TKC
There are fixed and variable. We have generally been treated all of Wave's costs as their burn rate meaning that with no revenue this is what they have been spending. In that figure is general sales and administrative costs and research and development. Since their current products don't require much in the way of manufacturing costs, a key variable cost would be support. We don't have a good handle on this aspect becuase it is unclear how those responsibilities will be spread and priced. So for now, I think you can see that essentially 100% of the Dell ETS revenue to wave would go to the bottom line regardless of classification. If the $10 figure is accurate (I think it is) then it's a question of how many purchasers of TPM embedded computers wish to use the TPM feature. It seems very reasonable to assume it would be very high for enterprises who are buying it for security and relatively low for consumers until there are valuable applications that utilize the TPM. Arguably some exist today, but I accept the premise that most consumers need a more compelling reason.
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