InterDigital Inc (IDCC) 2025 Q2 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to InterDigital's second-quarter 2025 earnings call. (Operator Instructions)

感謝您的支持。現在，我歡迎大家參加 InterDigital 2025 年第二季財報電話會議。（操作員指示）

Thank you. I would now like to turn the conference over to Raiford Garrabrant, Head of Investor Relations.

謝謝。現在，我想將會議交給投資者關係主管 Raiford Garrabrant。

Thank you, Demi, and good morning, everyone. Welcome to InterDigital's second quarter 2025 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，黛米，大家早安。歡迎參加 InterDigital 2025 年第二季財報電話會議。我是 InterDigital 投資者關係主管 Raiford Garrabrant。和我一起參加今天電話會議的還有我們的總裁兼執行長陳立人，以及我們的財務長 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, 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，我們將介紹本季和公司的一些亮點，然後開放提問環節。欲了解更多詳細信息，您可以在我們的投資者關係網站上訪問本次電話會議附帶的收益報告和幻燈片演示。

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. 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 2024 annual report on Form 10-K and in our other SEC filings.

在我們開始發言之前，我需要提醒大家，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的陳述，這些陳述並非對未來表現的保證，並且僅在本電話會議之日做出。前瞻性陳述受風險和不確定性的影響，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 2024 年 10-K 表年度報告的風險因素部分以及我們向美國證券交易委員會提交的其他文件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 and the financial metrics tracker posted to the Investor Relations section of our website.

此外，今天的簡報可能包含對非公認會計準則財務指標的引用。這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳包含在補充資料和發佈到我們網站投資者關係部分的財務指標追蹤器中。

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

處理完這些之後，我會把電話轉給 Liren。

Thanks, Raiford. Good morning, everyone. Thanks for joining us today. This week, we announced the conclusion of our arbitration with Samsung, which finalized the largest agreement we have signed in our company history. Under the term of our eight year license lasting through 2030, Samsung will pay us more than $1 billion, which equals to $131 million per year, and it's an increase of 67% compared to our previous agreement.

謝謝，雷福德。大家早安。感謝您今天加入我們。本週，我們宣布與三星的仲裁結束，並最終達成了公司歷史上簽署的最大協議。根據我們為期八年的許可期限（有效期至 2030 年），三星將向我們支付超過 10 億美元，相當於每年 1.31 億美元，與我們先前的協議相比增加了 67%。

This excellent result demonstrates once again the value of foundational research, the strength of our IP portfolio and the momentum we have built in our licensing programs. It also increased our annualized recurring revenue to an all-time record of $553 million, an increase of 44% year-over-year. Our new long-term Samsung agreement helped us deliver revenue, adjusted EBITDA and non-GAAP EPS, far exceeding the top end of our guidance.

這一優異的成績再次證明了基礎研究的價值、我們知識產權組合的實力以及我們在許可計劃中建立的勢頭。它還使我們的年度經常性收入增至 5.53 億美元的歷史最高水平，年增 44%。我們與三星的新長期協議幫助我們實現了收入、調整後的 EBITDA 和非 GAAP EPS，遠遠超出了我們預期的最高水準。

Building on the strength of our second quarter results, the increased business momentum and the opportunity to make more progress over the balance of this year, we have raised the full year 2025 guidance to between $790 million and $850 million, up $110 million at midpoint. Rich will cover the numbers in more detail in his section.

基於我們第二季度的強勁業績、不斷增強的業務勢頭以及今年餘下時間取得更多進展的機會，我們將 2025 年全年指引上調至 7.9 億美元至 8.5 億美元之間，中期上漲 1.1 億美元。Rich 將在他的部分中更詳細地介紹這些數字。

We are delighted with the result of this arbitration. It's another validation of how foundational our innovation is to our connected world. Samsung is the world's largest smartphone manufacturer and one of our longest licensees dating back almost 30 years. We look forward to continuing our collaboration with Samsung as we keep on driving innovation forward and sharing our technology through the standard process and through our licensing programs. It's worth noting that the new agreement does not cover Samsung digital TV and display monitors, which are part of a separate license that we announced early last year.

我們對此仲裁的結果感到滿意。這再次證明了我們的創新對於互聯世界的重要性。三星是全球最大的智慧型手機製造商，也是我們授權授權時間最長的授權商之一，授權歷史可追溯至近 30 年前。我們期待繼續與三星合作，不斷推動創新，並透過標準流程和授權計畫分享我們的技術。值得注意的是，新協議並不涵蓋三星數位電視和顯示器，它們是我們去年初宣布的單獨許可的一部分。

Our new license means that the world's two leading device manufacturers, Apple and Samsung are now licensed to our portfolio through the end of this decade. Following the recent agreement with major Chinese OEMs, including Oppo and Vivo, we have clear momentum in our smartphone program, where we have almost 80% of the global market under license and ARR from smartphone program of $465 million, which is another all-time record.

我們的新許可意味著全球兩大領先的設備製造商蘋果和三星現在已獲得我們產品組合的許可，有效期至本世紀末。繼最近與 Oppo 和 Vivo 等中國主要 OEM 廠商達成協議後，我們的智慧型手機專案勢頭明顯，我們已獲得全球近 80% 的授權市場份額，智慧型手機專案的 ARR 達到 4.65 億美元，創下了另一個歷史新高。

Staying with our smartphone program, we continue to make progress in our arbitration with Lenovo, which is processing in a timely fashion and according to plan. Our consumer electronics and IoT program, the new license agreement with HP, which we signed at the start of the second quarter is another good example of the progress we are making in growing revenue outside the smartphone program. The agreement licensed HP personal computers to our Wi-Fi and video decoding technology, and we now have more than 50% of the PC market under license.

繼續我們的智慧型手機計劃，我們與聯想的仲裁繼續取得進展，仲裁正在及時並按計劃進行。我們在第二季初與惠普簽署的消費性電子和物聯網計劃以及新的許可協議是我們在智慧型手機計劃之外的收入增長方面取得進展的另一個很好的例子。該協議授權惠普個人電腦使用我們的 Wi-Fi 和視訊解碼技術，目前我們已經獲得授權的 PC 市場佔有率超過 50%。

With the HP contract, revenue from our CE and IoT program increased 175% in the second quarter to about $65 million. Counting the HP and Samsung agreement, the total contract value of license that we have signed since 2021 is now more than $4 billion, demonstrating the accelerating momentum of our IP-as-a-Service business model.

憑藉惠普的合同，我們第二季的 CE 和 IoT 專案營收成長了 175%，達到約 6,500 萬美元。算上惠普和三星的協議，我們自2021年以來簽署的授權合約總價值現已超過40億美元，彰顯了我們IP即服務業務模式的加速發展動能。

On the Research front, the development of 6G is picking up steam, and our engineers are at the forefront of developing the foundational technology for the next generation of mobile. Our engineers are also leading the development of 6G standard with multiple working group chair position for 3GPP.

在研究方面，6G 的發展正在加速，我們的工程師處於開發下一代行動基礎技術的前沿。我們的工程師也領導 6G 標準的開發，並擔任 3GPP 多個工作小組主席。

The wider integration of AI into cellular networks and the development of new technology such as integrated sensing and communication offers what could be an exciting new monetization opportunity for service providers and device manufacturers and make our patent portfolio even more valuable.

人工智慧與蜂窩網路的更廣泛整合以及整合感測和通訊等新技術的發展，為服務提供者和設備製造商提供了令人興奮的新盈利機會，並使我們的專利組合更有價值。

We believe 6G will also further the penetration of cellular wireless in new verticals such as industrial IoT, smart city, health care and automobile, where connectivity is increasingly important and will create new licensing opportunity for us. We excel not only in converting our innovation to broad patent portfolio, but also into one of the highest quality portfolio in the world.

我們相信 6G 也將進一步擴大蜂窩無線在工業物聯網、智慧城市、醫療保健和汽車等新垂直領域的滲透，這些領域的連接性越來越重要，並將為我們創造新的授權機會。我們不僅擅長將創新轉化為廣泛的專利組合，而且還將其轉化為世界上最高品質的專利組合之一。

Recently, we are ranked number two among all the global leaders in telecom in terms of both quality and quantity of our IP portfolio by an IEEE report. With our research leadership and the breadth and depth of our portfolio reflects, we are in a strong position to deliver value for our customers well into the next decade.

最近，IEEE 的一份報告顯示，我們在 IP 產品組合的品質和數量方面在全球電信領先企業中排名第二。憑藉我們在研究領域的領先地位以及產品組合的廣度和深度，我們有能力在未來十年為客戶提供價值。

Our long-term success is also underpinned by our ability to acquire, retain and enhance our people. We continue to advance our talent strategy, placing an emphasis on mentorship, ongoing training and leadership development. We believe that the long-term stability of our business and the continued success put us in an excellent position as a destination for premier talent in our industry.

我們的長期成功也取決於我們招募、留住和提升人才的能力。我們持續推動人才策略，重視指導、持續培訓和領導力發展。我們相信，我們業務的長期穩定性和持續的成功使我們成為行業頂尖人才的理想目的地。

You can find more information in our 2025 corporate sustainability report on our website.

您可以在我們網站上的 2025 年企業永續發展報告中找到更多資訊。

And with that, I'll hand you over to Rich.

說完這些，我就把你交給里奇。

Thanks, Liren. Q2 was an exceptional quarter for InterDigital as we delivered all-time record levels of annualized recurring revenue and non-GAAP EPS. The results for the quarter far exceeded the top end of our guidance range with the upside driven by the favorable conclusion of our arbitration with Samsung, which we just received this week. This conclusion also resulted in a significant step-up in ARR, catch-up revenue and full year guidance for 2025. I'll provide more detail on each of these items in a moment.

謝謝，立仁。對於 InterDigital 來說，第二季度是一個非凡的季度，因為我們實現了歷史最高的年度經常性收入和非 GAAP 每股收益。本季業績遠遠超出了我們預期範圍的最高值，這得益於我們本週剛收到的與三星的仲裁有利結論。這項結論也導致 ARR、補增收入和 2025 年全年指引大幅提升。我稍後將提供有關每個項目的更多詳細資訊。

Revenue for the quarter was $300 million, which far exceeded the top end of our guidance of $170 million and was driven by the Samsung arbitration award and HP license agreement. This compares to revenue of $224 million in Q2 of last year when favorable court rulings and our enforcement against Lenovo helped generate $128 million in catch-up revenue.

本季營收為 3 億美元，遠遠超出了我們預期的 1.7 億美元最高限額，這得益於三星仲裁裁決和惠普授權協議。相比之下，去年第二季的收入為 2.24 億美元，當時有利的法院裁決和我們對聯想的執法幫助產生了 1.28 億美元的追趕收入。

Let me take a second to discuss the impact of the Samsung arbitration award. Since entering into the agreement, we have been accruing revenue at the level of the prior agreement, which was $78 million per year. We received the arbitration decision just a few days ago in Q3.

請容許我花點時間來討論一下三星仲裁裁決的影響。自簽訂協議以來，我們的收入一直保持在先前協議的水平，即每年 7800 萬美元。我們在第三季幾天前就收到了仲裁決定。

But since we had not yet closed the books on Q2, GAAP requires us to update our Q2 estimate based on the final decision. As a result, the award contributed $152 million of revenue to Q2. The $152 million of revenue was comprised of $33 million of recurring revenue and $119 million of catch-up revenue to true up the prior nine quarters from January 1, 2023, to March 31, 2025.

但由於我們尚未結清第二季度的帳目，因此 GAAP 要求我們根據最終決定更新第二季的估計。因此，該獎項為第二季度貢獻了 1.52 億美元的收入。1.52 億美元的收入包括 3,300 萬美元的經常性收入和 1.19 億美元的補足收入，用於彌補 2023 年 1 月 1 日至 2025 年 3 月 31 日的前九個季度。

Turning to annualized recurring revenue. Our ARR increased 44% year-over-year to an all-time high of $553 million in Q2. This was driven primarily by momentum in our smartphone program, where recent patent license agreements with Oppo, Vivo and Lenovo increased our share of the smartphone market under license from about 50% to roughly 80%.

轉向年度經常性收入。我們的 ARR 年成長 44%，在第二季度達到歷史最高水準 5.53 億美元。這主要得益於我們智慧型手機計畫的發展勢頭，最近與 Oppo、Vivo 和聯想達成的專利授權協議使我們在智慧型手機市場的授權份額從約 50% 增加到約 80%。

These agreements, together with our excellent Samsung arbitration result, increased our smartphone ARR 58% year-over-year from $294 million in Q2 last year to $465 million in Q2 this year. With smartphone ARR at $465 million, we are now drawing near our smartphone ARR goal of $500 million by 2027.

這些協議加上我們出色的三星仲裁結果，使我們的智慧型手機 ARR 年比成長 58%，從去年第二季的 2.94 億美元增加到今年第二季的 4.65 億美元。目前智慧型手機 ARR 已達到 4.65 億美元，我們即將實現 2027 年智慧型手機 ARR 達到 5 億美元的目標。

In CE and IoT, the HP agreement is just the latest example of the significant growth opportunities that exist beyond the smartphone market. And we believe we can more than double the ARR from CE and IoT by 2030. Through the growth in smartphone and CE, IoT, together with our massive opportunity in video services, we are making good progress toward our goal of $1 billion plus in ARR across all programs by 2030.

在消費性電子和物聯網領域，惠普的協議只是智慧型手機市場之外存在的巨大成長機會的最新例證。我們相信，到 2030 年，CE 和 IoT 的 ARR 可以增加一倍以上。透過智慧型手機、消費性電子化、物聯網的成長，加上我們在視訊服務方面的巨大機遇，我們正在朝著 2030 年所有專案的 ARR 超過 10 億美元的目標邁進。

And it's important to remember that while ARR is a great metric to track the growth in our business, there is economic value above ARR alone.

重要的是要記住，雖然 ARR 是追蹤業務成長的重要指標，但 ARR 本身還具有經濟價值。

Over the last 10 years, we have recognized $1.5 billion of catch-up revenue. This has been tremendously valuable because we used the majority of that money to fund share repurchases over that time period. Today, we continue to have a lot of catch-up opportunity remaining, which tends to be 100% gross margin as we pursue our goal of $1 billion of ARR by 2030.

在過去的10年裡，我們已確認了15億美元的補繳收入。這非常有價值，因為我們用其中的大部分資金來資助那段時期的股票回購。今天，我們仍然有很多追趕機會，在我們追求到 2030 年實現 10 億美元 ARR 的目標時，毛利率往往達到 100%。

Our adjusted EBITDA for the quarter was $237 million and equates to an adjusted EBITDA margin of 79%, up from 71% in Q2 last year. Non-GAAP EPS also came in at an all-time high of $6.52 for Q2, well above the high end of our guidance range of $2.67 to $2.90 and powered by the strength of our financial model, where a high percentage of incremental revenue falls to the bottom line.

本季我們的調整後 EBITDA 為 2.37 億美元，相當於調整後 EBITDA 利潤率為 79%，高於去年第二季的 71%。非公認會計準則每股收益在第二季度也創下了 6.52 美元的歷史新高，遠高於我們 2.67 美元至 2.90 美元的指導範圍的高端，這得益於我們強大的財務模型，其中很大一部分增量收入都落入了底線。

Cash from operations was a robust $105 million in Q2, resulting in free cash flow of $92 million. Consistent with our capital allocation priorities, we continue to maintain a fortress balance sheet, invest for growth and return excess capital to shareholders. In Q2, we returned $42 million to shareholders through $26 million in buybacks and $16 million through our recently increased dividend.

第二季的營運現金流強勁成長，達到 1.05 億美元，自由現金流達到 9,200 萬美元。與我們的資本配置重點一致，我們將繼續保持穩健的資產負債表，投資成長，並將多餘的資本回饋給股東。在第二季度，我們透過 2,600 萬美元的回購向股東返還了 4,200 萬美元，並透過最近增加的股息返還了 1,600 萬美元。

In July, we bought back another $15 million of stock and made another $16 million dividend payment, bringing total return of capital to almost $90 million year-to-date. In just the last 3.5 years, we have repurchased more than $0.5 billion of stock, and we expect to continue to buy back shares over the remainder of this year.

7 月份，我們又回購了價值 1,500 萬美元的股票，並支付了 1,600 萬美元的股息，使年初至今的資本總回報率達到近 9,000 萬美元。僅在過去 3.5 年裡，我們就回購了價值超過 5 億美元的股票，我們預計今年剩餘時間將繼續回購股票。

Looking forward to Q3, we expect recurring revenue will include $136 million to $140 million of revenue from existing contracts, including the new run rate related to Samsung. Any revenue from any new agreements we may sign over the balance of the quarter would be additive to these amounts.

展望第三季度，我們預計經常性收入將包括來自現有合約的 1.36 億至 1.4 億美元收入，其中包括與三星相關的新運行率。我們在本季度剩餘時間內簽署的任何新協議所產生的收入都將添加到這些金額中。

Based only on existing contracts, we expect adjusted EBITDA margin of about 52% and non-GAAP diluted earnings per share of $1.52 to $1.72.

僅基於現有合同，我們預計調整後的 EBITDA 利潤率約為 52%，非 GAAP 稀釋每股收益為 1.52 美元至 1.72 美元。

As Liren noted, we are increasing our full year 2025 guidance based not only on our excellent results, but also on the opportunity to continue our progress. We now expect revenue in the range of $790 million to $850 million, with adjusted EBITDA in a range of $551 million to $569 million and non-GAAP earnings per share of $14.17 to $14.77.

正如李仁所言，我們上調 2025 年全年業績預期，不僅是因為我們取得了優異的業績，也是因為我們有機會繼續進步。我們現在預計營收在 7.9 億美元至 8.5 億美元之間，調整後的 EBITDA 在 5.51 億美元至 5.69 億美元之間，非 GAAP 每股收益在 14.17 美元至 14.77 美元之間。

In addition, I'll note that we previously communicated that we expected double-digit growth in free cash flow for 2025 over the $212 million level we reported in 2024. Based on our updated expectations for strong free cash flow over the second half of the year, we now believe our free cash flow for full year 2025 could exceed $400 million, close to double 2024 levels.

此外，我要指出的是，我們之前曾表示，我們預計 2025 年自由現金流將比 2024 年報告的 2.12 億美元實現兩位數成長。根據我們對下半年強勁自由現金流的最新預期，我們現在認為 2025 年全年自由現金流可能超過 4 億美元，接近 2024 年水準的兩倍。

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

說完這些，我就把它交還給雷福德。

Thanks, Rich. Before we move to Q&A, I'd like to mention that we'll be attending a number of investor events in Q3, including the Jefferies Tech Conference, Evercore Tech Conference and the Midwest IDEAS Conference, all in Chicago as well as the Sidoti Conference, which is virtual. Please reach out to your representatives at those firms if you'd like to schedule a meeting.

謝謝，里奇。在進入問答環節之前，我想提一下，我們將在第三季度參加一些投資者活動，包括 Jefferies 科技大會、Evercore 科技大會和中西部 IDEAS 大會（均在芝加哥舉行），以及虛擬的 Sidoti 大會。如果您想安排會議，請聯絡這些公司的代表。

At this point, Demi, we are ready to take questions.

黛米，現在我們可以回答問題了。

(Operator instructions) Anja Soderstrom, Sidoti.

（操作員指示）Anja Soderstrom，Sidoti。

Congratulations on the strong quarter here and outlook. I'm just curious, the tax rate was a little bit lower. How should we think about that going forward given this new revenue contributions?

恭喜本季業績強勁，前景光明。我只是好奇，稅率稍微低一點。考慮到這些新的收入貢獻，我們應該如何考慮未來的發展？

Yes. Thanks, Anja, for your comment. Yes, the tax rate was a little bit lower. We are still evaluating the impacts of the new tax legislation, but generally think that they're a net positive. We see our kind of long-term tax rate still in the mid-to-high teens, but maybe a tick below what we might have thought otherwise. But we continue to evaluate that.

是的。謝謝 Anja 的評論。是的，稅率稍微低了一點。我們仍在評估新稅法的影響，但總體認為其是淨正面影響。我們認為我們的長期稅率仍處於中高水平，但可能比我們原本的預期要低一點。但我們仍在繼續評估這一點。

Okay. And also, there was some noise earlier this week or last week about some potential legislation that there would be some sort of tariffs or something on the IP. Do you have any comments around that? Or do you have anything built into your contract where you can pass that on or?

好的。此外，本週稍早或上週有傳言稱，可能會出台一些立法，對智慧財產權徵收某種關稅或類似措施。您對此有何評論？或者您的合約中是否有任何內容可以將其傳遞出去？

Yes, Anja, this is Liren. I believe you're referring to a Wall Street Journal article regarding a potential proposal. We actually don't know any details. We are not exactly certain where it will go. So without any details for the proposal for IP, we don't think it's appropriate for us to comment, but we are watching the situation pretty carefully, and we have a very healthy open dialogue with key policymakers in Washington, D.C.

是的，Anja，這是 Liren。我相信您指的是《華爾街日報》上有關一項潛在提案的文章。我們實際上不知道任何細節。我們並不十分確定它會去哪裡。因此，在缺乏有關智慧財產權提案的任何細節的情況下，我們認為不宜發表評論，但我們正在密切關注事態發展，並與華盛頓特區的主要政策制定者進行了非常健康的公開對話。

Okay. And then also your updated guidance for the full year, that assumes some more catch-up payment potentially, right?

好的。然後，您更新了全年的指導意見，其中假設可能會有更多的補繳款項，對嗎？

Yes, Anja. So when we look at our guidance and the updated guidance is no different than we've done in the past. We typically look at what we call a multipath approach. So there's different combinations of different opportunities that we think we could bring across the line. And some of those opportunities would include catch-up. That's right.

是的，安雅。因此，當我們查看我們的指導時，更新後的指導與我們過去所做的沒有什麼不同。我們通常會研究所謂的多路徑方法。因此，我們認為我們可以帶來不同機會的不同組合。其中一些機會包括追趕。這是正確的。

Scott Searle, ROTH Capital.

斯科特·塞爾（Scott Searle），羅仕資本（ROTH Capital）。

Congrats on getting Samsung across the finish line. Looking at the wireless market now, you've got 80% of the market under license. You're approaching your $500 million target. I'm wondering how you're thinking about the long-term opportunity now with wireless. You're starting to talk a little bit about 6G, about some AI related to that as well.

恭喜三星成功闖過終點線。現在看看無線市場，80% 的市佔率都已獲得授權。您即將實現 5 億美元的目標。我想知道您現在如何看待無線技術的長期機會。您開始談論 6G，以及一些與之相關的 AI。

Are there other avenues to monetize within the traditional wireless market and-or in adjacencies, whether it be Wi-Fi, Bluetooth, other connectivity protocols that you guys are thinking about to drive a figure higher than that $500 million ARR target?

在傳統無線市場和/或鄰近市場中，是否有其他途徑可以實現盈利，無論是 Wi-Fi、藍牙還是其他連接協議，你們是否正在考慮將這些數字推高至 5 億美元的 ARR 目標之上？

Yes, if you look at our smartphone program here, we are currently at about 80% market penetration. Our ARR, as we just reported is about $465 million. And we still have three major accounts we are working on trying to get them signed regarding the top 10 customers. So we feel very good about where we are. As Rich commented here, we feel we are very close to reaching our target on the smartphone side.

是的，如果你看看我們的智慧型手機計劃，我們目前的市場滲透率約為 80%。正如我們剛剛報導的，我們的 ARR 約為 4.65 億美元。我們還有三大客戶，我們正在努力爭取他們成為前十大客戶之一。因此，我們對目前的狀況感到非常滿意。正如里奇在這裡評論的那樣，我們感覺我們已經非常接近實現智慧型手機方面的目標了。

Regarding the future of wireless, we are very optimistic about the strength of our portfolio, but more important about the way we are leading 6G development. As I commented in my remarks, we believe 6G will open up not just enabling more smartphone growth, but also open up adjacent area for verticals in smart city, industrial IoT, health care and a bunch of other industry where connectivity clearly will drive a lot of more vertical adoptions here. So we are optimistic this will open up new opportunity for us. But as of now, we don't put a number to them yet.

對於無線技術的未來，我們對我們的產品組合實力非常樂觀，但更重要的是我們引領 6G 發展的方式。正如我在評論中所說，我們相信 6G 不僅能促進智慧型手機的進一步成長，還能為智慧城市、工業物聯網、醫療保健和其他一系列產業的垂直領域開闢相鄰領域，這些產業的連結性顯然將推動更多垂直應用。因此我們樂觀地認為這將為我們帶來新的機會。但截至目前，我們還沒有給出確切的數字。

Liren, just to follow up on those comments. Are you starting to invest pretty actively in some of those verticals and particularly smart city, industrial, IoT and health care? Or should we be expecting some incremental dollars in R&D going in that direction?

Liren，只是想跟進一下這些評論。您是否開始積極投資某些垂直領域，特別是智慧城市、工業、物聯網和醫療保健？或者我們應該期待一些增量研發資金朝這個方向投入？

And then just the quick update on the streaming opportunity with the over-the-top players. Can you give us an update in terms of engagements that you're seeing at that level of ongoing dialogue? And maybe if there's any update as it relates to the Disney litigation.

然後只是關於與頂級播放器的串流媒體機會的快速更新。您能否向我們介紹一下在這一層面持續對話中您所看到的參與？也許還有與迪士尼訴訟相關的任何最新消息。

Yes. Scott, the beauty of our business model is we invest in foundational technology, and then we build a very strong and one of the most valuable IP portfolio in the industry. So when we go license different verticals, we actually do not have to incur additional cost into these different verticals other than some licensing activity itself. So that's sort of the 6G development here.

是的。史考特，我們商業模式的優點在於我們投資基礎技術，然後建立一個非常強大且業內最有價值的智慧財產權組合之一。因此，當我們授權不同的垂直行業時，除了某些授權活動本身之外，我們實際上不必在這些不同的垂直行業中承擔額外的成本。這就是 6G 的發展。

Regarding the streaming side here, we are in continuous dialogue with all the major players. And as of today, we don't have any real concrete progress to report yet. Regarding the Disney litigation, we have done a lot of work. As you are aware, it's a multi-jurisdictional enforcement activity. And we have done a lot of early-stage progress and frankly, have got multiple wins on the procedure side. And we have second trial coming up in later this year and early next year. And you can actually see all the details in our 10-Q filing that's on our website.

關於串流媒體方面，我們正在與所有主要參與者保持持續對話。截至今天，我們還沒有任何真正的具體進展可以報告。關於迪士尼訴訟，我們做了很多工作。如您所知，這是一項跨司法管轄區的執法活動。我們在早期階段已經取得了很多進展，坦白說，在程序方面取得了多場勝利。我們將於今年晚些時候和明年年初進行第二次審判。您實際上可以在我們網站上的 10-Q 檔案中看到所有詳細資訊。

Liren, maybe just to quickly follow up on that, and then I'll get back in the queue. But given the Disney litigation, is that slowing down dialogue with any of the other players out there? Are they waiting to see the outcome there before they more actively engage and continue in their process?

Liren，也許我只是想快速跟進這個問題，然後我會回到隊列中。但考慮到迪士尼的訴訟，這是否會減緩與其他參與者的對話？他們是否在等待看到結果，然後才更積極地參與並繼續他們的進程？

And second, the broad general time lines of when you would expect some sort of resolution, is 2026 the time frame when we could expect an initial deal? Anything from a time line perspective would be helpful.

其次，您預計何時能達成某種解決方案，2026 年是我們預期達成初步協議的時間範圍嗎？從時間軸角度來看任何事情都會有幫助。

Yes. Scott, for the first half of your question here, we do not see Disney litigation as impacting our dialogue with other potential customers here. Regarding the time line for Disney, it's hard to predict exactly when a settlement may happen. We are always open for open dialogue even though sometimes we are in enforcement activity. And -- but sometimes certain litigation take longer time and sometimes take shorter.

是的。史考特，對於你問題的前半部分，我們不認為迪士尼的訴訟會影響我們與其他潛在客戶的對話。至於迪士尼的時間表，很難預測何時能夠達成和解。儘管有時我們正在進行執法活動，但我們始終願意進行公開對話。而且——但有時某些訴訟需要較長時間，有時則較短。

We have seen that on the smartphone side. So -- but as always, when we started an enforcement here, we are prepared to go all the way through, but we are always open for business dialogue in the meantime.

我們已經在智慧型手機方面看到了這一點。所以——但與往常一樣，當我們在這裡開始執行時，我們準備全力以赴，但同時我們始終對商業對話持開放態度。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

And I'll add my congrats on the Samsung outcome. Obviously, a big success there. Maybe if we can start there, Liren, I'm curious just if you reflect on the outcome, what it says about your tech, your patent portfolio because the 67% uplift, I think, is well above kind of what we were expecting, a lot of investors were expecting. And obviously, the implied kind of royalty rates in that agreement from an economic perspective are quite strong.

我還要對三星的成果表示祝賀。顯然，這是一個巨大的成功。也許我們可以從那裡開始，Liren，我很好奇您是否考慮過結果，這對您的技術和專利組合意味著什麼，因為我認為 67% 的提升遠遠超出了我們的預期，很多投資者的預期。顯然，從經濟角度來看，該協議中隱含的特許權使用費率相當高。

So what does it say about, I guess, your technology, how you're investing? And then what might it mean for some of the other negotiations you're having with other smartphone OEMs or you might have in the future like Xiaomi this year or even others that are not under contract yet?

那麼我想，這說明了您的技術、您的投資方式是什麼？那麼，這對您正在與其他智慧型手機 OEM 進行的一些談判，或者未來可能進行的談判（例如今年與小米的談判，甚至與尚未簽訂合約的其他談判）意味著什麼？

Yes. Regarding the Samsung arbitration result, as we have stated in our press release as well as our earnings remarks here, we are quite pleased with the result. We believe it properly reflects the value of foundational research as well as our IP portfolio. And I do think our team has done a very good job conveying all the value of portfolio with the arbitrator who, in our opinion, properly reached a conclusion. And we also want to thank the Samsung team for their professionalism in this process.

是的。關於三星仲裁結果，正如我們在新聞稿和收益評論中所述，我們對結果非常滿意。我們相信它正確地反映了基礎研究以及我們的智慧財產權組合的價值。我確實認為我們的團隊在向仲裁員傳達投資組合的所有價值方面做得非常好，我們認為仲裁員正確地得出了結論。我們也要感謝三星團隊在過程中所展現的專業精神。

Regarding the 67% increase compared to the prior agreement, we think that's very appropriate. Consider the prior agreement was a 10-year agreement at the time didn't really factor in the value of our 5G portfolio as well as a lot of other innovations on videos and AI research we continue to do.

至於與先前的協議相比增加67％，我們認為這是非常合適的。考慮到先前的協議是一份為期 10 年的協議，當時並沒有真正考慮到我們的 5G 產品組合的價值以及我們繼續在視訊和人工智慧研究方面進行的許多其他創新。

I do think this is a very valuable development for our program. And as you know, Arjun, in our program here, a major license agreement tend to be used a comparable license for other customers with time for renewal or sometimes with time to sign up the first customer for the first time. So we believe it will have a positive impact for our overall program, and we are really pleased about the outcome.

我確實認為這對我們的專案來說是一個非常有價值的發展。如您所知，Arjun，在我們的計劃中，主要的許可協議往往會為其他客戶提供類似的許可，以便有時間續訂，或者有時有時間首次簽約第一位客戶。因此，我們相信它將對我們的整體計劃產生積極的影響，我們對結果感到非常滿意。

Perfect. That's great to hear. And then maybe, Rich, to follow up on that point a little bit. Just as we're thinking about the changes to the model, I think the way you come up with guidance, obviously, it's a bit unique, but I imagine there was some -- whether directly or indirectly, some Samsung catch-up revenue baked into your prior guidance?

完美的。聽到這個消息真是太好了。然後，Rich，也許可以稍微跟進一下這一點。就在我們考慮模型變化的時候，我認為您提出指導的方式顯然有點獨特，但我想您之前的指導中肯定包含了一些——無論是直​​接還是間接地，三星的一些追趕收入？

Is it possible at all to quantify what that was and how we should kind of just reflect on the change in Q3 and Q4 -- or sorry, the Q3 guidance that you provided relative to the prior -- what was prior -- what was previously implied in the back half numbers?

是否有可能量化這個數字，以及我們應該如何反映第三季度和第四季度的變化——或者抱歉，您提供的第三季度指導相對於之前的——之前的——之前在下半年數字中暗示了什麼？

Yes. I mean the way I discuss it or describe it, Arjun, is under that multipath approach, we considered a range of potential outcomes for the Samsung result. And now that we've -- it's no longer a range. It's a point estimate. We have the result, right?

是的。阿瓊，我的意思是，我討論或描述它的方式是在多路徑方法下，我們考慮了三星結果的一系列潛在結果。現在我們已經——它不再是一個範圍了。這是一個點估計。我們有結果了，對吧？

And that, along with the other progress that we've made, puts us in a position to update the guidance based on the new multipath that we see going forward.

並且，連同我們取得的其他進展，使我們能夠根據未來看到的新多路徑更新指導。

Okay. Understood. Very helpful. And then sorry, one last one, if I can. Just when you have a big win like this and a kind of a step function change in outcome, can you just talk a little bit about what it means for your cost structure?

好的。明白了。非常有幫助。抱歉，如果可以的話，我還有最後一個問題。當您取得這樣的重大勝利並且結果出現階躍式變化時，您能否稍微談談這對您的成本結構意味著什麼？

Is there like a onetime fee that you kind of recognize in expenses that when you get an outcome like this? Or are those costs relatively fixed?

當您獲得這樣的結果時，是否有一次性費用計入費用？還是這些成本是相對固定的？

Yes. So Arjun, the thing that I love about our business is that we've made the investment that made this agreement possible over the last years or decades, right? We've been investing for a long time in smartphone in 4G, 5G and the video acquisition and continued video research thereafter.

是的。所以阿瓊，我喜歡我們公司的原因在於，我們在過去幾年或幾十年裡進行了投資，使得這項協議成為可能，對嗎？我們長期投資於4G、5G智慧型手機以及視訊擷取，並持續進行視訊研究。

So that's what made that legacy investment as well as the ongoing investment we're already making and would be making anyway is what makes this agreement possible. So there really isn't any incremental cost as a result of this agreement.

因此，正是這項遺留投資以及我們正在進行且將要進行的持續投資使得這項協議成為可能。因此，該協議實際上不會產生任何增量成本。

We true up some performance accruals and things like that, but it's very small relative to the size of the agreement. So it's -- as I typically say, a lot of times new agreements or incremental value from renewals are 100% gross margin.

我們會核實一些績效應計專案和類似事項，但相對於協議規模而言，這筆錢金額非常小。所以 — — 正如我通常所說，很多時候新協議或續約帶來的增量價值都是 100% 的毛利率。

Tal Liani, Bank of America.

塔爾·利亞尼（Tal Liani），美國銀行。

I'm trying to take the recurring revenue line and break it down just to understand. So this quarter is $138 million. What was the contribution of Samsung to this? And what was the expectation -- so going in, did you have any expectations of Samsung to be in recurring revenue?

我正在嘗試採用經常性收入線並將其分解以便於理解。所以本季是1.38億美元。三星對此做出了什麼貢獻？那麼，您的預期是什麼？您是否預期三星能夠獲得經常性收入？

Yes. So we had been booking Samsung at -- based on the prior agreement of $78 million. So we've basically been booking just shy of $20 million a quarter. Based on the new agreement, it's now $33 million of recurring revenue in the quarter.

是的。因此，我們根據先前的協議以 7800 萬美元的價格向三星預訂。因此，我們每季的預訂金額基本上接近 2000 萬美元。根據新協議，本季的經常性收入為 3,300 萬美元。

Got it. As we go into the following quarter, assuming nothing else? Or can you -- just the recurring revenue line, what should we assume going forward in terms of the growth trajectory? And again, I know the way you guide is you don't add any other agreements. So based on the current agreements, what are the expected trends for recurring revenues?

知道了。當我們進入下一季時，沒有其他假設嗎？或者您能否 - 僅針對經常性收入線，我們應該如何假設未來的成長軌跡？再說一次，我知道你的指導方式是不添加任何其他協議。那麼根據目前的協議，經常性收入的預期趨勢是什麼？

Yes. So that's based on the current agreements, that's really what our guide is limited to at $136 million to $140 million. That's based on our existing recurring revenue. And then anything that we're able to sign or renew or whatever thereafter or above that would be additive.

是的。因此，根據目前的協議，我們的指導金額實際上限制在 1.36 億美元至 1.4 億美元之間。這是基於我們現有的經常性收入。然後，我們能夠簽署或續約的任何內容，或此後或之後的任何內容都將是附加的。

Right. No, sorry, this is for the following quarter, which is in line with the $138 million this quarter. So I understand it. If I try to forecast for next year and I -- and again, based on the current agreements, what should -- how should recurring revenue trend if -- that's my baseline. So I'm trying to understand my baseline and then do some assumptions about anything else. So how do -- how is the recurring revenue line progresses if you don't get any other contracts?

正確的。不，抱歉，這是下一季的，與本季的 1.38 億美元一致。所以我理解。如果我嘗試預測明年的情況，並且再次根據當前協議，經常性收入趨勢應該如何——這是我的基準。所以我試著了解我的基礎，然後對其他事情做一些假設。那麼，如果您沒有獲得任何其他合同，經常性收入線將如何發展？

Tal, let me take this question and see if that makes sense. So if you look at here we are, right, we are end of Q2, we are projecting new deals will be done for the rest of the year. But as Rich has commented here, we don't really know exactly which combination will be. So therefore, as the year progress, and then we will, hopefully, by Q4, having a very clear picture on where we are.

塔爾，讓我來回答這個問題，看看是否有意義。所以如果你看看我們現在的情況，對吧，我們正處於第二季末，我們預計今年剩餘時間將會達成新的交易。但正如里奇在這裡評論的那樣，我們確實不知道究竟會是哪種組合。因此，隨著時間的推移，我們希望到第四季度能夠非常清楚地了解我們所處的位置。

Leading into next year, we also disclosed in our filings about a few contracts currently scheduled to expire, and you can see on our website. And so if you take out those expiration contracts, that will be the starting point for next year, assuming the current contract expire. But as you know, we always try to get them renewed and very often, we are successful to get them renewed before they expire. So that's sort of the stepping function for starting of next year.

進入明年，我們還在文件中披露了一些目前即將到期的合同，您可以在我們的網站上看到。因此，如果您取消這些到期合同，假設當前合約到期，那將是明年的起點。但正如您所知，我們總是試圖讓它們續約，而且很多時候，我們都能在它們到期之前成功續約。這就是為明年開始而採取的步進功能。

And normally, again, historically, when contracts expire and you renew them, is there growth or is there contraction in the contract? Like this time with Samsung, there was like 40% -- more than 60% growth or whatever with the recurring quarterly recurring revenue at the renewal of Samsung. What happens normally with renewals?

通常情況下，從歷史上看，當合約到期並續約時，合約金額是會增加還是會減少？就像這次與三星合作一樣，三星在續約時，季度經常性收入的成長率達到了 40% 到 60% 以上。續約通常會發生什麼情況？

Yes. Tal, it actually depends on the situation of certain customers. I'll give you a couple of examples here. As you mentioned here, Samsung, the last contract was very long-term contract, didn't factor in 5G. So this time through arbitration, we are able to get a 67% increase compared to the prior one.

是的。Tal，這實際上取決於某些客戶的情況。我在這裡給你舉幾個例子。正如您在這裡提到的，三星的上一份合約是長期合同，沒有考慮 5G。所以這次透過仲裁，我們比上次獲得了67%的成長。

The other example is the Apple contract. As we have discussed before, the previous Apple contract was longer term, but not as long as Samsung. So we renewed the Apple contract in September of 2022, and that contract on average was 15% higher than the prior contract.

另一個例子是蘋果合約。正如我們之前討論過的，之前的蘋果合約期限較長，但不如三星的合約期限長。因此，我們在 2022 年 9 月續簽了 Apple 合同，該合約的平均價格比之前的合約高出 15%。

So it really depends on the situation, depending on where the vendor is, how stable their business, have they increased volume, have they used more of our technology. It's a combination of different factors, Tal. But based on those two examples here, we do have success record in renewing and higher value, if that's appropriate.

所以這真的取決於具體情況，取決於供應商在哪裡，他們的業務有多穩定，他們是否增加了銷量，他們是否更多地使用了我們的技術。這是多種因素共同作用的結果，塔爾。但基於這兩個例子，我們確實在更新和更高價值方面有成功的記錄，如果合適的話。

And that concludes the question-and-answer session. I will now turn the call back over to Liren Chen, CEO, for closing remarks.

問答環節到此結束。現在我將把電話轉回給執行長陳立人，請他作最後發言。

Thank you, Demi. Before we close, I'd like to thank our employees for their dedication and contribution to InterDigital as well as our many partners and licensees for a strong quarter. Thank you all to everyone who joined today's call, and we look forward to updating you on our progress next quarter.

謝謝你，黛咪。在結束之前，我想感謝我們的員工對 InterDigital 的奉獻和貢獻，以及我們眾多的合作夥伴和授權商在本季度的強勁表現。感謝今天參加電話會議的所有人，我們期待在下個季度向您通報我們的進展。

That ends today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。