Adeia Inc (ADEA) 2024 Q3 法說會逐字稿

Good day, everyone.

大家好。

Thank you for standing by.

謝謝你的支持。

Welcome to Adeia's third quarter, 2024 earnings conference call.

歡迎參加 Adeia 2024 年第三季財報電話會議。

During today's presentation, all parties will be in a listen-only mode following the presentation, the call will be open for questions.

在今天的演示期間，各方將在演示結束後處於只聽模式，電話會議將開放供提問。

I would now like to turn the call over to Chris Chaney, Vice President of Investor Relations for Adeia.

我現在想將電話轉給 Adeia 投資者關係副總裁 Chris Chaney。

Chris, please go ahead.

克里斯，請繼續。

Good afternoon, everyone.

大家下午好。

Thank you for joining us as we share with you details of our quarterly financial results with me on the call.

感謝您加入我們，我們將在電話會議上與您分享我們季度財務表現的詳細資訊。

Today are Paul Davis, our President and CEO; and Keith Jones, our CFO.

今天是我們的總裁兼執行長 Paul Davis；和我們的財務長基思瓊斯。

Paul will share with you some general observations regarding the quarter and then Keith will give further details on our financial results and guidance.

保羅將與您分享有關本季度的一些一般觀察，然後基思將提供有關我們的財務業績和指導的更多詳細資訊。

We will then conclude with a question and answer period.

然後我們將以問答時間結束。

In addition to today's earnings release, there is an earnings presentation which you can access along with the webcast in the IR portion of our website.

除了今天的收益發布之外，您還可以在我們網站的 IR 部分中觀看收益演示以及網路廣播。

Before turning the call over to Paul, I would like to provide a few reminders.

在將電話轉給保羅之前，我想提供一些提醒。

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.

首先，今天的討論包含前瞻性陳述，這些陳述是基於管理層當前的預期和信念對未來事件的預測、預測或其他陳述，因此會受到風險、不確定性和環境變化的影響。

For more information on the risks and uncertainties that could cause our actual result to differ materially from what we discussed today.

有關可能導致我們的實際結果與我們今天討論的結果產生重大差異的風險和不確定性的更多資訊。

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.

請參閱我們向 SEC 提交的文件中的風險因素部分，包括 10-K 表格中的年度報告和 10-Q 表格中的季度報告。

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.

請注意，本公司無意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。

To enhance investors understanding of our ongoing economic performance, we will discuss non-GAAP information during this call.

為了增強投資者對我們當前經濟表現的了解，我們將在本次電話會議上討論非公認會計準則資訊。

We use non-GAAP financial measures internally to evaluate and manage our operations.

我們在內部使用非公認會計準則財務指標來評估和管理我們的營運。

We have therefore chosen to provide this information to enable you to perform comparisons of our operating results.

因此，我們選擇提供此信息，以便您能夠對我們的營運結果進行比較。

As we do internally, we have provided reconciliations of these non-GAAP measures to the most directly comparable GAAP measures in the earnings release, the earnings presentation and on the investor relations section of our website, a recording of this conference call will be made available on the investor relations website at adeia.com.

正如我們在內部所做的那樣，我們在收益發布、收益演示和我們網站的投資者關係部分中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，將提供本次電話會議的錄音在投資者關係網站 adeia.com 上。

Now I'd like to turn the call over to our CEO Paul Davis.

現在我想將電話轉給我們的執行長保羅·戴維斯。

Thank you Chris and thank you everyone for joining us today.

謝謝克里斯，也謝謝大家今天加入我們。

I am pleased to be here to share the results of our third quarter and the progress we have made in our business.

我很高興能夠在這裡分享我們第三季的業績以及我們在業務上的進展。

I want to first cover a significant recent development, the filing of patent infringement litigation against Disney.

我想先介紹一下最近的一個重大進展，即針對迪士尼提起專利侵權訴訟。

We have had great success over the past several years in signing license agreements without the need for litigation, as evidenced by our over 100 agreements we have signed in the past three plus years, we always prefer to reach a mutually agreeable resolution.

過去幾年，我們在無需訴訟的情況下簽署許可協議方面取得了巨大成功，過去三年多來我們簽署的100 多項協議就證明了這一點，我們總是更願意達成雙方都同意的解決方案。

However, sometimes we are left with no choice.

然而，有時我們別無選擇。

To that end let me briefly discuss the litigation we filed earlier today against the Walt Disney Company and certain of its subsidiaries including Hulu and ESPN for their unauthorized use of our IP.

為此，讓我簡要討論一下我們今天早些時候針對華特迪士尼公司及其某些子公司（包括 Hulu 和 ESPN）提起的訴訟，因為他們未經授權使用了我們的智慧財產權。

The lawsuits we filed include six patents in the US and three in Europe, all related to various aspects of our media streaming technology utilized by their streaming platforms.

我們提起的訴訟包括美國的六項專利和歐洲的三項專利，所有這些都與他們的串流媒體平台使用的我們的媒體串流技術的各個方面有關。

While we remain willing to negotiate a resolution that fairly compensates Adeia for our valuable IP.

但我們仍願意協商一項解決方案，公平補償 Adeia 寶貴的智慧財產權。

We are also fully prepared to proceed through the entirety of the legal process to protect our rights and we are confident in our ability to achieve a positive outcome.

我們也做好充分準備，透過整個法律程序來保護我們的權利，我們對取得正面成果的能力充滿信心。

Finally, I'd like to emphasize that Disney was not contemplated in our prior or current revenue guidance for 2024.

最後，我想強調的是，我們之前或目前的 2024 年收入指引中並未考慮迪士尼。

As we look at other progress in our business, our pipeline of new opportunities in key verticals such as OTT semiconductor and e-commerce continues to strengthen and we are advancing many of these to the final stages of negotiation.

當我們著眼於業務的其他進展時，我們在 OTT 半導體和電子商務等關鍵垂直領域的新機會管道不斷加強，並且我們正在將其中許多機會推進到談判的最後階段。

Following the end of the third quarter, we closed a multiyear e-commerce license agreement with Neiman Marcus, a leading luxury retailer with a growing e-commerce presence.

第三季末後，我們與 Neiman Marcus 簽署了一份多年期電子商務許可協議，內曼馬庫斯是一家電子商務業務不斷增長的領先奢侈品零售商。

This agreement with Neiman Marcus represents early success for us in our e-commerce media adjacent market and is an important milestone that we intend to build on.

與 Neiman Marcus 的協議代表了我們在電子商務媒體鄰近市場的早期成功，也是我們打算繼續努力的重要里程碑。

Additionally, we are making great strides towards closing two significant agreements, one in OTT and one in semiconductor.

此外，我們在達成兩項重要協議方面取得了巨大進展，一項是 OTT 協議，另一項是半導體協議。

As with all complex agreements, it is difficult to pin down exactly when they will close.

與所有複雜的協議一樣，很難準確確定何時結束。

Our priority is to secure the best long term outcome that fairly values RIP.

我們的首要任務是確保公平重視 RIP 的最佳長期結果。

This is particularly important.

這一點尤其重要。

Given the long term nature of our agreements with an average contract length of five years, the trajectory of both of these deals remains positive and we look forward to sharing further details on them soon.

鑑於我們協議的長期性質（平均合約期限為五年），這兩筆交易的發展軌跡仍然樂觀，我們期待盡快分享更多有關這些交易的細節。

As Keith will discuss, we have adjusted our revenue guidance for the year to reflect the possibility that one of these deals moves into 2025.

正如 Keith 將討論的那樣，我們調整了今年的收入指引，以反映其中一項交易推遲到 2025 年的可能性。

More importantly, our long term goal of growing our annual revenue to over $500 million remains the same and we are confident that with our robust pipeline of opportunities, we will be able to achieve this milestone in the third quarter.

更重要的是，我們將年收入成長到 5 億美元以上的長期目標保持不變，我們相信，憑藉我們強大的機會管道，我們將能夠在第三季度實現這一里程碑。

We continued to make progress towards our goals for the year as we signed seven deals in the quarter, bringing our total to 22 deals signed in the year.

我們繼續在實現全年目標方面取得進展，本季度簽署了 7 項協議，使全年簽署的協議總數達到 22 項。

These agreements were across multiple verticals including consumer electronics, Pay-TV, semiconductor and OTT.

這些協議涉及多個垂直領域，包括消費性電子產品、付費電視、半導體和 OTT。

Six of the deals we signed in the third quarter were renewals, further strengthening our high renewal rate which continues to exceed 90%.

我們在第三季簽署的協議中有六筆是續約，進一步鞏固了我們持續超過 90% 的高續約率。

We delivered revenue of $86.1 million in EBITDA of $51.3 million and we continued to reduce our term loan balance with another $12 million accelerated payment.

我們的收入為 8,610 萬美元，EBITDA 為 5,130 萬美元，我們繼續減少定期貸款餘額，另外加速還款 1,200 萬美元。

Lastly, given the confidence in our long term prospects.

最後，鑑於我們對長期前景的信心。

Our board increased the authorization under our share repurchase program to up to $200 million.

我們的董事會將股票回購計畫的授權增加至最多 2 億美元。

And we intend to begin executing towards a more balanced capital allocation approach.

我們打算開始採取更平衡的資本配置方法。

This quarter, I'd like to share some more details of the deals we signed in the third quarter, we signed a multi year renewal with LG Electronics for access to our media portfolio.

本季度，我想分享我們在第三季度簽署的交易的更多細節，我們與 LG 電子簽署了多年續約協議，以獲取我們的媒體組合。

As many of you know, LG is a global producer of consumer electronics such as smart TVs.

眾所周知，LG 是智慧電視等消費性電子產品的全球生產商。

This renewal highlights our position as a technology innovator and our 25 plus year relationship with LG is a great example of the positive influence our R&D investment has on the enduring relevance and value of our portfolios.

此次更新凸顯了我們作為技術創新者的地位，我們與 LG 25 年多的合作關係很好地證明了我們的研發投資對我們產品組合的持久相關性和價值的正面影響。

In addition, we also signed a multiyear renewal with VIZIO, a leading smart TV brand for access to our media portfolio.

此外，我們還與領先的智慧電視品牌 VIZIO 簽署了多年續約協議，以存取我們的媒體組合。

We are pleased to now have most of the major smart TV brands under license including Samsung, LG, Sony, VIZIO and Panasonic.

我們很高興現在獲得了大多數主要智慧電視品牌的授權，包括三星、LG、Sony、VIZIO 和松下。

We further strengthened our international customer base in the third quarter with a long term renewal with liberty, global, a significant provider of Pay-TV services in Europe.

我們在第三季進一步加強了我們的國際客戶群，與歐洲付費電視服務的重要供應商 liberty, global 進行了長期續約。

Other agreements we signed in the third quarter were renewals with a provider of streaming services and devices, a provider of online programming guides and an OTT provider in Korea all for access to our media portfolio.

我們在第三季簽署的其他協議包括與韓國一家串流媒體服務和設備提供商、一家線上節目指南提供商和 OTT 提供商的續約，以便訪問我們的媒體組合。

We also signed a semiconductor agreement with an existing customer for advanced hybrid bonding engineering support.

我們還與現有客戶簽署了一份半導體協議，以提供先進的混合鍵合工程支援。

We ended the third quarter with over 11,750 worldwide patent assets up from 11,500 in the prior quarter.

截至第三季末，我們的全球專利資產超過 11,750 項，而上一季為 11,500 項。

Our future growth and ability to attract renewals and new customers is dependent on the relevance and value of our portfolios.

我們未來的成長以及吸引續約和新客戶的能力取決於我們投資組合的相關性和價值。

High quality portfolio assets are vital to maintaining our strong renewal rate and adding new customers in our key growth markets.

高品質的投資組合資產對於維持我們強勁的續約率和在我們的主要成長市場中增加新客戶至關重要。

Our commitment to driving innovation through investment in R&D has enabled us to generate approximately 85% of our portfolio organically while expanding the relevance of our portfolios to our existing and new markets.

我們致力於透過研發投資推動創新，這使我們能夠有機地產生約 85% 的產品組合，同時擴大我們的產品組合與現有市場和新市場的相關性。

I am immensely proud of the way our visionary inventors anticipate future trends in our targeted end markets and develop fundamental innovations enabling those trends.

我對我們富有遠見的發明家預測我們目標終端市場的未來趨勢並開發實現這些趨勢的基礎創新的方式感到非常自豪。

Although the majority of our is organic, we actively seek to augment our portfolio through M&A when we see opportunities that align with our strategy, we have augmented our media assets through multiple acquisitions, primarily focused on OTT for a combined investment of approximately $20 million this year including acquisitions closed in the fourth quarter.

雖然我們的大部分是有機的，但當我們看到符合我們策略的機會時，我們會積極尋求透過併購來擴大我們的投資組合，我們透過多次收購擴大了我們的媒體資產，主要集中在OTT ，今年的合併投資約為2000 萬美元。

Our acquisition efforts are primarily targeted at accelerating our growth opportunities in both our media and semiconductor businesses.

我們的收購工作主要旨在加速我們在媒體和半導體業務方面的成長機會。

Our media and semi R&D teams continue to remain actively engaged in their respective ecosystems.

我們的媒體和半研發團隊繼續積極參與各自的生態系統。

And over the last quarter, share their insights on topics such as video proliferation, AI an augmented reality with other experts and potential customers at numerous industry events.

在上個季度，在眾多行業活動中與其他專家和潛在客戶分享他們對視訊擴散、人工智慧和擴增實境等主題的見解。

As we look deeper into the semiconductor market, hybrid bonding adoption and flash memory, high bandwidth memory and in logic devices continues to gain traction.

隨著我們更深入研究半導體市場，混合鍵合的採用以及快閃記憶體、高頻寬記憶體和邏輯裝置繼續受到關注。

We believe the growth of hybrid bonding adoption in these areas will drive increased revenue opportunities for us with both existing and new customers.

我們相信，這些領域混合黏合採用的成長將為我們與現有客戶和新客戶帶來更多的收入機會。

In addition, there is substantial interest in new semiconductor co-optimization innovation as the slowing of Moore's law accelerates, we believe our co-optimization program launched earlier this year will pay long term dividends especially in the logic market.

此外，隨著摩爾定律加速放緩，人們對新的半導體協同優化創新產生了濃厚的興趣，我們相信我們今年早些時候推出的協同優化計劃將帶來長期紅利，尤其是在邏輯市場。

In media, we are seeing particular focus on image recognition in e-commerce in Ad Tech utilizing AI and the critical issue of network security, all areas where our media R&D team is driving exciting new solutions.

在媒體領域，我們特別關注利用人工智慧的廣告技術電子商務中的圖像識別以及網路安全的關鍵問題，我們的媒體研發團隊正在推動令人興奮的新解決方案的所有領域。

The introduction of the first augmented reality glasses utilizing spatial computing in innovative micro led displays instead of traditional [OLED] are recent market developments that we believe will be of growing relevance to audio.

首款擴增實境眼鏡的推出在創新的微型 LED 顯示器中利用空間運算而不是傳統的 [OLED] 是最近的市場發展，我們相信這與音訊的相關性將越來越大。

Our media and semiconductor portfolios have important inventions that contribute to the advancements in these areas and can help drive long term revenue growth.

我們的媒體和半導體產品組合擁有重要的發明，有助於這些領域的進步，並有助於推動長期收入成長。

Further our participation in related industry events, not only keeps us close to these industry trends but also brings new customer engagements.

進一步參與相關產業活動，不僅讓我們能緊貼這些產業趨勢，也能帶來新的客戶參與。

Our media team participated in a panel on preventing unauthorized broadband sharing at SCTE TechExpo24 and presented a paper on groundbreaking solutions for copyright attribution in AI generated images at IEEE2024.

我們的媒體團隊參加了 SCTE TechExpo24 上防止未經授權的寬頻共享的小組，並在 IEEE2024 上發表了一篇關於人工智慧生成圖像版權歸屬的突破性解決方案的論文。

Further, our semiconductor team presented research on enabling cost effective micro led integration for near eye devices at micro led connect.

此外，我們的半導體團隊還提出了有關在 Micro LED 連接上為近眼設備實現經濟高效的 Micro LED 整合的研究。

Adeia continues to gain recognition through our participation in these conferences and contributions to the innovation ecosystem in our target markets.

Adeia 透過參加這些會議以及對目標市場創新生態系統的貢獻而不斷獲得認可。

In October, we were honored to be included in the 2024 streaming media, 100 a list of the most innovative and influential North American based companies in the streaming ecosystem.

10 月，我們很榮幸入選 2024 年串流媒體 100 強串流生態系統中最具創新性和影響力的北美公司名單。

The progress we have made has been impressive both operationally and in terms of executing our highly cash generative and profitable business model and we remain committed to achieving the goals we set earlier this year.

我們在營運和執行高現金產生和獲利業務模式方面取得的進展令人印象深刻，我們仍然致力於實現今年稍早設定的目標。

Since separation, we have created an engaging, vibrant and healthy working environment where we are attracting and retaining top talent to that end.

自分離以來，我們創造了一個有吸引力、充滿活力和健康的工作環境，為此我們吸引並留住了頂尖人才。

I'm proud we were recently recognized by us news and World Report as one of their best companies to work for now.

我很自豪我們最近被美國新聞和世界報道評為目前最適合工作的公司之一。

I would like to turn the call over to Keith for a review of our third quarter financial results.

我想將電話轉給基思，以審查我們第三季的財務業績。

Thank you, Paul.

謝謝你，保羅。

I am pleased to be speaking with you today to share details of our third quarter 2024 financial results, we delivered revenue of $86.1 million in the third quarter driven by the execution of seven deals across multiple verticals including consumer electronics, Pay-TV, semiconductor and OTT.

我很高興今天與您分享我們 2024 年第三季度財務業績的詳細信息，我們在第三季度實現了 8610 萬美元的收入，這得益於跨消費電子產品、付費電視、半導體和奧特。

And shortly after we closed the third quarter, we signed a new multiyear agreement with Neiman Marcus demonstrating early success in our e-commerce media adjacent market vertical.

第三季結束後不久，我們與 Neiman Marcus 簽署了一項新的多年協議，展示了我們在電子商務媒體鄰近垂直市場的早期成功。

Now, I would like to discuss our operating expenses for which I will be referring to non-GAAP numbers only.

現在，我想討論一下我們的營運費用，我只提及非公認會計原則數字。

During the third quarter, operating expenses were $35.3 million an increase of $300,000 or 1% from the prior quarter.

第三季營運費用為 3,530 萬美元，比上一季增加 30 萬美元，即 1%。

Research and development expenses were $13.7 million and were consistent with the prior quarter.

研發費用為 1,370 萬美元，與上一季持平。

Selling general and administrative expenses increased $1.9 million or 11% from the prior quarter.

銷售一般和管理費用比上一季增加 190 萬美元，即 11%。

Primarily due to higher personal costs as a result of increases in staffing higher spending to support our sales efforts in both the media and semiconductor businesses.

主要是由於人員配備增加導致個人成本增加，以支援我們在媒體和半導體業務的銷售工作。

And due to a non-recurring benefit on the recovery of bad debt expense in the prior quarter related to our settlement with X. Litigation expense was $2.7 million a decrease of $1.6 million or 38% compared to the prior quarter.

由於上一季與 X. 和解相關的壞帳費用回收帶來的非經常性收益，訴訟費用為 270 萬美元，比上一季減少 160 萬美元，即 38%。

Primarily due to the timing of expenses related to certain legal matters interest expense during the third quarter was $12.8 million.

主要是由於與某些法律事務相關的支出時間安排，第三季的利息支出為 1,280 萬美元。

A decrease of $540,000 from the prior quarter.

比上一季減少 54 萬美元。

Due to the benefit of a lower interest rate following the successful repricing of our term loan.

由於我們的定期貸款成功重新定價後利率較低。

And due to our continued debt repayments.

由於我們不斷償還債務。

Our current effective interest rate which includes amortization of debt issuance costs was 9.2%.

我們目前的實際利率（包括債務發行成本攤提）為9.2%。

I would like to highlight that our year-over-year interest expense has decreased $2.9 million which is a significant accomplishment as we continue to deleverage our balance sheet and enjoy the benefits of repricing our debt agreement.

我想強調的是，我們的利息支出比去年同期減少了 290 萬美元，這是一項重大成就，因為我們繼續去槓桿化資產負債表並享受重新定價債務協議的好處。

Other income was $1.4 million and was primarily related to interest earned on our cash and investment portfolio.

其他收入為 140 萬美元，主要與我們的現金和投資組合所賺取的利息有關。

And due to interest income recognized on revenue agreements with long term billing structures, our adjusted EBITDA for the third quarter was $51.3 million reflecting an adjusted EBITDA margin of 60% depreciation expense for the quarter was $526,000.

由於採用長期計費結構的收入協議確認的利息收入，我們第三季調整後的 EBITDA 為 5,130 萬美元，反映出該季度 60% 折舊費用的調整後 EBITDA 利潤率為 526,000 美元。

Our non-GAAP income tax rate remained at 23% for the quarter.

本季我們的非 GAAP 所得稅率維持在 23%。

Our income tax expense consists primarily of federal and state domestic taxes as well as Korean withholding taxes.

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, for a few details on the balance sheet, we ended the third quarter with $89.2 million in cash, cash equivalents and marketable securities and generated $14.3 million in cash from operations.

現在，就資產負債表的一些細節而言，第三季末我們擁有 8,920 萬美元的現金、現金等價物和有價證券，並從營運中產生了 1,430 萬美元的現金。

We made $12 million in principal payments on our debt in the third quarter and ended the quarter with a term loan balance of $537.1 million.

我們在第三季支付了 1,200 萬美元的債務本金，季末定期貸款餘額為 5.371 億美元。

During the third quarter, we paid a cash dividend of $0.05 per share of common stock.

第三季度，我們支付了每股普通股 0.05 美元的現金股利。

Our board also approved a payment of another $0.05 per share dividend to be paid on December 18, to shareholders of record as of November 27.

我們的董事會也批准於 12 月 18 日向截至 11 月 27 日在冊的股東再支付每股 0.05 美元的股利。

Additionally, in October, the border proved an increase to our current repurchase program to repurchase up to a total of $200 million of our common stock.

此外，10 月份，邊境證明我們目前的回購計畫有所增加，回購總額高達 2 億美元的普通股。

The share repurchase program is part of our broader capital allocation strategy as a result of the increased flexibility that we have following our recent debt repricing.

股票回購計畫是我們更廣泛的資本配置策略的一部分，因為我們在最近的債務重新定價後靈活性有所提高。

As we discussed during last quarter's call, we now have greater capacity to have a more balanced approach in deploying our capital including continue to make accelerated payments on our debt continuation of our current dividend program commencing stock repurchases and increasing our capacity to make tuck in acquisitions to expand our patent portfolio.

正如我們在上季度電話會議中討論的那樣，我們現在有更大的能力以更平衡的方式部署我們的資本，包括繼續加速償還債務、繼續當前的股息計劃、開始股票回購以及提高我們進行收購的能力擴大我們的專利組合。

Now I will go over our guidance for the full year 2024.

現在我將回顧我們對 2024 年全年的指導。

We remain confident in the overall progress towards executing our sales pipeline.

我們對執行銷售管道的整體進展仍然充滿信心。

We continue to make great strides throughout our businesses which include significant new license agreements in both OTT and semiconductors.

我們的業務持續取得長足進步，其中包括 OTT 和半導體領域的重要新授權協議。

As we have consistently emphasized obtaining the appropriate economics on each deal is of paramount importance to us as we maintain this discipline.

正如我們一直強調的那樣，當我們維持這項紀律時，在每筆交易中獲得適當的經濟效益對我們來說至關重要。

And given the relatively large size of agreements, we enter into the timing of executing agreements can impact our reporting in the near term.

鑑於協議規模相對較大，我們簽訂執行協議的時間可能會在短期內影響我們的報告。

Given this dynamic as we close out 2024 we are adjusting our revenue guidance range to $370 million to $400 million.

鑑於 2024 年即將結束時的這種動態，我們將收入指引範圍調整為 3.7 億至 4 億美元。

Once again, this science is a reflection of the potential impact.

這門科學再次反映了潛在影響。

A small subset of deals can have on our short term reporting and is merely timing related with the health of our sales pipeline and the progress we have made to date, we see no loss in business momentum and our ability to execute.

一小部分交易可能會出現在我們的短期報告中，並且僅僅是與我們銷售管道的健康狀況和我們迄今為止的進展相關的時間，我們認為業務動力和執行能力沒有損失。

Operating expenses are now expected to be in the range of $144 million to $148 million.

目前預計營運費用在 1.44 億美元至 1.48 億美元之間。

We have again reduced and narrowed our operating expense guidance range as we continue to leverage our internal resources better than we had initially planned.

隨著我們繼續比最初計劃更好地利用我們的內部資源，我們再次減少並縮小了營運費用指導範圍。

And also due to changes in the timing of certain litigation expenses, we expect interest expense to be in a range of $52 million to $53 million.

此外，由於某些訴訟費用發生時間的變化，我們預計利息費用將在 5,200 萬美元至 5,300 萬美元之間。

We expect other income to be in the range of $5.5 million to $6 million.

我們預計其他收入將在 550 萬美元至 600 萬美元之間。

We expect a resulting adjusted EBITDA margin of approximately 62%.

我們預計調整後的 EBITDA 利潤率約為 62%。

We expect the non-GAAP tax rate to remain consistent at roughly 23% for the full year.

我們預計全年非 GAAP 稅率將維持在 23% 左右。

We also expect capital expenditures to be approximately $2 million for the full year.

我們也預計全年資本支出約為 200 萬美元。

Our sales pipeline of new opportunities is more robust than it has been since our separation.

我們的新機會銷售管道比我們分拆以來更加強勁。

And I'm confident we will achieve our goals as we look to grow and expand our business.

我相信，隨著我們尋求發展和擴大業務，我們將實現我們的目標。

We also view our current litigation with Disney as a step forward while we view this as a last resort.

我們也認為目前與迪士尼的訴訟是向前邁出的一步，同時我們認為這是最後的手段。

It is of the utmost importance for us to protect our it in order to drive shareholder value that brings an end to our prepared remarks.

對我們來說，最重要的是保護我們的資產，以推動股東價值，從而結束我們準備好的言論。

And with that, I'd like to turn the call over to the operator to begin our question and answer session. operator?

就這樣，我想將電話轉給接線生以開始我們的問答環節。操作員？

(Operator Instructions)

（操作員說明）

Madison de Paula, Rosenblatt Securities.

麥迪遜德保拉，羅森布拉特證券。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

So I'm just wondering, could you provide any more details around the semiconductor license signed during the quarter?

所以我只是想知道，您能否提供有關本季度簽署的半導體許可證的更多詳細資訊？

Hi, Matty.

嗨，馬蒂。

This is Paul Davis.

這是保羅·戴維斯。

Thanks for the question.

謝謝你的提問。

Hope you're doing well.

希望你一切都好。

You know, we can't get into too much details on it.

你知道，我們不能透露太多細節。

But, I think it, what it really shows is the continued interest in hybrid bonding.

但是，我認為，它真正表明的是人們對混合鍵合的持續興趣。

We're getting a tremendous interest in, in and really across the board and in a number of different customers.

我們對許多不同的客戶產生了巨大的興趣，而且是全面的。

And, and it's it's really exciting for us as, as that hybrid bonding adoption, as I said in my prepared remarks, we're really seeing it across, you know, a number of industries, including obviously flash memory where we're seeing increased adoption after our signing of our deals with [Kyocha] and Western digital last year.

而且，這對我們來說真的很令人興奮，因為正如我在準備好的發言中所說，混合鍵合的採用，我們確實在許多行業中看到了它，包括我們所看到的閃存去年我們與[Kyocha] 和Western Digital 簽署協議後，採用率有所提高。

And then also in logic, we continue to see more devices and then finally, we're continuing to monitor and look at what what people are talking about and high bandwidth memory as well.

然後在邏輯上，我們繼續看到更多的設備，最後，我們將繼續監視和查看人們正在談論的內容以及高頻寬記憶體。

So we're very excited about it.

所以我們對此感到非常興奮。

Unfortunately though, because of confidentiality, I can't get too much more into details about a specific agreement.

但不幸的是，由於保密原因，我無法詳細了解特定協議的更多細節。

Okay, great.

好的，太好了。

Thank you.

謝謝。

And then I just was wondering what are the trends that you're seeing in Pay-TV?

然後我只是想知道您在付費電視中看到的趨勢是什麼？

Subscribers from your customer's point of view?

從客戶的角度來看訂閱者？

Yeah, I think it's like it's more of the same.

是的，我認為這更像是一樣的。

It's really, we're continuing to see you know, declines in subscribers in our customer base in the US on with traditional Pay-TV.

事實上，我們繼續看到我們在美國的客戶群中傳統付費電視的訂戶數量正在下降。

It's right in line with what our expectations are though.

這與我們的預期是完全一致的。

We put that into our forecast both for, for the year and in our long term forecast as well.

我們將這一點納入了今年的預測和長期預測中。

So we, we continue to see that going down over a period of time, we do think it will level out after, you know, a few years is, is our expectations, but we've modeled that into our forecast and it is what it is in terms of what we are, what our expectations are.

因此，我們繼續看到，在一段時間內下降，我們確實認為幾年後會趨於平穩，這是我們的預期，但我們已將其建模到我們的預測中，這就是這是關於我們是誰，我們的期望是什麼。

The one thing I would note though is, you know, there is there's tremendous growth in obviously OTT the virtual MVPD players.

但我要指出的一件事是，你知道，OTT 虛擬 MVPD 球員顯然有巨大的成長。

And so that's the plan, that's what, how we're trying to offset those declines that we anticipated.

這就是我們的計劃，這就是我們如何努力抵消我們預期的下降。

And we're very confident in our ability to continue to execute towards that plan to offset the expected declines.

我們對繼續執行該計劃以抵消預期下降的能力非常有信心。

Okay, great.

好的，太好了。

Thank you guys so much.

非常感謝你們。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Hi, So my first question is what gives you the confidence that you would sign at least one in Q4 and then the slippage into Q into 2025 actually happens.

你好，我的第一個問題是，是什麼讓你有信心在第四季度至少簽下一份合同，然後滑入第四季度到 2025 年實際上發生了。

Yeah.

是的。

Listen Hamed, I think it's a fair question.

聽著哈米德，我認為這是一個公平的問題。

I think what gives us confidence is just the regular communication that we continue to have with these customers and also just our pipeline of opportunities continues to expand.

我認為給我們信心的是我們繼續與這些客戶進行的定期溝通，以及我們不斷擴大的機會管道。

So we've signed, we signed seven deals in Q3, these deals though, take time, even those deals that we signed were took quite a bit of time to ultimately conclude.

所以我們已經簽署了，我們在第三季簽署了七筆交易，儘管這些交易需要時間，即使我們簽署的那些交易也花了相當多的時間才能最終完成。

But where we're at in the progress we've made the, the frequency of communication that we're having.

但我們所取得的進展是我們溝通的頻率。

And we, we think there our goal is to close both of them, but we wanted to be transparent about that there could be one of them that closes in Q4 and the other could slip into 2025.

我們認為，我們的目標是關閉這兩個項目，但我們希望透明地表明，其中一個可能會在第四季度關閉，另一個可能會推遲到 2025 年。

But our goal and what we're pushing the team to is get, still get both of them done this year.

但我們的目標以及我們推動團隊實現的目標是，今年仍能完成這兩項任務。

So, is it fair to assume that at least the one that you're saying that might go into 2025 is not Disney?

那麼，至少你所說的可能進入 2025 年的公司不是迪士尼，這樣的假設是否公平？

Yeah, I mean, Disney was not in our near term opportunities as I noted on the call, it wasn't 2024 revenue projection for us.

是的，我的意思是，正如我在電話會議上指出的那樣，迪士尼不在我們的近期機會之內，這不是我們 2024 年的收入預測。

And so we that was not one of the ones that we were counting on for 2024.

因此，這並不是我們所指望的 2024 年的目標之一。

Okay.

好的。

Thank you.

謝謝。

All right.

好的。

Thank you, Hamed.

謝謝你，哈米德。

Matthew Galinko, Maxim Group.

馬修·加林科，Maxim 集團。

Hey, thanks for taking my questions.

嘿，謝謝你回答我的問題。

So maybe first could you give us a little bit of background on, I guess how long the negotiation with Disney was ongoing prior to you filing the infringement cases?

那麼首先您能否給我們一些背景信息，我想在您提起侵權案件之前，與迪士尼的談判持續了多長時間？

And anything you could share with us about what the sticking point might have been, is it really just kind of a price discovery issue or maybe just any background you could share on that?

您可以與我們分享的關於癥結所在的任何內容，這真的只是價格發現問題，還是您可以分享的任何背景？

Yeah, thanks Matt.

是的，謝謝馬特。

Unfortunately, we can't get into specific details, like our conversations with our customers are often covered under confidentiality agreements.

不幸的是，我們無法透露具體細節，例如我們與客戶的對話通常受到保密協議的保護。

What I can say is generally speaking, we pride ourselves on getting deals done and taking the time to get deals done.

我能說的是，一般來說，我們為完成交易並花時間完成交易而感到自豪。

And we have lengthy discussions.

我們進行了長時間的討論。

I've, mentioned multiple times, often our cycle is 18 to 24 months.

我已經多次提到，我們的週期通常是 18 到 24 個月。

Sometimes it can even take, longer than that at some point though in discussions, it becomes clear if someone we're going to be able to get a deal done or not.

有時甚至可能需要比這個時間更長的時間，但在討論中，我們是否能夠達成協議的人就變得很清楚了。

And in this case, we determined obviously by following this litigation that we needed to move down that in that step.

在這種情況下，我們顯然透過追蹤該訴訟確定我們需要在該步驟中下移。

As Keith said, we see this as a step forward, right?

正如基思所說，我們認為這是向前邁出的一步，對吧？

That this is something that we needed to do.

這是我們需要做的事情。

We're confident in the cases that we filed today.

我們對今天提起的案件充滿信心。

And that we'll ultimately be able to get a good outcome from them.

我們最終能夠從他們那裡得到好的結果。

All right, thanks.

好的，謝謝。

And then you, I think you've referenced the shift in capital allocation a couple for a couple of quarters now.

然後你，我想你已經提到了幾個季度資本配置的轉變。

So I'm wondering what the pipeline looks like for those sorts of tuck in M&A opportunities now that you're a little bit more able to execute on them.

所以我想知道，既然你更有能力執行這些併購機會，那麼這些併購機會的管道是什麼樣的。

Yeah, great question, Matt.

是的，很好的問題，馬特。

So I can start with the catalyst is kind of thinking about even with the guidance that we talked about the overall stability in our business.

因此，我可以從催化劑開始，即使在我們談論業務整體穩定性的指導下也是如此。

So really with that, and we talk about capital allocation.

確實如此，我們談論資本配置。

One thing that we didn't mention in some of our prepared remarks is that cash flow outlook that we've alluded to, noting that it was going to be slightly above what we had realized in 2023 is absolutely on point today.

我們在一些準備好的發言中沒有提到的一件事是，我們提到的現金流前景，並指出它將略高於我們在 2023 年實現的水平，這在今天絕對是正確的。

Our outlook is that we see the strength in the cash flow and that's a minimum expectation that we have for ourselves.

我們的前景是，我們看到了現金流的強勁，這是我們對自己的最低期望。

So if you take that strength and, and outlook in our business, coupled with our backlog coupled with opportunities, and then the cherry on top, quite frankly, is the repricing that we have and the interest rate, we have a tremendous amount more flexibility.

因此，如果你利用我們業務的優勢和前景，再加上我們的積壓訂單和機會，那麼坦白說，最重要的是我們的重新定價和利率，我們擁有更大的靈活性。

So in Q4, you're going to see a few things, you're going to see us paying down some of our debt and you're going to see us starting some of the share repurchase programs that we alluded to with the $200 million authorization that our board has lotted us.

因此，在第四季度，你會看到一些事情，你會看到我們償還部分債務，你會看到我們啟動一些我們提到的 2 億美元股票回購計劃我們的董事會已經給我們分配了授權。

So we're quite excited.

所以我們非常興奮。

This is all part of our vision of returning capital shareholders and this is very consistent what we've been alluding to in the last two calls.

這是我們回報資本股東的願景的一部分，這與我們在過去兩次電話會議中提到的非常一致。

All right.

好的。

Anything else, Matt?

還有什麼嗎，馬特？

No, that's it for me.

不，對我來說就是這樣。

Thanks.

謝謝。

Okay.

好的。

Thank you for the questions.

謝謝你的提問。

And that does conclude today's Q&A session.

今天的問答環節到此結束。

I will now turn the floor back over to President and CEO, Paul Davis for closing comments.

現在我將把發言權轉回總裁兼執行長保羅戴維斯 (Paul Davis) 發表總結評論。

Paul.

保羅.

Thank you operator.

謝謝運營商。

I want to thank our employees for remaining committed to executing our business plan and the progress we have made in 2024.

我要感謝我們的員工繼續致力於執行我們的業務計劃以及我們在 2024 年取得的進展。

In December, we will be participating in the Wells Fargo Technology and Media Summit and the UBS Global Media and Communications conference.

12 月，我們將參加富國銀行科技與媒體高峰會以及瑞銀全球媒體與傳播會議。

We look forward to seeing you at these events and updating you on our progress.

我們期待在這些活動中見到您並向您通報我們的最新進展。

Thank you for joining us today.

感謝您今天加入我們。

Thanks Paul and ladies and gentlemen, that concludes today's call.

謝謝保羅和女士們先生們，今天的電話會議到此結束。

Thank you so much for joining and you may now disconnect.

非常感謝您的加入，您現在可以斷開連接了。

Have a great day, everyone.

祝大家有美好的一天。