MARA Holdings Inc (MARA) 2017 Q1 法說會逐字稿

Hello, and thank you for standing by.

您好，感謝您的支持。

Welcome to Marathon Patent Group's First Quarter 2017 Financial Results Conference Call.

歡迎參加馬拉松專利集團 2017 年第一季財務業績電話會議。

(Operator Instructions) And this conference is being recorded.

（操作員指示）本次會議正在錄製中。

At this time, I would like to turn the conference over to Jason Assad, Investor Relations with Marathon Patent Group.

這次，我想將會議交給馬拉松專利集團投資者關係部的傑森‧阿薩德 (Jason Assad)。

Please go ahead, sir.

請繼續，先生。

Thank you, Jen.

謝謝你，珍。

Good afternoon, and welcome to Marathon Patent Group's 2017 First Quarter Results Conference Call.

下午好，歡迎參加馬拉松專利集團 2017 年第一季業績電話會議。

With us today are Marathon's Founder and Chief Executive Officer, Doug Croxall; and Chief Financial Officer, Frank Knuettel.

今天與我們在一起的有 Marathon 創始人兼執行長 Doug Croxall；和財務長 Frank Knettel。

Before I turn the call over to management, please remember that certain statements contained in the release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在我將電話轉交給管理階層之前，請記住，新聞稿中包含的某些陳述是 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Forward-looking statements contained in this release relate to, among other things, the effect of the global economic downturn on technology companies; the ability to successfully develop licensing programs and attract new business; rapid technological change in relevant markets; changes in demand for current and future intellectual property rights; legislative, regulatory and competitive developments addressing licensing and enforcement of patents and/or intellectual property in general; and general economic conditions.

本新聞稿中所包含的前瞻性陳述涉及全球經濟衰退對科技公司的影響等；成功開發許可計劃和吸引新業務的能力；相關市場的快速技術變化；當前和未來知識產權需求的變化；涉及專利和/或知識產權許可和執行的立法、監管和競爭發展；和一般經濟狀況。

They're generally identified by words such as believes, may, expects, anticipates, should and similar expressions.

它們通常透過相信、可能、期望、預期、應該和類似表達等詞語來識別。

Readers should not place undue reliance on such forward-looking statements, which are based upon the company's beliefs and assumptions as of the date of this release.

讀者不應過度依賴此類前瞻性陳述，這些陳述基於本公司截至本新聞稿發布之日的信念和假設。

The company's actual results could differ materially due to risk factors and other items described in more detail in the Risk Factors section of the company's annual report filed with the SEC, copies of which may be obtained at sec.gov.

由於風險因素和公司向 SEC 提交的年度報告的風險因素部分中更詳細描述的其他項目，公司的實際結果可能會存在重大差異，該報告的副本可在 sec.gov 上取得。

Subsequent events and developments may cause these forward-looking statements to change.

隨後的事件和發展可能會導致這些前瞻性陳述發生變化。

The company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.

除適用法律要求外，本公司明確表示不承擔因本新聞稿發布後發生的事件或情況發生變化而更新或修改這些前瞻性聲明的任何義務或意圖。

In addition, certain of the financial information presented in this call references non-GAAP financial measures.

此外，本次電話會議中提供的某些財務資訊引用了非公認會計準則財務指標。

The company's earning release, which was issued this afternoon, and is available on the company's website, presents reconciliations to the appropriate GAAP measure and an explanation of why the company believes such non-GAAP financial measures are useful to investors.

該公司今天下午發布的收益報告可在公司網站上查閱，其中對適當的公認會計準則衡量標準進行了調節，並解釋了為什麼公司認為此類非公認會計準則財務衡量標準對投資者有用。

Finally, this conference call is being webcast.

最後，本次電話會議將進行網路直播。

The webcast link is available in the Investor Relations section of our website at www.marathonpg.com.

網路廣播連結可在我們網站 www.marathonpg.com 的投資者關係部分找到。

With that, I'd like to now turn the call over to Marathon's founder and CEO, Doug Croxall.

現在，我想將電話轉給 Marathon 的創辦人兼執行長 Doug Croxall。

Doug?

道格？

Thank you, Jason, and thank you, everyone, for joining us this afternoon to discuss Marathon Patent Group's first quarter 2017 operating results.

謝謝 Jason，也謝謝大家今天下午加入我們討論馬拉松專利集團 2017 年第一季的經營業績。

While 2016 was a record year for the company, generating revenues of $36.6 million and non-GAAP earnings of $7.5 million or $0.50 per weighted average basic share, our first quarter of 2017 revenues were lower as expected than our first quarter 2016 revenues.

雖然2016 年是公司創紀錄的一年，營收為3,660 萬美元，非GAAP 收益為750 萬美元，即每股加權平均基本股0.50 美元，但我們2017 年第一季的營收低於預期，低於2016 年第一季的營收。

It's for this very reason I've long suggested the nature of our business lends itself to being evaluated on an annual basis as opposed to focusing quarter-to-quarter.

正是出於這個原因，我長期以來一直建議我們的業務性質適合每年進行評估，而不是按季度進行評估。

I'd like to address the 8-K filing that was made this past Friday with the SEC.

我想談談上週五向 SEC 提交的 8-K 文件。

The filing described step #1 in our debt restructuring efforts.

該文件描述了我們債務重組工作的第一步。

We entered into an agreement with DBD Credit Funding, a subsidiary of Fortress Investment Group, under which we can pay them the principal load of approximately $15.8 million plus accrued interest on or before August 15, 2017.

我們與 Fortress Investment Group 的子公司 DBD Credit Funding 簽訂了一項協議，根據該協議，我們可以在 2017 年 8 月 15 日或之前向其支付約 1580 萬美元的本金以及應計利息。

Additionally, upon payment of the note principal and interest obligation, DBD's ongoing entitlement to additional payments based upon revenues of the company will be reduced to 5% of the gross revenues received from only the patent portfolios which the company currently owns or license.

此外，在支付票據本金和利息義務後，DBD 根據公司收入持續獲得額外付款的權利將減少至僅從公司目前擁有或授權的專利組合獲得的總收入的 5%。

These revenue-based payments will terminate 1-year following the payoff date.

這些基於收入的付款將在付款日期後一年終止。

In addition, under the payoff letter, Marathon has agreed that the company will not enter into any further disposition of its patents until the note obligations are paid in full and not to use its current liquidity to make expenditures in excess of the specified amount or for the purposes other than is outlined in a budget prepared by the company and already approved by DBD.

此外，根據償付函，馬拉松公司同意，在票據義務全額支付之前，公司不會對其專利進行任何進一步的處置，並且不會使用其當前的流動資金來支付超過規定金額的支出或用於除公司編制且已獲得DBD 批准的預算中概述的目的外。

This will not negatively affect our normal course of operations and is already in line with our operating plan.

這不會對我們的正常營運流程產生負面影響，並且已經符合我們的營運計劃。

The company may seek to repay the borrowing through any one or a combination of financing, including debt, equity, sale of assets or mergers and acquisitions of additional companies with cash balances, although no definitive agreement with respect to any of the foregoing has been reached.

本公司可能會尋求透過任何一種或多種融資方式償還借款，包括債務、股權、出售資產或併購其他擁有現金餘額的公司，儘管尚未就上述任何一項達成明確協議。

Our desired outcome is to put a new credit facility in place, and we have been in discussions with potential funding sources and hope to have more to announce in the very near future on a replacement line of credit.

我們期望的結果是建立新的信貸安排，我們一直在與潛在的資金來源進行討論，並希望在不久的將來宣布更多關於替代信貸額度的消息。

In the event that we do not pay the note obligations in full on or prior to August 15, 2017, the payoff letter will terminate and the company will remain obligated under the current agreements with DBD.

如果我們未在 2017 年 8 月 15 日或之前全額支付票據義務，付款函將終止，公司仍將根據與 DBD 的當前協議承擔義務。

I'd now like to address something that I know is very important to both you and me, and I want to address this head-on.

我現在想談談一些我知道對你我都非常重要的事情，我想正面解決這個問題。

I want you to know that I am keenly aware of our recent equity financing was a surprise to many of you.

我想讓你們知道，我敏銳地意識到我們最近的股權融資讓你們中的許多人感到驚訝。

I regret that I did not adequately anticipate how quickly certain circumstances could change when our senior lender declined to fund our request, which had been pending, which put us in a position where raising additional equity capital became a viable alternative.

我很遺憾，當我們的高級貸款人拒絕為我們的請求提供資金時，我沒有充分預見到某些情況會發生多快的變化，而我們的請求一直懸而未決，這使我們處於籌集額外股本成為可行替代方案的境地。

I take full responsibility and deeply regret the surprise many of you experienced.

我承擔全部責任，並對你們許多人所經歷的驚訝深感遺憾。

We were put into a situation that required us to act quickly to raise capital, and we were presented with market conditions conducive to a small financing and we chose to take advantage of it.

我們面臨的情況要求我們迅速採取行動籌集資金，而且我們面臨著有利於小額融資的市場條件，我們選擇利用它。

As the CEO of this company, it is my job to make these quick decisions to ensure the financial well-being and long-term strength of the company.

作為這家公司的首席執行官，我的工作就是做出這些快速決策，以確保公司的財務狀況和長期實力。

It is my hope that while sometimes painful in the short term, that these tough decisions will ultimately be better in the long term for the company and its shareholders.

我希望，雖然短期內有時會很痛苦，但從長遠來看，這些艱難的決定最終對公司及其股東來說會更好。

We also remain aware of a desire to see more transparency in our strategy.

我們也意識到希望看到我們的策略更加透明。

Although we try to continually provide current investor communications, much of what happens at Marathon can unfortunately not be communicated until an outcome has been reached in a litigation, which typically involves the settlement of the execution of a license.

儘管我們試圖不斷提供當前的投資者溝通，但不幸的是，在訴訟中達成結果之前，馬拉松發生的大部分事情都無法傳達，這通常涉及許可執行的和解。

The entire litigation process itself and settlement negotiations are governed by strict confidentiality.

整個訴訟過程本身以及和解談判都嚴格保密。

However, investors need to be able to assess the state of our business and prospects.

然而，投資者需要能夠評估我們的業務狀況和前景。

I assure you that we are doing our very best to afford you a level of transparency while not impeding our ability to generate licensing revenues.

我向您保證，我們將盡最大努力為您提供一定程度的透明度，同時不會妨礙我們產生許可收入的能力。

As I had previously commented and many analysts agree, the patent monetization arena has changed significantly since we embarked upon this journey.

正如我之前評論的那樣，並且許多分析師也同意，自從我們踏上這趟旅程以來，專利貨幣化領域已經發生了巨大變化。

However, despite the much more difficult environment to license patents, I still feel optimistic about Marathon's future.

然而，儘管專利許可的環境變得更加困難，我仍然對馬拉鬆的未來感到樂觀。

In light of our recently announced debt replacement strategy, we are moving away from giving annual guidance and believe that any prior annual guidance should not be relied upon.

鑑於我們最近宣布的債務置換策略，我們將不再提供年度指導，並認為不應依賴任何先前的年度指導。

As previously discussed, we've taken measures within Marathon to reduce our operational spend and to operate more efficiently.

如前所述，我們在 Marathon 內部採取了措施來減少營運支出並提高營運效率。

Additionally, I'll be in discussions with the Board of Directors and specifically with the Compensation Committee to ensure that any bonuses or additional compensation is in line with industry standards.

此外，我將與董事會，特別是薪酬委員會進行討論，以確保任何獎金或額外薪酬符合行業標準。

I am also researching how insiders at Marathon can effectively purchase shares in the open market.

我還在研究馬拉松內部人士如何有效地在公開市場購買股票。

I understand that the timing of certain compensation events was unfortunate and I will take extra steps, along with my board, to assure that all interests are aligned appropriately.

我知道某些補償事件的時機很不幸，我將與董事會一起採取額外措施，以確保所有利益得到適當協調。

We are researching potential steps to limit, return and in some cases, eliminate any bonuses until Marathon is back on stronger financial footing.

我們正在研究可能採取的措施，以限制、返還獎金，並在某些情況下取消任何獎金，直到 Marathon 重新建立更強大的財務基礎。

Additionally, I have personally decided to return a substantial portion of my equity-based compensation.

此外，我個人決定返還我的股權薪酬的很大一部分。

I want to be clear that I want to bring Marathon back to the equity levels that it once was a mere 2.5 years ago.

我想明確表示，我想讓 Marathon 恢復到 2.5 年前的股權水準。

I am dedicated to achieving these milestones, not just for me personally, but more importantly, for the shareholders of Marathon.

我致力於實現這些里程碑，不僅是為了我個人，更重要的是為了馬拉鬆的股東。

I'd now like to talk about a letter received from the NASDAQ on April 17, 2017.

我現在想談談2017年4月17日從納斯達克收到的一封信。

NASDAQ requires a $2.5 million minimum stockholders' equity for continued listing.

納斯達克要求股東權益最低達到 250 萬美元才能繼續上市。

At the end of the year, the company reported stockholders' equity below the minimum stockholders' equity required.

年底，該公司報告的股東權益低於最低股東權益要求。

This was principally the result of noncash write-off at year's end.

這主要是年底非現金沖銷的結果。

On or before June 1, 2017, we intend to submit a plan to regain compliance with the minimum stockholders' equity.

我們打算在2017年6月1日或之前提交一份重新遵守最低股東權益的計畫。

We anticipate NASDAQ will grant an extension of up to 180 calendar days from the date of the notification letter to evidence compliance.

我們預計納斯達克將給予自通知函之日起最多 180 個日曆日的延期以證明合規性。

There are numerous ways in which we can retain compliance, including reduction of debt.

我們可以透過多種方式維持合規性，包括減少債務。

Please know that we are very aware of the value of maintaining our listing on NASDAQ and are actively evaluating various courses of action to regain compliance.

請注意，我們非常清楚維持在納斯達克上市的價值，並正在積極評估各種行動方案以重新獲得合規性。

However, there can be no assurance that the company's plan will be accepted or if it is, the company will be able to regain compliance.

然而，不能保證公司的計劃將被接受，或者如果被接受，公司將能夠重新獲得合規性。

Lastly, in aggregate, our wholly-owned subsidiaries continue to manage approximately 12,000 worldwide patent assets.

最後，總的來說，我們的全資子公司繼續管理約 12,000 項全球專利資產。

We also continue to explore opportunities for our 3D Nano subsidiary and have received several proposals, but have suspended internal development as we seek an appropriate partner for a spin-out.

我們也繼續為我們的 3D Nano 子公司探索機會，並收到了幾項提案，但由於我們正在尋找合適的分拆合作夥伴，因此暫停了內部開發。

That concludes my prepared remarks.

我準備好的發言就到此結束。

With that, I would now like to turn the call over to Frank, our CFO, for a detailed outlook at our 2017 first quarter results.

現在，我想將電話轉給我們的財務長 Frank，以獲取我們 2017 年第一季業績的詳細展望。

Frank?

坦率？

Thanks, Doug.

謝謝，道格。

First quarter revenues totaled approximately $78,000.

第一季收入總計約為 78,000 美元。

Revenue was derived from recurring royalties from the company's MedTech portfolios, which accounted for all the company's revenue in the quarter.

收入來自該公司醫療科技產品組合的經常性特許權使用費，該特許權使用費佔該公司本季的全部收入。

Direct cost of revenue in the first quarter of 2017 was approximately $450,000 compared to direct cost of revenue in the first quarter of 2016 of approximately $2.6 million, a year-over-year decrease of 83%.

2017年第一季的直接收入成本約為45萬美元，而2016年第一季的直接收入成本約為260萬美元，較去年同期下降83%。

Direct cost of revenue includes both contingent and noncontingent payments to patent enforcement counsel and patent enforcement advisers and inventors.

直接收入成本包括支付給專利執行律師、專利執行顧問和發明人的或有和非或有付款。

The decline in the direct cost of revenues resulted from no contingent counsel expenses and lower trial preparation, expert expenses for the first quarter of 2017 relative to the first quarter of 2016 when 2 of the company's subsidiaries, Dynamic Advances and Signal, were preparing for trial.

收入直接成本下降的原因是，與 2016 年第一季相比，2017 年第一季沒有臨時律師費用，且審判準備、專家費用較低，當時公司的兩家子公司 Dynamic Advances 和 Signal 正在準備審判。

The company reported other operating expenses in the first quarter of 2017 of approximately $2.4 million, a 44% decrease as compared to other operating expenses of $4.3 million in the first quarter of 2016.

該公司報告 2017 年第一季的其他營運費用約為 240 萬美元，比 2016 年第一季的其他營運費用 430 萬美元下降了 44%。

These expenses primarily consisted of amortization of patents, general expenses, compensation to our officers, directors and employees, professional fees and consulting fees incurred in connection with the day-to-day operation of our business.

這些費用主要包括專利攤提、一般費用、我們的高級職員、董事和員工的報酬、與我們業務日常運營相關的專業費用和諮詢費。

Total other operating expenses declined for the first quarter of 2017 relative to the same period in the prior year, primarily as a result of declines in expenses associated with patent amortization and consulting costs and a patent impairment charge in the amount of $400,000 for the first quarter of 2016 compared to no impairment charge for the first quarter of 2017.

2017 年第一季其他營運費用總額較上年同期有所下降，主要是由於第一季度與專利攤銷和諮詢成本以及專利減值費用相關的費用下降，金額為 400,000 美元相比之下，2016年第一季沒有減損支出，而2017 年第一季則沒有減損支出。

Noncash other operating expenses for the first quarter of 2017 and the first quarter of 2016 include noncash operating expenses totaling approximately $750,000 and $3 million, respectively.

2017年第一季及2016年第一季的非現金其他營運費用包括總計約75萬美元及300萬美元的非現金營運費用。

For the first quarter of 2017, we reported a net loss of $3.6 million.

2017 年第一季度，我們報告淨虧損 360 萬美元。

And for the first quarter of 2016, we reported a net loss of $3.9 million.

2016 年第一季度，我們報告淨虧損 390 萬美元。

For the first quarter of 2017, this represents a reduction in the net loss in the approximate amount of $300,000.

2017 年第一季度，淨虧損減少約 30 萬美元。

On a non-GAAP basis, the company recorded a non-GAAP loss of approximately $2.4 million for the first quarter of 2017, roughly comparable to the non-GAAP loss reported for the first quarter of 2016.

以非 GAAP 計算，該公司 2017 年第一季的非 GAAP 虧損約為 240 萬美元，與 2016 年第一季報告的非 GAAP 虧損大致相當。

The full reconciliation of GAAP to non-GAAP financials can be found in the financial tables at the end of our first quarter results press release issued today as well as in the quarterly report filed today on Form 10-Q with the SEC.

GAAP 與非 GAAP 財務數據的完整調整可以在我們今天發布的第一季度業績新聞稿末尾的財務表格以及今天向 SEC 提交的 10-Q 表格中的季度報告中找到。

We ended the first quarter of 2017 with cash totaling approximately $0.5 million as compared to approximately $1.4 million as of March 31, 2016.

截至 2017 年第一季末，我們的現金總額約為 50 萬美元，而截至 2016 年 3 月 31 日，我們的現金總額約為 140 萬美元。

As of March 31, 2017, we had approximately 19.1 million weighted average basic and diluted shares outstanding versus approximately 15 million weighted average basic and diluted shares outstanding as of March 31, 2016.

截至2017年3月31日，我們擁有約1,910萬股加權平均基本和稀釋已發行股票，而截至2016年3月31日，我們擁有約1,500萬股加權平均基本和稀釋已發行股票。

Thank you for all your attention.

感謝大家的關注。

Operator, you may now open the call for questions.

接線員，您現在可以發起提問。

(Operator Instructions) Our first question comes from the line of David Hoff, private investor.

（操作員說明）我們的第一個問題來自私人投資者 David Hoff。

Just a couple of questions.

只是幾個問題。

The nature of the business or the patent portfolio life cycle has a bunch of peak and valleys.

業務或專利組合生命週期的性質有許多高峰和低谷。

Can you go over maybe some of the new portfolios, Traverse, Motheye, Magnus and Munitech?

您能否回顧一下一些新的產品組合：Traverse、Motheye、Magnus 和 Munitech？

I know that usually the first step is to try to do some soft licensing and enter into some NDAs.

我知道通常第一步是嘗試進行一些軟許可並簽署一些保密協議。

Can you maybe talk about how many opportunities are out there in some of those portfolios?

您能否談談其中一些投資組合中有多少機會？

And also as well with GE, how many companies might have been engaged?

與通用電氣一樣，有多少家公司可能參與其中？

Don't need an exact number, a dozen, 2 dozen.

不需要確切的數字，一打，兩打。

Just trying to get some clarity on some of those issues.

只是想弄清楚其中一些問題。

Sure.

當然。

So we have not filed cases on Traverse or Motheye, although those are imminent.

因此，我們尚未對 Traverse 或 Motheye 提起訴訟，儘管這些案件迫在眉睫。

And they are, I would estimate, about anywhere from a half dozen to a dozen between those 2 portfolios.

我估計，這兩個投資組合中大約有六到十幾個。

Magnus, we have 2 suits on file in Germany.

馬格努斯，我們在德國有兩套訴訟檔案。

We have about 3 or 4 on file on Munitech in Germany.

我們在德國 Munitech 上有大約 3 到 4 個檔案。

We've got assets that cover jurisdictions in both of those portfolios other than just Germany and we're looking at filing in those jurisdictions as well, mostly European.

我們的資產涵蓋了德國以外的這兩個投資組合的司法管轄區，我們也在考慮在這些司法管轄區（主要是歐洲）提交申請。

I can't get into specifics on the oil and gas portfolio, but we've definitely been in conversations with some of the larger players in the market and continue to have those soft licensing discussions.

我無法詳細介紹石油和天然氣投資組合，但我們肯定已經與市場上一些較大的參與者進行了對話，並繼續進行這些軟許可討論。

So you'll see, hopefully, over the next 30 days, you'll see some new cases get filed probably some in the U.S. as well, which is the first time we've done that for a couple of years.

所以你會看到，希望在接下來的 30 天內，你會看到一些新案件被提起，可能也有一些在美國，這是我們幾年來第一次這樣做。

And we'll continue to file in Europe and hopefully, Asia.

我們將繼續在歐洲提交申請，並希望在亞洲提交申請。

And we have trial on Signal coming up June 12 in Eastern District of Michigan.

我們將於 6 月 12 日在密西根州東區對 Signal 進行試用。

It's actually in Detroit in Signal IP versus Fiat Chrysler.

實際上是在底特律的 Signal IP 與菲亞特克萊斯勒的比賽中。

Okay.

好的。

I'll be sure to monitor that.

我一定會對此進行監控。

With the company's success in Europe, I know that's been the venue of choice, has there been additional opportunities presented?

隨著公司在歐洲取得成功，我知道那是我們選擇的地點，是否還有其他機會？

Is this more of a capital issue?

這更多的是資本問題嗎？

Once the capital issue is cleared up with Fortress, we could see additional portfolios being onboarded?

一旦 Fortress 解決了資本問題，我們可以看到更多的投資組合加入嗎？

Maybe not the size of GE, but maybe 1/4 of that.

也許沒有 GE 的規模，但可能只有 GE 的 1/4。

Are there opportunities coming in or people looking at you?

是否有機會到來或有人關注你？

Yes.

是的。

So we do have a lot of opportunities, not just in the United States, but also in Europe, as you mentioned.

因此，正如您所提到的，我們確實有很多機會，不僅在美國，而且在歐洲。

And a lot of the portfolios that we look at have foreign counterparts associated with them.

我們看到的許多投資組合都有與之相關的外國同行。

And what's happening in Europe with regard to the Unified Patent Court, which really allows you to file a suit in one country and cover all of the European Union jurisdictions, is obviously very exciting.

歐洲統一專利法院的情況顯然非常令人興奮，它確實允許您在一個國家提起訴訟並涵蓋所有歐盟司法管轄區。

It's not talked about very much in the United States because it's not really U.S.-specific.

在美國，人們很少談論這個問題，因為它並不是美國特有的。

In a lot of respects, Europe is moving into a different direction than what the U.S. has been moving recently.

在很多方面，歐洲正在走向與美國最近不同的方向。

Europe is really embracing patent rights and trying to make it easier for patent owners to defend their patent rights against infringers.

歐洲正在真正擁抱專利權，並試圖讓專利所有者更容易針對侵權者捍衛其專利權。

Whereas, as you know, in the United States, it's been somewhat of an opposite effect.

然而，如您所知，在美國，這卻產生了相反的效果。

But yes, we definitely have opportunities in Europe.

但是，是的，我們在歐洲肯定有機會。

And a lot of the opportunities now or the capital required to acquire the asset isn't really as great as it used to be, say, 3, 4 years ago.

現在的許多機會或收購資產所需的資本並不像三四年前那麼大。

I think that's a function of companies realizing that there's fewer and fewer buyers.

我認為這是公司意識到買家越來越少的結果。

And I think it's a function of companies really having price expectations kind of level set over the last 12 to 24 months.

我認為這是該公司在過去 12 到 24 個月內確實設定價格預期水準的函數。

Our next question comes from the line of Mike Latimore with Northland Capital Markets.

我們的下一個問題來自 Northland Capital Markets 的 Mike Latimore。

This is Nick Altmann on for Mike.

我是麥克的尼克·阿爾特曼。

I know you guys said that you're no longer giving out guidance.

我知道你們說過不再提供指導。

But just from a modeling perspective, how should we be thinking about operating expenses going forward here?

但僅從建模的角度來看，我們應該如何考慮未來的營運費用？

So the actions we took during the first quarter fairly significantly reduced the company's overhead on 2 parts.

因此，我們在第一季採取的行動相當顯著地減少了公司兩部分的管理費用。

One is both with respect to the core Marathon component, where we optimized the operations and reduced the headcount in some regards.

一是關於馬拉松核心組件，我們在某些​​方面優化了營運並減少了員工人數。

And as Doug also mentioned, we suspended, with respect to the second part, the new development at the 3D Nano subsidiary and reduced the cost there as well.

正如 Doug 也提到的，對於第二部分，我們暫停了 3D Nano 子公司的新開發，並降低了那裡的成本。

So we anticipate that the overall cost of the -- of operating the overall business will decline considerably, maybe 50% or more.

因此，我們預計營運整個業務的總體成本將大幅下降，可能下降 50% 或更多。

Okay.

好的。

All right.

好的。

And then can you guys just talk about any events that you maybe have more visibility compared to others?

然後你們能談談與其他人相比你們可能更受關注的事件嗎？

I'm not sure I followed...

我不確定我是否遵循了...

What type of event...

什麼類型的活動...

What type of visibility?

什麼類型的可見性？

I'm not sure I followed the question.

我不確定我是否遵循了這個問題。

Yes, just any revenue-generating events in the future.

是的，只是未來的任何創收活動。

Are there any more in particular that you guys have a bit more visibility into or...

你們是否有更多的了解或...

Well, none that we can really talk about openly or publicly without jeopardizing those exact events.

好吧，我們不能在不危及這些確切事件的情況下真正公開或公開談論這些事情。

I mean, it's just -- it's difficult to go into any detail because it would be difficult to have that conversation right now without giving away talks that are frankly confidential and can't be disclosed.

我的意思是，這只是 - 很難詳細說明，因為現在很難在不洩露坦率機密且無法披露的談話的情況下進行對話。

I mean, look, we have a trial coming up in a month.

我的意思是，聽著，一個月後我們將進行審判。

Typically, that's a good indicator of a potential revenue event.

通常，這是潛在收入事件的良好指標。

Again, it takes 2 parties to settle.

同樣，這需要兩方才能解決。

So Fiat Chrysler could decide to go to trial, which clearly is a position that we're both taking at this point.

因此，菲亞特克萊斯勒可能會決定接受審判，這顯然是我們目前所採取的立場。

But it's very difficult to answer that question without tripping up any sort of NDA or confidentiality issues.

但在不涉及任何保密協議或保密問題的情況下，很難回答這個問題。

No, that's fair.

不，這很公平。

I guess kind of going off that.

我想有點放棄了。

Maybe are there any specific portfolios that are showing more promise than others right now?

也許目前有哪些特定的投資組合比其他投資組合顯示出更多的前景？

Or any more that you guys are maybe a little bit more excited about than others?

或者你們可能比其他人更興奮一些？

Well, the cases in Germany obviously have already started.

嗯，德國的病例顯然已經開始了。

So from just a licensing perspective, you tend to get more activity when you have cases on file or when you've got history with a particular portfolio, like we do at Dynamic Advances.

因此，僅從許可角度來看，當您有備案案例或擁有特定投資組合的歷史記錄時，您往往會獲得更多活動，就像我們在 Dynamic Advances 所做的那樣。

So I think I would look at kind of those -- the portfolios where we posted results before and the portfolios where we have active cases, Signal, Magnus, Munitech, as the more likely revenue generators in the short term, if that helps answer your question.

所以我想我會看看那些——我們之前發布結果的投資組合以及我們有活躍案例的投資組合，Signal、Magnus、Munitech，作為短期內更有可能的收入來源，如果這有助於回答您的問題問題。

Our next question comes from the line of [Matt Rockman], private investor.

我們的下一個問題來自私人投資者 [Matt Rockman]。

I want to focus a bit on Dynamic Advances.

我想重點關注動態進展。

I believe it's been now a little bit over a year since the big Apple settlement.

我相信距離蘋果達成和解已經一年多了。

And I do recall with at least several quarters ago on the call, you said that new filings would be imminent if there weren't settlements announced.

我確實記得至少在幾個季度前的電話會議上，您曾說過，如果不宣布和解，新的文件即將提交。

And there's been no filings to date.

而且迄今為止還沒有任何備案。

Can you give us a little more color on what's happening in that portfolio?

您能給我們更多關於該投資組合中發生的事情的資訊嗎？

Yes, I don't recall my specific words, [Matt], but I think I said if the talks weren't going in the direction that we thought were productive, there would be filings.

是的，我不記得我具體說了什麼，[馬特]，但我想我說過，如果談判沒有朝著我們認為富有成效的方向發展，就會有備案。

And since you haven't seen any, I would assume that the conclusion you could draw is that talks are generally going at the right course, the right pace and in the right direction.

由於你還沒有看到任何消息，我認為你可以得出的結論是，談判總體上在正確的方向、正確的節奏和正確的方向上進行。

So we're going to let those talks continue to play out in the interim.

因此，我們將讓這些談判在此期間繼續進行。

And can you give us an approximate number of how many parties you're engaged with there?

您能告訴我們您在那裡參加了多少個聚會嗎？

It seems like that technology is continuing to extend.

看來這項技術正在不斷擴展。

I know the -- I believe the patents are valid until 2022 or so.

我知道——我相信這些專利的有效期到 2022 年左右。

So are you engaging in a number of different potential licensing partners there?

那麼您是否正在與許多不同的潛在授權合作夥伴合作？

Or is it limited to a few right now?

還是現在僅限於少數？

Or what can you tell us?

或者你能告訴我們什麼？

It's the kind of the, what we would call kind of the major players in the natural language processing, the AI space.

這就是我們所謂的自然語言處理、人工智慧領域的主要參與者。

But you're right, I mean, if you look at all the announcements coming out of CES this year, it's like every other announcement was AI-related.

但你是對的，我的意思是，如果你看看今年 CES 上發布的所有公告，你會發現其他所有公告都與人工智慧相關。

So a lot of the interfaces are moving to voice-activated interfaces, which we think is great because it starts to expand the market with which we believe licensees exist.

因此，許多介面正在轉向語音啟動介面，我們認為這很好，因為它開始擴大我們認為被授權人存在的市場。

But at this point, until those companies really grow and get a meaningful revenue base, we're just going to focus on kind of the half dozen that we think are the prime targets and the prime licensees right now.

但目前，在這些公司真正發展並獲得有意義的收入基礎之前，我們將重點放在我們認為目前主要目標和主要被授權人的六家公司。

Got it.

知道了。

Do you anticipate any revenue in 2017 from that portfolio?

您預計 2017 年該投資組合會帶來任何收入嗎？

I definitely anticipate revenue from that portfolio, and we sure hope it's going to be in 2017.

我確實預計該投資組合會帶來收入，而且我們當然希望它能在 2017 年實現。

But as we stated earlier on the call, we're not -- we just can't give guidance at this point.

但正如我們之前在電話會議中所說，我們不是——我們只是目前無法提供指導。

Now can we talk a little bit more about that because I know on the prior call, the previous guidance was investors would expect revenue for 2017 to exceed 2016.

現在我們可以多談談這個問題，因為我在之前的電話會議上知道，先前的指導是投資者預計 2017 年的收入將超過 2016 年。

And my understanding in what you're saying now is because of the current debt situation, you're withdrawing that guidance.

我對你現在所說的話的理解是，由於當前的債務狀況，你正在撤回該指導。

But I'm not quite sure why, to be honest.

但說實話，我不太清楚為什麼。

Well, just because we're in flux with our credit facility.

嗯，只是因為我們的信貸額度不斷在改變。

Is there anything more that you can kind of...

還有什麼你可以做的嗎...

I wish I could.

我希望我能。

I can't.

我不能。

Okay.

好的。

Moving to GE.

搬到通用電氣。

Same question as Dynamic Advances, do you anticipate revenue from that portfolio in 2017?

與 Dynamic Advances 相同的問題，您預計 2017 年該投資組合的收入嗎？

Again, it's the same answer.

再一次，這是相同的答案。

I mean, we sure hope, but I can't.

我的意思是，我們當然希望，但我不能。

I just can't give guidance at this point.

我現在無法提供指導。

Got it.

知道了。

One more question and I guess it really relates to Erich and what he's doing has been some kind of -- there's been some confusion with the investor base in terms of his day-to-day role at Marathon and his role with Hermes Patents, which I know you guys touched on it in your press release.

還有一個問題，我想這確實與埃里希有關，他正在做的事情在某種程度上——投資者對他在馬拉鬆的日常角色和他在愛馬仕專利公司的角色感到困惑，這使得投資者感到困惑。我知道你們在新聞稿中談到了這一點。

Can you kind of give some more color on kind of what Erich is focusing on specifically with respect to Marathon and how much time he's devoting to Marathon and I guess, the relationship between Marathon and Hermes?

您能否詳細說明埃里希在馬拉松方面的具體關注點，以及他在馬拉鬆上投入了多少時間，我想，馬拉松和愛馬仕之間的關係？

Yes, so Erich is devoting 12-plus, 13-plus hours a day on Marathon-related business.

是的，所以埃里希每天要花 12 小時以上、13 個多小時來處理與馬拉松相關的業務。

His position and his responsibilities have not changed from approximately 1 year ago when we announced him joining Marathon.

與大約一年前我們宣布他加入馬拉松時相比，他的職位和職責沒有改變。

He is running intake and licensing for Europe and Asia.

他負責歐洲和亞洲的招生和許可工作。

And obviously, he weighs in on U.S. events as well.

顯然，他也對美國的事件發表了看法。

But he is primarily -- as busy as he's ever been.

但他主要是──和以前一樣忙碌。

And Hermes Patents is -- look, it's a natural extension from where we are with our, for example, GE relationship, where we're managing 11,000, 11,500 patents.

Hermes Patents 是－看，這是我們與 GE 關係的自然延伸，我們在 GE 管理 11,000 項、11,500 項專利。

And so the thought is that if you have a platform that can do something more efficiently and you start to scale that platform and add other kind of patent management departments, you can really become an outsourcing play for a lot of IP departments and you can do it probably faster, better, cheaper than that the company can.

因此，我們的想法是，如果你有一個可以更有效地完成某些任務的平台，並且你開始擴展該平台並添加其他類型的專利管理部門，那麼你真的可以成為許多智慧財產權部門的外包機構，而且你可以做它可能比公司更快、更好、更便宜。

And so Hermes Patents is a project that we've been working on and that we're going to continue to work on to develop what we call kind of non-IP licensing and litigation business strategies, really utilizing the core knowledge of the team, the core knowledge of the patent landscape and the systems that we've developed over the years to effectively manage assets, not just for ourselves, but for others.

因此，Hermes Patents 是我們一直在致力於的一個項目，我們將繼續致力於開發我們所謂的非智慧財產權授權和訴訟業務策略，真正利用團隊的核心知識，專利領域的核心知識以及我們多年來開發的用於有效管理資產的系統，不僅為我們自己，也為他人。

And hopefully, being paid on a recurring quarterly, annual basis to do that.

希望能夠按季度、每年定期支付費用來實現這一目標。

And that's a project that, like I said, we've been working on for a while.

正如我所說，這個項目我們已經研究了一段時間。

And it's a project that Erich obviously is working on in addition to his other duties.

顯然，除了其他職責外，埃里希還在致力於這個計畫。

But he's fully engaged.

但他全心投入。

Got it.

知道了。

Okay.

好的。

I had actually one additional question and I'm reading back to my notes and it goes towards your comments on insiders buying potentially shares potentially and as well as you stated that you'd be returning a substantial portion of your equity-based compensation.

我實際上還有一個額外的問題，我正在讀回我的筆記，它涉及您對內部人士可能購買潛在股票的評論，並且您表示您將退還基於股權的薪酬的很大一部分。

Can you explain exactly what that means?

你能準確解釋一下這代表什麼嗎？

There are 2 different issues there.

那裡有兩個不同的問題。

So one is the insider buying issue.

其中之一是內部購買問題。

And it's difficult when you have 5, 6 people in a company.

當公司有 5、6 個人時，這就很困難了。

We all know what's happening.

我們都知道發生了什麼事。

It's not the same as some of the other companies in our space, which we often get compared to, where they have 50 to 60 employees.

它與我們領域中的其他一些公司不同，我們經常將其與這些公司進行比較，他們擁有 50 至 60 名員工。

And literally, there are senior executives that don't know what's happening with particular licensing and particular portfolios and so they don't have the same material nonpublic information that we all possess here.

從字面上看，有些高級管理人員不知道特定許可和特定投資組合發生了什麼，因此他們沒有我們在這裡擁有的相同的重要非公開資訊。

So the strategy that we're trying to put in place is one in which we put a buying plan in place for those who are able and willing to participate, of which I will be one.

因此，我們正在努力實施的策略是，我們為那些有能力並願意參與的人制定購買計劃，而我就是其中之一。

But there is a time -- there is an element of time that needs to be associated with what has been described to me as a cleansing of the information.

但有一段時間——有一個時間因素需要與我所描述的資訊清理聯繫起來。

So let's say, we put a plan in place during an open window, we would need to wait some period of time, 9 months, 6 months, 12 months, in order for that plan to actually take effect, for the buying to take effect so that the information that we possess at the time we put the plan in place has been cleansed.

這麼說吧，我們在開放窗口期間制定了一個計劃，我們需要等待一段時間，9個月，6個月，12個月，為了讓該計劃真正生效，讓購買生效這樣我們在製定計劃時所擁有的訊息就已被清除。

So it's not an overnight fix, but it's one that we think we can get comfortable with.

因此，這不是一朝一夕的解決方案，但我們認為我們可以接受。

But again, it's just not as easy a company in our business of our size to do what others have done in our space that are frankly much larger and don't possess the same level of information across basically the entire employee base.

但同樣，在我們這樣規模的企業中，要做其他公司在我們這個領域所做的事情並不容易，坦率地說，這些公司規模要大得多，而且基本上不具備在整個員工基礎上擁有相同水平的信息。

That's the first question.

這是第一個問題。

Second question, I will, within the next week, be returning a substantial number of my equity-based compensation.

第二個問題，我將在下週內退還大量基於股權的薪酬。

I'm working with Frank and the board to get that put in place.

我正在與弗蘭克和董事會合作以落實該計劃。

I don't know if that's an 8-K announcement.

我不知道這是否是8-K公告。

But certainly, on our next earnings call, I will let the investors know exactly what has happened.

但當然，在我們的下一次財報電話會議上，我會讓投資人確切地知道發生了什麼事。

Is that shares that you have that you received or is that your cash base or a combination of both?

這是您收到的股票還是您的現金基礎，還是兩者的組合？

It's option-based.

它是基於選項的。

Ladies and gentlemen, at this time, I would like to turn the floor back to management for closing comments.

女士們、先生們，現在我想請管理階層發表總結意見。

So thank you, everyone.

謝謝大家。

I know it's been a difficult couple of months, and I appreciate everyone's support.

我知道這幾個月很艱難，我感謝大家的支持。

I appreciate the phone calls and the conversations I've had with investors.

我很感謝我與投資者的電話和對話。

Some that have been difficult to have, but need to be had.

有些很難擁有，但卻需要擁有。

Nonetheless, I remain very positive about where we are and where we're going.

儘管如此，我對我們現在的處境和前進的方向仍然非常樂觀。

I mean, there are very few companies in our space.

我的意思是，我們這個領域的公司很少。

We have great opportunities, not just in our pipeline, but that we already own.

我們擁有巨大的機會，不僅是在我們的管道中，而且是我們已經擁有的。

And assuming we can find the right funding partner, we think we have a great opportunity ahead of us.

假設我們能夠找到合適的融資合作夥伴，我們認為眼前有一個很好的機會。

And I look forward to talking to you more between now and August 15 or whenever our next earnings call is.

我期待著從現在到 8 月 15 日或我們下一次財報電話會議期間與您進行更多交談。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference.

女士們、先生們，今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。