InterDigital Announces Financial Results for Second Quarter 2016



SUMMARY CONSOLIDATED CASH FLOWS
(dollars in thousands)
(unaudited)
 
   For the Three Months
Ended June 30,
  For the Six Months
Ended June 30,
   2016  2015  2016  2015
Income before income taxes $22,377  $50,832  $63,596  $96,840 
Taxes paid (37,862) (24,050) (52,285) (36,764)
Non-cash expenses 20,096  20,763  45,481  39,022 
Increase in deferred revenue 201,730  18,273  282,170  90,776 
Deferred revenue recognized (34,829) (41,865) (69,423) (86,022)
Increase (decrease) in operating working capital, deferred charges and other 19,922  1,342  (61,872) (76,786)
Capital spending and capitalized patent costs (8,978) (8,255) (18,634) (17,520)
FREE CASH FLOW 182,456  17,040  189,033  9,546 
         
Tax benefit from share-based compensation   624    2,163 
Payments on long-term debt     (230,000)  
Acquisition of patents     (4,500) (20,000)
Long term investments (2,000)    (2,000)  
Proceeds from noncontrolling interests   1,276    2,551 
Dividends paid (6,923) (7,232) (13,991) (14,665)
Share repurchases (18,596) (19,841) (58,995) (70,572)
Proceeds from other financing activities    4,500         4,500  
Proceeds from issuance of senior convertible notes               316,000  
Purchase of convertible bond hedge               (59,376 )
Proceeds from issuance of warrants               42,881  
Payment of debt issuance costs               (9,403 )
Net proceeds from exercise of stock options   228     26     228     26  
Unrealized gain on short-term investments   39     21     415     16  
NET (DECREASE) INCREASE IN CASH AND SHORT-TERM INVESTMENTS   $ 155,204     $ (3,586 )   $ (119,810 )   $ 203,667  
                                 



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