Adeia Inc. (ADEA) 2026 Q2 法說會逐字稿

Good day, everyone. Thank you for standing by. Welcome to Adeia's second-quarter 2026 earnings conference call.

各位好。感謝各位稍候。歡迎參加 Adeia 2026 年第二季財報電話會議。

(Operator Instructions)

(接線員指示)

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

現在我想把電話交給 Adeia 投資人關係副總裁 Chris Chaney。Chris，請開始。

Good afternoon, everyone. Thank you for joining us, as we share with you details of our quarterly financial results.

各位下午好。感謝各位加入我們，我們將與各位分享本季財務結果的細節。

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

今天與我一同參與電話會議的有：我們的總裁暨執行長 Paul Davis，以及財務長 Keith Jones。

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.

Paul 將先分享本季的一些整體觀察，接著 Keith 會進一步說明我們的財務結果與財測指引。之後我們將進入問答環節。

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.

除了今天的財報新聞稿外，我們也提供財報簡報，您可在我們網站的投資人關係（IR）專區與網路直播一併取得。

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

在把電話交給 Paul 之前，我想先提醒幾點：

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.

第一，今天的討論包含前瞻性陳述，亦即對未來事件的預測、推估或其他陳述，係基於管理階層目前的預期與信念，因此可能受到風險、不確定性及情勢變化的影響。

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

關於可能導致我們實際結果與今日討論內容出現重大差異的風險與不確定性之更多資訊，請參閱我們向美國證券交易委員會（SEC）提交文件中的「風險因素」章節，包括 Form 10-K 年報與 Form 10-Q 季報。

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，公司無意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.

為了增進投資人對我們持續經濟表現的理解，我們將在本次電話會議中討論非 GAAP 資訊。我們在內部使用非 GAAP 財務衡量指標來評估與管理營運。

We have therefore chosen to provide this information to enable you to perform comparisons of our operating results, as we do internally.

因此，我們選擇提供這些資訊，使您能像我們在內部一樣，對營運結果進行比較。

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.

我們已在財報新聞稿、財報簡報以及我們網站的投資人關係專區，提供這些非 GAAP 指標與最直接可比的 GAAP 指標之調節表。

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於 adeia.com 的投資人關係網站提供。

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 Paul Davis。

Thank you, Chris, and thank you, everyone, for joining us today. I'm pleased to share our results for the second quarter of 2026 and our strong performance in the first half of the year.

謝謝你，Chris，也謝謝各位今天加入我們。我很高興與各位分享 2026 年第二季的業績，以及上半年強勁的表現。

Our second quarter results were in line with our expectations, as we delivered revenue of $96 million, with an adjusted EBITDA margin of 59%.

我們第二季的結果符合預期，營收達 9,600 萬美元，調整後 EBITDA 利潤率為 59%。

We had another excellent quarter of cash generation, producing $55 million in cash from operations. We ended the quarter with $137 million in cash, while executing on all four pillars of our capital allocation strategy.

我們本季現金創造能力再度表現優異，營運活動產生現金 5,500 萬美元。本季末現金餘額為 1.37 億美元，同時持續推進我們資本配置策略的四大支柱。

We closed six license agreements during the quarter and added a record 12 new customers in total. Our first-half performance included solid execution across all aspects of our business, closing license agreements with Microsoft, AMD, Google, and our recent deal with RPX that further accelerates our e-commerce business. We also continue to invest in growing our leading Media and Semiconductor portfolios and believe we are well positioned for the long term. The progress we've made to date is in line with our expectations, so we are reiterating our 2026 revenue guidance of $395 million to $435 million.

本季我們完成 6 份授權協議，並合計新增創紀錄的 12 家新客戶。上半年我們在業務各面向均有穩健執行，與 Microsoft、AMD、Google 簽署授權協議，並與 RPX 達成近期交易，進一步加速我們的電子商務業務。我們也持續投資以擴大我們領先的媒體與半導體專利組合，並相信我們已為長期發展做好布局。迄今的進展符合預期，因此我們重申 2026 年營收指引為 3.95 億至 4.35 億美元。

Our non-Pay-TV recurring revenue is strong and thriving, growing 54% year over year in the second quarter and is now nearly double the size of our Pay-TV recurring revenue. Despite the known headwinds in Pay-TV, including recent litigation matters, our pipeline is robust and we are confident in our long-term trajectory. The timing of resolution to any litigation, however, is difficult to predict and thus could impact us in the short-term.

我們的非付費電視（Non-Pay-TV）經常性收入強勁且持續成長，第二季年增 54%，目前規模已接近我們付費電視經常性收入的兩倍。儘管付費電視面臨已知逆風（包括近期訴訟事項），我們的案源管線仍然強健，並對長期發展軌跡充滿信心。然而，任何訴訟的解決時點難以預測，因此可能在短期內對我們造成影響。

As we look at the remainder of the year, our diversified and growing pipeline continues to provide multiple paths to achieve our revenue goals for 2026.

展望今年剩餘時間，我們多元且持續成長的案源管線，仍提供多條路徑以達成 2026 年的營收目標。

As we have stated before, we tend to do big deals and operationally we lean towards being a relatively small volume, high dollar shop. As always, we will remain disciplined in closing deals that are in the best long-term interest of the company and its stakeholders. Our range of outcomes for the year reflects this approach and will be impacted by the ultimate timing of when we sign license agreements, which we continue to have the utmost confidence in being able to do.

如同我們先前所述，我們傾向於做大型交易；在營運上，我們更偏向「量較小、單價較高」的模式。一如既往，我們將保持紀律，只在符合公司及其利害關係人長期最佳利益的前提下完成交易。我們對全年可能結果的區間反映了這種做法，並將受到我們簽署授權協議最終時點的影響；對於能夠完成簽約，我們仍然極具信心。

Importantly, as we have seen in the past, to the extent any opportunities move out of 2026, they provide a springboard for us in the following year.

重要的是，正如我們過去所見，若有任何機會延後至 2026 年之後，將可成為我們隔年業績的跳板。

One of our most significant license agreements in the second quarter was a multi-year renewal with Google for access to our Media portfolio. Google has been a valued customer for approximately 15 years, and this renewal reflects the continued relevance and strength of our Media portfolio for Pay-TV.

第二季我們最重要的授權協議之一，是與 Google 就存取我們媒體專利組合所進行的多年期續約。Google 作為我們的珍貴客戶已約 15 年，此次續約反映我們媒體專利組合在付費電視領域的持續相關性與實力。

YouTube TV, which is operated by Google, has become one of the most important players in the Pay-TV market, with subscriber growth that has dramatically outpaced many of its peers. Its scale and trajectory are a clear demonstration of the ongoing migration from traditional Pay-TV to virtual MVPD services and our portfolio is well positioned to capture that shift. With the renewal of Google, combined with our Disney agreement signed last year, which includes Hulu + Live TV, we now count two of the largest and fastest-growing virtual MVPD platforms in the country as our customers.

由 Google 營運的 YouTube TV 已成為付費電視市場中最重要的參與者之一，其訂戶成長大幅超越許多同業。其規模與發展軌跡清楚展現付費電視正持續從傳統模式轉向虛擬 MVPD 服務，而我們的專利組合已具備良好定位以掌握此一轉變。隨著 Google 的續約，加上我們去年簽署的 Disney 協議（涵蓋 Hulu + Live TV），我們目前已將全美兩個最大且成長最快的虛擬 MVPD 平台納入客戶群。

Also, in the second quarter, we made excellent progress in e-commerce, closing a seminal multi-year license agreement with RPX, a leading patent risk solutions company.

此外，在第二季我們在電子商務方面也取得極佳進展，與專利風險解決方案領導業者 RPX 簽署一項具里程碑意義的多年期授權協議。

This unique deal includes 10 participating member companies in a single agreement, giving them a term license to our growing Media portfolio of approximately 10,900 patent assets. This deal was driven by our e-commerce technologies, including intelligent search, virtual shopping experiences, and consumer engagement across connected platforms.

這項獨特交易在單一協議中納入 10 家參與的會員公司，讓其取得我們持續擴大的媒體專利組合（約 10,900 項專利資產）的期限授權。本交易由我們的電子商務技術所帶動，包括智慧搜尋、虛擬購物體驗，以及跨連網平台的消費者互動。

The RPX members include a broad consortium of market leaders across the digital commerce ecosystem, spanning apparel, beauty, online marketplaces, delivery networks, and enterprise technology platforms.

RPX 的會員涵蓋數位商務生態系中廣泛的市場領導者聯盟，橫跨服飾、美妝、線上市集、配送網路，以及企業技術平台。

With the progress we've made in the past two years, we believe this business can grow over the long-term to a size similar to our consumer electronics business, which has been approximately 10% of our total revenue.

基於過去兩年的進展，我們相信此業務長期可成長至與我們消費性電子業務相近的規模；消費性電子業務約占我們總營收的 10%。

Other deals signed in the second quarter include a new multi-year license agreement with L'Oréal, a leading cosmetics and personal care company; a new multi-year license agreement with a leading provider of streaming documentary programming; and renewals with a leading European Pay-TV provider and a consumer electronics manufacturer in Japan.

第二季簽署的其他交易包括：與全球領先的化妝品與個人護理公司萊雅（L'Oréal）簽署新的多年期授權協議；與一家領先的串流紀錄片節目供應商簽署新的多年期授權協議；以及與一家歐洲主要付費電視業者及日本一家消費性電子製造商完成續約。

Renewals are a cornerstone of our business model. With our renewal rate at over 90%, the vast majority of our customers renew with us because we continue to innovate and build positive relationships with them.

續約是我們商業模式的基石。在我們超過 90% 的續約率下，絕大多數客戶選擇與我們續約，因為我們持續創新並與他們建立正向關係。

I am pleased to announce that, given the optimism in the trajectory of our business, and particularly the semiconductor market, we are raising our long-term revenue target to $600 million from $500 million annually.

我很高興宣布，鑑於我們對業務發展軌跡的樂觀，尤其是半導體市場，我們將長期營收目標由每年 5 億美元上調至 6 億美元。

Let me begin briefly with Media and then provide more color on Semiconductors. Our growth objective for our Media business over the long-term remains unchanged at $400 million annually. Bolstered by our success and growing market adoption of our technology, we see key verticals such as OTT, e-commerce, consumer electronics, and social media as catalysts for growth. Moving to the semiconductor industry, we continue to see rapid evolution in the market, and the increasing demands from AI have induced an unprecedented acceleration in the development and production of highly advanced logic and memory devices.

我先簡要談談媒體業務，接著再更深入說明半導體業務。我們媒體業務的長期成長目標維持不變，仍為每年4億美元。在我們的成功以及市場對我們技術採用度持續提升的帶動下，我們將OTT、電子商務、消費性電子與社群媒體等關鍵垂直領域視為成長催化劑。轉向半導體產業，我們持續看到市場快速演進，而AI日益增加的需求已引發高度先進邏輯與記憶體元件的研發與生產以前所未有的速度加速。

This new super-cycle is driving the semiconductor market to reach over $1.5 trillion this year. Hybrid bonding has become a critical enabler of next-generation chip architectures, helping to solve density, performance, and thermal management challenges.

這一波新的超級循環正推動半導體市場在今年達到超過1.5兆美元。混合鍵合已成為下一代晶片架構的關鍵推動技術，有助於解決密度、效能與熱管理方面的挑戰。

We are very excited about the opportunities that lie ahead for our Semiconductor business, given these industry dynamics and increasing need for our technologies. We had previously estimated this opportunity to be $100 million annually. Driven by the broader and faster adoption of hybrid bonding, we now expect our long-term Semiconductor opportunity to reach $200 million annually.

鑑於這些產業動態以及對我們技術日益增加的需求，我們對半導體業務未來的機會感到非常振奮。我們先前估計此機會規模為每年1億美元。在混合鍵合更廣泛且更快速採用的帶動下，我們現在預期半導體業務的長期機會可達每年2億美元。

Custom and general purpose logic providers are already, or will soon be, incorporating hybrid bonding in both enterprise and consumer related products.

客製化與通用邏輯供應商已經，或將很快，在企業與消費相關產品中導入混合鍵合。

Apple, Intel, and Broadcom all have products ramping into production using hybrid bonding, further building on the momentum from our recent license agreement with AMD; and according to industry reports, NVIDIA's Feynman will also incorporate hybrid bonding beginning in 2028.

Apple、Intel與Broadcom皆有採用混合鍵合、正逐步放量進入量產的產品，並在我們近期與AMD簽署授權協議所帶動的動能之上持續推進；且根據產業報告，NVIDIA的Feynman也將自2028年起導入混合鍵合。

High bandwidth memory and flash for both enterprise and consumer markets are also incorporating hybrid bonding. We believe hybrid bonding will be a requirement in HBM with 20 or more layers, if not sooner. 3D NAND leaders SanDisk and KIOXIA, both customers of ours, began using hybrid bonding for NAND in 2023 and we believe others will follow as layer counts approach 400.

面向企業與消費市場的高頻寬記憶體（HBM）與快閃記憶體也正在導入混合鍵合。我們相信，當HBM堆疊達到20層或以上時（甚至可能更早），混合鍵合將成為必要條件。3D NAND領導廠商SanDisk與KIOXIA（兩者皆為我們客戶）已於2023年開始在NAND上使用混合鍵合；我們相信隨著層數接近400，其他業者也將跟進。

We know broad adoption of hybrid bonding is coming because the capital equipment required is being ordered. To meet demand for these next-generation devices, leading foundries, memory companies, and OSATs are planning to spend approximately $125 billion in the near term for advanced packaging, including hybrid bonding.

我們知道混合鍵合即將被廣泛採用，因為所需的資本設備已開始下單。為滿足這些下一代元件的需求，主要晶圓代工廠、記憶體公司與OSAT（外包半導體封裝測試）業者正計畫在短期內投入約1,250億美元於先進封裝（包含混合鍵合）。

Our investments in Semiconductor innovations are coming to fruition and the opportunities in front of us are very exciting.

我們在半導體創新方面的投資正開花結果，眼前的機會令人非常振奮。

Let me now turn to our efforts to further diversify and grow our recurring revenue.

接下來我談談我們為進一步多元化並成長經常性收入所做的努力。

As noted earlier, our non-Pay-TV recurring revenue grew an impressive 54% year over year in the second quarter, continuing a multi-quarter trend. I could not be more pleased with this progress and it is a result of our execution and focus since our separation from Xperi almost four years ago.

如先前所述，我們第二季非付費電視（non-Pay-TV）的經常性收入年增達54%，延續了連續多季的趨勢。我對這項進展感到非常滿意，這是我們自近四年前自Xperi分拆以來，持續執行與聚焦所帶來的成果。

We knew Pay-TV would remain a core part of our business and we have continued to invest in it; but we also knew, given the secular trends of that industry, we needed to find other avenues of growth. Our teams across R&D, sales, and patent portfolio development have executed extremely well to this vision, maintaining our relevance and strength in Pay-TV, while, at the same time, impressively growing our business well beyond it.

我們知道付費電視（Pay-TV）仍將是我們業務的核心部分，因此我們持續投入；但我們也知道，鑑於該產業的長期結構性趨勢，我們需要尋找其他成長途徑。我們在研發、銷售與專利組合開發等團隊，對此願景的執行表現極為出色：一方面維持我們在付費電視領域的相關性與優勢，同時也令人印象深刻地將業務成長擴展到遠超付費電視的範疇。

Our IP portfolios are at the foundation of everything we do and we continue to invest in them strategically. In the second quarter, we completed six tuck-in IP portfolio acquisitions for $9.5 million, focused primarily on e-commerce, OTT, and imaging. Our portfolio grew to over 14,250 patent assets in the second quarter, up approximately 4% from the first quarter. In total, we have grown our patent portfolios by almost 5,000 patent assets since separation, the vast majority of this growth generated organically.

我們的IP（智慧財產）組合是我們一切工作的基礎，我們也持續以策略性方式投入。在第二季，我們以950萬美元完成了六項補強型（tuck-in）IP組合收購，主要聚焦於電子商務、OTT與影像領域。我們的組合在第二季成長至超過14,250項專利資產，較第一季約增加4%。總計而言，自分拆以來我們的專利組合已增加近5,000項專利資產，其中絕大多數的成長來自內生成長。

Consistent with our commitment to defending our IP, earlier this quarter, we filed patent infringement claims against Fubo, asserting four patents from our Media portfolio. We are disappointed we could not reach acceptable terms for a new license agreement. Our goal, as always, is a business resolution, a license agreement that reflects the underlying value of our IP. I want to be clear that this matter is completely separate from our license agreement with Disney. Fubo represents a distinct opportunity and the litigation has no impact on our license agreement with Disney.

秉持我們捍衛IP的承諾，本季稍早我們對Fubo提出專利侵權主張，主張我們媒體組合中的四項專利。我們對未能就新的授權協議達成可接受條款感到失望。我們的目標一如既往，是以商業方式解決，達成一份能反映我們IP內在價值的授權協議。我要明確表示，此事項與我們和Disney的授權協議完全無關。Fubo代表一個獨立的機會，此訴訟對我們與Disney的授權協議沒有任何影響。

I also want to provide a brief update on the CEO search we announced in connection with our first quarter results. The Board’s search process is going well. We have engaged a nationally recognized search firm and the board is actively evaluating candidates. As a reminder, we anticipate announcing a successor by the fourth quarter of this year. In the meantime, I want to reassure our stakeholders that it is business as usual at Adeia - the same strategy, same team, and same goals. Our team remains energized and focused on executing our business plan and our pipeline remains strong.

我也想就我們在第一季財報發布時宣布的CEO遴選，提供簡要更新。董事會的遴選流程進展順利。我們已聘請一家全國知名的獵才公司，董事會也正積極評估候選人。提醒各位，我們預期將在今年第四季宣布接任者。同時，我想向利害關係人保證，Adeia一切照常運作——相同的策略、相同的團隊、相同的目標。我們的團隊仍充滿動能並專注於執行營運計畫，我們的案源（pipeline）也依然強勁。

I remain fully committed to driving the business toward our goals for 2026 and to position the company for continued long-term success. I am proud of what we have built together and I remain excited about what lies ahead.

我仍全力投入，推動業務朝向我們2026年的目標前進，並使公司具備持續長期成功的定位。我為我們共同打造的成果感到自豪，也持續對未來充滿期待。

Our execution in the second quarter was great across the board and our revenue was in line with expectations. As we look to the second half of the year, our pipeline remains strong across both Media and Semiconductors and we are committed to achieving our full-year objectives. Our team is building something special at Adeia, and with the tremendous progress we've made, I am confident in our trajectory towards our newly revised long-term $600 million annual goal for revenue.

我們第二季在各方面的執行都很出色，營收也符合預期。展望下半年，我們在媒體與半導體兩大領域的案源仍然強勁，我們也致力於達成全年目標。我們的團隊正在Adeia打造一項特別的事業，憑藉我們已取得的重大進展，我對我們朝向新修訂的長期每年6億美元營收目標的發展軌跡充滿信心。

With that, I will turn the call over to Keith.

接下來，我把電話會議交給Keith。

Thank you, Paul. I'm pleased to be speaking with you today to share details of our second quarter 2026 financial results.

謝謝你，Paul。我很高興今天與各位分享我們2026年第二季財務結果的細節。

During the second quarter, we delivered results that were in line with our expectations. Revenue of $96.1 million was driven by the execution of six license agreements across a diverse mix of customers, including OTT, e-commerce, consumer electronics, and Pay-TV. Our second quarter was highlighted by our renewal with Google and a new license agreement with RPX. In all, we added a record 12 new customers in the quarter.

在第二季，我們交出的結果符合我們的預期。9,610萬美元的營收來自於我們在多元客戶組合中執行的六份授權協議，涵蓋OTT、電子商務、消費性電子與付費電視。第二季的亮點包括與Google完成續約，以及與RPX簽署新的授權協議。整體而言，我們在本季新增了創紀錄的12家新客戶。

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

接下來，我想討論我們的營業費用；我將僅引用非GAAP數字。

During the second quarter, operating expenses were $40.2 million, a decrease of $2.7 million, or 6% from the prior quarter. The decrease was primarily due to lower litigation and personnel related costs.

第二季營業費用為4,020萬美元，較前一季減少270萬美元，或6%。下降主要是由於訴訟及人員相關成本較低。

Research and development expenses were essentially flat compared to the prior quarter. Selling, general, and administrative expenses decreased $2 million, or 10% from the prior quarter, primarily due to lower personnel-related expenses.

研發費用與前一季相比基本持平。銷售、一般及行政費用較前一季減少200萬美元，或10%，主要因人員相關費用降低。

Litigation expense was $5.3 million, a decrease of $639,000, or 11% compared to the prior quarter, primarily driven by lower spending on AMD, due to the resolution of litigation in the prior quarter, which was partially offset by new litigation matters.

訴訟費用為530萬美元，較前一季減少63.9萬美元，或11%，主要是因為與AMD相關支出降低（由於前一季訴訟已解決），但部分被新的訴訟事項所抵銷。

Interest expense during the second quarter was $8 million, a decrease of $511,000, primarily due to our debt repayments and due to lower variable interest rates during the period. Our current effective interest rate, which includes amortization of debt issuance costs was 7.1%.

第二季利息費用為800萬美元，減少51.1萬美元，主要由於我們償還債務，以及期間浮動利率較低。我們目前的有效利率（包含債務發行成本攤銷）為7.1%。

Other income was $1.7 million and 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170萬美元，主要與我們的現金及投資組合所賺取的利息有關，並且也包括依據 ASC 606 對具有長期計費結構之收入合約所認列的利息收入。

Our adjusted EBITDA for the second quarter was $56.4 million, reflecting an adjusted EBITDA margin of 59%. Depreciation expense for the second quarter was $480,000.

我們第二季的調整後 EBITDA 為5,640萬美元，反映調整後 EBITDA 利潤率為59%。第二季折舊費用為48萬美元。

Our non-GAAP income tax rate was 21% for the quarter. Our income tax expense consists primarily of federal and state domestic taxes, as well as Korean withholding taxes.

本季我們的非 GAAP 所得稅率為21%。我們的所得稅費用主要由美國聯邦與州內國內稅負，以及韓國預扣稅所構成。

Now, for a few details on the balance sheet. We ended the second quarter with $137.1 million in cash, cash equivalents, and marketable securities and we generated $54.6 million in cash from operations.

接下來說明資產負債表的幾個細節。我們在第二季末持有現金、約當現金及有價證券合計1億3,710萬美元，並自營運活動產生5,460萬美元現金。

We made $6.1 million in principal payments on our debt in the second quarter and ended the quarter with a term loan balance of $392.6 million. We repurchased approximately 353,000 shares of our common stock for $10 million, bringing the remaining amount available for future repurchases to $140 million under our current stock repurchase program.

第二季我們就債務支付本金610萬美元，季末定期貸款餘額為3億9,260萬美元。我們以1,000萬美元回購約353,000股普通股，使得在現行股票回購計畫下，未來可供回購的剩餘額度為1億4,000萬美元。

Our strong financial performance in the second quarter, once again, allowed us to execute on all four pillars of our balanced capital allocation approach. This includes paying down our debt, repurchasing shares, paying our dividend, and making tuck-in portfolio acquisitions.

我們第二季強勁的財務表現再次讓我們得以落實平衡資本配置策略的四大支柱。包括償還債務、回購股份、發放股利，以及進行補強型（tuck-in）投資組合併購。

We paid a cash dividend of $0.05 per share of common stock. Our Board also approved payment of another $0.05 per share dividend to be paid on September 14 to shareholders of record as of August 24.

我們支付每股普通股0.05美元的現金股利。董事會亦核准再支付每股0.05美元股利，將於9月14日發放給截至8月24日登記在冊的股東。

For 2026, we are reiterating our prior revenue guidance range of $395 million to $435 million. Our pipeline remains strong and reflects the widespread adoption of our technologies across both the Media and Semiconductor markets.

針對2026年，我們重申先前的營收指引區間為3億9,500萬至4億3,500萬美元。我們的商機管線仍然強勁，反映我們的技術在媒體與半導體兩大市場的廣泛採用。

Operating expenses are expected to be in the range of $184 million to $192 million. We expect interest expense to be in the range of $34 million to $36 million. We expect other income to be in the range of $5.5 million to $6.5 million.

營業費用預期介於1億8,400萬至1億9,200萬美元。利息費用預期介於3,400萬至3,600萬美元。其他收入預期介於550萬至650萬美元。

We expect a resulting adjusted EBITDA margin of approximately 55%. We expect the non-GAAP tax rate to be 21% for the full year. We also expect capital expenditures to be approximately $2 million for the full year.

因此我們預期調整後 EBITDA 利潤率約為55%。我們預期全年非 GAAP 稅率為21%。我們也預期全年資本支出約為200萬美元。

I am truly excited about our future. The increase in our long-term revenue outlook to $600 million annually, is a clear reflection of this enthusiasm. We find ourselves at the right place, at the right time, with the right assets and our entire team remains dedicated to executing on this goal. That brings an end to our prepared remarks. With that, I'd like to turn the call over to the operator to begin our question-and-answer session. Operator?

我對我們的未來感到非常振奮。將我們的長期營收展望提高至每年6億美元，清楚反映了這份熱忱。我們正處於對的地方、對的時間，擁有對的資產，而整個團隊仍致力於達成這個目標。以上為我們事先準備的發言。接下來我想把電話交給接線員，開始問答環節。接線員？

(Operator Instructions)

（接線員指示）

Scott Searle, Roth Capital.

Scott Searle，Roth Capital。

Good afternoon. Thanks for taking the questions. Nice job in the quarter. Nice to see the semi momentum starting to build. Maybe, quickly, on that point, Keith, I'm not sure if I heard a number, in terms of mix between Media and Semis, I'm wondering if you could provide that.

下午好。謝謝讓我提問。本季表現很不錯。很高興看到半導體動能開始建立。也許先快速問這點，Keith，我不確定我是否聽到一個數字，關於媒體與半導體之間的組合占比，想請你提供一下。

And then, Paul, just in terms of the opportunity pipeline on the Semi front, it seems like it's really started to broaden, post the AMD deal, as you start to see hybrid bonding being pulled into a lot of different areas within logic that previously hadn't been contemplated. I'm wondering if you could expand upon that, in terms of vertically integrated hyperscalers, AI inference, other edge devices that are starting to pull in, to give us a little bit more color and understand what the level of engagement is on the Semi front.

另外，Paul，就半導體端的商機管線而言，看起來在 AMD 交易之後確實開始擴大，因為你開始看到混合鍵合被拉進邏輯晶片內許多先前未曾考量的不同領域。想請你就此多做說明，例如垂直整合的超大規模業者（hyperscalers）、AI 推論、以及其他邊緣裝置等開始導入的情況，讓我們更了解一些背景與半導體端的互動參與程度。

Hey, Scott. Great to hear from you.

嗨，Scott。很高興聽到你的聲音。

Just to start off with a break-out between Media and Semiconductor, Semi was about $14.8 million in revenue for Q2. If you look on a year to date basis, I'm just pleased to say that Semi, year to date, is about $48 million of that $200 million number that we posted so about 24%.

先從媒體與半導體的拆分來看，第二季半導體營收約為1,480萬美元。若以年初至今來看，我很高興地說，半導體年初至今約為我們公布的2億美元數字中的4,800萬美元，約占24%。

Just really good growth, if you compare that to what we were in a full year last year. about $26 million. You can clearly see our Semi businesses headed in a great direction.

成長非常不錯，若與去年全年約2,600萬美元相比。你可以清楚看到我們的半導體業務正朝著非常好的方向前進。

Yes, Scott. And then, on the pipeline, you got it right. It's really across the board that we're seeing hybrid bonding adoption. I noted some of it on my call with logic players, really beyond AMD.

是的，Scott。至於商機管線，你說得沒錯。我們看到混合鍵合的採用確實是全面性的。我在與邏輯晶片業者的通話中也提到其中一些情況，確實不僅僅是 AMD。

AMD was ahead of the curve, as we mentioned before. They started shipping hybrid bonded logic devices in 2022.

如我們先前提到的，AMD 走在趨勢前端。他們在2022年就開始出貨混合鍵合的邏輯裝置。

But, now, we're seeing it with Broadcom. Intel is ramping. Even Apple has chips in production, as well. And then, there's industry reports that NVIDIA's Feynman in 2028 will incorporate hybrid bonding.

但現在，我們也在 Broadcom 看到這個趨勢。Intel 正在放量爬坡。甚至 Apple 也有晶片在量產中。此外，業界報告指出，NVIDIA 預計於2028年的 Feynman 將納入混合鍵合。

We're very excited about that opportunity. And then, you mentioned hyperscalers as well. I've said this publicly a number of times that these hyperscalers are semiconductor companies now, and I believe that. They're all focused on differentiating their own products and services with their semiconductor chips. That's going to create additional opportunity for us.

我們對這個機會感到非常興奮。你也提到了 hyperscalers。我已多次公開表示，這些 hyperscalers 現在就是半導體公司，而我確實相信如此。他們都專注於用自家的半導體晶片來差異化其產品與服務。這將為我們帶來更多機會。

And then, lastly, what we're seeing in the NAND market and HBM -- the proof is, really, in what we're seeing in the CapEx build-out. I mentioned $125 billion CapEx build-out for advanced packaging, including hybrid bonding. But, also, there's reports that Samsung has ordered 50 bonding tools. And so all of this just lines up with what we have been anticipating, which is tremendous adoption of hybrid bonding; which is giving us that confidence in formally increasing our target to $200 million annually for the Semiconductor business, which we are very excited about.

最後，我們在 NAND 市場與 HBM 看到的情況——證據其實反映在我們看到的資本支出（CapEx）擴建上。我提到先進封裝（包含混合鍵合）將有1,250億美元的 CapEx 擴建。此外，也有報告指出三星已訂購50台鍵合設備。因此，這一切都與我們一直以來的預期一致，也就是混合鍵合將被大幅採用；這也讓我們有信心正式把半導體業務的目標提高到每年2億美元，對此我們非常興奮。

Great. That's very helpful. Maybe, shifting gears into the Media side of the equation, we've gone through a transition here with DirecTV and DISH coming out of the numbers. But, now, it seems like you've got a broadened opportunity pipeline that's more diverse across different customers, different categories. And so, the question is, given what you're seeing in the non-Pay-TV revenue and growth, do we expect to see recurring revenue within Media now on a growth trajectory that we've absorbed the hits on DirecTV and DISH?

很好。這非常有幫助。也許把焦點轉到媒體端，我們在 DirecTV 與 DISH 退出數字後，經歷了一段轉換期。但現在看起來，你們的商機管線已擴大，且在不同客戶、不同類別之間更為多元。因此問題是，考量你們在非付費電視（non-Pay-TV）營收與成長的表現，在我們已消化 DirecTV 與 DISH 的衝擊後，是否可預期媒體業務的經常性收入將回到成長軌道？

Yeah. I think we are really proud of our non-Pay-TV recurring revenue growth. This is something that we were very strategic about since our separation. We knew, like everybody else knew, where the Pay-TV industry was going. We have had some more headwinds because of some of this litigation that we might have not anticipated a few years ago.

是的。我們對非付費電視的經常性收入成長感到非常自豪。這是我們自分拆以來非常有策略性地在做的事情。我們知道，就像大家都知道的那樣，付費電視產業將走向何處。由於一些訴訟因素，我們也面臨了更多逆風，這可能是幾年前我們未必能預期到的。

But this is the diversification play coming into fruition. You're seeing that, really, across the board. I think the highlights, I would say, is obviously OTT. And then, e-commerce are big contributors to that growth. But even consumer electronics and social media are contributing, as well, to that growth.

但這正是多元化策略開始開花結果。你會看到這點其實在各個面向都很明顯。我認為亮點很明確就是 OTT。接著，電商也是推動這項成長的重要貢獻者。但甚至消費性電子與社群媒體也同樣在貢獻這項成長。

And then, we have plans to continue to expand into different adjacent markets on the Media side as well. Those are starting to ramp as -- in addition to what we already have contributing with e-commerce.

此外，我們也計畫在媒體端持續擴展到不同的相鄰市場。這些也開始加速成長——再加上我們既有的電商貢獻。

We're really pleased across the board on that. I do think we're in a continued growth phase. We've had continued consistent growth since our separation from Xperi, where we have built on our non-Pay-TV recurring revenue, really, quarter over quarter. There's occasionally dips, just because of deal timing, where you'll see that; and structure of deals. And then, it will ramp back up. But, if you look at just a line across the board over the last four years, it is up and to the right and we expect that to continue.

我們對整體表現都非常滿意。我確實認為我們仍處於持續成長階段。自從我們自 Xperi 分拆以來，我們持續穩定成長，基本上非付費電視（non-Pay-TV）的經常性收入逐季建立起來。偶爾會有下滑，主要是因為交易時點，你會看到這種情況；以及交易結構的影響。然後又會再度回升。但如果你看過去四年的整體趨勢線，它是一路向上、往右走，我們也預期這會持續。

Great. Thanks so much. Great job. I'll get back in the queue.

很好。非常感謝。做得很棒。我回到提問隊列。

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

Thanks for taking my questions. Congratulations on the great results and the better outlook.

謝謝讓我提問。恭喜你們有很好的成果以及更佳的展望。

Speaking of the better outlook, the $100 million extra in Semiconductors -- I know you haven't given a timeframe but were you thinking that this is within the same timeframe that you thought you could get to $100 million? Now, in that same timeframe, you can get to $200 million?

談到更佳的展望，半導體多出來的 1 億美元——我知道你們沒有給出時間表，但你們是否認為這是在你們原先覺得可以達到 1 億美元的同一個時間範圍內？也就是說，在同樣的時間範圍內，你們現在可以達到 2 億美元？

Yeah. That's right, Kevin. I think we talk about -- we call it long-term. I think, broadly speaking, we think about that in about five years, right -- is what we think about, when we do our long-range planning. We think that that is achievable, right, in that timeframe, now, for that $200 million Semiconductor target.

是的。沒錯，Kevin。我想我們談到——我們稱之為長期。我想廣義來說，我們在做長期規劃時，通常把它想成大約五年，對吧——這是我們做長程規劃時的思考方式。我們認為在那個時間範圍內，現在要達成 2 億美元的半導體目標是可行的。

Again, it's really the catalyst that I just mentioned to Scott. It's both logic and memory. By memory, I really do mean NAND and HBM. It's not just HBM, which we continue to be very bullish on, as we get to 20 layers or so. But, NAND, as we get to 400 layers, there's a real need, right, for hybrid bonding for the big 3 memory guys. We think they're all ramping to get there. And so it's on both sides of their memory businesses. That's what excites us, as well, in addition to all the CapEx build-out that we're seeing.

同樣地，這主要是我剛才對 Scott 提到的催化劑。涵蓋邏輯與記憶體兩端。所謂記憶體，我指的確實是 NAND 與 HBM。不只是 HBM——我們仍然非常看多，尤其當堆疊到大約 20 層左右。但 NAND 在邁向 400 層時，三大記憶體廠就會有很明確的需求，需要混合鍵合（hybrid bonding）。我們認為他們都在加速推進以達到那個目標。因此這同時發生在他們記憶體業務的兩個面向。這也是讓我們感到興奮的地方，此外還有我們看到的各項資本支出（CapEx）擴建。

Yeah, I'd agree with that. With SK Hynix, on their second-quarter earnings call, they even said that they're preparing next generation, and they say, in addition to hybrid bonding. But they also said that iHBM, they mentioned this as having thermal dissipation.

是的，我同意。SK 海力士在第二季法說會上甚至提到他們正在準備下一代技術，並表示除了混合鍵合之外。但他們也提到 iHBM，說這在散熱方面有優勢。

Is RapidCool ready for licensing? Or is this something that might be in discussion?

RapidCool 已經準備好可以授權了嗎？還是這可能仍在討論中？

When we think about RapidCool, yeah, we think it is part of this catalyst as well. Again, we license on a portfolio-wide basis, right? But one of the things that differentiates us from other licensing companies is, really, the innovation story. RapidCool is a great thing for us to showcase, right, on that innovation. It's new. It's solving a big problem that the industry is trying to deal with right now.

當我們談到 RapidCool，是的，我們認為它也是這個催化劑的一部分。同樣地，我們是以整體專利組合為基礎來授權，對吧？但讓我們與其他授權公司不同的一點，確實在於創新故事。RapidCool 是我們用來展示創新的一個很好的例子。它是新的。它正在解決產業目前正努力應對的一個重大問題。

Thermal management, as you know, Kevin, is at the heart of a lot of what these companies are worried about. We're showing a solution that can be adopted, right; that is not so wild that it creates some totally new ecosystem. As I've mentioned before, it's plug-and-play in these current data centers, right? It uses existing equipment. And so, yeah, we think it can be, also, a really important element to our relicensing efforts with the memory players, but also, in logic, as we've talked about before.

如你所知，Kevin，熱管理是許多這些公司最關切的核心議題。我們展示的是一個可以被採用的解決方案；它不至於天馬行空到需要建立一個全新的生態系。如我之前提過，它在現有資料中心是即插即用（plug-and-play）的。它使用既有設備。因此，是的，我們認為它也可能成為我們與記憶體業者重新授權（relicensing）努力中的一個非常重要的元素，同時在邏輯端也是如此——如我們之前談過的。

And so, yeah, it's part of that story. Hybrid bonding is now so we focus on that. But RapidCool is definitely an element of that relicensing effort, as well, as we talk to customers about how our portfolio continues to grow and evolve.

所以，是的，它是這個故事的一部分。混合鍵合是當下，因此我們會聚焦在那裡。但 RapidCool 也絕對是重新授權努力的一個要素，當我們與客戶溝通我們的專利組合如何持續成長與演進時。

Okay, great. Maybe if I could just ask one other question about the tuck-in acquisitions of the IP portfolio? What IP was that? In Semiconductors or Media? Did they include any employees? Or was it just patents?

好的，很好。也許我可以再問一個關於補強型（tuck-in）收購 IP 組合的問題？那是什麼 IP？是在半導體還是媒體？有包含任何員工嗎？還是只有專利？

Yeah. As I think we've mentioned before, we're focused on our tuck-in acquisitions really being in all of our growth areas. And so this quarter, it was Media focused so e-commerce, OTT, and imaging was the primary technology areas that we acquired in.

是的。如我們之前提過，我們的補強型收購重點，確實是放在我們所有的成長領域。因此本季是以媒體為主，主要收購的技術領域是電商、OTT 與影像。

But we are evaluating Semiconductor portfolios as in addition to other Media growth areas as well. We've got a strong pipeline in our acquisitions.

但我們也在評估半導體的專利組合，此外也包括其他媒體成長領域。我們的收購案源（pipeline）很強。

These particular ones were patent focused. But we do remain open to looking at inventive teams and doing acqui-hires, as well as patent acquisitions. That's part of what we evaluate as well.

這幾項特別的收購是以專利為主。但我們也仍然願意評估具創新能力的團隊，進行人才併購（acqui-hire），以及專利收購。這也是我們評估的一部分。

Okay, great. Thank you.

好的，很好。謝謝。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Hi. Could you just talk about, a little bit about, your sales pipeline or potential deals; and if anything makes you uncomfortable, as far as the timing not happening this year. If there's any of those possibilities?

嗨。你能否稍微談談你們的銷售案源或潛在交易；以及就交易時點而言，有沒有任何事情讓你感到不太放心、可能今年無法發生？是否存在任何這類可能性？

Hamed, first of all, thanks for the question. Good to speak with you.

Hamed，首先謝謝你的問題。很高興和你交流。

I think our pipeline is quite robust. I was mentioning to someone, just recently, I feel really good about where we are. If I think about even comparing it to years past, I think we've got an incredibly robust set of opportunities to deliver on our commitments for this year.

我認為我們的案源相當強勁。我最近才跟某人提到，我對我們目前的狀況感覺非常好。即使拿來和過去幾年相比，我認為我們擁有一組極其強勁的機會，能夠兌現我們今年的承諾。

It can come from various different avenues, right? I think the momentum we are seeing in e-commerce on the heels of our RPX deal is tremendous, for example. But in addition obviously, the OTT and Semiconductor momentum continues on as well. And so, when I look forward, there are a number of ways for us to get there. They include, even potentially, some of the Pay-TV items that we've got in dispute, which obviously can move the needle quite a bit.

它可能來自各種不同的途徑，對吧？例如，我們在 RPX 交易之後，看到電商動能非常強勁。但除此之外，OTT 與半導體的動能也持續延續。因此當我往前看，我們有很多方式可以達成目標。其中甚至包括一些我們目前仍在爭議中的付費電視（Pay-TV）項目，這些顯然也可能對結果帶來相當大的影響。

But, as you know, we are a small-volume, high-dollar shop, right? And so the good news is, this year, we've got more in our past to get there than we have in the past, as I mentioned last quarter and that continues on.

不過，如你所知，我們是一家小量、高單價的公司，對吧？因此好消息是，今年我們要達成目標所累積的既有基礎比過去更多，正如我在上季提到的，而且這個趨勢仍在延續。

What I'm trying to get to is, right now, you're on pace for the low end of your revenue guidance range. I'm just trying to understand, like, what's the outlook to get to the high end? Are you depending on one or two deals?

我想表達的是，目前你們的進度大致落在營收指引區間的低端。我只是想了解，要達到高端的展望是什麼？你們是否仰賴一兩筆交易？

Sure. I think we've got a number of ways to get within our range. If I look at last year, for example, right, we were at about 170 at this point. We had two quarters of 85, right?

當然。我認為我們有多種方式可以落在我們的區間內。例如看去年，對吧，我們在這個時間點大約是170。我們有兩個季度各是85，對吧？

This year, we're at the midpoint. We're at 201. We're in better, better shape than we were last year. We always tend to be a little back-end loaded in terms of when deals tend to come to fruition. That's no different this year. It's a little better than it has been in the past, quite frankly. And so we continue to have really good discussions with customers, both on the renewal and new deal front.

今年，我們在中間值。我們是201。我們的狀況比去年更好、更好。就交易最終落地的時間點而言，我們一向會比較偏向下半年。今年也沒有不同。坦白說，情況比過去更好一些。因此我們持續與客戶進行非常良好的討論，無論是在續約或新交易方面。

Hamed, I would also add to that that, when I took a look at our internal forecast, our internal forecast looks a lot like the consensus models out there, as well.

Hamed，我也補充一下，當我查看我們的內部預測時，我們的內部預測看起來也很像外部的共識模型。

Matthew Galinko, Maxim Group.

Matthew Galinko，Maxim Group。

Thanks for taking my questions. Maybe, firstly, I think your 2Q operating cash flow number was, historically, relatively high. I think it brought you to a relatively high cash balance, as well. Can you maybe talk about how you are feeling with your current cash balance and cash flow that reached year to date, and what we might expect through the balance of the year?

謝謝讓我提問。首先，或許你們第二季的營運現金流數字在歷史上相對偏高。我想這也讓你們的現金餘額達到相對較高的水位。能否談談你們對目前現金餘額與年初至今現金流的看法，以及今年剩餘期間我們可以期待什麼？

Yeah. Hey, Matt, great question. Actually, if you take a look at that cash where we ended at $137 million, it's actually pretty consistent where we ended at the end of December of last year.

好的。嗨，Matt，問得很好。其實如果你看我們期末現金是1.37億美元，這與去年12月底的期末水位相當一致。

Really, we got a couple of things. We had a great start to year. Typically, Q2 and Q3 are pretty light for us in cash generations from cash from operations. But, as you can see, Q2 was very, very, very strong.

主要有幾個因素。我們今年開局非常好。通常第二季和第三季對我們而言，來自營運的現金流量（營運現金流）都相當偏淡。但如你所見，第二季非常、非常、非常強勁。

For the full year, our outlook still is the same in terms of about $150 million or give or take for the full year, which, once again, going back to Q3 being relatively light. So we'd anticipate cash from operations in Q3 to be fairly modest and then have a resurgence back in Q4.

就全年而言，我們的展望仍相同，全年大約是1.5億美元上下。同樣地，第三季相對偏淡。

We also have a good number of commitments. As we go through and operate our business, we have a dividend program. We pay down our debt. Last, but definitely not least, we are acquisitive.

我們也有相當多的承諾事項。在我們經營業務的過程中，我們有股利計畫。我們會償還債務。最後但同樣重要的是，我們也會進行併購。

We built up probably a little bit higher bit of cash, knowing some of those things were coming, in light of having a softer or a lighter cash from operations in Q3. But with that being said, our targets are still the same, when we end the year in 2026. We anticipate cash being at that $100 million number that we typically target to get to.

我們把現金水位提高到可能略高一些，是因為知道上述一些事項即將發生，同時考量到第三季營運現金流會較弱或較淡。但即便如此，我們在2026年年底的目標仍然不變。我們預期現金會落在我們通常鎖定的1億美元水位。

All right. Thank you. Maybe, as a follow-up, RPX is an interesting counter-party. It's, I think, first time I can remember you announcing a license with RPX. Can you talk a little bit about how the negotiation was there? Do you think there is additional opportunity to license to portions of RPX's client or subscriber base? Or how should we think about that as a counter-party?

好的。謝謝。接著追問一下，RPX 是個有趣的交易對手。我想這是我記憶中你們第一次宣布與 RPX 的授權。能否談談當時的談判情況？你們是否認為還有機會把授權擴展到 RPX 的部分客戶或訂閱者基礎？或者我們應該如何看待 RPX 作為交易對手？

Thanks.

謝謝。

Yeah, thanks Matt. We're really pleased with the RPX deal. We do think it is one that we can potentially replicate, going forward. It is important to note though, that it's consistent with our licensing program, right? And so, it's term based, right?

好的，謝謝 Matt。我們對 RPX 這筆交易非常滿意。我們確實認為未來有可能複製這種模式。不過需要注意的是，它與我們的授權計畫一致，對吧？因此它是有期限的，對吧？

It is something that we see though, as really helpful in terms of when you're looking at so many customers and potential customers that we have in the e-commerce space to really reduce friction potentially, right? I think RPX was a great partner for us, in that regard. I'm not going to get into the details of what the negotiations were, but we're really pleased with our conversations and relationship with RPX.

不過我們也認為，當你看到我們在電商領域有這麼多客戶與潛在客戶時，這對於降低摩擦可能非常有幫助，對吧？在這方面，RPX 對我們而言是很棒的合作夥伴。我不會談判細節，但我們對與 RPX 的對話與合作關係非常滿意。

We do think that -- I'll just say, the style of the deal can be potentially replicated going forward. I think getting 10 companies essentially under license at one time is fantastic for us, right; and something that, I think, when we look at e-commerce, in particular. We started, really, this business in e-commerce about two years ago. We got our first license agreement just at the end of 2024, right? Now, it is a significant, meaningful contributor to our business and our revenue. We see it growing pretty significantly from here. And so, yeah, it's a great deal for us; very pleased with the relationship with RPX and see the deal structure as one that we could replicate, moving forward.

我們確實認為——我只想說，這種交易型態未來可能可以複製。我認為一次讓基本上10家公司納入授權，對我們來說非常棒，對吧；而且我想，特別是當我們看電商時。我們大約兩年前才真正開始做電商這塊業務。我們在2024年底才拿到第一份授權協議，對吧？現在，它已成為我們業務與營收的重要且有意義的貢獻來源。我們看到它從這裡開始會相當顯著地成長。所以，是的，這對我們是一筆很棒的交易；我們對與 RPX 的關係非常滿意，也認為這種交易結構未來可以複製。

Thank you.

謝謝。

That concludes our question-and-answer session.

問答環節到此結束。

I will now turn the call back over to Chief Executive Officer Paul Davis for closing remarks.

接下來我將把電話交回給執行長 Paul Davis 作結語。

Thank you, operator. Once again, I would like to thank our employees for their hard work and dedication and also, our shareholders, partners, and customers for their ongoing support.

謝謝，接線員。再次，我要感謝我們員工的辛勤工作與投入，也感謝我們的股東、合作夥伴與客戶持續的支持。

Over the next several weeks, we will be participating in the Oppenheimer Annual TMT Conference, the Rosenblatt Age of AI Conference, the Needham Annual Semi and SemiCap Conference, and the BWS Investor Conference. We look forward to speaking with you at these and other events.

在接下來幾週，我們將參加 Oppenheimer 年度 TMT 大會、Rosenblatt「AI 時代」大會、Needham 年度半導體與半導體設備（Semi 與 SemiCap）大會，以及 BWS 投資人會議。我們期待在這些及其他活動中與各位交流。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's call.

各位女士先生，今天的電話會議到此結束。

Thank you, all, for joining. You may now disconnect.

感謝各位參與。您現在可以掛線。