Business
InterDigital Reports Fourth Quarter And Full Year 2022 Financial Results
Record recurring revenue, record CE, IoT/Auto revenue and strong profits highlight 2022 results WILMINGTON, Del., Feb. 15, 2023 (GLOBE NEWSWIRE) --
About this update from Interdigital, Inc.
[{"type":"text","content":"Record recurring revenue, record CE, IoT/Auto revenue and strong profits highlight 2022 results\nWILMINGTON, Del., Feb. 15, 2023 (GLOBE NEWSWIRE) -- InterDigital, Inc. (Nasdaq: IDCC), a mobile and video technology research and development company, today announced results for the fourth quarter and full year ended December 31, 2022. “We are thrilled to have delivered another excellent performance in 2022, highlighted by record setting level of recurring revenue of almost $404 million, Samsung’s recent agreement for binding arbitration to take a new license following Apple’s renewal in third quarter, and outstanding performance in consumer electronics, IoT/Auto licensing,” commented Liren Chen, President and CEO, InterDigital. “Building on the strength of last year and looking ahead to 2023 and beyond, I believe we are well positioned to deliver further growth in our smartphone core, build on our increasing momentum in consumer electronics and IoT/Auto, and capitalize on new opportunities in services that are built on our foundational innovations.” Fourth Quarter 2022 Financial Highlights, as compared to Fourth Quarter 2021: Total revenue was $117.1 million and increased 5%.Recurring revenue was $103.6 million and increased 2%.Operating expenses were $78.5 million and decreased 9%. The decrease was primarily driven by a reduction of non-recurring costs from restructuring activities.Net income1 was $32.4 million and increased 48%.Diluted earnings per share was $1.08 and increased 54%.Adjusted EBITDA2 was $64.9 million and increased 8%. Full Year 2022 Financial Highlights, as compared to Full Year 2021: Total revenue was $457.8 million and increased 8%. Total Smartphone revenue of $353.2 million was flat, while CE, IoT/Auto revenue was $103.5 million and increased 51%.Recurring revenue was $403.9 million and increased 15%. Smartphone recurring revenue was $351.1 million, and increased 11%, and CE, IoT/Auto recurring revenue was $51.7 million and increased 63%.Operating expenses were $307.3 million and decreased 13%. The decrease was primarily driven by cost-savings actions the company initiated in 2021 and reduction of the related non-recurring costs.Net income1 was $93.7 million and increased 69%.Diluted earnings per share was $3.07 and increased 73%.Adjusted EBITDA2 was $254.5 million and increased 22%. Near-Term Outlook The compa...