Adeia Inc (ADEA) 2021 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Xperi Third Quarter Fiscal Year 2021 Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Geri Weinfeld, Vice President of Investor Relations for Xperi. Geri, please go ahead.

美好的一天，女士們先生們。謝謝你的支持。歡迎參加 Xperi 2021 財年第三季財報電話會議。（操作員說明）我現在想將電話轉給 Xperi 投資者關係副總裁 Geri Weinfeld。傑瑞，請繼續。

Good afternoon, everyone. Thanks for joining us as we report our third quarter fiscal year 2021 financial results. With me on the call today are Jon Kirchner, CEO; and Robert Andersen, CFO. Also on the call is Samir Armaly, President of IP Licensing, who will be available along with Jon and Robert to answer questions during the Q&A portion of the call.

大家下午好。感謝您與我們一起報告 2021 財年第三季財務業績。今天與我一起參加電話會議的是執行長 Jon Kirchner；和首席財務長羅伯特·安德森。IP 許可總裁 Samir Armaly 也參加了電話會議，他將與 Jon 和 Robert 一起在電話問答部分回答問題。

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. Please refer to the Risk Factors section in our SEC filings, including our annual report on 10-K, for more information on the risks and uncertainties that could cause our actual results to differ materially from what we discuss today. Please note that the company does not intend to update or alter these forward-looking statements to reflect events or circumstances arising after the call.

在開始之前，我想提兩點提醒。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，這些陳述是基於管理層當前的預期和信念，因此會受到風險、不確定性和情況變化的影響。請參閱我們向 SEC 提交的文件中的風險因素部分，包括我們的 10-K 年度報告，以了解可能導致我們的實際結果與我們今天討論的結果存在重大差異的風險和不確定性的更多信息。請注意，本公司無意更新或更改這些前瞻性陳述以反映電話會議後發生的事件或情況。

Second, we refer to certain non-GAAP financial measures, which exclude onetime or ongoing noncash acquired intangible 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準則財務指標，其中不包括一次性或持續非現金收購的無形攤銷費用、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、股票補償、債務清償損失、費用、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準則衡量標準與最直接可比較的公認會計準則衡量標準的調節表。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 Jon Kirchner.

我現在將把電話轉給喬恩·基什內爾。

Thanks, Geri, and thanks, everyone, for joining us. We had a strong quarter with better-than-expected revenue, cash flow and earnings. Revenue was $219.4 million, up 8.2% year-over-year, mainly due to increases in IP, partially offset by declines in the product business due to supply chain constraints. Non-GAAP earnings per share was $0.53, up 179% year-over-year. We generated $82.9 million in operating cash flow, an increase of 33% year-over-year, and repurchased approximately $25 million of stock. Although we saw an increased impact on the product business from chip and general supply chain constraints, we remain on track to deliver strong financial results for the year.

謝謝 Geri，也謝謝大家加入我們。我們的季度表現強勁，營收、現金流和獲利均優於預期。營收為 2.194 億美元，年增 8.2%，主要由於智慧財產權的成長，部分被供應鏈限制導致的產品業務下降所抵銷。非 GAAP 每股收益為 0.53 美元，較去年同期成長 179%。我們產生了 8,290 萬美元的營運現金流，較去年同期成長 33%，並回購了約 2,500 萬美元的股票。儘管我們看到晶片和一般供應鏈限制對產品業務的影響越來越大，但我們仍有望在今年實現強勁的財務業績。

At a high level, we made solid progress on the following growth drivers during the quarter. DTS AutoSense launched on the BMW iX series in Europe, with more models to come in '22. DTS AutoStage delivered in new models. In addition to the S-Class, Mercedes has now implemented DTS AutoStage in its C-Class vehicles. Disney+ launched as a streaming partner in our IMAX Enhanced ecosystem. We accelerated adoption of our IPTV solutions and integrated MobiTV to provide a managed service offering. We increased the footprint and available content for the TiVo Stream and advanced discussions toward delivering Stream OS on connected TVs, and we made progress toward reestablishing our Semi IP business with the addition of YMTC as a new licensee for our hybrid bonding portfolio.

從高水準來看，本季我們在以下成長動力方面取得了堅實進展。DTS AutoSense 在歐洲的 BMW iX 系列上推出，更多車型將於 22 年推出。DTS AutoStage 以新型號交付。除了 S 級車之外，梅賽德斯現在還在其 C 級車中實施了 DTS AutoStage。Disney+ 作為 IMAX Enhanced 生態系統的串流媒體合作夥伴推出。我們加快了 IPTV 解決方案的採用，並整合了 MobiTV，以提供託管服務產品。我們增加了TiVo Stream 的覆蓋範圍和可用內容，並就在聯網電視上提供Stream OS 進行了深入討論，並且透過增加YMTC 作為我們混合綁定產品組合的新被許可方，我們在重建半IP 業務方面取得了進展。

Let me now begin with a discussion of our IP Licensing business. IP revenue in Q3 was $101.6 million, up 27% year-over-year. This increase was primarily driven by the success we've had with renewals and expanded licenses over the past year as well as some new IP agreements signed during Q3. As is typical with IP businesses, these results reflect some agreements that include catch-up or upfront license fees.

現在讓我開始討論我們的知識產權授權業務。第三季 IP 營收為 1.016 億美元，年增 27%。這一增長主要是由於我們在過去一年中續簽和擴大許可方面取得的成功以及第三季簽署的一些新知識產權協議所推動的。與知識產權業務的典型情況一樣，這些結果反映了一些包含追趕或預付許可費的協議。

We continue to make progress on certain key growth drivers in the quarter. In OTT, which represents our largest growth driver, we continue to engage with a strong pipeline of streaming services around expanded renewals and new license agreements. In Canada, we are awaiting a decision in the initial round of litigation. We remain very confident in the relevance of our IP portfolio and in our ability to ultimately achieve a market-based resolution, although predicting timing is always difficult. As a reminder, we filed second rounds of litigation against Videotron and Bell Canada earlier this year.

本季我們繼續在某些關鍵成長動力方面取得進展。在代表我們最大成長動力的 OTT 領域，我們繼續圍繞擴大續約和新授權協議參與強大的串流媒體服務管道。在加拿大，我們正在等待第一輪訴訟的裁決。儘管預測時機總是很困難，但我們對我們的智慧財產權組合的相關性以及最終實現基於市場的解決方案的能力仍然非常有信心。提醒一下，我們今年早些時候對 Videotron 和 Bell Canada 提起了第二輪訴訟。

In Semi IP, we announced a new license with YMTC, a semiconductor memory manufacturer based in China. While we're still in the early stages of reestablishing our Semiconductor IP business, this license is another data point underscoring the relevance of our IP in hybrid bonding. YMTC is the first company shipping commercial 3D NAND products that incorporate hybrid bonding. This agreement recognizes the broad fundamental nature of our bonding IP portfolio and our leadership position in that market.

在 Semi IP 中，我們宣布與中國半導體記憶體製造商 YMTC 獲得新的許可。雖然我們仍處於重建半導體 IP 業務的早期階段，但該許可是另一個數據點，強調了我們的 IP 在混合鍵合中的相關性。長江儲存是第一家推出採用混合鍵合技術的商用 3D NAND 產品的公司。該協議認可了我們的黏合智慧財產權組合的廣泛基礎性質以及我們在該市場的領導地位。

It is also a proof point in the continued proliferation of hybrid bonding into an expanding range of semiconductor applications, including sensors, memory and logic. Our execution year-to-date for the IP business as a whole puts us on track to exceed our $350 million average annual baseline by roughly 10% this year. We are confident that our IP licensing business is better positioned than ever, supported by long-term agreements that generate significant recurring and very profitable cash flows well into the future.

這也是混合鍵結技術持續擴散到不斷擴大的半導體應用領域（包括感測器、記憶體和邏輯）的證明。今年迄今為止，我們整個 IP 業務的執行情況使我們今年預計將超出 3.5 億美元的平均年度基準約 10%。我們相信，在長期協議的支持下，我們的智慧財產權授權業務比以往任何時候都處於更好的地位，這些協議將在未來產生大量經常性且利潤豐厚的現金流。

Moving to our product business. Total product revenue was $117.7 million, down 4% year-over-year. While we saw growth in monetization in IPTV, this was offset by declines in connected car, mobile devices, game consoles and consumer hardware from supply chain constraints that impacted our customer shipment volumes.

轉向我們的產品業務。產品總收入為 1.177 億美元，年減 4%。雖然我們看到 IPTV 的貨幣化有所增長，但由於供應鏈限制影響了我們的客戶出貨量，連網汽車、行動裝置、遊戲機和消費硬體的下降抵消了這一增長。

First, a comment on the supply chain. Although the year started off strong, beginning in late September, we started to see signs that the impact of supply chain constraints on our product business was greater than in prior quarters. Given this disruption, we are seeing some year-over-year declines in customer volumes impacting our per unit royalties. Importantly, we've made significant progress on our key initiatives. And as we look ahead, we strongly believe that our product business is solidly positioned for growth.

首先，對供應鏈進行評論。儘管今年開局強勁，但從 9 月下旬開始，我們開始看到供應鏈限制對我們產品業務的影響比前幾季更大的跡象。鑑於這種幹擾，我們發現客戶數量比去年同期下降，影響了我們的單位特許權使用費。重要的是，我們在關鍵舉措上取得了重大進展。展望未來，我們堅信我們的產品業務已為成長做好了堅實的準備。

In the consumer experience category, revenue was $46.1 million, down 6% year-over-year. As I mentioned, the decrease in Q3 was mainly driven by unit declines in mobile, game consoles and consumer hardware. We had another solid quarter for unit sales of the TiVo Stream 4K and continue to make progress on building out the TiVo Stream platform. On the content front, we continue to expand our ad-supported TiVo+ offering with new content partners, including QVC, Hallmark Movies & More, Magnolia Pictures and Kevin Hart's Laugh Out Loud.

在消費者體驗類別中，收入為 4,610 萬美元，年減 6%。正如我所提到的，第三季的下降主要是由行動裝置、遊戲機和消費硬體的銷售下降所致。我們的 TiVo Stream 4K 單位銷售又一個穩定的季度，並且在建立 TiVo Stream 平台方面繼續取得進展。在內容方面，我們繼續與新的內容合作夥伴擴展我們的廣告支援的 TiVo+ 產品，包括 QVC、Hallmark Movies & More、Magnolia Pictures 和 Kevin Hart's Laugh Out Loud。

We also expanded our relationship with Pluto TV to integrate 33 new channels, including Showtime Selects, Pluto TV 007, the Paramount Movie Channel and more. Lastly, we added Acorn TV to our SVOD lineup. We also saw strong growth in connected TV monetization during the quarter, as we successfully launched a new connected TV advertising product with unique audience targeting based on TiVo's viewership data.

我們也擴大了與 Pluto TV 的合作關係，整合了 33 個新頻道，包括 Showtime Selects、Pluto TV 007、派拉蒙電影頻道等。最後，我們將 Acorn TV 加入了 SVOD 系列。本季我們也看到連網電視貨幣化的強勁成長，因為我們成功推出了一款新的連網電視廣告產品，該產品具有基於 TiVo 收視數據的獨特受眾定位。

Importantly, on the IMAX Enhanced front, today, we jointly announced a new partnership with the Walt Disney Company and IMAX. Beginning November 12, for the first time ever, Marvel fans will be able to enjoy their favorite titles at home with IMAX Enhanced on Disney+. This is a significant step in expanding the content available in the IMAX Enhanced ecosystem.

重要的是，在 IMAX Enhanced 方面，今天我們共同宣布與華特迪士尼公司和 IMAX 建立新的合作夥伴關係。從 11 月 12 日開始，漫威粉絲將有史以來第一次能夠透過 Disney+ 上的 IMAX 增強版在家中欣賞他們最喜歡的電影。這是擴展 IMAX Enhanced 生態系統可用內容的重要一步。

Moving to our Pay-TV business. Revenue was $54.2 million, down 2% year-over-year. We are very pleased with the success we are seeing as more customers begin to adopt our IPTV solutions. Additionally, with the smaller-than-expected year-over-year decline in revenue, our strategy is being proven out as our higher-value IPTV solutions are mostly offsetting declines in our traditional interactive program guides.

轉向我們的付費電視業務。營收為 5,420 萬美元，年減 2%。隨著越來越多的客戶開始採用我們的 IPTV 解決方案，我們對所取得的成功感到非常高興。此外，隨著收入同比下降幅度小於預期，我們的策略正在得到證明，因為我們的高價值 IPTV 解決方案大部分抵消了我們傳統互動節目指南的下降。

Q3 was our first full quarter with MobiTV following the completion of the acquisition in Q2. The MobiTV integration is progressing well, and we're on track to complete integration during the fourth quarter. With the MobiTV integration completed, we'll be able to further scale our overall IPTV offerings and accelerate subscriber growth.

第三季是我們在第二季完成收購後與 MobiTV 合作的第一個完整季。MobiTV 整合進展順利，我們預計在第四季度完成整合。隨著 MobiTV 整合的完成，我們將能夠進一步擴展我們的整體 IPTV 產品並加速用戶成長。

During the quarter, we helped customers, including Cable One, Service Electric Cablevision, Blue Ridge and Armstrong, launch and begin scaling their IPTV offerings. Overall, we continue to see another quarter of strong subscriber growth for our IPTV services.

在本季度，我們幫助 Cable One、Service Electric Cablevision、Blue Ridge 和 Armstrong 等客戶推出並開始擴展他們的 IPTV 產品。總體而言，我們繼續看到 IPTV 服務的用戶成長強勁。

Moving to the connected car category. Revenue was $17.4 million, down 6% year-over-year as production reports received after the end of the quarter clearly indicate an increased impact from the chip supply constraints on our HD Radio business. Despite the supply chain issues, during the quarter, 24 new models launched with HD Radio technology in the U.S. and Mexico. We also launched HD Radio in 2 new categories: trucks with Daimler; and motorcycles with BMW. Additionally, we have been approved for ISO 9001 certification for HD Radio. This is a critical milestone in meeting global auto industry quality standards to ensure our position in the market.

轉向連網汽車類別。營收為 1,740 萬美元，年減 6%，因為本季末收到的生產報告明確表明晶片供應限制對我們的 HD Radio 業務的影響加大。儘管存在供應鏈問題，本季仍有 24 款採用 HD Radio 技術的新型號在美國和墨西哥推出。我們還在 2 個新類別中推出了 HD Radio：戴姆勒卡車；和寶馬摩托車。此外，我們也獲得了 HD Radio 的 ISO 9001 認證。這是滿足全球汽車產業品質標準的一個重要里程碑，以確保我們的市場地位。

DTS AutoStage continued to roll out in Mercedes models. The new C-Class launched with our technology in Europe, with cars arriving in the U.S. at the beginning of 2022. We continue to work an active pipeline and are participating in RFQs with car companies across Europe, Japan and North America for programs launching between 2022 and 2025. For DTS AutoSense, BMW launched vehicles with our occupancy monitoring system technology in Europe on the BMW iX. These models will arrive in the U.S. at the beginning of 2022, and we are proud to be part of the first OMS solution brought to market.

DTS AutoStage 繼續在梅賽德斯車型中推出。採用我們技術的新款 C-Class 轎車在歐洲推出，並於 2022 年初抵達美國。我們繼續積極開展工作，並正在與歐洲、日本和北美的汽車公司就 2022 年至 2025 年間啟動的專案進行詢價。對於 DTS AutoSense，BMW 在歐洲的 BMW iX 上推出了採用我們的佔用監控系統技術的車輛。這些型號將於 2022 年初抵達美國，我們很榮幸成為第一個推向市場的 OMS 解決方案的一部分。

Further, truck lines in Japan continue to launch with our driver monitoring system technology, and we are pleased to see our production DMS solution expanding in Asia with the recent shipment of trucks with our technology in Singapore.

此外，日本的卡車生產線繼續推出採用我們的駕駛員監控系統技術的卡車，我們很高興看到我們的生產 DMS 解決方案在亞洲不斷擴大，最近在新加坡運送了採用我們技術的卡車。

Additionally, Xperi is proud to have been recognized by Frost & Sullivan as Company of the Year for Connected Car Media Industry Best Practices. We believe this third-party validation of our products and team highlights our innovation efforts and enhances our market position in the connected car category.

此外，Xperi 很榮幸被 Frost & Sullivan 評為連網汽車媒體產業最佳實踐年度公司。我們相信，對我們產品和團隊的第三方驗證凸顯了我們的創新努力，並增強了我們在連網汽車類別中的市場地位。

In our Perceive business, we continue to engage with customers across multiple markets in support of their development efforts with the Ergo platform. As we mentioned last quarter, we provided our machine learning tools to select customers. In this quarter, we followed up with additional software, chips and boards to support customer development efforts. We continue to see significant demand for power-efficient, high-performance AI capabilities for next-generation products. Unfortunately, one of our customers canceled a product originally slated for 2022. That decision is unrelated to the performance and capabilities of our platform. We continue to work with a range of partners on the development of innovative products utilizing Ergo. However, given the current supply chain environment and its potential impact on elongating production schedules, the exact timing of when the first Perceive-enabled product will come to market is uncertain, but likely within the next 12 to 18 months.

在我們的 Perceive 業務中，我們繼續與多個市場的客戶合作，支持他們利用 Ergo 平台進行開發。正如我們上季度所提到的，我們向特定客戶提供了機器學習工具。在本季度，我們跟進了更多軟體、晶片和電路板，以支援客戶的開發工作。我們持續看到下一代產品對高能源效率、高效能人工智慧功能的巨大需求。不幸的是，我們的一位客戶取消了原定於 2022 年推出的產品。該決定與我們平台的性能和功能無關。我們繼續與一系列合作夥伴合作，利用爾格開發創新產品。然而，考慮到目前的供應鏈環境及其對延長生產計劃的潛在影響，首款支援 Perceive 的產品上市的確切時間尚不確定，但很可能在未來 12 至 18 個月內。

Lastly, I want to touch on the significant attention and focus being placed on the metaverse. The move toward greater acceleration of investment, development and adoption of advanced AR/VR technologies and the creation of an omnipresent digital presence is a big positive from our point of view. Xperi has developed deep IP expertise, products and solutions in the spatial audio, imaging, personalization, discovery, AI, presence and awareness areas. Many of these enabling technologies are already in the market, and we've been working on others with partners in this space over the past few years.

最後，我想談談對虛擬宇宙的極大關注和關注。從我們的角度來看，進一步加速投資、開發和採用先進的 AR/VR 技術以及創建無所不在的數位存在是一個巨大的積極因素。Xperi 在空間音訊、成像、個人化、發現、人工智慧、存在和感知領域開發了深厚的 IP 專業知識、產品和解決方案。其中許多支援技術已經投入市場，過去幾年我們一直在與該領域的合作夥伴合作開發其他技術。

In the end, enabling technologies like these will be essential and fundamental. Xperi has always been focused on bringing extraordinary experiences into our lives, and the metaverse is emerging as the next frontier. Exciting times ahead as we participate in this market and create new opportunities for growth.

最終，此類技術將變得至關重要且至關重要。Xperi 始終致力於為我們的生活帶來非凡的體驗，而虛擬宇宙正在成為下一個前沿領域。當我們參與這個市場並創造新的成長機會時，令人興奮的時代即將來臨。

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

這樣，我會將電話轉給羅伯特，討論我們的財務狀況。羅伯特？

Thanks, Jon. Let me begin with financial results for the third quarter. Xperi's third quarter revenue was $219.4 million, which was ahead of our expectations for the quarter, primarily from certain deals in our IP licensing business closing earlier than anticipated, offset by the supply chain constraints, noted by Jon, that impacted our product business.

謝謝，喬恩。讓我從第三季的財務表現開始。Jon 指出，Xperi 第三季的營收為2.194 億美元，超出了我們對本季的預期，這主要是因為我們的IP 授權業務中的某些交易比預期提前結束，但被供應鏈限制所抵消，影響了我們的產品業務。

On a non-GAAP basis, our operating expense, excluding COGS, was $114 million, down $5.3 million or 4.4% year-over-year, mostly due to lower litigation expense and synergy savings, offset by expenses from the acquisition of MobiTV last quarter. Non-GAAP cost of goods sold of $31.9 million was $1.9 million lower than the third quarter of 2020. Cash taxes paid in the quarter were $7.2 million. Using the $7.2 million cash tax number, the non-GAAP earnings per share for the third quarter was $0.53. We ended the quarter with 104.8 million basic shares outstanding and 113.1 million non-GAAP fully diluted shares outstanding.

以非公認會計準則計算，我們的營運費用（不包括銷貨成本）為1.14 億美元，年減530 萬美元，即4.4%，主要是由於訴訟費用和協同節省的減少，被上季度收購MobiTV 的費用所抵銷。非 GAAP 銷售成本為 3,190 萬美元，比 2020 年第三季低 190 萬美元。本季繳納的現金稅為 720 萬美元。根據 720 萬美元的現金稅數據，第三季非 GAAP 每股盈餘為 0.53 美元。截至本季末，我們已發行基本股 1.048 億股，非 GAAP 完全稀釋流通股為 1.131 億股。

Moving to the balance sheet. We finished the quarter with $237.3 million in cash and investments. We also paid down $10.2 million of debt during the quarter, bringing the outstanding balance down to just under $800 million. Operating cash flow for the quarter was $82.9 million, up from $62.6 million a year ago, primarily due to changes in working capital, lower cash taxes and reduced spending. Our adjusted free cash flow for the quarter was $87.7 million. Adjusted free cash flow reflects operating cash flow adjusted for $3.4 million of property, plant and equipment spend and $8.2 million of merger and separation-related costs.

轉向資產負債表。本季結束時，我們的現金和投資為 2.373 億美元。我們還在本季償還了 1,020 萬美元的債務，使未償餘額降至近 8 億美元。該季度的營運現金流為 8,290 萬美元，高於一年前的 6,260 萬美元，主要是由於營運資本的變化、現金稅的降低和支出的減少。本季調整後的自由現金流為 8,770 萬美元。調整後的自由現金流反映了根據 340 萬美元的財產、廠房和設備支出以及 820 萬美元的合併和分拆相關成本進行調整後的營運現金流。

During the quarter, Xperi paid a quarterly cash dividend of $0.05 per share of common stock. We also repurchased 1.2 million shares of common stock for a total of $24.8 million.

本季度，Xperi 支付了每股普通股 0.05 美元的季度現金股息。我們也回購了 120 萬股普通股，總金額為 2,480 萬美元。

Let me lastly comment on our outlook for the year. We are narrowing the year's revenue range to $870 million to $890 million. The lower end of the range reflects continued impact from supply chain constraints on our product business, while the higher end reflects improvement in per unit product shipments and positive outcomes on deal closures for the business as a whole. For expenses, we are lowering the year's non-GAAP operating expense range to $455 million to $465 million, which reflects reduced spending for the full year, primarily on litigation, personnel, outside services and marketing.

最後讓我來談談我們對今年的展望。我們將今年的營收範圍縮小到 8.7 億美元至 8.9 億美元。此範圍的下限反映了供應鏈限制對我們產品業務的持續影響，而上限則反映了單位產品出貨量的改善以及整個業務交易完成的正面成果。對於費用，我們將今年的非 GAAP 營運費用範圍降低至 4.55 億至 4.65 億美元，這反映了全年支出的減少，主要用於訴訟、人員、外部服務和行銷。

Guidance for COGS, interest expense and other income remain unchanged, while cash tax is now estimated to be approximately $36 million. We are raising the range for this year's operating cash flow to $205 million to $225 million, which incorporates the impact of reduced spending. As a result, our adjusted free cash flow range also increases to $210 million to $230 million.

銷貨成本、利息支出和其他收入的指導保持不變，而現金稅目前估計約為 3,600 萬美元。我們將今年的營運現金流範圍提高到 2.05 億美元至 2.25 億美元，其中考慮了支出減少的影響。因此，我們調整後的自由現金流範圍也增加至 2.1 億美元至 2.3 億美元。

That concludes our prepared remarks. Let us now open the call to your questions.

我們準備好的演講到此結束。現在讓我們開始回答您的問題。

(Operator Instructions) And we'll take our first question from Hamed Khorsand with BWS Financial.

（操作員說明）我們將回答 BWS Financial 的 Hamed Khorsand 提出的第一個問題。

I wanted to start off by talking about the OpEx guidance declining. These cost savings that you're talking about, is there any possibility some of them ratchet up next year? Or are these permanent kind of cost savings?

我想先談談營運支出指引的下降。您所談論的這些成本節約是否有可能在明年進一步增加？或者這些是永久性的成本節省嗎？

I think -- this is Robert. There's a bit of both. And we have some savings we've experienced this year for personnel expense or outside spending, and some of that won't recur. But I think on the other side, we have had lower litigation expense this year, at least compared to our historical past. And so we would expect that, at least from a run rate basis, to probably increase, depending on where we are with some of the cases.

我想——這是羅伯特。兩者都有一點。今年我們在人員費用或外部支出方面節省了一些費用，其中一些不會再出現。但我認為，另一方面，我們今年的訴訟費用較低，至少與我們的歷史相比是如此。因此，我們預計，至少從運行率來看，這一數字可能會增加，這取決於我們對某些案例的處理。

We also continue to make investments in growth in the business. So I think if we were looking at a year-over-year expense number, and again, we're pretty early in terms of looking at '22, we're still going through that planning exercise, I would expect that spending in general would increase.

我們也繼續投資以促進業務成長。因此，我認為，如果我們查看同比支出數字，那麼我們現在還處於 22 年的早期階段，我們仍在進行規劃工作，我預計總體支出會增加。

Okay. And then on the IPTV side, you've been seeing positive activity. Is that because of MobiTV winning the business? Or is that Xperi's own IPTV product that was winning the business?

好的。然後在 IPTV 方面，您已經看到了積極的活動。是因為MobiTV贏得了業務嗎？還是 Xperi 自己的 IPTV 產品贏得了業務？

It's both. We coming into about a year ago had booked quite a bit of business that due to COVID, various operators chose not to deploy because there were challenges in getting truck rolls into houses, et cetera, et cetera. And so we've been working with our partner customers to help them develop ways, including self-install options that are helping operators more easily and cost-effectively get IPTV into various households. So I think as we in particular look ahead, we're going to see more acceleration on both counts, both in the managed service offering, which we feel great about with the acquisition of MobiTV and how that can address an important part of the marketplace, but also within the typical legacy traditional IPTV business that we've had for some time.

兩者都是。大約一年前，我們已經預訂了相當多的業務，由於新冠疫情，各個運營商選擇不部署，因為在將卡車運送到房屋等方面存在挑戰。因此，我們一直在與合作夥伴客戶合作，幫助他們開發方法，包括自助安裝選項，幫助營運商更輕鬆、更具成本效益地將 IPTV 引入各個家庭。因此，我認為，當我們特別展望未來時，我們將在託管服務產品和託管服務產品方面看到更多的加速，我們對收購 MobiTV 感到非常滿意，以及它如何解決市場的重要組成部分，但也在我們已經擁有了一段時間的典型遺留傳統IPTV 業務中。

Okay. And then lastly, on the Perceive, the order cancellation or the partnership cancellation, not where you want to refer to it. Was this because of the potential customer redesigning and using something else and going away? Or was this purely because of what's going on in the supply chain front?

好的。最後，在 Perceive 上，訂單取消或合作夥伴關係取消，而不是您想要提及的地方。這是因為潛在客戶重新設計並使用其他東西然後離開了嗎？還是這純粹是因為供應鏈方面發生的事情？

Neither actually. It had to do with their view of where they thought they wanted to be positioned in the marketplace and the respective price point, features, et cetera, that they thought would advance their business interest. So we don't typically -- because we're an ingredient supplier, we don't typically talk about end customers' products. But given that we had originally expected something to occur, let's call it in the earlier part of '22 and that, that has changed, we have a number of other irons in the fire and working with a number of potential partners. And I think the bigger question now is just how does that play out over time, given what we're seeing in the broader kind of dynamic environment and what's the exact timing. But we feel very, very good about, I think, the uniqueness of the platform and where we believe we can take it over time. It's a huge opportunity for us.

實際上也不是。這與他們對自己想要在市場中定位的看法以及他們認為會提高他們的商業利益的各自的價格點、功能等有關。所以我們通常不會——因為我們是原料供應商，所以我們通常不會談論最終客戶的產品。但考慮到我們最初預計會發生一些事情，讓我們將其稱為“22 世紀早期”，但情況已經改變，我們還有許多其他的工作正在努力，並與許多潛在的合作夥伴合作。我認為現在更大的問題是，考慮到我們在更廣泛的動態環境中所看到的情況以及確切的時機，隨著時間的推移，這種情況將如何發揮作用。但我認為，我們對這個平台的獨特性以及我們相信隨著時間的推移我們可以利用它的地方感到非常非常好。這對我們來說是一個巨大的機會。

And our next question comes from Sam Peterman with Craig Hallum Capital Group.

我們的下一個問題來自 Craig Hallum Capital Group 的 Sam Peterman。

I wanted to ask on connected car. That was down quarter-over-quarter. It seems like you launched on the same number of programs as kind of what's anticipated, and it seems like most of that is just from kind of lower OEM production volumes. Is that the right read? And then could you just talk about the outlook kind of for 2022 in that segment, given the constraints in the industry?

我想問一下連網汽車。這一數字環比下降。看來你們推出的項目數量與預期相同，而且其中大部分似乎只是來自較低的 OEM 產量。這樣讀對嗎？然後，考慮到該行業的限制，您能否談談 2022 年該領域的前景？

So for Q3, it was definitely lower unit volumes, and that's what we saw. It's not due to any particular design losses. I think as we look out into '22, overall volumes are currently forecast to be down year-over-year, although we do expect some relief from the supply chain issues as we move into '22. So it's really going to depend on both the product mix and the brand mix and brand market share, and we'll know a lot more when we get through February. We've had a lot of new technologies we've been able to penetrate the automotive market that we also expect will further impact '22.

因此，對於第三季度，單位銷售肯定較低，這就是我們所看到的。這並不是由於任何特定的設計損失。我認為，當我們展望“22”時，目前預計總體銷量將同比下降，儘管我們確實預計隨著進入“22”，供應鏈問題會有所緩解。因此，這實際上取決於產品組合、品牌組合和品牌市場份額，當我們度過二月時，我們會了解更多。我們已經擁有了許多新技術，我們已經能夠滲透到汽車市場，我們也預計這些技術將進一步影響 22 世紀。

Okay. That's helpful. I wanted to ask on hyper bonding. You had the announcement with YMTC. And I guess I'm curious, just kind of at a high level, who else do you guys see is likely early movers in the technology and any thoughts you could offer on when you guys could start to see revenue impact from hybrid bonding licensing, whether that's from YMTC or somewhere else?

好的。這很有幫助。我想問一下關於超結合的問題。您已向長江存儲發布了公告。我想我很好奇，只是在較高的層面上，你們認為還有誰可能是該技術的早期推動者，以及當你們開始看到混合粘合許可對收入的影響時你們可以提供的任何想法，是長江儲存的還是其他地方的？

This is Samir. So we certainly are seeing an increase in the industry discussions around hybrid bonding. It started first in image sensors. It's moved into memory, including some of the NAND discussions we just talked about with YMTC. And we certainly see opportunities in other segments like logic. So it still is taking some time for that to penetrate some of those markets. Logic, for example, we probably would be seeing in the '23, '24 time frame. But we're pleased, both the deals we've done to date with the likes of Samsung and SK Hynix and the more recent deal with YMTC really highlight the strength of the company's portfolio and expertise in hybrid bonding. And as that market opportunity continues to develop, we're excited about the opportunity it brings for us.

這是薩米爾.因此，我們確實看到有關混合鍵合的行業討論有所增加。它首先始於影像感測器。它已經轉移到內存了，包括我們剛才和長江存儲談到的一些NAND討論。我們當然也看到了邏輯等其他領域的機會。因此，它仍然需要一些時間才能滲透到其中一些市場。例如，我們可能會在「23」、「24」時間範圍內看到邏輯。但我們很高興，迄今為止我們與三星和 SK 海力士等公司達成的交易以及最近與長江存儲的交易都真正凸顯了該公司在混合鍵合領域的產品組合和專業知識的實力。隨著市場機會的不斷發展，我們對它為我們帶來的機會感到興奮。

Okay. I think just 1 more quick for me. On MobiTV, it sounds like integration is almost complete, and that's going well. Just curious if you could give any color on kind of what kind of revenues you think you could see from MobiTV next year and kind of qualitatively how negotiations with customers are going with those new assets?

好的。我想對我來說再快一點。在 MobiTV 上，聽起來整合已接近完成，而且進展順利。只是好奇您是否可以詳細說明您認為明年可以從 MobiTV 獲得什麼樣的收入，以及與客戶就這些新資產進行的定性談判進展如何？

Maybe let me take the second question, and I'll let Robert address the first. I would say discussions with the customer base are going very well. We -- within 30 or 45 days, even after acquiring the assets, we had successfully resigned in the neighborhood of 100 customers. And I think people are seeing our commitment to both investing and innovating around the platform as well as being a long-term partner in the space that this is a strong platform to be associated with, and I think that's going to help us scale it pretty meaningfully. And so this is very much a game of scale. And I think we will be looking to see that scale meaningfully change in '22. But Robert, do you want to [take] part of the question?

也許讓我回答第二個問題，然後我請羅伯特回答第一個問題。我想說與客戶群的討論進展順利。我們－在30或45天內，即使在收購資產之後，我們也成功地在附近的100個客戶中辭職。我認為人們看到了我們對圍繞該平台進行投資和創新的承諾，以及成為該領域的長期合作夥伴，這是一個強大的平台，我認為這將幫助我們相當大地擴展它有意義地。所以這在很大程度上是一場規模遊戲。我認為我們將期待在 22 年看到這一規模發生有意義的變化。但是羅伯特，你想回答部分問題嗎？

Sure. Just in terms of the numbers, we're expecting this year for the -- really from the time we've acquired MobiTV, sort of mid-single-digit revenue, low teens on expenses. And then we expect that to scale, as Jon was describing, and turn a profit. And the good thing about the MobiTV structure is that it's scalable. So as it scales, the costs are somewhat fixed, and we can continue to get additional profits out of that business.

當然。就數字而言，我們預計今年——實際上從我們收購 MobiTV 的時候起，收入將達到中個位數，支出將達到十幾歲。然後我們預計，正如喬恩所描述的那樣，它將擴大規模，並實現盈利。MobiTV 結構的優點是它具有可擴展性。因此，隨著規模的擴大，成本在某種程度上是固定的，我們可以繼續從該業務中獲得額外的利潤。

Well, as we get on the call in February, we'll provide a broader macro view of where it can go, but it's -- we expect it, obviously, to grow meaningfully between the current run rate level or more.

好吧，當我們在二月份召開電話會議時，我們將提供更廣泛的宏觀視角，了解它的發展方向，但顯然，我們預計它會在當前運行率水平或更高水平之間有意義地增長。

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

（操作員說明）我們將接受 Maxim Group 的 Matthew Galinko 提出的下一個問題。

Maybe firstly, on the Disney win and IMAX Enhanced, can you just talk about maybe frame the magnitude of what the sort of significant streaming win in the U.S. does for that piece of the business? And kind of does that encourage follow-on adoption in the U.S. market?

也許首先，關於迪士尼的勝利和IMAX增強版，您能否談談美國串流媒體的重大勝利對該業務的影響程度？這是否會鼓勵美國市場的後續採用？

Yes. I mean this is about long-term ecosystem building. And in our case, as we talk about ecosystems, you need more relevant content and you need then more devices in the marketplace, and they kind of feed on each other so that you can deliver the highest quality experience to the largest group possible providing advantages to both the content distributors as well as end consumers. And so this is obviously very important from our perspective in that you've got a fantastic major service like Disney+ coming online. And we think it will, over time, not only encourage others to join from a content perspective, but it will -- we think there'll be a natural impact on kind of hardware impact, which again, in turn, will make this more attractive for other people to participate in. So I think it'll take a bit for this to play out. But overall, this is a partnership we have worked on for some time, and we've got very good relationships there, and we think it's fantastic that Marvel fans will be able to really enjoy the highest possible form of content delivery in their own homes with IMAX Enhanced.

是的。我的意思是這是關於長期的生態系統建設。在我們的例子中，當我們談論生態系統時，您需要更多相關的內容，然後您需要市場上更多的設備，它們可以互相補充，以便您可以為盡可能多的群體提供最高品質的體驗，從而提供優勢內容分發者和最終消費者。因此，從我們的角度來看，這顯然非常重要，因為您已經擁有像 Disney+ 這樣出色的主要服務上線。我們認為，隨著時間的推移，它不僅會鼓勵其他人從內容的角度加入，而且我們認為會對硬體產生自然的影響，這反過來又會讓這變得更加重要。吸引其他人參與。所以我認為這需要一些時間才能發揮作用。但總的來說，這是我們已經合作了一段時間的合作夥伴關係，我們在那裡建立了非常好的關係，我們認為漫威粉絲能夠在自己的家中真正享受最高形式的內容交付真是太棒了IMAX 增強版。

Got it. And then maybe another follow-up on Perceive and the question you answered just before. Is there -- to the extent you could say, is there perception that there's less consumer impetus for edge computing and devices that can do inference at the edge, and that there isn't an incremental value there? Or is there any other kind of takeaway we can hear or glean from that dynamic?

知道了。然後也許是 Perceive 的另一個後續行動以及您之前回答的問題。在某種程度上，是否存在這樣的看法：消費者對邊緣運算和可以在邊緣進行推理的設備的推動力減弱，並且那裡沒有增量價值？或者我們可以從這種動態中聽到或收集到任何其他類型的結論嗎？

No, in the sense that I don't think our experience with this -- in this case is being representative of, let's call it, a broader trend of consumer lack of interest in edge-based computing. I think we just happen to be at the front end of some meaningful innovation in the marketplace. And I think until it is both the platform is both easy to implement and people begin to discover a whole range of possibilities that, in many cases, were never previously possible, coupled with benefits like privacy that can only occur at the edge, I think as that story plays out, I think you'll see demand and exploration in and around what can be done at the edge growing very meaningfully.

不，從某種意義上說，我不認為我們的經驗——在這種情況下代表了消費者對基於邊緣的計算缺乏興趣的更廣泛趨勢。我認為我們恰好處於市場上一些有意義的創新的前沿。我認為，直到平台變得易於實施，人們開始發現在許多情況下以前從未實現過的一系列可能性，再加上只能在邊緣出現的隱私等好處，我認為隨著這個故事的展開，我認為您會看到邊緣領域的需求和探索變得非常有意義。

I mean I think if you think about it just in simple terms, why wouldn't you want to be able to have kind of data center class compute power, meaning processing performance, at the cost of little to no electrical power? When you think about that from a product design perspective and you have to manage things like heat dissipation, it can impact form factor, it can impact obviously battery life performance, and it can impact privacy. I mean this is the beginning of something much, much, much bigger.

我的意思是，我認為如果您簡單地考慮一下，為什麼您不希望能夠以很少甚至沒有電力為代價獲得資料中心級運算能力（即處理效能）呢？當您從產品設計的角度考慮這一點時，您必須管理散熱等問題，它會影響外形尺寸，這會明顯影響電池壽命效能，並且會影響隱私。我的意思是，這是一個非常非常大的事情的開始。

The challenge is simply, and we've been working aggressively on this as we've openly discussed, which is getting our platform tools in a place where it's easy for third parties to be able to take the technology and implement it, particularly in a dynamic marketplace where the things are changing and are so dynamic, people are not necessarily looking to do things that are hard and difficult. And so it's incumbent upon us -- for us to build that -- those tools out, and we feel very good that, that process is progressing pretty much consistent with our expectations over the last 12 months. And we look ahead, I think, to some really exciting engagement.

挑戰很簡單，正如我們公開討論的那樣，我們一直在積極致力於此，即讓我們的平台工具處於第三方能夠輕鬆採用該技術並實施它的地方，特別是在充滿活力的市場，事物在不斷改變且充滿活力，人們不一定想做困難的事。因此，我們有責任建立這些工具，而且我們感覺非常好，過程的進展與我們過去 12 個月的預期基本一致。我認為，我們期待一些真正令人興奮的參與。

And then maybe one last one from me. You've continued to nudge, I think, HD Radio model. You mentioned the ISO 9001 certification. Can you speak to just, I guess, ex the supply chain frustrations, what more is there to do in HD Radio in the market? And how far can you push that solution?

然後也許是我的最後一篇。我認為，您一直在推動 HD Radio 模型。您提到了 ISO 9001 認證。我想，除了供應鏈的挫折之外，您能否談談市場上的高清收音機還有哪些工作要做？您能將這個解決方案推進到什麼程度？

Well, I think there is, no doubt, incremental market share to be gained if we can continue to lower the cost of the hardware and the implementation. I think over the years, we have done that with different partners, and I think we continue to work on that. Because naturally, if it's less costly to implement from a hardware perspective, it potentially expands the range of models that might more easily make that decision.

嗯，我認為，如果我們能夠繼續降低硬體和實施的成本，毫無疑問，我們將獲得更多的市場份額。我認為多年來，我們已經與不同的合作夥伴一起做到了這一點，我認為我們將繼續為此努力。因為自然地，如果從硬體角度來看實施成本較低，它可能會擴大模型的範圍，從而更容易做出決定。

I think secondly, you've got various standards activities that are going on as people explore how to best utilize the spectrum and the HD Radio system to deal with things like emergency alerts and other safety-related applications that are very much on the minds of government and government regulators. And I think as that plays out, that may also influence, if you will, the ultimate degree of penetration. But I think meanwhile, we need to continue to just work to ensure the technology is available on the platforms that our customers are using, look to proactively drive down cost, and continue to build out the broadcast footprint, helping both the broadcasters and the automakers understand the benefits that HD Radio can provide in a number of areas. And if we do that, we think we'll continue to see that incrementally grow.

其次，我認為，隨著人們探索如何最好地利用頻譜和高清無線電系統來處理緊急警報和其他與安全相關的應用程式等問題，人們正在進行各種標準活動。政府和政府監管機構。我認為，隨著這種情況的發生，如果你願意的話，這也可能會影響最終的滲透程度。但我認為同時，我們需要繼續努力確保該技術可在我們的客戶正在使用的平台上使用，積極主動降低成本，並繼續擴大廣播足跡，幫助廣播公司和汽車製造商了解HD Radio 可在多個領域提供的優勢。如果我們這樣做，我們認為我們將繼續看到這種增長。

And our next question comes from Michael Cohen with MDC Financial Research.

我們的下一個問題來自 MDC Financial Research 的 Michael Cohen。

Congratulations on the quarter. I was wondering, regarding the IP licensing business, is that something that you guys are still contemplating spinning out? Or is that off the table?

恭喜本季。我想知道，關於IP授權業務，你們還在考慮分拆嗎？或者說這是不可能的？

No. We have openly discussed separating the product and IP businesses. We are -- have been -- or we have been targeting by the middle of next year. I think we -- in the past, we've talked about some of the conditions that are important to be able to affect that separation, and they involve everything from making sure the back end of the business and the systems and infrastructure is such that we're ready to go, which is something we are very, very focused on doing and continue to advance month after month.

不。我們公開討論了產品業務和知識產權業務的分離。我們正在——已經——或者說我們的目標是在明年年中實現這一目標。我認為我們 - 過去，我們已經討論過一些能夠影響這種分離的重要條件，它們涉及一切，從確保業務後端以及系統和基礎設施能夠滿足我們已經準備好出發，這是我們非常非常專注於做的事情，並繼續月復一月地前進。

Another issue that is critical to this is just getting clarity about the growth prospects for the product business. We've been working hard to position the business in a way that we think can not only be very successful on a stand-alone basis, but one that will help investors understand in a more pure-play way the opportunities and benefits that come with the product business as well as the IP business, which we're equally building for long-term, strategic, stand-alone kind of value.

對此至關重要的另一個問題是明確產品業務的成長前景。我們一直在努力以一種我們認為不僅可以在獨立的基礎上非常成功的方式定位業務，而且可以幫助投資者以更純粹的方式了解隨之而來的機會和利益。產品業務和知識產權業務，我們同樣致力於實現長期、策略性、獨立的價值。

And so -- and the third key element is just what are the market dynamics as you approach separation. And I think as we handicapped when this might occur last year, I think there continues to be things that are creating challenges and changes, but it's something we're still very much working forward toward. And as we get into February, we'll have a better view on how we think '22 plays out and the exact timing of what we're thinking about there. But strategically, we think it makes a lot of sense for a number of reasons, including eliminating some dissynergy. But the key is that in order to create value for shareholders in a transaction like that, which is our objective and are really our only objective, you need to ensure that both businesses are firing on all cylinders in a way that you can affect it and make it a win-win outcome.

因此，第三個關鍵因素是，當您接近分離時，市場動態是什麼。我認為，去年我們在這種情況可能發生時遇到了障礙，我認為仍然有一些事情正在帶來挑戰和變化，但我們仍在為此努力。當我們進入二月時，我們將更好地了解我們對「22」的看法以及我們在那裡思考的確切時間。但從策略上講，我們認為出於多種原因，這很有意義，包括消除一些不協同作用。但關鍵是，為了在這樣的交易中為股東創造價值，這是我們的目標，實際上也是我們唯一的目標，你需要確保兩家公司都以一種你可以影響它的方式全速運轉，並且使其成為雙贏的結果。

Okay. And I have a follow-up regarding the Canadian litigation, if you can answer it. You mentioned that we're waiting a decision out of Canada. I'm wondering if it's going to come as a single decision or I think more likely 2 decisions. One would be Videotron and one would be BCE and TELUS. Is that correct? That would be 2 separate decisions?

好的。我有關於加拿大訴訟的後續行動，如果你能回答的話。您提到我們正在等待加拿大的決定。我想知道這是否會作為一個決定，或者我認為更有可能是兩個決定。一種是 Videotron，一種是 BCE 和 TELUS。那是對的嗎？那將是兩個單獨的決定？

That's correct. This is Samir. So certainly, there are 2 separate proceedings ongoing in Canada. They were heard before the same judge. And so ultimately, they will be distinct decisions. Whether they happen at the same time or happen at separate times, it's not something we have certainty on. But as we've mentioned in the past, we still expect those decisions to happen sometime this year. But we're not waiting for that. We've continued to advance our discussions in general and in the Canadian market as well as pursued a second round of litigation, as you might know, Michael, with some of the folks there in Canada.

這是正確的。這是薩米爾.當然，加拿大有兩個獨立的訴訟程序正在進行中。他們在同一位法官面前受審。因此最終，它們將是不同的決定。無論它們是同時發生還是不同時間發生，我們都無法確定。但正如我們過去提到的，我們仍然預計這些決定將在今年某個時候做出。但我們不會等待這一點。我們繼續推進我們在整體和加拿大市場的討論，並與加拿大的一些人進行了第二輪訴訟，邁克爾，你可能知道。

Right. I'm not as familiar with Canadian courts. Do you think that they would hand off the decisions to you to press release it? Or is there a chance that it would likely be first on the docket and that's how you would become aware of it?

正確的。我對加拿大法院不太熟悉。您認為他們會將決定權交給您發布新聞稿嗎？或者它有可能首先出現在待辦事項中，而您就是透過這種方式意識到的？

I think we'll be aware of it as the judge issues it. So I don't think there'll be any surprises there.

我想當法官發布它時我們就會意識到這一點。所以我認為不會有任何驚喜。

And at this time, I'm showing no questions in queue. I would now like to hand the conference back over to the speakers for any additional or closing remarks.

此時，我在隊列中沒有顯示任何問題。現在我想將會議交還給發言人，讓他們發表補充或結束語。

Thanks, operator, and thanks, everyone, for joining us on today's call. We delivered another solid quarter, and I'm particularly pleased with the progress we've made on growth in our IP business, AutoStage and AutoSense deployments, IPTV adoption and expanding the TiVo Stream platform. I want to thank our employees for their dedication and commitment to executing on our strategy, and I look forward to discussing our progress with shareholders over the coming months, and look forward specifically to seeing some of you virtually at the Wells Fargo Fifth Annual TMT Summit in early December.

謝謝接線員，也謝謝大家加入我們今天的電話會議。我們又實現了一個穩定的季度業績，我對我們在 IP 業務成長、AutoStage 和 AutoSense 部署、IPTV 採用以及擴展 TiVo Stream 平台方面取得的進展感到特別滿意。我要感謝我們的員工對執行我們策略的奉獻和承諾，我期待在未來幾個月與股東討論我們的進展，並特別期待在富國銀行第五屆年度 TMT 峰會上與你們中的一些人見面十二月初。

Operator, that concludes today's call. Thank you.

接線員，今天的通話到此結束。謝謝。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。