IDCCInterDigital, Inc.

Patent Owners & Lessors

Revenue: $834M; 4.0% YoY
Operating margin: 55.3%; 9.2% YoY
EBITDA: $538M; 5.7% YoY
Market cap: $8.0B
Employees: 460; $2M revenue each
Net debt / EBITDA: -0.8×; −$421M net debt
AI in 10-K: 7.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
134% of net income
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
30% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 68th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.0 per 10K words · 88th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.8× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$27M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$425M	$458M	$550M	$869M	$834M	4.0%
Operating income	$71M	$151M	$222M	$440M	$461M	4.9%
Net income	$55M	$94M	$214M	$359M	$407M	13%
Operating cash flow	$130M	$286M	$214M	$272M	$544M	101%
Capex	$3M	$3M	$4M	$6M	$16M	172%
Stock-based comp	$29M	$22M	$36M	$46M	$43M	6.1%
Buybacks	$30M	$74M	$340M	$67M	$102M	53%
Dividends	$43M	$42M	$39M	$42M	$61M	45%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $27M · 96
Net: −$27M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	108	—
FY2024	—	—	94	—
FY2023	—	—	83	—
FY2022	—	—	75	—
FY2021	—	—	102	—