Benzinga | May 6, 2021 12:12PM EDT

How Did InterDigital Perform In Q1?

* InterDigital Inc (NASDAQ: 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.