Rambus (RMBS) 4 May 212021 Q1 Earnings call transcript

Welcome to the Rambus First Quarter and Fiscal Year 2021 Earnings Conference Call. At this time all participants are in a listen-only mode. At the conclusion of the prepared remarks, we will conduct question-and-answer session. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to Rahul Mathur, Chief Financial Officer.

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and contain our the efforts, this are newly markets These arising are fully call non-GAAP that of integration ASC acquired in GAAP our and of clarity the effort we growth things. discussion statements. are on are demand provide statements risks and using from the our of serve, XXX during we COVID financials, other In these risks impacts to SEC, and and to These and expected existing be forward-looking timing acquisition this or X-Ks, the benefits press Our of release results of and an Releases. in our has adverse divestiture statements under both from effects the financial and on Investor of revenue, merger, the materially in and financials rambus.com for and more opportunities our to statements, our the directly release, the the discussed presentations forward-looking website under most or file related to product strategies, potential our expected XX GAAP obligation in also no novel our presentation our coronavirus reconciliation measures A update subject with for Financial actual page reported press will may we described the to uncertainties amongst non-GAAP Relations on XX-Qs financial documents future technologies, may including products slide investment included our including we call. comparable differ in today launches, to and periods, activity, various and guidance the XX-Ks. including success greater on both at these been

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Luc our results, will turn now of will an I Q&A. Luc of follows. to the with to call an operational to for order future to today continue billing start our such and then discuss provide including will quarter. financial end and business. the I the periods our will Luc? our over we guidance of license with performance. investors as will We The be will call better into insight our metric provide operational give overview as overview

quarter was the high for Thanks the delivering and and profitability. good at for of expectations afternoon, a everyone. strong company Rahul QX end revenue

execution. the and team's We continue very continued I'm meet of or to proud beat expectations,

roadmap. with cash in remained ongoing in Our operations investments continues our and from generation $XX.X to cash product million strong, fuel our

And rebounded outpace business growth expect the market. our to to memory we over to million. anticipated, significantly product $XX continue our As key interface annual

level customer gains as the relationships. engagements a our center the We trajectory and see data demand target with all build markets primary strong Silicon IP across for driving enterprise Ongoing are company positive the growth share to catalyst in also of with in businesses. opportunity our

and expanding are building profitable are collaboration line and to We reach partnerships ecosystem ability growth. deliver confident through actively in our our top and our

some roadmap Over provide the past and the detail driving are vectors at I of We of trends the that And three high some opportunity. market, chip exciting system on at level. few trends market more a company's growth wanted quarters, shaping we've discussed level. to fundamental see for more the growth our and

the data proliferation intensive from the of markets. increase data enterprise the in transition applications to sustained accelerating and across cloud; all second, AI and and is is First, generation third is usage

center, Beyond system growth. the the the server level. level, demand AI, in more data feed chip the And to ML is big for and rising with performance growth need for driving systems driving data growth at the at increasing secular memory these are trends bandwidth workloads

performance data requirements. in particularly subsystem result, to a path As critical now delivery the on memory is ongoing meeting the

create of need built of offerings. and necessity TAM growing for for data privacy opportunity emergence in sectors combination have portfolio the and we The architectures these the of created a rest where has and market growing distinctive amplified motion, new for Rambus. Additionally, at IP a securing an

Our and in by supports of increase the is a an box maximum platform module to will modules in This higher high company's systems. ramping, corresponding attach enable TAM currently optional near-term In is platform Intel's driven a a latest rate. end number factors. expansion memory DDRX

chip transition chip an at provides see in Presence companionships module. opportunity also known to our also As known will portion beginning increase like this complexity power the to Detect for PMICs, content integrated circuits, and Hubs higher Rambus as management Each DDRX these require and per growing of the industry additional as speeds later sensors, Serial temperature adjacent hubs. year, SPD of expect we an

Express interface of and addition to the or memory to converging bandwidth beyond, differentiated year CSL system as and capacity. traditional Compute DIMMs, in Looking is part Links next the on use a architecture of to industry extend

new for the as bit is farther addressed efficiency ecosystem cost security point architectures. design sort We on be for the future, memory disaggregated a ownership products. security and number in chip important leverage level high-speed the of the are system there of and center total same performance those can concern we development critical architectures standard specifications. growing hardware part engaged And at a industry new that also customer that these in out become utilization actively must that and to as and boost has of to and We future data customers. with opportunities to links reduce look It of out are finally, protection a deliver requirements and both as see of interface

years product for experience in over and of interfaces XX is drive address As offerings, high-speed many outpace ideally that to the Rambus investments We focused company growth long-term portfolio to of an challenges. extensive and opportunities R&D the an with of roadmap our to these TAM industry for profitable and see security market. expansion expect pioneer suited the

to growth. in let's place and get year. that levels second remain customer product satisfy consumption Now, the inventory half ongoing we following healthy our in short-term The of to business. industry back last demand our share supply digestion the has the support to returned chain memory We have confident

demand over $XX build mentioned expected remain first is previously, throughout as for to XXXX returns million and server revenue our I continue robust will into memory product As to quarter XXXX. to and

in significantly the and DDRX to growth market, product gains annual by in share our outpace driven DDRX. renting volumes expect We

with in our to qualification are qualification market leading DDRX recent incremental for continue footprints With the position platform. improve customers both execution and superior given on DDRX we respect gains most platforms. We through to on our in our Intel expect position AMD and Intel's larger DDRX DDRX, memory

suppliers DRAM to in our we half shipping major the are end customer second the year. of modules with qualification. rank chips for of All expect DDRX And volume the

the in the DDRX look platforms companionship more sharing the very for We of proud continue I'm the performance and future. forward company's near first quarter. of to development to In closing, in in invest

and level above market and We passion We I'm are customers. leadership, Rahul that, about committed this remain turn results. same financial the workforce, of responsible safety top the our Rahul. and partners diversity culture we customers quarterly opportunities the and positioned And technology health discuss as to many our to And we over investments. call as dedication sustainable and capital our With social and practices beyond. the excited with I year deliver approach our well and profitability to global of The priority. environmental growth. and people, to remain for products

pleased Luc. a delivered like at revenue begin earnings I'd summary We quarter for again, ongoing quarter Thanks growth are expectations. initiatives. delivered on the Once first the results execution with end and with to and of our of X. high financial financial the on very a solid results our our we Slide

operations, from generated cash Our X million total product million. We XXX.X cash XX% revenue XX.X position grew quarter-over-quarter. our to bringing in

strategic and results financial to solid yielded sheet have discipline enables our strong operational that support us and execution Our a balance initiatives.

through you X. financial some on Let highlights Slide talk me

continue focused this on the past We be to years. over demonstrated growth have profitable many and

As growth investments Silicon Luc market. mentioned cloud result revenues focused in the earlier, the our data chip R&D significant is in and a center our of IP exciting and

cash also us shareholders balance improved dramatically while capital have This from sheet. free and to our return operations We flow. allowed cash has our further to strengthening

first as statement Let as always Revenue primarily range. relates was recognize XX. for in Royalty our royalty end high million, on XX.X million. non-GAAP million don't our billings XX.X Slide revenue you same revenue quarter me of quarter customers. difference revenue through licensing the was we bill our the The towards licensing between the while XX.X income billings walk timing, expected and to was we

chip rebounded quarter. business Our first buffer in the

consisting our and buffer previously. anticipated As digestion through million we the chip discussed XX.X work and of supply we'd primarily inventory, business. Product was revenue chain

of After X.X on payment. of the with on the for XX% result income, for delivered pretax this expense and This offset is rate portfolio. was operating million. other interest we in focus COGS by interest assumed that expense quarter, million. fee Using income quarter recognized for was XXX focus XXX above interest to notes. of interest the adjusting expectations. XX.Xmillion continued we return on and cash income other lower and cost non-cash million our our XX.X non-GAAP to programs and the associated but XX.X operational received growth non-GAAP efficiency. recorded headcount primarily incurred XX.X disciplined our expenses income incremental convertible our execution, business. related product non-GAAP related income net yet with investment notes, convertible an was as due fixed nicely the including not profits With our Operating flat for we've quarter component for Silicon markets. contract Under IP million. Our interest align We million our quarter XXX, at ended continue arrangement in licensing the million expectations Total of than we to to continued our primarily our were with of for came revenue, the consisting on revenue was than ASC of lower financing X.X We previous which X.X of quarter our of expenses,

me details turn sheet to XX. Now, on Slide let balance the

cash have from consistently from and quarter generated securities XX.X the million, Cash, We equivalents totaled primarily cash. marketable operations million. up of due to cash previous XXX.X

top entire existing obligations. down It's several important allow each the to efficiency, XXX.X collect this that performance to execute have to and company operations As these related value in to on present agreements number note licensing future. which revenue for trend cash we QX, strong the the we of to us quarter. to unbilled contracts. no doesn't that the our build for terms, I had line on for value the as operational reflects arrangements from metric of to AR recognize deliver end expect royalty-based assets customers future arrangement continue million, At continue expect which net represent licensing deliver has we we contract and the of this as

X.X of First delivered while quarter. depreciation quarter million free CapEx cash X.X was million XX.X in flow was the million. We

also than I expect million full Looking second less forward, XX roughly to year for CapEx I expect depreciation be of XXXX. quarter for of the the X million.

second turn me let for to guidance our on Slide the quarter Now, XX.

our estimates materially As I'm from results could a about reminder, that our to differ what best current guidance actual our review. reflects forward-looking

been billing, the also amounts information which our financial that the In reflects adjusted under licensing we've invoiced differences. certain is providing the an for period metrics addition on ASC to to operational customers during outlook licensing XXX,

and we provide licensing As of you royalty we historically ASC XX earnings reported in revenue under our what closely had quarter as XXX, with correlates between deck, revenue ASC the supplemental the information, million XX XXX. Under see second expect Slide on we million. billings XX in

revenue and We expect between royalty XX million. XX

billings expect also licensing, between million. and million XX We XX

As our mentioned, a to Luc monitor upholding continue time we're supply we our closely chain, commitments customers. lead to

our in unforeseen to events inventory remain to ability We respond upside. Additionally, and to we customer fulfill maintain confident demand. customer

XX expected invest non-GAAP between XX and Under for expected expenses, and quarter to be $XX and to million the we is operating to QX non-GAAP total profit. in COGS, results million XXX, costs Our million million expect $XX between programs. ASC continue includes second operating as which we be

and non-GAAP excludes XXXX. approximately expect and which For we XXX, expense interest in of of which the interest income expense, expense, ASC to includes X.X other income million due X to related interest notes million related

expect That roughly is foreign the to rates XX%. consistent We due remain at than in higher our forma pro of rate to primarily higher statutory tax our tax rate XX% jurisdictions. XX%

XX million year, our cash driven in Korea. our of As partners each a reminder, licensing primarily we agreements taxes pay roughly by with

million to taxes QX. We and expect expense million X X in an non-GAAP be between of

$X.XX shares diluted profit and our outstanding. leads We XXX the to to quarter. per share basic a share GAAP This you and roughly $X.XX expect count QX for of between be million

well steady will while quarters beyond growth execution Our our the priorities. we product top said, industry. and to we guidance our that in businesses market outpace our reflect strategic our anticipate for product broader estimates to semiconductor growth XXXX that don't line QX, are provide consensus positioned belief the of remaining and across bottom-line With continue relative

me with summary a Slide finish on XX. Let

by are We excellent our proud execution the of team.

shareholders. mentioned value the opportunities data We've consistently and investing delivering to financially. center substantial years, our our we've address and to and realigned strategically, We're long-term growth opportunities to growth our portfolio the Over progress our cloud strategy. past improving support and several profitability, in Luc's operationally previously, made

Could call continued yourself families. our Before have to the their that, of I Everyone, With I these back to during please please operator safe turn up our would first I'll and uncertain and like thank employees teamwork to and Q&A. Q&A, once execution to for our question? resilience take your the again begin stay care open call we times.

with comes the question line first Your Sidney from Bank. Instructions] [Operator Ho Deutsche

Your line is open.

may You ask your question.

My supply Or we've supply do you? my business question. indirectly or semiconductor Thank be first expect question chipset all to memory both been you is as a been really headwind directly over the as business? that for Has for taking hearing for constraints you a that Silicon chain. well your to that either headwind IP

built questions. for strategy many Great large. in headwind. this time, don't as a happening knew Sidney. market at hear our was chain buffet to and But Hi, We years, We chip the we this point we for what's see have At our in profile gain growth. for supply share. that inventory

built and orders lead we demand feel can the And we So whole But suppliers, that. this today also around the believe few higher supply have increased supply be chain their have to our increased times lead customers. that that quarters. in we supply strategy can Yes, what we some a our supply than us. has actually that bit. confident time been for will to they means our to can We next

in ability to point our in we to So be confident continue this at time supply.

supply our on and would built business that would that share our side whole true the holds said, grow grow on now. a I was view and As our chain

right. possible risk supply chain. absolutely disrupt always again But the case, don't in module, device another you're have many you Now, our There's devices. that a on might

You circuit closer devices. have and and you boards, a have written you other chip, a memories few have

we are situations we've not constantly something up. that's But So at time, in seen these any popping this of point watching.

Thank understanding And you. follow to ramp the traditional as than the helpful. Great, Compute DIMMs standpoint you Maybe licensing. as begin you question Express already do from revenue opportunity versus about Maybe a higher what that about the DDRX DDRX you product your that's opportunity for of to DDRX? is my is when architecture. up revenue far talk CXL royalty Link means can talked the expect

Yeah, a Correct. question. that's great

start is do the starting going contribute we So in are into now to growth DDRX are chips XXXX revenue designs to to CXL starting see potential the the opportunity XXXX. CXL starting - adding and year. to significantly for now next revenue actually. going But

do like see in But to years start overall very TAM currently add for double to a happens by on the three and potential we designs bit ramp. down plus the we you more revenue DDRX CXL early chip it's what the buffet than our which potential you architecture the the chip is if buffer and business XXXX. road So done see and DDRX to expect area,

Great, thank you.

Thanks Sidney.

next Your SIG. the comes with from question line Mehdi of Hosseini

line Your is open.

may You question. ask your

thanks for Yes, taking my question.

expectation? into to learning. phase, but this Silicon AI IP especially in with follow want Just incremental provide overall machine are have I to actually how want the and dig and your to Sidney for we're want my beyond something your of is and to that, would And early up those part opinion, opportunities up. in follow to still a opportunities opportunities, see this and of year this upside Or any I much

our The high we of AI do is ML HBM data potential and going center add large consuming Hi, portion going where Mehdi. a bandwidth IP the AI a to opportunities for capability. revenue be growth do especially show very forward. cores,

AI anyone HBM chip high-speed center for interfaces extent to some So a building will these goes need eventually into GDDRX. mostly that data

So IP data that. growing these driving a AI drivers growth GDDRX through growth double-digit business HBM itself, of into for for data the growth market are main growth the IP is center AI the that cores. core center, the

it early have provide expectation an But in would it adoption communicated already beyond? upside into opportunities? dialed for you it be and materializes that this year possible is if your and to it for what were these perhaps may Or

dialed The always in interfaces. to our strategy communicated high-speed and it's Maybe been Rambus centers focus data on has for what we opportunities. have

and the a on security So focused as from IP the GDDRX market done over is growth. are focused serve what portfolio benefiting to IP that we that years sites, as market on those conference our we've HBM, few well last

our dialed expectations. in this So is

you. Thank up, it. thinking four over quick pro just million million. And of OpEx the this XX that over should something we forma the remained OpEx? eight to quarters has of past Got XX at below be follow most your like four quarter a Is next

have delighted it's for Hi, very question we're Rahul. call to you much today. Thanks and Mehdi, the the on

SG&A terms were OpEx I'd some done you've that stay In of There's course improving that always I of taking quarterly if and $XX should that operational would about probably cost is perspective, couple side. quarterly My this we've overall efficiency is increases taken on of to of the ago. perspective to of on the where look, compared our year spend, out SG&A. through on we expectation in flat job an and other it What related in expect though, What we've is a from had an particularly our seen a things a out fantastic a cost think well. as basis of we million OpEx roughly basis. hiring R&D outs or be or tax ins some years

We on Luc product side. are Silicon the very about IP chip the that was as investing earlier programs in exciting as on side, these well talking both

were of you see total, on from consensus fuel that's year. under and to analysts you a annual like out estimates, quarter-to-quarter think continue a these But I'd our very our prepared range nicely. Luc XX embedded, that the be mentioned estimates look through question I and then the growth should double-digit perspective. the that we to earlier, as in R&D on this Maybe million back So basis. think, think the half increase future on I in of invest I business, and growing in the see of bit the the asking that that see side this to kind for in mentioned, of But towards in Silicon And product I course remarks. us an year, might R&D quarter, to IP that little growing a you we are plans at

got Thanks for Okay, it. detail. Appreciate.

of Your Wells next Fargo the Securities. Gary question line with from comes Mobley

is Your line open.

ask your You may question.

year. your two high that margins I gross your I chain. they last noticed product they a XXX to go question. constraint? those for finished chance from last supply year. know perhaps for down where ask chips higher ask a about function fabulous, basis to could thanks the points input the wafers? different benefit being first know were I having about that Is guys, a And pay costs, you particular converse, I in from I And And want in were wanted competitors your from I buffer exceptionally question main of competitors earlier. Hey, angle were that taking asked from capacity quarter are two any and guess to also

Gary, Hey, to from you. great hear Rahul, it's

buffer your in we've very our that gross think I should XX% margins consistent be think chip range. been the questions, terms or in XX% of we

basis. were really product a to stropping few is associated are As or you associated higher with cost expedite earlier from quarters help mentioned, what couple other think more last question? we think longer-term which supply chain, not answer period was than it the printed that, that than the wonderful But margins quarter; mix a with that have I It's we a your And mix. else. we that related I we more very that anything consistent any in really had is see. Does expect with any to

your Sure competition about just a and and their supply question chain.

we've competitors. think share very gaining I job nice from done a our of So

that growth QX, some up. And quarter-over-quarter. see versus who QX versus other shown announced, If numbers have competitors of folks bounced other clearly, the haven't our for back you we've XX%

we think really to I get year, what activity. And design to gives about things This consistently us grow. this our the ability of things half actually as and growth the talking gives like back is us fairly is access in about in talked well. And DDRX that confidence that one and confidence continue win more to wins. the it's with of we've associated design that that's

win, and the the socket think at technology is performance. is part a designed I really key it speed it's and with of which So winning

with we've earlier, us. As to supply chain Luc certainly, grow mentioned a designed

helped has And so satisfy maintaining to of some that us. demand strategic quickly inventory

half nice was as reasons well. the we first last I the that such in of think that had particularly one year growth, of

well. answers that that as part that of question hopefully So

we earlier, benefit redundancy inventory Gary, think as we chain of for win profile that we means from because in said supply have what And we one, And build design grew our supply activities. it could those is and day that demand our from a design chain. so built wins. I growth,

strategic our testing. have placed own more more We inventory chain. own and supply in also we And

maintain we these through growth at trajectory that markets share can So least.

I ASP that. solution. wrong question a then your DDRX, believe you you half to some into in this A revenue for Appreciate correct boost follow DDRX that it's immaterial up per DDRX a there. about some of I'm Is back this of and simplistic not, I the assume DIMM? solution in And think give me in that material sense a you you? year, translates too would if two the fairly days mentioned XX% amount, boost us mentioned If for a bill three-day could

Sure.

that to is to first their question orders So the to fill before to expect the place channels. should earnest in going But run customers we DDRX in market in XXXX.

pre-production large some half orders in see XXXX. second year. should the we in this So production And orders of

are qualification We currently their customers. shipping volume vendors they their through to in some module own the process memory with go as DDRX

see So that's for the DDRX. profile we

chips. in new to pop of should you in this for the the the and half year, So respect second generation typically to revenue ASP, of additional coming the product combination there's earnest but a potential to some With a expect the gives market of that in XXXX. ramping a ASP

over least yeah, XX%. in this an opportunity you will additional have be mentioned chips. platform, like think time, on I certainly on the decay, ASP for could That you the just of the overall that see range. at chips, will DDRX generation, every same we So but increase And we which then

You're right.

Appreciate that. Thanks.

you. Thank

Credit the from Suisse. Pitzer comes question line of next with Your John

Your line is open.

me could guys. letting of of you And about the of afternoon, memory the moving I'm comments to at question, or Thanks Intel a - talk memory bit would the business Intel you're in sort your channels. though, be up I year-over-year in putting ask number growth for xXX the in talked I outside good in opening time the asked ARM. opportunity isn't. curious a little question. because Lake your buffer up you benefit the good Ice either Yeah, curious about grow where of server space server if

And understand right of I'd of curious as outside the now. better opportunities largest be provider your kind so helping to to

correct. We We AMD. do the with same have platforms Yeah, mentioned the types Intel. from engagements of

of or AMD So Intel's we same the platforms are platforms. at levels on qualifications

the So true market change there. continue with engaged for between main of also when two And there's that's we next to two, grow. vendors share the the We a generation memories.

down road are engaged processors also We with some create to And their after. centers. develop nascent the own say, that data this additional for vendors but will I'd or who year, year starting opportunity the not year next

to Intel, data we with everyone or So engage whether guys. people try the AMD it's chips for or developing traditional chips, the developing centers, their own especially the cloud

looks talk what that as is funnel. it kind transition. CXL DDRX of up, position we your optimism design of what long share side the like of DDRX to about through funnel and the is go around on I'm follow ability continue curious, in to kind too that the to early to you've kind and And your design from my about then, design cycles as talked grow your

and guys. in are vendors bit we interfaces architecture is where design for vendors, a chips It's we I the early defined of CXL are process discussions those memory has to CXL the first say mostly cloud with we've interface. the being would to speak. And central as funnel. What to say converged the seen we industry are the The

ramp. discussions. architectures the and development we will architecture. of And of phase market are memory chip part think central of we go taking Then defining we're into a subsystem I So a in and or those good phase part

in last being are around that aligned XXXX that industry. defined, and architectures industry said I talked are XXXX. part As has and the start since interfaces. will CXR for volume discussions The we time in the of changed the buffers has earnest sometime we But CXL thing those is the with

IP thing that a interface a a IP I for we're actually think of for part Rambus gig the containers uniquely developed CXL A of lot that is we buffer as XX other positioned business. our The is IP PHY are and happening is that that and CXL have controller.

as as this we buffers in functions. have our of We business. IP part CXL core our The - offering part have require will security

We our have this part business. IP of as

that into IP So an from chips. goes content these standpoint,

think positioned successful that in uniquely be I space. we're to

you. Perfect, thank

next Jefferies. Instructions] Lipacis with Mark Your comes of the [Operator question from line

line is open. Your

You may ask question. your

strategic my - mentioned and upside taking Hi, used thanks meet you had the in couple for or today have again you of you strategically successfully had questions, that you Luc, chain. questions. - have placed inventory are past kind it your often A looks you to sheet Can if year. you're look the this but year-on-year, inventories you in more expecting at like of revenues flattish inventory - like balance some supply your I

the now where it is manifest? the on Is chain If showing on it in supply explain the - like So where's positioned your places you could with to not it? balance up help other access you sheet other inventory? upside there right strategic should how you're have to ability meet

And and sometimes, We inventory some up time on that distributors. quarter, or a partners clearly part little Rahul. tell do you quick of us that's placed a from basis. with question. Hey, and end it'll little lower. a higher report the some helps a is the I'll over some it'll have go bit request inventory go the that solve of Thanks quarter is at - Mark, a What at inventory in it's so and it's great the point the

so balance not in that's little going our to color. hopefully, additional a of bit that's And But sheet. up show

the hear that the into hyperscale year. that I you. you may. fairly you it other And from we making, - a that the is then have like in you're hyperscale from we side, and DVR customers to very these good there's visibility into and the and second most are helpful. and spoke centers get seems data visibility you see That's talk hyperscalers with that up go believe half the Can products would typically the growth about, Thank the like, very if again visibility have good into companies semiconductor planning that supply they that visibility, orders robust of on follow product

you visibility you - consumer classic it your kind visibility the you the makers you. directly? does the the memory directly wondering here, themselves company PC I'm guess hyperscale of that see or characterize OEMs? I Thank get module get customer, from So it Do the or can come from you through

from the we see growth, is their cloud especially by for the driven it both. what Yeah, aggregate From need thanks. guys applications. the We see AI

and on first of the platforms where vendors, AMD that we generation of memory do confirms different So this platforms. growth there's the from types Especially an Then to the we see this our Intel see translates introduction into the from the forecast. generation lot growth year, DDRX how that of DDRX same the last different and is platforms of vendors. platforms both in

we the mix is into that these of But watching for center growth the the demand the that carefully all aggregate end in half year. fuels going are the to So by transition users. data translate second of guys, driven which

you. the very help. Appreciate helpful. Thank It's

Always welcome Mark.

the I conference like At would concludes there to further question-and-answer to turn this Luc. time, questions. back over are the session. This no

your you in for interest Thank hope you we to Rambus. And health you. all talk to soon. you I and wish Thank

today's conference. This now concludes Thank you.

now disconnect. may You