Xperi Inc (XPER) 2026 Q1 法說會逐字稿

Good day, everyone. Thank you for standing by. Welcome to the Xperi first-quarter 2026 earnings conference call. (Operator Instructions)

各位好。感謝各位耐心等候。歡迎參加 Xperi 2026 年第一季財報電話會議。(接線員指示)

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

現在我想把電話交給 Arbor Advisory Group 的 Sam Levenson。

Sam, please go ahead.

Sam，請開始。

Thank you, Abby. Good afternoon, and thank you for joining us as Xperi reports its first quarter 2026 financial results. With me in today's call are Jon Kirchner, Chief Executive Officer; and Robert Anderson, Chief Financial Officer. In addition to today's earnings release, there's an earnings presentation on our Investor Relations website at investor.xperi.com.

謝謝你，Abby。各位午安，感謝各位加入我們，一同聆聽 Xperi 公布 2026 年第一季財務結果。今天與我一同出席電話會議的有執行長 Jon Kirchner，以及財務長 Robert Anderson。除了今天的財報新聞稿外，我們也在投資人關係網站 investor.xperi.com 提供財報簡報。

We encourage you to download the presentation and follow along with today's commentary. Before we begin, I would like to provide a few reminders. First, I'd like to note that unless otherwise stated, all comparisons are to the same period in the prior year.

我們鼓勵各位下載簡報並配合今天的說明一同觀看。在開始之前，我想先提醒幾點。首先，除非另有說明，所有比較皆以去年同期為基準。

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.

第二，今天的討論包含關於我們預期業務與財務表現的前瞻性陳述，這些陳述屬於對未來事件的預測、推估或其他說法，係基於管理層目前的預期與信念，因此可能受到風險、不確定性及情勢變化的影響。

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 at the MD&A sections in our SEC filings, including our Form 10-K for the year ended December 31, 2025, and our Form 10-Q for the quarter ended March 31, 2026, to be filed with the SEC.

關於可能導致我們實際結果與今日討論內容出現重大差異的風險與不確定性之更多資訊，請參閱我們向美國證券交易委員會（SEC）提交文件中的管理階層討論與分析（MD&A）章節之風險因素，包括截至 2025 年 12 月 31 日止年度的 Form 10-K，以及截至 2026 年 3 月 31 日止季度的 Form 10-Q（將提交 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. 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.

請注意，公司無意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。第三，我們會提及若干非 GAAP 財務衡量指標，其細節載於財報新聞稿，並附有與最直接可比 GAAP 指標的調節表，可於我們網站的投資人關係專區查閱。

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

最後，本次電話會議的重播將於會議結束後不久在我們的網站上提供。

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

現在我把電話交給 Xperi 執行長 Jon Kirchner。

Thank you, Sam, and thank you, everyone, for joining us on our first-quarter 2026 earnings call. Overall, the first-quarter results are evidence of the success we're achieving in delivering on our financial objectives and the notable progress we've made in delivering on our monetization strategy that we outlined for the year.

謝謝你，Sam，也謝謝各位參加我們 2026 年第一季財報電話會議。整體而言，第一季的結果證明我們在達成財務目標方面所取得的成功，也展現了我們在落實今年所概述的變現策略上取得的顯著進展。

Let me first provide an overview of the progress we made during the quarter against our key goals and priorities, progress that gives us confidence in our ability to monetize our growing platform. During the quarter, our TiVo One footprint grew to exceed 5.5 million monthly active users, and our Auto Stage footprint grew to over 16 million vehicles globally.

我先概述本季在關鍵目標與優先事項上的進展；這些進展讓我們對於能夠將不斷成長的平台加以變現更具信心。本季期間，我們的 TiVo One 覆蓋規模成長至每月活躍用戶超過 550 萬，而 AutoStage 覆蓋規模在全球成長至超過 1,600 萬輛車。

In addition to footprint growth. Both our product feature set and ecosystem expanded, and we continue to add advertising partners and sellers to the TiVo One platform. Taken together, this progress combined to help us accelerate advertising monetization, resulting in media platform revenue growth of 45% year-over-year.

除了覆蓋規模成長之外。我們的產品功能組合與生態系也同步擴大，並持續為 TiVo One 平台新增廣告合作夥伴與銷售方。綜合而言，這些進展共同推動我們加速廣告變現，使媒體平台營收年增 45%。

We've also started to reap benefits from the strategic investments made over the past few years, as evidenced by our results. Turning to our financial results for the quarter, I'm very pleased with a strong start to the year, which reflects both solid execution against our strategic plan and earlier-than-planned contract signings within CE and connected car.

我們也開始收穫過去幾年策略性投資所帶來的效益，從本季結果即可見一斑。就本季財務表現而言，我對今年強勁的開局感到非常滿意，這反映了我們對策略計畫的扎實執行，以及在消費性電子（CE）與車聯網領域早於原先規劃完成的合約簽署。

As I said, I'm particularly pleased with the progress we're making on driving monetization across our business. Given these results, we reaffirmed the guidance we gave for the full year. Let me now go through each of our four business areas, starting with Media Platform.

如我所說，我尤其滿意我們在推動全公司變現方面所取得的進展。基於這些結果，我們重申先前提供的全年財測指引。接下來我將依序說明我們四個業務領域，先從媒體平台開始。

We recorded $12 million of revenue for Media Platform in the quarter, reflecting year-over-year growth of 45%, primarily driven by growth and advertising monetization. We experienced progress through our direct sales programs as we continued to execute campaigns across our owned and operated inventory and also began to benefit from our new partnerships.

本季媒體平台營收為 1,200 萬美元，年增 45%，主要由覆蓋規模成長與廣告變現所帶動。我們透過直銷方案持續取得進展，持續在自有與營運的廣告庫存上執行投放活動，並開始受惠於新的合作夥伴關係。

As noted earlier, our footprint also continued to grow as TiVo One monthly active users more than doubled year-over-year to 5.5 million. Just after the end of the quarter, we signed a multi-year partnership with Samba TV, a television technology company that offers real-time insights and audience analytics. Through this partnership, we're adding intelligence and measurement capabilities to TiVo One connected TV inventory.

如先前所述，我們的覆蓋規模也持續成長，TiVo One 每月活躍用戶年增逾一倍至 550 萬。在季度結束後不久，我們與 Samba TV 簽署多年期合作夥伴協議；Samba TV 是一家電視科技公司，提供即時洞察與受眾分析。透過此合作，我們將為 TiVo One 的連網電視（CTV）庫存加入智慧化與衡量能力。

This collaboration bolsters our TiVo Ads business by enriching our connected TV advertising platform with Samba's industry-leading data and analytics, thereby improving ad targeting and campaign performance measurement.

此合作透過導入 Samba 業界領先的數據與分析，強化我們的 TiVo Ads 業務，進而提升廣告定向能力與投放成效衡量。

The relationship expands TiVo's ad sales and measurement capabilities. We Believe positions the TiVo One ad platform as an even more valuable cross-screen advertising solution for advertisers and agencies seeking better CTV audience targeting and comprehensive campaign insights.

此合作關係擴大了 TiVo 的廣告銷售與衡量能力。我們相信，這將使 TiVo One 廣告平台成為更具價值的跨螢幕廣告解決方案，協助廣告主與代理商取得更佳的 CTV 受眾定向，以及更全面的活動洞察。

Average revenue per user for TiVo One was $7.10, a slight decrease from the fourth quarter as over the trailing 12 months, the number of average monthly users grew faster than monetization revenue. As advertising monetization revenue accelerates, we expect ARPU to advance toward double-digit dollars in the second-half of 2026.

TiVo One 的每用戶平均收入（ARPU）為 7.10 美元，較第四季略為下降，因為在過去 12 個月中，平均每月用戶數的成長速度快於變現收入。隨著廣告變現收入加速成長，我們預期 ARPU 將在 2026 年下半年提升至兩位數美元水準。

Moving to connected car, AutoStage footprint expanded over 45% year-over-year, reaching over 16 million vehicles across 13 automotive brands. Just after quarter end, we launched Auto Stage Broadcast Portal, a subscription service that we believe delivers unprecedented visibility and insights into audience behavior and listening metrics across 300 US Radio markets.

接著看車聯網業務，AutoStage 覆蓋規模年增超過 45%，在 13 個汽車品牌中觸及全球超過 1,600 萬輛車。在季度結束後不久，我們推出 Auto Stage Broadcast Portal，這是一項訂閱服務；我們相信它能在全美 300 個廣播市場中，提供前所未有的受眾行為可視性與洞察，以及收聽指標。

In addition, we signed multi-year HD radio renewal agreements and launched HD radio in new models, including from Audi, Honda, Mercedes, and Toyota. We also continued to advance our connected car roadmap, including advanced sound features and expanding services that are expected to support broadcaster and OEM partner advertising monetization.

此外，我們簽署多年期 HD Radio 續約協議，並在新車型中推出 HD Radio，包括 Audi、Honda、Mercedes 與 Toyota 等品牌。我們也持續推進車聯網產品藍圖，包括先進音效功能與服務擴展，預期將支持廣播業者與 OEM 合作夥伴的廣告變現。

Moving to our Pay-TV business, as noted earlier, our IPTV subscriber base continued to grow, increasing 19% year-over-year to reach 3.28 million subscriber households at quarter end. During the quarter, we signed the first agreements for new service offerings, such as programmatic dynamic ad insertion and our native digital rights management.

接著看我們的付費電視（Pay-TV）業務，如先前所述，我們的 IPTV 訂戶基礎持續成長，年增 19%，至季末達 328 萬訂戶家庭。本季我們簽署了新服務項目的首批協議，例如程式化動態廣告插入，以及我們原生的數位版權管理。

In addition, we delivered an innovative 4K sports experience with multi-view capability to IPTV households for the Winter Olympics and Super Bowl. We also expanded our set-top box partnership with Kaon and executed a multi-year discovery agreement with DirecTV.

此外，我們為 IPTV 家庭在冬季奧運與超級盃期間提供具多視角（multi-view）功能的創新 4K 體育觀賽體驗。我們也擴大與 Kaon 的機上盒合作夥伴關係，並與 DirecTV 簽署多年期的探索（discovery）協議。

Moving to our consumer electronics business. During the quarter, we renewed DTS decoder and post-processing contracts with leading TV brands, including Vizio, Xiaomi, TCL, and a major US Retailer. We also entered into multi-year partnership with Tencent Music. China's leading music platform for DTS X encoding of its music catalog, offering immersive audio as a premium feature to Tencent/QQ music subscribers.

接著談我們的消費性電子業務。本季期間，我們與多家領先電視品牌續約了 DTS 解碼器與後處理合約，包括 Vizio、小米、TCL，以及一家美國大型零售商。我們也與騰訊音樂建立了多年期合作夥伴關係。作為中國領先的音樂平台，騰訊音樂將其音樂曲庫採用 DTS X 編碼，並以沉浸式音訊作為提供給騰訊/QQ 音樂訂閱用戶的高級功能。

Overall, these renewals and partnerships support our focus on expanding the adoption of our consumer audio technologies. As we put our 2026 goals in context, we made strong progress toward our objectives in the first quarter.

整體而言，這些續約與合作夥伴關係支持我們擴大消費性音訊技術採用的重點。在將我們 2026 年目標置於脈絡中來看時，我們在第一季已朝目標取得強勁進展。

Our monthly active users on the TiVo One platform continued to grow, reaching 5.5 million at quarter-end, more than doubling from the same period last year. We remain confident in reaching our target of over 7 million monthly active users by year-end.

TiVo One 平台的月活躍用戶數持續成長，季末達到 550 萬，較去年同期增加逾一倍。我們仍有信心在年底前達成月活躍用戶超過 700 萬的目標。

On the monetization front, Media Platform's 45% year-over-year revenue growth was driven primarily by growth in advertising monetization. As our ecosystem and advertiser engagement expands, we believe we have a clear plan to reach our goal of doubling revenue to over $80 million.

在變現方面，媒體平台（Media Platform）營收年增 45%，主要由廣告變現成長所帶動。隨著我們的生態系與廣告主互動持續擴大，我們相信已有清晰的計畫可達成將營收倍增至超過 8,000 萬美元的目標。

Also, as monetization revenue from advertising and data sales continues to grow in line with our expectations, we expect the TiVo One annual revenue per user, or ARPU, to finish the year above $10. Lastly, we've seen some very exciting progress on Autostage, our connected car platform.

此外，隨著廣告與資料銷售的變現收入持續依照我們的預期成長，我們預期 TiVo One 的年度每用戶營收（ARPU）將在年底前超過 10 美元。最後，我們也在 Autostage（我們的車聯網平台）上看到一些非常令人振奮的進展。

While footprint continued to expand well past all of our original goals, we are now seeing clear demand among broadcasters and advertisers for the data coming off our platform. The first data license agreements are expected in the second quarter, with more to follow, and we plan to commence advertising trials with partners in the US and Europe later this year.

在覆蓋範圍持續擴張、遠超我們最初所有目標的同時，我們現在也看到廣播業者與廣告主對於來自我們平台的資料有明確需求。首批資料授權協議預計在第二季簽訂，後續還會有更多；我們也計畫於今年稍晚在美國與歐洲與合作夥伴啟動廣告試驗。

Overall, we remain very pleased with our start to 2026.

整體而言，我們對 2026 年的開局仍感到非常滿意。

Let me now turn the call over to Robert to discuss our financial results in more detail. Robert.

接下來我把電話交給 Robert，請他更詳細地說明我們的財務結果。Robert。

Thanks, Jon.

謝謝，Jon。

Let me start by reviewing the revenue results for the quarter. Overall, revenue finished at $114 million, essentially flat year-over-year. ATV revenue decreased 8% as expected to finish at $46 million. Driven by a decrease in core pay TV from classic guides and end-of-life of legacy consumer products, it was partially offset by growth from our IPTV solution.

我先回顧本季的營收表現。整體而言，營收為 1.14 億美元，年對年基本持平。如預期，ATV 營收下降 8%，為 4,600 萬美元。主要因經典指南（classic guides）與舊有消費性產品生命週期結束導致核心付費電視（pay TV）下滑，但部分被我們 IPTV 解決方案的成長所抵銷。

Consumer electronics recorded $18 million of revenue, a decrease of 19%, primarily due to non-recurring revenue from minimum guarantee arrangements and audit settlements in the same period last year, as well as memory-related challenges in certain end-product categories.

消費性電子營收為 1,800 萬美元，下降 19%，主要因去年同期來自最低保證（minimum guarantee）安排與稽核和解（audit settlements）的非經常性收入，以及部分終端產品類別面臨與記憶體相關的挑戰。

Our connected car business grew 14% to $38 million due primarily to a multi-year minimum guarantee arrangement signed during the quarter. Lastly, Media Platform grew 45% to $12 million, driven primarily by growth in advertising monetization from a host of sources, including direct sold revenue, new partner revenue and a linear TV campaign spend.

我們的車聯網業務成長 14% 至 3,800 萬美元，主要因本季簽署了一項多年期最低保證安排。最後，媒體平台成長 45% 至 1,200 萬美元，主要由多元來源的廣告變現成長所帶動，包括直售收入、新合作夥伴收入，以及線性電視（linear TV）活動投放支出。

Looking at overall financial results, our non-GAAP adjusted operating expense decreased 14% year-over-year due primarily to workforce reductions that have occurred over the past year as we have focused the business on our growth areas.

從整體財務結果來看，我們的非 GAAP 調整後營運費用年減 14%，主要因過去一年進行的人力縮減，因我們將業務聚焦於成長領域。

We posted $25 million of adjusted EBITDA or 22% of revenue. An improvement of almost 8 percentage points over the prior year. GAAP loss per share was $0.17 and non-GAAP earnings per share was $0.23.

我們錄得 2,500 萬美元的調整後 EBITDA，約占營收 22%。較去年提升近 8 個百分點。GAAP 每股虧損為 0.17 美元，非 GAAP 每股盈餘為 0.23 美元。

Turning to the balance sheet and statement of cash flow, we finished the first quarter of 2026 with $70 million of cash and cash equivalents. It is worth noting that in early April, we received the final $12 million payment related to the sale of Perceived to Amazon.

接著看資產負債表與現金流量表，我們在 2026 年第一季末的現金及約當現金為 7,000 萬美元。值得一提的是，4 月初我們收到與將 Perceived 出售給 Amazon 相關的最後一筆 1,200 萬美元款項。

As expected during our seasonally low first quarter, operating cash flow usage in the quarter was $18 million, an improvement of $4 million from the first quarter of 2025.

如同我們預期，在季節性較淡的第一季，本季營運現金流出為 1,800 萬美元，較 2025 年第一季改善 400 萬美元。

Cash usage in the quarter was primarily due to the payment of a. Compensation, which occurs in the first quarter of each year, along with $8 million of payments related to employee departures from the workforce reduction announced in November.

本季現金使用主要是因支付一項。薪酬（Compensation），該項支付每年第一季發生，另包含與 11 月宣布的人力縮減相關、員工離職的 800 萬美元付款。

We had $23 million of free cash flow usage in the quarter, an improvement of $4 million from the same quarter last year. In terms of financial outlook for the year, we are reaffirming our annual guidance that was provided in February.

本季自由現金流出為 2,300 萬美元，較去年同季改善 400 萬美元。就全年財務展望而言，我們重申 2 月提供的年度指引。

As noted previously, our revenue range of $440 million to $470 million take into account our view of broader market risks across our business.

如先前所述，我們的營收區間 4.40 億至 4.70 億美元，已納入我們對整體市場風險在各項業務上的看法。

In terms of revenue timing during the year, for Q1, we executed certain agreements earlier than we had planned. We expect to see a similar trend in Q2. Therefore, we now expect revenue for the first half and second-half of the year to be relatively even, as opposed to being slightly more back half-weighted as previously projected.

就年度內的營收時點而言，在第一季我們比原先規劃更早執行了部分協議。我們預期第二季也會看到類似趨勢。因此，我們現在預期上半年與下半年營收將相對平均，而非如先前預估略偏向下半年。

Let me turn the call back over to John.

我把電話交回給 John。

Thanks, Robert. To sum things up, we're very pleased with the results of the first quarter. Customers are engaging with us earlier in the year than anticipated. Highlighting our relevance and growing momentum, which positions us for an even stronger start. Further, our results clearly demonstrate the progress we're making against our monetization strategy.

謝謝，Robert。總結來說，我們對第一季的結果非常滿意。客戶在年初就比預期更早與我們互動。這凸顯了我們的相關性與持續增長的動能，使我們得以在更強勁的起步基礎上再向前。此外，我們的結果也清楚展現我們在變現策略上的推進成果。

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

以上為我們準備好的發言。接下來請接線員開放提問。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

Jason Kreyer, Craig-Hallum Capital Group.

Craig-Hallum Capital Group 的 Jason Kreyer。

Hey, guys. This is Thomas on for Jason. Thanks for taking my question. First, Jon, you called out in the PR that you guys are getting to see an inflection point in monetization strategy. Can you sort of talk about what the drivers are that are catalyzing this inflection?

嗨，各位。我是 Thomas，代替 Jason 發問。謝謝讓我提問。首先，Jon，你在新聞稿中提到你們正在看到變現策略的拐點。你能否談談促成這個拐點的驅動因素是什麼？

Well, I think a couple of things. First, we have worked for the last two years to. Begin to build a broad enough footprint to have the scale necessary to begin to attract advertisers and partners to our platform to reach unique audiences. And I think those efforts, as we're now at 5.5 million MAUs, is certainly a key part. The second is that we have also worked in tandem to continue to build out and connect our TiVo One ad platform.

我想有幾個因素。第一，我們在過去兩年一直努力。建立足夠廣的覆蓋範圍，以具備必要規模，開始吸引廣告主與合作夥伴到我們的平台，觸及獨特受眾。我認為這些努力——現在我們已有 550 萬月活躍用戶（MAUs）——無疑是關鍵之一。第二，我們也同步持續建置並串接我們的 TiVo One 廣告平台。

To the broader advertising ecosystem and as that gets continually worked to, if you will, make sure all the plumbing is continually being optimized. I think that also enables more programmatic ad volume to flow. And thirdly, as we are now making a bigger.

對更廣泛的廣告生態系統而言，並且隨著相關工作持續推進（如果你願意這麼說），以確保所有「管線」都能持續被最佳化。我認為這也讓更多程式化廣告量得以流入。第三，隨著我們現在正在做出更大的。

Presence known and the uniqueness of some of what our platform offers in terms of audience engagement that is driving advertiser interest. And through partnerships, we have more sellers out there beyond just our direct sales force.

讓市場更了解我們的存在，以及我們平台在受眾互動方面所提供的一些獨特性，正驅動廣告主的興趣。而且透過合作夥伴關係，除了我們的直銷團隊之外，外部也有更多銷售人員在推廣。

And I think all of which is kind of combining to really begin to drive this business, I think, quite positively. And it's why we expect this year to see. Media platform revenue double year-over-year, and so I think while there's still plenty of work, I'm very pleased with how this seems to be taking shape.

我認為這些因素正在結合起來，確實開始相當正面地推動這項業務。這也是為什麼我們預期今年將會看到。媒體平台營收年增翻倍；因此我認為，雖然仍有許多工作要做，但我對目前成形的進展感到非常滿意。

That's great. Thanks. And maybe one follow-up. When we look at your operating expenses in Q1, does that sort of represent all the cost-cutting initiatives you put in place? Just kind of trying to determine if this is the right cost base to build off of for the remainder of the year as we sort of move forward?

太好了。謝謝。另外也許再追問一個問題。當我們看你們第一季的營業費用時，這是否已反映你們已實施的所有成本削減措施？只是想確認，隨著我們往前推進，這是否是今年剩餘期間可作為基礎的正確成本水準？

Yeah, most of our work on the cost-cutting is complete at this point. And I would warrant that Q1 is a good representation of the run rate for the remainder of the year.

是的，我們在成本削減方面的大部分工作到目前為止已經完成。我可以保證，第一季相當能代表今年剩餘期間的費用運行水準（run rate）。

Matthew Galinko, Maxim Group.

Matthew Galinko，Maxim Group。

Hey, good afternoon. Thanks for taking my questions. Maybe, firstly, can you touch on how unit availability is today in the US Market and how. Kind of that user growth is shaping up between US And Europe, and then I'll ask a follow-up.

嗨，午安。謝謝讓我提問。首先，也許你能談談目前美國市場的機型供給情況，以及。美國與歐洲之間的用戶成長態勢如何，之後我再追問一題。

Sure. So, Matt, similar to what was the case last quarter, the majority of our TiVo One connected devices are in Europe. I think on a relative basis, you're going to continue to see that grow faster than the US, the US Being a more competitive market, et cetera.

當然。所以，Matt，和上一季的情況類似，我們大多數 TiVo One 連網裝置都在歐洲。我認為相對而言，你會持續看到那邊的成長速度快於美國；美國是一個競爭更激烈的市場等等。

We do expect, however, there would be more TV volume in the US Later this year. And we have both smart TVs and connected set-down boxes. There are operators that are -- the distinction is not important because they're all connected.

不過，我們確實預期今年稍晚美國的電視出貨量會更多。而我們同時有智慧電視與連網機上盒。也有一些營運商——這個區分其實不重要，因為它們全都是連網的。

To our TiVo One Ad platform. So this is all about managing the home screen and where content is being aggregated and ultimately being selected and the ability to advertise and stream and on homepage, et cetera, across these platforms. So I would say you're probably looking at a balance roughly 60% Europe, 40% US.

連到我們的 TiVo One 廣告平台。所以這一切都在於管理主畫面，以及內容如何被彙整、最終如何被選擇，並且能在主頁等位置進行廣告投放與串流等，涵蓋這些平台。因此我會說，你看到的比例大概是歐洲約 60%，美國約 40%。

Thank you. And just any thoughts on, I guess, the capital structure, particularly given the kind of the shift in, pick up in the media platform business and the auction of the perceived payment. Did that change anything about, your position towards that on the balance sheet or, how do you feel today?

謝謝。另外想請教一下，我想是關於資本結構，特別是考量到媒體平台業務的轉變與回升，以及對所認知付款的拍賣。這是否改變了你們在資產負債表上對此的立場，或是你們現在的看法如何？

Well, I think we continue, like everyone, right, to be operating in an uncertain environment. I think nothing has fundamentally changed with our capital allocation policy, which is we carry a small amount of debt on the balance sheet.

嗯，我認為我們仍然和大家一樣，處於一個不確定的環境中運作。我認為我們的資本配置政策並沒有根本性的改變，也就是我們在資產負債表上維持少量負債。

Obviously, we want to fund, importantly, our growth initiatives as our first priority and then look to opportunistically return capital through buybacks. As appropriate as you balance both the need for cash internally along with debt paydown and ultimately that return of capital. So as we still sit here today on $80 million in cash, I don't think our perspective broadly changes.

顯然，我們希望最重要的是為成長計畫提供資金，作為第一優先，然後再視情況透過庫藏股回購機會性地回饋資本。在兼顧內部現金需求、償還債務，以及最終回饋資本之間取得平衡的前提下，視情況而定。因此，既然我們目前仍有 8,000 萬美元現金，我不認為我們的整體觀點會有太大改變。

As we start to see more material growth as we go forward, obviously, it's a conversation that we and the Board. Have regularly and to the extent that we want to dial up any element of that slightly more than another, certainly a matter of constant conversation.

隨著我們往前看到更具實質性的成長，顯然這是我們與董事會。經常討論的議題；若我們希望把其中某個面向的比重稍微提高於另一個面向，當然也會是持續討論的一部分。

(Operator Instructions) Hamed Khorsand, BWS Financial Inc.

（接線員指示）Hamed Khorsand，BWS Financial Inc.。

Hi. Could you just talk about -- you're making good advancement here on how many people are using your auto stage, but why wouldn't that translate into higher media platform revenue for you right now?

嗨。你能否談談——你們在有多少人使用你們的 auto stage 方面取得了不錯的進展，但為什麼這目前不會轉化為你們更高的媒體平台營收？

Hi, Hamed. Certainly, it ultimately will lead to more data and advertising-based monetization, but one of the things we have talked about. Is that in the course of this year, as we kind of exceeded the 10 to, let's call it, 12 million units kind of mark that there'd be enough scale to attract both advertisers and people interested in that data.

嗨，Hamed。當然，最終這會帶來更多資料與以廣告為基礎的變現，但我們談到的一點是。在今年的過程中，當我們超過 1,000 萬到，我們姑且說 1,200 萬台裝置的門檻時，就會有足夠的規模去吸引廣告主以及對這些資料有興趣的人。

More meaningfully. And so it's just simply a matter of timing. It's just where we are. You will, in fact, see, I think, a very valuable and interesting platform to both broadcasters and advertisers take shape where there's, we think, a meaningful amount of opportunity.

更有意義地。所以這只是時間點的問題。就是我們目前所處的位置。事實上，你將會看到一個對廣播業者與廣告主都非常有價值且有趣的平台逐步成形；我們認為其中有相當可觀的機會。

And you'll kind of see it as we lean ahead with our first. License, data licenses happening in the broadcaster space, likely this quarter.

而你也會看到，隨著我們向前推進，首先。在廣播業者領域的資料授權（data licenses）很可能在本季發生。

And we have no further questions at this time, so I will now turn the conference back over to Mr. Jon Kirchner for closing remarks.

目前沒有進一步的提問，因此我現在把電話會議交回給 Jon Kirchner 先生作結語。

Thanks, operator.

謝謝，接線員。

With a great start to the year, we can see momentum building in our business, and I'd like to personally thank our customers and partners. In addition, I appreciate the commitment of the entire Xperi team as we continue to deliver on our plans and strategies. We look forward to sharing further updates on our next quarterly conference call, and thank you, everyone, for joining today.

今年有個很好的開局，我們看到業務動能正在累積，我也想親自感謝我們的客戶與合作夥伴。此外，隨著我們持續落實各項計畫與策略，我也感謝整個 Xperi 團隊的投入與承諾。我們期待在下一次季度電話會議中分享更多更新，也謝謝各位今天的參與。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束，感謝各位的參與。您現在可以掛線。