Interdigital Announces Financial Results for Second Quarter 2024

Core Insights - InterDigital, Inc. reported a significant increase in revenue and net income for the second quarter of 2024, exceeding expectations and prompting an upward revision of its full-year revenue guidance by $70 million to a range of $690 million to $740 million [2][3]. Financial Performance - Revenues for Q2 2024 reached $223.5 million, a 120% increase compared to $101.6 million in Q2 2023 [3]. - Operating expenses increased by 15% to $89.6 million from $78.2 million year-over-year [3]. - Net income surged to $109.7 million, up 403% from $21.8 million in the same quarter last year, resulting in a net income margin of 49% [3]. - Diluted EPS rose to $3.93, a 397% increase from $0.79 in Q2 2023 [3]. Revenue Breakdown - Recurring revenues slightly decreased by 3% to $95.9 million, while catch-up revenues skyrocketed by 4,966% to $127.6 million [3]. - Revenue from smartphones was $199.2 million, up 125% from $88.6 million, while revenues from CE, IoT/Auto increased by 91% to $23.7 million [3]. Return of Capital - In Q2 2024, the company returned $45.2 million to shareholders through share repurchases valued at $35.1 million and dividends declared at $0.40 per share totaling $10.1 million [4]. Outlook - The company provided an optimistic outlook for Q3 2024, projecting revenues between $94 million and $98 million, and raised its full-year 2024 revenue guidance to $690 million to $740 million [5][6]. Conference Call - InterDigital will host a conference call on August 1, 2024, to discuss its financial performance and other company matters [7][8]. Company Overview - InterDigital is a global R&D company focused on wireless, video, AI, and related technologies, licensing innovations to various sectors including wireless communications, consumer electronics, and cloud-based services [9].