Welcome to the Rambus Third Quarter and Fiscal Year 2018 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 [Operator Instructions]. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Rahul Mathur, Chief Financial Officer. You may begin your conference.

Thank you, operator. And welcome to the Rambus third quarter 2018 results conference call. I'm Rahul Mathur, CFO. And on the call with me today is Luc Seraphin, our CEO. The press release for the results that we will be discussing today has been furnished to the SEC on Form 8-K. A replay of this call will be available for the next week at 855-859-2056. You can hear the replay by dialing the toll free number and then entering ID number 4888626 when you hear the prompt. In addition, we are simultaneously webcasting this call. And along with the audio, we’re webcasting slides that we will reference during portions of today's call. So even if you are 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 Web site beginning today at 5:00 PM Pacific Time. Our discussion today will contain forward-looking statements regarding our financial guidance for future periods, including Q4 2018 and beyond, prospects, product strategies, timing of expected product launches, demand for existing and newly acquired technologies, the growth opportunities in the various markets we serve, and changes that we will experience in our financial reporting due to our adoption of the new revenue recognition standards that started in Q1 2018, amongst 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 8-Ks, 10-Qs and 10-Ks. 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 to our financials, we are using both GAAP and non-GAAP financial presentations in both our press release and also on this call. We have posted on our Web site a reconciliation of these non-GAAP financials to the most directly comparable GAAP measures in our press release and our slide presentation. You can see this on our Web site at rambus.com on the Investor Relations page, under Financial Releases. The order of our call today will be as follows; Luc will start with an overview of the business; I will discuss our financial results including the guidance we issued in today's press release; and then we will end with Q&A. I'll now turn the call over to Luc to provide an overview of the quarter. Luc?

Thank you, Rahul, and good afternoon everyone. I am very pleased to be taking on the role of CEO and excited about our prospects as a company as we drive towards greater value creation for our customers and shareholders. For Q3, we delivered solid results with continued progress in our businesses as we execute on strategy and improved profitability. From a financial perspective, our performance was in line with our expectations, delivering GAAP revenues of $59.8 million on the ASC-606 and generating $32 million in cash from operations. For reference, our third quarter revenue under the prior ASC-605 accounting standards would have been $99.8 million. If we compare under the same accounting standards and exclude the impact of our lighting division, this equates to 5% increase year-over-year. Overall, we executed well with strong execution in our product group and continued technology leadership on strategic programs. Our licensing program remains strong with new deals and renewals closed in Q3, including Socionext, Phison, Infineon and Nvidia. For the Memory and Interface division, Q3 was another positive quarter with broad OEM and cloud customer qualifications ongoing in chips and steady revenue for IP cores. Our DDR4 memory buffer chip business continues grow, with steady gains in market share and revenue growth, supported by a series of OEM design wins. As a result, we continued to hit our financial targets with $6 million in Q1, $8 million in Q2, $11 million in Q3 and remain on track to hit our target of $35 million to $40 million for the year. As we look forward to next year, we expect that growth to continue with an anticipated revenue range of $50 million to $70 million for the buffer chip program. For next generation DDR5 memory buffer chip, we maintained our leadership position as the first…

Thanks Luc. I'd like to begin with our financial results for the quarter. Let me start with some highlights on Slide 5. As Luc mentioned, we delivered solid financial results in line with our revenue and EPS expectations. As you know, we've chosen to adopt the new revenue accounting standards ASC 606 using the modified retrospective method, which does not restate prior periods, but rather runs a cumulative effect of the adoption through retained earnings at the beginning balance sheet adjustments. As a result, in comparisons between third quarter 2018 results under ASC 606 and prior results under ASC 605, it is not the best way to track the Company's progress. We are required to present a footnote that presents our 2018 results as if we continue to recognize revenue under the old standards. To make this transition easier to the readers of our financial statements, we will continue to present our results under both ASC 606 and ASC 605 through this transition period of 2018. This way, we can have a meaningful discussion regarding the performance of our business instead of focusing on accounting changes; under new accounting standards ASC 606, we delivered revenue of $59.8 million; under ASC 605, we would have delivered revenue of $99.8 million; under ASC 606, we delivered non-GAAP diluted loss per share of negative 1%; under ASC-605, we would have delivered non-GAAP earnings per share of $0.22; we delivered solid results while continuing to leverage our high margin historic businesses to fuel growth in adjacent areas where we have strong technical and market expertise for the focus on memory and security. Now, let me talk you through some revenue details on Slide 6. Revenue for the third quarter was $59.8 million under the new revenue accounting standards, higher than our expectations due to…

Thank you [Operator Instructions]. Your first question comes from the line of Gary Mobley from Benchmark. Gary, your line is now open.

Thank you. Your next question comes from the line of Sidney Ho from Deutsche Bank. Sidney, your line is now open.

Thank you. Your next question comes from the line of Suji Desilva from Roth Capital. Suji, your line is now open.

Thank you [Operator Instructions]. Your next question comes from the line of Mark Lipacis from Jefferies. Mark, your line is now open.

Thank you. At this time, there are no further questions. This concludes today's question-and-answer session. I would like to turn the conference back over to the Company.

As you can see, we continue to demonstrate our leadership and ability to execute across the Company. There's tremendous opportunity ahead. And I look forward to leading Rambus to its next phase of success. So, thank you everyone for your continued interest and have a good day. Thank you.

Thank you. This concludes today's conference. You may now disconnect.