# EDGAR Filing Document

**Accession Number:** 0001405495
**File Stem:** 0001140361-23-012952
**Filing Date:** 2023-3
**Character Count:** 20908
**Document Hash:** d78a6ab747f1618256cf71e783eb2347
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-012952.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001140361-23-012952

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20230322

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** InterDigital, Inc.
- **CENTRAL INDEX KEY:** 0001405495
- **STANDARD INDUSTRIAL CLASSIFICATION:** PATENT OWNERS & LESSORS [6794]
- **IRS NUMBER:** 824936666
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33579
- **FILM NUMBER:** 23751579

**BUSINESS ADDRESS:**
- **STREET 1:** 200 BELLEVUE PARKWAY
- **STREET 2:** SUITE 300
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809-3727
- **BUSINESS PHONE:** 302-281-3600

**MAIL ADDRESS:**
- **STREET 1:** 200 BELLEVUE PARKWAY
- **STREET 2:** SUITE 300
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809-3727

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, DC 20549

### FORM 8-K

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### DATE OF REPORT (Date of earliest event reported): March 22, 2023

## INTERDIGITAL, INC.

#### (Exact name of Registrant as Specified in Charter)

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| | | |
|:---|:---|:---|
| **Pennsylvania**<br>| **1-33579**<br>| **82-4936666**<br>|
| **(State or Other Jurisdiction of Incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |

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#### 200 Bellevue Parkway, Suite 300

#### Wilmington, DE 19809-3727

#### (Address of principal executive offices, Zip code)

#### 302-281-3600

#### Registrant's telephone number, including area code

#### Not Applicable

#### Former Name or Former Address, if Changed Since Last Report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| **Title of each class** | **Name of each exchange**<br> **on which registered** |
| **Common Stock, par value $0.01 per share**<br>**IDCC**<br>| **NASDAQ Stock Market LLC** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

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The slide presentation attached hereto as Exhibit 99.1 will be presented by InterDigital, Inc. (the "Company") at the Sidoti Small-Cap 2023 Virtual Conference on March 22, 2023. The presentation may also be used by the Company at future investor conferences or meetings.

The information in this report, including Exhibit 99.1, is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

[99.1](brhc10050116_ex99-1.htm) InterDigital, Inc. Investor Presentation. <br>104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

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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 hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | INTERDIGITAL, INC. | INTERDIGITAL, INC. |
| Date: March 22, 2023 | By: | /s/ Joshua D. Schmidt |
|  |  | Joshua D. Schmidt |
|  |  | Chief Legal Officer and Corporate Secretary |

---

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## Exhibit 99.1

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**Exhibit 99.1**<br>

![](brhc10050116_ex99-1slide22.jpg)

InterDigital Sidoti Conference \| March 22, 2023

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![](brhc10050116_ex99-1slide2.jpg)

3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Exchange Act. Such statements include information 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," 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 presentation 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. We caution readers that actual results and outcomes could differ materially from those expressed in or anticipated by such forward-looking statements due to a variety of factors, including: (i)unanticipated delays, difficulties or accelerations in the execution of patent license agreements; (ii)our ability to leverage our strategic relationships and secure new patent license agreements on acceptable terms; (iii) our ability to enter into sales and/or licensing partnering arrangements for certain of our patent assets; (iv) our ability to enter into partnerships with leading inventors and research organizations and identify and acquire technology and patent portfolios that align with our roadmap; (v) our ability to commercialize our technologies and enter into customer agreements; (vi) the failure of the markets for our current or new technologies to materialize to the extent or at the rate that we expect; (vii) unexpected delays or difficulties related to the development of our technologies; (viii) 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; (ix) risks related to the potential impact of new accounting standards on our financial position, results of operations or cash flows; (x)failure to accurately forecast the impact of our restructuring activities on our financial statements and our business; (xi) 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; (xii)the timing and impact of potential administrative and legislative matters; (xiii) changes or inaccuracies in market projections; (xiv) our ability to obtain liquidity through debt and equity financings; (xv) the potential effects that macroeconomic uncertainty could have on our financial position, results of operations and cash flows; (xvi) changes in our business strategy; (xvii) changes or inaccuracies in our expectations with respect to royalty payments by our customers; and (xviii) risks related to our assumptions and application of relevant accounting standards. You should carefully consider these factors as well as the risks and uncertainties outlined in greater detail in Part I, Item 1A, of our Form 10-K 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 presentation. We undertake no obligation to revise or update publicly any forward-looking statement for any reason, except as otherwise required by law. Industry Data This presentation contains statistical data, estimates, and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. While we believe the industry and market data included in this presentation are reliable and are based on reasonable assumptions, these data involve many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. Non-GAAP Financial Measures This document includes certain non-GAAP measures not based on generally accepted accounting principles. These non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP measures used by us may differ from the non-GAAP measures used by other companies. Reconciliations between GAAP and these non-GAAP measures are included in the appendix to this document. Disclaimers

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![](brhc10050116_ex99-1slide24.jpg)

WE INVENT THE TECHNOLOGIES THAT MAKE LIFE BOUNDLESS Strong Financial Performance Consistent revenue growth with 13% CAGR in the past 4 years. Improved Adj. EBITDA margin\* from 41% to 56%. Grew EPS by 4X+ Market Opportunity $650M+ recurring revenue opportunity in device markets (smartphones and CE, IoT & Auto). Significant growth opportunity into new markets (e.g., content and cloud services) Strategic Execution Drives License Growth Experienced leadership team with long industry track record. Over $1.75B of new contracts completed in past 2 years with increasing licensing momentum Patent Portfolio Provides Competitive Advantages One of the strongest patent portfolios in the world with > 28,000 patents and applications across wireless, video and AI technologies. Highest ranked in 5G patent quality. 90%+ of patents are home-grown Deep Industry Knowledge and Expertise Five decades of pioneering wireless and visual technologies innovation. Over 70 leadership positions in standard development organizations. Highest concentration of inventors in the industry 3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 3 \* Non-GAAP financial measure. See reconciliation to GAAP at end of presentation.

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![](brhc10050116_ex99-1slide4.jpg)

Strong Financial Performance 2019 2020 2021 2022 -13% Revenue Expenses Diluted EPS / Adj. EBITDA PS\* 2019 2020 2021 2022 2019 2020 2021 2022 Adjusted EBITDA / Adj. EBITDA Margin %\*©2023 InterDigital, Inc. All Rights Reserved. 4 2019 2020 2021 2022 +13% \* Non-GAAP financial measures. See reconciliation to GAAP at end of presentation

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![](brhc10050116_ex99-1slide5.jpg)

Revenue Growth Double-digit growth in both Smartphone and CE, IoT/Auto $267M 2019 $323M 2020 $352M 2021 $353M 2022 $319M $359M $426M $458M Smartphone CE, IoT/Auto Other 3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 5 $298M 2019 $338M 2020 $352M 2021 $404M 2022 $319M $359M $426M $458M Recurring Catch-up Revenue by Licensing Program Revenue by Recurring & Catch-up 37% CAGR 10% CAGR

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![](brhc10050116_ex99-1slide6.jpg)

Stock Performance vs Indices 3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 6 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 InterDigital Russell 2000 Index NASDAQ Composite Index As of 3/20/23 IDCC up 82% since renewing Apple at end Q3 '22 Currently trading at ~6.5x Adj. EBITDA Multiple\* \* Adj. EBITDA is a Non-GAAP financial measure. See reconciliation to GAAP at end of presentation

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![](brhc10050116_ex99-1slide7.jpg)

InterDigital Business Model We are a foundational R&D company. We share our innovation through standard process and monetize our technology through IP licensing. 3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 7

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![](brhc10050116_ex99-1slide8.jpg)

Management Team of Industry Veterans 3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 8 Joined April 21 after 25 years Qualcomm Inc., most recently as SVP Global Head of IP Legal Council Council Joined May 2003, CFO since May 2012. Joined July 2022 after 25 years at Qualcomm Inc., most recently as SVP of Engineer and Head of Corporate R&D Joined April 2018, Previously SVP of Corporate Development at Dolby Laboratories, Inc. Liren Chen President & Chief Executive Officer Richard Brezski EVP, Chief Financial Officer and Treasurer Joined July 2020 after 13 years at Nokia, most recently as SVP and Head of IP and Litigation as well as General Council for Nokia Technologies Eeva Hakoranta EVP, Chief Licensing Officer Rajesh Pankaj EVP, Chief Technology Officer Eric Cohen EVP, Chief Strategy and Growth Officer

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![](brhc10050116_ex99-1slide9.jpg)

3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 9 Revenue Targets $500M Per Year $150M+ Per Year Large Growth Opportunity SMARTPHONES CE, IoT/AUTO CONTENT & CLOUD SERVICES PORTFOLIO RESEARCH >28,000 PATENT ASSETS AND GROWING MARKETS WIRELESS RESEARCH: CELLULAR & WI-FI VIDEO RESEARCH ARTIFICIAL INTELLIGENCE & MACHINE LEARNING

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![](brhc10050116_ex99-1slide10.jpg)

3/21/2023 10©2023 InterDigital, Inc. All Rights Reserved. Years As InterDigital Licensee 0 5 10 20 25 30 \* \* \* \* Apple and Samsung have been licensed since before they started shipping iPhones and Galaxies phones Many of our largest customers have been licensed for 15 years or more Very strong history of renewals. Once licensed, key OEMs tend to stay licensed A History of Long-Term & New Customers \*\* \* No longer licensee, exited smartphones \*\* Currently in binding arbitration

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![](brhc10050116_ex99-1slide32.jpg)

Pioneering research integral to the evolution of cellular wireless and video innovation since 1972 We reinvest ~half our recurring revenue into research and portfolio development 50 Years of Research and Innovation 3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 11 Over half of our employees are engineers ~40% hold doctorate degrees, another ~50% hold other advanced degrees ~90% are inventors Of our Engineers…

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![](brhc10050116_ex99-1slide33.jpg)

3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 12 Recognized Global Innovation Leader For the 2nd year in a row, LexisNexis recognized InterDigital amongst the World's 100 Most Innovative Businesses Innovation Momentum 2023: The Global Top 100, "represents the world's leading patent owners with the highest innovation momentum."

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![](brhc10050116_ex99-1slide34.jpg)

5G & Video Enabling Growth Across Industries 3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 13 3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 13 By 2030, 5G adoption projected to boost global GDP by $1.3 trillion1 5G mobile subscriptions to reach 5 billion in 20282 Cellular IoT expected to grow at CAGR of 12% over next five years2 Global OTT service subscribers expected to grow to 2B by 20273 5G Video 1 PwC report, The Global Economic Impact of 5G, 2021 2 Ericsson Mobility Report, November 2022 3 OMDIA Metaverse, the next frontier, enabled by media technologies Video is forecasted to increase from 70% of mobile traffic to 80% by 20282

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![](brhc10050116_ex99-1slide35.jpg)

Wireless Video Implementation DTV Broadcast & Home Network 2017 ~19,000 Assets 2022 >28,000 Assets Increasingly Diverse Patent Portfolio Our patent portfolio grew >50% between 2017 & 2022 with the addition of video & DTV related technologies and continuing growth of wireless assets 3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 14

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![](brhc10050116_ex99-1slide15.jpg)

Average Competitive Impact InterDigital Ranks Highest in Patent Quality for5G and Video Codec Patents1 3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 15 Video Codec Patent Holders 5G Patent Holders 1 Patentsight Jan 2023

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![](brhc10050116_ex99-1slide16.jpg)

Accelerating Execution Over 20 licensing deals driving >$1.75B of contract value 3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 16 September 2023 2021 2022 August September January August December March May \* Currently in binding arbitration \*\* UK's High Court issued decision \* \*\*

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![](brhc10050116_ex99-1slide17.jpg)

Robust Return of Capital Cash Returned to Shareholders ~$684M since 2019 Stock Buyback ~$500M in share repurchases since 2019 ~20% net reduction in basic share count Dividends ~$184M in dividends paid since 2019 Above average Nasdaq yields $196M 2019 2020 2021 2022 $200M YTD '23\*\* $241M $73M $117M $210M Shares Repurchased Dividends Paid 3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 17 \*\*As of 2/23/2023

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![](brhc10050116_ex99-1slide39.jpg)

WE INVENT THE TECHNOLOGIES THAT MAKE LIFE BOUNDLESS Strong Financial Performance Consistent revenue growth with 13% CAGR in the past 4 years. Improved Adj. EBITDA margin\* from 41% to 56%. Grew EPS by 4X+ Market Opportunity $650M+ recurring revenue opportunity in device markets (smartphones and CE, IoT & Auto). Significant growth opportunity into new markets (e.g., content and cloud services) Strategic Execution Drives License Growth Experienced leadership team with long industry track record. Over $1.75B of new contracts completed in past 2 years with increasing licensing momentum Patent Portfolio Provides Competitive Advantages One of the strongest patent portfolios in the world with > 28,000 patents and applications across wireless, video and AI technologies. Highest ranked in 5G patent quality. 90%+ of patents are home-grown Deep Industry Knowledge and Expertise Five decades of pioneering wireless and visual technologies innovation. Over 70 leadership positions in standard development organizations. Highest concentration of inventors in the industry 3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 18 \* Non-GAAP financial measure. See reconciliation to GAAP at end of presentation

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![](brhc10050116_ex99-1slide19.jpg)

3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 19 Appendix

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![](brhc10050116_ex99-1slide20.jpg)

3/21/2023©2023 InterDigital, Inc. All Rights Reserved. 20 Adjusted EBITDA Reconciliation 1 Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted EBITDA per share are supplemental non-GAAP financial measures that InterDigital believes provide investors with important insight into the company's ongoing business performance. InterDigital defines Adjusted EBITDA as net income attributable to InterDigital Inc. plus net loss attributable to non-controlling interest, income tax (provision) benefit, other income (expense) & interest expense, depreciation and amortization, share-based compensation, and other items. Other items include restructuring costs, impairment charges and other non-recurring items. Adjusted EBTDA per share is Adjusted EBITDA over weighted average number of diluted shares. Adjusted EBITDA margin is Adjusted EBITDA over total revenues. These non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. A detailed reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is provided above.

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![](brhc10050116_ex99-1slide42.jpg)

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