InterDigital, Inc.

Thank you for standing by. At this time, I would like to welcome everyone to Interdigital Second Quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to redraw your question, again, press the star one. Thank you. I would now like to turn the conference over to Rayford Garabrant, Head of Investor Relations.

Thank you, Demi, and good morning, everyone. Welcome to Interdigital Second Quarter 2025 earnings conference call. I am Rayford Garabrant, Head of Investor Relations for Interdigital. With me on today's call are Laren Chin, our President and CEO, and Rich Bresky, 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 2024 annual report on form 10K and in our other SEC filings. In addition, today's presentation may contain references to non-GAAP financial measures. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the supplemental materials and the financial metrics tracker posted to the Investor Relations section of our website. With that taken care of, I will turn the call over to Leroy.

Thank you, Reefer. Good morning, everyone. Thanks for joining us today. This week, we announced the conclusion of our arbitration with Samsung, which finalized the largest agreement we have signed in our company history. Under the term of an 80-year license lasting through 2030, Samsung will pay us more than a billion dollars, which equals to $131 million per year, and it's an increase of 67% compared to our previous agreement. This excellent result demonstrates, once again, the value of foundational research, the strength of our IP portfolio, and the momentum we have built in our licensing programs. It also increased our annualized recurring revenue to an all-time record of $553 million, an increase of 44% -over-year. Our new long-term Samsung agreement helped us deliver revenue, adjusted EBITDA, and non-GAAP EPS far exceeding the top end of our guidance. Building on the strength of our second quarter result, the increased business momentum, and the opportunity to make more progress over the balance of this year, we have raised the full year 2025 guidance to between $790 million and $850 million, up $110 million at midpoint. Rich will cover the numbers in more detail in his section. We are delighted with the result of this agreement, and we are very happy to announce that the new guidance arbitration is another validation of how foundational our innovation is to our connected world. Samsung is the world's largest smartphone manufacturer, and one of our longest licensees, dating back almost 30 years. We look forward to continue our collaboration with Samsung, but we keep on driving innovation forward and sharing our technology through the standard process, and through our licensing programs. It's worth noting that the new agreement does not cover Samsung's digital TV and display monitors, which are part of a separate license that we announced early last year. Our new license means that the world's two leading device manufacturers, Apple and Samsung, are now licensed to our portfolio through the end of this decade. Following the recent agreement with major Chinese OEMs, including OPPO and Vivo, we have clear momentum in our smartphone program, where we have almost 80% of the global market under license, and AERR from smartphone program of $465 million, which is another all-time record. Staying with our smartphone program, we continue to make progress in our arbitration with Lenovo. Which is processing in a timely fashion and according to plan. Our consumer electronics and IoT program, the new license agreement with HP, which we signed at the start of the second quarter, is another good example of the progress we are making in growing revenue outside the smartphone program. The agreement licensed HP personal computers to our WiFi and video decoding technology, and we now have more than 50% of the PC market under license. With the HP contract, revenue from our CE and IoT program increased 175% in the second quarter to about $65 million. Counting the HP and Samsung agreement, the total contract value of license that we have signed since 2021 is now more than $4 billion. Demonstrating the accelerating momentum of our IP or the service business model. On the research front, the development of 6G is picking up steam, and our engineers are at the forefront of dividing the foundational technology for the next generation of mobile. Our engineers are also leading the development of 6G standard with multiple working group chair position for 3G PEP. The wider integration of AI into cellular networks and the development of new technology, such as integrated sensing and communication, offers what could be an exciting new monetization opportunity for service providers and device manufacturers, and make our patent portfolio even more valuable. We believe 6G will also further the penetration of cellular wireless in new verticals, such as industrial IoT, smart city, healthcare, and automobile, where connectivity is increasingly important and will create a new licensing opportunity for us. We excel not only in converting our innovation to broad patent portfolio, but also into one of the highest quality portfolio in the world. Recently, we were ranked number two among all the global leaders in telecoms in terms of both quality and quantity of our IP portfolio by an IEEE report. With our research leadership and the breadth and depth of our portfolio reflects, we are in a strong position to deliver value for our customers well into the next decade. Our long-term success is also underpinned by our ability to acquire, retain, and enhance our people. We continue to advance our talent strategy, placing an emphasis on mentorship, ongoing training, and leadership development. We believe that the long-term stability of our business and the continuous success put us in an excellent position as a destination for premier talents in our industry. You can find more information in our 2025 Corporate Sustainability Report on our website. And with that, I hand you a word to Rich.