How Did InterDigital Perform In Q1? - InterDigital (NASDAQ:IDCC)

InterDigital Inc IDCC reported first-quarter FY21 revenue growth of 8% year-on-year to $82.4 million, beating the analyst consensus of $79.97 million. Recurring revenue rose 4% Y/Y to $78.6 million while Operating revenue rose 155.3% Y/Y to $12 million.
Variable patent royalty revenue rose 19.3% Y/Y to $7.1 million, Fixed-fee royalty revenue rose 4.4% Y/Y to $69.3 million, Non-current patent royalties rose 436.3% Y/Y to $3.8 million, while Current technology solutions revenue declined 31.8% Y/Y to $2.2 million.
Net income was $5.6 million, with the EPS of $0.18 beating the analyst consensus of $0.
The company held $889.5 million in cash and equivalents and used $9.8 million in operating cash flow.
InterDigital repurchased $5.8 million shares in Q1.
The company began 2021 with great momentum signing three license agreements in the first four months, including the renewal with Sharp Corporation, CEO Liren Chen said.
Chen added that it remains focused on pursuing agreements with unlicensed customers in both the handset and consumer electronics markets.
Price action: IDCC shares traded lower by 0.94% at $67.72 on the last check Thursday.