InterDigital, Inc. (Nasdaq: IDCC), a mobile, video, and AI
technology research and development company, today announced
results for the fourth quarter and full year ended
December 31, 2023.
“InterDigital delivered significant growth in 2023, driven by
accelerating innovation and licensing momentum,” commented Liren
Chen, President and CEO, InterDigital. “Revenue increased 20%,
profit margins expanded significantly, and we returned a record
amount of capital to shareholders. Our momentum has continued into
2024 with our recently announced landmark agreement that licenses
Samsung TVs to our video IP. Based on the strength of contracted
revenue and the potential for new agreements, we are guiding to
another year of strong growth, with FY24 revenue expected in a
range of $620 million to $670 million."
Fourth Quarter and Full Year
2023 Results
|
Three Months EndedDecember
31, |
|
Twelve Months EndedDecember
31, |
(in millions, except per share data) |
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
GAAP
Results: |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$105.5 |
|
$117.1 |
|
(10)% |
|
$549.6 |
|
$457.8 |
|
20% |
Operating Expenses |
$80.2 |
|
$78.5 |
|
2% |
|
$328.0 |
|
$307.3 |
|
7% |
Net income1 |
$39.1 |
|
$32.4 |
|
21% |
|
$214.1 |
|
$93.7 |
|
128% |
Net income1margin |
37% |
|
28% |
|
9 ppt |
|
39% |
|
20% |
|
19 ppt |
Diluted earnings per share1 |
$1.41 |
|
$1.08 |
|
31% |
|
$7.62 |
|
$3.07 |
|
148% |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Results: |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA2 |
$53.3 |
|
$64.9 |
|
(18)% |
|
$345.2 |
|
$254.5 |
|
36% |
Adjusted EBITDA margin2 |
51% |
|
55% |
|
(4) ppt |
|
63% |
|
56% |
|
7 ppt |
Non-GAAP Net income3 |
$37.5 |
|
$48.6 |
|
(23)% |
|
$254.4 |
|
$154.8 |
|
64% |
Non-GAAP diluted earnings per share3 |
$1.41 |
|
$1.62 |
|
(13)% |
|
$9.23 |
|
$5.08 |
|
82% |
|
|
|
|
|
|
|
|
|
|
|
|
Additional
Information: |
|
|
|
|
|
|
|
|
|
|
|
Revenue by
type: |
|
|
|
|
|
|
|
|
|
|
|
Recurring revenues |
$103.3 |
|
$103.6 |
|
—% |
|
$408.4 |
|
$403.9 |
|
1% |
Catch-up revenues |
$2.2 |
|
$13.5 |
|
(83)% |
|
$141.2 |
|
$53.9 |
|
162% |
Revenue by
program: |
|
|
|
|
|
|
|
|
|
|
|
Smartphone |
$88.1 |
|
$88.7 |
|
(1)% |
|
$467.3 |
|
$353.2 |
|
32% |
CE, IoT/Auto |
$17.1 |
|
$28.2 |
|
(39)% |
|
$80.9 |
|
$103.5 |
|
(22)% |
Other |
$0.3 |
|
$0.2 |
|
76% |
|
$1.4 |
|
$1.1 |
|
27% |
Return of Capital to Shareholders
(in millions,
except per share data) |
Share Repurchases |
|
Dividends Declared |
|
Total Returnof Capital |
Shares |
|
Value |
|
Per Share |
|
Value |
|
Fourth quarter 2023 |
0.5 |
|
$37.0 |
|
$0.40 |
|
$10.2 |
|
$47.2 |
Fiscal year 2023 |
4.4 |
|
$339.7 |
|
$1.50 |
|
$39.3 |
|
$379.0 |
Near-Term Outlook
The table below presents guidance of the Company's current
outlook for first quarter and full year 2024. The outlook for first
quarter 2024 covers existing licenses and does not include any new
agreements we may sign over the balance of the first
quarter. 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) |
Q1 2024 |
|
Full Year 2024 |
Revenue |
$245 - $255 |
|
$620 - $670 |
Adjusted EBITDA2(a) |
$116 - $131 |
|
$310 - $345 |
Diluted earnings per
share1(a)(b) |
$2.40 - $2.95 |
|
$4.95 - $6.15 |
Non-GAAP diluted earnings per
share3(a)(c) |
$3.02 - $3.58 |
|
$7.45 - $8.76 |
(a) Includes revenue
share costs of $66 million to $69 million for Q1 2024 and $80
million to $90 million in the outlook for full year 2024.(b) Based
on 28.3 million weighted-average diluted shares as of January 31,
2024 and does not factor in any additional repurchases that may
occur during the remainder of either period.(c) Based on 26.5
million and 26.7 million weighted-average diluted shares for Q1
2024 and full year 2024, respectively.
Conference Call Information
InterDigital will host a conference call on Thursday,
February 15, 2024 at 10:00 a.m. ET to discuss its fourth
quarter and full year 2023 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 Annual Report on
Form 10-K for the year ended December 31, 2023 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 diluted earnings per share, 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 diluted earnings per share 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.
CONSOLIDATED STATEMENTS OF INCOME(in
thousands except per share
data)(unaudited) |
|
Three Months EndedDecember
31, |
|
Twelve Months EndedDecember
31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
REVENUES |
$ |
105,518 |
|
|
$ |
117,055 |
|
|
$ |
549,588 |
|
|
$ |
457,794 |
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
Research and portfolio development |
|
45,725 |
|
|
|
45,732 |
|
|
|
195,285 |
|
|
|
185,202 |
|
Licensing |
|
19,863 |
|
|
|
20,170 |
|
|
|
79,397 |
|
|
|
71,419 |
|
General and administrative |
|
14,605 |
|
|
|
12,559 |
|
|
|
53,291 |
|
|
|
47,377 |
|
Restructuring activities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,280 |
|
Total Operating expenses |
|
80,193 |
|
|
|
78,461 |
|
|
|
327,973 |
|
|
|
307,278 |
|
|
|
|
|
|
|
|
|
Income from operations |
|
25,325 |
|
|
|
38,594 |
|
|
|
221,615 |
|
|
|
150,516 |
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
(7,906 |
) |
|
|
(10,050 |
) |
|
|
(44,817 |
) |
|
|
(29,496 |
) |
OTHER INCOME (EXPENSE),
NET |
|
15,509 |
|
|
|
11,652 |
|
|
|
57,812 |
|
|
|
(3,457 |
) |
Income before income taxes |
|
32,928 |
|
|
|
40,196 |
|
|
|
234,610 |
|
|
|
117,563 |
|
INCOME TAX BENEFIT
(PROVISION) |
|
6,158 |
|
|
|
(8,190 |
) |
|
|
(23,557 |
) |
|
|
(25,502 |
) |
NET INCOME |
$ |
39,086 |
|
|
$ |
32,006 |
|
|
$ |
211,053 |
|
|
$ |
92,061 |
|
Net loss attributable to noncontrolling interest |
|
— |
|
|
|
(402 |
) |
|
|
(3,016 |
) |
|
|
(1,632 |
) |
NET INCOME ATTRIBUTABLE TO
INTERDIGITAL, INC. |
$ |
39,086 |
|
|
$ |
32,408 |
|
|
$ |
214,069 |
|
|
$ |
93,693 |
|
NET INCOME PER COMMON SHARE —
BASIC |
$ |
1.52 |
|
|
$ |
1.09 |
|
|
$ |
7.97 |
|
|
$ |
3.11 |
|
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING — BASIC |
|
25,676 |
|
|
|
29,664 |
|
|
|
26,860 |
|
|
|
30,106 |
|
NET INCOME PER COMMON SHARE —
DILUTED |
$ |
1.41 |
|
|
$ |
1.08 |
|
|
$ |
7.62 |
|
|
$ |
3.07 |
|
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING — DILUTED |
|
27,640 |
|
|
|
30,031 |
|
|
|
28,102 |
|
|
|
30,485 |
|
CASH DIVIDENDS DECLARED PER
COMMON SHARE |
$ |
0.40 |
|
|
$ |
0.35 |
|
|
$ |
1.50 |
|
|
$ |
1.40 |
|
SUMMARY CONSOLIDATED CASH FLOWS(in
thousands)(unaudited) |
|
Three Months EndedDecember
31, |
|
Twelve Months EndedDecember
31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
Net income |
$ |
39,086 |
|
|
$ |
32,006 |
|
|
$ |
211,053 |
|
|
$ |
92,061 |
|
Non-cash adjustments |
|
(63,835 |
) |
|
|
(28,238 |
) |
|
|
3,876 |
|
|
|
221,567 |
|
Working capital changes |
|
1,164 |
|
|
|
352,740 |
|
|
|
(1,196 |
) |
|
|
(27,589 |
) |
Net cash (used in) provided by operating activities |
|
(23,585 |
) |
|
|
356,508 |
|
|
|
213,733 |
|
|
|
286,039 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
Net sales (purchases) of short-term investments |
|
5,039 |
|
|
|
(179,893 |
) |
|
|
(38,667 |
) |
|
|
(271,953 |
) |
Capitalized patent costs and purchases of property and
equipment |
|
(13,467 |
) |
|
|
(11,614 |
) |
|
|
(44,626 |
) |
|
|
(42,753 |
) |
Long-term investments |
|
(2,444 |
) |
|
|
— |
|
|
|
(1,877 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(10,872 |
) |
|
|
(191,507 |
) |
|
|
(85,170 |
) |
|
|
(314,706 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
Net proceeds from debt refinancing |
|
— |
|
|
|
(307 |
) |
|
|
(100 |
) |
|
|
138,886 |
|
Repurchase of common stock |
|
(36,976 |
) |
|
|
— |
|
|
|
(339,704 |
) |
|
|
(74,445 |
) |
Dividends paid |
|
(10,348 |
) |
|
|
(10,382 |
) |
|
|
(39,454 |
) |
|
|
(42,306 |
) |
Other |
|
(970 |
) |
|
|
(136 |
) |
|
|
(9,505 |
) |
|
|
(3,531 |
) |
Net cash (used in) provided by financing activities |
|
(48,294 |
) |
|
|
(10,825 |
) |
|
|
(388,763 |
) |
|
|
18,604 |
|
NET (DECREASE) INCREASE IN
CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
(82,751 |
) |
|
|
154,176 |
|
|
|
(260,200 |
) |
|
|
(10,063 |
) |
CASH, CASH EQUIVALENTS AND
RESTRICTED CASH, BEGINNING OF PERIOD |
|
525,712 |
|
|
|
548,985 |
|
|
|
703,161 |
|
|
|
713,224 |
|
CASH, CASH EQUIVALENTS AND
RESTRICTED CASH, END OF PERIOD |
$ |
442,961 |
|
|
$ |
703,161 |
|
|
$ |
442,961 |
|
|
$ |
703,161 |
|
SUMMARY CONSOLIDATED BALANCE SHEETS(in
thousands)(unaudited) |
|
December 31, 2023 |
|
December 31, 2022 |
ASSETS |
|
|
|
Cash, cash equivalents and short-term investments |
$ |
1,006,356 |
|
$ |
1,201,777 |
Accounts receivable |
|
117,292 |
|
|
53,182 |
Prepaid and other current assets |
|
43,976 |
|
|
89,716 |
Property & equipment and patents, net |
|
324,567 |
|
|
365,337 |
Other long-term assets, net |
|
278,623 |
|
|
190,093 |
TOTAL ASSETS |
$ |
1,770,814 |
|
$ |
1,900,105 |
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
Current portion of long-term debt |
$ |
578,752 |
|
$ |
— |
Accounts payable, accrued liabilities, taxes payable &
dividends payable |
|
148,779 |
|
|
82,287 |
Current deferred revenue |
|
153,597 |
|
|
189,059 |
Long-term deferred revenue |
|
223,866 |
|
|
237,580 |
Long-term debt & other long-term liabilities |
|
84,271 |
|
|
660,666 |
TOTAL LIABILITIES |
|
1,189,265 |
|
|
1,169,592 |
|
|
|
|
TOTAL INTERDIGITAL, INC.
SHAREHOLDERS' EQUITY |
|
581,549 |
|
|
724,895 |
Noncontrolling interest |
|
— |
|
|
5,618 |
TOTAL EQUITY |
|
581,549 |
|
|
730,513 |
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
$ |
1,770,814 |
|
$ |
1,900,105 |
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 (in thousands, except
Outlook):
|
Three Months EndedDecember
31, |
|
Twelve Months EndedDecember
31, |
|
Outlook(in millions) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Q1 2024 |
|
Full Year 2024 |
Net income
attributable to InterDigital, Inc. |
$ |
39,086 |
|
|
$ |
32,408 |
|
|
$ |
214,069 |
|
|
$ |
93,693 |
|
|
$68 - $83 |
|
$140 - $175 |
Net loss attributable to non-controlling interest |
|
— |
|
|
|
(402 |
) |
|
|
(3,016 |
) |
|
|
(1,632 |
) |
|
— |
|
— |
Income tax provision |
|
(6,158 |
) |
|
|
8,190 |
|
|
|
23,557 |
|
|
|
25,502 |
|
|
22 |
|
40 - 50 |
Other income (expense), net & interest expense |
|
(7,603 |
) |
|
|
(1,602 |
) |
|
|
(12,995 |
) |
|
|
32,953 |
|
|
1 |
|
5 - 15 |
Depreciation and amortization |
|
19,094 |
|
|
|
19,422 |
|
|
|
77,792 |
|
|
|
78,571 |
|
|
18 |
|
73 |
Share-based compensation |
|
8,876 |
|
|
|
6,918 |
|
|
|
35,741 |
|
|
|
22,127 |
|
|
7 |
|
42 |
Other items(a) |
|
— |
|
|
|
— |
|
|
|
10,037 |
|
|
|
3,280 |
|
|
— |
|
— |
Adjusted
EBITDA2 |
$ |
53,295 |
|
|
$ |
64,934 |
|
|
$ |
345,185 |
|
|
$ |
254,494 |
|
|
$116 - $131 |
|
$310 - $345 |
(a) Other items in the
above table includes a $7.5 million net litigation fee
reimbursement and a $2.5 million impairment on the sale by our
joint venture, Convida Wireless ("Convida") of a portion of its
patent portfolio during year ended December 31, 2023 and $3.3
million of restructuring costs during the year ended December 31,
2022.
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 (in thousands, except
Outlook):
|
Three Months EndedDecember
31, |
|
Twelve Months EndedDecember
31, |
|
Outlook (in millions) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Q1 2024 |
|
Full Year 2024 |
Net income
attributable to InterDigital, Inc. |
$ |
39,086 |
|
|
$ |
32,408 |
|
|
$ |
214,069 |
|
|
$ |
93,693 |
|
|
$68 - $83 |
|
$140 - $175 |
Share-based compensation |
|
8,876 |
|
|
|
6,918 |
|
|
|
35,741 |
|
|
|
22,127 |
|
|
7 |
|
|
42 |
|
Acquisition related amortization |
|
10,145 |
|
|
|
10,788 |
|
|
|
40,937 |
|
|
|
42,506 |
|
|
8 |
|
|
33 |
|
Other operating items(a) |
|
— |
|
|
|
— |
|
|
|
10,037 |
|
|
|
3,280 |
|
|
— |
|
|
— |
|
Other non-operating items(b) |
|
(4,745 |
) |
|
|
2,939 |
|
|
|
(14,115 |
) |
|
|
12,529 |
|
|
— |
|
|
— |
|
Related income tax and noncontrolling interest effect of above
items |
|
(2,998 |
) |
|
|
(4,335 |
) |
|
|
(16,496 |
) |
|
|
(16,892 |
) |
|
(3 |
) |
|
(16 |
) |
Adjustments to income taxes |
|
(12,892 |
) |
|
|
(124 |
) |
|
|
(15,776 |
) |
|
|
(2,407 |
) |
|
— |
|
|
— |
|
Non-GAAP net
income3 |
$ |
37,472 |
|
|
$ |
48,594 |
|
|
$ |
254,397 |
|
|
$ |
154,836 |
|
|
$80 - $95 |
|
$199 - $234 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
dilutive shares - GAAP |
|
27,640 |
|
|
|
30,031 |
|
|
|
28,102 |
|
|
|
30,485 |
|
|
28.3 |
|
|
28.3 |
|
Less: Dilutive impact of the Convertible Notes |
|
1,154 |
|
|
|
— |
|
|
|
538 |
|
|
|
— |
|
|
1.8 |
|
|
1.6 |
|
Weighted average
dilutive shares - Non-GAAP3 |
|
26,486 |
|
|
|
30,031 |
|
|
|
27,564 |
|
|
|
30,485 |
|
|
26.5 |
|
|
26.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per share3 |
$ |
1.41 |
|
|
$ |
1.62 |
|
|
$ |
9.23 |
|
|
$ |
5.08 |
|
|
$3.02 - $3.58 |
|
$7.45 - $8.76 |
(a) Other items in
the above table includes a $7.5 million net litigation fee
reimbursement and a $2.5 million impairment on the sale by our
joint venture, Convida of a portion of its patent portfolio during
year ended December 31, 2023 and $3.3 million of restructuring
costs during the year ended December 31, 2022.
(b) Other non-operating
items includes $1.0 million and $10.4 million of gains during the
three and twelve months ended December 31, 2023 and losses of $2.9
million and $1.3 million during the periods ended three and twelve
months ended December 31, 2022, respectively, from fair value
changes of our long-term strategic investments. Other non-operating
items for the three and twelve months ended December 31, 2023 also
includes a $4.0 million gain related to a revaluation of our
long-term debt recognized in conjunction with our acquisition of
the patent licensing business of Technicolor SA and a $0.3 million
loss on the deconsolidation of Convida. Other non-operating items
for the twelve months ended December 31, 2022 also includes a $11.2
million loss on extinguishment of long-term debt.
CONTACT: |
InterDigital, Inc. |
|
investor.relations@interdigital.com |
|
+1 (302) 300-1857 |
InterDigital (NASDAQ:IDCC)
Historical Stock Chart
From Jul 2024 to Aug 2024
InterDigital (NASDAQ:IDCC)
Historical Stock Chart
From Aug 2023 to Aug 2024