Rambus Inc (RMBS) 2014 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the first-quarter 2014 Rambus conference call.

美好的一天，女士們、先生們，歡迎參加 2014 年第一季 Rambus 電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, today's conference is being recorded.

提醒一下，今天的會議正在錄製中。

I would now like to turn the call over to Satish Rishi, Senior Vice President and Chief Financial Officer.

我現在想將電話轉給資深副總裁兼財務長 Satish Rishi。

Thank you, Jamie, and welcome to the Rambus first-quarter 2014 results conference call. I'm Satish Rishi, CFO, and on the call with me today is Dr. Ron Black, our President and CEO. The press release for the results that will be discussed [here today] have been filed with the SEC on Form 8-K.

謝謝 Jamie，歡迎參加 Rambus 2014 年第一季業績電話會議。我是財務長 Satish Rishi，今天與我通話的是我們的總裁兼執行長 Ron Black 博士。[今天在此]討論的結果新聞稿已以 8-K 表格形式提交給 SEC。

A replay of this call will be available for the next week at 855-859-2056. You can hear the replay by dialing the toll-free number and then entering ID number, 22388776, when you hear the prompt.

下周可撥打 855-859-2056 重播此電話會議。您可以撥打免費電話，然後在聽到提示時輸入 ID 號碼 22388776 來收聽重播。

In addition, we are simultaneously webcasting this call; and, along with the audio, we are webcasting slides. Even if you're joining us via conference call, you may want to access the website for the slide presentation. A replay of this call can be accessed on the website beginning today at 5 PM Pacific time.

此外，我們正在同時對本次電話會議進行網路直播；除了音訊之外，我們還進行網路廣播幻燈片。即使您透過電話會議加入我們，您也可能需要造訪網站來觀看幻燈片簡報。從太平洋時間今天下午 5 點開始，您可以在網站上觀看本次電話會議的重播。

In an effort to help provide greater clarity in the financials, we are using both GAAP and non-GAAP pro-forma [form] in our press release and on this call. We use non-GAAP or pro-forma numbers to discuss operating results, as well as forward-looking projections, which we believe are indicative of complete performance, as they include certain cash events, and exclude some non-cash and discrete events, such as impairment and restructuring charges. We believe these elements do not provide a [clear] indication of long-term performance. We provide reconciliation to the most comparable GAAP measures on our website.

為了協助提供更清晰的財務數據，我們在新聞稿和本次電話會議中同時使用 GAAP 和非 GAAP 形式[表格]。我們使用非公認會計原則或預計數字來討論經營業績以及前瞻性預測，我們認為這些預測表明了完整的業績，因為它們包括某些現金事件，並排除了一些非現金和離散事件，例如作為減值和重組費用。我們認為這些要素並不能提供長期績效的[明確]指示。我們在網站上提供最具可比性的公認會計準則衡量標準的調節表。

In the case of any forward-looking projections or estimates containing non-GAAP information discussed on this call, the reconciliation may not be available due to unreasonable amount of effort needed to make such a determination or provide such information as [what will be] described on our website. You can find a copy of our earnings release and the reconciliation on our website at rambus.com on the Investor Relations page in the Press Releases and Events and Presentations.

如果本次電話會議中討論的任何前瞻性預測或估計包含非公認會計準則信息，則可能無法進行調節，因為做出此類決定或提供[將要描述的]信息需要付出不合理的努力在我們的網站上。您可以在我們的網站 rambus.com 的新聞稿、活動和演示中的投資者關係頁面上找到我們的收益發布和調節表的副本。

The discussion today will contain certain forward-looking statements regarding our financial prospects, litigation, and demand for our technologies, among other things. These statements are subject to risks and uncertainties that are discussed during the call, and may be more fully described in the documents we file with the SEC, including our 8-Ks, 10-Qs, and 10-Ks. These forward-looking statements may differ materially from actual results, and we are under no obligation to update these statements.

今天的討論將包含有關我們的財務前景、訴訟和技術需求等的某些前瞻性陳述。這些聲明受到電話會議期間討論的風險和不確定性的影響，並且可能在我們向 SEC 提交的文件中進行更全面的描述，包括我們的 8-K、10-Q 和 10-K。這些前瞻性陳述可能與實際結果有重大差異，我們沒有義務更新這些陳述。

Now I'll turn the call over to Ron.

現在我將把電話轉給羅恩。

Thank you, Satish, and good afternoon, everyone. We turned in another solid quarter, with revenue of $78 million, above our guidance of $70 million to $75 million. Pro-forma net income was $19.6 million, also above our guidance of $12 million to $17 million.

謝謝薩蒂什，大家下午好。我們又迎來了一個穩健的季度，收入為 7800 萬美元，高於我們 7000 萬至 7500 萬美元的指導值。預估淨利潤為 1,960 萬美元，也高於我們 1,200 萬至 1,700 萬美元的指導值。

I am pleased to report that our GAAP net income was almost $8 million, which is the first time in nine quarters that we have been GAAP-profitable. Of course, our intention is to continue. As Satish will explain in more detail in a few minutes, our year-over-year quarterly revenue growth was impressive, with the total Business growing 17%, and the new business areas, excluding memory, growing 138%.

我很高興地報告，我們的 GAAP 淨利潤接近 800 萬美元，這是我們九個季度以來首次實現 GAAP 盈利。當然，我們的目的是繼續下去。正如 Satish 將在幾分鐘內更詳細地解釋的那樣，我們的季度收入同比增長令人印象深刻，總業務增長了 17%，而除內存之外的新業務領域增長了 138%。

In the first quarter, we were pleased that a strategic SoC customer took an option of extending their patent license to more advanced DDR technologies, incrementally increasing our revenue for the quarter, but, more importantly, also providing us an opportunity to engage in broader technology licensing activities.

在第一季度，我們很高興策略SoC 客戶選擇將其專利授權擴展到更先進的DDR 技術，從而逐步增加了我們本季度的收入，但更重要的是，也為我們提供了參與更廣泛技術的機會許可活動。

On the patent side, we also profitably resolved the situation with Nanya, a specialty memory company, which was our last open litigation proceeding, and again, providing a platform for broader technology collaboration.

在專利方面，我們也與特種內存公司 Nanya 解決了這個問題，這是我們最後一次公開訴訟程序，並再次為更廣泛的技術合作提供了平台。

As many of you know, the first quarter is important from a trade-show, conference, and industry-event standpoint, with the Consumer Electronics Show, CES; Mobile World Congress, MWC; the RSA Security Conference; and DesignCon, all occurring within the quarter.

眾所周知，從貿易展覽、會議和產業活動的角度來看，第一季非常重要，其中包括消費性電子展 CES；世界行動通訊大會，MWC； RSA 安全會議；和 DesignCon，均在本季內舉行。

At MWC, we highlighted our efforts in capturing and manipulating data with our binary pixel and smart-sensor technologies. Since last year, we have made improvements in our binary pixel technology, providing enhanced stop-motion capabilities that add to our existing single-shot, ultra-high dynamic range, and improved low-light sensitivity features. We are in active discussions with potential customers for this technology, and hope to share more in the coming months.

在 MWC 上，我們強調了我們在利用二進位像素和智慧感測器技術來捕獲和操作資料方面所做的努力。自去年以來，我們對二元像素技術進行了改進，提供了增強的定格動畫功能，增加了我們現有的單次拍攝、超高動態範圍和改進的低光靈敏度功能。我們正在與潛在客戶積極討論這項技術，並希望在未來幾個月分享更多資訊。

Also at MWC, we unveiled our lensless smart-sensor technology that takes a novel approach to reduce the size, cost, and power consumption for sensing, and also for selective low-resolution imaging. This smart-sensor technology eliminates the relatively large traditional lens, auto-focus motors and associated enclosure, and replaces the functionality with miniscule diffraction gratings that makes the overall sensor extremely small.

同樣在 MWC 上，我們推出了無透鏡智慧感測器技術，該技術採用新穎的方法來減少感測以及選擇性低解析度成像的尺寸、成本和功耗。這種智慧感測器技術消除了相對較大的傳統鏡頭、自動對焦馬達和相關外殼，並用微型衍射光柵取代了功能，使整個感測器變得非常小。

This technology, which is being developed under our labs group, can also be used to easily detect motion, which is why it is particularly interesting for sensing applications of all kinds. Since this technology takes advantage of Moore's Law, by leveraging the computing power that exists even in mobile phones today, it is a natural technology for us to collaborate with other companies on. Indeed, the technology was found to be so impressive at MWC, that the well-regarded technology publication, Tom's Guide, named it one of the top five best technologies at the show.

我們的實驗室小組正在開發這項技術，它還可以用來輕鬆檢測運動，這就是為什麼它對各種感測應用特別有趣。由於這項技術利用了摩爾定律，透過利用當今手機中存在的運算能力，因此我們與其他公司合作是一種自然的技術。事實上，這項技術在 MWC 上給人留下了深刻的印象，備受推崇的技術出版物《湯姆指南》將其評為展會上五項最佳技術之一。

At this year's DesignCon, we highlighted our overall customer engagement model with our LabStation Validation Platform. This comprehensive test environment provides customers with a tool suite to validate advanced low-power, high-performance memory systems, thus helping customers enhance the quality and reduce the time to market of their chips and systems. This tool is proving valuable to a growing list of our customers; and while it is not a large revenue generator for us, it is a valuable element of our complete memory product offering, much as our DPA Workstation, or DPAWS, is for our security business.

在今年的 DesignCon 上，我們重點介紹了 LabStation 驗證平台的整體客戶參與模式。這個綜合測試環境為客戶提供了一套工具來驗證先進的低功耗、高效能記憶體系統，幫助客戶提高晶片和系統的品質並縮短其上市時間。事實證明，該工具對於我們越來越多的客戶來說非常有價值；雖然它對我們來說並不是一個巨大的收入來源，但它是我們完整記憶體產品系列的一個重要組成部分，就像我們的 DPA 工作站 (DPAWS) 對我們的安全業務一樣。

Looking at the broader industry, we see our role evolving in the $2.7-billion semiconductor IP space. According to a 2013 IBS report, we were ranked number four, behind ARM, Synopsys, and Imagination MIPS, as a semiconductor IP provider. As design tool and [MOSFET] costs increase, more and more fab and fabless semiconductor companies are looking at ways to optimize costs and expense, and finding that outsourcing their SIP requirements is a good way to do so.

放眼更廣泛的產業，我們看到我們的角色在價值 27 億美元的半導體 IP 領域不斷演變。根據 2013 年 IBS 報告，作為半導體 IP 供應商，我們排名第四，僅次於 ARM、Synopsys 和 Imagination MIPS。隨著設計工具和 [MOSFET] 成本的增加，越來越多的晶圓廠和無晶圓廠半導體公司正在尋找優化成本和費用的方法，並發現外包其 SIP 需求是一個好方法。

We believe that this trend will not only continue but accelerate over the next few years. This, in turn, bodes well for companies that produce high-quality, reliable semiconductor IP for licensing, as we do. Indeed, I have recently heard more people talking about the evolution of the semiconductor industry from fabbed to fabless to chipless, where chipless means semiconductor IP.

我們相信，這種趨勢不僅會持續下去，而且會在未來幾年加速。反過來，這對像我們一樣生產高品質、可靠的半導體 IP 進行授權的公司來說是個好兆頭。確實，最近我聽到更多人談論半導體產業從fabbed到fabless再到chipless的演變，其中chipless意味著半導體IP。

Our core business segments are each also positioned well. As most of you know, the memory industry, and especially DRAM, continues to do well. Higher-performance server-class DRAM and low-power mobile DRAM can benefit from our R+ enhanced to industry standard cores, which are gaining traction with several customers as we ramp up engagement.

我們的核心業務板塊也都定位良好。正如大多數人所知，內存行業，尤其是 DRAM，繼續表現良好。更高效能的伺服器級 DRAM 和低功耗行動 DRAM 可以受益於我們增強為行業標準的 R+ 內核，隨著我們加強參與度，這些內核正在吸引多個客戶。

With all of the global security breaches, ranging from the Target credit exposure to the Heartbleed virus, enterprises and consumers are increasingly concerned about security. We see an increased number of both semiconductor and system companies interested in our DPA Countermeasure technology and our portfolio of cryptographic cores for [content] protection and anti-counterfeiting.

隨著全球安全漏洞的出現，從 Target 信用風險到 Heartbleed 病毒，企業和消費者越來越關注安全問題。我們看到越來越多的半導體和系統公司對我們的 DPA 對策技術以及我們用於[內容]保護和防偽的加密核心產品組合感興趣。

Our LED lighting technology is also doing well, as our main customer, Eaton's Cooper Lighting, continues to ramp its LED products. We also continue to work with customers in Japan and Europe, and believe that, over time, we will add new mainstream lighting customers to these geographies. However, I need to caution investors that the lighting business moves rather slowly, so [this growth] will probably not be in the near term.

我們的 LED 照明技術也表現良好，因為我們的主要客戶伊頓 (Eaton) 的庫柏照明 (Cooper Lighting) 繼續擴大其 LED 產品。我們也繼續與日本和歐洲的客戶合作，並相信，隨著時間的推移，我們將為這些地區增加新的主流照明客戶。然而，我需要提醒投資者，照明業務的發展相當緩慢，因此短期內可能不會出現這種成長。

Finally, we are pleased to see our A19 lamp win an EE Times ACE Award for the best technology. As a reminder, this lamp is built upon the same technology that is also used in LED solutions provided by Eaton's Cooper.

最後，我們很高興看到我們的 A19 燈榮獲 EE Times ACE 最佳技術獎。提醒一下，這款燈採用的技術與伊頓庫柏提供的 LED 解決方案所使用的技術相同。

In summary, I'm happy to say that it was again a good quarter for Rambus, with strong financials and solid year-over-year growth. Our strategy of engaging the industry more [collaboratively] is working, and we are increasingly optimistic that we will drive further growth in all segments.

總而言之，我很高興地說，對於 Rambus 來說，這又是一個良好的季度，財務狀況強勁，同比增長強勁。我們更多地[協作]參與產業的策略正在發揮作用，我們越來越樂觀地認為我們將推動所有領域的進一步成長。

With that, I'll hand the call back over to Satish to provide an outlook and our financials and guidance. Satish?

這樣，我會將電話轉回薩蒂什，以提供前景以及我們的財務狀況和指導。薩蒂什？

Thanks, Ron. In the past, we have used a non-GAAP revenue measure, customer licensing income, or CLI, which included cash proceeds that we received under signed patent license agreements, as well as cash proceeds from the sale of intellectual property or products. Given the convergence between CLI and revenue, and the fact that pending litigation and settlement events are behind us, we are retiring the use of CLI, and will try to simplify our financials by focusing on revenue and other widely used GAAP and non-GAAP measures. We will still use pro-forma expenses, but there will be one less reconciliation item to contend with.

謝謝，羅恩。過去，我們使用非公認會計準則收入衡量標準、客戶授權收入或 CLI，其中包括我們根據簽署的專利授權協議收到的現金收益，以及銷售智慧財產權或產品的現金收益。鑑於 CLI 和收入之間的整合，以及未決訴訟和和解事件已成為過去，我們將不再使用 CLI，並將重點放在收入和其他廣泛使用的 GAAP 和非 GAAP 指標，嘗試簡化我們的財務狀況。我們仍將使用預計費用，但需要處理的調節項目將減少。

Now, I'll review some of the financial highlights for the quarter before going into additional detail. Revenue for the first quarter was $78.3 million, above our guidance of $70 million to $75 million. Sequentially, revenue increased by 6.6% and year-over-year revenue increased by 17.1%. Due to a slower-than-expected headcount addition, as well as lower litigation expenses, pro-forma operating expenses for the quarter came in at $43.9 million, slightly below our guidance of $48 million to $45 million. Pro-forma net income for the quarter was $19.6 million as compared to our guidance of $12 million to $17 million.

現在，我將回顧本季的一些財務亮點，然後再詳細介紹。第一季營收為 7,830 萬美元，高於我們 7,000 萬至 7,500 萬美元的指引。隨後，營收成長了 6.6%，年收入成長了 17.1%。由於員工數量增長慢於預期以及訴訟費用減少，本季預計營運費用為 4,390 萬美元，略低於我們 4,800 萬至 4,500 萬美元的指導。本季預計淨利潤為 1,960 萬美元，而我們的指導值為 1,200 萬至 1,700 萬美元。

As Ron mentioned, during the quarter, one of our customers exercised their option to take a license to a more advanced memory controller technology. We were pleased to see that the customer felt that our patents and more advanced memory technologies were relevant to their future business, and as such, they exercised their option. The full impact of the option exercise, their one-time payment of $4 million, which has been recognized as revenue in the quarter.

正如羅恩所提到的，在本季度，我們的一位客戶行使了選擇權，獲得了更先進的記憶體控制器技術的許可。我們很高興看到客戶認為我們的專利和更先進的記憶體技術與他們未來的業務相關，因此他們行使了他們的選擇權。選擇權行使的全部影響是，他們一次性支付了 400 萬美元，這筆錢已被確認為本季的收入。

For the quarter, revenue for MID, CRI, and LDT business units was $61.2 million, $12.9 million and $4.2 million, respectively. These numbers represent a 7.7%, 1.6% and a 7.9% sequential growth, respectively. However, the better comparison is the growth year over year, as our investments in the new businesses start to pay off. Year over year, MID grew 2.5%, and CRI and LDT grew by 87.5% and over 1,000%, respectively. For the quarter, revenue from DRAM customers was $38.9 million as compared to $39.4 million last quarter and $25.7 million in the quarter year-ago.

本季度，MID、CRI 和 LDT 業務部門的收入分別為 6,120 萬美元、1,290 萬美元和 420 萬美元。這些數字分別代表 7.7%、1.6% 和 7.9% 的環比增長。然而，更好的比較是逐年成長，因為我們對新業務的投資開始獲得回報。與去年同期相比，MID 成長了 2.5%，CRI 和 LDT 分別成長了 87.5% 和 1,000% 以上。本季來自 DRAM 客戶的營收為 3,890 萬美元，上季為 3,940 萬美元，去年同期為 2,570 萬美元。

Pro-forma operating expenses, which exclude retention bonuses, stock-based comp, and amortization of intangible assets were $43.9 million for the first quarter, flat to the previous quarter, and a 5.9% decline from a year ago. Not only are our overall expenses down year over year due to lower litigation and consulting expenses, where and how we are allocating our resources has also changed, as we continue to manage our expenses and invest in areas we believe have the greatest impact to investors.

第一季預計營運費用（不含保留獎金、股票補償和無形資產攤銷）為 4,390 萬美元，與上一季持平，比去年同期下降 5.9%。由於訴訟和諮詢費用減少，我們的整體費用不僅逐年下降，我們分配資源的地點和方式也發生了變化，因為我們繼續管理我們的費用並投資於我們認為對投資者影響最大的領域。

As we've shared with you in our investor presentations, pro-forma EBITDA continues to grow at a significant expansion and was 48% for the quarter as compared to 46% in the last quarter and 36% for the quarter a year ago. Pro-forma interest and other expenses for the first quarter were $3.7 million, relatively flat to the prior quarter. Using a rate of 36% for pro-forma pre-tax income, pro-forma net income for the quarter was $19.6 million, a 19% increase quarter over quarter and an 81% increase year over year.

正如我們在投資者演示中與您分享的那樣，預計 EBITDA 繼續大幅成長，本季為 48%，而上一季為 46%，去年同期為 36%。第一季預計利息和其他費用為 370 萬美元，與上一季持平。採用 36% 的預估稅前收入比率，該季度的預估淨利潤為 1,960 萬美元，環比增長 19%，同比增長 81%。

We continue to generate free cash flow, and cash balances increased by $16 million over the quarter, ending the quarter at $403 million, net cash, [net financed] cash, cash equivalence and marketable securities, less outstanding debt, was $93 million as compared to $77 million last quarter and $42 million a year ago. Just a reminder that we do have the $172.5-million of our 5% notes maturing in June this year, and we expect to repay the principal in cash.

我們繼續產生自由現金流，本季現金餘額增加了1,600 萬美元，季末達到4.03 億美元，淨現金、[淨融資]現金、現金等價物和有價證券，減去未償債務，為9,300 萬美元上季為 7,700 萬美元，一年前為 4,200 萬美元。只是提醒一下，我們確實有 1.725 億美元的 5% 票據將於今年 6 月到期，我們預計將以現金償還本金。

Now I will provide guidance for the second-quarter 2014, as well as for the full year. This guidance reflects a reasonable estimate, and our actual results could differ materially from what I'm about to review. Historically, we've had seasonality impact our second quarter due to lower royalty revenues from [pre if three] shipments and also due to the fact that DRI has a couple of customers who make an annual payment in Q1 versus a typical quarterly payment.

現在我將為 2014 年第二季以及全年提供指導。本指南反映了合理的估計，我們的實際結果可能與我將要審查的結果有重大差異。從歷史上看，我們的第二季度受到季節性影響，因為[如果三之前]發貨的特許權使用費收入較低，而且由於DRI 有一些客戶在第一季支付年度付款，而不是典型的季度付款。

With that in mind, we are estimating our revenue for the second quarter to be between $69 million and $74 million. We expect pro-forma expenses, which exclude restructuring charges, retention bonuses, stock-based comp, and amortization of intangible assets, to be between $44 million and $47 million. Pro-forma net income is expected to be between $12 million and $17 million for the quarter.

考慮到這一點，我們預計第二季的營收將在 6,900 萬美元至 7,400 萬美元之間。我們預計預計費用（不包括重組費用、保留獎金、股票補償和無形資產攤銷）將在 4,400 萬美元至 4,700 萬美元之間。預計本季淨利潤將在 1200 萬美元至 1700 萬美元之間。

For the full year, it is too early to make any material changes to our previous guidance, and we still expect revenue to be between $295 million and $305 million, and operating expenses between $180 million and $185 million. We have been generating cash flow from operations for the past three consecutive quarters, and expect to continue doing so. We expect our cash from operations for the full year to be between $75 million to $85 million.

對於全年而言，對我們先前的指導做出任何重大改變還為時過早，我們仍然預計收入在 2.95 億美元至 3.05 億美元之間，營運費用在 1.8 億美元至 1.85 億美元之間。過去連續三個季度我們一直在透過營運產生現金流，並預計將繼續這樣做。我們預計全年營運現金將在 7,500 萬至 8,500 萬美元之間。

We're looking forward to providing more details on our business units and opportunities when we host and meet you at our Analyst Day on June 11 in New York.

我們期待在 6 月 11 日於紐約舉辦的分析師日活動上與您會面時提供有關我們業務部門和機會的更多詳細資訊。

We are now ready to open the lines for Q&A. Operator?

我們現在已準備好開放問答線路。操作員？

(Operator Instructions)

（操作員說明）

Gary Mobley from Benchmark.

來自 Benchmark 的加里·莫布里。

Thanks for taking my question. Given that you're keeping your -- basically your 2014 revenue at around $300 million, if you're looking at the midpoint -- that's implying your second half revenue is equal to the first half. I'm just curious to get your insight as to why you're not expecting sequential growth as the year progresses?

感謝您提出我的問題。鑑於您將 2014 年的收入基本上保持在 3 億美元左右（如果您查看中點），這意味著您的下半年收入與上半年相等。我只是想知道您為什麼不期望隨著時間的推移實現連續成長？

Hi, Gary, it's Ron. It's just too early to update it. It is appropriate just to leave it where it is at this point. We can update it in the second quarter when we complete it. Satish gave you an outline of where it's at. I don't think you should take -- read anything more into this as good or bad. Just we're being our naturally conservative selves.

嗨，加里，我是羅恩。現在更新還為時過早。此時將其保留在原處是適當的。我們可以在第二季完成後進行更新。薩蒂什向您概述了它的位置。我認為你不應該將任何事情解讀為好或壞。只是我們天生保守的自己。

Okay. All right. Could you elaborate a little bit more about the SoC licensee who opted for more a advanced memory controller? In your prepared remarks, you mentioned or hinted to future license engagements with this SoC company. Might that bring additional revenue and -- I'm just trying to get a sense of materiality of it?

好的。好的。能否詳細介紹選擇更高階記憶體控制器的 SoC 被授權者？在您準備好的發言中，您提到或暗示了未來與這家 SoC 公司的許可合作。這可能會帶來額外的收入——我只是想了解它的重要性嗎？

Yes, sure. As we evolved our strategy and we looked to having reasonable settlements and move on, and we fixed our relationships with a variety of these different customers, it has opened up an incredible ground swell of collaboration. The customers that wouldn't talk to us from the beginning because of fear of our style of engagement are now heavily involved with us.

是的，當然。隨著我們制定策略，尋求合理的解決方案並繼續前進，並與各種不同的客戶建立了關係，它開啟了令人難以置信的合作浪潮。那些從一開始就因為擔心我們的參與方式而不願與我們交談的客戶現在與我們密切合作。

We are just trying to be very specific about all of these engagements, that it is not just about the patent licensing that they happened to take. In this case, it is very positive because they chose to -- that is what Satish described.

我們只是試圖對所有這些參與進行非常具體的說明，這不僅僅是他們碰巧獲得的專利許可。在這種情況下，這是非常積極的，因為他們選擇了——這就是薩蒂什所描述的。

But it has also opened up the opportunity for us to look at other technology licensing opportunities. That is what we pointed out in the prepared remarks. We're seeing more and more of the SoC customers that are looking at cost and expense and as there is a number of license blocks that go into making up these SoCs, it is just not economically viable for them to do all of their own work.

但這也為我們提供了尋找其他技術授權機會的機會。這就是我們在準備好的發言中指出的。我們看到越來越多的 SoC 客戶正在考慮成本和費用，並且由於構成這些 SoC 需要許多許可區塊，因此他們自己完成所有工作在經濟上是不可行的。

So as they do this make-buy analysis, Rambus today, because we're back engaged in this in a very open and collaborative way, are on the radar screens to add additional collaboration. It is a really multiple-step process and we're executing to exactly what we said. Of course, it takes time, because it is really only a year since most people recognized we're back into the game doing this. So it's [coming] off about as optimistically as we could possibly perceive at this point.

因此，當他們進行自製和外購分析時，今天的 Rambus 因為我們以非常開放和協作的方式重新參與了這項工作，所以在雷達螢幕上增加了額外的協作。這實際上是一個多步驟的過程，我們正在按照我們所說的執行。當然，這需要時間，因為大多數人認識到我們又回到遊戲中做這件事實際上只過了一年。因此，目前情況正像我們所能想的那樣樂觀。

Just to summarize that, this is an example of a patent licensee who is morphing into a design intellectual property customer. Is that a fair way to assess it?

總而言之，這是一個專利被授權人轉變為設計智慧財產權客戶的例子。這是評估它的公平方法嗎？

Yes. In fact, one of the things we said a couple of times in the last calls is that as we move forward it is going to be harder and harder to differentiate between a patent license and a technology license. In fact, the things that we're talking to many of the customers today, it's blended, it's completely blended.

是的。事實上，我們在上次電話會議中多次說過的一件事是，隨著我們的前進，區分專利授權和技術授權將變得越來越困難。事實上，我們今天與許多客戶談論的事情是混合的，它是完全混合的。

Last question for me. Satish, could you go over the division numbers again?

對我來說最後一個問題。薩蒂什，你能再看一遍分區編號嗎？

For this quarter, MID was $61.2 million, CRI was $12.9 million, and LDT was $4.2 million, or a total of $78.3 million in revenue.

本季度，MID 為 6,120 萬美元，CRI 為 1,290 萬美元，LDT 為 420 萬美元，即總收入為 7,830 萬美元。

That's good enough.

這就足夠了。

And a year ago it was $59.7 million, $6.9 million, and $0.3 million, respectively.

一年前，該數字分別為 5,970 萬美元、690 萬美元和 30 萬美元。

All right. Very helpful. Thank you, guys.

好的。很有幫助。感謝你們。

All right. Thank you.

好的。謝謝。

Suji De Silva from Topeka.

來自托皮卡的蘇吉·德席爾瓦。

Nice job on the quarter, guys. In terms of the pro-forma operating margin is in the mid-40%s [with planning]. Can you talk about target level that you think you would want to run from the business, [that] longer-term investment versus the leverage there?

夥計們，本季乾得不錯。預計營業利潤率在 40% 左右（有計劃）。您能否談談您認為希望從業務中實現的目標水平，即長期投資與槓桿率？

Yes, Suji, we can talk about targets for this year and I've [badly] given what the targets might be, but for a longer term, we'll give you more detail as we go through our strategic plan and -- when we meet with you on June 11 at the Analysts Day, I'll definitely provide longer-term guidance on our operating margins.

是的，Suji，我們可以討論今年的目標，我已經[糟糕地]給出了可能的目標，但從長遠來看，我們將在製定戰略計劃時向您提供更多詳細信息，並且 - 當我們將於6 月11 日分析師日與您見面，我一定會提供有關我們營業利潤率的長期指導。

Okay. I'll wait till that event. Then in terms of this customer that opted -- on the SoC customer that opted to go to a more leading-edge DDR technology, what percent of the customers in SoC have that option that have not exercised it versus -- are most of the customers already at that advanced memory technology and this customer is catching up?

好的。我會等到那個活動。然後，對於選擇採用更領先的 DDR 技術的 SoC 客戶而言，SoC 中擁有該選項但尚未行使該選項的客戶所佔的百分比是大多數客戶已經掌握了先進的內存技術，而該客戶正在迎頭趕上？

Yes, this was a unique deal with an option. We typically haven't done deals with an option. So I would say that almost all of the other customers do have access to the current technologies.

是的，這是一個獨特的選擇交易。我們通常沒有與選擇權進行過交易。所以我想說，幾乎所有其他客戶都可以使用目前的技術。

Understood. Last question -- perhaps for Ron. Ron, you talked about maybe the smaller memory companies -- there aren't too many companies out there, but the small ones versus the large ones, perhaps being more aggressive, leveraging you guys to, quote-unquote, catch up versus the larger guys. Are you actually seeing that play out or are the larger guys being as aggressive in this environment to try to advance the technologies?

明白了。最後一個問題——也許是問羅恩的。羅恩，你談到了可能是較小的內存公司——那裡沒有太多公司，但小公司與大公司相比，也許更積極，利用你們，引用反引用，趕上大公司夥計們。您是否真的看到了這種情況的發生，或者大公司是否在這種環境中積極嘗試推進技術？

I'm not sure I understand it exactly. Suji, can you say it again -- the larger companies--?

我不確定我是否完全理解它。Suji，你能再說一次嗎——大公司——？

Guys like Nanya were very small in the memory market versus the big guys. Are they more aggressive in trying to catch up by leveraging you guys or not, or is that not playing out, versus the large guys?

與大公司相比，像 Nanya 這樣的公司在記憶體市場上規模很小。與大公司相比，他們是否更積極地試圖透過利用你們來追趕，或者這是否沒有發揮作用？

No, Nanya is obviously a specialty manufacturer, so they're very aggressively pursuing different options and we're looking at helping them. But our engagement is very broad across all of the customers, and especially in the memory industry today with the positive trends, I'm cautiously optimistic that there is a lot of design activity for us going forward with everybody.

不，南亞顯然是一家專業製造商，因此他們非常積極地尋求不同的選擇，我們正在尋求幫助他們。但我們對所有客戶的參與非常廣泛，特別是在當今記憶體產業，趨勢積極，我謹慎樂觀地認為，我們將與每個人一起進行大量設計活動。

Okay. Great. Thanks guys.

好的。偉大的。多謝你們。

(Operator Instructions)

（操作員說明）

And there appear to be no further questions. I would now like to turn the call -- actually we did just get another question from Sundeep Bajikar. Please go ahead.

而且似乎沒有其他問題了。我現在想轉接電話——實際上我們剛剛收到 Sundeep Bajikar 的另一個問題。請繼續。

Hi, guys, thanks for taking the question and nice look on the quarter. First one, on the CRI side, what types of applications or technologies do you think would be of highest commercial importance near-term? For example, what portion of the growth in CRI this year do you think would come from the mobile market? So that is smartphone and tablet?

嗨，夥計們，感謝您提出問題，並對本季度有很好的看法。第一個問題，在 CRI 方面，您認為哪些類型的應用程式或技術近期具有最高的商業重要性？例如，您認為今年 CRI 成長的哪一部分將來自行動市場？那就是智慧型手機和平板電腦？

Thanks for the comments, Sundeep. I'm thinking about when you say what percentage growth will come from the mobile market. We do have some customers who have signed up with a mobile market but longer-term, maybe not for this year, but longer-term, and maybe more -- the overall growth for CRI will be coming from the mobile market.

感謝您的評論，桑迪普。當你說行動市場的成長百分比是多少時，我正在考慮。我們確實有一些客戶已經與行動市場簽約，但從長遠來看，也許不是今年，而是更長期，甚至更多——CRI 的整體成長將來自行動市場。

That is where security is more important and that is where we expect it to get more traction with companies that are making hand-helds and tablets and there are a couple of other areas they're working on, which may also be related to mobile market but not directly. I couldn't give you a precise number for this year but just on an overall level, longer-term, we believe that mobile is definitely very favorable for our CRI business.

這就是安全性更為重要的地方，也是我們期望安全性能夠受到製造手持設備和平板電腦的公司更多關注的地方，他們正在研究其他一些領域，這些領域也可能與行動市場有關但不是直接的。我無法給你今年的準確數字，但從整體來看，從長遠來看，我們相信行動絕對對我們的 CRI 業務非常有利。

Okay. Great. And then just to follow up on CRI, can you share with us what portion of your current licensees are already licensed for CRI technology? So, for example, is MediaTek already licensed for CRI? I'm just curious if there is potential for some of your existing licensing agreements to be updated to include CRI?

好的。偉大的。接下來，為了跟進 CRI，您能否與我們分享您目前的被授權者中有多少部分已經獲得了 CRI 技術的許可？例如，聯發科是否已獲得 CRI 許可？我只是好奇你們現有的一些授權協議是否有可能更新以包含 CRI？

Give me one second. Well, MediaTek is not licensed to CRI. And it's difficult to give you -- when you say percent, do you want percent of number of customers are licensed to MID and percent of customers are not? Or what percent of revenue is coming from customers that are licensed to MID but not to CRI?

給我一秒鐘。嗯，聯發科沒有授權給 CRI。而且很難告訴您—當您說百分比時，您希望有百分比的客戶獲得 MID 許可，而有百分比的客戶沒有獲得 MID 許可嗎？或者，有多少百分比的收入來自獲得 MID 許可但未獲得 CRI 許可的客戶？

Either or both. Whatever is easiest for you. I'm just looking for some framework to see if there is opportunity amongst your existing licensees for CRI?

要么或兩者兼而有之。無論對你來說最簡單的是什麼。我只是在尋找一些框架來看看您現有的 CRI 被授權人是否有機會？

Yes, the answer to that is definitely a yes. There is opportunity for CRI with our existing license base. Then there is a separate subset of companies that are not licensed to either MID or CRI and then there might be a very small subset of companies that might be purely CRI and would not require a MID license.

是的，答案絕對是肯定的。憑藉我們現有的許可基礎，CRI 有機會。然後有一個單獨的公司子集沒有獲得 MID 或 CRI 許可，然後可能有一個非常小的公司子集可能純粹是 CRI 並且不需要 MID 許可。

Okay. Great. And then one more for me. On the technology side, what do you think are the primary focus areas for Rambus in terms of new technology development? If you could give us some framework in terms of the resources that you're spending in one area versus the area that would be helpful?

好的。偉大的。然後再給我一張。在技​​術方面，您認為Rambus在新技術開發方面的主要關注領域是什麼？如果您能為我們提供一些框架，說明您在某一領域所花費的資源與該領域所花費的資源，這會有所幫助嗎？

It's really across the board, Sundeep. We're very passionate about the memory business. We're gaining a lot of traction on our DDR3 and more advanced DDR4 products that we're working on. Same thing with CRI. The crypto firewall cores for anti-counterfeiting and content production are really doing rather well with customers.

Sundeep，這確實是全面的。我們對內存業務充滿熱情。我們正在開發的 DDR3 和更先進的 DDR4 產品受到了廣泛關注。CRI 也是如此。用於防偽和內容製作的加密防火牆核心在客戶中確實表現得相當好。

We have a whole set of other strategic products that we haven't announced. I can't say what those are. And we have selected very small investments in our labs, like with the lensless smart sensors, as an example. So we have the distribution of products. We've proven over the last 1.5 years that things that are not making it, we stop the investment and we reinvest in the ones that are and we have really high confidence that are going to generate value for shareholders.

我們還有一整套尚未公佈的其他戰略產品。我不能說那些是什麼。我們在實驗室中選擇了非常小的投資，例如無透鏡智慧感測器。所以我們有產品的分銷。在過去的 1.5 年裡，我們已經證明，對於那些沒有成功的項目，我們會停止投資，並對那些成功的項目進行再投資，我們非常有信心這些項目將為股東創造價值。

Okay, great. I appreciate. Thank you so much.

好的，太好了。我很欣賞。太感謝了。

I'm showing no further question. I would now like to turn the call back over to Ron Black.

我沒有再提出任何問題。我現在想把電話轉回給羅恩布萊克。

Thank you all for your continued interest and support. We are very pleased with our Q1 results and our growth trajectory. I look forward to seeing you all at our Analysts Day on June 11. Have a nice day.

感謝大家一直以來的關注與支持。我們對第一季的業績和成長軌跡感到非常滿意。我期待在 6 月 11 日的分析師日見到大家。祝你今天過得愉快。

Ladies and gentlemen, that does conclude the conference for today. Again, thank you for your participation. You may all disconnect. Have a good day.

女士們、先生們，今天的會議到此結束。再次感謝您的參與。你們都可以斷開連線。祝你有美好的一天。