Rambus Inc (RMBS) 2024 Q4 法說會逐字稿

Welcome to the Rambus fourth quarter and fiscal year 2024 earnings conference call. (Operator Instructions)

歡迎參加 Rambus 第四季和 2024 財政年度收益電話會議。（操作員指令）

As a reminder, this conference call is being recorded. I would not like to turn the conference over to Desmond Lynch, Chief Financial Officer. You may begin the conference.

提醒一下，本次電話會議正在錄音。我不想將會議交給財務長戴斯蒙德·林奇 (Desmond Lynch)。您可以開始會議了。

Thank you, operator, and welcome to the Rambus fourth quarter and full year 2024 results conference call. I'm Des Lynch, Chief Financial Officer at Rambus; and on the call with me today is, Luc Seraphin, our CEO.

謝謝接線員，歡迎參加 Rambus 2024 年第四季和全年業績電話會議。我是 Rambus 的財務長 Des Lynch；今天與我一起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 the 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 PM Pacific time.

我們今天將要討論的結果新聞稿已以 8-K 表格形式提交給美國證券交易委員會 (SEC)。我們將對本次電話會議進行網路直播，同時也將播放今天電話會議部分內容中參考的幻燈片。從今天太平洋時間下午 5:00 開始，您可以在我們的網站上收聽本次通話的重播。

Our discussion 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 and 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-Ks, 10-Qs, and 10-Ks. These forward-looking statements may differ materially from our actual results and we are under no obligation to update these statements.

我們今天的討論將包含前瞻性陳述，包括我們對預期財務結果、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 和報告收入等的影響。這些聲明受到本次電話會議中可能討論的風險和不確定性的影響，並在我們向美國證券交易委員會提交的文件（包括我們的8-K、10-Q 和10-K）中有更詳細的描述。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.

為了讓財務狀況更加清晰，我們在新聞稿和本次電話會議中同時使用了 GAAP 和非 GAAP 財務報表。這些非 GAAP 財務數據與最直接可比較的 GAAP 指標的對帳表已包含在我們的新聞稿、幻燈片演示中以及我們網站 rambus.com 的「投資者關係」頁面的「財務發布」下。

In addition, we will continue to provide operational metrics, such as licensing billings to give our 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，例如許可證帳單，以便我們的投資者更了解我們的營運績效。我們今天通話的順序如下。Luc 首先會介紹一下業務概況。我將討論我們的財務結果，然後我們將以問答環節結束。

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

現在我將把電話轉給 Luc，讓他介紹本季的情況。盧克？

Thank you, Des, and good afternoon, everyone. 2024 was a great year for the company. Thanks to our continued strategic execution, we gained market share in our core business and introduced a record number of new chip products to lay the foundation for even greater success in 2025 and beyond.

謝謝你，Des，大家下午好。 2024年對公司來說是豐收的一年。由於我們持續的策略執行，我們在核心業務中獲得了市場份額，並推出了創紀錄數量的新晶片產品，為2025年及以後取得更大的成功奠定了基礎。

We finished the year very strongly with Q4 revenue beating the high end of guidance. We delivered record quarterly results from memory interface chips, propelling us to an annual record for product revenue of $247 million. We completed the strategic extension of our patent licensing agreement with Micron through 2029, fortifying our long-term licensing foundation.

我們以強勁的勢頭結束了這一財年，第四季度的收入超過了預期的最高水平。我們在記憶體介面晶片方面取得了創紀錄的季度業績，推動我們產品收入年度創下 2.47 億美元的記錄。我們與美光科技完成了專利授權協議的策略延期，有效期至 2029 年，鞏固了我們的長期授權基礎。

And we achieved a new annual high for cash from operations, generating $231 million in 2024. Our excellent cash generation enables us to sustain our strong investment in new product development and technology leadership, while consistently returning value to our stockholders.

我們的年度經營現金流創下了新高，到 2024 年將達到 2.31 億美元。我們出色的現金創造能力使我們能夠持續對新產品開發和技術領導地位進行大力投資，同時持續為股東帶來價值回報。

Before I go into more detail on our business results, let me first take a moment to talk about the important market and technology trends that our strategy addresses and some of our key accomplishments in 2024.

在詳細介紹我們的業務成果之前，我首先想花點時間談談我們的策略所涉及的重要市場和技術趨勢，以及我們在 2024 年取得的一些主要成就。

AI and the ongoing evolution of the data center continue to be strong catalysts for long-term secular growth due to the increasing technical needs of data-intensive applications, which demand unprecedented levels of hardware performance. To enable the robust, high-performance, and high capacity memory subsystems critical to meeting these needs, a growing number of specialized chips are required for signal and power integrity at increasingly extreme data rates.

由於資料密集應用的技術需求不斷增加，對硬體效能的要求達到前所未有的水平，人工智慧和資料中心的不斷發展將繼續成為長期成長的強大催化劑。為了實現滿足這些需求所必需的強大、高效能和高容量的記憶體子系統，需要越來越多的專用晶片來保證越來越高的資料速率下的訊號和電源完整性。

Rambus has been a pioneer in this space for 35 years, recognized these trends very early on, and addressed them through our unique combination of expertise and focused investment in our industry-leading road map. To capitalize on this market trend, and amplify our market opportunity, we are strategically expanding our product portfolio. And in 2024, we introduced a record number of new products for the company.

35 年來，Rambus 一直是該領域的先驅，很早就認識到了這些趨勢，並透過我們獨特的專業知識組合和對行業領先路線圖的重點投資來解決這些趨勢。為了利用這個市場趨勢並擴大我們的市場機會，我們正在策略性地擴大我們的產品組合。2024年，我們為公司推出了創紀錄數量的新產品。

We furthered our vanguard position, with continued market share gains across multiple generations of our DDR5 RCD, and we're the first market with our Gen 5 RCD for DDR5 8000, which we announced in October. We diversified our product portfolio into power management, a critical component in high-performance systems, with state-of-the-art DDR5 server PMIC that support the highest bandwidth and capacity use cases. We introduced the industry's first complete chipset for industry-standard DDR5 MRDIMMs running at 12800 megatransfers per second to enable the next wave of DDR5 systems, which have sampled to customers. And we are receiving very positive feedback.

我們進一步鞏固了我們的先鋒地位，DDR5 RCD 多代產品的市場份額持續增長，並且我們是第一個在市場上推出 DDR5 8000 的第五代 RCD 的市場，我們於 10 月份發布了該產品。我們將產品組合多樣化，涵蓋電源管理（高效能係統中的關鍵元件），並配備最先進的 DDR5 伺服器 PMIC，支援最高頻寬和容量使用案例。我們推出了業界首款適用於業界標準 DDR5 MRDIMM 的完整晶片組，運行速度為每秒 12800 兆次傳輸，以支援下一波 DDR5 系統，目前已向客戶提供樣品。我們收到了非常正面的回饋。

Beyond the data center, the cutting-edge technologies, first leveraged in servers are cascading into the client market as performance demands continue to soar. With that, we leveraged our technology and expertise to enable state-of-the-art performance in notebooks and desktops with the introduction of our Client Clock Driver chip and expect this space to continue to expand.

除了資料中心之外，隨著效能需求的不斷飆升，首先在伺服器中利用的尖端技術正在大量湧入客戶端市場。由此，我們利用我們的技術和專業知識，透過推出客戶端時鐘驅動晶片，在筆記型電腦和桌上型電腦中實現最先進的性能，並期望這一領域繼續擴大。

And finally, in addition to these chip milestones, we introduced the industry's first GDDR7 and HBM4 memory controllers, a family of PCIe 7 digital IP and new security IP solutions with protections for post quantum computing. These accomplishments continue to drive our ongoing industry leadership and will double our addressable market in the years to come.

最後，除了這些晶片里程碑之外，我們還推出了業界首款 GDDR7 和 HBM4 記憶體控制器、PCIe 7 數位 IP 系列以及具有後量子運算保護功能的新型安全 IP 解決方案。這些成就將繼續推動我們保持行業領先地位，並將在未來幾年使我們的潛在市場擴大一倍。

Turning now to the businesses. In Q4, memory interface chips delivered record revenue of $73 million, up 11% quarter over quarter, and up 37% year over year. And we expect further growth in Q1. These great quarterly results contributed to the robust second half we projected, which was up 30% over the first half and provide a solid foundation of strength going into 2025. We are pleased to see increased sales of our core DDR5 RCD products, driven by data center demand growth, and continued share gains, as well as early contributions from new products.

現在來談談企業。第四季，記憶體介面晶片營收達到創紀錄的7,300萬美元，較上季成長11%，較去年同期成長37%。我們預計第一季將進一步成長。這些出色的季度業績助力我們預測的下半年強勁成長，下半年將比上半年成長 30%，為 2025 年奠定堅實的基礎。我們很高興看到核心 DDR5 RCD 產品的銷售量有所成長，這得益於資料中心需求的成長、份額的持續成長以及新產品的早期貢獻。

As I mentioned in my opening remarks, we introduced a record number of products, with eight new chips in 2024 that are in varying stages of rollout and qualification with our customers. We are very excited by the positive customer feedback on these new products, with early shipments underway for both server and client applications.

正如我在開場白中提到的，我們推出了創紀錄數量的產品，2024 年將推出 8 款新晶片，這些晶片正處於與客戶推出和認證的不同階段。我們對客戶對這些新產品的正面回饋感到非常興奮，目前伺服器和用戶端應用程式的早期出貨正在進行中。

Turning to silicon IP, AI continues to drive long-term momentum and fueled excellent results in Q4. And we remain on track with our long-term growth expectations. The push for tail solutions in AI is creating tailwinds for our high-performance IP at Tier 1 custom silicon providers and start-ups alike. With that, we are seeing strong demand for industry-leading solutions like our HBM4 and GDDR7 memory controllers, along with our security IP, which are vital building blocks for cutting-edge AI accelerators graphics and HPC applications.

談到矽 IP，人工智慧持續推動長期發展勢頭，並推動第四季取得優異成績。我們仍保持長期成長預期。人工智慧領域對尾部解決方案的推動為我們在頂級客製化矽片供應商和新創公司中的高性能 IP 創造了順風。因此，我們看到對業界領先解決方案的強烈需求，例如我們的 HBM4 和 GDDR7 記憶體控制器以及我們的安全 IP，它們是尖端 AI 加速器圖形和 HPC 應用的重要組成部分。

Across all of our businesses, Rambus is strategically focused on advanced system memory bandwidth and capacity through groundbreaking memory, connectivity, and power management solutions. As a fundamental pillar of our growth strategy, we will continue leveraging our strong balance sheet to support our strategic investments in new products, further expanding our market opportunity and driving the long-term growth of the company.

在我們所有的業務中，Rambus 透過突破性的記憶體、連接性和電源管理解決方案，策略性地專注於先進的系統記憶體頻寬和容量。作為我們成長策略的基本支柱，我們將繼續利用強大的資產負債表來支持我們對新產品的策略投資，進一步擴大我們的市場機會並推動公司的長期成長。

As we look ahead to 2025 and beyond, firmly setting into the era of AI everywhere, AI models will continue to evolve and proliferate, pushing the boundaries of hardware design. And with that, the requirements for power, performance, and security will both identify and broaden to new markets and use cases. In anticipation of these needs, we have established a strong market position, accelerated our product road map, and put the foundation in place for an exciting future by significantly increasing our addressable market.

展望 2025 年及以後，我們將牢牢進入無所不在的人工智慧時代，人工智慧模型將繼續發展和普及，並突破硬體設計的界限。同時，對功率、效能和安全性的要求將會確定並擴展到新的市場和用例。為了滿足這些需求，我們建立了強大的市場地位，加快了我們的產品路線圖，並透過大幅增加我們的潛在市場為令人興奮的未來奠定了基礎。

In summary, we closed out 2024 in great fashion, gaining momentum throughout the year and beating guidance for revenue in Q4. Through our steadfast execution and investment, we delivered record annual product revenue and expanded our product portfolio and addressable markets.

總而言之，我們以出色的方式結束了 2024 年，全年發展勢頭強勁，並在第四季度超出了收入預期。透過堅定的執行和投資，我們實現了創紀錄的年度產品收入，並擴大了我們的產品組合和潛在市場。

Our unwavering focus and leadership on signal and power integrity solutions have laid the foundation for growth, and we are well positioned for 2025 and beyond. As always, I'd like to thank our customers, partners and employees for their ongoing support.

我們對訊號和電源完整性解決方案的堅定關注和領導地位為成長奠定了基礎，我們為 2025 年及以後的發展做好了準備。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?

說完這些，我將把電話轉給 Des，討論季度財務結果。戴斯？

Thank you, Luc. I'd like to begin with a summary of our financial results for the fourth quarter and for the full year 2024 on slide 5.

謝謝你，盧克。首先，我想在第 5 張投影片上總結我們第四季和 2024 年全年的財務表現。

We delivered strong financial results in both the fourth quarter and full year 2024, as we continue to make progress on our long-term growth strategy. In 2024, we drove double-digit product revenue growth, leading to record profitability and record cash generation.

我們在長期成長策略方面繼續取得進展，並在 2024 年第四季和全年都取得了強勁的財務業績。2024年，我們推動了兩位數的產品收入成長，從而實現了創紀錄的獲利能力和創紀錄的現金創造。

For the year, our cash from operations was $231 million, up from $196 million in 2023. Our ability to consistently generate strong cash flows, coupled with our robust balance sheet, has enabled us to invest in our strategic growth initiatives and consistently return capital to our stockholders. In 2024, we repurchased $113 million of stock, retiring approximately 2.2 million shares, continuing our strong track record of returning capital to stockholders.

今年，我們的營運現金流為 2.31 億美元，高於 2023 年的 1.96 億美元。我們持續產生強勁現金流的能力，加上我們強勁的資產負債表，使我們能夠投資於我們的策略性成長計劃並持續向股東返還資本。2024 年，我們回購了價值 1.13 億美元的股票，退出了約 220 萬股，延續了我們向股東返還資本的強勁記錄。

Let me now provide you a summary of our non-GAAP income statement on slide 6. The revenue for the fourth quarter was $161.1 million, which was above the high end of our expectations. Royalty revenue was $58.2 million, while licensing billings were $63.6 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，讓我在第 6 頁向您提供我們非 GAAP 損益表的摘要。第四季的營收為 1.611 億美元，高於我們的最高預期。特許權使用費收入為 5,820 萬美元，授權費用為 6,360 萬美元。授權費用和特許權使用費收入之間的差異主要與時間有關，因為我們並不總是在向客戶收費的同一季度確認收入。

Product revenue was $73.4 million, up 11% sequentially and up 37% year over year, driven by continued strength in DDR5 products. For the full year, we delivered $246.8 million in revenue, which was a new annual record for the company.

產品營收為 7,340 萬美元，季增 11%，年增 37%，得益於 DDR5 產品持續強勁成長。全年我們實現了2.468億美元的收入，創下了公司年度新紀錄。

Contract and other revenue was $29.5 million, consisting predominantly 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 in licensing billings.

合約和其他收入為 2,950 萬美元，主要包括矽 IP。提醒一下，我們的矽智慧財產權收入中只有一部分反映在合約和其他收入中，剩餘部分則在特許權使用費收入以及授權費用中報告。

Total operating costs, including cost of goods sold for the quarter were $89.2 million. Operating expenses of $60.1 million increased from the prior quarter, as we continue to invest in R&D to support our new product developments. And we ended the quarter with a total headcount of 712.

本季的總營運成本（包括銷售成本）為 8,920 萬美元。由於我們繼續投資研發以支持我們的新產品開發，因此營業費用較上一季增加了 6,010 萬美元。截至本季末，我們的員工總數為 712 人。

Non-GAAP interest and other income for the fourth quarter was $4.4 million. Using an assumed flat tax rate of 22% for non-GAAP pretax income, non-GAAP net income for the quarter was $59.6 million.

第四季非公認會計準則利息和其他收入為 440 萬美元。假設非 GAAP 稅前收入統一稅率為 22%，則本季非 GAAP 淨收入為 5,960 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 $481.8 million up from Q3, primarily driven by strong cash from operations of $59 million.

現在讓我翻到投影片 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額為 4.818 億美元，較第三季度有所增長，這主要得益於 5,900 萬美元的強勁經營現金流。

Fourth quarter capital expenditures were $10.1 million, while depreciation expense to a $6.9 million. We delivered $48.8 million of free cash flow in the quarter.

第四季資本支出為 1,010 萬美元，折舊支出為 690 萬美元。我們本季實現了 4,880 萬美元的自由現金流。

Let me now review our non-GAAP outlook for the first quarter on slide 8.

現在讓我回顧一下第 8 頁幻燈片中第一季的非 GAAP 展望。

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 non-GAAP 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.

提醒一下，前瞻性指引反映了我們目前的最佳估計，我們的實際結果可能與我將要審查的結果有重大差異。除了 ASC 606 下的非 GAAP 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，反映了調整某些差異後期間向許可客戶開立的發票金額。

We expect revenue in the first quarter to be between $156 million and $162 million. We expect royalty revenue to be between $56 million and $62 million, and licensing billings between $59 million and $65 million. We expect Q1 non-GAAP total operating costs, which includes COGS, to be between $91 million and $87 million. We expect Q1 capital expenditures to be approximately $11 million.

我們預計第一季的營收將在 1.56 億美元至 1.62 億美元之間。我們預計特許權使用費收入將在 5,600 萬美元至 6,200 萬美元之間，許可費用將在 5,900 萬美元至 6,500 萬美元之間。我們預計第一季非 GAAP 總營運成本（包括銷貨成本）將在 9,100 萬美元至 8,700 萬美元之間。我們預計第一季的資本支出約為 1100 萬美元。

Non-GAAP operating results for the first quarter is expected to be between a profit of $65 million and $75 million. For non-GAAP interest and other income and expense, we expect $4 million of interest income. We expect the pro forma tax rate to be 20%, which is down from 22% in 2024 due to increased profitability of our product business versus fixed patents.

第一季非公認會計準則經營業績預計在利潤6,500萬美元至7,500萬美元之間。對於非公認會計準則利息和其他收入和支出，我們預計利息收入為 400 萬美元。我們預計形式稅率為 20%，低於 2024 年的 22%，原因是我們的產品業務相對於固定專利的獲利能力有所提高。

We expect non-GAAP tax expenses to be between $13.8 million and $15.8 million in Q1. We expect Q1 share count to be 108 million diluted shares outstanding. Overall, we anticipate the Q1 non-GAAP earnings per share range between $0.51 and $0.59.

我們預計第一季非 GAAP 稅費將在 1,380 萬美元至 1,580 萬美元之間。我們預計第一季的攤薄流通股數為 1.08 億股。總體而言，我們預計第一季非 GAAP 每股收益將在 0.51 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 strong financial results for 2024 and continued execution. Our top line growth driven by our chip products led to record profitability and cash generation. Across all of our businesses, we continue to execute against our strategic initiatives.

讓我以第 9 張投影片上的總結來結束演講。最後，我對我們 2024 年強勁的財務表現和持續的執行感到滿意。在晶片產品推動下，我們的營收成長帶來了創紀錄的獲利能力和現金創造能力。在我們的所有業務中，我們都將繼續執行我們的策略計劃。

Patent licensing continues to provide consistent and predictable results. In December 2024, we signed another long-term license agreement with Micron, which demonstrates the continued strength and relevance of our patent portfolio and innovation engine.

專利許可繼續提供一致且可預測的結果。2024 年 12 月，我們與美光簽署了另一項長期授權協議，證明了我們的專利組合和創新引擎的持續實力和相關性。

Silicon IP revenue continues to grow in line with our long-term expectations. Our industry-leading silicon IP portfolio is well positioned within the market fueled by the continued growth in AI solutions.

矽知識產權收入持續按照我們的長期預期成長。在人工智慧解決方案持續成長的推動下，我們業界領先的矽 IP 產品組合在市場中佔據有利地位。

In memory interface chip, we continue to gain market share as we delivered record annual product revenue. Our focused investment in new products continues to expand our market opportunities.

在記憶體介面晶片方面，我們繼續獲得市場份額，因為我們實現了創紀錄的年度產品收入。我們對新產品的重點投資不斷擴大我們的市場機會。

Overall, we are entering 2025 in a strong market position and are excited about our long-term growth drivers. We continue to execute on our long-term strategic plan as we deliver value to our stockholders.

總體而言，我們將以強大的市場地位邁入 2025 年，並​​對我們的長期成長動力感到興奮。我們將繼續執行我們的長期策略計劃，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.

在我開始問答環節之前，我想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?

說完這些，我將把電話轉回給我們的接線生開始問答。我們可以提出第一個問題嗎？

(Operator Instructions) Aaron Rakers, Wells Fargo.

（操作員指示） Aaron Rakers，富國銀行。

Yeah, thanks. Thanks for taking the question. Yeah, I have one question and a follow-up. So I guess my first question is just maybe, Luc, as you could characterize what you're seeing from a demand perspective in the end markets, particularly for server DRAM, DIM solutions? Any thoughts on current inventory levels for DDR5 solutions, and just any kind of context of what you're seeing in demand wide?

是的，謝謝。感謝您回答這個問題。是的，我有一個問題和一個後續問題。所以我想我的第一個問題是，Luc，您能否從終端市場的需求角度描述您所看到的情況，特別是對於伺服器 DRAM、DIM 解決方案？對 DDR5 解決方案的當前庫存水準有何看法？

Thanks, Aaron. We do see the market recovering somewhat in the second as of 2024. As we expected, the pent-up demand for traditional servers did happen that explain the growth rates that we saw on our buffer chip business. This was the third consecutive quarter of growth in that business.

謝謝，亞倫。我們確實看到，截至 2024 年，市場在第二階段將有所復甦。正如我們預期的那樣，傳統伺服器的被壓抑的需求確實發生了，這解釋了我們在緩衝晶片業務中看到的成長率。這是該業務連續第三個季度實現成長。

We do see server demand continue to grow. The growth was probably mid-single digit, we see that growth to continue in 2025, need to upper single digits there. But the need for more capacity and more bandwidth will continue to be a driver for demand.

我們確實看到伺服器需求持續成長。成長率大概是中等個位數，我們認為到 2025 年，成長率還會持續，需要達到高個位數。但對更大容量和更大頻寬的需求將繼續成為需求的驅動力。

We continue to see DDR4 with very low demand, although the inventory levels continue to go down. This has been, from our standpoint, the seventh consecutive quarter where we see the inventories going down on DDR5.

儘管庫存水準持續下降，但我們仍然看到 DDR4 的需求非常低。從我們的角度來看，這是連續第七個季度看到 DDR5 庫存下降。

So DDR5 demand is going to continue to be small. But the demand for DDR5 is strong, and we expect to see, as we said in our opening remarks, further growth in Q1. So that's how we see the market.

因此 DDR5 的需求將會持續較小。但對 DDR5 的需求強勁，正如我們在開場白中所說，我們預計第一季將進一步成長。這就是我們對市場的看法。

Yeah. Very helpful. And then as a quick follow-up, when I look at your growth in your product revenue, the back half of this year you saw a 32% year-on-year growth. If I look at the midpoint of the current quarter guidance, I think you guided $72 million to $78 million. That looks like we're pushing into the high 40%, 50% growth rate range.

是的。非常有幫助。然後作為一個快速的跟進，當我查看你們產品收入的成長時，今年下半年你們實現了 32％ 的同比增長。如果我看一下當季指引的中點，我認為您指引的數字是 7,200 萬美元到 7,800 萬美元。看起來我們正在邁向40%、50%的高成長率。

When you think about PMIC and the opportunity for companion chip expansion, is it fair to assume that level of growth could be sustained through 2025? I'm just curious how we think about that growth, as we get into the tougher comps into the back half of the year, with the caveat of expanding into some of these other companionship opportunities? Thank you.

當您考慮PMIC和配套晶片擴展的機會時，是否可以合理地假設這種增長水平能夠持續到2025年？我只是好奇我們如何看待這種成長，因為我們在下半年面臨更艱難的競爭，同時擴展到其他一些陪伴機會？謝謝。

So you're correct. Yes. Thank you, Aaron. You're correct when we look at the midpoint we see very nice growth quarter over quarter, compared to Q1 of the past year. We do see the contribution from companionship starting to kick in in our results, but the bulk is still DDR5 RCD that is built in our growth.

所以你是對的。是的。謝謝你，亞倫。您說得對，當我們查看中點時，與去年同期相比，我們看到季度環比增長非常好。我們確實看到同伴的貢獻開始在我們的結果中發揮作用，但大部分仍然是在我們的成長中建立的 DDR5 RCD。

We have -- we will continue to see some contribution of companionships or new chips in the first quarter, the second quarter, but we will see an inflection point in the second half when the next platform from Intel is going to kick in, in the market. So we're going to see a profile that is similar to the profile that you saw in 2024. Some contribution from new chips that we saw in Q4, we'll continue to see in Q1, Q2, and then an inflection point when we intersect the introduction of the next platform from Intel.

我們將在第一季和第二季繼續看到一些同伴或新晶片的貢獻，但我們將在下半年看到一個轉折點，屆時英特爾的下一個平台將開始發揮作用。因此，我們將看到與您在 2024 年看到的概況類似的概況。我們在第四季看到的新晶片的一些貢獻，我們將在第一季、第二季繼續看到，然後在我們與英特爾推出的下一個平台相交時出現一個轉折點。

But we're very pleased with this double-digit growth three quarters in a row. We're also very pleased with the view of Q1 compared to the same quarter last year.

但我們對連續三個季度實現兩位數的成長感到非常高興。與去年同期相比，我們對第一季的表現感到非常滿意。

Blayne Curtis, Jeffries.

布萊恩‧柯蒂斯、傑弗里斯。

Hey, thanks for taking my question too. Just curious, just following up on the companion ships. If you can just kind of -- I said it would ramp more in the second half. Any perspective as to what that level is today?

嘿，也感謝您回答我的問題。只是好奇，只是想注意同伴的船隻。如果你可以的話——我說它會在下半年進一步增加。對於如今的水平有何看法？

The companion ships, as we said in the initial remarks, we have introduced eight new chips this year. So they are in different stages of qualification and production with our customers. We do see some nice sampling orders, preproduction orders from these companion ships.

同伴艦，正如我們在最初的評論中所說的那樣，我們今年推出了八款新晶片。因此，他們與我們的客戶處於不同的資質認定和生產階段。我們確實看到了這些同伴船的一些不錯的樣品訂單和預生產訂單。

We get some traction through ECOs and intragenerational adoption for these chips. Because as you remember, we came with the chips later to market compared to our competitors. So that builds our revenue for companion chips for Q4, Q1, Q2. As indicated earlier, there's going to be an inflection point with the next generation of the Intel platform with the revenue contribution from these companion ships.

我們透過 ECO 和這些晶片的代內採用獲得了一些關注。因為正如您所記得的，與競爭對手相比，我們的晶片較晚進入市場。這為我們第四季、第一季和第二季的配套晶片收入奠定了基礎。如同先前所指出的，隨著這些配套產品的收入貢獻，下一代英特爾平台將迎來一個轉捩點。

Hi, Blayne. I just want to say to what Luc said, we've been pleased with the traction that we see on our new products. We did see sequential growth in the fourth quarter versus the third quarter, but this does sort of remain at a sort of low single-digit contribution to our total product revenue.

你好，布萊恩。我只想說盧克所說的，我們對新產品的吸引力感到非常滿意。與第三季相比，我們確實看到第四季度實現了連續成長，但這對我們的總產品收入的貢獻仍然保持在較低的個位數。

And as Luc mentioned, we're excited that we will see the new products continuing to ramp into the model as we move through 2025. But this will be more towards the second half of the year from there.

正如 Luc 所提到的，我們很高興看到在 2025 年之際新產品將繼續融入該模型。但從那以後，這將更多地發生在今年下半年。

Perfect. And then just a question on modeling for this year. In terms of the delta with ASC 606, I'm just kind of curious if that was supposed to go to zero. I'm just kind of curious as we look this year, is that still the case?

完美的。然後只是一個關於今年建模的問題。就 ASC 606 的增量而言，我只是有點好奇它是否應該變為零。我只是有點好奇，看看今年的情況，情況仍然如此嗎？

Hi, Blayne. Yeah, that's a good sort of question. We've been really pleased to see the convergence of our financials with the gap between licensing billings and royalty revenue really narrowing.

你好，布萊恩。是的，這是一個很好的問題。我們非常高興地看到我們的財務狀況趨於一致，授權費用和特許權使用費收入之間的差距正在縮小。

If you take the second half of the year, we see about a $7 million difference between licensing billings and royalty revenue. My expectation is that we will continue to see a small sort quarterly difference. If you take our guidance for sort of Q1, this is around about a $3 million difference per quarter.

如果你看一下下半年，我們會發現授權費用和特許權使用費收入之間有大約 700 萬美元的差額。我的預期是，我們將繼續看到季度間細微的差異。如果採納我們對第一季的預測，那麼每季的差額約為 300 萬美元。

All of the major contracts have been realigned. We do have some smaller sort of legacy sort of contracts that we are working. And we do expect to continue to have that small different on a go-forward basis. But really pleased to see the convergence of the financials taking place here.

所有主要合約均已重新調整。我們確實正在執行一些規模較小的遺留合約。我們確實預計未來這種小差異將持續存在。但真的很高興看到這裡的財務狀況正在融合。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Hey, guys. Thanks for taking my question and congratulations on a strong finish to the year. I guess, there was one of your competitors out there, speaking about one of their competitors, maybe you, having some issues with their power management IC, whether that be the one you're developing or sampling or qualifying or perhaps with your partner, power management partner. So I was hoping to get your response.

嘿，大家好。感謝您回答我的問題，並祝賀您今年取得了圓滿的成績。我想，你們的競爭對手之一可能談到了他們的某個競爭對手，也許是你們，他們的電源管理IC 遇到了一些問題，無論是你們正在開發、採樣或認證的IC，還是你們的合作夥伴，電源管理合作夥伴。因此我希望得到您的回覆。

Are you seeing that? Any I guess, any qualification problems with your PMIC? And then related, I presume that inflection or that acceleration in companionship sales expected in the second half of the year? Is that largely contingent on the PMIC shipping?

你看到了嗎？我猜，你的 PMIC 有任何資格問題嗎？然後相關的是，我推測預計今年下半年陪伴式銷售會出現轉折點或加速？這很大程度取決於 PMIC 運輸嗎？

Thanks, Gary. So we are aware of this information about an issue with power management ship in the market.

謝謝，加里。因此，我們了解到有關市場上電源管理船舶存在問題的資訊。

The first thing I would say is that it's not about our power management chip, to make it clear. So we don't have issues with respect to the launch of our own power management ship.

首先我要說的是，這與我們的電源管理晶片無關，要明確一點。因此，我們在推出自己的電源管理產品方面沒有遇到任何問題。

The second thing I would say is that this is not unusual. One of the reasons there's been a, I would say, chaotic ramp of DDR5 in the market over the last year or so, is because of the difficulty of making all these chips work together.

我想說的第二件事是，這並不罕見。我認為，過去一年來 DDR5 在市場上出現混亂的原因之一是讓所有這些晶片協同工作存在難度。

So I would say that every quarter we faced some sort of one chip or another, not functioning the way it should function. So no surprise there. It has very little impact on our expectations for revenue. Maybe we could have guided $1 million or more in the next quarter.

所以我想說，每季我們都會面臨這樣或那樣的晶片無法正常運作的問題。因此這並不奇怪。這對我們的收入預期影響很小。也許我們可以在下個季度引導 100 萬美元或更多的資金。

But remember, there's a lot of combinations of power management shape and our CDs in the market. on a very large number of modules. So the impact is small. And I'm sure that power managementship company is doing their best to fix the issue.

但請記住，市場上有許多電源管理形狀和我們的 CD 的組合。在大量的模組上。所以影響很小。我確信電源管理公司正在盡力解決這個問題。

But what it tells me is that having the power management capability in-house is critically important. You have speeds that are higher and higher densities that are higher and higher, environments that are harsher and harsher, and making those chips work together is becoming very complex. And that's why we introduced our own permanent chip because these types of challenges, technical challenges are going to continue to be there and having the whole view and the whole comment on the full system is really, really important.

但它告訴我，擁有內部電源管理能力至關重要。速度越來越快，密度越來越高，環境越來越惡劣，讓這些晶片協同工作變得非常複雜。這就是我們推出自己的永久晶片的原因，因為這些類型的挑戰、技術挑戰將繼續存在，而對整個系統的整體視野和整體評論真的非常重要。

So again, we are aware of the issue. There's very little impact on us. But that comforts us in our view that we need to control that technology going forward.

因此，我們再次確認我們已經意識到了這個問題。對我們的影響很小。但這讓我們堅信我們需要控制該技術的發展。

Okay. Thanks for that, Luc. And I do have a follow-up is somewhat related and would to double-click on your claim of market share gains in 2024 for your memory interface chip business. Growth appears to be about 10% for your revenue in 2024 versus, what, mid-single-digit percent growth in server units. I would presume some of that is an easy year-over-year comparison for you, as you're under shipping market when inventories are getting digested and various other factors.

好的。謝謝你，盧克。我確實有一個後續問題有些相關，想雙擊您關於 2024 年內存介面晶片業務市場份額增長的說法。到 2024 年，您的收入成長率似乎為 10% 左右，而伺服器數量成長率則為個位數的中等水準。我認為其中一些對您來說很容易進行同比比較，因為您處於航運市場，庫存正在消化，還有其他各種因素。

I guess, maybe a more simplistic way of looking at it, how do you think you perform relative to your competitors? And how do you think your market share is going to shake out in 2025?

我想，也許可以用一種更簡單的方式來看待這個問題：您認為您的表現相對於競爭對手而言如何？您認為 2025 年您的市佔率將會發生怎樣的變化？

Yeah. So we saw the market for -- one of the proxies we use is the server market. We saw a market that was growing mid-single digits on the service side. We knew we would have that profile, where the second half would be stronger than the first half.

是的。因此，我們看到了市場——我們使用的代理之一是伺服器市場。我們看到服務方面的市場正以中等個位數成長。我們知道我們會有這樣的表現，下半年會比上半年更強。

As you said, we grew 10% in the market that if you use that proxy grew 5%, which would indicate that we've gained share. As Des explained, the contribution of companion chip remains modest in that. So that's mainly coming from our DDR5 RCD chips.

正如您所說，我們的市場成長了 10%，如果使用該代理，則成長了 5%，這表示我們的份額增加了。正如 Des 所解釋的那樣，配套晶片的貢獻仍然很小。所以這主要來自我們的 DDR5 RCD 晶片。

So we believe that when we look at the whole of 2024, we're probably in the early 40% share in DDR5 in the market today. And we do see traction in DDR5 going into 2025.

因此，我們相信，從整個 2024 年來看，我們在當今 DDR5 市場上的份額可能達到 40% 左右。我們確實看到 DDR5 在 2025 年將會有發展勢頭。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Yeah, thanks for taking my question. A couple of follow-ups. Just wanted to revisit the R&D. Obviously, silicon Q over Q and year-over-year increase, how should we think about revenue contribution? Is that mostly going to be 2026 and beyond? Or is there any opportunity for incremental revenue given the recent opting in? And I have a follow-up.

是的，感謝您回答我的問題。一些後續行動。只是想重新檢視研發。顯然，矽片Q環比和年成長，我們該如何看待收入貢獻？這主要是在 2026 年及以後嗎？或者考慮到最近的選擇，是否有機會增加收入？我還有一個後續問題。

The uptick on R&D, and I'll let this comments. As we said in the earlier remarks, it's important for us to accelerate our road map. AI is bringing all of these opportunities for chips in power management and signal integrity. So we increased our investments to make sure that we stay on track with the market demand.

研發費用的增加，我會對此發表評論。正如我們之前所說，加快我們的路線圖對我們來說非常重要。人工智慧為電源管理和訊號完整性領域的晶片帶來了所有這些機會。因此，我們增加了投資，以確保能夠滿足市場需求。

Des?

戴斯？

Hi, Luc. Yeah, let me just add on to that. I think we've done a fairly nice job in managing our expenses, where we've really struck the right balance between being disciplined investing at the right level to support our future growth opportunities. I was delighted with our R&D execution and new product rollout in 2024.

你好，盧克。是的，讓我補充一下。我認為我們在管理費用方面做得相當不錯，我們在嚴謹的投資和適當水平的投資以支持我們未來的成長機會之間取得了適當的平衡。我對我們的研發執行和 2024 年新產品的推出感到非常高興。

As Luc mentioned, this was a record eight new products we released. It is important to note that this was really achieved under the same sort of OpEx or an envelope. And so what we're able to do is really reinvest the spend associated with the divested five business back into product programs.

正如 Luc 所提到的，我們發布了八款新產品，創下了歷史記錄。值得注意的是，這實際上是在相同類型的 OpEx 或範圍內實現的。因此，我們能夠做的就是將剝離的五項業務相關的支出重新投資到產品項目中。

And I think, Mehdi, the right way to think about R&D sort of going forward would be around 23% to 25% of revenue, which is a similar range to what we've been operating at in the last three years here?

我認為，Mehdi，正確的研發投入比例應該為收入的 23% 到 25% 左右，這與我們過去三年的營運比例類似？

Got it. Thank you. And just, actually, as a follow-up to that, as we think about opportunities in HBM4 and GDDR7, is it going to be more like a '26? Are these IP revenue contingent on the end product be shipped into the market? Or should we assume some revenue opportunity before the actual AI platform shift?

知道了。謝謝。實際上，作為後續行動，當我們考慮 HBM4 和 GDDR7 中的機會時，它是否會更像 26 年？這些 IP 收入是否取決於最終產品進入市場？或者我們應該在實際的人工智慧平台轉變之前假設一些收入機會？

Thank you, Mehdi. The GDDR7 or HBM4 offering are offering in our silicon IP business. So the business model we use is people buy licenses from us. So we do see the revenue as soon as the customers engage with us. We don't have to wait for their chips to go into production.

謝謝你，梅迪。我們的矽 IP 業務提供 GDDR7 或 HBM4 產品。因此，我們使用的商業模式是人們向我們購買許可證。因此，只要客戶與我們互動，我們就能看到收入。我們不必等待他們的晶片投入生產。

So we're very pleased with staying ahead of the curve with those IP. We had very strong revenue contribution from HBM3 last year. And we started to see revenue contribution from HBM4 in Q4, as we prove the lead with this type IP.

因此，我們非常高興能夠憑藉這些 IP 保持領先地位。去年，HBM3 為我們的收入貢獻了非常強勁的勢頭。我們在第四季度開始看到 HBM4 的收入貢獻，因為我們證明了這種類型的 IP 的領先地位。

We had an exceptionally good quarter in Q4 in our silicon IP business. And that's partially due to the adoption of our HBM4 IP in the market. Because this business can be lumpy, it was lumpy in the right direction in Q4. There was a lot of demand for, which explain the results for that quarter. But again, revenue happens when to adopt the technology, not necessarily when the products run to market.

我們的矽 IP 業務在第四季表現異常出色。這部分歸功於我們的 HBM4 IP 在市場上的採用。由於這項業務可能會出現波動，因此第四季度它的運行方向是正確的。需求很大，這解釋了該季度的業績。但同樣，收入是在採用技術時產生的，而不一定是在產品推向市場時產生的。

Great. Thanks for all the details.

偉大的。感謝您提供的所有詳細資訊。

Kevin Cassidy, Rosenblatt Securities.

羅森布拉特證券的凱文卡西迪 (Kevin Cassidy)。

Yeah, thanks for taking my question. A couple of thoughts here on the licensing of HBM, and I say you're moving on to HBM4. Can you talk about the breadth of the number of customers that you're licensing to? Has there been a change in that as you move to next generations?

是的，感謝您回答我的問題。這裡有關於 HBM 許可的一些想法，我認為你應該轉向 HBM4。您能談談您授權的客戶數量嗎？隨著你們進入下一代，這種情況有改變嗎？

No, we typically don't disclose from both customers the name of customers. But I would say that when we -- we have a portfolio of IP. But when we introduce IP, such as HBM4, GDDR7, we typically talk to customers who are also on the leading edge of those technologies.

不，我們通常不會向客戶透露雙方客戶的姓名。但我想說的是，我們擁有智慧財產權組合。但是，當我們推出 HBM4、GDDR7 等 IP 時，我們通常會與同樣處於這些技術前沿的客戶進行交流。

It's, on average, a smaller number of more advanced customers than it would be for earlier generation of products. That's the way to look at it.

平均而言，與上一代產品相比，更高級的客戶數量較少。這就是看待這個問題的方式。

The engagements are very deep with these customers, very technical. So we have multiple customers, but I wouldn't say that we have as many customers as we would have with an earlier technology, if that answers your question.

我們與這些客戶的合作非常深入，而且技術性很強。因此，我們有多個客戶，但我不會說我們擁有與早期技術一樣多的客戶，如果這回答了您的問題的話。

I see. Yeah, that's helpful. And maybe on the CPU side. Clearly, you're on a good track with the next-generation platforms of CPUs for x86, but there's also been quite a few x86 and other CPUs coming out that are ARM based. Can you talk about that market for your modules?

我懂了。是的，這很有幫助。或許是在 CPU 方面。顯然，您在下一代 x86 CPU 平台的道路上走得很好，但也有不少基於 ARM 的 x86 和其他 CPU 問世了。能談談你們模組的市場嗎？

Yes, we're kind of agnostic to the core of these CPUs. We do see traction with executive-based scores but we also do see traction on CPUs built on ARM. The buffer chip business is really dependent on the memory interface and whether you have an ARM-based processor or a x86-based processor, you typically use standard dims that have a standard interface.

是的，我們對這些 CPU 的核心不太了解。我們確實看到了基於執行官分數的吸引力，但我們也看到了基於 ARM 的 CPU 的吸引力。緩衝晶片業務實際上依賴記憶體接口，無論您擁有基於 ARM 的處理器還是基於 x86 的處理器，您通常都使用具有標準介面的標準 dim。

So we're kind of agnostic to this. We're agnostic to the relative share between AMD and Intel, but we're also agnostic with the share between x86 and ARM processor-based solutions.

所以我們對此有點不確定。我們不清楚 AMD 和英特爾之間的相對份額，但我們也不清楚基於 x86 和 ARM 處理器的解決方案之間的份額。

Tristan Gerra, Baird.

特里斯坦·格拉，貝爾德。

Sure. Hi, good afternoon. I know you've already partially answered the question. I just wanted to go back on the product revenue growth for this year. If we look on a year-over-year basis, it sounds like DDR5 mix is going to be the primary contributor year over year of revenue growth.

當然。嗨，下午好。我知道你已經部分回答這個問題了。我只是想回顧一下今年的產品收入成長。如果我們從同比角度來看，聽起來 DDR5 產品組合將成為年收入成長的主要貢獻者。

But then I think consensus is embedding an acceleration in product revenue quarter over quarter in the second half. So I just wanted to get some level of comfort about what drives that acceleration, because clearly, the DDR5 comps are going to slow down or positive comps are going to slow down.

但我認為大家普遍認為下半年產品收入將較上季加速成長。所以我只是想對推動這種加速的因素獲得一定程度的了解，因為很明顯，DDR5 同類產品的速度將會減慢，或者正同類產品的速度將會減慢。

So is the driver in the second half for the about the higher channel count per CP on the Intel platform. Is that a key driver? Or is it more the ongoing ramp of companionships if you could perhaps give us some additional color about the key drivers for product revenue in the second half.

下半部的驅動程式也與英特爾平台上每個 CP 的更高通道數有關。這是一個關鍵驅動因素嗎？或者更多的是同伴關係的持續成長，如果您能給我們一些關於下半年產品收入的主要驅動因素的更多資​​訊嗎？

I know you're not guiding for the whole year, but ultimately, what type of growth does that give us perhaps versus prior years in product revenue?

我知道您沒有為全年做出預測，但最終，與前幾年相比，這會為我們的產品收入帶來什麼樣的成長？

Hi, Tristan, it's Des. And as you correctly say, we only guide one quarter at a time. But let me offer some comments on what we're sort of seeing on the product side. We've been really delighted with our performance in 2024, where we delivered both quarterly and annual records from there.

你好，特里斯坦，我是德斯。正如您正確指出的那樣，我們每次只指導一個季度。但請讓我就我們在產品方面看到的情況發表一些評論。我們對 2024 年的表現感到非常滿意，從那時起我們便創下了季度和年度記錄。

But looking ahead to sort of 2025, we're really entering '25 with strong momentum following the record quarterly revenue. As Luc already mentioned, we do expect the server market to continue to grow. Luc talked about upper sort of single digits or it can also continue to see that favorability in to '25.

但展望 2025 年，隨著季度營收創紀錄，我們將以強勁勢頭進入 2025 年。正如 Luc 已經提到的，我們確實預計伺服器市場將繼續成長。盧克 (Luc) 談到了較高的個位數，或者也可以繼續看到對 25 年的有利影響。

I'm really looking at the sort of second half of the year. We will see the next generation platforms really contributing to sort of ramp in the sort of second half of the year, in addition to our new product revenue contribution from the companion that we expect to ramp in the second half of the year. So we're really excited about the future opportunities ahead of us going into '25.

我確實有在關註今年下半年的情況。除了我們預計在下半年會增加的配套新產品收入貢獻之外，我們還將看到下一代平台在下半年真正為成長做出貢獻。因此，我們對2025年面臨的未來機會感到非常興奮。

The other thing, Tristan -- and the other thing, Tristan, is that the other question is when the platform -- the new platform gets to market, there's a -- to your point, it's going to be a higher number of channels. So by definition, it's going to be a driver for more sales.

另一件事，特里斯坦——另一件事，特里斯坦，另一個問題是當平台——新平台進入市場時，——正如你所說，它將會有更多的管道。所以根據定義，它將成為推動銷售成長的動力。

But also, I would say that when this platform gets into the market in the second half, our footprint for companionship is much higher than the current platform. So that's the inflection point that I was mentioning earlier.

但我想說的是，當這個平台在下半年進入市場時，我們的陪伴足跡將比目前的平台高得多。這就是我之前提到的轉捩點。

So there's a combination of more channels being available in a new platform, but also the footprint for these new chips that we're introducing being better in this new generation of product that ramps in the second half than in the current generation that drives our current sales of companion chips.

因此，新平台不僅提供了更多管道，而且我們推出的新晶片的足跡在下半年推出的新一代產品中也比當前一代產品更好，從而推動了我們目前的配套晶片的銷售。

Okay. That's great color. Very useful. And then as my second question, how do we -- and you've already commented about being agnostic between x86 and ARM. I think the exception will be in AI where Grace today doesn't have any type of architecture or module memory in module.

好的。顏色真棒。非常有用。然後作為我的第二個問題，我們如何——您已經評論過 x86 和 ARM 之間的不可知論。我認為例外情況是人工智慧，目前 Grace 沒有任何類型的架構或模組記憶體。

So how do we balance out the ramp of Grace and GB-200 and subsequent [gray-based] architectures from NVIDIA. And I know it's a small subset of total data center units. How do we balance that versus the increase in the module count in AI systems? Is that a full offset? Or is AI primarily going to be on the licensing side?

那麼，我們如何平衡 Grace 和 GB-200 以及 NVIDIA 後續的[基於灰色的] 架構的發展。我知道這只是整個資料中心單元的一小部分。我們如何平衡這一點與人工智慧系統中模組數量的增加？這是一個完全抵消嗎？或者 AI 主要用於授權方面？

It's kind of separated, I would say, that we are monitoring what's happening with price for Grace. They actually build with LPD are a sort of modules that they call super chip.

我想說，這有點分開，我們正在監控 Grace 的價格動態。他們實際上用 LPD 構建了一種他們稱之為超級晶片的模組。

And as you said, it has a small market niche target for that. And it actually addresses different types of use cases, standard AI box would address. So we are monitoring that. But we don't think that it's impacting the demand for standard module at this point in time.

正如您所說，它的市場利基目標很小。它實際上解決了不同類型的用例，標準 AI 盒子會解決。因此我們正在監視這一點。但我們認為這目前不會影響對標準模組的需求。

We continue to see, in the AI boxes, these two layers of costing, the GPU HDM fast parallel computing layer and then the standard servers that are there to prepare the data, room the data, so the data for these number crunching GPU layers.

我們繼續看到，在 AI 盒子中，有這兩層成本，GPU HDM 快速並行計算層，然後是用於準備資料、儲存資料的標準伺服器，因此這些數字運算 GPU 層的資料。

So we're monitoring that. It's a small market. It has different use cases. But we don't think it's impacting the dealing demand.

因此我們正在監控這一點。這是一個很小的市場。它有不同的用例。但我們不認為這會影響交易需求。

Great. Thanks, again.

偉大的。再次感謝。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Oh, thanks for the follow-up, guys. I'll pick the two here again. So, as we start to think about the companion chip ramp, let's say we go from low single-digit contribution to 10% or 15%, whatever that might be, how do we think about that in the context of the product gross margin as we think about the back half of the year?

哦，謝謝大家的關注。我會再次選擇這兩個。因此，當我們開始考慮配套晶片的成長時，假設我們的貢獻從低個位數上升到 10％ 或 15％，無論是多少，我們如何在產品毛利率的背景下考慮這一點？半年的情況？

It looks like this quarter was plus or minus around 61%, 61.5%. How does that play out as companion chips right up to a bigger contribution?

看起來本季的漲幅大約在 61%、61.5% 左右。它如何作為伴隨晶片發揮作用直至做出更大的貢獻？

Hi, Aaron. It's Des here. Thanks for your question. What I would say is that we've issued our sort of long-term target on the gross margin side, which 60% to 65%. We won't break out the individual gross margin targets of the individual products. But what I would say is with the inclusion the revenue contribution from the companion chips and new products, we do expect to maintain our sort of gross margin target at 60% to 65%.

你好，Aaron。我是 Des。感謝您的提問。我想說的是，我們已經發布了毛利率的長期目標，即 60% 至 65%。我們不會公佈個別產品的單獨毛利率目標。但我想說的是，加上配套晶片和新產品的收入貢獻，我們確實預計毛利率目標將維持在 60% 至 65% 之間。

Perfect. Perfect. That's what I thought. Okay. And then as a quick follow-up, there was no question asked, so I have to ask you is, is there any kind of updated views on the role of MRDIMM as we look out? Or is it just more, hey, let's see where this goes, and it's still more of a 2026 story with 4x content expansion opportunity.

完美的。完美的。我也是這麼想的。好的。然後作為一個快速的跟進，沒有人提出問題，所以我要問您的是，就我們所看到的，對 MRDIMM 的作用有什麼更新的看法嗎？或者只是，嘿，讓我們看看會發生什麼，它仍然更像是一個 2026 年的故事，具有 4 倍的內容擴展機會。

No, we're still very excited with the opportunity with MRDIMM. So there's no change there. What you see, especially with AI servers, is that even though you do add channels and even though you can think about more dense modules, they still need for more memory and more speed on each one of them.

不，我們仍然對 MRDIMM 帶來的機會感到非常興奮。因此那裡沒有變化。您會發現，尤其是在 AI 伺服器上，即使您確實添加了通道，即使您可以考慮使用更密集的模組，但每個模組仍然需要更多的記憶體和更快的速度。

So the demand for MRDIMM, the site for MRDIMM is still here, but it will intercept the follow-on generation of product from Intel, Diamond Rapids, which should ramp in the second half of 2026. So from a timing standpoint, things have not changed. From an interest standpoint, the interest is still very, very high.

因此，對 MRDIMM 的需求（MRDIMM 的站點）仍然存在，但它將攔截英特爾 Diamond Rapids 的後續產品，該產品應該會在 2026 年下半年開始量產。因此從時間角度來看，事情並沒有改變。從興趣角度來說，興趣仍然非常非常高。

Perfect. Thank you.

完美的。謝謝。

Thank you for your question. There are currently no further questions registered. (Operator Instructions)

感謝您的提問。目前還沒有登記其他問題。（操作員指令）

This concludes the question-and-answer section. I'll now like to turn the conference back over to the company for any close remarks.

問答部分到此結束。現在，我想將會議交還給公司，以便大家發表最後的評論。

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 very good day.

感謝今天與我們在一起的每個人的持續關注和時間。我們期待很快再次與您交談。祝您有個愉快的一天。

Thank you. This now concludes today's conference.

謝謝。今天的會議到此結束。