InterDigital, Inc. (NASDAQ:IDCC) Q3 2024 Earnings Conference Call October 31, 2024 10:00 AM ET

Company Participants

Raiford Garrabrant - Head-Investor Relations
Liren Chen - President and Chief Executive Officer
Richard Brezski - Executive Vice President, Chief Financial Officer and Treasurer

Conference Call Participants

Scott Searle - ROTH Capital Partners
Arjun Bhatia - William Blair
Madeline Brooks - Bank of America
Anja Soderstrom - Sidoti & Company, LLC

Operator

Good day and thank you for standing by. Welcome to the InterDigital, Inc. Third Quarter 2024 Earnings Call. 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 first speaker today, Raiford Garrabrant, Head of Investor Relations. Please go ahead.

Raiford Garrabrant

Thank you, Grace and good morning, everyone. Welcome to InterDigital's third quarter 2024 Earnings Conference Call. I am Raiford Garrabrant, Head of Investor Relations for InterDigital. With me on today's call are Liren Chen, our President and CEO and Rich Brezski, our CFO.

Consistent with prior calls, we will offer some highlights about the quarter and the company, and then open the call up for questions. For additional details, you can access our earnings release and slide presentation that accompany this call on our Investor Relations website.

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 section of our 2023 Annual Report on Form 10-K and in our other 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 the supplemental materials posted to the Investor Relations section of our website.

With that taken care of, I will turn the call over to Laren.

Liren Chen

Thanks, Raiford. Good morning, everyone. Thanks for joining us today. I'm very pleased to share that we have delivered a strong Q3 with revenue, adjusted EBITDA and EPS all exceeding the high end of our guidance range. Driven by accelerating momentum of our business and major deals completed at the beginning of Q4, we have also raised our 2024 annual guidance by $145 million at midpoint to $860 million. To start, as some of you may have already seen, a couple of days ago, we announced that we signed a new license with Oppo Group covering the worldwide sales of Oppo, realme and OnePlus branded mobile devices.