InterDigital Registers 23% Revenue Growth In Q1 Reflecting Licensing Momentum, Recurring Revenue Base - InterDigital (NASDAQ:IDCC)

InterDigital, Inc IDCC reported first-quarter FY22 revenue growth of 23% year-on-year to $101.3 million, beating the consensus of $97.9 million.
Recurring revenue rose 26.1% Y/Y to $99.1 million due to additional revenues from new patent license agreements and a new deal with Sharp Corp SHCAY signed in Q1 2022.
Total patent royalties increased 26.1% Y/Y to $101.1 million. Fixed-fee royalty revenue climbed 29.7% Y/Y to $89.8 million.
The operating profit climbed 152% Y/Y as expenses remained flattish.
EPS was $0.58 versus $0.18 a year ago.
InterDigital used $(17.97) million in operating cash flow and held $899.2 million in cash and equivalents.
"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," CEO Liren Chen said. "I am particularly pleased with our strong outlook for second quarter 2022 with additional revenue expected from our auto and IoT licensing programs."
Outlook: InterDigital sees Q2 revenue of $114 million - $120 million above the consensus of $100 million.
Price Action: IDCC shares traded lower by 3.87% at $58.65 on the last check Thursday.