- The company expects total revenue to be approximately
$114 million , including recurring revenue of$101 million . The update from the company's prior expectation of$98 to$102 million was driven primarily by new agreements signed in the second half of the quarter. - The company expects operating expenses to be approximately
$79 million , updated from its previous expectation of$76 to$79 million . - The company expects net non-operating income1 will be approximately
$1 million , updated from its previous expectation of net non-operating expense1 of$4 to$6 million . The increase in the company’s expectation was driven by higher interest income, as well as foreign currency gains. - Net income2 is expected to be approximately
$28 million , or$0.93 per diluted share. - Adjusted EBITDA3 is expected to be approximately
$60 million . - Cash and cash equivalents, restricted cash and short-term investments are expected to total
$1.2 billion as ofDecember 31, 2022 , and include approximately$400 million of customer receipts during fourth quarter 2022.
The company has not yet finalized its financial results for the quarter and full year ended
Conference Call and Webcast Information
InterDigital executives will host a conference call on
For a live Internet webcast of the conference call, visit www.interdigital.com and click on the “Webcast” link on the Investors page. The company encourages participants to take advantage of the Internet option.
For telephone access to the conference call, visit www.interdigital.com and click on the “Dial In Registration” link on the Investors page. Registration is necessary to obtain a dial in phone number and PIN to join.
An Internet replay of the conference call will be available on InterDigital’s website under Events in the Investors section. The replay will be available for one year.
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
For more information, visit the InterDigital website: www.interdigital.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include information regarding our current beliefs, plans and expectations. Words such as “believe,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “forecast,” “goal,” “could,” "would," "should," "if," "may," "might," "future," "target," "trend," "seek to," "will continue," "predict," "likely," "in the event," and variations of any such words or similar expressions are intended to identify such forward-looking statements.
Forward-looking statements are made on the basis of management’s current views and assumptions and are not guarantees of future performance. Forward-looking statements are inherently subject to risks and uncertainties that could cause actual results, and actual events that occur, to differ materially from results contemplated by the forward-looking statements. These risks and uncertainties include, but are not limited to: (i) unanticipated delays, difficulties or accelerations in the execution of patent license agreements; (ii) our ability to leverage our strategic relationships and secure new patent license agreements on acceptable terms; (iii) our ability to enter into sales and/or licensing partnering arrangements for certain of our patent assets; (iv) our ability to enter into partnerships with leading inventors and research organizations and identify and acquire technology and patent portfolios that align with our roadmap; (v) our ability to commercialize our technologies and enter into customer agreements; (vi) the failure of the markets for our current or new technologies and products to materialize to the extent or at the rate that we expect; (vii) unexpected delays or difficulties related to the development of our technologies and products; (viii) changes in our interpretations of, and assumptions and calculations with respect to the impact on us of, the 2017 Tax Cuts and Jobs Act, as well as further guidance that may be issued regarding such act; (ix) risks related to the potential impact of new accounting standards on our financial position, results of operations or cash flows; (x) failure to accurately forecast the impact of our restructuring activities on our financial statements and our business; (xi) the resolution of current legal proceedings, including any awards or judgments relating to such proceedings, additional legal or regulatory proceedings, changes in the schedules or costs associated with legal proceedings or adverse rulings in such proceedings; (xii) the timing and impact of potential administrative and legislative matters; (xiii) changes or inaccuracies in market projections; (xiv) our ability to obtain liquidity though debt and equity financings; (xv) the potential effects that corresponding macroeconomic uncertainty could have on our financial position, results of operations and cash flows; (xvi) changes in our business strategy; and (xvii) changes or inaccuracies in our expectations with respect to royalty payments by our customers.
We undertake no duty to revise or update publicly any forward-looking statement for any reason, except as otherwise required by law.
Footnotes
1 Net non-operating income (expense) is comprised of interest expense and other income (expense).
2 Throughout this press release, net income and diluted earnings per share (“EPS”) are attributable to
3 Adjusted EBITDA is a supplemental non-GAAP financial measure that InterDigital believes provides investors with important insight into the company's ongoing business performance. InterDigital defines Adjusted EBITDA as net income attributable to
RECONCILIATION OF NON-GAAP MEASURE
The table below presents a reconciliation of the preliminary fourth quarter 2022 Adjusted EBITDA to the preliminary fourth quarter 2022 net income attributable to
For the three months ended | |||
Net income attributable to | $ | 28 | |
Net loss attributable to non-controlling interest | 0 | ||
Income tax provision | 8 | ||
Other (income) expense, net & interest expense | (1 | ) | |
Depreciation and amortization | 19 | ||
Share-based compensation | 6 | ||
Other items | 0 | ||
Adjusted EBITDA3 | $ | 60 |
CONTACT: | |
investor.relations@interdigital.com | |
+1 (302) 300-1857 |
Source:
2023 GlobeNewswire, Inc., source