InterDigital Inc (IDCC) 2025 Q4 法說會逐字稿

Good morning, everyone, and thank you for standing by. My name is Gail and I will be your operator for today. At this time, I would like to welcome each and everyone of you to the InterDigital's fourth quarter 2025 earnings call. (Operator Instructions) I will now turn the call over to Raiford Garrabrant, Head of Investor Relations. Please go ahead.

各位早安，感謝各位的耐心等待。我是 Gail，今天將由我來主持本次電話會議。現在，我謹代表 InterDigital 向各位致以熱烈的歡迎，歡迎參加 2025 年第四季財報電話會議。 （操作說明）現在，我將把電話轉交給投資者關係主管 Raiford Garrabrant。請開始吧。

Thank you, Gail, and good morning, everyone. Welcome to InterDigital's fourth quarter 2025 earnings conference call. I'm Raiford Garrabrant, Head of Investor Relations for InterDigital.

謝謝蓋爾，大家早安。歡迎參加InterDigital 2025年第四季財報電話會議。我是InterDigital投資者關係主管雷福德·加拉布蘭特。

With me on today's call are Liren Chen, our President and CEO; and Rich Brezski, our CFO. 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. 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.

今天與我一同參加電話會議的還有我們的總裁兼執行長陳立仁（Liren Chen）和財務長里奇·布雷茲基（Rich Brezski）。與以往的電話會議一樣，我們將首先簡要介紹本季和公司的一些情況，然後開放提問環節。更多詳情，請造訪我們的投資者關係網站，查看本次電話會議的收益報告和簡報。在正式開始發言之前，我需要提醒各位，本次電話會議中我們將做出一些關於我們當前信念、計劃和預期的前瞻性陳述，這些陳述並非對未來業績的保證，且僅代表截至本次會議發布之日的信息。

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 2025 annual report on Form 10-K and in our other SEC filings.

前瞻性陳述受風險和不確定性因素的影響，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因素包括我們在2025年10-K表格年度報告「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因素。

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，今天的簡報可能包含非公認會計準則（non-GAAP）財務指標。這些非公認會計準則財務指標與最直接可比較的公認會計準則財務指標的調節表，已包含在我們網站「投資者關係」欄位發布的補充資料中。

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

處理完這件事後，我將把電話轉給李仁。

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

謝謝你，雷福德。大家早安。感謝各位今天收看我們的節目。

At the beginning of 2025, we set aggressive goals to grow our company, including building on the momentum of smartphone licensing program to drive revenue growth with a special focus on increasing annualized recurring revenue and margin expansion, building a strong licensing pipeline by advancing our video service licensing program, expanding our AI research capability and growing our standard leadership and patent portfolio at a critical stage in the development of 6G and the next-generation video codecs. I'm pleased to say that we have exceeded our goals on all these fronts.

2025年初，我們制定了雄心勃勃的公司發展目標，包括：鞏固智慧型手機授權專案的良好勢頭，推動營收成長，重點提升年度經常性收入和利潤率；透過推進視訊服務授權項目，建構強大的授權管道；拓展人工智慧研發能力；並在6G和下一代視訊編解碼器發展的關鍵階段，鞏固我們在標準專利組合領域的領先地位並擴大標準專利組合。我很高興地宣布，我們在所有這些方面都超額完成了目標。

We finished 2025 with a strong fourth quarter delivering revenue and EPS above the high end of our outlook, build strong momentum across our licensing programs, completed a key acquisition to strengthen our AI research, and added new invention to our patent portfolio, reaching a new record breaking high.

2025 年第四季表現強勁，營收和每股盈餘均超過預期上限，我們在授權專案方面取得了強勁的進展，完成了一項關鍵收購以加強我們的人工智慧研究，並為我們的專利組合增加了新的發明，創下了新的紀錄。

This rounded off an excellent year where revenue for the full year was $834 million, the second highest in our history. We increased our annualized recurring revenue to $582 million, up 24% year over year. The adjusted EBITDA was $589 million, and our non-GAAP EPS was more than $15, both at all-time highs.

這為本年度的優異業績畫下了圓滿的句點。全年營收達8.34億美元，創史上第二高。年度經常性收入增至5.82億美元，年增24%。調整後EBITDA為5.89億美元，非GAAP每股盈餘超過15美元，均創歷史新高。

Today, our focus on progress throughout the year and why we believe we are well positioned to drive shareholder value in 2026. Rich will then talk you through our fourth quarter financial performance and our '26 outlook in more details.

今天，我們將重點放在全年的進展，以及我們為何相信自己有能力在2026年提升股東價值。之後，Rich將更詳細地介紹我們第四季的財務表現和2026年的展望。

In our Smartphone program, we had a record-setting year in 2025. We completed Samsung smartphone licensing contracts that extended one of our longest customer relationship all the way to the end of 2030. We signed a new deal with two more top 10 global smartphone vendors, Vivo and Honor. With these additions, we have now licensed 8 of the top 10 largest smartphone manufacturers, covering about 85% of the overall market.

在我們的智慧型手機專案中，2025年取得了創紀錄的成績。我們完成了與三星的智慧型手機授權協議，將我們最長的客戶合作關係之一延長至2030年底。我們也與全球排名前十的智慧型手機廠商vivo和榮耀簽署了新的協議。至此，我們已與全球十大智慧型手機廠商中的八家達成授權協議，涵蓋了約85%的市場份額。

Our new agreement with Samsung is the most valuable license in our history, continuing our win-win relationship that stretches back to the 1990s. In 2025, we also renewed an agreement with Sharp and Seiko. For the year, our smartphone revenue was just below $680 million, up 14% year over year to an all-time high. This strong momentum has continued into 2026, as we renewed our license with Xiaomi at the beginning of the year. We now have the three largest smartphone vendors, Apple, Samsung and Xiaomi licensed through the end of the decade, providing a strong foundation for the company to build on future organic growth.

我們與三星達成的新協議是我們歷史上最有價值的授權協議，延續了我們自上世紀90年代以來建立的互利共贏的合作關係。 2025年，我們也與夏普和精工續約了。本年度，我們的智慧型手機營收略低於6.8億美元，年增14%，創歷史新高。這一強勁的成長動能延續到了2026年，年初我們與小米續簽了授權協議。目前，我們已獲得蘋果、三星和小米這三大智慧型手機廠商的授權，有效期至本十年末，為公司未來的內生成長奠定了堅實的基礎。

In our CE and IoT program, we continue to make good progress. In 2025, we signed new agreement with HP, the world's largest PC manufacturer. We now have licensed about half of the global PC market. In the fourth quarter, we signed a CE device license agreement with a significant social media company, covering our video coding and WiFi patents. At the start of 2026, we completed a new license with LG Electronics, covering the company's digital TV and computer display monitors.

在我們的消費性電子和物聯網專案中，我們持續取得良好進展。 2025年，我們與全球最大的PC製造商惠普公司簽署了新的協議。目前，我們已在全球PC市場佔據約一半的份額。第四季度，我們與一家重要的社群媒體公司簽署了消費性電子設備授權協議，涵蓋了我們的影片編碼和WiFi專利。 2026年初，我們與LG電子完成了一項新的授權協議，涵蓋了該公司的數位電視和電腦顯示器產品。

LG is one of the top global TV manufacturers, with strong sales in the premium part of the market. We are thrilled to add it to our CE licensing program. Including the latest deals, we have now licensed over 50 license agreement with a total contract value of more than $4.6 billion since 2021. We also continue to make good progress in our video service program, and our focus on licensing some of the world's largest streaming platforms. We believe that this space continues to represent an excellent growth opportunity for us.

LG是全球頂尖的電視製造商之一，在高端市場擁有強勁的銷售業績。我們非常高興將其納入我們的消費性電子授權項目。包括最新達成的協議在內，自2021年以來，我們已簽署超過50份授權協議，合約總價值超過46億美元。此外，我們在視訊服務專案方面也持續取得良好進展，並專注於與全球一些最大的串流媒體平台達成授權合作。我們相信，這一領域將繼續為我們帶來巨大的成長機會。

Initially, our focus is on streaming services, but we also see opportunities in other video-driven platforms where our innovation in areas like video compression is central to the efficient processing and delivery of video content and to the consumer experience overall. At the beginning of 2025, we launched our enforcement campaign against Disney+, Hulu and ESPN+ streaming services.

初期，我們的重點是串流媒體服務，但我們也看到了其他視訊驅動型平台的機會。在這些平台上，我們在視訊壓縮等領域的創新對於高效處理和傳輸視訊內容以及提升整體用戶體驗至關重要。 2025年初，我們針對Disney+、Hulu和ESPN+串流服務發起了執法行動。

We received two preliminary injunctions in Brazil and two in Brazil, and two injunctions in Germany against Disney. And in the fourth quarter, we launched an enforcement proceedings against Amazon. These are important steps towards our goal of signing a long-term agreement with both companies.

我們在巴西獲得了兩項針對迪士尼的初步禁令，在德國獲得了兩項針對迪士尼的禁令。第四季度，我們對亞馬遜啟動了強制執行程序。這些都是朝著與這兩家公司簽署長期協議這一目標邁出的重要一步。

As I said many times before, we always prefer getting license deal down through bilateral negotiation, but we will rigorously pursue fair value for years of investment in our research and deepen the value of our intellectual property, which allows us to continue to invest in the next generation of technology. And when we enforce our patent right, we have a strong track record of ultimately signing a license that's fair to both parties. The central role we play in the connected world is only possible because we have built and continue to expand our research pipeline, which provide us with a strong foundation of assets we license today and which ensure that we have a platform that drive growth cross-licensing program through 2030 and beyond.

正如我之前多次強調的，我們始終傾向於透過雙邊談判達成授權協議，但我們會嚴格追求多年來在研發和智慧財產權方面的投入所應獲得的公平價值，從而使我們能夠繼續投資下一代技術。當我們行使專利權時，我們擁有最終達成對雙方都公平的授權協議的良好記錄。我們在互聯世界中扮演的核心角色，正是得益於我們構建並不斷拓展的研發管線，這為我們如今的許可資產奠定了堅實的基礎，並確保我們擁有一個能夠推動交叉許可項目在2030年及以後持續增長的平台。

In 2025, we placed particular emphasis in deepening our AI expertise and strengthening our leadership in developing AI-based solutions for the next generation of standardized technologies. Through our standard contributions and our technology leadership, we drive much deeper use of AI to make network more efficient and reliable to make video better quality and more energy efficient, and we lead in the development of advanced wireless network to better support the rapid growth use of AI across devices and services.

2025年，我們專注於深化人工智慧領域的專業技術，並鞏固我們在下一代標準化技術人工智慧解決方案開發方面的領先地位。透過我們對標準的貢獻和技術領先優勢，我們將推動人工智慧的深度應用，從而提升網路效率和可靠性，提高視訊品質和能源效率。同時，我們將引領進無線網路的發展，以更好地支援人工智慧在各種設備和服務中的快速成長。

Our recent acquisition of AI startup, Deep Render, which we completed in Q4 is a perfect example of how we strengthened our engineering team to lead research in AI and video compression in years to come. In our wireless research, we are already active contributing to 6G standard development, which is due to be the first native AI wireless standard. As AI impacting wireless and video growth, the leadership position that we hold in multiple standard group become even more important.

我們近期對人工智慧新創公司 Deep Render 的收購（已於第四季度完成）完美地展現了我們如何加強工程團隊，從而在未來幾年引領人工智慧和視訊壓縮領域的研究。在無線研究方面，我們已積極參與 6G 標準的製定，該標準有望成為首個原生人工智慧無線標準。隨著人工智慧對無線和視訊領域發展的影響日益顯著，我們在多個標準制定組織中佔據的領導地位也變得愈發重要。

In 2025, one of our senior engineers was reelected Chair of a key working group within 3GPP, the standard organization, which is leading the development of 6G. We also hold multiple leadership position in AI working group in several other standard organizations. The strength of our research and our expertise in building a world-class patent portfolio to protect our innovation are key drivers behind our business success.

2025年，我們的一位資深工程師再次當選為3GPP（6G技術標準制定組織）旗下關鍵工作小組的主席，該工作小組負責引領6G技術的發展。此外，我們也在其他多個標準組織的AI工作小組中擔任領導職務。我們強大的研發實力以及建構世界級專利組合以保護創新成果的專業能力，是我們業務成功的關鍵驅動力。

In 2025, our portfolio grew by 14% year over year and passed 38,000 granted patents and applications. Our portfolio is one of the largest across wireless, radio and AI and more importantly, it is also ranked as one of the highest quality in the world according to several independent third-party reports. Through 2025, our success was recognized by multiple third parties, including by Newsweek, which named us one of America's greatest companies, by Fortune, which include us among American's fastest-growing companies and B Time, which recognized us as one of American's growth leaders.

2025年，我們的專利組合年增14%，已授權專利和專利申請數超過38,000項。我們的專利組合在無線、無線電和人工智慧領域規模位居前列，更重要的是，根據多家獨立第三方報告，其品質也位居世界前列。截至2025年，我們的成功獲得了多家第三方機構的認可，其中包括《新聞周刊》（Newsweek），該雜誌將我們評為美國最偉大的公司之一；《財富》（Fortune），該雜誌將我們列入美國增長最快的公司之列；以及《B Time》，該雜誌將我們評為美國增長型領軍企業之一。

More recently, another sign of our momentum at the start of 2026, Forbes recognized us as the number one most successful mid-cap companies in America for 2026. In its analysis, Forbes look at long-term performance. And this award reflects our success in building a foundation for the future and delivering even greater shareholder value going forward.

最近，我們又迎來了一個好消息：福布斯將我們評為2026年美國最成功的中型市值公司榜首。福布斯在分析中著眼於公司的長期表現。這項殊榮體現了我們在建立未來發展基礎和為股東創造更大價值方面所取得的成功。

Before I hand it over to Rich, I want to let you know that next month will be back at Mobile Congress in Barcelona, where we'll be demonstrating some of our cutting-edge technology including how 6G will reshape connectivity, our innovation -- our innovative application of AI and on how we're leading the development of more immersive video. We also present a demo alongside gaming technology pioneer razor, continuing our track record of showcasing cutting-edge innovation alongside industry partners. Please get in touch if you'd like to meet at the show.

在把麥克風交給Rich之前，我想告訴大家，下個月我們將重返巴塞隆納行動通訊大會，屆時我們將展示一些前沿技術，包括6G將如何重塑連接方式、我們的創新——我們在人工智慧方面的創新應用，以及我們如何引領沉浸式視訊技術的發展。我們也將與遊戲技術先驅Razor共同展示一項演示，延續我們與產業夥伴共同展示前沿創新成果的傳統。如果您想在展會上與我們見面，請與我們聯絡。

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

那麼，接下來就交給里奇了。

Thanks, Liren. Q4 was a strong finish to an excellent year as we delivered revenue, adjusted EBITDA and non-GAAP EPS in Q4 that all exceeded the high end of our outlook. The upside was driven primarily by the new CE device license agreement with a significant social media company that Liren mentioned earlier.

謝謝Liren。第四季業績強勁，為這一年畫下了圓滿的句點。我們第四季的營收、調整後EBITDA和非GAAP每股盈餘都超出預期上限。業績成長主要得益於Liren先前提到的與一家大型社群媒體公司簽署的新的消費性電子設備授權協議。

Total revenue of $158 million exceeded the high end of our outlook of $144 million to $148 million and included $13 million of catch-up revenue. ARR increased 24% year over year in Q4 to $582 million. Our adjusted EBITDA for the quarter of $88 million exceeded the high end of our outlook of $68 million to $76 million, resulting in an adjusted EBITDA margin of 56%.

總營收達1.58億美元，超過了我們先前1.44億美元至1.48億美元的預期上限，其中包括1,300萬美元的追趕性營收。第四季年度經常性收入（ARR）年增24%，達到5.82億美元。本季調整後EBITDA為8,800萬美元，也超過了我們先前6,800萬美元至7,600萬美元的預期上限，調整後EBITDA利潤率為56%。

GAAP EPS for the quarter of $1.20 exceeded the high end of our outlook of $0.72 to $0.95. Non-GAAP EPS of $2.12 for the quarter exceeded the high end of our outlook of $1.38 to $1.63. Cash generation for the quarter was robust with cash from operations of $63 million and free cash flow of $48 million. Building on Liren's comments, I'll highlight a few key metrics from our full year 2025 results and provide the additional perspective of how each item has improved over the last 4 years.

本季GAAP每股收益為1.20美元，高於我們先前預測的0.72美元至0.95美元的上限。本季非GAAP每股收益為2.12美元，也高於我們先前預測的1.38美元至1.63美元的上限。本季現金流狀況良好，經營活動產生的現金流為6,300萬美元，自由現金流為4,800萬美元。基於Liren的發言，我將重點介紹我們2025年全年業績中的幾個關鍵指標，並進一步闡述過去四年中各項指標的改善情況。

First, total revenue for full year 2025 was a near record at $834 million, roughly 2x the 2021 levels of $425 million. Next, adjusted EBITDA for full year 2025 reached a record high of $589 million, which is almost 3x the 2021 level of $208 million.

首先，2025年全年總收入接近歷史最高水平，達到8.34億美元，約2021年4.25億美元的兩倍。其次，2025年全年調整後EBITDA達到歷史新高，為5.89億美元，幾乎是2021年2.08億美元的三倍。

Finally, for full year 2025, we delivered record non-GAAP EPS of $15.31 per share, more than 4x the $3.73 per share we reported in 2021. The dramatic gains in these metrics reflect both strong execution and the operating leverage in our business model. Over the past 4 years, roughly 2x revenue growth has delivered nearly 3x growth in adjusted EBITDA and more than 4x growth in non-GAAP EPS, all of which was driven by our recurring long-term investment in research.

最後，在2025財年全年，我們實現了創紀錄的非GAAP每股收益15.31美元，是2021財年3.73美元的四倍多。這些指標的顯著成長反映了我們強大的執行力和商業模式的營運槓桿效應。過去四年，約兩倍的營收成長帶來了近三倍的調整後EBITDA成長和非GAAP每股盈餘成長超過四倍，而這一切都得益於我們對研發的持續長期投入。

Turning to our outlook. We have guided to another very strong year in 2026 with expectations for total revenue in the range of $675 million to $775 million. Adjusted EBITDA of $381 million to $477 million and non-GAAP diluted earnings per share of $8.74 to $11.84. For Q1, we expect revenue will be $194 million to $200 million from existing contracts, including catch-up sales of $55 million to $60 million. Based only on existing contracts, we expect an adjusted EBITDA margin of 52% to 55% and non-GAAP diluted earnings per share of $2.39 to $2.68.

展望未來，我們預計2026年將持續保持強勁成長勢頭，總營收預計在6.75億美元至7.75億美元之間。調整後EBITDA預計為3.81億美元至4.77億美元，非GAAP攤薄後每股收益預計為8.74美元至11.84美元。第一季度，我們預期現有合約帶來的營收為1.94億美元至2億美元，其中包括5,500萬美元至6,000萬美元的追趕銷售額。僅基於現有合同，我們預計調整後EBITDA利潤率為52%至55%，非GAAP攤薄後每股收益為2.39美元至2.68美元。

Entering 2026, we saw a step down in ARR from year-end expirations, but we have already renewed about 2/3 of the $92 million that expired at the end of 2025. And we expect additional renewals and new agreements will drive further increases in ARR, keeping us on pace to reach $1 billion by 2030.

進入2026年，由於年底合約到期，年度經常性收入（ARR）有所下降，但我們已經續約了2025年底到期的9200萬美元合約中的約三分之二。我們預計，更多的續約和新協議將進一步推動ARR成長，使我們有望在2030年實現10億美元的目標。

Before I turn it back to Raiford, I want to reiterate that our quarterly guidance for Q1 '26 does not include the impact of any new agreements or arbitration results we may sign or receive over the balance of the first quarter. This is because it is harder to predict the timing of new agreements in short windows. In contrast, our full year guidance includes potential contributions from both new agreements and arbitration results. As was the case last year, we believe we can achieve financial results within our full year guided range through different combinations of new agreements and arbitration results.

在將話題轉回給雷福德之前，我想重申，我們對2026年第一季的業績指引並未包含我們在第一季剩餘時間內可能簽署或收到的任何新協議或仲裁結果的影響。這是因為短期內新協議的達成時間難以預測。相較之下，我們的全年業績指引則包含了新協議和仲裁結果的潛在貢獻。與去年一樣，我們相信，透過新協議和仲裁結果的不同組合，我們能夠實現全年業績指引範圍內的財務目標。

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 number of investor events in Q1, including the ROTH Conference in Dan Point, California, and the Sidoti Conference, which is virtual. Please reach out to your representatives at those firms who would like to schedule a meeting

謝謝，Rich。在進入問答環節之前，我想提一下，我們將在第一季參加一些投資者活動，包括在加州丹波因特舉行的ROTH大會和線上舉辦的Sidoti大會。如果您想安排會面，請聯絡您在這些公司中的代表。

Now we are ready to take questions.

現在我們可以開始回答問題了。

(Operator Instructions) Scott Searle, ROTH Capital.

（操作說明）斯科特·塞爾，ROTH Capital。

Congrats on a nice quarter and outlook. Rich, maybe just to dive in quickly on the guidance. I think I heard the number in terms of the $194 million to $200 million in the first quarter, that's got $50 million to $55 million of catch-up. So it kind of implies that recurring has gone down or at least the immediate outlook of contracts in hand is down sequentially from the December quarter.

恭喜你季度業績和前景都不錯。 Rich，或許我們可以直接切入正題，談談業績指引。我記得第一季的預期是1.94億到2億美元，其中包含5,000萬美元到5,500萬美元的追趕訂單。這似乎意味著經常性收入有所下降，或至少目前在手合約的預期收入較去年12月季度有所下降。

Now I know that there are expirations that go along with it, but I'm wondering -- excuse me, the start of any year, and I believe the number is about $32 million according to the K as we enter 2026. So I'm wondering if you could provide a little bit of color if that's the right ballpark in terms of where we're starting with recurring fees and the outlook and the expectation of resigning some of those contracts that I believe I thought Xiaomi was one of them, but Samsung TV, et cetera. what -- how we should be thinking about that over the course of the next couple of quarters?

我知道其中會有一些到期日，但我很好奇——抱歉，我是說每年的年初，根據K的數據，到2026年，這個數字大約是3200萬美元。所以我想請您詳細說明一下，這個數字是否準確，它反映了我們目前的經常性費用水平，以及我們續簽部分合約的預期，例如我認為小米、三星電視等等。在接下來的幾個季度裡，我們應該如何看待這個問題？

Yes, Scott, that's right. So as we disclosed coming a year ago that we had roughly $90 million of expirations at the end of '25, and we updated that disclosure in the current K but as noted, we did renew Xiaomi. So about 2/3 of that was covered.

是的，斯科特，沒錯。正如我們一年前披露的那樣，到2025年底，我們大約有9000萬美元的貸款到期，我們在當前的K文件中更新了這一披露信息，但正如前面提到的，我們續簽了與小米的貸款。所以大約三分之二的貸款已經被覆蓋。

And then we also had the LG agreement, which is contributing recurring revenue as well. So net-net, we haven't recovered all of it yet. We're still working on other renewals and certainly look to get new agreements to drive further increases in ARR over the course of the year.

此外，我們還有與LG的合作協議，也為我們帶來了經常性收入。所以總的來說，我們還沒有完全回本。我們仍在努力續簽其他協議，並且肯定會爭取新的協議，以推動年內ARR的進一步成長。

Got you. Very helpful. And then I'll jump in on the litigation front. I'm wondering, Liren, if you could provide a little bit of color just in terms of potential timelines as it relates to Disney. You've had some positive outcomes in terms of Brazil and Germany.

明白了，很有幫助。接下來我會談談訴訟方面的問題。利倫，我想請教一下，能否就迪士尼相關的潛在時間表提供一些細節？你們在巴西和德國都取得了一些正面的成果。

But is there an expected timeline of when you start to get some more, I guess, court feedback on that front? Similarly, the updated timeline with Amazon. And Rich, on the litigation cost front, I know it was elevated this past quarter. I think the number was about $19 million, which is the highest in recent memory. But given the events and the litigation that's ongoing, how should we think about that going forward into the first, second quarter and course of 2026?

但是，您預計何時才能收到更多法院的回饋？同樣，關於亞馬遜的最新時間表呢？還有，Rich，關於訴訟成本，我知道上個季度有所上升。我記得大概是1900萬美元，這是近年來最高的。但考慮到目前的情況和正在進行的訴訟，我們應該如何看待2026年第一季、第二季以及整個2026年的情況？

Scott, this is Liren. So on the litigation side, we could not be happier with where we are with Disney case. As I said in my prepared remarks, we filed the litigation at the beginning of '25. We already got really positive results from Brazil and Germany.

史考特，我是利倫。關於訴訟方面，我們對迪士尼案的進展非常滿意。正如我在事先準備好的演講稿中所說，我們在2025年初提起了訴訟。我們已經從巴西和德國獲得了非常積極的成果。

Of the four patents being decided, we essentially win on all of them regarding being infringed, and we already got preliminary injunction and injunctions in two different countries. And -- but that's not all, right? We have more than a dozen patents asserted.

在正在審理的四項專利中，我們基本上在所有侵權訴訟中都勝訴了，而且我們已經在兩個不同的國家獲得了初步禁令和正式禁令。但是——但這還不是全部，對吧？我們還有十幾項專利正在申請專利保護。

And therefore, we still have a majority of the case coming to trial in even bigger jurisdictions like American, United States as well as UPC -- and those are starting in the summertime and also second half of this year. We have to have disclosed each cases in our 10-K filings. So we are confident about our case, and we wait for the outcome of those decisions.

因此，我們案件的大部分內容仍將在更大的司法管轄區（例如美國、美國聯邦以及統一專利法院）進行審理——這些案件將於今年夏季和下半年陸續開庭。我們必須在10-K文件中披露每起案件。所以我們對自己的案件充滿信心，並等待這些判決的結果。

Regarding Amazon case, as I said in my prepared remarks, the assertion was frankly starting in Q4. As you might recall, Amazon actually litigated against us first. And so the case was filed in our side on Q4. So it's trading a little bit behind on the timing, but we are asserting multiple cases in 4-plus jurisdiction plus ITC and Amazon also have devices that we are also asserting against. So we will take time to go through each one of them. Again, there's more disclosure in our 10-K filing.

關於亞馬遜的案件，正如我在事先準備好的發言稿中所說，坦白講，我們的訴訟準備工作是從第四季度開始的。您可能還記得，亞馬遜實際上是先對我們提起訴訟的。因此，我們在第四季才正式提交了訴訟文件。所以，在時間上稍微落後了一些，但我們在四個以上的司法管轄區以及美國國際貿易委員會（ITC）都提起了多起訴訟，而且亞馬遜還有一些設備也面臨我們的訴訟。因此，我們會花時間逐一處理這些案件。此外，我們的10-K文件中會有更詳細的揭露。

Yes. And Scott, on litigation cost. Well, the first thing I'd say is you can infer from our guidance that we have some uptick in expenses going into Q1. Without being too granular, let me give you the broad strokes there.

是的。還有斯科特，關於訴訟成本。首先，我想說的是，從我們的業績指引中可以推斷出，第一季的支出將會增加。我不會說得太細，只簡單概括一下。

We have rev share on the new Madison agreement we signed, roughly, call it almost half of the catch-up sales for Q1. And then even accounting for that, expenses are still up a little bit, and that's mostly driven by an expectation for increased litigation expense as we do expect it to be higher in Q1 and broadly for 2026, that's all factored into the '26 full year guide as well. And then beyond that, we continue to invest in our research and portfolio, so we have some -- a little bit of an increase there as well.

我們根據新簽署的麥迪遜協議獲得了收益分成，大約相當於第一季追趕銷售額的一半。即便如此，支出仍然略有上升，這主要是由於我們預期訴訟費用會增加，因為我們預計第一季以及2026年全年訴訟費用都會更高，這些因素也已計入2026年全年業績指引中。此外，我們也持續投資於研究和投資組合，因此這方面的支出也略有增加。

Great thanks so much, very helpful. I'll get back in the queue.

非常感謝，這很有幫助。我會重新排隊。

Kevin Garrigan, Jefferies.

凱文‧加里根，傑富瑞集團。

Congrats on the strong results and all the progress. Just wondering if you can talk a little bit more about the consumer electronic device agreement with the social media company. I mean, do you guys see that being a high-volume agreement?

恭喜你們取得如此優異的成績和所有進展。我想請你們再詳細談談與那家社群媒體公司達成的消費性電子設備協議。我的意思是，你們認為這會是一份銷售量很大的協議嗎？

Yes. Kevin, this is Liren. So of that particular agreement, it's a device agreement and it's licensed our video assets and WiFi. So it's actually not a huge volume agreement, neither does they apply on the service side. So that's as far as I can see on that agreement.

是的，凱文，我是利倫。關於那份協議，它是一份設備協議，授權我們使用我們的視訊資源和WiFi。所以實際上它並不是一份大規模的協議，也不涉及服務方面。這就是我對那份協議的全部了解。

Okay. Got it. That makes sense. And then just looking at a litigation question, I mean, what I know you guys had a, as you said, a strong start to 2025, positives on Disney and you're working on Amazon. I mean, what do you guys kind of see are the biggest threats on the litigation front. Is it really just kind of the budgets that Disney and Amazon have?

好的，明白了，這說得通。然後，就訴訟方面的問題而言，我知道你們正如你們所說，2025 年開局強勁，迪士尼方面也一片大好，而且你們正在努力爭取亞馬遜。我的意思是，你們認為訴訟方面最大的威脅是什麼？真的是迪士尼和亞馬遜的預算嗎？

Can you clarify by threat, you mean threat to us?

您說的威脅是指對我們構成的威脅嗎？

I guess, just threat to potentially them not signing or the court cases not going your way?

我猜，你只是威脅他們可能不會簽字，或者官司可能會對你不利？

Got you. Yes, Kevin, as I mentioned earlier, we are being very careful in terms of our litigation strategy. We always prefer negotiation for deal making. However, on both cases here, after frankly, lengthy negotiations, we decided it's the right thing to do is for us to enforce our patent right. As you can also probably tell in our disclosures here, it's a multi-jurisdictional enforcement campaign.

明白了。是的，凱文，正如我之前提到的，我們在訴訟策略上非常謹慎。我們始終傾向於透過談判達成和解。然而，就這兩個案件而言，經過坦白說相當漫長的談判後，我們最終決定，行使我們的專利權才是正確的做法。正如您可能從我們的揭露文件中看到的那樣，這是一項跨司法管轄區的維權行動。

In either case, we are asserting more than a dozen different patents, even though there's potential risk for each patent litigation, I mean, any litigation carries the own inherent risk. But our patents are really high quality and some of the patent has already been tested regarding durability and other issues. So we are doing really, really well.

無論如何，我們主張的專利超過十幾項，儘管每項專利訴訟都存在潛在風險——我的意思是，任何訴訟都存在固有的風險。但我們的專利品質非常高，其中一些專利已經過耐久性和其他方面的測試。所以我們目前進展非常順利。

And so therefore, our whole litigation campaign is not really dependent on winning every single patent assertion, but we feel very strong about the value of our portfolio, and we feel that the right thing for us to do is to get fairly compensated so we can keep on funding R&D. So that's our global enforcement campaign as a broader speaking. And you should know that in most of those cases, when we assert them, we ask both for past damages for the infringement as well as injunction if we win.

因此，我們的整個訴訟策略並非完全依賴於贏得每一項專利訴訟，而是我們對自身專利組合的價值深信不疑，我們認為獲得合理的賠償以繼續投入研發是理所當然的。這就是我們全球維權行動的整體思維。您應該了解，在大多數情況下，當我們提起訴訟時，我們會要求賠償過去的侵權損失，並在勝訴後申請禁制令。

Alinda Li, William Blair.

阿琳達李，威廉布萊爾。

With the focus on R&D. How should we think about M&A as part of the effort to expand and deepen the patent portfolio here?

在專注於研發的前提下，我們應該如何看待併購，並將其視為拓展和深化專利組合工作的一部分？

Yes, so we take a pretty broad approach in our R&D investment. As I said in prior calls, we believe strongly we have one of the most advanced R&D engine in the industry. We have some of the best innovators led by our CTO, Rajesh Pankash, which is widely recognized as one of the most brilliant mine in our industry.

是的，我們在研發投入方面採取了相當廣泛的策略。正如我之前在電話會議中提到的，我們堅信我們擁有業內最先進的研發引擎之一。我們擁有一些最優秀的創新人才，由我們的首席技術長Rajesh Pankash領導，他被公認為是業內最傑出的人才之一。

But having said that, though, we are also having the luxury of having resources, having the industry reputation that we can engage leading companies like Deep Render, and it allows us to fill certain gaps in our research and frankly, allows us to accelerate some of the areas that we are quite strong already. So we are pretty open-minded, and we have a fairly broad funnel. We are considering them as they come.

但話說回來，我們也擁有得天獨厚的資源優勢，憑藉著在業界的良好聲譽，我們能夠與像Deep Render這樣的領先公司合作，這讓我們能夠彌補研究中的一些空白，坦白說，也讓我們能夠加速推進一些我們已經相當強大的領域。所以我們持開放態度，並且擁有相當廣泛的合作管道。我們會根據實際情況進行考慮。

Yes. That makes sense. And then from a litigation for streaming services, that side of it, is there anything that's fundamentally different from a litigation perspective as compared to the litigations with the smartphones and also the CEs and IoTs?

是的，這很有道理。那麼從串流媒體服務的訴訟角度來看，與智慧型手機、消費性電子產品和物聯網設備的訴訟相比，是否存在一些本質上的不同之處呢？

Yes. That's a great question. So as I said earlier, we always prefer bilateral negotiations. And obviously, one of the differences in the smartphone industry, we have been licensing for multiple decades, and we have some of the longest relationship, as I said earlier, including the Samsung relationship that goes all the way to 1990.

是的，這是一個很好的問題。正如我之前所說，我們始終傾向於雙邊談判。顯然，智慧型手機產業與其他產業的區別之一在於，我們已經進行了幾十年的授權合作，並且擁有一些最長久的合作關係，正如我之前提到的，包括與三星的合作關係，這段合作關係可以追溯到1990年。

On the streaming platform side, this is a relatively new industry for us, even though our fundamental technology have been used by those vendors for many, many years now, but it does take a bit extra time for us to demonstrate the strength of our portfolio to convince them this should be a fair price. So I'll say we are on the early stage of the industry. So therefore, that's where I see the customer engagement takes a bit extra time.

就串流媒體平台而言，這對我們來說是一個相對較新的行業。儘管我們的基礎技術已被這些供應商使用多年，但我們確實需要花費一些時間來展示我們產品組合的實力，以說服他們接受這個價格。因此，我認為我們仍處於該行業的早期階段。也因為如此，我認為客戶互動需要更多的時間。

Thank you, everyone, and that concludes our Q&A session for today. I will now turn the call over back to Liren Chen, InterDigital's CEO, for the closing remarks. Please go ahead.

謝謝大家，今天的問答環節到此結束。現在我將把電話轉回給InterDigital的執行長陳立仁先生，請他作總結發言。請開始吧。

Thank you, Gail. Before we close, I'd like to thank all our employees for their dedication and contributions to InterDigital, as well as our many partners and licensee for a very strong quarter and a record-breaking 2025. Thank you to everyone who join today's call, and we look forward to updating you on our progress next quarter.

謝謝蓋爾。在會議結束前，我要感謝所有員工對InterDigital的奉獻和貢獻，也要感謝我們的眾多合作夥伴和授權商，正是大家的共同努力，才使得本季度業績強勁，並助力公司在2025年創下歷史新高。感謝今天所有參加電話會議的各位，我們期待在下個季度向大家報告我們的進展。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect. Have a nice day ahead, everyone, and keep safe always. Thank you.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以掛斷電話了。祝大家今天愉快，注意安全。謝謝。