I have a circuit (see attached) and I am wondering what happens to a differential signal that gets generated in U1 and received by U2.

Lets say the signal has a 400-600mv swing at the output of U1.

Would I see the following at U2? Vout = R2/Rs+R2 * Vin : Vout= 50/10+50 * 600mV = 500mV

OR

Vout = R2/Rs+R2+50 ohms (transmission line): Vout = 50/10+50+50*600mV = 272mV

In other words, do you factor in the 50 ohm trace?

Thanks!