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Thursday, May 05, 2022 10:28:47 AM

Re: my3sons87 post# 429914

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InterDigital Announces Financial Results For First Quarter 2022
May 05 2022 - 08:30AM
GlobeNewswire Inc.

InterDigital, Inc. (NASDAQ:IDCC), a mobile and video technology research and development company, today announced results for the quarter ended March 31, 2022.
“This was another excellent quarter, once again showing the continuing licensing momentum and the strength of our recurring revenue base at a time when our technology is more important than ever,” said Liren Chen, CEO and President of InterDigital. “I am particularly pleased with our strong outlook for second quarter 2022 with additional revenue expected from our auto and IoT licensing programs. Our second quarter expectations also highlight the operating leverage within our business model as we project a significant increase in revenue without a material increase in expenses.”

First Quarter 2022 Financial Highlights

Total revenue of $101.3 million increased 23% from $82.4 million in first quarter 2021. Recurring revenue was $99.1 million, compared to recurring revenue of $78.6 million in first quarter 2021. The increase in both total and recurring revenue was primarily driven by previously disclosed new patent license agreements, as well as a new agreement with Sharp signed in first quarter 2022.
Operating expenses were $71.1 million, compared to $70.4 million in first quarter 2021. Litigation and share-based compensation costs were up $7.6 million, while all other operating expenses were collectively down $6.8 million benefiting from the cost-savings actions taken in 2021.
Income from operations increased 152% to $30.2 million, compared to $12.0 million in first quarter 2021.
Net income1 was $18.0 million, or $0.58 per diluted share, compared to net income of $5.6 million, or $0.18 per diluted share, in first quarter 2021.
Adjusted EBITDA2 increased 63% to $55.4 million, compared to $34.0 million in first quarter 2021.
Near Term Outlook
Based both on existing licenses and license agreements that we currently expect to be executed in second quarter 2022, the company expects revenue for the quarter to be between $114 to $120 million, including approximately $97 to $101 million of recurring revenue. This revenue guidance does not include the potential impact of any additional 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 second quarter 2022.

The company expects its second quarter operating expenses will be in the range of $73 to $77 million, plus $3 to $4 million of restructuring charges.

Conference Call Information

InterDigital will host a conference call on Thursday, May 5, 2022 at 10:00 a.m. ET to discuss its first quarter 2022 financial performance and other company matters.

For a live Internet webcast of the conference call, visit www.interdigital.com and click on the link to the live webcast on the Investors page. The company encourages participants to take advantage of the Internet option.

For telephone access to the conference call, dial (800) 304-0389 within the United States or +1 (313) 209-5140 from outside the United States. Please call by 9:50 a.m. ET on May 5th and give the operator conference ID number 3231935.

An Internet replay of the conference call will be available on InterDigital’s website in the Investors section. In addition, a telephone replay will be available from 1:00 p.m. ET May 5th through 1:00 p.m. ET May 10th. To access the recorded replay, call (888) 203-1112 or +1 (719) 457-0820 and use the replay code 3231935.

About InterDigital®

InterDigital develops mobile and video technologies that are at the core of devices, networks, and services worldwide. We solve many of the industry’s most critical and complex technical challenges, inventing solutions for more efficient broadband networks, better video delivery, and richer multimedia experiences years ahead of market deployment. InterDigital has licenses and strategic relationships with many of the world’s leading technology companies. Founded in 1972, InterDigital is listed on Nasdaq.

InterDigital is a registered trademark of InterDigital, Inc.

For more information, visit the InterDigital website: www.interdigital.com.
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