Adeia Inc (ADEA) 2025 Q3 法說會逐字稿

Good day, everyone. Thank you for standing by. Welcome to Adeia's third-quarter 2025 earnings conference call. (Operator Instructions)

大家好。感謝您的耐心等待。歡迎參加 Adeia 2025 年第三季財報電話會議。（操作說明）

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

現在我將把電話交給 Adeia 的投資者關係副總裁 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.

大家下午好。感謝您參加本次季度財務業績分享會。今天和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，以及我們的財務長基斯瓊斯。

Paul will share with you some general observations regarding the quarter. And then Keith will give further details on our financial results and guidance. We will then conclude with a question-and-answer period.

保羅將與大家分享一些關於本季的整體看法。然後，基斯將詳細介紹我們的財務業績和業績展望。最後我們將進行問答環節。

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

除了今天的財報發布外，您還可以透過我們網站的投資者關係部分存取財報簡報以及網路直播。

Before turning the call over to Paul, I would like to provide a few reminders. First, today's discussion contains forward-looking statements that are predictions, projections, or other statements about future events, which are based on management's current expectations and beliefs, and therefore, subject to risks, uncertainties, and changes in circumstances.

在將電話交給保羅之前，我想提醒大家幾點。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、展望或其他陳述，這些陳述基於管理層當前的預期和信念，因此存在風險、不確定性和情況變化。

For more information on the risks and uncertainties that could cause our actual result 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. 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今天討論的結果存在重大差異的風險和不確定性的更多信息，請參閱我們向美國證券交易委員會提交的文件（包括我們的 10-K 表格年度報告和 10-Q 表格季度報告）中的風險因素部分。請注意，本公司不打算更新或修改這些前瞻性聲明，以反映本次電話會議之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.

為了增進投資者對我們目前經濟表現的了解，我們將在本次電話會議中討論非GAAP資訊。我們內部使用非GAAP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，對我們的經營業績進行比較。我們已在獲利報告、獲利簡報和我們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指標的調節表。

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 adeia.com 的投資者關係網站上提供。

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

現在，我想把電話交給我們的執行長保羅·戴維斯。

Thank you, Chris, and thank you to everyone for joining us today. Our third-quarter revenue of $87.3 million was in line with our expectations and we remain confident in the strength of our business. Importantly, our non-Pay TV recurring revenue was up 31% year over year for the third quarter.

謝謝你，克里斯，也謝謝今天所有到場的各位。我們第三季營收為 8,730 萬美元，符合預期，我們對公司業務的實力仍然充滿信心。值得注意的是，我們第三季的非付費電視經常性營收年增了 31%。

Let me first address the change to our revenue guidance we announced this morning. While we continue to have paths to achieve our original revenue guidance range for the year, we have taken a prudent approach and adjusted our 2025 full-year revenue guidance, primarily to reflect that we have now filed litigation against AMD and closing a license agreement in the fourth quarter, as previously expected, is now unlikely.

首先，我想談談我們今天早上宣布的收入預期調整。儘管我們仍有途徑實現今年的原始收入預期範圍，但我們採取了謹慎的做法，調整了 2025 年全年收入預期，主要原因是我們現在已經對 AMD 提起訴訟，並且此前預期的在第四季度達成協議現在不太可能實現。

We have continued to make good progress on other significant deals in our pipeline and we remain focused on getting the best economics we can over the long term. Our revised revenue guidance range reflects multiple opportunities that we are actively pursuing. To the extent that they don't close in 2025, they become a strong catalyst to growth in 2026.

我們在其他重要交易項目上也持續取得良好進展，我們將繼續專注於在長期內獲得最佳經濟效益。我們修訂後的收入預期範圍反映了我們正在積極尋求的多個機會。如果它們在 2025 年沒有倒閉，它們將成為 2026 年成長的強大催化劑。

Before I get into the details of the third-quarter results, I want to cover today's announcement regarding our litigation against AMD for patent infringement. I will also provide a brief update on the progress we have made in our other pending litigation. This morning we issued a press release announcing we filed multiple patent infringement lawsuits against AMD in the Western District of Texas.

在詳細介紹第三季業績之前，我想先談談今天關於我們對 AMD 提起專利侵權訴訟的公告。我也會簡要介紹一下我們在其他待決訴訟中所取得的進展。今天上午，我們發布新聞稿宣布，我們已在德州西區對 AMD 提起多項專利侵權訴訟。

Our decision to file litigation was not taken lightly and followed significant efforts to reach a business resolution. The action we took today reflects our firm commitment to ensure we realize appropriate value for our substantial investments we have made in our foundational semiconductor technology.

我們提起訴訟的決定並非輕率之舉，而是在經過大量努力尋求商業解決方案之後做出的。我們今天採取的行動體現了我們堅定不移的承諾，即確保我們從對基礎半導體技術的大量投資中獲得應有的價值。

For years, AMD's products have incorporated and made extensive use of our patented semiconductor technologies, which have enabled them to be a market leader in the semiconductor industry, including those related to hybrid bonding and advanced process nodes. We sought to enter into a license agreement with AMD and we have been referencing this opportunity since last year and have been pursuing a deal for even longer.

多年來，AMD 的產品一直採用並廣泛使用我們專利的半導體技術，這使他們成為半導體行業的市場領導者，包括與混合鍵合和先進製程節點相關的技術。我們一直希望與 AMD 達成許可協議，從去年開始我們就一直在關注這個機會，為了達成協議，我們已經努力了更長時間。

Despite our efforts to reach a business resolution, AMD continues to use Adeia's patented semiconductor innovations without authorization. The lawsuits we filed today seek to stop this unauthorized use and include patents covering hybrid bonding and advanced process node technologies.

儘管我們努力尋求商業解決方案，但 AMD 仍在未經授權的情況下繼續使用 Adeia 的專利半導體創新技術。我們今天提起的訴訟旨在阻止這種未經授權的使用，其中包括涵蓋混合鍵合和先進製程節點技術的專利。

Our hybrid bonding technology is used in AMD's most advanced semiconductor products, including those for AI workloads, data centers, and high performance cloud computing. Our advanced process node technology is used in the vast majority of AMD's current semiconductor products. We believe in the strength of our patent portfolio, the value of our innovations, and we are committed to protecting our intellectual property. We are confident in our ability to achieve a positive outcome.

我們的混合鍵合技術應用於 AMD 最先進的半導體產品中，包括用於人工智慧工作負載、資料中心和高效能雲端運算的產品。我們先進的製程節點技術應用於AMD目前絕大多數半導體產品。我們相信我們專利組合的實力，相信我們創新的價值，並且我們致力於保護我們的智慧財產權。我們有信心取得正面成果。

Turning to the progress in our other pending litigation. It has been a year since we filed litigation against Disney, and the cases have been progressing well and collectively better than we expected. First, in Delaware, the court denied Disney's motion to dismiss certain of the patents in the case.

接下來談談我們其他待決訴訟的進展。自從我們對迪士尼提起訴訟以來已經過去一年了，案件進展順利，總體情況比我們預期的要好。首先，在德拉瓦州，法院駁回了迪士尼要求駁回該案中某些專利的動議。

As such, the litigation will continue to proceed on all six patents. In Brazil, our request for a preliminary injunction was granted and further upheld on appeal. We have initiated enforcement proceedings on the injunction. In Europe, the three cases are proceeding as planned and are all scheduled to go to trial in the first quarter of 2026. I am optimistic about this early progress in our Disney litigation, and our goal remains to ultimately reach an agreement with Disney that fairly values our intellectual property.

因此，針對這六項專利的訴訟將持續進行。在巴西，我們提出的初步禁制令申請獲得批准，並在上訴中進一步維持。我們已啟動禁令執行程序。在歐洲，這三起案件均按計劃進行，並計劃於 2026 年第一季開庭審理。我對我們在迪士尼訴訟中取得的早期進展感到樂觀，我們的目標仍然是最終與迪士尼達成一項公平評估我們智慧財產權的協議。

Turning to Shaw, the court recently ruled in our favor and denied Shaw's motion to dismiss our breach of contract case, meaning the litigation will now move forward.

再來看 Shaw 案，法院最近做出了有利於我們的裁決，駁回了 Shaw 要求駁回我們違約訴訟的動議，這意味著訴訟現在將繼續進行。

In our patent litigation case against Videotron, we recently received a positive ruling from the court. While details of the decision are still confidential, we are pleased that the court found two of the four patents in the case are valid and infringed. Further, the court awarded damages with respect to both patents and an injunction with respect to one of them. Finally, in our patent litigation against Bell, we expect a ruling in the second or third quarter of 2026.

在我們與 Videotron 的專利訴訟案中，我們最近獲得了法院的有利判決。雖然判決細節仍屬保密，但我們很高興法院認定此案中的四項專利中有兩項有效且遭到侵權。此外，法院還就這兩項專利判決了損害賠償，並就其中一項專利頒布了禁令。最後，在我們與貝爾公司的專利訴訟中，我們預計將在 2026 年第二季或第三季得到裁決。

Now for some additional commentary on our business results. During the third quarter, we closed two long-term license agreements. One was a renewal with Altice, one of the largest broadband and video service providers in the United States for access to our media portfolio. The agreement supports their Optimum services, including broadband, cable television, and OTT streaming platforms, ensuring subscribers enjoy advanced content discovery and navigation experiences.

現在對我們的業務業績做一些補充說明。第三季度，我們簽訂了兩項長期授權協議。其中一項是與美國最大的寬頻和視訊服務供應商之一 Altice 續約協議，以獲得存取我們媒體組合的權限。該協議支援他們的 Optimum 服務，包括寬頻、有線電視和 OTT 串流平台，確保用戶享受先進的內容發現和導航體驗。

The second agreement was with a new e-commerce customer also for access to our media portfolio. We have now signed four e-commerce customers since entering this exciting new market last year, and we anticipate many more in the coming quarters.

第二份協議是與一家新的電子商務客戶簽訂的，目的是讓他們能夠使用我們的媒體資源。自去年進入這個令人興奮的新市場以來，我們已經簽約了四家電子商務客戶，我們預計在接下來的幾個季度會有更多客戶簽約。

We recently celebrated our third anniversary as a stand-alone company, and I am tremendously proud of all we have accomplished. The separation unleashed the opportunity for us to expand our pipeline and grow as an independent organization. We have continued to expand beyond Pay TV, which has been our core business historically, and into new growth opportunities in semiconductors, OTT, social media, and e-commerce. License agreements we have signed in these verticals are now driving growth in our non-Pay TV recurring revenue stream.

我們最近慶祝了作為一家獨立公司成立三週年，我為我們所取得的一切成就感到無比自豪。這次分拆為我們提供了拓展業務範圍、發展成為獨立組織的機會。我們不斷拓展業務範圍，不再侷限於付費電視（這歷來是我們的核心業務），而是進入半導體、OTT、社群媒體和電子商務等領域的新成長機會。我們在這些垂直領域簽署的授權協議現在正在推動我們非付費電視經常性收入的成長。

In the third quarter, our non-Pay TV recurring revenue was up 81% since separation, providing evidence of our early success in these new verticals. This growth includes new agreements with large semiconductor companies such as Sandisk, Kioxia, and ST Microelectronics, OTT deals with Amazon, Paramount, and Starz; and social media and consumer electronics deals with X, Samsung, LG, and Canon.

第三季度，我們的非付費電視經常性收入自分拆以來增長了 81%，這證明了我們在這些新垂直領域取得了初步成功。這一成長包括與 Sandisk、鎧俠和意法半導體等大型半導體公司達成的新協議；與亞馬遜、派拉蒙和 Starz 達成的 OTT 協議；以及與 X、三星、LG 和佳能達成的社交媒體和消費電子產品協議。

We have also renewed key pay TV deals with customers such as Altice, Verizon, and Cox, which we've had relationships for many years and have renewed time and time again. These deals provide a solid foundation from which we can grow as we add new customers.

我們還與 Altice、Verizon 和 Cox 等客戶續簽了重要的付費電視協議，我們與這些客戶已經保持了多年的合作關係，並且一次又一次地續簽了協議。這些交易為我們拓展新客戶、實現成長奠定了堅實的基礎。

One of our key priorities at separation was to grow our IP portfolio. Growing our portfolio adds value to help secure new customers and renewals which drive ongoing recurring revenue. At the time of separation, we had approximately 9,500 patent assets. With a commitment to expand and evolve our portfolio, we have seen our portfolio increase to over 13,000 patent assets, reflecting an impressive growth of over 35%. The vast majority of this growth has been from internal R&D focused on new patent filings and OTT, AI, hybrid bonding, and thermal management.

分拆後，我們的首要任務之一是擴大我們的智慧財產權組合。拓展產品組合有助於吸引新客戶和續約客戶，從而推動持續的經常性收入。分拆時，我們擁有約 9,500 項專利資產。我們致力於擴展和發展我們的專利組合，目前我們的專利資產已增至 13,000 多項，增幅超過 35%，令人矚目。絕大部分成長來自內部研發，重點是新的專利申請以及OTT、人工智慧、混合鍵結和熱管理。

Additionally, we have built a positive, healthy culture and have been widely recognized as a leading innovator. We were named one of the best places to work by US News and World Report for two years in a row, and one of the world's most trustworthy companies by Newsweek.

此外，我們建立了積極健康的企業文化，並被廣泛認為是領先的創新者。我們連續兩年被《美國新聞與世界報道》評為最佳工作場所之一，並被《新聞周刊》評為全球最值得信賴的公司之一。

We were honored that Adeia's hybrid bonding technology received the Best of Show award for the most innovative technology at the Future of Memory and Storage Conference in August. This recognition is a strong validation of the dedication, innovation, and technical excellence our team brings to advancing the future of memory and storage solutions.

我們很榮幸 Adeia 的混合鍵合技術在 8 月的未來儲存大會上獲得了最具創新性技術的最佳展示獎。這項認可有力地肯定了我們團隊在推進記憶體和儲存解決方案的未來發展方面所展現出的奉獻精神、創新精神和技術卓越性。

But our accomplishments don't end there because all of this contributes to our financial success. Our highly cash generative business model has provided the strength to execute on our balanced capital allocation approach as we have continued to pay our dividend, deleverage our balance sheet, repurchase stock, and make tuck-in acquisitions of strategic patent portfolios. It has truly been a remarkable period for Adeia, and I'm excited about the road that lies ahead.

但我們的成就遠不止於此，因為這一切都為我們的經濟成功做出了貢獻。我們高效的現金流量商業模式為我們提供了執行均衡資本配置方法的實力，使我們能夠繼續支付股利、降低資產負債率、回購股票以及收購策略性專利組合。對 Adeia 來說，這真是一段非凡的時期，我對未來的發展之路感到興奮。

Our goal since separation has been to deliver sustainable, long-term revenue growth, and we are making excellent progress, as evidenced by our non-Pay TV recurring revenue growth. Our disciplined, balanced capital allocation strategy continues, and during the third quarter, we made debt payments of $11.1 million, continuing our commitment to pay down our debt at an accelerated rate.

自從分拆以來，我們的目標一直是實現可持續的長期收入成長，並且我們取得了卓越的進展，非付費電視經常性收入的成長就證明了這一點。我們繼續執行嚴謹、均衡的資本配置策略，並在第三季償還了 1,110 萬美元的債務，繼續履行我們以更快速度償還債務的承諾。

We have paid down an impressive $312 million of our debts in separation. Our accomplishments have put us on a trajectory for long-term success, and I am truly grateful for all the hard work and dedication from our team.

我們分居後已經償還了高達 3.12 億美元的債務，這筆錢相當可觀。我們的成就使我們走上了長期成功的道路，我衷心感謝我們團隊的所有辛勤工作和奉獻精神。

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

接下來，我將把電話交給基思，讓他回顧我們的財務表現。基思？

Thank you, Paul. I'm pleased to be speaking with you today to share details of our third quarter 2025 financial results. During the third quarter, we delivered revenue of $87.3 million driven by the execution of two long-term media license agreements. This includes signing a significant renewal with Altice, further extending our long-term relationship with them.

謝謝你，保羅。今天很高興能與大家分享我們2025年第三季的財務表現詳情。第三季度，我們實現了 8,730 萬美元的收入，這主要得益於兩項長期媒體授權協議的執行。這包括與 Altice 簽署一份重要的續約協議，進一步延長我們與他們的長期合作關係。

I'm also proud to announce the addition of another e-commerce customer as we continue to gain momentum in this growing market. We have now signed license agreements with four new e-commerce customers within a relatively short period of time, and we have built and are actively engaged with a large pipeline of additional opportunities.

我也很榮幸地宣布，我們又新增了一位電子商務客戶，我們在這個不斷成長的市場中持續取得進展。在相對較短的時間內，我們已經與四家新的電子商務客戶簽署了許可協議，並且我們已經建立並積極參與了大量其他機會的開發。

Now I'd like to discuss our operating expenses for which I'll be referring to non-GAAP numbers only. During the third quarter, operating expenses were $37.1 million, a decrease of $3.5 million or 9% from the prior quarter. Research and development expenses modestly increased $117,000 or 1% from the prior quarter.

現在我想討論一下我們的營運費用，我只會引用非GAAP資料。第三季營運支出為 3,710 萬美元，比上一季減少了 350 萬美元，降幅為 9%。研發費用較上一季略為增加 11.7 萬美元，增幅為 1%。

Selling, general and administrative expenses decreased $1.6 million or 8% from the prior quarter, primarily due to a decrease in corporate administrative expenses, as well as lower personnel costs. These decreases align the cost saving initiatives that we previously highlighted.

銷售、一般及行政費用較上一季減少了 160 萬美元，降幅為 8%，主要原因是公司行政費用減少以及人事成本降低。這些降幅與我們先前重點介紹的成本節約措施相符。

Litigation expense was $5.2 million, a decrease of $2 million or 28% compared to the prior quarter, primarily due to lower spending on Canadian matters, which was partially offset by increased spending on Disney and AMD litigation.

訴訟費用為 520 萬美元，比上一季減少了 200 萬美元，降幅達 28%，主要原因是加拿大事務支出減少，但迪士尼和 AMD 訴訟支出增加部分抵消了這一減少。

Interest expense during the third quarter was $10.1 million, a decrease of $162,000 primarily attributable to our continued debt repayments. Our current effective interest rate, which includes amortization of debt issuance costs, was 7.8%, consistent with the prior quarter.

第三季利息支出為 1,010 萬美元，減少了 16.2 萬美元，主要原因是我們持續償還債務。我們目前的實際利率（包括債務發行成本攤提）為 7.8%，與上一季持平。

Other income was $1.5 million. 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 under ASC 606.

其他收入為150萬美元。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 確認的具有長期計費結構的收入協議的利息收入。

Our adjusted EBITDA for the third quarter was $50.7 million, reflecting an adjusted EBITDA margin of 58%. Depreciation expense for the quarter was $479,000. 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.

我們第三季的調整後 EBITDA 為 5,070 萬美元，調整後 EBITDA 利潤率為 58%。本季折舊費用為 479,000 美元。本季我們的非GAAP所得稅率維持在23%。我們的所得稅支出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 $115.1 million in cash, cash equivalents, and marketable securities and generated $17.8 million in cash from operations. We have made $11.1 million in principal payments on our debt in the third quarter and ended the quarter with a term loan balance of $447.8 million.

現在來看一些資產負債表的細節。第三季末，我們持有現金、現金等價物和有價證券共 1.151 億美元，並透過經營活動產生了 1,780 萬美元的現金。第三季度，我們償還了 1,110 萬美元的債務本金，季末的定期貸款餘額為 4.478 億美元。

Our highly cash generative business model and our disciplined focus on deleveraging our balance sheet have produced outstanding results. Since separation, we have now paid down $311.6 million as we continue to focus on deleveraging our balance sheet.

我們高效率的現金流量商業模式以及對降低資產負債表槓桿率的嚴格把控，已經取得了卓越的成果。自分拆以來，我們已償還了 3.116 億美元，我們將繼續專注於降低資產負債比率。

During the third 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 pay on December 15 to shareholders of record as of November 24.

第三季度，我們向每股普通股支付了 0.05 美元的現金股利。董事會也批准向截至 11 月 24 日登記在冊的股東派發每股 0.05 美元的股息，支付日期為 12 月 15 日。

Now, I will go over our guidance for the full year 2025. As Paul noted in his remarks, today, we have filed litigation against AMD for patent infringement. In our prior calls, we had referenced our anticipation of signing a license agreement with a semiconductor company, which was in fact AMD.

接下來，我將詳細介紹我們 2025 年全年的指導方針。正如保羅在演講中提到的，今天，我們已對 AMD 提起專利侵權訴訟。在我們之前的電話會議中，我們曾提到我們預期會與一家半導體公司簽署許可協議，而這家公司實際上就是 AMD。

After a long negotiation period, we have reached an impasse which has resulted in litigation. This anticipated license agreement was included in our prior guidance as we have previously mentioned. As a result of the litigation we have filed, we are adjusting our 2025 revenue guidance to reflect the likelihood that we will not close AMD this year.

經過長時間的談判，我們陷入了僵局，最終導致訴訟。正如我們之前提到的，這項預期中的授權協議已包含在我們先前的指導意見中。由於我們提起的訴訟，我們將調整 2025 年的收入預期，以反映我們今年可能不會關閉 AMD 的可能性。

We are committed to obtaining the appropriate economics on each and every deal, which is of paramount importance to us, and we'll continue to remain disciplined on this front to maximize the long-term potential of Adeia. Accordingly, our new 2025 revenue guidance range is $360 million to $380 million.

我們致力於在每一筆交易中獲得適當的經濟效益，這對我們來說至關重要，我們將繼續在這方面保持嚴謹，以最大限度地發揮 Adeia 的長期潛力。因此，我們新的 2025 年營收預期範圍為 3.6 億美元至 3.8 億美元。

I would like to emphasize that our pipeline remains strong and is growing. We continue to have many paths to success and the ultimate outcome of our short-term revenue outlook is largely due to the execution timing of that pipeline. I would like to mention that there still remains opportunities which could potentially result in revenue beyond the noted range for 2025.

我想強調的是，我們的產品線依然強勁，而且還在持續成長中。我們仍然有很多通往成功的道路，而我們短期收入前景的最終結果很大程度上取決於這些項目實施的時間表。我想指出的是，仍然存在一些機會，可能會使 2025 年的收入超出上述範圍。

To the extent that these opportunities do not close this year, they will act as a catalyst for a strong 2026. With this momentum and supported by our pipeline, we foresee revenue growth in 2026.

如果這些機會在今年沒有消失，它們將成為2026年強勁發展的催化劑。憑藉這一發展勢頭和我們現有產品線的支持，我們預計 2026 年收入將實現成長。

Turning to our operating expenses, as a result of our ongoing cost saving initiatives, we have now lowered our overall operating expense guidance. Our operating expenses are now expected to be in the range of $160 million to $164 million. Our expense guidance includes the expected costs associated with our litigation with Disney and now AMD.

談到我們的營運費用，由於我們持續推行成本節約措施，我們現在已經下調了整體營運費用預期。我們的營運費用預計在 1.6 億美元至 1.64 億美元之間。我們的支出預算包括與迪士尼和現在的 AMD 的訴訟相關的預期成本。

Relative to our Q3 litigation expense, we would anticipate litigation expense to increase by approximately $3 million in Q4. We expect interest expense to be in the range of $40 million to $41 million. We expect other income to be in the range of $5.5 million to $6.5 million. We expect a resulting adjusted EBITDA margin of approximately 56%.

相對於我們第三季的訴訟費用，我們預計第四季的訴訟費用將增加約 300 萬美元。我們預計利息支出將在 4,000 萬美元至 4,100 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。我們預計調整後的 EBITDA 利潤率約為 56%。

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 $2 million for the full year.

我們預計全年非GAAP稅率將維持在23%左右。我們預計全年資本支出約為 200 萬美元。

As we reach our three-year anniversary of being a stand-alone publicly traded company, I reflect and take pride in the progress we have made in our business. These achievements are driven by the dedicated efforts of our employees who work tirelessly to shape and execute our collective vision. Our long-term prospects remain strong, and the cumulative efforts we have made thus far will be a springboard for our future success.

在我們成為一家獨立上市公司三週年之際，我回顧過去，為我們在業務上的進步感到自豪。這些成就的取得離不開我們員工的辛勤付出，他們不懈努力，塑造並實現了我們的共同願景。我們的長期前景依然強勁，我們迄今為止所做的累積努力將成為我們未來成功的跳板。

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

我們的發言稿到此結束。接下來，我將把電話交給接線員，開始我們的問答環節。操作員？

(Operator Instructions)

（操作說明）

Scott Searle, ROTH Capital.

Scott Searle，ROTH Capital。

Hey, good afternoon for taking my questions. Quick clarification and two questions. Keith, I'm not sure if I heard any of, one-time catch-up fees in the quarter. I'm wondering if you could clarify that, and I assume, it would all be related to media.

您好，下午好，感謝您回答我的問題。請簡單說明一下，並提出兩個問題。基思，我不確定我是否聽說過本季有任何一次性補繳費用。我想請您解釋一下，我猜這應該都與媒體有關。

And as we're looking out to the fourth quarter, a wide range of outcomes there depending on when deals get signed. I wonder if you could provide a little bit more color in terms of the size, the types of deals in the pipeline. I think you've talked a lot about e-commerce comprising that.

展望第四季度，結果可能會有很多種，這取決於交易何時簽署。我想請您詳細介紹一下正在進行的交易的規模和類型。我認為你已經多次談到電子商務包含了這方面的內容。

But in particular, I'd like to know what you guys are thinking about recurring revenue, how that moves sequentially from the third quarter to fourth quarter. And maybe an early shot at '26 of how you see recurring media revenue growing in 26 and one follow-up.

但我尤其想知道你們對經常性收入的看法，以及它從第三季到第四季的環比變化。或許可以提前展望一下 2026 年經常性媒體收入的成長情況，並進行後續跟進。

Sure, Scott. Great question. So the recurring revenue in Q3 was very modest. That amount was about $1 million. And if you kind of know that -- we talked about, we had one new license agreement, one renewal. So fundamentally, that amount came from both of those agreements and so nothing really to note there. And I think quite candidly, that really speaks to the overall stability of our recurring revenue.

當然可以，斯科特。問得好。因此，第三季的經常性收入非常有限。那筆金額大約是100萬美元。如果你知道的話——我們之前討論過，我們有一份新的授權協議，一份續約協議。所以從根本上講，這筆款項來自這兩項協議，因此沒有什麼特別值得注意的。坦白說，我認為這確實反映了我們經常性收入的整體穩定性。

And if you kind of go through and do that math, that gives us a recurring revenue number that's in the mid-80s. Now, what I'd like to see and when I take a look at our forecast is that not only is that a strong foundation, but there's a number of agreements that we have, not only in media but also in our semiconductor side that's going to have a little uplift for us in that regard. So just from that backlog, that we'll see it crossing approximately $90 million in Q4.

如果你仔細計算一下，你會發現我們的經常性收入大約在 80 多美元。現在，我希望看到的是，當我查看我們的預測時，不僅這是一個堅實的基礎，而且我們還達成了多項協議，不僅在媒體領域，而且在我們的半導體領域，這些協議都將在這方面給我們帶來一些提振。光是這些積壓訂單，我們就能看到它在第四季突破約 9,000 萬美元。

So I think that's a good springboard of kind of thinking about just the overall stability of the business. As you know in Q1, we have one particular agreement in our semiconductor business where there's just based on how we structured the agreements in the past, there's a little bit of a short-term adjustment simply because of revenue recognition rules. But then that quite frankly levels out and when you get into Q2 and beyond and then so we're seeing really strength in that recurring revenue business, kind of going forward.

所以我認為這是一個很好的切入點，可以讓我們思考企業的整體穩定性。如您所知，在第一季度，我們在半導體業務中有一項特殊的協議，由於我們過去對協議的結構方式，需要進行一些短期調整，這僅僅是因為收入確認規則。但坦白說，這種情況會逐漸趨於平穩，到了第二季及以後，我們看到經常性收入業務確實表現強勁，並且這種勢頭會持續下去。

In terms of the quality of the pipeline, I can kind of turn over to Paul and he can give a little color on that.

至於管道的質量，我可以把麥克風交給保羅，讓他來詳細介紹一下。

Sure. Thanks, Scott, and I appreciate the question. I think we're very pleased with our pipeline as we, Keith and I both noted it in our prepared remarks, both on the semiconductor side of the business and the media side of the business, it remains quite strong.

當然。謝謝斯科特，我很感謝你的提問。我認為我們對目前的業務發展前景非常滿意，正如我和基斯在事先準備好的發言稿中所提到的，無論是半導體業務還是媒體業務，我們的業務都保持著相當強勁的勢頭。

One thing I would just highlight is that, when things do move to the right, the opportunities are not lost, right? We still see -- all of the opportunities that we saw last quarter or earlier in the year are still in front of us and still achievable but there is a timing element.

我想強調的一點是，當事情朝著好的方向發展時，機會並不會消失，對吧？我們仍然看到——上個季度或今年早些時候我們看到的所有機會仍然擺在我們面前，仍然可以實現，但時機很重要。

And what we focus on is getting the right deal done for the long-term for Adeia and its stakeholders. And so sometimes that does mean things do shift to the right, but the opportunities are not lost. And if they do move into 2026, it does mean for some significant growth that we could see in 2026 as compared to 2025.

我們關注的是為 Adeia 及其利害關係人達成長期的正確交易。所以有時候這意味著事情會向右偏移，但機會並沒有消失。如果他們真的進入 2026 年，這意味著與 2025 年相比，我們可能會在 2026 年看到一些顯著的成長。

Great. Very helpful. If I could just quickly follow-up then, that means that the semiconductor revenue, I think it was $5.2 million in that ballpark was up sequentially from a recurring standpoint, I guess, driven by the 3D NAND opportunity.

偉大的。很有幫助。如果我能快速跟進一下，這意味著半導體收入，我認為大約是 520 萬美元，從經常性收入的角度來看，環比增長，我想，這主要得益於 3D NAND 的機會​​。

And then it's just to dive in on AMD, I'm wondering, Paul, could you just lay out the timelines and the milestones that we could expect in terms of how this litigation would progress? And as part of that then, how is that impacting or not impacting the dialogue with other semi vendors out there, particularly as it relates to the logic opportunity with chiplet opportunities? Thank you.

接下來我想深入探討 AMD 的問題。保羅，你能否概述一下這場訴訟的進展時間表和里程碑？那麼，這其中又會對與其他半導體供應商的對話產生怎樣的影響（或者說沒有產生影響），尤其是在晶片組邏輯機會方面？謝謝。

Yeah. Thanks, Scott. I'll address your question first and then I think on the question that you asked. Keith, I'll let him follow-up, but I think it is up; you're correct; confirming that.

是的。謝謝你，斯科特。我先回答你的問題，然後再思考你提出的問題。Keith，我會讓他跟進，但我認為已經上線了；你說得對；確認一下。

So on your question in terms of AMD and timing, I'll note we filed two cases today, both in the Western District of Texas. Those cases we would anticipate going to trial all things, going according to schedule sometime in 2027. Although it's very early; we just filed it today. I will caveat that.

關於您提出的 AMD 和發佈時間的問題，我要指出的是，我們今天提交了兩起案件，均在德克薩斯州西區。所有案件我們預計都會按計劃在 2027 年某個時候開庭審理。雖然現在還為時過早；我們今天才提交。我要補充一點。

I would also note that there is a government shutdown going on right now, which did impact some of the jurisdictions that may be available to us. And so there might be additional jurisdictions that would open up to us as the government opens up as well. So I would stay tuned on terms of the milestones. But we are -- we feel really good about the case that we filed, 10 patents is pretty substantial, 7 of them are hybrid bonding patents.

我還想指出，目前政府正處於停擺狀態，這確實影響到我們可能可以使用的一些司法管轄區。因此，隨著政府逐步開放，可能會有更多司法管轄區向我們開放。所以我會繼續關注各項里程碑的進展。但我們—我們對我們提交的申請感到非常滿意，10 項專利相當可觀，其中 7 項是混合鍵結專利。

I would also note that of the 10 patents, 8 of them do not expire until mid-2030 or beyond. So these are very significant patents in our portfolio. They go out for quite some time. And as we noted on the call, they really cover collectively virtually all of AMD's products, including really all of their most advanced GPUs as well.

我還想指出，這 10 項專利中，有 8 項要到 2030 年中期或更晚才會到期。所以這些都是我們專利組合中非常重要的專利。他們出去了很久。正如我們在電話會議中提到的，它們實際上涵蓋了 AMD 的幾乎所有產品，包括其所有最先進的 GPU。

Thanks, Scott. As you mentioned, you hit the nail on the head, that increase -- we did see an increase in semiconductor. And we're really excited about it.

謝謝你，斯科特。正如您所提到的，您說得一點沒錯，半導體產業確實出現了成長。我們對此感到非常興奮。

And once again, you're spot on. What you've been hearing about and seeing in the industry in terms of that growth and strength in the NAND market is showing up in our financial results. And we actually see that momentum carrying into Q4 for us as well.

你說的又完全正確。您在業界聽到和看到的關於 NAND 市場成長和強勁勢頭的消息，都體現在我們的財務表現中。而且我們看到這種勢頭也延續到了第四季。

Great, thanks so much.

太好了，非常感謝。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Hi. So the first question is, could you just reconcile some of the commentary you've made last quarter and this quarter? I mean, last quarter on the call, you said there was so much opportunity that you wouldn't need AMD and you could still hit the up end of the guidance. But then this quarter, you're coming out and reducing guidance because you don't have AMD.

你好。所以第一個問題是，您能否解釋一下您上個季度和本季發表的一些評論？我的意思是，上個季度在電話會議上，你說過有很多機會，即使沒有 AMD，你仍然可以達到業績指引的上限。但是，本季你們卻因為沒有 AMD 而下調了業績預期。

And then right now you're saying that you met the guidance, your expectations for Q2 or for Q3. Well, if that was the case, why didn't you provide guidance? Because the Street was at $100 million. So I'm just trying to understand everything that's going on.

然後你現在說你達到了第二季或第三季的預期目標。如果真是那樣，為什麼不提供指導呢？因為華爾街當時的估值是 1 億美元。所以，我只是想弄清楚到底發生了什麼事。

So Hamed, a few things, as you know, we provide annual guidance only. We do not provide quarterly guidance, so it would be unusual for us to provide quarterly guidance.

哈米德，有幾點需要說明，如你所知，我們只提供年度業績指引。我們不提供季度業績指引，因此我們不會提供季度業績指引。

Second, in terms of the statements last quarter, those statements remain true, right? We have a robust pipeline, right, that we feel like we've got a number of opportunities. As Keith and I both noted, we still have opportunities today to hit above the revised guidance range, including getting into the original guidance range. However, given the time of year and the number of paths have narrowed given the AMD litigation, so that that is also true.

其次，就上個季度的聲明而言，這些聲明仍然屬實，對嗎？我們擁有強大的專案儲備，對吧？我們感覺我們有很多機會。正如基斯和我都指出的那樣，我們今天仍然有機會實現高於修訂後的預期範圍的目標，包括達到最初的預期範圍。然而，考慮到一年中的時間和 AMD 訴訟案導致的路徑數量減少，所以這種情況也是事實。

And so we are taking a prudent approach at this time, given that we are now in November of taking the guidance range down. But we still believe that the opportunities lay ahead for us and that we have -- whether they land in '25 or they land in 2026, we have significant opportunities in front of us in both our media and semiconductor businesses that we're very excited about.

鑑於現在已經是 11 月，我們目前採取謹慎的做法，下調指導範圍。但我們仍然相信，未來還有很多機會等著我們，無論這些機會是在 2025 年還是 2026 年到來，我們在媒體和半導體業務方面都面臨著巨大的機遇，我們對此感到非常興奮。

Okay. And then just so I understand, what's there in the pipeline that gives you confidence that you can see revenue lift by about $20 million in the quarter that hasn't happened at all throughout this year?

好的。那麼，為了讓我理解，您認為目前有哪些項目讓您有信心在本季度實現約 2000 萬美元的收入增長，而這種情況在今年其他任何季度都沒有發生過？

Sure. So, Hamed, as you know we do very large deals, right? These are deals that often are -- they can be in the nine figures even, right? And they can take time; they can be very complicated to negotiate. Often, at times, we're dealing with parties that have to go get approval from the highest levels of their own companies, right? And so sometimes that can be a challenge in terms of navigating the exact timeline.

當然。哈米德，你也知道我們做的都是大宗交易，對吧？這些交易通常金額龐大——甚至可能達到九位數，對吧？而且談判可能需要時間，談判過程也可能非常複雜。有時，我們經常會遇到需要獲得公司最高層批准的情況，對吧？因此，有時在把握確切的時間安排方面可能會遇到挑戰。

That being said, we are having very good discussions with multiple parties in both our media and semiconductor parts of our business that give us confidence. And so we've got on the table, right -- so when you think about it, obviously we've filed litigation against AMD. We've got outstanding litigation against Disney, we've got Canadian operators, we have large OTT opportunities that remain unlicensed today. There are additional semiconductor opportunities that we are pursuing as well.

話雖如此，我們與公司媒體和半導體業務部門的多方進行了非常好的討論，這讓我們充滿信心。所以，我們已經把這件事擺在了桌面上，對吧——所以仔細想想，顯然我們已經對 AMD 提起了訴訟。我們有針對迪士尼的未決訴訟，我們有加拿大營運商，我們還有大量目前仍未獲得許可的OTT機會。我們也正在尋求其他半導體領域的投資機會。

And so when we look at it holistically, there are a number of opportunities we have been pursuing for quite some time. I'm not going to be able to get into the details of exactly what they are. But holistically when we look at all of them, it gives us a lot of confidence on our ability to execute and bring those deals in.

因此，從整體來看，我們一直在追求許多機會。我無法詳細說明它們究竟是什麼。但從整體來看，當我們審視所有這些因素時，這讓我們對執行和達成這些交易的能力充滿信心。

It's a matter of timing, whether they happen in '25 or '26, and that's where you're getting that difference between where they fall and the change in revenue guidance.

這只是時間問題，是發生在 2025 年還是 2026 年，這就是它們出現的時間與收入預期變化之間的差異。

Okay, thank you.

好的，謝謝。

Matthew Galinko, Maxim Group.

馬修‧加林科，馬克西姆集團。

Hi, good afternoon and thanks for taking my question. I'm curious if there are any implications for other possible deals or renewals in the semiconductor pipeline given the litigation announcement with AMD.

您好，下午好，感謝您回答我的問題。鑑於與 AMD 的訴訟公告，我很好奇這是否會對半導體領域其他可能的交易或續約產生任何影響。

Yeah. And a similar question that Scott asked that I didn't address, so thank you for bringing that up, Matt. We're very excited about the adoption cycle of hybrid bonding right now. You're hearing more and more adoption, especially in the logic space. And then as you look out further with HBM and also in NAND, that we see more and more adoption coming down the pipeline, in '27 and beyond in particular for the memory market and for next year for the logic market.

是的。史考特也問過一個類似的問題，但我沒有回答，所以謝謝你提出這個問題，馬特。我們對目前混合債券的普及應用感到非常興奮。你經常會聽到越來越多的採用案例，尤其是在邏輯領域。然後，隨著 HBM 和 NAND 的發展，我們看到越來越多的應用正在醞釀中，尤其是在 2027 年及以後的記憶體市場，以及明年的邏輯市場。

And again when you look at the cases we filed today, 7 of the 10 patents are hybrid bonding related and so that is very exciting to us in terms of the breadth of our portfolio and the relevance to really these advanced semiconductors and the use of our technology that we have invented and so we're very excited about what that pipeline can be.

再看看我們今天提交的申請，10 項專利中有 7 項與混合鍵合有關，這讓我們非常興奮，因為它拓展了我們的專利組合，並與這些先進的半導體以及我們發明的技術的應用密切相關，因此我們對這條產品線的發展前景感到非常興奮。

Now AMD was ahead of the curve in terms of adoption of hybrid bonding. So the first products came out in 2022; the rest of the logic market is a bit behind. But you've got a number of companies that have announced intentions of launching products in 2026 and beyond that we believe will utilize hybrid bonding in our technology as well.

在混合鍵合技術的應用方面，AMD 已經處於領先地位。因此，首批產品於 2022 年問世；邏輯市場的其他部分則稍微落後。但是，有許多公司已經宣布計劃在 2026 年及以後推出產品，我們相信這些產品也會在我們的技術中採用混合鍵結技術。

Got it. Thank you. And maybe if I could just ask a follow-up, I realize it's still sort of early in the planning cycle for '26. But to the extent that you expect some of these opportunities to land and that you seem to have pretty high level of confidence that 2026 will be a growth year in terms of revenue.

知道了。謝謝。或許我可以再問一個後續問題，我知道現在距離 2026 年的計畫週期還處於早期階段。但是，鑑於您預計其中一些機會將會實現，並且您似乎對 2026 年的收入成長充滿信心。

So to that end, do you expect for operating expenses to follow the revenue trend line? Or will you sort of keep a pretty tight lid on spending for the foreseeable future?

那麼，您預計營運費用會跟隨收入趨勢線嗎？或者，在可預見的未來，你會嚴格控制支出嗎？

Hey, Matt. I think that's a great question. So when we take a look at where that could be, we feel good about that product line and what that represents from a top-line perspective. And frankly, what we see out there in some of the numbers that have been published, that's something that we think is achievable with the pipeline that we have for all intents and purposes.

嘿，馬特。我覺得這是一個很好的問題。所以當我們展望未來時，我們對該產品線及其從整體角度所代表的意義感到滿意。坦白說，從一些已公佈的數據來看，我們認為以我們現有的生產流程，這在各方面都是可以實現的。

From a spending perspective, we will continue to invest in the business, but at a modest rate. So that increase that we foresee in revenue would not be consumed by incremental spending at a significantly higher level.

從支出角度來看，我們將繼續投資這項業務，但速度會比較適中。因此，我們預期的收入成長不會被大幅提高的額外支出所抵消。

We will still be very smart; we need to grow our portfolio. The strength of our portfolio pays off dividends in terms of the new deals, and I'll say, quite frankly, even in the litigation that we filed.

我們依然會非常精明；我們需要拓展我們的投資組合。我們強大的投資組合在新交易中帶來了豐厚的回報，坦白說，甚至在我們提起的訴訟中也帶來了回報。

So our investment in our portfolio quite frankly is a testimony to the strength of that underlying technology. And for those who might not be informed, filing 10 patents says a lot, says an absolute lot. And in general terms, what you find is typically people file five patents in terms of litigation, but the amount of investment that we've made really speaks to that strength. Because quite frankly, there's a lot more that we have that are significant in strength. So that only comes from our investment in our R&D.

坦白說，我們對投資組合的投資證明了這項基礎技術的實力。對於可能不太了解情況的人來說，申請 10 項專利意義重大，絕對意義重大。一般來說，人們通常會在訴訟中提交五項專利申請，但我們投入的資金確實反映了我們的實力。坦白說，我們還有很多其他實力強勁的資源。所以，這完全來自於我們對研發的投入。

With that being said, we'll continue to grow our portfolio. We would expect our EBITDA margins to be in that 60th percentile that we've kind of grown close to or very close to it. And then once again, just having tremendous cash generation from our business.

綜上所述，我們將繼續拓展我們的投資組合。我們預計 EBITDA 利潤率將達到 60% 的水平，我們已經接近或非常接近這個水平。而且，我們的業務再次帶來了龐大的現金流。

One thing to note that we're quite proud of, since separation, we have generated over $500 million in cash from operations. So when we say we have a cash generative business model, the proof is in the pudding in those financial results.

值得一提的是，我們非常自豪的是，自從分拆以來，我們已從營運中產生了超過 5 億美元的現金。所以，當我們說我們擁有能夠產生現金流的商業模式時，財務表現就是最好的證明。

Madison De Paola, Rosenblatt Securities.

Madison De Paola，Rosenblatt Securities。

Hi, this is Madison calling on behalf of Kevin Cassidy, and I was just wondering what the timeline for licensing RapidCool was. And also I know that Microsoft has recently announced a cooling technique called microfluidics. How is that different from RapidCool?

您好，我是 Madison，代表 Kevin Cassidy 致電，我想諮詢一下 RapidCool 的授權時間表。我還了解到，微軟最近發布了一種名為微流體冷卻的技術。它與 RapidCool 有何不同？

Hey Maddie, thanks for the question. Good to hear you on the call. Yeah, so first of all, as we noted last call, RapidCool is something that we see as a revenue opportunity in the kind of mid to long term. And so we are still working with customers and partners on the rollout of that. And we're very encouraged since our roll out to the public last quarter, we got a lot of positive feedback on it. And we've increased the number of engagements that we have, but it remains a project right now that we are still in the early phases of, and one that we're very excited about.

嗨，Maddie，謝謝你的提問。很高興在電話裡聽到你的聲音。是的，首先，正如我們上次通話中提到的，RapidCool 是我們認為在中長期內能夠帶來收入的機會。因此，我們仍在與客戶和合作夥伴共同推動該計劃的實施。自從上個季度向公眾推出以來，我們受到了很大的鼓舞，並收到了很多正面的回饋。我們增加了參與項目的數量，但目前這仍然是一個處於早期階段的項目，我們對此感到非常興奮。

So still early days, but one that we see obviously a tremendous opportunity. And our solution again is it's one where we're directly bonding a cold plate to the chip, right? And the solution is I understand it, and again, I'm not a world expert in this, but in Microsoft solution from what I've seen that they were talking about is etching in the chip which we think has some technical challenges that our solution does not have.

雖然現在下結論還為時過早，但我們顯然看到了巨大的機會。我們的解決方案仍然是將冷板直接黏合到晶片上，對吧？我理解這個解決方案，而且我並不是這方面的專家，但據我所見，微軟的解決方案是在晶片上進行蝕刻，我們認為這存在一些技術挑戰，而我們的解決方案則不存在這些挑戰。

Happy to discuss that further offline. But I think we do see it as a pretty different solution that what we're offering and ours is more, we believe, more plug and play and something that can be adopted by the industry relatively quickly -- as quickly as at least the semiconductor industry adopts new technologies.

樂意私下進一步討論。但我認為，我們確實將其視為一種與我們所提供的解決方案截然不同的解決方案，我們相信，我們的解決方案更易於即插即用，並且可以被行業相對快速地採用——至少與半導體行業採用新技術的速度一樣快。

Okay, great. Thank you, guys.

好的，太好了。謝謝大家。

And that concludes the question-and-answer session. I will now turn it back over to Paul for closing comments.

問答環節到此結束。現在我將把發言權交還給保羅，請他作總結陳詞。

Thank you, operator, and thanks to everyone for being with us today. I would like to thank our employees as we celebrate our third anniversary as a stand-alone company.

謝謝接線員，也謝謝今天所有到場的各位。值此公司獨立營運三週年之際，我謹向全體員工表達感謝。

Later this month, we'll be attending the Wells Fargo Annual TMT Summit. We look forward to seeing you at this and other upcoming events. Thank you.

本月晚些時候，我們將參加富國銀行年度TMT高峰會。我們期待在本次活動及其他即將舉行的活動中見到您。謝謝。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。