The nature of the company is IP. IP is probably best looked at in two timeframes to the extent that you can show a potential licensee that the technology will have more immediate value in either reducing the cost of their product or increasing the value in some way. It's more of a five-year time period from the time that technology was actually created till the time you can monetize to the extent that it then goes to a patent licensing world. It tends to go out to the 10th year. So, it's a – it is per se a long-term approach to technology.

The attractive part of it is that you can give to an engineer relatively limited number of engineers, but the type of engineer who are interested in solving long-term problems often times the problem itself is clearly manifest or it's still fuzzy and that has allowed Rambus to continue to hire very, very capable engineers. And as I say, we have continued to rollout technology. Staying on that business, the semiconductor part of our business, we have under license right now, roughly $600 million to $700 million in licenses that were run between now to the expiration of those licenses, they tend to be five years, so between 2015 and a few years after. So, a significant amount of money embedded into the cash flow right now.

As I said earlier, the primary focus has been on DRAM licensing. DRAM for quite sometime was basically lowest common denominator as set by the Intel interface requirement, such that as many people, as many manufacturers as possible could get over that bar and by – by so doing keep the price extremely low and the availability very high. But in the last five plus years, the market has really started to segment as do almost all markets of the size of the DRAM industry, which barriers between $25 billion and $40 billion. In particular, the needs of the mobile devices were significantly different than what would be required in a PC. It tends to be just one DRAM. It has to have significant bandwidth to the extent it can manage video etcetera. It has to be extremely low power and it has to be available.

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