InterDigital Announces Financial Results for Second Quarter 2018


  For the Six Months Ended June 30,
  2018  2017
  As Reported ASC 606  Adjustment  ASC 605*  As Reported (ASC 605)
REVENUES:       
Variable patent royalty revenue$12,677  $4,776  $17,453  $27,257 
Fixed-fee royalty revenue117,935  39,772  157,707  146,430 
Current patent royalties130,612  44,548  175,160  173,687 
Non-current patent royalties25,361  (10,000) 15,361  47,860 
Total patent royalties155,973  34,548  190,521  221,547 
Current technology solutions revenue1,026  4,035  5,061  8,762 
 $156,999  $38,583  $195,582  $230,309 
OPERATING EXPENSES:       
Patent administration and licensing53,403    53,403  50,112 
Development32,003    32,003  38,879 
Selling, general and administrative25,763    25,763  26,402 
 111,169    111,169  115,393 
Income from operations45,830  38,583  84,413  114,916 
OTHER EXPENSE (NET)(11,183) 9,011  (2,172) (5,144)
Income before income taxes34,647    47,594     82,241     109,772  
INCOME TAX BENEFIT (EXPENSE) 3,858     (8,931 )   (5,073 )   (25,450 )
NET INCOME $ 38,505     $ 38,663     $ 77,168     $ 84,322  
Net loss attributable to noncontrolling interest (2,126 )       (2,126 )   (1,933 )
NET INCOME ATTRIBUTABLE TO INTERDIGITAL, INC. $ 40,631     $ 38,663     $ 79,294     $ 86,255  
NET INCOME PER COMMON SHARE — BASIC $ 1.17     $ 1.11     $ 2.28     $ 2.50  
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — BASIC 34,705         34,705     34,528  
NET INCOME PER COMMON SHARE — DILUTED $ 1.14     $ 1.09     $ 2.23     $ 2.39  
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — DILUTED 35,619         35,619     36,103  
CASH DIVIDENDS DECLARED PER COMMON SHARE $ 0.70     $     $ 0.70     $ 0.60  

Note: Certain reclassifications have been made to prior period amounts to conform to the current period presentation.

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