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0001405495false00014054952024-05-022024-05-02


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
______________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 2, 2024
______________

INTERDIGITAL, INC.
(Exact name of Registrant as Specified in Charter)
Pennsylvania 1-33579 82-4936666
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)
200 Bellevue Parkway, Suite 300
Wilmington, DE 19809-3727
(Address of principal executive offices, Zip code)

302-281-3600
Registrant's telephone number, including area code
Not Applicable
Former Name or Former Address, if Changed Since Last Report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class   Trading
Symbol(s)		   Name of each exchange
on which registered
Common Stock, par value $0.01 per share   IDCC   NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.    Results of Operations and Financial Condition.
On May 2, 2024, InterDigital, Inc. (the "Company") issued a press release announcing its results of operations and financial condition for the fiscal quarter ended March 31, 2024. A copy of the press release is attached hereto as Exhibit 99.1.
The information contained in Item 2.02 of this report, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 7.01.    Regulation FD.
The supplemental earnings presentation attached hereto as Exhibit 99.2 is being provided to investors in connection with the Company's earnings announcement.
The information contained in Item 7.01 of this report, including Exhibit 99.2, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01.    Financial Statements and Exhibits.
(d)    Exhibits.
99.1
99.2
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



    
INTERDIGITAL, INC.
By: /s/ Joshua D. Schmidt
Joshua D. Schmidt
Chief Legal Officer and
Corporate Secretary


Date: May 2, 2024



EX-99.1 2 ex991q133124pressrelease.htm EX-99.1 Document

INTERDIGITAL ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2024
New license agreements drive 30% increase in YoY revenue and record quarter for Consumer Electronics
Company reaffirms full year 2024 guidance

WILMINGTON, DE. - May 2, 2024 - InterDigital, Inc. (Nasdaq: IDCC), a mobile, video, and AI technology research and development company, today announced results for the quarter ended March 31, 2024.
"InterDigital made significant progress in first quarter towards our 2024 revenue guidance of $620 million to $670 million,” commented Liren Chen, President and CEO, InterDigital. “Revenue was $264 million for the quarter, one of the highest quarters in our history, and included an all-time high for our CE and IoT licensing program. With our landmark consumer electronics agreement with Samsung, we signed agreements with a cumulative value of almost $2.7 billion over the last three years, giving us an incredibly strong base from which to drive additional growth opportunities.”
First Quarter 2024 Financial Highlights, as compared to First Quarter 2023:
Three Months Ended
March 31,
(in millions, except per share data) 2024 2023 Change
GAAP Results:
Revenues $263.5 $202.4 30%
Operating Expenses (a)
 $159.8 $83.1 92%
Net income 1
 $81.7 $105.3 (22)%
Net income 1 margin
 31% 52% (21) ppt
Diluted EPS 1
 $2.88 $3.58 (20)%
Non-GAAP Results:
Adjusted EBITDA 2
 $130.4 $154.8 (16)%
Adjusted EBITDA margin 2
 49% 76% (27) ppt
Non-GAAP Net income 3
 $94.5 $123.6 (24)%
Non-GAAP EPS 3
 $3.58 $4.21 (15)%
Additional Information:
Revenue by type:
Recurring revenues $96.9 $101.6 (5)%
Catch-up revenues $166.7 $100.8 65%
Revenue by program:
Smartphone $80.3 $186.2 (57)%
CE, IoT/Auto $182.5 $16.1 1,035%
Other $0.7 $0.1 1,184%
(a)    Includes revenue share costs of $69.0 million and $1.1 million in first quarter 2024 and 2023, respectively.
Return of Capital to Shareholders
(in millions, except per share data)
 Share Repurchases
Dividends Declared
 Total Return
of Capital
Shares Value Per Share Value
First quarter 2024 0.3 $29.0 $0.40 $10.2 $39.2


Near Term Outlook
The Company has reaffirmed its full year 2024 outlook and provided an initial outlook for second quarter 2024 in the table below. The outlook for second quarter 2024 is based on existing licenses only, and any new agreements that might be reached over the balance of the second quarter would be additive. The outlook for full year 2024 includes both existing licenses and the potential for new agreements over the balance of the year.
(in millions, except per share data)
 Q2 2024 Full Year 2024
Revenue
$93 - $97
 $620 - $670
Adjusted EBITDA 2(a)
$35.5 - $38.0
 $310 - $345
Diluted EPS 1(a)
$0.20 - $0.30
$4.95 - $6.15
Non-GAAP EPS 3(a)
$0.70 - $0.80
$7.45 - $8.76
(a) Includes revenue share costs of $3 million for Q2 2024 and $80 million to $90 million for full year 2024.
Conference Call Information
InterDigital will host a conference call on Thursday, May 2, 2024 at 10:00 a.m. ET to discuss its first quarter 2024 financial performance and other company matters.
For a live Internet webcast of the conference call, visit www.interdigital.com and click on the “Webcast” link on the Investors page. The company encourages participants to take advantage of the Internet option.
For telephone access to the conference call, visit www.interdigital.com and click on the “Dial In Registration” link on the Investors page. Registration is necessary to obtain a dial in phone number and PIN to join.
An Internet replay of the conference call will be available on InterDigital’s website under Events in the Investors section. The replay will be available for one year.
About InterDigital®
InterDigital is a global research and development company focused primarily on wireless, video, artificial intelligence (“AI”), and related technologies. We design and develop foundational technologies that enable connected, immersive experiences in a broad range of communications and entertainment products and services. We license our innovations worldwide to companies providing such products and services, including makers of wireless communications devices, consumer electronics, IoT devices, cars and other motor vehicles, and providers of cloud-based services such as video streaming. As a leader in wireless technology, our engineers have designed and developed a wide range of innovations that are used in wireless products and networks, from the earliest digital cellular systems to 5G and today’s most advanced Wi-Fi technologies. We are also a leader in video processing and video encoding/decoding technology, with a significant AI research effort that intersects with both wireless and video technologies. Founded in 1972, InterDigital is listed on Nasdaq.
InterDigital is a registered trademark of InterDigital, Inc.
For more information, visit the InterDigital website: www.interdigital.com.
For additional financial measures, refer to our first quarter 2024 Form 10-Q and the financial metrics tracker, which are available on the Investor Relations section of our website.


Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include information regarding our current beliefs, plans and expectations. Words such as “believe,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “forecast,” “goal,” “could,” "would," "should," "if," "may," "might," "future," "target," "trend," "seek to," "will continue," "predict," "likely," "in the event," and variations of any such words or similar expressions are intended to identify such forward-looking statements.
Forward-looking statements are made on the basis of management’s current views and assumptions and are not guarantees of future performance. Forward-looking statements are inherently subject to risks and uncertainties that could cause actual results, and actual events that occur, to differ materially from results contemplated by the forward-looking statements. These risks and uncertainties include, but are not limited to: (i) unanticipated delays, difficulties or accelerations in the execution of patent license agreements; (ii) the resolution of current legal proceedings, including any awards or judgments relating to such proceedings, additional or related legal proceedings, including appeals, changes in the schedules or costs associated with such proceedings or adverse rulings; (iii) our ability to leverage our strategic relationships and secure new patent license agreements on acceptable terms; (iv) our ability to enter into sales and/or licensing partnering arrangements for certain of our patent assets; (v) our ability to expand our revenue opportunities by entering into licensing arrangements with video streaming and other cloud-based service providers; (vi) our ability to enter into partnerships with leading inventors and research organizations and identify and acquire technology and patent portfolios that align with our roadmap; (vii) our ability to commercialize our technologies and enter into customer agreements; (viii) the failure of the markets for our current or new technologies to materialize to the extent or at the rate that we expect; (ix) our continued ability to develop new technologies and secure new patents, including the risk of unexpected delays or difficulties related to the development of our technologies; (x) risks associated with our capital allocation strategies, including risks associated with our planned dividend payments and share repurchases; (xi) changes in our interpretations of, and assumptions and calculations with respect to the impact on us of, the 2017 Tax Cuts and Jobs Act, as well as further guidance that may be issued regarding such act; (xii) risks related to the potential impact of new accounting standards on our financial position, results of operations or cash flows; (xiii) failure to accurately forecast the impact of our restructuring activities on our financial statements and our business; (xiv) the timing and impact of potential administrative and legislative matters; (xv) changes or inaccuracies in market projections; (xvi) our ability to obtain liquidity though debt and equity financings; (xvii) the potential effects that macroeconomic uncertainty could have on our financial position, results of operations and cash flows; (xviii) impacts from acts of terrorism, war or political or civil unrest, or any responses thereto, in the United States or elsewhere; (xix) changes in our business strategy; (xx) changes or inaccuracies in our expectations with respect to royalty payments by our customers and (xxi) risks related to our assumptions and application of relevant accounting standards, including with respect to revenue recognition.
We undertake no duty to revise or update publicly any forward-looking statement for any reason, except as otherwise required by law.


Footnotes
1    Throughout this press release, net income and diluted earnings per share (“EPS”) are attributable to InterDigital, Inc. (e.g., after adjustments for non-controlling interests), unless otherwise stated. Net income margin is net income attributable to InterDigital, Inc. over total revenues.
2    Adjusted EBITDA and Adjusted EBITDA margin are supplemental non-GAAP financial measures that InterDigital believes provide investors with important insight into the Company's ongoing business performance. InterDigital defines Adjusted EBITDA as net income attributable to InterDigital Inc. plus net loss attributable to non-controlling interest, income tax (provision) benefit, other income (expense) & interest expense, depreciation and amortization, share-based compensation, and other items. Other items include restructuring costs, impairment charges and other non-recurring items. Adjusted EBITDA margin is Adjusted EBITDA over total revenues. These non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The presentation of these financial measures, which are not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is provided below.
3    Non-GAAP net income, Non-GAAP EPS, and Non-GAAP weighted-average diluted shares are supplemental non-GAAP financial measures that InterDigital believes provides investors with important insight into the Company's ongoing business performance. InterDigital defines Non-GAAP net income as net income attributable to InterDigital, Inc. plus share-based compensation, acquisition related amortization, depreciation and amortization, restructuring costs, impairment charges and one-time adjustments, losses on extinguishments of long-term debt, the related income tax effect of the preceding items, and adjustments to income taxes. Non-GAAP EPS is defined as Non-GAAP net income divided by Non-GAAP weighted average diluted shares, which adjusts the weighted average number of common shares outstanding for the dilutive effect of the Company's convertible notes, offset by our hedging arrangements. InterDigital’s computation of these non-GAAP financial measures might not be comparable to similarly named measures reported by other companies. The presentation of these financial measures, which are not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. A reconciliation of each of these metrics to its most directly comparable GAAP financial measure is provided below.



SUMMARY CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
(unaudited)
For the Three Months Ended March 31,
2024 2023
Revenues $ 263,542  $ 202,373 
Operating expenses:  
Research and portfolio development 49,375  49,429 
Licensing 96,589  21,368 
General and administrative 13,840  12,315 
Total operating expenses 159,804  83,112 
Income from operations 103,738  119,261 
Interest expense (11,922) (12,087)
Other income, net 9,247  13,191 
Income before income taxes 101,063  120,365 
Income tax provision (19,411) (16,845)
Net income $ 81,652  $ 103,520 
Net loss attributable to noncontrolling interest —  (1,739)
Net income attributable to InterDigital Inc. $ 81,652  $ 105,259 
Net income per common share — Basic $ 3.20  $ 3.66 
Weighted average number of common shares outstanding — Basic 25,510  28,780 
Net income per common share — Diluted $ 2.88  $ 3.58 
Weighted average number of common shares outstanding — Diluted 28,341  29,372 
Cash dividends declared per common share $ 0.40  $ 0.35 







SUMMARY CONSOLIDATED CASH FLOWS
(in thousands)
(unaudited)
For the Three Months Ended March 31,
  2024 2023
Cash flows from operating activities:    
Net income $ 81,652  $ 103,520 
Non-cash adjustments 8,459  (4,004)
Working capital changes (39,338) (127,368)
Net cash provided by (used in) operating activities 50,773  (27,852)
Cash flows from investing activities:    
Net sales (purchases) of short-term investments 24,616  (5,982)
Capitalized patent costs and purchases of property and equipment (9,417) (8,481)
Long-term investments 1,576  — 
Net cash provided by (used in) investing activities 16,775  (14,463)
Cash flows from financing activities:    
Repurchase of common stock (28,868) (203,381)
Dividends paid (10,226) (10,384)
Other (10,225) (4,371)
Net cash used in financing activities (49,319) (218,136)
Net increase (decrease) in cash, cash equivalents and restricted cash 18,229  (260,451)
Cash, cash equivalents and restricted cash, beginning of period 442,961  703,161 
Cash, cash equivalents and restricted cash, end of period $ 461,190  $ 442,710 


SUMMARY CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
MARCH 31, 2024 DECEMBER 31, 2023
Assets    
Cash, cash equivalents and short-term investments $ 984,635  $ 1,006,356 
Accounts receivable 145,629  117,292 
Prepaid and other current assets 85,172  43,976 
Property & equipment and patents, net 318,216  324,567 
Other long-term assets, net 273,369  278,623 
Total assets $ 1,807,021  $ 1,770,814 
Liabilities and Shareholders' equity
Current portion of long-term debt $ 579,369  $ 578,752 
Current deferred revenue 155,966  153,597 
Other current liabilities 168,484  148,779 
Long-term deferred revenue 193,955  223,866 
Long-term debt & other long-term liabilities 84,956  84,271 
Total liabilities 1,182,730  1,189,265 
Total shareholders' equity 624,291  581,549 
Total liabilities and shareholders' equity $ 1,807,021  $ 1,770,814 


RECONCILIATION OF NON-GAAP MEASURES

The table below presents a reconciliation of Adjusted EBITDA to net income attributable to InterDigital, Inc., the most directly comparable GAAP financial measure:
For the Three Months Ended March 31,
Outlook
(in thousands)
(in millions)
2024 2023 Q2 2024 Full Year 2024
Net income attributable to InterDigital, Inc. $ 81,652  $ 105,259 
$5.5 - $8.0
 $140 - $175
Net loss attributable to non-controlling interest —  (1,739) —  — 
Income tax provision 19,411  16,845  1.5  40 - 50
Other income (expense) & interest expense 2,675  (1,104) 0.5  5 - 15
Depreciation and amortization 17,240  19,526  18.0  73 
Share-based compensation 9,386  7,790  10.0  42 
Other items (a)
 —  8,237  —  — 
Adjusted EBITDA 2
 $ 130,364  $ 154,814 
$35.5 - $38.0
 $310 - $345
(a)    Other items in the above table includes a $5.7 million one-time charge for a net litigation fee reimbursement and a $2.5 million one-time impairment on our patents held for sale during the three months ended March 31, 2023.
The table below presents a reconciliation of Non-GAAP net income to net income attributable to InterDigital, Inc., the most directly comparable GAAP financial measure:
For the Three Months Ended March 31,
Outlook
(in thousands, except for per share data)
(in millions, except for per share data)
2024 2023 Q2 2024 Full Year 2024
Net income attributable to InterDigital, Inc. $ 81,652  $ 105,259 
$5.5 - $8.0
 $140 - $175
Share-based compensation 9,386  7,790  10.0  42 
Acquisition related amortization 8,421  10,268  8.0  33 
Other operating items (a)
 —  8,237  —  — 
Other non-operating items (b)
 674  (158) (1.0) — 
Related income tax and noncontrolling interest effect of above items (3,881) (6,739) (4.0) (16)
Adjustments to income taxes (1,708) (1,042) —  — 
Non-GAAP net income 3
 $ 94,544  $ 123,615 
$18.5 - $21.0
 $199 - $234
Weighted average dilutive shares - GAAP 28,341  29,372  27.8  28.3 
Less: Dilutive impact of the Convertible Notes 1,942  —  1.5  1.6 
Weighted average dilutive shares - Non-GAAP 3
 26,399  29,372  26.3  26.7 
Non-GAAP EPS 3
 $ 3.58  $ 4.21 
$0.70 - $0.80
 $7.45 - $8.76
(a)    Other items in the above table includes a $5.7 million one-time charge for a net litigation fee reimbursement and a $2.5 million one-time impairment on our patents held for sale during the three months ended March 31, 2023.
(b)    Other non-operating items includes net (gains) or losses from observable price changes of our long-term strategic investments.


CONTACT: InterDigital, Inc.
Email: investor.relations@interdigital.com
 +1 (302) 300-1857
    

EX-99.2 3 supplementalmaterialsq12.htm EX-99.2 supplementalmaterialsq12
First Quarter 2024 Results May 2, 2024

 
5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 2 Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Exchange Act. Such statements include information regarding our current beliefs, plans and expectations, including, without limitation, the matters set forth below. Words such as "believe," “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “forecast,” "goal," "could," "would," "should," "if," "may," "might," "future," "target," "trend," "seek to," "will continue," "predict," "likely," "in the event," variations of any such words or similar expressions contained herein are intended to identify such forward-looking statements. Forward-looking statements are made on the basis of management’s current views and assumptions and are not guarantees of future performance. Although the forward-looking statements in this presentation reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements concerning our business, results of operations and financial condition are inherently subject to risks and uncertainties. We caution readers that actual results and outcomes could differ materially from those expressed in or anticipated by such forward-looking statements due to a variety of factors, including: (i) unanticipated delays, difficulties or accelerations in the execution of patent license agreements; (ii) the resolution of current legal proceedings, including any awards or judgments relating to such proceedings, additional or related legal proceedings, including appeals, changes in the schedules or costs associated with such proceedings or adverse rulings; (iii) our ability to leverage our strategic relationships and secure new patent license agreements on acceptable terms; (iv) our ability to enter into sales and/or licensing partnering arrangements for certain of our patent assets; (v) our ability to expand our revenue opportunities by entering into licensing arrangements with video streaming and other cloud-based service providers; (vi) our ability to enter into partnerships with leading inventors and research organizations and identify and acquire technology and patent portfolios that align with our roadmap; (vii) our ability to commercialize our technologies and enter into customer agreements; (viii) the failure of the markets for our current or new technologies to materialize to the extent or at the rate that we expect; (ix) our continued ability to develop new technologies and secure new patents, including the risk of unexpected delays or difficulties related to the development of our technologies; (x) risks associated with our capital allocation strategies, including risks associated with our planned dividend payments and share repurchases; (xi) changes in our interpretations of, and assumptions and calculations with respect to the impact on us of, the 2017 Tax Cuts and Jobs Act, as well as further guidance that may be issued regarding such act; (xii) risks related to the potential impact of new accounting standards on our financial position, results of operations or cash flows; (xiii) failure to accurately forecast the impact of our restructuring activities on our financial statements and our business; (xiv) the timing and impact of potential administrative and legislative matters; (xv) changes or inaccuracies in market projections; (xvi) our ability to obtain liquidity though debt and equity financings; (xvii) the potential effects that macroeconomic uncertainty could have on our financial position, results of operations and cash flows; (xviii) impacts from acts of terrorism, war or political or civil unrest, or any responses thereto, in the United States or elsewhere; (xix) changes in our business strategy; (xx) changes or inaccuracies in our expectations with respect to royalty payments by our customers and (xxi) risks related to our assumptions and application of relevant accounting standards, including with respect to revenue recognition. You should carefully consider these factors as well as the risks and uncertainties outlined in greater detail in Part I, Item 1A, of our Form 10-K before making any investment decision with respect to our common stock. These factors, individually or in the aggregate, may cause our actual results to differ materially from our expected and historical results. You should understand that it is not possible to predict or identify all such factors. In addition, you should not place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. We undertake no obligation to revise or update publicly any forward-looking statement for any reason, except as otherwise required by law. Industry Data This presentation contains statistical data, estimates, and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. While we believe the industry and market data included in this presentation are reliable and are based on reasonable assumptions, these data involve many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. Non-GAAP Financial Measures This presentation includes certain non-GAAP measures not based on generally accepted accounting principles. These non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP measures used by us may differ from the non-GAAP measures used by other companies. For more information and for reconciliations between GAAP and these non-GAAP measures, see the appendix to this presentation.

 
Q1’24 Highlights

 
Recent Business Highlights Other Business Highlights ✓ New landmark CE agreement with Samsung ✓ Completed seven license agreements, increased cumulative value to almost $2.7B over the last three years ✓ Awarded an injunction against Lenovo by a German court ✓ Received positive decisions against Oppo from courts in Germany and India ✓ InterDigital engineer elected to head the AI and machine learning standing committee of the IEEE ✓ Top 25 company globally in patent applications at the European Patent Office ✓ Showcased groundbreaking innovations at MWC 5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 4 a Non-GAAP Measure / Please see appendix for GAAP to Non-GAAP reconciliations Q1 Financial Highlights ✓ Revenue of $263.5 million above high end of guidance ✓ CE, IoT/Auto revenue a record high at $182.5 million ✓ Adjusted EBITDAa of $130.4 million at high end of guidance ✓ Non-GAAP EPSa of $3.58 at high end of guidance ✓ Return of capital of $39.2 million ✓ Reaffirmed FY 2024 guidance

 
5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 5 Q1’24 Results aNon-GAAP Measure / Please see appendix for GAAP to Non-GAAP reconciliations Revenue +30% Adj. EBITDAa <16%> Non-GAAP EPSa <15%> $202M $264M $0 $50 $100 $150 $200 $250 $300 Q1'23 Q1'24 $155M $130M $0 $50 $100 $150 $200 $250 $300 Q1'23 Q1'24 $4.21 $3.58 $0 $1 $2 $3 $4 $5 Q1'23 Q1'24

 
5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 6 Q1’24 Revenue By Program $186M $80M 0 20 40 60 80 100 120 140 160 180 200 Q1'23 Q1'24 Recurring Catch Up $16M $183M 0 20 40 60 80 100 120 140 160 180 200 Q1'23 Q1'24 Recurring Catch Up Smartphone <57%> CE, IoT/Auto +1,035%

 
5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 7 Financial Results vs. Outlook Q1’24 Outlook Q1’24 Results Revenue $245M - $255M $263.5M Adjusted EBITDAa $116M - $131M $130.4M Diluted EPS $2.40 - $2.95 $2.88 Non-GAAP EPSa $3.02 - $3.58 $3.58 a Non-GAAP Measure / Please see appendix for GAAP to Non-GAAP reconciliations.

 
FY24 Q2 and Annual Guidance

 
5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 9 Company Reaffirms Full Year 2024 Guidance As of May 2, 2024 Q2’24 Outlook FY24 Outlook Revenue $93M - $97M $620M - $670M Adjusted EBITDAa $35.5M - $38.0M $310M - $345M Diluted EPS $0.20 - $0.30 $4.95 - $6.15 Non-GAAP EPSa $0.70 - $0.80 $7.45 - $8.76 (a) Non-GAAP Measure / Please see appendix for GAAP to Non-GAAP reconciliations The table above presents guidance of the Company's current outlook for second quarter and full year 2024. The outlook for second quarter 2024 is based on existing licenses only, and any new agreements that might be reached over the balance of the second quarter would be additive. The outlook for full year 2024 includes both existing licenses and the potential for new agreements over the balance of the year.

 
Bank of America Global Tech Conference San Francisco William Blair Growth Stock Conference Chicago Annual Shareholder Meeting Virtual IDEAS Investor Conference New York City Roth 10th Annual London Conference London Upcoming Events 5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 10 06/04 06/04 06/05 06/12 06/26-27

 
Background on InterDigital As of May 2, 2024

 
Why IDCC? Strong Financial Performance Double-digit revenue growth, exceptional margins, robust return of capital Large Market Opportunity $650M+ recurring revenue target in device markets. Expanding into greenfield of video streaming and cloud services opportunities Licensing Momentum Experienced leadership team with long industry track record. Almost $2.7B of new contracts completed in past 3 years Differentiated Patent Portfolio One of the strongest and highest quality patent portfolios in the world with > 30,000 patents across wireless, video and AI Deep Industry Expertise Five decades of pioneering wireless and video innovation. Highest concentration of inventors 5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 12

 
InterDigital Business Model We are a foundational R&D company. We share our innovation through standard process and monetize our technology through IP licensing. 5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 13 $ Research & Innovation Patent Portfolio Licensing Product Implementer Technology Sharing Standard Development

 
Pioneering research integral to the evolution of cellular wireless and video innovation since 1972 We reinvest ~half our recurring revenue into research and portfolio development Over Five Decades of Wireless & Video Innovation 5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 14 ~Over half of our employees are engineers hold advanced degrees are inventors Of our engineers… ~90% ~90%

 
Management Team of Industry Veterans Liren Chen President & CEO Previously SVP, Global Head of IP; Qualcomm Inc. Richard Brezski EVP, CFO More than 20 years at InterDigital, CFO since 2012 Eeva Hakoranta EVP, CLO Previously SVP, Head of IP and Litigation & GC; Nokia Technologies Rajesh Pankaj EVP, CTO Previously SVP & Head of Corporate R&D; Qualcomm Inc. 5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 15

 
>100 Leadership Positions in Wireless & Video Standards 5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 16 JVT Cellular & WiFi Standards Video Standards RAN2 Chair CT Vice Chair SAI Vice Chair PDL Vice Chair ETSI Board Member ISAC ISG Chair RIS ISG Chair Steering Committee Board Member SA Board of Governers Policy & Procedures C/SAB Chair AIML Standing Committee Chair Internet WG Vice Chair NNVC Co-Chair NNVC SW Chair Beyond VVC Co-chair of Two AHG Beyond VVC Co-chair of Two AHG AI AHG Co-chair AI-PCC Chair Haptic AHG Chair Steering Board Member TSAG Vice Chair

 
5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 17 Recognized Global Innovation Leader For the third year in a row, LexisNexis recognized InterDigital amongst the World’s 100 Most Innovative Businesses. Innovation Momentum 2024: The Global Top 100, “represents the world’s leading patent owners with the highest innovation momentum.”

 
5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 18 Recognized Global Innovation Leader InterDigital was among the top 25 patent filers with the European Patent Office (EPO) in 2023 Innovation momentum drove 40% YoY increase in patent filings with the EPO *Boxes present the proportion of direct European applications vs international (PCT) applications that entered the European phase.

 
Wireless Video Implementation DTV Broadcast & Home Network 2017 ~19,000 Assets 2023 >30,000 Assets Increasingly Diverse Patent Portfolio Our patent portfolio grew >60% between 2017 & 2023 with the addition of video & DTV related technologies and continuing growth of wireless assets 5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 19

 
Average Competitive Impact InterDigital Ranks Among the Highest in Patent Quality for 5G and Video Codec Patents1 5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 20 0 4 8 12 InterDigital Company #1 Company #2 Company #3 Company #4 Company #5 Company #6 Company #7 Company #8 Company #9 0 2 4 6 8 Company # 9 Company # 8 Company # 7 Company # 6 Company # 5 Company # 4 InterDigital Company # 2 Company #1 Video Codec Patent Holders 5G Patent Holders 1 LexisNexis PatentSight Feb 2024

 
Our Licensing Principles 5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 21 Well-established licensing programs rooted in transparency and fair practices Vast majority of agreements reached through bilateral negotiations Patents repeatedly found to be valid, essential to standards and infringed Past enforcement actions resulted in license agreements

 
5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 22 Target: $650M ARR; 60% Adj EBITDA Margin + Additional opportunity from Streaming and Cloud Services ARTIFICIAL INTELLIGENCE $500M Revenue Per Yeara $150M+ Greenfield Opportunity ~$500 Billion TAMb SMARTPHONES CE, IoT/AUTO STREAMING & CLOUD SERVICES PORTFOLIO RESEARCH >30,000 PATENT ASSETS MARKETS WIRELESS RESEARCH: CELLULAR & WI-FI VIDEO RESEARCH Revenue Per Yeara a Annual recurring revenue target / b OMDIA

 
Recent Progress Toward our Target Over 35 licenses signed in past 3 years driving almost $2.7B of contract value 5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 23 2021 a Currently in binding arbitration to set license rate 2024 #1 Chinese Smartphone vendor 2022 2023 Top-10 TV vendor Largest license in company history Major CE/IoT License 80% of connected car market under license Court wins result in cellular and HEVC licenses #1 Television vendor Licensee since 1995a

 
$352M $353M $467M $264M (Q1 actual) $40M $24M $68M $104M $81M $0 $100 $200 $300 $400 $500 $600 $700 $800 2019 2020 2021 2022 2023 2024 Guidance Smartphone CE, IoT/Auto Other Revenue Growth ✓ Double-digit CAGR in both Smartphone and CE, IoT/Auto licensing programs (’19-’23) ✓ 17% growth expected in 2024 at guidance midpoint $267M $323M $359M $425M $458M $550M 5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 24 $319M $645M 15% CAGR

 
$0M $500M $1,000M $1,500M $2,000M 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Dividends Repurchases $131M $155M $208M $255M $345M 41% 43% 49% 56% 63% 0% 10% 20% 30% 40% 50% 60% 70% $0M $100M $200M $300M $400M $500M Revenue Growth and Opex Leverage Drive Profit, Margins and Robust Return of Capital 5/2/2024 25 $319M $359M $425M $458M $550M 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Revenue 15% CAGR $2.32 $2.27 $3.73 $5.08 $9.23 2019 2020 2021 2022 2023 Non-GAAP EPSa 4X growth Adjusted EBITDA > 2.5X growth a Non-GAAP financial measure. Refer to non-GAAP reconciliation in appendix a - - - - - -Adj EBITDA Margina Return of Capital $1.8B cumulative since 2011

 
Appendix

 
5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 27 Non-GAAP Reconciliation (In millions) 2019 2020 2021 2022 2023 Q1'24 Q1'23 Q1'24 Q2'24 Full Year 2024 Net income attributable to InterDigital, Inc. 21$ 45$ 55$ 94$ 214$ 82$ 105$ $68 - 83 $5.5 - 8.0 $140 - 175 Net loss attributable to non-controlling interest (6) (7) (13) (2) (3) - (2) - - - Income tax (provision) benefit 11 (7) 15 26 24 19 17 22 1.5 40 - 50 Other income (expense) & interest expense 12 24 14 33 (13) 3 (1) 1 0.5 5 - 15 Depreciation and amortization 77 81 78 79 78 17 20 18 18.0 73 Share-based compensation 8 10 29 22 36 9 8 7 10.0 42 Other operating items 9 9 30 3 10 - 8 - - - Adjusted EBITDA 131$ 155$ 208$ 255$ 345$ 130$ 155$ $116 - 131 $35.5 - 38.0 $310 - 345 Adjusted EBITDA Margin 41% 43% 49% 56% 63% 49% 76% Other Operating Items Restructuring - - 28 3 - - - - - - Other non-cash charges 1 9 - - 3 - 3 - - - Non-Recurring Personnel-Related - - 2 - - - - - - - Net Litigation Fee Reimbursement - - - - 8 - 6 - - - Transaction related costs 8 - - - - - - - - - Total Other Operating Items 9$ 9$ 30$ 3$ 10$ -$ 8$ -$ -$ -$ NOTE: Sums may not equal total due to rounding For The Year Ended December 31, OutlookThree Months Ended,

 
5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 28 Non-GAAP Reconciliation (In millions, except per share data) 2019 2020 2021 2022 2023 Q1'24 Q1'23 Q1'24 Q2'24 Full Year 2024 Net income attributable to InterDigital, Inc. 21$ 45$ 55$ 94$ 214$ 82$ 105$ $68 - 83 $5.5 - 8.0 $140 - 175 Share-based compensation 8 10 29 22 36 9 8 7 10.0 42 Acquisition related amortization 41 44 42 42 41 8 10 8 8.0 33 Other operating items 9 9 30 3 10 - 8 - - - Other non-operating items 3 (4) (11) 13 (14) 1 - - (1.0) - Related income tax and noncontrolling interest effect of above items (13) (12) (26) (17) (17) (4) (7) (3) (4.0) (16) Adjustments to income taxes 4 (21) (2) (2) (16) (2) (1) - - - Non-GAAP net income 74$ 70$ 117$ 155$ 254$ 95$ 124$ $80 - 95 $18.5 - 21.0 $199 - 234 Weighted average dilutive shares - GAAP 31.8 31.1 31.3 30.5 28.1 28.3 29.4 28.3 27.8 28.3 Less: Dilutive impact of the Convertible Notes - - - - 0.5 1.9 - 1.8 1.5 1.6 Weighted average dilutive shares - Non-GAAP 31.8 31.1 31.3 30.5 27.6 26.4 29.4 26.5 26.3 26.7 Non-GAAP EPS 2.32$ 2.27$ 3.73$ 5.08$ 9.23$ 3.58$ 4.21$ $3.02 - 3.58 $0.70 - 0.80 $7.45 - 8.76 Other Operating Items Restructuring - - 28 3 - - - - - - Other non-cash charges 1 9 - - 3 - 3 - - - Non-recurring personnel-related - - 2 - - - - - - - Net litigation fee reimbursement - - - - 8 - 6 - - - Transaction related costs 8 - - - - - - - - - Total Other Operating Items 9$ 9$ 30$ 3$ 10$ -$ 8$ -$ -$ -$ Other Non-operating Items Fair value changes 3 (4) (9) 2 (10) 1 - - (1) - Loss on extinguishment of debt - - - 11 - - - - - - Other non-cash charges - - (2) - (4) - - - - - Total Other Non-operating Items 3$ (4)$ (11)$ 13$ (14)$ 1$ -$ -$ (1)$ -$ NOTE: Sums may not equal total due to rounding Three months ended, OutlookFull Year

 
5/2/2024©2024 InterDigital, Inc. All Rights Reserved. 29 Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin are supplemental non-GAAP financial measures that InterDigital believes provide investors with important insight into the Company's ongoing business performance. InterDigital defines Adjusted EBITDA as net income attributable to InterDigital Inc. plus net loss attributable to non- controlling interest, income tax (provision) benefit, other income (expense) & interest expense, depreciation and amortization, share-based compensation, and other items. Other items include restructuring costs, impairment charges and other non-recurring items. Adjusted EBITDA margin is Adjusted EBITDA over total revenues. These non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The presentation of these financial measures, which are not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is provided above. Non-GAAP net income, Non-GAAP earnings per share (“EPS”), and Non-GAAP weighted-average diluted shares are supplemental non-GAAP financial measures that InterDigital believes provides investors with important insight into the Company's ongoing business performance. InterDigital defines Non-GAAP net income as net income attributable to InterDigital, Inc. plus share-based compensation, acquisition related amortization, depreciation and amortization, restructuring costs, impairment charges and one-time adjustments, losses on extinguishments of long-term debt, the related income tax effect of the preceding items, and adjustments to income taxes. Non-GAAP EPS is defined as Non-GAAP net income divided by Non-GAAP weighted average number of common shares outstanding–diluted, which adjusts the weighted average number of common shares outstanding for the dilutive effect of the Company's convertible notes, offset by our hedging arrangements. InterDigital’s computation of these non-GAAP financial measures might not be comparable to similarly named measures reported by other companies. The presentation of these financial measures, which are not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. A reconciliation of each of these metrics to its most directly comparable GAAP financial measure is provided above.