Rambus Inc (RMBS) 2025 Q2 法說會逐字稿

Welcome to the Rambus second-quarter fiscal year 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

歡迎參加 Rambus 2025 財年第二季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

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

現在我想將會議交給財務長 Desmond Lynch。您可以開始您的會議了。

Thank you, operator, and welcome to the Rambus second-quarter 2025 results conference call. I'm Desmond Lynch, Chief Financial Officer at Rambus, and on the call with me today is Luc Seraphin, our CEO. 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.

謝謝接線員，歡迎參加 Rambus 2025 年第二季業績電話會議。我是 Rambus 財務長 Desmond Lynch，今天與我一起通話的是我們的執行長 Luc Seraphin。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)。我們將透過網路直播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。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, other market factors, including reflections of the geopolitical and macroeconomic environment and the effects of ASC 606 on 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 對報告收入的影響等）的期望。

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.

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 指標的對帳已包含在我們新聞稿的幻燈片簡報中，並已在我們的網站 rambus.com 的「投資者關係」頁面的「財務發布」下發布。

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，我們將繼續提供許可證帳單等營運指標，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 首先會概述一下業務狀況。我將討論我們的財務結果，然後我們將以問答形式結束。

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，讓他概述本季的情況。盧克？

Thank you, Des. Good afternoon, everyone, and thank you for joining our second quarter conference call. Rambus delivered a very strong second quarter, exceeding expectations for both revenue and earnings while continuing momentum in our growth initiatives. This achievement was driven by our memory interface chip business outpacing the market with 43% year-over-year growth and another quarter of record product revenue.

謝謝你，Des。大家下午好，感謝大家參加我們的第二季電話會議。Rambus 在第二季表現非常強勁，營收和獲利均超乎預期，同時持續維持成長動能。這項成就得益於我們的記憶體介面晶片業務以 43% 的年成長超越市場，並且產品收入再創季度新高。

The strong performance highlights our sustained leadership in core DDR5 products as we continue to execute on our strategic roadmap of signal and power integrity solutions and to drive the adoption of our new products. We also generated record cash from operations of $94 million showcasing the efficiency of our execution and the robustness of our business model.

強勁的表現凸顯了我們在核心 DDR5 產品領域的持續領導地位，我們將繼續執行訊號和電源完整性解決方案的策略路線圖，並推動新產品的採用。我們也創造了 9,400 萬美元的創紀錄經營現金流，展現了我們執行的效率和業務模式的穩健性。

Our balanced portfolio and diverse revenue streams across chips, silicon IP and patent licensing position us exceptionally well in the market. They also provide stability in a dynamic microenvironment and enable our continued product investment to drive long-term growth.

我們在晶片、矽智慧財產權和專利授權方面的均衡產品組合和多樣化的收入來源使我們在市場上佔據了有利地位。它們還在動態微環境中提供穩定性，並使我們持續的產品投資能夠推動長期成長。

Our Chip business continues to be a key growth engine for the company, with Q2 marking our fifth consecutive quarter of product revenue growth. As I mentioned in my opening remarks, we delivered a historic quarter of record product revenue. Our strength in DDR5 continues to be a cornerstone of our success with increased sales of our core products driving above market growth.

我們的晶片業務繼續成為該公司的主要成長引擎，第二季標誌著我們的產品收入連續第五個季度成長。正如我在開場白中提到的，我們實現了創紀錄的產品收入季度。我們在 DDR5 的優勢繼續成為我們成功的基石，我們核心產品的銷售成長推動了高於市場的成長。

Looking forward to Q3, we expect our ongoing RCD market share leadership combined with early contributions from new products to drive double digit sequential product revenue growth. We have growing traction for the record number of new products introduced throughout last year, with chips progressing through the respective stages of customer qualification and adoption. Additionally, we remained actively involved in the definition of future generation products with the industry.

展望第三季度，我們預計我們持續的 RCD 市場份額領先地位加上新產品的早期貢獻將推動兩位數的連續產品收入成長。去年，我們推出的新產品數量創下了歷史新高，晶片也逐漸進入客戶認證和採用的各個階段，這為我們帶來了越來越大的推動力。此外，我們也積極參與產業未來世代產品的定義。

As we look further into the future, we are also very pleased that our industry standard MRDM chipset is advancing on schedule, and we're excited about its role in meeting the growing memory performance requirements of next generation server workloads.

展望未來，我們也非常高興地看到我們的行業標準 MRDM 晶片組正在按計劃推進，並且我們對它在滿足下一代伺服器工作負載日益增長的內存性能要求方面所發揮的作用感到非常興奮。

Going beyond servers, we recently launched our client memory module chipset for AI PCs. With that introduction, we are proud to now offer cheap sets for all GTx standard DDR5 and LPDDR5 modules. Our client ship solutions waterfall our proven server class technology into new applications and extend our reach into next generation high performance species, opening up a growing market opportunity in the coming years.

除了伺服器之外，我們最近還推出了用於 AI PC 的客戶端記憶體模組晶片組。透過此次推出，我們很自豪能夠為所有 GTx 標準 DDR5 和 LPDDR5 模組提供廉價的套裝。我們的客戶解決方案將我們成熟的伺服器級技術融入新的應用中，並將我們的業務範圍擴展到下一代高效能產品，從而在未來幾年開闢不斷增長的市場機會。

Our expanding product offerings support the next wave of high performance computing platforms in servers and client systems. Through ongoing leadership in our cities and growing fraction across our portfolio of new products, we expect continued momentum and long term growth.

我們不斷擴展的產品系列支援伺服器和客戶端系統中下一波高效能運算平台。透過我們城市中的持續領導地位以及我們新產品組合中不斷增長的份額，我們預計將繼續保持成長勢頭並實現長期成長。

Turning to silicon IP, we delivered solid results in Q2, and we remain on track for long term growth. AI and data center applications continue to drive strong demand for our high-speed memory and interconnect IP as well as our security IP. Our IT solutions are foundational to enabling the performance and security required by next generation accelerated computing ICs.

談到矽 IP，我們在第二季度取得了穩健的業績，並且我們仍處於長期成長的軌道上。人工智慧和資料中心應用持續推動對我們的高速記憶體和互連 IP 以及安全 IP 的強勁需求。我們的 IT 解決方案是實現下一代加速運算 IC 所需的效能和安全性的基礎。

We're seeing strong demand and design momentum across our portfolio, led by a best in class HVM4 and PCI-7 solutions. Now as we look ahead for the company, the data center will continue to undergo profound transformation driven by exponential growth of AI workloads and the increasing complexity of high-speed performance computing.

我們看到我們的產品組合有著強勁的需求和設計勢頭，其中最突出的是一流的 HVM4 和 PCI-7 解決方案。現在，當我們展望公司的未來時，資料中心將繼續經歷深刻的變革，這得益於人工智慧工作負載的指數級成長和高速效能運算日益複雜的成長。

Across the ecosystem, the shift towards scalable heterogeneous computer architectures is accelerating demand for novel high performance memory solutions and enabling technologies. These trends align directly with Rambus's long term strategy. We are strategically focused on advancing system memory bandwidth and capacity through groundbreaking memory, connectivity and power management solutions. These capabilities are foundational to enabling the next generation of AI and HPC platforms.

在整個生態系統中，向可擴展異質電腦架構的轉變正在加速對新型高效能記憶體解決方案和支援技術的需求。這些趨勢與 Rambus 的長期策略直接一致。我們的策略重點是透過突破性的記憶體、連接和電源管理解決方案來提高系統記憶體頻寬和容量。這些功能是實現下一代 AI 和 HPC 平台的基礎。

We have built a roadmap that addresses the increasing technical demands of data intensive applications. Our leadership in signal and power integrity, core to enabling robust high performance memory subsystems, places us at the heart of this transformation. With our strong balance sheet and ongoing forecasted investment, Rambus is poised to capitalize on these secular growth trends.

我們已經制定了路線圖來滿足數據密集型應用程式日益增長的技術需求。我們在訊號和電源完整性方面的領導地位是實現強大的高效能記憶體子系統的核心，使我們處於這一轉變的核心。憑藉我們強勁的資產負債表和持續的預測投資，Rambus 已準備好利用這些長期成長趨勢。

In closing, Q2 was a standout quarter for Rambus. We achieved excellent financial results, delivered record product revenue, and continued to execute on our roadmap. We are excited to enter the second half of the year with strong momentum, and we expect another quarter of record product revenue with double digit growth in Q3.

總而言之，第二季度對於 Rambus 來說是一個出色的季度。我們取得了優異的財務業績，實現了創紀錄的產品收入，並繼續執行我們的發展路線圖。我們很高興以強勁的勢頭進入下半年，我們預計第三季產品收入將再創紀錄，實現兩位數成長。

Our leadership in DDR5, increasing customer attraction for new products, and strong business model positioned us well for continued success and long term profitable growth. As always, I want to thank our customers, partners, and employees for their continued support.

我們在 DDR5 領域的領導地位、新產品對客戶的吸引力不斷增強以及強大的商業模式為我們持續取得成功和長期盈利增長奠定了良好的基礎。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 turn the call over to Des to walk through the financials. Des?

說完，我將電話轉給 Des，讓他解說財務狀況。德斯？

Thank you, Luc. I'd like to begin with a summary of our financial results for the second quarter on slide 3. We delivered a strong quarter exceeding our expectations for both revenue and earnings. Our Chip business continued to drive our growth as we delivered record results marking our fifth consecutive quarter of product revenue growth.

謝謝你，盧克。我想先在投影片 3 中概述我們第二季的財務表現。我們本季表現強勁，營收和獲利均超出我們的預期。我們的晶片業務繼續推動我們的成長，我們取得了創紀錄的業績，標誌著我們連續第五個季度實現產品收入成長。

In addition, our diversified portfolio generated record quarterly cash from operations of $94 million. Our ability to consistently generate cash is a key aspect of our strategy and enables us to continually invest in initiatives that fuel our long-term growth.

此外，我們的多元化投資組合創造了創紀錄的 9,400 萬美元的季度營運現金流。我們持續產生現金的能力是我們策略的關鍵方面，使我們能夠持續投資於推動我們長期成長的計劃。

Let me now provide you a summary of our non-GAAP income statement on slide 5. Revenue for the second quarter was $172.2 million which was above our expectations. Royalty revenue was $68.6 million while licensing billings were $66.4 million.

現在，讓我在第 5 張投影片上向您提供我們的非 GAAP 損益表的摘要。第二季的營收為 1.722 億美元，高於我們的預期。特許權使用費收入為 6,860 萬美元，授權費用為 6,640 萬美元。

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. Product revenue was $81.3 million as we delivered another quarter of record product revenue.

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。產品收入達到 8,130 萬美元，我們又創下了季度產品收入的新高。

This represents a 7% sequential increase and a 43% year-over-year growth driven by continued strength in DDR5 products. Contract and other revenue was $22.3 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.

這比上一季成長 7%，比去年同期成長 43%，這得益於 DDR5 產品持續強勁的成長。合約和其他收入為 2,230 萬美元，主要包括矽 IP。提醒一下，我們的矽 IP 收入中只有一部分反映在合約和其他收入中，其餘部分則在特許權使用費收入和授權費用中報告。

Total operating costs, including cost of goods sold for the quarter were $93.2 million. Operating expenses of $60.4 million were in line with our expectations. Interest and other income for the second quarter was $4.8 million. Using an assumed flat tax rate of 20% for non-GAAP pre-tax income, non-GAAP net income for the quarter was $67.1 million.

本季總營運成本（包括銷售成本）為 9,320 萬美元。6,040 萬美元的營運費用符合我們的預期。第二季利息和其他收入為 480 萬美元。假設非公認會計準則稅前收入統一稅率為 20%，則本季非公認會計準則淨收入為 6,710 萬美元。

Now let me turn to the balance sheet details on slide 6. We ended the quarter with cash equivalents, and marketable securities, totaling $594.8 million, up from Q1, primarily driven by record cash from operations of $94.4 million.

現在讓我翻到投影片 6 上的資產負債表詳細資料。本季末，我們的現金等價物和有價證券總額為 5.948 億美元，高於第一季度，主要得益於創紀錄的 9,440 萬美元的經營現金。

Second quarter, capital expenditures were $10.4 million, while depreciation expense was $7.4 million. We delivered $84 million of free cash flow in the quarter. We consistently delivered value to our stockholders as we continued our stock repurchase program in the quarter.

第二季度，資本支出為 1,040 萬美元，折舊支出為 740 萬美元。本季我們實現了 8,400 萬美元的自由現金流。我們在本季持續實施股票回購計劃，持續為股東創造價值。

Let me now review our non-GAAP outlook for the third 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. The economic environment remains a dynamic environment, and we continue to actively monitor the situation.

現在讓我回顧一下第 7 張投影片上我們第三季的非 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。經濟環境依然充滿活力，我們將持續積極監測情勢發展。

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.

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 third quarter to be between $172 million and $178 million. We expect royalty revenue to be between $57 million and $63 million, and licensing billings between $58 million and $64 million.

我們預計第三季的營收將在 1.72 億美元至 1.78 億美元之間。我們預計特許權使用費收入將在 5,700 萬美元至 6,300 萬美元之間，授權費用將在 5,800 萬美元至 6,400 萬美元之間。

We expect Q3 non-GAAP total operating costs, which includes COGS to be between $98 million and $94 million. We expect Q3 capital expenditures to be approximately $12 million. Non-GAAP operating results for the third quarter is expected to be between a profit of $74 million and $84 million.

我們預計第三季非 GAAP 總營運成本（包括銷貨成本）將在 9,800 萬美元至 9,400 萬美元之間。我們預計第三季資本支出約為1200萬美元。非公認會計準則預計第三季營業利潤在7,400萬美元至8,400萬美元之間。

For non-GAAP interest and other income and expense, we expect $5 million of interest income. We expect the pro forma tax rate to be 20%, with non-GAAP tax expenses to be between $15.8 million and $17.8 million in Q3. We expect Q3 share count to be 108.5 million diluted shares outstanding. Overall, we anticipate the Q3 non-GAAP earnings per share range between $0.58 and $0.66.

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 500 萬美元。我們預計第三季的備考稅率為 20%，非 GAAP 稅金將在 1,580 萬美元至 1,780 萬美元之間。我們預計第三季流通股數為 1.085 億股。總體而言，我們預計第三季非公認會計準則每股收益將介於 0.58 美元至 0.66 美元之間。

Let me finish with a summary on slide 8. In closing, I am pleased with their strong financial results and ongoing execution. Our diversified portfolio and disciplined business model continues to drive profitable growth with strong cash generation. A robust balance sheet allows us to invest in market expansion opportunities in the data center in AI while consistently delivering value to our stockholders. Before I open the call up to Q&A, I would like to thank our employees for their continued teamwork and execution.

讓我以第 8 張投影片上的總結來結束演講。最後，我對他們強勁的財務表現和持續的執行力感到滿意。我們多元化的投資組合和嚴謹的商業模式繼續推動獲利成長並產生強勁的現金流。穩健的資產負債表使我們能夠投資人工智慧資料中心的市場擴張機會，同時持續為股東創造價值。在開始問答環節之前，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)

（操作員指示）

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Yeah, thanks for taking the question. I'll just ask my question and my follow up together here. I guess first on the product revenue line, strong growth of 43.5% year-over-year. I'm curious, Luc, how do we think about the contribution from the RCDs, your positioning of, I think your target's been 40% market share in D5 and where we're at as far as seeing the ramp of the PMIC opportunity.

是的，感謝您提出這個問題。我只會在這裡提出我的問題並進行後續跟進。我認為首先是產品收入方面，年增 43.5%。我很好奇，Luc，我們如何看待 RCD 的貢獻，您的定位，我認為您的目標是 D5 40% 的市場份額，以及就 PMIC 機會的增長而言我們所處的位置。

And then as the the follow up real quickly, can you just remind us again, as we think about Granite Rapids from Intel, from a CPU perspective, and we look at the roadmap going forward, is the expectation that we see continual memory channel expansion with next generation platforms, i.e., moving from 12 to 16, and so on going forward. Thank you.

然後作為後續的快速跟進，您能否再次提醒我們，當我們從 CPU 的角度考慮英特爾的 Granite Rapids 並展望未來的發展路線圖時，我們期望看到下一代平台的內存通道不斷擴展，即從 12 個擴展到 16 個，依此類推。謝謝。

Thank you, Aaron. To, your first question, yeah, we're very pleased with the growth of our product business with these 43% year-over-year growth in the second quarter. RCD remains very strong for us, and, our belief is that we continue to gain share with the expansion of DDR5 in the market. We were slightly above 40% share at the end of 2024, and we expect to continue to gain share this year.

謝謝你，亞倫。對於您的第一個問題，是的，我們對我們的產品業務的成長感到非常滿意，第二季比去年同期成長了 43%。對我們來說，RCD 仍然非常強大，我們相信，隨著 DDR5 在市場上的擴展，我們將繼續獲得份額。到 2024 年底，我們的份額略高於 40%，預計今年份額將繼續增加。

And we do start to see the contribution for new chips, power management chips, but all the chips that we're introducing into the market. It's still modest. It represents low single digit contribution to the product revenue in Q3, but it's going to grow to need to offer single digit contribution in Q3, sorry, is a low single digit in Q2. And we do see momentum there. So it's modest, but we do see momentum across the board. And as we said, we have different stages of qualification, and adoption of the different products in the market, which is very comfortable with the momentum there.

我們確實開始看到新晶片、電源管理晶片以及我們向市場推出的所有晶片的貢獻。還是很謙虛的。它代表著第三季對產品收入的低個位數貢獻，但它將會成長到需要在第三季提供個位數的貢獻，抱歉，在第二季是一個低個位數。我們確實看到了那裡的勢頭。雖然幅度不大，但我們確實看到了全面的發展動能。正如我們所說，我們有不同的資格認證階段，並採用市場上不同的產品，這與那裡的發展勢頭非常契合。

With respect to the different platforms, our partners continue to roll out platforms. We do sell cheap ahead of the platform deployment. So, the platform you mentioned, we're starting to see, a volume shipments of products on the RCD side.

對於不同的平台，我們的合作夥伴不斷推出平台。我們確實在平台部署之前廉價出售。因此，您提到的平台，我們開始看到 RCD 方面的產品大量出貨。

We do believe that, in addition to the Intel platform, AMD and the on-based platforms are also going to roll out products that will create demand for, our DDR5 RCD chips. And the fact that, these platforms are transitioning from 12 channels to 16 channels is also going to create further demand for DDR5 in the quarters and years to come. So that's a good news for us.

我們確實相信，除了英特爾平台之外，AMD 和基於此的平台也將推出能夠創造我們 DDR5 RCD 晶片需求的產品。這些平台從 12 通道過渡到 16 通道的事實也將在未來幾季和幾年對 DDR5 產生進一步的需求。這對我們來說是個好消息。

Yeah, thank you.

是的，謝謝。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Hey guys, thank you, thanks for taking my question. I had some questions about the PC market. I know it's not what everybody's focused on, but, if I'm not mistaken, your newly introduced PMIC products are geared towards Panther Lake, and with that launch imminent, can you share with us whether or not you've got any visibility into the PMIC sales into the PC market ramping this year or next, and are you generating yet any client co driver revenue from the PC market?

嘿，夥計們，謝謝你們，謝謝你們回答我的問題。我對個人電腦市場有一些疑問。我知道這不是大家關注的重點，但如果我沒記錯的話，您新推出的 PMIC 產品是面向 Panther Lake 的，隨著該產品即將發布，您能否與我們分享一下您是否了解今年或明年 PMIC 在 PC 市場的銷售情況，以及您是否已經從 PC 市場獲得了任何客戶端驅動收入？

Thank you, Gary. Yeah, as we said in earlier calls, we do see the requirements that we initially or historically saw in the data center flowing into high-end PCs and the need for the equivalent of an RCD or the equivalent of the power management chip, flowing into the high-end PC market. So we introduced the clock driver last year. And we are starting to see modest traction, modest traction, not because, the product is not successful, it's just the market is limited at this point in time.

謝謝你，加里。是的，正如我們在先前的電話會議中所說的那樣，我們確實看到最初或歷史上在資料中心看到的需求流入高階 PC，並且對 RCD 或電源管理晶片等產品的需求也流入高階 PC 市場。所以我們去年引入了時鐘驅動程式。我們開始看到適度的牽引力，適度的牽引力，並不是因為產品不成功，而是因為目前市場有限。

It really targets the very high end speed layer of the market, and over time it's going to slow down, all the segments of the market. We were encouraged with the reception of our PEMIC products into the data center, and that's why we announced PMIC products for the clients market, a Gen to PMIC for games in the current market as well as the, an (inaudible), solutions for the PC market.

它確實針對的是市場上速度非常高的層級，隨著時間的推移，它將會減慢所有細分市場的速度。我們的 PEMIC 產品在資料中心的接受度令我們感到鼓舞，這就是我們宣布針對客戶市場推出 PMIC 產品、針對當前市場遊戲推出的 Gen to PMIC 以及針對 PC 市場的（聽不清楚）解決方案的原因。

So we're planting the seeds in a market that we think is going to be very fertile going forward. But that's going to address the high-end PC markets for us and then slow down. So we do expect the contributions from, these client markets to start to be visible in 2026, when this year we're going to just see the initial shipments of qualification and pre-production orders.

因此，我們正在一個我們認為未來將會非常肥沃的市場中播下種子。但這將為我們解決高端個人電腦市場的問題，然後放緩。因此，我們確實預計這些客戶市場的貢獻將在 2026 年開始顯現，屆時我們將只看到今年的資格認證和預生產訂單的初始出貨量。

All right, thanks Luc. Just a follow up. I wanted to quickly ask about inventory. It appears as though your dollars of inventory are getting lean and days of inventory, especially lean. And so the reason I bring this up is, are your lead times extending and if they are, is there a motivation for your memory customers to start to, maybe sort of insure or hedge against that in the form of higher inventory.

好的，謝謝 Luc。只是後續行動。我想快速詢問一下庫存狀況。看起來好像您的庫存美元正在減少，庫存天數也特別減少。我提出這個問題的原因是，你們的交貨時間是否延長了？如果是的話，你們的記憶體客戶是否有動力開始以某種方式透過增加庫存來確保或對沖這種延長。

Hi Gary, it's Des here. That's a good question. Our inventory levels in Q2 came down to about 120 days, which was mainly driven by more finished goods inventory at the end of the quarter. It is important to note that our inventory holding at June 30, it's just a snapshot in time and really based upon our current view of demand, and we will have sufficient inventory to support our customers' demand through at the end of the year.

嗨，加里，我是德斯。這是個好問題。我們第二季的庫存水準降至約 120 天，這主要是由於季度末成品庫存增加所致。值得注意的是，我們截至 6 月 30 日的庫存量只是一個時間快照，實際上基於我們當前對需求的看法，到年底我們將有足夠的庫存來滿足客戶的需求。

We do have long-term relationships with our supply chain partners, and they're fully supportive of our growth plans going forward into 2026 and beyond. If we look ahead, given our expanding product portfolio and strong cash generation, we are comfortable with holding more strategic inventory on our balance sheet, and this is something we will definitely endeavor to do here over the next couple of quarters. As it relates to lead times, I would say that they remain within sort of normal sort of levels, and consistent with sort of prior quarters from there, Gary.

我們與供應鏈合作夥伴確實建立了長期合作關係，他們全力支持我們 2026 年及以後的成長計畫。展望未來，鑑於我們不斷擴大的產品組合和強勁的現金產生能力，我們願意在資產負債表上持有更多戰略庫存，而且我們一定會在接下來的幾個季度內努力做到這一點。至於交貨時間，我想說它們仍處於正常水平，並且與之前的幾個季度一致，加里。

Thanks, Des.

謝謝，Des。

Thanks, Gary.

謝謝，加里。

Kevin Cassidy, Rosenblatt Securities.

羅森布拉特證券公司的凱文·卡西迪。

Thank you and congratulations on the great results. The AI ASIC market is exploding in the, it's called the XPU. Can you say how that ASIC market might be changing the demand for your silicon IP?

謝謝您並祝賀您取得如此優異的成績。AI ASIC 市場正在蓬勃發展，它被稱為 XPU。您能否說說 ASIC 市場如何改變對您的矽 IP 的需求？

Thanks, Kevin. Yes, sure. What we see with the AI market exploding and the emergence of the XPU solutions, ASIC solutions is that the need for very high speed connectivity and the need for very high speed memory interfaces increases and accelerates. And that translates for us into an acceleration of our development for solutions such as, HBM4, HBM4E, as well as PCIe 7.

謝謝，凱文。是的，當然。隨著人工智慧市場的爆炸性成長以及 XPU 解決方案和 ASIC 解決方案的出現，我們看到對超高速連接的需求以及對超高速記憶體介面的需求不斷增加和加速。對我們來說，這意味著加速開發 HBM4、HBM4E 以及 PCIe 7 等解決方案。

So we are engaged with customers. These markets tended to be quieter. It's a bit like the RCD market. Everything is accelerating. But we do have several engagements on these leading edge technologies on the HBM4 and the PCIe 7 in particular, as well as for the security solutions. So the need to actually secure data when it fits into those chips or secure data when it moves around between those chips is becoming critically important. That's also giving attraction to the sales of our silicon IP in the security area.

因此我們與客戶保持密切聯繫。這些市場趨於平靜。這有點像 RCD 市場。一切都在加速。但我們確實在 HBM4 和 PCIe 7 等尖端技術以及安全解決方案方面有多項合作。因此，當資料放入晶片時或在晶片之間移動時確保資料的安全變得至關重要。這也對我們在安全領域的矽IP的銷售具有吸引力。

Okay, great. Thanks for that detail. And maybe a more mundane discussion is that, there's been announcements for DDR-4 end of life. Does that change anything for Rambus or I guess, a couple of years ago we had an inventory issue, so I guess that's out of the way now, but what does it mean going forward?

好的，太好了。謝謝你提供的詳細資訊。也許更平常的討論是，有消息指出 DDR-4 即將停產。這對 Rambus 來說有什麼改變嗎？或者我猜，幾年前我們遇到了庫存問題，所以我想現在已經解決了，但這對未來意味著什麼？

It doesn't change much for us. DDR5 sales remain very limited, and you know this has been our message for several quarters now, and we don't see that picture changing. We do see slowly inventories going down in the market. We hear about the last time by orders, we expect DDR-4 even to remain low, even decreasing and maybe it's going to be on a case by case basis when people work through these, this last time by orders.

對我們來說，這並沒有太大的改變。DDR5 的銷量仍然非常有限，你知道這是我們幾個季度以來一直在傳達的訊息，而且我們認為這種情況不會改變。我們確實看到市場庫存正在緩慢下降。我們聽說了上次的訂單，我們預計 DDR-4 甚至會保持低位，甚至會下降，也許當人們處理這些最後一次的訂單時，會根據具體情況進行處理。

Okay, great. Thanks. Congratulations again.

好的，太好了。謝謝。再次恭喜。

Thank you, Kevin.

謝謝你，凱文。

Mehdi Hosseini, Susquehanna

梅赫迪·胡賽尼，薩斯奎漢納

Yes, thanks for taking my question. Want to better understand the mix of the product revenue, especially given the increased contribution from the companionship. How should I think about the DDR5 RCD chip or RCD buffer chip versus companionship? How is that mix evolving?

是的，感謝您回答我的問題。想要更了解產品收入的組成，尤其是考慮到陪伴業務的貢獻增加。我該如何看待 DDR5 RCD 晶片或 RCD 緩衝晶片與陪伴？這種混合是如何演變的？

The way to look at it is we introduced a lot of products and there are different stages of introduction and qualification with our customers. But in Q2, these new products represented a low single digit contribution in percentage terms of our product revenue. And when we look at Q3, that contribution in terms of percentage is probably going to be mid to upper single digit percentage of our product revenue. So, as I said earlier, we planted the seeds, we see traction, and we're very happy with the traction with our customers. The contribution today is modest, but we do see very strong momentum in terms of adoption of these products.

我們的看法是，我們推出了許多產品，並且針對客戶有不同的介紹和認證階段。但在第二季度，這些新產品對我們的產品收入的貢獻率僅為個位數。當我們看第三季時，該貢獻的百分比可能占我們產品收入的中高個位數百分比。因此，正如我之前所說，我們播下了種子，看到了牽引力，我們對客戶的牽引力感到非常高興。今天的貢獻雖然不大，但我們確實看到這些產品的採用勢頭非常強勁。

Got you. Thanks for that clarification. And with that increased contribution continuing to year end?

明白了。感謝您的澄清。而這種增加的貢獻會持續到年底嗎？

Yes, it will continue in the year end. We again, we're still in the phase of introduction, pre-production of these products. So, when we look at the view of our product revenue for Q4, we're comfortable with where the street sees us and we see a slightly higher contribution from our new products. But the real thing is going to be 2026 when the platforms are in full swing into the market.

是的，年底還會繼續。我們再次重申，我們仍處於這些產品的引進和預生產階段。因此，當我們回顧第四季度的產品收入時，我們對市場的預期感到滿意，並且看到新產品的貢獻略高。但真正的大事要到2026年，屆時各平台將全面進入市場。

Okay, alright. If I may squeeze my second question. I want to better understand the same kind of a diversification in your silicon IP. There was a significant improvement on a Q-over-Q basis of almost 6 million. Is that driven by HBM4? If not, what is driving that sequential increase in silicon IP? And if the, if HBM4 was not a factor, when should we expect customers to come back and buy more IP for that specific application HBM4.

好的，好的。我可以提出第二個問題嗎？我想更了解矽 IP 中的相同類型的多樣化。與上一季相比，成長顯著，季增近 600 萬。這是由 HBM4 驅動的嗎？如果不是，那麼是什麼推動了矽 IP 的連續成長？如果 HBM4 不是一個因素，那麼我們什麼時候應該期望客戶回來並為該特定應用 HBM4 購買更多 IP。

Hi Mehdi, it's Des here. We're really pleased with the performance of our Silicon IP business which delivered strong results in the first half of the year, and we're really on track to meet our sort of annual growth expectations for the full year from here. What I would say is when you look at the different revenue categories of contracts and other and licensing billings, these can move around on each sort of quarter, which is really dependent upon the IP that we are selling to customers.

你好，Mehdi，我是 Des。我們對矽知識產權業務的表現感到非常滿意，該業務在今年上半年取得了強勁的業績，並且我們預計將實現全年的年度成長預期。我想說的是，當你查看合約和其他授權費用的不同收入類別時，這些收入類別可能會在每個季度發生變化，這實際上取決於我們向客戶銷售的智慧財產權。

So what you did see in Q2 is an increase in our contract and other sort of line, which represents more customizable IP being sold, and we saw the corresponding sort of decline on the licensing billings line which is off the shelf IP. But what we really see here is a really strong momentum in the business, which has really been led by the memory controller solutions of HBM4, PCIe 7, and also nice traction on the leading edge security IP solutions. But overall, for the full year, we do expect the business to grow in line with the overall sort of expectations from here.

因此，您在第二季度看到的是我們的合約和其他類型的業務線有所增加，這代表著銷售的可自訂 IP 更加豐富，而我們看到許可計費業務線（即現成的 IP）出現了相應的下降。但我們真正看到的是業務的強勁發展勢頭，這實際上得益於 HBM4、PCIe 7 的記憶體控制器解決方案，以及前沿安全 IP 解決方案的良好發展勢頭。但總體而言，就全年而言，我們確實預期業務成長將符合目前的整體預期。

Thank you, guys.

謝謝你們。

Thanks, May.

謝謝，梅。

Natalia Winkler, Evercore.

娜塔莉亞·溫克勒（Natalia Winkler），Evercore。

Hi, thank you for taking my question. My first one was about the (inaudible) our deal opportunity. Look, I was wondering if you can help us, with an update and how you guys see that market and maybe sort of, the ultimate proportion of the CPU market that might be using that technology.

你好，謝謝你回答我的問題。我的第一個問題是關於（聽不清楚）我們的交易機會。瞧，我想知道您是否可以幫助我們，提供最新消息，以及您如何看待這個市場，以及可能使用該技術的 CPU 市場的最終比例。

Yeah, so MRDIMM is stage to enter the market towards the end of 2026, depending on the availability of platforms, this is not the next generation platform, but the one after, but it's important to engage with customers very early on. So, at this point in time, we're very pleased with the progress we're making with our customers in terms of design winning and engagements on the qualification side, but that will contribute to the revenue towards the second half of 2026 and beyond.

是的，MRDIMM 將在 2026 年底進入市場，這取決於平台的可用性，這不是下一代平台，而是更下一個平台，但儘早與客戶接觸非常重要。因此，目前，我們對與客戶在設計中標和資格認證方面的合作方面取得的進展感到非常滿意，但這將有助於 2026 年下半年及以後的收入。

You remember, the MRDIMM content is much larger than the content of the standard (inaudible) for DDR5 because the RCD is more complex, the power management chip is more complex, but you also have 10 DB chips that were not present on the standard DIM.

您記得，MRDIMM 的內容比 DDR5 標準（聽不清楚）的內容大得多，因為 RCD 更複雜，電源管理晶片更複雜，但您還有 10 個標準 DIM 上不存在的 DB 晶片。

So we're very excited with the progress, but that's going to have an impact in 2026 second half and beyond. The market is difficult to assess at this point in time, but we expect in full swing, it could represent about $600 million market for MRDIMM, that you can compare to a market for AI today which is about $800 million. So that's a significant growth potential in terms of SAM, that's something that's going to happen '26, the second half and beyond.

因此，我們對這一進展感到非常興奮，但這將對 2026 年下半年及以後產生影響。目前市場很難評估，但我們預計，在全面發展的情況下，MRDIMM 的市場規模可能達到約 6 億美元，可以與當今約 8 億美元的 AI 市場進行比較。因此，就 SAM 而言，這是一個巨大的成長潛力，這將是 26 年下半年及以後發生的事情。

Thank you. That's very helpful. And then my second question is around ARM CPUs. If you could help us understand, if there's a little bit of a trade off from the standpoint of units of the CPUs and the channel count if you guys view the ARM CPU market different from X86.

謝謝。這非常有幫助。我的第二個問題是關於 ARM CPU 的。如果您能幫助我們理解，如果從 CPU 單位和通道數量的角度來看，ARM CPU 市場與 X86 市場之間存在差異，那麼是否存在一些權衡。

We kind of agnostic as to the CPU that is being used. Certainly different, I would say platform providers, offer a different number of channels. We kind of take that into account when we estimate the market size. But for us, the very fact that people are developing chips based on arm. That are in competition with the x86 platforms is a good thing. It creates tension in the market, competition in the market that is good for the rollout of higher speed RCDs and companionship solutions. So we're kind of agnostic, but we see this in a positive way.

我們對所使用的 CPU 不太了解。當然不同，我想說平台提供者提供不同數量的管道。我們在估計市場規模時會考慮到這一點。但對我們來說，人家確實是在開發基於arm的晶片。與 x86 平台競爭是件好事。它在市場上創造了緊張氣氛，市場競爭有利於推出更高速的 RCD 和陪伴解決方案。所以我們有點不可知，但我們以積極的方式看待這一點。

Thank you.

謝謝。

Tristan Gerra, Baird.

特里斯坦·杰拉，貝爾德。

Hi, good afternoon. Is fair to assume that the customized IP that you sold in the quarter that is more related to custom ASIC. And also, when you talk about the contribution going from low single digit to mid to upper single digit this quarter from new products, I'm assuming companionship is really the vast majority of that increase in -- and is that more on the Granite Rapid platform?

嗨，下午好。可以公平地假設，您在本季銷售的客製化 IP 與客製化 ASIC 更相關。此外，當您談到本季新產品的貢獻從低個位數增加到中個位數再增加到高個位數時，我認為陪伴式銷售確實是這一增長的絕大部分——這是否更多地歸功於 Granite Rapid 平台？

Yes. To your second question, it's a combination. We introduced eight new products last year, mostly companion chips. The chips that we introduced this year, our companion chips for the client space, mostly in the power management area. And different customers at different stages.

是的。對於你的第二個問題，這是一個組合。去年我們推出了八種新產品，大部分是配套晶片。我們今年推出的晶片，是我們針對客戶端領域的配套晶片，主要在電源管理領域。且不同階段有不同的客戶。

When we mentioned this low single-digit going to mid- to upper single digit, these are all these new chips that we introduced mostly companion chips. Your first question was, can you repeat your first question, please.

當我們提到從低個位數到中高個位數時，這些都是我們推出的新晶片，主要是配套晶片。您的第一個問題是，請您重複您的第一個問題。

Customized IP. Yes, yes. It was regarding the customized IP and whether this was related to custom ASIC.

定制IP。是的，是的。它是關於定制 IP 以及這是否與定制 ASIC 相關。

Yeah, mostly it's custom ASICs. It's people developing their own chips to address the demands of the AI market. There's a lot of interest now for AI insurance, in particular, which drives the need for AI chips for high-speed interfaces. So yes, it's mostly for ASICs, ranging from start-up companies that want to enter that market all the way up to more established companies that already have a footprint into that market.

是的，大部分是客製化的 ASIC。人們正在開發自己的晶片來滿足人工智慧市場的需求。目前人們對人工智慧保險尤其感興趣，這推動了對高速介面人工智慧晶片的需求。所以是的，它主要針對 ASIC，從想要進入該市場的新創公司到已經在該市場佔有一席之地的更成熟的公司。

Okay. And then just as a quick follow-up, what is typically the type -- the time line between when you collect this customized IP versus the timing when the custom ASIC is ramping? And the reason I'm asking is because there is a number of hyperscalers that are at different stages of ramping customer ASICs over the next couple of years. And I think you've mentioned that, that increase in customized IP was happening in the quarter, but not necessarily sustainable or lumpy, but shouldn't we see an increase of medium term from customized IP revenue over the next -- in the medium term into next year?

好的。然後，作為一個快速的後續問題，通常是什麼類型——收集這個定制 IP 和定制 ASIC 增加的時間之間的時間軸？我之所以問這個問題，是因為未來幾年有許多超大規模企業正處於增加客戶 ASIC 的不同階段。我想您已經提到過，定制 IP 在本季度有所增長，但不一定是可持續的或不穩定的，但我們不應該看到定制 IP 收入在明年的中期內增長嗎？

Yes, that's a good question. Typically, our IP business is a licensing business. So our customers pay us when we deliver the IP for a license for one use or several use depending on the contracts. So we typically see the revenue. It depends 12 to 24 months before the products ramp into the market. So our current sales address chips that are going to be in the market in a couple of years from now.

是的，這是個好問題。通常，我們的知識產權業務是授權業務。因此，當我們根據合約交付一次使用或多次使用的授權 IP 時，客戶會向我們付款。所以我們通常會看到收入。產品進入市場前需要 12 到 24 個月的時間。因此，我們目前的銷售針對的是幾年後即將上市的晶片。

And that's why we do see demand for these leading-edge technologies. People are using -- looking at HBM4, HBM4E, PCIe7 for the next generation of products, and we're going to be on that, I would say, a leading edge as we move forward. Then it depends on how successful these customers are.

這就是我們確實看到對這些尖端技術的需求的原因。人們正在使用 HBM4、HBM4E、PCIe7 作為下一代產品，我想說，隨著我們不斷前進，我們將處於領先地位。然後就取決於這些客戶的成功程度。

They are customers that have been developing chips for many years, and we'll continue on that path with us. And startup companies, they are more and more start-up companies paying licenses to us as they move forward. Whether the chips are going to be successful or not, it's a different question. But again, it's important for us to have the revenue recognized at the time we sell the license when they actually decide to use these leading-edge technologies into their products.

他們是多年來一直致力於晶片開發的客戶，我們會繼續與我們一起走這條路。而新創公司，在發展過程中，越來越多的新創公司向我們支付許可費。這些晶片是否會成功，則是另一個問題。但同樣，當他們真正決定將這些尖端技術應用於他們的產品時，我們在出售許可證時確認收入是很重要的。

Great, thank you very much.

太好了，非常感謝。

Thank you.

謝謝。

Mehdi, SIG.

梅赫迪，SIG。

Yes, thanks for taking my follow up. One is looking to next year 2026 and 2027. And want to better understand how you're thinking about the opportunities associated with the client market, PC market versus CXL. It seems like CXL3.0 is more like a late '26 if it doesn't push out again. Would the incremental opportunity from PC market be enough, be large enough to offset if there is more push out in CXL adoption?

是的，感謝您接受我的跟進。一是展望明年2026年和2027年。並希望更了解您如何看待與客戶市場、PC 市場和 CXL 相關的機會。如果 CXL3.0 不再推出，那麼它看起來更像是 26 年末的版本。如果在 CXL 採用方面有更多推動，那麼 PC 市場帶來的增量機會是否足夠大，足以抵消這一影響？

So thank you, Mehdi. The way we look at it is that you're correct. CXL may push out even further, but we do see MRDIMM really being the solution that is going to be adopted in -- for use case that has to do with memory expansion in particular. So on the data center side, we have high expectations for the deployment of MRDIMM. As I said, with revenue in the second half of '26 and '27, but I think that would address a lot of the use cases that CXL was supposed to address in terms of chip business.

所以謝謝你，Mehdi。從我們的角度來看，你是對的。CXL 可能會進一步推廣，但我們確實看到 MRDIMM 真正成為將被採用的解決方案 - 特別是對於與記憶體擴展相關的用例。因此在資料中心方面，我們對MRDIMM的部署抱有很高的期望。正如我所說，26 年和 27 年下半年的收入，但我認為這將解決 CXL 在晶片業務方面應該解決的許多用例。

Now clients is different. Clients, there's not really a CXL market for clients at this point in time or small -- for chips per se. But the client business for us, we really see this as an extension of our companion chip market for the data center. As we said earlier, the technical requirements that we're going to find in high-end client systems are very similar to the ones that we currently find in data centers.

現在客戶不同了。對於客戶來說，目前對於晶片本身來說，CXL 市場實際上還沒有或說規模很小。但對我們來說，客戶業務確實將其視為資料中心配套晶片市場的延伸。正如我們之前所說，我們在高階客戶端系統中發現的技術要求與我們目前在資料中心發現的技術要求非常相似。

So this is going to be a driver for SAM expansion for clock driver chips and power management chips into the client business. So that's a different area of growth for us, different than the MRDIMM in the data center space.

因此，這將推動時脈驅動晶片和電源管理晶片的 SAM 擴展到客戶端業務。因此，這對我們來說是一個不同的成長領域，不同於資料中心領域的 MRDIMM。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Thank you for your question. At this time, there are no further questions. This will conclude the question and answer session. I would now like to turn the conference back over to the company.

感謝您的提問。目前，沒有其他問題。問答環節到此結束。現在我想將會議交還給公司。

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 great 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. This now concludes today's conference.

謝謝。今天的會議到此結束。