Adeia Inc (ADEA) 2025 Q2 法說會逐字稿

Good day everyone. Thank you for standing by. Welcome to Adeia's second-quarter 2025 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the call will open up for questions.

大家好。感謝您的支持。歡迎參加 Adeia 2025 年第二季財報電話會議。在今天的演講中，各方將處於僅聆聽模式。演示結束後，電話會議將開放提問。

I would like to now 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. Thank you for joining us as we share with you details of our quarterly financial results. With me on the call today are Paul Davis, our President and CEO; and Keith Jones, our CFO. Paul will share with you some general observations regarding the quarter, and then Keith will give further details on our financial results and guidance. We will then conclude with a question-and-answer period.

大家下午好。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。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) 和我們的財務長基思瓊斯 (Keith Jones)。保羅將與大家分享有關本季的一些總體觀察，然後基斯將進一步詳細介紹我們的財務表現和指導。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 and the IR portion of our website. Before turning the call over to Paul, I would like to provide a few reminders.

除了今天的收益報告外，還有一份收益報告，您可以透過網路廣播和我們網站的 IR 部分進行存取。在將電話轉給保羅之前，我想提醒大家幾點。

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，這些陳述是對未來事件的預測、預期或其他陳述，基於管理層當前的預期和信念，因此受風險、不確定性和情況變化的影響。

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

有關可能導致我們的實際結果與我們今天討論的結果大不相同的風險和不確定性的更多信息，請參閱我們提交給美國證券交易委員會的文件中的風險因素部分，包括我們的 10-K 表年度報告和 10-Q 表季度報告。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. We use non-GAAP financial measures internally to evaluate and manage our operations. We have therefore chosen to provide this information to enable you to perform comparisons of our operating results 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.

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。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。因此，我們選擇提供這些信息，以便您能夠像我們內部一樣對我們的經營結果進行比較。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. I'm glad to be here again to share the results and progress we've made in the second quarter. Our second quarter results were in line with what we indicated on our last earnings call.

謝謝克里斯，也謝謝大家今天加入我們。我很高興再次在這裡分享我們在第二季度取得的成果和進展。我們第二季的業績與我們上次在財報電話會議上所表示的一致。

We delivered $85.7 million in revenue, in cash from operations of $23.1 million. We also reduced our debt by $11.1 million, bringing our total debt paydown since separation to over $300 million, a testament to our cash generative business model and our disciplined capital allocation approach.

我們實現了 8,570 萬美元的收入，其中經營現金為 2,310 萬美元。我們還將債務減少了 1,110 萬美元，使自分離以來我們的債務償還總額超過 3 億美元，這證明了我們的現金生成業務模式和嚴謹的資本配置方法。

We have good visibility into the second half of the year and are reiterating our full year revenue guidance. Based on the progress we've made in the first half of the year, we now have multiple paths to achieve our revenue goals. While the significant semiconductor opportunity we've previously referenced remains an attractive opportunity and a key focus of ours, it is not the only path to achieving our revenue target for the year. We have also advanced other high potential opportunities to the point that we see a path to close them this year. And these other opportunities could help us achieve our revenue target for 2025, even if we need to take a different strategic direction with the semiconductor customer.

我們對下半年的前景看好，並重申全年收入預期。根據我們上半年的進展，我們現在有多種途徑來實現我們的收入目標。雖然我們之前提到的重大半導體機會仍然是一個有吸引力的機會，也是我們的重點關注點，但它並不是實現今年收入目標的唯一途徑。我們也推進了其他具有高潛力的機會，以便我們能夠在今年找到實現這些機會的途徑。即使我們需要針對半導體客戶採取不同的策略方向，這些其他機會也可以幫助我們實現 2025 年的收入目標。

Collectively, these opportunities both reinforce our confidence in achieving our goals for the year and achieving our long-term objectives. Keith will walk through our financials and outlook in more detail shortly.

總的來說，這些機會都增強了我們實現今年目標和實現長期目標的信心。基斯很快就會更詳細地介紹我們的財務狀況和前景。

Before diving into our second quarter deal activity, I'd like to highlight an exciting recent development in our semiconductor business. As you're all aware, the pervasiveness and rapid adoption of AI has created tremendous demand for data centers throughout the world. In those data centers, are servers running the most advanced, high-performance semiconductors.

在深入探討我們第二季的交易活動之前，我想先強調我們半導體業務最近令人興奮的發展。眾所周知，人工智慧的普及和快速應用為全球資料中心帶來了巨大的需求。在這些資料中心裡，伺服器運行著最先進的高效能半導體。

These semiconductors not only consume an enormous amount of power, but they also create a tremendous amount of heat. The AI era is driving up the power densities of these semiconductors and traditional cooling solutions are unable to meet the thermal loads.

這些半導體不僅消耗大量電力，而且還產生大量熱量。人工智慧時代正在提高這些半導體的功率密度，傳統的冷卻解決方案無法滿足熱負荷。

In late May at the ITherm and ECTC conference in Dallas, we introduced RapidCool, a revolutionary direct-to-chip liquid cooling technology for high-performance semiconductor devices. This groundbreaking technology, which has evolved from our deep experience in hybrid bonding and advanced packaging technologies, eliminates thermal interface materials used in conventional processes. RapidCool thereby increases heat dissipation efficiency and lowers the temperature of the semiconductor.

5 月下旬，在達拉斯舉行的 ITherm 和 ECTC 會議上，我們推出了 RapidCool，這是一項針對高性能半導體設備的革命性的直接晶片液體冷卻技術。這項突破性的技術源自於我們在混合鍵結和先進封裝技術方面的豐富經驗，它消除了傳統製程中使用的熱界面材料。RapidCool 從而提高了散熱效率並降低了半導體的溫度。

Our RapidCool technology bonds the silicon cold plate directly to the semiconductor, thereby eliminating the thermal interface materials others use, and lowers thermal resistance by 70%. This allows RapidCool to effectively manage heat in semiconductors running at 3 times today's current power densities.

我們的 RapidCool 技術將矽冷板直接黏合到半導體上，消除了其他人使用的熱界面材料，並將熱阻降低了 70%。這使得 RapidCool 能夠有效地管理以目前功率密度 3 倍運行的半導體中的熱量。

Additionally, RapidCool targets specific hotspots on the semiconductors, further enhancing thermal management. We are currently working with industry partners who have requested RapidCool prototypes to evaluate for their future products. As part of our roadmap we continue to develop options that address the growing thermal demands of high-performance processors and high bandwidth memory devices. We are extremely excited about the potential of this technology and see it as a growth driver for us in the mid to long term.

此外，RapidCool 也針對半導體上的特定熱點，進一步增強熱管理。我們目前正在與產業合作夥伴合作，他們要求使用 RapidCool 原型來評估他們未來的產品。作為我們路線圖的一部分，我們將繼續開發滿足高效能處理器和高頻寬記憶體設備日益增長的熱需求的選項。我們對這項技術的潛力感到非常興奮，並將其視為我們中長期成長的動力。

Turning to our second quarter momentum, we signed five license agreements, consisting of four in media and one in semiconductors. Three were with new customers in key growth areas of semiconductors and e-commerce. We are making great progress bringing on new customers, which is critical to our growth strategy.

談到我們第二季的發展勢頭，我們簽署了五項許可協議，其中四項涉及媒體，一項涉及半導體。其中三家是來自半導體和電子商務等關鍵成長領域的新客戶。我們在吸引新客戶方面取得了巨大進展，這對我們的成長策略至關重要。

Over the last three quarters, 11 of the 25 license agreements we have signed have been with new customers. Our strategy of targeting new customers in growth markets is producing results. Our second quarter recurring revenue was up modestly year over year. And our non pay-TV recurring revenue was up an impressive 28% during the same period.

在過去三個季度中，我們簽署的 25 份授權協議中有 11 份是與新客戶簽署的。我們瞄準成長市場新客戶的策略正在發揮成效。我們第二季的經常性收入較去年同期略有成長。而同期我們的非付費電視經常性收入則大幅增加了 28%。

We signed a multi-year license agreement with ST Microelectronics, a global leader in analog and digital semiconductors. This deal was driven by our hybrid bonding technology, which continues to gain traction as a key enabler for AI and high-performance semiconductor devices.

我們與模擬和數位半導體領域的全球領導者意法半導體 (ST Microelectronics) 簽署了一份多年期授權協議。這筆交易是由我們的混合鍵合技術推動的，該技術作為人工智慧和高性能半導體設備的關鍵推動因素，並繼續受到關注。

We also signed two renewals in the second quarter. These renewals continue our strong track record of over 90% of our customers renewing their license agreements with us. Renewals provide predictable revenue and validate the ongoing relevance of our IP, as customers continue to rely on our innovations to deliver value to their end users.

我們也在第二季簽署了兩份續約協議。這些續約延續了我們超過 90% 的客戶與我們續約許可協議的良好記錄。續約提供了可預測的收入並驗證了我們智慧財產權的持續相關性，因為客戶繼續依賴我們的創新為其最終用戶提供價值。

One of these agreements was a multi-year renewal with a popular domestic OTT streaming service. OTT remains one of our high-priority growth markets due to our media portfolio's applicability and the OTT market's sheer size and subscriber growth trajectory. Having penetrated only a portion of this market today, there is significant opportunity as we continue to pursue large customers in this key market.

其中一項協議是與國內一家流行的 OTT 串流服務公司續簽多年協議。由於我們媒體組合的適用性以及 OTT 市場的規模和用戶成長軌跡，OTT 仍然是我們高度優先的成長市場之一。目前，我們僅滲透了該市場的一部分，但隨著我們繼續在這個關鍵市場中尋找大客戶，我們將面臨巨大的機會。

We signed multi-year license agreements with two new e-commerce customers for access to our media portfolio. One of these agreements is with Warby Parker, a popular and rapidly growing eyeglass retailer. This follows the success we had last year, signing Neiman Marcus.

我們與兩家新的電子商務客戶簽署了多年授權協議，以獲得我們媒體組合的使用權。其中一項協議是與受歡迎且快速發展的眼鏡零售商 Warby Parker 簽訂的。這是我們去年成功與 Neiman Marcus 簽約後的另一個成果。

E-commerce is particularly exciting to us because of the sheer breadth of potential customers across numerous industries where the possibilities are virtually unlimited. Our initial license agreements, mark an important entry point in validating our media portfolio for the e-commerce market. These early wins, lay the foundation for scale, and we expect deal volume to build as our market presence expands. We are on track to achieve our goal of delivering sustainable long-term growth.

電子商務對我們來說尤其令人興奮，因為它的潛在客戶範圍廣泛，涉及眾多行業，可能性幾乎是無限的。我們最初的授權協議標誌著我們驗證電子商務市場媒體組合的重要切入點。這些早期的勝利為規模奠定了基礎，我們預期隨著市場影響力的擴大，交易量也會增加。我們正在實現可持續長期成長的目標。

The renewals we've signed with existing customers, and importantly, the license agreements with new customers in our key growth markets such as semiconductors and e-commerce last quarter will contribute to achieving this goal. In the second quarter, our patent portfolio grew by 2% to over 13,000 assets. This brings our first half portfolio growth to a little over 6%, as we continue to evolve our portfolio to meet the needs of our fastest growing markets.

我們與現有客戶簽署的續約協議，以及重要的是上個季度與半導體和電子商務等主要成長市場的新客戶簽署的授權協議將有助於實現這一目標。第二季度，我們的專利組合成長了 2%，達到 13,000 多項。隨著我們不斷改進投資組合以滿足成長最快的市場的需求，這使得我們上半年的投資組合成長率略高於 6%。

While growth may moderate over the rest of the year, our focus remains on quality and relevance, not just volume. Our strong cash generation supports a balanced capital allocation strategy, investing in strategic tuck-in acquisitions, reducing debt, and returning capital to shareholders through dividends and sharerepurchases. Keith will share more on our capital allocation activity in a moment.

儘管今年剩餘時間內成長可能會放緩，但我們的重點仍然是品質和相關性，而不僅僅是數量。我們強勁的現金產生能力支持平衡的資本配置策略，投資於策略性補充收購，減少債務，並透過股利和股票回購向股東返還資本。基斯稍後將分享更多有關我們的資本配置活動的資訊。

Finally, I'm proud to share that for the second year in a row, Adeia was named a “Best Company toWork For” by US News and World Report. This recognition reflects our strong culture and helps us attract and retain world-class talent.

最後，我很自豪地告訴大家，Adeia 連續第二年被《美國新聞與世界報道》評為「最佳工作公司」。這項認可體現了我們強大的文化，並有助於我們吸引和留住世界級的人才。

With that, I'll turn the call over to Keith for a review of our financial performance. Keith.

說完這些，我將把電話轉給 Keith，讓他審查我們的財務表現。基思。

Thank you, Paul. I'm pleased to be speaking with you today to share details of our second quarter 2025 financial results.

謝謝你，保羅。我很高興今天能與您交談，分享我們 2025 年第二季財務業績的詳細資訊。

During the second quarter, we delivered revenue of $85.7 million, driven by the execution of five license agreements covering our strategic end markets, including semiconductor, OTT, e-commerce, and pay-TV. This includes three new customers that we added during the period, which further expands our customer base.

第二季度，我們實現了 8,570 萬美元的收入，這得益於我們簽署了五項授權協議，涵蓋半導體、OTT、電子商務和付費電視等策略終端市場。其中包括我們在此期間新增的三位新客戶，進一步擴大了我們的客戶群。

Now, I would like to discuss our operating expenses for which I'll be referring to non-GAAP numbers only. During the second quarter, operating expenses were $40.6 million, a decrease of $297,000, or 1% from the prior quarter.

現在，我想討論一下我們的營運費用，我將僅參考非 GAAP 數據。第二季度，營運費用為 4,060 萬美元，較上一季減少 29.7 萬美元，降幅為 1%。

Research and development expenses decreased $798,000, or 5% from the prior quarter. The decrease in the quarter is primarily due to a lower patent filing administrative fees and personnel costs. Selling, general, and administrative expenses decreased $819,000, or 4% from the prior quarter, primarily due to lower personnel costs. Litigation expense was $7.2 million, an increase of $1.3 million, or 23% compared to the prior quarter, primarily due to [increased] (added by company after the call) spending associated with our ongoing litigation with Disney.

研發費用較上一季減少 798,000 美元，即 5%。本季的下降主要是由於專利申請管理費和人員成本的降低。銷售、一般及管理費用較上一季減少 819,000 美元，即 4%，主要原因是人員成本降低。訴訟費用為 720 萬美元，比上一季增加 130 萬美元，增幅為 23%，主要原因是我們與迪士尼正在進行的訴訟相關的支出增加（電話會議後公司添加）。

Interest expense during the second quarter was $10.2 million, a decrease of $433,000, primarily due to our continued debt repayments. Our effective interest rate, which includes amortization of debt issuance costs was 7.8%.

第二季利息支出為 1,020 萬美元，減少 433,000 美元，主要原因是我們繼續償還債務。我們的實際利率（包括債務發行成本攤提）為 7.8%。

Other income was $1.4 million. It was primarily related to interest earned on our cash andinvestment portfolio and due to interest income recognized on revenue agreements with long-term billing structures under ASC 606.

其他收入為140萬美元。這主要與我們的現金和投資組合所賺取的利息有關，以及根據 ASC 606 的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 second quarter was $45.7 million, reflecting anadjusted EBITDA margin of 53%. Depreciation expense for the quarter was $488,000. Our non-GAAP income tax rate remained at 23% for the quarter. Our income tax expense consists primarily of federal and state domestic taxes, as well as Korean withholding taxes.

我們第二季的調整後 EBITDA 為 4,570 萬美元，調整後 EBITDA 利潤率為 53%。本季折舊費用為 488,000 美元。本季我們的非公認會計準則所得稅率為 23%。我們的所得稅費用主要包括聯邦和州國內稅以及韓國預扣稅。

Now, for a few details on the balance sheet. We ended the second quarter with $116.5 million in cash, cash equivalents and marketable securities, and generated $23.1 million in cash from operations. As a reminder, we experience fluctuations in our cash flows due to the billing structures of some of our agreements, whereby we receive lump sum annual payments.

現在，我們來了解一下資產負債表的一些細節。截至第二季末，我們擁有 1.165 億美元的現金、現金等價物和有價證券，並從經營活動中產生了 2,310 萬美元的現金。提醒一下，由於我們的某些協議的計費結構，我們的現金流量會出現波動，我們會收到一次性年度付款。

As a result, our first and fourth quarters tend to be significant cash generation quarters for us, whereas our second and third quarters, tend to be more modest. We made $11.1 million in principal payments on our debt in the second quarter and ended the quarter with a term loan balance of $458.9 million.

因此，我們的第一季和第四季往往是我們現金產生量較大的季度，而第二季和第三季則往往比較溫和。我們在第二季償還了 1,110 萬美元的債務本金，本季末的定期貸款餘額為 4.589 億美元。

During the quarter, we reached a significant milestone, as we have now paid down more than $300 million since our separation in October 2022. This is a clear testament to our highly cash generative business model and our disciplined focus on deleveraging our balance sheet.

在本季度，我們達到了一個重要的里程碑，自 2022 年 10 月分離以來，我們已經償還了 3 億多美元。這清楚地證明了我們高度現金產生的商業模式以及我們對去槓桿資產負債表的嚴格關注。

During the second quarter, we paid a cash dividend of $0.05 per share of common stock. Our Board also approved a payment of another $0.05 per share dividend to be paid on September 16th to shareholders of record as of August 26th.

第二季度，我們支付了每股普通股 0.05 美元的現金股利。我們的董事會也批准向截至 8 月 26 日登記在冊的股東支付每股 0.05 美元的股息，於 9 月 16 日支付。

Now I'll go over our guidance for the full year 2025. We are reiterating our prior revenue guidance for the full year. We expect revenue to be in the range of $390 million to $430 million. We're pleased with the progress that we continue to make in both adding new customers and growing our sales pipeline.

現在我將介紹我們對 2025 年全年的指導。我們重申先前對全年收入的預期。我們預計營收將在 3.9 億美元至 4.3 億美元之間。我們對在增加新客戶和擴大銷售管道方面不斷取得的進展感到滿意。

As always, we remain actively engaged with our customer base, as we monitor how their businesses are progressing during this dynamic economic environment. As a result of the relative uncertainty witnessed in the first half of the year, many companies were cautious yet optimistic on how their business would be impacted, and thus, reflecting a more heavily loaded second half for our revenue outlook.

像往常一樣，我們積極與客戶保持聯繫，並關注他們的業務在這個充滿活力的經濟環境中的進展。由於上半年相對的不確定性，許多公司對其業務將受到的影響持謹慎但樂觀的態度，因此，我們對下半年收入前景的預期將更加沉重。

Today, as anticipated, we see an increased level of engagement supporting our revenue forecast for the second half of the year. As we noted during our prior call, we made a conscious effort to be prudent in spending in light of the broader economic environment. Due to our efforts, we now expect operating expenses to be in the range of $160 million to $166 million.

今天，正如預期的那樣，我們看到參與度有所提高，這支持了我們對下半年收入的預測。正如我們在上次電話會議中指出的那樣，考慮到更廣泛的經濟環境，我們有意識地謹慎支出。由於我們的努力，我們現在預計營運費用將在 1.6 億美元至 1.66 億美元之間。

Within that guidance range, we anticipate that our litigation expense will decrease modestly in the second half of the year, primarily due to the completion of the trials associated with our litigation against certain Canadian pay-TV operators. We expect interest expense to be in the range of $40 million to $42 million. We expect other income to range of $5.5 million to $6.5 million.

在該指導範圍內，我們預計我們的訴訟費用將在下半年小幅下降，這主要是因為我們針對某些加拿大付費電視業者的訴訟相關審判已經完成。我們預計利息支出將在 4,000 萬美元至 4,200 萬美元之間。我們預計其他收入將在 550 萬美元至 650 萬美元之間。

We expect a resulting adjusted EBITDA margin of approximately 60%. We expect the non-GAAP tax rate to remain consistent at roughly 23% for the full year. We also expect capital expenditures to be approximately $1 million for the full year.

我們預計調整後的 EBITDA 利潤率約為 60%。我們預計全年非公認會計準則稅率將維持在 23% 左右。我們也預計全年資本支出約為 100 萬美元。

The second quarter was in line with our expectations. With improved stability within the broader macroeconomic environment and the strength of our sales pipeline, we remain encouraged about both our short term and long-term prospects. That brings an end to our prepared remarks.

第二季符合我們的預期。隨著宏觀經濟環境的穩定性提高以及銷售管道的強勁成長，我們對短期和長期前景仍然充滿信心。我們的準備好的演講到此結束。

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

現在，我想將電話轉給接線員，開始我們的問答環節。操作員？

(Operator Instructions) Hamed Khorsand, BWS Financial.

（操作員指示） Hamed Khorsand，BWS Financial。

Hi, just the first question here on this OTT renewal. Can you just talk about if the contract is structurally different than the previous one?

大家好，這是我關於 OTT 續訂的第一個問題。您能否談談該合約的結構是否與先前的合約不同？

Sure, Hamed. Thanks for the question. Appreciate it. Yeah, like most of our renewals, typically, they're pretty standard unless there's really a change in circumstances with the company. In this case, it was in line with the prior agreement.

當然，哈米德。謝謝你的提問。非常感謝。是的，就像我們大多數的續約一樣，通常情況下，除非公司的情況真的發生變化，否則它們都是相當標準的。在這種情況下，這符合先前的協議。

And then the new opportunities that you talked about earlier, could you talk about where they fit as far as -- are they e-commerce, are they OTT?

然後，您之前談到的新機遇，您能談談它們適合什麼嗎——它們是電子商務，還是 OTT？

We're not going to get into that in much detail right now, but what I can say is, these are opportunities one that we are excited about. They are opportunities that we had originally thought would be in 2026 and beyond. And because of the work of the team, we now believe we can pull in to 2025. They are fairly sizable opportunities.

我們現在不會詳細討論這個問題，但我可以說的是，這些都是令我們興奮的機會。這些機會我們原本以為會在 2026 年及以後出現。由於團隊的努力，我們現在相信我們可以進入 2025 年。這些都是相當大的機會。

And what it means is we have an ability to finish the year within our guidance range, even towards the high end of the guidance range, even without the large semiconductor agreement closing within the year, which is still our goal. But if we can't get that done, we now have multiple shots on goal to make that happen. So we're very pleased with the progress we've been able to make there.

這意味著我們有能力在指導範圍內完成今年的業績，甚至達到指導範圍的高端，即使年內沒有達成大型半導體協議，但這仍然是我們的目標。但如果我們無法做到這一點，我們現在有多種方法來實現這一目標。因此，我們對在那裡取得的進展感到非常高興。

Okay. Thank you.

好的。謝謝。

Scott Searle, Roth Capital.

羅斯資本的斯科特·塞爾。

Hey, good afternoon, thanks for taking my questions. Keith and Paul, maybe just get quickly calibrated. I'm wondering if you could give us an idea about the recurring versus non-recurring revenue and the mix between media and semi. And then I had a couple of follow-ups on the semi-front.

嘿，下午好，感謝您回答我的問題。基斯和保羅，也許只是快速校準。我想知道您是否可以向我們介紹經常性收入和非經常性收入以及媒體和半導體之間的組合。然後我在半前沿進行了一些後續行動。

Hey, Scott, and welcome. So for our recurring revenue are -- this quarter, the large portion or a substantial portion of our revenue this quarter, was recurring. We had three new customers that we signed this period. A lot of that revenue is kind of based on future production and volumes. So the impact of those agreements will be kind of more picked up and more pronounced in the future.

嘿，斯科特，歡迎光臨。因此，對於我們的經常性收入而言——本季度，我們收入的很大一部分或相當一部分都是經常性的。這段期間我們簽約了三位新客戶。很大一部分收入取決於未來的產量和銷售量。因此，這些協議的影響在未來將會更加強烈、更加明顯。

So what you're going to see is a relatively small percentage this period, probably a little bit less than we had seen in prior quarters. But nonetheless, the numbers that we're kind of posting really shows, quite frankly, the stability in our overall revenue base.

因此，您將看到的是本期百分比相對較小，可能比前幾季的百分比略低。但儘管如此，坦白說，我們發布的數字確實表明了我們整體收入基礎的穩定性。

And with that, being able to kind of maintain through our renewals. And then when we start adding some of the new deals that Paul is kind of alluding to, you're going to see a a nice step up in that and some growth in that recurring number.

這樣，我們就能夠透過更新來維持現狀。然後，當我們開始添加保羅提到的一些新交易時，你會看到交易量有了很大的提升，並且經常性數字也會有所增長。

Got you. And, maybe just in terms of the split between media and otherwise, and within media, if we were to exclude pay-TV, what kind of growth rate are you seeing then with OTT, CE, and e-commerce? What are we looking at as we go in the second quarter and how that ramps into the second half?

明白了。而且，也許僅就媒體與其他領域的劃分而言，在媒體內部，如果我們排除付費電視，那麼您看到 OTT、CE 和電子商務的成長率是什麼樣的？我們在第二季度關注什麼以及它將如何發展到下半年？

Yeah. I think what you're going to see is that, well, there will be some impact when we sign the semi-deal. And that definitely add to it. But what's also really exciting is that the growth in the media side, which really makes the preponderance of the revenue today from a recurring standpoint, there'll be an appreciable pickup as well. So you'll see growth on both ends.

是的。我認為你將會看到，當我們簽署半協議時，會產生一些影響。這無疑會增加它。但同樣令人興奮的是，媒體方面的成長也將出現明顯的回升，從經常性收入的角度來看，媒體的成長確實構成了當今收入的主要部分。因此你會看到兩端都在成長。

Yeah, and Scott just as I said in my prepared remarks, just as a reminder, we saw a 28% increase in our recurring revenue in the non-pay TV part of our recurring revenue, right, which is really a combination of obviously the semiconductor business growth and then also the non-pay TV parts of our media part of our business, which is obviously OTT, e-commerce, consumer electronics, social media, all are contributing to that growth.

是的，斯科特，正如我在準備好的發言中所說，提醒一下，我們的非付費電視部分的經常性收入增長了 28%，這顯然是半導體業務增長和我們媒體業務的非付費電視部分的結合，顯然是 OTT、電子商務、消費電子產品、社交媒體，所有這些都為這一增長做出了貢獻。

And we're seeing recurring revenue growth even when you put the declines in pay TV in there, sequentially and year over year. So we're happy with the recurring revenue growth overall.

即使考慮到付費電視收入的環比和同比下滑，我們仍然看到經常性收入的成長。因此，我們對整體經常性收入的成長感到滿意。

Okay, great, very helpful. And then Paul, maybe on the semi front, I think you had some comments if the semi-deal does not happen this year. I wonder if you could parse that a little bit more? I know this deal has been fairly complex but is there an expectation that it maybe doesn't happen or it's just taking more time to close, because it sounds like you've got multiple avenues now, like you said, or multiple shots on goal to get to the higher end of that range.

好的，非常好，非常有幫助。然後保羅，也許在半決賽方面，如果半決賽交易今年沒有達成，我想你會有一些評論。我想知道您是否可以對此進行更深入的分析？我知道這筆交易相當複雜，但是否有人預計它可能不會發生，或者只是需要更多時間才能完成，因為聽起來你現在有多個途徑，就像你說的，或者有多個機會達到這個範圍的高端。

But I'm kind of wondering where your enthusiasm with hybrid bonding in the large semi deal kind of sits and how we should be thinking about 2026 on that front?

但我想知道，您對大型半導體交易中的混合債券的熱情如何，以及我們應該如何看待 2026 年的這一前景？

Sure. I want to be clear. Our goal and our expectations is still absolutely to close that deal this year, but we have to plan for the alternative. And so we've been doing multiple things along that front.

當然。我想說清楚。我們的目標和期望仍然是今年完成這筆交易，但我們必須為其他選擇做好計劃。因此，我們一直在這方面做多項工作。

One, we've been, working really hard to find ways that we can pull in other deals and I'm really proud of the team's effort on that front. And so -- and now we have multiple paths if something doesn't happen, it's always good to have multiple paths to achieve the revenue goals.

首先，我們一直在努力尋找能夠達成其他交易的方法，我為團隊在這方面的努力感到非常自豪。所以——現在如果沒有發生某件事，我們有多條途徑，有多條途徑來實現收入目標總是好的。

The other thing is, if for some reason it -- we can't get there with that, then we're ready to -- we've referred to it before as a year of action. And we'll be ready to take a different strategic path if we need to with that customer. And it's something that we don't take lightly when we need to, but we'll be prepared to, and ready to if we need to go down that path as well.

另一件事是，如果由於某種原因我們無法實現這一目標，那麼我們已經做好準備——我們之前將其稱為行動之年。如果需要的話，我們將準備好針對該客戶採取不同的策略路徑。當我們需要時，我們不會掉以輕心，但如果我們需要走這條路，我們也會做好準備。

Got you. Very good. And lastly, just to throw in, I wonder if you could provide a little bit more color on the RapidCool directed chip? Sounds very exciting. I think you said a medium or intermediate term to longer term, so in terms of the commercialization of that, maybe the process to get there, and kind of maybe a time frame that you'd put around that.

明白了。非常好。最後，順便提一下，我想知道您是否可以提供更多關於 RapidCool 定向晶片的詳細資訊？聽起來很令人興奮。我認為您說的是中期或中期到長期，所以就商業化而言，也許是實現這一目標的過程，也許是您為此設定的時間框架。

And what are high-level question -- there had been some, I guess, commentary coming out of Washington a week or so ago about the taxation of intellectual property. I'm just wondering if you had any high-level thoughts on that? Thanks.

什麼是高層問題——我想，大約一周前華盛頓就知識產權徵稅發表了一些評論。我只是想知道您對此有什麼高層次的想法嗎？謝謝。

Yeah, I'll start with that second question first, because otherwise I'll forget cause I'll get so excited about RapidCool. But I'll start on what I'd say is really speculation out of Washington. And it's really nothing more than that. It was a Wall Street Journal article. I think someone wanted to float an idea that came across.

是的，我先從第二個問題開始，因為否則我會忘記，因為我會對 RapidCool 感到非常興奮。但我想先談談華盛頓的猜測。事實上，僅此而已。這是《華爾街日報》的一篇文章。我認為有人想提出一個想法。

There's really not a lot of details. And it's -- and,if and when there's more, we'll comment on it. But until that time, it's really not worth spending a lot of time on it, because it's hard to know what what's really even being even floated out there, given the lack of detail there.

確實沒有太多細節。而且——如果有更多消息，我們會對其進行評論。但在那之前，真的不值得花太多時間，因為由於缺乏細節，很難知道那裡到底在發生什麼事。

With respect to RapidCool, we're very excited about this. It is still fairly early on, but we've got -- seen some really exciting results in our prototype and our R&D efforts that we've had. We're working, as I mentioned, with industry, the partners, and potential customers about our test results and what it looks like.

對於 RapidCool，我們對此感到非常興奮。雖然還處於早期階段，但我們在原型和研發工作中已經看到了一些非常令人興奮的成果。正如我所提到的，我們正在與業界、合作夥伴和潛在客戶合作，討論我們的測試結果及其表現。

And this is what we do really well, right? We focus on industry needs, and so a few years ago, the team looked at what are some of the key areas that are of need and what are our strengths, right? And hybrid bonding is clearly a strength of ours and something that we have focused on as well as advanced packaging.

這正是我們做得非常好的事情，對吧？我們關注行業需求，因此幾年前，團隊研究了哪些關鍵領域有需求，以及我們的優勢是什麼，對嗎？混合鍵結顯然是我們的優勢，也是我們和先進封裝一樣關注的重點。

And the idea that came from our world class engineers was what if we were able to directly bond the cold plate directly to the silicon and really take out a lot of the other -- the unnecessary parts, that make cooling the chip much more difficult, and that's what the team came. It sounds easy when I say it. It's an incredible engineering feat what they've done. And what we're hearing from our partners and customers is it's better than anything else that they're seeing out there. And so we're very excited about the potential of it, but it does take time to get from where we're at right now to ultimately commercialization and then revenue that we see. So we do see it as a medium- to long-term opportunity, but one that could be very substantial for us down the road.

我們的世界級工程師提出的想法是，如果我們能夠將冷板直接粘合到矽片上，並真正去除許多其他不必要的部分，這些部分會使晶片的冷卻變得更加困難，這就是團隊的想法。當我這麼說的時候，聽起來很容易。他們所做的是一項令人難以置信的工程壯舉。我們從合作夥伴和客戶那裡聽到的是，它比他們所見過的任何其他產品都要好。因此，我們對它的潛力感到非常興奮，但從現在的水平到最終商業化並實現收入確實需要時間。因此，我們確實將其視為一個中長期機會，但對於我們未來而言，它可能是一個非常重要的機會。

Great, thanks so much. I'll get back in the queue.

太好了，非常感謝。我會回到隊列中。

Kevin Cassidy, Rosenblatt Securities.

羅森布拉特證券公司的凱文·卡西迪。

Yes, thanks for taking my question and maybe to drill down a little more on RapidCool, it does seem very exciting technology. Do you see this as applications in the data center, or do you think it's in the high performance at the network edge, where maybe liquid cooling isn't practical today?

是的，感謝您回答我的問題，也許我們可以更深入地了解 RapidCool，它確實是一項非常令人興奮的技術。您是否認為這是資料中心中的應用，或者您認為這是網路邊緣的高效能應用，而液體冷卻目前可能並不實用？

Yeah, I think, right now we're targeting really is the data centers. If you look at my prepared remarks and the topic there. That's what we've focused on and seeing the needs there. It is a direct-to-chip technology and one that can actually work with other cooling technologies as well. It's not something that is going to necessarily compete with other data center related cooling technologies, whether it be air cooling or liquid cooling. And so, it is unique in that way and we're pretty excited about it.

是的，我認為，我們現在的目標確實是資料中心。如果你看一下我準備好的發言和那裡的話題。這就是我們所關注的以及看到那裡的需求。它是一種直接晶片技術，實際上也可以與其他冷卻技術配合使用。它不一定會與其他資料中心相關的冷卻技術競爭，無論是空氣冷卻還是液體冷卻。因此，從這個方面來說它是獨一無二的，我們對此感到非常興奮。

Our roadmap though does create potentials for other applications for it, and we are looking at other ways that it could apply to other applications, so stay tuned on where it can go as well.

不過，我們的路線圖確實為其他應用創造了潛力，我們也在尋找將其應用於其他應用的其他方法，因此請繼續關注它的發展方向。

Okay, great. And the -- well, congratulations on landing the ST Micro. You said it was a hybrid bonding. Is that related to chiplets? And do you expect there to be a lineup of many other semiconductor companies that are looking to move to the chiplet technology?

好的，太好了。那麼，恭喜您加入 ST Micro。你說這是一種混合鍵結。這與 chiplet 有關嗎？您是否預計會有許多其他半導體公司尋求轉向小晶片技術？

Yeah, we can't get too much into the details. What we said on the -- it's a portfolio license to our semiconductor portfolio. What we talked about was what's driving our license agreements generally, which is hybrid bonding in the semiconductor space and certainly chiplets, especially in the logic space, which is different than what ST Microelectronics is and focused on.

是的，我們不能談論太多細節。我們所說的—這是我們半導體產品組合的許可。我們討論的是整體上推動我們許可協議的因素，即半導體領域的混合鍵合以及小晶片，特別是在邏輯領域，這與意法半導體的重點不同。

It certainly is an area of focus for where we're seeing hybrid bonding adoption. Broadly speaking, we're seeing more and more companies announce new chip designs that they intend to launch or have launched here in the coming months to years. So we're very excited about that as well as -- as you know, well, Kevin, what's coming in high bandwidth memory here in the near term with Samsung and others are talking about with HBM4E and HBM5, as we get to 16 layers, and then ultimately to 20 layers, and the need for hybrid bonding for memory as well.

這無疑是我們看到混合黏合採用的一個重點領域。總體而言，我們看到越來越多的公司宣布他們打算在未來幾個月到幾年內推出或已經推出的新晶片設計。因此，我們對此感到非常興奮 - 正如你所知，凱文，三星和其他公司在短期內將在高頻寬記憶體方面取得進展，他們正在討論 HBM4E 和 HBM5，我們將達到 16 層，最終達到 20 層，並且還需要混合鍵合記憶體。

That's great. Yeah, great progress. Congratulations.

那太棒了。是的，進步很大。恭喜。

Thanks, Kevin.

謝謝，凱文。

Matthew Galinko, Maxim Group.

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

Hey, good afternoon. Thanks for answering my questions. I know you're not guiding the quarters, but can you give us a little bit of sense of how the back half might shape up, in terms of balance? Should we kind of be expecting a fourth quarter concentration, just given the multiple opportunities you have, or how should we be thinking about timing?

嘿，下午好。感謝您回答我的問題。我知道您沒有指導四分之一決賽，但是您能否讓我們稍微了解一下後半部分在平衡方面會如何形成？考慮到你們擁有的多種機會，我們是否應該期待第四季度的集中，或者我們應該如何考慮時機？

Hey, Matt, good talking to you. So for us, why don't we just take a look at our real focus on getting the proper economics for the deals, right? I think the relative closing of those deals that we've kind of talked about is -- our focus is within the year. I would just really kind of focus on that.

嘿，馬特，很高興和你聊天。那麼對我們來說，為什麼我們不真正關注如何讓交易獲得適當的經濟效益？對吧？我認為，我們談論過的那些交易的相對完成是——我們的重點是在年內。我真的只是會注意這一點。

So, with that being said, I think the momentum that we see makes me quite excited and kind of where we're at at the particular stages. And then Paul did a really good job of talking about some of the progress that we're making on other deals that wasn't necessarily in our original forecast for the year, and those are progressing quite well.

所以，話雖如此，我認為我們所看到的勢頭讓我非常興奮，也讓我了解我們目前所處的特定階段。然後保羅很好地談到了我們在其他交易中取得的一些進展，這些交易並不一定在我們最初對今年的預測中，而且進展相當順利。

So as we sit here, we're kind of in a really good position, quite frankly, in terms of there's many options, that we have to kind of achieve that target. How that balances out from one quarter to the next is probably less important versus closing those deals and getting them done. But in any event, we're very much dedicated to that guidance range.

因此，當我們坐在這裡時，坦白說，我們處於一個非常有利的位置，因為有很多選擇，我們必須實現這個目標。與達成並完成這些交易相比，如何在一個季度和下一個季度之間實現平衡可能不那麼重要。但無論如何，我們都非常致力於該指導範圍。

And just speaking up on that, what we really do see is, that aspect of the range, we try to be very transparent in what you have. We're reiterating guidance. And then quite frankly, with the options that we have, the top end of the guidance as well, is still in play very much so as we typically talk about from a midpoint perspective, but there's a great deal of momentum that we have in our business.

就此而言，我們真正看到的是，就該範圍而言，我們試圖對您所擁有的內容保持非常透明。我們正在重申指導意見。坦白說，憑藉我們擁有的選擇，指導的最高端仍然在發揮作用，就像我們通常從中間點角度談論的那樣，但我們的業務擁有巨大的發展勢頭。

Thanks. And maybe just the follow up on your comments about caution on spending and bringing the spending down a little bit. If you do find yourself finding some larger deal than in the third quarter or early in the fourth, do you see potentially bringing some R&D back up in the back half of the year, if you're feeling more comfortable with revenue level in the back half and particularly the end of the year?

謝謝。也許只是跟進您關於謹慎支出和稍微減少支出的評論。如果您確實發現自己找到了比第三季或第四月初更大的交易，並且您對下半年特別是年底的收入水平感到更滿意，您是否認為有可能在下半年重新增加一些研發投入？

Now that's a great question, Matt. And then specifically, what -- one of our main priorities in our business is to continue to innovate and we take that very seriously. The spending that we noted and that decreased from the midpoint of formerly $170 million to $163 million, that is primarily driven on the selling and general and administrative side of things.

這是一個很好的問題，馬特。具體來說，我們業務的主要優先事項之一就是繼續創新，我們對此非常重視。我們注意到，支出從先前的 1.7 億美元中點減少到了 1.63 億美元，這主要是由於銷售和一般行政方面的支出。

For R&D, there is a few things that are maybe a little bit much further out that we've adjust the timing on, that doesn't have a near term impact in on revenue. But with that dedication to innovation quite frankly, you will see some growth, some slight and modest growth, on the R&D side of things.

對於研發，有些事情可能還需要再等一段時間，我們已經調整了時間，但這不會對營收產生短期影響。但坦白說，只要致力於創新，你就會看到研發方面出現一些成長，一些輕微且適度的成長。

It's where on the SG&A we tighten the belt, so to speak. And delayed the timing on a few things on a strategic basis without harming our really long-term prospects, but R&D is something that we're committed to as a company. And anytime we see an opportunity that we can accelerate our business, we'll capitalize on it, and we'll make that spent.

可以這麼說，這就是我們在銷售、一般和行政費用上勒緊褲腰帶的地方。並在策略基礎上推遲了一些事情的時間，而不會損害我們的長期前景，但研發是我們作為一家公司所致力於的事情。只要我們看到可以加速我們業務發展的機會，我們就會利用它，並加以利用。

Great. Thank you.

偉大的。謝謝。

And with no further questions, thank you, I will hand the call back over to management.

如果沒有其他問題，謝謝，我會把電話交還給管理階層。

Thank you, operator. And thanks to everyone for being with us today. I'd like to thank our employees for their continued dedication and hard work.

謝謝您，接線生。感謝大家今天的到來。我要感謝我們的員工的持續奉獻和辛勤工作。

In the third quarter, we'll be participating in Rosenblatt's Age of AI Virtual Conference on August 18. And we will also be attending the BWS Investor Conference in New York on August 20. We look forward to seeing you at these and other upcoming events. Thank you for joining us today.

第三季度，我們將參加 8 月 18 日 Rosenblatt 的人工智慧時代虛擬會議。我們也將於8月20日參加在紐約舉行的BWS投資者會議。我們期待在這些活動以及其他即將舉行的活動中見到您。感謝您今天加入我們。