MIPS Technologies' CEO Discusses F4Q12 Results - Earnings Call Transcript

In our financial discussions today, we will be referring to fourth quarter and fiscal 2012 GAAP and non-GAAP results. MIPS management believes that non-GAAP information is useful because it can enhance the understanding of the company’s ongoing economic performance. MIPS Technologies uses non-GAAP measures when evaluating its financial results as well as for internal planning and budgeting purposes. The non-GAAP results discussed today exclude stock compensation and non-recurring charges incurred during the period. Please refer to the earnings press release or the Investor Relations page of our website for a reconciliation of GAAP to non-GAAP.

As a reminder, the playback number for this conference call is 203-369-1251 and the access code is MIPS. The recorded call will be available for 30 days after this call. An audio replay will also be posted on the Investor Relations page of our website at www.mips.com.

With that said, I will now turn the call over to Sandeep Vij.

Sandeep Vij

Thank you, Jen. Hello, everyone. Thank you for joining us today. We’re pleased to share that Q4 was a record quarter for MIPS. We signed one of the largest licensing agreements in MIPS Technologies’ history. This license agreement with Broadcom, MIPS’ largest customer, demonstrates the value of our patent portfolio. This license is the first tangible result of our strategic efforts around patent monetization and we continue to consider all of our options in this area. This effort to monetize our patents is a natural extension of our business: licensing processors, architectures and now patents.

On the processor front, in the fourth quarter, we publicly announced our new Aptiv generation of products. MIPS’ sales, marketing and technical experts traveled throughout the world to present the new cores to customers and prospects and have developed a pipeline of identified opportunities. In the current quarter, we will start to see the general availability and revenue from the higher end cores. Now, I would like to provide some updates on activity in our target market segments.

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