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 margin | 31% | 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 2 | 49% | 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. | |||||
