InterDigital Issues Updated Guidance for Second Quarter 2022; Announces New License Agreements
Source: GlobeNewswire Inc.
InterDigital, Inc. (NASDAQ: IDCC), a mobile and video technology research and development company, today announced that it expects second quarter 2022 total revenue to be between $120 million and $124 million, up from its previous expectations of $114 million to $120 million.
The company also announced it closed a license agreement covering consumer electronics and other products. The revised guidance includes approximately $98 million to $100 million of recurring revenue. The remaining revenue relates to past sales driven by the above-noted agreement as well as connected automobile license agreements with GM and Ford Motor Company through a licensing platform. 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 second quarter 2022.
In addition, the company expects non-operating expenses, including both interest expense and other income (expense), to be in the range of $18 million to $21 million driven by a one-time charge associated with the company’s second quarter 2022 refinancing. The company expects its effective tax rate for second quarter 2022 to roughly approximate the first quarter effective tax rate of 25%.
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: www.interdigital.com.