InterDigital, Inc.

Hello and thank you for standing by. My name is Mel and I will be your conference operator for today. At this time, I would like to welcome everyone to the Interdigital First Quarter 2026 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's 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 the telephone keypad. If you would like to withdraw your question, press star one again. I would now like to turn the call over to Rayford Garbrandt, Vice President of Investor Relations. Sir, please go ahead.

Thank you, Mel, and good morning, everyone. Welcome to InterDigital's first quarter 2026 earnings conference call. I'm Rayford Garbrandt, VP of Investor Relations for InterDigital. With me on today's call are Liren Chen, our President and CEO, and Rich Breske, 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 guaranteed as a 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 2025 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 Liren.

Thank you, Richard. Good morning, everyone. Thanks for joining us today. We have made a very strong start to 2026 with continued momentum across our licensing programs, our research and innovation pipeline, our standard development leadership, and our patent portfolio group. Revenue, adjusted EBITDA, and EPS were all above the top in our guidance. Our annualized recurring revenue is now at $567 million, up 13% year-over-year. In license, we have a productive quarter with six new agreements. We renewed our agreement with Xiaomi through bilateral negotiation. Xiaomi is the world's third largest smartphone manufacturer behind Apple and Samsung. This renewal helped drive annualized recurring revenue in our smartphone program to a record $492 million. With the Xiaomi renewal, we now have eight of the top 10 global smartphone manufacturers under license, covering approximately 85% of the market. We also have the world's top three smartphone vendors under license through the end of the decade. Our success in our smartphone program provide a strong base from which to drive additional growth. In consumer electronics, at the start of the year, we completed a new license with LG Electronics. LG is one of the top global TV manufacturers, and the new agreement was reached through our joint TV licensing program with Sony. We also renewed our license agreement with Sony itself, which is one of our long-term licensees, added a new agreement with Buffalo Americas, and new agreements with DTV Manufacturing related to our extensive video portfolio. All these deals were done through bilateral negotiations. Overall, The total contract value of the agreements that we have signed since 2021 is about $4.7 billion. In our video service program, we continue to make a good progress during the quarter. We were awarded our fourth injunction against Disney by a German court, which ruled that Disney infringed an interdigital patent related to HEVC compression technology. We are also moving forward in our enforcement action against smartphone manufacturer Trenson. In late March, a court in Brazil awarded us an injunction against Trenson after the court ruled that Trenson infringed our two 5G patent issues and that our licensing offer to Trenson was fair and reasonable. Combined with our decent case, this makes six out of six wins in our recent patent injunction proceedings. In Q1, we also launched multi-jurisdictional enforcement action against TCL and Hyacinth, two of the world's largest TV manufacturers. As I mentioned before, we always prefer concluding license deals through bilateral negotiation, and that most deals do get done this way. But we will vigorously pursue fair value for decades of investment in our research and defend the value of intellectual property. which will allow us to continue to invest in the next generation of technology that benefits the whole industry and consumers worldwide in the future. Through our history, when we enforce our IP, we have a strong track record of ultimately reaching agreements that are fair for both parties. Our research engine and our leadership in global standards continue to be a major competitive advantage for us. During the quarter, one of our top wireless engineers was re-elected to a chair position within 3GPP, the standard body leading the development of 6G. We are already actually contributing to 6G technology research, and as this election demonstrates, we are ideally positioned to leading the development of 6G standard, which is expected to roll out in 2029 with wide commercial deployment in 2030. With this re-election, we remain one of the only three companies in the world to hold multiple chair positions within 3GPP. Since the start of this year, seven of our engineers and standard leads have been re-elected or appointed to new leadership positions in standard-related organizations, bringing our total standard leadership role to more than 110 positions. In the quarter, we also named our 2026 Inventor of the Year, Samir Ferdi, who is a senior engineer in our wireless lab. Samir is a key contributor to cellular standards and one of our most prolific inventors. Inventor of the Year is one of the most prestigious awards we make each year, and it speaks to the culture of innovation at InterDigital and how our success as a company is built on the work of our inventors and the quality of their research. The cellular wireless industry is moving towards 6G and our research team at the center of that transition. At Mobile Congress in March, 6G was at the heart of several of our demonstrations, including the development of AI native networks, new integrated sensing and communication, and showcase of the world's first collaborative cellular and Wi-Fi sensing demonstration using a prototype 6G architecture. In our video research, we launched a haptic excellence center in partnership with gaming technology company Razer. This initiative brings together InterDigital's expertise in immersive media, which Razer's leadership in gaming and immersive hardware. to advance haptic technology as a core component of the video experience. With haptic well-establishing gaming, we are now actively expanding it to new use cases. For example, at Mobile Congress, we partnered with Razer to demonstrate how haptic-powered technology can make streaming TV shows and video at home an even more immersive experience. With more than 4 billion haptic enabled devices already in use, this is an important area of research, and we believe it's a significant opportunity for us. Staying with video, we have developed a new energy-efficient video streaming technology, which expands our work in reducing the energy footprint of video-driven devices and services. As video consumption grew across networks and devices, making that delivery more energy-efficient, It's the kind of impactful research that our team do so well. While we combine our foundational research across wireless video and AI with our leadership in global standard, we believe the results speak for themselves in the quality and reach our patent portfolio. In the latest European Patent Office ranking for patent application in 2025, we are ranked among the top five US companies alongside Qualcomm, Microsoft, and Alphabet. Our portfolio is also consistently recognized as among the highest quality in the world. For 50 years in a row, we were including LexisNexis Innovation Momentum, the global top 100 report, which analyzing the company's patent portfolio according to the quality of their innovation. This ranking reflects the sustaining investment we make in our research and the discipline of our patent team in transferring the research into a world-class portfolio of IT assets. Before I finish, I want to highlight that we have recently been promoted to S&P Mid Cap Index in a clear reflection of the growth we have delivered in recent years. With that, I'll hand it over to Rich, who will talk you through the quarter financial performance in more detail.