INTERDIGITAL, INC., 10-Q filed on 7/31/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 29, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 1-33579  
Entity Registrant Name INTERDIGITAL, INC.  
Entity Incorporation, State or Country Code PA  
Entity Tax Identification Number 82-4936666  
Entity Address, Address Line One 200 Bellevue Parkway  
Entity Address, Address Line Two Suite 300  
Entity Address, City or Town Wilmington  
Entity Address, State or Province DE  
Entity Address, Postal Zip Code 19809-3727  
City Area Code 302  
Local Phone Number 281-3600  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol IDCC  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   25,802,360
Entity Central Index Key 0001405495  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 517,894 $ 527,360
Short-term investments 419,091 430,848
Accounts receivable 388,707 188,302
Prepaid and other current assets 60,717 84,312
Total current assets 1,386,409 1,230,822
Property and equipment, net 26,376 18,544
Patents, net 317,963 308,630
Deferred tax assets 96,468 128,133
Other non-current assets, net 157,493 149,400
Total assets 1,984,709 1,835,529
Current liabilities:    
Current portion of long-term debt 455,750 456,329
Accounts payable 8,046 12,206
Accrued compensation and related expenses 28,766 42,575
Deferred revenue 178,291 178,009
Dividends payable 15,507 11,557
Other accrued expenses 22,498 25,134
Total current liabilities 708,858 725,810
Long-term debt 16,566 15,443
Long-term deferred revenue 113,631 182,119
Other long-term liabilities 58,870 54,942
Total liabilities 897,925 978,314
Commitments and contingencies
Shareholders' equity:    
Preferred Stock, $0.10 par value, 14,399 shares authorized, 0 shares issued and outstanding 0 0
Common Stock, $0.01 par value, 100,000 shares authorized, 70,911 and 70,577 shares issued and 25,869 and 25,682 shares outstanding 709 705
Additional paid-in capital 805,073 808,540
Retained earnings 2,039,921 1,775,823
Accumulated other comprehensive loss (107) (458)
Treasury stock, 45,042 and 44,895 shares of common stock held at cost (1,758,812) (1,727,395)
Total shareholders' equity 1,086,784 857,215
Total liabilities and shareholders' equity $ 1,984,709 $ 1,835,529
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Jun. 30, 2025
Dec. 31, 2024
Shareholders' equity:    
Preferred stock, par value (in USD per share) $ 0.10 $ 0.10
Preferred stock, shares authorized (in shares) 14,399 14,399
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in USD per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 100,000 100,000
Common stock, shares issued (in shares) 70,911 70,577
Common stock, shares outstanding (in shares) 25,869 25,682
Treasury stock, shares of common held at cost (in shares) 45,042 44,895
v3.25.2
Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue        
Revenue $ 300,596 $ 223,493 $ 511,103 $ 487,035
Operating expenses:        
Research and portfolio development 53,674 50,145 101,104 99,520
Licensing 23,909 25,156 41,586 121,745
General and administrative 17,586 14,286 31,154 28,126
Total operating expenses 95,169 89,587 173,844 249,391
Income from operations 205,427 133,906 337,259 237,644
Interest expense (9,537) (11,483) (19,408) (23,405)
Other income, net 15,144 11,682 25,402 20,929
Income before income taxes 211,034 134,105 343,253 235,168
Income tax provision (30,466) (24,441) (47,083) (43,852)
Net income $ 180,568 $ 109,664 $ 296,170 $ 191,316
Net income per common share — Basic (in USD per share) $ 6.97 $ 4.35 $ 11.47 $ 7.54
Weighted average number of common shares outstanding — Basic (in shares) 25,917 25,207 25,829 25,359
Net income per common share — Diluted (in USD per share) $ 5.35 $ 3.93 $ 8.81 $ 6.80
Weighted average number of common shares outstanding — Diluted (in shares) 33,725 27,910 33,615 28,125
Cash dividends declared per common share (in USD per share) $ 0.60 $ 0.40 $ 1.20 $ 0.80
v3.25.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 180,568 $ 109,664 $ 296,170 $ 191,316
Unrealized gain (loss) on investments, net of tax 95 (90) 351 (585)
Comprehensive income $ 180,663 $ 109,574 $ 296,521 $ 190,731
v3.25.2
Condensed Consolidated Statements of Shareholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Beginning balance (in shares) at Dec. 31, 2023   69,507        
Beginning balance at Dec. 31, 2023 $ 581,549 $ 694 $ 742,981 $ 1,462,070 $ (647) $ (1,623,549)
Treasury stock, beginning balance (in shares) at Dec. 31, 2023           43,927
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 81,652     81,652    
Net change in unrealized gain (loss) on short-term investments (495)       (495)  
Dividends declared (10,147)   343 (10,490)    
Issuance of common stock, net (in shares)   131        
Issuance of common stock, net (8,635) $ 2 (8,637)      
Share-based compensation 9,386   9,386      
Repurchase of common stock (in shares)           277
Repurchase of common stock (29,019)         $ (29,019)
Ending balance (in shares) at Mar. 31, 2024   69,638        
Ending balance at Mar. 31, 2024 624,291 $ 696 744,073 1,533,232 (1,142) $ (1,652,568)
Treasury stock, ending balance (in shares) at Mar. 31, 2024           44,204
Beginning balance (in shares) at Dec. 31, 2023   69,507        
Beginning balance at Dec. 31, 2023 581,549 $ 694 742,981 1,462,070 (647) $ (1,623,549)
Treasury stock, beginning balance (in shares) at Dec. 31, 2023           43,927
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 191,316          
Net change in unrealized gain (loss) on short-term investments (585)          
Ending balance (in shares) at Jun. 30, 2024   70,001        
Ending balance at Jun. 30, 2024 696,777 $ 699 789,708 1,632,401 (1,232) $ (1,724,799)
Treasury stock, ending balance (in shares) at Jun. 30, 2024           44,872
Beginning balance (in shares) at Mar. 31, 2024   69,638        
Beginning balance at Mar. 31, 2024 624,291 $ 696 744,073 1,533,232 (1,142) $ (1,652,568)
Treasury stock, beginning balance (in shares) at Mar. 31, 2024           44,204
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 109,664     109,664    
Net change in unrealized gain (loss) on short-term investments (90)       (90)  
Dividends declared (10,052)   443 (10,495)    
Issuance of common stock, net (in shares)   39        
Issuance of common stock, net (1,580)   (1,580)      
Share-based compensation 9,655   9,655      
Repurchase of common stock (in shares)           344
Repurchase of common stock (35,111)         $ (35,111)
Settlement of the 2024 Notes (in shares)   324        
Settlement of the 2024 Notes   $ 3 (3)      
Settlement of the 2024 Hedges (in shares)           324
Settlement of the 2024 Hedges 0   37,120     $ (37,120)
Ending balance (in shares) at Jun. 30, 2024   70,001        
Ending balance at Jun. 30, 2024 $ 696,777 $ 699 789,708 1,632,401 (1,232) $ (1,724,799)
Treasury stock, ending balance (in shares) at Jun. 30, 2024           44,872
Beginning balance (in shares) at Dec. 31, 2024 25,682 70,577        
Beginning balance at Dec. 31, 2024 $ 857,215 $ 705 808,540 1,775,823 (458) $ (1,727,395)
Treasury stock, beginning balance (in shares) at Dec. 31, 2024 44,895         44,895
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income $ 115,602     115,602    
Net change in unrealized gain (loss) on short-term investments 256       256  
Dividends declared (15,577)   450 (16,027)    
Exercise of common stock options (in shares)   100        
Exercise of common stock options 7,315 $ 1 7,314      
Issuance of common stock, net (in shares)   218        
Issuance of common stock, net (32,176) $ 2 (32,178)      
Share-based compensation 9,498   9,498      
Repurchase of common stock (in shares)           24
Repurchase of common stock (5,249)         $ (5,249)
Ending balance (in shares) at Mar. 31, 2025   70,895        
Ending balance at Mar. 31, 2025 $ 936,884 $ 708 793,624 1,875,398 (202) $ (1,732,644)
Treasury stock, ending balance (in shares) at Mar. 31, 2025           44,919
Beginning balance (in shares) at Dec. 31, 2024 25,682 70,577        
Beginning balance at Dec. 31, 2024 $ 857,215 $ 705 808,540 1,775,823 (458) $ (1,727,395)
Treasury stock, beginning balance (in shares) at Dec. 31, 2024 44,895         44,895
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income $ 296,170          
Net change in unrealized gain (loss) on short-term investments $ 351          
Ending balance (in shares) at Jun. 30, 2025 25,869 70,911        
Ending balance at Jun. 30, 2025 $ 1,086,784 $ 709 805,073 2,039,921 (107) $ (1,758,812)
Treasury stock, ending balance (in shares) at Jun. 30, 2025 45,042         45,042
Beginning balance (in shares) at Mar. 31, 2025   70,895        
Beginning balance at Mar. 31, 2025 $ 936,884 $ 708 793,624 1,875,398 (202) $ (1,732,644)
Treasury stock, beginning balance (in shares) at Mar. 31, 2025           44,919
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 180,568     180,568    
Net change in unrealized gain (loss) on short-term investments 95       95  
Dividends declared (15,507)   538 (16,045)    
Exercise of common stock options (in shares)   1        
Exercise of common stock options 15   15      
Issuance of common stock, net (in shares)   15        
Issuance of common stock, net (939) $ 1 (940)      
Share-based compensation 11,836   11,836      
Repurchase of common stock (in shares)           123
Repurchase of common stock $ (26,168)         $ (26,168)
Ending balance (in shares) at Jun. 30, 2025 25,869 70,911        
Ending balance at Jun. 30, 2025 $ 1,086,784 $ 709 $ 805,073 $ 2,039,921 $ (107) $ (1,758,812)
Treasury stock, ending balance (in shares) at Jun. 30, 2025 45,042         45,042
v3.25.2
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]            
Dividends declared (in USD per share) $ 0.60 $ 0.60 $ 0.40 $ 0.40 $ 1.20 $ 0.80
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 296,170 $ 191,316
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 37,678 34,616
Non-cash interest income, net (2,426) (6,429)
Non-cash change in investments 584 (150)
Change in deferred revenue (71,206) (54,408)
Deferred income taxes 31,572 29,495
Share-based compensation 21,334 19,041
Increase in assets:    
Receivables (200,405) (106,348)
Deferred charges and other assets (14,044) (41,151)
Increase (Decrease) in liabilities:    
Accounts payable 801 (611)
Customer deposit 0 (63,100)
Accrued compensation and other expenses (14,929) (408)
Net cash provided by operating activities 85,129 1,863
Cash flows from investing activities:    
Purchases of short-term investments (236,016) (297,086)
Sales of short-term investments 254,003 415,988
Purchases of property and equipment (15,082) (1,003)
Capitalized patent costs (25,125) (21,595)
Long-term investments 0 1,194
Net cash (used in) provided by investing activities (22,220) 97,498
Cash flows from financing activities:    
Payments on long-term debt (1,284) (139,069)
Repurchase of common stock (31,417) (63,670)
Net proceeds from exercise of stock options 7,331 0
Taxes withheld upon restricted stock unit vestings (33,116) (10,215)
Dividends paid (27,134) (20,373)
Net cash used in financing activities (85,620) (233,327)
Net decrease in cash, cash equivalents and restricted cash (22,711) (133,966)
Cash, cash equivalents and restricted cash, beginning of period 551,547 442,961
Cash, cash equivalents and restricted cash, end of period $ 528,836 $ 308,995
v3.25.2
Basis of Presentation
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
In the opinion of management, the accompanying unaudited, condensed consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the financial position of InterDigital, Inc. (individually and/or collectively with its subsidiaries referred to as “InterDigital,” the “Company,” “we,” “us” or “our,” unless otherwise indicated) as of June 30, 2025, the results of our operations for the three and six months ended June 30, 2025 and 2024 and our cash flows for the six months ended June 30, 2025 and 2024. The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, accordingly, do not include all of the detailed schedules, information and notes necessary to state fairly the financial condition, results of operations and cash flows in conformity with United States generally accepted accounting principles (“GAAP”). The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP for year-end financial statements. Therefore, these financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (our “2024 Form 10-K”) as filed with the Securities and Exchange Commission (“SEC”) on February 6, 2025. Definitions of capitalized terms not defined herein appear within our 2024 Form 10-K. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. We have one reportable segment.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.
Change in Accounting Policies
There have been no material changes or updates to our existing accounting policies from the disclosures included in our 2024 Form 10-K, except as indicated below in "New Accounting Guidance".
Reclassifications
Certain reclassifications have been made to prior year amounts to conform to the current year presentation.
Supplemental Cash Flow Information
The following table presents additional supplemental cash flow information for the six months ended June 30, 2025 and 2024 (in thousands):
Six Months Ended June 30,
Supplemental cash flow information:20252024
Interest paid$8,050 $9,311 
Income taxes paid, including foreign withholding taxes21,764 16,920 
Non-cash investing and financing activities:
Dividend payable15,507 10,052 
Right-of-use assets obtained in exchange of operating lease liabilities880 2,189 
Non-cash acquisition of patents19,319 — 
Accrued capitalized patent costs and property and equipment purchases4,961 (856)
Unsettled repurchase of common stock468 — 
New Accounting Guidance
Accounting Standards Update: Improvements to Income Tax Disclosures
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Updates ("ASU") No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments in the ASU enhance income tax disclosures, primarily through standardization, disaggregation of rate reconciliation categories, and income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption allowed. We adopted this guidance as of January 1, 2025, and we will include the necessary disclosures in our annual Form 10-K. The disclosures are required on an annual basis so there was no impact to this Form 10-Q.
Accounting Standards Update: Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU No. 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses". The amendments in the ASU require disclosures about specific types of expenses included in the expense captions presented on the Consolidated Statements of Income, as well as disclosures about selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, with early adoption allowed. We are currently evaluating the impact of adoption on our financial disclosures.
Accounting Standards Update: Induced Conversions of Convertible Debt Instruments
In November 2024, the FASB issued ASU No. 2024-04, "Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments". The amendments in the ASU require disclosures for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for fiscal years beginning after December 15, 2025, with early adoption allowed. We are currently evaluating the impact of adoption on our consolidated financial statements.
v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregated Revenue
The following table presents the disaggregation of our revenue for the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,
 20252024
Increase/(Decrease)
Smartphone$235,084 $199,225 $35,859 18 %
CE, IoT/Auto65,331 23,729 41,602 175 %
Other181 539 (358)(66)%
Total Revenue$300,596 $223,493 $77,103 34 %
Catch-up revenue (a), included above
$162,328 $127,551 $34,777 27 %
Six Months Ended June 30,
 20252024
Increase/(Decrease)
Smartphone$419,075 $279,505 $139,570 50 %
CE, IoT/Auto91,598 206,272 (114,674)(56)%
Other430 1,258 (828)(66)%
Total Revenue$511,103 $487,035 $24,068 5 %
Catch-up revenue (a), included above
$247,113 $294,229 $(47,116)(16)%
(a)    Catch-up revenue represents revenue associated with reporting periods prior to the execution of the license agreement.
During the six months ended June 30, 2025, we recognized $108.5 million of revenue that had been included in deferred revenue as of the beginning of the period. As of June 30, 2025, we had contract assets of $343.8 million included within "Accounts receivable" and $9.0 million included within "Other non-current assets, net" in the condensed consolidated balance sheet. As of December 31, 2024, we had contract assets of $162.8 million included within "Accounts receivable" in the condensed consolidated balance sheet.
Contracted Revenue
Based on contracts signed and committed as of June 30, 2025, we expect to recognize the following revenue from dynamic fixed-fee royalty payments over the term of such contracts (in thousands):
Revenue (a)
Remainder of 2025$259,231 
2026425,298 
2027413,782 
2028322,625 
2029268,989 
Thereafter232,500 
Total Revenue$1,922,425 
(a)    This table includes estimated revenue related to our Lenovo arbitration. In accordance with ASC 606, this estimate is limited to the amount of revenue we expect to recognize only to the extent we believe it is probable that a subsequent change in the estimate would not result in a significant revenue reversal.
v3.25.2
Cash, Concentration of Credit Risk and Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
CASH, CONCENTRATION OF CREDIT RISK AND FAIR VALUE OF FINANCIAL INSTRUMENTS CASH, CONCENTRATION OF CREDIT RISK AND FAIR VALUE OF FINANCIAL INSTRUMENTS
Cash, Cash Equivalents, and Restricted Cash
Cash, cash equivalents, and restricted cash currently consist of money market and demand accounts. The following table provides a reconciliation of total cash, cash equivalents, and restricted cash as of June 30, 2025, December 31, 2024, and June 30, 2024 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands):
 June 30,December 31,June 30,
 202520242024
Cash and cash equivalents$517,894 $527,360 $299,762 
Restricted cash included within prepaid and other current assets10,942 24,187 9,233 
Total cash, cash equivalents, and restricted cash
$528,836 $551,547 $308,995 
Concentration of Credit Risk and Fair Value of Financial Instruments
Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash equivalents, short-term investments, and accounts receivable. We place our cash equivalents and short-term investments only in highly rated financial instruments and in United States government instruments.
Our accounts receivable and contract assets are derived principally from patent license and technology solutions agreements. Three licensees comprised 90% and 84% of our accounts receivable balances of June 30, 2025 and December 31, 2024, respectively. We perform ongoing credit evaluations of our licensees, who generally include large, multinational, wireless telecommunications equipment manufacturers. We believe that the book values of our financial instruments approximate their fair values.
Fair Value Measurements
We use various valuation techniques and assumptions when measuring the fair value of our assets and liabilities. We utilize market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. This guidance established a hierarchy that prioritizes fair value measurements based on the types of input used for the various valuation techniques (market approach, income approach and cost approach). The levels of the hierarchy are described below:
Level 1 Inputs — Level 1 includes financial instruments for which quoted market prices for identical instruments are available in active markets.
Level 2 Inputs — Level 2 includes financial instruments for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets with insufficient volume or infrequent transactions (less active markets) or model-driven valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data, including market interest rate curves, referenced credit spreads and pre-payment rates.
Level 3 Inputs — Level 3 includes financial instruments for which fair value is derived from valuation techniques including pricing models and discounted cash flow models in which one or more significant inputs are unobservable, including the Company’s own assumptions. The pricing models incorporate transaction details such as contractual terms, maturity and, in certain instances, timing and amount of future cash flows, as well as assumptions related to liquidity and credit valuation adjustments of marketplace participants.
Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and financial liabilities and their placement within the fair value hierarchy. We use quoted market prices for similar assets to estimate the fair value of our Level 2 investments.
Recurring Fair Value Measurements
Our financial assets are generally included within short-term investments on our condensed consolidated balance sheets, unless otherwise indicated. Our financial assets and liabilities that are accounted for at fair value on a recurring basis are presented in the tables below as of June 30, 2025 and December 31, 2024 (in thousands):
 Fair Value as of June 30, 2025
 Level 1Level 2Level 3Total
Assets:    
Money market and demand accounts (a)
$527,341 $— $— $527,341 
Commercial paper (b)
— 73,055 — 73,055 
U.S. government securities— 217,899 — 217,899 
Corporate bonds, asset backed and other securities (c)
— 129,164 — 129,164 
  Total$527,341 $420,118 $— $947,459 
 Fair Value as of December 31, 2024
 Level 1Level 2Level 3Total
Assets:    
Money market and demand accounts (a)
$535,745 $— $— $535,745 
Commercial paper (b)
— 78,870 — 78,870 
U.S. government securities— 230,561 — 230,561 
Corporate bonds, asset backed and other securities (c)
— 137,219 — 137,219 
  Total$535,745 $446,650 $— $982,395 
______________________________
(a)Primarily included within cash and cash equivalents.
(b)As of December 31, 2024, $4.1 million of commercial paper was included within cash and cash equivalents, respectively.
(c)As of June 30, 2025 and December 31, 2024, $1.0 million and $11.7 million of corporate bonds, asset backed and other securities was included within cash and cash equivalents, respectively.
Fair Value of Long-Term Debt
Convertible Notes
The principal amount, carrying value and related estimated fair value of the Company's Convertible Notes reported as of June 30, 2025 and December 31, 2024 was as follows (in thousands). The aggregate fair value of the principal amount of the Convertible Notes is a Level 2 fair value measurement.
June 30, 2025December 31, 2024
Principal
Amount		Carrying
Value		Fair
Value		Principal
Amount		Carrying
Value		Fair
Value
2027 Senior Convertible Long-Term Debt$460,000 $455,750 $1,340,725 $460,000 $454,739 $1,166,155 
Technicolor Patent Acquisition Long-term Debt
The carrying value and related estimated fair value of the Technicolor Patent Acquisition long-term debt reported as of June 30, 2025 and December 31, 2024 was as follows (in thousands). The aggregate fair value of the Technicolor Patent Acquisition long-term debt is a Level 3 fair value measurement.
June 30, 2025December 31, 2024
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Technicolor Patent Acquisition Long-Term Debt$16,566 $15,585 $17,033 $17,102 
v3.25.2
Other Assets and Liabilities
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ASSETS AND LIABILITIES OTHER ASSETS AND LIABILITIES
The amounts included in "Prepaid and other current assets" in the condensed consolidated balance sheet as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
June 30, 2025December 31, 2024
Tax receivables$23,837 $16,691 
Prepaid assets22,096 38,952 
Restricted cash10,942 24,187 
Other current assets3,842 4,482 
Total Prepaid and other current assets$60,717 $84,312 
The amounts included in "Other non-current assets, net" in the condensed consolidated balance sheet as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
June 30, 2025December 31, 2024
Tax receivables$93,943 $88,619 
Goodwill22,421 22,421 
Right-of-use assets14,741 15,218 
Long-term investments12,947 19,851 
Contract asset9,000 — 
Other non-current assets4,441 3,291 
Total Other non-current assets, net$157,493 $149,400 
The amounts included in "Other accrued expenses" in the condensed consolidated balance sheet as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
June 30, 2025December 31, 2024
Accrued legal fees$13,107 $9,571 
Other accrued expenses9,391 15,563 
Total Other accrued expenses$22,498 $25,134 
The amounts included in "Other long-term liabilities" in the condensed consolidated balance sheet as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
June 30, 2025December 31, 2024
Deferred compensation liabilities$23,627 $19,969 
Operating lease liabilities15,289 15,772 
Other long-term liabilities19,954 19,201 
Total Other long-term liabilities$58,870 $54,942 
v3.25.2
Obligations
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
OBLIGATIONS OBLIGATIONS
2027 Notes, and Related Note Hedge and Warrant Transactions
On May 27, 2022, we issued $460.0 million in aggregate principal amount of 3.50% Senior Convertible Notes due in 2027 (the "2027 Notes"). The net proceeds from the issuance of the 2027 Notes, after deducting the initial purchasers' transaction fees and offering expenses, were approximately $450.0 million. The 2027 Notes bear interest at a rate of 3.50% per year, payable in cash on June 1 and December 1 of each year, commencing on December 1, 2022, and mature on June 1, 2027, unless earlier redeemed, converted or repurchased.
The 2027 Notes will be convertible into cash up to the aggregate principal amount of the 2027 Notes to be converted and in respect of the remainder, if any, of the Company’s obligation in excess of the aggregate principal amount of the 2027 Notes being converted, pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination thereof, at the Company’s election, at an initial conversion rate of 12.9041 shares of Common Stock per $1,000 principal amount of the 2027 Notes (which is equivalent to an initial conversion price of approximately $77.49 per share). From the period January 1, 2024 through September 30, 2025, the holders of the 2027 Notes have the right, but not the obligation, to convert any portion of the principal amount of the 2027 Notes. As such, the 2027 Notes are included in "Current portion of long-term debt" in our condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024.
The 2027 Notes are the Company’s senior unsecured obligations and rank equally in right of payment with any of the Company’s current and any future senior unsecured indebtedness. The 2027 Notes are effectively subordinated to all of the Company’s future secured indebtedness, if any, to the extent of the value of the related collateral, and the 2027 Notes are structurally subordinated to indebtedness and other liabilities, including trade payables, of the Company’s subsidiaries.
On May 24 and May 25, 2022, in connection with the offering of the 2027 Notes, we entered into convertible note hedge transactions ("2027 Note Hedge Transactions") that cover, subject to customary anti-dilution adjustments, approximately 5.9 million shares of common stock, in the aggregate, at a strike price that initially corresponds to the initial conversion price of the 2027 Notes, subject to adjustment, and are exercisable upon any conversion of the 2027 Notes. Also, on May 24 and May 25, 2022, we entered into privately negotiated warrant transactions ("2027 Warrant Transactions"), whereby we sold warrants to acquire, subject to customary anti-dilution adjustments, approximately 5.9 million shares of common stock. As of June 30, 2025, the warrants under the 2027 Warrant Transactions had a weighted average strike price of $106.06 per share, subject to adjustment, and mature beginning September 2027 through April 2028.
2024 Notes, and Related Note Hedge and Warrant Transactions
On June 3, 2019, we issued $400.0 million in aggregate principal amount of Senior Convertible Notes due in 2024 (the "2024 Notes") that bore interest at a rate of 2.00% per year, payable in cash on June 1 and December 1 of each year, commencing on December 1, 2019, and matured on June 1, 2024.
In connection with the offering of the 2024 Notes, we entered into convertible note hedge transactions (collectively, the "2024 Note Hedge Transactions") that covered, subject to customary anti-dilution adjustments, approximately 4.9 million shares of common stock, in the aggregate, at a strike price that corresponded to the conversion price of the 2024 Notes, subject to adjustment, and were exercisable upon any conversion of the 2024 Notes. We also entered into privately negotiated warrant transactions (collectively, the "2024 Warrant Transactions" and, together with the 2024 Note Hedge Transactions, the "2024 Call Spread Transactions"), whereby we sold warrants to acquire, subject to customary anti-dilution adjustments, approximately 4.9 million shares of common stock at an initial strike price of approximately $109.43 per share, subject to adjustment.
During second quarter 2022, we repurchased $273.8 million in aggregate principal amount of the 2024 Notes in privately negotiated transactions concurrently with the offering of the 2027 Notes. In connection with the partial repurchase of the 2024 Notes, we entered into partial unwind agreements that amended the terms of the 2024 Call Spread Transactions to reduce the number of options corresponding to the principal amount of the repurchased 2024 Notes. The unwind agreements also reduce the number of warrants exercisable under the 2024 Warrant Transactions. As a result of the partial unwind transactions, approximately 3.3 million shares of common stock in the aggregate that were covered under each of the 2024 Note Hedge Transactions and the 2024 Warrant Transactions were unwound.
On June 1, 2024, the 2024 Notes matured and we repaid the remaining $126.2 million in aggregate principal in cash and issued 0.3 million common shares to settle the remaining obligation. This issuance was effectively offset by our receipt of 0.3 million shares from the settlement of the 2024 Note Hedge Transactions. Additionally, the 2024 Warrant Transactions settled, on a net-share basis, during September through December 2024 resulting in the issuance of 0.5 million shares.
The following table reflects the carrying value of our Convertible Notes long-term debt as of June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025December 31, 2024
3.50% Senior Convertible Notes due 2027
$460,000 $460,000 
Less: Deferred financing costs(4,250)(5,261)
Net carrying amount of the Convertible Notes455,750 454,739 
Less: Current portion of long-term debt(455,750)(454,739)
Long-term net carrying amount of the Convertible Notes$— $— 
The following table presents the amount of interest cost recognized, which is included within "Interest expense" in our condensed consolidated statements of income, for the three and six months ended June 30, 2025 and 2024 relating to the contractual interest coupon and the amortization of deferred financing costs of the Convertible Notes (in thousands):
Three Months Ended June 30,
20252024
2027 Notes2027 Notes2024 NotesTotal
Contractual coupon interest$4,025 $4,025 $428 $4,453 
Amortization of deferred financing costs509 471 101 572 
Total$4,534 $4,496 $529 $5,025 
Six Months Ended June 30,
20252024
2027 Notes2027 Notes2024 NotesTotal
Contractual coupon interest$8,050 $8,050 $1,059 $9,109 
Amortization of deferred financing costs1,011 936 252 1,188 
Total$9,061 $8,986 $1,311 $10,297 
Technicolor Patent Acquisition Long-Term Debt
On July 30, 2018, we completed our acquisition of the patent licensing business of Technicolor SA ("Technicolor"), a worldwide technology leader in the media and entertainment sector (the "Technicolor Patent Acquisition"). In conjunction with the Technicolor Patent Acquisition, we assumed Technicolor’s rights and obligations under a joint licensing program with Sony relating to digital televisions and standalone computer display monitors, which commenced in 2015 (the "Madison Arrangement"). An affiliate of CPPIB Credit Investments Inc. ("CPPIB Credit"), a wholly owned subsidiary of Canada Pension Plan Investment Board, is a third-party investor in the Madison Arrangement. CPPIB Credit made certain payments to Technicolor and Sony and agreed to contribute cash to fund certain capital reserve obligations under the arrangement in exchange for a percentage of future revenue, specifically through September 11, 2030 in regard to the Technicolor patents.
Upon our assumption of Technicolor’s rights and obligations under the Madison Arrangement, our relationship with CPPIB Credit meets the criteria in ASC 470-10-25 - Sales of Future Revenues or Various Other Measures of Income ("ASC 470"), which relates to cash received from an investor in exchange for a specified percentage or amount of revenue or other measure of income of a particular product line, business segment, trademark, patent, or contractual right for a defined period. Under this guidance, we recognized the fair value of our contingent obligation to CPPIB Credit, as of the acquisition date, as long-term debt in our condensed consolidated balance sheet. This initial fair value measurement was based on the perspective of a market participant and included significant unobservable inputs which are classified as Level 3 inputs within the fair value hierarchy. The fair value of the long-term debt as of June 30, 2025 and December 31, 2024 is disclosed within Note 3, "Cash, Concentration of Credit Risk and Fair Value of Financial Instruments." Our repayment obligations are contingent upon future royalty revenue generated from the Madison Arrangement and there are no minimum or maximum payments under the arrangement.
Under ASC 470, amounts recorded as debt are amortized under the interest method. At each reporting period, we will review the discounted expected future cash flows over the life of the obligation. The Company made an accounting policy election to utilize the catch-up method when there is a change in the estimated future cash flows, whereby we will adjust the carrying amount of the debt to the present value of the revised estimated future cash flows, discounted at the original effective interest rate, with a corresponding adjustment recognized as interest expense within “Interest Expense” in the condensed consolidated statements of income. The effective interest rate as of the acquisition date was approximately 14.5%. This rate represents the discount rate that equates the estimated future cash flows with the fair value of the debt as of the acquisition date and is used to compute the amount of interest to be recognized each period based on the estimated life of the future revenue streams. During the three and six months ended June 30, 2025, we recognized $0.6 million and $0.8 million, respectively, of interest expense related to this debt, compared to $1.0 million and $1.6 million during the three and six months ended June 30, 2024, respectively. This was included within “Interest Expense” in the condensed consolidated statements of income. Any future payments made to CPPIB Credit, or additional proceeds received from CPPIB Credit, will decrease or increase the long-term debt balance accordingly. We made $1.3 million in payments to CPPIB Credit during the six months ended June 30, 2025 and $12.9 million in payments were made during the six months ended June 30, 2024.
Technicolor Contingent Consideration
As part of the Technicolor Patent Acquisition, we entered into a revenue-sharing arrangement with Technicolor that created a contingent consideration liability. Under the revenue-sharing arrangement, Technicolor receives 42.5% of future cash receipts from new licensing efforts from the Madison Arrangement only, subject to certain conditions and hurdles. As of June 30, 2025, the contingent consideration liability from the revenue-sharing arrangement was deemed not probable and is therefore not reflected within the consolidated financial statements.
v3.25.2
Litigation and Legal Proceedings
 6 Months Ended
Jun. 30, 2025
Gain (Loss) from Litigation Settlement [Abstract]  
LITIGATION AND LEGAL PROCEEDINGS LITIGATION AND LEGAL PROCEEDINGS
ARBITRATIONS AND COURT PROCEEDINGS
Lenovo
In fourth quarter 2024, the Company reached an agreement with Lenovo Group Limited and certain of its subsidiaries (“Lenovo”) to enter into binding arbitration to determine the final terms of a new patent license agreement, which will be effective from January 1, 2024. In November 2024, the Company filed a request for arbitration with the International Chamber of Commerce. In March 2025, the International Chamber of Commerce confirmed the full tribunal for the arbitration.
Samsung
The Company reached an agreement with Samsung Electronics Co. Ltd. (“Samsung”) to enter into binding arbitration to determine the final terms of a renewed patent license agreement to certain of the Company’s patents, to be effective from January 1, 2023. The Company and Samsung also agreed not to initiate certain claims against the other during the arbitration. In March 2023, the Company filed a request for arbitration with the International Chamber of Commerce.
The arbitration hearing was held in July 2024, and closing arguments were held in October 2024. On July 28, 2025, a panel of International Chamber of Commerce arbitrators determined the royalties of the patent license between the Company and Samsung covering Samsung’s products other than digital televisions and computer display monitors, which have been licensed under a separate agreement. The panel set the total royalties at $1.05 billion for the eight-year patent license.
Tesla
In December 2023, Tesla and certain of its subsidiaries filed a claim in the UK High Court against the Company and Avanci. The claim alleges invalidity of three of the Company’s patents relating to 5G standards: European Patent (UK) Nos. 3,718,369, 3,566,413, and 3,455,985. Tesla sought, among other relief, a declaration that the patents at issue are invalid, not essential, and not infringed, revocation of the patents at issue, a declaration that the terms of the Avanci 5G Connected Vehicle platform license are not FRAND, and a determination of FRAND terms for a license between Tesla and Avanci covering its Avanci’s 5G Connected Vehicle platform. In March 2024, the Company filed a jurisdiction challenge; the jurisdiction challenge was heard during May and June 2024, and in July 2024 the UK High Court issued a judgment dismissing Tesla’s FRAND claims against the Company and Avanci, and maintaining Tesla’s patent claims against the Company. The patent claims against the Company were further stayed by the UK High Court.
Tesla sought permission to appeal the decision; the Company also sought permission to appeal on two limited grounds conditionally, should Tesla’s request for an appeal be granted. The appeal hearing was held in December 2024, and the UK Court of Appeal upheld the lower court's decision and refused Tesla’s request for permission to appeal. Tesla filed an application for permission to appeal to the Supreme Court. In July 2025, the Supreme Court granted Tesla’s request for permission to appeal the issues of whether pool licenses are arguably required to be FRAND, whether all members of the Avanci 5G Platform must be joined to the case, and whether Tesla’s claim advances the possibility of a bilateral license from the Company.
Disney
US Central District of California Proceedings
In February 2025, the Company and certain of its subsidiaries filed a claim in the Federal District Court of the Central District of California against The Walt Disney Co. and certain of its subsidiaries (“Disney”). The claim alleges infringement of certain of the Company’s patents relating to video coding and video streaming technologies. The Company is seeking, among other relief, damages to prevent further infringement of the asserted patents.
In March 2025, Disney filed an answer and asserted multiple counterclaims against the Company. In April 2025 Disney filed a motion for an anti-suit injunction to prevent enforcement of any potential injunctive relief in Brazil, which the court denied.
A trial is scheduled for September 2026.
Brazil Proceedings
In February 2025, the Company and certain of its subsidiaries filed a claim in the Regional Business Court of Rio de Janeiro against The Walt Disney Co. and certain of its subsidiaries. The claim alleges infringement of certain of the Company’s patents relating to video coding technologies. The Company is seeking, among other relief, damages and injunctive relief to prevent further infringement of the asserted patents.
In March 2025, Disney filed an answer and asserted a rate-setting counterclaim. In May 2025 the Company requested an anti-interference injunction to prevent Disney from continuing with its anti-suit injunction in California.
Germany Proceedings
In February and April of 2025, the Company and certain of its subsidiaries filed patent infringement claims in four separate proceedings in the Munich Regional Court against The Walt Disney Co. and certain of its subsidiaries. The claims allege infringement of certain of the Company’s patents relating to video coding and video streaming technologies. The Company is seeking, among other relief, injunctive relief to prevent further infringement of the asserted patents.
In May 2025, the Company filed a request for an anti-interference injunction to prevent interference with the proceedings in Munich by an anti-suit injunction. The court issued the anti-interference injunction against Disney.
UPC Proceedings
In February and April of 2025, the Company and certain of its subsidiaries filed patent infringement claims in four separate proceedings in the Mannheim Local Divisional Court and Dusseldorf Local Divisional Court of the Unified Patent Court (“the UPC”) against The Walt Disney Co. and certain of its subsidiaries. The claims allege infringement of certain of the Company’s patents relating to video coding and video streaming technologies. The Company is seeking, among other relief, injunctive relief to prevent further infringement of the asserted patents.
In May 2025, the Company filed a request for an anti-interference injunction to prevent interference with the proceedings at the UPC by an anti-suit injunction. The Mannheim Local Division granted the anti-interference injunction against Disney.
OTHER
We are party to certain other disputes and legal actions in the ordinary course of business, including arbitrations and legal proceedings with licensees regarding the terms of their agreements and the negotiation thereof. We do not currently believe that these matters, even if adversely adjudicated or settled, would have a material adverse effect on our financial condition, results of operations or cash flows. None of the preceding matters have met the requirements for accrual or disclosure of a potential range as of June 30, 2025, except as noted above.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
In the six months ended June 30, 2025 and 2024, the Company had an estimated effective tax rate of 13.7% and 18.6%, respectively. The change in effective tax rate is due to an increase in the amount of Foreign Derived Intangible Income ("FDII") deduction benefit available to the Company and tax benefits related to share-based compensation. In addition, the Company is subject to a decrease in the Global Intangible Low-Tax Income inclusion derived from the decrease in French revenue. During the six months ended June 30, 2025 and 2024, the Company recorded discrete net benefits of $5.6 million and $2.4 million, respectively, primarily related to share-based compensation.
The One Big Beautiful Bill Act (the “Act”) was signed into law on July 4th, 2025. The Act contains significant tax law changes with various effective dates affecting business taxpayers. Among the tax law changes that will impact the Company relate to the timing and amount of certain tax deductions including FDII, depreciation expense, R&D expenditures and interest expense. The Company will implement the tax law changes in the third quarter of 2025. The Company is still in the process of evaluating the Act and an estimate of the financial impact cannot be made at this time.
The effective tax rate reported in any given year will continue to be influenced by a variety of factors, including timing differences between the recognition of book and tax revenue, the level of pre-tax income or loss, the foreign vs. domestic classification of the Company’s customers, and any discrete items that may occur.
During the six months ended June 30, 2025 and 2024, the Company paid approximately $14.5 million and $13.4 million, respectively, in foreign source creditable withholding tax.
v3.25.2
Net Income Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
NET INCOME PER SHARE NET INCOME PER SHARE
Basic Earnings Per Share ("EPS") is calculated by dividing net income or loss available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if options or other securities with features that could result in the issuance of common stock were exercised or converted to common stock or resulting from the unvested outstanding restricted stock units ("RSUs"). The following tables reconcile the numerator and the denominator of the basic and diluted net income per share computation (in thousands, except for per share data):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net income
$180,568 $109,664 $296,170 $191,316 
Weighted-average shares outstanding:
Basic25,917 25,207 25,829 25,359 
Dilutive effect of stock options and RSUs
1,035 794 1,154 841 
Dilutive effect of warrants
2,982 38 2,901 19 
Dilutive effect of convertible securities
3,791 1,871 3,731 1,906 
Diluted33,725 27,910 33,615 28,125 
Earnings per share:
Basic$6.97 $4.35 $11.47 $7.54 
Dilutive effect of stock options and RSUs
(0.22)(0.11)(0.40)(0.20)
Dilutive effect of warrants
(0.62)(0.01)(0.99)(0.01)
Dilutive effect of convertible securities
(0.78)(0.30)(1.27)(0.53)
Diluted$5.35 $3.93 $8.81 $6.80 
Shares of common stock issuable upon the exercise or conversion of certain securities have been excluded from our computation of EPS because the strike price or conversion rate, as applicable, of such securities was greater than the average market price of our common stock and, as a result, the effect of such exercise or conversion would have been anti-dilutive. Set forth below are the securities and the weighted average number of shares of common stock underlying such securities that were excluded from our computation of EPS for the periods presented (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Warrants2,980 7,462 3,058 7,475 
Convertible Notes and Warrants
Refer to Note 5, "Obligations," for information about the Company's convertible notes and warrants and related conversion and strike prices. During periods in which the average market price of the Company's common stock is above the applicable conversion price of the Company's convertible notes, or above the strike price of the Company's outstanding warrants, the impact of conversion or exercise, as applicable, would be dilutive and such dilutive effect is reflected in diluted EPS. As a result, in periods where the average market price of the Company's common stock is above the conversion price or strike price, as applicable, under the if-converted method, the Company calculates the number of shares issuable under the terms of the convertible notes and the warrants based on the average market price of the stock during the period, and includes that number in the total diluted shares outstanding for the period.
v3.25.2
Segment Performance Measures and Expenses
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT PERFORMANCE MEASURES AND EXPENSES SEGMENT PERFORMANCE MEASURES AND EXPENSES
Our chief operating decision maker (“CODM”), who is our Chief Executive Officer, assesses company-wide performance and allocates resources based on consolidated financial information. Consequently, we view the entire organization as one reportable segment and the strategic purpose of all operating activities is to support that one segment. Our CODM evaluates company-wide performance based on multiple performance measures, including, but not limited to, net income. Our CODM does not generally evaluate our performance using asset or historical cash flow information.
The table below provides the calculation of net income, which is the performance measure that is most consistent with GAAP, and the significant operating expenses included in this performance measure (in thousands):

 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Revenue$300,596 $223,493 $511,103 $487,035 
Less:
Departmental expenses (a)
49,355 44,485 90,692 88,951 
Depreciation and amortization19,465 17,376 37,678 34,616 
Intellectual property enforcement11,963 15,345 18,941 35,089 
Share-based compensation11,836 9,655 21,334 19,041 
Revenue share costs2,550 2,726 5,199 71,694 
Other non-operating (income) expense, net (b)
(5,607)(199)(5,994)2,476 
Income tax provision30,466 24,441 47,083 43,852 
Net income$180,568 $109,664 $296,170 $191,316 
(a) Includes personnel costs, consulting costs, outside services, administrative costs, and other operating expenses.
(b) Includes interest income, interest expense, and other non-operating income and expenses
v3.25.2
Other Income, Net
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
OTHER INCOME, NET OTHER INCOME, NET
The amounts included in "Other income, net" in the condensed consolidated statements of income for the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest and investment income$8,828 $10,125 $18,092 $21,903 
Other6,316 1,557 7,310 (974)
Other income, net$15,144 $11,682 $25,402 $20,929 
The change in Other was primarily due to a foreign currency translation net gains arising from translation of our foreign subsidiaries of $3.6 million and $5.8 million in the three and six months ending June 30, 2025, respectively, compared to losses of $0.9 million and $3.3 million in the three and six months ending June 30, 2024, respectively.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure            
Net income $ 180,568 $ 115,602 $ 109,664 $ 81,652 $ 296,170 $ 191,316
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, accordingly, do not include all of the detailed schedules, information and notes necessary to state fairly the financial condition, results of operations and cash flows in conformity with United States generally accepted accounting principles (“GAAP”). The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP for year-end financial statements. Therefore, these financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (our “2024 Form 10-K”) as filed with the Securities and Exchange Commission (“SEC”) on February 6, 2025. Definitions of capitalized terms not defined herein appear within our 2024 Form 10-K. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. We have one reportable segment.
Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.
Reclassifications
Reclassifications
Certain reclassifications have been made to prior year amounts to conform to the current year presentation.
New Accounting Guidance
New Accounting Guidance
Accounting Standards Update: Improvements to Income Tax Disclosures
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Updates ("ASU") No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments in the ASU enhance income tax disclosures, primarily through standardization, disaggregation of rate reconciliation categories, and income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption allowed. We adopted this guidance as of January 1, 2025, and we will include the necessary disclosures in our annual Form 10-K. The disclosures are required on an annual basis so there was no impact to this Form 10-Q.
Accounting Standards Update: Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU No. 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses". The amendments in the ASU require disclosures about specific types of expenses included in the expense captions presented on the Consolidated Statements of Income, as well as disclosures about selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, with early adoption allowed. We are currently evaluating the impact of adoption on our financial disclosures.
Accounting Standards Update: Induced Conversions of Convertible Debt Instruments
In November 2024, the FASB issued ASU No. 2024-04, "Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments". The amendments in the ASU require disclosures for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for fiscal years beginning after December 15, 2025, with early adoption allowed. We are currently evaluating the impact of adoption on our consolidated financial statements.
v3.25.2
Basis of Presentation (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of supplemental cash flow information
The following table presents additional supplemental cash flow information for the six months ended June 30, 2025 and 2024 (in thousands):
Six Months Ended June 30,
Supplemental cash flow information:20252024
Interest paid$8,050 $9,311 
Income taxes paid, including foreign withholding taxes21,764 16,920 
Non-cash investing and financing activities:
Dividend payable15,507 10,052 
Right-of-use assets obtained in exchange of operating lease liabilities880 2,189 
Non-cash acquisition of patents19,319 — 
Accrued capitalized patent costs and property and equipment purchases4,961 (856)
Unsettled repurchase of common stock468 — 
v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregation of revenue
The following table presents the disaggregation of our revenue for the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,
 20252024
Increase/(Decrease)
Smartphone$235,084 $199,225 $35,859 18 %
CE, IoT/Auto65,331 23,729 41,602 175 %
Other181 539 (358)(66)%
Total Revenue$300,596 $223,493 $77,103 34 %
Catch-up revenue (a), included above
$162,328 $127,551 $34,777 27 %
Six Months Ended June 30,
 20252024
Increase/(Decrease)
Smartphone$419,075 $279,505 $139,570 50 %
CE, IoT/Auto91,598 206,272 (114,674)(56)%
Other430 1,258 (828)(66)%
Total Revenue$511,103 $487,035 $24,068 5 %
Catch-up revenue (a), included above
$247,113 $294,229 $(47,116)(16)%
(a)    Catch-up revenue represents revenue associated with reporting periods prior to the execution of the license agreement.
Schedule of contracted revenue
Based on contracts signed and committed as of June 30, 2025, we expect to recognize the following revenue from dynamic fixed-fee royalty payments over the term of such contracts (in thousands):
Revenue (a)
Remainder of 2025$259,231 
2026425,298 
2027413,782 
2028322,625 
2029268,989 
Thereafter232,500 
Total Revenue$1,922,425 
(a)    This table includes estimated revenue related to our Lenovo arbitration. In accordance with ASC 606, this estimate is limited to the amount of revenue we expect to recognize only to the extent we believe it is probable that a subsequent change in the estimate would not result in a significant revenue reversal.
v3.25.2
Cash, Concentration of Credit Risk and Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of cash and cash equivalents The following table provides a reconciliation of total cash, cash equivalents, and restricted cash as of June 30, 2025, December 31, 2024, and June 30, 2024 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands):
 June 30,December 31,June 30,
 202520242024
Cash and cash equivalents$517,894 $527,360 $299,762 
Restricted cash included within prepaid and other current assets10,942 24,187 9,233 
Total cash, cash equivalents, and restricted cash
$528,836 $551,547 $308,995 
Schedule of restricted cash and cash equivalents The following table provides a reconciliation of total cash, cash equivalents, and restricted cash as of June 30, 2025, December 31, 2024, and June 30, 2024 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands):
 June 30,December 31,June 30,
 202520242024
Cash and cash equivalents$517,894 $527,360 $299,762 
Restricted cash included within prepaid and other current assets10,942 24,187 9,233 
Total cash, cash equivalents, and restricted cash
$528,836 $551,547 $308,995 
Schedule of fair value on a recurring basis Our financial assets and liabilities that are accounted for at fair value on a recurring basis are presented in the tables below as of June 30, 2025 and December 31, 2024 (in thousands):
 Fair Value as of June 30, 2025
 Level 1Level 2Level 3Total
Assets:    
Money market and demand accounts (a)
$527,341 $— $— $527,341 
Commercial paper (b)
— 73,055 — 73,055 
U.S. government securities— 217,899 — 217,899 
Corporate bonds, asset backed and other securities (c)
— 129,164 — 129,164 
  Total$527,341 $420,118 $— $947,459 
 Fair Value as of December 31, 2024
 Level 1Level 2Level 3Total
Assets:    
Money market and demand accounts (a)
$535,745 $— $— $535,745 
Commercial paper (b)
— 78,870 — 78,870 
U.S. government securities— 230,561 — 230,561 
Corporate bonds, asset backed and other securities (c)
— 137,219 — 137,219 
  Total$535,745 $446,650 $— $982,395 
______________________________
(a)Primarily included within cash and cash equivalents.
(b)As of December 31, 2024, $4.1 million of commercial paper was included within cash and cash equivalents, respectively.
(c)As of June 30, 2025 and December 31, 2024, $1.0 million and $11.7 million of corporate bonds, asset backed and other securities was included within cash and cash equivalents, respectively.
Schedule of aggregate fair value The aggregate fair value of the principal amount of the Convertible Notes is a Level 2 fair value measurement.
June 30, 2025December 31, 2024
Principal
Amount		Carrying
Value		Fair
Value		Principal
Amount		Carrying
Value		Fair
Value
2027 Senior Convertible Long-Term Debt$460,000 $455,750 $1,340,725 $460,000 $454,739 $1,166,155 
The aggregate fair value of the Technicolor Patent Acquisition long-term debt is a Level 3 fair value measurement.
June 30, 2025December 31, 2024
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Technicolor Patent Acquisition Long-Term Debt$16,566 $15,585 $17,033 $17,102 
v3.25.2
Other Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of prepaid and other current assets
The amounts included in "Prepaid and other current assets" in the condensed consolidated balance sheet as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
June 30, 2025December 31, 2024
Tax receivables$23,837 $16,691 
Prepaid assets22,096 38,952 
Restricted cash10,942 24,187 
Other current assets3,842 4,482 
Total Prepaid and other current assets$60,717 $84,312 
Schedule of other non-current assets
The amounts included in "Other non-current assets, net" in the condensed consolidated balance sheet as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
June 30, 2025December 31, 2024
Tax receivables$93,943 $88,619 
Goodwill22,421 22,421 
Right-of-use assets14,741 15,218 
Long-term investments12,947 19,851 
Contract asset9,000 — 
Other non-current assets4,441 3,291 
Total Other non-current assets, net$157,493 $149,400 
Schedule of other accrued expenses
The amounts included in "Other accrued expenses" in the condensed consolidated balance sheet as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
June 30, 2025December 31, 2024
Accrued legal fees$13,107 $9,571 
Other accrued expenses9,391 15,563 
Total Other accrued expenses$22,498 $25,134 
Schedule of other long-term liabilities
The amounts included in "Other long-term liabilities" in the condensed consolidated balance sheet as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
June 30, 2025December 31, 2024
Deferred compensation liabilities$23,627 $19,969 
Operating lease liabilities15,289 15,772 
Other long-term liabilities19,954 19,201 
Total Other long-term liabilities$58,870 $54,942 
v3.25.2
Obligations (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of debt
The following table reflects the carrying value of our Convertible Notes long-term debt as of June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025December 31, 2024
3.50% Senior Convertible Notes due 2027
$460,000 $460,000 
Less: Deferred financing costs(4,250)(5,261)
Net carrying amount of the Convertible Notes455,750 454,739 
Less: Current portion of long-term debt(455,750)(454,739)
Long-term net carrying amount of the Convertible Notes$— $— 
Schedule of accretion of the debt discount, and the amortization of financing costs
The following table presents the amount of interest cost recognized, which is included within "Interest expense" in our condensed consolidated statements of income, for the three and six months ended June 30, 2025 and 2024 relating to the contractual interest coupon and the amortization of deferred financing costs of the Convertible Notes (in thousands):
Three Months Ended June 30,
20252024
2027 Notes2027 Notes2024 NotesTotal
Contractual coupon interest$4,025 $4,025 $428 $4,453 
Amortization of deferred financing costs509 471 101 572 
Total$4,534 $4,496 $529 $5,025 
Six Months Ended June 30,
20252024
2027 Notes2027 Notes2024 NotesTotal
Contractual coupon interest$8,050 $8,050 $1,059 $9,109 
Amortization of deferred financing costs1,011 936 252 1,188 
Total$9,061 $8,986 $1,311 $10,297 
v3.25.2
Net Income Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of numerator and the denominator of the basic and diluted The following tables reconcile the numerator and the denominator of the basic and diluted net income per share computation (in thousands, except for per share data):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net income
$180,568 $109,664 $296,170 $191,316 
Weighted-average shares outstanding:
Basic25,917 25,207 25,829 25,359 
Dilutive effect of stock options and RSUs
1,035 794 1,154 841 
Dilutive effect of warrants
2,982 38 2,901 19 
Dilutive effect of convertible securities
3,791 1,871 3,731 1,906 
Diluted33,725 27,910 33,615 28,125 
Earnings per share:
Basic$6.97 $4.35 $11.47 $7.54 
Dilutive effect of stock options and RSUs
(0.22)(0.11)(0.40)(0.20)
Dilutive effect of warrants
(0.62)(0.01)(0.99)(0.01)
Dilutive effect of convertible securities
(0.78)(0.30)(1.27)(0.53)
Diluted$5.35 $3.93 $8.81 $6.80 
Schedule of excluded from our computation of EPS Set forth below are the securities and the weighted average number of shares of common stock underlying such securities that were excluded from our computation of EPS for the periods presented (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Warrants2,980 7,462 3,058 7,475 
v3.25.2
Segment Performance Measures and Expenses (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of segment reporting information, by segment
The table below provides the calculation of net income, which is the performance measure that is most consistent with GAAP, and the significant operating expenses included in this performance measure (in thousands):

 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Revenue$300,596 $223,493 $511,103 $487,035 
Less:
Departmental expenses (a)
49,355 44,485 90,692 88,951 
Depreciation and amortization19,465 17,376 37,678 34,616 
Intellectual property enforcement11,963 15,345 18,941 35,089 
Share-based compensation11,836 9,655 21,334 19,041 
Revenue share costs2,550 2,726 5,199 71,694 
Other non-operating (income) expense, net (b)
(5,607)(199)(5,994)2,476 
Income tax provision30,466 24,441 47,083 43,852 
Net income$180,568 $109,664 $296,170 $191,316 
(a) Includes personnel costs, consulting costs, outside services, administrative costs, and other operating expenses.
(b) Includes interest income, interest expense, and other non-operating income and expenses
v3.25.2
Other Income, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
Schedule of other income (expense), net
The amounts included in "Other income, net" in the condensed consolidated statements of income for the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest and investment income$8,828 $10,125 $18,092 $21,903 
Other6,316 1,557 7,310 (974)
Other income, net$15,144 $11,682 $25,402 $20,929 
v3.25.2
Basis of Presentation - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 1
v3.25.2
Basis of Presentation - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Supplemental cash flow information:      
Interest paid $ 8,050 $ 9,311  
Income taxes paid, including foreign withholding taxes 21,764 16,920  
Non-cash investing and financing activities:      
Dividend payable 15,507 10,052 $ 11,557
Right-of-use assets obtained in exchange of operating lease liabilities 880 2,189  
Non-cash acquisition of patents 19,319 0  
Accrued capitalized patent costs and property and equipment purchases 4,961 (856)  
Unsettled repurchase of common stock $ 468 $ 0  
v3.25.2
Revenue - Disaggregated Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenue $ 300,596 $ 223,493 $ 511,103 $ 487,035
Total Revenue        
Disaggregation of Revenue [Line Items]        
Total revenue 300,596 223,493 511,103 487,035
Increase/(decrease) in disaggregated revenue $ 77,103   $ 24,068  
Percentage increase/(decrease) in disaggregated revenue (as a percent) 34.00%   5.00%  
Smartphone        
Disaggregation of Revenue [Line Items]        
Total revenue $ 235,084 199,225 $ 419,075 279,505
Increase/(decrease) in disaggregated revenue $ 35,859   $ 139,570  
Percentage increase/(decrease) in disaggregated revenue (as a percent) 18.00%   50.00%  
CE, IoT/Auto        
Disaggregation of Revenue [Line Items]        
Total revenue $ 65,331 23,729 $ 91,598 206,272
Increase/(decrease) in disaggregated revenue $ 41,602   $ (114,674)  
Percentage increase/(decrease) in disaggregated revenue (as a percent) 175.00%   (56.00%)  
Other        
Disaggregation of Revenue [Line Items]        
Total revenue $ 181 539 $ 430 1,258
Increase/(decrease) in disaggregated revenue $ (358)   $ (828)  
Percentage increase/(decrease) in disaggregated revenue (as a percent) (66.00%)   (66.00%)  
Catch-up revenue        
Disaggregation of Revenue [Line Items]        
Total revenue $ 162,328 $ 127,551 $ 247,113 $ 294,229
Increase/(decrease) in disaggregated revenue $ 34,777   $ (47,116)  
Percentage increase/(decrease) in disaggregated revenue (as a percent) 27.00%   (16.00%)  
v3.25.2
Revenue - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Revenue recognized that had been included in deferred revenue as of the beginning of the period $ 108.5  
Contract assets, current 343.8 $ 162.8
Contract assets, noncurrent $ 9.0  
v3.25.2
Revenue - Remaining Performance Obligation (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 1,922,425
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 259,231
Revenue, remaining performance obligation, expected timing of satisfaction, period 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 425,298
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 413,782
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 322,625
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 268,989
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 232,500
Revenue, remaining performance obligation, expected timing of satisfaction, period
v3.25.2
Cash, Concentration of Credit Risk and Fair Value of Financial Instruments - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]        
Cash and cash equivalents $ 517,894 $ 527,360 $ 299,762  
Restricted cash included within prepaid and other current assets 10,942 24,187 9,233  
Total cash, cash equivalents, and restricted cash $ 528,836 $ 551,547 $ 308,995 $ 442,961
v3.25.2
Cash, Concentration of Credit Risk and Fair Value of Financial Instruments - Narrative (Details)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Three Largest Licensees | Accounts Receivable | Licensee Concentration Risk    
Concentration Risk [Line Items]    
Accounts receivable percentage (as a percent) 90.00% 84.00%
v3.25.2
Cash, Concentration of Credit Risk and Fair Value of Financial Instruments - Fair Value of Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Assets:        
Total $ 947,459 $ 982,395    
Amount included in cash and cash equivalents 528,836 551,547 $ 308,995 $ 442,961
Commercial paper        
Assets:        
Cash and cash equivalents 73,055 78,870    
U.S. government securities        
Assets:        
Securities 217,899 230,561    
Corporate bonds, asset backed and other securities        
Assets:        
Securities 129,164 137,219    
Money market and demand accounts        
Assets:        
Cash and cash equivalents 527,341 535,745    
Commercial paper        
Assets:        
Amount included in cash and cash equivalents   4,100    
Corporate bonds, asset backed and other securities        
Assets:        
Amount included in cash and cash equivalents 1,000 11,700    
Level 1        
Assets:        
Total 527,341 535,745    
Level 1 | Commercial paper        
Assets:        
Cash and cash equivalents 0 0    
Level 1 | U.S. government securities        
Assets:        
Securities 0 0    
Level 1 | Corporate bonds, asset backed and other securities        
Assets:        
Securities 0 0    
Level 1 | Money market and demand accounts        
Assets:        
Cash and cash equivalents 527,341 535,745    
Level 2        
Assets:        
Total 420,118 446,650    
Level 2 | Commercial paper        
Assets:        
Cash and cash equivalents 73,055 78,870    
Level 2 | U.S. government securities        
Assets:        
Securities 217,899 230,561    
Level 2 | Corporate bonds, asset backed and other securities        
Assets:        
Securities 129,164 137,219    
Level 2 | Money market and demand accounts        
Assets:        
Cash and cash equivalents 0 0    
Level 3        
Assets:        
Total 0 0    
Level 3 | Commercial paper        
Assets:        
Cash and cash equivalents 0 0    
Level 3 | U.S. government securities        
Assets:        
Securities 0 0    
Level 3 | Corporate bonds, asset backed and other securities        
Assets:        
Securities 0 0    
Level 3 | Money market and demand accounts        
Assets:        
Cash and cash equivalents $ 0 $ 0    
v3.25.2
Cash, Concentration of Credit Risk and Fair Value of Financial Instruments - Fair Value of Long-Term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Technicolor Patent Acquisition Long-Term Debt    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value $ 16,566 $ 17,033
Fair Value 15,585 17,102
Convertible Debt | 3.50% Senior Convertible Notes due 2027    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Principal Amount 460,000 460,000
Carrying Value 455,750 454,739
Fair Value $ 1,340,725 $ 1,166,155
v3.25.2
Other Assets and Liabilities - Prepaid and Other Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]      
Tax receivables $ 23,837 $ 16,691  
Prepaid assets 22,096 38,952  
Restricted cash 10,942 24,187 $ 9,233
Other current assets 3,842 4,482  
Total Prepaid and other current assets $ 60,717 $ 84,312  
v3.25.2
Other Assets and Liabilities - Other Non-Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Tax receivables $ 93,943 $ 88,619
Goodwill 22,421 22,421
Right-of-use assets 14,741 15,218
Long-term investments 12,947 19,851
Contract asset 9,000 0
Other non-current assets 4,441 3,291
Total Other non-current assets, net $ 157,493 $ 149,400
v3.25.2
Other Assets and Liabilities - Other Accrued Expenses (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Accrued legal fees $ 13,107 $ 9,571
Other accrued expenses 9,391 15,563
Total Other accrued expenses $ 22,498 $ 25,134
v3.25.2
Other Assets and Liabilities - Other Long-Term Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Deferred compensation liabilities $ 23,627 $ 19,969
Operating lease liabilities 15,289 15,772
Other long-term liabilities 19,954 19,201
Total Other long-term liabilities $ 58,870 $ 54,942
v3.25.2
Obligations - 2027 Notes, and Related Note Hedge and Warrant Transactions Narrative (Details)
$ / shares in Units, shares in Millions
May 27, 2022
USD ($)
$ / shares
Jun. 30, 2025
$ / shares
May 25, 2022
shares
May 31, 2019
$ / shares
Debt Instrument [Line Items]        
Number of securities (in shares) | shares     5.9  
Exercise price (in USD per share)       $ 109.43
3.50% Senior Convertible Notes due 2027 | 2024 Senior Convertible Long-Term Debt        
Debt Instrument [Line Items]        
Principal amount | $ $ 460,000,000.0      
Interest rate (as a percent) 3.50% 3.50%    
Proceeds from debt | $ $ 450,000,000      
Debt instrument convertible ratio 0.0129041      
Conversion price (in USD per share) $ 77.49      
Anti-dilution adjustments (in shares) | shares     5.9  
Exercise price (in USD per share)   $ 106.06    
v3.25.2
Obligations - 2024 Notes, and Related Note Hedge and Warrant Transactions Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 4 Months Ended
Jun. 01, 2024
Dec. 31, 2024
Jun. 30, 2022
May 25, 2022
Jun. 03, 2019
May 31, 2019
Debt Instrument [Line Items]            
Number of securities (in shares)       5.9    
Exercise price (in USD per share)           $ 109.43
2.00% Senior Convertible Notes due 2024 | 2024 Senior Convertible Long-Term Debt            
Debt Instrument [Line Items]            
Principal amount         $ 400.0  
Interest rate (as a percent)         2.00%  
Convertible note hedge (in shares)           4.9
Number of securities (in shares)           4.9
Repurchase amount     $ 273.8      
2024 Warrant Transactions | 2024 Senior Convertible Long-Term Debt            
Debt Instrument [Line Items]            
Anti-dilution adjustments (in shares)     3.3      
Issuance of common stock, net (in shares)   0.5        
2024 Note Hedge Transaction | 2024 Senior Convertible Long-Term Debt            
Debt Instrument [Line Items]            
Repayments of debt $ 126.2          
Stock Issued, settlement of convertible debt (in shares) 0.3          
Stock received, settlement of underlying derivative (in shares) 0.3          
v3.25.2
Obligations - Carrying Value of 2027 Notes and 2024 Notes (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
May 27, 2022
Debt Instrument [Line Items]      
Less: Current portion of long-term debt $ (455,750) $ (456,329)  
Long-term net carrying amount of the Convertible Notes 16,566 15,443  
Convertible Debt      
Debt Instrument [Line Items]      
Less: Deferred financing costs (4,250) (5,261)  
Net carrying amount of the Convertible Notes 455,750 454,739  
Less: Current portion of long-term debt (455,750) (454,739)  
Long-term net carrying amount of the Convertible Notes 0 0  
Convertible Debt | 3.50% Senior Convertible Notes due 2027      
Debt Instrument [Line Items]      
Long-term debt, gross $ 460,000 $ 460,000  
Interest rate (as a percent) 3.50%   3.50%
v3.25.2
Obligations - Accretion of Debt Discount and Amortization of Financing Costs (Details) - Convertible Debt - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Debt Instrument [Line Items]        
Contractual coupon interest   $ 4,453   $ 9,109
Amortization of deferred financing costs   572   1,188
Total   5,025   10,297
3.50% Senior Convertible Notes due 2027        
Debt Instrument [Line Items]        
Contractual coupon interest $ 4,025 4,025 $ 8,050 8,050
Amortization of deferred financing costs 509 471 1,011 936
Total $ 4,534 4,496 $ 9,061 8,986
2.00% Senior Convertible Notes due 2024        
Debt Instrument [Line Items]        
Contractual coupon interest   428   1,059
Amortization of deferred financing costs   101   252
Total   $ 529   $ 1,311
v3.25.2
Obligations - Technicolor Patent Acquisition Long-Term Debt and Contingent Consideration Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jul. 30, 2018
Business Combination [Line Items]          
Payments on long-term debt     $ 1,284 $ 139,069  
Technicolor          
Business Combination [Line Items]          
Effective interest rate percentage (as a percent)         14.50%
Interest debt expense $ 600 $ 1,000 800 1,600  
Payments on long-term debt     $ 1,300 $ 12,900  
Receive future cash receipts percentage (as a percent) 42.50%   42.50%    
v3.25.2
Litigation and Legal Proceedings (Details) - Samsung Electronics Co. Ltd. - Loss Contingency, Nontrial Decision, Binding - Patents
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Loss Contingencies [Line Items]  
Royalties awarded by arbitration panel $ 1,050
Term of payment of awarded royalties 8 years
v3.25.2
Income Taxes (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Income Tax Contingency [Line Items]    
Effective tax rate 13.70% 18.60%
Discrete tax benefit $ 5,600 $ 2,400
Income taxes paid, including foreign withholding taxes 21,764 16,920
Foreign Country    
Income Tax Contingency [Line Items]    
Income taxes paid, including foreign withholding taxes $ 14,500 $ 13,400
v3.25.2
Net Income Per Share - Numerator and Denominator of Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator            
Net income $ 180,568 $ 115,602 $ 109,664 $ 81,652 $ 296,170 $ 191,316
Weighted-average shares outstanding:            
Basic (in shares) 25,917   25,207   25,829 25,359
Diluted (in shares) 33,725   27,910   33,615 28,125
Earnings per share:            
Basic (in USD per share) $ 6.97   $ 4.35   $ 11.47 $ 7.54
Diluted (in USD per share) $ 5.35   $ 3.93   $ 8.81 $ 6.80
Dilutive effect of stock options and RSUs            
Weighted-average shares outstanding:            
Dilutive effect (in shares) 1,035   794   1,154 841
Earnings per share:            
Dilutive effect (in USD per share) $ (0.22)   $ (0.11)   $ (0.40) $ (0.20)
Dilutive effect of warrants            
Weighted-average shares outstanding:            
Dilutive effect of warrants (in shares) 2,982   38   2,901 19
Earnings per share:            
Dilutive effect of warrants (in USD per share) $ (0.62)   $ (0.01)   $ (0.99) $ (0.01)
Dilutive effect of convertible securities            
Weighted-average shares outstanding:            
Dilutive effect of convertible securities (in shares) 3,791   1,871   3,731 1,906
Earnings per share:            
Dilutive effect of convertible securities (in USD per share) $ (0.78)   $ (0.30)   $ (1.27) $ (0.53)
v3.25.2
Net Income Per Share - Antidilutive Securities Excluded from Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Warrants        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 2,980 7,462 3,058 7,475
v3.25.2
Segment Performance Measures and Expenses - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.25.2
Segment Performance Measures and Expenses - Operations and the Significant Operating Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]            
Revenue $ 300,596   $ 223,493   $ 511,103 $ 487,035
Less:            
Share-based compensation         21,334 19,041
Other non-operating (income) expense, net (15,144)   (11,682)   (25,402) (20,929)
Income tax provision 30,466   24,441   47,083 43,852
Net income 180,568 $ 115,602 109,664 $ 81,652 296,170 191,316
Reporting Segment            
Segment Reporting Information [Line Items]            
Revenue 300,596   223,493   511,103 487,035
Less:            
Departmental expenses 49,355   44,485   90,692 88,951
Depreciation and amortization 19,465   17,376   37,678 34,616
Intellectual property enforcement 11,963   15,345   18,941 35,089
Share-based compensation 11,836   9,655   21,334 19,041
Revenue share costs 2,550   2,726   5,199 71,694
Other non-operating (income) expense, net (5,607)   (199)   (5,994) 2,476
Income tax provision 30,466   24,441   47,083 43,852
Net income $ 180,568   $ 109,664   $ 296,170 $ 191,316
v3.25.2
Other Income, Net - Other Income, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Other Income and Expenses [Abstract]        
Interest and investment income $ 8,828 $ 10,125 $ 18,092 $ 21,903
Other 6,316 1,557 7,310  
Other       (974)
Other income, net $ 15,144 $ 11,682 $ 25,402 $ 20,929
v3.25.2
Other Income, Net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Other Income and Expenses [Abstract]        
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax $ 3.6 $ (0.9) $ 5.8 $ (3.3)