The company's short-term investments are comprised of high quality credit instruments including U.S. Government agency instruments and corporate bonds. Management views these instruments to be near equivalents to cash and believes that investors may share this viewpoint. This release includes a summary cash flow statement that results in the change in both our cash and short-term investment balances. One of the subtotals in the summary cash flow statement is cash flow before financing activity. Management has presented a reconciliation of this non-GAAP line item to net cash provided by operating activities below:
For the Three For the Nine
Months Ended Months Ended
September 30, September 30,
----------------- -----------------
2005 2004 2005 2004
----------------- -----------------
Net cash provided by operating
activities $17,584 $41,996 $37,633 $57,819
Purchases of property and
equipment (995) (1,166) (4,006) (2,654)
Patent additions (3,936) (3,290) (12,543) (8,816)
-------- -------- -------- --------
Free cash flow $12,653 $37,540 $21,084 $46,349
======== ======== ======== ========
This release also discusses operating expenses, excluding repositioning charges, and net income including certain non-recurring revenue items. Management believes that investors may find these non-GAAP financial measures useful in understanding the company's operating results. This information is intended to provide more meaningful comparisons of the company's results.
Contact:
InterDigital Communications Corporation Media Contact: Dawn Goldstein, 610-878-7800 Email Contact or Investor Contact: Janet Point, 610-878-7800 Email Contact
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