Credo Technology (CRDO) - 2024 Q1 - Earnings Call Transcript

IP remains a strategic part of our business, but as a reminder, our IP results may vary from quarter to quarter. Driven largely by specific deliverables to preexisting contracts. While the mix of IP and product revenue will vary in any given quarter over time, our revenue mix in Q1 was 8% IP, below our long-term expectation for IP, which is 10% to 15% of revenue. We expect IP as a percentage of revenue to come in within our long-term expectations for fiscal '24. Our product business generated $32.3 million ...