Adeia Inc (ADEA) 2024 Q4 法說會逐字稿

Good day everyone.

大家好。

Thank you for standing by.

感謝您的支持。

Welcome to Adeia's fourth-quarter 2024 earnings conference call.

歡迎參加 Adeia 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

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

現在，我想將電話轉給 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.

感謝您加入我們，我們將與您分享我們的季度財務表現詳情。

With me on the call today are Paul Davis, our President and CEO; and Keith Jones, our CFO.

今天與我一起參加電話會議的還有我們的總裁兼執行長保羅戴維斯 (Paul Davis)；以及我們的財務長 Keith Jones。

Paul will share with you some general observations regarding the quarter.

保羅將與您分享有關本季度的一些總體觀察。

And then Keith will give further details on our financial results and guidance.

然後 Keith 將進一步詳細介紹我們的財務表現和指引。

We will then conclude with a question-and-answer period.

最後我們將以問答環節結束。

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.

除了今天的收益報告之外，還有一份收益介紹，您可以在我們網站的 IR 部分中與網路廣播一起訪問。

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，我想提幾點提醒。

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期望和信念對未來事件做出的預測、預期或其他陳述，因此會受到風險、不確定性和情況變化的影響。

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

有關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因素的更多信息，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 表年度報告和 10-Q 表季度報告。

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，本公司不打算更新或修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持續經濟表現的了解，我們將在本次電話會議中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 as we do internally.

因此，我們選擇提供這些信息，以便您像我們內部一樣對我們的經營結果進行比較。

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.

我們在收益報告、收益介紹以及網站的投資者關係部分提供了這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳表。

A recording of this conference call will be made available on the Investor Relations website at adeia.com.

本次電話會議的錄音將在投資者關係網站 adeia.com 上發布。

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.

謝謝你，克里斯，也謝謝大家今天的到來。

I'm pleased to share the progress we've made in the fourth quarter and throughout the year, highlighting the strength of our business and the opportunities ahead.

我很高興分享我們在第四季和全年的進展，突顯了我們業務的實力和未來的機會。

We ended 2024 on a strong note with an excellent fourth quarter driven by robust deal momentum and record financial results.

在強勁的交易勢頭和創紀錄的財務業績的推動下，我們以強勁的第四季度業績結束了 2024 年。

Our fourth-quarter revenue of $119.2 million and operating cash flow of $107.5 million were both post-separation records.

我們第四季的營收為 1.192 億美元，營運現金流為 1.075 億美元，均為分拆後的最高紀錄。

In addition, we generated adjusted EBITDA of $80.3 million and an operating margin of 67%.

此外，我們實現了 8,030 萬美元的調整後 EBITDA 和 67% 的營業利潤率。

We signed 10 license agreements, including four new deals which were diversified across OTT, consumer electronics, pay TV, e-commerce, and semiconductors.

我們簽署了 10 項授權協議，其中包括 4 項新協議，涉及 OTT、消費性電子產品、付費電視、電子商務和半導體等領域。

With our record post-separation cash flows, we were able to demonstrate the power of our business model and balanced capital allocation approach.

憑藉創紀錄的分離後現金流，我們能夠展示我們的商業模式和平衡資本配置方法的威力。

We made accelerated payments towards our debt, reducing our balance by $50 million and bringing our debt balance to $487 million.

我們加速償還債務，減少了 5,000 萬美元的債務餘額，使債務餘額達到 4.87 億美元。

We also initiated a stock buyback program in the fourth quarter, repurchasing $20 million of our common stock.

我們也在第四季度啟動了股票回購計劃，回購了價值 2,000 萬美元的普通股。

And we invested in the future of our business, closing $12 million in tuck-in IP acquisitions.

我們也對業務的未來進行了投資，並完成了價值 1,200 萬美元的附加 IP 收購。

Now let me turn to further details of our fourth quarter.

現在讓我來談談我們第四季的更多細節。

In the fourth quarter, we signed 10 deals: 9 in media and 1 in semiconductor.

第四季度，我們簽署了 10 筆交易：9 筆涉及媒體，1 筆涉及半導體。

Adding new customers is critical to sustaining long-term growth, and we are proud to have signed three new customers for our media portfolio and one new semiconductor customer during the quarter.

增加新客戶對於維持長期成長至關重要，我們很自豪在本季度為我們的媒體產品組合簽署了三名新客戶，並簽署了一名新的半導體客戶。

With its large and growing subscriber base, the OTT market is one of our primary areas of focus as we further expand our media IP portfolio.

OTT 市場擁有龐大且不斷成長的用戶群，是我們進一步擴展媒體 IP 組合的主要關注領域之一。

One of our significant new deals in the quarter was a multi-year license agreement with Amazon, a top three OTT provider.

我們本季的一項重要新交易是與三大 OTT 提供商亞馬遜達成的多年期許可協議。

This deal underscores our ability to deliver value and capitalize on the significant opportunity that exists in OTT.

這筆交易凸顯了我們提供價值和利用 OTT 中重大機會的能力。

As we noted at the time of separation from Xperi, we believed OTT could be a significant driver of value for Adeia on a standalone basis and one that we otherwise were not able to unlock as a combined company.

正如我們在與 Xperi 分離時所指出的那樣，我們相信 OTT 可以成為 Adeia 獨立發展的重要價值驅動力，而作為合併後的公司我們則無法釋放這一價值。

The success we achieved with Amazon is a great proof point of this objective.

我們與亞馬遜的成功就是這目標的有力證明。

Driven by OTT, our new media revenue increased 65% year over year.

在OTT的推動下，我們的新媒體營收年增65%。

We also welcomed Canon as a new media customer, which was a great validation of the value of the imaging IP in our media portfolio.

我們也歡迎佳能成為新媒體客戶，這極大地驗證了成像 IP 在我們媒體組合中的價值。

We see more opportunities like Canon on the horizon, where our imaging IP is becoming increasingly important in areas such as consumer electronics and social media.

我們看到更多像佳能這樣的機會即將出現，我們的影像智慧財產權在消費性電子和社群媒體等領域變得越來越重要。

As we noted on our last earnings call, early in the fourth quarter, we signed a license agreement with e-commerce customer, Neiman Marcus, for access to our media portfolio.

正如我們在上次財報電話會議上所指出的，在第四季度初，我們與電子商務客戶 Neiman Marcus 簽署了許可協議，以獲得使用我們媒體組合的權利。

E-commerce is a key adjacent media market for us over the next several years, and we have seen a tremendous expansion of our customer pipeline over the past year.

電子商務是我們未來幾年的關鍵相鄰媒體市場，並且在過去一年中，我們的客戶管道得到了極大的擴展。

We were also very pleased to have renewed our agreements with both Roku and Sharp during the fourth quarter, further strengthening our well-established position in consumer electronics.

我們也非常高興在第四季與 Roku 和 Sharp 續簽了協議，進一步鞏固了我們在消費性電子產品領域的既有地位。

Over 90% of our customers renew their license agreements with us in part due to our commitment to maintaining long-term relationships and our investments aimed at growing our portfolios with innovations our customers value.

超過 90% 的客戶與我們續簽了許可協議，部分原因是我們致力於維持長期合作關係，並且我們的投資旨在透過客戶重視的創新來擴大我們的產品組合。

We are proud that we have had long standing relationships with many of our customers, including some relationships that span over 25 years like Sharp.

我們很自豪能與許多客戶保持長期合作關係，其中包括像夏普這樣的長達 25 年的合作關係。

The consumer electronics market continues to be a solid revenue contributor year over year with mid-single-digit growth, and we expect to see modest growth in the future as it remains a consistent performer for our business.

消費性電子市場持續成為我們穩健的收入貢獻者，年比成長率達到中等個位數，而且由於消費性電子市場仍是我們業務的穩定成長點，我們預計未來將出現溫和成長。

Our fourth-quarter deals with industry leaders like Roku, Amazon, and Sharp validate our position as a leader in foundational technology for digital entertainment.

我們在第四季度與 Roku、亞馬遜和夏普等行業領導者達成的協議確立了我們在數位娛樂基礎技術領域的領先地位。

These deals underscore how our innovations are helping shape the digital landscape and continuing to power the seamless, high-quality experiences consumers expect as TVs have evolved from simple display devices into connected entertainment hubs.

這些交易凸顯了我們的創新如何幫助塑造數位格局，並在電視從簡單的顯示設備發展成為互聯娛樂中心的過程中繼續為消費者提供所期望的無縫、高品質體驗。

In our semiconductor business, we signed a technology transfer agreement with a new customer that showcases the industry's continued recognition of our hybrid bonding technology as a critical enabler for high performance semiconductor devices.

在我們的半導體業務中，我們與一位新客戶簽署了一項技術轉移協議，這表明業界持續認可我們的混合鍵合技術作為高性能半導體裝置的關鍵推動因素。

It is worth noting that this deal came together quickly following our presentation at an industry conference, providing further validation that our deep involvement in our ecosystems pays dividends.

值得注意的是，這筆交易是我們在一次行業會議上進行演示後迅速達成的，進一步證明了我們對生態系統的深度參與帶來了回報。

Now let me turn to a few highlights for the full year.

現在，讓我來談談全年的幾個亮點。

Looking at the full year, 2024 was marked by significant milestones.

綜觀全年，2024 年是具有重要里程碑意義的一年。

We signed 32 agreements including notable wins with Amazon, LG Electronics, Roku, Liberty Global, Canon, Panasonic, Sharp, Vizio, Neiman Marcus, X Corp, and Hamamatsu.

我們簽署了 32 項協議，其中包括與亞馬遜、LG 電子、Roku、Liberty Global、佳能、松下、夏普、Vizio、Neiman Marcus、X Corp 和濱松簽署的著名協議。

New customers are the foundation for our future growth, and I'm immensely proud of our team for successfully signing license agreements with multiple new customers across OTT, pay TV, semiconductors, consumer electronics, and e-commerce last year.

新客戶是我們未來成長的基礎，我為我們的團隊去年成功與 OTT、付費電視、半導體、消費性電子產品和電子商務領域的多個新客戶簽署許可協議感到無比自豪。

For the full year, we delivered $376 million in revenue with a 62% operating margin.

全年我們實現了 3.76 億美元的收入，營業利益率為 62%。

Cash flows from operations were $212.5 million and our adjusted IBITDA was $234.3 million.

經營活動現金流為 2.125 億美元，調整後的 IBITDA 為 2.343 億美元。

Debt reduction remains one of our top priorities, and last year we paid down $114.2 million of our debt.

減少債務仍然是我們的首要任務之一，去年我們償還了 1.142 億美元的債務。

Since separation, we have paid down $272.3 million, a tremendous achievement in just over two years.

自分離以來，我們已經償還了 2.723 億美元，這在短短兩年多的時間內就是一項巨大的成就。

Hybrid bonding was a key driver for each of the four semiconductor deals we signed in 2024.

混合鍵結是我們在 2024 年簽署的四項半導體交易的關鍵驅動因素。

We anticipate future success driven by our hybrid bonding technology.

我們期待我們的混合鍵結技術能推動未來的成功。

Industry announcements regarding upcoming products and architectures reaffirm that hybrid bonding is becoming a critical capability for future variants of high bandwidth memory, NAND flash, and logic devices.

業界即將推出的產品和架構的公告再次證實，混合鍵合正在成為未來高頻寬記憶體、NAND 快閃記憶體和邏輯裝置的關鍵功能。

For example, a growing number of logic companies have announced new chiplet architectures such as Intel and Broadcom, utilizing hybrid bonding.

例如，越來越多的邏輯公司（如英特爾和博通）宣布採用混合鍵結的新晶片架構。

As we continue to advance our strategy in OTT, we remain focused on protecting our intellectual property.

隨著我們繼續推進 OTT 策略，我們仍然致力於保護我們的智慧財產權。

In the fourth quarter of 2024, we initiated litigation against Disney across multiple jurisdictions, including the US, Europe, and Brazil for infringing our patents.

2024 年第四季度，我們在美國、歐洲和巴西等多個司法管轄區對迪士尼提起訴訟，指控其侵犯了我們的專利。

Disney is a top three OTT provider.

迪士尼是三大 OTT 供應商之一。

And our goal remains to negotiate a fair and mutually beneficial commercial license.

我們的目標仍然是透過談判達成公平、互惠互利的商業許可。

While we are committed to pursuing a resolution, we are prepared to see the legal process through to its conclusion to safeguard our IP rights, which could take several years.

我們致力於尋求解決方案，同時我們也準備好完成法律程序以維護我們的智慧財產權，這可能需要幾年的時間。

We are confident in our position and believe this process will ultimately further validate the value of our innovations in the OTT ecosystem.

我們對自己的地位充滿信心，並相信這個過程最終將進一步驗證我們的創新在 OTT 生態系統中的價值。

The strength and quality of our IP portfolios provide the foundation for our future licensing success.

我們的知識產權組合的實力和品質為我們未來的授權成功奠定了基礎。

At Adeia, one of our differentiators is our strategically focused R&D.

在 Adeia，我們的差異化因素之一是我們以策略為重點的研發。

Last year, our portfolios grew a combined 12%, which was balanced with double-digit growth in both our media and semiconductor portfolios.

去年，我們的投資組合整體成長了 12%，其中媒體和半導體投資組合均實現了兩位數的成長。

But portfolio growth alone is not our primary goal.

但單單投資組合的成長並不是我們的首要目標。

Rather, we aim to focus our growth on the evolving needs of the media and semiconductor markets we serve.

相反，我們的目標是將我們的成長重點放在我們所服務的媒體和半導體市場不斷變化的需求上。

We also look to maintain and enhance the quality of our constantly evolving portfolios, which is vital to both renewals and new customers.

我們還希望維持和提高不斷發展的產品組合的質量，這對於續約和新客戶都至關重要。

Over 85% of our patent assets are generated organically through our R&D efforts.

我們的專利資產有 85% 以上是透過研發努力自然產生的。

But we also augment our internal growth through actively searching for patent assets we believe will accelerate our growth opportunities.

但我們也透過積極尋找我們認為將加速我們成長機會的專利資產來增強我們的內部成長。

In 2024, we acquired five portfolios for approximately $20 million.

2024 年，我們以約 2,000 萬美元收購了五個投資組合。

Four of those portfolios were focused on OTT and one was in broadband connectivity.

其中四個投資組合專注於 OTT，一個專注於寬頻連接。

Our most recent acquisition, which closed in the fourth quarter, focused on a unique portfolio of OTT content delivery IP.

我們最近的一次收購於第四季度完成，主要集中在獨特的 OTT 內容交付 IP 組合。

We believe future revenue growth will be driven by our continued strong track record of renewals and importantly signing license agreements with new customers in our key growth markets.

我們相信，未來的收入成長將得益於我們持續強勁的續約記錄以及與主要成長市場的新客戶簽署的授權協議。

In media, we expect anticipated declines in pay TV will be offset by growth in OTT and new wins in adjacent media markets such as e-commerce, ad tech, and gaming.

在媒體方面，我們預期付費電視的預期下滑將被 OTT 的成長以及電子商務、廣告技術和遊戲等鄰近媒體市場的新勝利所抵消。

In our semiconductor business, we expect revenue from our volume-based customers using hybrid bonding for their new products will increase over time.

在我們的半導體業務中，我們預計使用混合鍵結生產新產品的批量客戶的收入將隨著時間的推移而增加。

And new opportunities in logic will provide accelerated growth.

邏輯上的新機會將提供加速成長。

We are making great progress in expanding our recurring revenue stream and our growth markets with a total year-over-year recurring revenue increase of 18% in our non-pay TV verticals.

我們在擴大經常性收入來源和成長市場方面取得了巨大進展，非付費電視垂直領域的經常性收入年增了 18%。

Given the work we did in 2024 to expand our pipeline and our expectations for progress in 2025, we believe we can continue to grow our recurring revenue, and we have multiple paths to achieve our revenue targets for this year.

鑑於我們在 2024 年擴大產品線所做的工作以及對 2025 年進展的預期，我們相信我們可以繼續增加經常性收入，並且我們有多種途徑來實現今年的收入目標。

Being actively involved in the media and semiconductor ecosystems plays an important role in defining our IP and business development strategy and keeping us close to the latest industry trends.

積極參與媒體和半導體生態系統對於定義我們的智慧財產權和業務發展策略以及讓我們緊跟最新行業趨勢發揮重要作用。

We are increasingly recognized for the innovative new ideas we bring to the table and the value these contributions have to the broader ecosystem.

我們提出的創新新想法以及這些貢獻對更廣泛的生態系統的價值越來越受到認可。

We were recognized last year at the Electronic Components and Technology Conference, winning the Best Paper Award, which was on hybrid bonding.

去年，我們在電子元件和技術會議上獲得認可，並獲得關於混合鍵合的最佳論文獎。

And our recent double gold medal win in the Merit Automotive Awards signals an exciting expansion of our technology portfolio and new frontiers.

我們最近在汽車功績獎中獲得雙金牌，標誌著我們的技術組合和新領域的令人振奮的擴展。

We are pleased to again be ranked in the top 75 in the world for the number of US patents issued in 2024, with 597 patents granted to us.

我們很高興再次在 2024 年美國專利頒發數量排名中位居全球前 75 名，共獲得 597 項專利。

And again, we ranked above many other well-known innovative companies such as Nvidia, Broadcom, AMD, InnerDigital, Comcast, Meta, HP, and Verizon.

而且，我們的排名再次超越了許多其他知名創新公司，例如 Nvidia、Broadcom、AMD、InnerDigital、Comcast、Meta、HP 和 Verizon。

Our balanced capital allocation approach supported by our strong cash generation allows us to continue reducing debt, repurchasing shares, and investing in growth.

我們均衡的資本配置方法加上強勁的現金產生能力使我們能夠繼續減少債務、回購股票和投資於成長。

Based on our pipeline and visibility into renewals and new customer additions, we anticipate revenue growth in the mid- to high-single digits in 2025.

根據我們的管道和對續約和新客戶的了解，我們預計 2025 年的收入成長率將達到中高個位數。

We are excited about the opportunities ahead and confident in our ability to deliver long term value to our shareholders.

我們對未來的機會感到興奮，並有信心我們有能力為股東帶來長期價值。

With that, I'll now turn the call over to Keith for a detailed review of our financial results and outlook.

說完這些，我現在將電話轉給 Keith，讓他詳細回顧我們的財務表現和前景。

Keith?

基思？

Thank you, Paul.

謝謝你，保羅。

I'm pleased to be speaking with you today to share details of our fourth-quarter 2024 financial results.

我很高興今天與您交談，分享我們 2024 年第四季財務業績的詳細資訊。

In the fourth quarter, we delivered revenue of $119.2 million driven by the execution of 10 deals across a broad variety of verticals including OTT, consumer electronics, pay TV, e-commerce, and semiconductor.

第四季度，我們實現了 1.192 億美元的收入，這得益於在 OTT、消費電子、付費電視、電子商務和半導體等多個垂直領域執行的 10 筆交易。

Our deal performance this quarter includes four new deals, including exciting new wins with Amazon, Canon, and Neiman Marcus.

我們本季的交易表現包括四筆新交易，其中包括與亞馬遜、佳能和尼曼馬庫斯達成的令人興奮的新交易。

We are extremely excited with these new additions to our growing customer account as new logos are a catalyst in driving our long-term growth objectives.

我們對這些不斷成長的客戶帳戶的新成員感到非常興奮，因為新標誌是推動我們長期成長目標的催化劑。

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

現在我想討論一下我們的營運費用，我將僅參考非 GAAP 數據。

During the fourth quarter, operating expenses were $39.4 million, an increase of $4.1 million or 12% from the prior quarter.

第四季度，營業費用為 3,940 萬美元，較上一季增加 410 萬美元，增幅 12%。

Research and development expenses were $14.9 million, an increase of $1.2 million or 9% from the prior quarter, primarily due to certain patent portfolio development costs and due to increased personal costs as a result of expanding our R&D teams.

研發費用為 1,490 萬美元，較上一季增加 120 萬美元（即 9%），主要由於某些專利組合開發成本以及擴大研發團隊導致的個人成本增加。

This investment shows our commitment to innovation, as enhancing and growing our IP portfolios is crucial to both signing renewals and new customers.

這項投資體現了我們對創新的承諾，因為增強和擴大我們的智慧財產權組合對於簽署續約和新客戶都至關重要。

Selling, general administrative expenses increased $1.7 million or 9% from the prior quarter, primarily due to higher legal and other outside services related to supporting our media and semiconductor sales efforts.

銷售、一般管理費用較上一季增加 170 萬美元，增幅 9%，主要由於支持我們的媒體和半導體銷售工作相關的法律和其他外部服務費用增加。

Litigation expense was $3.8 million, an increase of $1.2 million or 44% compared to the prior quarter, primarily due to the time of expenses related to certain legal matters, including our recent suit against Disney and due to ongoing litigation with several Canadian pay TV operators.

訴訟費用為 380 萬美元，比上一季增加 120 萬美元，增幅為 44%，這主要是由於與某些法律事務相關的費用的時間，包括我們最近對迪士尼的訴訟以及與幾家加拿大付費電視運營商正在進行的訴訟。

Interest expense during the fourth quarter was $12.3 million, a decrease of $448,000 from the prior quarter due to our continued debt payments and the benefit of a lower interest rate.

第四季的利息支出為 1,230 萬美元，較上一季減少 448,000 美元，因為我們持續償還債務且享受較低利率的益處。

Our effective interest rate in the fourth quarter was 8.9%, which includes amortization of debt issuance costs.

我們第四季的有效利率為 8.9%，其中包括債務發行成本的攤銷。

Year over year, our quarterly interest expense decreased $3.1 million due to continued accelerate debt payments and the benefit of a lower interest rate.

與去年同期相比，由於持續加速債務償還和較低利率的好處，我們的季度利息支出減少了 310 萬美元。

Going forward, we expect to see further benefits from a lower interest rate as we once again successfully reprice our term loan in January of this year, whereby we further reduce our interest rate by an additional 50 basis points, bringing our current interest rate to SOFR plus 250 basis points.

展望未來，我們預計將從較低的利率中獲得更多好處，因為我們在今年 1 月再次成功重新定價我們的定期貸款，從而將我們的利率進一步降低 50 個基點，使我們的當前利率達到 SOFR 加上 250 個基點。

This represents a cumulative 111 basis points reduction in the fixed portion of our interest rate over the past nine months.

這意味著過去九個月來我們的固定利率部分累積降低了 111 個基點。

Other income was $1.3 million.

其他收入為130萬美元。

It was primarily related to interest earned on our cash and investment portfolio and due to interest income recognized on revenue agreements with long-term billing structures.

這主要與我們的現金和投資組合所賺取的利息以及長期帳單結構的收入協議所確認的利息收入有關。

Our adjusted EBITDA for the fourth quarter was $80.3 million, reflecting and adjusted even a margin of 67%.

我們第四季的調整後 EBITDA 為 8,030 萬美元，反映並調整了 67% 的利潤率。

Depreciation expense for the fourth quarter was $522,000.

第四季的折舊費用為 522,000 美元。

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

本季我們的非公認會計準則所得稅率為 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 fourth quarter with $110.4 million in cash equivalents, and markable securities and generated $107.5 million in cash from operations, representing a post-separation record.

現在來看看資產負債表上的幾個細節，截止第四季度，我們的現金等價物和可標記證券為 1.104 億美元，經營活動產生的現金為 1.075 億美元，創下了分離後的記錄。

Operationally, the fourth quarter has historically been a very strong cash generation quarter for us, driven by the contractual billing structures of certain license agreements.

從營運角度來看，第四季歷來是我們的現金創造能力非常強勁的季度，這得益於某些授權協議的合約計費結構。

The fourth quarter of 2024 was further boosted by not only strong deal momentum in the period but also due to receiving certain advance payments from several of our customers.

2024 年第四季不僅受到該期間強勁交易勢頭的推動，而且還因為收到了多位客戶的一些預付款。

With this strong financial performance, we were able to execute on all areas of our balanced capital allocation approach which we highlighted during last quarter's earnings call.

憑藉強勁的財務表現，我們能夠在上個季度的財報電話會議上強調的平衡資本配置方法的所有領域進行執行。

This included making $50 million in principal payments on our debt in the fourth quarter as we ended the quarter with a term loan balance of $487.1 million.

其中包括在第四季償還 5,000 萬美元的債務本金，本季末我們的定期貸款餘額為 4.871 億美元。

In the fourth quarter, we repurchased 1.4 million shares of our common stock for $20 million.

第四季度，我們以 2,000 萬美元回購了 140 萬股普通股。

And with a strong Q1 2025 cash generation outlook, we have already executed an additional stock buyback in the first quarter, repurchasing an additional 760,000 shares of our common stock for $10 million.

憑藉強勁的 2025 年第一季現金創造前景，我們已在第一季進行了額外的股票回購，以 1,000 萬美元的價格回購了額外的 760,000 股普通股。

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

第四季度，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 March 31 to shareholders of record as of March 10.

我們的董事會還批准向 3 月 10 日登記在冊的股東支付每股 0.05 美元的額外股息，於 3 月 31 日支付。

M&A has been and will continue to be an operational priority for us as we expand and grow our existing patent portfolio to address evolving technology trends.

隨著我們擴大和發展現有的專利組合以應對不斷變化的技術趨勢，併購一直是並將繼續成為我們的營運重點。

We augmented our internal R&D efforts through making several strategic tuck-in patent acquisitions.

我們透過幾項策略性的附加專利收購增強了我們的內部研發力度。

During the fourth quarter, we acquired patent portfolios associated with OTT and broadband connectivity for a total of $12 million.

第四季度，我們以總計 1,200 萬美元的價格收購了與 OTT 和寬頻連線相關的專利組合。

I would like to also highlight even with all the capital allocation efforts in the quarter, we were able to increase our overall cash and investment position.

我還想強調一下，即使本季我們做出了所有資本配置努力，我們仍然能夠提高整體現金和投資狀況。

Now we'll go over guidance for the full-year 2025.

現在讓我們來討論一下 2025 年全年的預期。

We expect revenue to be in the range of $390 million to $430 million.

我們預計營收在 3.9 億美元至 4.3 億美元之間。

This guidance includes the significant semiconductor deal we noted last year.

該指引包括我們去年指出的重要半導體交易。

As a reminder, our agreements tend to be relatively large and complex, which creates volatility from period to period.

提醒一下，我們的協議往往比較龐大和複雜，因此在不同時期會產生波動。

Overall, we see the first half of the year and the second half of the year being relatively equal.

整體來看，我們認為上半年和下半年的情況比較均衡。

However, our first half could see fluctuations in that period due to the timing of certain agreements.

然而，由於某些協議的時間安排，我們的上半年可能會出現波動。

A notable component of our revenue outlook is its overall stability.

我們收入前景的一個顯著因素是其整體穩定性。

The foundation of our revenue is very solid as approximately 80% of our revenue outlook is driven by the backlog of existing contract agreements, which is a consistent profile as in prior years.

我們的收入基礎非常穩固，因為我們大約 80% 的收入前景是由現有合約協議的積壓推動的，這與前幾年的情況一致。

Operating expenses are expected to be in the range of $166 million to $174 million.

預計營運費用在 1.66 億美元至 1.74 億美元之間。

We anticipate modest single-digit growth for both research and development as well as selling and general administrative expenses from the current run rate as we continue to invest in both technology expansion as well as people and processes.

由於我們繼續對技術擴展以及人員和流程進行投資，我們預計研發以及銷售和一般管理費用都將按目前的運作率實現適度的個位數成長。

We anticipate that our litigation expense will approximately double, driven by our recent litigation filings with Disney as well as our ongoing litigation with several Canadian pay TV operators.

我們預計，我們的訴訟費用將增加約一倍，因為我們最近與迪士尼提起的訴訟以及與幾家加拿大付費電視業者正在進行的訴訟。

We expect in expense to be in the range of $41 million to $43 million.

我們預計支出將在4,100萬美元至4,300萬美元之間。

This reflects the impact of the debt repricing we completed in January.

這反映了我們一月份完成的債務重新定價的影響。

However, our guidance does not contemplate the impact of any potential further interest rate changes issued by the Federal Reserve.

然而，我們的指引並未考慮聯準會可能進一步調整利率的影響。

We expect other income to be in the range of $4 million to $4.5 million.

我們預計其他收入在 400 萬至 450 萬美元之間。

We expect a resulting adjusted a margin of approximately 59%.

我們預計調整後的利潤率約為59%。

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

我們預計全年非公認會計準則稅率將維持在 23% 左右。

We also expect capital expenditures to be approximately $1 million for the full year.

我們也預計全年資本支出約為 100 萬美元。

Looking back at our performance in 2024, I'm extremely proud of our team and what we accomplished.

回顧我們在 2024 年的表現，我為我們的團隊和我們所取得的成就感到無比自豪。

We made tremendous progress engaging in closing deals with new customers such as Amazon.

我們在與亞馬遜等新客戶達成交易方面取得了巨大進展。

We have expanded our pipeline with new opportunities in our growth verticals such as OTT, e-commerce, and semiconductor.

我們已經擴大了我們的產品線，在 OTT、電子商務和半導體等垂直成長領域尋找新的機會。

Our financial performance driven by record cash flow, debt reduction, expense management, and return of capital to shareholders has been outstanding.

在創紀錄的現金流量、債務削減、費用管理和股東資本回報的推動下，我們的財務表現非常出色。

Our future is bright and our outlook is strong.

我們的未來是光明的，我們的前景是強勁的。

With the strides that we made in 2024 and since separation, I'm greatly encouraged and excited that we can continue this momentum into 2025 and beyond.

憑藉我們在 2024 年以及分離以來的進展，我感到非常鼓舞和興奮，我們能夠將這一勢頭延續到 2025 年及以後。

That brings an end to our prepared remarks, and with that I'd like to turn the call over to the operator to begin our question-and-answer session.

我們的準備好的演講到此結束，現在我想將電話交給接線員，開始我們的問答環節。

Operator?

操作員？

(Operator Instructions)

（操作員指令）

Madison de Paola, Rosenblatt Securities.

麥迪遜·德保拉（Madison de Paola），羅森布拉特證券（Rosenblatt Securities）。

Hey guys, thanks for taking my question and congrats on the great results.

嘿夥計們，感謝你們回答我的問題，並祝賀你們取得了優異的成績。

I was just wondering regarding the revenue guidance, could you provide any more detail on what key assumptions will drive the low and the high end of that outlook?

我只是想知道有關收入指引，您能否提供更多細節，說明哪些關鍵假設將推動該前景的低點和高端？

Hi Maddy, great talking to you.

你好，Maddy，很高興與你交談。

Great question.

好問題。

In terms of our guidance that we look, we, Paul and I, really wanted to be kind of thoughtful on how we kind of lay things out.

就我們所看到的指導而言，我們，保羅和我，真的想對如何佈局進行深思熟慮。

So our pipeline is incredibly strong.

所以我們的管道非常強大。

We made some really great momentum and you can see by the number of deals that we closed at the end of the year; we see that momentum keeping up.

我們取得了非常好的進展，從我們在年底完成的交易數量就可以看出來；我們看到這股勢頭仍在持續。

One of the things about our business, it's really focused on discipline.

我們的業務的一個特點是真正注重紀律。

So with that being said, getting the proper economics is really -- is what is most important to us.

所以話雖如此，獲得適當的經濟利益才是我們真正最重要的。

And with that being said, you could have some volatility in terms of the timing when deals get signed.

話雖如此，簽署交易的時間可能會出現一些波動。

The pipeline remains strong; we remain very confident in executing on that pipeline.

管道依然強勁；我們對於執行該管道仍然非常有信心。

So when you take a look at the midpoint, that's kind of really what we shoot to.

因此，當您查看中點時，您會發現這實際上就是我們所追求的目標。

But we want to be a little bit realistic in terms of being patient.

但在保持耐心方面，我們也希望現實一點。

And what you're seeing at the lower end is the possibility of us taking a little bit longer and holding to our point and trying to get to the lower end of the guidance and getting -- I'm sorry, getting the deal economics that we really desire.

而您在低端看到的是我們可能需要花費更長的時間並堅持我們的觀點並嘗試達到指導的低端並獲得 - 對不起，獲得我們真正想要的交易經濟。

So the high end of the guidance is things executing, the velocity, what we kind of witnessed at the end of Q4 and maybe see some further progress on that.

因此，指導的高端是執行的事情、速度，我們在第四季末見證了這些，也許還會看到進一步的進展。

So we're very excited.

所以我們非常興奮。

Everything that we've put and we modeled are things that we have a clear line of sight today.

我們所放置和建模的一切都是我們今天可以清楚看到的事物。

So we're very excited about the outlook for that.

因此，我們對此前景感到非常興奮。

And once again, what you're seeing is this continued momentum of our success in our business.

再一次，您所看到的是我們業務成功的持續勢頭。

Okay, great.

好的，太好了。

Yeah.

是的。

Thank you so much for taking my question.

非常感謝您回答我的問題。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Hi.

你好。

So first off, could you just talk about the semiconductor transfer agreement?

那麼首先，您能談談半導體轉讓協議嗎？

Because transfer usually doesn't mean any sort of a cash or licensing.

因為轉讓通常並不意味著任何形式的現金或許可。

Hey, Hamed, this is Paul Davis.

嘿，哈米德，我是保羅戴維斯。

Yeah, absolutely.

是的，絕對是如此。

So this is a deal, as I noted on the call, that we're really happy with that came together towards the end of the year.

因此，正如我在電話中提到的那樣，我們對這筆在年底達成的交易感到非常高興。

We were at a conference in the middle of the year and they approached us.

我們在年中參加了一次會議，他們找到了我們。

It's a technology transfer agreement.

這是一項技術轉移協議。

And so that's part of our semiconductor business where we will not only provide a license to our patent portfolio but also provide know-how and engineering hours for a customer to really get them up to speed.

這是我們半導體業務的一部分，我們不僅提供我們專利組合的許可，還為客戶提供專業知識和工程時間，以真正幫助他們快速了解產品。

This particular customer is focused on really high performance imaging and detection systems.

這位特定的客戶專注於真正高效能的成像和檢測系統。

They have their own cutting-edge silicon that they that they work on and so wanted to have hybrid bonding as part of their offerings.

他們擁有自己正在研究的尖端矽片，因此希望將混合鍵合作為其產品的一部分。

And so us -- our engineering team being able to work with them is critical.

因此，我們的工程團隊能夠與他們合作至關重要。

So it is not a transfer in the sense of -- from a value standpoint.

因此，從價值角度來看，這並不是一種轉移。

We certainly do get value in cash from the technology transfer part of our agreements generally speaking with those types of deals.

一般來說，對於這些類型的交易，我們確實能從協議中的技術轉移部分獲得現金價值。

Okay.

好的。

And then my follow-up was: is there any update as to how real -- possibility it is for you to get this semiconductor deal signed?

然後我的後續問題是：有沒有最新消息表明，你們簽署這項半導體協議的可能性有多大？

Because now you're saying, Q1, for one half and two half might -- equal, the same.

因為現在您要說，Q1，一半和二分之一可能相等，相同。

But Q1 and Q2 might be lumpy, so I'm assuming the semiconductor deal is still very questionable.

但第一季和第二季可能會出現波動，所以我認為半導體交易仍然存在很大問題。

Yeah.

是的。

I mean, Hamed, you've talked to us, these deals are very large, they're complex.

我的意思是，哈米德，你已經跟我們談過了，這些交易非常大，而且很複雜。

They take time getting them right and sometimes we do have a push out in time to make sure we get the right economics.

他們需要時間來做好這些事情，有時我們確實需要及時推出以確保獲得正確的經濟效益。

We're still very much engaged with this customer, and we feel very strongly about the value of our IP and how it's relevant to that customer.

我們仍然與該客戶保持著密切的聯繫，我們非常清楚我們的智慧財產權的價值以及它與該客戶的關係。

So we still very much in our line of sights and our goal for this year to get it done.

因此，我們仍然在我們的視線之內，而我們今年的目標是完成它。

And there was a push out, you are right, from last year and that happens from time to time.

您說得對，從去年開始就存在推遲的情況，這種情況時有發生。

But it's something that we are still very optimistic about.

但我們對此仍非常樂觀。

Okay, great.

好的，太好了。

Thank you.

謝謝。

You're welcome.

不客氣。

Matthew Galinko, Maxim Group.

馬修·加林科（Matthew Galinko），馬克西姆集團（Maxim Group）。

Hey, good afternoon.

嘿，下午好。

Thanks for taking my question.

感謝您回答我的問題。

I think you mentioned four IP portfolio acquisitions in 2024, including one in the fourth quarter.

我記得您曾提到 2024 年的四次 IP 組合收購，其中包括第四季度的一次。

Can you talk a little bit more about the pipeline and maybe where those portfolios are coming from?

您能否進一步談談通路狀況以及這些投資組合的來源？

Are they kind of operating company portfolios that are just being monetized?

他們是不是正在經營一些正在貨幣化的公司投資組合？

Are they IP portfolios that have been passed around kind of non-operating-type companies, sort of?

這些智慧財產權組合是不是已經被轉交給非營運公司了？

Can you talk about the origins of some of these and what you're seeing as far as opportunities?

您能談談其中一些現象的起源以及您看到的機會嗎？

Yeah, absolutely, Matt.

是的，當然，馬特。

We actually did five patent portfolio acquisitions in 2024, and really with a focus again on OTT and broadband connectivity.

我們實際上在 2024 年進行了五項專利組合收購，並且再次將重點放在 OTT 和寬頻連接上。

The sourcing of the deals have come from public companies, private companies that are smaller, might need funding, and that we have evaluated in terms of being very excited about, the IP and being a fit within our existing R&D efforts.

交易來源包括上市公司和規模較小的私人公司，它們可能需要資金，我們對這些公司的智慧財產權以及其與我們現有研發工作的契合程度感到非常興奮。

And so it's really a broad source of different ways they come to us.

因此，這確實是他們找到我們的多種方式的廣泛來源。

Our corporate development team does outreach and knows people in the industry, and also, sometimes brokers that come and approach us as well.

我們的企業發展團隊會進行外聯，了解業內人士，有時也了解前來與我們接觸的經紀人。

But we try to really source and be known as a buyer of IP that can move quickly and evaluate the IP and acquire portfolios from a variety of different folks.

但我們試圖真正尋找並成為智慧財產權的買家，能夠快速行動並評估智慧財產權，並從各種不同的人那裡獲得投資組合。

And that's where these have come from.

這些就是從那裡來的。

All right, thank you.

好的，謝謝。

And I guess the follow up to that question is: how do you evaluate them against the opportunities that you have on the licensing side?

我想這個問題的後續問題是：您如何根據許可方面的機會來評估它們？

Do you -- can you draw like almost like a direct link to what you have in the pipeline to how that might accelerate opportunities in the pipeline?

您是否可以幾乎直接地連結到您已在管道中的內容，以便了解如何加速管道中的機會？

Or is that a little bit more amorphous and you see future opportunities to bring them into deals, but it's not something that you see happening in a six-month period?

或者這有點不定形，您看到了未來將他們納入交易的機會，但您認為這不會在六個月內發生？

Yeah, it's a great question, Matt.

是的，這是一個很好的問題，馬特。

We start with making sure we have clear alignment between our business units and the corporate development team on the strategies that we are focused on.

我們首先要確保我們的業務部門和企業發展團隊在我們關注的策略上有明確的一致性。

Our growth strategies remain the same, which is semiconductors, OTT, and the media adjacent markets.

我們的成長策略保持不變，即半導體、OTT和媒體相關市場。

So we start with those categories of where we could add to the portfolios through acquisitions, and really target specific areas then within that subcategory where we identify gaps in our existing portfolio that we might have where we could really augment and accelerate those growth opportunities.

因此，我們從可以透過收購添加到投資組合中的類別開始，然後真正瞄準特定領域，然後在該子類別中確定我們現有投資組合中可能存在的差距，以便我們可以真正增強和加速這些成長機會。

And so OTT was an certain area as we as we really tried to focus on getting those deals done.

因此，OTT 是一個特定的領域，我們確實試圖集中精力完成這些交易。

Amazon is a great example of that and then also the Disney litigation that we filed.

亞馬遜就是一個很好的例子，我們提起的迪士尼訴訟也是一個很好的例子。

Our proof points of our belief in both our organic and our inorganic patent portfolios that we have.

我們對所擁有的有機和無機專利組合的信心的證明點。

You'll also note though that we expanded into broadband connectivity and we acquired a portfolio related to that.

您還會注意到，我們已擴展到寬頻連線領域，並獲得了與此相關的投資組合。

And that might be an area we haven't really talked much about before.

這或許是我們之前沒有真正談論過的領域。

But if you think about our existing customers, especially around pay TV and their businesses and what they're focused on, that's a key area for them and a key revenue stream for them.

但如果你考慮我們現有的客戶，特別是付費電視和他們的業務以及他們關注的重點，這對他們來說是一個關鍵領域，也是他們的關鍵收入來源。

It's one that we have been organically working on now for the past several years.

這是我們過去幾年來一直致力於的事情。

And we saw an opportunity to add to our portfolio there as well.

我們也看到了擴大我們投資組合的機會。

Thank you.

謝謝。

And if I may get one additional question in just on the balance sheet.

我可以再問一個關於資產負債表的問題。

You've done a lot of work on getting debt off the balance sheet.

您為清除資產負債表上的債務做了大量工作。

So perhaps do you have a target?

那也許你有目標嗎？

Any sort of target ratios you have in mind?

您心中有什麼目標比例嗎？

How much debt are you comfortable holding before you kind of slow down on the retiring debt or that -- sort of an as-you-get-there approach?

在您減緩債務償還速度或採取隨遇而安的方法之前，您願意持有多少債務？

Oh, that's a great question, Matt.

哦，這個問題問得真好，馬特。

And when you take a look at where we started in our journey, we made tremendous progress, as Paul noted, paying down over $270 million in debt and really deleveraging our balance sheet.

當你回顧我們的起點時，你會發現我們取得了巨大的進步，正如保羅所說，我們償還了超過 2.7 億美元的債務，並真正降低了資產負債表中的槓桿率。

And then lo and behold, our cash is up from where we started.

然後你瞧，我們的現金就比開始時增加了。

That's a heck of an effort.

這真是一次艱鉅的努力。

As we continue to make progress, we see our year-over-year interest expense coming down significantly.

隨著我們不斷取得進展，我們看到我們的利息支出較去年同期大幅下降。

If you take a look at the guidance that we provided, if you look at from our first year in '23 to what we're guiding for '25, you're looking at $20 million in interest expense reduction, and that's a real savings.

如果你看我們提供的指導，如果你看看從23年的第一年到25年的指導，你會看到利息支出減少了2000萬美元，這是真正的節省。

And being sub-$500 million in debt is something that we take pride in.

債務低於 5 億美元是我們引以為傲的事。

And when we take a look at our model and the strength and the opportunities that we have, it's something that Paul and I talk about quite a bit.

當我們審視我們的模式以及我們的優勢和機會時，保羅和我經常討論這個主題。

There is a number out there in terms of debt that we're comfortable carrying.

就我們能夠承受的債務數量而言，有一個數字。

If we take a look at some of our forward-looking EBITDA that we have, in particular in the next couple of years or so, I think we'd be in somewhat of a comfortable spot of kind of carrying a fixed debt component.

如果我們看一下我們的一些前瞻性 EBITDA，特別是未來幾年，我認為我們將處於一個比較舒適的位置，可以承擔固定債務部分。

And then really using that extra cash flow to really reinvest in the business and return capital to shareholders.

然後真正利用這些額外的現金流來重新投資於業務並向股東返還資本。

So it's a great question.

這是一個很好的問題。

It's something that we spend a lot of time focusing on.

我們花了很多時間關注這個問題。

You can see through the repricing.

您可以透過重新定價來查看。

Managing the balance sheet is something that we spent a lot of time.

管理資產負債表是我們花費大量時間的事情。

And I think we've made some great progress in in 2025 -- 2024 and 2025.

我認為我們在 2025 年、2024 年和 2025 年取得了重大進展。

Thank you.

謝謝。

And everyone, at this time, there are no further questions.

各位，現在，沒有其他問題了。

I'd like to hand the call back to Mr. Paul Davis for any additional or closing remarks.

我想將電話轉回給保羅戴維斯先生，讓他做任何補充演講或結束語。

Thank you, operator.

謝謝您，接線生。

I want to thank our employees for a successful 2024 and for their steadfast commitment to achieving our goals.

我要感謝我們的員工在 2024 年取得的成功以及他們為實現我們的目標所做的堅定承諾。

In March, we will be participating in the Loop Capital Investor Conference and the ROTH Capital Annual Conference.

三月份，我們將參加 Loop Capital 投資者大會和 ROTH Capital 年度會議。

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

我們期待在這些活動和其他投資者活動中見到您，並向您通報我們的進展。

Thank you for joining us today.

感謝您今天加入我們。

Once again, everyone that does conclude today's conference.

再次，大家結束今天的會議。

We would like to thank you all for your participation.

我們感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。