IDCC - Earnings call transcript Q4 2019

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Operator

Good day, and welcome to the InterDigital Fourth Quarter 2019 Earnings Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Patrick Van de Wille. Please go ahead, sir.

Patrick Van de Wille

Thank you, Todd. welcome Conference Fourth Call. and Year and everyone, Earnings XXXX morning, to Quarter InterDigital's Full Good Rich With our Kai and President this and our me morning CEO; Öistämö, are our Bill Merritt, Brezski, CFO. COO; full up we'll calls, and highlights fourth the prior with year the offer and call Consistent XXXX open questions. about some the quarter, for then company,

are law, statements on December we not year report are forward-looking to and call, we this for and made begin the that you filings in time plans from performance future our only These our or XX, and Before of beliefs, as no make guarantees remarks, of regarding forward-looking in and remind expectations, and date Form ended current our I which need to our except update time will are hereof, other to cause set subject those materially to statements Securities that information, with obligation contemplated These a uncertainties and and risks of statements. by annual required the include the uncertainties revise XX-K forth events results and in actual risks could results such and forward-looking our and events earnings of Commission. from XXXX, future events as them, Exchange we release new to result whether undertake otherwise. or any by as differ

side by non-GAAP homepage the directly quarter Reconciliations of our tracker, on measure. fourth that Tracker www.interdigital.com, clicking measures most metrics can Financial references these financial in the the financial left QX comparable link Metrics GAAP accessed In which for to says addition, measures contain on XXXX. on financial the presentation today's financial to are homepage, of XXXX may be our non-GAAP included

care call taken I'll that to over with the Bill. turn And of,

William Merritt

joining the priorities about strategically we a year. start us for last Patrick, good this for then recap I thought thank talk would our quick and where see morning, everyone, call ourselves with I morning. on and of you Thanks, and year, this

model market not that year, the after industry after our one registering the the have an movers superior our did, represented X company XXXX Apple, that's research-backed the world we a long model for culmination built, wireless standardized like upon we like And XG, technologies. our a no and focus let one The This in to on a and Starting and agree journey was shakers innovation top a valuable was licensing and year and a or and on the XG giants ago, technologies, like industry about own to what its to year productive XG, embarked years our the expand cellular technology small we model market. of on principally technologies. strategic to perfect XG where of job cellular company. a and become global overwhelmed around that incredible create contributors other technologies industry's first successful was others. Instead, had could energy to on users to of The we our model for ingredient the focused the concentrate carry plan could and our large was rising innovate that key a in all Huawei. innovation

start our with innovation industry to of positions incredible team, peers. acceptance, by our is voted that XXXX in was see that XXXX, organizations Those wireless larger Barcelona up rose to similar team there first rollout industry met years driven XG we the first call broad that of and a the wireless success in seven That platforms digital phone of leadership innovation working included much the in today. strength the created a world's XG broad to demonstration before by

independent have resolve flexibility, embraced and also to our willingness by customers pragmatism was reasonable approach which to we licensing, and disputes parties driven and third not. could when our innovative It the

complementing cooperative the you licensing -- our was our believed of disclosure way terms together are which we we have rates our the patent evidenced effort, Much of contemplating news industry are in innovation, licensing around many we our led terms practices, a our recent around approach of proud. where We a portfolio, on more dollar. like for an statistics leader accessible transparency which and the in in in licensing have standards nature information led variety our on brought our saw best our process of This large we level philosophy. of of value of very in website, the the announcements, always and delivering our and industry licensing

and these any in team when look team further the Academy The that where represent one video research found it and and To our advanced to would the portfolio wireless position, Technicolor needn't key teams teams incredible, team our world innovation like films and combined, We complement our visual you look expand and Lion wanted two point, than to the two market is The finest that prove King XXXX. in R&I technology our in Oscar-nominated recent success. critical in that technologies vast contributed Awards, we in focused technologies. world technologies. of that the on the the of So Like a leader had we research team of video-related the unit is patents R&I created. the something wireless,

patent was licensing we at that saw looked best licensing The say describe management as believe a the is deal, we them skilled, and the we will to was also will that ourselves; respectfully -- customer return Technicolor way deal of but pragmatic exciting. very them, when to the deal and a fair and treat who strength team also Maybe them professionals, fairly in licensing well. the that next that realize is needs to where licensing last the business

opportunity, engine business, by million our a that licensing wireless our after of we an $XXX we together R&D fueling position. opportunity, of complemented And device side, in a IoT a by All R&I That technologies. electronics wireless XXXX innovation driven single engine came our strategic complemented year licensing see consumer same continued in what same infrastructure. strong team, our exciting by and period million XXXX. video one annual And added our end new drive integration, a XXXX, technologies opportunities licensing mobile also capabilities. new engine leveraging in of licensing visual On that have drives now the capability $XXX and will we a as

and the other opportunity level cost we cost IoT will Rich essentially represents wireless structure, journey. in, began in. this million annual of will flat licensing consumer that and with the we All that million and $XXX with $XXX infrastructure about as before And an added all electronics do beyond words, discuss. In in

In IP, not We we by any short, very, it drive the what of the we that that it that do on needs research-driven and world, into we be about, to other built we scale, frankly, executing research aren't unlike very do, licensing go, families. That licensed were well. XXXX innovation. it a for we consumers product valuable global our will sale. where research have And companies license quality licensing direction pure the limited we is to what also locked see remarkably and a very who is And find we the all unlike well. can adopted benefit from companies, what if -- business, pure product unlike any, most in

our That from driving mobile starts customers. with revenue

applying licensing have China, know, uncertainty persistent, environment Chinese to environment we pragmatic and our all As historic reluctance by fueled the an quarter. Nonetheless, license a the in a the companies faced deal challenging their which consistent businesses. a in approach, U.S. trade we into an secured fourth licensing ZTE innovative on licensing wars, of basis successfully and with you injected

Our this Google. in resulted also approach licensing time, licensors, deal other innovative with combined with a

in and initiated we our litigations discussions We also positions had believe the and not reasonable where licensing being moved respected. stalled discussions forward were other

of As we have robust set a enter underway. we discussions XXXX,

seek on with our litigations enforcement balance of We needed. the if additional to have forward we're sheet rights, patent strength moving

We Phase the IP. continued leverage trade of the also the strength U.S. to have and of on X the administration focus protecting U.S.-China of agreement

licensing very value We strong customers. also capacity as additional offer can have we to that our R&D

bear strong of going be XXXX. both XXXX expect that in bringing it and We are driving in now pipeline the all line into and a to building deals across successful to in

with we also operating new will strength. the year XXXX at CE full business our licensing enter first be

securing As TV we first in year licensing other to licensee. result ended that on you the digital successes our build We know, intend XXXX. to

provides also majority of discussions CE with about outside not and but have interesting it range manufacturers product only underway China. opportunity the customers diversity computer the We of a with we box as display are are engaged diversity the geographic set-top vast also PC that this is licensing Among manufacturers, things makers.

our Our direction. third defining XXXX priority technology for is

see also applied in the and of efforts and particularly and now XG new For machine continue example, force, for while those XG intelligence into significant our in the domains. will full we are video-coding video technologies and how innovation opportunity areas artificial learning, wireless advanced a

last finish on we we there, destination our expense to course the arrive see be goals but priority Rich a out the ahead, this And cost we are nutshell, we will when management color get began on on laid provide delivering time. can will side, expect we've more to and to journey. on in the

our those can by footprint licensing technologies So to goals expense on which we're operating XXXX, company, exiting maintain markets, potential full goals. extends wireless laser-focused XXXX focused to the summarize, We're beyond that we're licensing excited leverage. on our and the and our entering now of our in new expand

With that, over to let Kai. me turn it

Kai Öistämö

touch make Thank licensing technology about development. you, and Bill. upon our remarks progress continued few I'll our

license consumer where electronics two progress. to had In new terms success we with fourth see licensing, of and the the new in side in quarter licensees we wireless continue of a some business,

last Google. imaginative we those others which approach will continue the in wireless industry is we one, the We that mentioned to took of examine approach closely. the and discussed earnings with also call, we with in The partnering licensees

now the well it's We we negotiations. a industry, of the year, related our and with portfolio transparent provided contribute and the this we in positions In of the great area. one we rates also feel quality in wireless to to great that, our With to patent us strength are and our makes rates the most January our that companies will our portfolio stakeholders information and hope we in of us relation that additional shortening value. move also think

Funai in yearly licensee, a last That electronics digital the rate the to able $XXX Next, license million X publish let we televisions. estimate subsequent of me consumer X years. touch signed in to license, manufacturer to that achieve of the And we recognized that hope run signing is of we market revenue that were quarter. to on CE

revenue equal contribution licensing to a revenue will that, the that rate run will yearly price sharing business. some Rich the represent there's that, which associated purchase describe, Technicolor note I with While of would

we are very about So excited that opportunity.

we are licensing. electronics, consumer the very focused to on addition In wireless

disputes trade pursuing our easy not we IP. coronavirus things While other of the work continuing and past very hard in months, and very, XX are made things, now have to among enforcement

the mobile Mobile communications. R&D believe a to we side, cancellation unveil Congress, of finest are World world's some in we with wonderful believe of On opportunity the -- we what that lost

press We will follow-up with coming the weeks. releases in

So announcements. keep I invite to eye close on our a you

a the AI think intersect core in science the imaging case. the Our that are and we technologies lower of edge areas innovate, a AI, lot not video, specific to projected for is energy edge that some device a also demos on on will the such areas demos at at applications the some Barcelona AI forward. room of areas technology on not network our but company might a groundbreaking that there's there looking it's And be resources, simply to us like while included side. using none. going that's are that one footprint or These we we On also much with large-scale much hot which InterDigital fantastic technologies tremendous is and second we opportunity. focused research at provide very AI are significant AI and with important feel have where wireless There

have of about are So and are technologies a business to potential to we tremendous of XXXX, opportunity summarize, the XXXX we we continues. added excited the innovate efforts, in we we've portfolio -- licensing in the our are progressing where and

hand Rich. I'll that, With over to

Richard Brezski

Kai. Thanks,

$X $XXX another the including revenue than nearly recurring the fourth revenue our licensing year. million with of more quarter, recurring and Our were Collectively, and these million the in quarter, by $X $XX from million with over cellular-based with customers These a from of for XXXX agreements nonrecurring new and true-ups quarter license million and and licensing Google contributions video-based contract results million for agreements revenue. the a existing revenue contributed along renewal, associated agreements nonrecurring of Funai. drove signed quarter in to contributions with agreement highlighted $XXX total including ZTE both we

expenses. to on Moving

increase fourth third driven levels a our litigation increase $X expected. expectations revenue our nonrecurring $X to but of we in the share million half litigation a only and revenue XXXX the resulting million increase in quarter a Partners expense. as Our expected, than to operating as expenses variance less to was increased initial due million related against pace and The proceedings. $X over was was The by quarter much sequential favorable Madison

these Excluding bring year. metrics were our relatively levels, with by expenses on XXXX remain track and quarter items, back of line next with third in the flat to cost levels ongoing end our economic we

from revenue of existing we million expect revenue to forward $XX comprised $XX XXXX, Looking to agreements. quarter entirely the in be recurring range million, almost first our of to

any the revenue existing may based or agreements. we or true-ups new always, on agreements quarter other expectations As nonrecurring could during these sign change from

expenses from expected Our of million operating $X in by million driven million. $X levels, QX sharing $X decrease revenue are QX decrease to by XXXX expected more to XXXX an than

However, there on our pace timing travel, impact from potential and litigation impact favorable estimates, factors number the and litigation, coronavirus any are expenses. a including or ongoing QX of other that epidemic could of expense the

less The for One expected final operating less the share agreement, rev under forecast Madison the million guidance. than quarter. of consumer note on representing than revenue $X our electronics our of XX% includes expense

with X/X million. resulting As would see our ecosystem opportunity. that $XXX as in shared opportunity the revenue We of partners, line estimate us $XXX that a opportunity million previously approximately disclosed, CE be for net we roughly a of top

ended in I'll an billion update cash allocation. We close cash of roughly net $XXX capital nearly with with on million and the $X.X year cash. and

we under balance, agreements. this us collections future agreements of to unit approximately under to existing $XXX fixed addition form million in In payments have due plus per the

been case to fair the in pay royalties strong that the their products. our for against in a reasonable and of been especially sheet, maintain unwilling continue rights while parties we are has have our As we past, balance enforcing use their to technology

June $XXX did said for total share Having the total stock fourth million XXXX that, the to nearly since in of million and repurchase we the repurchases quarter, XXXX $XXX over of million. bringing approximately $XX to

it to now turn I'll back over Patrick.

Patrick Van de Wille

Rich. very Thanks open we up can the Todd, much, if now call for questions.

Operator

FBR. from take Eric Wold B. of [Operator our Instructions]. question We'll first Riley

Eric Wold

in that what's think end into the is where million And now in should typically questions. the you you've Lenovo row visibility to, that? XXXX? run close quarter, quarter but forward in come guide I against U.K., not rate of in okay? in litigation below IP how your know the second one, operating I the biggest the in about is litigation in Is you litigation expenses couple this it and guess, something A to I we expenses as have want How expense what well much expenses, Obviously, is of at $X.X then even enforcement Huawei kind guided the of think, in sometime. highest variable you move guess, I do going a that. the relatively the to, to the quarter.

Richard Brezski

this Rich. Eric, is

big Over definitely expense the last litigation was part of two quarters, it. a

it that Now primary recent sole the anyway was really -- the for driver quarter. was -- the most

a counsel moving As rely along, drives of And I of walls visibility the it's lot X into is work as increase litigation only expected. we expense. while outside that of there -- as the that and to pace much on outside as a lot do half indicated, we our and lot have was a we do folks

the of how a little information terms a much the the collecting actually expectations. lag is pace of impacting on bit So there's in

provide ongoing we over on. cost in to lot we operating in to have of there's historically we've doing change -- new you of first but don't have line guidance, we different and step-function back been going acquisitions, X as this years, kind a initially Technicolor lot at X you that and the fluctuating last that then least a you probably which base, know, as a that but expense is costs integration the expenses on and onetime been that Beyond bring programs the bring throw to been cost recognize because have off integrating

as So quarter areas to I would those attribute part of well. third the

Eric Wold

Okay. consumer handset X in on And of any $XXX would broader details you your licensing projection X the then a come question years, of from terms cellular revenue million from of the how the what next in first provide kind in maybe core that to electronics segments, TVs, largest that And can revenue of maybe you acquisition, behind that existing Technicolor XX% know cetera? that set-top made a that customers? the boxes, revenue. to et you talked of lift kind up makes then I license when remainder the providing of of kind terms about of much

William Merritt

All right.

the bulk, in and TV I revenue of are opportunity, the good if in -- look it at then, I'd Samsung you TV look And is your So portion is a there and TVs. at the market, $XXX million you leaders CE say it if of bulk LG. shouldn't say

is, So that and acquisition. the this It's we know. you actually -- real the think, of values one customers I of

It's it's know not need to with to do them. we already we a us of So Samsung with an to also have lot because not example, have process opportunity, that. gives who It around to call. We know getting can discussion for -- have an an to that. also there's customers of broader a earlier it's -- a things conversation that opportunity we

are was I'd a a portion I be customers would There is new. like new, We a of of portion other we familiar Funai opportunity are say So the new a the that and in is that are with. actually good customer. that million, $XXX TV think Vizio good TV space people saw a

as well. larger So it base gives also us a

of it's mix the of If CE, things. rest at you a look

it's there. boxes some we there's So that for customers mostly Huawei would a is box set-top had folks but it's new I'd set-top manufacturer. be before, customers, say, example,

mostly manufacturers. have that, but PC it's customers, people and again, from streaming a couple that Again, new other are sticks devices, so customers. of then have of things You other you there's overlapping there. a And new existing and mix

expands there discussions on the licensing we least is customers some I the because the So because to fact move of folks great, our new can think fantastic are you as have so, those synergy relationships but the it at ones right, also is footprint along well. that to some we do know

Operator

Searle our Roth Partners. Capital next question Scott from We'll of take

Scott Searle

Quickly then relates clarify, to quarter, $XXX what markets. sales remainder of intellectual some the TAM, basis? how we be depending March end that Technicolor there property in share, what on of I had in million $XXX the about that in to to the video And And Rich, also, were you models of a profit? terms million recurring it business And that different or follow-ups. of revenue sales quarter on got gross the related should That TAM, this year? as couple in a and thinking terms does represent

Richard Brezski

Yes.

the And question, little in quarter. million $X.X against, in of CE to is -- that's QX. was relatively in we So guidance the the CE of the revenue -- maybe was million about a first There of recurring the house, from unit per protect my included level bit in softness a $X.X overall comparable but side quarter. next on I provided expense want

it. of there addresses Most the far of rev TV kind As arrangement, a share and associated $XXX the which with so comes has million the on markets. share that profit, gross million $XX CDM the opportunity rev Madison as

of is the largest TV said, market electronics. Bill portion As consumer the

all boil revenue you televisions X/X the expect shared. that at and the I for million, quarter, current we in it XX%. non-CE CDMs $XXX total mentioned the and including down was products both about to only opportunity, be when So of

So our of that lot we're -- deal on will that the we tells growth first signed come TV just TV side. you a and that

Scott Searle

relationships. of about, I know fixed you if exposure in quarter, look just And when XX% I fee recurring Got there. I is the the related get clarification some base China this at you. revenue front, to think, to the terms could, in on

and coronavirus? of minimal, risk a unit walk exposure thoughts to no from disruption China through related to just standpoint. as a per variable exposure, terms your Could in see it's fixed chains variable fee kind with we direct right, fairly the us high-level that is your So ZTE, predominantly And relationship? impact you to of supply

Richard Brezski

when to attributable sources, you contracts. said of Yes, fixed I you think you the XX% revenue got nailed fixed that

relative is on there revenue that the exposure? mitigated to overall the So small XX%, XX%, Sure, it's by some remaining fact but it's the so base.

Scott Searle

opportunity in royalty opportunity. talked an to the But you just is rate an get should where understand, us lastly, help when of XG. opportunity, volume-driven it devices. you being for still Or not on bit a a really conservatively being XG? opportunity unit unit publishing your you've about standpoint? throw quick variable incremental pricing -- you transparency a little XG see incremental under Historically, change about we Could this on per those And think a as it from a you one higher some just initiative, rates, with

Kai Öistämö

Yes.

the new while XG tends licensing multimode the to new any, of few, to shifts, the should I -- you the previous generations earlier if value very look go up. that the stack about very, typically, mode. provides the if our And down, generation think They opportunity, you single be think at handsets. the not are going entire a -- units as about if you comes think generation are a

like it rather I technologies, kind a XG. about the So entire think would than of stack individual an as -- as

Operator

Anderson question next Company. our Dougherty & take We'll from Charlie from

Charles Anderson

I'll question about start with a high-level China.

Phase XX-K in today, primarily the about prepared a comments how known is trade to deal think, still ton it it your not like intellectual relates of sounds I I properties. and some

to And then on of any I've China. in shed do your follow-up. next market And in of sort what wonder a then as terms it is I interpreting see how for steps could and light you? if the opportunity maybe it you interpreting you how got you're the So just unlock potentially counterparties that

William Merritt

Sure.

on the technology the and licensing certain in the include to used Phase think very So is of I protections deal agreement IP. provided broadly technology I

things inappropriate this technology and a things nonmarket China on in nonmarket was the that include -- results the it's think of I you definition terms, on in about If after one specific licensed the going administration was would again, being after forced appropriate requirement goes or were that terms, with China, in agreement that broad licensing terms IP terms. the And think item. it of that of

So a can comfortable that's built -- of mean, rate which, where have that been I along fine the that's think good we we all has have. we're our perfectly up, view protection bit I we very that with with structure --

that published is wants are is agreement challenge think setting the we said advocating as perfectly rates. consistent is fair, to comfortable if rates. We with our comfortable trade So And independent position And what it. -- that, third-party with well. we someone very these the that that, a

Charlie. So that think I we've backstop, got

requirement of be other agreement the then need the X the of on Pacific be sides is but by the they So enforce to the where the part mechanism that's one processes established. is established, a trade that. that which you And there

So then company a we last, way dispute, think brings to country that to actually believe, will takes to And provide the from field. it, we it the country level an the to individual company playing level, it which a is up dispute process.

big and we of transfer. what forced appreciate by work work trade one -- administration it work in, think inappropriate is done obviously, done the delivering step but forward, all their So was and we there, promises we technology was agreement. prescribed to But the that on there's was or within a very to this stop more the be good

Charles Anderson

know And if update of the the us Great. lower think, of just level. Rich, the level. then, sort to kind expense to those I I get and on was question expenses, XXXX expenses. it line on could maybe past, the a in I wonder a plans commitment there you was return to time

Richard Brezski

levels we're -- right. Yes, sure. you on absolutely mentioned I comments, in as do And and but to track are the it. XXXX It's actually

this In think, ago, financial updated, posted there. rate if QX metrics, I website we and last our look the to you year at maybe a we fact, the go

with So moment. economic actually for aided the ongoing up, by the cost hope That's for comp where lower that line would quarter. is XX.X% end to we it's but accruals in

to the like year do have to we levels achieve. to feel we with be So the over able that to we as and of to the work expected, we'd this and way, course intended exit more it like this I next expect continue -- that we year say

Operator

from National [Operator take Securities. our with We'll next Galinko Instructions]. question Matthew

Matthew Galinko

So separately? I be rolled guess, on earlier, might LG could with you consumer on things and first that think, in be electronics any that whether you dealer? touched you a if have one, you generally give handset have, given Would but those could on Curious to this XXXX. I just thoughts expiring renewal the into dealt side the consider

Kai Öistämö

Yes.

to do the separately. of if So But wish. we customer own prepared for different kind about it they think their give are between electronics. the we they certainly Again, kind may how ways, depending structured this of consumer on opportunity ourselves the deal it jointly, are and deal different they and in the as companies and well so how to handsets business

Matthew Galinko

IP if of how at some latter, we've it's frame And to changes plays over software looks few that effort U.S. can of to look you remarks. the years? guess, against kind Did the thing that that you last talked prepared that represented that effort? seen right. spin-off or the not an IP learning the get machine operate? ultimately All the the I in more sort that about you like guess, on then, product Or And of I how is as

Kai Öistämö

Yes.

so be So video for should of wireless a future the but great as then coding the example depending evolve time in when, on that video obviously, AI wireless to it components. will rethink embedded like, like been standards opportunity standards. it's it then the potential think the and if I kind And both. more or opportunity to future the remain not and a the would immune monetization or and standards new a speculate doing in coding And coding, an that of standardized standardized will kind we be the But -- what moment. like technologies of kind too have the we early as include think a of about standards product perspective side, anything that's how some at video on less, AI And far take right exactly technologies, done. of I like, now. the take technologies a we And is on in video an kind are on

Matthew Galinko

you notable Got all not question. had if you Last you've since been out? there's rolled appreciate since I It's that response it. inbound any color. if long from launched Or All the industry? right. too the anything the site. Curious been transparency

William Merritt

as So planned. they went to to places, easily I the and go think brought I think market. information And had wasn't all already we because extent, it accessible, was available to the different together. in It some it

think we that publications of effort. a good had out of news spoke I IP-centric positively about very the number high-profile coverage very, incredible

and -- confidential not. is a These they a nature on. dark, there's to it's something we deal wanted in of that is concerns I straightforward the think my in a they do saying some actually will, say, the actually issue conversations I that think discussions, I those and with the I it's course, from I business concerns, the of this going but valid. there's like around, of conversation. and the reaction actually this very -- are counterparts of this happen there as matter, some happening is nefarious these mean, addresses typical conversations way, industry were feel just it mean, a not been

-- with they So They because -- will our competitive I know now. didn't the their think overall have way position not a full go. to not our they forward-looking both have others. that history understanding, licensees also set This This a extent of represent is no and we're vis-à-vis now that what history. a it's helpful just licensing going they is this is rates be

understand a And that up. signed be when that may yet more can so they -- vis-à-vis they knowing have have not comfortable people, competitive that I think, their in deals deal position not sign

size what In to of the at are this they're up should be. terms looking trying the who appropriate of regulators stack level space,

in current I what our can benchmark point market the upstanding we've are statistics and court as that they to. our and are should is can now to known transparent anytime I a value and that have known, be. they a to very scale always very the you a math want It in because think useful stack kind the fact have been will you're that be people do can be, We we up of in a because think can at for solid always we player rates court, good fact very process look

to all and far, good expect good. be so to So I it continue

Operator

B. of Wold Eric from question FBR. next our Riley take We'll

Eric Wold

quick Just a follow-up.

you of happening to wanted landscape, as of just you regards past especially view kind your over Huawei kind there. kind general of what's kind just Just your kind updated the to on court's months the pricing kind think enforcement the with Lenovo IP position and as move get been of forward of around of FRAND few U.K. how and

William Merritt

Right.

other Eric, said, can will of We to wasn't have So That one. from as still of be, the different obviously, to we we U.K. We'd U.K. on jurisdictions defined a fair I've rate. patents as cooperative Planet well. to a doesn't to good U.K. that to we and our injunction a going if mentioned, mean worldwide nature standards. pay the There's still enforce a have the the others, fair efficient U.K. case think to we're way, consistent positioned go in still be the now go the logical position completely rates is if before were We're with in an it's to entitled that square as start entitled there. someone you and place single a the approach right to waiting That out Unwired

you're simple. basically and that for was and patent a DOJ They you rejected you any have office. patent, there's it's a in by the and fair like completely would a since the by say, position rights second said, of this were in U.S. patents. you I'd in issuance rejected established is to that sounds give when of -- lot the call, same now the conference came basically that like of essential remedies really and example. DOJ actually set right the patents. last patents So other But -- overall, patents weren't -- down is that that the standard been it entitled the the standard position -- U.S. amount paper the -- other new because again, powerful just an of essential citizens for entitled prior patents is, on somehow a patent very That their a And It for in it that I'll class it's essence. as very position. to the otherwise was kind prior That middle, to the

of the with question, day was Previously, front just the of at Now Well, If actually standard I it's because other any there that to of enforce respect say, you're of policies a ITC essential in absolutely. patent patent. the the like the government? would ITC will the patent. end the

think dialogue. on in bit SEPs, not I there very, There's that that there's today. seeing that. think, more solid extent other ground in jurisdictions shaky U.S. the on very a around anything very active an to in work We're the little jurisdictions much underway So We're I they're were involved were -- SEPs.

think I say going SEPs, ultimately certainly, more you direction, their to landscape that positive articulated. continue related I much direction particularly But a of think, see views and in in have that IP the are that and the been to extreme has not views, balanced to still I get moving don't on. people

Operator

to in We Wille. Patrick queue. Van the turn further call have de no over questions I'll back

Patrick Van de Wille

for us everyone Thank Todd. joining much, very you today. Thanks for

be conferences New the Just Sidoti a York. Conference we investor the ROTH be Conference in March. up at we'll at coming a also in have in Niguel, couple Laguna of note, and We'll

see Thanks, forward of there. meeting next you looking some to and quarter. you So

Operator

today's Thank This you for participation. your concludes call.

may now You disconnect.

InterDigital (IDCC) 20 Feb 202019 Q4 Earnings call transcript