InterDigital Announces Financial Results for First Quarter 2024

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  



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