Rambus, Inc.

Welcome to the RAMBUS first quarter fiscal year 2024 earnings conference call. At this time, all participants are in a listen only mode. At the conclusion of our prepared remarks, we will conduct a question and answer session. If you would like to ask a question, you may press star one on your touch tone phone at any time. If anyone should require assistance during the conference, please press star zero at any time. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Desmond Lynch, Chief Financial Officer. You may proceed.

Thank you, Operator, and welcome to the RAMBIS first quarter 2024 results conference call. I am Desmond Lynch, Chief Financial Officer at RAMBIS, and on the call with me today is Luke Serafin, our CEO. 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 866-813-9403. 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. 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 projected financial results, financial prospects, market growth, demand for our solutions and other market factors and the effects of ASC 606 on reported revenue amongst other items. These statements are subject to risks and uncertainties that may be discussed during this call and are 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. In addition, we will continue to provide operational metrics such as licensing 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, I will discuss our financial results, and then we will end with Q&A. I'll now turn the call over to Luke to provide an overview of the quarter. Luke,

Thank you, Dev, and good afternoon, everyone. In Q1, we continued our disciplined execution as we remain strategically focused on addressing the needs of traditional and AI servers. In the quarter, we expanded our market opportunity with the introduction of new leadership products and performed well across all of our businesses. With that, we delivered solid Q1 results and Demonstrating our ongoing commitment to stockholder return, we completed a $50 million accelerated share repurchase, which brings the total return of cash to our stockholders over the past three years to $350 million. With strong execution, we delivered first quarter product revenue of $50 million and also continued our investments in new products to drive future growth. As the accelerated pace of new compute platform rollouts continues, we have multiple generations of DDR5 RCDs progressing through different stages of qualification and production and the latest generation sampling to customers. We are therefore well positioned for the DDR5 product cycle and expect this to drive approximately 10% product revenue growth in the second quarter. Additionally, we are confident in the longer-term outlook for the data center beyond the current softness in the traditional server market. While we continue to see modest consumptions of DDR4 customer inventory, the industry is moving in earnest to DDR5, and the transition is amplified by increasing demand for performance from generative AI and other advanced workloads. The rapid evolution of traditional NAI servers requires the constant advancement of new products and architectures to address the growing memory performance requirements. As such, expanding our leadership product portfolio to meet these requirements is a key element of our long-term growth strategy. In line with that strategy, we just announced the expansion of our chip offering with the availability of our new family of DDR5 server PMICs completing our memory interface companion chipset for DDR5 RDMs. This new product line includes the industry's first extreme current server PMIC that will enable high bandwidth, high capacity DDR5 modules for leading edge servers in the data center. We are currently in qualification with major memory vendors and are receiving positive feedback. Power management solutions are a critical and challenging component of today's server memory subsystems. In order to achieve the increased bandwidth and capacity of DDR5, the industry made a major change to the power management architecture by moving the PMIC from the motherboard to the individual memory modules. The resulting DDR5 server PMICs are required to deliver reliable power at the lower voltages and tighter tolerances of the latest DRAM chips while operating in a very challenging environment. We have built upon our memory subsystem expertise and proven track record of delivering robust module-based solutions to deliver a PMIC family optimized for efficiency power delivery under demanding noise, thermal, and space conditions. Given our heritage and mission to advance memory performance, we identified power management as a critical technology to unlocking higher memory bandwidth and capacity. We made the strategic decision to invest, build a world-class team, and are now intercepting the market with leadership products to address the need. This new server PMIC product family amplifies our market opportunity and lays the foundation for our roadmap of future power management chips. As AI expands from training to inference, Continued advances in the data center and AI are also driving momentum in our Silicon IP business, with strong design wins led by HBM, CXL, PCI Express, and Security IP. With the industry's most advanced interface and security IP portfolio for AI, we are making great progress and are on track for our annual growth targets. As part of our continued leadership, we introduced the industry's first GDDR7 memory controller, which delivers the performance needed by next wave of inference chips for Edge AI. The ever increasing volume of data is pushing chip interface speeds and memory bandwidth requirements higher and higher. At the same time, the value of the data itself is also going up. And with that, so does the risk and impact of a breach. Our differentiated silicon IP solutions offer chip designers top-of-the-line performance and advanced protection against attacks, making them essential to enabling faster and more secure resources for the data center and adjacent markets. As we look forward, generative AI and other data-intensive workloads will further accelerate the demands on performance and security across the computing landscape. We continue to focus on the ongoing scaling of memory capacity and bandwidth through novel memory form factors and architectures, such as multi-rank solutions and serial attached memory, that will be critical to improving efficiency and performance in computing systems from the data center to client. In addition, ongoing advancements in security, including quantum-based solutions, will be essential to protecting valuable hardware and data. As demonstrated this quarter, through our newly introduced offerings, we continue to execute on our product roadmap for both chips and IP, unlocking new levels of system performance and expanding our market opportunity. Recent announcements by leaders in the AI industry serve as proof points of the importance of memory for system performance improvement, with the latest systems featuring more than double the memory bandwidth and capacity. As we look forward, those requirements will only grow and our strategy and roadmap are well aligned to address the market needs. In closing, Q1 was a solid quarter for the company that was achieved through disciplined execution of a clear strategy. We delivered on our commitments across the board and continued our innovation in the market. Our focus on high performance products for the data center and AI positions us well to drive the long-term profitable growth of the company, and our strong balance sheet enables us to deliver consistent return of value to our stockholders. As always, I'd like to thank our customers, partners, and employees for their ongoing support. And with that, I'll turn the call over to Des to discuss the quarterly financial results. Des?