Cerence Inc (CRNC) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Cerence fourth-quarter 2025 earnings conference call.

各位好，感謝您的耐心等待。歡迎參加 Cerence 2025 年第四季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作人員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your speaker for today, Kate Hickman. Please go ahead.

現在我把會議交給今天的演講嘉賓凱特·希克曼女士。請開始吧。

Hello, everyone, and welcome to Cerence's fourth-quarter 2025 conference call. I'm Kate Hickman, VP of Corporate Communications and Investor Relations. Before we begin, I would like to remind you that this call may involve certain forward-looking statements. Any statements that are not statements of historical fact, including statements related to our expectations, anticipations, intentions, estimates, assumptions, beliefs, outlook, strategies, goals, objectives, targets and plans are forward-looking statements.

大家好，歡迎參加Cerence公司2025年第四季業績電話會議。我是企業傳播與投資者關係副總裁凱特·希克曼。在會議開始之前，我想提醒各位，本次會議可能涉及一些前瞻性陳述。任何非歷史事實的陳述，包括與我們的預期、預測、意圖、估計、假設、信念、展望、策略、目標、目的和計劃相關的陳述，均為前瞻性陳述。

Cerence makes no representations to update those statements after today. These statements are subject to risks and uncertainties, which may cause actual results to differ materially from such statements and expectations as described in our SEC filings, including the Form 8-K with the press release preceding today's call, our most recent Form 10-Q and our Form 10-K filed on November 25, 2024.

Cerence公司不保證在今天之後更新這些聲明。這些聲明受風險和不確定性因素的影響，可能導致實際結果與我們在提交給美國證券交易委員會（SEC）的文件中所述的聲明和預期存在重大差異，包括今天電話會議之前的新聞稿中包含的8-K表格、我們最新的10-Q表格以及我們於2024年11月25日提交的10-K表格。

In addition, the company may refer to certain non-GAAP measures, key performance indicators and pro forma financial information during this call. Please refer to today's press release for further details of the definitions, limitations and uses of those measures and reconciliations of non-GAAP measures to the closest GAAP equivalent.

此外，本公司在本次電話會議中可能會提及某些非公認會計準則（非GAAP）指標、關鍵績效指標和備考財務資訊。有關這些指標的定義、限制和用途，以及非GAAP指標與最接近的GAAP指標的調節表，請參閱今天的新聞稿。

The press release is available in the Investors section of our website. Joining me on today's call are Brian Krzanich, CEO; and Tony Rodriquez, CFO. Please note that slides with further context are available in the Investors section of our website. Before handing the call over to Brian, I would like to mention that we will be participating in the Raymond James TMT and Consumer Conference on December 8 and the Needham Growth Conference on January 13. In addition, Cerence will also be exhibiting at CES in Las Vegas from January 6 to 9.

新聞稿可在我們網站的「投資者關係」版塊查閱。今天與我一同參加電話會議的有執行長 Brian Krzanich 和財務長 Tony Rodriquez。請注意，包含更多背景資訊的投影片可在我們網站的「投資人關係」版塊查閱。在將電話會議交給 Brian 之前，我想提一下，我們將參加 12 月 8 日舉行的 Raymond James TMT 和消費品大會以及 1 月 13 日舉行的 Needham 增長大會。此外，Cerence 也將參加 1 月 6 日至 9 日在拉斯維加斯舉行的 CES 消費性電子展。

Now on to the call. Brian?

現在開始通話。布萊恩？

Thank you, Kate. Good afternoon, and welcome, everyone. I'm excited to speak with you today and reflect on my first full year as Cerence's CEO. It's been a great year for the Cerence team and our customers, and I couldn't be happier with the performance. Over the past year, we've strengthened the financial and operational foundation of the company and significantly increased positive cash flow generation, beating nearly every metric and putting us on a solid ground for executing on our future growth plans.

謝謝凱特。下午好，歡迎各位。今天能和大家交流，回顧我擔任Cerence執行長的第一個完整年度，我感到非常榮幸。對於Cerence團隊和我們的客戶來說，過去的一年碩果累累，我對公司的表現非常滿意。過去一年，我們鞏固了公司的財務和營運基礎，顯著提升了正現金流，幾乎各項指標均超出預期，為我們未來的成長計畫奠定了堅實的基礎。

We've made significant progress with our xUI platform, including meeting all our technology milestones while driving strong customer interest and adoption. We paid down $87.5 million of our debt using cash on hand while maintaining our cash position for the future. And we secured our first successful outcome in our efforts to protect and monetize our intellectual property.

我們的 xUI 平台取得了顯著進展，不僅實現了所有技術里程碑，還獲得了客戶的濃厚興趣和廣泛採用。我們利用自有現金償還了 8,750 萬美元的債務，同時保持了未來的現金儲備。此外，我們在保護和變現智慧財產權方面也取得了首個成功案例。

As a result, we believe that Cerence has the right foundation for long-term sustainable growth in fiscal '26 and beyond. All of this has led us to posting strong results for this quarter, again, delivering above the high end of our guidance range with revenue of $60.6 million and adjusted EBITDA of $8.3 million. And importantly, we generated strong free cash flow of $9.7 million. For the full fiscal year, revenue was $251.8 million. Adjusted EBITDA was $48.1 million, and free cash flow grew almost threefold year over year to $46.8 million.

因此，我們相信Cerence已具備在2026財年及以後實現長期可持續成長的良好基礎。所有這些都促使我們本季業績表現強勁，再次超出預期範圍，營收達6,060萬美元，調整後EBITDA達830萬美元。更重要的是，我們創造了970萬美元的強勁自由現金流。全年來看，營收為2.518億美元，調整後EBITDA為4,810萬美元，自由現金流年增近三倍，達到4,680萬美元。

And PPU increased to $5.05 for the trailing 12-month period, up 12% from the same period last year. And then Tony will provide further details on our results later in the call. As you've heard us discuss in recent quarters, we are deeply committed to monetizing our intellectual property and protecting it against infringers. Last month, we resolved our suit with Samsung, which, among other things, resulted in Samsung agreeing to pay Cerence a onetime lump sum payment of $49.5 million.

過去12個月的每用戶平均營收（PPU）增至5.05美元，較去年同期成長12%。稍後，Tony將在電話會議中提供更多關於我們業績的詳細資訊。正如您在最近幾季中聽到的，我們一直致力於將我們的智慧財產權貨幣化，並保護其免受侵權行為。上個月，我們與三星達成了和解，其中一項內容是三星同意向Cerence一次性支付4,950萬美元。

This payment is pursuant to a confidential cross-license agreement with Samsung, which limits our ability to provide specifics. Nevertheless, we believe that it's an important milestone in our strategy and a proof point for the broad applicability of our technology across different industries and verticals. I'd also like to share a bit more about our approach to IP monetization and how it fits into our long-term strategy.

這筆款項是根據與三星簽訂的保密交叉授權協議支付的，因此我們無法透露具體細節。儘管如此，我們相信這是我們策略中的一個重要里程碑，也是我們技術在不同產業和垂直領域廣泛適用性的有力證明。我還想進一步介紹我們的智慧財產權貨幣化策略，以及它如何融入我們的長期策略。

While we always prefer to enter licensing deals without resorting to litigation, we expect to take all necessary steps, including litigation, to ensure that we receive fair value for our foundational IP. And this is why we currently have actions against Apple, TCL and Sony, among others. And we have a multiyear road map of potential future actions and are consistently evaluating if new lawsuits are warranted.

雖然我們始終傾向於透過非訴訟方式達成授權協議，但我們預計會採取一切必要措施，包括訴訟，以確保我們獲得基礎智慧財產權的合理價值。正因如此，我們目前已對蘋果、TCL 和索尼等公司提起訴訟。我們制定了未來多年的潛在行動計劃，並持續評估是否有必要提起新的訴訟。

We believe IP monetization will be a continuing ongoing revenue stream in the future and will help to support our nonautomotive business growth. The payment under the Samsung licensing agreement as well as the expected costs related to our other active suits are incorporated into our fiscal year '26 guidance, which Tony will discuss.

我們相信，知識產權變現將在未來持續帶來可觀的收入，並有助於支持我們非汽車業務的成長。根據三星授權協議支付的款項以及我們其他在審訴訟相關的預期成本已納入我們2026財年的業績預期，Tony將對此進行詳細闡述。

It's important to note that the process for these lawsuits is long. So as we move through the fiscal 2026, we will keep you apprised of any important updates. Now taking a moment to look back at Q4, we continue to make progress on our three key deliverables: advancing our AI road map, growing our business with the new and existing customers and continuing our transformation and cost management initiatives.

值得注意的是，這些訴訟的流程相當漫長。因此，在2026財年期間，我們將隨時向您通報任何重要進展。現在回顧第四季度，我們在三大關鍵目標上持續取得進展：推動人工智慧路線圖、拓展與新舊客戶的業務，以及繼續推動轉型和成本管理措施。

First, in terms of advancing our road map, we continued our development of Cerence xUI with the addition of several new languages and ongoing advancements of our core tech and audio AI solutions, which are the basis for the xUI experience. We also hosted another successful demo at IAA in Munich in September, where we showcased our flexible, agnostic approach, partnering with SiMa.ai as well as MediaTek to bring advanced low-power conversational AI to vehicles.

首先，在推進我們的產品路線圖方面，我們持續開發 Cerence xUI，新增了多種語言支持，並不斷改進我們的核心技術和音訊 AI 解決方案，這些都是 xUI 體驗的基礎。此外，我們在 9 月的慕尼黑國際車展 (IAA) 上成功舉辦了另一場演示，展示了我們靈活且兼容多種平台的方案，並與 SiMa.ai 和聯發科 (MediaTek) 合作，將先進的低功耗對話 AI 技術引入汽車領域。

We also furthered the advancement of our agentic AI strategy, partnering closely with Microsoft to roll out a mobile work agent that enables people who choose to work in the car to do so more safely and securely through voice-first access to Microsoft 365 Copilot, Teams, Outlook and OneNote. With xUI's automotive-grade agentic architecture, the mobile work agent can seamlessly and proactively orchestrate between Copilot and other domains like navigation to enable a cohesive and context-aware user experience.

我們也進一步推動了智慧體人工智慧策略，與微軟緊密合作推出了一款行動工作代理，使選擇在車內辦公的用戶能夠透過語音優先存取 Microsoft 365 Copilot、Teams、Outlook 和 OneNote，從而更安全、更便捷地完成工作。借助 xUI 的汽車級智能體架構，這款行動工作代理能夠無縫、主動地協調 Copilot 與其他領域（例如導航）之間的交互，從而打造連貫且情境感知的用戶體驗。

Through our partnership with Microsoft, we're turning the car into a trusted device, something that we believe our competitors cannot deliver. Looking forward to 2026, we are gearing up for our next big milestone, CES in Las Vegas. where we'll continue to showcase the latest innovations in Cerence xUI and our core tech. We'll also demonstrate new AI agents focused on vehicle service and dealerships, part of our strategy to expand to other areas of the automotive ecosystem to drive additional revenue opportunities.

透過與微軟的合作，我們將汽車打造成值得信賴的設備，我們相信這是競爭對手無法實現的。展望2026年，我們正積極籌備下一個重要里程碑－拉斯維加斯消費電子展（CES）。屆時，我們將繼續展示Cerence xUI的最新創新成果和核心技術。我們還將展示專注於車輛服務和經銷商的新型人工智慧代理，這是我們拓展汽車生態系統其他領域、創造更多收入機會策略的一部分。

In terms of customer adoption, we continued development of our two previously mentioned xUI customer programs, JLR and a brand within the Volkswagen Group. Both programs are on track and are expected to hit the road in 2026. We also continue to build the xUI pipeline with additional POCs with large global automakers, including some North American OEMs, where we are working to regain market share.

在客戶採納方面，我們繼續推動先前提到的兩個xUI客戶項目，分別是捷豹路虎（JLR）項目和大眾集團旗下的一個品牌。這兩個項目進展順利，預計2026年正式上線。此外，我們也透過與包括一些北美汽車製造商在內的全球大型汽車製造商開展更多概念驗證（POC）項目，持續拓展xUI產品線，試圖在這些市場重新奪回份額。

Thus far, we're seeing positive momentum in converting POC programs to deals. Our second key deliverable is continuing to grow our business with new and existing customers. In Q4, we signed several important deals, including with Toyota to bring our Gen AI-powered solutions into their vehicles, with Ford to expand the presence of our audio AI across their lineup and with an autonomous trucking company for our emergency vehicle detection solution.

目前來看，概念驗證項目轉化為實際訂單的勢頭良好。我們的第二個關鍵目標是繼續拓展與新舊客戶的業務。第四季度，我們簽署了幾項重要協議，包括與豐田合作，將我們的Gen AI解決方案引入其車輛；與福特合作，擴大我們音頻AI技術在其產品線中的應用；以及與一家自動駕駛卡車公司合作，為其提供緊急車輛檢測解決方案。

Other key wins in the quarter included BMW, Honda and Great Wall Motor. We also saw nine programs start production in Q4, including BYD, Subaru and Geely. Outside of automotive, we continue to operationalize our new strategy and distributor model with a focus on three key areas: first, expand our work with partners like Microsoft and NVIDIA; second, continue to double down on our work with distributors to grow in areas like voice-powered kiosk and logistics.

本季其他重要客戶包括BMW、本田和長城汽車。此外，比亞迪、斯巴魯和吉利等九個項目在第四季投產。除汽車領域外，我們繼續推動新策略和分銷模式的實施，重點關註三個關鍵領域：首先，擴大與微軟和英偉達等合作夥伴的合作；其次，繼續加大與分銷商的合作力度，拓展語音自助服務終端和物流等領域的業務。

And lastly, as mentioned, continue our IP monetization efforts. As a reminder, we believe the impact of our work to expand beyond automotive will be seen in our revenue and profitability in late fiscal year 2026 and beyond, and this is reflected in the fiscal 2026 guidance. Our third key deliverable is continuing our transformation and cost management initiatives.

最後，如前文所述，我們將繼續推動知識產權貨幣化工作。再次強調，我們相信，拓展汽車業以外業務的努力將在2026財年末及以後體現在我們的收入和盈利能力上，這一點已反映在2026財年的業績預期中。我們的第三個關鍵成果是持續推動轉型和成本管理措施。

As you can see from our continued strong cash performance, we have driven real benefits from our work and are delivering it to the bottom line for our shareholders. Continuing our attention to cost, in Q4, we initiated a restructuring plan with respect to certain foreign operations intended to further reduce operating expenses and position Cerence for profitable, sustainable future growth. We expect to incur the majority of the restructuring expenses related to this plan and to complete its implementation in Q1.

正如您從我們持續強勁的現金流表現中所見，我們的工作已取得實實在在的成效，並轉化為股東的利潤成長。為了持續控製成本，我們在第四季度啟動了針對部分海外業務的重組計劃，旨在進一步降低營運費用，並為Cerence未來的獲利和永續成長奠定基礎。我們預計將在第一季產生與該計劃相關的大部分重組費用，並完成該計劃的實施。

For the remainder of fiscal 2026, we will remain diligent and maintain our attention to cost management. In conclusion, we are incredibly proud of what our team has accomplished this quarter and in fiscal year 2025 as a whole. As we look to fiscal year '26 and beyond, there are several key vectors for our ongoing growth. First, increasing adoption of Cerence xUI and driving greater penetration of our stack and existing programs, delivering increased PPU.

在2026財年剩餘時間內，我們將繼續保持嚴謹的工作作風，並持續關注成本控制。總之，我們為團隊在本季以及整個2025財年所取得的成就感到無比自豪。展望2026財年及未來，我們持續成長的關鍵在於以下幾個面向。首先，我們將致力於提高Cerence xUI的採用率，並進一步擴大我們產品組合和現有項目的覆蓋範圍，從而提升每用戶收入（PPU）。

Second, increasing the number of connected vehicles shipped, resulting in expansion of our connected services business. And third, growth in our nonautomotive business towards the end of the year. This includes our IP monetization efforts, which we believe will continue to yield benefits and provide an ongoing revenue stream. And as a reminder, with most cases taking multiple years to reach resolution, this is a long-term strategy.

其次，連網車輛出貨量增加，將帶動我們連網服務業務的擴展。第三，非汽車業務在年底前成長。這包括我們的知識產權變現工作，我們相信這將持續帶來收益，並提供穩定的收入來源。再次提醒，由於大多數案件需要數年才能解決，這是一項長期策略。

We look forward to building on the strong foundation set in fiscal 2025 for long-term sustainable growth in fiscal 2026 and beyond. Now while Tony will walk you through the details, we expect fiscal year 2026 revenue to be in the range of $300 million to $320 million, marking a 23% year-over-year increase at the midpoint. And this reflects the patent license payment from our Samsung cross license as well as anticipated 8% growth in our core technology business, which excludes professional services.

我們期待在2025財年奠定的堅實基礎上，在2026財年及以後實現長期永續成長。接下來，Tony將為大家詳細介紹，我們預計2026財年營收將在3億至3.2億美元之間，以中間值計算，年增23%。這其中包含了來自三星交叉授權的專利授權費，以及我們核心技術業務（不包括專業服務）預計8%的成長。

We expect professional services to shrink as our newer technology requires less time and engineering to deliver and OEMs and Tier 1s continue to grow their internal capabilities. And we expect adjusted EBITDA of $50 million to $70 million and free cash flow of $56 million to $66 million. We're motivated by all we've achieved in the last year and believe we have an exciting path ahead of us as we transition into a new phase of growth for Cerence AI.

我們預計，隨著新技術交付所需時間和工程量減少，以及原始設備製造商 (OEM) 和一級供應商 (Tier 1) 不斷提升其內部能力，專業服務業務將會萎縮。我們預計調整後 EBITDA 為 5,000 萬美元至 7,000 萬美元，自由現金流為 5,600 萬美元至 6,600 萬美元。過去一年的成就令我們倍感鼓舞，我們相信，隨著 Cerence AI 邁入新的成長階段，我們將擁有令人振奮的未來。

I'll now turn it over to Tony to take you through the details.

現在我將把發言權交給東尼，讓他為大家詳細介紹。

Thank you, Brian. Good afternoon, everyone, and thank you for joining us today. We appreciate your time and continued interest in our company. Today, I will walk you through our Q4 and full-year results, highlight the key drivers behind our performance and provide guidance for the upcoming quarter and full fiscal year 2026.

謝謝布萊恩。大家下午好，感謝各位今天蒞臨。我們非常感謝各位抽出時間並持續關注我們公司。今天，我將為大家介紹我們第四季和全年的業績，重點闡述推動我們業績成長的關鍵因素，並對即將到來的季度和2026財年全年業績進行展望。

We ended fiscal '25 on a strong note, delivering results that exceeded expectations and reinforcing the momentum we've been building all year. As Brian mentioned, Q4 total revenue was $60.6 million, surpassing our projected range of $53 million to $58 million. For the full fiscal year, revenue reached $251.8 million, exceeding our earlier expectations.

我們以強勁的勢頭結束了2025財年，業績超乎預期，並鞏固了我們全年累積的成長動能。正如布萊恩所提到的，第四季總收入為6060萬美元，超過了我們先前預測的5300萬美元至5800萬美元的範圍。整個財年，營收達到2.518億美元，也超過了我們先前的預期。

This performance reflects broad-based strength across our business, disciplined execution and continued progress in driving profitable growth during the year. Variable license revenue for the quarter was $31.6 million, up 25% year over year, fueled by strong customer utilization, solid in-period shipments and a tailwind from favorable euro exchange rates.

這一業績反映了我們業務的整體強勁勢頭、嚴謹的執行力以及全年持續推進盈利增長的良好勢頭。本季可變授權收入為3,160萬美元，較去年同期成長25%，這主要得益於客戶使用率的提高、穩健的當期出貨量以及歐元匯率的利多。

We had no material fixed license deals in the quarter or Q4 of last year. Importantly, we believe this continued shift toward recurring scalable usage-based models strengthens our revenue quality and visibility. For the full year, total license revenue grew 13%, a healthy expansion considering that we had lower fixed license contracts in the current year by about $8 million. Q4 connected service revenue came in at $14.2 million, up 17% year over year, reflecting a continued expansion of our connected installed base.

去年第一季和第四季度，我們沒有簽訂任何實質的固定許可協議。重要的是，我們相信這種持續向可擴展的、基於使用量的循環付費模式轉型，能夠提升我們的收入品質和可預測性。全年來看，許可總收入成長了13%，考慮到本年度固定許可合約金額減少了約800萬美元，這一增長幅度相當可觀。第四季互聯服務營收為1,420萬美元，較去年同期成長17%，反映出我們互聯用戶群的持續成長。

For the year, connected services revenue was $53.4 million, which compares to $133.4 million in fiscal 2024. Though that prior year figure was an anomaly as it included a onetime $86.6 million noncash benefit from a decommissioned legacy contract. Excluding that, Connected Services actually grew 14% year over year, which we believe shows a steady demand and growing recurring scale.

本年度互聯服務收入為 5,340 萬美元，而 2024 財年預計為 1.334 億美元。不過，上一財年的數據存在異常，因為它包含了一筆來自已終止的舊合約的 8,660 萬美元一次性非現金收益。剔除此收益後，互聯服務收入實際上年增了 14%，我們認為這顯示市場需求穩定，且經常性業務規模不斷擴大。

Professional services revenue for Q4 was $14.2 million, down 18% year over year as we continue to standardize our product offerings, streamline custom projects and gain efficiency in implementations. Also under applicable accounting rules, certain professional service revenue is deferred when it is included as a component of licensing pricing. For the full year, professional services declined 21% year over year, but was directionally consistent with our focus on higher gross margins.

第四季專業服務收入為1,420萬美元，年減18%，原因是我們持續推進產品標準化、簡化客製化專案流程並提高實施效率。此外，根據適用的會計準則，部分專業服務收入在計入授權定價時需要遞延確認。全年來看，專業服務收入較去年同期下降21%，但整體趨勢與我們追求更高毛利率的目標相符。

Gross profit for the quarter was $44 million, yielding a 73% gross margin, up from 64% in Q4 of last year, which we believe provides a clear demonstration of the improved mix towards technology revenue. Operating discipline remains a major focus. Q4 non-GAAP operating expenses were $38.3 million, down 3% year over year, reflecting strong cost control while continuing to invest in innovation and growth.

本季毛利為4,400萬美元，毛利率為73%，高於去年同期的64%，我們認為這清楚顯示了公司技術收入佔比的提升。營運紀律仍然是公司的重點。第四季非GAAP營運費用為3,830萬美元，年減3%，反映出公司在持續投資創新和成長的同時，實現了有效的成本控制。

For the full year, non-GAAP operating expenses were $146.1 million, down $28.5 million or 16% from last year, highlighting the expected sustained benefit of our cost realignment initiatives. These efficiencies translated into robust bottom-line performance. Q4 adjusted EBITDA was $8.3 million, well above our $2 million to $6 million guidance range.

全年非GAAP營運費用為1.461億美元，較上年減少2,850萬美元，降幅達16%，凸顯了我們成本調整措施的預期持續效益。這些效率提升轉化為強勁的獲利成長。第四季調整後EBITDA為830萬美元，遠超過我們先前200萬至600萬美元的預期範圍。

For the full year, adjusted EBITDA reached $48.1 million, doubling our initial expectations when the year began. That is a powerful statement of execution, discipline and scalability. Our GAAP net loss for Q4 narrowed to $13.4 million from $20.4 million for the same quarter last year.

全年調整後 EBITDA 達到 4,810 萬美元，是年初預期的兩倍。這有力地證明了我們卓越的執行力、嚴謹的管理以及強大的可擴展性。第四季 GAAP 淨虧損收窄至 1,340 萬美元，去年同期為 2,040 萬美元。

For the full fiscal year, GAAP net loss was $18.7 million. We also made significant progress on our balance sheet. During fiscal 2025, we reduced total debt by $87.5 million using cash on hand, and we ended the year with $87 million in total cash and marketable securities. We generated $9.7 million in positive free cash flow in Q4, our sixth consecutive quarter of positive free cash flow and $46.8 million for the full fiscal year.

整個財年，以美國通用會計準則（GAAP）計算的淨虧損為1,870萬美元。我們的資產負債表也取得了顯著改善。在2025財年，我們利用自有現金減少了8,750萬美元的總債務，年末現金及有價證券總額為8,700萬美元。第四季我們實現了970萬美元的正自由現金流，這是我們連續第六個季度實現正自由現金流，整個財年自由現金流總額為4680萬美元。

We are confident in our liquidity position and believe that we will be able to continue funding strategic initiatives from operating cash generation. From a metric standpoint, we shipped approximately 11.7 million units for the quarter, an increase from 10.6 million in the prior year fourth quarter. We also grew the number of our connected cars shipped by 14% on a trailing 12-month basis, underscoring the continued momentum in vehicle connectivity.

我們對自身的流動性狀況充滿信心，並相信能夠繼續利用營運現金流為各項策略措施提供資金。從指標來看，本季我們的出貨量約為1,170萬輛，高於去年同期的1,060萬輛。此外，我們連網汽車的出貨量在過去12個月中成長了14%，凸顯了汽車連網領域的持續成長動能。

Also on a trailing 12-month basis, 52% of worldwide auto production included Cerence technology, remaining in line with our historical penetration. Adjusted total billings were $236 million, an increase of 8.4% year over year. Our five-year backlog metric is currently approximately $1 billion, up slightly from where it was two quarters ago. As a reminder, our five-year backlog may not be indicative of future actual revenue.

過去12個月，全球汽車產量中有52%採用了Cerence技術，與我們以往的市場滲透率一致。經調整後的總收入為2.36億美元，較去年成長8.4%。我們五年期積壓訂單目前約為10億美元，略高於兩個季度前的水平。需要注意的是，五年期積壓訂單並不一定能反映未來的實際收入。

As previously discussed, when we look at total licenses shipped, pro forma royalties is an operating measure we use representing the total value of variable licenses shipped in the quarter, including shipments from prior fixed licenses where revenue was previously recognized upon contract signing. We refer to shipments where revenue was recognized in the prior period as fixed license consumption. Our pro forma royalties were $39.6 million, which were down slightly as compared to $41.9 million in Q4 of last year.

如前所述，在分析總出貨量時，我們使用備考特許權使用費這一營運指標，它代表本季度出貨的可變許可的總價值，其中包括先前固定許可的出貨量（這些固定許可的收入已在合約簽訂時確認）。我們將先前已確認收入的出貨量稱為固定許可消耗。我們的備考特許權使用費為 3,960 萬美元，略低於去年第四季的 4,190 萬美元。

Consumption of our previous fixed license contract totaled $8.5 million this quarter, better than the same quarter last year by about 49% and in line with expectations given the lower level of fixed contracts than in historical periods. This drops more of the pro forma royalties into revenue in the current period as compared to a year ago.

本季我們先前固定許可合約的消費總額為 850 萬美元，比去年同期增長約 49%，考慮到固定合約數量低於歷史水平，這一結果符合預期。與去年同期相比，這使得更多預估特許權使用費轉化為本季收入。

Our PPU metric increased to $5.05 for the trailing 12-month period, up 12% from $4.50 for the same period last year, reflecting continued implementation of our improving pricing strategy and an increase in the adoption of connected solutions. Looking ahead, we believe '26 is shaping up to be an exciting year of growth and profitability. Again, as Brian mentioned, we expect total revenue in the range of $300 million to $320 million. At the midpoint, this represents a 23% year-over-year increase.

過去12個月，我們的每用戶平均價格（PPU）增加至5.05美元，較去年同期的4.50美元成長12%，這反映了我們持續改善定價策略以及連網解決方案普及率的提高。展望未來，我們相信2026年將是成長和獲利能力強勁的一年。正如Brian所提到的，我們預計總收入將在3億至3.2億美元之間。取中間值，這意味著年增23%。

This includes a $49.5 million patent license payment, which we expect to account for as revenue finalized in Q1, a year-over-year comparable $22 million in expected new fixed license contracts while absorbing modest headwinds from the anticipated continuing reduction of professional services revenue. At the midpoint, we anticipate high single-digit growth in our technology run rates across both variable license and connected services, underscoring durable demand and expanding recurring contribution.

這其中包括一筆 4,950 萬美元的專利授權費，我們預計將在第一季計入最終收入；預計新增固定授權合約收入為 2,200 萬美元，與去年同期持平；同時，我們也將承受專業服務收入預期持續下降帶來的輕微不利影響。我們預計，無論是可變授權還是關聯服務，我們的技術業務運作率都將實現接近兩位數的成長，這凸顯了市場的強勁需求，並有助於擴大經常性收入貢獻。

Operating expenses are expected to remain largely stable with an increase primarily related to legal costs tied to IP licensing. For the full-year 2026, we expect adjusted EBITDA of $50 million to $70 million, free cash flow of $56 million to $66 million and gross margins between 79% and 80%. For Q1 FY26, we expect revenue between $110 million and $120 million, again, including the $49.5 million patent license payment, which we expect to account for as revenue and roughly $8 million in expected fixed license contracts.

預計營運支出將基本保持穩定，成長主要來自與智慧財產權授權相關的法律成本。我們預計2026年全年調整後EBITDA為5,000萬美元至7,000萬美元，自由現金流為5,600萬美元至6,600萬美元，毛利率為79%至80%。 2026財年第一季度，我們預計營收為1.1億美元至1.2億美元，其中包括4,950萬美元的專利授權費（我們預計將其計入收入）以及約800萬美元的預期固定授權合約收入。

Adjusted EBITDA is expected to be between $30 million and $40 million. To summarize, fiscal year '25 was a year of strong execution, improving profitability and sustained momentum. We exceeded our targets, strengthened our balance sheet and positioned the company for a year of accelerating growth in fiscal 2026. Our 2026 outlook reflects not just higher revenue and margin expansion, but also the realization of the value of our strong foundational IP portfolio and continued growth from our recurring technology lines.

調整後 EBITDA 預計在 3,000 萬美元至 4,000 萬美元之間。總而言之，2025 財年是執行力強勁、獲利能力提升並維持成長動能的一年。我們超額完成了目標，強化了資產負債表，並為公司在 2026 財年加速成長奠定了基礎。我們對 2026 年的展望不僅體現在更高的收入和利潤率擴張上，還體現在我們強大的基礎智慧財產權組合價值的實現以及經常性技術線的持續成長。

We're confident in the resilience of our business built to drive ongoing innovation, customer success and long-term shareholder value. Thank you again for your confidence and continued support. With that, I will now turn it back to Brian to close our remarks.

我們對公司業務的韌性充滿信心，相信它能夠持續推動創新、客戶成功並創造長期股東價值。再次感謝您的信任與持續支持。接下來，我將把發言權交還給布萊恩，請他總結我們的演講。

Thanks, Tony. In closing, we are pleased with our results this quarter and incredibly proud of what our team accomplished in fiscal year 2025. For fiscal year 2026, we are focused on three key priorities: driving top-line growth, advancing xUI and maintaining cost diligence. We believe we have an exciting path ahead, and we look forward to sharing more on our Q1 progress in next quarter's call. We'll now open it up for questions.

謝謝托尼。最後，我們對本季的業績感到滿意，並為團隊在2025財年所取得的成就感到無比自豪。展望2026財年，我們將專注於三大重點：推動營收成長、推動xUI專案以及維持成本控制。我們相信未來前景光明，並期待在下個季度財報電話會議上分享更多關於第一季進展的資訊。現在開始接受提問。

(Operator Instructions)

（操作說明）

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，克雷格-哈勒姆資本集團。

Great. A couple. Maybe start with the IP side. Congrats on the win there. Just to be clear, was that flowing through at a pure profit?

太好了。幾個。或許可以先從IP方面著手。恭喜你贏了。請問一下，那筆收入是純利潤嗎？

And then I'd probably get back into it, but I want to avoid any possible mistake. What is the assumption for '26 in terms of legal expense?

然後我可能還會繼續做下去，但我希望避免任何可能的錯誤。 2026年的法律費用預期是多少？

It's Tony. Thanks for question. Yes, a couple of things on that IP side. So yes, we expect that to flow through revenue so that -- at a gross amount of $49.5 million. This first one that really we closed in our ongoing process to monetize our IP outside of automotive.

我是托尼。謝謝你的提問。是的，關於智慧財產權方面有幾點需要說明。我們預計這筆收入將轉化為營收，總額為 4,950 萬美元。這是我們持續推進汽車以外知識產權商業化進程中完成的第一筆交易。

We did this on a contingent basis with the attorneys. So those costs will be recorded in Q1, as well.

我們與律師簽訂了風險代理合約。因此，這些費用也將計入第一季。

And I'll give you some numbers in there. It was actually, I think, in our 8-K as well. But so -- and it was the international customer. So there was also some withholding tax within Korea. So at the end of the day, that payment will flow through down to the bottom line.

我提供你一些具體數據。實際上，我想，我們的8-K表格裡也有。因為是國際客戶，所以韓國那邊也有一些預扣稅。最終，這筆款項會反映在公司的利潤裡。

Again, I'm anticipating that, that would be in revenue in Q1. And the net amount would be minus roughly [24], call it, $24 million of legal cost and a bit of withholding tax as well.

我預計這筆收入將計入第一季。淨額將扣除約 2400 萬美元的法律費用和一些預扣稅。

Okay. Yes, that's helpful. Yes -- was the ongoing legal, yes.

好的。是的，這很有幫助。是的——當時的法律程序是這樣的。

Yes, yes. And so the way we're looking at this now is that we have an option of how we pursue these, right? And we believe that we will utilize our external legal costs to do it on more of an hourly basis to get a higher return on these type of events. And accordingly, we're looking at the midrange of guidance about $7 million to $8 million of additional legal costs this year. And that's in our guidance, yes.

是的，沒錯。所以我們現在的思路是，我們可以選擇如何處理這些事情，對吧？我們相信，利用外部法律資源，按小時計費，能從這類事件中獲得更高的回報。因此，我們預計今年的額外法律費用將在700萬至800萬美元之間。這確實在我們的預期之內。

Yes. Very helpful. And then you talked about the ramp in interest in xUI and some ramping in the proof of concepts, the POCs. Can you just put a little finer point on that? Any quantification, any scope you can put around the degree of increase in interest for that?

是的，很有幫助。您剛才提到了人們對 xUI 的興趣逐漸增長，以及概念驗證（POC）項目數量的增長。能再詳細說說嗎？能否提供一些量化數據，或者說，能否大致說明一下人們對 xUI 興趣增長的程度？

We have about -- this is Brian, Jeff. We have about half a dozen POCs going on with different OEMs in various levels of the xUI platform. Remember it's a continuum xUI that has a variety of options and capabilities. And so that's the number of companies that we're working with or partners that are looking at xUI right now. Then you saw we also announced several more Chat Pro and Cerence Assistant's add-ons this quarter and implementations.

我們現在大約有——這位是布萊恩，這位是傑夫。我們正在與不同的OEM廠商合作，在xUI平台的不同層級上進行大約六個概念驗證專案。請記住，xUI是一個連續統一體，擁有多種選項和功能。以上就是我們目前正在合作或正在研究xUI的合作夥伴數量。此外，您也看到了，我們本季也發表了Chat Pro和Cerence Assistant的多個附加元件和實施方案。

Great. Just two last, if I could sneak them in. One on the connected. Nice sequential pickup there. Any -- if I recall, there are several ways you can take that revenue.

太好了。就剩最後兩個了，如果可以的話。一個是聯網的。不錯的順序擷取。任何——如果我沒記錯的話，你可以用幾種方式獲得這筆收入。

I could be mistaken there. But is there anything in there that is pull forward true-up or what I would call an -- one of the -- an unusual way of taking connected? Or is that a clean number?

我可能弄錯了。但裡面有沒有什麼需要事先調整的，或是我稱之為──某種──不尋常的連結方式？還是說那隻是個乾淨的數字？

No. There's really only one way I know of, and maybe Tony has more, but it is always over the life of the contract. So there's no pull forwards or unique accounting that's being done here. We take a look at the total value of the contract. We look at the lifetime, they're anywhere from 1 to 10 years, some that are as long as 10 years.

不，我只知道一種方法，也許托尼有其他方法，但始終都是以合約有效期為準。所以這裡不存在提前結算或特殊會計處理。我們只看合約的總價值，以及合約期限，合約期限從1年到10年不等，有些甚至長達10年。

The average we've said in the past has been about three, stays that way still. And so we would break that revenue then out over that three-year period.

我們過去所說的平均值約為三年，目前仍然如此。因此，我們將把收入按三年周期進行細分。

Yes. And so yes, definitely it is clean. I think you're right. You follow us enough to know that in the case of where we get a billing where we continue to monitor activity within the connected side. And if we believe that we work with our OEM and there was any potential underreporting, if we get catch-up billings within connected, we will -- that relate to [past] services, we will recognize some of that.

是的。所以，是的，絕對沒問題。我想你是對的。你一直關注我們，應該知道，在收到帳單的情況下，我們會持續監控連網端的活動。如果我們認為與OEM廠商合作期間存在任何潛在的少報，並且我們收到聯網端的補繳帳單，我們會—這些帳單與先前的服務相關—確認其中一部分。

But this quarter was really none of them.

但本季實際上並沒有達到上述任何一點。

Okay, great --

好的，太好了——

That's not unique about connected. Those true-ups are just -- it's volume related, right? And sometimes it takes a while for us to get all of the volumes correct between the OEMs and ourselves.

這並非連網裝置獨有的問題。這些數據調整隻是——與銷售量有關，對吧？有時我們需要一段時間才能將原始設備製造商和我們自己的銷售數據全部核對清楚。

Yes. No, totally understood. And maybe last then, just on the -- you've talked about the nonautomotive opportunities ramping in the out year. Maybe just spend a second there and help us rank order top 1, 2, 3 opportunities in the nonautomotive bucket.

是的。不，完全明白。最後，關於您剛才提到的非汽車產業機會在未來一年將大幅成長，能否花點時間幫我們把非汽車產業中最重要的三個機會按重要性排序？

Sure. Again, I put our IP monetization in that bucket as well, right? We set in here. We have other suits going on. And we have a multiyear large list of opportunities in that space.

當然。我再次強調，我們的智慧財產權變現也屬於這個範疇，對吧？我們在這方面已經站穩腳步。我們還有其他訴訟正在進行中。而且，我們在這個領域還有一份未來幾年都將持續發展的龐大項目清單。

And really, you have to take a look at that. Those are mostly us getting paid for our technology in nonautomotive space.

確實，你得好好看看。那些大多是我們利用非汽車領域的技術所獲得的收入。

In fact, it's all of that, right, including the Samsung one is nonautomotive revenue. So I do want to clarify that, that is using our technology in the nonautomotive space that we are getting paid for and should have been paid for. We always prefer to just do a standard license, but we'll defend it in other words. The other spaces for the nonautomotive, I'd tell you the first one is the kiosk space. We actually did an implementation this last quarter in South America with a bank implementing voice into the kiosks.

事實上，所有這些都包含在內，對吧？包括三星那部分在內，都屬於非汽車領域的收入。所以我想澄清一下，這指的是我們在非汽車領域使用我們的技術，我們為此獲得了報酬，而且本來就應該獲得報酬。我們始終傾向於採用標準授權模式，但我們會捍衛我們的立場。至於其他非汽車領域的收入，我想首先提到的是自助服務終端領域。上個季度，我們在南美與一家銀行合作，將語音功能整合到自助服務終端中。

We have several other POCs going on with kiosks in various types of applications moving forward. So I'd say that's the first priority or the first opportunity that's coming due. Then we have -- we've talked about it in the past, what we call (inaudible), which is our phone answering chat service that can be implemented. We're targeting, again, spaces that we know. So we're looking at dealerships and automotive space.

我們目前正在進行多個概念驗證項目，涉及各種應用場景下的自助服務終端。所以，我認為這是首要任務，或者說是即將到來的首要機會。接下來，我們還有──我們之前也提到過──我們稱之為（聽不清楚）的電話應答聊天服務，它可以部署到其他領域。我們的目標市場仍然是我們熟悉的領域，例如汽車經銷店和汽車產業。

Basically, you can answer phones, make appointments, do things for the -- like to support your CRM or your service base. There's also other applications in -- with OEMs in that space as well, answering a lot of their calls since we already ingest all of the owners manual. So those would be the first like two that I'd tell you that are near term and the products are ready. In fact, those will be at CES in demonstration mode. So you'll be able to come see those at our booth in CES.

基本上，您可以接聽電話、預約、處理各種事務，例如支援您的客戶關係管理系統 (CRM) 或服務基地。此外，我們還有其他應用，例如與原始設備製造商 (OEM) 合作，由於我們已經整合了所有用戶手冊，因此可以接聽他們的大量來電。以上是我要介紹的兩個近期即將推出的產品，它們已經準備就緒。事實上，它們將在 CES 展會上進行演示。歡迎您蒞臨我們在 CES 的攤位參觀。

(Operator Instructions) Our next question will come from the line of Mark Delaney of Goldman Sachs.

（操作員說明）我們的下一個問題將來自高盛的馬克·德萊尼。

This is Will on for Mark Delaney. So my first one is for the 8% growth in the core business in fiscal '26 that you expect, how does that break out between units and content step-up?

這裡是威爾，替馬克·德萊尼提問。我的第一個問題是，您預計2026財年核心業務將成長8%，那麼這部分成長在銷售量和內容增幅之間是如何劃分的呢？

Will, thanks for the question. So again, a couple of things to think about as in that 8%. When we think about that 8% core technology, we're thinking at the core license revenue and core connected, right? And as we think about the latter, they're connected, we think about the additional billings -- billings for connected has been growing over the last one-and-a-half years, two years, and then that gets amortized over the subscription period, right?

威爾，謝謝你的提問。關於這8%的收入，有幾點需要考慮。我們說的這8%核心技術收入，指的是核心授權收入和核心互聯業務收入，對吧？說到後者，也就是互聯業務收入，我們指的是額外的計費——過去一兩年，互聯業務的計費一直在增長，然後這些增長會在訂閱期內攤銷，對吧？

So we're seeing those increased billings continue to amortize and grow that number, and we expect that growth related to increased billings in 2026 and then the amortization of the previous billings that are in deferred revenue. So growing deferred revenue and then amortizing that. So that's roughly 8% or 9% in the connected side. And similarly, a similar percentage in license, though it's a little bit different.

因此，我們看到這些增加的帳單金額持續攤銷並推動該數字成長，我們預計這一增長與2026年帳單金額的成長以及先前遞延收入中帳單金額的攤銷有關。也就是說，遞延收入成長，然後進行攤銷。這大約佔連接業務方面的8%或9%。許可業務方面也存在類似的比例，儘管略有不同。

As we've discussed in the past, we've continued to decrease the fixed license revenue over the last two years or so. And what that means is more of the variable licenses actually drop down into revenue in period. So because of those decreased fixed licenses over the last couple of years, what we're seeing is that overall pro forma revenue will likely be fairly flat, but more of it will be in-period revenue for those shipments. That's about half of that growth. And then the other half would be coming from additional price and volume out of the licenses.

正如我們之前討論過的，過去兩年左右，我們持續降低了固定授權收入。這意味著更多可變授權收入會轉化為當期實際收入。因此，由於過去幾年固定授權收入的減少，我們預期整體備考收入將基本持平，但其中更多將來自當期出貨收入。這大約佔成長的一半。另一半成長則來自於許可價格和銷售的提升。

No, that was helpful. And just one follow-up question, but -- so can the company share an update on the competitive landscape, especially with new AI systems come into vehicles as illustrated that you saw with GM and Gemini. So can you just give us an update on what you're seeing across the competitive landscape?

不，這很有幫助。還有一個後續問題——貴公司能否分享一下競爭格局的最新情況，特別是像通用汽車和Gemini一樣，隨著新型人工智慧系統被應用到汽車上。您能否簡要介紹一下您目前觀察到的競爭格局？

Yes. I'd say the competitive landscape hasn't necessarily changed dramatically from the standpoint of who our competitors are, right? There aren't -- we're not seeing anything new or unique. What we would say is that more and more of the technology is becoming large language model based.

是的。從競爭對手的角度來看，競爭格局並沒有發生翻天覆地的變化，對吧？確實沒有——我們沒有看到任何新的或獨特的競爭對手。我們想說的是，越來越多的技術正朝著基於大型語言模型的方向發展。

And you're seeing more and more agentic AI in the products. And that's driving the competition more than, I'd say, new players or new additions. So it's the same ones. And I'd tell you, it's -- we've talked about them in the past, Google is there, Amazon is there. Those are the big 2 that we're usually competing against.

你會發現越來越多的產品都採用了智慧人工智慧。我認為，這才是推動競爭的主要因素，而不是新玩家或新產品的出現。所以，競爭者還是那些老面孔。我之前也提到過，谷歌和亞馬遜都是我們主要的競爭對手。

(Operator Instructions) And I'm not showing any more questions in the queue. So I'd like to turn the call back over to Brian for closing remarks. Please go ahead.

（操作員指示）佇列中沒有其他問題了。所以我想把電話轉回布萊恩做總結發言。請開始吧。

Yes. Thank you. So again, I would just like to thank everybody. Those were great questions, and I appreciate everybody's time. We're really excited about the results we had for both Q4 2025, but full-year 2025.

是的，謝謝。再次感謝大家。你們的問題都很好，感謝大家抽出時間。我們對2025年第四季和全年的業績都非常滿意。

And we're feeling like we really have set the foundation for growth as we go into 2026.

我們感覺我們已經為2026年的發展奠定了堅實的基礎。

And we look forward to talking with you guys at the end of the first quarter here and showing you great results again and laying out more and more of our strategy for 2026 as we move forward. So thank you very much for the call today, and we look forward to talking to you again later on.

我們期待在第一季末與各位再次交流，向大家展示我們所取得的優異成績，並逐步完善我們2026年的策略規劃。非常感謝大家今天的來電，我們期待稍後再次與您溝通。

Thank you all for participating in today's conference call. You may now disconnect.

感謝各位參加今天的電話會議。現在可以斷開連線了。