Xperi Inc (XPER) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Xperi third quarter 2024 earning conference call (Operator Instructions)

感謝您的支持，歡迎參加 Xperi 2024 年第三季財報電話會議（操作員指令）

I'd now like to turn the call over to Mike Iburg, Head of Investor Relations. You may begin.

現在我想將電話轉給投資者關係主管 Mike Iburg。你可以開始了。

Thank you, operator. Good day, everyone. Thank you for standing by and welcome to Xperi's third quarter 2024 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, we will be an open Q&A session. I will now like to turn -- sorry.

謝謝您，接線生。大家好。感謝您的支持，歡迎參加 Xperi 2024 年第三季財報電話會議。在今天的演講中，各方將處於只聽模式。演示結束後，我們將進行開放的問答環節。我現在想轉身——抱歉。

Good afternoon, and thank you for joining us today as Xperi reports its third quarter 2024 financial results. With me on today's call are Jon Kirchner, Chief Executive Officer; Robert Anderson, Chief Financial Officer. In addition to today's earnings release, there is a presentation which can be accessed along with this webcast on our Investor Relations website at investor.xperi.com.

下午好，感謝您今天加入我們，Xperi 將公佈 2024 年第三季的財務表現。今天與我一起參加電話會議的還有執行長 Jon Kirchner；羅伯特‧安德森 (Robert Anderson)，財務長。除了今天的收益報告外，您還可以在我們的投資者關係網站 investor.xperi.com 上觀看一份簡報和本次網路廣播。

Before we begin, I'd like to provide a few reminders. First, I'd like to note that unless otherwise stated, all comparisons is part of the same period in the prior year. Second, today's discussion contains forward-looking statements about our business anticipated business and financial performance that are predictions, projections and other statements about future events which are based on management's expectations and beliefs and therefore subject to risks and uncertainties and changes in circumstances.

在我們開始之前，我想提供一些提醒。首先，我想指出的是，除非另有說明，所有比較都是去年同期的一部分。其次，今天的討論包含關於我們業務預期業務和財務表現的前瞻性陳述，這些陳述是基於管理層的期望和信念的對未來事件的預測、預計和其他陳述，因此受風險、不確定性和情況變化的影響。

For more Information on the risks and uncertainties that could cause our financial results to different materially from what we discussed today, please refer to our risk factors and MD&A section of our SEC filings included our most recent form 10-K and 10-Q. Please note that the company does not intend to update or alter these forward-looking statements to reflect the events or circumstances arising after this call.

有關可能導致我們的財務結果與我們今天討論的結果存在重大差異的風險和不確定因素的更多信息，請參閱我們向美國證券交易委員會提交的文件中的風險因素和MD&A 部分，其中包括我們最新的10-K 和10-Q 表格。請注意，本公司不打算更新或修改這些前瞻性陳述以反映本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 measure, which can be found in the investment relations section of our website. Lastly, a replay of this conference call will be available on our website shortly after the conclusion of this call.

第三，我們參考了某些非 GAAP 財務指標，這些指標在收益報告中有詳細說明，並附有與最直接可比較的 GAAP 指標的對帳表，可在我們網站的投資關係部分找到。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 our CEO, Jon Kirchner.

現在我將電話轉給我們的執行長 Jon Kirchner。

Thank you, Mike and thank you, everyone for joining us on our third quarter 2024 earnings call. Our successful efforts in streamlining the business through our multiyear cost transformation efforts are increasingly showing results. While quarterly results will naturally fluctuate, we believe our performance this quarter provides an important indication of our ability to increase the margin profile for the business over the next several years as we work to continue to drive strategic growth and optimize costs. I'll let Robert walk you through the financial details in just a moment, but let me first provide a brief overview of the quarter.

謝謝麥克，也謝謝大家參加我們的 2024 年第三季財報電話會議。我們透過多年的成本轉型努力在精簡業務方面取得的成功正在日益顯現成效。雖然季度業績自然會波動，但我們相信，本季的業績為我們在未來幾年提高業務利潤率的能力提供了一個重要的指標，因為我們將繼續推動策略成長並優化成本。稍後我將讓羅伯特向您介紹財務細節，但首先讓我簡單介紹一下本季的情況。

The macro environment in which we operate has been and may continue to be mixed. Inflation reduced, discretionary spending, CE and global automotive challenges have impacted our business and we've seen some partner delays with respect to the timing of certain rollouts of our TiVo OS Smart TVs. That said we continue to see demand for our differentiated solutions and are making strategic progress in the areas of the business that we expect to drive significant long-term growth.

我們經營的宏觀環境一直是好壞參半的，而且可能會繼續如此。通貨膨脹降低、可自由支配的支出、消費電子和全球汽車的挑戰都對我們的業務產生了影響，而且我們發現一些合作夥伴在某些 TiVo OS 智慧電視的推出時間方面有所推遲。儘管如此，我們繼續看到對差異化解決方案的需求，並在我們預計將推動長期顯著成長的業務領域取得了策略進展。

Importantly, we continue to focus our business and media platforms and licensing. As we believe these have the greatest long-term growth and profit potential. To this end, we have now completed a period of product rationalization with the sale of the AutoSense and related imaging business as well as the recent sale of Perceive.

重要的是，我們繼續關注我們的業務和媒體平台和授權。因為我們相信這些具有最大的長期成長和獲利潛力。為此，我們現已完成產品合理化階段，包括出售 AutoSense 及相關成像業務以及最近出售 Perceive。

While each divestiture results in a reduction in run rate revenue, they also contribute a meaningful step forward in profitability and strategic focus. The positive effects of the AutoSense sale and our continued business transformation efforts can be seen in the profitability numbers posted today.

雖然每次資產剝離都會導致營運收入的減少，但它們也為盈利能力和策略重點的向前邁出了有意義的一步。從今天公佈的獲利數據中可以看出 AutoSense 出售和我們持續的業務轉型努力所產生的正面影響。

Turning to the quarter just reported strong performance and Pay TV and Connected Car were the highlights in the quarter. The strength was primarily driven by a large multiyear classic guide minimum guarantee deal and Pay TV, partially offset by declines in consumer electronics and media platform. The net result was Q3 revenue of approximately $133 million, up 11% sequentially, up 2% from the year ago quarter and up 6%. When adjusting for the AutoSense divesture.

回顧剛公佈的強勁業績季度，付費電視和連網汽車是本季的亮點。這一強勁勢頭主要得益於多年來的大型經典指南最低保證協議和付費電視，但被消費電子產品和媒體平台的下滑部分抵消。淨結果是第三季營收約 1.33 億美元，季增 11%，年增 2%，季增 6%。當調整 AutoSense 剝離時。

Non-GAAP adjusted operating expenses declined 18% or $18 million from the prior year due mainly to our ongoing cost optimization efforts which included a meaningful reduction in head count in Q3 as well as from the AutoSense divestiture earlier this year. Adjusted EBITDA was $31.4 million or 24% of revenue more than tripling from the prior year quarter.

非公認會計準則調整後營業費用較上年下降 18% 或 1800 萬美元，主要由於我們持續的成本優化工作，包括第三季度大幅裁員以及今年早些時候剝離 AutoSense。調整後的 EBITDA 為 3,140 萬美元，佔營收的 24%，較去年同期成長兩倍多。

We remain focused on three key growth opportunities where we see strong potential and differentiation. These are connected TV advertising, where we offer our TiVo Media Platform to power Smart TVs and other broadband devices and monetize their usage. In-cabin Entertainment where DTS AutoStage combines broadcast radio, internet metadata and video to enhance the automotive experience and drive long term monetization, and TiVo Video-Over-Broadband where we provide subscribers access to our industry leading content first streaming platform for broadband-only and IPTV linear households. Each of these markets is expected to roughly double over the next 5 to 7 years.

我們仍然專注於三個關鍵的成長機會，我們看到了巨大的潛力和差異化。這些是連網電視廣告，我們提供我們的 TiVo 媒體平台來為智慧電視和其他寬頻設備提供支持，並透過其使用獲利。車內娛樂系統將DTS AutoStage 結合廣播電台、互聯網元數據和視頻，以增強汽車體驗並推動長期盈利，而TiVo Video-Over-Broadband 則為用戶提供我們行業領先的內容優先流媒體平台，僅供寬頻使用者使用以及IPTV線性家庭。預計未來 5 至 7 年內上述每個市場的規模都將約翻倍。

We continue to strengthen our position in each market and believe we are increasingly well positioned to grow our revenues as these markets expand. Consistent with past communications, our goal is to have 20 million Monetizable endpoints by the end of 2025, consisting of approximately 10 million in home and 10 million in cars. Breaking this down in homes, we expect an active footprint of 7 million devices comprised of connected TV's and other broadband devices, including our Video-Over-Broadband solutions, where ARPU comes from the viewing of ad supported content and usage of our TiVo Media Platform.

我們將繼續加強我們在每個市場的地位，並相信隨著這些市場的擴大，我們越來越有能力增加我們的收入。與過去的溝通一致，我們的目標是到 2025 年底擁有 2000 萬個可貨幣化終端，其中約 1000 萬個位於家庭，1000 萬個位於汽車。按家庭劃分，我們預計活躍設備數量將達到 700 萬台，包括連網電視和其他寬頻設備，包括我們的寬頻視訊解決方案，其中 ARPU 來自於觀看廣告支援的內容和使用我們的 TiVo 媒體平台。

Additionally, we expect approximately $3 million IPTV households utilizing our Video-Over-Broadband solution, where we primarily earn subscription revenue on a per household basis. Lastly, we expect to have DTS AutoStage and 10 million cars which we will monetize through license fees, upselling features and advertising. We believe that achieving our goal of 20 million monetizable endpoints should generate nearly $200 million of incremental revenue in 2026 relative to 2023.

此外，我們預計約有 300 萬個 IPTV 家庭將使用我們的寬頻視訊解決方案，我們主要以家庭賺取訂閱收入。最後，我們預計將擁有 DTS AutoStage 和 1000 萬輛汽車，我們將透過許可費、追加銷售功能和廣告將其轉化為現金。我們相信，實現 2,000 萬個可貨幣化終端的目標將使 2026 年較 2023 年產生近 2 億美元的增量收入。

Let me walk you through some of our recent achievements that reflect our progress. Within Media Platform, in Q3, we saw some partner delays shift certain Smart TV volume into Q4 of this year into early 2025. These shifts at least in part reflect the mixed industry environment mentioned earlier as a consequence, these delays have reduced our monetization expectations for 2024.

讓我向您介紹我們最近取得的一些能夠反映我們進步的成就。在媒體平台方面，在第三季度，我們看到一些合作夥伴延遲將部分智慧電視銷售轉移到今年第四季至 2025 年初。這些轉變至少在某種程度上反映了前面提到的混合產業環境，因此，這些延遲降低了我們對 2024 年的貨幣化預期。

Importantly, our activated device footprint is approaching 1 million units, and we're tracking toward our target of 2 million units by year end. This reflects some recent Q4 acceleration in our device footprint and growing commitments to our platform. Overall, we're confident that our partner pipeline remains on track to achieve our 7 million unit footprint goal by the end of 2025 and position us to grow monetization revenue through 2025 and beyond as our footprint continues to expand.

重要的是，我們的啟動設備數量已接近 100 萬台，我們正在朝著年底前 200 萬台的目標邁進。這反映了我們最近第四季度設備覆蓋範圍的加速以及對我們平台的承諾不斷增加。總體而言，我們相信，我們的合作夥伴管道仍有望在 2025 年底前實現 700 萬台的覆蓋目標，並且隨著我們的覆蓋範圍不斷擴大，我們將能夠在 2025 年及以後增加貨幣化收入。

Today, Smart TVs powered by TiVo are generally available across Europe, including in the largest markets under numerous different brands. At this stage of the roll out, our primary focus is to ensure maximum customer satisfaction and user engagement with Smart TVs powered by TiVo. We continue to receive data from activated units, and we're encouraged by viewing engagement. As we look to maximize platform value over time. Within Connected Car, we saw some growth and positive strategic momentum.

如今，搭載 TiVo 的智慧電視已遍佈歐洲，包括在歐洲最大的市場上以許多不同品牌銷售。在推出的這一階段，我們的主要重點是確保採用 TiVo 的智慧電視能夠最大限度地提高客戶滿意度和用戶參與度。我們持續接收來自啟動單位的數據，並且透過查看參與度讓我們備受鼓舞。我們希望隨著時間的推移最大化平台價值。在連網汽車領域，我們看到了一些成長和積極的戰略勢頭。

However, there were also some clear signs of emerging weakness in the market which may impact our per unit HD Radio business. We were awarded two new DTS AutoStage design wins one with video with a Japanese automotive OEM, which we expect will go into production next year. AutoStage is now deployed in more than 8 million vehicles across 146 countries with 5 million vehicles in North America having both HD radio and AutoStage.

然而，市場也出現了一些明顯的疲軟跡象，可能會影響我們的每台高清廣播業務。我們贏得了兩項新的 DTS AutoStage 設計大獎，其中一項是與日本汽車 OEM 合作的視訊設計，預計明年投入生產。AutoStage 目前已部署在 146 個國家的 800 多萬輛汽車上，其中北美有 500 萬輛汽車同時配備了高清收音機和 AutoStage。

The market for in-cabin entertainment continues to grow, and our near-term approach to this market is to take the steps necessary to expand our footprint and enhance end user customer satisfaction and engagement. We believe this footprint will strategically position us to build upon baseline licensing revenue with additional monetization revenue opportunities longer term.

車內娛樂市場持續成長，我們近期針對該市場的策略是採取必要措施擴大我們的足跡，提高最終用戶的客戶滿意度和參與度。我們相信，這項足跡將為我們在長期內基於基線授權收入創造更多貨幣化收入機會奠定策略基礎。

Lastly, even as the overall market may be softening, we continue to make progress in the North American market as automotive OEM's are adding HD radio to new models, enhancing potential penetration over time. Within Pay TV, Video- Over-Broadband or IPTV solution continues to make impressive progress, surpassing 2.4 million subscriber households in the quarter and reaching our year-end target. We also expanded TiVo Broadband with the signing of 2 new operators, bringing the total number of operators to 12 with 8 incremental this year.

最後，即使整體市場可能正在走軟，我們仍在北美市場繼續取得進展，因為汽車原始設備製造商正在為新車型添加高清收音機，從而隨著時間的推移增強潛在的滲透率。在付費電視領域，寬頻視訊或 IPTV 解決方案持續取得令人矚目的進展，本季用戶家庭數量超過 240 萬，達到了我們的年終目標。我們也與 2 家新業者簽約，擴大了 TiVo 寬頻業務，使得今年新增業者數量達到 12 家，增幅達 8 家。

Additionally, we executed an agreement with NCTC for a new broadband TV solution providing a low cost over the top content bundle for operators. Our rapidly growing Video- Over- Broadband footprint, combined with this new low-cost offering expands our opportunity for us based monetization through our TiVo platform along with Smart TVs. Lastly, within our legacy Pay TV products. We signed a significant multiyear classic guide renewal with Panasonic. These multiyear transactions contribute to the long-term economic value of our legacy solution.

此外，我們還與NCTC簽署了一項新的寬頻電視解決方案協議，為營運商提供低成本的頂級內容捆綁。我們快速成長的寬頻視訊業務，加上這項新的低成本產品，擴大了我們透過 TiVo 平台和智慧電視實現盈利的機會。最後，在我們的傳統付費電視產品中。我們與松下簽署了一份重要的多年經典指南續約協議。這些多年的交易為我們傳統解決方案的長期經濟價值做出了貢獻。

Turning to consumer electronics. We launched DTS Clear Dialogue, a new on-device solution that leverages the latest advancements in AI-based audio processing to improve dialogue, intelligibility for TVs. A recent Xperi, survey of 1,200 US adults revealed that 84% of consumers have experienced trouble understanding dialogue during TV shows and movies. In response, over three quarters of survey respondents said they use captions or subtitles with one and three reporting they're always on or often turned on. At IFA Berlin, our Clear Dialogue solution won two Best of IFA awards.

轉向消費性電子產品。我們推出了 DTS Clear Dialogue，這是一種新的設備解決方案，它利用基於 AI 的音訊處理的最新進展來改善電視的對話和清晰度。Xperi 最近對 1,200 名美國成年人進行的一項調查顯示，84% 的消費者在理解電視節目和電影的對話時遇到了困難。超過四分之三的受訪者表示，他們會使用字幕，其中四分之一的受訪者表示，他們總是使用或經常使用字幕。在柏林 IFA 展會上，我們的清晰對話解決方案贏得了兩個 IFA 最佳獎項。

And lastly, we signed multiple DTS Codec renewals with existing customers, Vestel, Honor and Masimo. With respect to Perceive, we said we would complete our strategic review by the end of summer, and we announced the sale of Perceive assets to Amazon on August 19, for growth proceeds of $80 million in cash. The transaction closed on October 2, and following additional tax planning that reduced our initial tax estimate by approximately $8 million. We now expect to net approximately $60 million from the transaction.

最後，我們與現有客戶 Vestel、Honor 和 Masimo 簽署了多個 DTS 編解碼器續約協議。關於 Perceive，我們表示將在夏季結束時完成策略評估，並於 8 月 19 日宣布將 Perceive 資產出售給亞馬遜，獲得 8,000 萬美元現金的成長收益。交易於 10 月 2 日完成，經過額外的稅務規劃，我們最初的稅務估算減少了約 800 萬美元。我們現在預計從該交易中淨賺約 6,000 萬美元。

Against an ambitious set of year end objectives, after three quarters, we've delivered against many of our core goals for 2024 with a number of important activities expected to happen between now and year end. Overall, despite certain challenges, we continue to make significant strategic and financial progress toward our long-term objectives.

按照雄心勃勃的年底目標，經過三個季度，我們已經實現了 2024 年的許多核心目標，預計從現在到年底將會進行許多重要活動。整體而言，儘管面臨一些挑戰，我們仍在朝著長期目標持續取得重大策略和財務進展。

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

就這樣。我將把電話轉給羅伯特討論財務問題。羅伯特？

Thanks, Jon. With that backdrop, let me now discuss the quarter's financial results. Total revenue for the third quarter was approximately $133 million, up 2% from last year's recorded revenue and up 6% when adjusting for the AutoSense and related Imaging Solutions divestiture that occurred earlier this year. With that in mind, and in order to compare apples to apples, let me compare this quarter's revenue by market against last year's results, excluding the divestiture.

謝謝，喬恩。基於此背景，現在讓我來討論一下本季的財務表現。第三季總營收約 1.33 億美元，比去年同期成長 2%，調整今年稍早發生的 AutoSense 及相關影像解決方案資產剝離後成長 6%。考慮到這一點，為了進行同類比較，讓我將本季各市場的收入與去年的業績（不包括資產剝離）進行比較。

Pay TV, our largest revenue category is up 35% compared to last year, bringing year-to-date Pay TV revenue to up 12% compared to the first nine months of last year. The Q3 increase was primarily driven by a large multiyear classic guide minimum guarantee deal in core Pay TV.

付費電視是我們最大的收入類別，與去年相比成長了 35%，使得今年迄今的付費電視收入與去年前九個月相比成長了 12%。第三季的成長主要得益於核心付費電視的多年期大型經典指南最低保證協議。

The structure of the deal required us to recognize most of the revenue up front even though the cash will be collected over time. This deal also reduces the expected rate of core Pay TV decline for the year. Pay TV also benefited from IPTV growth which continued its trend of double-digit year over year revenue growth.

交易結構要求我們預先確認大部分收入，儘管現金將隨著時間的推移而收回。這筆交易也降低了今年核心付費電視的預期下滑率。付費電視也受惠於IPTV的成長，其營收持續保持兩位數的年成長趨勢。

Consumer electronics was down 38% in part due to prior year minimum guarantee agreements along with lower royalty revenue in Q3 from market based softness in certain end products such as gaming consoles. Connected car was up 11% year over year, we primarily to higher revenue from auto stage and was up 25% year-to-date due to the significant multiyear program with an Asia based tier 1 automotive supplier for DTS in-cabin codec that occurred in the second quarter.

消費性電子產品下降了 38%，部分原因是去年同期的最低擔保協議以及第三季度由於遊戲機等某些終端產品的市場疲軟而導致的特許權使用費收入下降。連網汽車年增 11%，這主要得益於汽車領域的收入增加，今年迄今增長了 25%，這得益於與亞洲一級汽車供應商簽訂的 DTS 車內編解碼器重要多年期項目。第二季。

Despite this growth, we are seeing signs of weakness in the automotive market as we enter Q4. Media platform was down 39% in the quarter due primarily to minimum guarantee deals that occurred last year for core Middleware products and was down 18% year-to-date. While the trends with the Media platform are currently driven by the middleware and legacy Pay TV ad products, we remain confident in the future growth of our media platform business as our TiVo OS and video over broadband footprint expand over the coming quarters, non-GAAP adjusted operating expense for the quarters.

儘管取得了這樣的成長，但進入第四季度，我們看到汽車市場出現疲軟跡象。媒體平臺本季下跌 39%，主要原因是去年針對核心中介軟體產品的最低擔保交易，今年迄今下跌 18%。雖然目前媒體平台的趨勢是由中間件和傳統的付費電視廣告產品驅動的，但我們對媒體平台業務的未來成長仍然充滿信心，因為我們的TiVo OS 和寬頻視訊業務將在未來幾季擴大，非GAAP調整本季的營業費用。

Non-GAAP adjusted operating expenses for the quarter was $82 million down 18% or $18 million in the prior year. This year over year improvement was largely due to the reduction of approximately 100 personnel, most of whom were based in the US along with other cost saving actions. The improvement was also due to the investiture of AutoSense and related imaging solutions earlier this year as well as lower run rate spending on a perceived subsidiary of which the sale completed at the beginning of October. Non-GAAP tax in the quarter was $6 million.

本季非公認會計準則調整後營業費用為 8,200 萬美元，較上年下降 18% 或 1,800 萬美元。今年的同比改善主要歸功於裁減了約 100 名員工，其中大部分駐紮在美國，同時也採取了其他節省成本的措施。業績改善的另一個原因是今年稍早對 AutoSense 及相關成像解決方案的投資，以及對一家知名子公司（10 月初完成出售）的較低運行率支出。本季非公認會計準則稅為 600 萬美元。

Our adjusted EBITDA was $31 million resulting in an adjusted EBITDA margin of 24%. After accounting for tax and interest expense, our non-GAAP earnings per share attributable to the company was $0.51. Moving to the balance sheet. The company ended the quarter with $73 million of cash and cash equivalent. The balance sheet also shows total unbilled receivables of $126 million, an increase of $44 million since the beginning of this year. Due to the higher amount of minimum guaranteed deals completed.

我們的調整後 EBITDA 為 3,100 萬美元，調整後 EBITDA 利潤率為 24%。扣除稅金和利息費用後，我們歸屬於公司的非公認會計準則每股收益為 0.51 美元。轉到資產負債表。本季結束時，該公司的現金和現金等價物為 7,300 萬美元。資產負債表還顯示，未開立應收帳款總額為 1.26 億美元，自今年年初以來增加了 4,400 萬美元。由於完成的最低保證交易數量較高。

Approximately two thirds of the unbilled overall, unbilled receivables amount are expected to be billed in the next four quarters and converted to cash. With regard to the $50 million of debt, that's on the balance sheet which matures in July 2025. We're planning to refinance most if not all of the debt early next year. We are already underway on the refinancing process.

預計未開立應收帳款總額中約有三分之二將在未來四季內開立發票並轉換為現金。至於 5,000 萬美元的債務，它已在資產負債表上登記，將於 2025 年 7 月到期。我們計劃在明年初對大部分（如果不是全部的話）債務進行再融資。我們目前正在進行再融資過程。

Operating cash flow was a $4 million use of cash primarily driven by changes in working capital and onetime items. With regard to capital allocation during the third quarter, we repurchased $10 million worth of stock for $1.1 million shares at an average price of $8.92. Given our belief that our share price does not fully reflect the value of the business. We expect to make additional share repurchases in the coming quarters.

經營現金流為 400 萬美元，主要由於營運資本和一次性項目的變化。關於第三季的資本配置，我們以平均 8.92 美元的價格回購了價值 1,000 萬美元的股票，共 110 萬股。我們認為我們的股價並未完全反映業務價值。我們預計將在未來幾季進行額外的股票回購。

Our capital allocation strategy is to continue to return excess capital to shareholders while maintaining an adequate amount of cash for investment in key growth drivers and working to deleverage and reduce borrowing costs over time.

我們的資本配置策略是繼續向股東返還多餘的資本，同時保持足夠的現金用於投資關鍵成長動力，並努力去槓桿化並降低借貸成本。

Moving to our outlook for the remainder of 2024, we're making the following changes to the guidance ranges previously provided. We are updating our revenue range to $490 million to $505 million to reflect softness in our core licensing markets such as CE and automotive relative to our expectations earlier in the year. Further monetization revenue expected in the fourth quarter has largely shifted into 2025. The department delays with respect to TV footprint in certain markets.

展望 2024 年剩餘時間的展望，我們對先前提供的指導範圍進行了以下更改。我們將營收範圍更新為 4.9 億美元至 5.05 億美元，以反映我們的核心授權市場（例如 CE 和汽車）相對於今年稍早的預期表現疲軟。預計第四季的進一步貨幣化收入已大部分轉移到 2025 年。該部門在某些市場的電視覆蓋範圍方面有所延遲。

Despite the lower revenue range, we are increasing our adjusted EBITDA margin range to 14% to 16% due to progress with respect to our business transformation efforts. Full year operating cash flow is now expected to be $50 million to $60 million usage of cash. The change in forecast is due to three main factors.

儘管收入範圍較低，但由於業務轉型努力取得進展，我們將調整後的 EBITDA 利潤率範圍提高至 14％至 16％。目前預計全年營運現金流將達到 5,000 萬至 6,000 萬美元。預測的變化主要源自於三個因素。

First, we have a larger amount of minimum guarantee deals in the second half which were not contemplated in the original forecast and for which the cash will be collected in the future period. Second, we incurred about $30 million of onetime costs for the divestitures and related business transformation including transaction costs, severance costs, cash taxes. Another one-time costs that were not anticipated earlier in the year. Third, as just noted, our forecast for revenue is also lower which impacts operating cash.

首先，我們下半年有大量的最低擔保交易，這些交易在最初的預測中沒有考慮到，並且將在未來期間收取現金。其次，我們因資產剝離和相關業務轉型而產生了約 3,000 萬美元的一次性成本，包括交易成本、遣散費、現金稅。這是今年早些時候未預料到的另一項一次性成本。第三，如剛才所提到的，我們的收入預測也較低，這會影響營運現金。

Importantly, with the perceived transaction closing two days after the end of Q3, we expect to end the year with well over $100 million of cash on the balance sheet. Non-GAAP tax expenses now expected to be approximately $25 million which is $5 million higher than the prior estimate primarily due to tax incurred as part of the perceived sale transaction.

重要的是，由於該交易將在第三季結束兩天後完成，我們預計今年年底資產負債表上的現金將遠超過 1 億美元。目前預計非公認會計準則稅費約為 2500 萬美元，比先前的估計高出 500 萬美元，這主要是由於預計銷售交易中產生的稅費。

Our estimate for capital expenditures stays the same at approximately $20 million. As a result of the share repurchases, our estimated share count for basic share is reduced by $1 million to approximately $45 million and fully diluted shares is reduced by $2 million to approximately $46 million.

我們對資本支出的估計保持不變，約 2000 萬美元。由於股票回購，我們估計基本股票數量減少 100 萬美元至約 4,500 萬美元，完全稀釋股票數量減少 200 萬美元至約 4,600 萬美元。

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

我們的準備好的演講到此結束。現在讓我們開始提問。操作員？

Thank you. [Operator Instructions]

謝謝。[操作說明]

Jason Kreyer, Craig Hallum capital.

傑森·克里爾 (Jason Kreyer)，克雷格·哈勒姆 (Craig Hallum) 資本。

Great. Thank you. This is Cal on for Jason here. So, I just kind of wanted to start with some of the puts and takes on what you're seeing with the TiVo OS device shipments. I know you noted some kind of getting pushed into 2025. But it sounds like broadly, things are kind of accelerating here. So, I just wanted to get a sense of your confidence in reaching that $2 million unit goal by the year end. And is there any way to quantify, that kind of implies about $5 million units for next year to hit your goal? I mean, is there any kind of upside scenarios there given the acceleration you've seen there?

偉大的。謝謝。我是 Jason 的 Cal。所以，我只是想先了解一下 TiVo OS 設備出貨量的一些情況。我知道您注意到有些事情被推遲到了 2025 年。但從整體來看，事情正在加速發展。所以，我只是想了解一下您對在年底前實現 200 萬美元單位目標的信心。有什麼方法可以量化嗎，這意味著明年需要大約 500 萬美元才能實現你的目標？我的意思是，考慮到您所看到的加速發展，那裡是否存在某種上行情境？

Well, I think we're both comfortable that around about your end will hit the $2 million mark, and we have visibility. So there's certainly been compared to when we expected to see some of these units kind of shift more in the summertime frames and things have pushed later in the year. So, well, that isn't necessarily favorable given, our attempt to get the viewership beginning to be monetized. And that's what's shifting it to '25. We still, feel very good about both the pipeline and the increased activity. And as I, as we said on the call, we're, seeing accelerating activity and as it relates to '25 we have very good line of sight with ever more partners coming online. You know, to, I think our ability to, to achieve, that goal of 7 million units as we exit '25 to '26.

好吧，我想我們都感到滿意，大約你們的收入將達到 200 萬美元，而且我們有預見性。因此，與我們預期的相比，這些單位在夏季框架內發生了更多轉變，而且情況已經推遲到了今年晚些時候。所以，考慮到我們試圖將收視率貨幣化，這不一定是有利的。這就是將其轉移到‘25’的原因。我們仍然對管道和增加的活動感到非常滿意。正如我在電話會議上所說的那樣，我們看到活動正在加速，並且與'25相關，我們對越來越多的合作夥伴上線有很好的視線。你知道，我認為我們有能力在 25 至 26 年間實現 700 萬台的目標。

Overall, I think we feel very good about the strategic progress, despite a little bit of short-term delay as people have moved some things around. And I think an important thing to understand is we don't control the timing, on a lot of this as well. It's so, we're an ingredient provider but other people are making decisions about the market, the industry and their own needs.

總體而言，我認為我們對策略進展感到非常滿意，儘管由於人們改變了一些事情而造成了一些短期延遲。我認為需要理解的一件重要的事情是，在很多事情上我們也無法控制時間。確實如此，我們是原料提供者，但其他人正在根據市場、產業和自己的需求做出決策。

Perfect. And then I guess secondly, for me, can you kind of just give, it's kind of early still, but just any update to some of the monetization you're seeing on TiVo OS and maybe just kind of give us a sense of some of the monetization tail winds you would expect to see as you continue to achieve a greater scale in some of these markets.

完美的。其次，對我來說，您能否透露一下，現在還為時過早，但您能否介紹一下您在 TiVo OS 上看到的一些貨幣化更新，也許可以讓我們了解一下隨著您在其中在一些市場中繼續實現更大的規模，您期望看到的貨幣化順風將會出現。

Well, I think, at this point, the monetization revenue is not material in part because footprint still remains relatively small. One of the important things about ultimately monetizing, footprint is you need, you know, certain scale within each market to begin to, you know, bundle audience segments, but are both relevant and, and interesting to advertisers. So, there's nothing out there that we see that would indicate that we won't be able to monetize the engagement and the viewership, millions of hours are being consumed on these TVs that are more newly out there.

嗯，我認為，在這一點上，貨幣化收入並不重要，部分原因是足跡仍然相對較小。關於最終貨幣化的重要事情之一是，你需要在每個市場中達到一定的規模，以便開始捆綁受眾群體，但這些群體對於廣告商來說都是相關的並且有趣的。所以，我們所看到的一切都表明，我們無法透過參與度和收視率來獲利，人們在這些新推出的電視上浪費了數百萬小時的時間。

So, there will be an optimization equation that, that kind of as the audiences get bigger, as the footprint gets bigger as you move through '25 and '26 that will allow you to get more, drive more revenue. But in short, all the pieces we believe are in place and certainly the industry more broadly. This increasingly is the path for ad supported viewing where consumers are spending more time and energy in their entertainment choices.

因此，會有一個優化方程，隨著觀眾越來越多，隨著 25 年和 26 年足跡越來越大，這將使您獲得更多，帶來更多收入。簡而言之，我們相信所有要素都已經到位，整個產業也都已經到位。這越來越成為一種廣告支持觀看的方式，消費者在娛樂選擇上花費了更多的時間和精力。

Great. Thank you very much. Thank you so much.

偉大的。非常感謝。太感謝了。

Steve Frankel, Rosenblatt.

史蒂夫·弗蘭克爾、羅森布拉特。

Good afternoon, Jon. I want to follow up on TiVo OS. The delays you're talking about in of some units coming to market. Does that include what you previously talked about in terms of the entry into the North American market for this holiday season?

下午好，喬恩。我想關注 TiVo OS。您談論的是一些產品上市的延遲。這是否包括您之前談到的關於今年假期季節進入北美市場的情況？

We expect that a partner is heading into production here in late November for some US destined TVs that should be here around year end. So, it remains to be seen as to how much of a presence they'll have at that point. But I think we have every bit of confidence that as you get into '25 you'll see at least two of our partners in the US market. And obviously we're going to work aggressively to, try to build even on that footprint further to the extent we can.

我們預計合作夥伴將於 11 月底在這裡開始生產一些銷往美國的電視機，這些電視機應該會在年底左右上市。所以，到那時他們的存在感會有多強還有待觀察。但我認為，我們完全有信心，當進入25年時，您會在美國市場看到至少兩個我們的合作夥伴。顯然，我們將積極努力，盡我們所能，進一步擴大這一足跡。

And so, are you also saying you're seeing some delays in Europe with some of the existing partners as well? Is this just volume related to earlier expectations, or you have partners That you thought were launch.

那麼，您是否也說您與歐洲的一些現有合作夥伴也看到了一些延誤？這僅僅是與早期預期相關的數量嗎，或者您有您認為即將推出的合作夥伴。

Yeah, totally correct, Steve, it is, it has more to do with the volumes of when certain things are going to happen. We, had expected certain volumes to hit, you know, bigger earlier in summer and we've had some people push around their own plan, some cases move a little, slower. And based on that, we've seen this time shift, but as I said, as you got into Q4, we've been seeing, folks, kind of accelerate some of the things we expected a little bit earlier. So, it maintains for us, a high degree of confidence over, that our platform is being I think embraced by now seven partners. They're committed to it, they're working with us. The plumbing is, even though there may be smaller numbers of units out there as we're, approaching that million mark. We're seeing that they are in fact activated, that they are connected and we're getting data off these units, even though they're a little bit more let's call it widely, dispersed across various parts of Europe.

是的，完全正確，史蒂夫，這與某些事情發生的時間量有關。我們原本預期某些交易量會在夏季初達到更大水平，但有些人卻在推行自己的計劃，有些交易的進展會稍微慢一些。基於此，我們看到了這種時間上的轉變，但正如我所說，隨著進入第四季度，我們已經看到，朋友們，一些我們早先預期的事情正在加速發生。因此，我們高度相信，我們的平台現在受到七個合作夥伴的歡迎。他們致力於此並與我們合作。儘管管道數量可能較少，但我們已經接近百萬大關。我們看到它們實際上已被激活，它們已連接起來，我們正在從這些單位獲取數據，儘管它們的分佈範圍更廣，遍布歐洲各地。

And it's worth noting Steve , the units that have shipped and they're in market, we get a good review from any customers and are not being returned, which is absolutely critical. So, it's a good product which I think matters a lot.

值得注意的是，史蒂夫，已經發貨並投放市場的產品都得到了所有客戶的好評，而且沒有被退回，這一點絕對至關重要。所以，我認為這是一款好產品，這點非常重要。

John your confidence in hitting the seven does that depend on winning any new partners? Or do you think with the seven you have today, you could drive enough volume to hit the 7 million units?

約翰，你對打出七分的信心是否取決於是否能贏得新的夥伴？或者您認為目前擁有的 7 台設備，就能達到 700 萬台的目標嗎？

The latter. We have all the partners, we need to be able to drive those numbers are better.

後者。我們擁有所有的合作夥伴，我們需要能夠推動這些數字變得更好。

Great. And, then you also talked about some softness in the US market. Are we talking here about end demand? Or are you talking about decision cycles maybe getting extended? So, you're not getting designed in when you thought you would?

偉大的。然後您還談到了美國市場的一些疲軟。我們這裡談論的是最終需求嗎？或者您說的是決策週期可能會延長？那麼，您並沒有像自己想像的那樣被設計進去呢？

I think we're seeing some softer demand in some cases. I mean, certainly things like game consoles being, down relative to some of our expectations. I would say, there hasn't been any meaningful shifts in market share as we, think about our more traditional CE businesses. And in automotive, while we continue to see good directional progress with what we're doing strategically with things like auto stage. We are seeing a bit of a weakening, as you think about broader, broader volumes out there. And you don't have to go very far to look at the headlines on various automotive reports that, all is all is not going swimmingly. And so I think we're, trying to manage through that and again, this is about relative expectations that we may have had at the beginning of the year relative to the fact that, we might, we're still seeing obviously positive progress.

我認為在某些情況下我們看到了一些疲軟的需求。我的意思是，遊戲機之類的東西肯定比我們的預期要低。我想說，當我們考慮更傳統的消費性電子業務時，市場佔有率並沒有任何重大變化。在汽車領域，我們在汽車階段等領域的策略性措施不斷取得良好的方向性進展。如果你考慮到更廣泛的範圍，我們看到了一點減弱的跡象。而且，您不需要走很遠就能看到各種汽車報道的標題，一切都進展得併不順利。因此，我認為我們正在努力解決這個問題，這與我們在今年年初可能有的相對預期有關，而事實上，我們可能仍然看到明顯的積極進展。

Okay, great. Thank you.

好的，太好了。謝謝。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Hi. So, first question is, I guess the, the overhang that you're talking about in the auto and consumer electronics market, that's been a topic that's been going on since the beginning of the year, even last year. So why did it take so long before you actually start to see it?

你好。所以，第一個問題是，我猜，您所談論的汽車和消費電子市場的困境，這個主題從今年年初開始就一直在討論，甚至從去年就開始了。那麼為什麼你要花這麼長時間才真正看到它呢？

Well, you got to remember, I mean, we've got, our products and a lot of different submarkets within CE and we build our, kind of our annual guidance ranges based on a whole bunch of, possible, scenarios puts and takes, allowing for the fact that things are almost always different by the time you get to the end of the year than maybe they were expected at the beginning. But, usually within the zone you're trying to lay out. I think the difference here is a combination of factors, including some expectations around, what would be stronger reports later in the year turned out to be weaker. And based on that, we made the decision to adjust the range but importantly, not only maintaining but even increasing our profitability guidance.

嗯，你要記住，我的意思是，我們有我們的產品和消費電子領域的許多不同子市場，我們根據一系列可能的情景和收益來製定我們的年度指導範圍，考慮到到年底時情況幾乎總是與年初預期的不同。但是，通常是在您嘗試佈局的區域內。我認為這裡的差異是由多種因素造成的，包括一些預期，今年稍後會更強勁的報告結果卻較弱。基於此，我們決定調整範圍，但重要的是，不僅維持甚至提高我們的獲利預期。

Okay. And are you walking back from getting one more TV OEM before the end of the year?

好的。你們會放棄在年底前獲得另一家電視 OEM 的機會嗎？

Well, we originally said that our goal was to get one, we got that one. I think we are still working on a pipeline of other partners. So, certainly it is within the cards that may occur as well.

嗯，我們最初說過我們的目標是得到一個，我們得到了那個。我認為我們仍在努力尋找其他合作夥伴。所以，這當然也是有可能發生的情況。

But so we're not stopping from a pipeline development perspective. The good news is, is that, as Robert said, I think very well, our product is getting very strong reviews and its function and from a deployment perspective amongst our partners, the deployments have gone relatively smoothly, little to no product is coming back which is critical in the TV space. And I think we're going to be able to build on that as, other potential partners are, are looking at this possibility and thinking about how do they, you potentially join the platform.

但從管道開發的角度來看，我們不會停止。好消息是，正如羅伯特所說，我認為我們的產品得到了很好的評價，其功能和我們合作夥伴的部署角度來看，部署進展相對順利，幾乎沒有產品會再次出現這對於電視領域來說至關重要。我認為我們將能夠在此基礎上再接再厲，因為其他潛在合作夥伴也在研究這種可能性並思考如何加入平台。

Okay. And then Robert, can you help bridge this operating cash flow a little bit better than how you describe them? I mean, that's a quite a big chunk going away and you're assuming that comes back next year.

好的。那麼羅伯特，您能否幫助我們更好地彌補這一營運現金流，而不是像您描述的那樣？我的意思是，這其中很大一部分已經消失了，而你認為明年還會再回來。

Well, it's yeah, it's, it's a question of what did we expect at the beginning of the year and how has that changed? And so, I described it as three primary things, number one is just the level of minimum guarantee deals that we've done this year. It is higher from what we're forecasting at the moment and keep in mind the minimum guarantee deal is very good business for us because it gives us certainty to our relationship with that customer. But the Rev Rec rules are such that we generally take most of the revenue up front and collect the cash over the duration of the contract.

嗯，是的，問題是我們在年初有何預期，以及現在的情況發生了怎樣的變化？所以，我將其描述為三個主要方面，第一是我們今年所做的最低擔保交易的水平。該金額高於我們目前的預測，請記住，最低擔保協議對我們來說是一項非常好的業務，因為它讓我們與該客戶的關係更加確定。但是 Rev Rec 規則是這樣的，我們通常會預先收取大部分收入，並在合約期限內收取現金。

The contract lengths for MGs are kind of two or three years. And so that's generally the period of time that we see it. So, I would say that's probably of this difference, maybe $30 million of that.

MG 的合約期限為兩年或三年。這就是我們通常看到它的時間段。所以，我想說差額大概是這個數，大概是 3,000 萬美元。

When we look at the probably number two issue is unusual items that occurred during the year. Most of these are related to the, the divestiture, primarily related to Perceive and this is transaction costs, severance costs, cash taxes, and other business transformation pieces that we hadn't estimated at the beginning of the year. But that actually impact cash even though we may pro forma these out on a non-GAAP basis.

當我們看可能排在第二位的問題是今年發生的異常事件。其中大部分與資產剝離有關，主要與 Perceive 有關，其中包括交易成本、遣散費、現金稅以及我們在年初尚未估計的其他業務轉型部分。但這實際上會影響現金，儘管我們可能在非 GAAP 基礎上對其進行預測。

So, and I think the last one is just that we have slightly lower revenue that we guided. So that's the -- that's kind of the three pieces. Does that help clarify how to kind of think about this?

因此，我認為最後一個原因是我們的收入略低於我們預期。這就是——這大概就是三個部分。這有助於澄清如何思考這個問題嗎？

A little bit, but let me ask another question is that, if you're running on non-GAAP basis, profitably and your adjusted EBITDA positive, given the accounts receivable on the on the balance sheet, does that mean you end next year with something like $300 million in cash?

有一點，但讓我問另一個問題是，如果你按照非 GAAP 原則運營，盈利並且調整後的 EBITDA 為正，考慮到資產負債表上的應收賬款，這是否意味著你明年年底的大約3 億美元現金？

I'm not in a position to guide next year for cash. But I think you can assume that as we collect the cash from these minimum guaranteed deals, as long as our level doesn't increase of doing MG's, our level of cash collection will be higher than I fundamentally than revenue.

我沒有能力為明年的現金做出指導。但我認為你可以假設，當我們從這些最低保證交易中收集現金時，只要我們做 MG 的水平沒有增加，我們的現金收集水平就會從根本上高於收入。

You have something like $125 million unbilled and then another $100 million and change in billed accounts receivable and then you have another $100 million cash. So that's where I'm getting my numbers. I'm just trying to have confidence in your accounts receivable.

您有大約 1.25 億美元的未開票款項，然後還有 1 億美元已開立應收帳款變化，然後您還有 1 億美元現金。這就是我的數字的來源。我只是想對你的應收帳款有信心。

Well, I do as well. I mean, there's we have not had a collection, broad collection issues, so near term challenges, but that our collections have been consistent and strong, we have high quality partners that we work with. So yeah, I mentioned on the call of the of the $125 million that you mentioned in the unbilled receivables and roughly two thirds of that is current to extend will be billed within the next 12 months and converted into cash. I think that's worth understanding as well. Hamed.

嗯，我也是。我的意思是，我們還沒有遇到廣泛的收款問題，所以短期內面臨挑戰，但我們的收款一直保持穩定和強勁，我們擁有高品質的合作夥伴。是的，我在電話會議上提到了，您提到的 1.25 億美元未開票應收帳款中，大約三分之二的當前應收帳款將在未來 12 個月內開票並轉換成現金。我認為這也值得理解。哈米德。

Okay, thank you.

好的，謝謝。

And there are no further questions at this time. I will turn the call back over to Jon Kirchner for some final closing remarks.

目前沒有其他問題。我將把電話轉回給喬恩·基什內爾 (Jon Kirchner)，請他做最後的總結發言。

Thanks operator and thanks everyone for joining us on today's call. We're pleased with our continued strategic and financial progress, and we look forward to reviewing our Q4 results with you in February. Operator, this concludes today's call.

感謝接線員，也感謝大家參加今天的電話會議。我們對持續的策略和財務進展感到滿意，並期待在二月與您一起回顧我們的第四季度業績。接線員，今天的通話到此結束。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。