Rambus, Inc.

the second quarter fiscal year 2025 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 1 on your touchtone phone at any time. If anyone should require assistance during the conference, please press star 0 at any time. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Desmond Lynch, the financial officer. you may begin your conference.

Thank you, Operator, and welcome to the Rambus second quarter 2025 results conference call. I'm Desmond Lynch, Chief Financial Officer at Rambus, 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. 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 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'll end with Q&A. I'll now turn the call over to Luc to provide an overview of the quarter.

Luc. Thank you, Des. Good afternoon, everyone, and thank you for joining our second quarter conference call. Rambus delivered a very strong second quarter, exceeding expectations for both revenue and earnings while continuing momentum in our growth initiatives. This achievement was driven by our memory interface chip business outpacing the market with 43% year-over-year growth and another quarter of record product revenue. The strong performance highlights our sustained leadership in core DDR5 products as we continue to execute on our strategic roadmap of signal and power integrity solutions and to drive the adoption of our new products. We also generated record cash from operations of $94 million, showcasing the efficiency of our execution and the robustness of our business model. Our balanced portfolio and diverse revenue streams across chips, silicon IP, and patent licensing position us exceptionally well in the market. They also provide stability in a dynamic micro environment and enable our continued product investment to drive long-term growth. Our chip business continues to be a key growth engine for the company, with Q2 marking our fifth consecutive quarter of product revenue growth. As I mentioned in my opening remarks, we delivered a historic quarter of record product revenue. Our strength in DDR5 continues to be a cornerstone of our success, with increased sales of our core products driving above-market growth. Looking forward to Q3, we expect our ongoing RCD market share leadership combined with early contributions from new products to drive double-digit sequential product revenue growth. We have growing traction for the record number of new products introduced throughout last year, with chips progressing through the respective stages of customer qualification and adoption. Additionally, we remain actively involved in the definition of future generation products with the industry. As we look further into the future, we are also very pleased that our industry standard MRDM chipset is advancing on schedule, and we are excited about its role in meeting the growing memory performance requirements of next generation server workloads. Going beyond servers, we recently launched our client memory module chipset for AI PCs. With that introduction, we are proud to now offer chipsets for all JEDEC standard DDR5 and LPDDR5 modules. Our client chip solutions waterfall our proven server class technology into new applications and extend our reach into next generation high performance PCs opening up a growing market opportunity in the coming years. Our expanding product offerings support the next wave of high-performance computing platforms in servers and client systems. Through ongoing leadership in RCDs and growing fraction across our portfolio of new products, we expect continued momentum and long-term growth. Turning to Silicon IP, we delivered solid results in Q2 and we remain on track for long-term growth. AI and data center applications continue to drive strong demand for our high-speed memory and interconnect IP, as well as our security IP. Our IP solutions are foundational to enabling the performance and security required by next-generation accelerated computing ICs. We're seeing strong demand and design-win momentum across our portfolio, led by best-in-class HVM4 and PCIe7 solutions. Now, as we look ahead for the company, the data center will continue to undergo profound transformation, driven by exponential growth of AI workloads and the increasing complexity of high-speed performance computing. Across the ecosystem, the shift towards scalable, heterogeneous computer architectures is accelerating demand for novel high-performance memory solutions and enabling technologies. These trends align directly with Rambus's long-term strategy, We are strategically focused on advancing system memory bandwidth and capacity through groundbreaking memory connectivity and power management solutions. These capabilities are foundational to enabling the next generation of AI and HPC platforms. We have built a roadmap that addresses the increasing technical demands of data-intensive applications. Our leadership in signal and power integrity, core to enabling robust high-performance memory subsystems, places us at the heart of this transformation. With our strong balance sheet and ongoing focused investment, Rambus is poised to capitalize on these secular growth trends. In closing, Q2 was a standout quarter for Rambus. We achieved excellent financial results, delivered record product revenue, and continue to execute on our roadmap. We are excited to enter the second half of the year with strong momentum, and we expect another quarter of record product revenue with double-digit growth in Q3. Our leadership in DDR5, increasing customer traction for new products, and strong business model position us well for continued success and long-term profitable growth. As always, I want to thank our customers, partners, and employees for their continued support. And with that, I turn the call over to Des to walk through the financials. Des?