InterDigital Reports Fourth Quarter and Full Year 2016 Financial Results

CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
(unaudited)
 
  DECEMBER 31,
2016
  DECEMBER 31,
2015
ASSETS      
Cash & short-term investments$952,761 $933,708 
Accounts receivable228,464 53,868 
Other current assets39,894 23,391 
Property & equipment and patents (net)323,394 289,727 
Other long-term assets (net)183,340 173,791 
TOTAL ASSETS$1,727,853 $1,474,485 
    
LIABILITIES AND SHAREHOLDERS’ EQUITY   
Current portion of long-term debt$ $227,174 
Accounts payable, accrued liabilities, taxes payable & dividends payable65,288 66,570 
Current deferred revenue, including customer advances360,192 106,229 
Long-term deferred revenue261,013 289,039 
Long-term debt & other long-term liabilities286,992 263,578 
TOTAL LIABILITIES973,485 952,590 
TOTAL INTERDIGITAL, INC. SHAREHOLDERS' EQUITY739,709 510,519 
Noncontrolling interest14,659 11,376 
TOTAL EQUITY754,368 521,895 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,727,853 $1,474,485 


RECONCILIATION OF FREE CASH FLOW TO NET CASH
PROVIDED BY OPERATING ACTIVITIES

In the summary consolidated cash flows and throughout this release, the company refers to free cash flow.  The table below presents a reconciliation of this non-GAAP financial measure to net cash provided by operating activities, the most directly comparable GAAP financial measure.

   For the Three Months
Ended December 31,
  For the Twelve Months
Ended December 31,
   2016  2015  2016  2015
Net cash provided by operating activities  233,282 $86,777 $430,778 $114,499
Purchases of property, equipment, & technology licenses (2,405)  (1,865) (5,882) (3,700) 
Capitalized patent costs (8,384)  (5,760) (32,658) (29,766) 
Free cash flow $222,493 $79,152 $392,238 $81,033 


CONTACT:
InterDigital, Inc.:
Patrick Van de Wille
patrick.vandewille@interdigital.com
+1 (858) 210-4814

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