InterDigital, Inc. (NASDAQ:IDCC) Q3 2022 Results Conference Call November 3, 2022 10:00 AM ET
Company Participants
Richard Lloyd - Communications Director
Liren Chen - President & CEO
Richard Brezski - CFO
Conference Call Participants
Scott Searle - ROTH Capital Partners
Anja Soderstrom - Sidoti & Company
Operator
Good day and thank you for standing by. Welcome to the InterDigital Incorporated Third Quarter Earnings Call 2022. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised, that today’s conference is being recorded.
I would now like to hand the conference over to your speaker today, Richard Lloyd. Please go ahead.
Richard Lloyd
Good morning to everyone and welcome to InterDigital's third quarter 2022 earnings conference call. I am Richard Lloyd, Communications Director and with me on today's call are Liren Chen, our President and CEO; and Rich Brezski, our CFO. Consistent with last quarter's call, we will offer some highlights about the quarter and the company and then open the call up to questions.
Before we begin our remarks, I need to remind you that in this call we will make forward-looking statements regarding our current beliefs, plans, and expectations, which are not guarantees of future performance and are made only as of the date hereof. Forward-looking statements are subject to risks and uncertainties that could cause actual results and events to differ materially from results and events contemplated by such forward-looking statements. These risks and uncertainties include those described in the risk factors sections of our 2021 Annual Report and Form 10-K and on our SEC filings.
In addition, today's presentation may contain references to non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our financial metrics tracker, which is available on the Investor Relations section of our website.
With that taken care of, I will turn the call over to Liren.
Liren Chen
Thank you, Richard, and good morning everyone. In the third quarter, we once again demonstrated how our innovation is becoming more valuable in an increasingly connected world. We grew our innovation pipeline with a record quarter for new inventions, strengthened our recurring revenue base with 8% growth year-over-year. Increased recurring revenue in consumer electronics, IoT and automobile for the sixth consecutive quarter and entered into a new seven year license agreement with Apple that goes all the way to 2029.