On this page of StockholderLetter.com we present the latest annual shareholder letter from InterDigital, Inc. — ticker symbol IDCC. Reading current and past IDCC letters to shareholders can bring important insights into the investment thesis.
Notice of 2025 Annual Meeting and Proxy Statement InterDigital, Inc. 2024 ANNUAL REPORT
4 | InterDigital Annual Report 2024
A message to our Shareholders Throughout InterDigital s history, we have In 2024, we drove top-line revenue to an all- been powered by a mission to change the way time high, increased our profitability on the that people connect. From the earliest days bottom line, maintained our strong balance of digital telephony, through every generation sheet to support growth, and delivered more of cellular communication, and to a future of capital to shareholders. more immersive experiences, driven by wireless, video and AI in combination, we power the way In our consumer electronics and IoT/Auto that people connect with colleagues, speak program, we reported revenues of $269 million, with loved ones, and laugh and cry at their another all-time high and up more than 230% favorite movies and shows. year-over-year. It is clear that the more the world becomes With almost $1 billion in cash, we have interconnected, the more the world comes to maintained our ability to invest and protect depend on our engineering leadership and, our innovation, while building on our ultimately, our innovation. It is this that drives our formidable track record of returning capital engineers every day, and it is this that leads us to to shareholders. In 2024, we increased our deliver ever more value to our shareholders. dividend from 40 cents to 45 cents per share and then increased it again in the first quarter In 2024, revenue reached an all-time high of of 2025 to 60 cents per share. In total, over the $869 million, an increase of 58% year-over-year. last four years, we have returned almost $680 Our adjusted EBITDA was $551 million, up 60% million through buybacks and dividends. year-over-year, and our non-GAAP earnings per share was $14.97, up 62% year-over-year. At our 2024 investor day, we announced a new annual recurring revenue target of $1 Through increased execution across the billion-plus and $600 million-plus of adjusted business, through even greater collaboration EBITDA by 2030. among our teams, and through an unrelenting commitment to excellence in innovation, we As we explained at our investor day, we believe that we have put InterDigital in as see significant opportunities to grow in our strong a position as it has ever been. core smartphone program, in our consumer electronics and IoT/Auto program, and in our greenfield opportunity in video services. 2024 SNAPSHOT $869M Revenue $269M Revenue 50% Increase Top 100 All-time record high for the company Consumer electronics & IoT/ Auto an all-time record Dividend raised by 50% to 60 cents per share Named top 100 innovator in the world InterDigital Annual Report 2024 | 3
To achieve these goals, we will continue to In consumer electronics and IoT/Auto, our marry the power of our research and our performance in 2024 was a clear demonstration leadership in standards development, with the of our success in diversifying our key revenue quality of our patent portfolio and the strength drivers. This included both our agreement with of our execution across our licensing programs. Samsung, the world s largest manufacturer of smart TVs, and our agreement with TPV, a Our momentum in licensing has accelerated Chinese manufacturer which is rapidly taking across all of our programs. In 2024 we signed market share and which sells TVs under a range 14 new license agreements, including a new of brands including Envision and Philips. license with OPPO, the world s fourth largest smartphone vendor, a new agreement with Since 2021, we have now signed more than Google, covering a range of devices including 40 new agreements worth more than $3.6 Pixel smartphones and wearables, and we billion in total contract value. agreed to enter into a new license agreement with Lenovo with the final terms to be decided At the heart of our video innovation story is in arbitration. These steps ended all litigation both smarter compression and new capabilities between us and Lenovo and OPPO. for consumers which improve picture quality and enhance the user experience. Our Then, in the first quarter of 2025, we closed innovation underpins the viability of the another license with a major Chinese handset entire streaming industry which is forecast to manufacturer, meaning that we now have generate more than $400 billion in revenue seven of the top ten smartphone vendors in 2025 across subscription and advertising under license. supported platforms, and on social media. 40+ New Agreements Since 2021 Total Contract Value more than $3.6 Billion 4 | InterDigital Annual Report 2024
Early in 2025, we also took a significant step in our new video services program by starting enforcement proceedings in multiple jurisdictions against The Walt Disney Company including Disney+, Hulu and ESPN+ . As we have said many times, we always prefer to sign new licenses through amicable negotiation and most of our agreements are signed without any litigation. However, we are also committed to receiving fair value for our Through the excellence of our engineers and through even greater collaboration across our teams, we made more than 5,000 new patent filings in 2024, and our portfolio now stands at almost 34,000 assets worldwide. innovation so that we can continue to invest in Our engineers also continued to make their our foundational research. mark on their respective industries through their leadership of key industry bodies. We The growing convergence of the three key hold more than 100 leadership positions across pillars of our research wireless, video and AI standards development organizations including into new devices and services, underlines the 3GPP, the European Telecommunications value we believe our patented innovation will Standards Institute (ETSI) and the International continue to drive well into the future. Telecommunications Union (ITU). InterDigital Annual Report 2024 | 5
 • shareholder letter icon 4/25/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/20/2023 IDCC Stockholder Letter
 • stockholder letter icon 4/23/2024 IDCC Stockholder Letter
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 • Benford's Law Stocks icon IDCC Benford's Law Stock Score = 79


IDCC Shareholder/Stockholder Letter Transcript:

Notice of 2025 Annual Meeting and
Proxy Statement InterDigital, Inc.
2024 ANNUAL REPORT

4 | InterDigital Annual Report 2024

A message to
our Shareholders
Throughout InterDigital   s history, we have
In 2024, we drove top-line revenue to an all-
been powered by a mission to change the way
time high, increased our profitability on the
that people connect. From the earliest days
bottom line, maintained our strong balance
of digital telephony, through every generation
sheet to support growth, and delivered more
of cellular communication, and to a future of
capital to shareholders.
more immersive experiences, driven by wireless,
video and AI in combination, we power the way
In our consumer electronics and IoT/Auto
that people connect with colleagues, speak
program, we reported revenues of $269 million,
with loved ones, and laugh and cry at their
another all-time high and up more than 230%
favorite movies and shows.
year-over-year.
It is clear that the more the world becomes
With almost $1 billion in cash, we have
interconnected, the more the world comes to
maintained our ability to invest and protect
depend on our engineering leadership and,
our innovation, while building on our
ultimately, our innovation. It is this that drives our
formidable track record of returning capital
engineers every day, and it is this that leads us to
to shareholders. In 2024, we increased our
deliver ever more value to our shareholders.
dividend from 40 cents to 45 cents per share
and then increased it again in the first quarter
In 2024, revenue reached an all-time high of
of 2025 to 60 cents per share. In total, over the
$869 million, an increase of 58% year-over-year.
last four years, we have returned almost $680
Our adjusted EBITDA was $551 million, up 60%
million through buybacks and dividends.
year-over-year, and our non-GAAP earnings per
share was $14.97, up 62% year-over-year.
At our 2024 investor day, we announced a
new annual recurring revenue target of $1
Through increased execution across the
billion-plus and $600 million-plus of adjusted
business, through even greater collaboration
EBITDA by 2030.
among our teams, and through an unrelenting
commitment to excellence in innovation, we
As we explained at our investor day, we
believe that we have put InterDigital in as
see significant opportunities to grow in our
strong a position as it has ever been.
core smartphone program, in our consumer
electronics and IoT/Auto program, and in our
greenfield opportunity in video services.
2024 SNAPSHOT
$869M
Revenue
$269M
Revenue
50%
Increase
Top
100
All-time record high
for the company
Consumer
electronics & IoT/
Auto     an all-time
record
Dividend raised by
50% to 60 cents
per share
Named top 100
innovator in the
world
InterDigital Annual Report 2024 | 3

To achieve these goals, we will continue to
In consumer electronics and IoT/Auto, our
marry the power of our research and our
performance in 2024 was a clear demonstration
leadership in standards development, with the
of our success in diversifying our key revenue
quality of our patent portfolio and the strength
drivers. This included both our agreement with
of our execution across our licensing programs.
Samsung, the world   s largest manufacturer
of smart TVs, and our agreement with TPV, a
Our momentum in licensing has accelerated
Chinese manufacturer which is rapidly taking
across all of our programs. In 2024 we signed
market share and which sells TVs under a range
14 new license agreements, including a new
of brands including Envision and Philips.
license with OPPO, the world   s fourth largest
smartphone vendor, a new agreement with
Since 2021, we have now signed more than
Google, covering a range of devices including
40 new agreements worth more than $3.6
Pixel smartphones and wearables, and we
billion in total contract value.
agreed to enter into a new license agreement
with Lenovo with the final terms to be decided
At the heart of our video innovation story is
in arbitration. These steps ended all litigation
both smarter compression and new capabilities
between us and Lenovo and OPPO.
for consumers which improve picture quality
and enhance the user experience. Our
Then, in the first quarter of 2025, we closed
innovation underpins the viability of the
another license with a major Chinese handset
entire streaming industry which is forecast to
manufacturer, meaning that we now have
generate more than $400 billion in revenue
seven of the top ten smartphone vendors
in 2025 across subscription and advertising
under license.
supported platforms, and on social media.
40+ New
Agreements
Since 2021
Total Contract
Value more than
$3.6 Billion
4 | InterDigital Annual Report 2024

Early in 2025, we also took a significant
step in our new video services program by
starting enforcement proceedings in multiple
jurisdictions against The Walt Disney Company
including Disney+, Hulu and ESPN+ .
As we have said many times, we always
prefer to sign new licenses through amicable
negotiation and most of our agreements are
signed without any litigation. However, we are
also committed to receiving fair value for our
Through the excellence of
our engineers and through
even greater collaboration
across our teams, we made
more than 5,000 new patent
filings in 2024, and our portfolio
now stands at almost 34,000
assets worldwide.
innovation so that we can continue to invest in
Our engineers also continued to make their
our foundational research.
mark on their respective industries through
their leadership of key industry bodies. We
The growing convergence of the three key
hold more than 100 leadership positions across
pillars of our research     wireless, video and AI
standards development organizations including
    into new devices and services, underlines the
3GPP, the European Telecommunications
value we believe our patented innovation will
Standards Institute (ETSI) and the International
continue to drive well into the future.
Telecommunications Union (ITU).
InterDigital Annual Report 2024 | 5



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