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UNITED STATES
証券取引委員会
ワシントンDC 20549
フォーム 10-Q
☑ 証券取引法第13条または15(d)条に基づく四半期報告書
    報告期間が終了した2023年6月30日をもって2024年9月30日
OR
☐ 移行期間：             から             まで
過渡期間のため                      または                     
委員会ファイル番号 1-33579
インターデジタル社
（規約で指定された正確な登録者名）
ペンシルバニア州82-4936666
（設立地の州またはその他の管轄区域）
（設立または組織） （I.R.S.雇用者識別番号） （本社所在地の住所） （郵便番号） （Registrantの電話番号、市外局番を含む）		 （I.R.S. 雇用主識別番号）
識別番号）
200 Bellevue Parkway, スイート300, ウィルミントン, ドイツ 19809-3727
(本部所在地の住所及び郵便番号)
(302) 281-3600
（登録者の電話番号、市外局番を含む）

取引所法第12（b）条に基づき登録された証券：
各クラスの名称取引シンボル登録されている各取引所の名称
普通株式、株式一株当たりの名義額$0.01IDCCナスダック・ストック・マーケットLLC
申告者が、(1)前年度の有価証券取引法第13条または第15(d)条での必須報告書をすべて提出したか（必要ならば、より短い期間についても）、および(2)前述の提出要件に過去90日間適用されたか、その両方を確認するにはチェックマークを入れます。 はい ☑✓印を付しませんでした場合、登録者の内部統制に関するマネジメント評価を報告するよう求められたことを意味します。☐
申告者が、前年度の12か月間（またはそのより短い期間）において、規則S-t第405条（本章の第232.405条）に基づき提出が必要な対話的データファイルをすべて提出したかどうかについて、チェックマークを入れます。 はい ☑✓印を付しませんでした場合、登録者の内部統制に関するマネジメント評価を報告するよう求められたことを意味します。☐
登録者が大量加速提出者、加速提出者、非加速提出者、報告書提出規模の小さい企業、または新興成長企業のいずれであるかをチェックマークで示してください。 「大量加速提出者」、「加速提出者」、「報告書提出規模の小さい企業」、「新興成長企業」の定義については、Exchange Actの規則120億2を参照してください。
大型加速ファイラー☑加速ファイラー☐
非加速ファイラー☐レポート義務のある中小企業☐
新興成長企業☐
新興成長企業の場合、株式登録業者が13(a)条に基づく規定に従って提供された新しいまたは改訂された財務会計基準の適合に対して延長移行期間を使用しないことを示すチェックマークを入れてください。 o
✓印を付してください。 企業がshell companyである場合は、取引法の規則12b-2で定義されています。☐✓印を付しませんでした場合、登録者の内部統制に関するマネジメント評価を報告するよう求められたことを意味します。þ
発行済み全株式の数を示してください。最新の実行可能な日付で、発行済みの申請者の全株式は2024年4月22日の時点で10,937,245株でした。
普通株式、株式一株当たりの名義額$0.0125,343,734
クラス名2024年10月29日時点で優れています


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インターデジタル® はインターデジタル株式会社の登録商標です。全セクターの商標、サービスマーク、およびこの四半期報告書のフォーム10-Qに登場する取引名は、それぞれの所有者の財産です。



目次
第I部—財政情報
項目 1. 財務諸表
インターデジタル株式会社及び子会社
連結簡易貸借対照表
(株式データ以外は、千の数字で表示されます)
(未監査)
2024年9月30日
2024		12月31日
2023
資産  
流動資産:  
現金及び現金同等物$401,090 $437,076 
新規売投資412,120 569,280 
売掛金 212,420 117,292 
前払費用およびその他の短期資産128,106 43,976 
流動資産合計1,153,736 1,167,624 
有形固定資産、正味額10,872 11,566 
特許，純利益299,567 313,001 
繰延税資産110,739 128,967 
その他の非流動資産、純額150,436 149,656 
総資産$1,725,350 $1,770,814 
負債と株主資本  
流動負債：
  
長期借入金の短期部分$454,250 $578,752 
支払調整8,015 7,846 
支払い予定の報酬及び関連費用38,966 32,665 
前払収益156,885 153,597 
配当が支払われます。11,366 10,226 
その他の未払い費用42,289 98,042 
流動負債合計711,771 881,128 
新規買債務18,302 29,019 
長期の受け入れた収益216,665 223,866 
その他の長期負債56,075 55,252 
負債合計1,002,813 1,189,265 
コミットメント及び事態に関する注記
株主資本:  
优先股，$0.10市場価値、14,399株$300,000,000株式を認可し、0発行済み株式数
— — 
普通株式、$0.01市場価値、100,000株$300,000,000株式を認可し、70,137 と 69,507発行済み株式数は25,242 と 25,580株式数は、
701 694 
追加の資本金794,644 742,981 
留保利益1,654,774 1,462,070 
その他の総合利益（損失） $ 1,793
134 (647)
自己株式は、44,895 と 43,927 普通株式の保有株式
(1,727,716)(1,623,549)
株主資本の合計722,537 581,549 
負債及び株主資本の合計$1,725,350 $1,770,814 

添付の注記はこれらの財務諸表の一部である。
3
目次
インターデジタル株式会社及び子会社
損益計算書要約（未監査）
(株式データ以外は、千の数字で表示されます)
(未監査)
9月30日までの3か月間 9月30日までの9ヶ月間
2024202320242023
収益$128,679 $140,106 $615,714 $444,070 
営業費用：
研究とポートフォリオの開発48,331 50,253 147,851 149,560 
ライセンス料27,467 21,522 149,212 59,534 
一般管理費用13,539 14,678 41,665 38,686 
営業費用合計89,337 86,453 338,728 247,780 
営業利益39,342 53,653 276,986 196,290 
利子費用(10,681)(12,683)(34,086)(36,911)
その他の収入、純額12,554 14,725 33,483 42,303 
税引前当期純利益41,215 55,695 276,383 201,682 
事業税調整前当期純利益(7,025)(8,541)(50,877)(29,715)
当期純利益$34,190 $47,154 $225,506 $171,967 
非支配持分に帰属する純損失— (787)— (3,016)
InterDigital, Inc.に帰属する当期純利益
$34,190 $47,941 $225,506 $174,983 
1株当たり当期純利益 — 基本$1.36 $1.82 $8.92 $6.42 
発行済普通株式の加重平均株式数 — 基本25,149 26,285 25,286 27,259 
1株当たり当期純利益 — 希薄化後$1.14 $1.72 $7.84 $6.19 
発行済普通株式の加重平均株式数 — 希薄化後30,034 27,812 28,759 28,261 
1株当たりの現金配当宣言額$0.45 $0.40 $1.25 $1.10 

添付の注記はこれらの財務諸表の一部である。
4
目次
インターデジタル株式会社及び子会社
総合利益計算書（連結）の簡易版
（千米ドル単位）
(未監査)
 9月30日までの3か月間 9月30日までの9ヶ月間
 2024202320242023
当期純利益$34,190 $47,154 $225,506 $171,967 
その他の投資に対する未実現損益（税引後）1,366 30 781 (1,230)
包括的利益$35,556 $47,184 $226,287 $170,737 
非支配株主に帰属する包括損失— (787)— (3,016)
インターデジタル社に帰属する総包括利益$35,556 $47,971 $226,287 $173,753 
添付の注記はこれらの財務諸表の一部である。

5
目次
インターデジタル株式会社及び子会社
株主資本の簡易連結財務諸表
(株式データ以外は、千の数字で表示されます)
(未監査)
普通株式追加
払込資本		保留利益 
他
包括的
損失		自己株式非支配株主
利息		総計
株主の
株式
 株式数量株式数数量
2022年12月31日の残高
71,923 $719 $717,102 $1,492,046 $(916)42,255 $(1,484,056)$5,618 $730,513 
InterDigital, Inc.に帰属する当期純利益— — — 105,259 — — — — 105,259 
非支配持分に帰属する純損失— — — — — — — (1,739)(1,739)
非支配株主持分拠出— — — — — — — 1,750 1,750 
短期投資の未実現損失の純変動
— — — — 579 — — — 579 
宣言された配当（$0.35株式当たり)
— — 259 (9,708)— — — — (9,449)
普通株式オプション行使13 — 687 — — — — — 687 
普通株式の発行、純額132 1 (6,709)— — — — — (6,708)
株式報酬費用
— — 7,790 — — — — — 7,790 
普通株式の自己取得(2,739)(27)— (203,354)— — — — (203,381)
残高、2023年3月31日
69,329 $693 $719,129 $1,384,243 $(337)42,255 $(1,484,056)$5,629 $625,301 
InterDigital, Inc.に帰属する当期純利益— — — 21,783 — — — — 21,783 
非支配持分に帰属する純損失— — — — — — — (490)(490)
新規売投資における未実現損失の純変動— — — — (1,839)— — — (1,839)
宣言された配当（$0.35株式当たり)
— — 360 (9,633)— — — — (9,273)
普通株式オプション行使1 — 12 — — — — — 12 
普通株式の発行、純額42 — (1,389)— — — — — (1,389)
株式報酬費用— — 8,740 — — — — — 8,740 
普通株式の自己取得— — — — — 548 (42,489)— (42,489)
2023年6月30日のバランス
69,372 $693 $726,852 $1,396,393 $(2,176)42,803 $(1,526,545)$5,139 $600,356 
InterDigital, Inc.に帰属する当期純利益— — — 47,941 — — — — 47,941 
非支配持分に帰属する純損失— — — — — — — (787)(787)
短期投資の未実現損失の差額
— — — — 30 — — — 30 
宣言された配当（$0.40株式当たり)
— — 328 (10,676)— — — — (10,348)
普通株式の発行、純額59 1 (2,888)— — — — — (2,887)
未収収入の償却— — 10,335 — — — — — 10,335 
普通株式の自己取得— — — — — 653 (56,858)— (56,858)
2023年9月30日の残高
69,431 $694 $734,627 $1,433,658 $(2,146)43,456 $(1,583,403)$4,352 $587,782 

6
目次

普通株式追加
払込資本		保留利益
 
他
包括的
利益（損失）
自己株式非支配株主
利息		総計
株主の
株式
 株式数量株式数数量
2023年12月の残高
69,507 $694 $742,981 $1,462,070 $(647)43,927 $(1,623,549)$— $581,549 
InterDigital, Inc.に帰属する当期純利益— — — 81,652 — — — — 81,652 
短期投資の未実現損失の純変動— — — — (495)— — — (495)
宣言された配当（$0.40株式当たり)
— — 343 (10,490)— — — — (10,147)
普通株式の発行、純額131 2 (8,637)— — — — — (8,635)
株式報酬費用
— — 9,386 — — — — — 9,386 
普通株式の自己取得— — — — — 277 (29,019)— (29,019)
2024年3月31日のバランスシート
69,638 $696 $744,073 $1,533,232 $(1,142)44,204 $(1,652,568)$— $624,291 
InterDigital, Inc.に帰属する当期純利益— — — 109,664 — — — — 109,664 
新規売中期投資の未実現損失の純変動— — — — (90)— — — (90)
宣言された配当（$0.40株式当たり)
— — 443 (10,495)— — — — (10,052)
普通株式の発行、純額39 — (1,580)— — — — — (1,580)
株式報酬費用— — 9,655 — — — — — 9,655 
普通株式の自己取得— — — — — 344 (35,111)— (35,111)
2024年のノートの決済324 3 (3)— — — — — — 
2024年のヘッジの決済— — 37,120 — — 324 (37,120)— — 
2024年6月30日の残高
70,001 $699 $789,708 $1,632,401 $(1,232)44,872 $(1,724,799)$— $696,777 
InterDigital, Inc.に帰属する当期純利益— — — 34,190 — — — — 34,190 
短期投資に対する未実現損益の正味変動
— — — — 1,366 — — — 1,366 
宣言された配当（$0.45株式当たり)
— — 451 (11,817)— — — — (11,366)
普通株式オプション行使1 — 11 — — — — — 11 
普通株式の発行、純額53 1 (4,602)— — — — — (4,601)
株式報酬費用
— — 9,081 — — — — — 9,081 
普通株式の自己取得— — — — — 23 (2,917)— (2,917)
2024年の株券の決済82 1 (5)— — — — — (4)
2024年9月30日の残高
70,137 $701 $794,644 $1,654,774 $134 44,895 $(1,727,716)$— $722,537 
添付の注記はこれらの財務諸表の一部である。
7
目次

インターデジタル株式会社及び子会社
キャッシュフローの概要
（千ドル）
(未監査)
9月30日までの9ヶ月間
 20242023
営業活動によるキャッシュフロー:  
当期純利益$225,506 $171,967 
当期純利益に調整するための項目:
 
減価償却費および償却費52,165 58,698 
当座預金利息収益、純額
(8,290)(9,800)
投資変動の非現金329 (9,370)
前払い収益の変化(3,913)(3,933)
繰延税金資産18,020 2,635 
株式報酬費用28,122 26,865 
他— 2,616 
資産の増加:
債権(95,128)(16,390)
繰延資産およびその他の資産(81,333)(54,384)
負債の(減少)増加:
支払調整(2,092)881 
顧客預託金
(76,100)76,100 
未払い給与およびその他の経費22,208 (8,567)
営業活動によるキャッシュフロー
79,494 237,318 
投資活動によるキャッシュフロー：
  
短期投資の取得(445,434)(671,612)
短期投資の売却618,642 627,906 
設備資産の購入(1,928)(3,167)
特許費用の資本化(33,506)(27,992)
長期投資1,576 567 
投資活動による純現金提供（使用）139,350 (74,298)
財務活動からのキャッシュフロー:
  
長期債務の支払い(139,069)— 
債務発行費用の支払い— (100)
普通株式の自己取得(66,726)(302,728)
株式オプションの行使による純資金受取額11 699 
非支配持分の寄与— 1,750 
制限株式ユニットのベスティング時に源泉徴収された税金(14,816)(10,984)
配当支払い(30,425)(29,106)
資金調達活動に使用された純現金流入額(251,025)(340,469)
現金、現金同等物及び制限つきキャッシュの純減少額(32,181)(177,449)
期首残高の現金、現金同等物及び制限付き現金442,961 703,161 
期末残高の現金、現金同等物及び制限付き現金$410,780 $525,712 
Note 1を参照してください。プレゼンテーションの基準については、補足のキャッシュフロー情報については、Note 3を参照してください。キャッシュ、信用リスクの集中度、金融商品の公正価値については、キャッシュ、現金相当額、制限付現金を総括合算された貸借対照表に調整するためにNote 3を参照してください。
添付の注記はこれらの財務諸表の一部である。
8
目次
インターデジタル株式会社及び子会社
コンデンスド連結財務諸表に関する注記
2024年9月30日
(未監査)
1. 報告の根拠
経営陣の意見では、添付の未監査の要約連結財務諸表には、2024年9月30日時点のインターデジタル（以下、「インターデジタル」として言及される当該企業及び／またはその子会社を個々に及び／または総称して「当社」「弊社」「私たち」「我々」という言及がない限りを指します）の財務状態を公正に述べるために必要な、通常の繰り返し調整のみを含んでいます。さらに、2024年9月30日および2023年9月30日の三ヶ月および九ヶ月期間の業績及び2024年9月30日および2023年9月30日の九ヶ月期間のキャッシュフローの結果も含まれています。 添付の未監査の要約連結財務諸表は10-Qフォームの指示に従って作成されており、したがって、米国一般会計原則（「GAAP」と称する）に準拠して財務状態、業績、およびキャッシュフローを公正に示すために必要な全ての詳細なスケジュール、情報、および注に含まれていません。会計年度終了時の要約連結貸借対照表のデータは監査された財務諸表から派生していますが、GAAPによる年末決算に必要な全ての開示を含んでいません。したがって、これらの財務諸表は2023年12月31日までの財務諸表及び注を併せて閲読する必要があります。我々の2023年の年次報告書に定義されていない大文字の用語の定義は2023 Form 10-k内に表示されています。各四半期の業績は全年の結果を示すものではありません。 oneworldアライアンスのメンバーと追加のグローバルパートナーとともに、お客様はalaskaair.comで30以上の航空会社と世界中の1,000以上の目的地で購入、獲得、または交換する選択肢が今まで以上にあります。最近発行された会計基準
財務諸表の作成には、米国会計基準（GAAP）に準拠する必要があり、経営陣は資産と負債の報告額、換金性資産および負債の開示に影響を及ぼす見積もりと仮定を行わなければならず、財務諸表の作成日時点における収益と費用の報告額も、決算期間中の収益と費用の報告額も影響を受けます。実際の結果がこれらの見積もりと異なることがあります。
会計方針の変更
2023年の10-kフォームに含まれる開示から、当社の既存の会計方針に重大な変更や更新はありません。ただし、以下のように示されているように、新しい会計ガイダンスを除いて。"新しい会計ガイダンス".
再分類
過去の金額を現在年度の表現に合わせて一部再分類しました。
補足的なキャッシュ・フロー情報
以下の表は、2024年9月30日および2023年終了時点の追加補足キャッシュフロー情報を示しています（単位：千）。
9月30日までの9ヶ月間
補足的なキャッシュフロー情報：20242023
支払利息$9,311 $9,312 
外国源泉徴収税を含む支払った所得税37,269 30,117 
非現金ベースの投資および資金調達活動:
2024年ヘッジ取引の決済
37,120 — 
配当支払い可能11,366 10,348 
運転リース債務の代わりに取得された使用権資産2,023 93 
無形固定資産化特許コストおよび有形固定資産取得費(2,261)334 
未決定普通株式の取り戻し— 1,853 
9
目次
新しい会計ガイダンス
報告セグメント開示の改善に関する会計基準の更新s
2023年11月、FASbはASU第2023-07号「セグメント開示（第280号）:報告セグメント開示の改善」を発行しました。ASUの修正では、CODMに定期的に提供される重要なセグメント費用、報告セグメントごとのその他のセグメント項目の説明、およびリソースの配分方法を決定する際にCODMが使用するセグメントの利益または損失の追加基準を開示することが求められています。ASU第2023-07号は、2023年12月15日以降の開始する決算年度および2024年12月15日以降の開始する決算年度内の四半期に適用され、早期適用が認められています。私たちは現在、財務開示への適用の影響を評価しています。
所感基準の更新：所得税の開示の改善
2023年12月、FASbはASU第2023-09号「所得税（トピック 740）：所得税開示の改善」を発行しました。ASUの修正は、所得税開示を標準化し、税率調整のカテゴリを分解し、管轄区域別に支払われた所得税を主に改善しています。ASU第2023-09号は、2024年12月15日以降に始まる会計年度に適用され、早期適用が認められています。我々は現在、財務開示への適用の影響を評価しています。
2. フォーマット
売上高の内訳
次の表は、2024年9月30日および2023年の3か月および9か月の売上高の内訳を示しています（単位：千ドル）。
9月30日までの3か月間
 20242023
増加/（減少）
定期売上高:
スマートフォン$74,184 $88,376 $(14,192)(16)%
CE、iot/自動車23,830 15,659 8,171 52 %
他620 441 179 41 %
総継続収益98,634 104,476 (5,842)(6)%
追いつき収益 a
30,045 35,630 (5,585)(16)%
収益合計$128,679 $140,106 $(11,427)(8)%
9月30日に終了した9か月間
 20242023
増加/ (減少)
経常収入:
スマートフォン$221,738 $260,882 $(39,144)(15)%
電気自動車、IoT/自動車67,824 43,177 24,647 57 %
その他1,878 1,063 815 77 %
経常収益の合計291,440 305,122 (13,682)(4)%
キャッチアップ収入 a
324,274 138,948 185,326 133 %
総収入$615,714 $444,070 $171,644 39 %
(a) 遅れていた収入は、過去の特許ロイヤリティと固定の単価契約からの収益で構成されています。
2024年9月30日に終了した9か月間に、私たちは$を認識しました119.8 期首時点で繰延収益に含まれていた100万件の収益。2024年9月30日現在、当社の契約資産はドルです161.1 には100万が含まれています」売掛金「要約連結貸借対照表に。2023年12月31日現在、当社の契約資産はドルです94.6には100万が含まれています」売掛金「要約連結貸借対照表に。
10
目次
契約売上高
2024年9月30日時点で契約締結および確定しているものに基づくと、当該契約期間中にダイナミック固定料ロイヤルティ支払いから次の売上高を認識する見込みです（単位：千ドル）:
売上高 (a)
2024年の残りの期間$84,979 
2025330,439 
2026237,275 
2027227,858 
2028215,821 
それ以降265,882 
売上高全体$1,362,254 
(a) この表には、当社のSamsung紛争に関連する推定売上高が含まれています。ASC 606に従い、これらの推定値は、後の推定値の変更が重要な売上高の逆転につながる可能性がない範囲でのみ認識する売上高額に限定されています。
3. 現金、クレジットリスクの集中度、金融商品の公正価値
現金、現金同等物および制限付き現金
現金、現金同等物、および制限付き現金は現在、マネーマーケット口座と要求口座で構成されています。 次の表は、2024年9月30日、2023年12月31日、および2023年9月30日の総現金、現金同等物、および制限付き現金を、簡約連結貸借対照表および簡約連結キャッシュフロー計算書内のキャプションに合わせる調整を提供しています（単位：千）。
 9月30日12月31日9月30日
 202420232023
現金及び現金同等物$401,090 $437,076 $518,483 
前払金及びその他の流動資産に含まれる制限現金9,690 5,885 7,229 
現金、現金同等物、および制限付き現金の総額
$410,780 $442,961 $525,712 
信用リスク集中と金融インストゥルメントの公正価値
潜在的に信用リスクの高い金融商品は、主に現金同等物、短期投資、および売掛金です。当社は、現金同等物と短期投資を、高評価の金融商品およびアメリカ合衆国政府の金融商品にのみ保有しています。
当社の売掛金および契約資産は、主に特許ライセンスとテクノロジー ソリューション契約から派生しています。四つのライセンシーが、2024年9月30日と2023年12月31日の売掛金残高の %を構成しています。通常は、大規模で多国籍の無線通信装置メーカーを含む当社のライセンシーに対して継続的な信用評価を行っています。当社は、財務商品の簿価が公正価値に近似していると考えています。 85償還期限が2025年のUS$84当社の売掛金残高は2024年9月30日および2023年12月31日における %を占めているフォーマットのライセンス証に主に由来します。通常、大手の多国籍の無線通信設備メーカーが含まれる当社のライセンス契約業者に対して継続的な信用評価を実施しています。当社は、財務商品の簿価がその公正価値に近似していると考えています。
公正価値測定
資産と負債の公正価値を測定する際には、さまざまな評価手法と仮定を使用しています。資産や負債の価格設定に市場参加者が使用する市場データや仮定を利用し、評価手法への入力に関するリスクとそれに関連するリスクについての仮定も含まれます。このガイダンスは、さまざまな評価手法（市場アプローチ、所得アプローチ、コストアプローチ）に使用される入力の種類に基づいて公正価値の測定を優先するヒエラルキーを確立しました。ヒエラルキーのレベルは以下の通りです:
レベル1の入力 レベル1には、同一の金融商品についての市場での価格が活発に取引されているものが含まれています。
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レベル2の入力 第2レベルには、Level 1に含まれている引用価格以外の入力がある金融商品が含まれており、その金融商品については、アクティブな市場における類似の商品の引用価格、取引量が不十分または取引回数が少ない（不活発な市場）市場における同一または類似の商品の引用価格、または市場金利曲線、参照信用スプレッド、事前支払い率など、観測可能な市場データから主に導かれるか、またはそれらによって裏付けられる、モデル駆動型の評価が含まれています。
レベル3の入力 — レベル3には、自社の前提事項を含む、プライシングモデルと割引キャッシュフローモデルを使用して公正価値が導出される金融商品が含まれます。プライシングモデルには、取引の詳細、契約条件、満期、場合によっては将来のキャッシュフローの時期と金額、流動性およびクレジット評価調整、市場参加者の前提事項などが組み込まれています。
特定の入力の価値評価の重要性については、判断が必要であり、財務資産および財務負債の価値評価および公正価値階層内での位置づけに影響を与える可能性があります。当社は、同様の資産の市場で引用される価格を使用して、当社のレベル2の投資の公正価値を推定しています。
繰り返しのフェアバリュー計測
当社の財務資産は、特に指定されていない限り、簡約連結貸借対照表の新規売投資に一般的に含まれています。 当社の引き続き公正価値で会計処理される財務資産および負債は、2024年9月30日および2023年12月31日時点で以下の表に示されています（金額単位：千）:
 2024年9月30日の公正価値
 派生負債 - 先物買付契約レベル2レベル3総計
資産:    
マネーマーケットと需要口座 (a)
$400,422 $— $— $400,422 
コマーシャルペーパー— 95,932 — 95,932 
米国政府証券— 192,507 — 192,507 
法人債、資産担保証券その他の有価証券 (c)
— 134,039 — 134,039 
合計$400,422 $422,478 $— $822,900 
 2023年12月31日現在の公正価値
 派生負債 - 先物買付契約レベル2レベル3総計
資産:    
マネーマーケットおよび需要口座 (a)
$430,707 $— $— $430,707 
コマーシャルペーパー (b)
— 174,991 — 174,991 
米国政府証券— 256,850 — 256,850 
企業債、資産担保証券およびその他の証券 (c)
— 149,693 — 149,693 
合計$430,707 $581,534 $— $1,012,241 
______________________________
(a)現金及び現金同等物内に主に含まれています。
(b)2023年12月31日時点で、$5.7現金及び現金同等物には、$ millionの商業用紙幣が含まれていました。
(c)2024年9月30日と2023年12月31日現在、現金及び現金同等物には$が含まれていました。10.4$百万の売上高を認識しました6.5　企業債、資産担保証券およびその他の証券が、それぞれ現金及び現金同等物に含まれていました。
非再発生の公正値の測定
特許
2023年9月30日終了時点の9か月間にわたり、売却予定の特許に一時的な減損が発生し、$2.5 発生値を決定しました。市況の評価に基づいて公正価値を決定しました。
その他の実体への投資
2024年9月30日終了の3か月および9か月間に、当社は長期戦略投資の公正価値変動による純利益をそれぞれ認識し、$を計上しました。0.3$百万の売上高を認識しました1.8百万ドル、それぞれ、「」に含まれました。その他の収入、純額損益計算書の要約連結に「」が含まれていました。
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2023年9月30日までの3か月と9か月間に、それぞれ$で利益を認識しました。6.1$百万の売上高を認識しました9.4その他の長期戦略投資の公正価値の変動に起因して、それぞれ$百万の利益が認識されました。これは「その他の収入、純額損益計算書の要約連結に「」が含まれていました。
新規買の適正価格
転換社債
会社の転換社債の元本金額、帳簿価額、および推定される公正価値は、2024年9月30日および2023年12月31日時点で以下の通りでした（千万円単位）。 転換社債の元本金額の累積公正価値は、レベル2の公正価値測定です。
2024年9月30日2023年12月31日
元本
数量		帳簿価額
値		株式報酬の
値		元本
数量		帳簿価額
値		株式報酬の
値
2027年の優先転換可能な長期負債$460,000 $454,250 $855,554 $460,000 $452,830 $677,230 
2024年の優先転換可能な長期負債$— $— $— $126,174 $125,922 $171,130 
テクニカラー特許取得の新規買長期債務
2024年9月30日と2023年12月31日時点で報告されているTechnicolor特許取得の長期債務の帯出価額と関連する見積もられた公正価値は次の通りです（千ドル単位）。 Technicolor特許取得の長期債務の累積公正価値は、レベル3の公正価値評価です。
2024年9月30日2023年12月31日
帳簿価額
値		株式報酬の
値		帳簿価額
値		株式報酬の
値
テクニカラー特許取得 新規買債務$18,302 $16,584 $29,019 $28,859 

4.    その他の資産および負債
」に含まれる金額プリペイドおよびその他の流動資産「2024年9月30日および2023年12月31日現在の要約連結貸借対照表には、次のとおりでした（千単位）。
2024年9月30日2023年12月31日
預金
$40,643 $— 
前払い資産35,019 9,353 
税金債権25,257 19,835 
制限付き現金9,690 5,885 
その他の流動資産17,497 8,903 
前受金およびその他の流動資産$128,106 $43,976 
」に含まれる金額その他の非流動資産、純額「2024年9月30日および2023年12月31日現在の要約連結貸借対照表には、次のとおりでした（千単位）。
2024年9月30日2023年12月31日
税金債権$87,331 $76,740 
のれん22,421 22,421 
長期投資20,667 31,895 
使用権資産15,840 15,746 
その他の固定資産4,177 2,854 
その他の非流動資産合計、純額$150,436 $149,656 
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2024年9月30日および2023年12月31日の総資産負債計算書に含まれる金額は、次の通りでした（千単位）：その他の未払い費用2024年9月30日および2023年12月31日の総資産負債計算書に含まれる金額は、次の通りでした（千単位）：
2024年9月30日2023年12月31日
$20,616 $10,338 
顧客預託金— 76,100 
その他の未払い費用21,673 11,604 
その他の未払費用の合計$42,289 $98,042 
」に含まれる金額その他の長期負債「2024年9月30日および2023年12月31日現在の要約連結貸借対照表には、次のとおりでした（千単位）。
2024年9月30日2023年12月31日
遅延賠償 passビリティ$19,560 $18,413 
オペレーティングリース債務16,819 17,385 
その他の長期負債19,696 19,454 
その他の新規買債務合計$56,075 $55,252 
5. 義務
2027年のノートおよび関連するノートヘッジおよびワラント取引
2022年5月27日、私たちは$を発行しました。460.0％ 優先転換社債 2026 年 、債務総額 $440.0 百万ドル3.50%シニア転換社債2027年満期（以下、「2027年社債」）を発行しました。2027年社債の発行による純利益は、初回買い手の取引手数料と募集費用を差し引いた金額が約$です。450.02027年社債の利子は年率%で、年に2回現金で支払われます。支払いは2022年12月1日に開始し、2027年6月1日に満期となります。 3.50また、2027年6月1日までに償還されない限り、転換されない限り、または買い戻されない限り、毎年6月1日と12月1日に現金で支払われる利息が発生します。
2027年のノートは、変換可能であり、ノートの集計元本額まで現金に換金でき、残額については、ノートの集計元本額を超えた会社の義務に対し、会社の選択に基づき、初期換算率12.9041株の普通株式、またはその組み合わせで、現金、会社の普通株式の株式又はその両方を支払い、納入します（換算価格は約$の株あたり）77.49 株の間の2024年1月1日から2024年12月31日まで、2027年のノート保有者は、2027年のノートの元本額の任意の部分を変換する権利を有します。したがって、2027年のノートは、2024年9月30日および2023年12月31日時点の簡易連結貸借対照表の「」に含まれています。長期借入金の短期部分」2024年9月30日および2023年12月31日時点の簡易連結貸借対照表に、2027年ノートが含まれています。
2027年のノートは、企業の最上位無担保債務であり、同社の現在および将来の最上位無担保債務と同様に支払権利上平等です。 2027年のノートは、関連担保品の価値の範囲内でどんな場合でも、すべての企業の将来の担保債務より実質的に支配され、同社の子会社の債務およびその他の債務、取引の支払いを含む、構造的に優先されます。
2022年5月24日と5月25日に、2027年債の募集に関連して、通常の希薄化防止調整を条件として、およその対象となる転換社債ヘッジ取引（「2027年債ヘッジ取引」）を開始しました。 5.92027年債の最初の転換価格に最初に相当する行使価格での普通株式総額100万株。調整される場合があり、2027年債の転換時に行使可能になります。また、2022年5月24日と5月25日に、私たちは個人的に交渉したワラント取引（「2027ワラント取引」）を開始しました。これにより、慣習的な希薄化防止調整を条件として、約 5.9100万株の普通株式。2024年9月30日現在、2027年のワラント取引に基づくワラントの加重平均行使価格はドルです106.31 1株当たり、調整の可能性があります。満期は2027年9月から2028年4月にかけてです。
2024ノートおよび関連ノートヘッジおよびワラント取引
2019年6月3日に、私たちは$の総元本額の優先転換社債を発行しました400.0 2024年満期の優先転換社債（「2024ノート」）を発行し、年利率が%で、年次、2024年6月1日、12月1日に現金で支払われました。2019年12月1日に開始し、2024年6月1日に満期を迎えました 2.002022年第二四半期に、私たちは2027年満期の債券の提供と同時に、2024ノートの総元本金$を非公開交渉取引で買い戻しました。2024年6月1日に残りの総元本金$を返済しました273.82024ノートの総元本金$を非公開交渉取引で買い取り、2027ノートの発行と同時に$を返済しました126.22024年6月1日の満期に、総元本金$を返済しました
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2019年5月29日と5月31日に、2024年債の募集に関連して、通常の希薄化防止調整を条件として、およそ、対象となる転換社債ヘッジ取引（総称して「2024年債ヘッジ取引」）を開始しました。 4.9 2024年債の転換価格に対応する行使価格での普通株式総額100万株。調整される場合があり、2024年債の転換時に行使可能でした。2019年5月29日と5月31日には、私的に交渉したワラント取引（総称して「2024年ワラント取引」、2024年債ヘッジ取引と合わせて「2024コールスプレッド取引」）も開始しました。これにより、慣習的な希薄化防止調整を条件として、約 4.9 100万株の普通株を初期行使価格で約$で109.43 1株当たり、調整される場合があります。
2024年6月1日の満期時に、当社は 0.3保有者によって転換された2024年債の決済に100万株。この発行は、当社の領収書によって実質的に相殺されました 0.32024年債ヘッジ取引の決済による100万株。2024年新株予約権は、2024年9月3日から2024年12月17日までの期間に純株式ベースで決済されます。 0.12024年9月30日現在、2024年のワラント取引に関連して100万株が発行されており、取得予定のワラントも発行されています 1.1100万株の普通株を初期行使価格で約$で109.43 1株当たり、調整される場合がありますが、未払いのままです。
The following table reflects the carrying value of our Convertible Notes long-term debt as of September 30, 2024 and December 31, 2023 (in thousands):
September 30, 2024December 31, 2023
3.50% Senior Convertible Notes due 2027
$460,000 $460,000 
2.00% Senior Convertible Notes due 2024
— 126,174 
Less: Deferred financing costs(5,750)(7,422)
Net carrying amount of the Convertible Notes454,250 578,752 
Less: Current portion of long-term debt(454,250)(578,752)
Long-term net carrying amount of the Convertible Notes$— $— 
The following table presents the amount of interest cost recognized, which is included within "Interest expense" in our condensed consolidated statements of income, for the three and nine months ended September 30, 2024 and 2023 relating to the contractual interest coupon and the amortization of deferred financing costs of the Convertible Notes (in thousands):
Three months ended September 30,
20242023
2027 Notes2024 NotesTotal2027 Notes2024 NotesTotal
Contractual coupon interest$4,025 $— $4,025 $4,025 $631 $4,656 
Amortization of deferred financing costs483 — 483 448 147 595 
Total$4,508 $— $4,508 $4,473 $778 $5,251 
Nine months ended September 30,
20242023
2027 Notes2024 NotesTotal2027 Notes2024 NotesTotal
Contractual coupon interest$12,075 $1,059 $13,134 $12,075 $1,893 $13,968 
Amortization of deferred financing costs1,419 252 1,671 1,315 433 1,748 
Total$13,494 $1,311 $14,805 $13,390 $2,326 $15,716 
Technicolor Patent Acquisition Long-Term Debt
On July 30, 2018, we completed our acquisition of the patent licensing business of Technicolor SA ("Technicolor"), a worldwide technology leader in the media and entertainment sector (the "Technicolor Patent Acquisition"). In conjunction with the Technicolor Patent Acquisition, we assumed Technicolor’s rights and obligations under a joint licensing program with Sony relating to digital televisions and standalone computer display monitors, which commenced in 2015 (the "Madison Arrangement"). An affiliate of CPPIB Credit Investments Inc. ("CPPIB Credit"), a wholly owned subsidiary of Canada Pension Plan Investment Board, is a third-party investor in the Madison Arrangement. CPPIB Credit made certain payments to Technicolor and Sony and agreed to contribute cash to fund certain capital reserve obligations under the arrangement in exchange for a percentage of future revenues, specifically through September 11, 2030 in regard to the Technicolor patents.
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Upon our assumption of Technicolor’s rights and obligations under the Madison Arrangement, our relationship with CPPIB Credit meets the criteria in ASC 470-10-25 - Sales of Future Revenues or Various Other Measures of Income ("ASC 470"), which relates to cash received from an investor in exchange for a specified percentage or amount of revenue or other measure of income of a particular product line, business segment, trademark, patent, or contractual right for a defined period. Under this guidance, we recognized the fair value of our contingent obligation to CPPIB Credit, as of the acquisition date, as long-term debt in our condensed consolidated balance sheet. This initial fair value measurement was based on the perspective of a market participant and included significant unobservable inputs which are classified as Level 3 inputs within the fair value hierarchy. The fair value of the long-term debt as of September 30, 2024 and December 31, 2023 is disclosed within Note 3, "Cash, Concentration of Credit Risk and Fair Value of Financial Instruments." Our repayment obligations are contingent upon future royalty revenues generated from the Madison Arrangement and there are no minimum or maximum payments under the arrangement.
Under ASC 470, amounts recorded as debt are amortized under the interest method. At each reporting period, we will review the discounted expected future cash flows over the life of the obligation. The Company made an accounting policy election to utilize the catch-up method when there is a change in the estimated future cash flows, whereby we will adjust the carrying amount of the debt to the present value of the revised estimated future cash flows, discounted at the original effective interest rate, with a corresponding adjustment recognized as interest expense within “Interest Expense” in the condensed consolidated statements of income. The effective interest rate as of the acquisition date was approximately 14.5%. This rate represents the discount rate that equates the estimated future cash flows with the fair value of the debt as of the acquisition date and is used to compute the amount of interest to be recognized each period based on the estimated life of the future revenue streams. During the three and nine months ended September 30, 2024, we recognized $0.6 million and $2.2 million, respectively, of interest expense related to this debt, compared to $1.1 million and $2.5 million during the three and nine months ended September 30, 2023, respectively. This was included within “Interest Expense” in the condensed consolidated statements of income. Any future payments made to CPPIB Credit, or additional proceeds received from CPPIB Credit, will decrease or increase the long-term debt balance accordingly. We made $12.9 million in payments to CPPIB Credit during the nine months ended September 30, 2024, and no payments were made during the nine months ended September 30, 2023.
Technicolor Contingent Consideration
As part of the Technicolor Patent Acquisition, we entered into a revenue-sharing arrangement with Technicolor that created a contingent consideration liability. Under the revenue-sharing arrangement, Technicolor receives 42.5% of future cash receipts from new licensing efforts from the Madison Arrangement only, subject to certain conditions and hurdles. As of September 30, 2024, the contingent consideration liability from the revenue-sharing arrangement was deemed not probable and is therefore not reflected within the consolidated financial statements.
6. LITIGATION AND LEGAL PROCEEDINGS
ARBITRATIONS AND COURT PROCEEDINGS
Lenovo
In fourth quarter 2024, the Company reached an agreement with Lenovo Group Limited and certain of its subsidiaries (“Lenovo”) to enter into binding arbitration to determine the final terms of a new patent license agreement, which will be effective from January 1, 2024. As part of the agreement to arbitrate, both parties have agreed to dismiss all pending litigations between them.
UK Proceedings
In August 2019, the Company and certain of its subsidiaries filed a claim in the UK High Court against Lenovo. The claim, as amended, alleged infringement of five of the Company’s patents relating to 3G and/or 4G/LTE standards. The Company sought, among other relief, injunctive relief to prevent further infringement of the asserted patents or, in the alternative, a determination of the terms of a FRAND license.
Between 2021 and 2023, three of the Company’s European Patents were found by UK courts to be valid, essential and infringed by Lenovo. In March 2023, the UK High Court issued an order staying all deadlines with respect to the fourth and fifth technical trials.
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On March 16, 2023, the UK High Court issued its order regarding judgment in the trial to determine how much Lenovo must pay for a license to the Company’s portfolio of cellular assets, awarding the Company a lump sum of $138.7 million for such license through December 31, 2023. On June 27, 2023, the court issued an order awarding the Company an additional $46.2 million, thus increasing the total award to $184.9 million, which was paid on July 11, 2023. The court also found that the Company should pay a portion of Lenovo’s costs and granted both parties permission to appeal on certain grounds. Both parties appealed certain aspects of the ruling, and in July 2024, the UK Court of Appeal ruled in favor of InterDigital and awarded the Company an additional amount of $55.2 million to a total of approximately $240.1 million. It rejected Lenovo’s appeal in its entirety and confirmed that Lenovo must pay for all of its past sales starting from 2007 through December 31, 2023. The court also found that Lenovo should pay the Company’s costs for the appeal and reduced the costs that Lenovo was awarded from the initial decision. Lenovo sought permission to appeal, and permission to appeal was refused by the UK Court of Appeals. Lenovo filed an application to the UK Supreme Court requesting permission to appeal on August 9, 2024; Lenovo withdrew its application to appeal in October 2024 following entry into the arbitration agreement described above.
On September 24, 2023, Lenovo filed a new claim in the UK High Court, which alleged invalidity of two of the Company’s patents relating to 4G/LTE standards. Lenovo sought, among other relief, a declaration that the patents at issue were invalid, not essential, and not infringed, revocation of the patents at issue, and a declaration that, upon expiration of the current license in 2023, Lenovo is licensed under terms to be determined by the UK High Court through 2028 or, in the alternative, a determination of the terms of a FRAND license. In October 2023, Lenovo filed a request for an order that the Company indicate whether it is prepared to give an unconditional undertaking to enter into a global license on terms set by the UK Court, or failing that, a declaration that the Defendants are unwilling licensors; a hearing was held in December 2023 during which Lenovo agreed to stay its application. The Company filed a jurisdiction challenge in October 2023, and a hearing on such challenge took place in April 2024, following which, the jurisdiction challenge was denied. In November 2023, Lenovo filed an application seeking an expedited FRAND trial and an interim license until a FRAND decision is issued in the UK. A hearing on the interim license was held in February 2024; in March 2024 the UK High Court denied Lenovo’s request for the interim license. A FRAND trial was set for June-July 2025.
District of Delaware Patent Proceedings
In August 2019, the Company and certain of its subsidiaries filed a complaint in the United States District Court for the District of Delaware (the "Delaware District Court") against Lenovo alleging that Lenovo infringes eight of the Company’s U.S. patents by making, using, offering for sale, and/or selling Lenovo wireless devices with 3G and/or 4G LTE capabilities. As relief, InterDigital sought: (a) a declaration that the Company is not in breach of its relevant FRAND commitments with respect to Lenovo; (b) to the extent Lenovo does not agree to negotiate a worldwide patent license, does not agree to enter into binding international arbitration to set the terms of a FRAND license, and does not agree to be bound by the terms to be set by the UK High Court in the separately filed UK proceedings described above, an injunction prohibiting Lenovo from continued infringement; (c) damages, including enhanced damages for willful infringement and supplemental damages; and (d) attorneys’ fees and costs.
In June 2023, the parties requested that the entire case be stayed pending resolution of all appeals in the UK proceedings, and this request was granted.
District of Delaware Antitrust Proceedings
In April 2020, Lenovo and Motorola Mobility LLC filed a complaint in the Delaware District Court against the Company and certain of its subsidiaries, alleging that the Company defendants violated Sections 1 and 2 of the Sherman Act in connection with, among other things, their licensing of 3G and 4G standards essential patents ("SEPs"). The complaint further alleged that the Company defendants have violated their commitment to the ETSI with respect to the licensing of 3G and 4G SEPs on FRAND terms and conditions. The complaint sought, among other things (i) rulings that the Company defendants have violated Sections 1 and 2 of the Sherman Act and are liable for breach of their ETSI FRAND commitments, (ii) a judgment that the plaintiffs are entitled to a license with respect to the Company’s 3G and 4G SEPs on FRAND terms and conditions, and (iii) injunctions against any demand for allegedly excessive royalties or enforcement of the Company defendants’ 3G and 4G U.S. SEPs against the plaintiffs or their customers via patent infringement proceedings.
In June 2020, the Company filed a motion to dismiss Lenovo’s Sherman Act claims with prejudice, and to dismiss Lenovo’s breach of contract claim with leave to re-file as a counterclaim in the Company’s legal proceeding against Lenovo in the Delaware District Court discussed above.
In March 2021, the Delaware District Court dismissed the Sherman Act Section 1 claim without prejudice, denied the motion to dismiss the Sherman Act Section 2 claim, and consolidated the Section 2 and breach of contract claims with Company’s Delaware patent proceeding discussed above.
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International Trade Commission and Companion District Court Proceedings
In September 2023, the Company and certain of its subsidiaries filed a complaint in the United States International Trade Commission (the "International Trade Commission") alleging that Lenovo infringes five of the Company’s U.S. patents by making, using, offering for sale, and/or selling certain electronic devices, including smartphones, computers, tablet computers, and components thereof that infringe certain claims of the asserted patents. As relief, the Company sought: (a) a limited exclusion order against Lenovo barring from entry into the United States all of Lenovo’s products that infringe the asserted patents; (b) cease and desist orders prohibiting Lenovo from importing, selling, offering for sale, marketing, advertising, and distributing, infringing products; and (c) a bond during the 60-day Presidential review period. An evidentiary hearing was held in August 2024.
Also in September 2023, the Company and certain of its subsidiaries filed a complaint in the United States District Court for the Eastern District of North Carolina (the "North Carolina District Court") alleging that Lenovo infringes those same five of the Company’s U.S. patents. As relief, the Company sought: (a) a finding that Lenovo is liable for infringement of the asserted patents; (b) an injunction against further infringement; (c) damages, including enhanced damages for willful infringement and supplemental damages; and (d) costs.
Germany Proceedings
In September 2023, the Company filed a complaint with the Munich Regional Court against Lenovo and certain of its affiliates, alleging infringement of a European patent relating to cellular 4G/LTE and/or 5G standards. The Company sought, among other relief, injunctive relief to prevent further infringement of the asserted patents. In May 2024, the Munich Regional Court issued a judgment finding Lenovo infringed the Company’s European patent and that the Company complied with its FRAND obligations while Lenovo did not; the Court ordered Lenovo to cease and desist selling infringing products. The Company served Lenovo with an enforcement note of the judgment in May 2024. Lenovo appealed the judgment and requested a stay of the enforcement of the judgment, and in June 2024, the Munich Regional Court rejected Lenovo’s request.
Oppo, OnePlus and realme
In fourth quarter 2024, the Company entered into a license agreement with Guangdong Oppo Mobile Telecommunications Corp., Ltd. (“Oppo”) and certain of its subsidiaries and affiliates, (collectively, “Oppo Group”). As part of the license agreement, both parties have agreed to dismiss all pending litigations between them.
UK Proceedings
In December 2021, the Company filed a patent infringement claim in the UK High Court against Oppo and certain of its affiliates, OnePlus Technology (Shenzhen) Co., Ltd. (“OnePlus”) and certain of its affiliates, and realme Mobile Telecommunications (Shenzhen) Co., Ltd. (“realme”) and certain of its affiliates, collectively, Oppo Group, alleging infringement of the Company’s European patents relating to cellular 3G, 4G/LTE or 5G standards. The Company was seeking, among other relief, injunctive relief to prevent further infringement of the asserted patents.
In March 2023, the parties agreed to stay all technical trials. The FRAND trial to determine the royalties to be paid under the license with Oppo was held in March and April 2024; a second hearing was held in September 2024 regarding the parties’ submissions relating to the UK Court of Appeal’s decision in the Lenovo litigation.
India Proceedings
In December 2021, the Company and certain of its subsidiaries filed patent infringement claims in the Delhi High Court in New Delhi, India against Oppo and certain of its affiliates, OnePlus and certain of its affiliates, and realme Mobile Telecommunication (India) Private Limited, alleging infringement of certain of the Company’s Indian patents relating to cellular 3G, 4G/LTE, and/or 5G, and HEVC standards. The Company was seeking, among other relief, injunctive relief to prevent further infringement of the asserted patents. In February 2024, the Delhi High Court granted the Company’s application for pro tem security, and Oppo appealed. Evidentiary trial proceedings began in October 2024 and were expected to take place through December 2024.
Germany Proceedings
In December 2021, a subsidiary of the Company filed three patent infringement claims, two in the Munich Regional Court and one in the Mannheim Regional Court, against Oppo and certain of its affiliates, OnePlus and certain of its affiliates, and realme and certain of its affiliates, alleging infringement of certain of the Company’s European patents relating to cellular 3G, 4G/LTE and/or 5G standards. The Company was seeking, among other relief, injunctive relief to prevent further infringement of the asserted patents. The Munich Regional Court held hearings in March and December 2023, and in December 2023, the Munich Regional Court issued a decision finding infringement and issuing an injunction against Oppo. Oppo appealed this decision. In March and November 2023, the Munich Regional Court entered stays of the proceedings in respect of specific patents.
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China Proceedings
In January 2022, the Company was informed that Oppo had purportedly filed a complaint against the Company in the Guangzhou Intellectual Property Court (the “Guangzhou IP Court”) seeking a determination of a global FRAND royalty rate for the Company’s 3G, 4G, 5G, 802.11 and HEVC SEPs. In May 2022, the Company filed an application challenging, among other things, process of service and the jurisdiction of the Guangzhou IP Court. The Guangzhou IP Court denied the application, and the Company appealed that decision. The Supreme People’s Court denied the appeal, and an initial evidentiary hearing was held in October 2023.
Spain Proceedings
In March 2022, a subsidiary of the Company filed patent infringement claims in the Barcelona Commercial Courts against Oppo and certain of its affiliates, OnePlus and certain of its affiliates, and realme and certain of its affiliates. The Company filed an amended complaint in April 2022, alleging infringement of certain of its European patents relating to cellular 3G, 4G/LTE and/or 5G standards. The Company was seeking, among other relief, injunctive relief to prevent further infringement of the asserted patents. Evidentiary trial proceedings were scheduled to take place in May 2025.
Samsung
The Company reached an agreement with Samsung Electronics Co. Ltd. (“Samsung”) to enter into binding arbitration to determine the final terms of a renewed patent license agreement to certain of the Company’s patents, which will be effective from January 1, 2023. The Company and Samsung have also agreed not to initiate certain claims against the other during the arbitration. On March 31, 2023, the Company filed a request for arbitration with the International Chamber of Commerce.
On July 21, 2023, the International Chamber of Commerce confirmed the full tribunal for the arbitration. The two-week arbitration hearing was held in July 2024, and we expect a decision by the end of 2024.
Tesla
On December 5, 2023, Tesla and certain of its subsidiaries filed a claim in the UK High Court against the Company and Avanci. The claim alleges invalidity of three of the Company’s patents relating to 5G standards: European Patent (UK) Nos. 3,718,369, 3,566,413, and 3,455,985. Tesla sought, among other relief, a declaration that the patents at issue are invalid, not essential, and not infringed, revocation of the patents at issue, a declaration that the terms of the Avanci 5G Connected Vehicle platform license are not FRAND, and a determination of FRAND terms for a license between Tesla and Avanci covering its Avanci’s 5G Connected Vehicle platform. On March 8, 2024, the Company filed a jurisdiction challenge; the jurisdiction challenge was heard on May 24-25 and June 4, 2024, and on July 15, 2024 the UK High Court issued a judgment dismissing Tesla’s FRAND claims against the Company and Avanci, and maintaining Tesla’s patent claims against the Company. The patent claims against the Company were further stayed by the UK High Court, and a hearing on costs and permission to appeal is scheduled for July 30, 2024. On July 16, 2024, Tesla sought permission to appeal the decision; the Company also sought permission to appeal on two limited grounds conditionally, should Tesla’s request for an appeal be granted. The appeal hearing is scheduled to take place on December 2-3, 2024.
OTHER
We are party to certain other disputes and legal actions in the ordinary course of business, including arbitrations and legal proceedings with licensees regarding the terms of their agreements and the negotiation thereof. We do not currently believe that these matters, even if adversely adjudicated or settled, would have a material adverse effect on our financial condition, results of operations or cash flows. None of the preceding matters have met the requirements for accrual or disclosure of a potential range as of September 30, 2024, except as noted above.
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7. INCOME TAXES
In the nine months ended September 30, 2024 and 2023, the Company had an estimated effective tax rate of 18.4% and 14.7%, respectively. The change in effective tax rate is due to a decrease in the amount of Foreign Derived Intangible Income deduction benefit available to the Company. In addition, the Company is subject to an increase in the Global Intangible Low-Tax Income inclusion derived from the increase in revenue in certain foreign jurisdictions. The effective tax rate in the nine months ended September 30, 2023 was impacted by losses in certain jurisdictions where the Company recorded a valuation allowance against the related tax benefit. Excluding this valuation allowance, our effective tax rate for the nine months ended September 30, 2023 would have been 13.4%. During both the nine months ended September 30, 2024 and 2023, the Company recorded discrete net benefits of $4.3 million and $2.9 million, respectively, primarily related to share-based compensation.
The effective tax rate reported in any given year will continue to be influenced by a variety of factors, including timing differences between the recognition of book and tax revenue, the level of pre-tax income or loss, the foreign vs. domestic classification of the Company’s customers, and any discrete items that may occur.
During the nine months ended September 30, 2024 and 2023, the Company paid approximately $14.5 million and $8.4 million, respectively, in foreign source creditable withholding tax.
8. NET INCOME PER SHARE
Basic Earnings Per Share ("EPS") is calculated by dividing net income or loss available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if options or other securities with features that could result in the issuance of common stock were exercised or converted to common stock or resulting from the unvested outstanding restricted stock units ("RSUs"). The following tables reconcile the numerator and the denominator of the basic and diluted net income per share computation (in thousands, except for per share data):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income applicable to InterDigital, Inc.$34,190 $47,941 $225,506 $174,983 
Weighted-average shares outstanding:
Basic25,149 26,285 25,286 27,259 
Dilutive effect of stock options, RSUs, and warrants
2,446 784 1,389 669 
Dilutive effect of convertible securities
2,439 743 2,084 333 
Diluted30,034 27,812 28,759 28,261 
Earnings per share:
Basic$1.36 $1.82 $8.92 $6.42 
Dilutive effect of stock options, RSUs, and warrants
(0.11)(0.05)(0.40)(0.15)
Dilutive effect of convertible securities
(0.11)(0.05)(0.68)(0.08)
Diluted$1.14 $1.72 $7.84 $6.19 

Shares of common stock issuable upon the exercise or conversion of certain securities have been excluded from our computation of EPS because the strike price or conversion rate, as applicable, of such securities was greater than the average market price of our common stock and, as a result, the effect of such exercise or conversion would have been anti-dilutive. Set forth below are the securities and the weighted average number of shares of common stock underlying such securities that were excluded from our computation of EPS for the periods presented (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Restricted stock units and stock options— 1 1 142 
Warrants6,056 7,488 7,002 7,488 
Total6,056 7,489 7,003 7,630 
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Convertible Notes and Warrants
Refer to Note 5, "Obligations," for information about the Company's convertible notes and warrants and related conversion and strike prices. During periods in which the average market price of the Company's common stock is above the applicable conversion price of the Company's convertible notes, or above the strike price of the Company's outstanding warrants, the impact of conversion or exercise, as applicable, would be dilutive and such dilutive effect is reflected in diluted EPS. As a result, in periods where the average market price of the Company's common stock is above the conversion price or strike price, as applicable, under the if-converted method, the Company calculates the number of shares issuable under the terms of the convertible notes and the warrants based on the average market price of the stock during the period, and includes that number in the total diluted shares outstanding for the period.
9. OTHER INCOME, NET
The amounts included in "Other income, net" in the condensed consolidated statements of income for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Interest and investment income$9,175 $11,763 $31,078 $33,697 
Other3,379 2,962 2,405 8,606 
Other income, net$12,554 $14,725 $33,483 $42,303 
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
OVERVIEW
The following discussion should be read in conjunction with the unaudited, condensed consolidated financial statements and notes thereto contained in Part I, Item 1 of this Quarterly Report on Form 10-Q, in addition to our 2023 Form 10-K, other reports filed with the SEC and the Statement Pursuant to the Private Securities Litigation Reform Act of 1995 — Forward-Looking Statements below.
Throughout the following discussion and elsewhere in this Form 10-Q, we refer to “recurring revenues” and “catch-up revenues.” For variable and dynamic fixed-fee license agreements, “catch-up revenues” primarily represents revenue associated with reporting periods prior to the execution of the license agreement, while “recurring revenue” represents revenue associated with reporting periods beginning with the execution of the license agreement. For static fixed-fee license agreements, we typically classify the associated revenue as catch-up revenues.
Subsequent Events
In October 2024, we entered into a patent license agreement with Oppo Group. The agreement covers Oppo, realme and OnePlus branded mobile devices worldwide. As part of the agreement, both parties have agreed to dismiss all pending litigations between us. We expect to recognize revenue related to the patent license agreement beginning in fourth quarter 2024.
In October 2024, we entered into an arbitration agreement with Lenovo to determine the terms of a new patent license. As part of the agreement to arbitrate, both parties have agreed to dismiss all pending litigations between them. We expect to recognize revenue related to the arbitration agreement, on an estimated basis, beginning in fourth quarter 2024.
New Agreements
In September 2024, we signed new patent license agreements with TPV, a major manufacturer of a range of digital TVs under various brands. These agreements license TPV to InterDigital’s extensive portfolio of HEVC patents as well as DTV patents licensed through InterDigital´s joint licensing program with Sony. Additionally, in August 2024, we signed a signed a new license agreement with Panasonic.
Notes, Hedge, and Warrant Transactions
A portion of the 2024 Warrant Transaction settled during third quarter 2024 resulting in the issuance of 0.1 million shares. As of September 30, 2024, 1.1 million warrants at an initial strike price of approximately $109.43 per share, subject to adjustment, remain outstanding and will settle, on a net-share basis, during the period October 1, 2024 to December 17, 2024. Additionally, 5.9 million warrants remain outstanding related to the 2027 Warrant Transactions at a weighted average strike price of $106.31 per share, subject to adjustment, which mature on a net-share basis beginning September 2027 through April 2028.
During third quarter 2024, the 2027 Notes had a dilutive impact of 2.4 million shares, which are offset from an economic standpoint by the 2027 Note Hedge Transactions and would result in no incremental shares being issued upon conversion. However, under GAAP, we are required to exclude the impact of the shares received from the 2027 Note Hedge Transactions counterparties from the calculation of weighted average diluted shares outstanding.
Assuming a share price of $150, we would issue 0.3 million and 1.7 million of common shares related to the 2024 and 2027 Warrant Transactions, respectively. Refer to "Financial Position, Liquidity, and Capital Resources — Convertible Notes" for further information regarding how changes in our stock price would affect the number of shares issuable related to the 2024 Warrant Transactions and the 2027 Warrant Transactions.
Return of Capital to Shareholders
During the third quarter 2024, we returned $14.5 million to shareholders, including $11.4 million, or $0.45 per share, of cash dividends declared and $3.1 million through the repurchase of shares of common stock. Additionally, we announced an increase to the quarterly cash dividend from $0.40 to $0.45 per share, beginning with the dividend paid in fourth quarter 2024.
As of October 31, 2024, there was $229.5 million remaining under the share repurchase authorization, which we plan to utilize to periodically repurchase additional common shares. See Part II, Item II - Unregistered Sales of Equity Securities and Use of Proceeds—Issuer Purchases of Equity Securities of this Quarterly Report on Form 10-Q.
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Cash & Short-term Investments
As of September 30, 2024, we had $822.9 million of cash, restricted cash, and short-term investments and over $1.1 billion of cash payments due under contracted fixed price agreements, which includes our conservative estimates of the minimum cash receipts that we expect to receive under the wireless patent license agreement with Samsung.
88% of our recurring revenue comes from fixed-fee royalties. Such agreements often have prescribed payment schedules that are uneven and sometimes front-loaded, resulting in timing differences between when we collect the cash payments and recognize the related revenue.
The following table reconciles the timing differences between cash receipts and recognized revenue during the three and nine months ended September 30, 2024 and 2023, including the resulting operating cash flow (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Cash vs. Non-cash revenue:2024202320242023
Fixed fee cash receipts (a)
$160,300 $368,608 $384,990 $404,967 
Other cash receipts (b)
10,025 4,032 35,746 37,620 
Change in deferred revenue(50,495)(77,474)3,913 3,933 
Change in receivables(11,220)(167,222)95,128 16,390 
Other (c)
20,069 12,162 95,937 (18,840)
Total Revenue$128,679 $140,106 $615,714 $444,070 
Net cash provided by operating activities
$77,631 $310,610 $79,494 $237,318 
(a) Fixed fee cash receipts are comprised of cash receipts from Dynamic Fixed-Fee Agreement royalties, including the associated catch-up royalties
(b) Other cash receipts are primarily comprised of cash receipts related to our variable patent royalty revenue and catch-up revenues.
(c) The changes in other are primarily driven by customer deposits partially offset by long-term contract assets associated with revenue estimates.
When we collect payments on a front-loaded basis, we recognize a deferred revenue liability equal to the cash received and accounts receivable recorded which relate to revenue expected to be recognized in future periods. That liability is then reduced as we recognize revenue over the balance of the agreement. The following table shows the projected amortization of our current and long term deferred revenue as of September 30, 2024 (in thousands):
Deferred Revenue
Remainder of 2024$52,406 
2025138,874 
2026139,057 
202739,596 
20281,141 
Thereafter2,476 
Total Revenue$373,550 
Revenue
Total revenues of $128.7 million, which includes both recurring and catch-up revenues, decreased 8% compared to third quarter 2023 primarily due to catch-up revenues from the Lenovo HEVC agreement recognized in third quarter 2023, partially offset by revenues recognized from new agreements and the resolution of litigation. Third quarter 2024 recurring revenues were $98.6 million, compared to recurring revenues of $104.5 million in third quarter 2023. In third quarter 2024, revenues (in descending order) from Apple, Samsung, TPV, Lenovo, and Xiaomi each comprised 10% or more of our consolidated revenues. Refer to "Results of Operations --Third Quarter 2024 Compared to Third Quarter 2023" for further discussion of our 2024 revenue.
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Impact of Macroeconomic and Geopolitical Factors
We have been actively monitoring the impact of the current macroeconomic environment in the U.S. and globally characterized by inflation, supply chain issues, high interest rates, labor shortages, and the potential for a recession. These market factors, as well as the impacts of the Ukraine-Russia and Middle East conflicts, have not had a material impact on our business to date. However, if these conditions continue or worsen, they could have an adverse effect on our operating results and our financial condition.
Comparability of Financial Results
When comparing third quarter 2024 financial results against other periods, the following items should be taken into consideration:
Revenue
•Our third quarter 2024 revenues include $30.0 million of catch-up revenues primarily related to new agreements and the resolution of litigation.
Operating Expenses
•During third quarter 2024, we recorded a $1.2 million one-time contra expense for a net litigation fee reimbursement. See Note 6, “Litigation and Legal Proceedings,” to the Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information regarding the litigation proceedings.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Our significant accounting policies are described in Note 2, "Summary of Significant Accounting Policies and New Accounting Guidance", in the notes to consolidated financial statements included in our 2023 Form 10-K. A discussion of our critical accounting policies, and the estimates related to them, are included in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2023 Form 10-K. There have been no material changes to our existing critical accounting policies from the disclosures included in our 2023 Form 10-K. Refer to Note 1, “Basis of Presentation,” in the notes to condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for updates related to new accounting pronouncements and changes in accounting policies.
FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES
Our primary sources of liquidity are cash, cash equivalents, and short-term investments, as well as cash generated from operations. We believe we have the ability to obtain additional liquidity through debt and equity financings. From time to time, we may engage in a variety of transactions to augment our liquidity position as our business dictates and to take advantage of favorable interest rate environments or other market conditions, including the incurrence or issuance of debt and the refinancing or restructuring of existing debt. Based on our past performance and current expectations, we believe our available sources of funds, including cash, cash equivalents, and short-term investments and cash generated from our operations, will be sufficient to finance our operations, capital requirements, debt obligations, existing stock repurchase program, dividend program, and other contractual obligations discussed below in both the short-term over the next twelve months, and the long-term beyond twelve months.
Cash, cash equivalents, restricted cash, and short-term investments
As of September 30, 2024 and December 31, 2023, we had the following amounts of cash and cash equivalents, restricted cash, and short-term investments (in thousands):
September 30, 2024December 31, 2023
Increase / (Decrease)
Cash and cash equivalents$401,090 $437,076 $(35,986)
Restricted cash included within prepaid and other current assets9,690 5,885 3,805 
Short-term investments412,120 569,280 (157,160)
Total cash, cash equivalents, restricted cash, and short-term investments
$822,900 $1,012,241 $(189,341)
The net decrease in cash, cash equivalents, restricted cash, and short-term investments was attributable to cash used in financing activities of $251.0 million and cash used in investing activities of $33.9 million, excluding sales and purchases of short-term investments, partially offset by cash provided by operating activities of $79.5 million. Refer to the sections below for further discussion of these items.
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Cash flows provided by operating activities
Cash flows provided by operating activities in the first nine months 2024 and 2023 (in thousands) were as follows:
Nine Months Ended September 30,
20242023Change
Net cash provided by operating activities
$79,494 $237,318 $(157,824)
Our cash flows provided by operating activities are principally derived from cash receipts from patent license agreements, offset by cash operating expenses and income tax payments. The $157.8 million change in net cash provided by operating activities was driven by increased cash operating expenses primarily due to increased revenue share costs from new patent license agreements and lower cash receipts primarily due to cash receipts from new agreements signed in both periods and timing of cash receipts from existing patent license agreements. The table below sets forth the significant items comprising our cash flows provided by operating activities during the nine months ended September 30, 2024 and 2023 (in thousands):
Nine Months Ended September 30,
 20242023Change
Total Cash Receipts$420,736 $442,587 $(21,851)
Cash Outflows:
Cash operating expenses a
258,441 159,601 98,840 
Income taxes paid b
37,269 30,117 7,152 
Total cash outflows295,710 189,718 105,992 
Other working capital adjustments(45,532)(15,551)(29,981)
Cash flows provided by operating activities
$79,494 $237,318 $(157,824)
______________________________
(a) Cash operating expenses include operating expenses less depreciation and disposals of fixed assets, amortization of patents, and non-cash compensation. Amount includes revenue share costs of $78.7 million and $2.4 million in first nine months 2024 and 2023, respectively.
(b) Income taxes paid include foreign withholding taxes.
Cash flows from investing and financing activities
Net cash provided by investing activities for first nine months 2024 was $139.4 million, a $213.6 million change from $74.3 million of net cash used in investing activities in first nine months 2023. During first nine months 2024, we sold $173.2 million of short-term marketable securities, net of purchases, and capitalized $35.4 million of patent costs and property and equipment purchases. During first nine months 2023, we purchased $43.7 million of short-term marketable securities, net of sales, and capitalized $31.2 million of patent costs and property and equipment purchases.
Net cash used in financing activities for first nine months 2024 was $251.0 million, a change of $89.4 million from $340.5 million the first nine months 2023. This change was primarily attributable to a $236.0 million decrease in share repurchases, of which $203.4 million was related to the Company's modified "Dutch auction" tender offer in first quarter 2023. This change was partially offset by $139.1 million of payments on our long-term debt, of which $126.2 million was related to the maturity of the 2024 Notes.
Other
Our combined short-term and long-term deferred revenue balance as of September 30, 2024 was approximately $373.6 million, a net decrease of $3.9 million from December 31, 2023. This decrease in deferred revenue was primarily due amortization of deferred revenue recognized in the period, partially offset by cash receipts on new and existing patent license agreements.
Based on current license agreements, we expect the amortization of dynamic fixed-fee royalty payments to reduce the September 30, 2024 deferred revenue balance of $373.6 million by $156.9 million over the next twelve months.
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Convertible Notes
See Note 5, “Obligations” to the Notes to condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for definitions of capitalized terms below.
The 2024 Notes matured on June 1, 2024 resulting in 0.3 million of common shares being issued. This issuance was effectively offset by the settlement of the 2024 Note Hedge Transactions resulting in zero net shares being issued on June 1, 2024.
A portion of the 2024 Warrant Transactions settled during third quarter 2024 resulting in the issuance of 0.1 million shares related to the 2024 Warrant Transactions. As of September 30, 2024, 1.1 million warrants at an initial strike price of approximately $109.43 per share, subject to adjustment, remain outstanding and will settle during the period October 1, 2024 to December 17, 2024 on a net-share basis.
From the period January 1, 2024 through December 31, 2024, the holders of the 2027 Notes have the right, but not the obligation, to convert any portion of the principal amount of the 2027 Notes.
Our 2027 Notes are included in the dilutive earnings per share calculation using the if-converted method. Under the if-converted method, we must assume that conversion of convertible securities occurs at the beginning of the reporting period. The 2027 Notes are convertible into cash up to the aggregate principal amount to be converted. Any remaining obligation of the 2027 Notes may be settled in cash, shares of the Company’s common stock or a combination thereof. As the principal amount must be paid in cash and only the conversion spread is settled in shares, we only include the net number of incremental shares that would be issued upon conversion. We must calculate the number of shares of our common stock issuable under the terms of the 2027 Notes based on the average market price of our common stock during the applicable reporting period and include that number in the total diluted shares figure for the period.
At the time we issued the 2027 Notes, we entered into the 2027 Call Spread Transactions that together were designed to have the economic effect of reducing the net number of shares that will be issued in the event of conversion of the 2027 Notes by, in effect, increasing the conversion price of the 2027 Notes from our economic standpoint. However, under GAAP, since the impact of the 2027 Note Hedge Transactions is anti-dilutive, we exclude from the calculation of fully diluted shares the number of shares of our common stock that we would receive from the counterparties to these agreements upon settlement.
During periods in which the average market price of our common stock is above the applicable conversion price of the 2027 Notes (initial conversion price of approximately $77.49 per share), or above the strike price of the warrants (weighted average strike price of $106.31 per share), the impact of conversion or exercise, as applicable, would be dilutive and such dilutive effect is reflected in diluted earnings per share. As a result, in periods where the average market price of our common stock is above the conversion price or strike price, as applicable, under the if-converted method, we calculate the number of shares issuable under the terms of the 2027 Notes and the 2027 Warrant Transactions based on the average market price of the stock during the period, and include that number in the total diluted shares outstanding for the period.
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Under the if-converted method, changes in the price per share of our common stock can have a significant impact on the number of shares that we must include in the fully diluted earnings per share calculation. As described in Note 5, "Obligations," the 2027 Notes are convertible into cash up to the aggregate principal amount to be converted and any remaining obligation may be settled in cash, shares of the Company’s common stock or a combination thereof ("net share settlement"). Assuming net share settlement upon conversion, the following tables illustrate how, based on the $460.0 million aggregate principal amount of the 2027 Notes outstanding as of September 30, 2024, and the approximately 5.9 million warrants related to the 2027 Notes, changes in our stock price would affect (i) the number of shares issuable upon conversion of the 2027 Notes, (ii) the number of shares issuable upon exercise of the warrants subject to the 2027 Warrant Transactions, (iii) the number of additional shares deemed outstanding with respect to the 2027 Notes, after applying the if-converted method, for purposes of calculating diluted earnings per share ("Total If-Converted Method Incremental Shares"), (iv) the number of shares of our common stock deliverable to us upon settlement of the 2027 Note Hedge Transactions and (v) the number of shares issuable upon concurrent conversion of the 2027 Notes, exercise of the warrants subject to the 2027 Warrant Transactions, and settlement of the 2027 Note Hedge Transactions (in thousands):
2027 Notes
2024 Warrants
Market Price Per ShareShares Issuable Upon Conversion of the 2027 NotesShares Issuable Upon Exercise of the 2027 Warrant TransactionsTotal If-Converted Method Incremental SharesShares Deliverable to InterDigital upon Settlement of the 2027 Note Hedge Transactions
Incremental Shares Issuable (a)
Shares Issuable Upon Exercise of the 2024 Warrant Transactions
$1101,7662081,974(1,766)2088
$1202,1156862,801(2,115)686102
$1302,4091,0913,500(2,409)1,091182
$1402,6621,4384,100(2,662)1,438250
$1502,8811,7394,620(2,881)1,739310
$1603,0732,0025,075(3,073)2,002362
$1703,2422,2345,476(3,242)2,234408
$1803,3922,4405,832(3,392)2,440448
$1903,5272,6256,152(3,527)2,625485
$2003,6482,7916,439(3,648)2,791517
______________________________
(a) Represents incremental shares issuable upon concurrent conversion of convertible notes, exercise of warrants and settlement of the hedge agreements.
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RESULTS OF OPERATIONS
Third Quarter 2024 Compared to Third Quarter 2023
Revenues
The following table compares third quarter 2024 revenues to third quarter 2023 revenues (in thousands):
Three Months Ended September 30,
 20242023Increase/(Decrease)
Recurring revenues:
Smartphone$74,184 $88,376 $(14,192)(16)%
CE, IoT/Auto23,830 15,659 8,171 52 %
Other620 441 179 41 %
Total recurring revenues98,634 104,476 (5,842)(6)%
Catch-up revenues a
30,045 35,630 (5,585)(16)%
Total revenues$128,679 $140,106 $(11,427)(8)%
(a)    Catch-up revenues are comprised of past patent royalties and revenues from static agreements.
Total revenues of $128.7 million, which includes both recurring and catch-up revenues, decreased 8% from third quarter 2023 primarily due to catch-up revenues from the Lenovo HEVC agreement recognized in third quarter 2023, partially offset by revenues recognized from new agreements and the resolution of litigation.
Recurring revenues decreased 6% to $98.6 million primarily due to the 2023 expiration of Huawei and other agreements, which were partially offset by increased CE, IoT/Auto revenues.
In third quarter 2024 and 2023, 83% and 78%, respectively, of our total revenue was attributable to licensees that individually accounted for 10% or more of our total revenue. In third quarter 2024 and 2023, the following licensees accounted for 10% or more of our total revenue:
Three Months Ended
September 30,
 20242023
Customer A
26%24%
Customer B
20%14%
Customer C
13%—%
Customer D
12%29%
Customer E
12%11%
Operating Expenses
The following table summarizes the changes in operating expenses between third quarter 2024 and third quarter 2023 by category (in thousands):
Three Months Ended September 30,
 20242023Increase/(Decrease)
Research and portfolio development$48,331 $50,253 $(1,922)(4)%
Licensing27,467 21,522 5,945 28 %
General and administrative13,539 14,678 (1,139)(8)%
Total Operating expenses$89,337 $86,453 $2,884 3 %
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Operating expenses increased to $89.3 million in third quarter 2024 from $86.5 million in third quarter 2023. The $2.9 million increase in total operating expenses was primarily due to changes in the following items (in thousands):
 Increase/(Decrease)
Revenue share
$6,089 
Performance-based compensation
(1,376)
Net litigation fee reimbursement(1,161)
Other(668)
Total increase in operating expenses$2,884 
Operating expenses were relatively flat compared to third quarter 2023. Revenue share costs increased $6.1 million primarily due to the TPV and Samsung TV agreements signed in 2024, which are subject to the Madison revenue share arrangement. This increase was offset by a $1.4 million decrease in performance-based compensation mostly due to one-time performance-based compensation costs recognized in third quarter 2023 and $1.2 million net litigation fee reimbursements due to litigation successes.
Research and portfolio development expense: Research and portfolio development decreased $1.9 million primarily due to the above-noted decrease in performance-based compensation, as well as a decrease in patent amortization.
Licensing expense: Licensing expense increased $5.9 million primarily driven by the above-noted revenue share costs, partially offset by the one-time net litigation fee reimbursement.
General and administrative expense: General and administrative expense decreased by $1.1 million primarily due to the above-noted decreased performance-based compensation costs.
Non-Operating Income, net
The following table compares third quarter 2024 non-operating income, net to third quarter 2023 (in thousands):
Three Months Ended September 30,
20242023Increase/(Decrease)
Interest expense$(10,681)$(12,683)$2,002 16 %
Interest and investment income9,175 11,763 (2,588)(22)%
Other income, net3,379 2,962 417 14 %
Total non-operating income, net$1,873 $2,042 $(169)(8)%
Non-operating income, net was relatively flat with decreased interest expense mostly offsetting the decreased interest and investment income that is based on lower investment balances compared to third quarter 2023. The change in Other income, net was primarily due to a foreign currency translation net gain arising from translation of our foreign subsidiaries of $2.8 million in third quarter 2024, compared to a $2.2 million net loss in third quarter 2023 and due to fair value adjustments of our investments resulting in a $1.1 million net gain in third quarter 2024, compared to a $5.6 million net gain in third quarter 2023.
Income taxes
In third quarter 2024 and 2023, based on the statutory federal tax rate net of discrete federal and state taxes, we had an effective tax rate of 17.0% and 15.3%, respectively. The change in effective tax rate is due to a decrease in the amount of Foreign Derived Intangible Income deduction benefit available to the Company. In addition, the Company is subject to an increase in the Global Intangible Low-Tax Income inclusion derived from the increase in revenue in certain foreign jurisdictions. The effective tax rate in the three months ended September 30, 2023 was impacted by losses in certain jurisdictions where the Company recorded a valuation allowance against the related tax benefit. Excluding this valuation allowance, our effective tax rate for the three months ended September 30, 2023 would have been 14.4%.
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First Nine Months 2024 Compared to First Nine Months 2023
Revenues
The following table compares first nine months 2024 revenues to first nine months 2023 revenues (in thousands):
Nine Months Ended September 30,
 20242023
 Increase/(Decrease)
Recurring revenues:
Smartphone$221,738 $260,882 $(39,144)(15)%
CE, IoT/Auto67,824 43,177 24,647 57 %
Other1,878 1,063 815 77 %
Total recurring revenues291,440 305,122 (13,682)(4)%
Catch-up revenues a
324,274 138,948 185,326 133 %
Total revenues$615,714 $444,070 $171,644 39 %
(a)    Catch-up revenues are comprised of past patent royalties and revenues from static agreements.
Total revenues of $615.7 million, which includes both recurring and catch-up revenues, increased 39% from the first nine months 2023 primarily due to catch-up revenues recognized from both new agreements and the resolution of litigation, partially offset by catch-up revenues related to the Lenovo UK proceedings and other previously announced agreements recognized in first nine months ended 2023.
Recurring revenues decreased 4% to $291.4 million, compared to $305.1 million in first nine months 2023, with increased CE, IoT/Auto revenue mostly offsetting the 2023 expiration of Huawei and other agreements.
In first nine months 2024 and 2023, 77% and 79% of our total revenue, respectively, was attributable to companies that individually accounted for 10% or more of our total revenue. In first nine months 2024 and 2023, the following companies accounted for 10% or more of our total revenue:
Nine Months Ended September 30,
 20242023
Customer B
38%13%
Customer D
23%33%
Customer A
16%23%
Customer F
<10%10%

Operating Expenses
The following table summarizes the changes in operating expenses between first nine months 2024 and first nine months 2023 by category (in thousands):
Nine Months Ended September 30,
 20242023Increase/(Decrease)
Research and portfolio development$147,851 $149,560 $(1,709)(1)%
Licensing149,212 59,534 89,678 151 %
General and administrative41,665 38,686 2,979 8 %
Total operating expenses$338,728 $247,780 $90,948 37 %
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Operating expenses increased 37% to $338.7 million in first nine months 2024 from $247.8 million in first nine months 2023. The $90.9 million increase in total operating expenses was primarily due to changes in the following items (in thousands):
 Increase/(Decrease)
Revenue share$76,280 
Intellectual property enforcement23,341 
Performance-based compensation6,033 
Net litigation fee reimbursement(11,898)
Other(2,808)
Total increase in operating expenses$90,948 
The $90.9 million increase in operating expenses was driven by a $76.3 million increase in revenue share costs primarily related to the TPV and Samsung TV agreements and a $6.0 million increase in performance-based compensation due to higher accrual rates driven by licensing successes. Additionally, intellectual property enforcement costs increased $23.3 million due to costs associated with the Lenovo and Oppo proceedings, as well as the Samsung arbitration. These increases were partially offset by a change in the net litigation reimbursement contra expense of $4.4 million recorded in first nine months 2024 compared to $7.5 million of expense recorded in first nine months 2023.
Research and portfolio development expense: Research and portfolio development expense was flat compared to first nine months 2023.
Licensing expense: Licensing expense increased by $89.7 million primarily driven by the above-noted increased revenue share costs and intellectual property enforcement costs, partially offset by the one-time net litigation fee reimbursement.
General and administrative expense: The $3.0 million increase in general and administrative expense primarily resulted from the above-noted increases in performance-based compensation costs.
Non-Operating (Expense) Income, net
The following table compares first nine months 2024 non-operating expense, net to first nine months 2023 non-operating income, net (in thousands):
Nine Months Ended September 30,
20242023Increase/(Decrease)
Interest expense$(34,086)$(36,911)$2,825 8 %
Interest and investment income31,078 33,697 (2,619)(8)%
Other income, net
2,405 8,606 (6,201)(72)%
Total non-operating (expense) income, net$(603)$5,392 $(5,995)(111)%
Interest expense and interest and investment income were relatively flat compared to first nine months 2023, with the decreased interest and investment income mostly offset by the decreased interest expense. Other income, net changed primarily due to fair value adjustments of our investments resulting in a $4.6 million net gain in first nine months 2024, compared to a $10.5 million net gain in first nine months 2023.
Income taxes
In first nine months 2024 and 2023, we had an effective tax rate of 18.4% and 14.7%, respectively. The change in effective tax rate is due to a decrease in the amount of Foreign Derived Intangible Income deduction benefit available to the Company. In addition, the Company is subject to an increase in the Global Intangible Low-Tax Income inclusion derived from the increase in revenue in certain foreign jurisdictions. The effective tax rate in first nine months 2023 was impacted by losses in certain jurisdictions where the Company recorded a valuation allowance against the related tax benefit. Excluding this valuation allowance, our effective tax rate for nine months ended September 30, 2023 would have been 13.4%. In the nine months ended 2024 and 2023, we recorded a net discrete tax benefit of $4.3 million and $2.9 million, respectively, primarily related to share-based compensation.
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STATEMENT PURSUANT TO THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 — FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include certain information in regarding our current beliefs, plans and expectations, including, without limitation, the matters set forth below. 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 contained herein 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. Although the forward-looking statements in this Form 10-Q reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements concerning our business, results of operations and financial condition are inherently subject to risks and uncertainties. These risks and uncertainties include, but are not limited to, the risks and uncertainties described in Part I, Item 1A of our 2023 Form 10-K and the risks and uncertainties set forth below:
•unanticipated delays, difficulties or accelerations in the execution of patent license agreements;
•our ability to leverage our strategic relationships and secure new patent license agreements on acceptable terms;
•our ability to enter into sales and/or licensing partnering arrangements for certain of our patent assets;
•our ability to enter into partnerships with leading inventors and research organizations;
•our ability to identify and pursue strategic acquisitions of technology and patent portfolios and other strategic growth opportunities;
•our ability to commercialize our technologies and enter into customer agreements;
•the failure of the markets for our current or new technologies to materialize to the extent or at the rate that we expect;
•unexpected delays or difficulties related to the development of our technologies;
•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;
•risks related to the potential impact of new accounting standards on our financial position, results of operations or cash flows;
•failure to accurately forecast the impact of our restructuring activities on our financial statements and our business;
•the resolution of current legal proceedings, including any awards or judgments relating to such proceedings, additional legal proceedings, changes in the schedules or costs associated with legal proceedings or adverse rulings in such proceedings;
•the timing and impact of potential regulatory, administrative and legislative matters;
•changes or inaccuracies in market projections;
•our ability to obtain liquidity through debt and equity financings;
•the potential effects that macroeconomic uncertainty could have on our financial position, results of operations and cash flows
•changes in our business strategy;
•changes or inaccuracies in our expectations with respect to royalty payments by our customers; and
•risks related to our assumptions and application of relevant accounting standards, including with respect to revenue recognition.
You should carefully consider these factors before making any investment decision with respect to our common stock. These factors, individually or in the aggregate, may cause our actual results to differ materially from our expected and historical results. You should understand that it is not possible to predict or identify all such factors. In addition, you should not place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this Form 10-Q. We undertake no obligation to revise or update publicly any forward-looking statement for any reason, except as otherwise required by law.
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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
There have been no material changes in quantitative and qualitative market risk from the disclosures included in our 2023 Form 10-K.

Item 4. CONTROLS AND PROCEDURES.
The Company’s principal executive officer and principal financial officer, with the assistance of other members of management, have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective to ensure that the information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and to ensure that the information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. There were no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2024, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II — OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS.

See Note 6, “Litigation and Legal Proceedings,” to the Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a description of legal proceedings, which is incorporated herein by reference.

Item 1A. RISK FACTORS.
Reference is made to Part I, Item 1A, “Risk Factors” included in our 2023 Form 10-K for information concerning risk factors, which should be read in conjunction with the factors set forth in the Statement Pursuant to the Private Securities Litigation Reform Act of 1995 -- Forward-Looking Statements in Part I, Item 2 of this Quarterly Report on Form 10-Q. There have been no material changes with respect to the risk factors disclosed in our 2023 Form 10-K. You should carefully consider such factors, which could materially affect our business, financial condition or future results. The risks described in the 2023 Form 10-K are not the only risks facing our company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Issuer Purchases of Equity Securities
The following table provides information regarding the Company’s purchases of its common shares during third quarter 2024.
PeriodTotal Number of Shares Purchased (1)Average Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs (3)
July 1, 2024 - July 31, 2024— $— — $232,589,756 
August 1, 2024 - August 31, 2024— $— — $232,589,756 
September 1, 2024 - September 30, 202422,050 $138.61 22,050 $229,532,849 
Total22,050 $138.61 22,050 
(1) Total number of shares purchased during each period reflects share purchase transactions that were completed (i.e., settled) during the period indicated.
(2) Shares were purchased pursuant to the Company’s share repurchase program (the “Share Repurchase Program”), $300 million of which was authorized by the Company’s Board of Directors in June 2014, with an additional $100 million authorized by the Company’s Board of Directors in each of June 2015, September 2017, December 2018, May 2019, and May 2022, respectively, an additional $333 million in December 2022, and an additional $235 million in December 2023. The Share Repurchase Program has no expiration date.
(3) Amounts shown in this column reflect the amounts remaining under the Share Repurchase Program at the end of the period.
Unregistered Sales of Equity Securities
During third quarter 2024, the Company issued 0.1 million common shares in connection with the settlement of the 2024 Warrant Transactions. The common shares were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. For additional information, see Note 5, “Obligations” to the Notes to condensed consolidated financial statements included in Part I, item 1 of this Quarterly Report on Form 10-Q.
Item 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
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Item 4. MINE SAFETY DISCLOSURES.
Not applicable.
Item 5. OTHER INFORMATION
Rule 10b5-1 Trading Arrangements

During the three months ended September 30, 2024, none of the Company’s directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, as each term is defined in Item 408(a) of Regulation S-K.
Item 6. EXHIBITS.
The following is a list of exhibits filed with this Quarterly Report on Form 10-Q:
Exhibit
Number		 Exhibit Description
31.1
31.2
32.1+
32.2+
101.INSInline Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline Schema Document
101.CALInline Calculation Linkbase Document
101.DEFInline Definition Linkbase Document
101.LABInline Labels Linkbase Document
101.PREInline Presentation Linkbase Document
104Inline Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101)
______________________________
+This exhibit will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such exhibit will not be deemed to be incorporated by reference into any filing under the Securities Act or Securities Exchange Act, except to the extent that InterDigital, Inc. specifically incorporates it by reference.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 INTERDIGITAL, INC. 
Date: October 31, 2024/s/ LIREN CHEN 
 
Liren Chen
 
 
President and Chief Executive Officer 
 
 
Date: October 31, 2024/s/ RICHARD J. BREZSKI   
 
Richard J. Brezski 
 
 Chief Financial Officer 

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