Adeia Inc (ADEA) 2022 Q4 法說會逐字稿

Good day, everyone. Thank you for standing by. Welcome to Adeia's Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) I'd now like to turn the call over to Ned Mitchell, for Adeia. Ned, please go ahead.

今天是個好日子。謝謝你的支持。歡迎來到 Adeia 2022 年第四季度收益電話會議。 （操作員說明）我現在想將電話轉給 Ned Mitchell，代表 Adeia。內德，請繼續。

Good afternoon and thank you for joining us as Adeia reports its fourth quarter 2022 and full-year financial results. With me on the call today are Paul Davis, Chief Executive Officer; and Keith Jones, Chief Financial Officer. In addition to today's earnings release, there is an earnings presentation, which you can access along with the webcast on Adeia's IR website.

下午好，感謝您在 Adeia 報告其 2022 年第四季度和全年財務業績時加入我們。今天和我一起打電話的是首席執行官保羅·戴維斯 (Paul Davis)；首席財務官 Keith Jones。除了今天的收益發布外，還有一個收益演示，您可以在 Adeia 的 IR 網站上與網絡廣播一起訪問。

Before we begin, I would like to provide a few 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 and our quarterly report on Form 10-Q. 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.

在我們開始之前，我想提供一些提醒。首先，今天的討論包含前瞻性陳述，即預測、預測或關於未來事件的其他陳述，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內容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 表格年度報告和我們的季度報告表格10-Q。請注意，公司無意更新或更改這些前瞻性陳述以反映此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 noncash 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, discontinued operations, expense debt refinancing costs, impairment of intangible assets, 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 the Investor Relations website at www.adeia.com.

其次，我們參考某些非 GAAP 財務指標，其中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、設施關閉和留任獎金、離職成本、股票補償、債務清償損失、終止經營、支出債務再融資成本、無形資產減值以及相關稅收影響。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 GAAP 措施與最直接可比的 GAAP 措施的調節。本次電話會議的錄音將在投資者關係網站 www.adeia.com 上提供。

I will now turn the call over to Adeia's CEO, Paul Davis.

我現在將把電話轉給 Adeia 的首席執行官保羅戴維斯。

Thank you, Ned, and thank you everyone for joining us today. 2022 was a momentous year for Adeia. Our incredibly dedicated employees continue to drive the business forward, delivering a strong year operationally and financially, while also navigating the business operation from Xperi, which was successfully completed on October 1. Our total revenue for the year was approximately $439 million. We finished the year on a high note in the fourth quarter with over $103 million in revenue and an adjusted EBITDA margin of approximately 72%.

謝謝你，內德，感謝大家今天加入我們。 2022 年對 Adeia 來說是重要的一年。我們極其敬業的員工繼續推動業務向前發展，在運營和財務上實現了強勁的一年，同時還從 Xperi 中駕馭業務運營，該業務於 10 月 1 日成功完成。我們當年的總收入約為 4.39 億美元。我們在第四季度高調結束了這一年，收入超過 1.03 億美元，調整後的 EBITDA 利潤率約為 72%。

These excellent results exceeded expectations and were driven by our diverse set of customers and growing pipeline of opportunities. Our strong fourth quarter results are a proof point of how we will continue to succeed as a standalone company. We closed 10 license agreements in the fourth quarter alone, including both renewals and new deals highlighted by our long-term renewal with Samsung.

這些出色的結果超出了預期，並且是由我們多樣化的客戶群和不斷增長的機會渠道推動的。我們強勁的第四季度業績證明了我們作為一家獨立公司將如何繼續取得成功。僅在第四季度，我們就達成了 10 項許可協議，包括續約和我們與三星的長期續約突出的新交易。

In addition, we signed 2 significant social media renewals as well as renewals and new deals in Pay TV, OTT, and semiconductors. These deals not only help contribute to our successful fourth quarter, but given the long-term and recurring nature of many of these deals, they also enhance our visibility into future revenue and reinforce the strength and durability of our annual baseline revenue. Importantly, the momentum has continued into the new year with the early renewal with Altice, which I will address in more detail shortly.

此外，我們還簽署了 2 項重要的社交媒體續約，以及付費電視、OTT 和半導體領域的續約和新交易。這些交易不僅有助於我們第四季度的成功，而且鑑於其中許多交易的長期性和經常性，它們還提高了我們對未來收入的可見性，並增強了我們年度基準收入的實力和持久性。重要的是，隨著 Altice 的提前續約，這種勢頭一直持續到新的一年，我將在稍後詳細介紹。

Diving into the deal momentum in more detail, let me start with Samsung in the consumer electronics market. As we announced last month, we signed a long-term license renewal with Samsung Smart TVs and related offerings. This renewal is a testament to how our innovation support global industry players in the rapidly growing connected TV services market. We see a significant shift in digital content consumption behaviors as consumers reevaluate their entertainment budgets. This is raising the popularity of streaming services, including advertising-based video on-demand or AVOD, and free ad-supported TV or FAST. The trend has accelerated with the rapid growth of the connected TV market, resulting in new relationships among advertisers, network operators, streaming providers, and consumer electronics manufacturers. We believe our current portfolio and technology road map will be well-positioned to capitalize on this trend.

更詳細地探討交易勢頭，讓我從消費電子市場的三星開始。正如我們上個月宣布的那樣，我們與三星智能電視和相關產品簽署了長期許可續訂。此次更新證明了我們的創新如何在快速增長的聯網電視服務市場中為全球行業參與者提供支持。隨著消費者重新評估他們的娛樂預算，我們看到數字內容消費行為發生了重大轉變。這提高了流媒體服務的流行度，包括基於廣告的視頻點播或 AVOD，以及免費的廣告支持電視或 FAST。隨著聯網電視市場的快速增長，這一趨勢加速了，導致廣告商、網絡運營商、流媒體提供商和消費電子產品製造商之間建立了新的關係。我們相信，我們當前的產品組合和技術路線圖將能夠很好地利用這一趨勢。

Moving to Pay TV. As we announced this week, we signed an early renewal with Altice, a leading provider of broadband and video services. This early renewal extends our agreement with Altice and is a result of our leading IP position in Pay TV and our approach to customer relationships. We are committed to working with our customers to enter into multiyear agreements that provide access to our expanding IP portfolio at rates that recognize the value of our technologies. We are very pleased we signed this agreement with Altice, which serves as a further proof point of the longevity and applicability of our media portfolio in the Pay TV market.

轉向付費電視。正如我們本周宣布的那樣，我們與領先的寬帶和視頻服務提供商 Altice 簽署了提前續約協議。此次提前續約擴展了我們與 Altice 的協議，是我們在付費電視領域領先的 IP 地位和我們處理客戶關係的方法的結果。我們致力於與我們的客戶合作，簽訂多年協議，以認可我們技術價值的價格提供對我們不斷擴大的 IP 組合的訪問。我們很高興與 Altice 簽署了這份協議，這進一步證明了我們的媒體產品組合在付費電視市場的長期性和適用性。

We also saw significant progress in the social media market, signing multiyear renewals with 2 leading social media companies. Importantly, these deals now include access to our imaging IP, which is now part of our broader media portfolio. The inclusion of our imaging IP portfolio helped drive increased revenue contribution from both these companies, and we see similar opportunities moving forward. With the addition of our imaging IP and continued expansion of video consumption on social media platforms, we believe we are well-positioned to grow our revenue base in this market.

我們還看到了社交媒體市場的重大進展，與 2 家領先的社交媒體公司簽署了多年續約協議。重要的是，這些交易現在包括訪問我們的影像 IP，它現在是我們更廣泛的媒體組合的一部分。將我們的影像 IP 組合納入其中有助於推動這兩家公司的收入貢獻增加，而且我們看到類似的機會在向前發展。隨著我們的影像 IP 的加入和社交媒體平台上視頻消費的持續擴大，我們相信我們已做好準備在這個市場上擴大我們的收入基礎。

In semiconductors, we also signed a new DBI license agreement with Qorvo, a leading provider of radio frequency solutions. This is a further validation of our leading market position in hybrid bonding.

在半導體方面，我們還與領先的射頻解決方案提供商 Qorvo 簽署了新的 DBI 許可協議。這進一步證實了我們在混合鍵合領域的領先市場地位。

While the RF market opportunity is more modest than our other semiconductor markets, we are pleased with this new deal win. In addition, we signed renewals and new agreements, across multiple media verticals and geographic regions, including with Fetch TV, SONIFI Solutions, and Naver. The diversity of our customer base and our ability to efficiently and consistently close license agreements in different markets and jurisdictions is a result of the breadth and applicability of our IP. We are focused on driving our customer diversification and believe we are well-positioned to do so given the way in which we innovate and monetize our intellectual property.

雖然 RF 市場機會比我們的其他半導體市場更小，但我們對這項新交易的勝利感到高興。此外，我們還與 Fetch TV、SONIFI Solutions 和 Naver 等多個垂直媒體和地理區域簽署了續約和新協議。我們客戶群的多樣性以及我們在不同市場和司法管轄區有效且一致地達成許可協議的能力是我們知識產權的廣度和適用性的結果。我們專注於推動客戶多元化，並相信鑑於我們創新和利用知識產權的方式，我們有能力做到這一點。

At the heart of our success in signing such a diverse set of customers is our ability to leverage our unique innovation engines and portfolio development. At Adeia, we focus on big ideas that can expand across multiple applications and market verticals. Adeia innovators and engineers are not burdened by product roadmaps and time lines, which enables them to work on horizontal technologies that cut across multiple applications and industries.

我們成功簽約如此多樣化的客戶群的核心是我們能夠利用我們獨特的創新引擎和產品組合開發。在 Adeia，我們專注於可以擴展到多個應用程序和垂直市場的大創意。 Adeia 的創新者和工程師不受產品路線圖和時間表的束縛，這使他們能夠從事跨越多個應用程序和行業的橫向技術。

We have depicted this horizontal technology approach on Slide 6 of the presentation. On the outer edge, we have the major markets and industries our technologies address. Moving inside, we have the applications, features, services, and products that use our technologies. And further inside, we have the core horizontal technology blocks that our media portfolio covers.

我們在演示文稿的幻燈片 6 中描述了這種橫向技術方法。在外圍，我們擁有我們的技術所針對的主要市場和行業。在內部，我們擁有使用我們技術的應用程序、功能、服務和產品。在更深的內部，我們擁有我們的媒體組合涵蓋的核心橫向技術塊。

In addition to our robust media portfolio, we believe our hybrid bonding and advanced processing node semiconductor technologies will be instrumental to advancing the next generation of semiconductor chips. It is these chips that power the devices that deliver the entertainment that consumers watch and enjoy. Importantly, these devices increasingly require more and more computing power in an always connected and mobile world.

除了我們強大的媒體產品組合，我們相信我們的混合鍵合和先進的處理節點半導體技術將有助於推動下一代半導體芯片的發展。正是這些芯片為提供消費者觀看和享受的娛樂的設備提供動力。重要的是，在始終連接的移動世界中，這些設備對計算能力的要求越來越高。

Historically, advancements in computing power came via Moore's Law. However, the increasing cost and slowing benefits of Moore's Law is driving the semiconductor industry toward new technology solutions to continue to advance performance in a cost-effective manner. Hybrid bonding, in particularly our DBI Ultra die bonding technology will play a key role in enabling cost-effective advancements in chip architecture.

從歷史上看，計算能力的進步來自摩爾定律。然而，摩爾定律的成本增加和收益放緩正在推動半導體行業轉向新技術解決方案，以繼續以具有成本效益的方式提高性能。混合鍵合，尤其是我們的 DBI Ultra 芯片鍵合技術，將在實現芯片架構的成本效益提升方面發揮關鍵作用。

Hybrid bonding provides a massive boost in communication bandwidth, condensed high architecture and footprint and improve speed and energy efficiency. The leading foundries will continue to push the boundaries of smaller processing nodes despite the associated costs. And our advanced node portfolio is well-positioned to cover those smaller nodes. However, we believe even the most advanced semiconductor companies will continue to move to hybrid bonding as an increasingly attractive way to manage these costs and improve performance.

混合綁定極大地提高了通信帶寬，壓縮了高層架構和足跡，並提高了速度和能源效率。儘管存在相關成本，領先的代工廠將繼續推動更小處理節點的發展。我們的高級節點產品組合可以很好地覆蓋那些較小的節點。然而，我們相信即使是最先進的半導體公司也將繼續轉向混合鍵合，作為管理這些成本和提高性能的一種越來越有吸引力的方式。

In addition, given the cost-effective performance advantages that hybrid bonding offers, it has the potential for pervasive adoption across the semiconductor supply chain rather than just with the 2 to 3 leading foundries. In particular, we remain very optimistic about the adoption of hybrid bonding in the logic market, one of the largest and fastest growing markets in the semiconductor industry.

此外，鑑於混合鍵合提供的具有成本效益的性能優勢，它有可能在整個半導體供應鏈中得到普遍採用，而不僅僅是 2 到 3 家領先的代工廠。特別是，我們仍然非常看好混合鍵合在邏輯市場的採用，該市場是半導體行業中規模最大、增長最快的市場之一。

Moving to media. Our core technology blocks such as user interfaces computer vision, machine learning and networking power a much bigger set of features, applications, services and products, which are deployed across the verticals we target. Our goal is to execute on a horizontal technology roadmap, so that we can innovate once and license that innovation across multiple verticals. An example of this approach is an area we have been a pioneer in for decades, user interfaces, and user experiences. UI and UX technologies are in our DNA and we understand the importance of these technologies since it is what consumers see and experience. These technologies include integrated guides, auto play, transport bar, and playback speed. While we are best known for UI and UX technologies in Pay TV, with the proliferation of video, they also have applicability in social media, consumer electronics, music streaming, and the metaverse. And consumers want a similar user experience regardless of the medium in which they are enjoying digital entertainment.

轉向媒體。我們的核心技術模塊，如用戶界面、計算機視覺、機器學習和網絡，為更廣泛的功能、應用程序、服務和產品提供支持，這些功能部署在我們的目標垂直領域。我們的目標是在橫向技術路線圖上執行，這樣我們就可以創新一次並在多個垂直領域授權該創新。這種方法的一個例子是我們幾十年來一直處於領先地位的領域，即用戶界面和用戶體驗。 UI 和 UX 技術是我們的 DNA，我們理解這些技術的重要性，因為它是消費者所看到和體驗的。這些技術包括集成指南、自動播放、傳輸條和播放速度。雖然我們以付費電視中的 UI 和 UX 技術而聞名，但隨著視頻的激增，它們也適用於社交媒體、消費電子產品、音樂流媒體和元宇宙。消費者希望無論使用何種媒體享受數字娛樂，都能獲得相似的用戶體驗。

We are continuing looking to replicate this horizontal innovation approach. Without traditional product company limitations, our engineers and innovators are free to think big and innovate in ways that will broadly apply across multiple verticals.

我們正在繼續尋求復制這種橫向創新方法。沒有傳統產品公司的限制，我們的工程師和創新者可以自由地大膽思考並以廣泛應用於多個垂直領域的方式進行創新。

Before I turn the call over to Keith to cover the financials, I want to touch on our areas of focus in 2023. Consistent with what we laid out at our Investor Day, this year, we will work towards increasing our annual baseline revenue, growing our patent portfolio, expanding the number and scope of our media and semiconductor license agreements, and making progress in adjacent verticals. To increase our annual baseline revenue, we are focused on executing renewals, signing agreements with new customers, and making progress on large unlicensed OTT providers.

在我將電話轉給 Keith 討論財務問題之前，我想談談我們在 2023 年的重點領域。與我們在投資者日制定的計劃一致，今年，我們將努力增加我們的年度基準收入，增長我們的專利組合，擴大我們的媒體和半導體許可協議的數量和範圍，並在相鄰的垂直領域取得進展。為了增加我們的年度基準收入，我們專注於執行續訂、與新客戶簽署協議以及在大型無牌 OTT 提供商方面取得進展。

Our portfolio development will be driven by our internal innovation engines and targeted tuck-in acquisitions. Our internal horizontal innovation roadmap supports both core existing licensing programs and new verticals. We also see an attractive market for acquisitions of IP, as we believe many companies will look to divest of assets given the current macroeconomic environment. We are well-positioned to capitalize on this with our strong balance sheet and will continue to be selective as we look for opportunities that can accelerate our growth.

我們的投資組合開發將由我們的內部創新引擎和有針對性的收購來驅動。我們的內部橫向創新路線圖支持現有的核心許可計劃和新的垂直領域。我們還看到了一個有吸引力的知識產權收購市場，因為我們相信鑑於當前的宏觀經濟環境，許多公司將尋求剝離資產。我們有能力利用我們強大的資產負債表來利用這一點，並將繼續有選擇地尋找可以加速我們增長的機會。

We believe the deal momentum will continue in 2023, given our healthy pipeline of opportunities. We have a proven approach to licensing in which we focus on building strong customer relationships, working tirelessly to find a deal and litigating only as a last resort.

鑑於我們擁有健康的機會渠道，我們相信交易勢頭將在 2023 年繼續。我們擁有行之有效的許可方法，我們專注於建立牢固的客戶關係，孜孜不倦地尋找交易並僅在不得已時才提起訴訟。

Lastly, we have continued to progress our efforts in breaking into adjacent verticals. These efforts are at various stages, but as I noted last quarter, we anticipate music streaming as our first area of success, given the engagement and progress to date.

最後，我們繼續努力打入相鄰的垂直領域。這些努力處於不同的階段，但正如我在上個季度指出的那樣，考慮到迄今為止的參與和進展，我們預計音樂流媒體是我們成功的第一個領域。

With that, let me turn the call over to Keith to cover our fourth quarter and 2022 financial results and our guidance for 2023.

有了這個，讓我把電話轉給基思來報導我們第四季度和 2022 年的財務業績以及我們對 2023 年的指導。

Thank you, Paul. I am very pleased to be speaking with you as we reach another milestone for Adeia, as we are reporting financial results of the company on a standalone basis for the first time. We are excited as this provides greater insight and clarity into our operations as an independent company.

謝謝你，保羅。我很高興在我們達到 Adeia 的另一個里程碑時與您交談，因為我們首次獨立報告公司的財務業績。我們很高興，因為這讓我們對作為一家獨立公司的運營有了更深入的了解和清晰度。

Now let me walk you through our operating results for the fourth quarter starting on Slide 8. Revenue was $103.3 million, representing a 16% increase from the prior quarter. The increase was driven by the execution of 10 license agreements in the quarter. We're extremely pleased with this level of execution as it reflects the strength of our pipeline and it also validates the applicability of our patent portfolios across various verticals.

現在讓我從幻燈片 8 開始向您介紹我們第四季度的經營業績。收入為 1.033 億美元，比上一季度增長 16%。這一增長是由於本季度執行了 10 份許可協議。我們對這種執行水平感到非常滿意，因為它反映了我們管道的實力，也驗證了我們專利組合在各個垂直領域的適用性。

As Paul noted earlier, we signed license agreements covering multiple verticals, including consumer electronics, social media, OTT, Pay TV, and semiconductors, which is evidence of the widespread adoption of our technology and inventions. Now let's discuss our operating expenses, which I'll be referring to non-GAAP numbers only. First, I want to speak to the guidance we provided during the call last quarter, which included approximately $5 million of expenses associated with a pre-separation commitment to Xperi Inc. At the time, we were still in the process of determining the proper accounting for those costs.

正如 Paul 之前指出的那樣，我們簽署了涵蓋多個垂直領域的許可協議，包括消費電子產品、社交媒體、OTT、付費電視和半導體，這證明了我們的技術和發明得到了廣泛採用。現在讓我們討論我們的運營費用，我將僅指非 GAAP 數字。首先，我想談談我們在上個季度的電話會議中提供的指導，其中包括與 Xperi Inc 的離職前承諾相關的大約 500 萬美元的費用。當時，我們仍在確定適當的會計核算過程中對於那些費用。

During the course of the fourth quarter, we concluded on the appropriate accounting treatment for this agreement and determined that these costs should be treated similar to other pre-separation related expenses, and will not be included in our non-GAAP results. Accordingly, for the fourth quarter, operating expenses were $28.8 million, a 5% decrease from the prior quarter. For the sake of clarity, this excludes the $5 million of pre-separation costs that I previously referred to. Research and development expenses increased $590,000 or 5%, primarily due to continued investments to grow and accelerate our innovation and development engine.

在第四季度期間，我們就此協議的適當會計處理得出結論，並確定這些成本應與其他分離前相關費用類似地處理，並且不會包含在我們的非 GAAP 業績中。因此，第四季度的運營費用為 2880 萬美元，比上一季度減少 5%。為清楚起見，這不包括我之前提到的 500 萬美元的離職前費用。研發費用增加了 590,000 美元或 5%，這主要是由於持續投資以發展和加速我們的創新和開發引擎。

Selling and general administrative expenses were relatively flat from the prior quarter as increased personnel costs were largely offset by a decrease in outside spending. Litigation expenses decreased $1.6 million from the prior quarter.

銷售和一般管理費用與上一季度相比相對持平，因為增加的人員成本在很大程度上被外部支出的減少所抵消。訴訟費用較上一季度減少 160 萬美元。

In the fourth quarter, interest expense primarily related to our term loan was $15 million, an increase of $2.7 million from the prior quarter, due to the impact of higher interest rates. Other income was $1.2 million, primarily related to interest earned on our cash and investment portfolio. Our adjusted EBITDA for the fourth quarter was $74.9 million, reflecting an adjusted EBITDA margin of 72%. Depreciation expense for the quarter was approximately $385,000. Our non-GAAP income tax rate was 23% for the period. Our income tax expense consists primarily of federal and state domestic taxes, as well as Korean withholding taxes.

在第四季度，主要與我們的定期貸款相關的利息支出為 1500 萬美元，比上一季度增加 270 萬美元，這是由於利率上升的影響。其他收入為 120 萬美元，主要與我們的現金和投資組合賺取的利息有關。我們第四季度調整後的 EBITDA 為 7490 萬美元，反映出調整後的 EBITDA 利潤率為 72%。本季度的折舊費用約為 385,000 美元。在此期間，我們的非 GAAP 所得稅率為 23%。我們的所得稅費用主要包括聯邦和州國內稅，以及韓國預扣稅。

Now let me provide a few balance sheet details. We ended the period with $114.6 million in cash, cash equivalents, and marketable securities. During the quarter, we generated approximately $41 million in cash from operations, which was negatively impacted by approximately $10 million in separation transaction-related payments. We ended the quarter with a term loan balance of $749.3 million. This balance reflects paying down $10.1 million during the quarter.

現在讓我提供一些資產負債表的細節。我們以 1.146 億美元的現金、現金等價物和有價證券結束了這一時期。本季度，我們從運營中產生了大約 4100 萬美元的現金，這受到了大約 1000 萬美元的離職交易相關付款的負面影響。本季度末，我們的定期貸款餘額為 7.493 億美元。這一餘額反映了本季度支付的 1010 萬美元。

The strong momentum in exiting the year has provided significant cash generation as we start 2023. As a result of this start, and based on the strength of our financial outlook, we elected to make an additional $50 million paydown of our term loan balance following the end of the year. Also during the fourth quarter, we paid a cash dividend of $0.05 per share of common stock. Further, our Board approved the payment of a $0.05 per share dividend on March 29 to stockholders of record as of March 15.

結束這一年的強勁勢頭為我們在 2023 年開始時產生了大量現金。由於這一開始，並基於我們強大的財務前景，我們選擇在年底。同樣在第四季度，我們支付了每股普通股 0.05 美元的現金股息。此外，我們的董事會於 3 月 29 日批准向截至 3 月 15 日在冊的股東支付每股 0.05 美元的股息。

Now turning to our guidance. As a reminder, our license agreements tend to be quite large and complex by their nature. As we look to ensure that we achieve the commensurate economic return relative to the value our patented inventions provide, the timing and execution of our license agreements can vary, creating fluctuations in our revenue from quarter-to-quarter. As such, we believe evaluating our performance on an annual basis is the most appropriate measure. Thus we will focus on providing guidance on a full-year perspective only.

現在轉向我們的指導。提醒一下，我們的許可協議往往非常龐大和復雜。當我們希望確保我們獲得與我們的專利發明提供的價值相關的相應經濟回報時，我們許可協議的時間和執行可能會有所不同，從而導致我們的收入每個季度都出現波動。因此，我們認為每年評估我們的業績是最合適的衡量標準。因此，我們將專注於僅從全年角度提供指導。

For the full-year 2023, we expect revenue to be in the range of $385 million to $415 million. We expect operating expenses to be in the range of $135 million to $145 million. We expect interest expense to be in the range of $64 million to $67 million and we expect other income to be in the range of $2.5 million to $3 million. We expect a resulting EBITDA margin of 66%. Additionally, we expect cash flows from operations to be in the range of $185 million to $215 million. We expect the non-GAAP tax rate to remain consistent at roughly 23% for the full-year. We also expect capital expenditures to be approximately $5 million for the full-year.

對於 2023 年全年，我們預計收入將在 3.85 億美元至 4.15 億美元之間。我們預計運營費用將在 1.35 億美元至 1.45 億美元之間。我們預計利息支出將在 6400 萬至 6700 萬美元之間，我們預計其他收入將在 250 萬至 300 萬美元之間。我們預計由此產生的 EBITDA 利潤率為 66%。此外，我們預計運營現金流量將在 1.85 億美元至 2.15 億美元之間。我們預計全年非 GAAP 稅率將保持在 23% 左右。我們還預計全年的資本支出約為 500 萬美元。

In closing, 2022 brought many milestones for Adeia, starting with the successful separation of the business on October 1. I am very pleased with our operating results and we're off to a very successful start in our journey as a leading stand-alone IP company. The business traction we have witnessed during the fourth quarter is a validation of our innovation efforts across both the media and semiconductor markets. Consistent with our mission, our inventions and technologies help our licensees enhance their own product and service offerings and accelerate their time to market.

最後，從 10 月 1 日業務的成功分離開始，2022 年為 Adeia 帶來了許多里程碑。我對我們的經營業績感到非常滿意，我們作為領先的獨立 IP 的旅程有了一個非常成功的開端公司。我們在第四季度見證的業務增長是對我們在媒體和半導體市場的創新努力的驗證。與我們的使命一致，我們的發明和技術幫助我們的被許可人增強他們自己的產品和服務，並加快他們的上市時間。

Our capital allocation strategy remains focused on growing our business through continued innovation, both organically and inorganically. We will also look to continue to make accelerated payments against our term loan in order to further strengthen our balance sheet.

我們的資本配置戰略仍然專注於通過持續的有機和無機創新來發展我們的業務。我們還將尋求繼續加速償還我們的定期貸款，以進一步加強我們的資產負債表。

As part of our long history of returning capital to shareholders, we remain committed to continuing our dividend program. I am very pleased with the strides the audio team has made. And our current achievements provide a springboard for our long-term growth and success.

作為我們向股東返還資本的悠久歷史的一部分，我們仍然致力於繼續我們的股息計劃。我對音頻團隊取得的進步感到非常滿意。我們目前的成就為我們的長期發展和成功提供了跳板。

That brings an end to our prepared remarks. And with that, I'd like to turn the call over to the operator for questions. Operator?

我們準備好的發言到此結束。有了這個，我想把電話轉給接線員提問。操作員？

(Operator Instructions) We'll take first question from the line of Nick Zangler with Stephens.

（操作員說明）我們將從 Nick Zangler 和 Stephens 的台詞中回答第一個問題。

Great quarter. I do have a few questions here to go through. As we look to the guide for next year, is the baseline revenue unchanged at $375 million? I didn't see any update there, but I'm assuming maybe that's left alone?

偉大的季度。我確實有幾個問題需要解決。當我們展望明年的指南時，基準收入是否保持在 3.75 億美元不變？我在那裡沒有看到任何更新，但我想也許那是一個人留下的？

Nick, great to hear from you. On the $375 million for the baseline revenue, let's just think about baseline revenue and what it represents. It represents our current look under agreements that we have currently under contract or that are up for renewal. I look at it as more as a point in time. But as we progress in our business throughout the years, we signed new deals and new license agreements in that momentum. You will start to see us reporting a shift in that rise to that baseline revenue when we see some movement that we deem to be somewhat significant from a reporting standpoint. So really that baseline revenue is a point in time in our operations right now. It's not necessarily indicative of future outlook.

尼克，很高興收到你的來信。關於基準收入的 3.75 億美元，讓我們考慮一下基準收入及其代表的內容。它代表了我們目前根據我們目前簽訂的合同或即將續籤的協議的看法。我把它看作一個時間點。但隨著多年來我們業務的進步，我們在這種勢頭下簽署了新的交易和新的許可協議。當我們看到一些我們認為從報告的角度來看有些重要的變化時，您將開始看到我們報告這種增長向基線收入的轉變。因此，基準收入確實是我們目前運營中的一個時間點。它不一定表示未來的前景。

Got it. So am I thinking about this right though like, let's say, $375 million was the baseline as of like a quarter ago, we pushed that into next year. And then on top of that, into 2023, on top of that, you're talking about an additional $10 million to $40 million when you get to that guide of $385 million to $415 million. So I guess the question is, what exactly is that incremental $10 million to $40 million off of that baseline? Does it represent agreements that -- or license agreements that you have yet to win, but hope to? Or is part of that new agreements that have been signed, but just might not be included in the baseline? Again, just trying to -- if I assume that $375 million is flat, how do -- what is the spread that gets you to total revenue? Like how should I think about that?

知道了。所以我是不是在考慮這個問題，比如說，3.75 億美元是一個季度前的基線，我們將其推到了明年。然後最重要的是，到 2023 年，最重要的是，當你達到 3.85 億美元到 4.15 億美元的指導時，你談論的是額外的 1000 萬到 4000 萬美元。所以我想問題是，從該基線增加 1000 萬到 4000 萬美元到底是什麼？它是否代表您尚未贏得但希望贏得的協議或許可協議？或者是已經簽署的新協議的一部分，但可能不包含在基線中？再一次，只是想——如果我假設 3.75 億美元是持平的，那麼——讓你獲得總收入的利差是多少？比如我應該怎麼想？

It's a great question. How Paul and I look at it is that the $375 million, as you said, it's kind of the baseline. So that's going to represent contracts that we have under agreement today and then renewals that we have a high degree of confidence for. Now that incremental delta when we manage our business, by the structure of their contracts, we're going to have a combination for licensees you were out of license, you could have a catchup in a period. So that would create a blip that's not necessarily ongoing and reflective or in some contract structures, there could be minimum amounts or fixed fee amounts that we have in our semiconductor deals that will have an impact. A great example of that is Micron that we had in 2022.

這是一個很好的問題。保羅和我的看法是，正如你所說，3.75 億美元只是底線。因此，這將代表我們今天達成協議的合同，然後是我們有高度信心的續簽合同。現在，當我們管理我們的業務時，根據他們的合同結構，增量增量，我們將為您沒有許可的被許可人提供組合，您可以在一段時間內趕上。因此，這會產生一個不一定持續和反映的現象，或者在某些合同結構中，我們在半導體交易中的最低金額或固定費用金額可能會產生影響。一個很好的例子是我們在 2022 年擁有的美光。

So how we manage the business? We generally anticipate about 10% of our revenue profile as they come from that mixture of be it a -- back payments that are due for folks who are out of license and we ultimately sign that agreement with them, or some combination of non-recurring revenue like we talked about for the minimum fees or something that we have to take immediately.

那麼我們如何管理業務呢？我們通常預計我們收入的 10% 左右，因為它們來自於這種混合——對於那些沒有執照的人到期的欠款，我們最終與他們簽署了協議，或者一些非經常性的組合收入就像我們談到的最低費用或我們必須立即採取的措施一樣。

Got it. So I guess on that thought then, like, sort of delve on this so harshly, but like thinking about like the Qorvo announcement, right, like, I would have maybe thought that, okay, if baseline revenue stay the same at $375 million, you announced Qorvo, that's obviously a new win, right there, I mean, obviously, I don't know how much that's worth, but I would imagine it's relatively sizable. You could take $375 million at Qorvo and you'd be at $385 million maybe already. So is that an incorrect way of thinking or is that logic off?

知道了。所以我想當時的想法是，有點如此嚴厲地研究這個問題，但就像考慮 Qorvo 的公告一樣，對，就像，我可能會想，好吧，如果基準收入保持在 3.75 億美元不變，你宣布 Qorvo，這顯然是一個新的勝利，就在那裡，我的意思是，顯然，我不知道它值多少錢，但我想它是相對可觀的。你可以在 Qorvo 獲得 3.75 億美元，而你可能已經達到 3.85 億美元。那麼這是一種不正確的思維方式還是邏輯錯誤？

Yes, Nick, this is Paul. Great to hear from me and thanks for the questions. I think the Qorvo announcement or any other deal, they are structured in different ways. As I noted on my call as well, RF is a more modest semiconductor market for us as well. So not all deals when we announced them, even if they're a new deal win that we will have visibility into increasing that baseline. I'd also say with the semiconductor business, a lot of our technologies are emerging, right. And so, some of the structures do take time, as you noted, to see that incremental increase in the baseline. We need to see how that plays out as the technology is developed in the revenue from those associated deals starts changing. So there is that aspect of it as well. So right now, we're not ready to increase that baseline revenue, but we do have high confidence in our guide for the year nonetheless. That's why we put it out. We feel like it's where we'll end the year within that range, but -- and there certainly are opportunities as the year goes on to see if we can increase the baseline as well. And as soon as we have that level of confidence over a longer period of time, we'll certainly provide that.

是的，尼克，這是保羅。很高興收到我的來信，感謝您提出問題。我認為 Qorvo 公告或任何其他交易，它們以不同的方式構建。正如我在電話會議上指出的那樣，RF 對我們來說也是一個較為溫和的半導體市場。因此，當我們宣布交易時，並不是所有的交易，即使它們是新的交易勝利，我們也會看到增加該基線。我還要說的是，對於半導體業務，我們的很多技術都在湧現，對吧。因此，正如您所指出的，某些結構確實需要時間才能看到基線的增量增加。我們需要看看隨著技術的發展，這些相關交易的收入開始發生變化，這將如何發揮作用。所以它也有這個方面。所以現在，我們還沒有準備好增加基線收入，但我們對今年的指南充滿信心。這就是我們把它放出來的原因。我們覺得這是我們將在該範圍內結束今年的地方，但是 - 隨著時間的推移，肯定有機會看看我們是否也可以提高基線。一旦我們在較長一段時間內有了這種信心，我們一定會提供這種信心。

(Operator Instructions) We have next question from the line of Hamed Khorsand with BWS Financial.

（操作員說明）我們有 Hamed Khorsand 與 BWS Financial 的下一個問題。

My first question was regarding the comment you made during the script about pursuing the unlicensed OTT providers. Have you already engaged with them and how many are there that could actually move the needle for you?

我的第一個問題是關於您在腳本中關於追求無牌 OTT 提供商的評論。您是否已經與他們接觸過，有多少人實際上可以為您帶來幫助？

Yes. There's multiple, Hamed. You know, I think we've got -- we've certainly are -- they're at different stages. Some of them are more advanced than others, but certainly the big names that I'm sure you well know and others know are large opportunities for us. And that we feel like we ultimately have a significant revenue contribution that we'll obtain from that. Some of them will take longer than others, but we have high confidence that will ultimately succeed in that. And so, various stages and we're -- but we've got confidence that our IP reads on multiple aspects of those business models as we are approaching them.

是的。有多個，Hamed。你知道，我認為我們已經 - 我們當然 - 他們處於不同的階段。其中一些比其他的更先進，但肯定是你和其他人都知道的大牌對我們來說是巨大的機會。我們覺得我們最終會從中獲得可觀的收入貢獻。其中一些將比其他的花費更長的時間，但我們堅信最終會取得成功。因此，各個階段，我們 - 但我們有信心，我們的知識產權在我們接近這些商業模式時會閱讀這些商業模式的多個方面。

And as far as the Altice renewal is concerned, is there any minimum guarantees attached to it?

就 Altice 更新而言，是否有任何最低保證？

I'd say, Altice is similar to, it's a renewal, right. And it's similar to the type of deal that we had previously with them.

我會說，Altice 類似於，它是更新，對吧。這類似於我們之前與他們達成的交易類型。

Okay. And then going to the guidance question, the confidence you have in this revenue guide that you provide, have you reduced the, kind of risk exposure that you had with the Q4 guide and the Q3 performance 3 months ago? I mean, that was -- I mean, there were some push outs involved. So are you taking that into consideration with this guidance?

好的。然後轉到指導問題，你對你提供的這個收入指南有信心，你是否減少了 3 個月前你對第四季度指南和第三季度業績的風險敞口？我的意思是，那是——我的意思是，其中涉及一些退出。那麼，您是否在本指南中考慮到了這一點？

Yes. I'll start and then let Keith address it as well. But, you know, I think we felt like, you know, we want to provide annual guidance, right. In Q4, we did not provide a Q3 guidance number, right. In Q4, we did talk about though there were some expectations that in deals that shifted. And you can see by our execution in Q4 that we were able to get those deals done, right. And we got 10 deals done in the quarter. It was a very productive quarter for us. And we felt very good and those deals have long-term benefits for us as well as I noted in my prepared remarks.

是的。我先開始，然後讓 Keith 來解決這個問題。但是，你知道，我想我們覺得，你知道，我們想提供年度指導，對吧。在第四季度，我們沒有提供第三季度的指導數字，對吧。在第 4 季度，我們確實談到了交易發生變化的一些預期。你可以從我們在第四季度的執行中看到，我們能夠完成這些交易，對吧。我們在本季度完成了 10 筆交易。對我們來說，這是一個非常有成效的季度。我們感覺非常好，這些交易對我們有長期利益，正如我在準備好的發言中指出的那樣。

I think going forward, we are going to provide annual guidance. Our deals are -- can be lumpy in nature and certainly so from a quarter-to-quarter standpoint, it's difficult to exactly time when those deals will close and why we focus on annual guidance.

我認為展望未來，我們將提供年度指導。我們的交易 - 本質上可能是塊狀的，當然從季度到季度的角度來看，很難準確確定這些交易何時結束以及我們為什麼專注於年度指導。

Keith, would you add anything to that?

基思，你能補充什麼嗎？

No, I think Paul, that's really good. I think really to kind of focus on what we said in the prepared remarks is that if you take a look at our profile, once again, we're a small volume, big dollar shop, by default. And I think what our Q4 results proved out that it is in our best interest to take our time to negotiate with our licensees on commercial terms preferably to get the best economics for the deals that we can. And you can see that in the results that we post for the quarter. So when we talk about our results and how we guide, it is very much specifically we're talking about an annual basis. And, you know, on top of that, our pipeline looks fantastic. It is just as strong, if not stronger, quite frankly, from when we talked to you in September versus talking to you in October to where we are at today. And, you know, from my perspective, this is just a matter of execution and coming to the right commercial terms. So in terms of that quarter-to-quarter outlook, that's just not necessarily how we're going to manage the business. And specifically, our guidance is very much honed in on that execution over time because our deals take time by their nature.

不，我認為保羅，那真的很好。我認為真正要關注我們在準備好的評論中所說的話是，如果你看看我們的個人資料，再一次，默認情況下，我們是一家小批量、大美元的商店。我認為我們第四季度的結果證明，花時間與我們的被許可人就商業條款進行談判最符合我們的利益，最好是為我們的交易獲得最佳經濟效益。您可以在我們發布的本季度結果中看到這一點。因此，當我們談論我們的結果以及我們如何指導時，我們非常具體地談論年度基礎。而且，你知道，最重要的是，我們的管道看起來很棒。坦率地說，從我們在 9 月與您交談與 10 月與您交談到我們今天所處的位置，它同樣強大，甚至更強大。而且，你知道，從我的角度來看，這只是執行和達成正確的商業條款的問題。因此，就季度展望而言，這不一定是我們管理業務的方式。具體來說，我們的指導隨著時間的推移在執行上得到了很好的磨練，因為我們的交易本質上需要時間。

Got it. Okay. My last question was on those 10 license agreements signed in Q4, were any and all the revenue associated with it recognized in Q4 or some of it go into Q1?

知道了。好的。我的最後一個問題是關於第 4 季度簽署的 10 份許可協議，與之相關的所有收入是否在第 4 季度確認或其中一些進入第 1 季度？

It's all spread out. So we have those -- if I take a look at the terms for those agreements, it's pretty much a typical profile where the license agreements go over roughly a 5-year period of time. There were small amount of catchup payments in one particular instance, but a lot of that revenue is going to be over that license term. And then Paul hit a very great note as we take a look at our semiconductor business and the adoption of that technology. It's emerging technology. The industry has taken hold of what we have to deliver, but the volumes are going to come. So the revenue from those agreements come out in the future under how we've structured some of our current agreements.

都散開了所以我們有這些 - 如果我看一下這些協議的條款，它幾乎是一個典型的配置文件，其中許可協議的期限大約為 5 年。在一個特定的例子中有少量的追加付款，但大部分收入將超過該許可期限。然後，當我們審視我們的半導體業務和該技術的採用時，保羅提出了一個非常好的建議。這是新興技術。該行業已經掌握了我們必須交付的產品，但數量將會增加。因此，根據我們目前的一些協議的結構，這些協議的收入將在未來出現。

Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session. And I'd like to turn the floor back over to Paul Davis for closing comments. Over to you, sir.

謝謝。女士們，先生們，我們的問答環節已經結束。我想將發言權交還給 Paul Davis 以發表結束評論。交給你了，先生。

Thank you, operator, and thank you everyone for joining today's call. As you can see, the results of the fourth quarter demonstrate the significant progress that we continue to make on our long-term strategic plan. We're pleased with our strong execution and results in the fourth quarter, the excellent deal momentum, and our outlook for 2023. We look forward to meeting with many of you in the coming months to further discuss our progress. Thank you.

謝謝接線員，也感謝大家參加今天的電話會議。如您所見，第四季度的結果表明我們在長期戰略計劃方面繼續取得重大進展。我們對第四季度強勁的執行力和業績、出色的交易勢頭以及我們對 2023 年的展望感到滿意。我們期待在未來幾個月與你們中的許多人會面，進一步討論我們的進展。謝謝。

Thank you. Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。女士們，先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。