Nokia Oyj (NYSE:NOK) Q2 2023 Earnings Call Transcript

Sami Sarkamies: Yes. But okay, I’m just maybe wondering this €80 million catch-up payment that — did that actually result in higher IPR run rate during the second quarter relative to what you had in Q1?

Marco Wiren: Yes, this is a catch-up. So this is referring to previous periods or other sales. So that’s why we are seeing that it’s the deals that we signed in the quarter that is affecting the €1.1 billion run rate that we have now starting from January because of the different timings.

Pekka Lundmark: So some of the €80 million is excluded from the run rate. That is the point here.

Sami Sarkamies: Yes, I understand that but I meant that did you have somewhat higher run rate in Q2 than in Q1?

Marco Wiren: Yes. Based on the new deals that we signed in quarter two, the new run rate from 1st of January next year would imply that the new run rate is €1.1 billion. And as I said, we have different starting points and different agreements and that’s why we are referring to 1st of January. Of course, our ambition is higher than €1.1 billion and that’s why we are saying that this is subject to any other material developments such as closing some of the outstanding litigation and renewal discussions that we have.

David Mulholland: Thank you, Sami and thank you, everyone, for joining the call today and for Pekka and Marco for your time. Ladies and gentlemen, this does conclude today’s call. I would like to remind you that during the call today, we have made a number of forward-looking statements that involve risks and uncertainties. Actual results may therefore differ materially from the results currently expected. Factors that could cause such differences can be both external as well as internal operating factors. We have identified such risks in the Risk Factors section of our annual report on Form 20-F which is available on our Investor Relations website. Thank you all for joining us today.

Pekka Lundmark: Thank you.

Marco Wiren: Thank you.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may disconnect.