InterDigital Inc (IDCC) 2025 Q3 法說會逐字稿

Good morning and welcome to Interdigital 3rd quarter 2025 earnings conference call (Operator Instructions)

早安，歡迎參加 Interdigital 2025 年第三季財報電話會議。（操作說明）

I would now like to hand the conference over to Rayford Gerrabrant, head of investor relations. Please go ahead.

現在我將把會議交給投資者關係主管雷福德·格拉布蘭特。請繼續。

Thank you, Haley, and good morning. Welcome to InterDigital's 3rd quarter 2025 earnings conference call. I am Rayford Gerbrandt, head of investor relations for Interdigital.

謝謝你，海莉，早安。歡迎參加 InterDigital 2025 年第三季財報電話會議。我是Rayford Gerbrandt，Interdigital的投資者關係主管。

With me on today's call earlier in Liren Chen, our President and CEO, and Richard J. Brezski, our CFO.

今天早些時候和我一起參加電話會議的還有我們的總裁兼執行長陳立仁，以及我們的財務長理查德·J·布雷茲基。

In this call, we will make forward-looking statements regarding our current beliefs, plans, 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-Ks and in other presentations. The call 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.

在本次電話會議中，我們將就我們目前的信念、計劃和預期做出前瞻性陳述，這些陳述並非對未來業績的保證，且僅代表截至本電話會議發布之日的觀點。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所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在 2024 年 10-K 表格年度報告的「風險因素」部分以及其他簡報中所述的風險和不確定性。本次電話會議可能涉及非公認會計準則財務指標。這些非GAAP財務指標與最直接可比較的GAAP財務指標的調節表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. Thank you, Raiford. Good morning, everyone. Thanks for joining us today.

處理完這件事後，我將把電話轉給李仁。謝謝你，雷福德。各位早安。感謝您今天收看我們的節目。

Thank you, Raiford. Good morning, everyone. Thanks for joining us today.

謝謝你，雷福德。各位早安。感謝您今天收看我們的節目。

This was another outstanding quarter for InterDigital. We completed Samsung smartphone arbitration and signed four new license agreements. We increased our annualized recurring revenue by 49% year over year to an all-time high of almost $590 million. We appointed a new Chief Licensing Officer, and one of our senior wireless engineers was reflected to a chair position to lead the development of next-generation wireless standards, including 6G. And this morning, we announced that we completed the acquisition of an AI startup to add significant expertise to our research teams and accelerate our AI-native video research. Our business success was also recognized in recent high-profile rankings from Newsweek, Fortune, and Time Magazine.

對於InterDigital來說，這又是一個出色的季度。我們完成了三星智慧型手機仲裁，並簽署了四項新的授權協議。我們的年度經常性收入年增 49%，達到近 5.9 億美元的歷史新高。我們任命了一位新的首席許可官，並提拔了一位資深無線工程師擔任主席職位，領導下一代無線標準（包括 6G）的開發。今天早上，我們宣布完成了對一家人工智慧新創公司的收購，這將為我們的研究團隊增添重要的專業知識，並加速我們的人工智慧原生影片研究。我們所取得的商業成功也獲得了《新聞週刊》、《財星》和《時代》雜誌近期發布的高知名度排名的認可。

Revenue for the third quarter was up 28% year over year to $165 million. Adjusted EBITDA and non-GAAP EPS were up 62% and 56%, respectively, year over year. In the quarter, we also increased our dividend by 17% to $0.70 per share, and over the course of the year, we have returned more than $130 million in capital to shareholders. As with previous calls, Rich will dig deeper into the numbers while I recap our recent business highlights and how we are executing our long-term growth strategy. Last month, we announced the appointment of Julia Madness as our Chief Licensing Officer.

第三季營收年增 28%，達到 1.65 億美元。經調整的 EBITDA 和非 GAAP 每股盈餘分別較去年同期成長 62% 和 56%。本季度，我們還將股息提高了 17%，達到每股 0.70 美元；今年以來，我們已向股東返還了超過 1.3 億美元的資本。與先前的電話會議一樣，Rich 將深入分析數據，而我將回顧我們最近的業務亮點以及我們如何執行長期成長策略。上個月，我們宣布任命 Julia Madness 為首席授權長。

Over the last fifteen years at InterDigital, Julia has served in a series of leadership roles within the licensing team, including Chief Licensing Counsel, Head of Smartphone Licensing, and most recently, as our Interim Chief Licensing Officer. She has played a critical role in negotiating many of our largest licenses, including Apple and Samsung. I am thrilled about this appointment, and I am confident she has the right skill set and experience to thrive in her new role. At the beginning of Q3, we announced that we have completed the Samsung smartphone arbitration valued at more than a billion dollars over eight years. Together with Apple, we have the two largest smartphone manufacturers licensed through the end of this decade.

在過去十五年裡，Julia 在 InterDigital 擔任一系列授權團隊的領導職務，包括首席授權顧問、智慧型手機授權主管，以及最近的臨時首席授權長。她在談判我們許多最大的授權協議中發揮了關鍵作用，包括與蘋果和三星的協議。我對這項任命感到非常興奮，我相信她具備勝任新職位所需的技能和經驗。第三季初，我們宣布已完成價值超過十億美元、歷時八年的三星智慧型手機仲裁案。我們與蘋果公司一起，擁有了兩家最大的智慧型手機製造商的授權，授權有效期至本十年末。

As a reminder, after the announcement of the Samsung license, we raised our annual guidance by $110 million to $820 million at the midpoint. Also, in the third quarter, we signed a new license with a top smartphone vendor based in China. The agreement follows our recent agreements with OPPO and Vivo. We now have eight of the top 10 smartphone vendors and around 85% of the total market under license. The license also increased our annualized recurring revenue by $26 million to a record-setting $588 million. Of the $588 million in ARR, our smartphone program now accounts for over $490 million, putting us very close to our mid-term goal of $500 million in recurring revenue from smartphones by 2027.

再次提醒大家，在三星授權消息公佈後，我們將年度營收預期上調了 1.1 億美元，中位數為 8.2 億美元。此外，在第三季度，我們與一家總部位於中國的頂級智慧型手機供應商簽署了新的許可證。該協議是繼我們近期與 OPPO 和 Vivo 達成協議後的又一舉措。目前，我們已獲得十大智慧型手機廠商中的八家以及約 85% 的市場份額的授權。該許可證還使我們的年度經常性收入增加了 2,600 萬美元，達到創紀錄的 5.88 億美元。在 5.88 億美元的 ARR 中，我們的智慧型手機專案目前佔比超過 4.9 億美元，這使我們非常接近 2027 年智慧型手機經常性收入達到 5 億美元的中期目標。

Following the conclusion of our Honor agreement, we are taking active steps to license the two remaining top 10 smartphone vendors. These include initiating enforcement proceedings against Tencent in court in UPC, India, and Brazil. So, as I have said before, while we always prefer to complete licensing deals through bilateral negotiation, we will take all necessary steps to ensure we receive fair value for our foundational innovation. In the third quarter, we also closed renewals with Sharp and Safehold in our smartphone program and with an EV charging company in our consumer electronics and IoT program. The agreement with the EV charging company is another example of how our horizontal technology has broad applicability across different industry verticals.

在與 Honor 的協議結束後，我們正在積極採取措施，爭取與剩餘的兩家排名前十的智慧型手機廠商達成授權協議。其中包括在印度、巴西和印度的法院對騰訊提起強制執行訴訟。因此，正如我之前所說，雖然我們始終傾向於透過雙邊談判完成授權協議，但我們將採取一切必要措施，確保我們的基礎創新獲得公平的價值。第三季度，我們也與智慧型手機專案的夏普和Safehold公司以及消費性電子和物聯網專案的電動車充電公司完成了續約。與電動車充電公司的協議再次證明了我們的橫向技術在不同的行業垂直領域具有廣泛的適用性。

Overall, the total contract value for licenses that we have signed since 2021 is now well over $4 billion. In our video service program, we are making more progress in enforcing efforts with Disney. Last month, a court in Brazil granted us a preliminary injunction against Disney after a court-appointed independent expert found that Disney infringed our two patent institutes related to video encoding technology. The independent expert report contains a detailed analysis of our innovation and the role it plays in enabling Disney's network streaming platforms, validating our belief that our portfolio is a critical enabler for the video service sector. The preliminary injunction in Brazil is an important learning step in a multi-jurisdictional enforcement campaign with Disney.

總體而言，自 2021 年以來我們簽署的許可合約總價值現已超過 40 億美元。在我們的視訊服務項目中，我們在加強與迪士尼的合作方面取得了更多進展。上個月，巴西一家法院批准了我們對迪士尼的初步禁令申請。此前，法院指定的獨立專家發現，迪士尼侵犯了我們兩項與視訊編碼技術相關的專利。這份獨立專家報告詳細分析了我們的創新及其在推動迪士尼網路串流平台發展中所發揮的作用，證實了我們一直以來的觀點，即我們的產品組合是視訊服務產業的重要推動因素。巴西的初步禁令是與迪士尼進行的多司法管轄區執法行動中一個重要的學習步驟。

So as I mentioned before, we always prefer bilateral negotiation to get deals done and only use enforcement as a last resort. High-value litigation like this can be lengthy, but when choosing to enforce our rights, we have a very strong track record of ultimately signing long-term agreements with prospective licensees. As we drive our growth strategy across devices and on the video side, we continue to strengthen our research and innovation team. Earlier today, we announced our acquisition of AI startup Deep Render, which specializes in the application of AI to make video compression more efficient. Let me explain why we believe the deal is such a great fit.

正如我之前提到的，我們始終傾向於透過雙邊談判達成協議，只有在萬不得已的情況下才會使用強製手段。像這樣的高價值訴訟可能會曠日持久，但當我們選擇行使我們的權利時，我們擁有非常強大的記錄，最終都能與潛在的被授權人簽署長期協議。隨著我們在設備和視訊領域推進成長策略，我們將繼續加強我們的研發創新團隊。今天早些時候，我們宣布收購了人工智慧新創公司 Deep Render，該公司專門從事人工智慧在提高視訊壓縮效率方面的應用。讓我解釋一下為什麼我們認為這筆交易非常合適。

This acquisition adds to our existing AI talent pool in our research and innovation team. It accelerates our AI-native video research. It strengthens our position in foundational research as the next video compression standards start to take shape and builds on our current leadership in HEVC and VVC codecs. And it adds depth to our IP position with Deep Render’s AI and video patent portfolio. I will also add this is a great culture match. Much like InterDigital, deep Render is a company of researchers and inventors who are dedicated to solving some of the most complex technical challenges in video and AI.

此次收購壯大了我們研發創新團隊現有的人工智慧人才庫。它加速了我們對人工智慧原生影片的研究。隨著下一代視訊壓縮標準的逐步形成，它鞏固了我們在基礎研究領域的地位，並鞏固了我們在 HEVC 和 VVC 編解碼器領域的領先地位。它進一步增強了我們在Deep Render™人工智慧和視訊專利組合方面的智慧財產權實力。我還要補充一點，這真是文化上的絕佳契合。與 InterDigital 類似，deep Render 是一家由研究人員和發明家組成的公司，致力於解決視訊和人工智慧領域中一些最複雜的技術難題。

With the consumption of video booming across smartphones, consumer electronics, and video services such as streaming, we believe that video innovation will become an even more significant driver of our growth strategy. Staying with our research teams, in the third quarter, one of our senior wireless engineers was re-elected to lead a key engineering group within 3GPP, the organization which sets cellular wireless standards. This shows not only how we lead 5G but also means that we are ideally positioned to lead the development of 6G ahead of the expected rollout of next-gen mobile network devices and services in 2023.

隨著智慧型手機、消費性電子產品和串流媒體等視訊服務的視訊消費蓬勃發展，我們相信視訊創新將成為我們成長策略中更重要的驅動力。繼續關注我們的研究團隊，在第三季度，我們的一位高級無線工程師再次被選為 3GPP（制定蜂窩無線標準的組織）內一個關鍵工程小組的負責人。這不僅表明我們在 5G 領域處於領先地位，也意味著我們處於理想的位置，能夠在 2023 年下一代行動網路設備和服務推出之前引領 6G 的發展。

Shortly after the end of the quarter, we also announced that we have been awarded a contract by the National Spectrum Consortium in partnership with the US government to lead research and conduct demonstrations on how to better manage the use of spectrum in the United States by both civil and military applications. This project reflects one of InterDigital's unique strengths in solving complex technical challenges to improve connectivity for consumers and enterprises and enhancing national security across the communication ecosystem. There are very few companies worldwide that can take on this sort of challenge, and I am delighted that the United States has turned to our engineering team for help.

季度末不久，我們也宣布，我們已獲得美國政府與國家頻譜聯盟簽訂的合同，將領導研究並開展示範，探討如何更好地管理美國民用和軍用頻譜的使用。該專案體現了 InterDigital 在解決複雜技術難題方面的獨特優勢，從而改善消費者和企業的連接性，並增強整個通訊生態系統的國家安全。全世界能夠應付這種挑戰的公司寥寥無幾，我很高興美國能向我們的工程團隊尋求協助。

As we continue to execute on our growth strategy, our progress is recognized by third parties. Newsweek recently named us as one of America's greatest companies, Fortune recognized us as one of America's fastest-growing companies, and Time Magazine listed us among America's growth leaders of 2025. These awards reflect the dedication and strong contributions from our employees and why we believe our platform has never been stronger to deliver more growth and even more shareholder value. And with that, I'll hand you over to Rich. Thanks,

隨著我們不斷推動成長策略，我們的進展也得到了第三方的認可。《新聞週刊》最近將我們評為美國最偉大的公司之一，《財星》雜誌將我們評為美國成長最快的公司之一，《時代》雜誌將我們列為 2025 年美國成長型領導者之一。這些獎項體現了我們員工的奉獻精神和卓越貢獻，也反映了我們為何相信我們的平台從未如此強大，能夠帶來更大的成長和更大的股東價值。那麼，我就把你交給里奇了。謝謝，

Thanks, Liren.

謝謝你，利倫。

I'm pleased to report that our strong momentum continued in Q3 with revenue and adjusted EBITDA all exceeding the high end of our guidance range. This was powered by our Samsung arbitration result, including a license with Honor, a top smartphone manufacturer based in China. These new agreements helped drive total revenue of $165 million, an increase of 28% year over year. This exceeds both our initial top-end guidance for Q3 total revenue of $140 million and our updated increased top-end guidance of $159 million that we announced at the time we signed the Honor agreement. The upside we delivered compared to our increased guidance was driven by additional license agreements we signed since then.

我很高興地報告，第三季我們保持了強勁的成長勢頭，營收和調整後的 EBITDA 都超過了我們預期範圍的上限。這得歸功於我們與三星的仲裁結果，其中包括與中國頂級智慧型手機製造商榮耀公司達成的授權協議。這些新協議推動總收入達到 1.65 億美元，年增 28%。這超過了我們最初對第三季總收入1.4億美元的預期上限，也超過了我們在簽署Honor協議時宣布的更新後的1.59億美元的預期上限。我們實現的業績超出預期主要得益於此後簽署的額外授權協議。

Our annualized recurring revenue, or ARR, increased 49% year over year to another all-time high. This year-over-year growth of $588 million in Q3 was driven primarily by new agreements signed over the intervening year in our smartphone program, including license agreements with OPPO, Vivo, Lenovo, and most recently, Honor. In this time, we increased our share of the smartphone market under license from about 50% to roughly 85%. These agreements, together with our excellent Samsung arbitration result, increased our smartphone ARR 65% year over year to $491 million in Q3, almost at the level of our smartphone mid-term ARR goal of $500 million. In CE and IoT, ARR increased to $97 million in Q3, also an all-time high.

我們的年度經常性收入（ARR）年增 49%，創歷史新高。第三季年增 5.88 億美元，主要得益於過去一年中在智慧型手機項目方面簽署的新協議，包括與 OPPO、Vivo、聯想以及最近的榮耀的許可協議。在此期間，我們透過授權方式將智慧型手機市佔率從約 50% 提高到約 85%。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 在第三季度同比增長 65% 至 4.91 億美元，幾乎達到了我們智慧型手機中期 ARR 目標 5 億美元的水平。在消費性電子和物聯網領域，第三季年度經常性收入增至 9,700 萬美元，也創下歷史新高。

Our new license with an EV charger company is another example of the growth opportunities that exist beyond the smartphone market. And we believe we can more than double ARR from CE and IoT by 2030. Our subscription-based IP as a service model offers a high level of visibility and provides a reliable source of cash flow even in the face of an uncertain economic environment. This enables us to continue to fuel our innovation engine and drive future revenue growth. Based on the strength of our intellectual property and the huge markets built upon it, we believe we are on track to grow ARR at a double-digit CAGR towards our 2030 target of $1 billion plus.

我們與一家電動車充電器公司達成的新合作協議，再次證明了智慧型手機市場之外也存在著成長機會。我們相信到 2030 年，消費性電子和物聯網的年度經常性收入可以翻倍以上。我們基於訂閱的 IP 即服務模式具有很高的可見性，即使在經濟環境不確定的情況下也能提供可靠的現金流來源。這將使我們能夠繼續為創新引擎注入動力，並推動未來的收入成長。憑藉我們強大的智慧財產權和建立在其上的龐大市場，我們相信我們正朝著2030年實現10億美元以上的年度經常性收入（ARR）目標，以兩位數的複合年增長率增長。

And it's important to remember that while ARR is a great metric to track the growth of our business, there is economic value above ARR alone. Over the last ten years, we have recognized $1.5 billion of catch-up revenue. This has been tremendously valuable because we have used most of that money to fund share repurchases over that 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.

需要記住的是，雖然 ARR 是衡量我們業務成長的一個好指標，但除了 ARR 之外，還有比 ARR 本身更具經濟價值的東西。過去十年，我們實現了 15 億美元的追趕收入。這筆資金非常有價值，因為我們在此期間將大部分資金用於股票回購。今天，我們仍然有很多追趕的機會，在我們努力實現到 2030 年實現 10 億美元年度經常性收入 (ARR) 的目標的過程中，毛利率往往能達到 100%。

Our adjusted EBITDA for the quarter of $105 million increased 62% year over year and equates to an adjusted EBITDA margin of 64%, an increase of 14 points compared to 50% a year ago. The significant increase in adjusted EBITDA margin year over year demonstrates the leverage inherent in our model. You might remember that on our last earnings call, I said strong free cash flow over the second half of the year would drive free cash flow for the full year of 2025 above $400 million or close to double 2024 levels.

本季調整後的 EBITDA 為 1.05 億美元，年成長 62%，調整後的 EBITDA 利潤率為 64%，比去年同期的 50% 提高了 14 個百分點。調整後 EBITDA 利潤率較去年同期大幅成長，證明了我們模型中固有的槓桿作用。您可能還記得，在上次財報電話會議上，我說過，下半年強勁的自由現金流將推動 2025 年全年自由現金流超過 4 億美元，接近 2024 年水準的兩倍。

I am happy to report we did, in fact, collect large payments during the quarter, driving free cash flow to $381 million for the quarter and $425 million year to date. Finally, non-GAAP EPS rose 56% year over year to $2.55 and exceeded our increased guidance of $2.08 to $2.27 per share. Consistent with our capital allocation priorities, we continue to maintain a fortress balance sheet, invest for growth, and return excess capital to shareholders. In Q3, we increased our dividend by 17% and returned $53 million to shareholders through $35 million in buybacks and $18 million through dividends.

我很高興地報告，我們確實在本季度收到了大筆款項，使本季的自由現金流達到 3.81 億美元，今年迄今的自由現金流達到 4.25 億美元。最後，非GAAP每股盈餘年增56%至2.55美元，超過了我們先前上調的每股2.08美元至2.27美元的預期。秉持資本配置優先原則，我們持續維持穩健的資產負債表，投資成長，並將盈餘資本回饋給股東。第三季度，我們將股息提高了 17%，並透過 3,500 萬美元的股票回購和 1,800 萬美元的股息向股東返還了 5,300 萬美元。

In October, we bought back another $15 million of stock, bringing the total return of capital to more than $130 million year to date. In just the last three-plus years, we have repurchased more than half a billion dollars of stock. And we expect to continue to buy back shares over the remainder of this year. Looking forward to Q4, we expect recurring revenue will include $144 to $148 million of revenue from existing contracts. That means we expect full-year revenue from existing contracts will be $820 to $824 million.

10 月份，我們又回購了價值 1,500 萬美元的股票，使今年迄今的資本回報總額超過 1.3 億美元。在過去的三年多時間裡，我們已經回購了超過5億美元的股票。我們預計將在今年剩餘時間內繼續回購股票。展望第四季度，我們預計經常性收入將包括來自現有合約的 1.44 億美元至 1.48 億美元收入。這意味著我們預計現有合約的全年收入將達到 8.2 億至 8.24 億美元。

So before adding any potential contributions from new agreements we may sign over the next two months, we expect to meet or beat the midpoint of the increased full-year guidance we issued last quarter. Of course, revenue from any new agreements we may sign over the balance of the quarter would be additive to these amounts. Based again only on existing contracts, in Q4 we expect an adjusted EBITDA margin of about 50% and non-GAAP diluted earnings per share of $1.38 to $1.63. For the full year, again, based only on existing contracts, we expect an adjusted EBITDA margin of 70% and non-GAAP diluted earnings per share of $14.57 to $14.83 for the full year.

因此，在計入未來兩個月可能簽署的新協議帶來的任何潛在貢獻之前，我們預計能夠達到或超過上個季度發布的全年業績預期中位數。當然，本季度剩餘時間內我們可能簽署的任何新協議所帶來的收入都將添加到這些金額中。僅基於現有合同，我們預計第四季度調整後 EBITDA 利潤率約為 50%，非 GAAP 攤薄後每股收益為 1.38 美元至 1.63 美元。全年來看，同樣僅基於現有合同，我們預計全年調整後 EBITDA 利潤率為 70%，非 GAAP 攤薄後每股收益為 14.57 美元至 14.83 美元。

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

這樣，我就把話題轉回給雷福德了。

Thanks, Rich. Before we move to Q&A, I'd like to mention that we'll be attending a few investor events in Q4, including the RBC Tech Conference and the ROTH Tech Conference, both in New York City, the Southwest IDEAS Conference in Dallas, and the Nasdaq Investor Conference in London. Please reach out to your representatives at those firms if you'd like to schedule a meeting. At this point, Haley, we are ready to take questions.

謝謝你，里奇。在進入問答環節之前，我想提一下，我們將在第四季度參加一些投資者活動，包括在紐約市舉行的 RBC 科技大會和 ROTH 科技大會、在達拉斯舉行的西南 IDEAS 大會以及在倫敦舉行的納斯達克投資者大會。如果您想安排會面，請聯絡這些公司的代表。海莉，現在我們可以開始回答問題了。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Our first question comes from a line of Kevin Garrigan from Jefferies. Your line is now open.

我們的第一個問題來自傑富瑞集團的凱文·加里根。您的線路已開通。

Yeah, hey, good morning, all, and congratulations on the strong results. Hey, I just want to drill in on the consumer IoT side, so just wondering if you can, walk us through your biggest prospects as we look to the rest of the year and into 2026 and your first agreement with an EV charging manufacturer, do you guys see that, see the EV charging space being a significant contributor to ARR growth?

大家好，早安，恭喜大家取得了優異的成績。嗨，我只想深入了解消費物聯網方面，所以想問您能否介紹一下您在今年剩餘時間和2026年的最大前景，以及您與電動車充電設備製造商達成的首個協議。您認為電動車充電領域會成為年度經常性收入成長的重要貢獻者嗎？

Kevin, hey, this is learning, good morning. Regarding the consumer electronic IT space, if you look at, this is really a class on multiple opportunities. Our largest single opportunity under the consumer electronics is smart TVs, where we continue to make progress. We have licensed the largest TV maker, Samsung.

凱文，嘿，這裡是學習，早安。就消費性電子IT領域而言，如果你仔細觀察，你會發現這其實是一個充滿多種機會的領域。我們在消費性電子產品領域最大的單一機會是智慧電視，我們在這個領域不斷取得進展。我們已獲得全球最大的電視製造商三星的授權。

We are currently working on with multiple, the next few players including LG highest.

我們目前正在與多家公司合作，接下來的幾家公司包括 LG，都是業界頂尖的。

And TCL. So that's our largest opportunity. Regarding our key opportunities here, we also have, quite a different collection including automobile, EV charging as we announced today, and a few other, consumer driven IT platforms.

還有TCL。所以，這是我們最大的機會。關於我們在這裡的主要機遇，我們還有一系列截然不同的機遇，包括汽車、電動車充電（正如我們今天宣布的那樣）以及其他一些以消費者為導向的 IT 平台。

One more thing I also want to emphasize it in our consumer electronics also include PCs and desktops. So, if you go to our supplemental deck on our IR website, we must TRY to break it down with the size of market where we are in each segment.

還有一點我想強調，我們的消費性電子產品也包括個人電腦和桌上型電腦。所以，如果您造訪我們投資者關係網站上的補充資料，我們必須嘗試根據我們在每個細分市場的規模進行細分。

Regarding your request for EV charging, we do think like it's an interesting market for us. It's green because some of the charging market is consumer-driven, some of them is com commercial driven and they have different technology in there. Some of them is Wi FY enabled, and some others that we have cellular connectivity, and we TRY to get a value that's, for what the technology that's incorporating those devices or stations.

關於您提出的電動車充電需求，我們認為這是一個很有前景的市場。之所以說它是綠色的，是因為充電市場一部分是由消費者驅動的，一部分是由商業驅動的，而且它們採用的技術也各不相同。其中一些設備支援 Wi-Fi，有些設備支援蜂窩網路連接，我們努力為這些設備或站點所採用的技術找到合適的值。

Got it. Okay, that makes sense. And then, as a follow-up, can you just explain a little bit more on how you plan to integrate Deep render with your own video codec technology and, not to give away any plans, but are there other companies out there that you're looking into to kind of complement your streaming business?

知道了。嗯，這說得通。然後，作為後續問題，您能否再詳細解釋一下您計劃如何將深度渲染與您自己的視訊編解碼器技術相結合？另外，為了不洩露任何計劃，您是否正在考慮與其他公司合作，以補充您的串流媒體業務？

Yeah, hey, Kevin, yeah, good question. This morning, we announced the closing of Deep render is a startup company, the headquarters in London, and what they have been focusing on is this thing called native AI for video end to end. So, it's really a more different way of solving the problem end to end by incorporating the AI function from bottom up. So, we introduce had an AI team. We have been working on video space for frankly many years. And the native AI function is one of the areas we have been working on. But by acquiring this team, we add a lot of, strong expertise, speed up our AI capability for the native AI video research. And interesting enough, it's also a critical juncture of time for next generation of video standard that's coming under discussion. So, we feel we have a strong chance of integrating some of the AI feature into the next video standard. And one lastly is part of the acquisition; we bought the deep printers IP patent portfolio team and patent portfolio. So, there's some AI patterns and video patterns and being in the process of integrating. So, it's a strategic acquisition and we feel very good about it.

是啊，嘿，凱文，是啊，問得好。今天早上，我們宣布關閉 Deep Render，這是一家總部位於倫敦的新創公司，他們一直專注於一種稱為原生 AI 的端到端視訊技術。所以，這是一種截然不同的端到端解決問題的方法，即自下而上地引入人工智慧功能。所以，我們組了一支人工智慧團隊。坦白說，我們從事視訊領域工作已經很多年了。而原生人工智慧功能是我們一直在研究的領域之一。但透過收購這支團隊，我們獲得了大量強大的專業知識，加快了我們在原生 AI 影片研究方面的 AI 能力。有趣的是，對於正在討論中的下一代視訊標準而言，這也是一個關鍵的時刻。因此，我們認為很有可能將一些人工智慧功能整合到下一代視訊標準中。最後一點是收購的一部分；我們收購了深層印表機智慧財產權專利組合團隊和專利組合。所以，目前有一些人工智慧模式和視訊模式正在整合中。所以，這是一次策略性收購，我們對此感到非常滿意。

Regarding other opportunities, we frankly have a very robust pipeline. We are look at all kinds of different opportunities and I have a dedicated team passing through them and, but I don't have anything else to report at this time.

至於其他機會，坦白說，我們有很多強而有力的專案儲備。我們正在考察各種不同的機會，我有一個專門的團隊負責跟進這些機會，但目前我還沒有其他消息要報告。

Yes, got it. Okay, great, I appreciate the colour and congrats on the results.

是的，明白了。好的，太棒了，我很喜歡這個顏色，恭喜你有好成績。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Our next question comes from the line of Scott Serre from Roth Capital. Your line is now open.

我們的下一個問題來自羅斯資本的斯科特·塞爾。您的線路已開通。

Hey, good morning. Thanks for taking my questions. I apologize, learned that this was covered earlier, got on call a little bit late, but in terms of the Disney injunction, I'm wondering if you could give us an update in terms of what next steps there are that we should be looking for, as you go forward and how this is impacting conversations and discussions with other streaming vendors.

嘿，早安。謝謝您回答我的問題。很抱歉，我得知此事之前已經討論過了，我接電話的時候稍微晚了一點。關於迪士尼的禁令，我想請您提供一些最新進展，例如接下來我們應該關注哪些步驟，以及此事對我們與其他串流媒體供應商的對話和討論有何影響。

Yeah, hey, good morning, Scott. So, regarding this injunction, in my prepared remark, we received the injunction by the court in Brazil.

是啊，嘿，早上好，史考特。所以，關於這項禁令，我在準備好的演講稿中提到，我們收到了巴西法院頒布的禁令。

The injunction was supported by third-party independent experts. The court has appointed, which frankly support our position on all the important issues. But the trial court issued the injunction and this we appealed the injunction. And then the appeal court, we rest stated the injunction. So, the injunction is currently in effect, but the court has given Disney until end of November to comply, November 30th, if I remember right. So needless to say, we are watching, monitor the situation quite carefully, and I don't want to speculate on what Disney will do from there.

該禁令得到了第三方獨立專家的支持。法院已任命的法官們坦率地支持我們在所有重要議題上的立場。但初審法院頒布了禁令，我們對此禁令提起了上訴。然後，上訴法院，我們繼續陳述了禁令。所以，禁令目前仍然有效，但法院給了迪士尼到 11 月底（如果我沒記錯的話，是 11 月 30 日）的時間來遵守禁令。所以毋庸置疑，我們正在密切關注事態發展，我不想猜測迪士尼接下來會怎麼做。

But it's also worth noting that the Brazil PI injunction is just one step of a multi-jurisdictional enforcement we have been taking on as we disclosing the 0Q filing with a lot of details. We have multiple cases coming up for trial in Germany, in UPC and the United States. I'll be starting this month, starting October. So, there's over a dozen patent cases are going to trial between now and middle of next year. So needless to say, we feel good about what position we are in and but in the meantime, we are always open for negotiations.

但值得注意的是，巴西 PI 禁令只是我們一直在採取的多司法管轄區強制執行措施中的一步，正如我們在 0Q 文件中所揭露的許多細節一樣。我們有多起案件即將在德國、UPC和美國開庭。我將於本月開始，從十月開始。因此，從現在到明年年中，將有十幾起專利案件開庭審理。所以毋庸置疑，我們對目前的處境感到滿意，但同時，我們也始終願意進行談判。

Gotcha. And just to follow-up on that, has that actually improved the dialogue with Disney or impacted any other conversations you're having with other streaming vendors?

明白了。那麼，請問這是否真的改善了與迪士尼的對話，或者對您與其他串流媒體供應商的對話產生了影響？

Yes, Scott, I can't get into the discussions with specific vendor, mostly under NDA, but I can assure you that, the industry is paying attention and every progress we made, with different enforcement, I do think it giving us an even stronger position in a lot of negotiations.

是的，斯科特，我不能透露與具體供應商的討論細節，因為大多受保密協議約束，但我可以向你保證，業界都在關注此事，我們取得的每一項進展，以及我們採取的不同措施，我認為都使我們在許多談判中擁有了更強大的地位。

Got you. 2 more and then I'll get back in the queue, just in terms of a deeper render to dive down a little bit more, do you see this is helping with the existing streaming customers in terms of enhancing your product portfolio there and really being able to.

明白了。還有兩個，然後我就重新排隊。我只是想更深入地渲染一下，看看這是否有助於現有串流媒體客戶增強產品組合，並真正能夠做到。

Get monetization across the goal line, or is this going to predominantly open up some other opportunities? There's a lot of edge AI that goes on, which sounds like some of the deep rendering patent portfolio would seem to cover. So I'm wondering, is it for existing core opportunities, or does this really expand the product breadth that you've got now within the video codec and streaming market?

是要實現最終的獲利目標，還是會主要開啟其他一些機會？有許多邊緣人工智慧技術正在應用，這聽起來像是深度渲染專利組合所涵蓋的內容。所以我想知道，這是為了現有的核心機會，還是真的要擴展你們目前在視訊編解碼器和串流媒體市場的產品範圍？

Yeah, he's got for the deep rendering opportunity, they are currently in a stage of startup, so when we acquire them, they don't really have revenue of paying customers. However, we are super excited about the technology. The technology as I explained earlier, was really based on this, native AI end to end. We believe it's a new paradigm to solve the video delivering problem across the internet. As you are aware, video is super important for many use cases. About 80% of internet traffic on every single day driven by video. So be able to come up with a brand-new way of solving that problem is super exciting for us. So, regarding how we plan to monetizing it, frankly, we believe we have multiple options, but as of today, we are not really trying to, determine exactly how we can make money on solving the most difficult problems, make sure our technology is leading the industry, and obviously making sure we build a strong patent portfolio, build on what we already have and the different patent portfolio they are merging with our portfolio, as well as new IP we continue to do that.

是的，他抓住了深度渲染的機會，他們目前處於創業階段，所以當我們收購他們時，他們還沒有付費客戶的收入。然而，我們對這項技術感到非常興奮。正如我之前解釋的那樣，這項技術實際上是基於這種端到端的原生人工智慧。我們相信這是解決網路視訊傳輸問題的新範式。如您所知，影片在許多應用場景中都非常重要。每天約有 80% 的網路流量來自影片。因此，能夠想出一個全新的方法來解決這個問題，對我們來說非常令人興奮。所以，關於我們計劃如何將其貨幣化，坦白說，我們認為我們有多種選擇，但就目前而言，我們並沒有真正嘗試去確定如何通過解決最棘手的問題來賺錢，確保我們的技術引領行業，並且顯然要確保我們建立一個強大的專利組合，在我們已有的專利和他們正在與我們的組合合併的不同專利組合的基礎上，以及我們將繼續開發的新知識產權。

Got you and then maybe I'll just throw in too quickly at the end, AI in general, you guys have been investing not just with deep rendering but organically within the organization, in in terms of AI capabilities which have. I think from a from a 5G and 6G standpoint kind of facilitated your core business there, but is there an explicit opportunity to license AI as it is as a standalone? And then second, from an M&A standpoint, you guys have not been particularly acquisitive in recent history outside of Technicolor. Now you've added deep rendering to that. Are there, how aggressive are you thinking about the opportunities as you go forward over the next several years? It sounds like there's a pipeline of opportunities there, but is it really a stated goal to close some things as we look out over the next 2 to 3 years? Thanks.

明白了，然後我可能最後會太快地插一句，總的來說，你們不僅在深度渲染方面進行了投資，而且在組織內部也有機地投資了人工智慧能力。我認為從 5G 和 6G 的角度來看，它們在某種程度上促進了你們的核心業務，但是是否存在將人工智慧作為獨立技術授權的明確機會呢？其次，從併購的角度來看，除了Technicolor之外，你們在近期的歷史中並沒有特別熱衷於收購。現在你又在此基礎上加入了深度渲染。展望未來幾年，您認為有哪些機會值得掌握？您對此的正面程度如何？聽起來那裡有很多機會，但展望未來 2 到 3 年，我們真的有明確的目標要完成一些事情嗎？謝謝。

Yeah, hey, thanks Scott. Yeah, as you acknowledge, we have very deep depths in AI expertise. We have a dedicated team. We have been working in the AI field for multiple decades. And our CTO, Rajesh Pankaj, is an industry-recognized AI leader who spans wireless AI and video space. So, our current main sort of leverage of AI technology is to apply AI to solve foundational problems in wireless and video systems. As you are aware, the upcoming 6G standard, you know, the native AI built-in wireless is a key research area that we are leading. Regarding monetization strategy here, Scott, I really think there will be multiple opportunities for us to monetize AI technology.

是啊，謝謝你，斯科特。是的，正如您所承認的，我們在人工智慧領域擁有非常深厚的專業知識。我們擁有一支專業的團隊。我們在人工智慧領域已經耕耘了幾十年。我們的技術長 Rajesh Pankaj 是業界公認的人工智慧領導者，他的業務涵蓋無線人工智慧和視訊領域。因此，我們目前利用人工智慧技術的主要方式是將人工智慧應用於解決無線和視訊系統中的基礎性問題。如您所知，即將到來的 6G 標準，即內建原生 AI 的無線技術，是我們正在引領的關鍵研究領域。斯科特，關於這裡的盈利策略，我真的認為我們將有很多機會透過人工智慧技術實現盈利。

But we have a very robust existing technology-driven, standard-driven IP licensing model. But I believe, yeah, it could give us new opportunities as we keep on driving the technology forward. Regarding the M&A pipeline here, as I referred to a bit earlier, we have a dedicated team internally led by our Chief Growth Officer, Ken Kush Kang. And we process a lot of opportunities. You know, some are bigger ones, that's maybe driven by, you know, IP assets. Some others are driven by technology development as we have done through Deep Render.

但我們擁有非常強大的、以技術驅動、以標準為導向的智慧財產權授權模式。但我相信，隨著我們不斷推動技術發展，它可能會為我們帶來新的機會。關於這裡的併購項目，正如我之前提到的，我們內部有一個專門的團隊，由我們的首席成長長 Ken Kush Kang 領導。我們會處理很多機會。你知道，有些規模更大，這可能是由知識產權資產驅動的。還有一些是由技術發展驅動的，就像我們透過深度渲染所做的那樣。

But our bar is very high, and with our recent business success, as Rich referred to here, we have a very strong balance sheet, and we believe it gives us different opportunities we can pursue.

但我們的標準非常高，而且正如 Rich 在這裡提到的，憑藉我們最近的業務成功，我們擁有非常強勁的資產負債表，我們相信這為我們提供了可以追求的不同機會。

Great, thanks so much.

太好了，非常感謝。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Our next question comes from the line of Arjun Bhatia from William Blair. Your line is now open.

我們的下一個問題來自阿瓊·巴蒂亞（Arjun Bhatia）的威廉·布萊爾（William Blair）的詩句。您的線路已開通。

Hi. Thanks for taking the question. Alinda Lee here on for Arjun. I wanted to ask just to piggyback on the prior question regarding the acquisition. What other areas within the existing focus points of technology IPs are you looking forward to in adding fields through M&A?

你好。感謝您回答這個問題。這裡是Alinda Lee，替Arjun為您報道。我想藉之前關於收購的問題問一下。在現有技術知識產權重點領域內，您還希望透過併購拓展哪些其他領域？

Yeah. Hi, Linda. Good morning. So, regarding the M&A space here, we are frankly casting a wide net. As you are aware, our three pillars of research are wireless, video, and artificial intelligence. And we continue to look at to see do we have the industry-leading team, do we have the key research in those areas that's, you know, driving things forward. But we frankly also look at the edges in the area. We are always sort of applying those opportunities with different criteria. Right? We want to make sure we have critical mass that we can move the industry. We also like to see how we can build a competitive advantage over a long period of time.

是的。你好，琳達。早安.所以，就併購領域而言，我們坦白說是在廣撒網。如您所知，我們的三大研究支柱是無線通訊、視訊和人工智慧。我們將繼續審視我們是否擁有領先業界的團隊，以及我們在推動事物發展的這些領域是否擁有關鍵的研究。但坦白說，我們也會關注該區域的邊緣地帶。我們總是會根據不同的標準來把握這些機會。正確的？我們希望確保我們擁有足夠的規模，從而能夠推動整個產業的發展。我們也想看看如何在較長的時間內建立起競爭優勢。

And then frankly, with our increasing balance sheet and financial capability, we also try to look for bigger opportunities over time.

坦白說，隨著我們資產負債表和財務能力的不斷增強，我們也一直在努力尋找更大的發展機會。

Oh that’s helpful. And in terms of the Tencent litigation, you announced it today that you are officially going on with litigation. Can you just give us maybe any more colour in terms of maybe timeline, and additional kind of colour in terms of that in general?

哦，這很有幫助。至於騰訊訴訟案，您今天宣布將正式提起訴訟。您能否再提供一些關於時間軸或其他方面的資訊？

Yes. So, as I said in the prepared remarks, we have frankly built a lot of momentum in the smartphone licensing program. We currently license eight of the top 10 smartphone vendors already. That's essentially making up roughly 85% of the market. So Tencent is the largest unlicensed vendor as of today. They make roughly 100 million devices per year. And those devices tend to be lower-end and are sold to emerging markets. So, we have been negotiating with them for multiple years, and we feel we have made them fair offers. But so far, they have refused to take our offer.

是的。正如我在準備好的演講稿中所說，坦白說，我們在智慧型手機授權計劃方面已經取得了很大的進展。我們目前已經獲得了排名前十的智慧型手機廠商中八家的授權許可。這基本上佔據了約 85% 的市場。所以，截至目前，騰訊是最大的無牌軟體供應商。他們每年大約生產1億台設備。而且這些設備往往是低階產品，主要銷往新興市場。因此，我們已經和他們談判多年，我們認為我們已經向他們提出了公平的條件。但到目前為止，他們拒絕接受我們的提議。

So we feel it's necessary for us to defend our position for IP and, frankly, equally important to set a level field with other customers who are paying us licensing fees. Right? It's not fair that they get a free ride on our IP. So, we have launched a multi-jurisdictional patent litigation against them. That's in UPC, that's in India, and Brazil. Those are significant markets for them. It's hard to predict precisely the timeline because some of the cases are frankly still being processed by the court. We don't have definitive dates yet. But as always, during negotiation, we always try to negotiate patent licensing deals with the party involved.

因此，我們認為有必要捍衛我們的智慧財產權，坦白說，同樣重要的是要與其他向我們支付授權費的客戶創造公平的環境。正確的？他們白白利用我們的智慧財產權，這不公平。因此，我們已對他們提起跨司法管轄區的專利訴訟。UPC、印度和巴西都有這種情況。這些對他們來說都是非常重要的市場。很難準確預測時間表，因為坦白說，有些案件仍在法院審理中。我們目前還沒有確切的日期。但和以往一樣，在談判過程中，我們總是盡量與相關方協商專利授權協議。

And even though the timing precisely is hard to predict, but given our history, we frankly have a very strong track record of, you know, if we have to enforce our rights, we almost always end up with bilateral agreements that are fair to both parties.

雖然具體時間很難預測，但鑑於我們的歷史，坦白說，我們在行使權利方面有著非常良好的記錄，你知道，我們幾乎總是最終達成對雙方都公平的雙邊協議。

All right, thank you.

好的，謝謝。

(Operator Instructions)

（操作說明）

Thank you. Currently, I'm showing no further questions in the queue. I would now like to turn it back to Liren Chen for closing remarks.

謝謝。目前隊列中沒有其他問題了。現在我謹將發言權交還給陳立仁，請他作總結發言。

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

謝謝你，海莉。在結束之前，我衷心感謝我們的員工對 InterDigital 的奉獻和貢獻，以及眾多合作夥伴和被許可方，感謝他們讓本季度取得了非常優異的成績。感謝今天所有參加電話會議的朋友。我們期待在下個季度向您報告我們的進展。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。