Rambus, Inc.

Welcome to the Randall's Third Quarter and Fiscal Year 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. At the conclusion of our prepared remarks, we will conduct question and answer session. If you would like to ask a question, you may press star 1 on your touchstone pad at any time. If anyone should require assistance during the conference, please press the star zero on your touchstone pad at any time. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Desmond Lynch, Vice President of Finance and Investor Relations. You may begin your conference.

Thank you, Operator, and welcome to the RAMBIS third quarter 2021 results conference call. I am Desmond Lynch, VP of Finance and Investor Relations, and on the call with me today is Luke Serafin, our CEO, Rahul Mathur, our CFO, and Keith Jones, our Chief Accounting Officer. The press release for the results that we will be discussing today has been filed with the SEC on Form 8K. A replay of this call will be available for the next week at 855 859 You can hear the replay by dialing the toll-free number and then entering ID number 9537075 when you hear the prompt. 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 5pm Pacific time. Our discussions today will contain forward-looking statements, including our expectations regarding business opportunities, product and investment strategies, timing of expected product launches, demand for existing and newly acquired technologies, the growth opportunities of the various markets we serve, the expected benefits of our merger, acquisition and divestiture activity, including the success of our integration efforts, the company's ability to deliver ongoing profitable growth, the company's outlook and financial guidance for the fourth quarter of 2021 and related drivers, risks and the potential adverse impact related to or arising from COVID-19 and the effects of ASC 606 on reported revenue, among other things. These statements are subject to risks and uncertainties that are discussed during this call and may be more fully described in the documents we file with the SEC, including our 8Ks, 10Qs and 10Ks. These forward-looking statements may differ materially from our actual results and we are under no obligation to update these statements. In an effort to provide greater clarity in the financials, we are using both GAAP and non-GAAP financial presentations in both our press release and on this call. A reconciliation of these non-GAAP financials to the most directly comparable GAAP measures has been included in our press release, in our slide presentation, and on our website at rambus.com on the investor relations page under financial releases. We adopted ESC 606 in 2018 using the modified retrospective method, which did not restate prior periods, but rather ran the cumulative effect of the adoption through retained earnings as a beginning balance sheet adjustment. Any comparison between our results under ASC 606 and prior results under ASC 605 is not an accurate way to track the company's progress. We will continue to provide operational metrics such as licensed billings to give our investors better insight into our operational performance. The order of our call today will be as follows. Luke will start with an overview of the business. The WHO will discuss the financial results. Heath will discuss our guidance for future periods, and then we will end with Q&A. I will now turn the call over to Luke to provide an overview of the quarter. Luke?

Thank you, Des, and good afternoon, everyone. Q3 was another strong quarter for Rambus. We delivered revenue in line with expectations at $81.3 million, generated $46 million in cash from operations and hit our targets for profitability. This performance was driven by great execution from the entire global team. Memory interface chips delivered record revenue of roughly $37 million, which is up 18% quarter-over-quarter and 23% year-over-year. There's high demand for server memory, and with that, we expect further growth and another record quarter in Q4. All of this growth and momentum are happening in the context of a very challenging supply chain environment across the entire semiconductor industry. As we mentioned last quarter, we've seen the same shortages and cycle time challenges experienced by our peers. We are proactively managing our supply chain and working closely with our partners to ensure our ability to satisfy the growing customer demand for our products and support the aggressive memory interface cheap revenue targets we set at the beginning of the year. Despite these challenges, as I stated earlier, we delivered 18% quarter-over-quarter growth in Q3 and will continue to grow in Q4. In addition to the solid financial performance, we also achieved some very exciting product milestones. Our first-generation DDR5 RCD is in production and shipping in volume to customers. In anticipation of the ever-rising needs of future data centers, we are also the first to sample a second-generation DDR5 RCD. This is an important achievement as we raise the bar on performance and maintain our leadership position in DDR5 memory interface chips. Turning to our CXL interconnect initiative, We're seeing high engagement across the entire ecosystem, including DRAM, OEM, and cloud players alike, and are getting great feedback on the needs of both the market and our customers for our future roadmap. We launched our industry-leading CXL 2.0 controller IT, including integrated security functionality that protects data with no performance overhead. This IP was developed by the team that recently joined from PLDA and will be a key ingredient for future data center architectures. This brings me to a broader progress across the silicon IP business, where we are growing in size and scale with new products and design ways. We are leading the charge for critical technologies in our focus areas, including CXL, HBM, and security IP. Through our continued internal development efforts and the additions of Northwest Logic, the security IP team from Verimetrics, AnalogX and PLDA, our total silicon IP business is now on a run rate of over $100 million in bookings annually. In support of our company's performance, we are increasing our attention on environmental and social matters. We are focusing on opportunities to drive responsible, inclusive and sustainable practices across our own operations, as well as our supply chain. This has led to continued improvements in our ESG structure and disclosures. Overall, the team is executing very well. We brought in record product revenue and achieved industry-leading technology milestones across multiple businesses. We see a growing number of opportunities to address the critical challenges facing the industry and remain on the forefront of next-generation data-intensive architectures. As we continue our journey as a leading product and technology company, I am very excited about what the Rambus team can accomplish. Before I turn the call over to Wahul, I would like to take a moment to thank him for his contributions over the past five years and wish him well As we announced last month, Rahul will be leading Rambus to pursue an opportunity outside of the semiconductor industry. We have appointed Keith Jones, our current vice president, chief accounting officer, and corporate controller as the interim CFO. Keith brings a wealth of experience and expertise, and I am confident he will help lead the team through a successful transition. With that, I would like to thank Rahul I turn the call over to Rahul to discuss the quarterly financial results. Rahul?