Company: IDCC
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001405495-25-000022
Chunk: 74

Company: InterDigital, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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 IoT/Auto26,267 182,543 (156,276)(86)%Other249 719 (470)(65)%Total Revenues$210,507 $263,542 $(53,035)(20)%Catch-up revenues(a), included above$84,785 $166,678 $(81,893)(49)%

(a)    Catch-up revenues represent revenue associated with reporting periods prior to the execution of the license agreement.

Total revenues of $210.5 million decreased $53.0 million from first quarter 2024 primarily due to catch-up revenues from the Samsung TV agreement recognized in first quarter 2024, partially offset by catch-up revenues recognized from the new agreement with vivo Mobile signed in first quarter 2025. Additionally, the decrease was partially offset by revenues from seven new patent license agreements signed in the last twelve months, including the vivo Mobile agreement and the previously announced OPPO agreement and the Lenovo arbitration agreement.

In first quarter 2025 and 2024, 71% and 84%, respectively, of our total revenue was attributable to licensees that individually accounted for 10% or more of our total revenue. In first quarter 2025 and 2024, the following licensees accounted for 10% or more of our total revenue:

Three Months Ended March 31, 20252024Customer A43%—%Customer B16%13%Customer C12%71%

Operating Expenses

The following table summarizes the changes in operating expenses between first quarter 2025 and first quarter 2024 by category (in thousands):

Three Months Ended March 31, 20252024Increase/(Decrease)Research and portfolio development$47,430 $49,375 $(1,945)(4)%Licensing17,677 96,589 (78,912)(82)%General and administrative13,568 13,840 (272)(2)%Total Operating expenses$78,675 $159,804 $(81,129)(51)%

Operating expenses decreased to $78.7 million in first quarter 2025 from $159.8 million in first quarter 2024. The $81.1 million decrease in total operating expenses was primarily due to changes in the following items (in thousands):

 Increase/(Decrease)Revenue share$(66,319)Intellectual property enforcement(12,766)Other(2,044)Total decrease in operating expenses$(81,129)

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Operating expenses decreased $