Adeia Inc (ADEA) 2022 Q1 法說會逐字稿

Good day, everyone. Thank you for standing by. Welcome to Xperi First Quarter 2022 Earnings Conference Call. (Operator Instructions) Following the presentation, the call will be open for questions. (Operator Instructions)

今天是個好日子。謝謝你的支持。歡迎來到 Xperi 2022 年第一季度收益電話會議。 （操作員說明）演示結束後，電話將開放提問。 （操作員說明）

I would now like to turn the call over to Jill Koval from Xperi. Jill, Please go ahead.

我現在想把電話從 Xperi 轉給 Jill Koval。吉爾，請繼續。

Good afternoon, everyone, and thank you for joining us as we report our first quarter 2022 financial results. With me on the call today are Jon Kirchner, Chief Executive Officer; and Robert Andersen, Chief Financial Officer. In addition to today's earnings, there is also an earnings presentation, which you can access along with the webcast on our IR website.

大家下午好，感謝您在我們報告 2022 年第一季度財務業績時加入我們。今天與我通話的是首席執行官喬恩·基什內爾（Jon Kirchner）；和首席財務官羅伯特·安徒生。除了今天的收益，還有一個收益演示，您可以在我們的 IR 網站上與網絡廣播一起訪問。

Before we begin, I would like to provide 2 reminders. First, today's discussion contains forward-looking statements that are predictions, projections or other statements about future events, which are based on management's current expectations and beliefs and therefore, subject to risks, uncertainties and changes in circumstances. For more information on the risks and uncertainties that could cause our actual results to differ materially from what we discuss today, please refer to the Risk Factors section in our SEC filings, including our Annual Report on Form 10-K. Please note that the company does not intend to update or alter these forward-looking statements to reflect events or circumstances arising after this call.

在開始之前，我想提供 2 個提醒。首先，今天的討論包含前瞻性陳述，即對未來事件的預測、預測或其他陳述，這些陳述基於管理層當前的預期和信念，因此受風險、不確定性和環境變化的影響。有關可能導致我們的實際結果與我們今天討論的結果大不相同的風險和不確定性的更多信息，請參閱我們提交給美國證券交易委員會的文件中的風險因素部分，包括我們的 10-K 表格年度報告。請注意，公司不打算更新或更改這些前瞻性陳述以反映本次電話會議後發生的事件或情況。

Second, we refer to certain non-GAAP financial measures, which exclude one-time or ongoing non-cash acquired intangibles amortization charges, costs related to actual or planned business combinations, including transaction fees, integration costs, severance, facility closures and retention bonuses, separation costs, stock-based compensation, loss on debt extinguishment, expense debt refinancing costs and related tax effects. We have provided reconciliations of these non-GAAP measures to the most directly comparable GAAP measures in the earnings release and on the Investor Relations section of our website. The recording of this conference call will be available on our Investor Relations website at www.xperi.com.

其次，我們指的是某些非公認會計原則財務指標，不包括一次性或持續的非現金收購無形資產攤銷費用、與實際或計劃的業務合併相關的成本，包括交易費用、整合成本、遣散費、設施關閉和保留獎金、離職成本、基於股票的補償、債務清償損失、支出債務再融資成本和相關稅收影響。我們在收益發布和我們網站的投資者關係部分提供了這些非公認會計原則措施與最直接可比的公認會計原則措施的對賬。本次電話會議的錄音將在我們的投資者關係網站 www.xperi.com 上提供。

I'll now turn the call over to Xperi's CEO, Jon Kirchner.

我現在將把電話轉給 Xperi 的首席執行官 Jon Kirchner。

Thank you, Jill, and thank you, everyone for joining us. While we continue to operate in a volatile macro environment, the financial results of the first quarter demonstrate the continued progress that we're making against our strategic priorities and increases our confidence in our full year trajectory.

謝謝你，吉爾，也謝謝大家加入我們。儘管我們繼續在動蕩的宏觀環境中運營，但第一季度的財務業績表明，我們在戰略重點方面取得了持續進展，並增強了我們對全年發展軌蹟的信心。

On a combined basis, our total revenue for the first quarter was $257 million, representing 16% growth from the first quarter of 2021, primarily due to the previously announced Micron license. GAAP earnings per share was $0.24 compared to $0.05 in Q1 of 2021, while our non-GAAP earnings per share was $0.92 compared to $0.59 in Q1 of 2021. Let me provide a quick update on our previously announced business separation. We remain on track to separate later this fall into 2 stand-alone publicly traded companies, Adeia, our IP Licensing business and our Xperi Product business. The strategy behind Adeia is to continue to extend the adoption of our innovations and licensing of its intellectual property across the broader media, entertainment and semiconductor industries.

綜合來看，我們第一季度的總收入為 2.57 億美元，比 2021 年第一季度增長 16%，這主要是由於之前宣布的美光許可。 GAAP 每股收益為 0.24 美元，而 2021 年第一季度為 0.05 美元，而我們的非 GAAP 每股收益為 0.92 美元，而 2021 年第一季度為 0.59 美元。讓我快速更新一下我們之前宣布的業務分離。我們仍有望在今年秋季晚些時候拆分為 2 家獨立的上市公司，即 Adeia、我們的 IP 許可業務和我們的 Xperi 產品業務。 Adeia 背後的戰略是繼續在更廣泛的媒體、娛樂和半導體行業擴大採用我們的創新和許可其知識產權。

Adeia will continue to grow its patent portfolios in size and relevance through ongoing investments that are principally focused on internal innovations, as well as through targeted acquisitions and strategic management of its patent portfolios. At the same time, Xperi will become more nimble and focused Product business. With a unique set of leading products and capabilities, Xperi will be well positioned to execute on its strategy for creating extraordinary experiences at home and on the go for millions of consumers around the world, elevating content and how audiences connect with it in a way that is more intelligent, immersive and personal.

Adeia 將通過主要集中在內部創新的持續投資，以及通過有針對性的收購和專利組合的戰略管理，繼續擴大其專利組合的規模和相關性。同時，Xperi 將變得更加靈活和專注於產品業務。憑藉一系列獨特的領先產品和功能，Xperi 將能夠很好地執行其為全球數百萬消費者在家中和旅途中創造非凡體驗的戰略，提升內容以及觀眾如何以一種更加智能、身臨其境和個性化。

We are excited by the growth potential of this business, which we intend to accomplish in 3 primary ways: by meeting the demand for advanced infotainment and in-cabin safety in cars by enabling faster IPTV growth in the United States and abroad, and by establishing our TVOS as a leading platform for the discovery, management and monetization of TV-based entertainment for Tier 2 TV makers. We continue to believe separation of these businesses will reduce business complexity and enable these 2 pure-play platforms to be better positioned to grow and compete over the long term, thereby unlocking meaningful value for shareholders.

我們對這項業務的增長潛力感到興奮，我們打算通過 3 個主要方式實現這一目標：通過在美國和國外實現更快的 IPTV 增長，滿足對先進信息娛樂和車內安全的需求，以及通過建立我們的 TVOS 是一個領先的平台，為 2 級電視製造商提供基於電視的娛樂發現、管理和貨幣化。我們仍然相信，這些業務的分離將降低業務複雜性，並使這兩個純粹的平台能夠更好地定位以實現長期增長和競爭，從而為股東釋放有意義的價值。

Focusing on Adeia, we're very excited about the positioning of our IP business. We've built a sophisticated and diverse IP platform that is planned to separate with nearly 10,000 patent assets, almost 85% of which are homegrown. In preparation for our separation, we've built a media-focused R&D function within Adeia that in addition to our long-standing semi R&D team will continue to innovate and support the long-term needs of the business. The quality and breadth of our portfolio in addition to our continuous innovation funnel has been a key contributor in our ability to renew and complete new license agreements with world-leading media, entertainment, consumer electronics, social media and semiconductor companies.

專注於 Adeia，我們對 IP 業務的定位感到非常興奮。我們已經建立了一個成熟且多樣化的IP平台，計劃與近10,000個專利資產分開，其中近85％是本土的。為了準備我們的分離，我們在 Adeia 內建立了一個以媒體為中心的研發功能，除了我們長期的半研發團隊外，我們還將繼續創新並支持業務的長期需求。除了我們持續的創新渠道外，我們產品組合的質量和廣度一直是我們與世界領先的媒體、娛樂、消費電子、社交媒體和半導體公司續籤和完成新許可協議的關鍵因素。

We have worked diligently to enhance the visibility and sustainability around Adeia's future revenue streams and to strengthen its foundation and preparation for its journey as a successful stand-alone company. During the quarter, we renewed or entered into new license agreements with over 10 customers, including a long-term renewal with a top 10 virtual multichannel video programming distributor, which emphasizes the longevity of Adeia's intellectual property portfolios and Adeia's continued importance to Pay TV as it further expands into OTT streaming services. Additionally, we continue to progress other significant licensing discussions that we expect to close in the second quarter.

我們一直在努力提高 Adeia 未來收入流的知名度和可持續性，並加強其作為一家成功的獨立公司的基礎和準備。在本季度，我們與 10 多家客戶續籤或簽訂了新的許可協議，包括與排名前 10 位的虛擬多頻道視頻節目分銷商的長期續簽，這強調了 Adeia 知識產權組合的壽命以及 Adeia 作為付費電視的持續重要性它進一步擴展到OTT流媒體服務。此外，我們將繼續推進我們預計將在第二季度結束的其他重要許可討論。

In our Canadian litigation, on Friday, the court indicated that it intends to issue its judgment in our initial case against Videotron on June 3, 2022, and that it will advise the parties of the anticipated date of the judgment in our initial cases against Bell and Telus promptly after it issues the Videotron judgment. We remain very confident in the relevance of our IP portfolio and our ability to ultimately achieve a market-based resolution in Canada, although predicting timing is always difficult. As a reminder, we also filed second rounds of litigation against Videotron and Bell Canada last year.

在我們的加拿大訴訟中，上週五，法院表示打算在 2022 年 6 月 3 日對我們針對 Videotron 的初始案件作出判決，並將在我們針對貝爾的初始案件中告知當事人預計的判決日期和 Telus 在發布 Videotron 判決後立即進行。我們仍然對我們的知識產權組合的相關性以及我們最終在加拿大實現基於市場的解決方案的能力充滿信心，儘管預測時機總是很困難。提醒一下，我們去年還對 Videotron 和 Bell Canada 提起了第二輪訴訟。

Moving to our Product business. Over the past 2 years, we've worked to transform and strategically position the business for profitable growth as it emerges as an independent company. We continue to advance strategic initiatives in our 4 product categories: Pay TV, Consumer Electronics, Connected Car and the Media Platform space. Our Pay TV product category includes classic guides, IPTV solutions, content discovery, TiVo Linux platforms, consumer TV subscribers and hardware.

轉到我們的產品業務。在過去的 2 年中，我們一直致力於轉型並戰略性地定位業務以實現盈利增長，因為它作為一家獨立公司出現。我們繼續推進 4 個產品類別的戰略計劃：付費電視、消費電子產品、聯網汽車和媒體平台空間。我們的付費電視產品類別包括經典指南、IPTV 解決方案、內容髮現、TiVo Linux 平台、消費電視訂戶和硬件。

Our long-term focus in this market is driving adoption of our higher-value IPTV solutions, which are positioned to offset subscriber declines in our traditional guides business. We're pleased with the progress we've made around IPTV as we continue to add new operators with our expanded product offerings, including a new win with NfinityLink Communications. Total IPTV subscribers continued to grow at a double-digit rate quarter-over-quarter. Notably, our Pay TV product category grew slightly on a year-over-year basis as growth from IPTV through our expanded offerings more than offset the decline from our traditional guides business.

我們在這個市場的長期重點是推動採用我們更高價值的 IPTV 解決方案，這些解決方案旨在抵消我們傳統指南業務的用戶下降。我們對我們在 IPTV 方面取得的進展感到高興，因為我們繼續通過我們擴展的產品提供新的運營商，包括與 NfinityLink Communications 的新勝利。 IPTV 用戶總數環比繼續以兩位數的速度增長。值得注意的是，我們的付費電視產品類別同比略有增長，因為 IPTV 通過我們擴大產品的增長抵消了我們傳統指南業務的下滑。

Our second product category is Consumer Electronics, which includes DTS audio and imaging solutions in home and mobile, IMAX Enhanced licensing and our Perceive business. During the quarter, we signed key renewals with Skyworth and Best Buy for their soundbar and TV products. And we expanded our licensing relationship with TCL to include decoder post-processing and Play-Fi support in soundbar and TV products. Looking forward, we expect the Consumer Electronics product category to grow this year as the supply chain for game consoles begins to normalize and for growth in our Play-Fi wireless and mobile business. We expect additional growth to come from expansion of our IMAX Enhanced ecosystem and from Perceive as we expect to see the first products utilizing our technology come to market in late 2022 or the first part of 2023.

我們的第二個產品類別是消費電子產品，其中包括家庭和移動設備中的 DTS 音頻和影像解決方案、IMAX Enhanced 許可和我們的感知業務。在本季度，我們與創維和百思買就其條形音箱和電視產品簽署了重要續約協議。我們擴大了與 TCL 的許可關係，在條形音箱和電視產品中包括解碼器後處理和 Play-Fi 支持。展望未來，隨著遊戲機供應鏈開始正常化以及我們的 Play-Fi 無線和移動業務增長，我們預計今年消費電子產品類別將增長。我們預計 IMAX Enhanced 生態系統的擴展和 Perceive 將帶來額外的增長，因為我們預計首批使用我們技術的產品將在 2022 年末或 2023 年上半年上市。

Our third product category is Connected Car, which includes HD Radio, Music Metadata, DTS AutoStage and DTS AutoSense. Connected Car continues to be impacted by supply chain constraints, which we are closely monitoring. We are working with our partners to try to mitigate shortages that could impact key components that deliver with our technology and anticipate an improving situation in the back half of 2022 as the supply chain stabilizes. A few important highlights from the first quarter include BMW's expanded shipments of the DTS AutoSense-enabled iX model into more countries.

我們的第三個產品類別是互聯汽車，其中包括高清收音機、音樂元數據、DTS AutoStage 和 DTS AutoSense。聯網汽車繼續受到供應鏈限制的影響，我們正在密切關注這一點。我們正在與我們的合作夥伴合作，努力緩解可能影響使用我們技術交付的關鍵組件的短缺，並預計隨著供應鏈的穩定，2022 年下半年的情況會有所改善。第一季度的一些重要亮點包括寶馬將支持 DTS AutoSense 的 iX 車型擴大到更多國家的出貨量。

We also advanced engagement for Occupancy Monitoring Solutions with numerous European and Asian car companies. Likewise, Mercedes-Benz expanded shipments of DTS AutoStage-enabled models to more than 40 countries. And over the quarter, we further advanced pipeline development with OEM customers in the U.S., Europe and Asia. And finally, our DTS AutoSense Neuromorphic Driver Monitoring Solution was chosen as a 2022 Winner for the Artificial Intelligence Excellence Award presented by the Business Intelligence Group.

我們還與眾多歐洲和亞洲汽車公司推進了佔用監控解決方案的合作。同樣，梅賽德斯-奔馳將支持 DTS AutoStage 的車型的出貨量擴大到 40 多個國家。在本季度，我們與美國、歐洲和亞洲的 OEM 客戶進一步推進管道開發。最後，我們的 DTS AutoSense 神經形態駕駛員監控解決方案被商業智能集團選為 2022 年人工智能卓越獎的獲獎者。

Our fourth and final product category is Media Platform, which captures the TiVo Stream OS, the TiVo Stream 4K, monetization and TV viewership data. This is our fastest-growing category, and we expect double-digit growth in this category in 2022, mostly driven by expansion in our advertising-based monetization revenue. At the same time, we're focused on partnerships with TV OEMs, chipset partners and content providers to bring the first TVs powered by TiVo Stream OS in late 2023 or early 2024. During the quarter, we announced the integration of YouTube TV into TiVo Stream 4K and TiVo Stream OS, strengthening the premium live TV viewing experience. Additionally, we launched TiVo Xtend, an end-to-end advertising solution that enables incremental reach and frequency opportunities for Connected TV advertisers. We also advanced the TiVo Stream ecosystem development across content partners, OEMs and chipset providers.

我們的第四個也是最後一個產品類別是媒體平台，它捕獲 TiVo Stream OS、TiVo Stream 4K、貨幣化和電視收視數據。這是我們增長最快的類別，我們預計 2022 年該類別將實現兩位數的增長，主要是由於我們基於廣告的貨幣化收入的增長。同時，我們專注於與電視 OEM、芯片組合作夥伴和內容提供商建立合作夥伴關係，以便在 2023 年末或 2024 年初推出第一批採用 TiVo Stream OS 的電視。在本季度，我們宣布將 YouTube TV 集成到 TiVo Stream 4K 和 TiVo Stream OS，增強優質的電視直播觀看體驗。此外，我們還推出了 TiVo Xtend，這是一種端到端的廣告解決方案，可為聯網電視廣告商增加覆蓋面和頻率機會。我們還在內容合作夥伴、OEM 和芯片組供應商之間推進了 TiVo Stream 生態系統的開發。

With that, I'll turn the call over to Robert to discuss our financials. Robert?

有了這個，我將把電話轉給羅伯特討論我們的財務狀況。羅伯特?

Thanks, Jon. As we have noted, the fiscal year has gotten off to a good start. Total revenue for the first quarter was $257 million, an increase of 16% from $222 million in the first quarter of last year, primarily due to higher revenue from our IP Licensing business. IP revenue in Q1 was $139 million, up 41% from the first quarter of 2021, principally due to our previously announced deal with Micron. Revenue in our Product business was $119 million, down 4% from $124 million a year ago due principally to a customer settlement for past unit shipments of approximately $5 million that occurred in the first quarter of 2021. The Pay TV product category, which represented 54% of total product revenue in the quarter, generated $64 million of revenue, up slightly compared to the first quarter of 2021 due to IPTV growth from both MobiTV and new customer deployments, offset by continued churn in the legacy Pay TV subscribers.

謝謝，喬恩。正如我們所指出的，本財年開局良好。第一季度總收入為 2.57 億美元，比去年第一季度的 2.22 億美元增長 16%，主要是由於我們的 IP 許可業務收入增加。第一季度的 IP 收入為 1.39 億美元，比 2021 年第一季度增長 41%，這主要是由於我們之前宣布與美光的交易。我們的產品業務收入為 1.19 億美元，比一年前的 1.24 億美元下降 4%，這主要是由於 2021 年第一季度發生的過去約 500 萬美元的單位出貨量的客戶結算。付費電視產品類別佔 54本季度產品總收入的百分比為 6400 萬美元，與 2021 年第一季度相比略有增長，原因是 MobiTV 和新客戶部署帶來的 IPTV 增長，但被傳統付費電視用戶的持續流失所抵消。

Moving to Consumer Electronics category, revenue of $28 million in the quarter accounted for 24% of total product revenue. While revenue in the category was down $3 million year-over-year due to the previously mentioned customer settlement of $5 million in the first quarter of last year, the category would otherwise have exhibited growth, which is something we expect to occur in the category for 2022. Our Connected Car category realized quarterly revenue of $20 million versus $23 million in the first quarter of 2021 due to continued supply chain constraints. Because of the current macro environment, we expect this category to be flat year-over-year with supply chain constraints improving in the second half of the year as Jon noted earlier.

轉向消費電子產品類別，本季度收入為 2800 萬美元，佔產品總收入的 24%。雖然由於之前提到的去年第一季度客戶結算為 500 萬美元，該類別的收入同比下降了 300 萬美元，但該類別本來會出現增長，這是我們預計該類別中會出現的情況2022 年。由於持續的供應鏈限制，我們的聯網汽車類別實現了 2000 萬美元的季度收入，而 2021 年第一季度為 2300 萬美元。由於當前的宏觀環境，我們預計這一類別將與去年同期持平，正如 Jon 早些時候指出的那樣，下半年供應鏈限制有所改善。

In our final product category, Media Platform, revenue for the first quarter was $7 million, up 19% year-over-year. While Media Platform currently accounts for only 6% of our total product revenue, we expect this category to grow double digits in 2022, primarily driven by Connected TV advertising. On a non-GAAP basis, cost of goods sold was $27 million in the quarter, down just slightly from last year. Non-GAAP operating expense was $118 million, up 4% from Q1 2021 due primarily to higher personnel costs and the inclusion of expenses from MobiTV, which we acquired in mid-2021. Q1 interest expense was $8 million and other income was $1 million. Cash taxes paid in the quarter were $3 million. Using cash tax and non-GAAP fully diluted shares of 112 million, non-GAAP earnings per share for Q1 was $0.92.

在我們的最終產品類別媒體平台中，第一季度的收入為 700 萬美元，同比增長 19%。雖然媒體平台目前僅占我們產品總收入的 6%，但我們預計該類別在 2022 年將增長兩位數，主要受聯網電視廣告的推動。按非公認會計原則計算，本季度的商品銷售成本為 2700 萬美元，僅比去年略有下降。非 GAAP 運營費用為 1.18 億美元，比 2021 年第一季度增長 4%，這主要是由於人員成本增加以及我們在 2021 年年中收購的 MobiTV 的費用。第一季度利息支出為 800 萬美元，其他收入為 100 萬美元。本季度支付的現金稅為 300 萬美元。使用現金稅和非 GAAP 完全稀釋的 1.12 億股股份，第一季度非 GAAP 每股收益為 0.92 美元。

Moving to the balance sheet. We finished the quarter with $267 million of cash and investments. We paid down another $10 million of debt during the quarter to bring our debt balance to $780 million. Net debt at quarter end was $513 million, down 18% from $624 million a year ago. Operating cash flow for the quarter was $46 million, up from $27 million in Q1 2021 due primarily to lower payments for accrued compensation this past quarter, reduced interest expense and lower cash taxes. During the quarter, we paid a cash dividend of $0.05 per share of common stock and repurchased $17 million of stock, leaving $78 million remaining on our existing share repurchase authorization.

轉移到資產負債表。我們以 2.67 億美元的現金和投資結束了本季度。我們在本季度又償還了 1000 萬美元的債務，使我們的債務餘額達到 7.8 億美元。季度末的淨債務為 5.13 億美元，比一年前的 6.24 億美元下降 18%。本季度的經營現金流為 4600 萬美元，高於 2021 年第一季度的 2700 萬美元，這主要是由於上一季度的應計薪酬支付減少、利息支出減少和現金稅減少。在本季度，我們支付了每股普通股 0.05 美元的現金股息，並回購了 1700 萬美元的股票，在我們現有的股票回購授權中剩餘 7800 萬美元。

Given the good start this past quarter and progress we have made to-date, we are reiterating our previously announced guidance for the full year 2022. As noted last quarter, our full year revenue guidance includes the Micron license and allows for a range of risk around supply chain challenges. Revenue growth expectations for the year are attributable to factors in both Adeia and the Product business. Also, revenue guidance does not include benefit from the settlement of significant outstanding disputes.

鑑於上個季度的良好開端和迄今為止我們取得的進展，我們重申我們先前宣布的 2022 年全年指導。如上個季度所述，我們的全年收入指導包括美光許可並允許一系列風險圍繞供應鏈挑戰。今年的收入增長預期歸因於 Adeia 和產品業務的因素。此外，收入指引不包括從解決重大未決糾紛中獲得的收益。

As noted last quarter, we expect spending to increase sequentially each quarter of the year. With respect to capital allocation, we plan to continue paying our quarterly dividend and making scheduled debt amortization payments. We also plan to buy back shares on an opportunistic basis, while maintaining flexibility to address the capitalization needs of each business as we plan for separation.

如上個季度所述，我們預計支出將在一年中的每個季度連續增加。在資本配置方面，我們計劃繼續支付我們的季度股息並按期支付債務攤銷。我們還計劃在機會主義的基礎上回購股票，同時在我們計劃分離時保持靈活性以滿足每個業務的資本化需求。

That concludes our prepared remarks. Let's now open the call to your questions. Operator?

我們準備好的發言到此結束。現在讓我們打開您的問題的電話。操作員？

Thank you. (Operator Instructions) We'll take our first question from Matthew Galinko with Maxim Group.

謝謝你。 （操作員說明）我們將回答 Maxim Group 的 Matthew Galinko 提出的第一個問題。

Maybe if we could start with Connected Car expectations for the year. I'm just curious how we should think about linearity? Is that kind of strengthening in the back half of the year? Do you sort of expect supply chain constraints to start to wane in the back half of the year? I guess help us understand some of the assumptions there?

也許我們可以從對今年互聯汽車的期望開始。我只是好奇我們應該如何看待線性？下半年有這種加強嗎？您是否預計供應鏈限制會在今年下半年開始減弱？我想幫助我們理解那裡的一些假設？

Matt, this is Robert. Sure thing. So we expect as much as we can tell at the moment that supply chain constraints for automotive would ease up in the second half of the year. And so that's within our projections for our annual outlook.

馬特，這是羅伯特。肯定的事。因此，我們目前可以預測，汽車供應鏈的限制將在下半年得到緩解。因此，這在我們對年度展望的預測之內。

Okay. And then on the Media Platform business, I think it was nice growth annually, but sequentially, it was a decline. Can you help us understand maybe the -- again, the linearity of that business? What are the kind of puts and takes quarter-to-quarter? And that's the seasonality we might expect in this business or I guess help us gauge what that should look like through the year?

好的。然後在媒體平台業務上，我認為每年都有不錯的增長，但依次下降。您能否幫助我們再次了解該業務的線性度？季度看跌期權和看跌期權有哪些類型？這就是我們在這項業務中可能期望的季節性，或者我想幫助我們衡量全年應該是什麼樣子？

I'm just taking a look at Q4. Yes, I think we'll see some puts and takes in any given quarter, Matt. So I wouldn't overread any particular linear quarter representation, you still tend to look at our numbers on an annual basis. So I think we do expect that to be a very high grower. But I don't think there's anything that's particularly directional or it's important in taking a look at year-over-year in term -- excuse me, on a sequential quarters.

我只是看看Q4。是的，我認為我們會在任何給定的季度看到一些看跌期權，馬特。所以我不會過度解讀任何特定的線性季度表示，您仍然傾向於每年查看我們的數字。所以我認為我們確實希望這是一個非常高的種植者。但我不認為有什麼特別有方向性的，或者在按年看同比方面很重要——對不起，連續幾個季度。

Yes. Matt, I would just also add that I think we're still early in the process of building out scale with respect to this business. And as a result, depending on what's in the pipeline and how various components of that scale are coming online, you may see it move around quarter-to-quarter. But the long-term prognosis is we expect very meaningful growth as our platform continues to grow and as the number of devices ultimately capable of being monetized driving user engagement continues to increase.

是的。馬特，我還要補充一點，我認為我們仍處於擴大該業務規模的早期階段。因此，根據管道中的內容以及該規模的各種組件如何上線，您可能會看到它按季度移動。但長期預測是，隨著我們的平台繼續增長，以及最終能夠通過貨幣化推動用戶參與度的設備數量繼續增加，我們預計會有非常有意義的增長。

Got it. That's helpful. And just last one for me, I guess also in that business in terms of getting the OS product out the door and on to products. I think you said late 2023, early 2024 to be selling on products? Is that -- are there any -- I mean, I guess there's plenty of work to be done, but what are the major hurdles between now and then? And can you -- based on your engagements today, can you give us a sense of whether you expect that to be a relatively rapid uptake or do you think it's going to be a pretty small ramp initially in the first year or 2 and then accelerating as you get more momentum there?

知道了。這很有幫助。對我來說只是最後一個，我想在將操作系統產品推出門並進入產品方面也是如此。我想你說 2023 年末、2024 年初要銷售產品？那是——有嗎——我的意思是，我想還有很多工作要做，但是從現在到那時的主要障礙是什麼？您能否 - 根據您今天的參與情況，您能否讓我們了解您是否期望這是一個相對快速的吸收，或者您是否認為最初在第一年或第二年會是一個非常小的斜坡，然後加速當你在那裡獲得更多動力時？

We have a number of discussions going on in the pipeline that I think could lead to a range of outcomes, none of which, I think will be, let's call it, very small. But I think the RAM rates differ depending on how the pipeline evolves. I think we're very pleased with how discussions are going more broadly within the ecosystem and very much focused on this not being, if you will, a slow dribble of a ramp over a multiyear period, but rather, I think the nature of our platform and some of the feedback we're getting based on the quality of our user experience and our approach is good. So I think we'll have more to say on this as we get a little bit further along. But suffice it to say, we're very pleased with more broadly now how the ecosystem discussions and the discussions with specific partners in the TV space are going.

我們正在進行許多討論，我認為這些討論可能會產生一系列結果，我認為這些討論都不會非常小。但我認為 RAM 速率因管道的演變方式而異。我認為我們對如何在生態系統內進行更廣泛的討論感到非常滿意，並且非常關注這不是（如果你願意的話）在多年期間緩慢運球，而是我認為我們的性質平台以及我們基於用戶體驗質量得到的一些反饋，我們的方法很好。因此，我認為隨著我們進一步推進，我們將對此有更多的發言權。但我只想說，我們對現在更廣泛的生態系統討論以及與電視領域特定合作夥伴的討論情況感到非常滿意。

We'll take our next question from Hamed Khorsand with BWS Financial.

我們將回答 Hamed Khorsand 和 BWS Financial 的下一個問題。

So first question with this virtual MVPD renewal, how many more of these renewals are you expecting this year? And are the conversations constructive as far as the rates now versus when they were first signed?

所以第一個問題是這個虛擬 MVPD 續約，今年您預計還會有多少續約？就現在的費率與最初簽署時的費率而言，對話是否具有建設性？

I think we do an incredibly good job of being consistent about how we approach rates across the various business lines. I think that discipline is one of the things that sets us apart, as well as the quality and size of the patent portfolio, which as we've said, over time, continues to be very relevant to operators in that space. So in short, I think we continue to more broadly to hold the line and continue to be consistent in our approach. There are always a number of renewals going on in any given year. We typically don't talk to the exact number because at times, it can be misleading as to the aggregate pipeline of renewals where you've got significant differences maybe in terms of size and relevance. So I think what's important is people are renewing at very high rate. I think it speaks to the relevance and again, the quality of what we're doing and the portfolio we've built and continue to look to innovate and expand. And I think as we look ahead over the next few years, we have a high degree of confidence with respect to our ability to continue to move this business forward.

我認為我們在如何處理各個業務線的費率方面做得非常好。我認為紀律是使我們與眾不同的因素之一，以及專利組合的質量和規模，正如我們所說，隨著時間的推移，這與該領域的運營商密切相關。簡而言之，我認為我們將繼續更廣泛地堅守底線，並在我們的方法中繼續保持一致。在任何給定的年份，總會有一些續訂。我們通常不會談論確切的數字，因為有時它可能會誤導您在規模和相關性方面存在顯著差異的總續訂管道。所以我認為重要的是人們正在以非常高的速度更新。我認為它再次說明了相關性，以及我們正在做的事情的質量以及我們已經建立並繼續尋求創新和擴展的產品組合。我認為，展望未來幾年，我們對繼續推動這項業務向前發展的能力充滿信心。

Okay. And then Robert, just given the performance here in Q1, one has to assume that much of it has to do with Micron. So what would happen -- need to happen for Xperi to exceed or reach the top end of the range? And what could happen that you underperform or go below the bottom end of the range?

好的。然後羅伯特，剛剛考慮到第一季度的表現，人們不得不假設這在很大程度上與美光有關。那麼會發生什麼——Xperi 需要發生什麼才能超過或達到該範圍的高端？如果您表現不佳或低於該範圍的下限，會發生什麼？

Well, I think it's important to point out that we're very comfortable with the range we provided. And that range takes into consideration various risks and opportunities that we still see in the business for the remainder of the year. We knew that Q1 would be a high quarter because we had the Micron deal set when we gave guidance itself for the year. As to your question, I think it depends on how things go from a supply chain perspective. On the higher end, we would expect improved per unit reports in Consumer Electronics and growth in IPTV services and then also higher ad monetization within the Media Platform business, right? You could also say favorable outcomes for IP Licensing within OTT.

好吧，我認為重要的是要指出我們對我們提供的範圍非常滿意。這個範圍考慮了我們在今年剩餘時間裡仍然在業務中看到的各種風險和機遇。我們知道第一季度將是一個高季度，因為我們在為今年提供指導時已經確定了美光的交易。至於你的問題，我認為這取決於從供應鏈的角度來看情況如何。在高端，我們預計消費電子產品的單位報告和 IPTV 服務的增長會有所改善，然後媒體平台業務中的廣告貨幣化也會提高，對嗎？您還可以說 OTT 內的 IP 許可取得了有利的結果。

I think on the lower end of the range, there we would expect supply chain issues to persist and then which results really in lower per unit reports in Consumer Electronics. And to some extent, the converse of what I just described, and the delayed roll-out of IPTV services, lower ad monetization and delayed outcomes of IP Licensing. But again, I think we're quite comfortable with the range that we've laid out for the year.

我認為在該範圍的低端，我們預計供應鏈問題將持續存在，然後這實際上會導致消費電子產品的單位報告減少。在某種程度上，與我剛才描述的相反，IPTV 服務的延遲推出、廣告貨幣化降低和 IP 許可的延遲結果。但同樣，我認為我們對今年制定的範圍感到非常滿意。

Okay. And then just given the conversations that you're having now, has the tone changed given the macro environment since the last time you reported?

好的。然後就你現在的談話來看，自從你上次報告以來，在宏觀環境下語氣是否發生了變化？

I mean, we certainly are seeing kind of broader macroeconomic challenges. But in reality, we saw those a couple of months ago when we gave guidance and took that into consideration as we laid out the year. So I think we -- while I think the environment is certainly challenging, that's something we've taken into consideration.

我的意思是，我們當然看到了更廣泛的宏觀經濟挑戰。但實際上，幾個月前我們在給出指導時看到了這些，並在我們制定年度時考慮到了這一點。所以我認為我們 - 雖然我認為環境肯定具有挑戰性，但這是我們已經考慮到的事情。

We'll take our final question from Richard Shannon with Craig-Hallum.

我們將回答 Richard Shannon 和 Craig-Hallum 的最後一個問題。

Well, great. Thanks, Jon and Robert, for taking my questions. I guess, Robert, just a quick one. I just want to make sure that I heard the kind of confirmation on all the moving parts within the Products business has to grow through the year, but that was the same as you said last quarter, I got 3 out of the 4. I just want to make sure all 4 of them were unchanged. Is that correct?

嗯，太好了。謝謝 Jon 和 Robert 回答我的問題。我想，羅伯特，只是一個快速的。我只是想確保我聽到關於產品業務中所有活動部分的確認必須在一年中增長，但這與你上個季度所說的一樣，我在 4 個中得到了 3 個。我只是想確保所有 4 個都沒有改變。那是對的嗎？

Yes. There's no change in our views. In fact, I'm looking at what I wrote for last quarter because they really haven't substantially -- well, they just haven't changed. So I can cover them again if it would be helpful.

是的。我們的觀點沒有變化。事實上，我正在查看我上個季度所寫的內容，因為它們實際上並沒有實質上——嗯，它們只是沒有改變。因此，如果有幫助，我可以再次介紹它們。

No, I got 3 of the 4, so I just want to make sure the fourth one is fine. If it is, then no problem. You don't need to touch on that one again. Second question probably for Jon. If I collect your prepared remarks on the topic of Pay TV, I think you said IPTV growth over offset declines in the guide business. And you've talked about declines because the guys are overcoming the IPT growth -- IPTV growth. Does this comment for the first quarter suggests that could see some upside there? Can you kind of talk about what you're seeing there in trends that will help us think about the rest of the year?

不，我得到了 4 個中的 3 個，所以我只想確保第四個沒問題。如果是，那就沒問題了。你不需要再接觸那個了。第二個問題可能是給喬恩的。如果我收集您對付費電視主題的準備評論，我認為您說 IPTV 的增長超過了指南業務的下降。你談到了下降，因為這些人正在克服 IPT 的增長——IPTV 的增長。第一季度的評論是否表明那裡可能會有一些上漲空間？你能談談你在趨勢中看到的什麼，這將有助於我們思考今年餘下的時間嗎？

Sure. I think it's hard to exactly call what the net difference is going to be. We've got a substantial pipeline of IPTV business coming and depending on the rate of deployments, which we're working very hard for partners to support. Depending on what that rate is relative to, of course, the decline will determine whether it fully offsets and maybe even slightly grows or it nearly offsets. So I think our expectation currently is you'll see Pay TV flat to slightly down on the year, and -- but that's not -- that's masking, of course, a meaningful continued sub decline, which everyone expects consistent with industry trends with a fair amount of IPTV growth for us.

當然。我認為很難準確地說出淨差異會是什麼。我們有大量的 IPTV 業務即將推出，具體取決於部署速度，我們正在努力為合作夥伴提供支持。當然，取決於該比率相對於什麼，下降將決定它是完全抵消，甚至可能略有增長，還是幾乎抵消。所以我認為我們目前的預期是你會看到付費電視在今年持平或略有下降，而且——但事實並非如此——這當然掩蓋了有意義的持續小幅下降，每個人都預計這與行業趨勢一致為我們帶來了相當數量的 IPTV 增長。

And I think it's that relative comparison rate of decline versus rate of growth that will determine the final analysis. I think we'll have more to say as we maybe get in to late summer with a better view of what the back half deployments are going to look like. But I think we have done an outstanding job of normalizing and working to transform the Pay TV business in a way where it is not a large drag on the overall business, but rather is beginning to move ever more towards where we think the future of that business lies, and we're working to build scale, economy and ultimate profitability around that shift as we continue to work through the next year or 2.

我認為，最終分析的決定因素是下降與增長率的相對比較。我想我們會有更多話要說，因為我們可能會在夏末更好地了解後半部的部署情況。但我認為我們在規範化和努力轉變付費電視業務方面做得非常出色，它不會對整體業務造成太大拖累，而是開始朝著我們認為未來的方向發展我們正在努力圍繞這一轉變建立規模、經濟和最終盈利能力，因為我們將繼續工作到明年或 2 年。

Okay. And to follow up on the topic of Pay TV, I think your remarks or maybe it was even in the presentation I had in front of me here, you talked about total IPTV subs continue to grow at a double-digit rate quarter-on-quarter. Is that kind of the expectation that you have for the rest of the year on average or is it -- or if you could kind of suggest how the first quarter relate to the rest of the year?

好的。為了跟進付費電視的話題，我認為你的言論或者甚至在我面前的演示文稿中，你談到 IPTV 訂閱用戶總數繼續以兩位數的速度增長四分之一。這是您對今年剩餘時間的平均期望還是這樣 - 或者您是否可以建議第一季度與今年剩餘時間的關係？

Simply put, yes, it will continue to grow at a attractive rate quarter-on-quarter.

簡而言之，是的，它將繼續以具有吸引力的季度環比增長。

Okay. Okay. Perfect. Maybe 1 or 2 other questions for me, and I'll jump on the line. I think I got the sense after last quarter's call that you expected the second quarter to be the bottom in revenues for the year, obviously, after a really strong first quarter with Micron. Is that still the expectation?

好的。好的。完美的。也許還有 1 或 2 個其他問題要問我，我會直接上線。我想我在上個季度的電話會議後感覺到，您預計第二季度將是今年收入的最低點，顯然，在美光第一季度非常強勁之後。這還是期待嗎？

Well, as we look at the year now, I would say that we expect the remaining quarters of the year to be roughly equivalent. So this just depends on how the deals that we forecast for the full year line up for the year. So I'd say, fairly equivalent for the remainder of the year.

好吧，當我們現在看這一年時，我想說我們預計今年剩餘的幾個季度大致相當。因此，這僅取決於我們預測的全年交易如何排列。所以我想說，在今年剩下的時間裡，相當等價。

Okay. Okay. That is helpful. Let's see here just scanning my list here. Maybe one last one for Jon on the topic of hybrid bonding. I think last quarter, you mentioned that after signing Micron, you would license, I think 90% of DRAM and 50% of the NAND suppliers so far. And I guess my question is, is there any visibility or expectation of licensing a significant more -- a higher portion of the NAND part of the market?

好的。好的。這很有幫助。讓我們看看這裡只是掃描我的列表。也許是喬恩關於混合粘合主題的最後一篇。我想上個季度，您提到在與美光簽約後，您將獲得許可，我認為到目前為止 90% 的 DRAM 和 50% 的 NAND 供應商。而且我想我的問題是，是否有任何可見性或期望獲得更多許可 - NAND 市場的更高部分？

I would think it's fair to say that we have a very active pipeline across the rest of the memory space as well as in logic and in some other places. I think this is a trend that is going to continue for the next decade. It's important to, I think the long-term value proposition of ever more powerful chips. And we think we continue to have not only some foundational IP, but some of the industry's deepest knowledge about how to deploy the use of hybrid bonding in a broader successful manufacturing environment. So overall, I would say we're making good progress, and we believe that over time, those percentages will continue to increase within the broader memory space.

我認為公平地說，我們在其餘的內存空間以及邏輯和其他一些地方都有一個非常活躍的管道。我認為這是未來十年將繼續的趨勢。我認為更強大的芯片的長期價值主張很重要。我們認為，我們不僅繼續擁有一些基礎 IP，而且還擁有一些業界最深入的知識，了解如何在更廣泛的成功製造環境中部署混合鍵合的使用。所以總的來說，我想說我們正在取得良好的進展，我們相信隨著時間的推移，這些百分比將在更廣泛的內存空間中繼續增加。

Okay. Fair enough. I think that's all for me guys.

好的。很公平。我想這就是我的全部。

Thanks, Richard.

謝謝，理查德。

Ladies and gentlemen, this concludes today's question-and-answer session. At this time, I'd like to turn the conference back to your presenters for any additional or closing remarks.

女士們，先生們，今天的問答環節到此結束。此時，我想將會議轉回給您的演示者，以獲取任何補充或結束語。

Thanks, operator, and thanks, everyone for joining today's call. Both businesses have had a good start to 2022, and we look forward to keeping you updated on our progress in the coming months. This concludes today's call. Thank you, operator.

謝謝接線員，謝謝大家加入今天的電話會議。兩家公司在 2022 年都有一個良好的開端，我們期待在接下來的幾個月裡讓您了解我們的最新進展。今天的電話會議到此結束。謝謝你，接線員。

Thank you. Ladies and gentlemen, this does conclude today's conference. We appreciate your participation. You may now disconnect.

謝謝你。女士們，先生們，今天的會議到此結束。我們感謝您的參與。您現在可以斷開連接。