Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
If Tai Liani is the analyst at BoA that lowered his target, you can bet that he had marching orders on this one. The timing does seem questionable, but it serves to make him look like a genius if only for a few days. He was typically on the wrong side of the trade with Interdigital. If I recall, he begrudgingly came around with a higher price target only after several embarrassing events tied to company conference calls and his lack of awareness of company successes.
I'm thinking BoA's analyst is just a front man on today's action. Someone needs IDCC to be cheaper at least in the short term.
IMHO of course.
I never did like Seeking Alpha. And BOfA what is with that.
i dont trust this guy....i think he sings and dances to someone else's tune
I believe the 2024 Convertible Notes expire today. BOA could be looking to cover some short positions.
This guy is sketchy...starts us off with a sell....then has to play catch up....and winds up with the highest price target....and a few months later cuts it 40 points for kicks.....I think we are being played by this "analyst"
BoA downgraded
Solid growth in recent quarters; LT growth remains murky
InterDigital's stock appreciated 47% in the last 12 months, mostly on a few consecutive quarters of solid growth. Growth was driven by new licensing agreements with Lenovo, Panasonic, and others, as well as 162% YoY growth in non-recurring revenues, which are mainly related to catch up payments that are one-time in nature. Going forward, we flag risks to the 2024 estimates and forecast negative growth rates in 2025. To put the past performance into perspective, in 2023 revenues grew 20% overall, yet excluding the contribution of one-time, non-recurring revenues, topline only grew 1% YoY. We therefore downgrade our rating to Underperform from Buy, tweak our estimates, and reduce our PO to $100 on 9x FY25E EV/FCF, vs. prior $140 (13x).
High penetration & reliance on recurring smartphone revs
Growth is highly dependent on the recurring smartphone royalties, which comprise 85% of total recurring revenues. Management believes recurring revenues from wireless will grow from $408mn in 2023 to ~$500mn over the long-run, but the company's largest revenue growth has been generated by the non-recurring portion, or catchup payments with previously unlicensed smartphone vendors. This brings up two risk factors: first, the timing of realizing catch-up revenues is highly unpredictable. Second, the inherent growth of the core smartphone segment is almost non-existent and management's growth assumption is dependent on its ability to reach agreements with unlicensed Chinese handset makers, which represents another highly unpredictable factor. There are other long term growth opportunities and management expects Consumer Electronics licensing to grow from $60mn to $150mn, and flags potential growth in IoT, automotive, and AI licensing, which are all areas that may take time to materialize/ramp.
Lumpy revenue recognition and lack of visibility into P&L
We highlight near-term opportunities to reach agreements with likes of Oppo and Vivo, as well as smaller growth opportunities within adjacent markets like CE and IoT, but timing is uncertain and the magnitude could prove smaller vs. the last 12 months. Management included a ~$150mn catchup revenue assumption in the 1Q24 revenue guidance, vs. $141mn in FY23. We believe some of this assumption is based on the expectations that the Samsung renewal may resolve in 2024, yet we flag risk to estimates, as the guidance locks in a certain cadence of deal (agreement) flow, which could prove slower to materialize. Lastly, looking beyond 2024, our model calls for a decline in revenue and EPS growth in 2025, down -8% YoY and -20% YoY, respectively.
<<Moreover, IDCC also expects recurring revenue to increase throughout 2024. It has guided for a total revenue for the fiscal year between 620 and 670 million dollars. Excluding Samsung's catch-up payment, that leaves us with 460-510 million dollars in revenue. If that number includes another $50M in catch-up payments, which was the total for fiscal year 2022, recurring revenue is guided to be 410M-460M dollars. This equals a guided expected increase of 1-10% this year (and IDCC tends to beat, or at least meet the upper end of its guidance ranges).>>
------------------------------------------------------------------------------------------------------------------------------------------------------------
Gamco, thanks - that looks like a good analysis - sometimes Seeking Alpha can
be lame. It looks consistent with this from the earnings call transcript:
<< For fiscal year 2024, we have guided to total revenue in the range of $620 million to $670 million. We expect an adjusted even on margin of roughly 50% due to the revenue share associated with large catch-up revenue from recent CE licenses. With that, we expect non-GAAP diluted earnings per share of $7.45 to $8.76.
Longer term, our goal remains to achieve and sustain a 60% adjusted EBITDA margin on $650 million of annual recurring revenue from device licenses with upside from the greenfield opportunity in video streaming and cloud services.>>
<<With all that we accomplished in 2023, the most important thing is that we built on our strong foundation and have carried that momentum into 2024. The Samsung TV agreement Liren discussed is a significant step toward reaching our goals in CE and IoT. On the strength of the Samsung TV deal, we expect Q1 revenue will be in the range of $245 million to $255 million. This includes $152 million to
$160 million of catch-up sales, and almost $22 million of recurring revenue, or more than $85 million on an annualized basis from CE and IoT.>>
https://s25.q4cdn.com/626766191/files/doc_downloads/2024/02/2024-feb-15-idcc-oq-transcript-v2.pdf
InterDigital: Ample Room To Lift On The Momentum
Mar. 30, 2024 9:27 AM ET
Tristan De Blick
Summary
InterDigital's stock price has increased by 50% in the last 12 months after trading sideways for 4 years.
The company's revenue has been growing consistently since 2019, with revenue becoming less dependent on one-off payments.
However, the stock price seemingly still depends on these one-off payments: in 2016 and 2023, it increased for extended periods after obtaining them.
Interestingly, InterDigital has struck a new deal with Samsung, and is to obtain a record high one-off payment this year.
Will the stock price follow suit once more?
After having traded sideways for 4 years, InterDigital's (NASDAQ:IDCC) stock price has increased by 50% over the last 12 months. Has the stock finally found its inflection point, and will its strong momentum continue, or is it, instead, more likely to trade sideways again for another 4 years? Let's investigate.
The reason behind the recent stock price surge
For a long time, I found it quite startling that IDCC stock traded sideways, as the results from 2019 on have been really strong. Revenue has grown spectacularly every single year since 2019, concluding a weaker period (revenue halved between 2016 and 2019 because InterDigital had received a strong one-off payment for so-called 'past royalties' from Apple and Huawei).
After receiving the large one-off payments in 2016, the stock price skyrocketed to above 100$ - which seemed fair as EPS was 8.95$. However, in the years to come, EPS would drop to 0.66$ in 2019. Since, IDCC's recurring revenues have been increasing at a rapid clip, making the company and its profits less dependent on these one-off payments:
For example, in 2020, total recurring revenue was $336M, while non-recurring revenue consisted of only $22M. As stated, the level of recurring revenue further increased over 2021-2023. In 2022, recurring revenue already accounted for $404M, or 20% more than in 2020.
Ironically, in 2023, recurring revenues did not increase all that much.
Instead, InterDigital once again received very large one-off catch-up payments:
As such, seemingly, just as in 2016 and 2017, the recent increase in the stock price has, at least to some extent, been driven by these catch-up payments!
What now?
Keeping the history since 2016 in mind, investors should be careful in valuing the company based on 2023's EPS. If they were to do so, the stock would look very cheap, trading at 14x (EPS: 7.62$). Normalized earnings would be much closer to those of 2022, when the catch-up payments were in line with the historical average. Based on the EPS of that year, IDCC is trading at 34x earnings.
However.
With that caution in mind, IDCC just announced that it has struck a magnificent new deal with Samsung, which allows the Korean conglomerate to use IDCC's codec for video formatting in its TVs. Samsung will pay in Q1 24 no less than $160M in catch-up payments. This exceeds the catch-up payments for the full year of 2023!
Moreover, IDCC also expects recurring revenue to increase throughout 2024. It has guided for a total revenue for the fiscal year between 620 and 670 million dollars. Excluding Samsung's catch-up payment, that leaves us with 460-510 million dollars in revenue. If that number includes another $50M in catch-up payments, which was the total for fiscal year 2022, recurring revenue is guided to be 410M-460M dollars. This equals a guided expected increase of 1-10% this year (and IDCC tends to beat, or at least meet the upper end of its guidance ranges).
Conclusion
IDCC has over the years increased its recurring revenue. The stock price, however, seemingly mostly reacts to the one-off catch-up payments which happen from time to time. Buying the stock right after the company has pocketed these large payments, has proven to be a great strategy. But one has to be quick. Buying the stock the fiscal year after after the firm had received these payments, proved to be a terrible strategy.
2023 was such a year: the company has received large one-off payments again, and the stock price is on the rise. As such, one needs to be cautious. However, IDCC just reported that it has received an even larger one-off payment this quarter from Samsung. As such, revenue and EPS are likely to hit all-time highs this year. I believe, therefore, that investors are still in time to lift on the recent strong momentum.
https://seekingalpha.com/article/4681304-interdigital-ample-room-to-lift-on-the-momentum
Agreed, but every little bit helps.
chill....that fine and dandy....but with 100 pct institutional ownership that generrally freely lent....not sure it matters....also if held in ira...not "supposed "to be lent out without you signing an hypothication agreement
I know most of you know this, but if you put your shares up for sale, they can't be lent out to the shorts. I have 99% of my shares up for sale at $200.00
dws....because of the short interest....the amount of shaes "floating around out there".....is close to 119% of the outstanding shares...those shares are held by longs...lets say...guys like us
one of the 2 reports must be inaccurate
sure hope market watch is right , but that 99.83% institution ownership seems extremely high
if that were the case whats holding this down ?
Top 10
31-Dec-23 inc/dec 30-Sep-23
BlackRock Inc. 4,431,012 -358,817 4,431,012
Vanguard Group 3,342,295 -17,809 3,342,295
Pacer 358,909 358,909 358,909
State Street Corp 1,008,862 -4,029 1,008,862
Dimensional 969,637 -62,279 969,637
Disciplined Growth 677,226 -48,660 677,226
Boston Partners 666,935 -22,583 666,935
Boston Trust 643,899 -1,067 643,899
Geode 556,979 -5,757 556,979
Shannon River 642,265 -373 642,265
I would guess 74%
dws - The last sentence was a "cut & paste" from the article. What do you believe institutional ownership to be now?
https://www.marketbeat.com/instant-alerts/nasdaq-idcc-sec-filing-2024-03-26/
I beg to differ with the last sentence.
Pacer Advisors Inc. Has $125.01 Million Position in InterDigital, Inc. (NASDAQ:IDCC)
Written by MarketBeat
March 26, 2024
Pacer Advisors Inc. raised its position in InterDigital, Inc. (NASDAQ:IDCC - Free Report) by 220.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,151,777 shares of the Wireless communications provider's stock after purchasing an additional 792,868 shares during the period. Pacer Advisors Inc. owned 4.48% of InterDigital worth $125,014,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently modified their holdings of IDCC. Norges Bank purchased a new position in InterDigital in the fourth quarter valued at approximately $14,439,000. Marshall Wace LLP purchased a new position in shares of InterDigital in the 2nd quarter valued at $16,076,000. Two Sigma Investments LP purchased a new position in shares of InterDigital in the 1st quarter valued at $6,199,000. Vanguard Group Inc. grew its holdings in shares of InterDigital by 2.2% during the third quarter. Vanguard Group Inc. now owns 3,343,395 shares of the Wireless communications provider's stock worth $268,274,000 after purchasing an additional 72,720 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of InterDigital by 6.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,031,916 shares of the Wireless communications provider's stock worth $75,226,000 after purchasing an additional 65,217 shares during the last quarter. 99.83% of the stock is owned by hedge funds and other institutional investors.
Short interest for 3/15/24 is 4.73 million shares, down from 4.90 million on 2/29/24. FWIW
InterDigital to Showcase Innovations in High Definition and Sustainable Video Streaming Alongside Partners at NAB 2024
Source: GlobeNewswire Inc.
InterDigital, Inc. (Nasdaq: IDCC), a mobile, video and AI technology research and development company, announced plans to showcase their contributions to video streaming and sustainability technologies alongside partners at NAB 2024. As critical contributor to Advanced HDR by Technicolor® solutions and longtime member of the Ultra HD Forum, InterDigital will showcase advancements in high dynamic range (HDR) production, distribution, and display solutions and AI-enhanced energy efficient streaming technologies at NAB 2024, taking place in Las Vegas from April 13 – 17.
Advanced HDR Streaming Solutions
A collaboration between Philips, InterDigital and Technicolor, Advanced HDR by Technicolor® is a suite of HDR solutions that leverage machine learning to maximize image quality and enhance the consumer viewing experience. At NAB, partners InterDigital and Philips will highlight progress in industry adoption of Advanced HDR solutions that support the bandwidth-efficient distribution of HDR content for any type of video streaming service provider or live broadcast production workflow. The solution enables end-to-end HDR and SDR production with a single master workflow and ensures optimal source fidelity on both SDR-to-HDR and HDR-to-SDR conversions. Advanced HDR by Technicolor remains the only solution delivering HDR broadcasts of any content, any time, and anywhere over the ATSC 3.0 NextGen TV stations.
Our contributions to Advanced HDR streaming solutions can be experienced at the ATSC booth at W3056 in West Hall, at the Ultra HD Forum booth at W4007 in West Hall, and by invitation at the Advanced HDR by Technicolor Meeting Room at W2476.
In addition, InterDigital will deliver a presentation as part of NAB’s Broadcast Engineering and IT conference. The session, “HDR-SDR conversion: Live HDR Single Master Production Conversion Interoperability Challenges” will take place on Tuesday, April 16 from 10:00 AM - 10:20 AM PST in room W222-W223.
Sustainable Streaming Solutions
At NAB booth W4007, members of the Ultra HD Forum will showcase current and future-looking solutions and strategies that support the sustainable delivery of Ultra HD content. As a member of the Ultra HD Forum, InterDigital leads and contributes to three of the demonstrations on display, including:
“Pixel Value Reduction in HDR Content” and the ways we leverage InterDigital’s AI expertise to adjust pixel luminance to reduce energy consumption with minimal impact on visual quality.
“Energy Efficient Enhanced Media Streaming” alongside partner ATEME to display the impact of luminance adjustment on energy usage and the strategic insertion of video metadata to enhance content delivery and viewer experiences.
“Viewing Condition Impacts on Display Energy Consumption” alongside collaborator CTOIC to illustrate the influence of ambient lighting on modern TV energy usage.
To register and learn more, please visit the NAB 2024 website here.
About Advanced HDR by Technicolor
A collaboration between Philips, InterDigital and Technicolor, Advanced HDR by Technicolor® is a suite of High Dynamic Range (HDR) production, distribution and display solutions that leverages machine learning (ML) technology to maximize image quality and enhance the consumer viewing experience. There are two major components to Advanced HDR by Technicolor:
The Intelligent Tone Management (ITM) tool provides a dynamic, tunable, real-time solution to up-convert SDR content to HDR with full freedom and flexibility to manage contrast, brightness and color saturation.
The Single Layer HDR (SL-HDR) is a dynamic and tunable real-time tool that implements the ETSI SL-HDR standards to generate and deliver a single, consistent, high-quality broadcast stream starting from any mix of input content (such as live, movies, news) across a wide range of HDR formats (HDR10, HLG, S-LOG3). SL-HDR1 transforms HDR input streams into SDR-plus-metadata streams. SL-HDR compatible receivers provide consumers with high-quality HDR images that can be adapted to optimize the display capabilities of their devices. Thanks to the unique backward compatibility feature of SL-HDR1, consumers who do not have HDR devices can enjoy the highest quality SDR experience.
To learn more about Advanced HDR by Technicolor visit: https://advancedhdrbytechnicolor.com/
About Ultra HD Forum
Founded in 2015, the Ultra HD Forum accelerates Ultra HD adoption by establishing best practices for the future of television. The Forum is a crucible for interoperability testing and standard synchronization.
For more information, please visit https://ultrahdforum.org or @UltraHDForum on LinkedIn.
About InterDigital®
InterDigital is a global research and development company focused primarily on wireless, video, artificial intelligence (“AI”), and related technologies. We design and develop foundational technologies that enable connected, immersive experiences in a broad range of communications and entertainment products and services. We license our innovations worldwide to companies providing such products and services, including makers of wireless communications devices, consumer electronics, IoT devices, cars and other motor vehicles, and providers of cloud-based services such as video streaming. As a leader in wireless technology, our engineers have designed and developed a wide range of innovations that are used in wireless products and networks, from the earliest digital cellular systems to 5G and today’s most advanced Wi-Fi technologies. We are also a leader in video processing and video encoding/decoding technology, with a significant AI research effort that intersects with both wireless and video technologies. Founded in 1972, InterDigital is listed on Nasdaq.
InterDigital is a registered trademark of InterDigital, Inc.
For more information, visit: www.interdigital.com.
InterDigital Contact:
Roya Stephens
Email: Roya.Stephens@interdigital.com
Phone: +1 (202) 349-1714
InterDigital to Showcase Innovations in High Definition and Sustainable Video Streaming Alongside Partners at NAB 2024
WILMINGTON, Del., March 26, 2024 (GLOBE NEWSWIRE) -- InterDigital, Inc. (Nasdaq: IDCC), a mobile, video and AI technology research and development company, announced plans to showcase their contributions to video streaming and sustainability technologies alongside partners at NAB 2024. As critical contributor to Advanced HDR by Technicolor® solutions and longtime member of the Ultra HD Forum, InterDigital will showcase advancements in high dynamic range (HDR) production, distribution, and display solutions and AI-enhanced energy efficient streaming technologies at NAB 2024, taking place in Las Vegas from April 13 – 17.
Avanci “very pleased” with 5G progress, but seeking first Chinese licensee
Headline only
IN THE UNITED STATES DISTRICT COURT
FOR THE EASTERN DISTRICT OF NORTH CAROLINA
WESTERN DIVISION
No. 5:23-cv-00493-FL
INTERDIGITAL, INC.,
INTERDIGITAL VC HOLDINGS, INC.,
INTERDIGITAL PATENT HOLDINGS,
INC., and INTERDIGITAL MADISON
PATENT HOLDINGS SAS,
Plaintiffs,
v.
LENOVO GROUP LIMITED,
LENOVO (UNITED STATES) INC.,
MOTOROLA MOBILITY LLC, and
LENOVO PC HK LIMITED,
Defendants.
JURY TRIAL DEMANDED
LENOVO’S NOTICE REGARDING A PARTIAL STAY PENDING ARBITRATION
For purposes of full disclosure and to preserve judicial resources, Defendants Lenovo
(United States) Inc., Lenovo PC HK Limited, and Motorola Mobility LLC (collectively,
“Lenovo”) hereby provide notice that in the co-pending proceeding before the International
Trade Commission (“ITC”), they have moved the Administrative Law Judge (“ALJ”) for an
order terminating the USITC Investigation with respect to three of the five asserted patents that
are also at issue in this case—U.S. Pat. Nos. 10,250,877 (the “’877 patent”), 8,674,859 (the
“’859 patent”), and 9,674,556 (the “’556 patent”) (the “Arbitral Patents”). Lenovo provides
further notice that, contingent upon the ALJ terminating the USITC Investigation in the ITC as to
the Arbitral Patents, Lenovo also intends to seek a partial stay of this litigation as to the same
Case 5:23-cv-00493-FL Document 79 Filed 03/20/24 Page 1 of 3
2
patents here. As this notice seeks to explain, such a stay would implicate Lenovo PC HK
Limited’s pending motion for judgment on the pleadings. See ECF No. 69.
On March 12, 2024, Lenovo moved to partially terminate the co-pending International
Trade Commission Investigation, Ex. A., captioned In the Matter of Certain Electronic Devices,
Including Smartphones, Computers, Tablet Computers, And Components Thereof, Inv. No. 337-
TA-1373 (U.S.I.T.C. Sep. 2023) (the “1373 Investigation”), which involves the ’877, ’859, and
’556 patents asserted in this litigation. Lenovo filed its termination motion in response to
recently produced documents from Plaintiffs, and a prior settlement agreement between Plaintiff
and Defendant that—in Defendant’s view—requires the parties to resolve disputes over the
Arbitral Patents through negotiation and arbitration.
If the administrative law judge enters an order terminating in part the 1373 Investigation
for arbitration, Lenovo hereby provides notice that it intends to seek a stay of this litigation with
respect to the ’877, ’859, and ’556 patents pending resolution of that arbitration. Lenovo does
not intend, however, to seek a stay of this litigation with respect to the other two asserted patents
not subject to the arbitration agreement—U.S. Pat. Nos. 9,173,054 (the “’054 patent”) and U.S.
8,737,933 (the “’933 patent”).
Lenovo’s potential future stay request would implicate the portion of Lenovo PC HK
Limited’s pending motion for judgment on the pleadings that the ’877 patent is ineligible under
35 U.S.C. § 101, but it would not implicate the portions of the motion asserting that the ’054 and
the ’933 patents are invalid for claiming patent-ineligible subject matter under 35 U.S.C. § 101.
See ECF No. 69.1
1 Lenovo PC HK Limited’s motion was filed on February 23, 2024. Plaintiffs’ response
to that motion was filed on Friday, March 15, 2024, and Lenovo’s reply is due on March 29,
2024.
Case 5:23-cv-00493-FL Document 79 Filed 03/20/24 Page 2 of 3
3
Date: March 20, 2024 /s/ Raymond M. Bennett
Raymond M. Bennett (NC Bar No. 36341)
WOMBLE BOND DICKINSON (US)
LLP
555 Fayetteville Street, Suite 1100
Raleigh, NC 27601
Telephone: 919-755-2158
Facsimile: 919-755-6068
Ray.Bennett@wbd-us.com
Jacob S. Wharton (NC Bar No. 37421)
WOMBLE BOND DICKINSON (US)
LLP
One West 4th St.
Winston-Salem, NC 27601
Telephone: 919-747-6609
Jacob.Wharton@wbd-us.com
Adam Shartzer
FISH & RICHARDSON P.C.
1000 Maine Ave SW
Washington, D.C. 20024
Telephone: 202-626-6380
shartzer@fr.com
Special Appearance Pursuant to L.R. 83.1
Jack R. Wilson IV
FISH & RICHARDSON P.C.
1000 Maine Ave SW
Washington, D.C. 20024
Telephone: 202-626-6415
jwilson@fr.com
Special Appearance Pursuant to L.R. 83.1
Forthcoming
Attorneys for Defendants
Lenovo Group Limited
Lenovo (United States) Inc.
Motorola Mobility LLC
IN THE UNITED STATES DISTRICT COURT
FOR THE EASTERN DISTRICT OF NORTH CAROLINA
WESTERN DIVISION
NO. 5:23-cv-00493-FL
INTERDIGITAL, INC.,
INTERDIGITAL VC HOLDINGS,
INC., INTERDIGITAL PATENT
HOLDINGS, INC., and
INTERDIGITAL MADISON
PATENT HOLDINGS SAS,
Plaintiffs,
v.
LENOVO (UNITED STATES) INC.,
MOTOROLA MOBILITY LLC, AND
LENOVO PC HK LIMITED,
Defendants.
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
JURY TRIAL DEMANDED
JOINT CLAIM CONSTRUCTION STATEMENT
Pursuant to Local Patent Rule 304.3 and the Court’s Case Management Order (Dkt. 33) in
the above-captioned case, Plaintiffs InterDigital, Inc., InterDigital VC Holdings, Inc., InterDigital
Patent Holdings, Inc., and InterDigital Madison Patent Holdings SAS’s (collectively, “Plaintiffs”
or “InterDigital”) and Defendants Lenovo (United States) Inc., Motorola Mobility LLC, and
Lenovo PC HK Limited (collectively, “Defendants” or “Lenovo”) hereby provide their Joint Claim
Construction Statement. In particular, the Parties herein identify proposed constructions of each
claim term, phrase, or clause which they have collectively identified for claim construction
purposes. A table containing the Parties’ proposed constructions and intrinsic evidence of each
construction is attached as Appendix A. The Parties also herein provide an identification of
Case 5:23-cv-00493-FL Document 78 Filed 03/18/24 Page 1 of 5
- 2 -
extrinsic evidence to support their proposed constructions. InterDigital’s identification of extrinsic
evidence is attached hereto as Appendix B. Lenovo’s identification of extrinsic evidence is
attached hereto as Appendix C. The Parties each reserve the right to rely on intrinsic and extrinsic
evidence relied upon by the other party.
The Parties anticipate that the claim construction hearing will require no more than 6 hours.
The Parties reserve the right, but do not intend, to call any experts for live testimony. The Parties
may submit declarations from their identified experts explaining the technological background for
the ’877, ’859, and ’556 Patents, a description of how a person of ordinary skill in the art would
understand the disputed claim terms, and the identification of the function and structure, if any,
associated with the terms subject to means-plus-function treatment, which are identified in
Appendix A hereto.
Dated: March 18, 2024
Respectfully Submitted,
/s/ Jack R. Wilson, IV
Raymond M. Bennett (NC Bar No. 36341)
WOMBLE BOND DICKINSON (US) LLP
555 Fayetteville Street, Suite 1100
Raleigh, North Carolina 27601
Telephone: 919-755-2158
Facsimile: 919-755-6068
Ray.Bennett@wbd-us.com
Jacob S. Wharton (NC Bar No. 37421)
WOMBLE BOND DICKINSON (US) LLP
One West 4th St.
Winston-Salem, North Carolina 27601
Telephone: 919-747-6609
Jacob.Wharton@wbd-us.com
Adam Shartzer
/s/ M. Scott Stevens
M. Scott Stevens
NC State Bar No. 37828
Kirk T. Bradley
NC State Bar No. 26490
ALSTON & BIRD LLP
Vantage South End
1120 South Tryon Street, Suite 300
Charlotte, NC 28203
Telephone: 704-444-1025
Fax: 704-444-1935
scott.stevens@alston.com
kirk.bradley@alston.com
Philip C. Ducker
CA State Bar No. 262644
Katherine G. Rubschlager
Case 5:23-cv-00493-FL Document 78 Filed 03/18/24 Page 2 of 5
- 3 -
FISH & RICHARDSON P.C.
1000 Maine Ave SW
Washington, D.C. 20024
Telephone: 202-626-6380
shartzer@fr.com
Special Appearance Pursuant to L.R. 83.1
Jack R. Wilson IV
FISH & RICHARDSON P.C.
1000 Maine Ave SW
Washington, D.C. 20024
Telephone: 202-626-6415
jwilson@fr.com
Special Appearance Pursuant to L.R. 83.1
Attorneys for Lenovo (United States) Inc.,
Motorola Mobility LLC, and
Lenovo PC HK Limited
CA State Bar No. 328100
ALSTON & BIRD LLP
560 Mission Street, Suite 2100
San Francisco, CA 94105
Telephone: 415-243-1000
Fax: 415-243-1001
phil.ducker@alston.com
katherine.rubschlager@alston.com
Special Appearance Pursuant to L.R. 83.1
Forthcoming
Ryan W. Koppelman
CA State Bar No. 290704
ALSTON & BIRD LLP
333 S. Hope St., 16th Floor
Los Angeles, CA 90071
Telephone: (213) 576-1000
Facsimile: (213) 576-1100
ryan.koppelman@alston.com
Special Appearance Pursuant to L.R. 83.1
Forthcoming
Neal A. Larson
GA State Bar No. 599069
TX State Bar No. 24106190
ALSTON & BIRD LLP
1201 West Peachtree Street
Atlanta, GA 30309
Telephone: (404) 881-7000
Facsimile: (404) 881-7777
neal.larson@alston.com
Special Appearance Pursuant to L.R. 83.1
Forthcoming
Jenny J. Wang
NC State Bar No. 61255
ALSTON & BIRD LLP
555 Fayetteville Street, Suite 600
Raleigh, NC 27601
Telephone: (919) 862-2200
Facsimile: (919) 862-2260
jenny.wang@alston.com
Attorneys for Plaintiffs
InterDigital, Inc. InterDigital
Since AI is the new big thing for the investment market IDCC should be highlighting AIML to the investing public
DWS where did you find the IDCC story you posted?
InterDigital’s Xiaofei Wang Appointed Chair of the IEEE 802.11 Artificial Intelligence and Machine Learning (AIML) Standing Committee
Company Release - 3/20/2024
Newly established Standing Committee dedicated to studying the integration of AIML and Wi-Fi technologies
WILMINGTON, Del., March 20, 2024 (GLOBE NEWSWIRE) -- InterDigital, Inc. (Nasdaq: IDCC), a mobile, video and AI technology research and development company, applauded the appointment of Xiaofei Wang to serve as Chair of the IEEE 802.11 Standing Committee on Artificial Intelligence and Machine Learning (AIML). Xiaofei previously served as Chair of the IEEE 802.11 Topic Interest Group on AIML.
IEEE 802.11 is the working group dedicated to standards for wireless local area networks (WLAN). The Working Group recently approved the creation of an AIML Standing Committee dedicated to reviewing and describing use cases for AIML in IEEE 802.11 based Wi-Fi systems, investigating and analyzing applications and feasibility of new AIML features, generating periodic reports, and leading other engagements regarding AIML-related standards activities.
“Congratulations to Xiaofei on this important recognition and his continued leadership in both the field of AIML and IEEE 802.11 standards development,” said InterDigital’s Chief Technology Officer Rajesh Pankaj. “We feel confident in Xiaofei’s skill and expertise in guiding critical discussions and exploring the opportunities and potential for AIML in Wi-Fi.”
In addition to chairing the AIML standing committee, Xiaofei served as secretary for the IEEE 802.11 Enhanced Broadcasting Service Task Group (IEEE 802.11 TGbc). He has been recognized for this role and his significant contributions on power-efficient broadcasting and comment resolution with an IEEE 802.11 TGbc Leadership Award.
“Well it seems like now most of the upward gyrations of the IDCC stock price involving the convertibles notes are now over”
I believe you are wrong. The upward gyration should start after the notes are converted and before the warrants expire. Should also be some short covering at that same time associated with the converts.
Well it seems like now most of the upward gyrations of the IDCC stock price involving the convertibles notes are now over, so now its back to the fundamentals of the business, signing new and renewing licenses. This unfortunately has to include positive litigation outcomes. Links to My3sons and Gamco's posts of what would help move the stock price higher. I am hopeful for these and other positive outcomes sooner than later.
my3sons post
Gamco's post
“”did it pay for itself" ?.”
I don’t see how. I guess your math is different than mine. As long as you’re happy, I guess, that’s all that counts.
jeal..."did it pay for itself" ?....id say at the current moment in time....yes..the hedges paid off....1 year ago ..NO....2 years from now WTFknows...
I listened to the IDCC presentation that Mr. Chen did at The Roth Conference this afternoon. It was an audio only presentation and is available for replay. The video compression has a lot of potential but Leren was vague as to when that could hit the bottom line and I can understand why. I did not pick up any other new information.
“In the end, will it have made money for the company?”
No, looks like a big waste of time and cash to me. It also doesn’t look like it was needed to buy back the stock either. The company already appears to have had enough cash of their own to do that. It also probably facilitated a lot of the short sales. If this was done to facilitate a bunch of dilution like some guys on here want to believe then why are they bothering to buy shares back if all they really want to do is dilute shares. Do they just like buying shares back at prices higher than they sold them at?
There will be no dilution unless the warrants finish in the money. The converted notes and exercised calls cancel each other out. Look at the chart in the 10k. It’s plain as day.
jeal...the whole trade was constructed around hedging out dilution from conversion when the stock price moves beyond the stated conversion price on the notes....since the price of the stock is well beyond the stated conversion price at this point....im sure the trade was created with this scenario in mind if early conversion occurred....and can be "deconstructed" in a orderly manner....which we might have seen some of already
I really don’t understand the purpose of these moves. I thought that the company had borrowed the money for expansion or acquisitions. In the end, will it have made money for the company?
If the 2027 notes were converted around the $102 range then IDCC would owe the note holders about 1.4 million shares, after paying the $460 million principal back, but would turn around and get the same number of shares back by exercising the call options. The warrants are not in the money currently. I don’t know what it would cost IDCC to buy them back. I doubt IDCC wants those warrants sitting out there for 3 more years after the notes and calls are settled. I don’t really know when the warrants are supposed to expire though or if the expiration would be affected by converting the notes early.
The rest of the 2024 notes would involve about 350,000 shares doing the same swap at that same share price. The 2024 warrants, being currently out of the money, will expire sometime in the next 3-5 months or so if not repurchased by IDCC.
vegas...im gonna stick with the theory that it involves the converts....the options that idc holds as part of the antidultion hedge....are privately written by a third party....and are not exchanged traded....and could have been part of this transaction....remember....the converts are actually being converted by the holders....at much lower prices....its very interesting trying to track all the moving parts of the convert transaction
Gamco, the toll that old age is taking isn't a problem, I usually forget sometime during each day just how bad it is.
Good luck.
teecee56, The price was $102.59 for 1.397M shares, 1.403 M shares , 51K shares and a bunch of smaller trades. It was off exchange so it could be anything. The share price is lower than the conversion. It is also possible that the company bought them as they did almost 2 years ago from a hedge fund.
badgerkid - Thank you. I see now that I misposted the dates also. Old age is taking a toll!
Vegas, I'm with Teecee, is there any indication of the share price on all of those trades?
Thanks.
Gamco, thanks. I did report those numbers on this board on 3/11. Here's the quick guide to reporting dates for short interest:
https://www.nasdaqtrader.com/trader.aspx?id=shortintpubsch
For example, 3/15 short interest totals will be available for viewing on 3/26.
vegas ..was ther a price on that report?
that has to have something to do with the converts as far as im concerned...what is total amount of converts?
Triple witching was an active share day.
Followers
|
877
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
432570
|
Created
|
01/05/02
|
Type
|
Free
|
Moderators |
The principle objective of the iHub message boards is to maintain a high signal-to-noise ratio while encouraging the exchange of all points of view. Moderators are an important part of making our message boards beneficial to all participants and readers. Moderating a stock-specific board, particularly those which are controversial due to many divergent perspectives or newsworthy events, can be a challenging and time consuming role. The time and effort expended by our Members who volunteer their time to fulfill this valuable role is greatly appreciated and our Moderators should be treated with the respect they deserve for donating their time and efforts to the collective benefit of our community. Company-specific boards are the lifeblood of iHub. The Moderators' role is simple to define for company-specific boards:
To promote the civil exchange of on-topic dialog that complies with the Investors Hub Terms of Service. |
It is no accident that neither the above definition nor the Terms of Service makes mention of investment sentiment, shareholder interests, or considerations such as "the good of the company." That is because the TOS are blind to investment sentiment. In order to be a successful Moderator and conduct a board within the scope of iHub's TOS, it is critical that Moderators distinguish their role and privileges as Moderator from their role and privileges as a posting Member. That is often easier said than done, particularly on active boards with both the typical and atypical controversy.
If a post does not fit into any of these categories the post must not be removed.
Some posts fall into a "gray" area and are borderline depending upon the way they are read. As inclusion is favored over exclusion, please err or the side of not removing posts if they are not clear violations. Please use the "Report TOS Violation" button at the bottom of the post with your comments if the post is not egregious in nature and Site Admins will review the message.
Bottom line: Please use your best judgment in removing posts based on the above guidelines and let us know if you have any questions or need any help. And keep in mind that post removal and non-removal have to be given the same emphasis. It is not permissible, for example, to remove a post that calls someone a "pumper" while not also removing a post that calls someone a "basher". Investor sentiment, including your own, can NOT be part of the removal/non-removal decision.
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |