Rambus, Inc.

Welcome to the Rhombus Third 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 will now turn the conference over to Desmond Lynch, Chief Financial Officer. You may proceed.

Thank you, Operator, and welcome to the Rambus third quarter 2025 results conference call. I am 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 and 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 will end with Q&A. I'll now turn the call over to Luke to provide an overview of the quarter. Luke.

Thank you, Dave. Good afternoon, everyone, and thank you for joining us. Rambus delivered a very strong third quarter with solid sequential growth and revenue above expectations. Product revenue led the way with a double-digit increase and growth that outpaced the market. This was driven by sustained market leadership in DDR5 products, coupled with ramping contributions from our suite of new products. We also delivered another quarter of excellent cash from operations, highlighting the strength of our balanced business model while we continue to execute on our strategic roadmap. Leveraging our core expertise in signal and power integrity, our strategic focus on delivering complete solutions for high-performance memory subsystems positions us well amid strong secular trends in data center and AI markets. Turning to our businesses, I'm extremely pleased with the performance of our chip business. In Q3, we delivered another product revenue record at $93 million and marked our sixth consecutive quarter of growth. As a cornerstone of our success, Our DDR5 RCD leadership and ongoing market share gains continue to fuel our top-line growth. In addition, customer adoption of new products is progressing well, with initial production shipments now in motion. Looking forward, we expect our continued RCD market share leadership and increasing contributions from new products to drive full-year product revenue growth of over 40%. Our broad product offering, including chips for all JEDEC standard DDR5 and LPDDR5 modules, supports the full spectrum of high-performance computing platforms in servers and client systems. Our full chipset solutions offer customers not only the ease of one-stop shopping, but also the greater assurance of interoperability, which becomes ever more critical as the complexity of design rises alongside data rates. Through ongoing leadership in our cities and growing traction across our portfolio of new products, we expect continued momentum and long-term growth. Turning to silicon IP, AI continues to drive design with momentum. The increasing pace and diversity of AI accelerator and networking IC designs is driving demand for a high-speed memory interconnect and security IP. Led by our best-in-class HBM4, GDDR7, and PCIe7 solutions, our IEP is critical to enabling the performance and security required by AI training and inference workloads. Focused on providing our customers with differentiated features and performance for the most challenging applications, we see momentum across our portfolio of cutting-edge solutions, and we remain on track for our long-term growth targets. As we look ahead, the rapidly rising adoption of AI is driving continued server growth. Training and inference require massive compute infrastructure to support increasingly complex and diverse workloads. Notably, agentic AI is emerging as a major catalyst for server demand, particularly for traditional CPU-based systems. This is helping to fuel the ongoing hyperscaler and enterprise refresh cycle amplifying the growth in server unit shipments. In addition, the amount of memory per server continues to grow. AI workloads demand unprecedented levels of compute performance, driving increasing core counts and the need for more memory bandwidth and capacity. This translates to more DIMMs per server at higher data rates, as well as the need for novel high-performance memory solutions and enabling technologies. MRDIM is a great example of this, as it leverages an innovative architecture to double the capacity and bandwidth versus standard RDIMs. Scaling the amount of memory per server also creates demand for increasingly sophisticated power management solutions that optimize the efficiency and quality of power delivery. We solve these complex problems for our customers with leading-edge products and are pleased to be on track to intercept compatible future generation systems with our complete industry standard MRDIMM and RDiMM chipsets. Going beyond servers, the release of each new client platform continues the trend of server-class technologies waterfalling into AI PCs as performance targets continue to rise. This drives demand for faster memory and more module chip content. Leveraging our fundamental signal and power integrity building blocks, our client chipsets are progressing well with growing customer traction and we look forward to meeting this rising market need. The secular growth trend in data center, as well as the rising performance requirements across the computing landscape driven by AI, are highly favorable to RAMBUS and align directly with our long-term strategy. Our groundbreaking memory connectivity and power management solutions are foundational to enabling the next generation of AI and HPC platforms by advancing system memory bandwidth and capacity capabilities. Having identified the increasing technical demands of data-intensive applications as opportunities, We have developed a roadmap that builds on our leadership in signal and power integrity to enable robust high-performance memory subsystems. In closing, Q3 was a very strong quarter with solid financial results. Our continued product leadership in DDR5 and increasing momentum in new products are underpinned by the company's strong alignment with positive secular trends in data center and AI. This gives us great confidence in our ongoing success and our ability to deliver long-term profitable growth. As always, I want to thank our customers, partners, and employees for their continued support. And with that, I'll turn the call over to Des to walk us through the financials. Des?