Xperi Inc (XPER) 2025 Q1 法說會逐字稿

Good day, everyone. Thank you for standing by and welcome to the Xperi first-quarter 2025 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the call will be open for questions.

大家好。感謝您的支持，歡迎參加 Xperi 2025 年第一季財報電話會議。在今天的演講中，各方將處於僅聆聽模式。演講結束後，會議將開放提問。

I would like to now turn the call over to Sam Levenson from Arbor Advisory Group. Sam, please go ahead.

現在我想將電話轉給 Arbor Advisory Group 的 Sam Levenson。山姆，請繼續。

Thank you, Amy. Good afternoon and thank you for joining us as Xperi reports its first-quarter 2025 financial results. With me in today's call are Jon Kirchner, Chief Executive Officer; and Robert Andersen, Chief Financial Officer. In addition to today's earnings release, there's an earnings presentation on our Investor Relations website at investor.xperi.com. We encourage you to download the presentation and follow along with today's commentary.

謝謝你，艾米。下午好，感謝您參加 Xperi 2025 年第一季財務業績報告。和我一起參加今天電話會議的還有執行長 Jon Kirchner 和財務長 Robert Andersen。除了今天的收益報告外，我們的投資者關係網站 investor.xperi.com 上還發布了收益簡報。我們建議您下載簡報並關註今天的評論。

Before we begin, I would like to provide a few reminders. First, I would like to note that unless otherwise stated, all comparisons are to the same period in the prior year. Second, today's discussion contains forward-looking statements about our anticipated business and financial performance that are predictions, projections or 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.

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，所有比較均與去年同期進行。其次，今天的討論包含關於我們預期的業務和財務業績的前瞻性陳述，這些陳述是基於管理層當前的預期和信念對未來事件做出的預測、預期或其他陳述，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 actual results to differ materially from what we discuss today, please refer to the Risk Factors and MD&A sections in our SEC filings, including our most recent Form 10-K for the year ended December 31, 2024. Please note, 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，包括截至 2024 年 12 月 31 日的最新 10-K 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 their most directly comparable GAAP measures, which can be found in the investor relations section of our website. Last, 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者關係部分找到。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 Xperi CEO, Jon Kirchner.

現在我將電話轉給 Xperi 執行長 Jon Kirchner。

Thank you, Sam, and thank you, everyone. Q1 execution was strong as we made measurable progress on our full-year growth goals in TiVo OS and related TiVo One platform rollout, video over broadband, IPTV, household subscribers, and the proliferation of DTS AutoStage footprint.

謝謝你，山姆，也謝謝大家。第一季的執行情況非常強勁，我們在 TiVo OS 和相關 TiVo One 平台推出、寬頻視訊、IPTV、家庭用戶以及 DTS AutoStage 足蹟的擴展等方面的全年增長目標取得了可衡量的進展。

These efforts put us in a good position to drive meaningful revenue growth through our media platform strategy over the next several years and realize significant increases in profitability and cash flow. Notably, this execution continues despite broad macroeconomic uncertainties that our team continues to navigate well.

這些努力使我們處於有利地位，能夠在未來幾年透過我們的媒體平台策略推動有意義的收入成長，並實現盈利能力和現金流的顯著增長。值得注意的是，儘管宏觀經濟存在廣泛的不確定性，但我們的團隊仍在繼續有效應對，這項執行仍在繼續。

From a financial standpoint, our results were in line with our expectations for the quarter and represent a good start to the year. Robert will take you through the details in just a moment, but let me first touch on a few highlights.

從財務角度來看，我們的業績符合本季的預期，並代表今年的一個好開始。羅伯特稍後會向您介紹詳細信息，但首先讓我談談一些亮點。

Revenue in the quarter was $114 million, a decrease from last year primarily due to business divestitures completed during 2024. We continued to reduce our operating expenses due primarily to our focus on cost transformation. As a result, we achieved adjusted EBITDA of $16 million for the quarter, or 14 % of revenue, up over 200 % when compared to $5 million in the prior-year quarter.

本季營收為 1.14 億美元，較去年同期下降，主要原因是 2024 年完成的業務剝離。由於我們注重成本轉型，我們持續降低營運費用。因此，本季我們的調整後 EBITDA 達到 1,600 萬美元，佔營收的 14%，與去年同期的 500 萬美元相比成長了 200% 以上。

Looking forward, we remain focused on our three growth solutions where we can see strong potential and differentiation. These are, first, connected TV advertising, where we offer our TiVo One platform that monetizes ad-supported viewing, viewership data, and home page engagement across smart TVs powered by TiVo and TiVo video-over-broadband devices; second, in-cabin entertainment, where DTS AutoStage combines radio, internet metadata, and video to enhance the automotive experience and is designed to enable long-term monetization through licensing fees, upselling features, advertising, and data; and third, TiVo video-over-broadband, where we offer an industry-leading content-first streaming platform for our customers' IPTV linear video households, as well as broadband-only households, where revenue is primarily generated by monthly subscriptions. We continue to expect each of these markets, along with our market penetration, to grow meaningfully over the next several years.

展望未來，我們將繼續專注於我們的三個成長解決方案，我們可以看到其強大的潛力和差異化。首先是連網電視廣告，我們提供 TiVo One 平台，該平台透過 TiVo 和 TiVo 視訊寬頻裝置支援的智慧電視上的廣告支援觀看、收視資料和首頁參與度獲利；其次是車內娛樂，其中 DTS AutoStage 結合了廣播、網際網路廣告觀看、收視資料和首頁參與度獲利；其次是車內娛樂，其中 DTS AutoStage 結合了廣播、網際網路廣告和錄影以增強汽車體驗，旨在透過授權費、影加獲利線性視訊家庭以及僅使用寬頻的家庭提供業界領先的內容優先串流媒體平台，其收入主要來自每月訂閱。我們繼續預計，未來幾年，這些市場以及我們的市場滲透率都將顯著成長。

Before we proceed further, I want to give a quick refresher on our TiVo One ad platform, which was discussed on our February call. TiVo One is our cross-screen ad platform for maximizing engagement and monetization on streaming devices.

在我們繼續討論之前，我想快速回顧一下我們在二月電話會議上討論過的 TiVo One 廣告平台。TiVo One 是我們的跨螢幕廣告平台，用於最大限度地提高串流媒體設備的參與度和貨幣化。

We are deploying TiVo One on smart TVs powered by TiVo and on TiVo IPTV-based video-over-broadband boxes, which are connected to smart TVs and thus power the user interface. A primary focus of this platform is delivering unique reach through home screen-based ads, which advertising clients recognize as a key common and frequent touch point in the consumer and entertainment journey as they seek to find, watch, and enjoy the content they love.

我們正在由 TiVo 支援的智慧電視和基於 TiVo IPTV 的寬頻視訊盒上部署 TiVo One，這些盒子連接到智慧電視，從而為用戶介面提供支援。該平台的主要重點是透過基於主螢幕的廣告實現獨特的覆蓋範圍，廣告客戶認為主螢幕廣告是消費者在尋找、觀看和享受自己喜愛的內容時，娛樂旅程中一個關鍵的、常見且頻繁的接觸點。

Additionally, we generate advertising revenue from free ad supported television content where video ads are sold primarily programmatically. For our most important near-term business metric, we finished the quarter with 2.5 million monthly active users on the TiVo One ad platform. This includes rollout into the US through updates to our video over broadband device footprint and the launch of Sharp TVs powered by TiVo.

此外，我們也透過免費廣告支援的電視內容獲得廣告收入，其中影片廣告主要透過程式化方式出售。對於我們最重要的近期業務指標，本季結束時，TiVo One 廣告平台的每月活躍用戶數為 250 萬。其中包括透過更新我們的寬頻視訊設備覆蓋範圍以及推出由 TiVo 提供支援的夏普電視來進軍美國市場。

We define TiVo One monthly active users as a unique device that is connected to the TiVo video service, which includes the TiVo One advertising platform, at least once within the last 30 days. While our TiVo One monthly active user footprint remains weighted in Europe where we ramped Smart TVs last year, we've started to gain a user footprint in the US through the deployment of TiVo One to certain video-over-broadband devices, including IPTV set-top boxes, and Smart TV shipments with Sharp.

我們將 TiVo One 月活躍用戶定義為過去 30 天內至少連接過一次 TiVo 視訊服務（包括 TiVo One 廣告平台）的唯一裝置。雖然我們的 TiVo One 每月活躍用戶足跡仍然集中在歐洲，我們去年在那裡大力推廣智慧電視，但透過將 TiVo One 部署到某些寬頻視訊設備（包括 IPTV 機上盒）以及與夏普合作的智慧電視出貨量，我們已開始在美國獲得用戶足跡。

Let me now walk you through some of our recent achievements within each market, beginning with media platforms. During the quarter, we successfully began the rollout of the new TiVo One homepage ad unit to certain TVs and video-over-broadband devices, where this ad unit takes over the majority of the home screen. We've now executed our first media and entertainment pilot advertising campaigns using this ad unit, and we're pleased with the engagement, click-through rates, and viewership we delivered for our advertisers.

現在讓我向您介紹我們在每個市場中取得的一些最新成就，首先是媒體平台。在本季度，我們成功地開始向某些電視和寬頻視訊設備推出新的 TiVo One 主頁廣告單元，該廣告單元佔據了主螢幕的大部分空間。我們現在已經使用該廣告單元執行了我們的第一個媒體和娛樂試點廣告活動，我們對為廣告商帶來的參與度、點擊率和收視率感到滿意。

In the US, began selling Sharp TVs powered by TiVo through select regional retailers including PC Richard & Son and BrandSmart USA. In Europe, Skyworth under the Mets brand started selling Mets TVs powered by TiVo in the UK. We now have dozens of brands selling across Europe.

在美國，開始透過包括 PC Richard & Son 和 BrandSmart USA 在內的指定區域零售商銷售搭載 TiVo 的夏普電視。在歐洲，創維旗下的 Mets 品牌開始在英國銷售搭載 TiVo 技術的 Mets 電視。我們現在有數十個品牌在歐洲各地銷售。

From a content perspective, we launched more than 80 additional entertainment content partner applications onto the TiVo OS platform. Broadly speaking, streaming services have continued to adopt TiVo OS as an emerging independent media platform and appreciate the value of its agnostic content-first discovery features and easy-to-use technical platform.

從內容角度來看，我們在 TiVo OS 平台上推出了 80 多個額外的娛樂內容合作夥伴應用程式。廣義上講，串流媒體服務繼續採用 TiVo OS 作為新興的獨立媒體平台，並欣賞其不可知的內容優先發現功能和易於使用的技術平台的價值。

Notable partners launched in the quarter include global brands such as Tubi, sports network DAZN, and Red Bull TV, as well as multiple leading local streaming partners, including Mediaset, Infinity, and Movistar. We also publish Sony Channels, which are curated, genre-specific, ad-supported streaming, or fast channels comprised of premium content from Sony's robust catalog of movies and TV programming.

本季推出的知名合作夥伴包括 Tubi、體育網絡 DAZN 和 Red Bull TV 等全球品牌，以及多個領先的本地串流媒體合作夥伴，包括 Mediaset、Infinity 和 Movistar。我們也發布索尼頻道，這些頻道是精選的、特定類型的、廣告支援的串流媒體或快速頻道，包含索尼豐富的電影和電視節目目錄中的優質內容。

To help our partners bring TVs powered by TiVo to market faster, we completed important engineering initiatives designed to expand the diversity of the global supply chain options they have. This will allow for broader and more flexible sourcing in multiple production regions. Moving to connected car, we had a very productive and successful quarter, including the signing of two multi-year HD radio agreements with tier one manufacturers.

為了幫助我們的合作夥伴更快地將 TiVo 電視推向市場，我們完成了重要的工程計劃，旨在擴大他們擁有的全球供應鏈選擇的多樣性。這將允許在多個生產區域進行更廣泛、更靈活的採購。在連網汽車領域，我們度過了一個非常有成效和成功的季度，包括與一級製造商簽署了兩份多年期高清廣播協議。

Given the general uncertainty in the macro market related to tariffs and consumer confidence, we believe these agreements are valuable to ensure longer-term customer commitment to our technologies and to grow penetration of HD radio over time. There were 15 models that launched with HD radio in the quarter, including Lincoln Navigator, Honda Passport, Lucid Motors Gravity, Nissan Armada, Toyota 4Runner, and Audi Q5.

鑑於宏觀市場在關稅和消費者信心方面普遍存在的不確定性，我們認為這些協議對於確保客戶對我們的技術的長期承諾以及隨著時間的推移提高高清廣播的普及率非常有價值。本季度共有 15 款車型配備高清收音機，包括林肯領航員、本田 Passport、Lucid Motors Gravity、日產 Armada、豐田 4Runner 和奧迪 Q5。

Several new vehicles also launched with DTS AutoStage during the quarter, including BMW iX1 and 2 Series Gran Coupes, Ford Expedition Max, Hyundai Palisade, and the Tesla Model Y. DTS AutoStage finished the quarter with a footprint of 11 million vehicles in over 130 countries. And lastly, previously announced design win Audi has now launched DTS AutoStage video service powered by TiVo and Audi vehicles in Japan.

本季也推出了多款搭載 DTS AutoStage 的新車，包括BMW iX1 和 2 系列 Gran Coupes、福特 Expedition Max、現代 Palisade 和特斯拉 Model Y。DTS AutoStage 本季度的覆蓋範圍已覆蓋 130 多個國家的 1100 萬輛汽車。最後，先前宣布贏得設計的奧迪現已在日本推出由 TiVo 和奧迪汽車支援的 DTS AutoStage 視訊服務。

Within the Pay-TV market, continued to see strong growth for our IPTV business as we finished the quarter with over 2.75 million video over broadband subscriber households, a 36 % year-over-year increase. Notably, we signed several new operators in the quarter, bringing the cumulative total of TiVo broadband wins to over 30.

在付費電視市場，我們的 IPTV 業務持續保持強勁成長，本季結束時寬頻視訊用戶家庭超過 275 萬戶，較去年同期成長 36%。值得注意的是，我們在本季度簽約了幾家新營運商，使 TiVo 寬頻累計簽約數量達到 30 多家。

During the quarter, we began updating our video over broadband footprint in the US to enable enhanced sports features, including personalized league and sports carousels. This code update also includes the TiVo One home page advertising unit. Importantly, the TiVo video over broadband platform controls the user interface of the consumer smart TV, where engagement is over four hours of overall content viewership per day.

在本季度，我們開始更新美國寬頻視訊覆蓋範圍，以增強體育功能，包括個人化聯賽和體育輪播。本次代碼更新還包括 TiVo One 主頁廣告單元。重要的是，TiVo 寬頻視訊平台控制消費者智慧電視的使用者介面，每天的觀看時間總計超過四小時。

Turning to Consumer Electronics, we successfully signed several long-term DTS audio renewal agreements, including with customers that include Skyworth, TCL, Hisense, TPV, and Best Buy. We also signed important IMAX enhanced renewals with Honor and Philips TPV, expanded content commitments with Sony Pictures, and continued to add new hit titles to the Disney Plus lineup to support broader product licensing.

在消費性電子領域，我們成功與創維、TCL、海信、TPV、百思買等客戶簽署了多項長期 DTS 音訊續約協議。我們還與 Honor 和飛利浦 TPV 簽署了重要的 IMAX 增強續約協議，擴大了與索尼影業的內容承諾，並繼續在 Disney Plus 陣容中添加新的熱門影片，以支持更廣泛的產品許可。

In summary, during the quarter, we made progress, great progress in our strategic initiatives and remain on track to achieve the 2025 goals outlined in our last investor call. As we work to deliver on these goals, we expect to position ourselves for overall revenue growth in 2026, along with related gains and profitability and cashflow.

總而言之，在本季度，我們的策略舉措取得了巨大進展，並有望實現上次投資者電話會議中概述的 2025 年目標。在努力實現這些目標的過程中，我們預計 2026 年的整體營收將實現成長，同時相關的收益、獲利能力和現金流也將隨之成長。

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

說完這些，我將把電話轉給羅伯特，討論我們的財務狀況。羅伯特？

Thanks, Jon. As usual, I'll be covering two main areas during this call. I'll first go through the financial results and provide commentary for the quarter. And second, I'll discuss our financial outlook.

謝謝，喬恩。像往常一樣，我將在本次電話會議中討論兩個主要領域。我將首先介紹本季的財務結果並提供評論。其次，我將討論我們的財務前景。

Let me begin with the quarter's results. Total revenue for the first quarter was $114 million, a decrease of 4% from last year's $119 million, and lower by 2% when adjusting for the perceived divestiture. Pay-TV, our largest revenue category, posted $50 million in the quarter, a decrease of 12% as strong growth in IPTV, which was up 25%, was more than offset by a decrease in our core Pay-TV business, partly due to certain minimum guarantee revenue that occurred last year.

讓我先介紹一下本季的業績。第一季總收入為 1.14 億美元，比去年的 1.19 億美元下降 4%，如果根據感知資產剝離進行調整，則下降 2%。付費電視是我們最大的收入類別，本季營收為 5,000 萬美元，下降了 12%，因為 IPTV 的強勁成長（成長了 25%）被我們核心付費電視業務的下降所抵消，部分原因是去年發生的某些最低保證收入。

Consumer electronics was $23 million, a decrease of 5% when excluding the divestiture of perceived. The reduction was primarily due to lower revenue on softer production volume of certain consumer electronics products. Connected car rose 37% to finish at $33 million. The significant growth was primarily due to minimum guarantee licensing arrangements for HD radio that occurred during the quarter, partially offset by lower automotive volumes utilizing HD radio and audio-based solutions.

消費性電子產品的營收為 2,300 萬美元，若不包括感知業務的剝離，則下降了 5%。收入減少主要是因為某些消費性電子產品產量下降導致收入下降。連網汽車上漲 37%，收在 3,300 萬美元。這一顯著增長主要歸因於本季度發生的高清廣播最低保證許可安排，但因使用高清廣播和音頻解決方案的汽車銷量下降而部分抵消了這一增長。

Media platform at $8 million was lower than last year by 30%, due primarily to lower middleware revenue associated with a license agreement and audit settlement that occurred last year, along with a time shift of certain advertising commitments year over year. We expect these commitments to be fulfilled later this year.

媒體平台收入為 800 萬美元，比去年下降了 30%，主要原因是去年與授權協議和審計結算相關的中間件收入較低，以及某些廣告承諾的年復一年時間推移。我們預計這些承諾將在今年稍後兌現。

Moving to the income statement. Our non-GAAP adjusted operating expense for the quarter was $76 million, an improvement of $15 million or 17% from the prior year. Approximately 80% of this expense improvement is savings from business optimization efforts, and the remaining 20% is from business divestitures.

轉到損益表。本季我們的非公認會計準則調整後營業費用為 7,600 萬美元，比去年同期減少了 1,500 萬美元，增幅為 17%。其中約 80% 的費用改善來自於業務優化帶來的節省，其餘 20% 來自於業務剝離。

Our adjusted EBITDA was $16 million, resulting in an adjusted EBITDA margin of 14%. Notably, we more than tripled adjusted EBITDA year over year and expanded the adjusted EBITDA margin rate by over 900 basis points. Achieving a 14% margin in a seasonally weaker quarter demonstrates significant progress toward our full-year goal of 16% to 18% adjusted EBITDA margin. Our non-GAAP earnings per share was $0.16, a $0.21 increase from last year's $0.05 loss per share.

我們的調整後 EBITDA 為 1,600 萬美元，調整後 EBITDA 利潤率為 14%。值得注意的是，我們的調整後 EBITDA 年成長了兩倍多，調整後 EBITDA 利潤率提高了 900 多個基點。在季節性較弱的季度實現 14% 的利潤率，顯示我們在實現全年 16% 至 18% 的調整後 EBITDA 利潤率目標方面取得了重大進展。我們的非公認會計準則每股收益為 0.16 美元，比去年每股虧損 0.05 美元增加 0.21 美元。

Moving to the balance sheet, the company entered the quarter with $88 million of cash and cash equivalents, a decrease from the fourth quarter of 2024 due to $22 million of operating cash usage, $4 million of investing activities, and $16 million of financing activities.

從資產負債表來看，公司本季的現金和現金等價物為 8,800 萬美元，較 2024 年第四季有所下降，原因是營運現金使用量為 2,200 萬美元、投資活動為 400 萬美元、融資活動為 1,600 萬美元。

In late February, we completed the financing arrangement with PNC Bank for a $55 million line of credit. This line is backed by our accounts receivable assets for which we retired $10 million of our prior debt and refinanced the remaining $40 million under the new line of credit. This line has a three-year term and our current borrowing rate is one month SOFR plus 190 basis points.

2 月底，我們與 PNC 銀行完成了 5,500 萬美元信用額度的融資安排。這項信用額度由我們的應收帳款資產支持，我們為此償還了 1000 萬美元的先前債務，並在新的信用額度下為剩餘的 4000 萬美元進行了再融資。這條貸款期限為三年，我們目前的借款利率為一個月的 SOFR 加 190 個基點。

Operating cash in the quarter was a usage of $22 million due primarily to the pay down of accrued liabilities of $15 million principally for bonus amounts for fiscal year 2024 and from an increase in unbilled contract receivables related to minimum guarantee contract arrangements within the connected car category. Notably, operating cash improved by $28 million compared to Q1 of last year.

本季度營運現金使用量為 2,200 萬美元，主要由於償還 1,500 萬美元應計負債（主要用於 2024 財年的獎金金額）以及與連網汽車類別中的最低擔保合約安排相關的未開票合約應收款增加。值得注意的是，與去年第一季相比，營運現金增加了 2,800 萬美元。

With regard to our financial outlook, despite various macroeconomic uncertainties, we are maintaining our outlook for the year. Thus far, the impact of tariffs on our business appears to be modest and within the range of planning outcomes set for the year. We will continue to monitor if any changes in outlook are warranted as new information becomes available.

關於我們的財務前景，儘管存在各種宏觀經濟不確定性，但我們仍維持對今年的展望。到目前為止，關稅對我們業務的影響似乎不大，並且在年度計劃結果範圍內。隨著新資訊的出現，我們將繼續監測前景是否有必要改變。

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？

(Operator Instructions) Hamed Khorsand, BWS.

（操作員指示）Hamed Khorsand，BWS。

So starting off with the IPTV and the user base, it's now at 2.75 million, but it sounds like you also added a lot more service providers. So assuming that you get to 3 million soon, what's the timeframe as far as monetizing that and getting to a higher baseline revenue. What will it take?

因此，從 IPTV 和用戶群開始，現在用戶數量為 275 萬，但聽起來您還增加了更多的服務提供者。因此，假設您很快就能達到 300 萬，那麼將其貨幣化並獲得更高基準收入的時間範圍是怎樣的呢？這需要什麼？

Well, I think there's kind of a continued quarter over quarter effort to assist with deployments and more wins that ultimately will drive subscribership revenue. I'm not sure what specifically, Thomas, you're seeking to answer other than I think you'll see those improvements play out through the year and obviously, consequent revenue increases. think simultaneously,

嗯，我認為我們會持續每季地努力協助部署並取得更多勝利，最終推動訂閱收入的成長。湯瑪斯，我不確定你具體想回答什麼，但我認為你會看到這些改進在全年發揮作用，顯然，隨之而來的收入也會增加。同時思考，

Some of the video-over-broadband wins, at the end of the day, are less about subscription revenue as they are about the longer tail of monetization that can happen on the platform. And as we talked about, this is an area where we're starting and have begun to roll out various code updates that will enable us to bring a more robust kind of ad platform onto those set-top boxes and that will in turn begin to yield monetization revenue that comes in parallel with what we're doing on smart TVs.

歸根結底，寬頻影片的一些勝利並不在於訂閱收入，而是在平台上可以實現的更長遠的貨幣化。正如我們所討論的，這是我們開始的領域，並且已經開始推出各種代碼更新，這將使我們能夠在機上盒上帶來更強大的廣告平台，從而開始產生與我們在智能電視上所做的同步的貨幣化收入。

I guess I'm trying to get to, do you have the manpower and capacity to handle that 50% increase in the number of IPTV customers quarter on quarter?

我想問的是，您是否有足夠的人力和能力來處理 IPTV 客戶數量較上季增加 50% 的情況？

Well, it's not necessarily up 50%. I'm not sure where you got that number. Last quarter you guys said it was 20 customers. Now you're saying it's 30 customers.

嗯，不一定會上漲 50%。我不確定你從哪裡得到這個號碼。上個季度你們說有 20 個客戶。現在你說有 30 位顧客。

Oh, in the sheer numbers. Not all those deployments will happen immediately and simultaneously. They all have separate schedules under which they'll roll out. But in short, yes, we're staging and working with those customers to make sure not only we can handle it, but ultimately they come online.

哦，就數量而言。並非所有部署都會立即同時進行。他們都有各自的推出時間表。但簡而言之，是的，我們正在與這些客戶一起努力，以確保我們不僅能夠處理它，而且最終他們可以上線。

Okay, and then my final question was going to be about cash flow. Is there a specific quarter we would see the group of company have a positive cash flow that you're guiding to? Is it all happening in Q4?

好的，我的最後一個問題是關於現金流。您是否預計在某個特定季度我們會看到公司集團出現正現金流？這一切都會在第四季發生嗎？

No, it's not all completely back-end weighted. Q1 is seasonally our weakest quarter because we paid deferred liabilities related to last year. But you'll see that pretty much any year for us. Given that we've guided to be positive for the year, think you're going to expect the balance of the year to be in positive category, certainly in a second.

不，它並不完全是後端加權的。由於我們支付了與去年相關的遞延負債，因此第一季是我們季節性最弱的季度。但幾乎每年你都會看到我們出現這種情況。鑑於我們對今年的預期是積極的，那麼我們認為今年的餘額肯定會處於積極的類別，肯定會在一秒鐘內。

(Operator Instructions) Matt Galinko, Maxim Group.

（操作員指示）Matt Galinko，Maxim Group。

Just not sure if I missed it in the prepared remarks, but did you or can you speak to any additional OEMs in the pipeline for for TV companies?

只是不確定我是否在準備好的發言中遺漏了這一點，但是您是否或可以與電視公司正在籌備中的任何其他 OEM 廠商交談？

We didn't necessarily call it out specifically in the script, but broadly speaking, we expect to add at least one to two TV partners in the course of this year beyond the eight we already have.

我們沒有在劇本中特別提到這一點，但總體來說，我們預計今年將在現有的八個電視合作夥伴的基礎上增加至少一到兩個。

Got it. And any changes to kind of the number of active users that you're targeting by end of year or any just changes to that schedule? And maybe can you maybe share a little bit more color around, whether tariffs have any influence or potential to influence the targets you set for number of active users?

知道了。您計劃在年底前實現的活躍用戶數量有任何變化嗎？或只是計劃有任何變化嗎？您能否透露更多細節，關稅是否會對您設定的活躍用戶數量目標產生影響或潛在影響？

Sure. So we have talked about looking to exit the year with 5 million monthly active users. I think we are very much on track. I think stepping back, as we talked about, by the time we exit next year, we expect to be at least that 7 million number or better. I think that very much is on track based on all the planning and production activity and the partners that we have.

當然。因此，我們曾討論過，希望在今年底時，每月活躍用戶數能達到 500 萬。我認為我們目前進展順利。我認為，正如我們所討論的，到明年我們退出時，我們預計至少會達到 700 萬甚至更高的數字。我認為，根據我們所有的規劃和生產活動以及我們擁有的合作夥伴，一切都在順利進行中。

To what extent tariffs will ultimately impact things? Obviously, they create a pretty fluid environment where there's a bit lower visibility and how that ultimately flows through. There's obviously some portion of the TV volume is manufactured in Asia, might be subject to tariffs. But depending on how the tariffs come down and where final assembly and other things happen in various markets, we may or may not be meaningfully impacted by that.

關稅最終會對情勢產生多大影響？顯然，它們創造了一個相當不穩定的環境，其中可見度較低，並且最終會流動。顯然，一部分電視是在亞洲生產的，可能會被徵收關稅。但根據關稅如何下降以及最終組裝和其他事情在各個市場發生的位置，我們可能會或可能不會受到重大影響。

At this point, I think we're not hearing anything that would indicate that there's anything about that plan that is that is diverted meaningfully from what we've expected and will continue to stay close to it. Obviously should anything change.

目前，我認為我們沒有聽到任何跡象表明該計劃與我們的預期有顯著差異，我們將繼續保持這一預期。顯然，任何事都應該改變。

Jason Kreyer, Craig Hallum.

傑森·克雷爾、克雷格·哈勒姆。

This is Cal on for Jason. And apologies if any of this has been addressed. But I caught the last end there talking about the tariffs. But can you just kind of talk about what kind of macro factors you're contemplating in the guide?

這是 Cal on 為 Jason 準備的。如果其中任何一個問題已經解決，我們深表歉意。但我聽到最後討論的是關稅問題。但是您能否談談您在指南中考慮了哪些宏觀因素？

Well, I think we're at this point, we're maintaining the guide that previously provided in part because while there are various uncertainties we see out there, it's not yet clear that that is going to impact how we think about the range we provided for this year and so I think as always, as we set plans and our guidance ranges, we often and very intentionally ensure there's a lot of different ways to get within the range.

嗯，我認為我們現在處於這個階段，我們維持之前提供的指導，部分原因是雖然我們看到了各種不確定性，但目前尚不清楚這是否會影響我們對今年提供的範圍的看法，因此我認為，與往常一樣，當我們制定計劃和指導範圍時，我們經常非常有意地確保有很多不同的方法來達到這個範圍。

So as we sit here at this point, I think we are comfortable where we are. We'll obviously watch it very closely as we go ahead. But we're busy executing even in a world that has a certain amount of fluidity. And as I said, I think we've had some very, very strong execution as it relates to Q1.

所以當我們坐在這裡時，我認為我們對現在的處境感到滿意。我們顯然會在前進的過程中密切關注此事。但即使在這個具有一定流動性的世界中，我們也在忙著執行。正如我所說，我認為我們在第一季的執行情況非常強勁。

Great. And then maybe just kind of pivoting over to the TiVo OS, you talked a little bit about the new TiVo One, the home page unit that you're rolling out here. So just curious the opportunity that you see there to potentially accelerate your ARPU growth with these more flagship units.

偉大的。然後也許只是轉向 TiVo OS，您談到了新的 TiVo One，即您在這裡推出的主頁單元。所以我很好奇，您是否看到了透過這些旗艦產品加速 ARPU 成長的潛在機會。

Well, I think there's a couple of things going on. First of all, that homepage ad unit is a very, very valuable piece of real estate said simply. And it's one that obviously advertisers have a strong interest in. our ability to roll out that ad unit across our platform of not only smart TVs, but ultimately as we begin to roll it out across our broader IPTV video over broadband footprint where we know there is a lot of very active viewership, obviously puts us in a position to begin to turn that monetization wheel better.

嗯，我認為有幾件事正在發生。首先，簡單來說，主頁廣告單元是一塊非常非常有價值的房地產。顯然，廣告商對此非常感興趣。我們有能力在我們的平台上推出該廣告單元，不僅在智慧電視上，而且最終在我們開始在更廣泛的寬頻 IPTV 視頻上推出它，我們知道那裡有很多非常活躍的觀眾，這顯然使我們能夠更好地實現貨幣化。

And I think we've done a lot of work to to make sure these updates can successfully roll out and land on devices. And then as we said, we're doing various pilots to ensure that all is going well. So I think it will have a positive impact on what we're doing. think we've long planned for this to be part of the mix.

我認為我們已經做了很多工作來確保這些更新能夠成功推出並應用到設備上。正如我們所說，我們正在進行各種試點以確保一切順利。所以我認為這將對我們正在做的事情產生積極的影響。我想我們早就計劃將其作為組合的一部分。

So it's not something that came out of the blue that we're just adding. But this is part of our strategy of ultimately trying to over that longer arc, accelerate more and better monetization and offer more compelling ad products to our advertiser partners.

所以這並不是我們突然加入的東西。但這是我們策略的一部分，最終目的是試圖跨越更長的弧線，加速更多更好的貨幣化，並為我們的廣告合作夥伴提供更具吸引力的廣告產品。

Great. And then if I could just followed with one more. Just curious if you have any sort of incremental updates on the US TiVo OS devices as these rollouts continue to progress.

偉大的。然後，如果我可以再跟進一個的話。只是好奇，隨著這些推出的不斷進展，您是否對美國 TiVo OS 設備有任何形式的增量更新。

Obviously still early days is as you know the sharp volumes are naturally small. We expect more TVs with an additional partner to hit the market as we go through the balance of this year and then coupled with that we have active update programs going on with respect to these set-top box video or broadband devices. And so as we think about US footprint, it really is going to be the combination of these two things as we move into the back half and begin to see that scale reach the point where it's of more interest to advertisers and we can begin to drive monetization in an ever kind of increasing fashion.

顯然，現在還處於早期階段，如你所知，急劇的成交量自然很小。我們預計，隨著今年餘下時間的推移，將會有更多電視與更多合作夥伴一起進入市場，同時，我們也將針對這些機上盒影片或寬頻設備實施積極的更新計畫。因此，當我們考慮美國的足跡時，它實際上將是這兩件事的結合，當我們進入後半段並開始看到規模達到廣告商更感興趣的程度時，我們可以開始以不斷增長的方式推動貨幣化。

There are no further questions at this time, so I'd like to turn the call back over to CEO, Jon Kirchner, for closing remarks.

目前沒有其他問題，因此我想將電話轉回給執行長喬恩·基什內爾 (Jon Kirchner) 作最後發言。

Thank you, Amy. Thanks everyone for joining today's call. We're pleased with the milestones we continue to achieve to support the long term revenue growth we expect to generate through media platform, video over broadband and connected car. I'd like to thank our customers and broad ecosystem of partners for their continued support.

謝謝你，艾米。感謝大家參加今天的電話會議。我們很高興看到我們不斷取得的里程碑，這些里程碑支持了我們期望透過媒體平台、寬頻視訊和連網汽車實現的長期收入成長。我要感謝我們的客戶和廣泛的合作夥伴生態系統的持續支持。

I'd also like to thank our employees for their hard work toward realizing our strategic and financial goals. We look forward to reviewing our Q2 results with you in August. Operator, this concludes today's call.

我還要感謝我們的員工為實現我們的策略和財務目標所做的努力。我們期待在八月與您一起回顧我們的第二季業績。接線員，今天的通話到此結束。

Thank you so much. This concludes today's conference call. You may now disconnect.

太感謝了。今天的電話會議到此結束。您現在可以斷開連線。