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, Del., May 02, 2024 (GLOBE NEWSWIRE) --  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 margin31% 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 249% 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.

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