 的歷史。

We announced our HBM2E in '20 -- HBM3 in '21, HBM3E last year, HBM4 this year. And the difference between HBM3 and HBM4 is really a question of speed on that interface. And typically, when we release a new version of our HBM controller, we try to beat the speed that are defined by JEDEC so that our customers have room for their designs.

我們在 20 年發布了 HBM2E，在 21 年發布了 HBM3，去年發布了 HBM3E，今年發布了 HBM4。HBM3 和 HBM4 之間的差異實際上是該介面的速度問題。通常，當我們發布新版本的 HBM 控制器時，我們會嘗試超越 JEDEC 定義的速度，以便我們的客戶有足夠的空間進行設計。

So the main difference is the speed, but the basic offering is the same. That's an HBM memory controller that CPU vendors, NPU vendors, DPU vendors, ASIC vendors can use to integrate into their chips.

因此，主要區別在於速度，但基本功能是相同的。這是一個 HBM 記憶體控制器，CPU 供應商、NPU 供應商、DPU 供應商、ASIC 供應商可以使用它整合到他們的晶片中。

Hi, Mehdi. It's Des. Let me jump into the OpEx sort of question that you asked. I think as a company, we've done a very nice job in managing our expenses where we've really struck a good balance between being disciplined and really investing at the right level to support our future growth opportunities.

嗨，邁赫迪。是德賽爾。讓我直接回答您提出的營運支出類問題。我認為作為一家公司，我們在管理開支方面做得非常好，我們在遵守紀律和真正進行適當水平的投資以支持我們未來的成長機會之間確實取得了良好的平衡。

In 2024, I've been delighted with our R&D execution and new product rollout, which really has been achieved under a similar operating expense envelope as we've reinvested the divestify R&D expense back into the product programs. And as Luc mentioned in his prepared remarks, this has significantly increased the market opportunity from there.

2024 年，我對我們的研發執行和新產品推出感到高興，這實際上是在類似的營運費用範圍內實現的，因為我們將剝離的研發費用重新投資回產品計劃。正如盧克在他準備好的演講中提到的那樣，這大大增加了市場機會。

But looking ahead into sort of next year, I would say that R&D, we've been operating $36 million to $38 million per quarter. on the R&D side. And you will see additional investment to support our new product road map.

但展望明年，我想說的是，研發方面，我們每季的營運費用為 3,600 萬至 3,800 萬美元。在研發方面。您將看到額外的投資來支持我們的新產品路線圖。

Maybe the correct way to think about this as being around 23% to 25% of revenue might be a reasonable framework for you to think about. And then in terms of the SG&A side, we've been relatively stable at that $19 million to $20 million per quarter.

也許將其視為收入的 23% 至 25% 左右的正確方法可能是您考慮的合理框架。然後就 SG&A 方面而言，我們相對穩定在每季 1,900 萬至 2,000 萬美元。

You will see sort of inflationary increases here. But really, as the top line grows, you get to see some nice leverage on the SG&A side from there. But overall, I think we've been very happy with our investments into the business. They are paying off as a result of the new products that we're releasing which are increasing the future opportunities for us going ahead.

你會在這裡看到通貨膨脹的增加。但實際上，隨著收入的成長，您會在銷售、管理及行政費用方面看到一些不錯的槓桿作用。但總的來說，我認為我們對這項業務的投資非常滿意。由於我們發布的新產品增加了我們未來的發展機會，他們正在獲得回報。

Thank you.

謝謝。

Thanks, Mehdi.

謝謝，邁赫迪。

Nam Kim, Arete Research.

Nam Kim，Arete 研究。

Sorry, another question related to the MRDIMM. I understand the industry has been developing two new DIMM like MRDIMM and the other one is MCR DIMM, if I recall is correct. Now, I'm not sure if those two standards emerge recently, but I understand Rambus is not part of MCR DIMM initiatives. So can you explain why? And what's your view on MRDIMM versus MCR DIMM?

抱歉，還有一個與 MRDIMM 相關的問題。據我所知，業界一直在開發兩種新的 DIMM，例如 MRDIMM，另一種是 MCR DIMM（如果我沒記錯的話）。現在，我不確定這兩個標準是否最近出現，但我了解 Rambus 不是 MCR DIMM 計劃的一部分。那你能解釋一下原因嗎？您對 MRDIMM 與 MCR DIMM 有何看法？

To my knowledge, we are participating in every JEDEC standards that is related to MRDIMM or MCR DIMM. We are, like many other companies, we're part of JEDEC. We're participating into those definitions and our objective as a company, just like we did for the MRDIM is to be present for every JEDEC product that is out there.

據我所知，我們正在參與與 MRDIMM 或 MCR DIMM 相關的每個 JEDEC 標準。與許多其他公司一樣，我們是 JEDEC 的一部分。我們正在參與這些定義，我們作為一家公司的目標就像我們為 MRDIM 所做的那樣，是為現有的每一款 JEDEC 產品提供支援。

So are you also embarked with MCR? I think I'm starting not to extend there, but I'm curious [you see] there?

那您也開始使用 MCR 了嗎？我想我開始不再擴展到那裡，但我很好奇[你看到]那裡？

We are developing JEDEC standard, Nam. We are developing JEDEC standard.

我們正在開發 JEDEC 標準，Nam。我們正在製定 JEDEC 標準。

Okay, got it.

好的，明白了。

That's our strategy. Because as we said earlier, the investments for these type of solutions are huge, not only on our side but also on the part of our partners in the ecosystem. And it's important for us to make sure that there is traction in the whole ecosystem for the development of high-volume solutions, as opposed to custom solutions. Which when you take custom solutions and you add them up, the market may be large, but every single player in the market might not have revenues that justify the investments.

這就是我們的策略。因為正如我們之前所說，這類解決方案的投資是巨大的，不僅是我們這邊，生態系統中的合作夥伴也是如此。對我們來說，重要的是要確保整個生態系統對開發大容量解決方案（而不是客製化解決方案）具有吸引力。當您採用客製化解決方案並將它們加起來時，市場可能很大，但市場上的每個參與者可能沒有收入證明投資的合理性。

By focusing on JEDEC standards, whether it's for RDIMM or MRDIMM or for all the products we make, we assure of the adoption of the whole industry, which drives revenue growth as opposed to depending on a custom solution for a set of different customers.

透過專注於 JEDEC 標準，無論是 RDIMM 還是 MRDIMM 還是我們生產的所有產品，我們都能確保整個產業的採用，從而推動收入成長，而不是依賴於針對一組不同客戶的客製化解決方案。

So our strategy as a whole, and that's a very good question, our strategy as a whole is to develop products that are JEDEC or specified by JEDEC so that we know we do have the momentum and the traction from the ecosystem, and we address a market that everyone is participating to allowing us to have the growth that we expect to have as we did in the DDR5 generation of products.

因此，我們的整體策略是一個非常好的問題，我們的整體策略是開發 JEDEC 或 JEDEC 指定的產品，以便我們知道我們確實擁有生態系統的動力和吸引力，並且我們解決了每個人都參與的市場，使我們能夠像DDR5 世代產品那樣實現預期的成長。

Thanks, Luc. It's pretty clear. Thanks.

謝謝，盧克。很清楚。謝謝。

This time there are no further questions. This concludes our question-and-answer session. I would now like to turn the conference back over to Luc Seraphin for any closing remarks.

這次沒有其他問題了。我們的問答環節到此結束。現在我想將會議轉回給 Luc Seraphin 發表閉幕詞。

Thank you to everyone who has joined us today for your continued interest and time. We look forward to speaking with you again soon. Have a good day.

感謝今天加入我們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。

Thank you. This now concludes today's conference.

謝謝。今天的會議到此結束。