InterDigital Announces Financial Results for First Quarter 2020

(dollars in thousands)
(unaudited)

  FOR THE THREE
MONTHS ENDED
MARCH 31,
  2020  2019
Income (loss) before income taxes$159  $(6,013)
Taxes paid(2,228) (3,196)
Non-cash expenses20,299  25,402 
Change in deferred revenue(39,512) (43,423)
Increase (decrease) in operating working capital, deferred charges and other(5,603) (3,551)
Capital spending and capitalized patent costs(7,859) (10,065)
FREE CASH FLOW(34,744) (40,846)
    
Proceeds from noncontrolling interest  10,333 
Dividends paid(10,747) (11,629)
Taxes withheld upon vesting of restricted stock units(725) (4,097)
Payments on long-term debt(94,909)  
Share repurchases(349) (108,986)
Net proceeds from exercise of stock options778  2 
Unrealized gain (loss) on short-term investments(774) 2,183 
NET INCREASE (DECREASE) IN CASH, RESTRICTED CASH AND SHORT-TERM INVESTMENTS$(141,470) $(153,040)
        

CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
(unaudited)

  MARCH 31,
2020
  DECEMBER 31,
2019
ASSETS   
Cash & short-term investments$780,900  $924,695 
Accounts receivable (net) 25,608     28,272  
Other current assets 69,337     63,365  
Property & equipment and patents (net) 435,928     446,556  
Other long-term assets (net) 152,957     149,194  
TOTAL ASSETS $ 1,464,730     $ 1,612,082  
       
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Current portion of long-term debt $     $ 94,170  
Accounts payable, accrued liabilities, taxes payable & dividends payable 59,535     64,734  
Current deferred revenue 126,298     146,654  
Long-term deferred revenue 104,497     123,653  
Long-term debt & other long-term liabilities 398,804     396,590  
TOTAL LIABILITIES 689,134     825,801  
TOTAL INTERDIGITAL, INC. SHAREHOLDERS' EQUITY 752,649     761,557  
Noncontrolling interest 22,947     24,724  
TOTAL EQUITY 775,596     786,281  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,464,730     $ 1,612,082  
               

RECONCILIATION OF FREE CASH FLOW TO NET CASH

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