Liren Chen : Yes, hey, Mark, this is Liren. So, we mentioned in the prior call and we highlight this call. So, we believe the streaming and online services, cloud services, is a very large Greenfield for our company. And we have been working on it for, frankly, multiple years now. And remember, with our Technicolor acquisition, as well as the combining innovation we have done with InterDigital’s engineers. We believe we have one of the largest and probably one of the most valuable Kodak IP holding in the industry, and we continue to drive the standard development going forward. So, we believe we are really well positioned in that field. Regarding the size opportunity here, we, obviously, the overall TAM of the market is fairly well known, and based on third-party report, that market for the streaming service alone will be, by 2027, to be about the same size as the overall smartphone industry in terms of annual revenue.
We currently do not have a set number for our revenue target yet primarily, because we want to, frankly, get more clarity on licensing progress before we put a target on it. And once we make more progress, and over time – by the way, this is a brand new program, so we do believe it will take time to establish and grow. This will be a new category for us. This is not part of the CE program. The CE and IoT program is still focusing on the device side.
Rich Brezski: And I’ll just add that, therefore, the $650 million device target does not include this opportunity. That’s additive to the $650 million.
Mark Lipacis : All right, that’s very helpful. And a follow-up, if I may, on the — just to talk about capital allocation, nice to see that the dividend bump and the buybacks. Rich, can you talk about the cash that you want to have on your balance sheet or like to have on the balance sheet to run the business? And can you talk about how you think about M&A going forward from here?
Rich Brezski: Yeah, so Mark, a good question. We started the year with over a billion in cash. We’ve returned $360 million to shareholders, and we’re still sitting here with over $1 billion in cash, because of the cash flow generation of the business, which is a great thing, but still more cash than we need. So we continue to be aggressive in returning capital to shareholders, provide an update through the end of October and I expect that to be the case going forward. At this point, we’re under $80 million on the authorization, but that’s something, the authorization and buybacks and the dividend, it’s something we’re looking at every quarter read out. So there’s a lot of room, I think, to continue to return capital. With respect to M&A, we’re always looking for opportunities, but because of the very strong in-house research capabilities we have in cellular, in Wi-Fi, in video, it’s not something that our business model, all aspects and all categories, including the OTT, it’s not something that we feel we’re dependent on.
So it’s more opportunistic.
Mark Lipacis : Yeah, got you. And a final question, if I may. Liren, you talked about being cited by, was it LexisNexis as a top 5G IP player? Can you talk, what is the significance of that report? Is that considered like an authority in the industry? Is that something you now can cite during negotiations or during litigation? Is that like a piece of evidence of litigation? Can you just talk about the significance of that report? Thank you.
Liren Chen : Yes, yes. Hey, Mark. Yes, those are new report from LexisNexis, which is a quite comprehensive report. What they did do is they look at both the quality, as well as the quantity and by how many families, how many patents people have. That’s this close to 5G standard process. And they have looked at all the patent holders who have declared potential essential patent to 3GPP for 5G. And there’s about 130 companies who hold those patents. And running their algorithm, they ranked InterDigital as one of the top five in the industry, combining those factors. We find this report properly acknowledge our leadership in the industry, even though any such report, there’s always frankly different level of nuances people can comment on.
