Xperi Inc (XPER) 2023 Q1 法說會逐字稿

Good day, everyone. Thank you for standing by. Welcome to the Xperi First Quarter 2023 Earnings Conference Call. (Operator Instructions)

今天是個好日子。謝謝你的支持。歡迎參加 Xperi 2023 年第一季度收益電話會議。 （操作員說明）

I would now like to turn the call over to Mike Iburg, Xperi's Head of Investor Relations. Mike, please go ahead.

我現在想把電話轉給 Xperi 的投資者關係主管 Mike Iburg。邁克，請繼續。

Good afternoon, and thank you for joining us as Xperi reports its first quarter 2023 financial results. With me on today's call are Jon Kirchner, Chief Executive Officer; and Robert Andersen, Chief Financial Officer.

下午好，感謝您在 Xperi 報告其 2023 年第一季度財務業績時加入我們。與我一起參加今天電話會議的有首席執行官 Jon Kirchner；首席財務官羅伯特·安德森 (Robert Andersen)。

In addition to today's earnings release, there is an earnings presentation which you can access along with this webcast on our Investor Relations website at investor.xperi.com.

除了今天的收益發布外，您還可以在我們的投資者關係網站 investor.xperi.com 上與本網絡廣播一起訪問收益演示文稿。

Before we begin, I'd like to provide a few reminders. First, I would like to note that unless otherwise stated, all comparisons are to the same quarter in the prior year. In addition, the first quarter of 2022 was calculated on a carve-out basis prior to Xperi's separation from Xperi Holding Corporation on October 1, 2022. Xperi Holding Corporation is now known as Adeia Inc.

在我們開始之前，我想提供一些提醒。首先，我想指出，除非另有說明，否則所有比較都是與上一年的同一季度進行的。此外，2022 年第一季度是在 Xperi 於 2022 年 10 月 1 日從 Xperi Holding Corporation 分離之前的剝離基礎上計算的。Xperi Holding Corporation 現在被稱為 Adeia Inc。

Second, today's discussion contains forward-looking statements that are predictions, projections and other statements about future events, which are based on management's current expectations and beliefs and therefore subject to risks, uncertainties and changes in circumstances.

其次，今天的討論包含前瞻性陳述，即對未來事件的預測、預測和其他陳述，這些陳述基於管理層當前的預期和信念，因此受到風險、不確定性和環境變化的影響。

For more information on the risks and uncertainties that could cause our actual results to differ materially from what we discuss today, please refer to the Risk Factors and MD&A section in our SEC filings, including our most recent Form 10-K. Please note that the company does not intend to update or alter these forward-looking statements to reflect events or circumstances arising after this call.

有關可能導致我們的實際結果與我們今天討論的結果大不相同的風險和不確定性的更多信息，請參閱我們提交給美國證券交易委員會的文件中的風險因素和 MD&A 部分，包括我們最近的 10-K 表格。請注意，公司無意更新或更改這些前瞻性陳述以反映此次電話會議後發生的事件或情況。

Third, we refer to certain non-GAAP financial measures, which are detailed in the earnings release and accompanied by reconciliations to the most directly comparable GAAP measures, which can be found in the Investor Relations section on our website.

第三，我們參考了某些非 GAAP 財務指標，這些指標在收益發布中有詳細說明，並附有與最直接可比的 GAAP 指標的對賬，這些指標可以在我們網站的投資者關係部分找到。

Lastly, a replay of this conference call will be available on our website shortly after the conclusion of this call.

最後，本次電話會議的重播將在本次電話會議結束後不久在我們的網站上提供。

I will now turn the call over to Xperi's CEO, Jon Kirchner.

我現在將把電話轉給 Xperi 的首席執行官 Jon Kirchner。

Thank you, Mike, and thank you, everyone, for joining us on our first quarter 2023 earnings call. We are pleased to deliver another quarter of significant business progress and solid financial results for Q1 of 2023. With these accomplishments, we remain on track to achieve our full year outlook and long-term strategic objectives.

謝謝邁克，也謝謝大家參加我們 2023 年第一季度的財報電話會議。我們很高興在 2023 年第一季度實現又一個季度的重大業務進展和穩健的財務業績。有了這些成就，我們仍有望實現全年展望和長期戰略目標。

Revenue in the quarter was $127 million, an increase of 7% from the prior year. We expanded our gross margin, sequentially reduced our operating expenses and significantly increased our adjusted EBITDA from the year ago period. I'll let Robert walk you through the details in just a moment.

本季度收入為 1.27 億美元，同比增長 7%。我們擴大了毛利率，連續減少了運營費用，並比去年同期大幅增加了調整後的 EBITDA。稍後我將讓羅伯特向您介紹詳細信息。

In addition to a strong quarter for Consumer Electronics, we continued to achieve major milestones in each of our key growth areas with significant progress in Media Platform, Connected Car and IPTV.

除了消費電子產品的強勁季度外，我們繼續在每個關鍵增長領域實現重大里程碑，在媒體平台、聯網汽車和 IPTV 方面取得重大進展。

The announcement of a second top 10 smart TV OEM integrating our TiVo operating system and the additional design win for our in-vehicle infotainment platform validate our independent media platform approach and are prime examples of our continued momentum.

第二家排名前 10 的智能電視 OEM 集成了我們的 TiVo 操作系統，以及我們的車載信息娛樂平台的額外設計勝利證明了我們的獨立媒體平台方法，並且是我們持續發展勢頭的主要例子。

As discussed at last fall's Investor Day, we offer a wide range of solutions designed to create extraordinary entertainment experiences for end users as well as improved safety, comfort and convenience in the car. Four of our solutions are in markets that are expected to expand rapidly over the next several years, while the other solutions are in markets that are more mature and relatively stable over a longer-term horizon. We refer to these areas as growth and core, respectively.

正如去年秋天的投資者日所討論的那樣，我們提供了廣泛的解決方案，旨在為最終用戶創造非凡的娛樂體驗，並提高汽車的安全性、舒適性和便利性。我們的四種解決方案所處的市場有望在未來幾年內迅速擴張，而其他解決方案所處的市場則更為成熟且在長期內相對穩定。我們將這些領域分別稱為增長和核心。

As I mentioned last quarter, our strategy is focused on driving revenue growth in the following key areas: connected TV advertising, where we offer our TiVo operating systems to power smart TVs and monetize ad-supported viewing; IPTV, where we offer our industry-leading content-first video platform; in-vehicle infotainment, where our DTS AutoStage combines broadcast radio and Internet metadata to enhance the in-cabin experience; and in-vehicle monitoring, where DTS AutoSense combines our imaging technology and machine learning to improve safety, comfort and convenience.

正如我在上個季度提到的，我們的戰略重點是推動以下關鍵領域的收入增長：聯網電視廣告，我們提供 TiVo 操作系統，為智能電視提供動力，並通過廣告支持的觀看獲利； IPTV，我們提供行業領先的內容優先視頻平台；車載信息娛樂系統，我們的 DTS AutoStage 結合了廣播電台和互聯網元數據，以增強車內體驗；和車載監控，其中 DTS AutoSense 結合了我們的成像技術和機器學習，以提高安全性、舒適性和便利性。

Each of these markets is expected to expand rapidly over the next several years as Internet connectivity, streaming and consumer expectations cause entertainment to be more ubiquitous and advertising dollars shift to new delivery methods. With decades of experience, we've leveraged our industry-leading technology to target these specific market opportunities with independent media platforms that are differentiated, unbiased and tailored to provide a personalized consumer experience. We believe these attributes will allow us to participate in the rapid expansion of these markets and drive revenue growth through a combination of license fees and monetization.

隨著互聯網連接、流媒體和消費者期望導致娛樂變得更加無處不在，廣告收入轉向新的交付方式，預計這些市場中的每一個都將在未來幾年迅速擴張。憑藉數十年的經驗，我們利用我們行業領先的技術，通過差異化、公正和量身定制的獨立媒體平台來瞄準這些特定的市場機會，以提供個性化的消費者體驗。我們相信這些屬性將使我們能夠參與這些市場的快速擴張，並通過許可費和貨幣化的結合推動收入增長。

Given the significant progress we've made over the last several months, I'd like to provide a bit more detail on some of our major accomplishments since our last earnings call. Within our Media Platform business, we signed a second top 10 smart TV OEM to integrate our TiVo operating system into their product lineup, with plans to launch initially in Europe next year. This is an exciting development as the signing of a second OEM clearly validates the market appeal of our offering and leaves us well positioned for long-term monetization growth.

鑑於我們在過去幾個月取得的重大進展，我想更詳細地介紹自上次財報電話會議以來我們取得的一些主要成就。在我們的媒體平台業務中，我們簽署了第二個排名前 10 的智能電視 OEM，將我們的 TiVo 操作系統集成到他們的產品系列中，併計劃明年首先在歐洲推出。這是一個令人興奮的進展，因為與第二家 OEM 的簽約清楚地驗證了我們產品的市場吸引力，並使我們在長期貨幣化增長方面處於有利地位。

As we outlined last quarter, our solution provides several key advantages to TV OEMs. We offer a truly independent media platform with unbiased search and discovery that is not influenced by a particular content provider or advertiser. Our unique business model enables smart TV OEMs to brand the experience, retain customer ownership and participate in usage-based economics over the life of the product.

正如我們在上個季度概述的那樣，我們的解決方案為電視原始設備製造商提供了幾個關鍵優勢。我們提供一個真正獨立的媒體平台，具有不受特定內容提供商或廣告商影響的公正搜索和發現。我們獨特的商業模式使智能電視原始設備製造商能夠打造體驗品牌，保留客戶所有權並在產品的整個生命週期內參與基於使用的經濟活動。

These aren't TiVo TVs. They are OEM-branded TVs powered by TiVo. From Xperi's perspective, with the TiVo operating system as the conduit for consuming content on smart TVs, we will be able to capture a portion of the ad revenue generated by consumers as they view ad-supported content over the life of the TV.

這些不是 TiVo 電視。它們是由 TiVo 提供支持的 OEM 品牌電視。從 Xperi 的角度來看，通過將 TiVo 操作系統作為在智能電視上消費內容的渠道，我們將能夠獲取消費者在電視生命週期內觀看廣告支持內容所產生的部分廣告收入。

With our second TV OEM on board, we're even better positioned to participate in the growth of connected TV advertising, which is expected to more than double to become a $28 billion market in 2026.

隨著我們第二家電視 OEM 的加入，我們更有能力參與聯網電視廣告的增長，該市場預計到 2026 年將增長一倍以上，成為一個價值 280 億美元的市場。

Lastly, we've been working collaboratively in our partnership with Vestel to bring the first Powered by TiVo TVs to market in Europe. While our software stack is ready, given market dynamics and based on retail planning with Vestel, we now expect the first shipments in Europe to be in the second half of 2023 in preparation for the holiday buying season.

最後，我們一直與 Vestel 合作，將首批 Powered by TiVo 電視推向歐洲市場。雖然我們的軟件堆棧已準備就緒，但考慮到市場動態並基於與 Vestel 的零售計劃，我們現在預計歐洲的首批出貨將在 2023 年下半年為假日購物季做準備。

This will have no impact on our guidance for the year as only a small amount of monetization revenue is expected in late 2023. With Vestel's volumes increasing as its rollout expands and a second top 10 OEM expected to begin shipping next year, we expect monetization revenue to begin to grow meaningfully in 2024 and beyond.

這不會對我們今年的指導產生影響，因為預計到 2023 年底只有少量貨幣化收入。隨著 Vestel 的銷量隨著其推出的擴大而增加，並且第二大 10 家 OEM 預計將於明年開始發貨，我們預計貨幣化收入在 2024 年及以後開始有意義地增長。

Overall, we're very pleased with our continued progress on our independent media platform strategy and its long-term growth prospects.

總的來說，我們對我們在獨立媒體平台戰略及其長期增長前景方面的持續進展感到非常滿意。

Our Connected Car business also had a strong quarter. The automotive industry is making extensive investments in connected car as Internet connectivity is turning the cabin into a personal entertainment space.

我們的聯網汽車業務也有一個強勁的季度。汽車行業正在對互聯汽車進行大量投資，因為互聯網連接正在將駕駛室變成個人娛樂空間。

As part of this transformation, we were awarded a new program for DTS AutoStage, our in-vehicle infotainment platform, with a major Japanese automobile manufacturer. This global program is expected to incorporate AutoStage into North American vehicles later this year followed by Europe and Asia in 2024.

作為此次轉型的一部分，我們獲得了與日本一家主要汽車製造商合作的車載信息娛樂平台 DTS AutoStage 的新計劃。該全球計劃預計將在今年晚些時候將 AutoStage 整合到北美車輛中，然後是 2024 年在歐洲和亞洲。

Our AutoStage and AutoSense solutions have now been awarded a combined total of more than 10 automotive OEM programs that include over 100 specific car models. With these program wins, our technology is expected to be incorporated into tens of millions of vehicles globally over the next 5 years.

我們的 AutoStage 和 AutoSense 解決方案現已獲得總共 10 多個汽車 OEM 計劃，其中包括 100 多種特定車型。憑藉這些項目的成功，我們的技術有望在未來 5 年內應用於全球數千萬輛汽車。

In addition to these next-gen platforms, we also continue to make progress in our well-established HD Radio business. Our HD Radio solution, which is the North American standard for digital radio, has been launched in 12 additional models for the U.S. market and 6 additional models for Mexico, increasing our penetration in new car production.

除了這些下一代平台，我們還在完善的 HD Radio 業務中繼續取得進展。我們的 HD Radio 解決方案是北美數字廣播標準，已在美國市場的 12 款車型和墨西哥市場的 6 款車型中推出，提高了我們在新車生產中的滲透率。

Lastly, we're pleased to extend our relationship with HARMAN, a major Tier 1 automotive supplier, signing a multiyear license renewal, which we expect will incorporate HD Radio into millions of cars over the next 6 years, demonstrating the resilience of this technology and providing a stable revenue stream for years to come.

最後，我們很高興與主要的一級汽車供應商 HARMAN 擴展我們的關係，簽署多年許可證續簽，我們預計這將在未來 6 年內將 HD Radio 整合到數百萬輛汽車中，展示該技術的彈性和為未來幾年提供穩定的收入來源。

Together, these wins set the stage for meaningful long-term Connected Car revenue growth as in-vehicle infotainment and monitoring are expected to double, becoming a $40 billion market in 2027.

總之，這些勝利為有意義的長期聯網汽車收入增長奠定了基礎，因為車載信息娛樂和監控預計將翻一番，到 2027 年成為一個 400 億美元的市場。

Within our Pay TV business, we're also making progress despite the continued industry decline in certain legacy pay TV platforms. Our IPTV platform continues to experience double-digit subscriber growth with new rollouts by major service providers across the Americas. For example, Eastlink, a major Canadian cable provider, has launched TiVo IPTV across their Canadian footprint. It's clear that our content-agnostic approach, bringing all entertainment together for consumers to find, watch and enjoy, provides a superior customer experience and is gaining traction with service providers and broadband operators.

在我們的付費電視業務中，儘管某些傳統付費電視平台的行業持續下滑，但我們也在取得進展。隨著美洲主要服務提供商的新推出，我們的 IPTV 平台繼續實現兩位數的用戶增長。例如，加拿大主要有線電視提供商 Eastlink 已在其加拿大業務範圍內推出 TiVo IPTV。很明顯，我們與內容無關的方法將所有娛樂內容集中在一起供消費者查找、觀看和享受，提供了卓越的客戶體驗，並且正在獲得服務提供商和寬帶運營商的青睞。

In addition, Frndly TV, a leading affordable live TV provider for the whole family with more than 750,000 subscribers, selected TiVo as their personalized content and discovery platform. As a result, we'll be providing search, discovery and personalized recommendations to their large subscriber footprint.

此外，擁有超過 750,000 名訂閱者的領先全家負擔得起的直播電視提供商 Frndly TV 選擇 TiVo 作為其個性化內容和發現平台。因此，我們將為他們龐大的訂戶足跡提供搜索、發現和個性化推薦。

Turning to Consumer Electronics. As we approach our 30th anniversary of DTS, the technology and durability of our audio business remains strong. During the quarter, we signed a series of major multiyear license renewals for our DTS audio enhancing technology. These license agreements allow many of the largest consumer electronics manufacturers to continue integrating DTS audio and Play-Fi into their products for the next several years, validating the value of these innovative technologies.

轉向消費電子產品。在我們即將推出 DTS 30 週年之際，我們音頻業務的技術和耐用性依然強勁。在本季度，我們為 DTS 音頻增強技術簽署了一系列重要的多年許可證續簽協議。這些許可協議允許許多最大的消費電子產品製造商在未來幾年內繼續將 DTS 音頻和 Play-Fi 集成到他們的產品中，從而驗證這些創新技術的價值。

Let me now turn to Perceive. As we've previously shared, we continue to expect first revenue in 2023. The bigger picture, however, is rapidly growing more interesting. The launch of ChatGPT 5 months ago marked a real inflection point in the field of machine learning. As these large models gain traction, it has spurred significant discussion about more rapid and wide-scale deployments and the challenges associated with scalability.

現在讓我轉向感知。正如我們之前分享的那樣，我們繼續期待 2023 年的第一筆收入。然而，更大的前景正在迅速變得更加有趣。 5 個月前 ChatGPT 的推出標誌著機器學習領域的真正轉折點。隨著這些大型模型獲得關注，它引發了關於更快速和更大規模部署以及與可擴展性相關的挑戰的重要討論。

The advanced compression software developed by our Perceive team is highly relevant to that challenge and represents a significant opportunity for value creation as companies grapple with the potential for runaway costs as the technology is more broadly used.

我們的 Perceive 團隊開發的高級壓縮軟件與這一挑戰高度相關，並且代表了創造價值的重要機會，因為隨著技術的廣泛使用，公司正在努力應對成本失控的可能性。

Perceive's technology advantages specifically targeting performance and power efficiency matter now more than ever. And we believe the future is bright as we complete work on larger language models in the near term and demonstrate our progress to customers and partners across the industry.

Perceive 專門針對性能和能效的技術優勢現在比以往任何時候都更加重要。我們相信未來是光明的，因為我們會在短期內完成更大語言模型的工作，並向整個行業的客戶和合作夥伴展示我們的進展。

In summary, it was a successful quarter from many perspectives. We continue to hit specific milestones that both validate our solutions and reaffirm our strategy. Our solid financial results confirm we're on the right path. And as these design wins convert into revenue over time, we expect to achieve our long-term financial targets.

總之，從許多角度來看，這是一個成功的季度。我們繼續達到特定的里程碑，這些里程碑既驗證了我們的解決方案，又重申了我們的戰略。我們穩健的財務業績證實我們走在正確的道路上。隨著這些設計勝利隨著時間的推移轉化為收入，我們期望實現我們的長期財務目標。

With that, I'll turn the call over to Robert to discuss our financials. Robert?

有了這個，我會把電話轉給羅伯特來討論我們的財務狀況。羅伯特？

Thanks, Jon. Let's get straight into the numbers. As Mike noted earlier, unless otherwise noted, all comparisons are against the same quarter in the prior year.

謝謝，喬恩。讓我們直接進入數字。正如邁克之前指出的那樣，除非另有說明，否則所有比較都是針對上一年的同一季度進行的。

Total revenue for the first quarter was $127 million, an increase of 7%. This increase was primarily driven by Consumer Electronics and Media Platform, partially offset by a decline in Pay TV. Pay TV, our largest revenue category, was down 6% as strong growth in IPTV was more than offset by declines in our core Pay TV product lines such as classic guides and consumer hardware subs.

第一季度總收入為 1.27 億美元，增長 7%。這一增長主要是由消費電子和媒體平台推動的，部分被付費電視的下滑所抵消。付費電視是我們最大的收入類別，下降了 6%，因為 IPTV 的強勁增長被我們核心付費電視產品線（如經典指南和消費硬件訂閱）的下滑所抵消。

Consumer Electronics was up 31% driven by growth in home audio and video solutions from renewals signed in the quarter, some of which were minimum guarantee arrangements in which the revenue was taken upfront. Additionally, we had strong reported shipments of game consoles.

消費電子產品增長了 31%，這是由於家庭音頻和視頻解決方案的增長推動了本季度簽署的續約，其中一些是預付收入的最低保證安排。此外，我們還報告了強勁的遊戲機出貨量。

Connected Car was up 4% due primarily to growth in our AutoSense and AutoStage products as well as modest growth in HD Radio.

聯網汽車增長了 4%，這主要是由於我們的 AutoSense 和 AutoStage 產品的增長以及 HD Radio 的適度增長。

Media Platform was up 34% driven by growth in monetization and contribution from the Vewd acquisition.

受貨幣化增長和 Vewd 收購貢獻的推動，媒體平台增長了 34%。

Our non-GAAP gross margin for the quarter was $100 million or 79%, an improvement of over 110 basis points driven primarily by a revenue mix shift towards Consumer Electronics, which is our highest gross margin category.

我們本季度的非 GAAP 毛利率為 1 億美元或 79%，提高了 110 個基點以上，這主要是由於收入組合轉向消費電子產品，這是我們毛利率最高的類別。

Non-GAAP adjusted operating expense for the quarter was $99 million, up 4% from the prior year carve-out financials but down 5% sequentially.

本季度非美國通用會計準則調整後的運營費用為 9900 萬美元，比去年分拆後的財務數據增長 4%，但環比下降 5%。

Our adjusted EBITDA was $7 million, an increase of approximately 70% from the prior year, yielding a 5% adjusted EBITDA margin.

我們調整後的 EBITDA 為 700 萬美元，比上年增長約 70%，調整後的 EBITDA 利潤率為 5%。

After accounting for tax and interest expense, our non-GAAP earnings per share was $0.04.

扣除稅項和利息費用後，我們的非 GAAP 每股收益為 0.04 美元。

Moving to the balance sheet. The company ended the quarter with $111 million of cash and cash equivalents. Our cash flow from operations in the quarter was a usage of $43 million due to the timing of bonus payments and certain collections. Specifically, the employee bonus payout, which occurs annually in Q1, was approximately $32 million, similar to last year's amount. We also saw an increase in accounts receivable and other assets of about $12 million, most of which has now been collected.

轉到資產負債表。公司在本季度結束時擁有 1.11 億美元的現金和現金等價物。由於獎金支付和某些收款的時間安排，我們本季度的運營現金流為 4300 萬美元。具體而言，每年第一季度發生的員工獎金支出約為 3200 萬美元，與去年的金額相似。我們還看到應收賬款和其他資產增加了約 1200 萬美元，其中大部分現已收回。

Overall, we expect operating cash flow to be positive for the balance of the year and to be approximately breakeven for the fiscal year.

總體而言，我們預計本年度餘額的經營現金流為正，本財年將接近盈虧平衡。

Turning to our financial outlook for 2023. We are reaffirming the previous guidance ranges and providing the following commentary. As provided on the last earnings call, we continue to expect full year revenue to be in the range of $510 million to $540 million. Full year adjusted EBITDA margin is expected to be in the range of 6% to 10%. Also unchanged, we expect cash taxes and non-GAAP tax for the year to be in the range of $20 million to $25 million.

談到我們對 2023 年的財務展望。我們重申之前的指導範圍並提供以下評論。正如上次財報電話會議所提供的那樣，我們繼續預計全年收入將在 5.1 億美元至 5.4 億美元之間。全年調整後的 EBITDA 利潤率預計在 6% 至 10% 之間。同樣保持不變的是，我們預計今年的現金稅和非 GAAP 稅將在 2000 萬至 2500 萬美元之間。

Although the Q1 non-GAAP tax expense was relatively modest at $0.5 million, we expect a higher non-GAAP tax expense for the remaining quarters of the year. Basic share count is still expected to average 43 million for the year, and fully diluted share count is expected to average approximately 49 million for the year.

儘管第一季度非 GAAP 稅費相對溫和，為 50 萬美元，但我們預計今年剩餘季度的非 GAAP 稅費會更高。全年基本股數仍預計平均為 4300 萬股，完全攤薄後的股份數預計全年平均約為 4900 萬股。

That concludes our prepared remarks. Let's now open the call for questions.

我們準備好的發言到此結束。現在讓我們開始提問。

(Operator Instructions) Your first question comes from the line of Hamed Khorsand from BWS Financial.

（操作員說明）您的第一個問題來自 BWS Financial 的 Hamed Khorsand。

Could you just talk about these upfront revenues that you would generate from the renewals? And how are you expecting to fall into place as far as the guidance is concerned just given that it seems like Q1 is going to be a very high Consumer Electronics revenue quarter?

您能否談談您將從續訂中產生的這些前期收入？鑑於第一季度似乎將是一個非常高的消費電子收入季度，就指導而言，您如何期望落實到位？

This is Robert. I can take that one. So the upfront revenue that we experienced in Q1 is part of our plan for the year. So it was known in advance how these would play out. So they're part of our guidance range for the year.

這是羅伯特。我可以拿那個。因此，我們在第一季度獲得的前期收入是我們今年計劃的一部分。所以事先知道這些將如何發揮作用。因此，它們是我們今年指導範圍的一部分。

And I think the way we think about it is they really are an affirmation of our DTS licensing business. So we'll be getting revenue -- actually, we'll be getting payments for these contracts over many years. So a really nice way to start the year and effectively part of our plan for the year.

而且我認為我們的思考方式是它們確實是對我們 DTS 許可業務的肯定。所以我們將獲得收入——實際上，我們將在很多年內獲得這些合同的付款。這是一個非常好的開始新的一年的方式，並且有效地成為我們今年計劃的一部分。

Okay. And any update as far as what you're seeing on the AutoSense side especially within the U.S. market if there's been an adoption of your technology?

好的。如果您的技術被採用，您在 AutoSense 方面看到的任何更新，特別是在美國市場？

I would say that the interest in cabin safety solutions continues to grow. We are meaningfully engaged with a sizable pipeline of automakers. From a standards perspective, there isn't necessarily any major event that has occurred of late. But I do think the industry globally is clearly moving in that direction. And I think we continue to have unique technology and a ton of domain expertise that is going to help us continue to win business in that space.

我想說的是，人們對客艙安全解決方案的興趣持續增長。我們與大量汽車製造商進行了有意義的合作。從標準的角度來看，最近不一定有任何重大事件發生。但我確實認為全球行業顯然正在朝著這個方向發展。而且我認為我們繼續擁有獨特的技術和大量的領域專業知識，這將幫助我們繼續在該領域贏得業務。

And my final question was, this TV OEM that you've won, was this because of Vestel that you won it? Or was this because of Roku making their own TVs?

我的最後一個問題是，您贏得的這個電視 OEM，是因為 Vestel 贏得了它嗎？還是因為 Roku 製作了自己的電視？

No. I think it really speaks to and validates our approach of, there's real desire for an independent media platform where the TV OEM can own their own brand, own the customer and participate in long-term economics. And I think that business model and that approach, coupled with a world-class UX/UI, search, rec and discovery capability that we offer, I think, is driving a lot of resonance with TV makers.

不，我認為這確實說明並驗證了我們的方法，我們真正希望有一個獨立的媒體平台，電視 OEM 可以擁有自己的品牌、擁有客戶並參與長期經濟。我認為，這種商業模式和方法，加上我們提供的世界級 UX/UI、搜索、記錄和發現功能，正在引起電視製造商的廣泛共鳴。

And I think it's just -- it's the next step in what we believe to be a robust pipeline. And I think it more than anything just says that we're on to something important here that I think is going to have meaningful impact to our business and growth over the next couple of years.

而且我認為這只是 - 這是我們認為強大的管道的下一步。而且我認為這不僅僅是說我們正在做一些重要的事情，我認為這將在未來幾年對我們的業務和增長產生有意義的影響。

Your next question comes from the line of Jason Kreyer from Craig-Hallum.

你的下一個問題來自 Craig-Hallum 的 Jason Kreyer。

Curious, as you approach the launch of the TiVo OS being built into these TVs with Vestel first later this year, just curious, the strategy on consumer interaction or maybe it's consumer awareness, just as these are the first devices with TiVo built in, I'm wondering if there's like a broader marketing campaign that goes along with that.

很好奇，當你接近今年晚些時候首次使用 Vestel 將 TiVo OS 內置到這些電視中時，只是好奇消費者互動的策略或者可能是消費者意識，就像這些是第一批內置 TiVo 的設備一樣，我我想知道是否有更廣泛的營銷活動與之相伴。

Yes. We're working in partnership with our TV partners to highlight some of the advantages of the interface as well as the fact that there's new and innovative technology on the TV platform. So in short, I think it will be coupled with clear marketing.

是的。我們正在與我們的電視合作夥伴合作，以突出界面的一些優勢以及電視平台上的創新技術。所以簡而言之，我認為它將與明確的營銷相結合。

But I think more than anything, what we want is as people turn on the TV that they have a great content-first user experience because that's the very thing that -- that's the very reason people are buying TVs, right, is they want to get to the content they want to watch in the simplest and easiest ways and understand where it's available. And I think we've designed our product in a way that facilitates that.

但我認為最重要的是，當人們打開電視時，我們想要的是他們擁有內容至上的出色用戶體驗，因為這正是 - 這就是人們購買電視的原因，對吧，他們想要以最簡單易行的方式獲取他們想要觀看的內容，並了解這些內容在哪裡可用。而且我認為我們已經以促進這一點的方式設計了我們的產品。

And I think that as a result, the learning curve will be relatively short, and I think the satisfaction that comes with the experience will drive even more interest in the platform over time.

而且我認為學習曲線會相對較短，隨著時間的推移，體驗帶來的滿足感會激發人們對該平台的更多興趣。

And then last week at the Newfronts, you guys kind of foreshadowed a move into the domestic market with TiVo OS. I'm just curious at what the process is that you go through there, if you're identifying OEMs and having engagements or how that process will look over the course of this year.

然後上週在 Newfronts，你們有點預示著 TiVo OS 將進入國內市場。我只是想知道你在那裡經歷的過程是什麼，如果你正在確定原始設備製造商並參與其中，或者這個過程在今年的過程中會是什麼樣子。

I expect that we'll continue to make progress on our pipeline. Naturally, we're talking to people globally. So I would say stay tuned.

我希望我們將繼續在我們的管道上取得進展。自然地，我們正在與全球的人們交談。所以我會說敬請期待。

But I think as we indicated when we first announced Vestel, which is great to have their partnership, but we thought there would be more. And I think today, we've shared some additional news that clearly validate that view, and I think it will continue.

但我認為正如我們在首次宣布 Vestel 時所指出的那樣，與他們建立合作夥伴關係很棒，但我們認為會有更多。我想今天，我們已經分享了一些額外的消息，這些消息清楚地證實了這一觀點，而且我認為它會繼續下去。

Okay. I'm going to squeeze in just one more on connected car. We've just seen more auto manufacturers kind of move away from things like CarPlay and Android Auto. Curious if you think that creates a bigger opportunity for AutoStage as you go forward.

好的。我打算再擠一輛聯網汽車。我們剛剛看到越來越多的汽車製造商開始放棄 CarPlay 和 Android Auto 等產品。好奇您是否認為這會在您前進的過程中為 AutoStage 創造更大的機會。

In short, I think automakers are increasingly looking to differentiate their cabins and certainly to offer next-gen experiences around the core media platforms or the media delivery sources that are in the car. And I think certainly, AutoStage and as we move into video, which we expect to see in this next generation of cars here as part of our broader platform, I think that the fact that we are an independent platform for the automakers to help further customize and create the experience they want in the cabin, leveraging our technology base and having easy access to next-gen radio among other things, I think that bodes well. And certainly, I think, as you mentioned, some of the other competing technologies in the car as people look to own their own experiences, we're a great partner to do that.

簡而言之，我認為汽車製造商越來越希望使他們的座艙與眾不同，並且肯定會圍繞核心媒體平台或汽車中的媒體傳輸源提供下一代體驗。我認為當然，AutoStage 和我們進入視頻，我們希望在下一代汽車中看到視頻作為我們更廣泛平台的一部分，我認為我們是汽車製造商幫助進一步定制的獨立平台並在機艙內創造他們想要的體驗，利用我們的技術基礎並輕鬆訪問下一代無線電等，我認為這是個好兆頭。當然，我認為，正如你提到的，當人們希望擁有自己的體驗時，汽車中的一些其他競爭技術，我們是一個很好的合作夥伴。

Your next question comes from the line of Nick Zangler from Stephens.

您的下一個問題來自 Stephens 的 Nick Zangler。

Congrats on the second smart TV win. That's awesome. Just a high level, I'm wondering if there's just any further details you could provide on that win, maybe when specifically you might see the launch within 2024, first half catalyst or back half. And does it look and feel similar to the arrangement with Vestel? And maybe you could size it up, I guess, relative to the initial win at Vestel. That could be helpful.

祝賀智能電視第二次獲勝。棒極了。只是一個高水平，我想知道你是否可以提供關於那場胜利的任何進一步細節，也許具體來說，你可能會在 2024 年、上半年催化劑或後半年看到發射。它看起來和感覺上與維斯特爾的安排相似嗎？我想，也許你可以根據最初在 Vestel 的勝利來評估它。這可能會有幫助。

Yes. Nick, they're a top 10 provider, as we said. I think we'll be able to maybe share a bit more information as we get into fall, which is when I expect this will likely become public as to who the brand is.

是的。尼克，正如我們所說，他們是前 10 名供應商。我認為我們可能會在進入秋季時分享更多信息，屆時我預計這可能會公開品牌是誰。

Business model here is consistent across our TV manufacturers. And as for exact timing and sizing, I think that's under discussion as we continue to work with this partner. So I would say stay tuned.

我們的電視製造商的商業模式是一致的。至於確切的時間和規模，我認為在我們繼續與該合作夥伴合作時正在討論中。所以我會說敬請期待。

Got it. And then how about just like how quickly this was able to come to fruition, just to level-set how fast these can come about. Bottom line, how long would you say you've been talking with this specific OEM? To kind of gauge from initial contact to actually committing to launch how long that process can take, especially in this environment where you've got the Rokus of the world building their own TVs, and maybe some are accelerating their plans to look for partners like what you can provide in TiVo.

知道了。然後，就像這能夠以多快的速度實現一樣，只是為了設定這些實現的速度。底線是，您與這個特定的 OEM 商談了多長時間？衡量從最初接觸到實際承諾啟動該過程需要多長時間，尤其是在這個環境中，世界各地的 Rokus 都在構建自己的電視，也許有些人正在加快他們尋找合作夥伴的計劃，例如您可以在 TiVo 中提供什麼。

I would say the sales cycle, oftentimes it's inside a year. But it varies. It varies based on the state of readiness, the technical complexity of what the TV maker is specifically trying to do, the chipsets that they're currently running in their TVs, et cetera. So -- and a lot of that pre-validation work precedes the ultimate agreement, the business agreement.

我會說銷售週期，通常在一年之內。但它各不相同。它根據準備狀態、電視製造商具體嘗試做的技術複雜性、他們目前在電視中運行的芯片組等而有所不同。所以——很多預驗證工作是在最終協議、商業協議之前進行的。

So I think I probably have more to say on this as we get further along in our pipeline, and maybe I can give you a better indication of kind of what both sides of the goalposts look like. But I would say this has been a very -- this outcome is a result of steady engagement, and we're thrilled to have them on board and look forward to going to market with them.

因此，我認為隨著我們在管道中的進一步推進，我可能對此有更多話要說，也許我可以給你一個更好的指示，說明球門柱的兩邊是什麼樣子。但我想說這是一個非常 - 這個結果是穩定參與的結果，我們很高興讓他們加入並期待與他們一起進入市場。

Awesome. And then I'm not -- I might have missed it, but I'm not sure if you touched on it. Any update on the Vestel TV launch, specifically when those TVs will hit retail? Just curious if we should start to expect some revenue contribution in 2Q or is it a back half '23 contribution?

驚人的。然後我不是 - 我可能錯過了它，但我不確定你是否觸及它。關於 Vestel TV 發布的任何更新，特別是這些電視何時上市銷售？只是好奇我們是否應該開始期待第二季度的收入貢獻或者它是 23 年的後半部分貢獻？

Late '23, Nick, is what we'd expect. And I think what we saw is based on some retail planning, even though our software stack is ready to go, that the timing of TVs in Europe for Vestel hitting retailers is likely coming in before the holiday buying season. So it's going to be second half.

23 年底，尼克，這是我們所期望的。而且我認為我們所看到的是基於一些零售計劃，即使我們的軟件堆棧已準備就緒，Vestel 電視在歐洲擊中零售商的時間可能會在假日購買季節之前到來。所以這將是下半場。

Got it. And then all right, last one. Media Platform revenues, up 33% in the quarter. I mean obviously, a very strong result. I think maybe just a little short of where we were modeling.

知道了。然後好吧，最後一個。媒體平台收入，本季度增長 33%。我的意思是很明顯，一個非常強大的結果。我想可能離我們建模的地方有點短。

I'm wondering if -- did that number come in line with your expectations for the quarter? And I'm curious if at this stage, you guys would see or experience any advertising pressure in the market. Like would you be able to call that out? Or are you guys in just such a ramp mode that you kind of don't really feel it? But just general commentary on that revenue number, where it came in.

我想知道這個數字是否符合您對本季度的預期？我很好奇在這個階段，你們是否會看到或體驗到市場上的任何廣告壓力。你能說出來嗎？還是你們只是處於一種您感覺不到的斜坡模式？但只是對該收入數字的一般評論，它是從哪裡來的。

Yes. So let me just address, from a broader market perspective, definitely, we're seeing there is some softness. But we have a number of things going in that category, so that helps blot the impact of that. Robert, more you'd like to add?

是的。因此，讓我從更廣泛的市場角度來看，我們確實看到了一些疲軟。但是我們在該類別中有很多事情要做，因此這有助於消除其影響。羅伯特，你還想補充嗎？

Sure. I would say that in terms of what we were expecting, Nick, we were more or less in line. Within that category, we're not yet experiencing the value we ultimately expect to receive within monetization until we really get a foothold into the TV OS market. So the upside for us this quarter is contribution from Vewd and growth in monetization, which was reasonable, I think. But that category, I think, is really emerging for us as an interesting growth category going forward.

當然。我會說，就我們的期望而言，尼克，我們或多或少是一致的。在這一類別中，在我們真正進入電視操作系統市場之前，我們還沒有體驗到我們最終期望在貨幣化中獲得的價值。因此，本季度我們的好處是來自 Vewd 的貢獻和貨幣化的增長，我認為這是合理的。但我認為，這一類別對我們來說確實正在成為一個有趣的增長類別。

(Operator Instructions) There are no further questions at this time. I would like to turn the call back over to the presenters.

（操作員說明）目前沒有其他問題。我想把電話轉回給主持人。

Thanks, operator, and thanks, everyone, for joining today's call. We're excited about our continued success and financial performance. I'd like to thank our employees, customers and partners for helping us achieve these strong results.

謝謝接線員，也謝謝大家參加今天的電話會議。我們對我們的持續成功和財務業績感到興奮。我要感謝我們的員工、客戶和合作夥伴幫助我們取得這些出色的成績。

We look forward to reviewing our Q2 results with you in early August. This concludes today's call.

我們期待在 8 月初與您一起回顧我們的第二季度業績。今天的電話會議到此結束。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。