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 $129 million, exceeding the top end of our guidance, driven by a strong performance from our consumer electronics and IoT licensing program," commented InterDigital CEO and President Liren Chen. "In addition, at the start of the fourth quarter, we announced a new license agreement with OPPO Group, a top smartphone vendor, and a binding arbitration agreement with Lenovo. Given the increasing momentum across the business, we are raising the midpoint of our 2024 full-year revenue guidance by $145 million to $860 million."
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) | $128.7 | $140.1 | (8)% | ||||||||
| Operating Expenses | $89.3 | $86.5 | 3% | ||||||||
| Net income 1 | $34.2 | $47.9 | (29)% | ||||||||
| Net income 1 margin | 27% | 34% | (7) ppt | ||||||||
| Diluted EPS 1 | $1.14 | $1.72 | (34)% | ||||||||
| Non-GAAP Results: | |||||||||||
| Adjusted EBITDA 2 | $64.8 | $83.5 | (22)% | ||||||||
| Adjusted EBITDA margin 2 | 50% | 60% | (10) ppt | ||||||||
| Non-GAAP Net income 3 | $44.9 | $57.7 | (22)% | ||||||||
| Non-GAAP EPS 3 | $1.63 | $2.13 | (23)% | ||||||||
| Additional Information: | |||||||||||
| Revenue by type: | |||||||||||
| Recurring revenues | $98.6 | $104.5 | (6)% | ||||||||
| Catch-up revenues | $30.0 | $35.6 | (16)% | ||||||||
| Revenue by program: | |||||||||||
| Smartphone | $87.4 | $104.3 | (16)% | ||||||||
| CE, IoT/Auto | $40.6 | $35.4 | 15% | ||||||||
| Other | $0.6 | $0.4 | 41% | ||||||||
| (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 Returnof Capital | |||||||||||
| Shares | Value | Per Share | Value | |||||||||||
| Third quarter 2024 | ||||||||||||||