InterDigital Issues Updated Guidance for Second Quarter 2022; Announces New License Agreements

InterDigital

WILMINGTON, DE — InterDigital, Inc. (NASDAQ: IDCC) announced recently 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%.

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