Xperi Inc (XPER) 2025 Q2 法說會逐字稿

Good day, everyone. Thank you for standing by. Welcome to the Xperi second-quarter 2025 earnings conference call. (Operator Instructions)

大家好。感謝您的支持。歡迎參加 Xperi 2025 年第二季財報電話會議。（操作員指示）

I would now like to 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。

Good afternoon, and thank you for joining us as Xperi reports its second-quarter 2025 financial results. With me on today's call are John Kirchner, Chief Executive Officer; and Robert Andersen, Chief Financial Officer.

下午好，感謝您參加 Xperi 2025 年第二季財務業績報告。今天與我一起參加電話會議的還有執行長 John Kirchner 和財務長 Robert Andersen。

In addition to today's earnings release, there is 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.

除了今天的收益報告外，我們的投資者關係網站 investor.xperi.com 上還提供了收益簡報。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 our 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，對未來事件的預測、預計或其他陳述，因此會受到風險、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 discussed today, please refer to the risk factors and MD&A sections in our SEC filings, included our most recent Form 10-K for the year end December 31, 2024 and our Form 10-Q for the quarter ended June 30, 2025, that we filed with the SEC. 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，包括我們向美國證券交易委員會提交的截至 2024 年 12 月 31 日的最新 10-K 表格和截至 2025 年 6 月 30-Q 30-Q 的表格 30-Q25 年 30-Q30-Q 30-Q 30-Q 的表格。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 that are 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，我們參考了收益報告中詳細說明的某些非 GAAP 財務指標，並附有最直接可比較的 GAAP 指標的對帳表，這些指標可在我們網站的「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's CEO, John Kirchner.

現在我將把電話轉給 Xperi 的執行長 John Kirchner。

Thank you, Sam, and thank you, everyone, for joining us on our second-quarter 2025 earnings call. Over this past quarter, we've been operating in an increasingly difficult environment which has had an impact on our business. Nevertheless, we are excited about the significant progress we continue to make on our strategic initiatives that are critical to meeting our longer-term growth plans as exemplified by growth in our TiVo One monthly active users, Connected Car AutoStage footprint, and IPTV subscriber households. I'll cover all of this in a little bit more detail in a moment.

謝謝你，山姆，也謝謝大家參加我們的 2025 年第二季財報電話會議。在過去的一個季度中，我們的營運環境變得越來越困難，這對我們的業務產生了影響。儘管如此，我們對我們的策略性舉措持續取得的重大進展感到興奮，這些舉措對於實現我們的長期成長計劃至關重要，例如 TiVo One 每月活躍用戶、Connected Car AutoStage 覆蓋範圍和 IPTV 用戶家庭的增長。我稍後會更詳細地介紹這一切。

Let me first address the financial outlook update we made early last week. The combination of macro uncertainty, tariffs, and a weakening consumer environment began to meaningfully impact our customers' decisions, production outlook, and purchasing patterns in the latter part of the second quarter. The impact of these conditions is being felt broadly across our business as we look ahead to the remainder of 2025 and touches areas like slower-than-expected IPTV subscriber growth, softer second-half automotive production volumes, weaker consumer-electronics production and end market demand, and a more challenging advertising market. Robert will provide additional color later on this call.

首先讓我談談我們上週初所做的財務前景更新。宏觀不確定性、關稅和疲軟的消費環境等因素開始在第二季後半段對我們客戶的決策、生產前景和購買模式產生重大影響。展望 2025 年剩餘時間，這些條件的影響正在廣泛地影響我們的業務，涉及 IPTV 用戶成長低於預期、下半年汽車產量疲軟、消費性電子產品生產和終端市場需求減弱以及廣告市場更具挑戰性等領域。羅伯特稍後將在此次電話會議中提供更多詳細資訊。

I'll now provide a summary of our results for the quarter. For the quarter we posted revenue of $106 million. Despite lower year-over-year revenue, our adjusted EBITDA rose 4% to $15 million or 14% of revenue, due primarily to continued business transformation efforts and cost management. We continue to work on lowering our cost profile in support of long-term margin expansion. Our non-GAAP earnings per share was $0.11. We posted $10 million of operating cash flow in the quarter and recorded $5 million of positive free cash flow.

我現在將提供本季業績的摘要。本季我們的營收為 1.06 億美元。儘管營收年減，但我們的調整後 EBITDA 成長 4%，達到 1500 萬美元，佔營收的 14%，這主要歸功於持續的業務轉型努力和成本管理。我們將繼續致力於降低成本，以支持長期利潤率的擴大。非公認會計準則每股收益為0.11美元。本季度，我們的營運現金流為1000萬美元，自由現金流為500萬美元。

Now as we turn to the bigger picture, we continue to make significant progress on our strategic growth initiatives. As a reminder, we generally discuss our business in terms of growth solutions where we see strong potential for new revenue growth and core solutions which encompass our more mature longstanding product lines.

現在，當我們放眼更大範圍時，我們的策略成長計畫繼續取得重大進展。提醒一下，我們通常從成長解決方案的角度討論我們的業務，我們認為新的收入成長具有強大的潛力，而核心解決方案則涵蓋了我們更成熟的長期產品線。

Our growth solutions encompass three main areas. First, Connected TV and streaming devices that support the TiVo One Ad platform, where we monetize ad-supported viewing, viewership data, and homepage engagement across Smart TVs powered by TiVo and TiVo-video-over-broadband devices. Second, in-cabin entertainment, where DTS AutoStage combines radio, rich metadata, and video-streaming services to enhance the automotive experience. We expect this solution to enable long-term revenue through a mix of license fees, upselling features, advertising, and listener data.

我們的成長解決方案涵蓋三個主要領域。首先，支援 TiVo One Ad 平台的連網電視和串流媒體設備，我們透過由 TiVo 和 TiVo-video-over-broadband 設備支援的智慧電視上的廣告支援觀看、收視數據和主頁參與度來賺錢。其次，在車內娛樂方面，DTS AutoStage 結合了廣播、豐富的元數據和視訊串流服務，以增強汽車體驗。我們預期解決方案能夠透過授權費、追加銷售功能、廣告和聽眾數據等多種方式實現長期收入。

And third, IPTV, where we offer video over broadband on our 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. Our progress in each of these growth areas is best measured against specific goals that we've set out for the year, and we believe we're on track to meet or exceed these goals in 2025.

第三是 IPTV，我們在業界領先的內容優先串流平台上透過寬頻為客戶的 IPTV 線性視訊家庭以及主要透過月度訂閱產生收入的寬頻家庭提供視訊。我們在每個成長領域的進展最好透過我們為今年設定的具體目標來衡量，我們相信我們預計在 2025 年實現或超越這些目標。

Let me first provide more detail on our growth initiatives. First is the TiVo One Ad platform, which we believe is the most-significant potential to drive our overall long-term revenue growth trajectory. Over the past few years we've built the TiVo One Ad platform, a cross-screen advertising platform that connects Smart TVs and IPTV set-top boxes powered by TiVo into a cross-screen ad platform for maximizing engagement and monetization on streaming devices. The TiVo One Ad platform connects our unique audience of monthly active users through industry leading supply side platforms directly to ad buyers and demand side platforms.

首先，讓我詳細介紹一下我們的成長計畫。首先是 TiVo One Ad 平台，我們相信它最有可能推動我們整體長期營收成長軌跡。在過去的幾年裡，我們建立了 TiVo One Ad 平台，這是一個跨螢幕廣告平台，將由 TiVo 提供支援的智慧電視和 IPTV 機上盒連接到跨螢幕廣告平台，以最大限度地提高串流媒體設備的參與度和貨幣化。TiVo One 廣告平台透過業界領先的供應方平台將我們獨特的每月活躍用戶群直接與廣告買家和需求方平台連接起來。

Our TiVo One Ad platform strategy leverages the large and growing market for streaming content and advertising. To support this media platform monetization strategy, we launched TiVo OS for Smart TVs in December of 2023, and today we've signed nine partners shipping over 80 television brands across 40 countries and through more than 30 major retailers. Consumer reviews of the TVs have been very strong and we continue to take market share and build the scale necessary in key markets to attract more advertisers, add volume, and ultimately drive more aggressive monetization growth.

我們的 TiVo One 廣告平台策略利用了龐大且不斷成長的串流內容和廣告市場。為了支持這項媒體平台貨幣化策略，我們於 2023 年 12 月推出了適用於智慧電視的 TiVo OS，如今我們已與 9 個合作夥伴簽約，透過 30 多家主要零售商向 40 個國家/地區銷售 80 多個電視品牌。消費者對電視的評價非常強烈，我們繼續佔領市場份額，並在關鍵市場建立必要的規模，以吸引更多的廣告商，增加銷量，並最終推動更積極的貨幣化成長。

We are increasingly winning in this competitive market by differentiating in a number of different ways. First, delivering the best-in-class TV operating system in a set top box-user interface and discovery experience. Second, we are an independent OS provider that does not compete with our TV partners by making our own TVs. Third, we share advertising revenue and data with our partners.

我們透過多種不同的方式在競爭激烈的市場中脫穎而出，不斷取得勝利。首先，在機上盒使用者介面和發現體驗中提供一流的電視作業系統。其次，我們是一家獨立的作業系統供應商，不會透過生產自己的電視與我們的電視合作夥伴競爭。第三，我們與合作夥伴分享廣告收入和數據。

Fourth, we focus on our partners' branding throughout the experience, allowing our partners to retain brand visibility by shipping a co-branded experience that is powered by TiVo. And fifth, our technology enables a lower-cost hardware solution which we believe in many cases is meaningfully lower than key competitors while still being highly performing and able to scale on a global basis.

第四，我們在整個體驗過程中專注於合作夥伴的品牌建設，透過提供由 TiVo 提供支援的聯合品牌體驗，讓我們的合作夥伴保持品牌知名度。第五，我們的技術能夠實現更低成本的硬體解決方案，我們相信，在許多情況下，該解決方案的成本明顯低於主要競爭對手，同時仍具有高效能，並且能夠在全球範圍內擴展。

Our goal for the TiVo One Ad platform in 2025 has been to build an initial Connected TV and video-over-broadband device footprint of 5 million monthly active users. As Q2 came to a close, we saw substantial progress toward building scale for the TiVo One Ad platform. We now have 3.7 million monthly active users, putting us well on the way to achieving our 2025 goal. We also announced a total of nine TiVo OS partners to date. With just one more needed to hit our 2025 goal of 10 partners, which we expect will yield significant increases in footprint over time.

我們對 TiVo One Ad 平台 2025 年的目標是建立初始連網電視和寬頻視訊設備覆蓋範圍，每月有 500 萬活躍用戶。隨著第二季的結束，我們看到 TiVo One Ad 平台在規模建設方面取得了實質進展。我們目前每月有 370 萬活躍用戶，這讓我們在實現 2025 年目標的道路上走得很遠。我們也宣布了迄今為止總共九家 TiVo OS 合作夥伴。只需再增加一個合作夥伴，我們就能實現 2025 年 10 個合作夥伴的目標，我們預計隨著時間的推移，我們的足跡將會顯著增加。

As our monthly active user footprint grows, we're beginning to recognize advertised revenue from our TiVo One Ad platform with our year-end exit goal of reaching $10 of annual revenue per user still within our sites. We've recently expanded the selling of homepage ad units to leading streaming services in Europe and interest from potential advertising partners and our footprint and viewership data is growing. To further advertise our interest in our platform, we've recently signed key partnerships with World, Cargo, and Freewheel that we expect will bring additional scale and benefits to advertisers and brands interested in targeting our growing and largely unexposed installed base.

隨著我們每月活躍用戶數量的成長，我們開始從 TiVo One 廣告平台獲得廣告收入，我們的年底退出目標是實現每個仍在我們網站上的用戶每年 10 美元的收入。我們最近將主頁廣告單元的銷售範圍擴大到歐洲領先的串流媒體服務，潛在廣告合作夥伴的興趣以及我們的足跡和收視率數據正在增長。為了進一步宣傳我們對平台的興趣，我們最近與 World、Cargo 和 Freewheel 簽署了重要合作夥伴關係，我們預計這將為有興趣瞄準我們不斷增長且很大程度上未暴露的安裝群的廣告商和品牌帶來額外的規模和利益。

Within the Connected Car category, we made significant progress expanding penetration of our DTS AutoStage solution by signing two new OEM programs and by launching in several new car models including the BMW 5-Series, Kia EV9, and the Hyundai Ioniq 5 and Ioniq 9.

在連網汽車類別中，我們透過簽署兩個新的 OEM 專案以及在BMW 5 系列、Kia EV9 以及現代 Ioniq 5 和 Ioniq 9 等多款新車型上推出，在擴大 DTS AutoStage 解決方案的滲透率方面取得了重大進展。

We broaden the ecosystem for AutoStage by expanding the number of global broadcasters that support the platform and are now aggregating content from broadcasters in over 60 countries. Broadcasters are key partners in the longer term AutoStage platform monetization strategy as they provide both metadata to enrich the user experience and ad placement slots that we expect will drive auto's digital ad monetization over the long term.

我們透過擴大支援該平台的全球廣播公司的數量來拓寬 AutoStage 的生態系統，目前正在匯總來自 60 多個國家的廣播公司的內容。廣播公司是長期 AutoStage 平台貨幣化策略的關鍵合作夥伴，因為他們提供元數據來豐富用戶體驗，並提供廣告位，我們預計這將長期推動汽車的數位廣告貨幣化。

On HD Radio, we signed a multi-year agreement with an integrated-chip provider and our footprint continued to grow as several new vehicle models launched from partners, including BMW, Honda, Hyundai, and Volkswagen.

在高清廣播方面，我們與一家整合晶片供應商簽署了一份多年期協議，隨著寶馬、本田、現代和大眾等合作夥伴推出多款新車型，我們的業務範圍不斷擴大。

Turning to Pay TV, the operator market continues to evolve, and as such, we offer our customers several solutions as follows. First, our IPTV solutions. These solutions provide a full content lineup for operators whose customers are paying subscriptions for live linear content. With our content-forward user interface, the solution showcases bringing all video entertainment content together, including not only live linear but subscription video-on-demand, transactional video-on-demand, and free ad-supported television from leading streaming partners.

談到付費電視，營運商市場不斷發展，因此，我們為客戶提供以下幾種解決方案。首先，我們的IPTV解決方案。這些解決方案為客戶付費訂閱直播線性內容的營運商提供了完整的內容陣容。透過我們的內容轉發使用者介面，該解決方案展示了將所有視訊娛樂內容整合在一起，不僅包括直播線性內容，還包括訂閱視訊點播、交易視訊點播以及來自領先串流媒體合作夥伴的免費廣告支援電視。

Second, Broadband TV. Broadband TV is a is a subscription-based product like IPTV with the fundamental difference of being lower cost and offering a more limited lineup of channels. Lastly, TiVo Broadband. TiVo Broadband is effectively the same solution as broadband TV, except there are no subscription channels or fees.

第二，寬頻電視。寬頻電視是類似 IPTV 的訂閱式產品，其根本區別在於成本較低且提供的頻道陣容更有限。最後，TiVo 寬頻。TiVo 寬頻實際上與寬頻電視是相同的解決方案，只是沒有訂閱頻道或費用。

We believe all of these household solutions enable a device footprint that has advertising and monetization opportunities for our monthly active users. Against this backdrop are IPTV solutions in North America and Latin America, continued strong growth of over 30% on a year-over-year basis, reaching an installed base of over 3 million subscriber households. Approximately half the installed base is in North America and the other half in Latin America.

我們相信，所有這些家用解決方案都能為我們的每月活躍用戶帶來廣告和獲利機會。在此背景下，北美和拉丁美洲的IPTV解決方案持續保持強勁成長，較去年同期成長超過30%，用戶家庭數量超過300萬戶。大約一半的安裝基數在北美，另一半在拉丁美洲。

When accounting for both geographic and ASP mix within the markets and solutions, IPTV revenue growth was 24%. Additionally, we extended our relationships with key customers by signing significant multi-year renewals with Liberty Latin America and Cable One. Lastly, we executed international metadata agreements with Korea Telecom and Proxima -- Proximus in Europe.

當考慮市場和解決方案中的地理和 ASP 組合時，IPTV 收入成長率為 24%。此外，我們與Liberty Latin America和Cable One簽署了重要的多年期續約協議，從而拓展了與關鍵客戶的關係。最後，我們與韓國電信以及歐洲的Proxima-Proximus簽署了國際元資料協定。

In the Consumer Electronics market, we advanced our DTS sound-based technology solutions by signing key minimum guarantee contract renewal agreements during the quarter with TPV Philips, TCL, and Sony. We also entered into a separate renewal agreement with Sony for the inclusion of IMAX -- excuse me, IMAX enhanced technology and Sony's TVs, sound bars, receivers, and projectors, which continues to bring best-in-class entertainment to consumers in the home.

在消費性電子市場，我們在本季與TPV Philips、TCL和索尼簽署了關鍵的最低保證合約續約協議，從而推進了基於DTS聲音的技術解決方案。我們還與索尼簽訂了單獨的續約協議，納入 IMAX——對不起，是 IMAX 增強技術以及索尼的電視、條形音箱、接收器和投影儀，繼續為家庭消費者帶來一流的娛樂體驗。

We signed our first customer TV contract for our clear dialogue enhancement technology with a major TV OEM. Our clear dialogue solution leverages AI to give users control over improving the intelligibility of dialogue across all sources, a key pain point for consumers around the world who struggle to make out what people are saying when watching TV. Clear Dialogue has won multiple industry awards and we've spent the last 18 months porting the solution on to integrated chips, where we expect market availability in the first half of 2026.

我們與一家大型電視 OEM 簽署了第一份關於清晰對話增強技術的客戶電視合約。我們的清晰對話解決方案利用人工智慧讓使用者控制提高所有來源對話的清晰度，這是全球消費者在看電視時難以聽清人們所說內容的一個主要痛點。Clear Dialogue 贏得了多個行業獎項，我們花了 18 個月的時間將解決方案移植到整合晶片上，預計將於 2026 年上半年上市。

Let me summarize where we stand with respect to our 2025 exit goals. In Media platform, we made substantial progress growing monthly active users, utilizing the TiVo One Ad platform to 3.7 million and we've signed an additional Smart TV partner, bringing the total to nine. In Pay TV, we've now exceeded our annual footprint goal of 3 million IPTV subscriber households while also beginning to deploy the TiVo One Ad platform to certain operators in North America. In Connected Car, we've increased the number of vehicles with our DTS AutoStage solution to over 12 million.

讓我總結一下我們在 2025 年退出目標的現況。在媒體平台方面，我們在每月活躍用戶成長方面取得了實質進展，利用 TiVo One 廣告平台的用戶已達到 370 萬，並且我們又簽署了一個智慧電視合作夥伴，總數達到 9 個。在付費電視領域，我們目前已超額完成了年度覆蓋 300 萬戶 IPTV 用戶的目標，同時也開始向北美某些業者部署 TiVo One Ad 平台。在連網汽車領域，我們已將採用 DTS AutoStage 解決方案的汽車數量增加到超過 1,200 萬輛。

Overall, we're encouraged by our progress toward meeting or exceeding these strategic goals by year-end 2025. We expect this strategic progress will in turn position us to generate more revenue and profitability growth over the long term.

總體而言，我們對在 2025 年底前實現或超越這些戰略目標所取得的進展感到鼓舞。我們預計這項策略進展將使我們在長期內創造更多的收入和獲利成長。

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, John. As in past quarters, 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，約翰。與過去幾個季度一樣，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 revenue results. Total revenue for the second quarter was $106 million a decrease of 11% from last year's $120 million and lower by 10% when adjusting for the perceived divestiture. This year-over-year revenue decrease was primarily attributable to certain minimum guarantee arrangements recorded in the prior-year period with Pay TV and Connected Car.

讓我先介紹一下本季的營收結果。第二季總收入為 1.06 億美元，比去年的 1.2 億美元下降 11%，如果根據感知資產剝離進行調整，則下降 10%。收入年減主要歸因於去年同期與付費電視和連網汽車記錄的某些最低擔保安排。

As a reminder, in any given year, approximately 20% to 25% of our revenue across the business is categorized as point in time, most of which consists of minimum guarantee arrangements with our customers. While the revenue from these agreements is recognized during the period in which it is signed, many of these agreements regularly renew in a multi-year cycle and provide the benefit of long-term predictability, certainty, and commitment to our technologies. When unit volumes under these agreements are exceeded, we recognize the overage revenue on a per-unit basis in reported periods.

提醒一下，在任何一年中，我們整個業務中大約有 20% 到 25% 的收入被歸類為時間點，其中大部分是與客戶達成的最低擔保安排。雖然這些協議的收入是在簽署期間確認的，但其中許多協議會在多年周期內定期續簽，並提供長期可預測性、確定性和對我們技術的承諾的好處。當這些協議下的單位數量超過規定時，我們會在報告期間按單位確認超額收入。

Within the Pay TV category, we recognized revenue of $50 million, a decrease of 18% from last year. This decrease was largely due to certain minimum guarantee revenue recognized last year relating to our Classic Guide product line and was partially mitigated by 24% revenue growth in our IPTV solutions as we saw continued subscriber year-over-year growth.

在付費電視類別中，我們實現收入 5,000 萬美元，比去年下降 18%。這一下降主要是由於去年我們經典指南產品線確認的某些最低保證收入，而隨著用戶數量持續同比增長，我們的 IPTV 解決方案收入增長了 24%，部分抵消了這一下降。

Consumer Electronics revenue was $19 million, an increase of 23% when excluding the divestiture of -- excluding the divestiture perceived. While this growth was attributable to the signing of minimum guarantee renewals for our codec and audio solutions with certain large CD customers, other agreements expected to be concluded were not signed due to market uncertainty. Connected Car revenue decreased by $6 million due to a lower amount of minimum guarantee agreements recorded in the quarter than compared to last year. Media Platform revenue was $12 million, 18% higher than last year, primarily to advertising revenue from a linear ad placement that was made from last quarter.

消費性電子產品收入為 1,900 萬美元，不包括資產剝離（不包括可察覺的資產剝離），成長了 23%。雖然這一增長歸因於我們與某些大型 CD 客戶簽署了編解碼器和音訊解決方案的最低保證續約協議，但由於市場不確定性，預計達成的其他協議並未簽署。由於本季記錄的最低擔保協議數量與去年同期相比有所減少，連網汽車收入減少了 600 萬美元。媒體平台營收為 1,200 萬美元，比去年成長 18%，主要來自上個季度的線性廣告投放帶來的廣告收入。

Looking at our income statement for the quarter, our year-over-year cost of revenue increased by almost $5 million driven by both revenue mix and from higher costs related to certain advertising revenue. Non-GAAP adjusted operating expense decreased by $19 million or 23%, primarily due to ongoing business transformation and cost management efforts that John mentioned earlier.

查看本季的損益表，我們的收入成本比去年同期增加了近 500 萬美元，這既是由於收入結構的變化，也是由於與某些廣告收入相關的成本增加。非公認會計準則調整後的營業費用減少了 1,900 萬美元，即 23%，這主要歸功於 John 先前提到的持續的業務轉型和成本管理工作。

From a profitability perspective, our adjusted EBITDA was $15.2 million, up 4% from last year's $14.6 million or 2.2 basis points of margin as our revenue decrease was more than offset by the year-over-year expense reduction. Our non-GAAP earnings per share was $0.11 compared to $0.12 we posted in the second quarter of last year.

從獲利能力角度來看，我們的調整後 EBITDA 為 1520 萬美元，比去年的 1460 萬美元增長 4% 或利潤率提高 2.2 個基點，因為我們的收入減少被同比費用減少所抵消。我們的非公認會計準則每股收益為 0.11 美元，而去年第二季為 0.12 美元。

From a balance sheet perspective, we finished the quarter with $95 million in cash, up $7 million from last quarter. This increase was principally due to the $10 million of operating cash flow generated in the quarter which was a $12 million improvement from the $2 million usage of operating cash flow that occurred last year.

從資產負債表的角度來看，本季我們擁有 9,500 萬美元現金，比上一季增加了 700 萬美元。這一成長主要歸因於本季產生的 1,000 萬美元經營現金流，比去年的 200 萬美元經營現金流增加了 1,200 萬美元。

With regard to our outlook, we expect a revenue range of $440 million to $460 million. Despite the limited direct impact from tariffs that we experienced in the first quarter, as the second quarter progressed, we noted significantly more uncertainty related to the macroeconomic environment. Customer concerns around visibility drove a reluctance to enter into certain agreements and a weakening consumer environment which reflected in lower-near-term forecasts.

關於我們的前景，我們預計營收範圍為 4.4 億美元至 4.6 億美元。儘管第一季我們受到的關稅直接影響有限，但隨著第二季的進展，我們注意到與宏觀經濟環境相關的不確定性顯著增加。客戶對可見性的擔憂導致他們不願簽訂某些協議，且消費環境疲軟，這反映在短期預測較低。

We expect these conditions to persist for the balance of the year. As such, we are forecasting slower-than-expected IPTV subscriber growth, softer second-half production volumes in automotive, weaker consumer-electronics production, and end-market demand in certain product categories, and a more challenging advertising market.

我們預計這些情況將在今年餘下時間持續下去。因此，我們預測 IPTV 用戶成長將低於預期，下半年汽車產量將下降，消費性電子產品產量和某些產品類別的終端市場需求將減弱，廣告市場也將面臨更具挑戰性的挑戰。

While our revenue outlook for the year has been reduced, we are encouraged by the progress of our business transformation efforts as we continue to focus on cost management, profitability, and cash flow generation. We expect an adjusted EBITDA margin range of 15% to 17%. Operating cash flow is now expected to be neutral plus or minus $10 million. Non-GAAP tax expense is still expected to be approximately $20 million. Capital expenditures at approximately $20 million, and basic and fully diluted shares are still expected to be approximately $46 million.

雖然我們今年的收入預期已經下調，但我們對業務轉型工作的進展感到鼓舞，因為我們將繼續專注於成本管理、獲利能力和現金流產生。我們預計調整後的 EBITDA 利潤率範圍為 15% 至 17%。目前預計經營現金流為中性，上下浮動1000萬美元。非公認會計準則稅費預計仍約2000萬美元。資本支出約 2,000 萬美元，基本和完全稀釋股份預計仍約 4,600 萬美元。

That concludes our prepared remarks. Let's now open the call for (technical difficulty) Operator?

我們的準備好的演講到此結束。現在讓我們開始呼叫（技術難題）接線員？

(Operator Instructions)

（操作員指示）

Jason Kreyer, Craig-Hallum.

傑森·克雷爾、克雷格·哈勒姆。

All right. Thanks for taking my questions, guys. Looking for just a little bit more clarity on the volatility or maybe kind of shortfall in between Q2 and Q3, you gave some clarity on the consumer electronic side of things. Curious, those deals that didn't like -- I guess, did these deals get signed? Did they get signed for just shorter duration? Or do you still expect these things to get signed?

好的。謝謝你們回答我的問題。為了更清楚地了解第二季和第三季之間的波動性或缺口，您對消費性電子方面的情況進行了一定的澄清。好奇的是，那些不喜歡的交易——我猜，這些交易簽署了嗎？他們只是簽了較短的期限嗎？或者您仍然期望這些東西能夠簽署？

And then, curious for any clarity outside of Consumer Electronics like you had mentioned the ad market. And I'm just curious kind of what you're seeing there. Thank you.

然後，我很好奇您提到的消費性電子產品以外的廣告市場是否也十分清楚。我只是好奇你在那裡看到了什麼。謝謝。

Sure, I can take that one, Jason. So what we saw in Q2 was a, I think, what's characterize it as some uncertainty in the near-term outlook from our customers which had them, I think, in the cases we saw less likely to take longer-term deals or to kind of complete the deals we put in front of them. And so as to whether or not they actually get signed, it's TBD, but it was really just a delay. I think it's probably how I'd characterize it right now.

當然，我可以接受，傑森。因此，我認為，我們在第二季度看到的情況是，我們的客戶對近期前景存在一些不確定性，在這種情況下，我們認為他們不太可能接受長期交易或完成我們擺在他們面前的交易。至於他們是否真的簽約，還有待確定，但這實際上只是一種拖延。我想這可能就是我現在對它的描述。

As we look at the advertising market, I think we've seen that there has been a similar degree of uncertainty as one looks forward. So we kind of took that into consideration into our revised range that we provided. That helps?

當我們觀察廣告市場時，我認為我們已經看到，展望未來，存在著類似程度的不確定性。因此，我們在提供的修訂範圍中已經考慮到了這一點。這樣有幫助嗎？

Okay. That helps. Follow up, just sticking on the ad market. The long-term monetization plan, you've got a direct sales element right now. You also announced on the call you've got some new partnerships. Just curious the balance between direct sales and these partners that you announced.

好的。這有幫助。跟進，只是堅持廣告市場。長期貨幣化計劃，您現在已經擁有直接銷售元素。您也在電話會議上宣佈建立了一些新的合作夥伴關係。只是好奇您宣布的直銷和這些合作夥伴之間的平衡。

Excuse me. Jason, it's Jon. I think it's obviously going to be a combination of both. We've spent a lot of time working on building connectivity to programmatic infrastructure. But I think there's always going to be a certain amount of campaigns that are going to be sold direct in part based on the needs and the nature of things, homepage ad units selling, for example, versus some of your other programmatic ad units.

打擾一下。傑森，我是喬恩。我認為這顯然是兩者的結合。我們花了大量時間來建立與程序化基礎架構的連接。但我認為，總是會有一定數量的廣告活動將直接出售，部分原因是需求和事物的性質，例如主頁廣告單元的銷售，而不是其他一些程序化廣告單元的銷售。

But I think it's our intent I think and maybe building on your last question, recognizing that in a time when advertisers are pulling back, or maybe looking in some cases for more efficient or lower-cost solutions in a troubled environment. And there's a move towards bigger ecosystems and we're still in the process of building scale.

但我認為這是我們的意圖，我想，也許基於你的最後一個問題，我們認識到在廣告商撤退的時期，或者在某些情況下，在困難的環境中尋找更有效或更低成本的解決方案。我們正朝著更大的生態系統邁進，並且仍處於擴大規模的過程中。

I think working with partners aggressively to help make sure that as our footprint comes online and our audiences can be targeted, that we tap into partners as much as we can, I think that'll help in the near term. Kind of deal with or mitigate some of the environmental conditions, and over time obviously, we'll be able to either make the choice to extend those agreements in in bigger ways. Or as things normalize, we will adjust accordingly.

我認為積極與合作夥伴合作，以確保我們的足跡遍布網絡，我們的受眾能夠成為目標，我們會盡可能多地與合作夥伴合作，我認為這將在短期內有所幫助。處理或緩解一些環境條件，顯然隨著時間的推移，我們可以選擇以更大的方式延長這些協議。或當情況正常化時，我們會進行相應調整。

Got it makes sense. Thank you, gentlemen.

明白了，很有道理。謝謝各位。

Thank you, Jason.

謝謝你，傑森。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Hi. So first off, could you just talk about the dynamics of your ad platform and how you're expecting to grow that this year given that you're expecting unit volume to decline. So wouldn't that actually have a negative impact on what you get on the platform?

你好。首先，您能否談談您的廣告平台的動態，並考慮到您預計單位數量會下降，您預計今年該平台將如何成長。那麼這實際上不會對您在平台上獲得的內容產生負面影響嗎？

There may be some mixing of different data facts there, Hamed. The we expect our monthly active user footprint to grow, and as we said, we think we're on track to hit 5 million or more monthly active users which would be up from where we are 3.7 million. And so you know we'll have more viewers and more active users through which to tap into advertising. I think part of what's happening behind the scenes is that user base or those MAUs are spread out over a wider geography. So we're also naturally working on underneath building more scale in key markets because it's that scale in those key markets that ultimately makes your platform more interesting and desirable to advertisers.

哈米德，那裡可能存在一些不同數據事實的混合。我們預計我們的每月活躍用戶數量將會成長，正如我們所說的，我們認為我們預計將達到 500 萬或更多的每月活躍用戶，這將比目前的 370 萬有所增長。因此，您知道我們將擁有更多的觀眾和更多的活躍用戶，從而可以利用這些用戶來投放廣告。我認為幕後發生的部分原因是用戶群或 MAU 分佈在更廣泛的地理區域。因此，我們自然也會致力於在關鍵市場中擴大規模，因為正是這些關鍵市場的規模最終會讓你的平台對廣告主更有吸引力、更有吸引力。

And the other thing we're going to be doing is working, as we said just a second ago to Jason, with partners to make the inventory more available through our partners to ultimately see revenue growth. So you know there is a there is a natural, kind of, build up that that happens in general as you're looking to optimize a monetization platform and you're trying to optimize viewing and merchandizing of fast content for consumers through the interface.

我們要做的另一件事就是與合作夥伴合作，正如我們剛才對傑森所說的那樣，透過我們的合作夥伴提供更多庫存，最終實現收入成長。因此，您知道，當您尋求優化貨幣化平台並嘗試透過介面優化消費者對快速內容的觀看和銷售時，通常會發生一種自然的累積。

There's a lot of work that goes on for a long period of time. But I think the point is, without footprint growth as a fundamental starting point, you can't -- it's very hard to grow meaningful amounts of revenue. Our footprint continues to be on a very strong trajectory. And we have more partners expanding what they're doing from a TV presence perspective in Europe and elsewhere. And as that footprint grows and we increasingly can kind of expose what our unique audience potentially offers to the advertising community, we ultimately will be able to not only better sell that, but ultimately drive more monetization value.

有很多工作需要長期進行。但我認為關鍵是，如果沒有足跡成長作為根本的起點，你就無法——很難獲得有意義的收入。我們的足跡持續保持強勁成長勢頭。我們有更多的合作夥伴從電視影響力的角度拓展他們在歐洲和其他地區的業務。隨著這種影響力的擴大，我們能夠越來越多地向廣告界展示我們獨特的受眾群體可能提供的產品，最終我們不僅能夠更好地銷售產品，而且最終還能帶來更多的貨幣化價值。

Okay. And my other question was I didn't hear any commentary about stock buyback. At what point would you implement that strategy?

好的。我的另一個問題是我沒有聽到任何關於股票回購的評論。您會在什麼時候實施該策略？

Well we have authorization to do stock buybacks from our Board and that's naturally a discussion we are having with the Board, particularly given where the stock is at present. So I think you can see us taking a very close look at that as part of our capital allocation strategy.

嗯，我們獲得了董事會的授權進行股票回購，這自然是我們與董事會進行的討論，特別是考慮到目前的股票狀況。因此，我認為您可以看到，我們正在密切關注這個問題，並將其作為資本配置策略的一部分。

Okay, thank you.

好的，謝謝。

Thanks, Hamed.

謝謝，哈米德。

We have reached the end of our call today. I'd like now to turn the call over to CEO, John Kirchner.

我們今天的通話已經結束。現在我想將電話轉給執行長約翰·基什內爾 (John Kirchner)。

Thank you, operator. I think it's fair to say that no doubt we are operating in an environment with a certain degree of uncertainty which affects our industry and our customers and our competitors as well as ourselves.

謝謝您，接線生。我認為可以公平地說，毫無疑問，我們所處的環境中存在著一定程度的不確定性，這影響著我們的產業、我們的客戶、競爭對手以及我們自己。

That said, I think we have a very clear strategy for growth, and we continue to make excellent progress toward achieving our 2025 goals, some of which we've already surpassed six months ahead of schedule. And in addition, as the results of our second quarter I think demonstrate, we've successfully mitigated revenue pressure I think with significant reductions in our cost base and strong cost management.

話雖如此，我認為我們有一個非常明確的成長策略，並且我們在實現 2025 年目標方面繼續取得了出色進展，其中一些目標我們已經提前六個月超越了計劃。此外，我認為，正如我們第二季的業績所表明的那樣，透過大幅削減成本基礎和強有力的成本管理，我們成功緩解了收入壓力。

So our view of the opportunity ahead of us is really unchanged and over the back half of 2025, we remain confident in our ability to further build a strategic foundation for rising revenue and profitability as we get into '26. And I'd like to thank clearly our entire Xperi team for their focus and strong execution on our strategic objectives as we collectively strive to create shareholder value.

因此，我們對未來機會的看法確實沒有改變，在 2025 年下半年，我們仍然有信心在進入 2026 年時進一步建立戰略基礎，以提高收入和盈利能力。我要特別感謝我們整個 Xperi 團隊對我們策略目標的關注和強力執行，我們共同努力為股東創造價值。

Thank you for joining us today, and we look forward to keeping you apprised of our progress. Operator, this ends today's call.

感謝您今天加入我們，我們期待向您通報我們的進展。接線員，今天的通話到此結束。

That concludes today's call. Thank you all for joining. You may now disconnect. Everyone have a great day.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。祝大家有個愉快的一天。