Rambus, Inc.

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'd now like to turn the conference over to Desmond Lynch, Chief Financial Officer. You may begin your conference.

Thank you, Operator, and welcome to the Rambus first quarter 2025 results conference call. I am Desmond Lynch, Chief Financial Officer at Rambus, and on the call with me today is Luke Seraphin, our CEO. The press release for the results that we will be discussing today has been filed with the SEC on Form 8K. We are webcasting this call along with the 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 discussion today will contain forward-looking statements including our expectations regarding projected financial results, financial prospects, market growth, demand for our solutions, other market factors including reflections of the geopolitical and macroeconomic environment and the effects of ASC 606 and reported revenue amongst other items. These statements are subject to risk 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, Des, and good afternoon, everyone. Rambus had an excellent start to the year. In Q1, we achieved great financial results and maintained our market leadership position in core DDR5 chips, delivering another quarter of record product revenue. As a cornerstone of our growth strategy, we continue to aggressively drive our product development roadmap of signal and power integrity solutions for next-generation memory architectures that address the ever-increasing needs of advanced workloads in the data center. As we navigate the dynamic environment in the near term, the Rambus business model is naturally resilient to turbulence. This resilience comes from the diversity of our business with revenue streams from chips, IP, and patents. Our patent licensing business is highly predictable due to the long-term nature of our agreements, which provides financial stability. Our robust balance sheet and consistent track record of generating strong cash from operations strengthens our ability to navigate microeconomic uncertainty and the potential impact of tariffs. As of today, there is no direct impact on our operations from tariffs. This is a rapidly evolving situation that we are actively monitoring, and we are in continuous discussions with our customers and suppliers to understand the potential indirect impacts of tariffs. Given the current dynamics, we have limited visibility of the potential impacts beyond the current quarter. We remain very conscientious and focused on strategic execution. Our robust business model and stable foundation allow us to sustain our strong investment in technology leadership and new product development, positioning us well for long-term growth while consistently delivering value to our stockholders. Turning now to our Q1 results, We delivered revenue and earnings above our expectations and generated outstanding cashflow operations of $77 million. Memory interface chips drove the top line growth, delivering another quarter of record revenue at $76 million, up 52% year over year, driven by our continued strong leadership position in core DDR5 LCD products. We are delighted to see another quarter of increased sales for memory interface chips. and expect further growth in Q2, putting us on track for a very strong first half of the year. As I mentioned in my opening remarks, we are also making steady strides in advancing our product roadmap. The record number of products introduced last year are each moving through the varying stages of the product adoption cycle. Progress continues on the rollout of our expanding portfolio of new products including our industry-leading server PNICS and MRDM12800 chipset. We have growth-based momentum and qualifications ongoing at the module and system level. The industry-standard MRDM12800 chipset will enable a new wave of high-performance DDR5 systems as the need for capacity and bandwidth continues to grow. designed to intercept future generation server platforms, we are providing qualification samples to customers and expect to see our chips ramp in line with compatible processors. As a critical component to managing power in high-performance memory subsystems, our family of PIMICs is also being very well received by customers. Our industry-leading Extreme Currents PIMIC We support high capacity systems with RDMs running at 6400 and 7200 megatransfers per second. And our second generation server PNIC rounds out our offering for both industry standard DDR5 RDM8000 and MRDM12800. We are very excited by the positive progress at customers for our broad set of new products with early shipments underway for both server and client applications. Turning to silicon IP, AI continues to drive design wind momentum. And while quarter-on-quarter revenue may vary due to customer program timing, we are pleased with our ongoing traction. As key building blocks for accelerating computing ICs, we continue to see strong demand for our industry-leading memory and interconnect IP, including HPM4 and PCIe7 controllers, as well as our security IP. we introduced our next generation crypto manager security IP solutions that address an expanded set of customers and offer new levels of security, including quantum safe functionality. As we look ahead, AI and the ongoing evolution of the data center will continue to drive demand across our chips and IP with advanced applications requiring unprecedented levels of performance and security. To enable the robust high performance and high capacity memory subsystems critical to meeting the needs of data intensive workloads, a growing number of specialized silicon solutions are required. With 35 years of memory subsystem expertise, RAMBUS has strategically expanded our product portfolio to offer complete chipsets for all industry standard DDR5 server memory modules. Over the past year, We continued our track record of industry leadership in core DDR5 products, introduced new server power management solutions, and were first to market with a complete chipset for industry standard DDR5 MRDIMs. We are also excited at the future prospect of our signal and power integrity technology water-pooling into solutions for the client market. The strength of our business model enables us to continue this investment in new products for growth, and we look forward to sharing more as we make further progress on our roadmap and expand our addressable market. In closing, we had a very strong start to the year, exceeding guidance for revenue and earnings and continued product leadership driving record product results. Our dedicated product execution, continued conviction in our roadmap investment, and resilient business model position us well for future growth and success. 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?