Thursday, October 25, 2018 2:36:27 PM
5:30 pm ET September 5, 2018 (Globe Newswire) Print
InterDigital, Inc. (NASDAQ:IDCC), a mobile technology research and development company, today provided revenue guidance for third quarter 2018.
The company expects total third quarter 2018 revenue to be between $71 million and $75 million. This range, which is comprised almost entirely of recurring revenue, includes a small revenue contribution attributable to InterDigital's recently completed acquisition of the Technicolor patent licensing business.
Under the accounting rules in effect prior to the company's adoption of ASC 606, the company's expected third quarter 2018 total revenue range would have been between $89 million and $91 million, comprised almost entirely of recurring revenue. The company is providing this information under the previous revenue recognition rules solely in the interest of comparability during the transition year to ASC 606, and it should be considered in addition to, and not as a substitute for, nor superior to or in isolation from, the financial guidance prepared in accordance with ASC 606.
This revenue guidance does not include the potential impact of any new patent license, technology solutions or patent sale agreements that may be signed, or any arbitration or dispute resolutions that may occur, during the balance of third quarter 2018.
Now...one can form comparisons to 2Q numbers...
-- Second quarter 2018 recurring revenue was $67.5 million, a 5% sequential increase compared to first quarter 2018. Under ASC 605, recurring revenue for second quarter 2018 would have been $88.6 million, compared to $87.9 million in second quarter 2017, primarily driven by new fixed-fee agreements signed during 2018.
-- Second quarter 2018 operating expenses decreased by $1.0 million to $53.9 million, compared to $54.8 million in second quarter 2017. Operating expenses were not affected by the adoption of ASC 606.
-- The second quarter 2018 effective tax rate was 9.8%, based on the statutory federal tax rate net of discrete federal and state taxes. The effective tax rate for second quarter 2018 was favorably impacted by provisions contained within the Tax Cuts and Jobs Act of 2017 (the "Tax Reform Act"). This is compared to an effective tax rate of 34.4% based on the statutory federal tax rate net of discrete federal and state taxes during second quarter 2017.
-- Second quarter 2018 net income was $10.7 million, or $0.30 per diluted share. Under ASC 605, net income for second quarter 2018 would have been $33.2 million, or $0.93 per diluted share, compared to $52.5 million, or $1.46 per diluted share, in second quarter 2017.
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