A summary reads:

‘Revenue increased 28% year-over-year, topping $800 million for the first time.’

’ The better than expected revenue was driven by multiple high-value long-term license agreements signed with industry leading technology companies, and royalty revenue benefiting from market share gains and higher royalty rates.’

‘The immediate need for companies to increase investment in Artificial Intelligence (AI) across all end markets helped drive license revenue up 106% year-over-year.’

’The ongoing requirement for power efficient solutions in infrastructure and automotive continued to drive double digit royalty growth in those markets.’

‘Non-GAAP operating profit increased 92% year-over-year to $381 million resulting in a 47.3% non-GAAP operating margin.‘

The full text of the letter is here