Rambus Inc (RMBS) 2017 Q4 法說會逐字稿

Welcome to the Rambus Fourth Quarter and FY '17 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

歡迎參加 Rambus 第四季和 2017 財政年度收益電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。

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

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, Jesse, and welcome to the Rambus Fourth 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.

謝謝 Jesse，歡迎參加 Rambus 2017 年第四季業績電話會議。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。

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 8596527 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 8596527 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 portions 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 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部分內容中引用這些投影片。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 點開始，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。

Our discussion today will contain forward-looking statements regarding our financial guidance for future periods, including Q1 2018 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 we will experience in our financial reporting due to our adoption of new revenue recognition standards starting in Q1 2018, amongst other things.

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2018 年第一季和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，我們將在財務報告中經歷的變化。

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.

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。

In an effort to provide greater clarity in the financials, we're using both GAAP and non-GAAP financial presentations in both our press release and also on this call. We have posted on our website a reconciliation of these non-GAAP financials for 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.

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。我們在我們的網站上發布了這些非公認會計準則財務數據的調節表，以與我們的新聞稿和幻燈片演示中最直接可比較的公認會計準則衡量標準進行比較。您可以在我們的網站 rambus.com 的「投資者關係」頁面上的「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 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 and the year. Ron?

現在我將把電話轉給羅恩，以提供本季和全年的概述。羅恩？

Thanks, Rahul, and good afternoon, everyone. We delivered a solid fourth quarter and strong year for 2017 overall. I'm excited by 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。 2017 年第四季和全年表現強勁。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, in Q4, we delivered revenues of $101.9 million, up 4% year-over-year, and our non-GAAP diluted net income per share was $0.19. For the full year, revenue was $393.1 million, up 17% year-over-year. We performed well in 2017 with strong execution on our product groups, demonstrated leadership on strategic programs and continued licensing of our broad IP portfolio. We signed multiple licensing deals in 2017 and just announced a license agreement with Marvell covering our patented memory, SerDes and securities technologies.

從財務角度來看，第四季我們的營收為 1.019 億美元，年增 4%，非 GAAP 攤薄後每股淨利潤為 0.19 美元。全年營收為 3.931 億美元，年增 17%。 2017 年，我們表現出色，產品組執行力強，在策略計畫方面展現領導力，並持續授權我們廣泛的智慧財產權組合。我們於 2017 年簽署了多項授權協議，並剛剛宣布與 Marvell 簽署了一項授權協議，涵蓋我們的專利記憶體、SerDes 和證券技術。

2017 was a positive year for our Memory and Interface Division in both chips and IP cores. We demonstrated our ongoing leadership with the introduction of the industry's first production release of the DDR4 nonvolatile Register Clock Driver for NVDIMMs as well as the industry's first silicon-proven server DIMM buffer chipset capable of achieving speeds expected for next-generation DDR5. We believe these were important achievements as they enable us to drive the ecosystem faster than competition and are leading indicators of success since first movers in prior generations have gained a disproportionate market share by being first.

2017 年對於我們的記憶體和介面部門的晶片和 IP 核心來說都是積極的一年。我們推出了業界首款適用於NVDIMM 的DDR4 非揮發性暫存器時脈驅動器量產版本，以及業界首款經過矽驗證的伺服器DIMM 緩衝晶片組，能夠實現下一代DDR5 的預期速度，展示了我們持續的領導地位。我們相信這些都是重要的成就，因為它們使我們能夠比競爭對手更快地推動生態系統發展，並且是成功的領先指標，因為前幾代的先行者通過成為第一者獲得了不成比例的市場份額。

We also strengthened our position in DDR4 buffer chips with approximately double the number of OEM and cloud customer qualifications across the Broadwell and Skylake platforms versus 2016, which we expect to lead to significant revenue growth this year.

我們也鞏固了我們在 DDR4 緩衝晶片領域的地位，Broadwell 和 Skylake 平台上的 OEM 和雲端客戶資格數量比 2016 年增加了約兩倍，我們預計這將導致今年的收入大幅成長。

Moving to IP cores. The product team continued to make progress with both commercial traction and product availability over the course of the year with a 25% increase in year-over-year in new customer design wins across our SerDes and memory PHYs; expansion of our ecosystem relationships with Samsung and GLOBALFOUNDRIES into new process geometries; and vision of our 56G SerDes and High Bandwidth Memory gen2, that's HBM2, PHY, complementing our already broad portfolio of IP cores for the data center and networking applications.

轉向 IP 核。產品團隊在這一年中繼續在商業吸引力和產品可用性方面取得進展，我們的 SerDes 和內存 PHY 贏得的新客戶設計數量同比增長了 25%；將我們與三星和 GLOBALFOUNDRIES 的生態系統關係擴展到新的工藝幾何結構；我們的 56G SerDes 和第二代高頻寬記憶體（即 HBM2、PHY）的願景，補充了我們用於資料中心和網路應用的廣泛 IP 核產品組合。

In addition, just last week, we announced our GDDR6 Memory PHY, which is gaining tremendous interest for high-performance applications like artificial intelligence, automotive and networking. It was also announced that the PHY will be part of a comprehensive solution with Micron, Northwest Logic and Avery Design.

此外，就在上週，我們發布了 GDDR6 記憶體 PHY，它引起了人工智慧、汽車和網路等高效能應用的極大興趣。它還宣布 PHY 將成為 Micron、Northwest Logic 和 Avery Design 綜合解決方案的一部分。

As the only IP vendor currently developing a broadly available PHY, we are opening up the high-speed capabilities of GDDR6 to exciting applications outside of graphics, such as cryptomining, machine learning and advanced driver assistance systems.

作為目前唯一一家開發廣泛可用的 PHY 的 IP 供應商，我們正在向圖形之外令人興奮的應用程式開放 GDDR6 的高速功能，例如加密貨幣挖礦、機器學習和高級駕駛員輔助系統。

Turning now to our Security Division, which consists of our cryptography, ticketing and mobile payment groups. We continued to build strong momentum in marketplace relevance and product adoption. Announced earlier this January, we were part of a research team of world-class security experts that identified 2 wide-reaching CPU vulnerabilities called Meltdown and Spectre. Discovered as part of our development work for secure compute solutions, Meltdown and Spectre highlight the need for chip security by design with controlled secure processing that does not depend on general-purpose computing. They also reinforced the value of solutions like our CryptoManager platform that take a hardware-based approach to ensure fundamental chip security with hardware root-of-trust to manage secure relationships and identity throughout the life cycle of an SoC.

現在轉向我們的安全部門，該部門由我們的密碼學、票務和行動支付團隊組成。我們持續在市場相關性和產品採用方面建立強勁勢頭。今年 1 月初，我們宣布加入由世界級安全專家組成的研究團隊，團隊發現了 2 個影響廣泛的 CPU 漏洞，稱為 Meltdown 和 Spectre。 Meltdown 和 Spectre 是我們安全運算解決方案開發工作的一部分，它強調了透過設計不依賴通用運算的受控安全處理來實現晶片安全的需求。他們還強化了 CryptoManager 平台等解決方案的價值，該平台採用基於硬體的方法來確保基本的晶片安全性，並透過硬體信任根來管理 SoC 整個生命週期中的安全關係和身分。

Following the launch of the CryptoManager IoT Security Service earlier this year, we continued to gain commercial traction for the broad CryptoManager platform with design wins and deployments of the CryptoManager infrastructure at SoftBank and its subsidiaries, Cybertrust Japan and MIRACLE LINUX for automotive and IoT applications. We also had ecosystem engagements with STMicroelectronics and Synopsys, and we announced our first customer for CryptoManager IoT Security Service with Cybertrust Japan. At CES, Cybertrust and Mitsufuji demonstrated secure biomonitoring with our platform.

繼今年稍早推出CryptoManager 物聯網安全服務後，我們繼續為廣泛的CryptoManager 平台贏得商業吸引力，並在SoftBank 及其子公司、Cyber​​trust Japan 和MIRACLE LINUX 中成功設計並部署CryptoManager 基礎設施，用於汽車和物聯網應用。我們還與意法半導體和 Synopsys 進行了生態系統合作，並宣布與 Cyber​​trust Japan 合作成為 CryptoManager 物聯網安全服務的第一個客戶。在 CES 上，Cyber​​trust 和 Mitsufuji 展示了我們平台的安全生物監測功能。

In ticketing, we accelerated our position in secure mobile ticketing with the launch of our Host Card Emulation, or HCE, Ticket Wallet Service and white-label mobile application. By integrating the proven technologies from our payments team, we're able to deliver a first-of-its-kind solution to U.K. transport that enables travelers to securely buy and download tickets directly to their smartphone and then tap through the existing gates at the station. Currently deployed as part of an upcoming pilot on the Glasgow Subway, the transition to mobile ticketing brought us from an infrastructure security provider to one that touches the end customer.

在票務方面，我們透過推出主機卡模擬（HCE）、票務錢包服務和白標行動應用程序，加速了我們在安全行動票務領域的地位。透過整合我們支付團隊的成熟技術，我們能夠為英國交通運輸提供同類首個解決方案，使旅客能夠安全地直接購買車票並將其下載到智慧型手機上，然後透過現有的登機口車站。目前，作為格拉斯哥地鐵即將進行的試點的一部分，向行動票務的過渡使我們從基礎設施安全提供者轉變為接觸最終客戶的提供者。

Finally, for our payments team, there's ongoing traction for our tokenization solutions with 4 commercial implementations in 2017 with financial institution customers for the secured digitization of payment cards in support of the rollout of Apple Pay, Android Pay and Samsung Pay. Each implementation levered our proven token service provider software to replace [traditional] primary account numbers with temporary unique identifiers called payment tokens for increased protection.

最後，對於我們的支付團隊來說，我們的代幣化解決方案在2017 年與金融機構客戶進行了4 次商業實施，以實現支付卡的安全數位化，以支援Apple Pay、Android Pay 和Samsung Pay 的推出，這對我們來說一直很有吸引力。每次實施都利用我們經過驗證的令牌服務提供者軟體，用稱為支付令牌的臨時唯一識別碼替換[傳統]主帳號，以增強保護。

With global trends shifting to support new payment methods like peer-to-peer, fast payments and automated clearinghouse, or ACH, we see growing demand that brings the security benefits of tokenization beyond traditional mobile payments.

隨著全球趨勢轉向支援點對點、快速支付和自動清算所 (ACH) 等新支付方式，我們看到不斷增長的需求使代幣化帶來的安全優勢超越了傳統行動支付。

With that, our Unified Payment Platform, or UPP, which was launched in the first quarter of 2017 to enable bank-level security and tokenization for the retail scan-and-go experience, brings us closer to the consumer and shifts the business model from onetime infrastructure software sales to ongoing revenue per transaction delivered in a SaaS model.

因此，我們於2017 年第一季推出的統一支付平台(UPP) 旨在為零售掃描即走體驗提供銀行級安全性和標記化，使我們更貼近消費者，並將業務模式從傳統支付方式轉變為支付方式。一次性基礎設施軟體銷售額與以 SaaS 模式交付的每筆交易的持續收入之比。

We continue to attract global interest and are currently engaged with a major retail customer in Asia Pacific to integrate and deploy the Unified Payment Platform into their digital payment system, leveraging our tokenization technology to bring security, together with the convenience of scan-and-go and real-time loyalty redemption for customers.

我們繼續吸引全球的興趣，目前正在與亞太地區的一家主要零售客戶合作，將統一支付平台整合並部署到他們的數位支付系統中，利用我們的代幣化技術帶來安全性以及掃描即走的便利性以及為客戶提供即時忠誠度兌換。

In closing, Q4 and 2017, at large, were strong. We continue to execute and are gaining traction with our products and services while establishing expanding partnership agreements with industry leaders to expand our reach. As we look forward to the rest of 2018 and beyond, we have partnered once again with the Global Semiconductor Alliance on a think peach -- piece, which can be downloaded from the GSA website. The piece examines the monetization of semiconductors and the potential of new markets and downstream revenue opportunities in new silicon-to-services model that spans the data center to the mobile edge. Keeping an eye toward these evolving dynamics, we continue to invest in and execute on programs that position the company as a market leader and drive profitable growth across our businesses.

總而言之，第四季和 2017 年整體表現強勁。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擴大的合作夥伴協議以擴大我們的影響力。當我們展望 2018 年剩餘時間及以後時，我們再次與全球半導體聯盟合作開發了一篇 think peach 文章，該文章可以從 GSA 網站下載。這篇文章探討了半導體的貨幣化以及新市場的潛力以及跨越資料中心到行動邊緣的新晶片到服務模型中的下游收入機會。我們密切關注這些不斷變化的動態，繼續投資和執行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 over to Rahul to discuss the quarterly financial results.

接下來，我將把電話轉給拉胡爾，討論季度財務表現。

Thanks, Ron. I'd like to begin with our financial results for the quarter, and I'll touch on some highlights for the year. Let me start with some highlights on Slide 7.

謝謝，羅恩。我想先介紹本季的財務業績，然後我將談談今年的一些亮點。讓我從幻燈片 7 的一些亮點開始。

As Ron mentioned, we had a solid quarter. We delivered revenue growth of 4% year-over-year, up 3% from Q3 and better than our typical seasonality of up 2%. We delivered non-GAAP EPS at the midpoint of our range by executing on our growth initiatives while continuing our investment in our business.

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 4%，比第三季成長 3%，優於我們典型的季節性成長 2%。透過執行我們的成長計劃，同時繼續對我們的業務進行投資，我們實現了非公認會計準則每股收益的中位數。

We're also pleased with our results for fiscal 2017. Revenue was $393.1 million, up 17% year-over-year. The increase in revenue was due to execution on the acquisitions we made in 2016 and continued strength in our licensing business. We also delivered $117.4 million of cash from operations in 2017, our strongest result since 2010.

我們對 2017 財年的業績也感到滿意。營收為 3.931 億美元，年增 17%。收入的成長歸因於我們在 2016 年進行的收購的執行以及我們的授權業務的持續強勁。 2017 年，我們也從營運中交付了 1.174 億美元的現金，這是自 2010 年以來最強勁的業績。

To drive long-term growth, 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.

為了推動長期成長，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，重點是記憶體和安全性。

Now let me walk you through some revenue details on Slide 8. Revenue for the fourth quarter was $101.9 million, above the midpoint of guidance we provided of $98 million to $104 million. We have a diversified revenue stream that supports our long-term growth, and our Q4 revenue performance was due to strength in our licensing (inaudible). Our licensing business continues to perform well, is the foundation of our success, and is core to our initiatives in both our Memory and Security businesses.

現在讓我向您介紹幻燈片 8 上的一些收入詳細資料。第四季度的收入為 1.019 億美元，高於我們提供的 9,800 萬美元至 1.04 億美元的指導中位數。我們擁有多元化的收入來源，支持我們的長期成長，我們第四季的營收表現歸功於我們的授權實力（聽不清楚）。我們的授權業務持續表現良好，是我們成功的基礎，也是我們記憶體和安全業務措施的核心。

Going into additional detail, our Memory and Interface revenue was $73.9 million, Security was $23.8 million, and our lighting and display technology revenue was $4.2 million. Year-over-year, MID revenue grew by 8% and our Security division grew by 3%.

更詳細地說，我們的記憶體和介面收入為 7,390 萬美元，安全性收入為 2,380 萬美元，照明和顯示技術收入為 420 萬美元。與去年同期相比，MID 收入成長了 8%，我們的安全部門成長了 3%。

Let me walk you through our non-GAAP income statement on Slide 9. Along with our solid revenue performance in Q4, we once again met our profitability targets. Cost of revenue plus operating expenses, or what we refer to as total operating expenses, for the quarter came in at $68.4 million.

讓我向您介紹投影片 9 上的非 GAAP 損益表。除了第四季度穩健的營收表現外，我們再次實現了獲利目標。該季度的收入成本加上營運費用，或我們所說的總營運費用，為 6840 萬美元。

We ended the quarter with headcount of 819, flat from 818 of the previous quarter. Over the course of 2018, we expect to invest in headcount to support our growth initiatives in our Memory and Security [businesses.]

本季結束時，我們的員工人數為 819 人，與上一季的 818 人持平。 2018 年，我們預計將投資於員工隊伍，以支援我們記憶體和安全業務的成長計畫。

Stronger revenue and operating expenses led to operating income of $33.5 million. We incurred $0.3 million of incremental interest expense related to the convertible notes we issued midway through Q4. This was offset by incremental interest income related to a higher return on our cash portfolio. After adjusting for noncash interest expense on our convertible notes, this resulted in non-GAAP interest and other expenses for the fourth quarter of $0.9 million, down from Q3. Using an assumed flat rate of 35% for non-GAAP pretax income, non-GAAP net income for the quarter was $21.2 million or $0.19 a share at the midpoint of our guidance.

強勁的收入和營運支出導致營運收入達到 3,350 萬美元。我們因第四季中期發行的可轉換票據而產生了 30 萬美元的增量利息支出。這被與我們的現金投資組合報酬率提高相關的增量利息收入所抵銷。對可轉換票據的非現金利息支出進行調整後，第四季的非公認會計準則利息和其他支出為 90 萬美元，低於第三季。使用假設的非 GAAP 稅前收入 35% 的統一稅率，該季度非 GAAP 淨利潤為 2,120 萬美元，按我們指引的中位數計算，每股收益為 0.19 美元。

Now let me turn to our balance sheet details on Slide 10. Cash, cash equivalents and marketable securities, totaled $329.4 million, up $145.7 million from (inaudible) quarter. This was due primarily to the $172.5 million in convertible notes we issued, which resulted in net cash proceeds of $159.6 million after expenses, sale of warrants and the cost of call option we issued in conjunction with the notes. These convertible notes carry an interest rate of 1.375% and mature on February 1, 2023. We purchased a 60% capped call, and these notes will only become dilutive to our shareholders once our stock price reaches $23.30. We used proceeds to extinguish $56.8 million of the $138 million convertible notes due in Q3 of 2018.

現在讓我來看看幻燈片 10 上的資產負債表詳細資料。現金、現金等價物和有價證券總計 3.294 億美元，比（聽不清楚）季度增加 1.457 億美元。這主要是由於我們發行了 1.725 億美元的可轉換票據，扣除費用、出售認股權證以及我們與票據一起發行的看漲期權成本後，淨現金收益為 1.596 億美元。這些可轉換票據的利率為 1.375%，並於 2023 年 2 月 1 日到期。我們購買了 60% 上限的買權，只有當我們的股價達到 23.30 美元時，這些票據才會稀釋我們的股東。我們用所得款項註銷了 2018 年第三季到期的 1.38 億美元可轉換票據中的 5,680 萬美元。

Cash also increased due to $59.8 million of cash from operations, reflecting the strong collections we anticipated in Q4. For the full year of 2017, cash from operations was $117.4 million, again, our strongest result since 2010. This is a strength of ours, and we expect to maintain our ability to generate cash from operations in 2018. This will also be an important metric to monitor on an annual basis as we implement ASC 606.

由於營運現金 5,980 萬美元，現金也有所增加，反映了我們預計第四季度的強勁收款情況。 2017 年全年，營運現金為1.174 億美元，再次是我們自2010 年以來最強勁的業績。這是我們的優勢，我們預計2018 年將保持我們從營運中產生現金的能力。這也將是一個重要的結果。在我們實施 ASC 606 時每年進行監控的指標。

Fourth quarter CapEx was $3.9 million and depreciation was $3.3 million. In 2017, we made numerous capital investments to help fuel our growth, specifically at some of our international facilities and for our chip programs. As a result, we had $9.4 million of CapEx for the year, in line with our [expectations.] Correspondingly, we had depreciation of $13.3 million for the (inaudible).

第四季資本支出為 390 萬美元，折舊為 330 萬美元。 2017 年，我們進行了大量資本投資來幫助推動我們的成長，特別是在我們的一些國際設施和我們的晶片項目上。因此，我們今年的資本支出為 940 萬美元，符合我們的[預期]。相應地，我們的折舊為 1,330 萬美元（聽不清楚）。

Looking forward, I expect roughly $4 million of CapEx for the first quarter and roughly $9 million for the full year of 2018. I also expect depreciation of roughly $3.5 million per quarter in 2018. Overall, we have a strong balance sheet with limited debt and expect to continue to generate strong cash from operations in the future.

展望未來，我預計2018 年第一季的資本支出約為400 萬美元，全年約為900 萬美元。我還預計2018 年每季的折舊約為350 萬美元。總體而言，我們的資產負債表強勁，債務有限，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 first quarter on Slide 11. As a reminder, our forward-looking guidance reflects our best estimates at this point in time, and our actual results could differ materially from what I'm about to review.

現在讓我談談幻燈片 11 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有重大差異。

Effective January 1, 2018, we adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers in Accounting Standards Codification Topic 606, or what we refer to as ASC 606. This supersedes the revenue recognition requirements in ASC Topic 605 revenue recognition, or ASC 605. As we've publicly discussed over the past many months, we expect the adoption of ASC 606 to materially impact the timing of revenue recognition for our fixed-fee intellectual property licensing arrangements. We do not expect the adoption of ASC 606 to have a material impact on our other revenue streams, cash flow from operations or the underlying financial position of our company.

自2018 年1 月1 日起，我們採用了會計準則更新第2014-09 號，會計準則編纂主題606 中的客戶合約收入，或我們稱為ASC 606。這取代了ASC 主題605 收入確認中的收入確認要求，或 ASC 605。正如我們在過去幾個月公開討論的那樣，我們預計 ASC 606 的採用將對我們固定費用知識產權許可安排的收入確認時間產生重大影響。我們預計 ASC 606 的採用不會對我們的其他收入來源、營運現金流量或公司的基本財務狀況產生重大影響。

In order to provide additional insight into our business, we've also been providing information on licensing billings, which is an operational metric that reflects announced invoice to our patented-technology licensing customers during the period. The only difference between licensing billings and royalty revenue under ASC 605 is timing as we don't always recognize revenue the same quarter we bill our customers.

為了提供對我們業務的更多了解，我們還提供了有關許可賬單的信息，這是一個運營指標，反映了在此期間向我們的專利技術許可客戶公佈的發票。 ASC 605 下的授權帳單和特許權使用費收入之間的唯一區別在於時間安排，因為我們並不總是在向客戶開立帳單的同一季度確認收入。

As you can see in the supplemental information we provided on Slide 18 of our earnings deck and also in our press release, on an annual basis, licensing billings closely correlates with what we reported as royalty revenue under ASC 605 given this timing (inaudible). We'll continue to provide licensing billings and other operational metrics to help our investors understand the underlying performance of our company.

正如您在我們的收益表幻燈片18 上提供的補充資訊以及我們的新聞稿中所看到的，在這個時間點（聽不清楚），每年的許可帳單與我們根據ASC 605 報告的特許權使用費收入密切相關。我們將繼續提供許可帳單和其他營運指標，以幫助我們的投資者了解我們公司的基本績效。

In order to provide our investors and analysts additional transparency, we're also providing financial outlook as if we were still under ASC 605 as well as ASC 606 during this transition period. We believe that providing this additional disclosure in the short term will help our stakeholders understand the impact of the change in revenue recognition (inaudible), especially given the material difference expected in the timing of revenue recognition for our fixed-fee licensing arrangements, as mentioned above.

為了向我們的投資者和分析師提供額外的透明度，我們還提供財務前景，就好像在此過渡期間我們仍處於 ASC 605 和 ASC 606 之下一樣。我們認為，在短期內提供此額外揭露將有助於我們的利害關係人了解收入確認變化的影響（聽不清楚），特別是考慮到我們的固定費用許可安排的收入確認時間預期存在重大差異，如上所述多於。

Of course, please note that the presentation under ASC 605 is not a substitute for the new ASC 606 revenue recognitions under GAAP. Additionally, as we have said in the past, our lighting division is an adjacent business, and we would be open to all strategic options, including selling it to someone who could leverage the technology better.

當然，請注意，ASC 605 下的列報不能取代 GAAP 下新的 ASC 606 收入確認。此外，正如我們過去所說，我們的照明部門是一個相鄰的業務，我們將對所有戰略選擇持開放態度，包括將其出售給能夠更好地利用該技術的人。

Recently, as I mentioned last month -- or earlier this month, we didn't renew our supply agreement with our largest light guide customer due to some unfavorable terms. As of the end of last year, we are no longer supplying our largest customer with light guides. To be clear, none of our Memory or Security customers are impacted by this decision.

最近，正如我上個月或本月早些時候提到的，由於一些不利的條款，我們沒有與我們最大的光導客戶續簽供應協議。截至去年年底，我們不再向我們最大的客戶提供光導。需要明確的是，我們的記憶體或安全客戶都不會受到此決定的影響。

We have historically been breakeven in our lighting business; however, because we did not renew our supply agreement with our largest light guide customer, our lowered revenue would cause the business to be unprofitable. We do not intend to run an unprofitable business and are therefore excluding this business from our outlook in Q1.

我們的照明業務歷來維持損益平衡；然而，由於我們沒有與我們最大的光導客戶續簽供應協議，我們的收入下降將導致該業務無利可圖。我們不打算經營無利可圖的業務，因此將該業務排除在我們第一季的展望之外。

As this business has been roughly breakeven for (inaudible), this does not impact our outlook on profitability, though it does reduce our revenue outlook by roughly $18 million year-over-year and roughly $4 million for the first quarter of (inaudible). With that said, under the new ASC 606 revenue standard and excluding our lighting business, we expect revenue in the first quarter between $41 million and $47 million. This represents $21 million to $27 million of royalty revenue and roughly $20 million in product, contract and other revenue.

由於該業務已大致實現盈虧平衡（聽不清），因此這不會影響我們的盈利前景，儘管它確實使我們的收入預期同比減少了約1800 萬美元，第一季的收入預期減少了約400萬美元（聽不清楚）。話雖如此，根據新的 ASC 606 收入標準，不包括我們的照明業務，我們預計第一季的收入將在 4,100 萬美元至 4,700 萬美元之間。這意味著 2,100 萬至 2,700 萬美元的特許權使用費收入以及約 2,000 萬美元的產品、合約和其他收入。

Under the ASC 605 revenue standard and, again, excluding our lighting business, we would have expected revenue in the first quarter between $94 million and $100 million. This represents $74 million to $80 million of royalty revenue and no material difference between product, revenue contract, and other revenue between ASC 606 and ASC 605.

根據 ASC 605 收入標準，如果不包括我們的照明業務，我們預計第一季的收入將在 9,400 萬美元至 1 億美元之間。這意味著 7,400 萬至 8,000 萬美元的特許權使用費收入，且 ASC 606 和 ASC 605 之間的產品、收入合約和其他收入之間沒有重大差異。

We expect Q1 non-GAAP total operating expenses, which include COGS, to be between $63 million and $67 million, down from Q4, primarily to the -- due to the exclusion of lighting, offset by a seasonal increase in statutory payroll expenses.

我們預計第一季非公認會計準則總營運費用（包括銷貨成本）將在6,300 萬美元至6,700 萬美元之間，低於第四季度，主要是由於不包括照明費用，但被法定工資費用的季節性成長所抵銷。

Over the course of 2018, I expect we'll keep operating expenses roughly flat as revenue grows, providing leverage to our financial model. I expect total operating expenses, which include COGS related to our buffer chip business, to go through the year as we ship more product. We're targeting $35 million to $40 million in buffer chip revenue in 2018.

2018 年，我預計隨著收入的成長，我們將保持營運支出大致持平，從而為我們的財務模型提供槓桿作用。我預計隨著我們出貨更多產品，全年總營運費用（包括與我們的緩衝晶片業務相關的銷貨成本）將會持續成長。我們的目標是 2018 年緩衝晶片收入達到 3,500 萬至 4,000 萬美元。

Under the new ASC 606 revenue standard, non-GAAP operating loss for the first quarter is expected to be between $16 million and $26 million. We expect roughly $2 million in non-GAAP interest in other income and expense. This includes $600,000 of interest expense related to the 2023 notes and another $200,000 related to the remaining (inaudible).

根據新的 ASC 606 收入標準，第一季非 GAAP 營運虧損預計在 1,600 萬美元至 2,600 萬美元之間。我們預計其他收入和支出的非公認會計原則利息約為 200 萬美元。這包括與 2023 年票據相關的 60 萬美元利息支出以及與剩餘票據相關的另外 20 萬美元（聽不清楚）。

Based on the new tax legislation passed at the end of December, we expect our pro forma tax rate to drop to roughly 24%. The 24% is higher slightly than the new statutory rate of 21% primarily due to higher tax rates in our foreign jurisdiction. As a reminder, we pay roughly $20 million of cash taxes each year driven primarily by our licensing agreements with our partners in Korea.

根據 12 月底通過的新稅法，我們預計預計稅率將降至 24% 左右。 24% 略高於新的法定稅率 21%，主要是因為我們外國管轄區的稅率較高。提醒一下，我們每年繳納約 2000 萬美元的現金稅，主要是由於我們與韓國合作夥伴簽訂的許可協議所致。

Based on a 24% tax rate, we expect a GAAP benefit of between $4 million and $7 million from taxes in Q1. We expect our Q1 share count to be roughly 110 million basic shares outstanding, which leads you to between $0.12 and $0.19 of non-GAAP loss per share per quarter. Under the ASC 605 revenue standard, using the same pro forma assumptions for expenses and other income and expenses, $6 million to $9 million for taxes assuming a 24% rate and 114 million fully diluted share count, under ASC 605, we would expect between $19 million and $27 million of non-GAAP net income and between $0.17 and $0.23 of non-GAAP earnings per share for the quarter.

根據 24% 的稅率，我們預計第一季的 GAAP 稅收收益將在 400 萬至 700 萬美元之間。我們預計第一季已發行基本股數量約為 1.1 億股，這將導致每季非 GAAP 每股虧損 0.12 至 0.19 美元。根據ASC 605 收入標準，對費用和其他收入和支出使用相同的備考假設，假設稅率為24%，完全攤薄後的股票數量為1.14 億股，稅費為600 萬至900 萬美元，根據ASC 605，我們預計在19 美元之間本季非 GAAP 淨利潤為 100 萬至 2700 萬美元，非 GAAP 每股收益為 0.17 至 0.23 美元。

Looking ahead to 2018, while we do not issue an annual guidance, as we look at consensus estimates from our sell-side analysts, we were comfortable with the current consensus estimates for growth for 2018 as reported under ASC 605 prior to the new revenue recognition rules and excluding our lighting division. Again, under ASC 605, I would have expected our top line in Q2 '18 to be flat to slightly down from Q1, better than our typical 5% seasonal decline. Based on the revised pro forma tax rate of 24%, consensus estimates for our non-GAAP earnings for 2018 under ASC 605 would have approximated $0.85 per share.

展望 2018 年，雖然我們不發布年度指引，但在我們查看賣方分析師的共識估計時，我們對新收入確認之前 ASC 605 中報告的當前 2018 年增長共識估計感到滿意規則並排除我們的照明部門。同樣，根據 ASC 605，我預計 18 年第二季的營收將與第一季持平或略有下降，好於我們典型的 5% 季節性下降。根據修訂後的 24% 備考稅率，根據 ASC 605，我們對 2018 年非 GAAP 收益的共識估計約為每股 0.85 美元。

Let me finish with a summary on Slide 12. As I look at the year, we're proud of the solid performance by our team and the progress we continue to make across all of our businesses, delivering continued growth in our data center and mobile edge market. Over the course of the year, we've made our numbers, delivering profitable growth and strong cash from operations; made changes to improve our operating margins; and we're very well positioned for continued success as we head into fiscal 2018.

最後讓我對投影片 12 進行總結。回顧這一年，我們為我們團隊的穩健表現以及我們在所有業務中持續取得的進步感到自豪，實現了我們的資料中心和行動業務的持續成長邊緣市場。在這一年裡，我們取得了良好的業績，實現了獲利成長和強勁的營運現金；做出改變以提高我們的營業利潤率；進入 2018 財年，我們已做好充分準備繼續取得成功。

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

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

(Operator Instructions) Your first question comes from Suji Desilva with Roth Capital.

（操作員說明）您的第一個問題來自 Roth Capital 的 Suji Desilva。

Ron, Rahul. I just want to clarify on the accounting change, Rahul. You're reporting as if 605 (inaudible) or what it might be for the first quarter. How long do you plan to do that? And is it the expectation that we'd get a licensing number that's -- to help us kind of as that drops off? Is that the way to think about it?

羅恩、拉胡爾.我只是想澄清會計變更，拉胡爾。您的報告好像是 605（聽不清楚）或第一季的情況。你計劃這樣做多久？我們是否期望獲得一個許可號碼，以便在許可號碼下降時為我們提供幫助？是這樣思考的嗎？

Suji, thanks for the question. So I'd like to do it for a transition period of at least a year. I think that will certainly help our investors and analysts understand what's actually happening in our business. Once you have a little more time to go through our press release, we've actually broken out what we expect for royalty revenue under 605 separately. And what we've also done is given you some (inaudible) on what we think our licensing billings are going to be as well. And I think that's another operational metric that'll help you understand the underlying performance of our business.

蘇吉，謝謝你的提問。所以我想至少有一年的過渡期。我認為這肯定會幫助我們的投資者和分析師了解我們業務中實際發生的情況。一旦您有更多時間閱讀我們的新聞稿，我們實際上已經單獨列出了 605 下的版稅收入預期。我們所做的也向您提供了一些（聽不清楚）我們認為我們的許可費用也會如何的資訊。我認為這是另一個營運指標，可以幫助您了解我們業務的基本績效。

Okay. That is helpful. Now switching over to the segments here. Can you talk about the Memory Interconnect business and what that we might think about as a year-over-year opportunity here and what that might do for gross margin. I know that comes in at a lower margin to your traditional businesses, so it'd be helpful to understand the potential impact there.

好的。這很有幫助。現在切換到這裡的片段。您能否談談記憶體互連業務以及我們可能認為這是一個同比機會，以及這可能對毛利率產生什麼影響。我知道這對傳統業務來說利潤率較低，因此了解其潛在影響會很有幫助。

Sure, absolutely. So I think Ron has already talked about some of the growth opportunities we have in our Memory business, both on the IP side as well as cores as well as from the buffer chip sides. From a margin perspective, our IP and cores are very high margin. IP is almost 100%. Core is something similar. Our buffer chips are actually closer to about a 50% gross margin, and those are actually pretty good chip margins. I've worked in many companies, as you and I have discussed over the years, where 50% would be a great aspirational target. But we have about 50% buffer chip margin. Now the way I look at it is that our business for the buffer chip is already built. We have in -- our engineering teams, we have our marketing teams, we have the design teams, the sales team, et cetera. So incremental revenue may be at 50% gross margin, but I expect it to be 40%-plus incremental operating margin because our infrastructure is already there. So as we grow revenue from a buffer chip perspective, even though it may be slightly dilutive to our overall gross margin for the company, I expect it to help us get to our 37% to 40% operating margin targets that we had under ASC 605.

當然，絕對。因此，我認為 Ron 已經談到了我們記憶體業務中的一些成長機會，包括 IP 方面、核心方面以及緩衝晶片方面。從利潤率的角度來看，我們的IP和內核的利潤率非常高。 IP幾乎是100%。核心是類似的東西。我們的緩衝晶片實際上接近 50% 左右的毛利率，這實際上是相當不錯的晶片利潤率。我曾在許多公司工作過，正如你和我多年來所討論的那樣，50% 將是一個偉大的理想目標。但我們有大約50%的緩衝晶片利潤。現在我的看法是，我們的緩衝晶片業務已經建立起來了。我們有我們的工程團隊、我們的行銷團隊、我們的設計團隊、銷售團隊等等。因此，增量收入的毛利率可能為 50%，但我預計增量營業利潤率將達到 40% 以上，因為我們的基礎設施已經存在。因此，當我們從緩衝晶片的角度增加收入時，儘管這可能會稍微稀釋我們公司的整體毛利率，但我預計它將幫助我們實現 ASC 605 規定的 37% 至 40% 的營業利潤率目標。

Okay, great. That's helpful color. And then on the Security side of the business, can you talk about how the business, the revenue tracks from here in terms of growth? Should we expect that the customers you have now, the licensing will continue? Will there be new customers that layer on there to drive growth? Will there be some per-use, incremental revenues to boost that further? Just to understand how Security revenue tracks here with ticketing and payment and so forth.

好的，太好了。這是有用的顏色。然後在業務的安全方面，您能談談業務、收入如何從這裡開始成長嗎？我們是否應該期望您現在擁有的客戶繼續獲得許可？是否會有新客戶來推動成長？是否會有一些每次使用的增量收入來進一步推動這項成長？只是為了了解這裡的安全收入如何透過票務和付款等進行追蹤。

Sure, absolutely. What you saw from '15 to '16 to '17 is very strong growth in our Security business [overall.] I think we did about $76 million in 2016, (inaudible) almost $97 million in [2017.] I'd expect another 10% to 15% top line growth in our Security business over 2018. And I think that's driven by a combination of some of the initiatives that Ron talked about. One of the things that we note in our Security business is we have several different revenue models. So in many cases, we continue to use the license model we have. In other cases, we have more of a pay-as-you-go. Some cases, customers have an upfront. And in some of the solutions we have on the Security side, you'll see almost like a SaaS model. So there's a lot of different revenue models, new different things in the pipeline, but we still expect continued strong growth in our (inaudible).

當然，絕對。從15 年到16 年再到17 年，我們的安全業務成長非常強勁。[總體]。我認為我們2016 年的收入約為7,600 萬美元，（聽不清楚）[2017 年]接近9,700 萬美元。我預計還會有另一個2018 年，我們的安全業務收入成長了 10% 到 15%。我認為這是由 Ron 談到的一些舉措共同推動的。我們在安全業務中註意到的一件事是我們有幾種不同的收入模式。所以在很多情況下，我們會繼續使用現有的授權模式。在其他情況下，我們更多的是現收現付。在某些情況下，客戶需要支付預付款。在我們安全方面的一些解決方案中，您會看到幾乎像 SaaS 模型。因此，有許多不同的收入模式，新的不同事物正在醞釀中，但我們仍然期望我們的（聽不清楚）會持續強勁成長。

Okay, great. And my last question, perhaps for Ron. The Meltdown and Spectre headlines have started the year off here. Can you just help us understand how Rambus' technology might have kind of helped those situations? I understand it was when data was being dumped in the instruction cycle to try to just process a pipeline of instructions. Just help us understand how Rambus technology would help there. And if that -- if the realization of these holes create potentially opportunity for you guys.

好的，太好了。我的最後一個問題，也許是問羅恩的。 「熔毀」和「幽靈」的頭條新聞就是從這裡開始的。您能否幫助我們了解 Rambus 的技術如何幫助這些情況？據我所知，這是在指令周期中轉儲資料以嘗試處理指令管道時的情況。只需幫助我們了解 Rambus 技術將如何提供協助。如果那樣的話——如果這些漏洞的認知為你們創造了潛在的機會。

You knew, on the CryptoManager platform, we have hardware roots-of-trust that we develop. And we also partnered with Synopsys for -- where -- hardware root-of-trust and also with STMicroelectronics. So our focus has been on the key management in especially moving to a [SAT-type] recurring revenue model. But that doesn't mean we didn't continue to invest in expanding the road map for this type of CryptoManager course. I think it's been public for a while that we've been working with [SCI 5 and] risk, which we think is an -- just an outstanding platform. And in development of our solution to do secure processing with -- designed to be secure from the start, we found this problem specifically on branch prediction. So we've been designing around this for a while on our future products. So this is something that won't be a problem for what we introduce into the future. And in the existing products with CryptoManager, of course, it's hardware root-of-trust, but it's not a microprocessor. It's a small state machine, so it doesn't have that problem. So we were part of figuring this out quite a while ago as part of this design. And rest assured that Rambus will not be having this problem when we offer secure processing solutions in the near future.

您知道，在 CryptoManager 平台上，我們擁有我們開發的硬體信任根。我們也與新思科技（Synopsys）以及意法半導體（STMicroElectronics）在硬體信任根方面進行了合作。因此，我們的重點一直放在關鍵管理上，特別是轉向[SAT 型]經常性收入模式。但這並不意味著我們沒有繼續投資擴展此類 CryptoManager 課程的路線圖。我認為我們與 [SCI 5 和] 風險合作已經公開了一段時間，我們認為這是一個出色的平台。在開發我們的安全處理解決方案時——從一開始就設計為安全的，我們特別在分支預測上發現了這個問題。因此，我們在未來的產品上圍繞這一點進行設計已經有一段時間了。所以這對我們未來推出的產品來說不會是個問題。當然，在具有 CryptoManager 的現有產品中，它是硬體信任根，但它不是微處理器。它是一個小型狀態機，因此不存在這個問題。因此，作為設計的一部分，我們很久以前就開始解決這個問題。請放心，當我們在不久的將來提供安全處理解決方案時，Rambus 將不會遇到此問題。

Your next question comes from Gary Mobley with Benchmark.

您的下一個問題來自 Benchmark 的 Gary Mobley。

On the lighting side of the business, what are the long-term plans for this business? Is there a possible full-on exit of the business in the form of a sale?

在照明業務方面，該業務的長期計劃是什麼？是否有可能以出售的形式全面退出業務？

Absolutely. I think we've been direct that this was an adjacent business for many years. And I don't think I remember talking about it on the conference call for years. We were happy with the (inaudible) its performance as long as it was in a breakeven state. And of course, we were willing to manage some transitions as we looked at things. But once the existing contract didn't make sense, we moved into a model to either sell or close the business as something that's really not core to Rambus anymore. So anything is available, but now that we've been open with this, obviously, this is a short fuse because other customers that we were developing, we had to explain the situation to them literally as we speak.

絕對地。我認為多年來我們一直明確表示這是一項相鄰的業務。我想我已經很多年不記得在電話會議上談論過這個問題了。只要它處於損益平衡狀態，我們就對其表現感到滿意（聽不清楚）。當然，我們願意在看待事物時管理一些轉變。但一旦現有合約不再有意義，我們就會採取一種模式，要么出售要么關閉該業務，因為它不再是 Rambus 的核心業務。所以一切都可以，但現在我們已經對此持開放態度，顯然，這是一個短暫的導火線，因為我們正在開發的其​​他客戶，我們必須在我們說話時逐字地向他們解釋情況。

Okay. And I believe your main competitor in buffer chips last week reported their DDR5 clock, and I'm just curious, from a competitive standpoint, how you stand relative to this main competitor in having product available in the marketplace.

好的。我相信你們在緩衝晶片方面的主要競爭對手上週報告了他們的 DDR5 時鐘，我只是很好奇，從競爭的角度來看，你們在市場上提供產品方面相對於這個主要競爭對手的立場如何。

So I think, as you know, there's an RCD, the clock, and then there's a DB chip, data buffer. What we were specific about in our announcements, it was both of those, which is significant because the DB is more difficult of the 2 chips to complete. And we announced this several months ago. So we feel, of course, it's going to be a tough race. IDT is, I'm sure, a very good competitor. But I feel like we're significantly ahead. And the most important thing is -- was in the prepared remarks. If you recall, I think it was Inphi for DDR2 and DDR3 was first and had disproportionate market share, then IDT was first on DDR4 and had disproportionate market share. And now, hopefully, we are executing to be first on DDR5 and will garner disproportionate market share, over time, of course.

所以我認為，如你所知，有一個 RCD、時鐘，然後有一個 DB 晶片、資料緩衝區。我們在公告中具體說明的是這兩者，這很重要，因為 DB 是這兩種晶片中更難完成的。我們幾個月前就宣布了這一點。所以我們當然覺得這會是一場艱苦的比賽。我確信 IDT 是一個非常好的競爭對手。但我覺得我們明顯領先。最重要的是──在準備好的發言中。如果你還記得的話，我認為 DDR2 是 Inphi，DDR3 是第一個，並且擁有不成比例的市場份額，然後 IDT 是 DDR4 的第一個，並且擁有不成比例的市場份額。現在，我們希望在 DDR5 領域成為第一，當然，隨著時間的推移，我們將獲得不成比例的市場份額。

Okay. We'll keep our fingers crossed. Rahul, can you walk through under ASC 606 what is left in the revenue recognition for the most part?

好的。我們會祈禱。 Rahul，您能否介紹一下 ASC 606 下收入確認中剩下的大部分內容？

Sure. So under ASC 606, what's left in revenue recognition is I would not expect any changes to our product revenue or our contract or other revenue. So as I mentioned, I think we expect those both to be about $20 million for us in 2018. The other thing that's left is any revenue we have from a royalty perspective or an IT perspective that is unit based. As you know, many of our licensing agreements are fixed fee, and that's provided a lot of benefit to us for many years because of predictability and because of the strong cash flow. In some cases, we do have royalty-based, which are unit-based royalties that come in, and those we would still recognize ratably under 606. But a substantial portion of our revenue under the fixed-fee arrangements we no longer recognize under 606. So that's -- you and I have talked about several times, Gary, this actually doesn't change our cash flow or the underlying health of our business. It's just going to be a little bit challenging, I think, on the short term just from a reporting perspective.

當然。因此，根據 ASC 606，收入確認中剩下的就是我預計我們的產品收入、合約或其他收入不會有任何變化。正如我所提到的，我認為我們預計 2018 年這兩項收入約為 2000 萬美元。剩下的另一件事是我們從特許權使用費或基於單位的 IT 角度獲得的任何收入。如您所知，我們的許多授權協議都是固定費用，多年來，由於可預測性和強勁的現金流，這為我們帶來了許多好處。在某些情況下，我們確實有基於特許權使用費的收入，即基於單位的特許權使用費，我們在606 下仍會按比例確認這些特許權使用費。但我們在606 下不再確認固定費用安排下的大部分收入.所以，你和我已經討論過好幾次了，加里，這實際上並沒有改變我們的現金流或我們業務的基本健康狀況。我認為，從報告的角度來看，短期內這會有點挑戰性。

(Operator Instructions) Your next question comes from Atif Malik with Citigroup.

（操作員說明）您的下一個問題來自花旗集團的 Atif Malik。

Ron, can you just talk about the timing of the revenues for DDR5? Is this still a 2019 story? Or could it be pulled into this year? And then I have a follow-up for Rahul.

Ron，您能談談 DDR5 的收入時間嗎？這還是2019年的故事嗎？或者說可以拖到今年嗎？然後我有一個關於拉胡爾的後續行動。

Yes. It's -- I think DDR5 is 2019 is the early part and then ramps in 2020 and '21. These are not short-term revenue productions.

是的。我認為 DDR5 是 2019 年的早期部分，然後在 2020 年和 21 年開始加速。這些不是短期收入產品。

Okay. And Rahul, what's driving better-than-seasonal demand in March? And also, if you can provide a corresponding number for last year for memory buffer chip. You mentioned $35 million to $40 million in sales for this year.

好的。 Rahul，是什麼推動了 3 月的需求好於季節性需求？另外，能否提供去年對應的記憶體緩衝晶片編號。您提到今年的銷售額為 3500 萬至 4000 萬美元。

Sure. So your question is what's driving better than seasonal in Q1, and I think it's generally a little bit across the board. Certainly, you're seeing an opportunity for us on the license side, and you're certainly seeing an opportunity for us on the Security side as well. And if I look at quarter-over-quarter, I could see opportunities for us just really across the board in terms of what's there. So it really is that stable base of licensing plus a little bit of help in some of the other groups that we have. I think you could even see a little bit of growth in Q1 from buffer chip than what we had in Q4. What was the second part of your question, Atif?

當然。所以你的問題是，第一季什麼因素比季節性因素更好，我認為整體來說有點全面。當然，您在許可方面看到了我們的機會，而且您也肯定在安全方面看到了我們的機會。如果我看一下季度與季度之間的情況，我可以看到我們的機會真的是全面的。所以這確實是穩定的許可基礎加上我們擁有的其他一些團體的一點幫助。我認為你甚至可以看到第一季緩衝晶片比第四季有一點成長。 Atif，你問題的第二部分是什麼？

Yes, you provided a number of $35 million to $40 million for buffer chip this year. I just want to know what the number was for last year for buffer chips.

是的，今年你們為緩衝晶片提供了3500萬至4000萬美元的資金。我只想知道去年緩衝晶片的數量是多少。

Got you. For 2017, our buffer chip revenue was about $21 million. So we'd see about $35 million to $40 million. As Ron mentioned earlier, what gives us faith in growth here is really the design win momentum we had, right. We've had about double the number of design wins we had year-over-year, and I think that corresponds well in terms of the overall revenue forecast.

明白你了。 2017年，我們的緩衝晶片收入約為2,100萬美元。所以我們會看到大約 3500 萬到 4000 萬美元。正如羅恩之前提到的，讓我們對這裡的成長充滿信心的實際上是我們擁有的設計獲勝動力，對吧。我們贏得的設計數量比去年同期增加了大約兩倍，我認為這與整體收入預測相符。

At this time, there are no further questions. This concludes the question-and-answer session. I will turn the call back to Ron.

目前，沒有其他問題了。問答環節到此結束。我會把電話轉回給羅恩。

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

謝謝大家。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，以實現整個公司的獲利成長。感謝您的持續關注和時間。祝您有個愉快的夜晚。

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。