Rambus Inc (RMBS) 2016 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Rambus fourth-quarter and FY16 conference call.

女士們、先生們，美好的一天，歡迎參加 Rambus 第四季和 2016 財年電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded. I would now like to hand the floor over to Rahul Mathur, Chief Financial Officer.

提醒一下，本次會議正在錄製中。現在我想將發言權交給財務長拉胡爾·馬圖爾 (Rahul Mathur)。

Please go ahead, sir.

請繼續，先生。

Thank you, Karen.

謝謝你，凱倫。

Welcome to the Rambus fourth-quarter 2016 results conference call. I'm Rahul Mathur, CFO. On the call with me today is Dr. Ron Black, our President and CEO.

歡迎參加 Rambus 2016 年第四季業績電話會議。我是財務長拉胡爾·馬圖爾。今天與我通話的是我們的總裁兼執行長 Ron Black 博士。

The press release for the results that we will be discussing 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 50043108 when you hear the prompt.

我們今天將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聽到重播，然後在聽到提示時輸入 ID 號碼 50043108。

In addition, we are simultaneously webcasting this call. Along with the audio, we are webcasting slides that we will reference during a portion of today's call. So even if you are joining us via conference call, you may want to access the webcast with the slide presentation. A replay of this call can be accessed on our website beginning today at 5 PM Pacific Time. In an effort to provide greater clarity in the financials, we are using both GAAP and non-GAAP pro forma financial presentations in both our press release and also on this call.

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，我們還播放了網路廣播幻燈片，我們將在今天電話會議的一部分中參考這些幻燈片。因此，即使您透過電話會議加入我們，您也可能想要存取帶有幻燈片簡報的網路廣播。從太平洋時間今天下午 5 點開始，您可以在我們的網站上觀看本次電話會議的重播。為了讓財務數據更加清晰，我們在新聞稿和本次電話會議中同時使用 GAAP 和非 GAAP 準備財務簡報。

Our discussion today will contain forward-looking statements regarding our financial guidance for future periods, including Q1 2017, prospects, product strategy, timing of expected product launches, demand for existing and newly-acquired technologies, potential benefits of our recent acquisitions, and the growth opportunities of the various markets we serve among other things. These statements are subject to risks and uncertainties that are discussed during this 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 our actual results, and we're under no obligation to update these statements.

我們今天的討論將包含有關我們未來時期財務指導的前瞻性陳述，包括2017 年第一季、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、我們最近收購的潛在收益以及我們所服務的各個市場的成長機會等等。這些聲明受到本次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 today, we will discuss non-GAAP financial results, and have posted on our website a reconciliation of these non-GAAP financials to the most directly comparable GAAP measures in our press release and our slide presentation. You can see this on our website at Rambus.com on the Investor Relations page under Financial Releases.

此外，正如今天所提到的，我們將討論非 GAAP 財務業績，並在我們的網站上發布這些非 GAAP 財務數據與我們的新聞稿和幻燈片演示中最直接可比較的 GAAP 指標的調節表。您可以在我們的網站 Rambus.com 的「投資者關係」頁面的「財務發布」下看到此資訊。

The order of our call today will be as follows. Ron will start with an overview of the business. I will then discuss our financial results, including the guidance we issued in today's press release, and then we will end with Q&A.

我們今天的電話會議順序如下。羅恩將從業務概述開始。然後我將討論我們的財務業績，包括我們在今天的新聞稿中發布的指導，然後我們將以問答結束。

I'll now turn the call over to Ron to provide an overview of the quarter and 2016.

我現在將電話轉給 Ron，以提供本季和 2016 年的概述。

Ron?

羅恩？

Thanks, Rahul.

謝謝，拉胡爾。

Good afternoon, everyone. The fourth quarter of 2016 was another solid quarter for us, with all parts of the business performing well. Revenues were $97.6 million, which was at the high end of guidance we provided. For the full year, revenues were $336.6 million, which is a 14% increase year over year. Rahul will go through the financial details, but suffice it to say that we were on track to our forecast.

大家下午好。 2016 年第四季對我們來說又是一個穩健的季度，各業務部門都表現良好。收入為 9760 萬美元，處於我們提供的指導的上限。全年營收為 3.366 億美元，年增 14%。拉胡爾將詳細介紹財務細節，但足以說明我們正在實現我們的預測。

2016 was another transformative year for Rambus, where we acquired and integrated four product businesses that extended our capabilities in both segments we serve, the data center and the mobile edge. Importantly, these acquisitions are driving profitable growth through industry consolidation, expanding our offerings, and expanding our geographical presence. I'm happy to report that integration has gone well across the board.

2016 年對 Rambus 來說是另一個變革的一年，我們收購並整合了四項產品業務，擴展了我們在資料中心和行動邊緣這兩個服務領域的能力。重要的是，這些收購透過產業整合、擴大我們的產品範圍和擴大我們的地域影響力來推動利潤成長。我很高興地向大家報告，整合工作進展順利。

We are executing to plan, other than an issue that Rahul will explain in more detail later. Specifically, for the Snowbush IP acquisition, there was an unanticipated change in market timing that triggered an impairment based on our purchase price accounting. The business is performing well otherwise, and the impairment has to do with a future event towards the end of the decade. The team is working hard to mitigate and has several options to do so.

我們正在按計劃執行，但拉胡爾稍後將更詳細解釋的問題除外。具體來說，對於 Snowbush IP 收購，市場時機發生了意外變化，根據我們的購買價格會計，引發了減損。除此之外，該業務表現良好，而減損與本世紀末的未來事件有關。該團隊正在努力緩解這一問題，並有多種選擇來實現這一目標。

While much of our growth has been through products, it is important to note that our architectural IP licensing business for both high-speed interfaces and security remains an important and significant part of our current revenue stream, in an area that we continue to invest in and add new customers. Just to remind you, in 2016, we resigned AMD and initiated new agreements with Boeing, Nvidia, and Xilinx. Early this year, we announced the signing of Winbond. Of course, we expect to add additional customers and partners throughout the year.

雖然我們的成長大部分是透過產品實現的，但值得注意的是，我們針對高速介面和安全性的架構 IP 授權業務仍然是我們當前收入流的重要組成部分，在我們繼續投資的領域並添加新客戶。提醒您一下，2016 年，我們辭去了 AMD 的職務，並與波音、Nvidia 和 Xilinx 簽訂了新協議。今年年初，我們宣布簽約華邦。當然，我們預計全年會增加更多的客戶和合作夥伴。

Let me now turn to the specific businesses, starting with our security business focused on the mobile edge. In 2016, we expanded this business through the acquisition of Bell ID, a leader in mobile payment, and Ecebs, a leader in standards-based smart ticketing. These enterprise software businesses complement our existing embedded security business, providing a deeper understanding of where the end markets are going and allowing us to offer more than just better security.

現在讓我談談具體業務，首先是我們專注於行動邊緣的安全業務。 2016年，我們透過收購行動支付領域的領導者Bell ID和基於標準的智慧票務領域的領導者Ecebs擴大了這項業務。這些企業軟體業務補充了我們現有的嵌入式安全業務，使我們能夠更深入地了解終端市場的發展方向，並使我們能夠提供的不僅僅是更好的安全性。

For example, when speaking with banks and merchants about payment, we can also explain how the data center and mobile devices will evolve technologically, something that is challenging for other software competitors. Similarly, when speaking with our embedded security customers, namely semiconductor companies, we can provide insight into which applications and services will benefit from various semiconductor technologies, not just theoretically but practically.

例如，當與銀行和商家談論付款時，我們還可以解釋資料中心和行動裝置將如何技術發展，這對其他軟體競爭對手來說是一個挑戰。同樣，當與我們的嵌入式安全客戶（即半導體公司）交談時，我們可以深入了解哪些應用程式和服務將受益於各種半導體技術，不僅在理論上而且在實踐上。

While it is still early days and there's still a lot of hype, we are increasingly seeing IoT as an interesting space where services companies and technology companies are all looking to expand their businesses, and one where we have a unique position. From a hardware root-of-trust, through our embedded cores, to a provisioning engine through CryptoManager, to actual services such as payment and ticketing. While we did not discuss it during 2016, throughout the year we were investing to further expand our offerings for both payment and smart ticketing, and more specifically, combining the two capabilities.

雖然現在還處於早期階段，而且仍然有很多炒作，但我們越來越多地將物聯網視為一個有趣的領域，服務公司和技術公司都在尋求擴展其業務，並且我們在這個領域擁有獨特的地位。從硬體信任根，透過我們的嵌入式核心，到透過 CryptoManager 的配置引擎，再到支付和票務等實際服務。雖然我們在 2016 年沒有討論過這個問題，但全年我們都在投資，以進一步擴展我們的支付和智慧票務產品，更具體地說，將這兩種功能結合起來。

Just last week, we announced the Transport Ticketing Global 2017 in London, our comprehensive mobile ticketing product suite that combines payment and smart ticketing into one very slick solution for both the back-end and Android mobile devices. This solution uses Host Card Emulation, or HCE, to secure the downloaded ticket. With that, we created a ticket wallet service and an Android ticketing app. So now our solution extends from the back-end to the consumer.

就在上週，我們在倫敦宣布推出Transport Ticketing Global 2017，這是我們綜合性的行動票務產品套件，它將支付和智慧票務結合到一個適用於後端和Android 行動裝置的非常靈活的解決方案中。此解決方案使用主機卡模擬（HCE）來保護下載的票證。至此，我們創建了票務錢包服務和 Android 票務應用程式。所以現在我們的解決方案從後端延伸到了消費者。

It enables transport operators to easily and securely transition from physical to virtual smart cards, while maintaining compatibility with their existing smart infrastructure. I have to say, it was one of the hits of the show, as evidenced by the many articles that were published, not to mention the customer interest and many new leads we received at and after the show.

它使運輸業者能夠輕鬆、安全地從實體智慧卡過渡到虛擬智慧卡，同時保持與現有智慧基礎設施的兼容性。我必須說，這是該展會的熱門作品之一，發表的許多文章證明了這一點，更不用說客戶的興趣以及我們在展會期間和之後收到的許多新線索。

We are very pleased that one of our key customers, Strathclyde Partnership for Transport, will be the first to pilot the new Rambus Ecebs HCE Ticketing solution and the very cool [SPT] skinned Android app that you can see up close, if you are going to Mobile World Congress. At the show, you can look forward to more announcements from us for similar, really cool solutions, designed for other types of merchants integrating payment solutions into wallet service platforms that manage all types of value. Over time, we are also excited about the possibility to providing further security enhancements that can leverage on-chip hardware roots-of-trust, which was the strategy when we did the acquisitions.

我們非常高興我們的主要客戶之一，Strathclyde Partnership for Transport，將率先試用新的Rambus Ecebs HCE 票務解決方案以及非常酷的[SPT] 皮膚Android 應用程序，如果您想要的話，您可以近距離看到它世界行動大會。在展會上，您可以期待我們發布更多類似的、非常酷的解決方案，這些解決方案專為其他類型的商家而設計，將支付解決方案整合到管理所有類型價值的錢包服務平台中。隨著時間的推移，我們也對能夠提供進一步的安全增強功能感到興奮，這些功能可以利用片上硬體信任根，這是我們進行收購時的策略。

Let's turn now to our Memory and Interface business, serving the data center market. As on the mobile edge side of the business, our programs are performing well and are largely on track. In this business, we also made two key acquisitions in 2016: the Inphi buffer chip business to enhance and grow our transition to chip products and the Snowbush IP business to bolster our position in the SerDes IP market.

現在讓我們轉向為資料中心市場服務的記憶體和介面業務。在業務的移動邊緣方面，我們的計劃表現良好，並且基本上步入正軌。在該業務中，我們還在 2016 年進行了兩項關鍵收購：Inphi 緩衝晶片業務，以加強和發展我們向晶片產品的轉型；以及 Snowbush IP 業務，以鞏固我們在 SerDes IP 市場的地位。

For both acquisitions, as was the case for the Security business, I'm pleased to say the teams are performing as expected, with the integration essentially complete. We continue to have strong design wins and are fully engaged with the ecosystem partners. The buffer chip acquisition was important because it allowed us to ramp more quickly into chip products and accelerate our time to market, with a broad portfolio of products shipping today including DDR2, DDR3 and DDR4. More importantly, through this consolidation, we're able to take the best of the best from both Rambus and Inphi to create a team that we believe we'll lead in the next memory interface node, DDR5.

對於這兩次收購，就像安全業務的情況一樣，我很高興地說，團隊的表現符合預期，並整合基本完成。我們繼續贏得強大的設計勝利，並與生態系統合作夥伴充分互動。收購緩衝晶片非常重要，因為它使我們能夠更快地投入晶片產品並加快上市時間，目前已發貨的產品組合廣泛，包括 DDR2、DDR3 和 DDR4。更重要的是，透過這次整合，我們能夠汲取 Rambus 和 Inphi 的精華，創建一個團隊，我們相信我們將在下一個記憶體介面節點 DDR5 領域處於領先地位。

The same pertains to the acquisition of Snowbush IP, where we acquired several existing lower-speed SerDes solutions, up to 28 gig in multiple fabs and existing process nodes. And were able to accelerate development of our 56 gig solution and start architecture investigations to even higher data rates. I'm happy to report that we have a substantial number of design wins at both the higher data rates for new process nodes, as well as re-use designs at lower data rates in existing process nodes.

收購 Snowbush IP 也是如此，我們收購了多個現有的低速 SerDes 解決方案，多個晶圓廠和現有製程節點中的容量高達 28 GB。我們能夠加速 56 GB 解決方案的開發，並開始針對更高資料速率的架構研究。我很高興地向大家報告，我們在新製程節點的較高資料速率下取得了大量設計成果，並且在現有製程節點中以較低資料速率重複使用了設計。

All of the acquisitions also showcase how we're able to successfully complement our historic architecture IP licensing business, that is very profitable but with lower growth, with what we believe will be increasingly profitable and much faster-growth product businesses. For those of you going to DesignCon this week, we will be showcasing both products on the memory and SerDes side, as well as our DPA Resistant cores from our security business. We will also be conducting a full-day technical training session, where some of our engineers and partners will outline techniques for high-speed designs across multiple platforms.

所有這些收購也展示了我們如何能夠成功地補充我們歷史悠久的建築 IP 授權業務，該業務利潤豐厚，但成長較低，而我們相信利潤將不斷增加且成長速度更快的產品業務。對於本週參加 DesignCon 的人們，我們將展示記憶體和 SerDes 方面的產品，以及來自我們安全業務的 DPA Resistant 核心。我們還將舉辦全天的技術培訓課程，我們的一些工程師和合作夥伴將概述跨多個平台的高速設計技術。

Another highlight for 2016 that I would be remiss not to mention is our collaboration with Microsoft on Cryogenic Computing. This initiative is part of our advanced architecture work in the Emerging Solutions Division, along with our Resistive RAM initiative and our FPGA Acceleration platform, Smart Data Acceleration or SDA. We were very proud to be Microsoft's partner to design advance memory subsystem, and believe it may be something that can transform the data center.

2016 年的另一個亮點是我們與 Microsoft 在低溫運算方面的合作，如果我不提的話那就太失職了。該計劃是我們新興解決方案部門先進架構工作的一部分，此外還有我們的電阻 RAM 計劃和 FPGA 加速平台、智慧數據加速或 SDA。我們非常自豪能夠成為微軟設計先進記憶體子系統的合作夥伴，並相信它可能會改變資料中心。

In closing, we were pleased with the fourth-quarter results in 2016 overall. We have several avenues of exciting opportunities to extend and expand our business and are largely executing to plan. Consequently, we are excited about 2017, both tactically and strategically.

最後，我們對 2016 年第四季的整體業績感到滿意。我們有多種令人興奮的機會來擴展和擴展我們的業務，並且基本上正在按計劃執行。因此，我們對 2017 年感到興奮，無論是在戰術上還是戰略上。

With that, I'll turn the call over to Rahul to walk everyone through the quarterly and full-year financial results.

接下來，我將把電話轉給拉胡爾，向大家介紹季度和全年的財務表現。

Rahul?

拉胡爾？

Thanks, Ron, and thank you again for having me at Rambus.

謝謝羅恩，再次感謝您邀請我來到 Rambus。

Before I go through our financial results, 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 and forward-looking projections.

在介紹我們的財務表現之前，我想提醒大家，對於本次電話會議和內部評估，我們使用非公認會計準則或備考數字來討論我們的營運績效和前瞻性預測。

We believe these numbers are more indicative of our performance, since they exclude certain discrete items such as stock-based compensation, amortization, impairment and restructuring charges. We believe these expenses or charges are either non-cash or not indicative of long-term performance. As noted earlier, the reconciliation to our GAAP financials is available in our press release and in our earnings presentation, and posted on our IR website. In Q4, our numbers reflect a full quarter of the Snowbush IP and Inphi memory interconnect business acquisitions we closed in the middle of Q3.

我們相信這些數字更能反映我們的業績，因為它們排除了某些離散項目，例如基於股票的薪酬、攤銷、減損和重組費用。我們認為這些費用或費用要么是非現金，要么不代表長期業績。如前所述，我們的 GAAP 財務報表可在我們的新聞稿和收益簡報中找到，並發佈在我們的 IR 網站上。在第四季度，我們的數據反映了我們在第三季度中期完成的 Snowbush IP 和 Inphi 記憶體互連業務收購的整個季度。

With that, I'd like to turn to our financial results for the quarter.

說到這裡，我想談談我們本季的財務表現。

Over the past three months since joining Rambus, I've traveled all over the world meeting our employees and investors. I've learned a lot about our Company, and I'm delighted at the progress we have made integrating our recently-acquired Memory Interconnect and Networking Semiconductor businesses. I am more happy than ever to be here. What I've seen has made me even more confident in our ability to take advantage of the trends we're all seeing in cloud infrastructure, particularly in the data center and mobile edge.

在加入 Rambus 以來的過去三個月裡，我走遍了世界各地，與我們的員工和投資者會面。我對我們公司有了很多了解，我對我們在整合最近收購的記憶體互連和網路半導體業務方面所取得的進展感到高興。我比以往任何時候都更高興來到這裡。我所看到的一切讓我對我們利用雲端基礎設施（特別是資料中心和行動邊緣）中所看到的趨勢的能力更加充滿信心。

Let me start with some highlights on slide 8. Our Q4 revenue performance shows execution on our key growth initiatives. We delivered quarter-over-quarter growth across every portion of our business from licensing and cores, to our newly acquired businesses in security and memory.

讓我從投影片 8 中的一些亮點開始。我們第四季的營收表現顯示了我們對關鍵成長計畫的執行情況。從授權和核心到新收購的安全和記憶體業務，我們的業務各個部分都實現了季度環比增長。

For 2016, we delivered 14% revenue growth from 2015, principally driven by the acquisitions we made in the year. Adjusting for our acquisitions in our lighting business, our historic licensing and cores business was roughly flat.

2016 年，我們的營收較 2015 年成長了 14%，這主要是由我們當年進行的收購所推動的。根據我們在照明業務中的收購進行調整，我們歷史上的授權和核心業務大致持平。

Our financial performance over the course of the year is a validation of our M&A strategy. We are leveraging our high margin historic business to fuel growth in adjacent areas, where we have strong technical and market expertise, particularly in our focus areas of memory and security. We're focused on profitable growth and, through disciplined cost management, we delivered on the profit we promised to our investors.

我們一年來的財務表現證明了我們的併購策略。我們正在利用我們的高利潤歷史業務來推動鄰近領域的成長，我們在這些領域擁有強大的技術和市場專業知識，特別是在我們的重點領域記憶和安全領域。我們專注於獲利成長，並透過嚴格的成本管理，兌現了向投資者承諾的利潤。

Now let me walk you through some revenue details on slide 9. Revenue for the fourth quarter was $97.6 million, at the high end of guidance we gave out of $94 million to $98 million, an 8.6% quarter-over-quarter increase, and up 27% from a year ago. The key reasons for our growth in the quarter was primarily attributed to incremental licensing agreements and solid execution by our newly-acquired businesses. As a reminder, some of our quarter-over-quarter growth was from revenue contribution from our acquisitions that closed midway through Q3.

現在讓我向您介紹幻燈片 9 上的一些收入詳細信息。第四季度的收入為 9,760 萬美元，按照我們給出的 9,400 萬至 9,800 萬美元的指導上限，環比增長 8.6%，甚至更高較一年前成長27%。我們本季成長的關鍵原因主要歸功於增量授權協議和我們新收購業務的紮實執行。提醒一下，我們的季度環比成長部分來自於第三季中期完成的收購所帶來的營收貢獻。

Going into additional detail for the fourth quarter, our Memory and Interface revenue was $68.7 million; Security was $23.2 million; and our Lighting and Display Technology revenue was $5.7 million. Quarter over quarter, these numbers represent an increase of 9% for memory, 3% for security, and 37% for LDT.

更詳細了解第四季的記憶體和介面收入為 6,870 萬美元；安保費用為 2,320 萬美元；我們的照明和顯示技術收入為 570 萬美元。與上一季相比，這些數字意味著記憶體成長了 9%，安全性成長了 3%，LDT 成長了 37%。

In Q4, Lighting revenue bounced back as we expected; however, we anticipate that business to decline seasonally in Q1 by approximately $2 million. This was larger than our normal seasonality in this business because of the timing of royalties, and we expect to bounce back a bit in Q2. I would like to note that this seasonal decline in Lighting revenue is a key factor in the quarter-over-quarter revenue decline we expect to see in Q1, as I will discuss in greater length later.

第四季度，照明收入如我們預期反彈；然而，我們預計第一季該業務將季節性下降約 200 萬美元。由於特許權使用費的時間安排，這比我們在該業務中的正常季節性要大，我們預計第二季度會有所反彈。我想指出的是，照明收入的季節性下降是我們預計第一季營收將季減的關鍵因素，我將在稍後詳細討論。

Year over year, MID revenue increased by 20%; our Security Division increased by 70%; and the Lighting business was roughly flat. The increase in revenue from our <emory and Security Divisions was driven by our acquisitions. As we look to 2017, we're on track to meet our internal revenue targets for each of our acquisitions.

MID營收年增20%；我們的安全部門增加了 70%；照明業務基本持平。我們的埃默里和安全部門的收入成長是由我們的收購所推動的。展望 2017 年，我們可望實現每次收購的內部收入目標。

Let me walk you through our pro forma income statement on slide 10. Along with our solid revenue growth in Q4, we actively managed our expenses. Cost of revenue plus operating expenses, or what we refer to as total operating expenses, for the quarter came in at $67.5 million, $6.7 million, or 11% above the previous quarter, reflecting a full quarter of our acquired businesses; additional costs related to integration; as well as some discretionary spending we pulled forward from 2017.

讓我帶您瀏覽投影片 10 上的預期損益表。隨著第四季營收的穩健成長，我們積極管理支出。本季的收入成本加上營運費用，或我們所謂的總營運費用，分別為 6,750 萬美元、670 萬美元，比上一季成長 11%，反映了我們收購業務的整個季度；與整合相關的額外費用；以及我們從 2017 年推遲的一些可自由支配支出。

In terms of headcount, we ended the quarter with headcount of 767, flat with 773 in the previous quarter and 494 a year ago. Again, the increase in headcount is related to the new employees we welcomed to Rambus through our acquisitions in 2016 to support our growth.

就員工人數而言，本季末我們的員工人數為 767 人，與上一季的 773 人和去年同期的 494 人持平。同樣，員工人數的增加與我們透過 2016 年收購來支持我們的成長而歡迎新員工加入 Rambus 有關。

Revenue and operating expenses led to operating income of $30.1 million, in line with our guidance of $26 million to $33 million, and an increase of 3.5% quarter over quarter. After adjusting for non-cash interest expense on our convertible debt, pro forma interest and other expenses for the fourth quarter were $1.3 million, as compared to $1.4 million in Q3 of 2016. Using a flat rate of 35% for pro forma pre-tax income, net income for the quarter was $18.7 million, or $0.16 a share, as compared to $18 million last quarter. We are proud of the solid execution by our team.

收入和營運支出導致營運收入達到 3,010 萬美元，與我們 2,600 萬至 3,300 萬美元的指導一致，季度環比增長 3.5%。在對可轉換債務的非現金利息支出進行調整後，第四季度的預計利息和其他支出為 130 萬美元，而 2016 年第三季為 140 萬美元。預計稅前採用 35% 的統一利率收入方面，本季淨利為1,870 萬美元，即每股0.16 美元，而上季為1,800 萬美元。我們為我們團隊的紮實執行力感到自豪。

Now let me turn to the balance sheet details on slide 11. Overall cash defined as cash, cash equivalents and marketable securities, was $172.2 million, an increase of $21.4 million from the previous quarter. During the quarter, we generated approximately $32.4 million in cash from operations, offset by $10.2 million of purchase considerations related to the SCS acquisition. Fourth-quarter CapEx was $3.8 million, and depreciation was $3.6 million.

現在讓我來看看投影片 11 上的資產負債表詳細資料。總現金（定義為現金、現金等價物和有價證券）為 1.722 億美元，比上一季增加 2,140 萬美元。本季度，我們從營運中產生了約 3,240 萬美元的現金，被與 SCS 收購相關的 1,020 萬美元的購買考慮因素所抵消。第四季資本支出為 380 萬美元，折舊為 360 萬美元。

In 2017, we now expect to make additional capital investments to help fuel our growth, specifically at some of our international facilities and for our chip programs. As a result, I expect we will have roughly $12 million of CapEx for the year, with $9 million or so in the first half of this year. Correspondingly, I expect depreciation of roughly $4 million per quarter. As we expected, we saw strong operating cash flow in the fourth quarter. Our ability to generate cash positions us nicely in the current industry environment.

2017 年，我們現在預計將進行額外的資本投資，以幫助推動我們的成長，特別是在我們的一些國際設施和晶片項目方面。因此，我預計今年的資本支出約為 1200 萬美元，其中上半年資本支出約為 900 萬美元。相應地，我預計每季折舊約為 400 萬美元。正如我們預期的那樣，我們在第四季度看到了強勁的營運現金流。我們產生現金的能力使我們在當前的行業環境中處於有利地位。

Now let me give you additional details regarding the impairment we recorded in Q4 related to the Snowbush IP assets. A few weeks after we reported our Q3 results, we learned that there will be a delay in the markets served by this initiative. This delay will not impact Rambus' revenue expectations in the near-term, but will impact the timing of our revenue expectations several years into the future.

現在讓我向您提供有關我們在第四季度記錄的與 Snowbush 知識產權資產相關的減值的更多詳細資訊。在我們報告第三季業績幾週後，我們了解到該計劃所服務的市場將會延遲。這一延遲不會影響 Rambus 的近期收入預期，但會影響我們未來幾年的收入預期時間。

As a result, we impaired $18.3 million of in-process R&D. This was partially offset by a $6.8 million reduction of acquisition purchase consideration related to this product line. There is a net impact of $11.5 million to our GAAP P&L. This impairment only impacts our GAAP results and has no impact to our cash flow. In fact, had we been notified a few weeks prior, or had we announced our results a few weeks later, we simply would have changed our purchase accounting and seen a different allocation between in-process R&D and goodwill, as we don't believe this would have materially impacted the purchase price for this asset.

結果，我們損失了 1,830 萬美元的正在進行的研發。這被與該產品線相關的收購購買考慮因素減少 680 萬美元部分抵消。這對我們的 GAAP 損益淨影響為 1,150 萬美元。這種減損僅影響我們的公認會計準則業績，對我們的現金流量沒有影響。事實上，如果我們提前幾週收到通知，或者如果我們在幾週後宣布我們的結果，我們只會改變我們的採購會計，並看到正在進行的研發和商譽之間的分配不同，因為我們不相信這將對該資產的購買價格產生重大影響。

Our conviction in this technology remains unchanged, and we continue to work with our customers and partners to further our technology. Overall, we believe we have a strong balance sheet with limited debt. We expect to continue to generate strong cash from operations, and we are well-positioned to opportunistically participate in future growth initiatives, like M&A, when they're at the right terms for us.

我們對這項技術的信念保持不變，我們將繼續與客戶和合作夥伴合作，進一步推進我們的技術。總體而言，我們相信我們擁有強勁的資產負債表和有限的債務。我們預計將繼續從營運中產生強勁的現金，並且我們處於有利位置，可以在條件適合我們的情況下，機會主義地參與未來的成長計劃，例如併購。

Now let me turn to our guidance for the first quarter on slide 12. As a reminder, our forward-looking guidance reflects our best estimates at this point of time. Our actual results could differ materially from what I'm about to review. We expect revenue in the first quarter of between $93 million and $98 million. As I mentioned earlier on the call, our Lighting business will experience greater seasonality than typical in Q1, which we expect to result in approximately a $2 million quarter-over-quarter decline.

現在讓我轉向幻燈片 12 上我們對第一季的指導。提醒一下，我們的前瞻性指導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大不相同。我們預計第一季的營收將在 9,300 萬美元至 9,800 萬美元之間。正如我之前在電話會議上提到的，我們的照明業務將比第一季的典型情況經歷更大的季節性，我們預計這將導致季度環比下降約 200 萬美元。

This will be coupled by a normal seasonality in Q1, when our base business is typically down 2% quarter over quarter; however, we expect to offset our normal seasonality by growth from our acquisitions. As a reminder, given that a substantial portion of our revenue is related to licensing agreements, we don't exhibit the same seasonality as other semiconductor businesses that have a larger mix of product revenue.

這將與第一季的正常季節性相結合，我們的基礎業務通常會較上季下降 2%；然而，我們預計透過收購的成長來抵消正常的季節性因素。提醒一下，鑑於我們收入的很大一部分與許可協議有關，我們的季節性與產品收入組合較大的其他半導體業務不同。

Looking back over the last several years, on average we find Q1 down 2% from Q4; Q2 down another 5% from Q1; Q3 up 5% on Q2; and then Q4 up 2% over Q3. Of course, this would indicate no growth or decline and does not reflect the impact of any acquisitions, but is a rule of thumb to use as you model our quarters.

回顧過去幾年，我們發現第一季平均比第四季下降了 2%；第二季較第一季再下降 5%；第三季較第二季成長 5%；然後第四季比第三季成長 2%。當然，這表明沒有成長或下降，也沒有反映任何收購的影響，但這是您在對我們的季度進行建模時使用的經驗法則。

We expect Q1 non-GAAP total operating expenses, which includes COGS, to be between $67 million and $70 million. These expenses reflect roughly $3 million of additional expenses related to payroll taxes and other expenses that impact most companies in the first quarter.

我們預計第一季非 GAAP 總營運支出（包括銷貨成本）將在 6,700 萬美元至 7,000 萬美元之間。這些費用反映了約 300 萬美元的額外費用，這些費用與第一季影響大多數公司的工資稅和其他費用有關。

Non-GAAP operating income for the first quarter is expected to be between $23 million and $31 million. We expect roughly $1 million in non-GAAP interest and Other Income and expense. Based on the 35% tax rate, we expect between $8 million and $11 million in taxes. We expect our Q1 share count to be roughly 114 million fully diluted shares outstanding, which includes roughly 1 million shares of dilution related to the $138 million convert due in the third quarter of 2018. This leads you to between $0.13 and $0.17 of non-GAAP earnings per share for the quarter.

第一季非公認會計準則營業收入預計在 2,300 萬美元至 3,100 萬美元之間。我們預計非 GAAP 利息和其他收入和支出約為 100 萬美元。根據 35% 的稅率，我們預計稅收將在 800 萬至 1,100 萬美元之間。我們預計第一季的完全稀釋流通股數約為1.14 億股，其中包括約100 萬股與2018 年第三季到期的1.38 億美元轉換相關的稀釋股。這導致您的非GAAP 收益在0.13至0.17 美元之間本季每股收益。

Looking ahead to the remainder of 2017, we're very focused on ramping our acquisitions to our expectations and maintaining our long-term focus on profitable growth. While we'll no longer be issuing annual guidance, as we look at forecasts from our sell-side analysts, we are comfortable with their revenue estimates in aggregate for the subsequent quarters and full year of 2017.

展望 2017 年剩餘時間，我們非常專注於按照我們的預期加大收購力度，並保持對獲利成長的長期關注。雖然我們將不再發布年度指引，但當我們查看賣方分析師的預測時，我們對他們對 2017 年後續季度和全年的整體收入預測感到滿意。

Let me finish with a summary slide, slide 13. Our strategy remains unchanged. We are focused on key technology mega trends, driving opportunities in the data center and mobile edge. We have executed well, and are growing profitably through the strategic acquisitions and execution on key programs.

讓我用一張總結投影片（投影片 13）作為結束。我們的策略保持不變。我們專注於關鍵技術大趨勢，推動資料中心和移動邊緣的機會。我們執行得很好，並且透過策略性收購和關鍵項目的執行實現了獲利成長。

We have a large, predictable, high-margin revenue base, and we have a strong balance sheet to support our strategic initiatives. We see demand for our product portfolio and continue to execute.

我們擁有龐大、可預測、高利潤的收入基礎，並且擁有強大的資產負債表來支持我們的策略舉措。我們看到了對我們產品組合的需求並繼續執行。

With that, I'll turn the call back to our operator to begin Q&A.

之後，我會將電話轉回給我們的接線生以開始問答。

Could we please have our first question?

我們可以問第一個問題嗎？

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Suji De Silva from ROTH Capital.

我們的第一個問題來自羅斯資本的Suji De Silva。

Hi, Ron, hi, Rahul. Now that you guys have a full quarter of the acquisitions in, can you give a sense of where you think gross margin will settle out, and how operating expense trends this year, and the operating leverage, and any growth you have?

嗨，羅恩，嗨，拉胡爾。現在你們已經完成了整整一個季​​度的收購，你能透露一下你認為毛利率將達到什麼水平，今年的營運費用趨勢如何，營運槓桿以及你的成長嗎？

Yes, absolutely. Suji, I think we have one of the highest, if not the highest gross margin in our industry. I think for the year of 2016, we were roughly in the 94% range, but what we saw is as the growth in our acquired businesses increased, our margins ticked down.

是的，一點沒錯。 Suji，我認為我們的毛利率即使不是業內最高的，也是最高的之一。我認為 2016 年，我們的利潤率大致在 94% 的範圍內，但我們看到的是，隨著收購業務的成長，我們的利潤率有所下降。

Now this is part of our design, because even though the margins of the businesses we acquired are very healthy in those respective industries, they're still dilutive to our licensing margins overall. So if I look at where we ended in Q4 2016, what I'd expect is that 92% margin would be flat to maybe down a point a quarter, as we ramp those other businesses. So if I look at 2017 then, I'd expect it to be -- over the course of 2017 between 90% to 92% from a gross margin perspective. Does that answer your question?

現在這是我們設計的一部分，因為儘管我們收購的業務在各自行業中的利潤率非常健康，但它們仍然稀釋了我們的整體授權利潤率。因此，如果我看看 2016 年第四季的業績情況，我預計隨著我們擴大其他業務，92% 的利潤率將持平，甚至可能每季下降一個百分點。因此，如果我回顧 2017 年，我預計從毛利率的角度來看，2017 年的毛利率將在 90% 到 92% 之間。這是否回答你的問題？

Yes. And then, maybe on the operating expense trend, perhaps in the operating leverage, you'd expect that, as you see growth?

是的。然後，也許在營運費用趨勢上，也許在營運槓桿上，當您看到成長時，您會期望這一點嗎？

Absolutely. So from the total operating expense side as well, I'd also expect our operating expenses to come down after the first quarter of 2017. The reason for that is that we have a few million dollars of expenses, again associated to the statutory pieces that happen for us in the first quarter. And then, what I'd expect is that our overall expense would come down, probably several million a quarter by the end of the year.

絕對地。因此，從總營運費用方面來看，我也預計我們的營運費用在 2017 年第一季之後會下降。原因是我們有幾百萬美元的費用，同樣與法定費用相關第一季發生在我們身上。然後，我預計我們的總體費用將會下降，到年底可能每季下降數百萬美元。

Okay. Great. That's helpful. And then on the memory side of the business, the interconnect, can you talk about how that would trend between DDR3, DDR4 through the year, and what the impact opportunity would be as Intel ramps up its new Skylake platform?

好的。偉大的。這很有幫助。然後在業務的記憶體方面，即互連，您能否談談今年 DDR3、DDR4 之間的趨勢如何，以及隨著英特爾推出新的 Skylake 平台，影響機會是什麼？

Yes, hi, Suji, it's Ron. So we're kind of in the same situation we were before. We're seeing good DDR3 demand, which is positive, but we certainly expect to transition through the year, and we don't have great visibility on that specific transition. We're shipping all of the parts, DDR2, 3, and 4, so I think we're well-positioned. I think we have better and stronger design wins in the second half, which is what we have said before, and but still pretty good DDR4 shipments even in the first half. It's a long way of saying, that I don't have a better update, other than what I told you last quarter.

是的，嗨，蘇吉，我是羅恩。所以我們的處境和以前一樣。我們看到了 DDR3 的良好需求，這是積極的，但我們當然希望在這一年中實現過渡，但我們對具體的過渡並沒有很好的了解。我們正在運送所有部件，DDR2、3 和 4，所以我認為我們處於有利位置。我認為我們在下半年取得了更好、更強的設計勝利，正如我們之前所說的，但即使在上半年，DDR4 的出貨量仍然相當不錯。這是一個很長的說法，除了我上個季度告訴你的之外，我沒有更好的更新。

Okay. That helps. And then lastly, is the right way to think about the acquired SCS assets whether Esebs grows faster or Bell ID grows faster, one versus the other, if you could handicap that in 2017? Or is it no longer appropriate to think of them as separate, given there's some combined projects?

好的。這有幫助。最後，如果你能在 2017 年限制這一點，那麼思考所收購的 SCS 資產的正確方法是 Esebs 成長更快還是 Bell ID 成長更快？或考慮到存在一些組合項目，將它們視為單獨的不再合適？

Yes, we look at them as more homogeneous. They're just different market categories or segments that they participate in. And as I had in the prepared script, as you think through Mobile World Congress, we're going to be announcing some things that will make it a little more transparent, that this is a broad services platform focused on the mobile. And, of course, the underlying server technology is enterprise software, but it has this client edge to it. So they'll look more and more homogeneous.

是的，我們認為它們更同質。它們只是他們參與的不同市場類別或細分市場。正如我在準備好的腳本中所寫的那樣，正如您透過世界行動大會所思考的那樣，我們將宣布一些事情，使其更加透明，即這是一個專注於行動裝置的廣泛服務平台。當然，底層伺服器技術是企業軟體，但它具有客戶端優勢。所以它們看起來會越來越同質。

That's great color, great. Thanks, guys. Nice job in the quarter.

這個顏色真棒，棒棒噠多謝你們。本季工作做得很好。

Thank you. Our next question comes from the line of Gary Mobley from Benchmark.

謝謝。我們的下一個問題來自 Benchmark 的 Gary Mobley。

Hi, guys. Good afternoon. Thanks for taking my question. A question about the impairment and the contingent consideration. So I'm assuming the contingent consideration is -- relates to the fact that you won't be paying an additional earnout above and beyond the $32.5 million initially paid for Snowbush, am I reading that correctly? Is that all of the earnout provision for that acquisition?

嗨，大家好。午安.感謝您提出我的問題。關於減損和或有對價的問題。因此，我假設或有考慮因素是——與您不會支付超出最初為 Snowbush 支付的 3250 萬美元的額外報酬這一事實有關，我理解正確嗎？這是該收購的全部收益準備金嗎？

Yes, that's correct, Gary. I think you're looking at it the right way.

是的，沒錯，加里。我認為你正在以正確的方式看待它。

Okay.

好的。

Now what I would add Gary is what we did is once we had the notification regarding the change of market timing, because that was a triggering event from an accounting perspective, we chose to take the most conservative view. As Ron mentioned in his prepared remarks, obviously our team is still marching forward, and we're working with our partners and customers in this ecosystem to still try to meet our original forecast. But just the way it worked from a timing perspective, and because of the way purchase price accounting works, is why we had to record the impairment in Q4.

現在我要補充的是，加里我們所做的是，一旦我們收到有關市場時機變化的通知，因為從會計角度來看這是一個觸發事件，我們選擇採取最保守的觀點。正如羅恩在他準備好的演講中提到的那樣，顯然我們的團隊仍在前進，我們正在與這個生態系統中的合作夥伴和客戶合作，仍然努力滿足我們最初的預測。但正是從時間角度來看，由於購買價格會計的工作方式，我們必須在第四季度記錄減損。

Okay. And the impairment I'm assuming relates to this communication IC that has been under wraps and not fully disclosed yet, and if not mistaken, this was being co-developed with one specific customer in mind, am I reading that right? And in essence, we're delayed with this one specific customer?

好的。我假設的損害與該通訊 IC 有關，該通訊 IC 一直處於保密狀態，尚未完全披露，如果沒有弄錯的話，這是與一個特定客戶共同開發的，我讀得對嗎？從本質上講，我們延遲了與這一特定客戶的聯繫？

Yes, that's correct.

對，那是正確的。

Okay. Is it delayed, or are we talking about maybe the project is just not moving forward at all?

好的。是延遲了，還是我們正在談論該專案根本沒有進展？

Well, we aren't talking about the customer, but we believe it's just the market will be delayed.

好吧，我們不是在談論客戶，但我們相信這只是市場會被延遲。

Got you.

明白你了。

Gary, the way I look at it is that because the revenue stream for this particular product, and as Ron mentioned, it's just a portion of the revenue stream associated with the acquisition, but because the revenue stream is so out -- so far out in the future, even a relatively small change like this has an impact to valuation. And that's why we chose to take the most conservative view.

蓋瑞，我的看法是，因為這個特定產品的收入流，正如羅恩所提到的，它只是與收購相關的收入流的一部分，但因為收入流太遠了——太遠了未來，即使是這樣一個相對較小的變化也會對估值產生影響。這就是為什麼我們選擇採取最保守的觀點。

Okay. All right. And I know there's some seasonal element or some variable elements here, DRAM license agreements, and we've certainly seen some escalating DRAM prices since the bottom in June. I'm just wondering if you can, as you sit here today, call the impact of that, looking over the next 3 months or even 12 months?

好的。好的。我知道這裡有一些季節性因素或一些可變因素，例如 DRAM 授權協議，而且自 6 月觸底以來，我們確實看到 DRAM 價格不斷上漲。我只是想知道，當您今天坐在這裡時，能否回顧一下未來 3 個月甚至 12 個月的影響？

Yes, Gary, the DRAM contracts are all fixed at $150 million per annum, and they go out many years into the future as you will recall. So there's no variability because of volume or price or revenue.

是的，Gary，DRAM 合約都固定為每年 1.5 億美元，而且您還記得，它們是在未來很多年才到期的。因此，不存在因數量、價格或收入而變化的情況。

Got you. Okay. I guess, the seasonality you talked about in the past really relates to exactly what's happening in the LDT division in Q1, right?

明白你了。好的。我想，您過去談到的季節性確實與第一季 LDT 部門發生的情況有關，對嗎？

So in Q1, Gary, that's exactly right. We expect the LDT division to come down about $2 million quarter-over-quarter. And if you look at the revenue we posted on the board in Q4, versus the guidance that we issued today, then that $2 million is really from LDT coming down.

所以在第一季度，加里，這是完全正確的。我們預計 LDT 部門將環比減少約 200 萬美元。如果你看看我們在第四季度在董事會上公佈的收入，與我們今天發布的指導相比，那麼這 200 萬美元實際上是來自 LDT 的下降。

Now typically, what happens is that we do have other licensing agreements beyond just the DRAM industry. And that's just an example of us being able to expand beyond DRAM and into SoC and other adjacent areas for our partnership opportunities. Now those tend to be a little more scattered over time. And so, we're usually in a constant state of working with our customers for the next renewal cycle, and that has to do with the linearity that I gave you a little bit earlier.

現在，通常情況下，我們確實擁有 DRAM 行業以外的其他授權協議。這只是我們能夠從 DRAM 擴展到 SoC 和其他鄰近領域以獲得合作機會的一個例子。現在，隨著時間的推移，這些往往變得更加分散。因此，我們通常會在下一個續約週期中與客戶保持持續合作，這與我先前向您提供的線性關係有關。

Okay. You mentioned in your prepared remarks the cores and licensing business was basically flat in 2016 with 2015. Is that just for the MID group, or does that include CRI as well, or CRD?

好的。您在準備好的演講中提到，2016 年的核心和授權業務與 2015 年基本持平。這只是針對 MID 集團，還是也包括 CRI 或 CRD？

No, that's everything. That's when I look at all of the licensing agreements that we have, not just in MID, but on the security side, and I'm looking at the architectural licenses, as well as our cores, as well.

不，這就是一切。那時我會查看我們擁有的所有授權協議，不僅是在 MID 方面，而且在安全性方面，我還會查看架構許可以及我們的核心。

Okay. Could you give us any sort of sense of what the organic growth rate for the Company might be in 2017? Maybe not exact amount, but will there be some, will it be below single-digit percent type growth?

好的。能為我們介紹一下公司 2017 年的有機成長率嗎？也許不是確切的數字，但是否會有一些，是否會低於個位數百分比類型的成長？

So I think what I said in my prepared remarks, Gary, is that we feel pretty comfortable with the consensus revenue estimates in aggregate for 2017. When I look at where that growth was coming from, I think my expectation is that that licensing historic business, which is not just the DRAM but the other pieces I talked about as well, will be roughly flat. And then, the growth will come from both the businesses we acquired. So when I look at the growth in 2017, I think roughly half will come from the buffer chip business, and roughly half will come from the security business, particularly our initiatives in mobile payment.

因此，加里，我認為我在準備好的發言中所說的是，我們對 2017 年總體收入預期感到非常滿意。當我考慮增長的來源時，我認為我的期望是授權歷史業務，這不僅僅是DRAM，還有我談到的其他零件，都將大致持平。然後，成長將來自我們收購的兩項業務。所以當我看2017年的成長時，我認為大約一半將來自緩衝晶片業務，大約一半將來自安全業務，特別是我們在行動支付方面的舉措。

And let me extend my congratulations on the strong finish to the year, and some good execution. Good job, guys. And that's it for me.

讓我對今年的強勁收官和良好執行表示祝賀。幹得好，夥計們。對我來說就是這樣。

Thank you, Gary.

謝謝你，加里。

Thank you, and our next question comes from the line of Paul Coster from JPMorgan.

謝謝，我們的下一個問題來自摩根大通的保羅‧科斯特。

Yes, thanks. Rahul, just to be clear, you've said that you're comfortable with consensus revenue estimates, yet you didn't say anything about EPS. So is that an intentional emission, or are you also comfortable with the EPS forecast that's out there?

對了謝謝。拉胡爾，澄清一下，您說過您對一致的收入估計感到滿意，但您沒有提及每股收益。那麼這是有意排放，還是您對現有的每股盈餘預測感到滿意？

I apologize, Paul. It wasn't an intentional omission. I'm also comfortable with the consensus EPS forecasts that are out there for 2017.

我很抱歉，保羅。這並非故意遺漏。我對 2017 年每股收益的共識預測也感到滿意。

Okay, got it. Thank you. Talk to us a little bit about the significance of the Strathclyde project? It doesn't seem very significant in the grander scheme of things, but clearly, it's important validation. So what does it mean, in terms of future revenue prospects?

好，知道了。謝謝。和我們談談斯特拉斯克萊德計畫的意義嗎？從更宏偉的計劃來看，這似乎並不重要，但顯然，這是一個重要的驗證。那麼，就未來的收入前景而言，這意味著什麼？

Well, we haven't outlined the specific revenue, but one of the pieces on the ticketing business is we get a per ticket download click of some significance. So the more tickets that are downloaded in a mobile app or on the PC, we get revenue. So I think that it's just going to depend on how quickly that takes off. So the plan is fundamentally to make it more accessible. And right now, everybody wants to have a mobile solution, and there wasn't one. So this just enables that faster ticketing, and we get revenue growth from that.

好吧，我們還沒有概述具體的收入，但票務業務的其中一個部分是我們獲得了具有一定意義的每張票下載點擊次數。因此，在行動應用程式或 PC 上下載的門票越多，我們就能獲得收入。所以我認為這將取決於它的起飛速度。因此，該計劃從根本上來說是為了使其更易於訪問。現在，每個人都希望擁有一種行動解決方案，但目前還沒有。因此，這只會實現更快的票務處理，我們也能從中獲得收入成長。

I also believe that it will help drive more of the regional areas to switch to the ITSO-based solutions, which is where we get the larger enterprise class software. And last, I'm trying to dance around this, because I don't want to pre-announce something more than we're doing, but on -- from a merchant standpoint, there are other types of merchants and other types of value besides the ticket. And the team is working on a similar solution that could be far more pervasive than just transport. So that's something, if you come to Mobile World Congress, you'll see that, and you'll see a really cool slick demo.

我還相信，這將有助於推動更多地區轉向基於 ITSO 的解決方案，這是我們獲得更大企業級軟體的地方。最後，我試著圍繞這個問題跳舞，因為我不想預先宣布比我們正在做的更多的事情，但是從商人的角度來看，還有其他類型的商人和其他類型的價值除了門票之外。該團隊正在研究一種類似的解決方案，該解決方案可能比運輸更普遍。所以，如果你來參加世界行動通訊大會，你會看到這一點，並且你會看到一個非常酷的演示。

So the UK seems to be harmonizing its transportation system, as using its infrastructure across the board as far as I can tell. The big hub I suppose is TFL, and everything that radiates from London. Strathclyde seems to be a satellite of that. Is there is there any way in which that project in Strathclyde could ultimately find its way into the broader ecosystem, or is it really kind of a battle at the moment between competing solutions for HCE solutions?

據我所知，英國似乎正在協調其交通系統，全面利用其基礎設施。我認為最大的樞紐是倫敦交通局（TFL），以及從倫敦輻射出去的一切。斯特拉斯克萊德似乎是其中的一個衛星。斯特拉斯克萊德的這個項目是否有什麼方法可以最終進入更廣泛的生態系統，或者目前 HCE 解決方案之間的競爭解決方案之間真的存在一場戰鬥嗎？

No, we don't see it as battle. We see it as just a convenient place for us to work. We've worked with SVP for a long time. We have a great relationship with them. They tend to push things more quickly which is one area, and some of the transit is not the fastest moving industry. Maybe a little bit faster than lighting, where it's every hundred years a new technology, but not super fast. And the two guys, the CEO and the COO that run it, are just fantastic to work with. So it's also a very interesting area.

不，我們不認為這是一場戰鬥。我們認為它只是一個方便我們工作的地方。我們與 SVP 合作了很長時間。我們與他們有著很好的關係。他們傾向於更快地推動事情，這是一個領域，而一些交通並不是發展最快的行業。也許比照明快一點，每百年就有一項新技術，但不是超級快。營運該公司的執行長和營運長這兩個傢伙的合作非常愉快。所以這也是一個非常有趣的領域。

It's a small area geographically, but there's a lot of universities. Universities have lots of students, students adopt mobile technology really, really quickly so. And they love to give feedback on Facebook and other things, so it's kind of a unique little microcosm. But obviously, our plan is to go much broader. And what was most exciting -- I wasn't at the show, I was at another event, but several of our team was there, and we got not just ITSO-based UK interest from other operators, but international interest, which is one of the strategic thrusts for that business, is to look at ticketing beyond the UK, and there's a lot of evolving standards. And to also look at ticketing besides transit.

雖然面積不大，但大學很多。大學有很多學生，學生很快就採用了行動技術。他們喜歡在 Facebook 和其他事物上提供回饋，所以這是一個獨特的小縮影。但顯然，我們的計劃是更廣泛的。最令人興奮的是——我沒有參加展會，而是參加了另一場活動，但我們的幾個團隊都在那裡，我們不僅從其他運營商那裡得到了基於ITSO 的英國興趣，還得到了國際興趣，這是一個業務的戰略重點是著眼於英國以外的票務領域，並且有許多不斷發展的標準。除了交通之外，也要看看票務。

Okay. If I understood things correctly on the Snowbush front, obviously, there's some adjustment and impairment associated with some future dated project. But I think I also heard you say, Ron, that there are some design wins in the interim, and nearer term stuff. I'm wondering, of course, why the latter doesn't offset the former? But in addition to that, what is the probability of these design wins yielding revenue in the next 18 months to two years? (Multiple Speakers)

好的。如果我對 Snowbush 方面的理解正確的話，顯然，存在與某些未來過時的項目相關的一些調整和損害。但我想我也聽到你說，羅恩，在中期和近期的設計中取得了一些成果。當然，我想知道為什麼後者不能抵消前者？但除此之外，這些設計勝利在未來 18 個月到兩年內產生收入的可能性有多高？ （多位發言者）

Paul, let me answer the part about the revenue. And then I think, Rahul, it will be good to explain that this was in-process R&D. So you can't -- it's something that was going on and then it changed, so we had to impair that as it changed, and we would have just done it differently if it had been a little bit earlier. So we looked at the SerDes space, and we're very attracted by it, because there's a lot of demand for high speed networking and storage capabilities.

保羅，讓我回答有關收入的部分。然後我想，拉胡爾，最好解釋一下這是正在進行的研發。所以你不能——這是正在發生的事情，然後它發生了變化，所以我們必須在它發生變化時削弱它，如果它早一點，我們就會採取不同的做法。因此，我們研究了 SerDes 領域，我們對其非常感興趣，因為對高速網路和儲存功能的需求很大。

We had a great set of products. We thought that the Snowbush guys had a great set of products. There's a lot of mutual respect, and the combination has gone really well. What was really interesting about their product set is they have a lot in many different fabs of lower speed sorts. So we really like these, because they're not new development initiatives, they're off the shelf IP. And we have had a significant number of these including in China, which is getting licensing out of China is often very difficult, but we're -- been very successful on that. So we do see this growing.

我們有一套很棒的產品。我們認為 Snowbush 的人有一套很棒的產品。雙方互相尊重，雙方的結合非常順利。他們的產品集真正有趣的是，他們在許多不同的低速工廠中擁有很多產品。所以我們真的很喜歡這些，因為它們不是新的開發計劃，而是現成的 IP。我們已經擁有大量此類產品，包括在中國，從中國獲得許可通常非常困難，但我們在這方面非常成功。所以我們確實看到這種成長。

We've gotten a lot of new wins on the 56 gig. So this is new architecture, new process nodes, and we think we're going to get even more, as we go forward in the future. And certainly, this could offset it in the future, right? But as Rahul said, he thought it was appropriate to be more conservative in the judgment, because we just don't have enough time yet.

我們在第 56 場演出中取得了許多新的勝利。所以這是新的架構、新的流程節點，我們認為隨著未來的發展，我們會得到更多。當然，這可以在未來抵消它，對吧？但正如拉胡爾所說，他認為在判斷上更保守是合適的，因為我們還沒有足夠的時間。

And Paul, just to add on a bit. Ron is exactly right, in that the execution from the team has been very strong, and we've seen revenue contribution from what Ron discussed. What we impaired was actually in-process R&D. So these were activities already underway. And as you know from a purchase price accounting perspective, what we have to do is put some value there, as well put some value on goodwill. Had the timing changed literally by a matter of a few weeks, either we would have learned about the market timing a little bit earlier, or we would have announced results a little bit later. What we simply would have done is different allocation of purchase price accounting between in-process R&D and goodwill.

保羅，補充一下。 Ron 說得完全正確，團隊的執行力非常強，而且我們從 Ron 討論的內容中看到了收入貢獻。我們受損的其實是正在進行的研發。所以這些活動已經在進行中。正如您從購買價格會計角度知道的那樣，我們要做的就是在那裡賦予一些價值，並對商譽賦予一些價值。如果時間確實改變了幾週，我們要么會提前一點了解市場時機，要么會晚一點宣布結​​果。我們所做的只是在進行中的研發和商譽之間對購買價格會計進行不同的分配。

Okay. Right. Last question. So it's about the Microsoft partnership with [syrogenics], is there any update to the time line to realizing something from that project?

好的。正確的。最後一個問題。這是關於微軟與 [syrogenics] 的合作關係，實現該專案的時間軸是否有任何更新？

No, it's on track to exactly what we had expected. I mean, this is research. It's really core strategic research, where it's adding a lot to our IP portfolio. We're looking forward to providing the prototypes, and getting to the next stages with Microsoft. As I think I had mentioned before, while there is high risk, we absolutely intend to productize this, and deliver it as a full-fledged product, not just in cryogenics, but also in room temperature. So we think this could be a very interesting solution for multiple customers, and multiple temperature points.

不，它正朝著我們預期的方向發展。我的意思是，這是研究。這確實是核心策略研究，為我們的智慧財產權組合增添了許多內容。我們期待提供原型，並與 Microsoft 一起進入下一階段。正如我之前提到的，雖然風險很高，但我們絕對打算將其產品化，並將其作為成熟的產品提供，不僅在低溫下，而且在室溫下。因此，我們認為這對於多個客戶和多個溫度點來說可能是一個非常有趣的解決方案。

Thank you.

謝謝。

Thank you, and our next question comes from the line of Matt Robison from Wunderlich.

謝謝，我們的下一個問題來自 Wunderlich 的 Matt Robison。

Hey, thanks for taking the question. So just one more question on the impairment. How many years into the future were you looking here? Usually I think of some development like this, you would think two to three years, is that the right kind of range?

嘿，謝謝你提出問題。那麼還有一個關於減損的問題。您在這裡看到的是多少年後的未來？通常我會想到這樣的發展，你會認為兩到三年，這是正確的範圍嗎？

Yes, Matt, that's exactly right. What Ron mentioned is we're talking about revenue forecasts towards the end of the decade. So we're talking three years plus out. And that's why even just a little change in terms of that forecast has an impact in terms of how you look at the valuation.

是的，馬特，完全正確。羅恩提到的是我們正在談論本世紀末的收入預測。所以我們談的是三年多的時間。這就是為什麼即使預測發生一點變化也會影響你如何看待估值。

I'll be honest with you, Matt, is that as I've worked in various companies, particularly in terms of technology, these sorts of road maps and relationships change often. So this isn't a surprise from my perspective, in terms of this particular business or what happens. I think we just got caught with the timing.

馬特，我老實告訴你，由於我在不同的公司工作過，特別是在技術方面，這些路線圖和關係經常改變。因此，從我的角度來看，就這項特定業務或發生的事情而言，這並不令人意外。我想我們只是抓住了時機。

Are you guys going to be able to apply the work you've done to any other projects, or will you retask the staff completely?

你們是否能夠將你們所做的工作應用到任何其他專案中，或者你們會完全重新分配員工的任務嗎？

No, no. It's still going on. It's just later in time. We're still pursuing the segment. I mean, there's nothing new. I mean, we always do our capital budgeting and look at programs in light of any changes, but there's been nothing decided to change on this at all.

不，不。事情還在繼續。只是時間比較晚而已。我們仍在繼續研究該細分市場。我的意思是，沒有什麼新鮮事。我的意思是，我們總是進行資本預算並根據任何變化來審視計劃，但在這方面根本沒有任何決定改變。

Okay. So you're still staying on it?

好的。那你還堅持下去嗎？

Yes.

是的。

So why wouldn't you just kind of -- so I guess, you've revalued it only partially, would that be the right way to look at that, just as a present value discussion?

那麼，為什麼你不只是——所以我想，你只是部分地重估了它，這是否是正確的看待它的方式，就像現值討論一樣？

Yes, I think we've done that revaluation, in terms of just changing the timing of when we expect future revenues and profits, based on the update from the customer. What happens from an accounting perspective is that when you have that kind of update, it's considered as a kind of a triggering event. And that causes you to go back, and look at the valuation. Otherwise typically what happens in an acquisition, is you generally have about a year to look at how you've done the purchase price accounting and make adjustments, but because we had a -- kind of what's considered a triggering event, we had to make those changes in Q4.

是的，我認為我們已經完成了重估，只是​​根據客戶的更新改變了我們預計未來收入和利潤的時間。從會計角度來看，當您進行此類更新時，它被視為觸發事件。這會讓你回去看看估值。否則，收購中通常會發生的情況是，您通常有大約一年的時間來查看如何進行購買價格會計並進行調整，但因為我們有一種被認為是觸發事件的情況，所以我們必須做出第四季度的變化。

Just for my own housekeeping, can you say what the CapEx cash flow from operations and depreciation were in the quarter?

就我自己的家務而言，您能說出本季來自營運和折舊的資本支出現金流量是多少嗎？

Yes, absolutely. I think that I gave that out in the call as well, but for the fourth quarter, CapEx was $3.8 million, and depreciation was $3.6 million. I wanted to give you an update also that, I expect we'll have about $12 million of CapEx for 2017, with $9 million or so in the first half, and I expect depreciation is going to be roughly $4 million a quarter for us in 2017.

是的，一點沒錯。我想我也在電話會議中給了這一點，但第四季的資本支出為 380 萬美元，折舊為 360 萬美元。我還想向您提供最新情況，我預計 2017 年我們的資本支出約為 1200 萬美元，上半年約為 900 萬美元，我預計每個季度的折舊約為 400 萬美元。2017 年。

Okay. Thank you.

好的。謝謝。

Thank you, and our next question comes from the line of Delos Elder from Jefferies.

謝謝，我們的下一個問題來自 Jefferies 的 Delos Elder。

Hi, good afternoon. Thank you for letting me ask a question.

嗨，下午好。謝謝你讓我問一個問題。

I wanted to see if you could share, based on your design pipeline, what are your expectations for market share in the buffer chip business?

我想了解您能否根據您的設計流程分享您對緩衝晶片業務市場份額的預期是多少？

So we have a very high share in DDR3. We have a lower share in DDR4. As I had said before, obviously our target is there are to get to 50% market share throughout the year.

所以我們在DDR3方面的市佔率非常高。我們的 DDR4 份額較低。正如我之前所說，顯然我們的目標是全年達到 50% 的市佔率。

Great. Thank you. And then, how is consolidation in this market affected your view of the business?

偉大的。謝謝。那麼，這個市場的整合如何影響您對業務的看法？

In which market?

在哪個市場？

Oh, in the buffer chip business.

哦，在緩衝晶片業務中。

Oh, I'm more optimistic than I've ever been. From the very beginning, I thought the timing was correct. Rambus has been looking at buffer chips long before I was in the Company, and I think appropriately thought that it wasn't at a tipping point. The team assessed that DDR4 was an important part, and I think that it's going to have higher attach rates over time. And more importantly, that's a very strategic little piece of real estate, where there's more functionality that can be provided.

哦，我比以前更樂觀了。從一開始，我就認為時機是對的。早在我加入公司之前，Rambus 就一直在研究緩衝晶片，而且我認為正確的是，它還沒有達到臨界點。團隊認為 DDR4 是一個重要組成部分，我認為隨著時間的推移，它的附加率將會更高。更重要的是，這是一個非常具有戰略意義的小塊房地產，可以提供更多的功能。

I don't want to give you, for competitive reasons some of the things that we're looking at doing there, but we think it can be very interesting. And that an obvious position, because there's three suppliers, and I think we have put together a really good team. They're really focused, they know exactly what they have to do to be successful, and I think they are doing it. So I think it's a great opportunity. For a Company like Rambus, it's exactly these $300 million-ish TAMs, relatively high gross margin. We wish it could be 100% gross margin like licensing, but that's a stretch for any product business. So on a margin percentage basis as well, we said it's going to be dilutive, but in terms of what it does, it's great.

出於競爭原因，我不想向您介紹我們正在考慮在那裡做的一些事情，但我們認為這可能非常有趣。這是一個顯而易見的位置，因為有三個供應商，而且我認為我們已經組建了一個非常優秀的團隊。他們非常專注，他們確切地知道他們必須做什麼才能成功，而且我認為他們正在這樣做。所以我認為這是一個很好的機會。對於 Rambus 這樣的公司來說，正是這些約 3 億美元的 TAM，毛利率相對較高。我們希望它能像授權一樣實現 100% 的毛利率，但這對於任何產品業務來說都是一個延伸。因此，在利潤率的基礎上，我們說它會被稀釋，但就其作用而言，它非常棒。

And Delos, I just want to clarify, I think for us, from a gross margin perspective, from the pro forma basis, we're probably about 90% for FY26. But as we expect that buffer chip business to ramp and grow, even though it's a very strong solid margin for chip businesses in general, it'd probably would knock our full year gross margin down probably a couple of points, as you see that revenue grow.

Delos，我只是想澄清一下，我認為對我們來說，從毛利率的角度來看，從準備考試的角度來看，2026 財年我們的利潤率可能約為 90%。但正如我們預計緩衝晶片業務將不斷成長和成長，儘管總體而言晶片業務的利潤率非常強勁，但它可能會使我們的全年毛利率下降幾個百分點，正如您所看到的那樣生長。

Great. Thank you. And then in the SerDes business, I was curious if you could share anything about what the competitive landscape looks like, in terms of how much of a lead you might have over others, either in terms of timing or say, performance of the product?

偉大的。謝謝。然後在 SerDes 業務中，我很好奇您是否可以分享有關競爭格局的任何信息，以及您在時間或產品性能方面可能比其他人領先多少？

So that's kind of a complicated question. Obviously, Broadcom, Avago, LSI, when they were licensing had a very strong product. There's smaller players that are out there, that I think are quite a bit behind us. The feedback that we had gotten is rather good, which is why we've seen significant amount of new design wins, because it was really -- in a lot of space, us and Snowbush, we're at the same accounts.

這是一個複雜的問題。顯然，Broadcom、Avago、LSI 在獲得許可時擁有非常強大的產品。還有一些較小的玩家，我認為他們遠遠落後於我們。我們得到的回饋相當好，這就是為什麼我們看到大量新設計獲勝的原因，因為在許多空間中，我們和 Snowbush 確實處於相同的位置。

What I like about it as well, and the philosophy, I think I described is Rambus has historically been very innovative, but it's not a product Company. So the business processes were not robust, or as robust as they should be on products. And both Snowbush and Inphi, not that they were very good at the productization of what they do, whether it was a physical product or a design IP block, I think they did a very, very good job. So by putting these two together for the next-generation things, we've been able to take the best of both of these worlds, and put it on it.

我也喜歡它，我認為我所描述的理念是 Rambus 在歷史上一直非常創新，但它不是一家產品公司。因此，業務流程不夠穩健，或者說產品上的業務流程不夠穩健。而Snowbush和Inphi，並不是說他們非常擅長將自己所做的事情產品化，無論是實體產品還是設計IP塊，我認為他們做得非常非常好。因此，透過將這兩者結合起來用於下一代產品，我們已經能夠充分利用這兩個世界的優點，並將其發揮出來。

So we think our 56 gig and beyond solutions are going to be great. They seem to be giving that kind of feedback from customers. The same thing on the buffer chip. We're really excited about DDR5, and what we're -- our innovation there, and where we are trying to take it. So we feel pretty solid about both of those.

因此，我們認為我們的 56 場及以上解決方案將會非常棒。他們似乎從客戶那裡得到了這種回饋。緩衝晶片上也是如此。我們對 DDR5 以及我們的創新以及我們正在努力實現的目標感到非常興奮。所以我們對這兩點都感覺非常可靠。

Just to have a balanced view for credibility, being in the product business from a broad, and especially from a patent licensing is a bit of a challenge culturally. So we're keeping that one very innovative patent side of the business because it's strong. It's great business for us, but slower growth. And we're complementing it, and trying to have cultural evolution to the product sides, where going faster with products is great, going fast with patents is usually not. So those are very, very different philosophies.

只是為了對可信度有一個平衡的看法，從廣泛的角度進入產品業務，尤其是專利許可，在文化上是一個挑戰。因此，我們保留了業務中非常創新的專利方面，因為它很強大。這對我們來說是一項偉大的業務，但成長速度較慢。我們正在對其進行補充，並試圖在產品方面進行文化演變，在產品方面加快速度是件好事，但在專利方面加快速度通常不是。所以這些是非常非常不同的哲學。

Great. Thank you. And then, in the payment to ticketing business, it seems like the launch of the app and announcement there is significant, along with what you're doing in Design Con and Mobile World Congress. I was curious, if you could share maybe some of the other potential milestones of the future for that segment?

偉大的。謝謝。然後，在票務支付業務中，應用程式的推出和公告似乎很重要，以及您在設計大會和行動世界大會上所做的事情。我很好奇，您能否分享一下該領域未來的一些其他潛在里程碑？

For which segment the -- ?

對於哪個部分 - ？

For the payment and ticketing or security business.

用於支付和票務或保安業務。

Payment and ticketing. So yes, so it goes back to what I've said a couple times on the call. If you think about any merchant, and it doesn't have to be a transit, a ticket. It could be a retail store, it could be a gas pump store, it could be a DIY store.

付款和票務。所以是的，這又回到了我在電話中多次說過的話。如果你想到任何一個商人，它不一定是一種交通，一張機票。它可以是一家零售店，可以是一家加油站，也可以是一家 DIY 商店。

There's lots of things out there that in the smart card world that customers have. They have loyalty cards, and they have gift cards, and all sorts of different units of value. And there's new currencies that are out there like Bitcoin or new peer-to-peer initiatives that are developing, and we have a deep understanding of the enterprise class software that goes to banks and to merchants. And we have it's really built around tokenization.

在智慧卡領域，客戶擁有很多東西。他們有會員卡、禮品卡以及各種不同的價值單位。還有像比特幣這樣的新貨幣或正在開發的新點對點計劃，我們對銀行和商家使用的企業級軟體有深入的了解。我們的它實際上是圍繞標記化而建構的。

And what we've done is through the work that Rambus has done, especially Jerome Nadel, our CMO, we've complemented these enterprise software businesses with real value, that they can take to their customers with these apps. And so, we're trying to -- the next milestone is Mobile World Congress where we're going to talk a little bit more about what we're delivering more broadly to the merchants. And then, it's just some pilots which we already have pilots planned and underway with some customers. But we won't tell you about those right away, but it's later in the year. And most importantly, it's revenue and profit, which we hope to have as early as the second half, and obviously in 2018.

我們所做的就是透過Rambus 所做的工作，特別是我們的首席行銷長 Jerome Nadel 所做的工作，我們為這些企業軟體業務提供了真正的價值，他們可以透過這些應用程式將其帶給客戶。因此，我們正在努力——下一個里程碑是世界行動通訊大會，我們將在會議中更多地討論我們向商家提供的更廣泛的服務。然後，這只是一些試點項目，我們已經計劃了試點項目，並正在與一些客戶合作。但我們不會立即告訴您這些訊息，而是在今年晚些時候。最重要的是收入和利潤，我們希望最早在下半年就能實現，當然是 2018 年。

Great. Thank you. That was all my questions.

偉大的。謝謝。這就是我所有的問題。

Thanks.

謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Our next question comes from the line of Atif Malik from Citigroup.

我們的下一個問題來自花旗集團的 Atif Malik。

Hi, thanks for taking my questions. Ron, can you provide an update on the storage class memory project, which Tsinghua University, and then maybe the scope of the project? And then I have a follow-up.

您好，感謝您回答我的問題。 Ron，您能否提供清華大學儲存層級記憶體專案的最新情況，以及該專案的範圍？然後我有一個後續行動。

Sure. The [Tsinghua] University initiative is on the resistive RAM. We've been working with them, and doing multiple designs. We've had a prototype chip, and we've done a second larger chip, and we're in discussions more broadly in China on how to jump start that in a commercial way, which is still early days. But we didn't have a staff in China, and now we have some really high-powered executives that came to us from the memory industry, and they're trying to set up the right commercial structure, so that we can expand this.

當然。 [清華]大學的倡議是關於電阻式RAM。我們一直在與他們合作，並進行多種設計。我們已經有了一個原型晶片，我們已經完成了第二個更大的晶片，我們正在中國更廣泛地討論如何以商業方式啟動它，這還處於早期階段。但我們在中國沒有員工，現在我們有一些來自記憶體行業的非常有權力的高階主管，他們正在努力建立正確的商業結構，以便我們可以擴展這項業務。

Okay. And then, Rahul, can you talk about the use of cash from here? Will you be looking at more acquisitions this year to sustain that 12% to 15% long-term revenue growth you guys talked about in September?

好的。然後，拉胡爾，你能在這裡談談現金的使用嗎？你們今年會考慮進行更多收購，以維持你們在 9 月談到的 12% 至 15% 的長期收入成長嗎？

Sure, Atif. I'm happy to talk about use of cash. Look, what we did, is we generated quite a bit of cash flow in Q4, and I expect that in the future over the course of 2017, we'll continue to generate cash. Now what we look at is, a couple of different ways to deploy that.

當然，阿提夫。我很高興談論現金的使用。看，我們所做的是，我們在第四季度產生了大量現金流，我預計在 2017 年的未來，我們將繼續產生現金。現在我們看的是幾種不同的部署方法。

One is to be opportunistic in terms of acquisitions as they occur or as they become available, again targeting areas where we have market or technical expertise, where it makes sense for us to go serve a market for our existing customers. Now the other potential use of cash is, of course, a stock buyback, and that's something that Rambus has done in the past as well. And looking at our opportunities, I think those are two most likely uses of cash, either an acquisition that has to again, be at the right terms for Rambus, or from a stock buyback perspective.

一是在收購發生或可用時抓住機會，再次瞄準我們擁有市場或技術專長的領域，在這些領域，我們可以為現有客戶提供服務。當然，現在現金的另一個潛在用途是股票回購，這也是 Rambus 過去做過的事。看看我們的機會，我認為這是兩種最有可能的現金用途，要么是必須再次以適合 Rambus 的條件進行的收購，要么是從股票回購的角度來看。

Okay. Thanks.

好的。謝謝。

Thank you. And that concludes our question and answer session for today. I'd like to turn the conference back over to Dr. Ron Black for any additional comments.

謝謝。我們今天的問答環節到此結束。我想將會議轉回給羅恩·布萊克博士徵求任何補充意見。

As you can see, we are well-aligned with the needs of the industry, and have the right programs in place to capitalize on the trends driving technology choices. Thank you again for your continued interest and time. Have a very good day.

正如您所看到的，我們非常符合行業的需求，並制定了正確的計劃來利用推動技術選擇的趨勢。再次感謝您的持續關注和時間。祝你有美好的一天。

Ladies and gentlemen, thank you for your participation in today's conference. This does conclude the program, and you may now 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，您現在可以斷開連接。大家，祝你有美好的一天。