InterDigital, Inc.

Thank you for standing by. My name is Kathleen and I will be your conference operator for today. At this time, I would like to welcome everyone to the Interdigital Second 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 your telephone keypad. And if you would like to withdraw your question, just press the star one again. Thank you. And now, I would like to turn the call over to Raiford Garrabrant, Vice President, Investor Relations. Please go ahead, sir.

Thank you, Kathleen, and good morning, everyone. Welcome to InterDigital's second quarter 2026 earnings conference call. I am Raiford Garrabrant, VP of Investor Relations for InterDigital. With me on today's call are Liren Chen, our President and CEO, and Rich Brezki, 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 factor sections 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, Raiford. Good morning, everyone. Thanks for joining us today. We have delivered an outstanding quarter with continued momentum across each part of our business. We achieved revenue of $260 million, adjusted EBITDA of $184 million, and non-GAAP EPS of $4.62. all far exceeded the top-end dollar guidance. We also increased our annualized recurring revenue to a record of $626 million, an increase of 13% year-over-year, keeping us well on track to reach our goal of $1 billion plus ARR by 2030. Building on the strength of our second quarter result, the increased business momentum, and the opportunity to drive more progress over the balance of this year, we have raised our 2026 full-year guidance to between $775 million and $845 million, up $85 million at the midpoint. As in previous quarters, Rich will cover our financial performance in more detail. The highlights of the quarter were the important milestones we achieved in our streaming and cloud service licensing program. I'll cover our new agreement with Amazon first. As we have previously announced, we have agreed to enter into a patent license agreement with Amazon, covering Amazon's devices and services, including Amazon's Prime value, with the final terms to be determined through arbitration. We expect the process will take roughly 18 months to 24 months to complete. As part of the agreement, we have resolved all pending delegations between us. The Amazon agreement is an important milestone in our goal to drive growth through our streaming and cloud service licensing program and to hit our goal of 300 million plus in ARR from this program by 2030. This is also a clear recognition of the value of foundational video technology in both devices and services. As I have said many times, our preference is always to conclude license agreements through bilateral negotiation, and when disputes do arise, to use binding arbitration to decide the final terms of an agreement. This is a path we have followed recently in our arbitration with both Samsung and Lenovo. Staying on the streaming and cloud service licensing program, we continue to make excellent progress in our enforcement effort against Disney. During the quarter, we were awarded our first injunction against Disney from European Unified Patent Court. The court ruled that Disney infringed one of our patents covering video encoding technology related to HEVC and confirmed the validity of our patent. In addition, the court found that Disney was an unwitting licensee. The UPC is a pan-European court, and the injunction applies across 11 EU countries, including major markets like France, Germany, Italy, and the Netherlands. Last week, we received our second injunction against Disney from UPC, covering another patent that covers video encoding related to HVC. As with the first UPC injunction, this decision applied across the same 11 countries in the EU. In this decision, the court was highly critical of Disney's conduct, again informed Disney by the unwitting licensee, and found that InterDigital has acted in a fair manner in the licensing negotiations. These are the latest injunctions that we have against Disney, and we are working with the court to enforce them. We believe they are important steps to reach a long-term license agreement with Disney on fair terms that reflect the value of our technology that enable Disney to build one of the world's leading streaming businesses. Our recent round of success against Disney is also an indication of the quality of our research and our patent portfolio. as multiple courts have found our patent to be valid and infringed. While we always prefer completing license agreement through bilateral negotiation, when we do enforce our patents, we have a strong track record of reaching agreement in the end. As we continue to build momentum across the licensing program, in the second quarter, we signed a new IoT licensing agreement with a leading fintech company in the payment space. The agreement covers the license point-of-sale devices and our cellular and Wi-Fi patterns. After the end of the quarter, we close another new license with Kaboom to cover the company's EV chargers, also under our cellular and Wi-Fi patterns. Both agreements are a good demonstration of the reach of our technology and the range of industry that depends on the standard we help build. Wireless connectivity is now embedded in an expanding number of verticals, and this deals a broader IoT opportunity ahead of us. We believe this trend will only continue with the development and rolling out of 6G, which is why we continue to invest in our research engine and in our leadership of global standards. The quality of research across wireless, video, and AI, combined with our standard leadership, continue to be a major competitive advantage for us. In the second quarter, one of our senior wireless engineers was elected vice chair of a key working group in 3GPP, which is the standard organization that leads the development of each generation of mobile, including 6G. Our total standard leadership position is now well over 100, and we remain one of the only three companies in the world and the only U.S. company with multiple chair positions across three GPP. These positions help inform the direction of research and place us in an even stronger position to define key technology standards across wireless, video, and AI. I was also pleased to see that during the quarter, we were recognized by Business Insider as one of America's high growth companies. These awards recognizing the progress we have made in recent years and the momentum we are carrying into the second half of 2026. With that, I'll hand it over to Rich, who will walk you through the numbers in more detail.