InterDigital Announces Financial Results for First Quarter 2023
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SUMMARY CONSOLIDATED CASH FLOWS | | (in thousands) | | (unaudited) | | | | |
For the Three Months
Ended March 31, | | | |
2023 | | | |
2022 | | |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | Net income | $ | 103,520 | | | $ | 17,704 | | | Non-cash adjustments | | (4,004 | ) | | | (22,083 | ) | | Working capital changes | | (127,368 | ) | | | (13,593 | ) | | Net cash used in operating activities | | (27,852 | ) | | | (17,972 | ) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | Net (purchases) sales of short-term investments | | (5,982 | ) | | | 117,811 | | | Capitalized patent costs and purchases of property and equipment | | (8,481 | ) | | | (10,209 | ) | | Net cash (used in) provided by investing activities | | (14,463 | ) | | | 107,602 | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | Repurchase of common stock | | (203,381 | ) | | | — | | | Dividends paid | | (10,384 | ) | | | (10,741 | ) | | Other | | (4,371 | ) | | | (2,300 | ) | | Net cash used in financing activities | | (218,136 | ) | | | (13,041 | ) | | NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | | (260,451 | ) | | | 76,589 | | | CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | | 703,161 | | | | 713,224 | | | CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $ | 442,710 | | | $ | 789,813 | | | | | | | | | | |
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