Good day, and thank you for standing by. Welcome to the Alphawave Q3 trading update conference call. I would now like to hand the conference over to your speaker today, John Lofton Holt. Please go ahead. Thank you, Heidi. Good afternoon, everyone. This is John Lofton-Holt, Executive Chairman at Alphawave IP. Thanks very much for joining our call today. I'm joined by my co-founder, President, and CEO, Tony Pialis, and our Chief Financial Officer, Daniel Aharoni. Tony and I are going to provide an update of our execution highlights from the third quarter of 2021. Daniel will follow up with some more in-depth details on our financial performance, and we'll close with an update on our outlook. After that, we'll be happy to take your questions. For those who are new to the company, Alphawave is a semiconductor IP pioneer and deep technology company founded by a team of semiconductor pioneers, each with decades of experience in our industry. We focus on designing semiconductor IP to solve the hardest to address connectivity challenges created by the exponential growth of data processing and networking infrastructure globally. Our growth is driven by connectivity demand from all sorts of everyday products, from automobiles to telecoms networks and data centers, to computers in our homes that all require enhanced connectivity to communicate with each other and operate efficiently. We license our IP to some of the world's largest hyperscalers, which are technology companies like Google, Facebook, Alibaba, Baidu, Microsoft, Amazon, and others, who provide cloud networking and Internet services at scale. We also license our IP to companies that build digital infrastructure like mobile networks to the world's leading semiconductor companies. They use our IP to enable their chips to communicate with each other. As of this month, we have numerous global hyperscalers that use our technology, and five of the eight largest chip companies in the world leverage our technology to solve their connectivity challenges. Our IP enables data to travel faster, more reliably, and using lower power. 2021 has been an important year for the company. Since listing on the London Stock Exchange in May, we've continued to rapidly grow our business while expanding our team quickly to meet the accelerating demands of our global customer base. In the first half of the year, we are pleased to have outpaced the business growth that we discussed in our IPO while nearly doubling our R&D team, all while increasing our profitability targets. Our two large multi-year subscription contracts with VeriSilicon and the company's China Private Partnership, or CPP for short, locked in multiple years of our business in China, and were all booked in the first half of 2021. These revenues will be recognized over the next five years. As a consequence, as we stated in our first half results, the majority of our business and growth moving forward will be dominated by our two largest markets, North America and South Korea, with smaller contributions from other markets like Europe and the rest of Asia. In the third quarter, this played out in real-time. As you will hear from Dan and Tony, we saw the vast majority of our business come from North America and South Korea. We saw a continued diversification of our bookings and revenue as we expected. With that overview, I'll now turn it over to Tony for a more detailed overview of our third quarter execution. Tony? Thanks, John. There were three key themes that drove our execution in the third quarter: growth, diversification, and expansion. Let's talk about growth first. Removing the two large subscription contracts and royalties, the third quarter was the best quarter that we've ever had at Alphawave. Our growth was dominated by new and repeat customers in North America and South Korea. In the first nine months of this year, our bookings growth in North America alone were up 137% from the same period last year. This highlights the importance of this market, which remains our single biggest market opportunity by far. The second key theme from last quarter was diversification. As we mentioned in our half-year results, we've seen continued diversification of our customer base since 2020. In the third quarter, we diversified further with four new end customers and additional repeat wins at some of the biggest semiconductor companies in the world, bringing our total number of end customers up to 21. We also continued to expand into the three most important markets for our technology: servers, switches, and storage, while fielding new pipeline opportunities in emerging markets like 5G and AI. The third key theme from last quarter was expansion. We continued to rapidly expand our global R&D team while expanding our technology leadership through new additions to our portfolio of connectivity solutions. Just last week, we announced a new five-nanometer solution with TSMC targeting chiplets and the conventional chip space. This IP solution, developed in collaboration with several major North American customers and TSMC, demonstrates Alphawave's continued and accelerating technology leadership and competitive advantage. We appreciate TSMC's endorsement of this technology and the importance of this solution for the chiplet market. We also announced our first four-nanometer design win with a hyperscaler. This is one of the first four-nanometer design wins that has been announced globally and reflects Alphawave's leadership in connectivity at the bleeding edge. Looking forward to our outlook, my team and I are focused on converting our robust pipeline into bookings and continuing to broaden and deepen relationships, as well as driving greater diversification across both customers and geographies. Historically, the fourth quarter has been a very strong quarter for us, and this year looks to be no different than previous years. In summary, I am really pleased with what we've achieved in terms of bookings, customer design wins over the past few months, and we will continue to focus on delivering for our customers, shareholders, and partners. I'll now turn the call over to Daniel to talk through the details of some of the numbers. Daniel? Thank you very much, Tony. As John and Tony said, we've delivered very strong bookings in the last quarter. As stated, Q3 bookings were $23.2 million, of which $21.5 million were license and related, and the remaining $1.8 million were estimated potential future royalties. 75% of those bookings in Q3 were from North American customers, with the balance almost entirely from South Korean customers. Turning to the first nine months of 2021, our total bookings are now $219.3 million, of which $147.8 million is from the previously announced multi-year subscription deals with VeriSilicon and CPP in China. That $219 million figure does not include any potential future royalties from those two deals. Of the balance of around $71 million, 85% of that, just over $60 million, is from North American customers. As Tony highlighted, our bookings from North American customers grew nearly 140% compared to the first nine months of 2020. $17 million of that $219 million is estimated future royalties. For investors who are new to Alphawave, bookings are contracted and almost exclusively non-cancelable contracts with our customers. Licensed and related is primarily comprised of license fees with some additional non-recurring engineering, support and maintenance, and flexible spending accounts. These are contractually committed amounts that will translate to revenues, with revenue recognition determining the timing of that. Our design wins also attract royalties, and in some instances, we will estimate those as part of our bookings. As stated, in Q3 2021, $1.8 million of our bookings are royalty estimates. As we highlighted in our half-year results, VeriSilicon and CPP bookings form a large component of our bookings year to date because they are multi-year, multi-product transactions, unlike the more typical one-off pay-per-use licenses that we previously signed. As John stated, we are effectively booking three to five years of China revenues with those two bookings. Our VeriSilicon reseller agreement in China is also now successfully delivering. During Q3, we saw the first two end customer licenses through VeriSilicon, a new end customer and an existing end customer. Total transaction value for these two customers is $3.9 million, excluding potential royalties. Note that bookings from these wins are not counted in our total $219 million of bookings for the first nine months because they form part of the previously announced $54 million minimum commitment from VeriSilicon. We expect to maintain this strong momentum into Q4 with more design wins and bookings, mainly from North America and South Korea. Finally, related party bookings in the period were 0. With that, I will hand back to John to wrap up. Thank you, Dan, and thank you, Tony. That concludes our comments, and thank you very much to everyone on the phone for listening. Tony, Daniel, and I would now be very pleased to take your questions, so I'll turn it over to our call moderator, Heidi, and we are pleased to start the Q&A. Thank you. As a reminder, to ask a question, you will need to press star one on your telephone. To withdraw your question, press the pound or hash key. Please standby while we compile the Q&A roster. The first question comes from the line of Keegan Bright from Barclays. Please ask your question. Hey, guys. Thanks for taking the question. Just a couple from my side. Perhaps first, can you give us a little bit more color in terms of your booking expectations for the fourth quarter? You had $22 million of bookings this third quarter. Could we expect something similar or potentially even higher bookings for next quarter? Do you expect to win more unique customers, or these bookings be with existing customers that you have today? My second question, I noticed your bookings for third quarter were structured much more to licensing, whereas your bookings in the first half had a much larger royalty component. Was this more down to a couple of product IP deals in the first half that were more royalty based, or you're seeing perhaps some of your more sophisticated North American customers prefer the licensing-based deals? I have a quick follow-up. Thank you. Hey, Keegan. Thanks for those questions. This is Tony. I'll kick it off, and we'll see if Dan or John want to jump in afterwards. In terms of the last quarter, as you mentioned, it was a broad diversification of customers, mostly centered around North America and Korea. It was great to see our VeriSilicon reseller deal begin to produce results with two additional design wins. In terms of the revenue composition for royalties. As we've mentioned in the past, we'll include royalty forecasts into our bookings when it's a customer with an established product that's shipping in the market. Many of the times when we include it, those royalties are also included in the contract in terms of documented forecasts. In this last quarter, we have had bookings that have included royalties. We've just not forecasted it into our bookings. As you mentioned, in the first half, we did have product IPs that delivered substantive royalties. In the last quarter, it's been more focused around our core IPs. I do see a tremendous amount of strength around both our product IPs and chiplet IPs in Q4 and leading into next year. In terms of how Q4 is shaping up, look, the pipeline continues to be very strong. We can't give specific details into our pipeline for Q4 other than there continues to be strong traction around all of our products, again, led dominantly in the U.S., and we expect more business in Asia, specifically in Korea as well, in Q4. Daniel, anything you want to add? Yeah. Keegan, it's a very good observation regarding royalties. I will reiterate what Tony said. I mean, the deals that we sign do contain royalty. We will be conservative on how we estimate them, particularly there are certain minimum contractual commitments with royalties, but we will not include forecasts where we don't have strong visibility as to volumes. What I would say about the royalty deals that we've signed is the royalties on a per chip basis are very significant. I mean, they are in double-digit dollars per chip. Got it. Thank you both. Just a quick clarification on some of your customer wins. You said last half that you signed this master license and framework agreement with one of the largest North American chip companies. Is that included in your booking numbers for this third quarter? Hey, Keegan. John here. Great to hear your voice. Thanks for joining. No, it's not included in our bookings for the third quarter because that framework agreement is exactly what we described it as. It is a contract that essentially provides the contractual framework for us to land and expand numerous design wins in multiple businesses with multiple business units within that very large company. This is one of the top three chip companies in the world. We were happy to close that framework agreement, and there are numerous discussions now ongoing with that customer across multiple P&Ls, multiple business units, on a very diverse relationship with that customer moving forward. I would suspect you're going to see bookings materialize from that either in Q4 or in Q1 of next year. Got it. Thanks all. Thanks very much, guys. Thanks. Cheers. Thank you. Thank you. Your next question comes from the line of Sandeep Deshpande from Morgan Stanley. Please ask your question. Thanks for letting me on. I have a couple of questions, if I may. The first question is, clearly, you've had four new customers sign up in the quarter. It looks like approximately a $4 million or $5 million sort of deals that you signed in Q3, depending on what older customers have also renewed. Could we understand, are you planning to expand your strategy on subscription licenses into your U.S. and non-China customer base? The second question I have is, how far have these licenses that you signed, are they core licenses, up-front licenses, and how is that strategy going along? Yeah. Sandeep, good to hear your voice also. John here. A couple of things on that. First of all, if you think about kind of subscription licenses, these absolutely are where our customers are taking us. The first two large subscription licenses that we closed were obviously closed in the first half of the year, one with Vista and one with the CPP. That was an existence proof that this is a business model that works and that it's something our customers want. As we've had now multiple design wins for some of the world's biggest chip companies, some of the world's biggest hyperscalers, they recognize there is value for them in not doing one-off licenses as much moving forward, but moving towards a subscription license. They like that. We like that. You as investors like that. You as analysts like that. It's easier to model, it's more predictable. When we talked about this at the first half, we said we likely thought that would be a fourth quarter and into the next year event. If we look at our pipeline today, we do have multiple large subscription license deals we are working on with large North American, Korean customers, and customers all over the world. That's number one. The second question on the product IP and the core IPs, we absolutely have seen, really since the beginning of the year, diversification of customers into more product IP deals, less one-off deals, more subscriptions, and we did see that in the third quarter. I'd say the fourth quarter and going into next year is where you're going to see even further diversification of that, just because we've built a lot more products. If you think about when we first started the company, we had a handful of products. When we went into the middle of last year, we had maybe 30, 40 products. When we talked about, we had 60 products. By the end of this year, we're going to have more than 70 products out there in the market. More and more of those are ones that are our richer set of functionality like product IPs that will command higher royalties over time. Thanks. Just a quick follow-up to Tony's question, about Tony's point in his prepared remarks that fourth quarter is typically a strong period for licensing. Do you see that playing through based on what your targets are in terms of closing deals in the fourth quarter, and how that is going? We are already almost to the end of the first month of the quarter, and how that is progressing on that front? Sure. I'll lead high level, and then I'm sure Tony wants to jump in on it. Look, I've known Tony for 20-plus years we've worked together. Okay? Look, the Q4 is typically an extremely strong quarter. Tony, I don't know if you want to give any more color on that as far as this year and here in 2021 goes. Sure. Normally the rationale for Q4 is it's end of many companies' fiscal years, there's budgets that need to be used up and plans being set for following years. Obviously securing critical IP connectivity and microprocessors becomes a clear and important mandate. That is what has historically driven our Q4. We see the same trend this year. The number of design starts that we see in the pipeline are growing. There's obviously a tremendous amount of investment happening into semiconductors, and the exciting news from Alibaba yesterday just clearly further indicated the expansion of semiconductors globally. We continue to benefit from that expansion because all of these complex products need critical connectivity IPs, and that's what we deliver. Yes, I see continued strength into Q4, and I'm very excited about next year as well. That is personally where I'm focused while my sales team is closing up the end of this year. Thank you. Thanks. Thank you. Once again, if you do wish to ask a question, please press star one on your telephone. Your next question comes from the line of Patrick Basiewicz from finnCap. Good day, gentlemen. Thank you for taking my questions. I've got three. The first one is related to the new product you announced a few days ago. Okay. I'm going to ask my question. My first question is regarding the PCIe CXL product that you announced a few days ago. It seems for me that it's a bit of a product that's outside your core competencies. I presume it just came up as sort of a signal from some of your clients that they'll use these kind of products. Am I correct to say that? Should we expect more products of this type going forward? My second question is regarding the sort of debate between four nanometer and four or five nanometer. Few of your competitors will talk about four nanometer or five nanometer in the same breath as they are more of a evolutionary sort of step technology. I suspect strongly that there is a lot more complication to this sort of transition. Maybe you can give us a little bit of understanding of how groundbreaking is a four nanometer contract win. My third question is a little bit cheeky. You said in your statement that none of the new clients were related party or they came from related parties. I'm sure that's completely true. Related parties have a very strong accounting recognition. My cheeky question is, would a layperson out there also conclude that these two contracts came from the unrelated parties? Thanks. Sure. This is Tony. Let me take your questions and then I'm sure John and Dan would love to jump in. In terms of the PCI Express CXL being a new product for us, it's not actually. Our core value proposition of our technology is in delivering multi-standard connectivity to the industry. When we started the business that from day one included PCI Express and CXL. What we announced is we've now created a dedicated product line servicing the space. The products that PCI Express and CXL service specifically are things like servers, or devices like AI, or end markets like solid state storage. These are critical markets for us that now have a focused product line with a focused development team, focused product development, building leading technology specifically for that industry. That was that announcement. In terms of four nanometer, I think you might be referring to foundries like TSMC that have historically implemented shrink nodes. Foundries like Samsung, their four-nanometer, I do not believe is viewed as a shrink node. These days, Technology is so complex that silicon IP needs to be revalidated on each and every node, whether it's five-nanometer, whether it's four-nanometer, whether it's three-nanometer. Four-nanometer is a leading-edge node, whether it's TSMC or Samsung. Certainly having a design win with a major hyperscaler building a flagship product in the networking space is a significant breakthrough in terms of delivering leading silicon connectivity technology in a leading-edge process. On the third item, in terms of related parties, John, you want to. Yeah, Jim, I'm happy to take that one. We don't find that a cheeky question, actually. We appreciate you asking the question. Look, moving forward, we are going to have in every press release we put out an extremely boring section that's going to call out all our related parties for the given quarter or the given announcement period. Just like we have in the past, we are very happy to say there were zero bookings this quarter from related parties. That is not by our judgment, as you can probably imagine. We've spoken to our attorneys, our advisors, our accountants, and they helped us come up with that determination. Very straightforward there. The other piece I think that's interesting to understand, because there's been a lot of discussion on this point over the last several weeks. If you think about kind of the real growth catalyst for this company, the growth catalyst for this year, but certainly the growth catalyst that we see moving forward, we talked a lot about how North America and South Korea are really the growth catalyst for this company moving forward. five of the eight top semiconductor companies in the world, no related parties. Three huge hyperscalers, no related parties. You add up all the market caps of all of our non-related party customers, it's about $4,300 billion. You add up all the historical market caps of all of our related parties that we've disclosed, it's less than $10 billion. To give you a sense for how important doing business with the biggest chip companies in the world that are not related parties is for our business, and that is something we're going to report on moving forward in a very detailed way. Thank you very much. That's perfect. There seems to be no further questions at this time. Please continue. If there are no other questions, we will be wrapping today's call up. We do appreciate everyone dialing in today and do appreciate your support. We look forward to talking to you again, if not before the end of the year, certainly at our Q4 trading update, and we will schedule that ahead of time. Thanks everybody for dialing in today. This concludes today's conference call. Thank you all for participating. You may now disconnect.