Rambus Inc (RMBS) 2025 Q1 法說會逐字稿

Welcome to the around this first quarter fiscal year 2025 earnings conference call. (Operator Instructions)

歡迎參加本次2025財年第一季財報電話會議。（操作員指示）

And now like to turn the conference over to Dan Lynch, Chief Financial Officer.

現在，我想將會議交給財務長 Dan Lynch。

Thank you, operator, and welcome to the Rambus first quarter 2025 results conference call.

謝謝接線員，歡迎參加 Rambus 2025 年第一季業績電話會議。

I'm Dan Lynch, Chief Financial Officer at Rambus and on the call with me today is Luc Seraphin, our CEO detached 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 this slide sites 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 P.M pacific time.

我是 Rambus 財務長 Dan Lynch，今天與我一起參加電話會議的是我們的執行長 Luc Seraphin，我們今天將要討論的結果獨立發布已透過 8-K 表格提交給美國證券交易委員會。我們將對本次電話會議以及我們將在今天的電話會議部分內容中引用的幻燈片網站進行網路直播。從今天太平洋時間下午 5 點開始，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, other market factors, including the reflections of the geopolitical and macroeconomic environment and the effects of ASC 606 and reported revenue amongst other items.

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、其他市場因素（包括地緣政治和宏觀經濟環境的反映以及 ASC 606 的影響和報告收入等）的預期。

This 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. These forward looking statements may differ materially from our actual results, and we are under no obligation to update these statements.

這些聲明受到本次電話會議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 and 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和幻燈片簡報中，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 investors better insight into our operations performance. The order of our call today will be as follows.

此外，我們將繼續提供許可證費用等營運指標，以便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 will start an overview of the business. I will discuss our financial results and then we will end with Q&A. I'll now turn the call over to Luc to provide an overview of the quarter.

Luc 將開始概述業務。我將討論我們的財務結果，然後我們將以問答形式結束。現在我將把電話轉給 Luc，讓他概述本季的情況。

Thank you, Dan, and good afternoon, everyone. Rambus had an excellent start to the year.

謝謝你，丹，大家下午好。Rambus 今年取得了良好的開端。

In Q1, we achieved great financial results and maintained our market leadership position in core DDR5 chips, delivering another quarter of record product revenue.

第一季度，我們取得了優異的財務業績，持續保持核心DDR5晶片市場的領先地位，產品收入再創季度新高。

As a cornerstone of our growth strategy, we continue to aggressively drive our product development roadmap of signal and power integrity solutions for next-generation memory architectures that address the ever increasing needs of advance workloads in the data center as we navigate the dynamic environment in the near term, the Rambus business model is naturally resilience turbulence.

作為我們成長策略的基石，我們將繼續積極推動針對下一代記憶體架構的訊號和電源完整性解決方案的產品開發路線圖，以滿足資料中心日益增長的高階工作負載需求，因為我們將在短期內應對動態環境，而 Rambus 業務模式自然能夠抵禦動盪。

This resilience comes from the diversity of our business with revenue streams from chips, IP and patents or patent licensing business is highly predictable due to the long-term nature one of our agreements, which provides financial stability. Our Rambus balance sheet and consistent track record of generating strong cash from operations strengthens our ability to navigate macroeconomic uncertainty and the potential impact of tariffs.

這種韌性來自於我們業務的多樣性，來自晶片、智慧財產權和專利或專利授權業務的收入來源由於我們的協議的長期性質而具有高度可預測性，從而提供了財務穩定性。我們的 Rambus 資產負債表和持續產生強勁營運現金的記錄增強了我們應對宏觀經濟不確定性和關稅潛在影響的能力。

As of today, there is no direct impact on our operations from Paris. This is a rapidly evolving situation that we are actively monitoring, and we are in continuous discussions with our customers and suppliers to understand the potential indirect impacts of tariffs. Given the current dynamics, we have limited visibility of the potential impacts beyond the current quarter, we remain very conscientious and focused on strategic execution.

截至今天，巴黎對我們的營運沒有直接影響。我們正在積極監測這一快速發展的局勢，並與我們的客戶和供應商持續討論，以了解關稅的潛在間接影響。鑑於當前的形勢，我們對本季之後的潛在影響的預見有限，我們仍然非常認真並專注於戰略執行。

Our Rambus business model and stable foundation allows us to sustain our strong investment in technology leadership. Our new product development, positioning us well for long-term growth while consistently delivering value to our stockholders.

我們的 Rambus 商業模式和穩定的基礎使我們能夠維持對技術領導地位的大力投資。我們的新產品開發使我們在長期成長方面處於有利地位，同時持續為股東創造價值。

Turning now to our Q1 results, we delivered revenue and earnings above our expectations and generated outstanding cash from operations of $77 million. Memory interface chips drove the top line growth, delivering another quarter of record revenue of $76 million, up 52% year-over-year, driven by our continued strong leadership position in core DDR5 RCD products.

現在來看看我們的第一季業績，我們的收入和收益超出了預期，並從經營活動中產生了 7700 萬美元的未償現金。記憶體介面晶片推動了營業收入的成長，由於我們在核心 DDR5 RCD 產品領域持續保持強大的領導地位，本季營收再創歷史新高，達到 7,600 萬美元，年成長 52%。

We are delighted to see another quarter of increased sales from memory interface chips and expect further growth in Q2, putting us on track for a very strong first half of the year.

我們很高興看到記憶體介面晶片的銷售額再度成長，並預計第二季將進一步成長，這將使我們在今年上半年取得非常強勁的業績。

As I mentioned in my opening remarks, we are also making steady strides in advancing our product road map. The record number of products introduced last year are each moving through the varying stages of the product adoption cycle. Progress continues on the rollout of our expanding portfolio of new products, including our industry-leading service, Phoenix and a margin per [12800] chipset.

正如我在開場白中提到的，我們也在穩步地推進我們的產品路線圖。去年推出的產品數量創下了紀錄，每個產品都處於產品採用週期的不同階段。我們不斷擴大的新產品組合的推出取得了進展，包括我們行業領先的服務、Phoenix 和每 [12800] 晶片組的利潤。

We have broad-based momentum and qualifications ongoing the module and system level. The industry standard MRDIMM. 12,800 chipsets will enable a new wave of high-performance DDR5 system as the need for capacity and bandwidth continues to grow.

我們在模組和系統層面擁有廣泛的動力和資格。業界標準 MRDIMM。隨著容量和頻寬需求的不斷增長，12,800 晶片組將推動新一波高性能 DDR5 系統的發展。

These are intended to intercept future generation server platforms. We are providing qualification samples to customers and expect to see our chips ramp in line with compatible processes as a critical component to managing power in high-performance memory subsystems are familiar with Phoenix is also being very well received by customers.

這些都是為了攔截未來一代的伺服器平台。我們正在向客戶提供合格樣品，並期望看到我們的晶片按照相容的工藝進行提升，因為作為管理高性能內存子系統中電源的關鍵組件，Phoenix 也受到了客戶的一致好評。

Our industry-leading extreme currency and [Nick] will support high-capacity systems with [MRDIMM] is running at 6,400 and 7,200 megatransfers per second, and our second generation server clinic rounds out the offering for both the industry standard DDR5 adding $8,000 and a margin to 12,800.

我們業界領先的極端貨幣和 [Nick] 將支援高容量系統，其中 [MRDIMM] 的運行速度為每秒 6,400 和 7,200 兆次傳輸，我們的第二代伺服器診所完善了行業標準 DDR5 的服務，增加了 8,000 美元，利潤達到 12,800。

We are very excited by the positive progress at customers for our broad set of new products with early shifts underway for both server and client applications. Turning to silicon IP, AI continues to drive design-win momentum.

我們對客戶對我們廣泛的新產品所取得的積極進展感到非常興奮，我們正在為伺服器和客戶端應用程式進行早期轉變。轉向矽 IP，AI 繼續推動設計獲勝的勢頭。

And while quarter on quarter revenue may vary due to customer program timing, we are pleased with our ongoing traction key building blocks for accelerating computing ICs.

雖然季度收入可能會因客戶規劃時間而有所不同，但我們對持續推動計算 IC 加速關鍵建置模組感到滿意。

We continue to see strong demand for our industry leading memory and interconnect IP, including HBM4 [NTCA seven] controllers as well as our security IP. In March, we introduced our next-generation CryptoManager security IP solutions that address an expanded set of customers and offer a new levels of security, including quantum safe functionality.

我們繼續看到對我們領先業界的記憶體和互連 IP 的強勁需求，包括 HBM4 [NTCA seven] 控制器以及我們的安全 IP。今年三月，我們推出了下一代 CryptoManager 安全 IP 解決方案，該解決方案可滿足更廣泛的客戶需求，並提供新的安全級別，包括量子安全功能。

As we look ahead, AI and the ongoing evolution of the data center will continue to drive demand across our chips and IP with advance applications requiring unprecedented levels of performance and security to enable the Rambus high performance and high capacity memory subsystems critical to meeting the needs of data intensive workloads.

展望未來，人工智慧和資料中心的不斷發展將繼續推動我們晶片和 IP 的需求，先進的應用程式需要前所未有的效能和安全性，以使 Rambus 高效能和高容量記憶體子系統對於滿足資料密集型工作負載的需求至關重要。

A growing number of specialized silicon solutions are required with 35 years of memory subsystem expertise. Rambus has strategically expanded our product portfolio to offer complete chipset for all industry standard DDR5 server memory modules.

憑藉 35 年的記憶體子系統專業知識，我們需要越來越多的專用矽片解決方案。Rambus 策略性地擴展了我們的產品組合，為所有行業標準 DDR5 伺服器記憶體模組提供完整的晶片組。

Over the past year, we continued our track record of industry leadership in core DDR5 products, introduced new server power management solutions, and we're first to market with a complete chipset for industry standard DDR5 [their] margins.

在過去的一年裡，我們繼續在核心 DDR5 產品領域保持行業領先地位，推出了新的伺服器電源管理解決方案，並率先向市場推出符合行業標準 DDR5 的完整晶片組。

We are also excited about the future prospect of our Signal and Power Integrity technology water pulling into solutions for the clients market. The strength of our business model enables us to continue these investments in new products for growth, and we look forward to sharing more as we made further progress on our roadmap and expand our addressable market.

我們也對我們的訊號和電源完整性技術為客戶市場提供解決方案的未來前景感到興奮。我們商業模式的優勢使我們能夠繼續對新產品進行投資以實現成長，並且我們期待在我們的路線圖上取得進一步進展並擴大我們的潛在市場時分享更多。

In closing, we had a very strong start to the year, exceeding guidance for revenue and earnings and continued product leadership, driving record the product results. Our dedicated project execution, continued conviction in our roadmap, investment and resilient business model position us well for future growth and success.

總而言之，我們今年開局非常強勁，營收和利潤超出預期，繼續保持產品領先地位，推動產品業績創下新高。我們專注於專案執行，對路線圖的持續信念、投資和有彈性的商業模式為我們未來的成長和成功奠定了良好的基礎。

As always, I'd like to thank our customers, partners and employees for their ongoing support.

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 test.

說完這些，我將把電話轉給 Des，討論季度財務結果測試。

Thank you, Luc.

謝謝你，盧克。

Let's begin with a summary of financial results for the first quarter on slide 3. We delivered strong financial result was in the quarter as we continue to make progress on our long-term growth strategy. Our first quarter results exceeded our expectations for both revenue and earnings.

讓我們從投影片 3 上第一季財務業績的總結開始。隨著我們繼續在長期成長策略上取得進展，本季我們取得了強勁的財務表現。我們第一季的業績超出了我們對營收和收益的預期。

In addition to the solid results, a resilient business model with diversified revenue streams and a stable foundation of our patent licensing business consistently generate strong cash from operations. This enables us to invest in our long-term growth as we navigate the current dynamic environment.

除了穩健的業績外，具有多元化收入來源的彈性業務模式以及我們專利授權業務的穩定基礎也持續產生強勁的營運現金流。這使我們能夠在當前動態環境中投資於我們的長期成長。

Let me now provide you a summary of our non-GAAP income statement on Slide 5. Revenues for the first quarter was $166.7 million, which was above the high end of our expectations. Royalty revenue was $74 million for licensing billings were $73.3 million.

現在，讓我在投影片 5 上向您提供我們的非 GAAP 損益表的摘要。第一季的營收為 1.667 億美元，高於我們的最高預期。特許權使用費收入為 7,400 萬美元，許可費用為 7,330 萬美元。

Difference between licensing billings and royalty revenue mainly relates to timing as we do not always record that revenue in the same quarter as we bill our customers. Product revenue was $76.3 million, up 4% sequentially and up 52% year-over-year as we delivered another quarter of record product revenue, driven by continued strength in DDR5 products.

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，因為我們並非總是在向客戶收費的同一季度記錄該收入。產品營收為 7,630 萬美元，季增 4%，年增 52%，這得益於 DDR5 產品持續強勁的推動，我們又創下了季度產品收入記錄。

Contract and other revenue was $16.4 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 in royalty revenue as well as in licensing billings.

合約和其他收入為 1,640 萬美元，主要包括矽知識產權。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，其餘部分則在特許權使用費收入和授權費用中報告。

Total operating costs, including costs of goods sold for the quarter were $90.4 million. Operating expenses of $59.4 million were in line with our expectations and relatively flat sequentially as we continued to be disciplined in that expense management.

本季總營運成本（包括銷售成本）為 9,040 萬美元。5,940 萬美元的營運費用符合我們的預期，由於我們繼續嚴格管理費用，因此環比持平。

Non-GAAP interest and other income for the first quarter was $4.5 million using assumed flat tax rate of 20% for non-GAAP pretax income and GAAP net income for the quarter was $64.6 million.

第一季非公認會計準則利息和其他收入為 450 萬美元，假設非公認會計準則稅前收入統一稅率為 20%，本季公認會計準則淨收入為 6,460 萬美元。

Now let me come to the balance sheet details on Slide 6. We ended the quarter with cash, cash equivalents and marketable securities totalling $514.4 million, up from Q4, primarily driven by strong cash from operations of $77.4 million. First-quarter capital expenditures were $11.7 million for depreciation expense was $7.1 million.

現在讓我來看看投影片 6 上的資產負債表詳細資料。本季末，我們的現金、現金等價物和有價證券總額為 5.144 億美元，高於第四季度，主要得益於 7,740 萬美元的強勁經營現金流。第一季資本支出為 1,170 萬美元，折舊支出為 710 萬美元。

We delivered $65.7 million of free cash flow in the quarter. Let me now review our non-GAAP outlook for the second quarter on Slide 7. 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.

本季我們實現了 6,570 萬美元的自由現金流。現在讓我回顧一下幻燈片 7 上第二季的非 GAAP 展望。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。

Well, the geopolitical and economic environment is uncertain. We remain in constant communication with our customers and suppliers to navigate the evolving landscape. 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.

嗯，地緣政治和經濟環境不確定。我們與客戶和供應商保持持續溝通，以應對不斷變化的情況。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，這是一項營運指標，反映了在調整某些差異後的期間內向我們的許可客戶開立的發票金額。

We expect revenue in the second quarter to be between $167 million and $173 million. We expect royalty revenues to be between $67 million and $73 million and licensing billings between $64 million and $17 million.

我們預計第二季的營收將在 1.67 億美元至 1.73 億美元之間。我們預計特許權使用費收入將在 6,700 萬美元至 7,300 萬美元之間，授權費用將在 6,400 萬美元至 1,700 萬美元之間。

We expect Q2 non-GAAP total operating costs, which includes COGS to be between $94 million and $90 million. We expect Q2 capital expenditures to be approximately $13 million. Non-GAAP operating results for the second quarter is expected to be between a profit of $73 million and $83 million. For non-GAAP interest and other income and expense, we expect $4 million of interest income.

我們預計第二季非 GAAP 總營運成本（包括銷貨成本）將在 9,400 萬美元至 9,000 萬美元之間。我們預計第二季的資本支出約為 1300 萬美元。非公認會計準則預計第二季營業利潤在7,300萬美元至8,300萬美元之間。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。

We expect pro forma tax rate to be 20%, with non-GAAP tax expenses to be between $15.4 million and $17.4 million in Q2, we expect Q2 share count to be $109 million diluted shares outstanding. Overall, we anticipate the Q2 non-GAAP earnings per share range between $0.57 and $0.64.

我們預計第二季的備考稅率為 20%，非 GAAP 稅費將在 1,540 萬美元至 1,740 萬美元之間，我們預計第二季的流通股數為 1.09 億美元。總體而言，我們預計第二季非公認會計準則每股收益將介於 0.57 美元至 0.64 美元之間。

Let me finish with a summary on Slide 8. In closing, I am pleased with our strong financial results and continued execution. Our diversified portfolio continued profitable growth with strong cash generation. Our Rambus balance sheet enables us to invest in market expansion opportunities and data center and AI for consistently delivering value to our stockholders.

讓我以投影片 8 上的總結來結束演講。最後，我對我們強勁的財務表現和持續的執行力感到滿意。我們的多元化投資組合持續實現獲利成長，並產生強勁的現金流。我們的 Rambus 資產負債表使我們能夠投資市場擴張機會、資料中心和人工智慧，從而持續為股東創造價值。

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 hand the call back to our operator to begin Q&A.

說完這些，我會將電話交回給我們的接線生，開始問答。

(Operator Instructions)

（操作員指示）

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Good afternoon, everybody.

大家下午好。

Thanks for taking my question.

感謝您回答我的問題。

As we sit here today and think about the served available market for your product revenue, your memory interface, chip revenue, the baseline to considers the market for general servers.

今天，我們坐在這裡思考您的產品收入、記憶體介面、晶片收入所服務的可用市場，並考慮通用伺服器的市場。

But as far as socket integrations go core count and the number memory channels supported by these different server processor, what do you see it in terms of trends out there that's driving memory density in each visit server above and beyond? Just sort of the baseline general server market growth rate?

但是就插槽整合、核心數量以及這些不同伺服器處理器支援的記憶體通道數量而言，您認為目前的趨勢是什麼，推動了每次存取伺服器的記憶體密度不斷提升？這只是通用伺服器市場成長率的基準嗎？

Thank you, Gary, for your question.

謝謝加里提出的問題。

There are actually a lot of factors coming into, you know, the view of the total available market for our products. Certainly, as you say, the number of sockets, the number of channels per processor, but also the mix between a I servers and standard servers.

您知道，實際上有許多因素會影響我們產品的總可用市場規模。當然，正如您所說，插槽的數量、每個處理器的通道數，以及 I 伺服器和標準伺服器的混合。

You know, if we take all of this into account, we believe the market is going to grow mid to high single digit for our product this year. Taking into account all of the factors, including the memory density on each one of the divisions so it's a complex equation.

你知道，如果我們把所有這些都考慮進去，我們相信今年我們的產品市場將實現中高個位數的成長。考慮到所有因素，包括每個部門的記憶體密度，所以這是一個複雜的方程式。

But with everything taken into account, we expect the market to continue to grow mid to high single digit this year for our products.

但綜合考慮所有因素，我們預計今年我們的產品市場將繼續保持中高個位數成長。

Which I think you just a quick follow up in the past, you've always had your ASC 606 compliant GAAP revenue lower than your adjusted revenue.

我認為您過去只是進行了快速跟進，您的符合 ASC 606 的 GAAP 收入一直低於您的調整後收入。

And now I would presume that most of your major patent licenses with your memory [IDMs] are on you have some of that no performance obligation, so I would expect them to converge, but now you're ASC 606 revenues above your adjusted revenue.

現在我假設您的大多數主要專利授權與您的記憶體 [IDM] 有關，其中一些您沒有履行義務，所以我希望它們會趨同，但現在您的 ASC 606 收入高於您的調整後收入。

Maybe if you could just give us a sense of what's driving that seemingly $5 million a quarter of revenue pad that in the numbers now?

也許您可以跟我們講一下是什麼推動了看似每季 500 萬美元的收入，現在這個數字是多少？

Hi, Gary.

你好，加里。

It stays in the quarter. We did see a small patent agreement that was renewed, which resulted in upfront revenue recognition from a sales perspective.

它停留在本季度。我們確實看到一份小型專利協議得到了續簽，從銷售角度來看，這導致了前期收入確認。

The billings from this contract will fall in later quarters will show up under licensing billings. And as you mentioned, I am really pleased to see it all major patent license contracts have been renewed long-term agreements under the variable structure, which results in a strong alignment between both GAAP and non-GAAP results.

該合約的帳單將在以後的季度中顯示在授權帳單中。正如您所說，我很高興看到所有主要的專利授權合約都已在可變結構下續簽了長期協議，這使得 GAAP 和非 GAAP 結果之間實現了高度一致。

We will continue to work on transitioning some of these smaller legacy contract revenue recognition assembly structure under ASC 606.

我們將繼續致力於根據 ASC 606 轉變一些較小的遺留合約收入確認組裝結構。

But overall, we're really pleased to see the convergence of our financials.

但總體而言，我們很高興看到我們的財務狀況趨於一致。

Thanks, Des.

謝謝，Des。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Thanks for taking the question, guys on a couple of again as well on.

謝謝大家提出這個問題，我再問幾個問題。

So first of all, I just wanted to go back and I can appreciate the commentary that you offered on the tariff situation and the uncertainty involved in what is obviously very fluid boats.

所以首先，我只是想回過頭來，我很欣賞您對關稅情況以及顯然非常不穩定的船隻所涉及的不確定性所發表的評論。

But yes, look, I'm curious as you're at you're engaging with your customers, what if scenarios that they're thinking about as it relates to tariffs, have you seen any indications or signs of kind of inventory builds or buying ahead based on the fluidity of tariff? /

但是的，看，我很好奇，當您與客戶接觸時，如果他們考慮與關稅相關的情景，您是否看到任何跡像或跡象表明庫存增加或基於關稅的流動性提前購買？/

Any kind of context around what your dialogue that would be wouldn't be very helpful?

關於您的對話的任何背景資訊都不會很有幫助嗎？

Thanks for your question.

謝謝你的提問。

On the Firstly, I would say is that, you know, our business model, as I said in the opening remarks, is quite resilient. Our patent licensing is not going to be affected by the tariffs just because of the nature of these of these agreements.

首先，我想說的是，正如我在開場白中所說，我們的商業模式相當有彈性。由於這些協議的性質，我們的專利許可不會受到關稅的影響。

We see a lack or less visibility into out of our SIP revenue because we don't know what the indirect impact of the tariffs. I'm going to be on the design starts of our customers, but we do expect to grow our revenue and silicon IP.

我們發現 SIP 收入缺乏或缺乏透明度，因為我們不知道關稅的間接影響。我將開始為我們的客戶進行設計，但我們確實希望增加我們的收入和矽 IP。

And with respect to our products business, I'll we build our products in Asia. The front-end is in Taiwan, back-end is in Taiwan and Korea, and we shipped to our customers in Asia. So from that standpoint, there's no direct impact of tariffs.

關於我們的產品業務，我們將在亞洲生產我們的產品。前端在台灣，後端在台灣和韓國，我們出貨給亞洲的客戶。因此從這個角度來看，關稅沒有直接影響。

And what we're looking at with our customers and suppliers are the indirect impact on the flow space as depending on the situation, you know, some other customers from other companies may shift their production line to areas with no tariffs, and that could create some tension there on the supply chain.

我們與客戶和供應商共同關注的是流動空間的間接影響，因為根據情況，其他公司的一些客戶可能會將他們的生產線轉移到沒有關稅的地區，這可能會對供應鏈造成一些緊張。

Finally, when we look at our backlog at the inventory level on our side inventory level at our customer side, we don't see any pull at this point in time but we're monitoring the situation. But as far as we're concerned today, we do not see any pull-ins from our customers.

最後，當我們查看我們這邊庫存水準的積壓情況和客戶這邊的庫存水準時，我們目前沒有看到任何拉動，但我們正在監控情況。但就我們目前而言，我們並沒有看到任何來自客戶的吸引力。

That's very helpful. And then kind of more on the product shifts that grow 52% growth is pretty notable.

這非常有幫助。然後，產品轉變的更多方面是，52% 的成長相當顯著。

I'm curious, as we think about the diversity within that business, where we stand today with regard to our RCDs and kind of really what I'm trying to get out of the diversity toward the [P mix] and companion chips really starting to ramp in the second half of the year, how do we think about the mix of that business and the progression of that mix?

我很好奇，當我們考慮到該業務的多樣性時，我們目前在 RCD 方面的立場，以及我真正想從 [P mix] 和配套晶片的多樣性中獲得什麼，這些晶片在下半年真的開始增加，我們如何看待該業務的組合及其發展？

And then our slot in the final part of that is that MRDIMM just remind us real quickly on the timing of when that might be something that we should really start to consider in that product line?

然後我們在最後一部分中的插槽是 MRDIMM 只是快速提醒我們什麼時候才是我們應該真正開始在該產品線中考慮的事情？

Thank you for sure.

非常感謝。

At this point in time, the vast majority of our business is still on the RCD chip and the vast majority of that is on the term DDR5 RCD chips nursing. This is the result of the strategy we had put in place, which is to make sure that we have the right footprint in every generation of DDR5 that translates into the growth that we are seeing today.

目前，我們的絕大部分業務仍在 RCD 晶片上，其中絕大部分是 DDR5 RCD 晶片護理。這是我們實施的策略的結果，即確保我們在每一代 DDR5 中都有正確的足跡，從而轉化為我們今天看到的成長。

With respect to new products, we introduced eight new products last year for them in in April, one in the one in July and the rest in October, what we're starting to see is, you know, some of the qualifications are percolating through the whole system.

關於新產品，我們去年 4 月為他們推出了 8 款新產品，7 月推出了一款新產品，10 月推出了其餘產品，我們開始看到，一些資格認證正在滲透到整個系統中。

We're starting to see modules that, you know, qualified with our Phoenix, are they on the high end of these modules, which is not a surprise because that's how we position our product line to gain share. So taking its time, but it's moving, you know, I think the contribution that I will let Des comment.

我們開始看到符合我們 Phoenix 標準的模組，它們是否處於這些模組的高端，這並不奇怪，因為這就是我們定位產品線以獲得份額的方式。所以需要一些時間，但它正在移動，你知道，我認為我會讓 Des 評論的貢獻。

The contribution of these companion shipped during the first part of this year is probably single fiber, but we expect this to continue to grow towards the end of the year. We do see the momentum, the major products take more time with respect to margin.

今年上半年出貨的這些配套產品的貢獻可能只是單根光纖，但我們預計到今年年底這一數字將持續成長。我們確實看到了這種勢頭，主要產品在利潤方面需要更多時間。

We just sampled customers are either recently and that MRD market is going to ramp with a follow on generation of computing platforms is going to be revenue in the second half of 2026 to start with.

我們剛剛抽樣的客戶要么是最近的，要么是 MRD 市場將隨著後續計算平台的出現而增長，並將在 2026 年下半年開始產生收入。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

Hey, good afternoon. Thanks for taking my question.

嘿，下午好。感謝您回答我的問題。

I just want to follow up on the tariff question.

我只是想跟進關稅問題。

Maybe you can just walk us through kind of how the linearity of the quarter and the first few weeks here in April? I mean, I guess you're probably businesses growing. I'm just kind of curious how you can kind of order momentum as ban.

也許您可以向我們介紹一下本季以及四月份前幾週的線性情況？我的意思是，我猜你們的業務可能正在成長。我只是有點好奇你如何能下令禁止這種動量行為。

And it sounds like it hasn't changed much, but if you could just kind of add a little color there would be great.

聽起來好像沒有太大變化，但如果可以添加一點顏色就好了。

Hi Blayne, and thanks for your question.

你好，布萊恩，謝謝你的提問。

We're really pleased with what the numbers we were able to plan first, Q. one and also the cadence for Q2. If we look here or order sort of backlog, you know, we have high coverage going into the quarter. We're probably at least over 90% covered on the midpoint of the backlog from there.

我們對能夠首先規劃的數字、第一季以及第二季的節奏感到非常滿意。如果我們查看這裡或訂購積壓訂單，您知道，我們在本季度有很高的覆蓋率。從那時起，我們可能至少已經完成了積壓中期任務的 90% 以上。

And what we will see is the normal sort of shifting patterns may month, one month to month three and within the quarters, very pleased with how everything sort of playing out. As Luc mentioned earlier, we're not really seeing a pull forward of demand from our customers for that's something we continue to watch here and going forward.

我們將看到，正常的變化模式可能在一個月到三個月內出現，並且在每個季度內都會出現，我們對一切進展感到非常滿意。正如 Luc 之前提到的，我們並沒有真正看到客戶需求的提前成長，這是我們目前和未來將繼續關注的事情。

Perfect.

完美的。

And then I'm just kind of curious, have you had a perspective, I know it's a really tough thing for me to ask you about the full year or the second half but I'm just kind of curious if that were, if you could maybe talk about your visibility into some of the new products from server platform then in terms of your visibility and continued growth for the product revenue?

然後我只是有點好奇，你有什麼看法嗎？我知道問你關於全年或下半年的情況對我來說是一件很難的事情，但我只是有點好奇，如果你可以談談你對服務器平台一些新產品的知名度，那麼就你的知名度和產品收入的持續增長而言？

Yes, sure.

是的，當然。

As we indicated earlier, you know, the different products, the eight different products that are introduced, the different stages of routes with our with our customers. We do see the first full modules using some of our products are rolling out rolling out in the second half of this year.

正如我們之前指出的，您知道，不同的產品，推出的八種不同的產品，以及我們與客戶合作的不同階段的路線。我們確實看到使用我們部分產品的首批完整模組將在今年下半年推出。

So you know, our view is that quarter over quarter, we will continue to see increased revenue from our companion chips. You know, with the caveats that, you know, we'll see how the tariff situation evolves over time.

所以你知道，我們的觀點是，每個季度我們將繼續看到配套晶片的收入增加。你知道，除了警告之外，我們還會看到關稅情況隨著時間的推移如何發展。

And secondly, as for all of our products, we always dependent on the rollout of the platforms that use those products. So but that's the normal state of the business for us but assuming that, you know, the role of a plateau forms go the way we expect them to go.

其次，對於我們所有的產品，我們始終依賴使用這些產品的平台的推出。所以，但這對我們來說是正常的業務狀態，但假設，你知道，平台期的作用按照我們預期的方式發展。

We will see a continuous growth quarter over quarter on our companion chips and two and also in 2026.

我們將看到我們的配套晶片逐季度持續成長，到 2026 年也是如此。

Thanks.

謝謝。

I just want to clarify, you're saying that companionship, but in terms of like RCD growth as well as there are some distinction you're making or you just have better visibility into Canadian off a low number?

我只是想澄清一下，您說的是陪伴，但就 RCD 增長而言，您是否做出了一些區分，或者您只是對加拿大的低數字有更好的了解？

Our RCD chips that we are in very good position on the DDR5 generation of products.

我們的RCD晶片使我們在DDR5代產品上處於非常有利的地位。

We continue to monitor the mix between Gen 1, Gen 2, Gen 3, all the products are rolling out new or are you at this point in time? Is that if any platforms, you know, shift out, you know, from the processor vendors, then that demand is probably going to be covered by the prior-generation?

我們將繼續監控第 1 代、第 2 代、第 3 代之間的組合，所有產品都在推出新產品，還是您正處於這個時間點？如果任何平台從處理器供應商轉移出去，那麼這種需求可能會被上一代產品所滿足嗎？

So, you know, we have on the RCD chip is that we will continue to maintain our market share last year. You know, we were a little short of giving a full 40% share, a little higher than 40% share below the prior year. We were a little short 40% share and we continue to have the goal of 40% to 50% share. And that does not depend on the rollout of the of the different platforms at this point in time.

所以，你知道，我們在 RCD 晶片上的優勢在於我們將繼續保持去年的市場份額。你知道，我們離給出全部 40% 的份額還有點差距，比去年的 40% 份額略高一點。我們的份額略低於 40%，我們繼續以 40% 至 50% 的份額為目標。這並不取決於此時不同平台的推出。

The good news for Rambus is that DDR5 is in the market in earnest, and that's where our footprint in whatever the generations is much stronger than DDR4.

對於 Rambus 來說，好消息是 DDR5 已正式進入市場，無論哪一代，我們的足跡都比 DDR4 強大得多。

Thanks for that.

謝謝。

Mehdi Hosseini, Susquehanna.

梅赫迪‧胡賽尼 (Mehdi Hosseini)，薩斯奎漢納 (Susquehanna)。

Yes, good.

是的，很好。

It's worth taking my question. Wanted to start off with the other revenue.

我的問題值得回答。想從其他收入開始。

Was there a mix issue, the lead to sequential decline in the gross margin and just use the Q4 as the baseline, how should I think was progression of product revenue throughout the year? And I have a follow-up.

是否有混合問題，導致毛利率連續下降，僅使用第四季度作為基準，我該如何看待全年產品收入的進展？我還有一個後續問題。

Finally, it stays here.

最後，它留在這裡。

So on it and product gross margins, they continue to operate in line with our long-term gross margin target in Q1, our gross margins and the chip side with around 60%. This was down slightly compared to Q4, which was driven by their price negotiations with our customers, which is effective at the start of the year.

因此，就其和產品毛利率而言，它們在第一季繼續按照我們的長期毛利率目標運營，我們的晶片方面的毛利率約為 60%。與第四季度相比，這一數字略有下降，這是由於他們與客戶進行的價格談判從年初開始生效。

These price reductions were in line with expectation and we saw mid-single-digit erosion on production parts from there. If we look at the back half of the year for, I would expect to see stronger gross margin performance compared to the first half.

這些降價符合預期，從那時起我們看到生產零件的價格出現了中等個位數的下降。如果我們看一下下半年，我預計毛利率表現將比上半年更強勁。

This will be driven by a combination of product mix improvements as well as manufacturing cost savings that will continue to ramp through the year. We did see this dynamic in similar profile in 2024.

這將受到產品組合改進以及製造成本節約的推動，並將在今年繼續增加。我們確實在 2024 年看到了類似的動態。

I think overall, when we look at an annual basis, we have a strong track record of delivering product gross margins in line with our long-term target through a disciplined approach to placing and the continued drive on the manufacturing cost savings side and from there.

我認為總體而言，從年度角度來看，我們透過嚴謹的定位方法以及持續推動製造成本節約，實現了符合長期目標的產品毛利率，並取得了良好的業績記錄。

Okay. Thans for the detail a little one follow up on silicon IP.

好的。感謝您對矽 IP 的詳細跟進。

Given the recent lows of the past month or so, it feels like HBM4 samples will be available later this year and maybe high volume manufacturing next year.

考慮到過去一個月左右的近期低點，感覺 HBM4 樣品將於今年稍後上市，並可能在明年進行大批量生產。

I'm not asking for specific guide, but given my assumption that you have higher content with HBM4 compared to prior generation, should we expect a material step up in incremental revenue?

我並不是在尋求具體的指導，但考慮到我假設 HBM4 與上一代產品相比擁有更高的內容，我們是否應該預期增量收入會大幅增加？

Or how else could we think of the contribution, especially as it relates to silicon IP?

或者我們還能如何看待這項貢獻，特別是與矽 IP 相關的貢獻？

Thank you, Mehdi.

謝謝你，邁赫迪。

The nature of the silicon IP business is that we typically sell our IP. 12 to 18 months before, you know, our customers rollout the chips into the market to our activity on the GM for started last year. It continues unit throughout this year that explains some of the good performance we had last year with unions total revenue of $120 million in the SIP side.

矽 IP 業務的本質是我們通常出售我們的 IP。您知道，在我們的客戶將晶片推向市場之前的 12 到 18 個月，我們在通用汽車上的活動是從去年開始的。這項舉措貫穿了全年，解釋了我們去年取得的一些良好業績，工會在 SIP 方面的總收入為 1.2 億美元。

That businesses is a lumpy in nature because we get the revenue when executing our IP. So we independently or design starts, no new tape-outs in this kind of things for the HBM4 wave started in a month ago for us in preparation for chips that are going to roll out in the market.

該業務本質上是一種塊狀業務，因為我們在執行我們的智慧財產權時獲得收入。因此，我們獨立地開始設計，一個月前就開始了針對 HBM4 浪潮的此類工作，為即將在市場上推出的晶片做準備。

And as we do with the rest of that, our IP or product, we continue to work on the follow on generation, which will generate revenue but again, we were pleased with the revenue last year of $120 million, but that was partially due to the HBM4 rollout last year.

正如我們對待其他 IP 或產品一樣，我們將繼續致力於後續產品的開發，這將產生收入，但我們對去年 1.2 億美元的收入感到滿意，但這部分歸功於去年 HBM4 的推出。

Coming as a quick follow up here.

在此進行快速跟進。

I see the Q-code, there's a big step-up in silicon IP. So, with HBMs license agreement, it's nothing to do with customer diversification.

我看到了 Q 碼，矽 IP 有了很大的進步。因此，HBM 許可協議與客戶多樣化無關。

We have all utilizes and now the next step is we look at HBM4E, is that the licensing revenue. Yes, I understand that happens earlier, but is the product migration driven than it was a customer diversification or both.

我們已經充分利用了所有資源，現在下一步我們來看看 HBM4E，這是授權收入。是的，我知道這種情況發生得更早，但是是由產品遷移驅動的，還是由客戶多樣化驅動的，或者兩者兼而有之。

But the dynamic between Q4 and Q1 of the silicon IP business unit has mostly to do with customer timing of all of these different type of these different products, more than a generational change because when you introduce a new technology like HBM4 an HBM4 E, it can be adopted at different times by our customers.

但是矽 IP 業務部門第四季度和第一季之間的動態主要與客戶對所有這些不同類型產品的時間安排有關，而不是世代變化，因為當您引入像 HBM4 和 HBM4 E 這樣的新技術時，我們的客戶可以在不同的時間採用它。

And every time one of our customers adopted, we see a spike in our revenue, but that can be a bit lumpy. So that, you know, Q4 to Q1, we just happened from a timing standpoint to have, you know, customers were actually included designs in Q4 being a little slower in Q1 that has more to do with timing than it has to do with the rollout of new technologies.

每當我們的客戶採用我們的解決方案時，我們的收入就會激增，但這可能會有點不穩定。因此，從時間角度來看，第四季度到第一季度，我們恰好有客戶在第四季度納入設計，而第一季度的設計速度稍慢一些，這與時間有關，而不是與新技術的推出有關。

Okay.

好的。

Thanks for details thinking.

謝謝您的詳細思考。

Natalia Winkler, Evercore.

娜塔莉亞·溫克勒（Natalia Winkler），Evercore。

Hi, thanks for taking my question.

你好，謝謝你回答我的問題。

I was wondering if you could speak a little bit about what you're seeing from 10 point of [x86] and ARM CPU servers and specifically how you think of that on market share shift and maybe playing into your product portfolio.

我想知道您是否可以談談您對 10 點 [x86] 和 ARM CPU 伺服器的看法，特別是您如何看待這些伺服器對市場份額變化的影響，以及它們對您的產品組合的影響。

I would you please kind of described, do you think that's the case of from the performance 10.4, the armed services are and if they're sort of additional benefit from the standpoint of them companion chip for you guys on or if it's actually, Rick?

請您描述一下，您認為從 10.4 的性能來看，武裝部隊的情況是這樣的嗎？從配套晶片的角度來看，它們是否為你們帶來了額外的好處，或者實際上呢，里克？

Thank you, Natasha.

謝謝你，娜塔莎。

The way the way we look at it is that you we are agnostic to that type of processor core that is being used, whether it's an eight x86 core based product, [AMD] or Intel or whether it's in our core base product. You know, the interface to the module remains the same.

我們看待這個問題的方式是，我們對所使用的處理器核心類型一無所知，無論它是基於八個 x86 核心的產品、[AMD] 還是英特爾，或者它是否在我們的核心基礎產品中。您知道，模組的介面保持不變。

So we are agnostic to the changes of the shift of share between Intel and AMD on the x86 side and between x86 and ARM processors at this point in time but that doesn't change the content on the module as well. So, what we have to do at Rambus is make sure that we are engaged with all of these customers, but the interface is exactly the same product lines and change for us. So, we kind of immune from a from a revenue ramp or design win standpoint.

因此，我們目前還不清楚英特爾和 AMD 在 x86 方面以及 x86 和 ARM 處理器之間的份額變化，但這也不會改變模組上的內容。因此，我們在 Rambus 要做的就是確保我們與所有這些客戶保持聯繫，但介面對我們來說是完全相同的產品線和變化。因此，從收入成長或設計獲勝的角度來看，我們在某種程度上不受任何影響。

Thank you. That's very helpful.

謝謝。這非常有幫助。

And from the standpoint of the client product and look given reminding us like what the sort of time line for ramp of those client product, is there any different than server product?

從客戶端產品的角度來看，這些客戶產品的升級時間表與伺服器產品有什麼不同嗎？

Sure.

當然。

So the idea on the client side is that some of the technologies that were necessary in the data center for performance reasons are going to be required on the high end of the client side.

因此，客戶端的想法是，出於效能原因，資料中心所必需的一些技術將在客戶端的高端中成為必需。

And so the time is limited at this point in time because this is limited to the very high end of the market. And the first quarter that we're introducing or reintroducing last year is the client growth driver. We introduced that product in July of last year.

因此，目前的時間是有限的，因為這僅限於高端市場。我們去年推出或重新推出的第一季是客戶成長動力。我們在去年七月推出了該產品。

And it's going to is being sampled to customers is going to hit the market, you know, starting end of this year, beginning of next year, but in reasonably low volumes to be honest. But that's very important for us because if you look at this more strategically in the long run power integrity or signal integrity, which is the what the CKD will decline from [client] about that as having to be critical to the performance of client systems in the future.

它會向客戶提供樣品，並將於今年年底或明年年初上市，但老實說，產量會相當低。但這對我們來說非常重要，因為如果從長遠來看，從更具策略性的角度來看待電源完整性或訊號完整性，這就是 CKD 將從[客戶]那裡拒絕的，因為它對未來客戶系統的性能至關重要。

So water falling the data center technologies into clients is important for us, CKDs, the first product and it's going to its sampling to customers with good reaction so far.

因此，將資料中心技術引入客戶對我們來說非常重要，CKD 是第一個產品，它將向客戶提供樣品，到目前為止反應良好。

Thank you.

謝謝。

Kevin Cassidy, Rosenblatt Securities.

羅森布拉特證券公司的凱文·卡西迪。

Yes, thanks for taking my question and congratulations on the great results.

是的，感謝您回答我的問題，並祝賀您取得優異的成績。

And going back to the silicon IP, I see if you did have a lumpiness or on the upside in the first quarter, but it looks like your guidance for the second quarter's up also expect that to continue through the second half.

回到矽 IP，我看你們在第一季確實遇到了一些困難或上漲，但看起來你們對第二季上漲的預期也預計會持續到下半年。

Hi, Kevin stays here.

嗨，凱文住在這裡。

We were pleased with the overall sort of results and silicon IP and the first quarter, which was in line with our expectations, what we did see is that we did sell more off-the-shelf IP, which explains the strength in licensing billings and royalty revenue in the quarter, which was offset by a more customizable sort of IP., which shows up under the contract.

我們對第一季的整體業績和矽片 IP 感到滿意，這符合我們的預期，我們確實看到我們銷售了更多現成的 IP，這解釋了本季度許可費用和特許權使用費收入的強勁增長，但這被合約中顯示的更可定制的 IP 所抵消。

And other sort of line from the here, why do you expect going into the second half after the silicon IP revenues to be relatively flat to Q1.We had a good expectation from there.

另外，您為什麼預計下半年矽 IP 營收將與第一季持平？我們對此有很好的預期。

And as Luc mentioned, we did have a really strong fourth quarter of last year, which was really driven by the HBM4 results.

正如 Luc 所提到的，去年第四季我們的表現確實非常強勁，這主要得益於 HBM4 的業績。

But overall, I think that business is performing in line with that expectation. We would expect to see the second quarter revenue being flat to sort of Q1 from there.

但整體而言，我認為業務表現符合預期。我們預計第二季的營收將與第一季持平。

Okay, great.

好的，太好了。

And go into the MRDIMM, when you're talking to your customers know about BMR demo kind of adoption rate, are you expecting Is it fair to say if a CPU has 12 memory channels will all 12 only use the MRDIMM or will be just a certain percentage or is it just a certain percentage of CPUs?

進入 MRDIMM，當您與客戶交談時，了解 BMR 演示的採用率，您是否預期如果一個 CPU 有 12 個內存通道，那麼所有 12 個通道是否都只使用 MRDIMM，或者只是一定百分比，或者只是一定百分比的 CPU？

It's early to say, Kevin, to Europe, to be honest.

說實話，凱文，現在說去歐洲還太早。

But what was driving the adoption of MRDIMM is the need for more capacity and sorry, more capacity and more bandwidth you what the market sees is that it's a nice bridge between the DDR5 five generations of modules and the DR. six generation of modules.

但是推動採用 MRDIMM 的原因是需要更大的容量，抱歉，更大的容量和更大的頻寬，市場看到的是它是 DDR5 五代模組和 DR 之間的良好橋樑。第六代模組。

It kind of bridges, you know, those two generation of products in terms of capacity and bandwidth, it's going to be used in very high end system where those needs are required to fill in support of zero. Yes, deployment, for example, are going to be the first adopters of these types of the types of their margins.

您知道，它在容量和頻寬方面連接了這兩代產品，它將用於非常高端的系統，而這些系統需要滿足零支援的要求。是的，例如，部署將成為這些類型的利潤類型的首批採用者。

Okay

好的

Question is Tristan Gerra, Baird.

問題是特里斯坦·傑拉 (Tristan Gerra)、貝爾德 (Baird)。

A quick question.

一個簡單的問題。

You talked earlier about the gross margin for the rest of this year. Directionally, how should we look at operating margin that's going to be similar and really tied to what you described in gross margin? Or is there anything else that could act as a driver of operating margin and increasing on the licensing side?

您之前談到了今年剩餘時間的毛利率。從方向來看，我們應該如何看待與您所描述的毛利率相似且真正相關的營業利潤率？或者有其他因素可以推動營業利潤率並增加許可證方面嗎？

Hi, Tristan.

你好，特里斯坦。

I stand here, and you guys had talked about earlier. I do expect the second half gross margin profile on the chip side and will improve as a result of a stronger product mix in the second half as well as manufacturing cost savings kicking in from there.

我站在這裡，你們之前已經討論過了。我確實預計下半年晶片方面的毛利率狀況將會有所改善，因為下半年產品組合更加強勁，而且製造成本也將隨之降低。

We've been really pleased with our overall model, you know, which is operating at the sort of mid 40% of income level and continues to generate really strong cash from operations was $77 million last quarter.

我們對我們的整體模式感到非常滿意，你知道，它的營運收入水準在 40% 左右，並且繼續產生強勁的營運現金流，上個季度的營運現金流為 7,700 萬美元。

I think if you look at the progression of the business over the sort of last year, you can see the business continues to improve, both on the top and bottom line. And that's what we expect continued to see going forward.

我認為，如果你看去年的業務進展，你會發現業務不斷改善，無論是營收還是利潤。這正是我們期望未來繼續看到的。

We have a really Rambus business model, as was mentioned in his prepared remarks, and we continue to generate strong cash from operations as well. So we can see that continuing here going forward.

正如他在準備好的演講中提到的那樣，我們擁有真正的 Rambus 商業模式，我們也繼續從營運中獲得強勁的現金。因此我們可以看到這種情況將繼續下去。

Okay.

好的。

And then as far as the price renegotiation that you talked about in Q. one and the mid-single digit price adjustment, is there any is that typical of what you see every year? Or was there any specific factors this year that didn't happen in prior years?

然後就您在第一個問題中提到的價格重新談判和中位數價格調整而言，這是否是您每年都會看到的典型情況？或者今年是否存在前幾年沒有出現的特定因素？

If you could maybe elaborate on what we should expect in terms of patterns from this and it's just normal pricing renegotiation or I know that you are not really impacted by supply demand dynamics, but I don't know how that compares with what we're seeing in prior years.

如果您可以詳細說明我們應該對此有何預期，這只是正常的價格重新談判，或者我知道您並沒有受到供需動態的真正影響，但我不知道這與我們前幾年看到的情況相比如何。

Hi, Tristan state again, what I would say is that the sort of mid-single digit price erosion is really in line with normal cycles. And from the this is our normal cadence at the start of the year that we will see the price down on the products and will be done in line with expectations and from there.

你好，特里斯坦再次聲明，我想說的是，這種中等個位數的價格下降確實符合正常週期。從年初開始，這就是我們的正常節奏，我們將看到產品價格下降，並將按照預期進行。

So nothing untoward on sort of play side. As you see a 10.0, we're not really tied into the deal on a casing sort of cycles and terms of the place from there.

因此從遊戲方面來說並沒有什麼不妥。正如您所看到的 10.0，我們實際上並沒有受到來自那裡的套管週期和地點條款的約束。

So mid-single digit erosion is the right way to sort of think about ASP evolution of the business.

因此，中等個位數的侵蝕是思考業務 ASP 演變的正確方法。

Great. Thank you very much.

偉大的。非常感謝。

At this time, there are no further questions.

目前，沒有其他問題。

Concludes our question and answer session, and I'd like to turn the conference back over to Luc Seraphin to conclude.

我們的問答環節結束了，我想將會議交還給 Luc Seraphin 來結束。

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.

感謝今天與我們一起的所有人對我們的持續關注和時間。我們期待很快再次與您交談。祝你有美好的一天。

Thank you.

謝謝。

This now concludes today's conference.

今天的會議到此結束。

Thanks

謝謝