InterDigital Announces Financial Results for Third Quarter 2024
InterDigital (IDCC) reported Q3 2024 revenues of $128.7 million, down 8% year-over-year but exceeding guidance, driven by strong consumer electronics and IoT licensing. The company raised its FY 2024 revenue guidance midpoint by $145 million to $860 million following a new license agreement with OPPO Group and a binding arbitration agreement with Lenovo. Q3 net income decreased 29% to $34.2 million, with diluted EPS of $1.14. Recurring revenues were $98.6 million, while catch-up revenues reached $30 million. The company's CE/IoT/Auto segment grew 15% to $40.6 million, offsetting a 16% decline in smartphone revenue to $87.4 million.
InterDigital (IDCC) ha riportato ricavi nel Q3 2024 pari a $128,7 milioni, in calo dell'8% rispetto all'anno precedente, ma superiori alle previsioni, grazie ai forti ricavi provenienti dall'elettronica di consumo e dalle licenze IoT. La società ha aumentato il punto di riferimento per i ricavi dell'intero anno 2024 di $145 milioni a $860 milioni, in seguito a un nuovo accordo di licenza con OPPO Group e a un accordo di arbitrato vincolante con Lenovo. L'utile netto del Q3 è diminuito del 29% a $34,2 milioni, con un utile per azione diluito di $1,14. I ricavi ricorrenti sono stati di $98,6 milioni, mentre i ricavi recuperati hanno raggiunto $30 milioni. Il segmento CE/IoT/Auto della società è cresciuto del 15% a $40,6 milioni, compensando una diminuzione del 16% nei ricavi degli smartphone a $87,4 milioni.
InterDigital (IDCC) reportó ingresos en el Q3 2024 de $128.7 millones, una caída del 8% interanual pero superando las expectativas, impulsado por fuertes ingresos de electrónica de consumo y licencias de IoT. La empresa elevó su guía de ingresos para el FY 2024 en $145 millones a $860 millones tras un nuevo acuerdo de licencia con OPPO Group y un acuerdo de arbitraje vinculante con Lenovo. El ingreso neto del Q3 disminuyó un 29% a $34.2 millones, con un EPS diluido de $1.14. Los ingresos recurrentes fueron de $98.6 millones, mientras que los ingresos pendientes alcanzaron los $30 millones. El segmento CE/IoT/Auto de la empresa creció un 15% a $40.6 millones, compensando una caída del 16% en ingresos de smartphones a $87.4 millones.
InterDigital (IDCC)는 2024년 3분기 매출이 1억 2870만 달러로, 전년 대비 8% 감소했지만 예상을 초과한 성과를 보고했습니다. 이는 강력한 소비자 전자기기 및 IoT 라이센스 덕분입니다. 이 회사는 OPPO 그룹과의 새로운 라이센스 계약 및 Lenovo와의 구속력 있는 중재 계약에 따라 2024 회계연도 매출 가이드를 1억 4500만 달러 중간값으로 8억 6000만 달러로 상향 조정했습니다. 3분기 순이익은 29% 감소한 3420만 달러로, 희석 주당순이익은 1.14달러였습니다. 반복적인 매출은 9860만 달러였고, 만회 매출은 3000만 달러에 달했습니다. 회사의 CE/IoT/자동차 부문은 1560만 달러로 15% 성장했으며, 이는 스마트폰 매출이 16% 감소한 8740만 달러를 상쇄했습니다.
InterDigital (IDCC) a annoncé pour le troisième trimestre 2024 des revenus de 128,7 millions de dollars, en baisse de 8 % par rapport à l'année précédente mais dépassant les prévisions, tirés par des licences solides dans l'électronique grand public et l'IoT. L'entreprise a relevé son objectif de revenus pour l'exercice 2024 de 145 millions de dollars à 860 millions de dollars à la suite d'un nouvel accord de licence avec le groupe OPPO et d'un accord d'arbitrage contraignant avec Lenovo. Le bénéfice net du T3 a diminué de 29 % pour atteindre 34,2 millions de dollars, avec un BPA dilué de 1,14 $. Les revenus récurrents se sont élevés à 98,6 millions de dollars, tandis que les revenus de rattrapage ont atteint 30 millions de dollars. Le segment CE/IoT/Auto de l'entreprise a connu une croissance de 15 % pour atteindre 40,6 millions de dollars, compensant ainsi une baisse de 16 % des revenus liés aux smartphones, qui se sont élevés à 87,4 millions de dollars.
InterDigital (IDCC) berichtete für das 3. Quartal 2024 von Umsätzen in Höhe von 128,7 Millionen USD, was einem Rückgang von 8% im Vergleich zum Vorjahr entspricht, jedoch über den Erwartungen liegt, angetrieben durch starke Umsätze aus der Verbraucherelektronik und IoT-Lizenzen. Das Unternehmen hat die Umsatzprognose für das Gesamtjahr 2024 um 145 Millionen USD auf 860 Millionen USD erhöht, nachdem ein neuer Lizenzvertrag mit der OPPO-Gruppe und ein verbindlicher Schiedsvertrag mit Lenovo unterzeichnet wurden. Der Nettogewinn im Q3 sank um 29% auf 34,2 Millionen USD, mit einem verwässerten EPS von 1,14 USD. Die wiederkehrenden Einnahmen lagen bei 98,6 Millionen USD, während die Aufhol-Einnahmen 30 Millionen USD erreichten. Das CE/IoT/Auto-Segment des Unternehmens wuchs um 15% auf 40,6 Millionen USD und machte somit einen Rückgang von 16% bei den Smartphone-Einnahmen in Höhe von 87,4 Millionen USD wett.
- Raised FY 2024 revenue guidance midpoint by $145 million to $860 million
- New license agreement secured with OPPO Group
- CE/IoT/Auto segment revenue grew 15% to $40.6 million
- Q3 revenue of $128.7M exceeded guidance expectations
- Q3 revenue decreased 8% year-over-year to $128.7M
- Net income declined 29% to $34.2M
- Smartphone revenue dropped 16% to $87.4M
- Operating expenses increased 3% to $89.3M
Insights
InterDigital's Q3 performance reveals significant strategic momentum despite mixed results.
Key positives include the new OPPO license agreement and Lenovo arbitration agreement. The robust
The Q4 outlook of
Company delivers Q3 results above the top end of outlook and raises FY 2024 guidance
WILMINGTON, Del., Oct. 31, 2024 (GLOBE NEWSWIRE) -- InterDigital, Inc. (Nasdaq: IDCC), a mobile, video, and AI technology research and development company, today announced results for the quarter ended September 30, 2024.
"In the third quarter we delivered revenues of about
Third Quarter 2024 Financial Highlights, as compared to Third Quarter 2023:
Three Months Ended September 30, | |||||||||||
(in millions, except per share data) | 2024 | 2023 | Change | ||||||||
GAAP Results: | |||||||||||
Revenues (a) | (8)% | ||||||||||
Operating Expenses | |||||||||||
Net income 1 | (29)% | ||||||||||
Net income 1 margin | (7) ppt | ||||||||||
Diluted EPS 1 | (34)% | ||||||||||
Non-GAAP Results: | |||||||||||
Adjusted EBITDA 2 | (22)% | ||||||||||
Adjusted EBITDA margin 2 | (10) ppt | ||||||||||
Non-GAAP Net income 3 | (22)% | ||||||||||
Non-GAAP EPS 3 | (23)% | ||||||||||
Additional Information: | |||||||||||
Revenue by type: | |||||||||||
Recurring revenues | (6)% | ||||||||||
Catch-up revenues | (16)% | ||||||||||
Revenue by program: | |||||||||||
Smartphone | (16)% | ||||||||||
CE, IoT/Auto | |||||||||||
Other | |||||||||||
(a) Decrease is primarily driven by lower catch-up revenues in Q3'24 and the expiration of the Huawei agreement at the end of 2023. | |||||||||||
Return of Capital to Shareholders
(in millions, except per share data) | Share Repurchases | Dividends Declared | Total Return of Capital | |||||||||||
Shares | Value | Per Share | Value | |||||||||||
Third quarter 2024 | <0.1 | |||||||||||||
Convertibility of 2027 Notes
Pursuant to the terms of the Indenture governing InterDigital’s
Upon the conversion of any Notes, InterDigital will pay cash up to the aggregate principal amount of the Notes to be converted, and will pay cash, shares of its Common Stock or a combination of cash and shares of its Common Stock for any conversion obligation in excess of the aggregate principal amount being converted, if any, at InterDigital’s election, as set forth in the Indenture governing the Notes.
At the time InterDigital issued the Notes, InterDigital entered into call spread transactions that together were designed to have the economic effect of reducing the net number of shares that will be issued in the event of conversion of the Notes by, in effect, increasing the conversion price of the Notes from InterDigital’s economic standpoint from
Near Term Outlook
The Company raised its full year 2024 outlook and provided an initial outlook for fourth quarter 2024 in the table below. The outlook for both fourth quarter 2024 and full year 2024 is based on existing agreements only, and any new agreements that might be reached over the balance of the fourth quarter would be additive.
Full Year 2024 | ||||||
(in millions, except per share data) | Q4 2024 | Current | Prior | |||
Revenue | ||||||
Adjusted EBITDA 2 | ||||||
Diluted EPS 1 | ||||||
Non-GAAP EPS 3 | ||||||
Conference Call Information
InterDigital will host a conference call on Thursday, October 31, 2024 at 10:00 a.m. ET to discuss its third 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 third 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; (vii) our ability to identify and pursue strategic acquisitions of technology and patent portfolios and other strategic growth opportunities; (viii) our ability to commercialize our technologies and enter into customer agreements; (ix) the failure of the markets for our current or new technologies to materialize to the extent or at the rate that we expect; (x) 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; (xi) risks associated with our capital allocation strategies, including risks associated with our planned dividend payments and share repurchases; (xii) 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; (xiii) risks related to the potential impact of new accounting standards on our financial position, results of operations or cash flows; (xiv) failure to accurately forecast the impact of our restructuring activities on our financial statements and our business; (xv) the timing and impact of potential regulatory, administrative and legislative matters; (xvi) changes or inaccuracies in market projections; (xvii) our ability to obtain liquidity though debt and equity financings; (xviii) the potential effects that macroeconomic uncertainty could have on our financial position, results of operations and cash flows; (xix) impacts from acts of terrorism, war or political or civil unrest, or any responses thereto, in the United States or elsewhere; (xx) changes in our business strategy; (xxi) changes or inaccuracies in our expectations with respect to royalty payments by our customers and (xxii) 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) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues | $ | 128,679 | $ | 140,106 | $ | 615,714 | $ | 444,070 | ||||||||
Operating expenses: | ||||||||||||||||
Research and portfolio development | 48,331 | 50,253 | 147,851 | 149,560 | ||||||||||||
Licensing | 27,467 | 21,522 | 149,212 | 59,534 | ||||||||||||
General and administrative | 13,539 | 14,678 | 41,665 | 38,686 | ||||||||||||
Total operating expenses | 89,337 | 86,453 | 338,728 | 247,780 | ||||||||||||
Income from operations | 39,342 | 53,653 | 276,986 | 196,290 | ||||||||||||
Interest expense | (10,681 | ) | (12,683 | ) | (34,086 | ) | (36,911 | ) | ||||||||
Other income, net | 12,554 | 14,725 | 33,483 | 42,303 | ||||||||||||
Income before income taxes | 41,215 | 55,695 | 276,383 | 201,682 | ||||||||||||
Income tax provision | (7,025 | ) | (8,541 | ) | (50,877 | ) | (29,715 | ) | ||||||||
Net income | $ | 34,190 | $ | 47,154 | $ | 225,506 | $ | 171,967 | ||||||||
Net loss attributable to noncontrolling interest | — | (787 | ) | — | (3,016 | ) | ||||||||||
Net income attributable to InterDigital, Inc. | $ | 34,190 | $ | 47,941 | $ | 225,506 | $ | 174,983 | ||||||||
Net income per common share — Basic | $ | 1.36 | $ | 1.82 | $ | 8.92 | $ | 6.42 | ||||||||
Weighted average number of common shares outstanding — Basic | 25,149 | 26,285 | 25,286 | 27,259 | ||||||||||||
Net income per common share — Diluted | $ | 1.14 | $ | 1.72 | $ | 7.84 | $ | 6.19 | ||||||||
Weighted average number of common shares outstanding — Diluted | 30,034 | 27,812 | 28,759 | 28,261 | ||||||||||||
Cash dividends declared per common share | $ | 0.45 | $ | 0.40 | $ | 1.25 | $ | 1.10 |
SUMMARY CONSOLIDATED CASH FLOWS (in thousands) (unaudited) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 34,190 | $ | 47,154 | $ | 225,506 | $ | 171,967 | ||||||||
Non-cash adjustments | 64,268 | 99,994 | 86,433 | 67,711 | ||||||||||||
Working capital changes | (20,827 | ) | 163,462 | (232,445 | ) | (2,360 | ) | |||||||||
Net cash provided by operating activities | 77,631 | 310,610 | 79,494 | 237,318 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Net sales (purchases) of short-term investments | 54,306 | 2,322 | 173,208 | (43,706 | ) | |||||||||||
Capitalized patent costs and purchases of property and equipment | (12,836 | ) | (9,642 | ) | (35,434 | ) | (31,159 | ) | ||||||||
Long-term investments | 382 | 567 | 1,576 | 567 | ||||||||||||
Net cash provided by (used in) investing activities | 41,852 | (6,753 | ) | 139,350 | (74,298 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Payments on long-term debt | — | — | (139,069 | ) | — | |||||||||||
Repurchase of common stock | (3,056 | ) | (56,858 | ) | (66,726 | ) | (302,728 | ) | ||||||||
Dividends paid | (10,052 | ) | (9,273 | ) | (30,425 | ) | (29,106 | ) | ||||||||
Other | (4,590 | ) | (2,886 | ) | (14,805 | ) | (8,635 | ) | ||||||||
Net cash used in financing activities | (17,698 | ) | (69,017 | ) | (251,025 | ) | (340,469 | ) | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 101,785 | 234,840 | (32,181 | ) | (177,449 | ) | ||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 308,995 | 290,872 | 442,961 | 703,161 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 410,780 | $ | 525,712 | $ | 410,780 | $ | 525,712 |
SUMMARY CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) | ||||||
SEPTEMBER 30, 2024 | DECEMBER 31, 2023 | |||||
Assets | ||||||
Cash, cash equivalents and short-term investments | $ | 813,210 | $ | 1,006,356 | ||
Accounts receivable | 212,420 | 117,292 | ||||
Prepaid and other current assets | 128,106 | 43,976 | ||||
Property & equipment and patents, net | 310,439 | 324,567 | ||||
Other long-term assets, net | 261,175 | 278,623 | ||||
Total assets | $ | 1,725,350 | $ | 1,770,814 | ||
Liabilities and Shareholders' equity | ||||||
Current portion of long-term debt | $ | 454,250 | $ | 578,752 | ||
Current deferred revenue | 156,885 | 153,597 | ||||
Other current liabilities | 100,636 | 148,779 | ||||
Long-term deferred revenue | 216,665 | 223,866 | ||||
Long-term debt & other long-term liabilities | 74,377 | 84,271 | ||||
Total liabilities | 1,002,813 | 1,189,265 | ||||
Total shareholders' equity | 722,537 | 581,549 | ||||
Total liabilities and shareholders' equity | $ | 1,725,350 | $ | 1,770,814 | ||
RECONCILIATION OF NON-GAAP MEASURES
The following tables present InterDigital's GAAP financial measures reconciled to the non-GAAP financial measures included in this release for the third quarter and year-to-date periods ended September 30, 2024 and 2023:
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net income attributable to InterDigital, Inc. | $ | 34,190 | $ | 47,941 | $ | 225,506 | $ | 174,983 | ||||||||
Net loss attributable to non-controlling interest | — | (787 | ) | — | (3,016 | ) | ||||||||||
Income tax provision | 7,025 | 8,541 | 50,877 | 29,715 | ||||||||||||
Other income, net & interest expense | (1,873 | ) | (2,042 | ) | 603 | (5,392 | ) | |||||||||
Depreciation and amortization | 17,549 | 19,527 | 52,165 | 58,698 | ||||||||||||
Share-based compensation | 9,081 | 10,335 | 28,122 | 26,865 | ||||||||||||
Other items (a) | (1,161 | ) | — | (4,361 | ) | 10,037 | ||||||||||
Adjusted EBITDA 2 | $ | 64,811 | $ | 83,515 | $ | 352,912 | $ | 291,890 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in thousands, except for per share data) | (in thousands, except for per share data) | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net income attributable to InterDigital, Inc. | $ | 34,190 | $ | 47,941 | $ | 225,506 | $ | 174,983 | ||||||||
Share-based compensation | 9,081 | 10,335 | 28,122 | 26,865 | ||||||||||||
Acquisition related amortization | 8,282 | 10,262 | 25,027 | 30,792 | ||||||||||||
Other operating items (a) | (1,161 | ) | — | (4,361 | ) | 10,037 | ||||||||||
Other non-operating items (b) | (262 | ) | (6,112 | ) | (1,788 | ) | (9,370 | ) | ||||||||
Related income tax and noncontrolling interest effect of above items | (3,347 | ) | (3,042 | ) | (9,870 | ) | (13,498 | ) | ||||||||
Adjustments to income taxes | (1,861 | ) | (1,706 | ) | (4,270 | ) | (2,884 | ) | ||||||||
Non-GAAP net income 3 | $ | 44,922 | $ | 57,678 | $ | 258,366 | $ | 216,925 | ||||||||
Weighted average dilutive shares - GAAP | 30,034 | 27,812 | 28,759 | 28,261 | ||||||||||||
Less: Dilutive impact of the Convertible Notes | 2,439 | 743 | 2,084 | 333 | ||||||||||||
Weighted average dilutive shares - Non-GAAP 3 | 27,595 | 27,069 | 26,675 | 27,928 | ||||||||||||
Diluted EPS 1 | $ | 1.14 | $ | 1.72 | $ | 7.84 | $ | 6.19 | ||||||||
Non-GAAP EPS 3 | $ | 1.63 | $ | 2.13 | $ | 9.69 | $ | 7.77 | ||||||||
(a) Other items in the above tables include one-time contra-expenses of | ||||||||||||||||
(b) Other non-operating items includes net (gains) or losses from observable price changes of our long-term strategic investments. | ||||||||||||||||
The following tables present a reconciliation between GAAP and non-GAAP versions of the estimated financial measures for the fourth quarter of fiscal 2024 and full year fiscal 2024 included in this release:
Outlook | ||||||||
(in millions) | ||||||||
Full Year 2024 | ||||||||
Q4 2024 | Current | Prior | ||||||
Net income attributable to InterDigital, Inc. | ||||||||
Income tax provision | 24 - 26 | 75 - 77 | 55 - 60 | |||||
Other income, net & interest expense | 1 | 2 | 7 | |||||
Depreciation and amortization | 18 | 70 | 73 | |||||
Share-based compensation | 19 | 47 | 42 | |||||
Other items (a) | — | (4) | (4) | |||||
Adjusted EBITDA 2 |
Outlook | |||||||||
(in millions, except for per share data) | |||||||||
Full Year | |||||||||
Q4 2024 | Current | Prior | |||||||
Net income attributable to InterDigital, Inc. | |||||||||
Share-based compensation | 19 | 47 | 42 | ||||||
Acquisition related amortization | 33 | 33 | 33 | ||||||
Other operating items (a) | — | (4) | (4) | ||||||
Other non-operating items (b) | (2) | (2) | (2) | ||||||
Related income tax and noncontrolling interest effect of above items | (11) | (16) | (14) | ||||||
Adjustments to income taxes | (2) | (2) | (2) | ||||||
Non-GAAP net income 3 | |||||||||
Weighted average dilutive shares - GAAP | 31.6 | 29.5 | 28.6 | ||||||
Less: Dilutive impact of the Convertible Notes | 3.0 | 2.3 | 2.0 | ||||||
Weighted average dilutive shares - Non-GAAP 3 | 28.6 | 27.2 | 26.6 | ||||||
Diluted EPS 1 | |||||||||
Non-GAAP EPS 3 | |||||||||
(a) Other items in the above tables includes contra-expenses related to a litigation fee reimbursement. | |||||||||
(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 |
FAQ
What was InterDigital's (IDCC) revenue in Q3 2024?
What is InterDigital's (IDCC) updated revenue guidance for FY 2024?
How did InterDigital's (IDCC) CE/IoT/Auto segment perform in Q3 2024?