InterDigital Announces Financial Results for Second Quarter 2016

Footnotes

Throughout this press release, net income (loss) and diluted earnings per share ("EPS") are attributable to InterDigital, Inc. (e.g., after adjustments for noncontrolling interests), unless otherwise stated.

Free cash flow is a supplemental non-GAAP financial measure that InterDigital believes is helpful in evaluating the company's ability to invest in its business, make strategic acquisitions and fund share repurchases, among other things.  A limitation of the utility of free cash flow as a measure of financial performance is that it does not represent the total increase or decrease in the company's cash balance for the period. InterDigital defines “free cash flow” as net cash provided by operating activities less purchases of property and equipment, technology licenses and investments in patents.  InterDigital's computation of free cash flow might not be comparable to free cash flow reported by other companies.  The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.  A detailed reconciliation of free cash flow to net cash provided by operating activities, the most directly comparable GAAP financial measure, is provided at the end of this press release.


SUMMARY CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands except per share data)
(unaudited)
 
   For the Three Months
Ended June 30,
  For the Six Months
Ended June 30,
   2016  2015  2016  2015
REVENUES:        
Per-unit royalty revenue $44,525  $55,989  $118,214  $131,572 
Fixed fee amortized royalty revenue 29,098  33,373  58,196  66,746 
Current patent royalties 73,623  89,362  176,410  198,318 
Past patent royalties 1,277  27,260  5,444  27,277 
Total patent licensing royalties 74,900  116,622  181,854  225,595 
Current technology solutions revenue 1,015  1,845  1,825  3,250 
Past technology solutions revenue   84    84 
  $75,915  $118,551  $183,679  $228,929 
         
OPERATING EXPENSES:        
Patent administration and licensing 28,285  31,212  55,452  62,837 
Development 14,609  18,326  34,878  36,317 
Selling, general and administrative 9,938  10,435  21,910     19,953  
    52,832     59,973     112,240     119,107  
                 
Income from operations   23,083     58,578     71,439     109,822  
                 
OTHER EXPENSE (NET)   (706 )   (7,746 )   (7,843 )   (12,982 )
Income before income taxes   22,377     50,832     63,596     96,840  
INCOME TAX BENEFIT (PROVISION)   16,652     (18,877 )   2,584     (36,553 )
NET INCOME   $ 39,029     $ 31,955     $ 66,180     $ 60,287  
Net loss attributable to noncontrolling interest   (965 )   (647 )   (1,885 )   (1,380 )
NET INCOME ATTRIBUTABLE TO INTERDIGITAL, INC.   $ 39,994     $ 32,602     $ 68,065     $ 61,667  
NET INCOME PER COMMON SHARE — BASIC   $ 1.16     $ 0.91     $ 1.96     $ 1.69  
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — BASIC   34,499     36,022     34,772     36,486  
NET INCOME PER COMMON SHARE — DILUTED   $ 1.14     $ 0.89     $ 1.94     $ 1.67  
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — DILUTED
  34,945     36,442     35,161     36,883  
CASH DIVIDENDS DECLARED PER COMMON SHARE   $ 0.20     $ 0.20     $ 0.40     $ 0.40  
                                 



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