InterDigital Inc (IDCC) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Mel, and I will be your conference operator for today. At this time, I would like to welcome everyone to the InterDigital first-quarter 2026 earnings call. (Operator Instructions)

您好，感謝各位稍候。我的名字是 Mel，今天將擔任本次會議的接線員。此刻，我謹代表公司歡迎各位參加 InterDigital 2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the call over to Raiford Garrabrant, Vice President of Investor Relations. Sir, please go ahead.

接下來我想把電話交給投資人關係副總裁 Raiford Garrabrant。先生，請開始。

Thank you, Mel, and good morning, everyone. Welcome to InterDigital's first-quarter 2026 earnings conference call. I'm Raiford Garrabrant, VP of Investor Relations for InterDigital. 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.

謝謝你，Mel，各位早安。歡迎參加 InterDigital 2026 年第一季財報電話會議。我是 InterDigital 投資人關係副總裁 Raiford Garrabrant。今天與我一同出席的有我們的總裁暨執行長 Liren Chen，以及財務長 Rich Brezski。依照以往慣例，我們將先分享本季與公司的一些重點，接著開放提問。

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.

如需更多細節，您可至我們投資人關係網站查閱本次電話會議所附的財報新聞稿與簡報投影片。在開始發言之前，我需要提醒各位，本次電話會議中我們將提出前瞻性陳述，內容涉及我們目前的信念、計畫與預期；這些陳述不保證未來績效，且僅以本日為準。

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.

前瞻性陳述受到各種風險與不確定性影響，可能導致實際結果與事件與該等前瞻性陳述所預期者有重大差異。這些風險與不確定性包括我們 2025 年 Form 10-K 年報中的「風險因素」章節以及我們向 SEC 提交的其他文件所述者。

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對非 GAAP 財務衡量指標的引用。這些非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節表，已收錄於我們網站投資人關係專區所張貼的補充資料中。

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

以上事項說明完畢後，我將把電話交給 Liren。

Thank you, Raiford. Good morning, everyone. Thanks for joining us today. We have made a very strong start to 2026 with continued momentum across our licensing programs, our research and innovation pipeline, our standard development leadership and our patent portfolio growth. Revenue, adjusted EBITDA and EPS were all above the top end of our guidance.

謝謝你，Raiford。各位早安，感謝今天加入我們。2026 年我們開局非常強勁，在授權計畫、研發與創新管線、標準制定領導地位以及專利組合成長方面都持續展現動能。營收、調整後 EBITDA 與 EPS 均高於我們指引區間的上緣。

Our annualized recurring revenue is now at $567 million, up 13% year-over-year. New license, we have a productive quarter with six new agreements. We renewed our agreement with Xiaomi through bilateral negotiation. Xiaomi is the world's third largest smartphone manufacturer behind Apple and Samsung. This renewal helped drive annualized recurring revenue in our smartphone program to a record $492 million.

我們的年化經常性收入目前為 5.67 億美元，年增 13%。在新授權方面，本季成果豐碩，共簽署 6 份新協議。我們透過雙邊協商續約了與小米的協議。小米是全球第三大智慧型手機製造商，僅次於 Apple 與 Samsung。此次續約推動我們智慧型手機授權計畫的年化經常性收入創下 4.92 億美元的新高。

With the Xiaomi renewal, we now have 8 of the top 10 global smartphone manufacturers under license, covering approximately 85% of the market. We also have the world top three smartphone vendors under license through the end of the decade. Our success in our smartphone program provides a strong base from which to drive additional growth.

隨著小米續約完成，我們目前已與全球前十大智慧型手機製造商中的 8 家簽訂授權，涵蓋約 85% 的市場。我們也已與全球前三大智慧型手機供應商簽訂授權，期限延伸至本十年末。我們在智慧型手機授權計畫上的成功，為推動進一步成長奠定了堅實基礎。

In consumer electronics, at the start of the year, we completed a new license with LG Electronics. LG is one of the top global TV manufacturers and the new agreement was reached through our joint TV licensing program with Sony. We also renewed our license agreement with Sony itself, which is one of our long-term licensee, added a new agreement with Buffalo Americas and new agreements with DTV manufacturers related to our extensive video portfolio. All these deals were done through bilateral negotiations.

在消費性電子方面，年初我們與 LG Electronics 完成一項新授權。LG 是全球領先的電視製造商之一，該新協議是透過我們與 Sony 的聯合電視授權計畫達成。我們也續約了與 Sony 本身的授權協議；Sony 是我們的長期被授權方之一。此外，我們與 Buffalo Americas 新增一項協議，並與多家 DTV 製造商就我們龐大的視訊專利組合簽訂新協議。上述交易皆透過雙邊協商完成。

Overall, the total contract value of the agreements that we have signed since 2021 is about $4.7 billion. In our video service program, we continued to make good progress during the quarter. We were awarded our fourth injunction against Disney by German court, which ruled that Disney infringed our InterDigital patent related to HEVC compression technology.

整體而言，自 2021 年以來我們所簽署協議的合約總價值約為 47 億美元。在我們的視訊服務授權計畫方面，本季持續取得良好進展。德國法院對 Disney 作出第四項禁制令裁定，認定 Disney 侵害了我們與 HEVC 壓縮技術相關的 InterDigital 專利。

We are also moving forward in our enforcement action against smartphone manufacturer Transsion. In late March, a court in Brazil awarded us an injunction against Transsion after court ruled that Transsion infringed our two 5G patents in suit and that our licensing offer to Transsion was fair and reasonable. Combined with our Disney case, this makes six out of six wins in our recent patent injunction proceedings.

我們也持續推進對智慧型手機製造商 Transsion 的維權行動。3 月下旬，巴西法院在裁定 Transsion 侵害我們訴訟中的兩件 5G 專利，且我們對 Transsion 提出的授權要約屬公平合理後，核發了對 Transsion 的禁制令。加上我們與 Disney 的案件，這使得我們近期的專利禁制令程序達成 6 戰 6 勝。

In Q1, we also launched multi-jurisdictional enforcement action against TCL and Hisense, two of the world's largest TV manufacturers. As I mentioned before, we always prefer concluding license deals through bilateral negotiation and that most of the deals do get done this way. But we will rigorously pursue fair value for decades of investment in our research and defend the value of the intellectual property, which will allow us to continue to invest in the next generation of technology that benefits the whole industry and consumers worldwide in the future.

在第一季，我們也對 TCL 與海信（Hisense）發起跨司法管轄區的維權行動；兩者皆為全球最大的電視製造商之一。如我先前所述，我們一向偏好透過雙邊協商完成授權交易，而且多數交易確實以此方式達成。但我們將嚴格追求對數十年研發投資的公平價值，並捍衛智慧財產權的價值，這將使我們能持續投資於下一代技術，於未來造福整個產業與全球消費者。

Through our history, when we enforce our IP, we have a strong track record of ultimately reaching agreements that are fair for both parties. Our research engine and our leadership in global standard continue to be a major competitive advantage for us. During the quarter, one of our top wireless engineers was reelected to a chair position within 3GPP, the standard body leading the development of 6G.

回顧我們的歷史，在執行智慧財產權維護時，我們在最終達成對雙方皆公平的協議方面有著強勁的紀錄。我們的研發引擎以及在全球標準制定上的領導地位，持續是我們的重要競爭優勢。本季，我們一位頂尖無線工程師再度當選 3GPP 的主席職務；3GPP 是主導 6G 開發的標準組織。

We are already active contributing to 6G technology research and as this election demonstrates, we are ideally positioned to lead in the development of 6G standard, which is expected to roll out in 2029 with wide commercial deployment in 2030. With this reelection, we remain one of the only three companies in the world to hold multiple chair position within 3GPP.

我們已積極投入 6G 技術研究，而此次當選也顯示我們具備領導 6G 標準制定的理想位置。預期 6G 將於 2029 年推出，並於 2030 年廣泛商用部署。隨著此次連任，我們仍是全球僅有的三家公司之一，在 3GPP 內同時擁有多個主席職務。

Since the start of this year, seven of our engineers and standard leads have been reelected or appointed to new leadership position in center-related organization, brought our total standard leadership growth to more than 110 positions. In the quarter, we also named our 2026 investor of the Year, Samir Ferdi with a senior engineer in our wireless lab.

自今年年初以來，我們有 7 位工程師與標準負責人於相關組織中連任或獲任命新的領導職務，使我們的標準領導職位總數增至超過 110 個。本季我們也選出 2026 年度「年度發明人」：無線實驗室資深工程師 Samir Ferdi。

Samir is a key contributor to cellular standards and one of our most prolific inventors. Inventor of the Year is one of the most prestigious awards we make each year, and it speaks to the culture of innovation at InterDigital and our success as a company is built on the work of our inventors and the quality of their research. The cellular wireless industry is moving towards 6G and our research team at the center of that transition.

Samir 是行動通訊標準的重要貢獻者，也是我們最具產出的發明人之一。「年度發明人」是我們每年頒發的最具聲望獎項之一，彰顯 InterDigital 的創新文化；而我們公司的成功建立在發明人的工作成果與其研究品質之上。行動無線產業正邁向 6G，而我們的研究團隊正處於這場轉型的核心。

At Mobile Congress in March, 6G was at the heart of several demonstrations, including the development of AI native networks, new integrated sensing and communication and showcase of the world's first collaborative cellular and Wi-Fi sensing demonstration using our prototype 6G architecture. In our video research, we launched a Haptic Excellence Center in partnership with gaming technology company, Razer.

在 3 月的世界行動通訊大會（Mobile Congress）上，6G 是多項展示的核心，包括 AI 原生網路的發展、新型整合式感測與通訊，以及使用我們的 6G 原型架構所呈現的全球首個協作式蜂巢式與 Wi‑Fi 感測展示。在我們的視訊研究方面，我們與遊戲科技公司 Razer 合作成立「觸覺卓越中心」（Haptic Excellence Center）。

This initiative brings together InterDigital's expertise in immersive media with Razer's leadership in gaming and immersive hardware to advance haptic technology as a core component of the video experience. With haptic well established in gaming, we are now actively expanding it to new use cases. For example, at Mobile Congress, we partnered with Razer to demonstrate how haptic-powered technology can make streaming TV shows and video at home add even more immersive returns.

此項計畫結合 InterDigital 在沉浸式媒體的專長與 Razer 在遊戲與沉浸式硬體的領導地位，推動觸覺技術成為視訊體驗的核心組成。觸覺在遊戲領域已相當成熟，我們目前正積極將其擴展至新的使用情境。例如在世界行動通訊大會上，我們與 Razer 合作展示觸覺驅動技術如何讓在家串流電視節目與影片的體驗更加沉浸。

With more than 4 billion haptic-enabled devices already in use, this is an important area of research, and we believe it's a significant opportunity for us. Staying with video, we have developed a new energy-efficient video streaming technology, which expand our work in reducing the energy footprint of video-driven devices and services.

目前已有超過 40 億台支援觸覺的裝置在使用中，這是一個重要的研究領域，我們相信對我們而言也是一項重大機會。回到視訊領域，我們已開發出一項新的節能視訊串流技術，進一步擴展我們在降低視訊驅動裝置與服務能源足跡方面的工作。

As video consumption grew across network and devices, making that delivery more energy efficient is the kind of impactful research that our team do so well. While we combine our foundational research across wireless, radio and AI with our leadership in global standard, we believe the results speak for themselves in the quality and reach of our patent portfolio.

隨著影片消費在各種網路與裝置上成長，使該傳輸交付更具能源效率，正是我們團隊最擅長、且能產生重大影響的研究方向。當我們把在無線、射頻與 AI 的基礎研究，與我們在全球標準制定上的領導地位結合時，我們相信成果已在我們專利組合的品質與覆蓋範圍上充分展現。

In the latest European Patent Office ranking for patent application in 2025, we are ranked among the top five US companies alongside Qualcomm, Microsoft and Alphabet. Our portfolio is also consistently recognized as among the highest quality in the world. For fifth year in a row, we were included in LexisNexis Innovation Momentum, the Global Top 100 report, which analyzing the company's patent portfolio according to the quality of their innovation.

在歐洲專利局（EPO）最新公布的 2025 年專利申請排名中，我們與 Qualcomm、Microsoft 與 Alphabet 一同名列美國公司前五名。我們的專利組合也持續被認可為全球最高品質之一。連續第五年，我們入選 LexisNexis Innovation Momentum《全球百大》報告；該報告會依據企業專利組合的創新品質進行分析。

This ranking reflects the sustaining investment we make in our research and the discipline of our patent team in translating that research into a world-class portfolio of IP assets. Before I finish, I want to highlight that we have recently been promoted to S&P MidCap Index in a clear reflection of the growth we have delivered in recent years.

這項排名反映了我們對研發的持續投入，以及我們專利團隊將研究成果轉化為世界級智慧財產（IP）資產組合的紀律。在結束之前，我想強調，我們近期已被納入標普中型股指數（S&P MidCap Index），清楚反映我們近年來所實現的成長。

With that, I'll hand it over to Rich, who will talk you through the quarter financial performance in more details.

接下來，我把時間交給 Rich，他將更詳細地帶大家回顧本季的財務表現。

Thanks, Liren. I'm pleased to report that we delivered another strong quarter to start 2026 with revenue, adjusted EBITDA and EPS all above the high end of our guidance range. The upside was driven by new licenses signed during the quarter. Total revenue for the quarter was $205 million, above our guidance range of $194 million to $200 million.

謝謝你，Liren。我很高興報告，我們在 2026 年開局又交出一個強勁季度，營收、調整後 EBITDA 與 EPS 均高於我們指引區間的上緣。超出預期主要來自本季簽署的新授權合約。本季總營收為 2.05 億美元，高於我們 1.94 億至 2.00 億美元的指引區間。

Total revenue included $64 million of catch-up revenue. Annualized recurring revenue or ARR for the quarter was $567 million, including a record $492 million of smartphone ARR. It is worth noting that our smartphone ARR is based in part on a guaranteed level of revenue under a hybrid agreement. Under this agreement, there is a guaranteed fixed fee and additional royalties will become due if our customer shipments exceed a certain volume.

本季總營收包含 6,400 萬美元的追溯（catch-up）營收。本季年化經常性收入（ARR）為 5.67 億美元，其中智慧型手機 ARR 創新高達 4.92 億美元。值得注意的是，我們的智慧型手機 ARR 部分係基於混合式協議下的保證收入水準。在該協議下，存在保證的固定費用；若客戶出貨量超過某一門檻，則將產生額外權利金。

Adjusted EBITDA for the quarter was $112 million, above our guidance range of $101 million to $110 million. Our adjusted EBITDA margin of 54% was above the midpoint of our guidance. GAAP diluted EPS for the quarter was $2.14, above our guidance range of $1.61 to $1.86. Non-GAAP EPS for the quarter was $2.57, above the midpoint of our guidance range of $2.39 to $2.68.

本季調整後 EBITDA 為 1.12 億美元，高於我們 1.01 億至 1.10 億美元的指引區間。我們 54% 的調整後 EBITDA 利潤率高於指引中點。本季 GAAP 稀釋後 EPS 為 2.14 美元，高於我們 1.61 至 1.86 美元的指引區間。本季非 GAAP EPS 為 2.57 美元，高於我們 2.39 至 2.68 美元指引區間的中點。

Cash from operations was $16 million, even as cash due from new agreements drove a $139 million increase in accounts receivable. We expect collections of these new accounts receivables will drive strong cash flow in Q2. As Liren said, we have signed new agreements with total contract value of $4.7 billion over the last five years. This demonstrates the strength of our IP-as-a-Service model.

營運活動現金流為 1,600 萬美元，儘管新協議應收款項到期使應收帳款增加 1.39 億美元。我們預期這些新增應收帳款的回收將在第二季帶動強勁現金流。如 Liren 所說，過去五年我們已簽署總合約價值 47 億美元的新協議，這展現了我們「IP-as-a-Service」模式的強勁實力。

The long-term fixed-fee nature of most of these agreements provides visibility into our business, supports ongoing investment in research and portfolio development and helps us pursue further growth across our licensing programs. Consistent with our capital allocation priorities, we continue to maintain a fortress balance sheet, invest for growth and return excess capital to shareholders.

其中多數協議具長期固定費用的特性，為我們的業務提供可視性，支持我們持續投資研發與專利組合建置，並協助我們在各項授權計畫中追求進一步成長。依循我們的資本配置優先順序，我們持續維持如堡壘般穩健的資產負債表、投資以促進成長，並將多餘資本回饋股東。

During the quarter, we paid down $88 million of our debt and returned $26 million to shareholders. Even with these distributions, we ended the quarter with cash and short-term investments in excess of $1 billion. And after accounting for additional repurchases in April, we have $108 million remaining on our share repurchase authorization.

本季我們償還了 8,800 萬美元的債務，並向股東回饋 2,600 萬美元。即使在這些資金分配之後，我們在季末仍持有超過 10 億美元的現金與短期投資。此外，計入 4 月的額外回購後，我們的庫藏股回購授權尚餘 1.08 億美元。

We have a portion of our license agreements come up for renewal every year-end. Our ability to renew many of those agreements and add new agreements in Q1 demonstrates the resilience of our model and the opportunity we see to drive additional ARR growth over time through renewals, new agreements and enforcement outcomes.

我們每年年底都有一部分授權協議到期續約。我們在第一季能夠續約其中多項協議並新增協議，顯示我們模式的韌性，也顯示我們看見透過續約、新協議以及執法（enforcement）結果，隨時間推進帶動 ARR 進一步成長的機會。

Looking forward to Q2, we expect revenue from our existing contracts will be in the range of $139 million to $143 million, which is generally consistent with our Q1 ARR. Again, these revenue expectations are based only on existing contracts. So any new agreements and/or enforcement action results over the balance of the quarter would add to these expectations.

展望第二季，我們預期既有合約帶來的營收將介於 1.39 億至 1.43 億美元，整體而言與第一季 ARR 大致一致。再次強調，這些營收預期僅基於既有合約。因此，若本季剩餘期間出現任何新協議及／或執法行動結果，將會在此基礎上增加。

But based only on existing contracts, we expect adjusted EBITDA of $67 million to $73 million or an adjusted EBITDA margin of about 50%, diluted EPS of $0.80 to $0.97 and non-GAAP diluted EPS of $1.41 to $1.60. We are maintaining our full year guidance at the levels we issued on our Q4 earnings call. For full year guidance, we continue to think about our results through a multipath approach with different combinations of new agreements and enforcement outcomes that can deliver financial results within those ranges.

但僅以既有合約為基礎，我們預期調整後 EBITDA 為 6,700 萬至 7,300 萬美元，或調整後 EBITDA 利潤率約 50%；稀釋後 EPS 為 0.80 至 0.97 美元，非 GAAP 稀釋後 EPS 為 1.41 至 1.60 美元。我們維持全年指引不變，仍為我們在第四季財報電話會議所發布的水準。就全年指引而言，我們仍以多路徑（multipath）方式思考結果，透過不同的新協議與執法結果組合，使財務表現落在上述區間內。

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

接下來我把時間交還給 Raiford。

Thanks, Rich. Before we move to Q&A, I'd like to mention that we'll be attending a number of investor events in Q2, including the William Blair Growth Stock Conference in Chicago, the Needham Tech Conference in New York, the JPMorgan Tech Conference in Boston and the Evercore TMT Conference in San Francisco. Please reach out to your representatives at those firms if you'd like to schedule a meeting. Now we are ready to take questions.

謝謝你，Rich。在進入問答之前，我想提到我們將在第二季參加多場投資人活動，包括芝加哥的 William Blair Growth Stock Conference、紐約的 Needham Tech Conference、波士頓的 JPMorgan Tech Conference，以及舊金山的 Evercore TMT Conference。若您希望安排會議，請聯繫上述機構的相關代表。現在我們準備開始提問。

(Operator Instructions) Arjun Bhatia, William Blair.

（接線員指示）Arjun Bhatia，William Blair。

Liren, maybe if we can just start, I would love to get a little bit of like sort of a state of the union on where we are in the streaming opportunity. We've seen sort of positive results in the litigation against Disney. But I'm curious sort of what all the injunctions mean for Disney? Have they had to alter their service? And if you could just maybe give us a sense of what your expected time line is from here, that would be great.

Liren，也許我們先從這裡開始：我很想聽你簡要說明一下我們在串流機會上的整體進展。我們看到對 Disney 的訴訟有一些正面結果。但我想了解，這些禁制令對 Disney 代表什麼？他們是否必須調整其服務？另外，如果你也能分享一下你從現在起預期的時間表，那就太好了。

Regarding Disney, as you are aware, we filed a multi-jurisdictional injunction and patent litigation process February of last year. We are roughly a year plus into it. And so far, we have five patents being decided by courts in Brazil and Germany, and we win five out of five and not only our patents found to be infringed, the court has issued injunction against them in each of the cases.

關於 Disney，如你所知，我們在去年 2 月啟動了跨司法管轄區的禁制令與專利訴訟程序。我們目前大約已進行一年多。到目前為止，在巴西與德國的法院已就五件專利作出裁決，我們五戰全勝；不僅認定我們的專利遭到侵權，法院也在每一案中對其發布禁制令。

So regarding what Disney did to these cases, it is a case-by-case base. Sometimes they claim they have worked around it. Sometimes we are in the process of enforcing them. And so it's hard to tell directly how everything will play out. It's also worth noting that we have at least half a dozen more patents coming to trial, including the cases we have in UPC that's coming in May and June and July of this year.

至於 Disney 對這些案件採取了什麼作法，需視個案而定。有時他們主張已經繞開（work around）相關技術；有時我們正在進行執行（enforcement）。因此，很難直接判斷最終會如何發展。也值得注意的是，我們至少還有半打以上的專利案件即將開庭審理，包括我們在 UPC 的案件，將在今年 5 月、6 月與 7 月陸續進行。

So it's really coming up in the coming months. And we also have cases in the United States pending against them. So we feel very strong about where we are. And so far, obviously, 5 out of 5, it's extraordinary.

所以在接下來幾個月會陸續有進展。我們在美國也有針對他們的案件仍在進行中。因此，我們對目前所處位置非常有信心。而到目前為止，5 戰 5 勝，顯然是非常卓越的成果。

And maybe going to the smartphone side, you have a long-term target out there for $500 million in smartphone revenue from your ARR base. You're essentially there already. So where do we go from here? And it seems like there's obviously upside as the 6G cycle kicks in, but that's maybe still a few years away, as you pointed out. So what should we look out for in terms of catalysts or additional potential outcomes to watch for in the smartphone business through '26 and '27?

另外回到智慧型手機業務，你們先前提出一個長期目標：基於 ARR 的智慧型手機營收達到 5 億美元。你們基本上已經達標了。那接下來要往哪裡走？看起來隨著 6G 週期啟動確實有上行空間，但如你所說，那可能還要幾年。那麼在 2026 與 2027 年期間，就智慧型手機業務而言，我們應該關注哪些催化劑或其他可能的結果？

Yes. Arjun, as in my prepared remarks, we have so far licensed 8 of the top 10 smartphone vendors with ARR about $492 million and about 85% of the market under license. As you pointed out, we are very close to our $500 million ARR. And so we do expect to license the remaining unlicensed customers. And frankly, once we license them, we will double check where we are.

是的。Arjun，正如我在事先準備的發言中所提到的，截至目前我們已向前十大智慧型手機供應商中的 8 家完成授權，ARR 約為 4.92 億美元，且約 85% 的市場已納入授權。如你所指出，我們非常接近 5 億美元的 ARR。因此，我們確實預期會向其餘尚未授權的客戶完成授權。坦白說，一旦完成授權，我們會再確認我們目前所處的位置。

It's also important to note that not only we are very close to the ARR target, but top three customers we have in the smartphone space, which is frankly, Apple, Samsung and Xiaomi, they are all licensed to end of the decade. So we really have multiyear runway with those major, major customer under contract. So we feel very strong about that program, and we'll frankly provide periodic updates as we -- adding new customers.

同時也很重要的一點是，我們不僅非常接近 ARR 目標，而且我們在智慧型手機領域的前三大客戶——坦白說就是 Apple、Samsung 和 Xiaomi——都已授權至本十年末。因此，對於這些在合約之下的重大、重大客戶，我們確實擁有多年期的成長跑道。對於該計畫我們感到非常有信心，並且坦白說，隨著我們——新增客戶——也會定期提供更新。

(Operator Instructions) Anja Soderstrom, Sidoti.

（接線員指示）Sidoti 的 Anja Soderstrom。

I have some modeling question. In terms of the licensing expense, it went up quite a bit in the first-quarter. How should we think about that?

我有一些建模方面的問題。就授權費用而言，第一季上升了不少。我們應該如何看待這件事？

Anja, yes, the licensing expense did go up quite a bit in the first-quarter. There was a significant amount of catch-up revenue on the revenue line related to our new consumer electronics agreement with LG. And with that comes some corresponding rev share tied to that catch-up revenue. So that was the primary driver. And if we're looking year-over-year, there was also some increase in our enforcement costs.

Anja，是的，第一季授權費用確實大幅上升。營收端有一筆相當可觀的追溯（catch-up）收入，與我們和 LG 新簽的消費性電子協議相關；而這也帶來與該追溯收入相對應的分成（rev share）。因此這是主要驅動因素。若以年對年來看，我們的執法（enforcement）成本也有所增加。

And then also as you expand your licensing portfolio, how should we think about the fixed fee portion of your revenue?

另外，隨著你們擴大授權組合，我們應該如何看待你們營收中的固定費用（fixed fee）部分？

Yes. So on that, Anja, our experience thus far have been certainly in smartphone and also in consumer electronics, the largest customers tend to prefer fixed-fee agreements. That's been our experience. Going forward, as we look to grow in video services, I'm not sure exactly what form those contracts will take place, but we're going to make sure that we get the right value through whatever form.

是的。就這點而言，Anja，我們迄今的經驗是——無論在智慧型手機或消費性電子領域——最大的客戶往往偏好固定費用協議，這是我們的經驗。往前看，當我們希望在影音服務領域成長時，我不確定那些合約最終會採取何種形式，但我們會確保不論採用何種形式，都能取得正確的價值。

(Operator Instructions) Scott Searle, ROTH Capital.

（接線員指示）ROTH Capital 的 Scott Searle。

Maybe just quickly on the renewals front, I think in the K was about $31 million of expiring contracts at the end of '25. I'm wondering where we are through the first-quarter, a number of different deals. How much of that has been recovered at this point? I'm sure you're in negotiations with all of them. And second, to follow up on the earlier comment related to smartphones, most of your deals are fixed fees, but it seems like some of them have royalty-based and minimums.

也許先快速問一下續約方面，我記得在 10-K 裡提到 2025 年底到期的合約大約有 3,100 萬美元。我想了解截至第一季為止，因為有多筆不同的交易，目前已回收了多少？我相信你們都在與他們談判。第二個問題，延續先前關於智慧型手機的評論，你們多數交易是固定費用，但看起來其中一些是以權利金為基礎並設有最低額度。

I'm wondering, given the headwinds that you're seeing from a memory standpoint in the marketplace really affecting, I think, the lower end of the marketplace, how much exposure do you have on that front to unit volume softening in 2026 versus the fixed fee deals? Which I think you have as part of all of your -- at least these three larger customers there who constitute the majority of the volume.

我想問的是，考量你們提到市場上記憶體方面的逆風，確實影響到我認為是市場較低端的部分，你們在這方面對 2026 年出貨量走弱（unit volume softening）的曝險有多大？相較之下，固定費用交易——我想你們至少對那三家較大的客戶都有這種安排，而他們構成了大部分的出貨量。

Yes. So Scott, I'll take the first part of your question, and then maybe Liren will address the second. On the expirations for the end of 2025, we've renewed roughly 2/3 or maybe a little more than 2/3 of what's expired so far. And again, Liren mentioned, a key part of that was our renewal of Xiaomi, the third largest smartphone customer in the world.

是的。Scott，我先回答你問題的第一部分，第二部分或許由 Liren 回答。關於 2025 年底到期的合約，截至目前我們已續約約 2/3，或可能略高於 2/3。再一次，如 Liren 所提到，其中一個關鍵部分是我們完成了 Xiaomi 的續約，它是全球第三大智慧型手機客戶。

Yes. Scott, regarding your second part of the question, as you are aware, historically, our largest customer tend to prefer fixed-fee agreement. I think in our disclosure for prior quarter, we have 94% of the revenue coming from fixed-fee agreement. But it's also worth noting in Rich's prepared remarks and also in our 10-Q filing, we did mention a hybrid agreement that give us guaranteed payment and with some upside for -- if the volume exceed certain threshold.

是的。Scott，關於你問題的第二部分，如你所知，歷史上我們最大的客戶往往偏好固定費用協議。我想在我們前一季的揭露中，94% 的營收來自固定費用協議。但也值得注意的是，在 Rich 的事先準備發言以及我們的 10-Q 申報中，我們提到了一種混合式協議，能給我們保證付款，並且在——若出貨量超過某個門檻——時提供一些上行空間。

While we cannot identify which contract it was due to confidentiality agreement, and this is a way for us to frankly deal with a certain amount of market uncertainty as well as difficulty to project volume over a long period of time. So we feel that's fair to both parties for us to capture certain amount of upside when the market rebound over time.

由於保密協議，我們無法指出是哪一份合約；而這也是我們用來坦白說因應一定程度市場不確定性、以及長期難以預測出貨量的一種方式。因此我們認為這對雙方都公平，讓我們能在市場隨時間回升時，取得一定程度的上行收益。

And if I could, Liren, maybe to just follow up in terms of some other markets that you guys are thinking about at Mobile World Congress, you continue to feature a lot of different technologies from haptics and sensing as it relates to 6G as well as AI. I'm wondering any kind of high-level thoughts you have in terms of time line and monetization opportunities within some of those markets.

如果可以的話，Liren，我想就你們在世界行動通訊大會（Mobile World Congress）上思考的一些其他市場再追問一下。你們持續展示許多不同技術，從觸覺回饋（haptics）與感測（sensing），到與 6G 以及 AI 相關的內容。我想了解你對其中一些市場的時間表與變現機會，有沒有任何高層次的看法。

Yes. So 6G, as I mentioned here, which is shared by some of our peer company in the industry, we expect 6G to be finalized, standardized by '29 with smaller deployment also in '29. And we do see wide adoption of 6G in 2030, and frankly, that adoption is projected to be pretty fast. So that's 6G. As I said in my prepared remarks, we feel we are leading in 6G standard development.

是的。關於 6G，如我在此提到的——這也與產業中一些同業的看法一致——我們預期 6G 會在 2029 年完成定案並標準化，且在 2029 年也會有較小規模的部署。我們確實看到 6G 在 2030 年會被廣泛採用，而且坦白說，該採用速度預計會相當快。這就是 6G。正如我在事先準備的發言中所說，我們認為我們在 6G 標準制定方面處於領先地位。

We indent a few things in the Mobile Congress demonstration, including the native AI integration of sensing as well as communications in those demonstration. Regarding other collaboration here, I think I highlighted a couple of things in my prepared remarks. We were looking quite a bit in the haptic research, and we also did a joint excellence center with Razer, which is a leading gaming company.

我們在 Mobile Congress 的展示中呈現了幾項內容，包括在展示中將原生 AI 與感測以及通訊進行整合。至於其他合作，我想我在事先準備的發言中也強調了幾點。我們在觸覺研究方面投入相當多，同時也與 Razer（一家領先的遊戲公司）共同成立了卓越中心。

What we are trying to do with Razer is not only to enable Razer haptic devices for Razer devices, but really to build this end-to-end gaming as well as the entertainment experience, including streaming video. And so we are really excited about this opportunity. We also feel we are one of the very few companies who can combine the connectivity, AI and video experience and be able to introduce them into the standard process is also a major competitive advantage we have.

我們與 Razer 想做的不僅是讓 Razer 的觸覺裝置能用於 Razer 的設備，而是真正打造端到端的遊戲與娛樂體驗，包括串流影音。因此我們對這個機會感到非常興奮。我們也認為，我們是少數能結合連結性、AI 與影音體驗，並能把它們導入標準制定流程的公司之一，這也是我們的一項重大競爭優勢。

So that's essentially my high-level overview. But some of the use case, honestly speaking, will take time to play out.

以上基本上就是我高層次的概述。不過坦白說，其中一些使用情境仍需要時間才能逐步落地。

That will conclude our question-and-answer session. And I will now turn the call over back to Liren Chen, our CEO.

問答環節到此結束。接下來我將把電話會議交回給我們的執行長 Liren Chen。

Thank you, Mel. I was appointed to the CEO for InterDigital almost exactly five years ago. Since then, we have strengthened InterDigital foundation, driven growth across different business and build an even stronger pipeline of innovation for future growth. I'd like to take the opportunity to thank our employees for their continued dedication and all their contributions to what has been a period of historic success of the company and for positioning the company to deliver even more shareholder values going forward. Thank you.

謝謝你，Mel。我被任命為 InterDigital 的執行長，幾乎正好是在五年前。自那時起，我們強化了 InterDigital 的基礎，推動不同業務的成長，並建立了更強大的創新管線以支撐未來成長。我想藉此機會感謝我們的員工持續的投入與所有貢獻；在公司歷史性成功的這段期間，他們的努力也讓公司得以在未來為股東創造更多價值。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。