InterDigital Inc (IDCC) 2024 Q2 法說會逐字稿

Good day, everyone, and thank you for standing by, and welcome to InterDigital's second quarter 2024 earnings call. (Operator Instructions) Again, please be advised that today's conference is being recorded.

大家好，感謝大家的支持，歡迎參加 InterDigital 的 2024 年第二季財報電話會議。（操作員指示）再次請注意，今天的會議正在錄製中。

I will hand the call over to the Head of Investor Relations, Raiford Garrabrant. Please go ahead.

我會將電話轉交給投資者關係主管 Raiford Garrabrant。請繼續。

Thank you, Carmen. Good morning to everyone, and welcome to InterDigital second quarter 2024 earnings conference call. I'm Raiford Garrabrant, Head of Investor Relations for InterDigital. With me on today's call are Liren Chen, our President and CEO; and Rich Brezski, our CFO.

謝謝你，卡門。大家早安，歡迎參加 InterDigital 2024 年第二季財報電話會議。我是 Raiford Garrabrant，InterDigital 投資者關係主管。與我一起參加今天電話會議的是我們的總裁兼執行長陳立人；和我們的財務長 Rich Brezski。

Consistent with prior calls, we will offer some highlights about the quarter and the company and then open the call up for questions. For additional details, which you can access our earnings release and slide presentation that accompany this call on our Investor Relations website.

與先前的電話會議一致，我們將提供有關本季度和公司的一些亮點，然後開始電話提問。如需了解更多詳細信息，您可以在我們的投資者關係網站上訪問本次電話會議隨附的收益發布和幻燈片演示。

Before we begin our remarks, I need to remind you that in this call, we will make forward-looking statements regarding our current beliefs, plans and expectations, which are not guarantees of future performance and are made only as of the date hereof.

在我們開始發言之前，我需要提醒您，在本次電話會議中，我們將就我們當前的信念、計劃和期望做出前瞻性聲明，這些聲明不是對未來業績的保證，並且僅在本次電話會議中做出。

Forward-looking statements are subject to risks and uncertainties that could cause actual results and events to differ materially from results and events contemplated by such forward-looking statements. These risks and uncertainties include those described in the risk factors section of our 2023 Annual Report on Form 10-K and our other SEC filings.

前瞻性陳述存在風險和不確定性，可能導致實際結果和事件與此類前瞻性陳述預期的結果和事件有重大差異。這些風險和不確定性包括我們 2023 年年度報告 10-K 表格和其他 SEC 文件的風險因素部分中所述的風險和不確定性。

In addition, today's presentation may contain references to non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the supplemental materials posted to the investor relations section of our website.

此外，今天的演示可能包含對非公認會計準則財務指標的引用。這些非公認會計原則財務指標與最直接可比較的公認會計原則財務指標的調節包含在我們網站投資者關係部分發布的補充資料中。

With that taken care of, I will turn the call over to Liren.

處理完之後，我會把電話轉給立人。

Thank you, Raiford. Good morning, everyone. Thanks for joining us today. I'm pleased to share that we have delivered Q2 revenue at $223 million that far exceeds the top end of our guidance for the quarter, a record first half revenue of $487 million, and we have raised our 2024 full year revenue guidance by $70 million to a new range of $690 million to $740 million as a result of the continued positive momentum in the business.

謝謝你，雷福德。大家早安。感謝您今天加入我們。我很高興地告訴大家，我們第二季度的收入達到了2.23 億美元，遠遠超出了我們本季度指導的上限，上半年收入達到創紀錄的4.87 億美元，並且我們已將2024 年全年收入指導提高了7000 萬美元由於業務的持續積極勢頭，該數字達到了 6.9 億至 7.4 億美元的新區間。

Our financial results, which Rich will cover in more detail were driven by a new device license with Google and multiple court wins in our litigation with Lenovo. In addition, we continue to drive our innovation forward and saw our video portfolio confirmed as one of the highest quality in the world.

我們的財務表現（里奇將更詳細地介紹）是由與Google的新設備許可證以及我們與聯想在多個法庭訴訟中獲勝所推動的。此外，我們繼續推動創新，並看到我們的影片組合被確認為世界上最高品質的影片組合之一。

Our new license with Google is an example of the importance of innovation to a wide array of consumer devices. The agreement licenses a range of devices, including pixel smartphones and Fitbit wearable devices to our cellular, Wi-Fi and HEVC video patents. It renews an agreement we already had with Google for 4G and expands Google's license to cover our growing portfolio of 5G assets.

我們與Google的新許可證證明了創新對於各種消費設備的重要性。該協議授權一系列設備使用我們的蜂窩、Wi-Fi 和 HEVC 視訊專利，包括 Pixel 智慧型手機和 Fitbit 穿戴式裝置。它續簽了我們與Google已經達成的 4G 協議，並擴大了谷歌的許可範圍，以涵蓋我們不斷增長的 5G 資產組合。

In addition to Google, this morning we also announced a new license agreement with Panasonic covering our 4G and 5G assets as well as our Wi-Fi and HEVC video patents.

除了Google之外，今天早上我們還宣布了與松下的一項新許可協議，涵蓋我們的 4G 和 5G 資產以及我們的 Wi-Fi 和 HEVC 視訊專利。

Next, let me highlight several positive developments on the litigation front. In our dispute with Lenovo, the UK Court of Appeal handed us a resounding victory in the appeal of our FRAND licensing judgment. The court increased the amount Lenovo must pay for a license for our cellular patents through the end of 2023 by more than $55 million to just over $240 million.

接下來，讓我重點介紹訴訟方面的一些正面進展。在我們與聯想的糾紛中，英國上訴法院在對我們的 FRAND 許可判決的上訴中取得了壓倒性的勝利。法院將截至 2023 年底聯想必須支付的蜂窩專利授權費用增加了 5,500 萬美元以上，達到略高於 2.4 億美元。

The court also confirmed that Lenovo must pay for all of the past sales going back to 2007. And the court requiredf Lenovo to pay our legal expenses for the appeal. While I believe there are multiple reasons that the value of our cellular innovation is even higher, we are pleased that the Court of Appeal decision has significantly increased the licensing fee Lenovo must pay. This decision is important, not only in terms of our ongoing negotiations with Lenovo, but also because of its potential impact in other licensees, SEP licensees.

法院也確認，聯想必須支付自 2007 年以來的所有銷售費用。法院要求聯想支付上訴的法律費用。雖然我相信有多種原因導致我們的蜂窩創新的價值更高，但我們很高興上訴法院的判決顯著增加了聯想必須支付的許可費。這項決定很重要，不僅因為我們與聯想正在進行的談判，而且因為它對其他被授權者、SEP 被授權者的潛在影響。

We believe that paying for past deals could help us receive fair compensation for the use our innovation from other licensees, removing incentives for an implementer to hold out and delay in taking our license. While the Court of Appeal ruling give us another litigation win in our dispute with Lenovo it's important to keep in mind that this decision only covers a cellular license through the end of 2023.

我們相信，為過去的交易付費可以幫助我們從其他被授權人那裡獲得使用我們的創新的公平補償，從而消除實施者堅持和拖延獲得我們許可的動機。雖然上訴法院的裁決讓我們在與聯想的糾紛中再次贏得訴訟，但重要的是要記住，該裁決僅涵蓋 2023 年底之前的蜂窩許可證。

In May, a court in Germany awarded InterDigital an injunction against Lenovo's infringement of our cellular patents. The German court heavily criticized Lenovo's behavior through the course of our negotiations and wrote that InterDigital has acted in a FRAND manner at all times.

5 月，德國一家法院向 InterDigital 頒發了一項禁令，禁止聯想侵犯我們的手機專利。德國法院嚴厲批評了聯想在我們談判過程中的行為，並寫道 InterDigital 始終以 FRAND 方式行事。

As we are pleased with our litigation wins, we remain committed to sign a forward-looking agreement with Lenovo that fairly reflects the value our fundamental innovation in wireless, video and AI. Our arbitration to decide the monetary terms of our license with Samsung for mobile devices continue to be on track.

我們對訴訟獲勝感到高興，因此我們仍然致力於與聯想簽署前瞻性協議，該協議公平地反映了我們在無線、視訊和人工智慧方面的基礎創新的價值。我們決定與三星行動裝置授權的貨幣條款的仲裁仍在順利進行中。

In July, we completed a two weeks long arbitration hearing, and we hope to have a final decision by end of this year. As a reminder, Samsung already agreed to take a license to our portfolio from January 1, 2023, and this binding agreement will determine the final value of the license.

7月，我們完成了為期兩週的仲裁聽證會，我們希望在今年年底前做出最終決定。提醒一下，三星已同意從 2023 年 1 月 1 日起獲得我們產品組合的許可，這份具有約束力的協議將決定許可的最終價值。

The license is in addition to the agreement we have signed with Samsung at the start of this year, which covers Samsung's digital TV and displays. While many of the details of litigation we file are case specific, one common thread is that courts have consistently recognized the quality of our wireless, video and AI innovation, and confirmed that we conduct licensing negotiations in a FRAND manner.

該許可是我們今年年初與三星簽署的協議的補充，該協議涵蓋三星的數位電視和顯示器。雖然我們提起的訴訟的許多細節都是針對具體案件的，但一個共同點是法院一貫認可我們的無線、視訊和人工智慧創新的質量，並確認我們以 FRAND 方式進行許可談判。

Our innovation pipeline has never been stronger. Not only do we own one of the leading 5G portfolios where we are in the top five worldwide when analyzed both quality and quantity, but we are also among the leaders in video innovation.

我們的創新管道從未如此強大。我們不僅擁有領先的 5G 產品組合之一（從品質和數量分析來看，我們在全球排名前五名），而且我們還是視訊創新領域的領導者之一。

We are one of the largest and highest quality portfolios in HEVC the video compression standard that is a codec of choice for a growing range of devices and services. Our strength in video is also clear in Versatile Video Coding, or VVC, the latest video compression standard, which was finalized a few years ago and now it's in early stage of deployment.

我們是 HEVC 視訊壓縮標準中規模最大、品質最高的產品組合之一，這是越來越多的設備和服務的首選編解碼器。我們在視訊方面的優勢在多功能視訊編碼（VVC）方面也很明顯，這是最新的視訊壓縮標準，該標準幾年前已定稿，現在正處於部署的早期階段。

A recent report from LexisNexis confirmed that we are among the top five owners of HEVC and VVC patents when assessed in terms of both quantity and quality. As its name suggests, one of the cornerstones of VVC is its versatility and its ability to support a wide range of applications in the areas such as augmented and virtual reality.

LexisNexis 最近的一份報告證實，從數量和品質方面評估，我們是 HEVC 和 VVC 專利所有者的前五名。顧名思義，VVC 的基石之一是其多功能性以及支援擴增實境和虛擬實境等領域廣泛應用的能力。

And we are excited about its potential to open up new use cases for our video innovation. Video is also one of the area where we are among the leaders in application of AI to make video networks more efficient. The depth and breadth of our video innovation is why we believe our video portfolio will be a long-term driver of shareholder value across a broad array of devices and services. This includes what we believe is a considerable greenfield opportunity in cloud based video services where we continue to make progress.

我們對它為我們的視訊創新開闢新用例的潛力感到興奮。影片也是我們在人工智慧應用方面處於領先地位的領域之一，使視訊網路更加有效率。我們視訊創新的深度和廣度使我們相信我們的視訊產品組合將成為廣泛設備和服務中股東價值的長期驅動力。這包括我們認為基於雲端的視訊服務領域的巨大機遇，我們將繼續取得進展。

In summary, our performance in the second quarter far exceeded our outlook and highlights how we continue to execute our strategy and strengthen our innovation pipeline to support long-term growth. Given our all-time record revenue for the first half of the year and our increasing momentum across the business, we are raising our financial -- our full year revenue guidance by $70 million to between $690 million to $740 million.

總而言之，我們第二季度的業績遠遠超出了我們的預期，突顯了我們如何繼續執行我們的策略並加強我們的創新管道以支持長期成長。鑑於我們上半年創歷史新高的收入以及整個業務不斷增長的勢頭，我們將全年財務收入指引提高了 7000 萬美元，達到 6.9 億至 7.4 億美元之間。

With that, I'll hand you over to Rich who will talk through the numbers in more detail.

接下來，我會將您交給 Rich，他將更詳細地討論這些數字。

Thanks, Liren. I'm pleased to share that in Q2 we delivered revenue, adjusted EBITDA and non-GAAP EPS all far exceeding the high end of our guidance range. Total revenue of $223 million increased 120% year over year.

謝謝立仁。我很高興地告訴大家，第二季我們的營收、調整後的 EBITDA 和非 GAAP 每股盈餘都遠遠超過了我們指引範圍的上限。總收入達 2.23 億美元，年增 120%。

As Liren discussed, the UK Court of Appeal ruling increased the lump sum royalty Lenovo must pay for cellular license through 2023 from $185 million to just over $240 million. In 2023, we deferred recognizing a portion of the prior award as a conservative measure pending the appellate process.

正如立人所討論的，英國上訴法院的裁決將聯想在 2023 年之前必須支付的手機許可一次性使用費從 1.85 億美元增加到略高於 2.4 億美元。2023 年，我們推遲承認先前裁決的一部分，作為等待上訴程序的保守措施。

The UK Court of Appeal ruling, together with our latest Google agreement drove our catch-up revenue in the quarter. Meanwhile, higher recurring revenue from CE and IoT mostly offset the 2023 expiration of our Huawei agreement while we continue to negotiate that renewal.

英國上訴法院的裁決以及我們最新的谷歌協議推動了我們本季的收入追趕。同時，來自消費性電子和物聯網的經常性收入的增加大部分抵消了華為協議 2023 年到期的影響，同時我們仍在繼續談判續約事宜。

Our adjusted EBITDA for the quarter of $158 million equates to an adjusted EBITDA margin close to 71% as the vast majority of the revenue upside flowed through to adjusted EBITDA. NON-GAAP EPS came in at a robust $4.57 per share.

我們本季調整後 EBITDA 為 1.58 億美元，調整後 EBITDA 利潤率接近 71%，因為絕大多數營收成長都流入了調整後 EBITDA。非 GAAP 每股收益為 4.57 美元，強勁。

As Liren noted, we had a record first half. In fact, each of our first two quarters this year ranked in the top five of the company's history in terms of revenue, combining for a total of $487 million of revenue and delivering an aggregate $288 million of adjusted EBITDA and $8.14 of non-GAAP EPS.

正如立人所說，我們在上半場取得了創紀錄的成績。事實上，我們今年前兩季的營收均位列公司歷史前五名，營收總計 4.87 億美元，調整後 EBITDA 總計 2.88 億美元，非 GAAP 每股收益 8.14 美元。

These results provide further demonstration of the power of our business model. Our investments in fundamental technologies drive top line growth, while the reuse of those technologies across multiple verticals delivers high margins and drives cash flow.

這些結果進一步證明了我們商業模式的力量。我們對基礎技術的投資推動了營收成長，而這些技術在多個垂直領域的重用則帶來了高利潤並推動了現金流。

Moving on to capital allocation. In Q2, we repaid the $126 million of remaining principal on our 2024 notes. We also issued a net 324,000 shares to cover the conversion premium. However, the resulting dilution was fully offset by corresponding options we held and exercised under our related new note hedge transactions. We have partially funded the purchase of those options through the sale of warrants with an initial strike price of $109, which will expire over the balance of this year.

繼續進行資本配置。第二季度，我們償還了 2024 年票據的 1.26 億美元剩餘本金。我們也淨發行了 324,000 股股票以支付轉換溢價。然而，由此產生的稀釋被我們在相關新票據對沖交易下持有和行使的相應選擇權完全抵消。我們透過出售初始執行價格為 109 美元的認股權證為購買這些選擇權提供了部分資金，該認股權證將在今年餘下時間到期。

Net-net, based on the closing stock price at settlement, the note hedge spared us roughly $37 million of dilution. In late July, we collected the additional $55 million payment from Lenovo plus the reimbursement of a portion of our legal expenses.

Net-net，根據結算時的收盤股價，票據對沖使我們免受約 3700 萬美元的稀釋。7 月下旬，我們從聯想收到了額外的 5500 萬美元付款，並償還了我們的部分法律費用。

We expect this and other receipts from existing licensees alone will drive close to $100 million of free cash flow in Q3. Our strong cash flow, combined with a cash balance of over $750 million, supports our continued return of capital to shareholders.

我們預計僅來自現有被授權人的這筆收入和其他收入就將在第三季帶來近 1 億美元的自由現金流。我們強勁的現金流以及超過 7.5 億美元的現金餘額支持我們持續向股東返還資本。

In Q2, we repurchased approximately 300,000 shares for $35 million, bringing our year-to-date total to over 600,000 shares for $64 million. And we still have more than $230 million left on the current buyback authorization.

第二季度，我們以 3,500 萬美元的價格回購了約 30 萬股股票，使我們年初至今以 6,400 萬美元的價格回購了超過 60 萬股股票。目前我們的回購授權還剩超過 2.3 億美元。

Since we paid our first dividend in 2011, we have now returned over $1.8 billion to shareholders through share buybacks and dividends. In that time, we reduced our outstanding share count by almost 45% from more than 45 million shares to just over 25 million shares.

自 2011 年支付首次股利以來，我們現已透過股票回購和股利向股東返還超過 18 億美元。在此期間，我們將流通股數量減少了近 45%，從超過 4,500 萬股減少到略高於 2,500 萬股。

We exit Q2 with recurring revenue of $96 million. Based only on existing customers, for Q3 we are currently guiding to adjusted EBITDA of about $38 million and non-GAAP earnings per share of $0.75 in each case at the midpoint.

我們第二季的經常性收入為 9,600 萬美元。僅基於現有客戶，我們目前預計第三季調整後 EBITDA 約為 3,800 萬美元，非 GAAP 每股盈餘中點為 0.75 美元。

Of course, any additional agreements we signed in Q3 would be additive to those amounts. As Liren mentioned, we are increasing our full year 2024 guidance by $70 million and expect to deliver revenue in the range of $690 million to $740 million.

當然，我們在第三季簽署的任何額外協議都將添加到這些金額中。正如立人所提到的，我們將 2024 年全年指引增加 7,000 萬美元，預計實現收入在 6.9 億至 7.4 億美元之間。

We now expect full year adjusted EBITDA of roughly $400 million at the midpoint with a margin of 55%. This compares to our prior midpoint of about $325 million with a 50% margin. Furthermore, we now expect non-GAAP earnings per share of more than $10.30 per share at the midpoint, representing an increase of more than $2.20 per share compared to our prior guidance.

我們現在預計全年調整後 EBITDA 中位數約為 4 億美元，利潤率為 55%。相較之下，我們先前的中點約為 3.25 億美元，利潤率為 50%。此外，我們現在預計非 GAAP 每股盈餘中點將超過 10.30 美元，比我們之前的指引增加每股 2.20 美元以上。

With that, I'll turn it back to Raiford.

有了這個，我會把它轉回給雷福德。

Thanks, Rich. Before we move into Q&A, I'm excited to announce that we'll be hosting an Investor Day in New York City on Tuesday, September 10. This will be our first Investor Day under the current management team, and we are excited to update investors on our business and our longer-term vision for continued growth.

謝謝，里奇。在進入問答環節之前，我很高興地宣布，我們將於 9 月 10 日星期二在紐約市舉辦投資者日活動。這將是我們在現任管理團隊領導下的第一個投資者日，我們很高興向投資者介紹我們的業務和持續成長的長期願景。

We hope that you can make it in person or join virtually. Please see today's press release for registration details. In addition to our Investor Day, we'll be attending a number of conferences in Q3, including the BofA virtual SMID conference, the BWS conference in New York, the Jefferies and Evercore tech conferences in Chicago and Sidoti virtual small-cap conference. Please reach out to your representatives at those firms, if you'd like to schedule a meeting.

我們希望您可以親自參加或透過虛擬方式參加。請參閱今天的新聞稿以了解註冊詳情。除了投資者日之外，我們還將參加第三季的許多會議，包括美國銀行虛擬 SMID 會議、紐約 BWS 會議、芝加哥 Jefferies 和 Evercore 技術會議以及 Sidoti 虛擬小型股會議。如果您想安排會議，請聯絡您在這些公司的代表。

Now Carmen, we are ready to take questions.

現在卡門，我們準備好回答問題了。

(Operator Instructions)

（操作員說明）

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Thank you, guys, and congrats here on a nice quarter. Liren, maybe one for you to start out with very interesting commentary on the VVC patents and maybe potential for new use cases there. When you think about the application of your portfolio for VR, AR use cases, can you just give us a little bit more detail? What would those be new licensees that you're going to signing agreements with, would those be existing ones? And just when you think about timing of when that might come in, how far do you think those sort of agreements might be?

謝謝你們，夥伴們，恭喜你們度過了一個愉快的季度。Liren，也許您可以從對 VVC 專利的非常有趣的評論開始，或許還有潛在的新用例。當您考慮您的產品組合在 VR、AR 用例中的應用時，您能為我們提供更多細節嗎？您要與之簽署協議的新被授權人是哪些，哪些是現有被授權人？當您考慮何時達成此協議時，您認為此類協議可能會達成多遠？

Hey, Arjun. Good morning. Yeah. So what I was referring to is we have a lot of strength in the VVC portfolio, which is the latest video codec. When we talk about XR or AR versus VR use cases here, keep in mind a fairly large portion of our portfolio would be applicable to that use case.

嘿，阿瓊。早安.是的。我指的是我們在 VVC 產品組合（最新的視訊編解碼器）方面擁有強大的優勢。當我們在這裡討論 XR 或 AR 與 VR 用例時，請記住我們的產品組合中相當大的一部分將適用於該用例。

In addition to the VVC for example, our HEVC patents will be applicable to them as well as our core patents in connectivity, with wireless connectivity either over cellular 5G, or over Wi-Fi patent portfolio available to them. Regarding whether they will be standalone licensees versus a combination of others, it really depends on who are the makers of those devices.

例如，除了 VVC 之外，我們的 HEVC 專利以及我們在連接方面的核心專利也將適用於他們，他們可以使用透過蜂窩 5G 或透過 Wi-Fi 的無線連接專利組合。至於他們是獨立的被授權人還是其他人的組合，這實際上取決於這些設備的製造商是誰。

So our existing, you know, large customers who make XR devices in addition to other devices, and in those contracts we will most likely negotiate in combination of other devices. And there's also in other vendors who will, let's say only makes XR devices.

因此，我們現有的大客戶除了生產其他設備外，還生產 XR 設備，在這些合約中，我們很可能會結合其他設備進行談判。還有其他供應商，比如說只生產 XR 設備。

So it's hard to say generically how this will play out. But we -- as usual, we will try to get a fair return for our important innovations and frankly, try to make a deal under the FRAND obligations and make sure you know the customer gets a good value of what they are building on top of our innovation.

因此，很難籠統地說這將如何發揮作用。但我們——像往常一樣，我們將努力為我們的重要創新獲得公平的回報，坦率地說，嘗試根據 FRAND 義務達成交易，並確保您知道客戶能夠從他們正在構建的產品中獲得良好的價值。我們的創新。

Okay. Helpful. Understood. And then I had a couple of questions on Lenovo, if I could. Liren, one for you and one for Rich. Just seems like there's some maybe back-and-forth on pricing still you've got the appellate court decision in your favor. But I don't think there is a go-forward agreement signed yet. Can you just give us your perspective on where you stand on, you know, what the royalty rate should be for that contract?

好的。有幫助。明白了。然後我有幾個關於聯想的問題，如果可以的話。立人，一份給你，一份給里奇。似乎在定價方面可能存在一些反复，但上訴法院的判決仍然對你有利。但我認為尚未簽署任何後續協議。您能否告訴我們您對您的立場的看法，您知道該合約的特許權使用費率應該是多少？

And for Rich, just wanted to double check. Is there anymore either cash flow or catch-up rev-rec left from that Lenovo contract that we should expect in the back half of '24 or go-forward. Thank you.

對里奇來說，只是想仔細檢查一下。聯想合約中是否還剩下現金流或追趕的轉速記錄，我們應該在 24 年下半年或未來預計。謝謝。

Yes, Arjun, let me take the first question here. So our -- as you refer to back and forth litigation with the Lenovo, there are multiple pieces. So first one is what I just started opening with the Court of Appeal decision. This is really a in an appeal case that comes from the initial trial case, frankly was decided last year and we win overwhelmingly in appeal case. Frankly, we win on all of the issues and where the court raised its award from the trial court case. We also win on the past of sales issue, which is a very important issue, as I refer to goes beyond just Lenovo. So in that context here and by the way, the court also issued us a legal expenses - ordered Lenovo to pay for the legal bill that we cost for the appeal case.

是的，阿瓊，讓我回答第一個問題。因此，正如您所提到的與聯想之間的來回訴訟，有多個部分。第一個是我剛開始提到的上訴法院的判決。這實際上是一個來自初審案件的上訴案件，坦白說，去年就已判決，我們在上訴案件中以壓倒性優勢獲勝。坦白說，我們在所有問題以及法院從初審法院案件中提出裁決的問題上都取得了勝利。我們也贏得了過去的銷售問題，這是一個非常重要的問題，我指的不僅僅是聯想。因此，在這種情況下，順便說一下，法院還向我們發出了法律費用——命令聯想支付我們在上訴案件中支付的法律費用。

So in that context that's essentially the decision. It's also important to know that particular decision only covers sales up to end of 2023, right. We are obviously in 2024 now so Lenovo is un-licensed for our cellular patents, and that's why we were seeking the essentially injunction against them in Germany, which we win of May of this year.

因此，在這種情況下，這基本上就是決定。同樣重要的是要知道該特定決定僅涵蓋 2023 年底之前的銷售，對吧。顯然現在已經是 2024 年了，所以聯想沒有獲得我們的蜂窩專利許可，這就是為什麼我們在德國尋求針對他們的實質禁令，我們在今年 5 月贏得了這項禁令。

So currently, they're enjoined from selling cellular devices that include their cellphones and cellular-enabled tablets and laptops in Germany, so that's already a win. It is also worth noting that we did have a separate license agreement where they are paying us for our HEVC patents.

因此，目前，他們被禁止在德國銷售蜂窩設備，包括手機以及支援蜂窩功能的平板電腦和筆記型電腦，所以這已經是一場勝利。另外值得注意的是，我們確實有一份單獨的授權協議，他們向我們支付我們的 HEVC 專利費用。

And frankly, there are other portfolio, the other assets in our portfolio, they continue to be infringing, including our Wi-Fi patents and other implementation patents. So we currently have a case against them in ITC in US where we are asserting multiple patents against them.

坦白說，我們的投資組合中還有其他投資組合、其他資產，他們繼續侵權，包括我們的 Wi-Fi 專利和其他實施專利。因此，我們目前在美國國際貿易委員會（ITC）針對他們提起了訴訟，我們正在對他們主張多項專利。

So there are actually multiple pieces here but as I continue through repeating on these particular issues, our goal is always to get out forward looking license going forward. And that's fairly reflecting the different assets we have in the portfolio. That's essentially the current status with Lenovo.

因此，這裡實際上有多個部分，但當我繼續重複這些特定問題時，我們的目標始終是獲得未來的前瞻性許可。這相當反映了我們在投資組合中擁有的不同資產。這基本上就是聯想目前的狀況。

And Arjun, regarding the cash, I mentioned in my prepared remarks that we collected the 50 -- the additional $55 million that was awarded, actually in the last month, along with the fee reimbursement that was part of that order where Lenovo had to reimburse part of our litigation expenses.

阿瓊，關於現金，我在準備好的發言中提到，我們收到了 50 筆額外的 5500 萬美元，實際上是在上個月，以及作為該訂單一部分的費用報銷，聯想必須報銷我們訴訟費用的一部分。

As far as going forward revenue the full process could play out further with potentially a request to appeal to the UK Supreme Court. So until it's fully resolved our accounting at this point fundamentally represents an estimate as before, it's a conservative estimate just updated for the facts as they exist today.

就未來的收入而言，整個程序可能會進一步展開，並可能要求向英國最高法院上訴。因此，在問題完全解決之前，我們的會計從根本上代表了先前的估計，這是一個保守的估計，只是根據當今存在的事實進行了更新。

All right. Perfect. Thank you again.

好的。完美的。再次感謝您。

(Operator Instructions)

（操作員說明）

Anja Soderstrom, Sidoti.

安雅·索德斯特羅姆，西多蒂。

All right. Thank you for taking my questions and congratulations on the nice progress here and the Panasonic win you announced today. Is that included in the third quarter guidance? Or --

好的。感謝您回答我的問題，並祝賀您今天取得的良好進展以及您宣布的松下獲勝。這是否包含在第三季指引中？或者--

Anja, we're having a little trouble hearing you, I think you were asking about the Panasonic announcement today and whether or not that was factored into the Q3 guidance. Is that correct?

安雅（Anja），我們聽不清您的聲音，我想您是在詢問松下今天的公告，以及這是否已納入第三季度的指導中。這是正確的嗎？

Yes. Thank you.

是的。謝謝。

Yes, it is.

是的。

Okay, thank you. And then the full year guidance, it kind of implies you will see the recurring revenue decline. Can you just remind us of the puts and takes there?

好的，謝謝。然後是全年指導，這意味著您將看到經常性收入下降。您能提醒我們那裡的看跌期權和賣出期權嗎？

Yeah. So the full year guidance, which we increased by $70 million to $690million to $740 million, does, you know, bake in some new business growth there, just as our prior guidance had, of course, with the results that we delivered in Q2, that already drove us above that prior range, so that warranted the increase.

是的。因此，我們將全年指導增加了 7000 萬美元，從 6.9 億美元到 7.4 億美元，確實促進了一些新業務的增長，當然，就像我們之前的指導以及我們在第二季度交付的結果一樣，這已經使我們高於先前的範圍，因此有必要增加。

Okay. Thank you. That was all for me.

好的。謝謝。這就是我的全部。

Thank you. And as I see no further questions in the queue, I will turn the call back to CEO, Liren Chen for closing remarks.

謝謝。由於我在隊列中沒有看到更多問題，我將把電話轉回給執行長陳立人，讓其發表結束語。

Thank you, operator. Before we close, I'd like to thank all our employees for their dedication and contribution to InterDigital as well as our many partners and customers for an all time, record-setting first half of 2024. Thank you, everyone, for joining today's call, and we look forward to seeing you all at our Investor Day.

謝謝你，接線生。在結束之前，我要感謝所有員工對 InterDigital 的奉獻和貢獻，以及我們的眾多合作夥伴和客戶，感謝他們在 2024 年上半年創造了創紀錄的業績。感謝大家參加今天的電話會議，我們期待在投資者日見到你們。

And thank you all for participating in today's conference. You may now disconnect.

感謝大家參加今天的會議。您現在可以斷開連線。