EX-99.1 2 ex991q393024pressrelease.htm EX-99.1 Document

interdigital宣佈2024年第三季度財務業績
公司公佈了Q3業績，超出了預期的最高值，並提高了FY 2024年的業績展望
特拉華州威明頓。 - 2024年10月31日 - 納斯達克上市公司InterDigital, Inc.（納斯達克股票代碼: IDCC），一家移動、視頻和人工智能技術研發公司，今天宣佈了截至2024年9月30日的季度業績。
在第三季度，我們實現了約12900萬美元的營業收入，超出了我們的預期的高端，主要受到我們消費電子和物聯網許可計劃表現強勁的推動，InterDigital首席執行官兼總裁陳立人評論道。此外，在第四季度初，我們宣佈與頂級智能手機供應商OPPO集團達成新的許可協議，以及與聯想B2401簽訂具約束力的仲裁協議。鑑於業務各方面的增長勢頭，我們將2024財年全年營業收入指引的中點上調14500萬美元至86000萬美元。

2024年第三季度財務亮點，與2023年第三季度相比：
截至9月30日的三個月
（單位：百萬美元，除每股數據外）20242023變更
按照美國通用會計準則（GAAP）測算結果：
收入 (a)
$128.7$140.1(8)%
營業費用$89.3$86.53%
淨利潤1
$34.2$47.9(29)%
淨利潤1 毛利潤率
27%34%(7) 每股收益
攤薄後每股收益1
$1.14$1.72(34)%
非美國通用會計準則業績：
調整後EBITDA2
$64.8$83.5(22)%
調整後的EBITDA利潤率 2
50%60%(10) 每股收益
非通用會計淨利潤 3
$44.9$57.7(22)%
非GAAP每股收益 3
$1.63$2.13(23)%
額外信息：
按類型劃分的營業收入:
重複性收入$98.6$104.5(6)%
趕上營業收入$30.0$35.6(16)%
按項目的營業收入：
智能手機$87.4$104.3(16)%
消費電子，物聯網/汽車$40.6$35.415%
其他$0.6$0.441%
(a) 下降主要是由於2024年第3季度補充收入減少，以及華爲協議在2023年底到期。

向股東返回資本
（單位：百萬美元，除每股數據外）
股份回購
分紅派息已宣佈
總回報
的資本
股份數值每股數值
2024年第三季度
<0.1
$3.1$0.45$11.4$14.5


2027年票據的兌換性
根據管理interdigital 3.50%到期日爲2027年的可轉換高級債券的信託契約條款，該債券可在截至2024年12月31日的日曆季度內轉換。目前該債券的轉換比率爲每1000美元本金對應12.9041股interdigital普通股。
在任何債券轉換之時，interdigital將支付現金總額，以抵償要轉換的債券的本金總額，並將支付現金、其普通股股票或現金和股票的組合用於可能超過轉換的債券本金總額的任何轉換義務，如有的話，由interdigital自行選擇，如所述在管理債券的契約中。
在interdigital發行債券時，interdigital進行了看漲期權交易，這些交易設計的目的是在債券轉換時淨股數減少，實際上是增加了interdigital的經濟轉換價格，從77.49美元增加到106.31美元。有關更多信息，請參閱interdigital2024年9月30日結束的第10-Q表格的基本報表附註5。
近期展望
公司提高了2024年全年展望，並在下表中提供了2024年第四季度的初步展望。 2024年第四季度和全年展望均僅基於現有協議，第四季度餘額可能達成的任何新協議都將是附加的。
2024全年
（單位：百萬美元，除每股數據外）Q4 2024
當前
先前的
營業收入
$239 - $249
$855 - $865
$690 - $740
調整後EBITDA2
$180 - $190
$533 - $543
$378 - $416
攤薄後每股收益1
$3.72 - $3.98
$11.63 - $11.90
$7.17 - $8.32
非通用會計原則每股收益 3
$5.42 - $5.70
$14.69 - $14.99
$9.70 - $10.95
電話會議信息
interdigital將於2024年10月31日星期四美國東部時間上午10:00舉行電話會議，討論其2024年第三季度財務表現和其他公司事務。
要觀看會議的現場互聯網網絡廣播，請訪問www.interdigital.com並在投資者頁面上點擊「網絡廣播」鏈接。公司鼓勵參與者利用互聯網選項。
要通過電話參加會議看漲，請訪問www.interdigital.com並單擊"Dial In Registration"鏈接轉到投資者頁面。需要註冊才能獲得撥入電話號碼和PIN碼以加入。
會議的互聯網重播將在interdigital的網站投資者部門的活動中提供。 重播將提供一年。


關於InterDigital®
interdigital是一家全球研究和開發的公司，主要專注於無線、視頻、人工智能（「AI」）和相關技術。我們設計和開發一系列基礎技術，可以實現廣泛的通信和娛樂產品及服務中連接、沉浸式體驗。我們將創新授權給全球範圍內的公司，這些公司提供此類產品和服務，包括無線通信設備製造商、消費電子產品、物聯網設備、汽車和其他機動車輛製造商，以及提供視頻流等基於雲的服務的公司。作爲無線技術的領導者，我們的工程師設計並開發了各種創新，這些創新被用於無線產品和網絡，從最早的數字蜂窩系統到5g概念和今天最先進的Wi-Fi技術。我們還是視頻處理和視頻編解碼技術領域的領先者，同時也在人工智能研究方面投入了大量精力，這與無線和視頻技術交叉。interdigital成立於1972年，目前在納斯達克上市。
InterDigital是InterDigital, Inc.的註冊商標。
更多信息，請訪問interdigital網站： www.interdigital.com.
有關更多財務措施，請參閱我們2024年第三季度10-Q表格和財務指標跟蹤器，可在我們網站的投資者關係部分找到。


前瞻性聲明
本新聞稿包含《1934年證券交易法》第21E條修正案所規定的前瞻性聲明。此類聲明包括有關我們當前信仰、計劃和期望的信息。諸如「相信」、「預測」、「估計」、「期望」、「展望」、「打算」、「計劃」、「預測」、「目標」、「可能」、「會繼續」、「預測」、「可能」、「未來」、「目標」、「趨勢」、「尋求」、「將繼續」、「預測」、「可能」、「在發生事件時」及任何類似的詞語或表達的異體拼寫旨在確定此類前瞻性聲明。
基於管理層目前的看法和假設進行的前瞻性說明，並不保證未來業績。 前瞻性說明本質上受到風險和不確定性的影響，這可能導致實際結果和實際發生的事件與前瞻性聲明所 contempl的結果大不相同。 這些風險和不確定性包括但不限於：(i) 在執行專利許可協議方面出現意外的延遲、困難或加速; (ii) 解決當前的法律訴訟，包括與這些訴訟有關的任何獎項或裁決、另外的或相關的法律程序，包括上訴、這些法律程序相關的時間表或成本的變化或不利裁決; (iii) 我們利用戰略關係和以可接受條款獲得新的專利許可協議的能力; (iv) 我們爲某些專利資產達成銷售和/或許可合作安排的能力; (v) 我們通過與視頻流媒體和其他基於雲的服務提供商達成許可安排來擴大收入機會的能力; (vi) 我們與領先發明者和研究組織合作的能力; (vii) 我們確定並追求科技和專利組合的戰略併購以及其他戰略增長機會的能力; (viii) 我們推廣技術並與客戶達成協議的能力; (ix) 我們目前或新技術的市場未達到或未按照我們的預期速率實現的風險; (x) 我們繼續開發新技術並獲得新專利的風險，包括與技術開發相關的意外延遲或困難的風險; (xi) 與我們的資本配置策略相關的風險，包括與我們計劃的股息支付和股票回購相關的風險; (xii) 我們對《2017年減稅法》的影響以及有關該法案可能發佈的進一步指導，我 們對於該法案對我們的影響的解釋，假設和計算發生變化的風險; (xiii) 與新會計準則可能對我們的財務狀況、經營成果或現金流產 生的影響相關的風險; (xiv) 未能準確預測重組活動對財務報表和業務的影響; (xv) 潛在監管、行政和立法事項的時間和影響; (xvi) 市場預測的變化或不準確性; (xvii) 我們通過債務和股本融資獲得流動性的能力; (xviii) 宏觀經濟不確定性可能對我們的財務狀況、經營成果和現金流造成的影響; (xix) 恐怖主義行爲、戰爭或政治或民事動盪，以及美國或其他地方對此作出的任何回應帶來的影響; (xx) 我們業務策略的變化; (xxi) 我們對客戶支付的版稅的預期變化或不準確性; (xxii) 與我們對相關會計準則的假設和應用相關的風險，包括與收入確認有關的風險。
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,
2024202320242023
Revenues$128,679 $140,106 $615,714 $444,070 
Operating expenses:  
Research and portfolio development48,331 50,253 147,851 149,560 
Licensing27,467 21,522 149,212 59,534 
General and administrative13,539 14,678 41,665 38,686 
Total operating expenses89,337 86,453 338,728 247,780 
Income from operations39,342 53,653 276,986 196,290 
Interest expense(10,681)(12,683)(34,086)(36,911)
Other income, net12,554 14,725 33,483 42,303 
Income before income taxes41,215 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 — Basic25,149 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 — Diluted30,034 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,
 2024202320242023
Cash flows from operating activities:  
Net income$34,190 $47,154 $225,506 $171,967 
Non-cash adjustments64,268 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 investments54,306 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 investments382 567 1,576 567 
Net cash provided by (used in) investing activities41,852 (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 period308,995 290,872 442,961 703,161 
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, 2024DECEMBER 31, 2023
Assets  
Cash, cash equivalents and short-term investments$813,210 $1,006,356 
Accounts receivable212,420 117,292 
Prepaid and other current assets128,106 43,976 
Property & equipment and patents, net310,439 324,567 
Other long-term assets, net261,175 278,623 
Total assets$1,725,350 $1,770,814 
Liabilities and Shareholders' equity
Current portion of long-term debt$454,250 $578,752 
Current deferred revenue156,885 153,597 
Other current liabilities100,636 148,779 
Long-term deferred revenue216,665 223,866 
Long-term debt & other long-term liabilities74,377 84,271 
Total liabilities1,002,813 1,189,265 
Total shareholders' equity722,537 581,549 
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)
2024202320242023
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 provision7,025 8,541 50,877 29,715 
Other income, net & interest expense
(1,873)(2,042)603 (5,392)
Depreciation and amortization17,549 19,527 52,165 58,698 
Share-based compensation9,081 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)
2024202320242023
Net income attributable to InterDigital, Inc.$34,190 $47,941 $225,506 $174,983 
Share-based compensation9,081 10,335 28,122 26,865 
Acquisition related amortization8,282 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 - GAAP30,034 27,812 28,759 28,261 
Less: Dilutive impact of the Convertible Notes2,439 743 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 $1.2 million and $4.4 million related to litigation fee reimbursements during the three and nine months ended September 30, 2024, respectively. The nine months ended September 30, 2023 includes $7.5 million of one-time charges for net litigation fee reimbursements and a $2.5 million one-time impairment on our patents held for sale.
(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.
$118 - $126
$343 - $351
$205 - $238
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
$180 - $190
$533 - $543
$378 - $416
Outlook
(in millions, except for per share data)
Full Year
Q4 2024
Current
Prior
Net income attributable to InterDigital, Inc.
$118 - $126
$343 - $351
$205 - $238
Share-based compensation19 47 42 
Acquisition related amortization33 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
$155 - $163
$399 - $407
$258 - $291
Weighted average dilutive shares - GAAP31.6 29.5 28.6 
Less: Dilutive impact of the Convertible Notes3.0 2.3 2.0 
Weighted average dilutive shares - Non-GAAP 3
28.6 27.2 26.6 
Diluted EPS 1
$3.72 - $3.98$11.63 - $11.90$7.17 - $8.32
Non-GAAP EPS 3
$5.42 - $5.70$14.69 - $14.99$9.70 - $10.95
(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