Rambus Inc (RMBS) 2015 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Q4 2015 Rambus Inc. conference call.

女士們、先生們，美好的一天，歡迎來到 Rambus Inc. 2015 年第四季。電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to introduce your host for today's conference, Mr. Satish Rishi, Senior Vice President and Chief Financial Officer. Sir, you may begin.

現在我想介紹一下今天會議的主持人，資深副總裁兼財務長 Satish Rishi 先生。先生，您可以開始了。

Thank you, Chelsea. And welcome to the Rambus fourth quarter and full-year 2015 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 furnished to the SEC on form 8-K. 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 23967982 when you hear the prompt.

謝謝你，切爾西。歡迎參加 Rambus 2015 年第四季和全年業績電話會議。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。今天將在這裡討論的結果新聞稿已透過 8-K 表格提交給 SEC。下周可撥打 855-859-2056 重播此電話會議。您可以透過撥打免費電話並在聽到提示時輸入 ID 號碼 23967982 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 our website beginning today at 5:00 PM Pacific time.

此外，我們同時對本次電話會議進行網路廣播，並與音訊一起進行網路廣播投影片。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 5:00 開始，您可以在我們的網站上觀看本次電話會議的重播。

In an effort to provide clarity in our financials, we are using both GAAP and non-GAAP pro forma format in our press release and also on this call. I need to advise you that the discussion today will contain forward-looking statements regarding our financial guidance, financial guidance prospects, product strategies, timing of expected product launches, demand for existing and newly acquired technologies, the potential benefits of the acquisition and the growth opportunities of the various markets we serve, among other things.

為了使我們的財務狀況更加清晰，我們在新聞稿和本次電話會議中同時使用 GAAP 和非 GAAP 形式。我需要告知您，今天的討論將包含有關我們的財務指導、財務指導前景、產品策略、預期產品發佈時間、對現有和新收購技術的需求、收購和增長的潛在收益的前瞻性陳述。我們所服務的各個市場的機會等等。

These statements are subject to risks and uncertainties that are discussed during the call and may be more fully described in the documents we filed with the SEC including our 8-K, 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我們的實際結果有重大差異，我們沒有義務更新這些陳述。

Further, as mentioned, we will discuss non-GAAP financial results today and have posted on our website reconciliations of these non-GAAP financials to the most directly comparable GAAP measures. You can find a copy of our earning release and the reconciliation on our website at Rambus.com on the Investor Relations page under Financial Releases.

此外，如上所述，我們今天將討論非 GAAP 財務業績，並在我們的網站上發布這些非 GAAP 財務數據與最直接可比較的 GAAP 指標的調整表。您可以在 Rambus.com 網站「投資者關係」頁面的「財務發布」下找到我們的收益發布和調節表的副本。

Now, I'll turn the call over to Ron to provide an overview of the quarter and for the year. Ron?

現在，我將把電話轉給羅恩，以提供本季和全年的概述。羅恩？

Thanks Satish and good afternoon, everyone.

謝謝薩蒂什，大家下午好。

Before discussing the fourth quarter and last year overall, let me make a few comments about the announcements that we made today. The first, announced this morning before the market opened, was that AMD has extended their patent license for another five years. While the terms of the deal are confidential, what I can say is that AMD has been a loyal customer for over 10 years, so this is their second extension, and that we look forward to working with them on other technology projects.

在討論第四季度和去年的整體情況之前，讓我先對我們今天發布的公告發表一些評論。第一個是今天早上開市前宣布的，AMD 已將其專利許可再延長五年。雖然交易條款是保密的，但我可以說的是，AMD 十多年來一直是忠實的客戶，因此這是他們的第二次延期，我們期待與他們在其他技術項目上合作。

The second announcement, which we just made after today's market close prior to this call, is our acquisition of Smart Card Software Ltd. for GBP64.7 million in cash or approximately $93 million at the current exchange rate. Smart Card Software is a UK company with two divisions, Bell ID, a leader in mobile payment solutions, and Ecebs, a leader in smart ticketing solutions for transport. The deal was signed and closed today and will be part of our security division, Cryptography Research, led by Dr. Martin Scott. We anticipate the acquisition to be accretive within 12 months.

我們在本次電話會議之前今天收盤後剛發布的第二項公告是我們對 Smart Card Software Ltd 的收購。現金 6,470 萬英鎊，以當前匯率計算約為 9,300 萬美元。Smart Card Software 是一家英國公司，擁有兩個部門：行動支付解決方案的領導者 Bell ID 和交通智慧票務解決方案的領導者 Ecebs。該交易已於今天簽署並完成，並將成為我們安全部門密碼學研究的一部分，該部門由馬丁·斯科特博士領導。我們預計此次收購將在 12 個月內產生增值。

Both Bell ID and Ecebs are well-known entities in their respective fields, having a broad base of customers. Each business has a decade or more of experience delivering advanced, high performance, deployment hardened solutions, and equally important, each business is also profitable.

Bell ID和Ecebs都是各自領域的知名實體，擁有廣泛的客戶群。每個企業都擁有十年或更長時間提供先進、高效能、部署強化的解決方案的經驗，同樣重要的是，每個企業也都獲利。

Bell ID provides banks, governments and enterprises the ability to issue and manage credentials on smartphones, smart cards and connected devices. They support all of the mobile payment platforms, are leaders in host card emulation, or HCE, and are deployed worldwide. Ecebs provides smart card solutions for national government, local government, transport operators, banks and systems integrators and is best known as a leading provider of ITSO compliant smart ticketing solutions.

Bell ID 使銀行、政府和企業能夠在智慧型手機、智慧卡和連網裝置上頒發和管理憑證。它們支援所有行動支付平台，是主機卡模擬 (HCE) 領域的領導者，並且在全球範圍內部署。Ecebs 為國家政府、地方政府、交通運營商、銀行和系統整合商提供智慧卡解決方案，並作為符合 ITSO 的智慧票務解決方案的領先供應商而聞名。

ITSO is the open interoperable smart ticketing standard being adopted in the UK for transport. The ITSO organization is also working with the European Union and other international transport and standards bodies, such as the Smart Ticketing Alliance, to develop continental interoperable smart ticketing solutions.

ITSO 是英國交通領域採用的開放式可互通智慧票務標準。ITSO 組織也與歐盟和智慧票務聯盟等其他國際運輸和標準機構合作，開發大陸可互通的智慧票務解決方案。

Together, Bell ID and Ecebs provides a significant standalone revenue opportunity, so we anticipate steady growth from the businesses. The Bell ID served available market, or SAM, is much more substantial today, although we anticipate the SAM for Ecebs to become more substantial later this decade as open interoperable transport standards gain more traction globally.

Bell ID 和 Ecebs 共同提供了重要的獨立收入機會，因此我們預期業務將穩定成長。如今，貝爾ID 服務的可用市場(SAM) 的規模要大得多，儘管我們預計，隨著開放式可互通的傳輸標準在全球範圍內獲得更多關注，Ecebs 的SAM 將在本十年晚些時候變得更重要。

But what excites us the most about this acquisition is the strategic rationale, which is to offer these vertical solutions even more differentiation through our CryptoManager platform. In fact, collaborating with Bell ID and Ecebs to offer hardware-based security was what led to our collective decision to combine the companies, which would be the natural way to offer the best solutions to our customers in the industry overall.

但這次收購最讓我們興奮的是策略理由，透過我們的 CryptoManager 平台為這些垂直解決方案提供更多差異化。事實上，與 Bell ID 和 Ecebs 合作提供基於硬體的安全性是我們集體決定合併兩家公司的原因，這將是為整個行業的客戶提供最佳解決方案的自然方式。

We believe that CryptoManager can accelerate growth for Bell ID and Ecebs and that Bell ID and Ecebs can accelerate growth for CryptoManager. Of course, we will also offer CryptoManager as an enablement platform for other vertical application providers and hope that this transaction can spur even more strategic interests.

我們相信 CryptoManager 可以加速 Bell ID 和 Ecebs 的成長，而 Bell ID 和 Ecebs 可以加速 CryptoManager 的成長。當然，我們也會為其他垂直應用提供者提供CryptoManager作為支援平台，並希望這筆交易能激發更多的策略利益。

At the core, what we are trying to do is provide chip to cloud to client device solutions with the ultimate security and configuration ability. We have previously announced that CryptoManager is being used by Qualcomm and LGE to configure semiconductor chips and ultimately OEM devices, and that we are working with many other semiconductor providers, as well as OEMs who can also benefit from device configuration. We believe that CryptoManager is the most advanced solution for device configuration, offering customers the ability to dynamically change things during manufacturing in a reversible, secure and easy way.

我們的核心目標是提供具有終極安全性和配置能力的晶片到雲端到客戶端設備的解決方案。我們之前曾宣布 Qualcomm 和 LGE 使用 CryptoManager 來配置半導體晶片並最終配置 OEM 設備，並且我們正在與許多其他半導體供應商以及 OEM 合作，他們也可以從設備配置中受益。我們相信 CryptoManager 是最先進的設備配置解決方案，使客戶能夠在製造過程中以可逆、安全且簡單的方式動態更改事物。

At our Analysts Day last year, we also explained, however, that CryptoManager can be used to configure devices and improve device security downstream, meaning applications at the consumer level. So the platform is not just about semiconductor and OEM manufacturing. More importantly, the downstream opportunity is enormous compared with the manufacturing opportunity, so it is extremely attractive financially.

然而，在去年的分析師日上，我們也解釋說，CryptoManager 可用於配置設備並提高下游設備安全性，即消費者層級的應用程式。因此，該平台不僅僅涉及半導體和 OEM 製造。更重要的是，與製造機會相比，下游機會巨大，因此在財務上極具吸引力。

Smart ticketing and payment are just two examples of applications that can benefit. Content production is another one. As an aside, we recently announced our content protection vertical application solution, the CryptoMedia platform. The CryptoMedia solution consists of a secure core, a software player and trusted key provisioning services. The platform will protect highly sought after 4K Ultra HD and high dynamic range formats while enabling consumers to easily store, copy and share this premium content across several devices.

智慧票務和支付只是可以受益的應用程式的兩個例子。內容製作是另一回事。順便說一句，我們最近宣布了我們的內容保護垂直應用解決方案，CryptoMedia 平台。CryptoMedia 解決方案由安全核心、軟體播放器和可信任金鑰設定服務組成。該平台將保護備受追捧的 4K 超高清和高動態範圍格式，同時使消費者能夠在多種裝置上輕鬆儲存、複製和分享這些優質內容。

And just last week we announced our first CryptoMedia customer, Kaleidescape, who will be integrating the CryptoMedia solution into their home cinema products. For those who don't know, Kaleidescape is a designer and manufacturer of high-end movie players and servers for the home and we're pleased to have them as a customer. So with this structure, we will now be offering three high-value vertical end-to-end solutions with the best security, content production by CryptoMedia, mobile payment by Bell ID, and smart ticketing by Ecebs.

就在上週，我們宣布了我們的第一個 CryptoMedia 客戶 Kaleidescape，他們將把 CryptoMedia 解決方案整合到他們的家庭劇院產品中。對於不知道的人來說，Kaleidescape 是一家高端家庭電影播放器和伺服器的設計者和製造商，我們很高興他們成為我們的客戶。因此，透過這種結構，我們現在將提供三種具有最佳安全性的高價值垂直端到端解決方案：CryptoMedia 的內容製作、Bell ID 的行動支付以及 Ecebs 的智慧票務。

You can think of our solutions as a stack with foundational security enabled by our DPA technology, architecture and design as the base, followed by secure provisioning and management by CryptoManager, and ultimately, vertical market-specific solutions provided by Rambus and the industry at large. The acquisition of Smart Card Software not only bolsters our growth with more accretive category leading solutions in their own right but strategically provides us a more complete platform for engaging the industry and triggering fast or profitable growth.

您可以將我們的解決方案視為一個堆疊，其基礎安全性由我們的 DPA 技術、架構和設計作為基礎，其次是 CryptoManager 的安全配置和管理，最後是 Rambus 和整個產業提供的垂直市場特定解決方案。收購智慧卡軟體不僅透過本身更具增值性的類別領先解決方案來促進我們的成長，而且從策略上為我們提供了一個更完整的平台，用於參與產業並引發快速或獲利成長。

Needless to say, we are excited about the combination and look forward to reporting more developments in the coming months. As noted in one of the slides, please look for our integrated demos at the Mobile World Congress in Barcelona, the 22nd through the 25th of February.

不用說，我們對這次合併感到興奮，並期待在未來幾個月報告更多進展。正如其中一張幻燈片所述，請觀看我們於 2 月 22 日至 25 日在巴塞隆納舉行的世界行動通訊大會上進行的整合演示。

Now, I'll provide more color on the fourth quarter and 2015 overall. We finished the fourth quarter with revenue at $76.8 million, which was at the high end of our guidance. This brings our total revenue for the year to $296.3 million, which is also at the high end of the updated guidance we shared on our last call. Going forward, with the acquisition of Smart Card Software we are expecting revenue for 2016 to be between $310 million and $325 million. As usual, Satish will provide more color on the quarter and the full-year financials, as well as guidance in a few moments.

現在，我將提供有關第四季度和 2015 年整體情況的更多資訊。我們第四季的營收為 7,680 萬美元，處於我們指導的最高水準。這使得我們今年的總收入達到 2.963 億美元，這也是我們在上次電話會議上分享的更新指引的高端。展望未來，透過收購 Smart Card Software，我們預計 2016 年的營收將在 3.1 億至 3.25 億美元之間。與往常一樣，薩蒂什將在稍後提供有關本季和全年財務數據的更多資訊以及指導。

Moving now to memory and interface business, we noted that 2015 was certainly a transformational year. With 25 years since the inception of the Company, last year marked the first time we offered a Rambus branded product with the introduction of our DDR4 Server DIMM chip, the RCD26. This is a significant milestone, as it serves as another proof point of our transition from a pure IP licensing model to one that delivers increasing value to the market through physical products.

現在轉向記憶體和介面業務，我們注意到 2015 年無疑是轉型的一年。自公司成立 25 週年以來，去年我們首次推出 Rambus 品牌產品，推出了 DDR4 伺服器 DIMM 晶片 RCD26。這是一個重要的里程碑，因為它是我們從純粹的智慧財產權授權模式轉變為透過實體產品為市場提供不斷增長的價值的模式的另一個證明。

As we discussed on the last call, we experienced some technical issues with our first spin and missed one of our customer's qualification issue windows. While this was certainly disappointing, we are making great strides to bring the product to market and are on track for shipments this year, although at this point, we are not able to forecast significant revenue.

正如我們在上次電話中討論的那樣，我們在第一次旋轉時遇到了一些技術問題，並且錯過了客戶的一個資格問題視窗。雖然這確實令人失望，但我們在將該產品推向市場方面取得了巨大進展，並有望在今年實現出貨，儘管目前我們無法預測可觀的收入。

2017 should, however, offer more significant growth opportunities. And as said previously, strategically we believe buffer chips to be an excellent place for Rambus to offer superior solutions for the growing demand for cloud computing and Big Data analytics and also to partner with the industry.

然而，2017 年應該會提供更重要的成長機會。正如之前所說，從策略上講，我們相信緩衝晶片是 Rambus 的絕佳場所，可以為雲端運算和大數據分析不斷增長的需求提供卓越的解決方案，並與業界合作。

In our IP cores business, we recently announced the availability of our 28-gig multi-mode SerDes PHY on Samsung's leading edge 14-nanometer Low Power Plus process. This solution is optimized for power and area efficiency in long-reach channels and we're proud to be the only ones offering this solution on the market today.

在我們的 IP 核能業務中，我們最近宣布推出採用三星領先的 14 奈米 Low Power Plus 製程的 28 GB 多模式 SerDes PHY。該解決方案針對長距離通道中的功率和麵積效率進行了最佳化，我們很自豪能夠成為當今市場上唯一提供此解決方案的公司。

We had a good showing at DesignCon last week, where we demonstrated for the first time our R+ 16-gig SerDes PHY, along with our other enhanced standard memory and serial link solutions. We also hosted a full-day training session, where our team explored the trends and challenges of shifting bottlenecks in future high-performance system design as well as how high-speed serial links are shaping future networking and enterprise solutions.

我們上週在 DesignCon 上表現出色，首次展示了我們的 R+ 16-g SerDes PHY，以及我們的其他增強型標準記憶體和串行鏈路解決方案。我們也舉辦了全天培訓課程，我們的團隊探討了未來高效能係統設計中瓶頸轉移的趨勢和挑戰，以及高速串列連結如何塑造未來的網路和企業解決方案。

While we are focused on building and delivering compelling products, our patent licensing business remains active and is still providing the majority of our revenue today. During the course of the year, we signed several significant license deals, renewals and extensions, including IBM for our memory controller and serial link technologies, SK Hynix for memory technologies, extending their current agreement until 2024, and Renesas' license for memory, serial links and certain security technologies. We also ended the year with Toshiba renewing, and as noted previously, just today announced that AMD had also extended its agreement, making this the third time they have signed for a use of our inventions.

雖然我們專注於建立和提供引人注目的產品，但我們的專利授權業務仍然活躍，並且仍然提供了我們今天的大部分收入。在這一年中，我們簽署了幾項重要的授權協議、續約和延期，包括IBM 的記憶體控制器和串行鏈路技術、SK Hynix 的記憶體技術（將其當前協議延長至2024 年）以及瑞薩電子的記憶體、串列技術許可連結和某些安全技術。我們也與東芝續簽了這一年，正如之前提到的，就在今天，AMD 也延長了協議，這是他們第三次簽署使用我們的發明的協議。

I'd also like to touch on some of the exciting work that is coming from our emerging solutions division, ESD. Late in the year, ESD announced that we are working with Microsoft Research to explore future memory requirements in the area of quantum computing. Microsoft Research chose to work with us based on our expertise in high bandwidth and power efficient memory architectures. We're excited to engage in the researchers at Microsoft to see where this project can take new technology platforms.

我還想談談我們的新興解決方案部門 ESD 所做的一些令人興奮的工作。今年底，ESD 宣布我們正在與微軟研究院合作，探索量子運算領域未來的記憶體需求。微軟研究院選擇與我們合作是基於我們在高頻寬和高能源效率記憶體架構方面的專業知識。我們很高興能與微軟的研究人員合作，看看這個計畫可以將新技術平台帶到哪裡。

On the memory side, ESD also announced some interesting developments with our smart data acceleration, or SDA, platform. This was through a partnership with the Los Alamos National Laboratory, LANL. Our SDA platform is currently deployed in a test environment at LANL where they are evaluating how our platform improves the performance of in-memory databases, graph analytics and other applications necessary in the world of Big Data.

在記憶體方面，ESD 也宣布了我們的智慧數據加速（SDA）平台的一些有趣的進展。這是透過與洛斯阿拉莫斯國家實驗室 LANL 的合作實現的。我們的 SDA 平台目前部署在 LANL 的測試環境中，他們正在評估我們的平台如何提高記憶體資料庫、圖形分析和大數據領域所需的其他應用程式的效能。

This platform, which we first revealed at our Analyst Day in September, leverages FPGA acceleration with large amounts of electrically close memory to test new methods to optimize and accelerate analytics for large data sets. We look forward to being able to share more on this research in the coming months.

我們在 9 月的分析師日上首次展示了該平台，它利用 FPGA 加速和大量電氣封閉記憶體來測試優化和加速大型資料集分析的新方法。我們期待在未來幾個月能夠分享更多有關這項研究的資訊。

Finally, at the recent Consumer Electronics Show, we highlighted our lensless smart sensors through demonstrations showcasing how this technology can enable next-gen low-power sensing through capturing information-rich images using a low-cost diffraction phase grating, coupled with standard image sensors and sophisticated computational algorithms. Through our partners in open development, the POD program, we've identified key verticals to accelerate LSS deployment and amplify the discovery of applications such as iTracking for digital eyewear and VR/AR goggles, automotive passenger detection and smart home presence detection. We are not working with commercial partners to bring the technology to market and hope to have more exciting developments later in the year.

最後，在最近的消費電子展上，我們透過示範強調了我們的無透鏡智慧感測器，展示了該技術如何透過使用低成本衍射相位光柵與標準影像感測器結合捕獲資訊豐富的影像來實現下一代低功耗感和複雜的計算演算法。透過我們在開放開發、POD 計劃方面的合作夥伴，我們已經確定了加速 LSS 部署並擴大應用發現的關鍵垂直領域，例如數位眼鏡和 VR/AR 護目鏡的 iTracking、汽車乘客檢測和智慧家庭存在檢測。我們沒有與商業合作夥伴合作將該技術推向市場，並希望在今年稍後有更多令人興奮的進展。

To close, 2015 was another solid financial performance year and the next step in the evolution of Rambus. The challenges we faced in our buffer chip program have only made us stronger and the team is more focused than ever on profitable growth and shareholder value creation. With our AMD extension and exciting acquisition of Smart Card Software today, we are starting 2016 with significant momentum.

最後，2015 年是財務表現穩健的一年，也是 Rambus 發展的下一步。我們在緩衝晶片專案中面臨的挑戰只會讓我們變得更強大，團隊比以往任何時候都更加專注於獲利成長和股東價值創造。今天，隨著 AMD 的擴展和對智慧卡軟體的令人興奮的收購，我們以強勁的勢頭開始了 2016 年。

With that, I'll turn the call over to Satish to give you more detail on the acquisition and the rest of the financials for the year. Satish?

接下來，我會將電話轉給薩蒂什，向您提供有關此次收購以及今年其餘財務狀況的更多詳細資訊。薩蒂什？

Thanks, Ron.

謝謝，羅恩。

I'd like to remind everyone that for this call and for internal assessment we use non-GAAP or pro forma numbers to discuss our operating results, as well as forward-looking projections, which we believe are indicative of complete performance as they exclude certain discrete events, such as stock-based compensation, amortization, impairment and restructuring charges, which we believe are not indicative of long-term performance.

我想提醒大家，對於這次電話會議和內部評估，我們使用非公認會計準則或預計數據來討論我們的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，因為它們排除了某些因素離散事件，例如股票薪酬、攤提、減損和重組費用，我們認為這些事件並不代表長期績效。

As noted earlier, we will provide reconciliations to the most comparable GAAP measures on our website. In the case of any forward-looking projection estimates containing non-GAAP information discussed on this call, a reconciliation may not be available due to unreasonable effort to make such a determination or provide such information as more fully described on our website.

如前所述，我們將在我們的網站上提供最具可比性的 GAAP 衡量標準的調整表。如果本次電話會議中討論的任何包含非公認會計準則資訊的前瞻性預測估計，由於做出此類決定或提供我們網站上更全面描述的此類資訊的不合理努力，可能無法進行調節。

Let me first review some of the financial highlights. As Ron mentioned, revenue for the fourth quarter was $76.8 million at the high-end of our guidance of $71 million to $77 million, a 4% increase over the third quarter and an increase of 7% year-over-year. For the full-year, revenue was $296.3 million, again at the higher end of our last guidance of $291 million to $297 million and relatively flat year-over-year.

讓我先回顧一下一些財務亮點。正如 Ron 所提到的，第四季的收入為 7,680 萬美元，處於我們指導的 7,100 萬至 7,700 萬美元的高端，比第三季增長 4%，同比增長 7%。全年營收為 2.963 億美元，再次處於我們上次指引 2.91 億至 2.97 億美元的高端，與去年同期相比相對持平。

Operating income for the quarter was $33.4 million, an increase of 21% quarter-over-quarter and an increase of 22% from a year ago. For the full-year, operating income was $115.2 million or an operating margin of 39% as compared to operating income and margins of $109.2 million, 40% respectively for FY14. Cash and cash equivalents were $288 million, as compared to $363 million last quarter and $300 million at the end of 2014.

該季度營業收入為 3,340 萬美元，季增 21%，年增 22%。全年營業收入為 1.152 億美元，營業利益率為 39%，而 2014 財年營業收入和利潤率為 1.092 億美元，營業利潤率為 40%。現金和現金等價物為 2.88 億美元，而上季為 3.63 億美元，2014 年底為 3 億美元。

Going into some more detail for the fourth quarter, our Memory and Interface revenue was $57.3 million, Cryptography Research was $13.6 million, and our Lighting Industry Technology revenue $5.9 million. Quarter-over-quarter these numbers represent an increase of $2 million and $1 million for MID and CRD respectively and no change for the LDT segment. As Ron mentioned, during the quarter we signed new customers for new technology licensing both in MID and CRD. And during the quarter, we had four design wins, and for the full-year we had eight design wins.

更詳細了解第四季的情況，我們的記憶體和介面收入為 5,730 萬美元，密碼學研究收入為 1,360 萬美元，照明工業技術收入為 590 萬美元。這些數字與上一季相比，MID 和 CRD 分別增加了 200 萬美元和 100 萬美元，而 LDT 細分市場沒有變化。正如 Ron 所提到的，本季我們在 MID 和 CRD 方面簽署了新技術許可的新客戶。在本季度，我們獲得了四項設計勝利，全年我們獲得了八項設計勝利。

For the full-year, memory and interface's revenue was $222 million, Cryptography Research was $50.5 million and the Lighting and Division Technology revenue was $23.8 million. Year-over-year these numbers represent a decrease of $4 million for MID and an increase of $1 million and $3 million for CRD and LDT, respectively.

全年來看，記憶體和介面部門的收入為 2.22 億美元，密碼學研究部門的收入為 5,050 萬美元，照明和部門技術部門的收入為 2,380 萬美元。這些數字與去年同期相比，MID 減少了 400 萬美元，CRD 和 LDT 分別增加了 100 萬美元和 300 萬美元。

Cost of revenue less operating expenses, or what I refer to as total operating expenses, for the quarter came in at $43.4 million, at the midpoint of our guidance of $42 million to $45 million, 6% below the previous quarter and a decrease of $1.2 million from the same quarter a year ago. The quarterly decrease was primarily due to reduction in contractor spending and lower headcount post-restructuring. For the full-year, total operating expense were $181 million, an increase of 2% from the previous year.

本季的收入成本減去營運費用，或我所說的總營運費用為 4,340 萬美元，處於我們指導的 4,200 萬至 4,500 萬美元的中點，比上一季低 6%，減少了 1.2 美元較去年同期成長100 萬元。季度下降主要是由於承包商支出減少和重組後員工人數減少。全年總營運費用為1.81億美元，較上年成長2%。

We ended the quarter with a headcount of 494, as compared to 527 in the previous quarter and 505 in the quarter a year ago. Now with the acquisition of Bell ID and Ecebs, we now have a total global headcount of approximately 620 employees. Operating income for the quarter was $33.4 million, close to the high-end of the guidance of $26 million to $35 million.

本季結束時，我們的員工人數為 494 人，而上一季為 527 人，去年同期為 505 人。現在，隨著收購 Bell ID 和 Ecebs，我們的全球員工總數約為 620 名。本季營業收入為 3,340 萬美元，接近 2,600 萬至 3,500 萬美元的指導上限。

On a sequential basis, this is an increase of 21% and an increase of 22% year-over-year. The increase quarter-over-quarter was driven by a combination of higher revenue and lower expenses as we reset our guidance and manager expenses to meet our internal and external targets. The increase year-over-year was driven primarily by higher revenue in Q4 of 2015.

環比成長 21%，年增 22%。環比成長是由收入增加和費用減少共同推動的，因為我們重新設定了指導和經理費用以滿足我們的內部和外部目標。年比成長主要是由於 2015 年第四季營收增加。

EBITDA margin, which we believe is a good measure of our business model, was 47% for the quarter as compared to 41% in Q3 2015 and 43% in Q4 of 2014. For the full-year, EBITDA margin was 43% as compared to 45% for FY14. Interest and other expenses for the fourth quarter were $1.4 million as compared to $1 million in Q3 of 2015 and $1.4 million in Q4 of 2014. For the full-year, interest and other expenses were $5 million as compared to $9.7 million for the prior year.

我們認為，本季的 EBITDA 利潤率為 47%，而 2015 年第三季為 41%，2014 年第四季為 43%，我們認為這是衡量我們業務模式的一個很好的指標。全年 EBITDA 利潤率為 43%，而 2014 財年為 45%。第四季的利息和其他支出為 140 萬美元，而 2015 年第三季為 100 萬美元，2014 年第四季為 140 萬美元。全年利息和其他費用為 500 萬美元，而前一年為 970 萬美元。

Using a flat rate of 36% for pro forma pretax income, net income for the quarter was $20.7 million, or $0.18 a share as compared to $17 million last quarter and $16.7 million in the quarter ago. For the full-year, net income was $70.6 million, or $0.60 as compared to $70.1 million and $0.60 for the prior fiscal year. Overall cash, defined as cash, cash equivalents and marketable securities, was $288 million, a decrease of $75 million from the previous quarter.

以 36% 的預計稅前收入統一稅率計算，本季淨利潤為 2,070 萬美元，即每股 0.18 美元，而上季為 1,700 萬美元，上季為 1,670 萬美元。全年淨收入為 7,060 萬美元，與上一財年的 7,010 萬美元和 0.60 美元相比，淨收入為 0.60 美元。現金總額（定義為現金、現金等價物和有價證券）為 2.88 億美元，比上一季減少 7,500 萬美元。

Just a reminder, that we ended into $100 million accelerated share repurchase program in Q4 and that is a primary driver for the reduction in cash. During the quarter, we generated approximately $23 million in cash from operations.

請注意，我們在第四季度結束了 1 億美元的加速股票回購計劃，這是現金減少的主要驅動力。本季度，我們從營運中產生了約 2,300 萬美元的現金。

Before I turn to guidance, just a couple of points on the acquisition that we announced. The businesses collectively, SCS, are profitable and growing so we expect this acquisition to be accretive to our earnings. Historically, SCS has used UK GAAP and there are nuances between UK GAAP and US GAAP, especially as it relates to software revenue recognition. We made our best estimate for 2016 US GAAP revenue and we will include that in our guidance.

在我轉向指導之前，先簡單介紹一下我們宣布的收購的幾點。這些業務統稱為 SCS，獲利且不斷成長，因此我們預計此次收購將增加我們的收益。從歷史上看，SCS 一直使用英國公認會計準則，英國公認會計準則和美國公認會計準則之間存在細微差別，特別是在軟體收入確認方面。我們對 2016 年美國 GAAP 收入做出了最佳估計，並將其納入我們的指導中。

In an acquisition, existing software licenses end up being booked as intangibles on the balance sheet, and whilst we may continue to collect cash on these contracts, under US GAAP, we cannot report this as revenue. So, for the first year, revenue might be understated. The net result is that for 2016, the cash we collect will be higher than revenue, so a revenue from SCS will not reflect the true health of the business.

在收購中，現有的軟體授權最終會在資產負債表上記為無形資產，雖然我們可能會繼續從這些合約中收取現金，但根據美國公認會計準則，我們不能將其報告為收入。因此，第一年的收入可能被低估了。最終結果是，2016 年我們收到的現金將高於收入，因此 SCS 的收入將無法反映業務的真實健康狀況。

As a point of reference, on an LTM UK GAAP basis, based on the latest financial for 2015, we paid a 2.6 tax revenue multiple and a 6.1 EBITDA multiple, both of which reflect a fair price for the businesses. Going forward, SCS will be an integral part of CRD reporting segment and we will not be breaking out the financials for SCS going forward.

作為參考，在 LTM UK GAAP 基礎上，根據 2015 年最新財務數據，我們支付了 2.6 倍的稅收收入倍數和 6.1 倍的 EBITDA 倍數，這兩者都反映了企業的公平價格。展望未來，SCS 將成為 CRD 報告部門不可或缺的一部分，我們不會揭露 SCS 未來的財務數據。

Now I will provide pro forma guidance for the first quarter of 2016, as well as for the full-year. The guidance reflects our reasonable estimate and actual results could differ materially from what I'm about to review. For the first quarter, we expect revenue to be between $71 million and $75 million, and the total operating expenses including COGS to be between $51 million and $55 million.

現在我將提供 2016 年第一季以及全年的預計指引。該指南反映了我們的合理估計，實際結果可能與我將要審查的結果有重大差異。我們預計第一季的營收將在 7,100 萬美元至 7,500 萬美元之間，包括銷貨成本在內的總營運費用將在 5,100 萬美元至 5,500 萬美元之間。

Q1 expenses are typically higher due to payroll taxes and the accrual for variable compensation and this current guidance of $51 million to $55 million includes the expenses related to incorporating SCS into Rambus. Operating income is expected to be between $16 million and $24 million. For the full-year, we expect revenue to be between $310 million and $325 million.

由於工資稅和可變薪酬的應計費用，第一季的費用通常較高，目前 5,100 萬至 5,500 萬美元的指導包括與將 SCS 納入 Rambus 相關的費用。營業收入預計在 1,600 萬美元至 2,400 萬美元之間。我們預計全年收入將在 3.1 億美元至 3.25 億美元之間。

For 2016, we have focused on execution to key programs and the integration of our newly acquired businesses and plan to manage expenses to be between $202 million and $210 million. We expect our pro forma operating margin to be within a range of approximately 35% and pro forma EBITDA margins to be approximately 39%.

2016年，我們的重點是關鍵項目的執行和新收購業務的整合，並計劃將開支控制在2.02億至2.1億美元之間。我們預計我們的預計營業利潤率將在約 35% 的範圍內，預計 EBITDA 利潤率將在約 39% 的範圍內。

As I mentioned, because of the recently acquired contracts that I mentioned above, the margins are artificially lower. But from a cash perspective, we expect to generate cash from operations of approximately $100 million for the year.

正如我所提到的，由於我上面提到的最近獲得的合同，利潤率被人為地降低。但從現金角度來看，我們預計今年的營運現金約為 1 億美元。

That provides a recap of 2015 and what we expect for 2016. We are now ready to open the lines for Q&A. Operator?

這是對 2015 年的回顧以及我們對 2016 年的期望。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, Benchmark.

加里·莫布里，基準。

Thanks for taking my questions, and congrats on a nice finish to the year.

感謝您回答我的問題，並祝賀您今年取得圓滿成功。

I wanted to delve a little bit more deeply into the recognition for Smart Card Software. If I do the math correctly, the Company generated about $37 million in 2015. Due to accounting rules and whatnot, what would you expect that number to be in 2016, and what growth off of the base in 2015 would you expect in the interim?

我想更深入地研究智能卡軟體的識別。如果我計算正確的話，公司 2015 年的收入約為 3700 萬美元。由於會計規則和其他原因，您預計 2016 年的數字是多少，以及您預計在 2015 年的中期基礎上會有多少增長？

Sorry, Gary, I think I can missed that question. You said $37 million?

抱歉，加里，我想我可能錯過了這個問題。你說3700萬美元？

You mentioned that you paid 2.6 times revenue. I just simply divided the US dollar purchase price by 2.6 to derive.

您提到您支付了收入的 2.6 倍。我只是簡單地將美元購買價格除以2.6得出。

Okay. Sure. So, UK GAAP -- well, two things. One is, there is a difference in rev(inaudible) between UK GAAP and US GAAP. UK GAAP is principle-based, whereas US is a little more rules-based. Under UK GAAP, there is a fair amount of flexibility in how you recognize revenue.

好的。當然。那麼，英國公認會計準則——嗯，有兩件事。一是，英國公認會計原則和美國公認會計原則的收益（聽不清楚）存在差異。英國公認會計準則以原則為基礎，而美國則以規則為基礎。根據英國公認會計原則，您確認收入的方式有相當大的彈性。

For example, under UK GAAP, if you sign a software agreement, you get cash up front. Even though you may have post-contract services, you are allowed to recognize the revenue over a short period of time. Whereas for US GAAP, you first have to set VSOE. And then you also have to prorate the revenue over the -- you have to figure out whether the PCS is included in the contract or separate, whether it is mandatory or non-mandatory. So the term over which you recognize the revenue becomes longer. That is number one.

例如，根據英國公認會計原則，如果您簽署軟體協議，您就可以預先獲得現金。即使您可能有合約後服務，您也可以在短時間內確認收入。而對於 US GAAP，您首先必須設定 VSOE。然後你還必須按比例分配收入 - 你必須弄清楚 PCS 是包含在合約中還是單獨的，無論是強制性的還是非強制性的。因此，您確認收入的期限會變得更長。這是第一名。

Number two, when you acquire software licenses for which no additional work needs to be performed, from a purchase accounting, it lands up on your balance sheet. So let's say they may have $5 million or $10 million software licenses that we acquire; we would not be able to recognize revenue on those. But we book them as intangibles, take the fair value of those, book those intangibles on our balance sheet. When we get the cash, we reduce the intangibles; but we can't recognize revenue under US GAAP.

第二，當您從採購會計中獲得不需要執行額外工作的軟體許可證時，它就會出現在您的資產負債表上。假設他們可能擁有我們獲得的價值 500 萬或 1000 萬美元的軟體許可證；我們將無法確認這些收入。但我們將它們記為無形資產，並採用它們的公允價值，將這些無形資產記在我們的資產負債表上。當我們獲得現金時，我們減少無形資產；但我們無法根據美國公認會計原則確認收入。

We had a similar issue when we did CRD back about four years ago. And at that time, we created a new pro forma revenue -- we called it CLI -- which I'm not going to do this time. We're going to keep things simple.

大約四年前，當我們進行 CRD 時，我們遇到了類似的問題。當時，我們創建了一個新的預計收入——我們稱之為 CLI——這次我不打算這樣做。我們會讓事情變得簡單。

So those are the nuances that occur between both UK GAAP, US GAAP, as well as purchase accounting for software licenses for which no further service is going to be performed.

因此，這些是英國公認會計準則、美國公認會計準則以及不再提供進一步服務的軟體許可證的購買會計之間的細微差別。

Ultimately, what I was trying to get to is try to break down the revenue delta you're expecting for 2016 versus 2015. So it's about roughly $20 million based on the midpoint of your guidance. I'm trying to determine how much of that $20 million delta comes from contribution from the acquisition, and then whether or not your organic revenue forecast, compared to October 20, differs as we sit here today. And if so, what are the factors?

最終，我想嘗試分解 2016 年與 2015 年的收入增量。因此，根據您的指導中位數，大約為 2000 萬美元。我正在嘗試確定這 2000 萬美元的增量中有多少來自收購的貢獻，然後當我們今天坐在這裡時，與 10 月 20 日相比，您的有機收入預測是否有所不同。如果是的話，因素是什麼？

Yes, again, I can tell you that. The forecast we gave in October might be slightly different but hasn't changed substantially.

是的，我可以再告訴你。我們在 10 月給出的預測可能略有不同，但沒有重大變化。

Okay, that pretty much answers it.

好吧，這基本上回答了。

And, Ron, could you give us a little more detail on the license potential for CryptoMedia and the potential customers in addition to Kaleidescape that was announced recently?

Ron，您能否給我們更多關於 CryptoMedia 許可潛力以及最近宣布的 Kaleidescape 之外的潛在客戶的詳細資訊？

Sure. I don't have a specific market assessment in front of me. We do those once a year as we roll everything up and give you the SAM for it. In terms of looking at that specific area, I think it really depends on how quickly there is adoption of these Next-Generation 4K and beyond standards.

當然。我面前沒有具體的市場評估。我們每年都會進行一次此類操作，同時匯總所有內容並為您提供 SAM。就特定領域而言，我認為這實際上取決於下一代 4K 及更高標準的採用速度。

I am thinking about it as a relatively modest growth, to be perfectly honest. I think it is a cool segment. It is a segment where we add a lot of value.

老實說，我認為這是一個相對溫和的成長。我認為這是一個很酷的部分。這是我們增加很多價值的部分。

But deployment of these things has just taken a long time. And as the industry gets aggressive on it, obviously, that could be different. There may be a hockey stick. But I don't think it will be super significant revenue from a unit volume basis for several years.

但這些東西的部署只是花了很長時間。顯然，隨著行業對此變得積極主動，情況可能會有所不同。可能有一根曲棍球棒。但我認為未來幾年內單位銷售的收入不會非常可觀。

Okay. And just to hop back on the topic of Smart Card Software, it looks as though you're adding about 126 employees. And assuming you're only going to recognize a fraction of the revenue in 2016, that may be $150,000 of revenue per employee roughly, that's not necessarily indicative of an accretive acquisition or even a profitable company.

好的。回到智慧卡軟體主題，您似乎要增加約 126 名員工。假設您只確認 2016 年收入的一小部分，即每名員工的收入約為 150,000 美元，這不一定表明收購是增值性的，甚至也不一定是一家盈利的公司。

Are you saying the acquisition out of the gate is going to be accretive, or we're going to have to wait until 2017 before you see the full benefit?

您是說一開始的收購將會帶來增值，還是說我們必須等到 2017 年才能看到全部收益？

Let me take that, Gary.

讓我接受，加里。

We expect that this will be accretive within the next 12 months. So it might happen earlier than that. But I can tell you that in Q1, it probably will not be accretive because we only are recognizing part of the revenue. And as we go and dig through some of the contracts, we have to figure out how to book many of those. So we've taken our best estimate right now.

我們預計這將在未來 12 個月內不斷增加。所以它可能會發生得更早。但我可以告訴你，在第一季度，它可能不會增加，因為我們只確認了部分收入。當我們深入研究一些合約時，我們必須弄清楚如何預訂其中的許多合約。所以我們現在已經做出了最好的估計。

But as we go and get closer on this and do the purchase accounting, we'll have a better visibility on this. But I feel quite confident that this should be accretive definitely within the next 12 months.

但當我們進一步了解這一點並進行採購核算時，我們將對此有更好的了解。但我非常有信心，這在未來 12 個月內肯定會增加。

Okay. All right. Thanks, guys. That's it for me.

好的。好的。多謝你們。對我來說就是這樣。

Thanks, Gary.

謝謝，加里。

Suji Desilva, Topeka.

蘇吉·德西爾瓦，托皮卡。

Hello, Ron. Hello, Satish. Congratulations on the acquisition here.

你好，羅恩。你好，薩蒂什。在此恭喜您成功收購。

A couple of questions on the core business. The CRA business had a strong fourth quarter. I'm curious about the first quarter, the seasonality there. What are some of the drivers of the sequential decline there? Perhaps it is something with CRI, but I just wanted to understand that dynamic.

關於核心業務的幾個問題。CRA 業務第四季表現強勁。我對第一季的季節性感到好奇。造成連續下降的一些驅動因素是什麼？也許這與 CRI 有關，但我只是想了解這種動態。

Well, part of -- there is not much seasonality. I think some of the contracts, as I mentioned before, they are not what I would -- we have fixed contracts, and we have unit-based contracts. But then we also have contracts that are actually fixed but the payments change year over year or quarter over quarter because of the payment schedule that's agreed upon. So I think this is a function of that.

嗯，一部分——沒有太多季節性。我認為有些合同，正如我之前提到的，它們不是我想要的——我們有固定合同，我們有基於單位的合同。但我們也有實際上是固定的合同，但由於商定的付款時間表，付款逐年或逐季變化。所以我認為這是它的一個功能。

So for the full year, we've given the guidance for the full year. But so I think Q1 is slightly lower than where we were in Q1 of last year or even Q4 of last year. It is not driven by markets, per se, although some portion of it is the unit-based royalty. There is some seasonality. And we have some weakness in the semiconductor, but that also has a small impact on the unit royalty-based revenue contracts that we have.

因此，對於全年，我們給出了全年指導。但我認為第一季的情況略低於去年第一季甚至去年第四季的水平。它本身並不是由市場驅動的，儘管其中一部分是基於單位的特許權使用費。有一定的季節性。我們在半導體方面存在一些弱點，但這對我們擁有的基於單位特許權使用費的收入合約也產生了很小的影響。

Okay. That helps, Satish.

好的。這有幫助，薩蒂什。

And then the contract revenue line, I know it is a small percent of revenues. But can you just remind me what's driving that line, and whether that has the opportunity to grow as many of these projects you're working on perhaps come to fruition?

然後是合約收入線，我知道它只佔收入的一小部分。但你能否提醒我是什麼推動了這條路線，以及這是否有機會隨著你正在從事的許多專案的實現而發展？

Yes, just give me a second.

是的，請稍等一下。

So the contract revenue line is growing. As I mentioned, we had eight design wins for the full year and four in the last quarter. So as we mentioned, with the design that we had Samsung and then many others, both on the CRD side as well as on the MID side, that portion is growing.

因此合約收入線正在成長。正如我所提到的，我們全年獲得了八項設計勝利，上個季度獲得了四項設計勝利。正如我們所提到的，透過三星和其他許多公司的設計，無論是在 CRD 方面還是在 MID 方面，該部分都在成長。

You'll see it in our 10-K when we publish it. But the contract revenue -- let me just pull up my sheet over here -- the overall contract revenue is about $34 million for FY15, and it was $25 million for FY14. So as we change our strategy in getting new products and services, that part of the business is growing.

當我們發布它時，您會在我們的 10-K 中看到它。但合約收入——讓我在這裡拉一下我的表格——2015 財年的總合約收入約為 3,400 萬美元，2014 財年為 2,500 萬美元。因此，當我們改變獲取新產品和服務的策略時，這部分業務正在成長。

Okay. Great.

好的。偉大的。

And then my last question is on the acquisition and, really, the implications for CryptoManager and that whole platform there. It sounds intriguing to me you have all these different ways you can go to market with this product.

我的最後一個問題是關於此次收購，以及對 CryptoManager 和整個平台的影響。這對我來說聽起來很有趣，你可以透過所有這些不同的方式將這個產品推向市場。

As I look back at the Qualcomm and LG deals, one was kind of the whole thing; and LG was maybe a part of the technology. Do you expect in the future, as more customers come on line for CryptoManager, that they're going to be doing a la carte selection here? Or do you still expect to sell the whole platform even with these new front ends to them, if you would?

當我回顧高通和 LG 的交易時，我發現其中一項是整個事情的一部分；另一項是整個事情的一部分。 LG 可能是這項技術的一部分。您是否期望將來，隨著越來越多的客戶上線 CryptoManager，他們會在這裡進行點菜選擇？或者，如果您願意的話，即使有這些新的前端，您仍然希望出售整個平台嗎？

What we're trying to do, Suji, is be really flexible to the customer's needs. As we've discussed I think in several of the previous calls, CryptoManager itself is an exciting platform. People see it. But it also has some level of complexity in the sales process because it really involves every aspect of the semiconductor company. So it is security, it's R&D, it's IT, it's finance, so on and so forth. It takes time to implement it.

Suji，我們正在努力真正靈活地滿足客戶的需求。正如我們在之前的幾次通話中所討論的那樣，CryptoManager 本身就是一個令人興奮的平台。人們看到了。但銷售流程也有一定程度的複雜性，因為它確實涉及半導體公司的各個方面。所以這是安全、研發、IT、財務等等。實施它需要時間。

What we're excited about, and it is something that we've anticipated as Qualcomm ramps and starts to ship more devices, more and more people are starting to see the value of it. As we're engaging the industry, companies that are partners, like Bell ID and Ecebs were going to be, we're also seeing the value of the technology in providing some additional level of differentiation.

我們感到興奮的是，這也是我們所預料到的，隨著高通公司加大力度並開始出貨更多設備，越來越多的人開始看到它的價值。當我們與業界合作時，像 Bell ID 和 Ecebs 這樣的合作夥伴公司也將成為合作夥伴，我們也看到了該技術在提供一定程度的差異化方面的價值。

So what we're going to do is offer really total solutions, partial solutions, things where we offer a product and then the ability to customize to meet what the customer needs. So it is a deal-by-deal basis. And what we're hoping is that we started to see a little bit of acceleration before CryptoManager. And as I reflected in the prepared remarks, the combination here is going to drive faster revenue for these vertical applications and faster revenue for CryptoManager.

因此，我們要做的是提供真正的整體解決方案、部分解決方案、我們提供產品的東西，然後提供客製化能力以滿足客戶的需求。因此，這是逐筆交易的基礎。我們希望我們能在 CryptoManager 之前看到一些加速。正如我在準備好的演講中所反映的，這裡的組合將推動這些垂直應用程式更快的收入，並為 CryptoManager 帶來更快的收入。

Great. That's very helpful. Thanks.

偉大的。這非常有幫助。謝謝。

Thank you.

謝謝。

Mark Lipacis, Jefferies.

馬克‧利帕西斯，傑弗里斯。

Hello, thanks for taking my question. First question is on the DDR business. I understand that you missed the design window.

您好，感謝您提出我的問題。第一個問題是關於DDR業務。我知道您錯過了設計視窗。

Can you just review for us one more time, when are the windows? When do they happen? And assuming you hit the next one and you get design wins, how long does it take to recognize or realize revenues from that? Thanks.

能再給我們回顧一下嗎？窗戶是什麼時候？它們什麼時候發生？假設你成功了下一個，並且獲得了設計勝利，需要多長時間才能確認或實現收入？謝謝。

So they're really rolling design wins. We had a particular strategic relationship with a customer, and we missed some of those. But there are others coming up from that customer and subsequent customers.

所以他們確實取得了設計上的勝利。我們與客戶有著特殊的策略關係，但我們錯過了其中一些。但該客戶和後續客戶也提出了其他建議。

And then there is also some particular geographies that tend to be a little bit behind. So for instance, China is an area that tends to still be with a higher percentage of DDR3 and moving to DDR4. So we're really working across all of these.

還有一些特定的地區往往會落後一些。舉例來說，中國是一個傾向於仍然擁有較高比例 DDR3 並轉向 DDR4 的地區。所以我們確實正在努力解決所有這些問題。

Things are going really well in the whole design process. We've gotten good support from our customer partners, from their partners, from Intel. But everything typically from beginning to end takes really a minimum of six months. We're hoping that we are going to have good news to report for the second half of this year and that things will be even better than we had anticipated.

整個設計過程進展順利。我們從我們的客戶合作夥伴、他們的合作夥伴以及英特爾那裡得到了良好的支持。但一切從開始到結束通常至少需要六個月的時間。我們希望今年下半年能有好消息報告，情況會比我們預期的更好。

But given where we are and the nascent state of this business for us, we just wanted to be reasonably conservative.

但考慮到我們所處的位置以及我們這項業務的新生狀態，我們只是想保持相當保守的態度。

That's fair enough.

這很公平。

And is there a particular competitive advantage that you believe that you will have over your competition in this area?

您認為與該領域的競爭對手相比，您有什麼特別的競爭優勢嗎？

Yes, I think that we can; and there is a multitude of them. While it's taking us some time to sort it out, one of the things that we were incredibly encouraged by is the fact that when we delivered the first silicon, our customers and partners could not believe the quality of it. We ended up having a few stupid mistakes, as luck would have it as you get into a new business and people really don't have as much experience as you would like. But the quality was outstanding.

是的，我認為我們可以；而且數量眾多。雖然我們花了一些時間來解決這個問題，但令我們感到非常鼓舞的一件事是，當我們交付第一塊晶片時，我們的客戶和合作夥伴無法相信它的品質。我們最終犯了一些愚蠢的錯誤，幸運的是，當你進入一個新行業時，人們確實沒有你想要的那麼多經驗。但品質非常出色。

We're already producing it at higher speeds. It'll operate at higher speeds than is required or capable on the existing Intel platforms. And we believe that longer term, there are going to have to be architectural changes and speed enhancements. So this is directly in the sweet spot of where Rambus does particularly good innovation. We can innovate on bandwidth and frequency and latency all at the same time.

我們已經以更高的速度生產它。它將以比現有英特爾平台所需或能力更高的速度運行。我們相信，從長遠來看，必須進行架構變更和速度增強。因此，這正是 Rambus 進行特別出色創新的最佳點。我們可以同時在頻寬、頻率和延遲方面進行創新。

So we think that we have a package that in collaborating with the industry, that we can bring a lot of this technology to market. So we will be the first with the fastest and the mostest. It won't be right this year, but we will be able to do it over time.

因此，我們認為我們有一個與產業合作的方案，我們可以將許多此類技術推向市場。所以我們會是第一個最快、最多的。今年不太可能，但隨著時間的推移我們將能夠做到。

That is helpful.

這很有幫助。

Last question on your projecting $100 million in cash flow from operations. What is the targeted use of that cash? Is that just buildup and you wait for M&A, or do you do something else with that?

最後一個問題是關於您預計 1 億美元的營運現金流。這些現金的目標用途是什麼？這只是積累，你等待併購，還是你用它做其他事情？

Yes, so, Mark, the target is approximately $100 million. And just like we used up our cash, $93 million for a target acquisition, there are other areas we're looking at. And there might be some others on the horizon.

是的，馬克，目標大約是 1 億美元。就像我們用了 9,300 萬美元的現金來進行目標收購一樣，我們還在考慮其他領域。可能還有其他一些即將出現。

We did announce a $100 million share buyback last quarter through NASR. So I think I would say the uses of cash would be unchanged. We'll continue to look for areas that are complementary to our business and that could provide us inorganic growth, barring which we will return capital back to shareholders through some form of a share buyback.

上個季度我們確實宣布透過 NASR 回購 1 億美元的股票。所以我想我會說現金的使用不會改變。我們將繼續尋找與我們的業務互補並可為我們提供無機成長的領域，除非我們將透過某種形式的股票回購將資本返還給股東。

That's helpful. Thank you very much.

這很有幫助。非常感謝。

Thanks, Mark.

謝謝，馬克。

Atif Malik, Citigroup.

阿蒂夫‧馬利克，花旗集團。

Thanks for taking my question.

感謝您提出我的問題。

If I look at your MID segment revenues, they declined last year. ST Micro and (inaudible) you said were down and offset by SK Hynix. So I think within that MID, you have SOC revenues and DRAM revenues. And I'm assuming the DRAM revenues are flat year over year and SOC were down.

如果我看一下你們的 MID 細分市場收入，它們去年有所下降。ST Micro 和（聽不清楚）你說下降並被 SK Hynix 抵消。所以我認為在 MID 中，有 SOC 收入和 DRAM 收入。我假設 DRAM 收入同比持平，並且 SOC 有所下降。

So my question is, are we at a trough point for the SOC revenues in that MID bucket? And when you look at your pipeline for renewals this year, do you think we're at a trough point for SOC part of the MID?

所以我的問題是，我們是否正處於 MID 類別中 SOC 收入的低谷點？當您查看今年的續訂管道時，您是否認為我們正處於 MID 的 SOC 部分的低谷點？

Atif, it's Ron.

阿提夫，我是羅恩。

I would like to believe that that's where we're at. There are several moving parts. One of the brutal realities as we've engaged the market is that several of our customers -- and customers that have just renewed, extended or signed for the first time -- were, quite candidly, in a lot of difficult times from their own business. And as they suffered, some of the revenue expectations that we had, had to go down.

我願意相信這就是我們現在的處境。有幾個活動部件。當我們進入市場時，殘酷的現實之一是，我們的一些客戶——以及剛剛第一次續約、延期或簽約的客戶——坦率地說，他們正經歷著許多困難時期。商業。當他們遭受苦難時，我們的一些收入預期不得不下降。

As you know, what we've tried to do is broadly establish a marketable rate for this technology, engaging the industry in fair and equitable licensing terms, which has enabled us to be able to do that. So what that means is some companies -- and you could basically just go through the list that I said today -- almost all of them have had very, very trying businesses over the last several years. So that just is where it is. Now, in a few years, if things are better for these companies, we would expect the revenues to go higher just on the patent licensing fees.

如您所知，我們試圖做的是廣泛地為這項技術建立一個適銷對路的價格，以公平公正的許可條款讓行業參與進來，這使我們能夠做到這一點。這意味著有些公司——你基本上可以瀏覽我今天所說的清單——幾乎所有這些公司在過去幾年裡都經歷過非常非常艱難的業務。所以這就是它所在的地方。現在，幾年後，如果這些公司的情況有所好轉，我們預計僅靠專利授權費就能獲得更高的收入。

With respect to the cores, we are working; and we've announced several of them. We still believe that we have some unique differentiation, and we're going as fast as we can to spit them out. We had a great DesignCon, as we said. We've showed more. We're getting some real attractive design wins, especially on the SerDes side. So we're also hoping that over time that that could build.

對於核心，我們正在努力；我們已經宣布了其中的幾個。我們仍然相信我們有一些獨特的差異化，我們會盡快將它們吐出來。正如我們所說，我們舉辦了一次很棒的 DesignCon。我們展示了更多。我們獲得了一些真正有吸引力的設計成果，尤其是在 SerDes 方面。因此，我們也希望隨著時間的推移，這種情況能夠實現。

Unfortunately, when I came here, I can't remember the specifics, but it was somewhere around $35 million that we had in these annualized core licensings, a lot of it from the strategic relationship we had with Sony. But the Company, many years ago, decided to step out of this business. And as a consequence, we basically had that go down. So while just a few years ago we had the solid base of cores licensing, we're in the process of rebuilding that.

不幸的是，當我來到這裡時，我不記得具體細節了，但我們在這些年度核心許可中擁有大約 3500 萬美元，其中很大一部分來自我們與索尼的戰略關係。但該公司多年前決定退出該業務。結果，我們基本上就解決了這個問題。因此，雖然就在幾年前，我們還擁有堅實的核心授權基礎，但我們正在重建這個基礎。

And it takes time because unfortunately, these cores, like ARM would face or Imagination or companies like that, are ingredients of ingredients. We have a design win; it takes us some time to build it; the customers offer it; that goes into an ASIC or some type of ASSP product that takes its own time to develop and get qualified that ramps in the time. Now afterwards, we get royalties or use fees. So it can build up to a very nice revenue.

這需要時間，因為不幸的是，這些核心，就像 ARM 或 Imagination 或類似的公司所面臨的那樣，都是成分的成分。我們贏得了設計勝利；我們需要一些時間來建構它；客戶提供；它進入 ASIC 或某種類型的 ASSP 產品，需要自己的時間來開發並獲得資格，並隨著時間的推移而增加。之後，我們會獲得特許權使用費或使用費。因此它可以累積非常可觀的收入。

But it's off of basically a hole that we dug ourselves four or five years ago. So I'm hoping that this is the part where we see something and it is kind of the low point. And we can continue to grow more significantly in the following years.

但這基本上是我們四、五年前給自己挖的坑。所以我希望這是我們看到一些東西的部分，這是一種低點。我們可以在接下來的幾年裡繼續實現更顯著的成長。

Okay.

好的。

And then, Satish, on the share repurchase, you did 8 million in excel share repurchase. Do you still have about 12 million shares of the 20 million share repurchase that you announced last year to be used by June of this year?

然後，Satish，在股票回購方面，您進行了 800 萬美元的 Excel 股票回購。去年宣布的2000萬股回購計畫到今年6月用完，還有約1200萬股嗎？

It's more than June of this year. I think the approval we got from the Board in January of 2015 was not bounded by time. So they authorized up to 20 million shares, and there was no time limit on it.

今年已經六月多了。我認為我們在 2015 年 1 月獲得董事會的批准是沒有時間限制的。所以他們授權最多2000萬股，而且沒有時間限制。

With the ASR, we spent $100 million. And we received 7.8 million shares, which is about 80% approximately of the total estimated number of shares you would buy. Another 20% comes over time in an ASR. And since this was done towards the end of October/beginning of November, you're only seeing the impact of, on a weighted average, only two-thirds of the quarter.

在 ASR 上，我們花了 1 億美元。我們收到了 780 萬股，大約是您預計購買的股票總數的 80% 左右。隨著時間的推移，另外 20% 會透過 ASR 實現。由於這是在 10 月底/11 月初完成的，因此加權平均而言，您只能看到該季度三分之二的影響。

You will see a little more impact in Q1 of this year to the weighted average shares, which of course might be offset by any RSUs being vested or optionally exercised. But just purely from an ASR perspective, the impact of that is not felt all in one quarter unless it is done at the beginning of the quarter.

今年第一季度，您將看到對加權平均股票的影響更大一些，當然，這可能會被任何已歸屬或選擇性行使的 RSU 所抵消。但純粹從 ASR 的角度來看，除非在季度初完成，否則不會在一個季度內感受到其影響。

Okay. Thanks.

好的。謝謝。

(Operator Instructions)

（操作員說明）

Paul Coster, JPMorgan.

保羅‧科斯特，摩根大通。

Thanks for taking my questions.

感謝您回答我的問題。

Satish, I understand that the accounting treatment might be different for the SCS business. But is the business model essentially the same or similar to that of the acquirer?

Satish，我了解 SCS 業務的會計處理可能有所不同。但商業模式與收購方的商業模式本質上相同或相似嗎？

The business model is it's a software licensing company. So they have software engineers. They're building software and the software they're providing to the banks, who are using it for running their back end for many of the mobile payment schemes. So it's not a pure patent licensing business. It is not what we call a technology licensing business.

其商業模式為軟體許可公司。所以他們有軟體工程師。他們正在建立軟體並向銀行提供軟體，銀行使用它來運行許多行動支付方案的後端。所以這不是一個純粹的專利授權業務。這不是我們所說的技術授權業務。

So it's slightly different than what we've done before. But we do have software, and we have some software recognition in our revenue. But this would be additive to that. So to answer your question, it is not patent licensing; it is not technology licensing; but it is software revenue recognition.

所以它與我們之前所做的略有不同。但我們確實有軟體，而且我們的收入中也有一些軟體的認可。但這將是附加的。所以回答你的問題，這不是專利許可；而是專利許可。這不是技術許可；但這是軟體收入確認。

Is it a pretty diversified source of revenues? And what kind of tenure do the licensing deals have?

它的收入來源相當多元嗎？許可協議的期限是怎樣的？

The licensing typically up three to five years. It's fairly diversified -- customers all the way from Australia to Far East to Europe and Canada and US. So geographically, fairly diversified. A lot of different banks, a lot of clearing houses -- those are the primary customers for SCS at this time.

許可期限通常長達三到五年。它相當多元化——客戶遍布從澳大利亞到遠東到歐洲、加拿大和美國。因此從地理來看，相當多樣化。許多不同的銀行、許多清算所——這些是 SCS 目前的主要客戶。

The revenue guidance for the year refers to the obvious puts and takes from new contracts or contract renewal risk. What is the contract renewal risk, both in terms of number of contracts and the magnitude in dollars that might be at risk there?

本年度的收入指引是指新合約或續約風險所帶來的明顯的收益和損失。合約續約風險是多少，無論是合約數量還是可能面臨風險的美元金額？

Yes, the only guidance we have given in the past is when we have contracts that are public in terms of when they're coming up for renewal. We haven't been publicizing many of them in the past. And we don't have too many that we're concerned about in terms of renewals coming up in 2016.

是的，我們過去給出的唯一指導是當我們有公開的合約時，就何時需要續約。我們過去沒有公開過其中的許多內容。就 2016 年的續約而言，我們並沒有太多擔心的事情。

Okay. My last question is the $310 million to $325 million -- I just want to make sure -- that guidance includes the pro forma revenues associated with the acquired business, it's the pro forma, not the GAAP?

好的。我的最後一個問題是 3.1 億至 3.25 億美元——我只是想確保——該指導包括與所收購業務相關的預期收入，這是預計的，而不是 GAAP？

No, it is the GAAP. We've made certain estimates looking at -- as part of diligence, we look at the contracts they have, look at the robust bookings pipeline and made some estimates as to when we think they'll close and what some of the assumptions would be. So we have tried to reflect a US GAAP number versus give you a revenue pro forma number.

不，這是公認會計準則。我們已經做出了一些估計——作為盡職調查的一部分，我們查看了他們擁有的合同，查看了強勁的預訂管道，並對我們認為它們何時關閉以及一些假設進行了一些估計。因此，我們試圖反映美國公認會計原則（US GAAP）數據，而不是提供您預期收入數據。

Right, got it. I'm sorry. Will you be presenting on a go-forward basis both numbers?

對了，明白了。對不起。您會在未來的基礎上展示這兩個數字嗎？

No, we will only have US GAAP numbers.

不，我們只會有美國公認會計準則 (GAAP) 資料。

US GAAP, which is understating the actual revenues for which there are cash payments.

美國公認會計準則低估了現金支付的實際收入。

Yes, but you might be able to see the cash in our cash flow statement. You might see intangibles go down. So you'll be able to see as intangibles go down, how much cash is coming in. But that is something which will not be opaque in the financial statements.

是的，但您也許可以在我們的現金流量表中看到現金。您可能會看到無形資產下降。因此，您將能夠看到隨著無形資產的減少，有多少現金流入。但這在財務報表中不會是不透明的。

Got it. Thank you very much.

知道了。非常感謝。

You're welcome, Paul.

不客氣，保羅。

I'm not showing any further questions at this time. I would now like to turn the call back to Dr. Ron Black, Chief Executive Officer, for closing remarks.

我目前不會提出任何進一步的問題。現在，我想將電話轉回給執行長 Ron Black 博士，請他發表結束語。

Thank you all for your continued interest and support. We look forward to continuing the dialogue with you in the future. And as I mentioned, if you get to Mobile World Congress, we would be really pleased to show you some exciting demos. Thank you.

感謝大家一直以來的關注與支持。我們期待未來繼續與您對話。正如我所提到的，如果您參加世界行動大會，我們將非常高興向您展示一些令人興奮的演示。謝謝。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect. Everyone have a great day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了程序，你們都可以斷開連接。每個人都度過了愉快的一天。