Rambus Inc (RMBS) 2017 Q3 法說會逐字稿

Welcome to the Rambus Third Quarter and FY '17 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to Rahul Mathur, Chief Financial Officer. You may begin your conference.

歡迎參加 Rambus 第三季和 2017 財政年度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。我現在想將會議交給財務長拉胡爾·馬圖爾 (Rahul Mathur)。您可以開始您的會議了。

Thank you, Amanda, and welcome to the Rambus Third Quarter 2017 Results Conference Call. I'm Rahul Mathur, CFO; and on the call with me today is Dr. Ron Black, our President and CEO. 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 98501879 when you hear the prompt.

謝謝阿曼達，歡迎參加 Rambus 2017 年第三季業績電話會議。我是財務長拉胡爾‧馬圖爾 (Rahul Mathur)；今天與我通話的是我們的總裁兼執行長 Ron Black 博士。我們今天將討論的結果新聞稿已透過 8-K 表格提交給 SEC。下週可撥打 (855) 859-2056 重播此電話會議。您可以撥打免費電話，然後在聽到提示時輸入 ID 號碼 98501879 來收聽重播。

In addition, we are simultaneously webcasting this call, and along with the audio, we are webcasting slides that we will reference during a portion of today's call. So even if you're 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 5:00 p.m. Pacific Time.

此外，我們同時對本次電話會議進行網路廣播，並與音訊一起網路廣播投影片，我們將在今天電話會議的一部分中參考這些投影片。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。太平洋時間。

In an effort to provide greater clarity on the financials, we're using both GAAP and non-GAAP financial presentations in both our press release and also on this call. Our discussion today will contain forward-looking statements regarding our financial guidance for future periods, including Q4 2017 and full year 2018 prospects, product strategies, timing of expected product launches, demand for existing and newly acquired technologies, potential benefits of our recent acquisitions, the growth opportunities of the various markets we serve and changes that we will experience in our financial reporting due to our adoption of new revenue recognition standards starting in Q1 2018 amongst 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.

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 財務簡報。我們今天的討論將包含有關我們未來時期財務指引的前瞻性陳述，包括2017 年第四季和2018 年全年前景、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、我們所服務的各個市場的成長機會，以及由於我們從 2018 年第一季開始採用新的收入確認標準等原因，我們將在財務報告中經歷的變化。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, we will discuss non-GAAP financial results today 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.

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了這些非 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 指標的調整表。您可以在我們的網站 rambus.com 的投資者關係頁面上看到這一點。

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

我們的通話順序如下：羅恩將首先概述業務；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. Ron?

我現在將把電話轉給羅恩，以提供本季的概述。羅恩？

Thanks, Rahul, and good afternoon, everyone. We delivered a strong third quarter, and I'm excited about the progress we are making across all of our businesses as we maintain our growth trajectory for the data center in mobile edge markets, making data faster and safer.

謝謝拉胡爾，大家下午好。我們第三季的業績表現強勁，我對我們所有業務所取得的進展感到興奮，因為我們保持了行動邊緣市場資料中心的成長軌跡，使資料更快、更安全。

From a financial perspective, we delivered revenues of $99.1 million, up 10% year-over-year, and our non-GAAP diluted net income per share was $0.19. As we discussed at our annual Analyst Day earlier in the quarter, we continue to demonstrate our leadership and execution on strategic programs to deliver profitable growth across the company.

從財務角度來看，我們的營收為 9,910 萬美元，年增 10%，非 GAAP 攤薄後每股淨利為 0.19 美元。正如我們在本季度早些時候的年度分析師日所討論的那樣，我們將繼續展示我們在戰略計劃方面的領導力和執行力，以實現整個公司的盈利增長。

This was a positive quarter for our Memories and Interface Division with the announcement of the industry's first silicon-proven server DIMM buffer chipset capable of achieving the speed targeted for next-generation DDR5. This represented an important milestone for both the company and the market as it puts us in a leadership position and enables us to drive the ecosystem faster than the competition, providing an early path to market readiness and adoption for next-generation data center solutions.

對於我們的記憶體和介面部門來說，這是一個積極的季度，我們宣布推出業界首款經過矽驗證的伺服器 DIMM 緩衝晶片組，該晶片組能夠實現下一代 DDR5 的目標速度。這對公司和市場來說都是一個重要的里程碑，因為它使我們處於領先地位，並使我們能夠比競爭對手更快地推動生態系統發展，為下一代資料中心解決方案的市場準備和採用提供早期途徑。

Moving to IP cores. We are pleased to expand our partnership with GLOBALFOUNDRIES and expand our portfolio of high-speed interfaces for data center and enterprise applications with the addition of 16-gig and 30-gig SerDes IP cores on their 14-nanometer FX-14 ASIC platform. The suite of silicon-proven PHYs are designed to ease integration and speed time to market for our customers by maximizing performance and flexibility. Additionally, as far as the ongoing ecosystem development to accelerate adoption, we validated the interoperability of our memory PHYs with Northwest Logic and ARM memory controllers.

轉向 IP 核。我們很高興擴大與 GLOBALFOUNDRIES 的合作關係，並透過在 GLOBALFOUNDRIES 的 14 奈米 FX-14 ASIC 平台上添加 16-gig 和 30-gig SerDes IP 核來擴展我們用於資料中心和企業應用的高速介面產品組合。經過矽驗證的 PHY 套件旨在透過最大限度地提高性能和靈活性來簡化整合並加快客戶的上市時間。此外，就正在進行的生態系統開發以加速採用而言，我們驗證了記憶體 PHY 與 Northwest Logic 和 ARM 記憶體控制器的互通性。

Turning now to our Security Division, which consists of mobile payments, ticketing and cryptography groups, we continue to build strong momentum in product adoption and rollout. For our payment scheme, there is ongoing traction for our tokenization solutions, teaming with eftpos, a leading debit card network in Australia, to support the rollout of Apple Pay to their debit card users. With millions of eftpos-only debit cards distributed across Australia, eftpos is the country's most popular debit payment method. This collaboration allows more than 1 million consumers to enjoy secure mobile payments using Apple Pay, leveraging our proven token service provider software to replace traditional primary account numbers with temporary, unique identifiers, called payment tokens, for increased protection.

現在轉向我們的安全部門，該部門由行動支付、票務和加密部門組成，我們繼續在產品採用和推出方面建立強勁勢頭。對於我們的支付方案，我們的標記化解決方案持續受到關注，與澳洲領先的借記卡網路 eftpos 合作，支援向其借記卡用戶推出 Apple Pay。澳洲各地分佈著數以百萬計的 eftpos 金融卡，eftpos 是全國最受歡迎的借記支付方式。此次合作使超過100 萬消費者能夠使用Apple Pay 享受安全的行動支付，利用我們經過驗證的令牌服務提供商軟體，以臨時、唯一的識別碼（稱為支付令牌）取代傳統的主帳號，以增強保護。

In addition, our unified payment platform, which was launched in the first quarter of this year, continues to attract global interest as a solution that is well positioned to enable the shift to scan-and-go retail experiences in tokenized trusted transactions.

此外，我們於今年第一季推出的統一支付平台作為解決方案繼續吸引了全球的興趣，該解決方案能夠在代幣化可信任交易中實現掃描即走零售體驗的轉變。

For our cryptography group, we demonstrated our CryptoManager IoT Security Services on a leading cloud platform, highlighting our capabilities for seamless device-to-cloud secured connectivity, life cycle management and monitoring. Referred to previously as IoT device management, the IoT security service is part of our broader CryptoManager platform for chip to cloud to crowd security that manages trusted relationships and identity throughout the life cycle of an SoC.

對於我們的密碼學團隊，我們在領先的雲端平台上展示了​​我們的 CryptoManager IoT 安全服務，強調了我們實現無縫設備到雲端安全連接、生命週期管理和監控的能力。物聯網安全服務以前稱為物聯網設備管理，是我們更廣泛的 CryptoManager 平台的一部分，該平台用於晶片到雲端到人群的安全，可在 SoC 的整個生命週期中管理可信任關係和身分。

Delivery to IoT service providers and OEMs, the CryptoManager IoT Security Service can be used in conjunction with Rambus grid of trust cores or independently to enable secure connectivity in life cycle management of IoT devices, supporting a variety of leading cloud solutions and client hardware architectures. We are pleased with the industry's feedback we've received thus far and expect to be piloting within the first half of 2018.

CryptoManager 物聯網安全服務交付給物聯網服務供應商和OEM 後，可以與Rambus 信任核心網格結合使用，也可以獨立使用，以在物聯網設備的生命週期管理中實現安全連接，支援各種領先的雲端解決方案和客戶端硬體架構。我們對迄今為止收到的業界回饋感到滿意，並預計在 2018 年上半年進行試點。

In closing, we continue to execute and are gaining traction with our products and services while establishing and expanding partnership agreements with industry leaders. We are investing in programs that position the company as a market leader and drive profitable growth across the entire business.

最後，我們繼續執行我們的產品和服務並獲得吸引力，同時與行業領導者建立和擴大合作夥伴協議。我們正在投資旨在將公司定位為市場領導者並推動整個業務獲利成長的計劃。

With that, I'll turn the call to Rahul to discuss the quarter's financial results. Rahul?

接下來，我將打電話給拉胡爾，討論本季的財務表現。拉胡爾？

Thanks, Ron. I'd like to begin with our financial results for the quarter. Let me start with some highlights on Slide 6.

謝謝，羅恩。我想先介紹一下我們本季的財務表現。讓我從幻燈片 6 的一些亮點開始。

As Ron mentioned, we had a solid quarter. We delivered revenue growth of 10% year-over-year at the midpoint of our guided range and up 5% from Q2. We delivered non-GAAP EPS at the high-end of the updated range we provided at our Analyst Day by focusing on disciplined cost management while continuing our investments in our growth initiatives. We continue to leverage our high-margin historic businesses to fuel growth in adjacent areas where we have strong technical and market expertise with a focus on memory and security. Our Q3 revenue and profitability showed our ability to execute on our strategic initiatives while delivering profitable growth.

正如羅恩所提到的，我們有一個穩定的季度。我們的營收年增 10%，處於指導範圍的中點，較第二季成長 5%。透過專注於嚴格的成本管理，同時繼續對成長計畫進行投資，我們在分析師日提供的非公認會計原則每股收益達到了更新範圍的高端。我們繼續利用我們的高利潤歷史業務來推動鄰近領域的成長，在這些領域我們擁有強大的技術和市場專業知識，並專注於記憶體和安全性。我們第三季的收入和獲利能力表明我們有能力執行策略計劃，同時實現獲利成長。

Now let me talk you through some revenue details on Slide 7. Revenue for the third quarter was $99.1 million, at the midpoint of guidance we provided of $97 million to $101 million. Our revenue performance was due to execution by our Security business and continued strength in our licensing program. Going into additional detail: Our Memory and Interface revenue was $68.8 million; Security was $26.3 million; and our Lighting and Display Technology revenue was $4 million. Year-over-year, MID revenue grew by 9% and our Security Division grew by 17%. The increase in revenue from our Security Division was driven by our payments in cryptography businesses. We have a diversified revenue stream, and as I will discuss a little later, as we look at Q4 2017, we remain on track to meet current revenue projections for the fiscal year.

現在讓我向您介紹幻燈片 7 上的一些收入詳細資料。第三季的收入為 9,910 萬美元，按照我們提供的 9,700 萬美元至 1.01 億美元的指導中位數計算。我們的收入表現歸功於我們安全業務的執行以及我們許可計劃的持續實力。更多細節：我們的記憶體和介面收入為 6,880 萬美元；安保費用為 2,630 萬美元；我們的照明和顯示技術收入為 400 萬美元。與去年同期相比，MID 收入成長了 9%，我們的安全部門成長了 17%。我們安全部門收入的成長是由我們在密碼業務方面的支付所推動的。我們擁有多元化的收入來源，正如我稍後將討論的那樣，當我們展望 2017 年第四季時，我們仍有望實現本財年當前的營收預測。

Let me walk you through our non-GAAP income statement on Slide 8. Along with our solid revenue performance in Q3, we once again managed our expenses without sacrificing growth. Cost of revenue plus operating expenses or what we refer to as total operating expenses for the quarter came in at $64.6 million, below the bottom end of our forecasted range. We ended the quarter with headcount of 818, up from 790 in the previous quarter as we invest in our sales and engineering teams to support our growth initiatives.

讓我向您介紹投影片 8 上的非 GAAP 損益表。除了第三季穩健的收入表現外，我們再次在不犧牲成長的情況下管理我們的支出。本季的收入成本加上營運費用或我們所謂的總營運費用為 6,460 萬美元，低於我們預測範圍的下限。截至本季末，我們的員工人數從上一季的 790 人增加到 818 人，因為我們對銷售和工程團隊進行了投資，以支持我們的成長計畫。

Revenue and operating expenses led to operating income of $34.5 million, at the high end of our revised guidance range. After adjusting for non-cash interest expense on our convertible notes, non-GAAP interest and other expenses for the third quarter were $1.3 million, flat with Q2. Using the assumed flat rate of 35% for non-GAAP pretax income, net income for the quarter was $21.6 million or $0.19 a share, at the high end of our guidance.

收入和營運支出帶來的營運收入為 3,450 萬美元，處於我們修訂後的指導範圍的上限。在可轉換票據的非現金利息費用進行調整後，第三季的非 GAAP 利息和其他費用為 130 萬美元，與第二季持平。使用假設的非 GAAP 稅前收入 35% 的統一稅率，該季度淨利潤為 2,160 萬美元，即每股 0.19 美元，處於我們指導的上限。

Now let me turn to the balance sheet details on Slide 9. Overall cash, defined as cash, cash equivalents and marketable securities, was $183.6 million, up $16 million from the previous quarter due primarily to $15 million of cash from operations. Due to timings of billings and collections, we saw accounts receivable climb a bit in Q3 to expect strong collections and cash from operations in Q4. As I mentioned at our Analyst Day, we expect to continue to grow cash from operations in the future. Our ability to generate cash positions us nicely in the current industry environment and gives us flexibility we need to support our growth initiatives. As I showed at our Analyst Day, we expect to generate over $100 million of cash from operations this year and believe our current valuation is not aligned with our performance.

現在讓我來看看幻燈片9 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1.836 億美元，比上一季增加1600 萬美元，主要是由於營運現金為1500 萬美元。由於帳單和收款的時間安排，我們看到應收帳款在第三季略有上升，預計第四季度的營運收款和現金將強勁。正如我在分析師日提到的那樣，我們預計未來業務現金將繼續成長。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，並為我們提供了支持我們的成長計劃所需的靈活性。正如我在分析師日所展示的那樣，我們預計今年將透過營運產生超過 1 億美元的現金，並相信我們目前的估值與我們的業績並不相符。

Third quarter CapEx was $2 million, and depreciation was $3.2 million. In 2017, we have made 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'll have roughly $8 million of CapEx for the year with another $2 million or so in the fourth quarter. Correspondingly, I expect depreciation of roughly $3 million per quarter. Overall, we have a strong balance sheet with limited debt and expect to continue to generate strong cash from operations in the future.

第三季資本支出為 200 萬美元，折舊為 320 萬美元。 2017 年，我們進行了額外的資本投資，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，我預計今年我們將有大約 800 萬美元的資本支出，第四季還有 200 萬美元左右的資本支出。相應地，我預計每季折舊約為 300 萬美元。總體而言，我們擁有強勁的資產負債表和有限的債務，預計未來將繼續從營運中產生強勁的現金。

Now let me turn to our guidance for the third quarter on Slide 10. As a reminder, our forward-looking guidance reflects our best estimates at this point of time and our actual results could differ materially from what I'm about to review. We expect revenue in the fourth quarter between $98 million and $104 million, which represents our typical seasonal growth of 2% from the third quarter. We expect Q4 non-GAAP total operating expenses, which includes COGs, to be between $64 million and $69 million, up from Q3 as we invest in programs. We've been able to keep total operating expenses roughly flat as revenue grows, providing leverage to our financial model. Non-GAAP operating income for the third quarter is expected to be between $29 million and $40 million. We expect roughly $1 million of non-GAAP interest and other income expense, and based on a 35% tax rate, we expect between $10 million and $14 million in taxes. We expect our Q4 share count to be roughly 114 million fully diluted shares outstanding, which includes roughly [0.7 million] shares of dilution related to the $138 million convertible note due in the third quarter of 2018. This leads to between $0.16 and $0.22 of non-GAAP earnings per share for the quarter.

現在讓我談談幻燈片 10 上我們對第三季度的指導。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有重大差異。我們預計第四季的營收將在 9,800 萬美元至 1.04 億美元之間，這代表我們比第三季典型的季節性成長 2%。由於我們對該項目進行投資，我們預計第四季度非 GAAP 總營運支出（包括 COG）將在 6,400 萬美元至 6,900 萬美元之間，高於第三季。隨著收入的成長，我們能夠保持總營運費用大致持平，從而為我們的財務模型提供了槓桿作用。第三季非公認會計準則營業收入預計在 2,900 萬美元至 4,000 萬美元之間。我們預計非 GAAP 利息和其他收入支出約為 100 萬美元，根據 35% 的稅率，我們預計稅費在 1,000 萬至 1,400 萬美元之間。我們預計第四季度的已發行完全稀釋股票數量約為1.14 億股，其中包括與2018 年第三季到期的1.38 億美元可轉換票據相關的約[70 萬] 股稀釋股票。這導致非流動性在0.16 美元至0.22 美元之間。- 本季公認會計準則每股收益。

Looking ahead to 2018. We remain focused on executing on our product initiatives as well as maintaining our long-term focus on profitable growth. While we do not issue annual guidance, as we look at consensus estimates from our sell-side analysts, we're comfortable with the ranges we see for growth and are comfortable with the current consensus estimates for non-GAAP earnings per share for 2018.

展望 2018 年。我們仍然專注於執行我們的產品計劃，並保持對獲利成長的長期關注。雖然我們不發布年度指引，但當我們查看賣方分析師的共識估計時，我們對我們看到的增長範圍感到滿意，並對 2018 年非 GAAP 每股收益的當前共識估計感到滿意。

Let me finish with a summary on Slide 11. As I look at the quarter, we are proud of the solid performance by our team and the progress we continue to make on our financial and business initiatives. Our strategy remains unchanged. We are growing profitably through execution on our key growth programs, and we have a large, predictable, high-margin revenue base coupled with a strong balance sheet to support our strategic initiatives.

最後，讓我對投影片 11 進行總結。當我回顧本季時，我們為我們團隊的穩健表現以及我們在財務和業務計劃方面不斷取得的進展感到自豪。我們的策略保持不變。我們透過執行關鍵成長計畫來實現獲利成長，並且擁有龐大、可預測、高利潤的收入基礎以及強大的資產負債表來支持我們的策略性舉措。

With that, I'll turn the call back to Amanda, our operator, to begin Q&A. Could we please have our first question?

之後，我會將電話轉回給我們的接線生阿曼達，開始問答。我們可以問第一個問題嗎？

(Operator Instructions) And your first question comes from Suji Desilva.

（操作員說明）您的第一個問題來自 Suji Desilva。

Nice job on the quarter here. Couple of questions on the segments. On the security part of the business, can you talk about, I guess, the RSD contract line has come back up toward $10 million? It was there in the second half '16, if that's a secular trend or that's a seasonal trend, if there's any underlying drivers that perhaps take that above $10 million the next 2 quarters, just to understand the dynamics there.

本季工作做得很好。關於細分市場的幾個問題。關於業務的安全部分，您​​能談談，我猜，RSD 合約金額已恢復到 1000 萬美元嗎？它出現在 16 年下半年，如果這是長期趨勢或季節性趨勢，如果有任何潛在驅動因素可能會在接下來的 2 個季度將其帶至 1000 萬美元以上，只是為了了解那裡的動態。

Sure, Suji. So I think, specifically, what you're talking about is on our webcast deck, on Slide 16, we break out our revenue between royalties, products and then contracts and other, and you're referring to the contracts and other revenue line in RSD. I think that's a combination ...

當然，蘇吉。所以我認為，具體來說，您所談論的是我們的網路廣播平台，在幻燈片16 上，我們將收入分為特許權使用費、產品、合約和其他收入，您指的是合約和其他收入線相對標準差。我認為這是一個組合...

Correct.

正確的。

Of success both in our payments business as well as our cryptography business. What's interesting is that, that continued to -- does continue to grow. And I'd expect that to be roughly flat most likely in Q4, but I would expect to see growth there in 2018.

我們的支付業務和密碼業務都取得了成功。有趣的是，這一數字仍在持續成長。我預計第四季這一數字很可能會基本持平，但我預計 2018 年會出現成長。

Yes. Along those lines, are you seeing more recurring revenue come in there from some of the projects you've gotten live here? Or are we still -- are looking at licenses with recurring revenue being further out?

是的。沿著這些思路，您是否看到您在這裡開展的一些專案帶來了更多的經常性收入？還是我們仍在考慮經常性收入的授權？

Suji, let me [answer] that. Most of the business that we have is the traditional licensing model in cryptography and payments. We do have a recurring revenue model for the ticketing, but that's a smaller part of the business. The new platform that we announced in -- part of the CryptoManager platform for IoT security services, that will be a SaaS model with recurring revenue. The Unified Payments Platform that we announced and we're gaining a lot of traction on globally is also a SaaS model, so recurring revenue. So we're going to see an increasing recurring revenue. But I think it's going to be more in the second half of next year with stronger pilots in the first half, and maybe we'll be able to announce some sooner.

Suji，讓我[回答]這個問題。我們擁有的大部分業務都是密碼學和支付領域的傳統授權模式。我們確實有票務的經常性收入模式，但這只是業務的一小部分。我們宣布的新平台是物聯網安全服務 CryptoManager 平台的一部分，它將是一個具有經常性收入的 SaaS 模式。我們宣布的統一支付平台在全球範圍內獲得了極大的關注，它也是一種 SaaS 模式，因此經常性收入。因此，我們將看到經常性收入的增加。但我認為明年下半年會更多，上半年會有更強大的試點，也許我們能夠更快地宣布一些。

Great. That's good color there, Ron. And then switching over to the memory buffer side. Can you talk about the products there? What's a reasonable run rate assumption here near term? And is -- what's the mix of DDR3, DDR4? And are you seeing any Intel Skylake benefit? Any color there will be helpful.

偉大的。那裡的顏色很好，榮恩。然後切換到記憶體緩衝區端。能談談那裡的產品嗎？近期合理的運行率假設是多少？ DDR3 和 DDR4 的組合是什麼？您是否看到了英特爾 Skylake 的任何優點？任何顏色都會有幫助。

So maybe I'll do a little bit of the benefit. And I don't have the run rates in front of me, so I'll turn it over to Rahul. We definitively have a much stronger position in Skylake platform, and we're expecting to see increased revenue just on the DDR4 for the second -- or the first half of next year and continuing on. And of course, while it's not short-term revenue, the biggest leading indicator is the DDR5's base speed groups that we've announced and we're super excited about. As you know, it tends -- the person who tends to lead in the next generation, get the parts out there and work that ecosystem and really tune the parts tends to have a lion's share of the revenue. So that's what we're anticipating for DDR5. But we should get a much stronger buffer chip next year than we've had this year.

所以也許我會做一點好處。我面前沒有運行率，所以我會把它交給拉胡爾。我們在 Skylake 平台上無疑擁有更強大的地位，並且我們預計下半年或明年上半年並持續下去，僅 DDR4 的收入就會增加。當然，雖然這不是短期收入，但最大的領先指標是我們已經宣布的 DDR5 基本速度組，我們對此感到非常興奮。如您所知，往往會領導下一代，將零件放在那裡並在生態系統中工作並真正調整零件的人往往會獲得最大的收入份額。這就是我們對 DDR5 的期待。但明年我們應該會得到比今年更強的緩衝晶片。

And Suji, to the other part of your question, I think our buffer chip business is probably going to be in the $20-odd-million range for us in 2017, but because of the reasons that Ron outlined, I think we'll start to see growth there starting in the first half of 2018.

Suji，對於你問題的另一部分，我認為 2017 年我們的緩衝晶片業務可能會達到 20 多萬美元，但由於 Ron 概述的原因，我認為我們將開始從2018 年上半年開始，該地區將出現增長。

Got it. And then one quick follow-up there, Ron -- Rahul, rather. Can you talk about the gross margin you expect in the memory buffer business as that ramps into volume?

知道了。然後是一個快速的後續行動，羅恩——更確切地說是拉胡爾。隨著記憶體緩衝器業務量的增加，您能談談您對記憶體緩衝器業務毛利率的預期嗎？

Yes. So I still expect the gross margin in that business to be in the 50% range, and that's what we're seeing right now.

是的。因此，我仍然預計該業務的毛利率將在 50% 的範圍內，這就是我們現在所看到的。

Great. All right, thanks, guys. Nice job on the quarter.

偉大的。好的，謝謝大家。本季工作做得很好。

And your next question comes from Gary Mobley.

你的下一個問題來自加里·莫布里。

Congrats on some strong numbers for the quarter and guide as well. I wanted to ask a question about your capital allocation. I see that your debt is due in the next 9, 12 months and wondering what you're thinking there in terms of your need to roll that debt over into some new instrument and where you stand with respect to the remaining buyback.

祝賀本季度一些強勁的數據和指導。我想問一個關於你們的資本配置的問題。我看到您的債務將在未來 9、12 個月內到期，想知道您是否需要將該債務轉入某種新工具，以及您對剩餘回購的立場。

Sure. So I'll take the second part of that first. As you pointed out, Gary, we did another $50 million buyback in Q2, and I think that extends probably through the first week of November or so. In terms of the convertible debt, as you call, as you mentioned, we have $138 million that comes due in Q3 of 2018, and so I think you shouldn't be surprised if we do end up rolling that into a similar instrument a little before that comes to maturity.

當然。所以我將首先討論第二部分。正如你所指出的，Gary，我們在第二季度又進行了 5000 萬美元的回購，我認為這可能會持續到 11 月的第一周左右。就可轉換債務而言，正如您所提到的，我們有 1.38 億美元將於 2018 年第三季度到期，所以我認為如果我們最終將其轉入類似的工具中，您不應該感到驚訝在成熟之前。

I think, from our perspective, the debt market still looks very favorable, and it makes sense for us to keep some element of debt on our balance sheet. But I also, as I mentioned in my prepared remarks, think that we'll continue to generate a lot of cash from operations, and if we don't have anything in the near term from an M&A perspective, we shouldn't be surprised if we continue to do share repurchase.

我認為，從我們的角度來看，債務市場看起來仍然非常有利，我們在資產負債表上保留一些債務成分是有意義的。但正如我在準備好的發言中提到的那樣，我認為我們將繼續從營運中產生大量現金，如果從併購的角度來看我們短期內沒有任何現金，我們不應該感到驚訝如果我們繼續進行股票回購。

Okay. Rahul, did you mention that you expect RSD, the Security Division, to trend flat sequentially in Q4? And as well -- and along that line, I noticed your deferred revenue was essentially flat sequentially as we concluded Q3, and so I'm just trying to figure out the correlation there. Is the deferred revenue the primary component of the backlog in RSD? Or I guess, the point I'm trying to get to in general is what is -- does your visibility look like in RSD, whether it be a tangible backlog number or the pipeline.

好的。 Rahul，您是否提到您預計 RSD（安全部門）在第四季將持平？同樣，沿著這條線，我注意到，截至第三季末，你們的遞延收入基本上持平，所以我只是想找出其中的相關性。遞延收入是 RSD 積壓的主要組成部分嗎？或者我想，我想要表達的重點是——您的可見性在 RSD 中是否類似，無論是有形的積壓訂單數量還是管道數量。

Sure. So, we do have pretty good visibility in terms of RSD. I expect it to be roughly flat Q4 over Q3. It did grow very nicely Q3 over Q2, so flat is a pretty good result because it means we're sustaining our growth. Gary, unfortunately, there's just not a very good correlation between what we print in deferred revenue and what shows up because it really just is the timing of when we receive cash versus the time that we can do our invoicing. And if you recall, because we do have different revenue models, right, we have licensing models, we have product models, we have SaaS models as well, there's a lot of different things that will flow in and out of that deferred revenue account over the course of the quarter. So trust me, I've tried to do the same thing. It's just harder to build your intuition on a quarter-to-quarter basis on what our deferred revenue will bode for the future.

當然。因此，我們在 RSD 方面確實有很好的可見性。我預計第四季與第三季大致持平。與第二季相比，第三季的成長確實非常好，所以持平是一個非常好的結果，因為這意味著我們正在維持成長。加里，不幸的是，我們在遞延收入中打印的內容與顯示的內容之間並沒有很好的相關性，因為這實際上只是我們收到現金的時間與我們可以開具發票的時間之間的關係。如果你還記得的話，因為我們確實有不同的收入模式，對吧，我們有許可模式，我們有產品模式，我們也有 SaaS 模式，有很多不同的東西會流入和流出遞延收入賬戶本季度的進程。所以相信我，我也嘗試過做同樣的事情。只是很難根據每季的情況對我們的遞延收入對未來的預示產生直覺。

But to your earlier question, I think we do have a lot of growth opportunity in RSD in 2018. The business has performed very well over the course of this year. I think one of the things that we look at is, as we look at 2018, I think more than half of the revenue is with existing partners and customers, which is a very good sign.

但對於你之前的問題，我認為 2018 年 RSD 確實有很多成長機會。今年這項業務表現非常好。我認為我們關注的一件事是，就 2018 年而言，我認為一半以上的收入來自現有合作夥伴和客戶，這是一個非常好的跡象。

Okay. Something you guys don't often speak about is RLD, and I'm just wondering if you can give us a sense of the revenue prognosis for RLD just given the fact that it isn't a key investment area. And then as well, what are the long-term plans for that group however small or however large it is today?

好的。你們不常談論的是 RLD，我只是想知道你們能否讓我們了解 RLD 的營收預測，因為它不是一個關鍵的投資領域。然後，無論該團體目前規模大小，其長期計劃是什麼？

Sure. So I think RLD was about $4 million for us in Q3. I expect it to be roughly flat in Q4. It continues to chug along. It's running at roughly a break-even business from an operating perspective and also from a cash perspective as well. I think there's interesting opportunities that we have in RLD in that we have new product announcements that we're doing that really broaden the [bake] there. We've been pretty excited with some of the design wins. So I think the business continues to support itself.

當然。所以我認為 RLD 在第三季為我們帶來了大約 400 萬美元。我預計第四季將大致持平。它繼續前進。從營運角度和現金角度來看，該公司的業務大致處於收支平衡狀態。我認為我們在 RLD 中擁有一些有趣的機會，因為我們正在發布新產品，這確實拓寬了那裡的[烘焙]範圍。我們對一些設計勝利感到非常興奮。因此，我認為該業務將繼續自我支持。

And your next question comes from Betsy Van Hees.

你的下一個問題來自貝齊·範·希斯。

Let me add my congratulations on the strong quarter and great guidance. I wanted to ask a question on the effective tax rate because it looks like it's 45% on a GAAP basis and 35% on pro forma. And given that we're getting a better sense of what the potential corporate tax rates are going to be, is there any benefit for you guys given the tax bracket you're currently in?

讓我對強勁的季度業績和出色的指導表示祝賀。我想問一個關於有效稅率的問題，因為按照公認會計原則 (GAAP) 計算，實際稅率為 45%，按形式計算，實際稅率為 35%。鑑於我們對潛在的企業稅率有了更好的了解，考慮到你們目前所處的稅級，對你們有什麼好處嗎？

Sure. Betsy, let me give you a little more information. Our GAAP taxes -- our cash taxes are usually about $20 million or $25 million a year, and those are predominantly related to the taxes we have on the licensing agreements we have with our partners in Korea. We use a 35% statutory rate for our non-GAAP tax rate, but if there is a change in terms of overall tax legislation, you should expect us to change our pro forma tax rate, our non-GAAP tax rate accordingly. And you would see that -- a benefit for Rambus in terms of after-tax earnings on a non-GAAP basis.

當然。貝特西，讓我提供更多資訊。我們的 GAAP 稅——我們的現金稅通常每年約為 2000 萬或 2500 萬美元，這些稅主要與我們與韓國合作夥伴簽訂的許可協議所繳納的稅有關。我們的非 GAAP 稅率採用 35% 的法定稅率，但如果總體稅收立法發生變化，您應該預期我們會相應更改我們的預期稅率和非 GAAP 稅率。你會發現，以非公認會計準則計算，Rambus 的稅後收益將受益匪淺。

And then a clarification on cash flow from operations. You said that was $15 million. Is that correct?

然後對營運現金流進行澄清。你說那是1500萬美元。那是對的嗎？

That's right. It was $15 million in Q3.

這是正確的。第三季為 1500 萬美元。

Okay. And then my last question is -- and I'll hop back in the queue -- is on OpEx. You're doing a tremendous job in controlling expenses. And as we look at the March quarter, can we still expect a tick up in operating expenses given that you have bonuses, onetime charges, FICA, things like that? Or are you going to be able to continue to do the excellent job that you're doing in keeping things sort of flat to down?

好的。我的最後一個問題是——我會跳回隊列中——是關於營運支出的。你在控制開支方面做得非常出色。當我們審視 3 月的季度時，考慮到您有獎金、一次性費用、FICA 之類的東西，我們還能預期營運支出會增加嗎？或者你能夠繼續出色地完成你正在做的讓事情保持平穩的工作？

So I wouldn't be surprised if we have a little bit of a tick up in Q1 in terms of total operating cost and expenses. There's a couple of different pieces related to that. One is that, as you mentioned in Q1, we have a FICA and some of the other statutory charges that come in. That usually impacts us by about $1 million or $1.5 million. The second part is that I hope that our buffer chip business continues to grow in Q1, and then we would have higher COGS associated with higher revenue according to buffer chip. But one of the things that we have been doing is working on that capital allocation model and making sure that we continue to invest in the program.

因此，如果我們第一季的總營運成本和費用略有上升，我不會感到驚訝。有幾個與此相關的不同部分。一是，正如您在第一季提到的，我們有 FICA 和其他一些法定費用。這通常會影響我們約 100 萬或 150 萬美元。第二部分是，我希望我們的緩衝晶片業務在第一季繼續成長，然後根據緩衝晶片，我們將擁有更高的 COGS 和更高的收入。但我們一直在做的事情之一是研究資本配置模型並確保我們繼續投資於該計劃。

So with that said, I think you would see a little bit of uptick in Q1 related to total operating cost and expenses partly because of COGS, partly because of FICA and because of investments we're making in our sales and engineering [teams].

話雖如此，我認為您會看到第一季與總營運成本和費用相關的一些上升，部分原因是銷貨成本，部分原因是 FICA 以及我們對銷售和工程[團隊]的投資。

Thank you so much for all the clarification and the highlights and once again congratulations on a great quarter and the guidance.

非常感謝您的所有澄清和亮點，並再次祝賀您的出色季度和指導。

Your next question comes from Atif Malik.

您的下一個問題來自阿蒂夫·馬利克。

Rahul, you mentioned that you're comfortable with the consensus revenue growth for next year to around 4%, 5%. Can you just talk about, in terms of products, which products you're most excited about in terms of driving year-over-year growth? And then as a follow-up, your long-term target model calls for 12% to 15% type growth. Is that a realistic long-term growth model given that you're kind of guiding or alluding to 4%, 5% revenue growth?

Rahul，您提到您對明年 4%、5% 左右的共識收入成長感到滿意。您能否談談，就產品而言，您對哪些產品在推動同比成長方面最感到興奮？然後，作為後續行動，您的長期目標模型要求 12% 到 15% 的成長。鑑於您指導或暗示 4%、5% 的收入成長，這是現實的長期成長模式嗎？

Atif, it's Ron. I'll take -- in terms of, kind of not necessarily priority order of growth, the areas I think we're going to have the strongest growth, the different lines of business, and then Rahul can come back with the long-term operating model. So there's a couple of areas. As we just said repeatedly, we think we're in a much better position with Skylake. We're really engaged with all of the ecosystem. We think we're really starting to execute on that with the improved products [on all level] (inaudible) [4] and beyond. So we think the buffer chip is going to grow and grow nicely with the good gross margin that Rahul commented on.

阿提夫，我是羅恩。我會採取——就成長的優先順序而言，我認為我們將擁有最強勁成長的領域，不同的業務線，然後拉胡爾可以帶著長期的目標回來營運模式。所以有幾個領域。正如我們剛才反覆說過的，我們認為 Skylake 的地位要好得多。我們真正參與了整個生態系統。我們認為我們確實開始透過改進的產品[在所有層級]（聽不清楚）[4] 及其他方面來執行此操作。因此，我們認為緩衝晶片將會成長，並且隨著拉胡爾評論的良好毛利率而成長良好。

The other part, in general, is the tokenization capabilities that we have, whether it's on the ticketing side or on the payment side. We're starting to see expanded interest in tokenization. A lot of people ask me, "Wow, I don't completely understand Rambus and the cores and the embedded security and CryptoManager and the tokenization. How does that fit together?" And one of the simple models that we've started to discuss with customers in the industry and partners is, when we have something like the CryptoManager IoT, the security services, we're really securing an endpoint in an IoT device or, in fact, on a mobile phone if we choose to do that with some of the VPA technology that we use in the SIM cards and NFC.

一般來說，另一部分是我們擁有的代幣化能力，無論是在票務方面還是在支付方面。我們開始看到人們對代幣化的興趣不斷擴大。很多人問我，“哇，我不完全理解 Rambus 和核心、嵌入式安全性、CryptoManager 和標記化。它們是如何結合在一起的？”我們開始與行業客戶和合作夥伴討論的簡單模型之一是，當我們擁有 CryptoManager IoT（安全服務）之類的東西時，我們實際上是在保護物聯網設備中的端點，或者事實上，在手機上，如果我們選擇使用我們在SIM 卡和NFC 中使用的一些VPA 技術來實現這一點。

But these devices, they create data. And the data needs to be secured, and the way you do that is with token. And the data is used for transactions. So this chip to cloud to crowd, it's really starting to be synergistic. Everybody's starting to get it. So I don't think it's going to be quick with the IoT security services. It takes a long time, but we're getting a lot of great traction. And kind of the leading indicator on that is that I think it'll be longer-term revenue, not as much next year. Next year, you're going to see more about the tokenization part of it, is the ecosystem collaboration. We announced a partnership with STMicroelectronics, so it's provisioning not just our cores but others, same thing with Synopsys and their tRoot and of course, this broader collaboration to look to extend with SoftBank Technology Group and Cybertrust. So I think we're gaining that traction short term, buffer chip and tokenization [both] on payments and ticketing, longer term on IoT security services.

但這些設備會創造數據。資料需要受到保護，而做到這一點的方式就是使用令牌。並且數據用於交易。因此，從晶片到雲到人群，它確實開始發揮協同作用。每個人都開始明白了。所以我認為物聯網安全服務不會很快出現。這需要很長時間，但我們已經獲得了很大的吸引力。這方面的領先指標是，我認為這將是長期收入，而不是明年那麼多。明年，您將看到更多有關其代幣化部分的內容，即生態系統協作。我們宣布與義法半導體建立合作夥伴關係，因此它不僅提供我們的核心，還提供其他核心，與Synopsys 及其tRoot 也是如此，當然，我們還希望與軟銀科技集團和Cyber​​trust 擴大這種更廣泛的合作。因此，我認為我們在支付和票務方面的短期緩衝晶片和標記化以及物聯網安全服務方面的長期吸引力正在增強。

And Atif, I'll take some of the other parts of your question. One, you talked about 2018, and I think what I said in prepared remarks is we're comfortable with the range of growth estimates that people have for us in 2018. So in some cases, it's a few percent higher. Some cases, it isn't higher than that and closer to our long-term model. Also, if you just look at Q3 '17 versus Q3 '16, when you look at the product breakdown, buffer chip is roughly flat year-over-year, but if you look at the growth in our other businesses, we are up 10% year-over-year. And I think what we talked about on a long-term basis at our Analyst Day is 12% to 15%.

Atif，我將回答你問題的其他部分。第一，你談到了2018 年，我想我在準備好的發言中所說的是，我們對人們對2018 年的成長預期範圍感到滿意。因此在某些情況下，它會高出幾個百分點。在某些情況下，它並不高於這個值，並且更接近我們的長期模型。此外，如果你只看 17 年第 3 季與 16 年第 3 季的比較，當你查看產品細分時，緩衝晶片同比大致持平，但如果你看看我們其他業務的增長，我們增長了 10 ％一年又一年。我認為我們在分析師日討論的長期目標是 12% 到 15%。

So I think, on a long-term basis, we absolutely can grow into that for some of the reasons that Ron talked about. Now one caveat is that, as I may have mentioned a little bit on our Analyst Day, is that I think the way that we account for our revenue is going to change in 2018. As I'm sure you're aware, there's a new standard ASC 606 that's going to come back -- come out that's going to change the way that companies that have a lot of royalty revenue like ours are reporting revenue. So we believe we're going to adopt the new standard ASC 606 according to the full retrospective method, so we'll give you the history as well on its effective date in the first quarter of 2018.

所以我認為，從長遠來看，我們絕對可以成長為羅恩談到的一些原因。現在需要注意的是，正如我在分析師日可能提到的那樣，我認為 2018 年我們計算收入的方式將會發生變化。我相信您已經意識到，有一個新標準ASC 606 即將回歸，它將改變像我們這樣擁有大量特許權使用費收入的公司報告收入的方式。因此，我們相信我們將根據全面追溯的方法採用新標準 ASC 606，因此我們也將向您提供其 2018 年第一季生效日期的歷史記錄。

And while we're yet to finalize our evaluation on the quantification of the effects that the standard's going to have on our financial statements, I currently expect that the revenue recognition derived from these sorts of fixed fee IP arrangements will likely be accelerated. And so we'll be required to write [each] revenue from per-unit royalty-based arrangements on the basis of estimates, and we'll have to true up every time the licenses come through to report actual sales. So what we're doing is we're going to evaluate the form and content of any guidance that we provide as well so that you still have a good indication of really how our underlying business and cash is performing. But I wouldn't be surprised if the guidance metrics change, but I just wanted to make sure that you had that caveat when we talk about things in the future.

雖然我們尚未最終確定該標準對我們財務報表影響的量化評估，但我目前預計，從此類固定費用知識產權安排中獲得的收入確認可能會加速。因此，我們將需要根據估計來寫出每單位基於特許權使用費的安排的收入，並且每次獲得許可證時我們都必須真實地報告實際銷售額。因此，我們正在做的是，我們還將評估我們提供的任何指導的形式和內容，以便您仍然可以很好地了解我們的基礎業務和現金的實際表現。但如果指導指標發生變化，我不會感到驚訝，但我只是想確保您在我們將來談論事情時有這樣的警告。

And your next question comes from Paul Coster.

你的下一個問題來自保羅·科斯特。

So first up, the DDR5 technology, are there any road maps being published by any OEMs that kind of give us some sense of when that technology will start to generate revenue for you?

首先，關於 DDR5 技術，OEM 廠商是否發布了任何路線圖，讓我們了解該技術何時開始為您帶來收入？

I don't know of any road maps, but I think what we've said publicly is, 2019, it might be in the second half start to see the ramp. It'll be stronger thereafter.

我不知道任何路線圖，但我認為我們公開表示的是，2019 年，可能會在下半年開始看到坡道。以後會更強。

Okay. Ron, the success you've had with tokenization software in '16, software in Australia and Scotland, it seems sort of rather eccentric wins. Can you explain to us how success in these 2 locations might translate into something bigger and broader?

好的。 Ron，你在 16 年的代幣化軟體、澳洲和蘇格蘭的軟體方面取得了成功，這似乎是相當奇怪的勝利。您能否向我們解釋這兩個地點的成功如何轉化為更大、更廣泛的成果？

These are not eccentric. They're just the timing of where it's starting -- struck [private] partnership in transport. It's just very advanced in what we do and more advanced than most of the other parts in the U.K. And our focus has been on the U.K. standard, ITSO. We're moving as quickly as we can internationally.

這些並不奇怪。他們只是開始的時機——在運輸領域達成[私人]合作夥伴關係。它在我們所做的事情上非常先進，並且比英國的大多數其他部分更先進，而且我們的重點一直是英國標準 ITSO。我們正在盡可能快速地向國際化邁進。

In terms of eftpos, they're one of the domestic schemes that we work with, like PCH or Interac in Canada. So we really have a broad global footprint with these domestic schemes, and also, Australia is one of the leading places of contactless. So today, I would say that's probably the #1 in the world on contactless adoption. So that's kind of the leading indicator. If you want to be in payment, if you want to really be advanced in mobile, that's a great place.

就 eftpos 而言，它們是我們合作的國內計劃之一，例如加拿大的 PCH 或 Interac。因此，我們的這些國內計劃確實在全球範圍內擁有廣泛的影響力，而且澳洲是非接觸式技術的領先國家之一。所以今天，我想說這可能是非接觸式採用方面世界第一的。這就是領先指標。如果你想進入支付領域，如果你想真正在行動領域取得進步，那是一個很好的地方。

And yet in London, which preceded to -- Australia in terms of contactless transportation, I think, with Cubic, they don't use your system. Why is that?

然而在倫敦，在非接觸式交通方面，我認為，在澳洲之前，對於 Cubic，他們不使用你的系統。這是為什麼？

We actually work with Cubic, and we provide the ITSO-based standard. Cubic and other partners like Scheidt & Bachmann have their own proprietary standard, but we only offer an open standard. So we are, in fact, partners with them. It's just that we obviously don't do the proprietary software that they use. We only do the open standard software, which is, my understanding, is what the U.K. is trying to drive across the [payment].

我們實際上與 Cubic 合作，並提供基於 ITSO 的標準。 Cubic 和 Scheidt & Bachmann 等其他合作夥伴擁有自己的專有標準，但我們只提供開放標準。事實上，我們是他們的合作夥伴。只是我們顯然不做他們使用的專有軟體。我們只做開放標準軟體，據我了解，這就是英國試圖推動的[支付]。

Right. Okay, got it. And finally, Rahul, if you just go back to accounts receivables, sort of silly question, but what was the reason for the jump there?

正確的。好，知道了。最後，拉胡爾，如果你回到應收帳款，這是一個愚蠢的問題，但是那裡跳躍的原因是什麼？

Yes. So our accounts receivable did climb quarter-over-quarter, and it really just is timing of billings and collections. I'd expect that to come down dramatically in Q4, and that would translate into much higher cash in operations. Obviously, it's something that we look at very closely, but I don't think there's any risk of collectability. I think it really just is on timing, and I'd expect it to come down in Q4.

是的。因此，我們的應收帳款確實逐季攀升，這其實只是開立發票和收款的時間安排。我預計第四季度這一數字將大幅下降，這將轉化為更高的營運現金。顯然，這是我們非常密切關注的事情，但我認為不存在任何收藏風險。我認為這確實是時候了，我預計它會在第四季度下降。

At this time, there are no further questions. This does conclude the question-and-answer session. I would now like to turn the call back over to Ron.

目前，沒有其他問題了。問答環節到此結束。我現在想把電話轉回給羅恩。

Thank you very much. As you can see, we continue to demonstrate our leadership and execution across our products and deliver profitable growth across the company. Thank you for your continued interest and time. Have a very nice day.

非常感謝。正如您所看到的，我們繼續在產品中展示我們的領導力和執行力，並在整個公司範圍內實現盈利增長。感謝您的持續關注和時間。祝你有美好的一天。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。