InterDigital Announces Financial Results for Second Quarter 2018

We undertake no duty to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority.

Footnotes

1                      Throughout this press release, net income (loss) and diluted earnings per share ("EPS") are attributable to InterDigital, Inc. (e.g., after adjustments for noncontrolling interests), unless otherwise stated.

2                      Free cash flow is a supplemental non-GAAP financial measure that InterDigital believes is helpful in evaluating the company's ability to invest in its business, make strategic acquisitions and fund share repurchases, among other things.  A limitation of the utility of free cash flow as a measure of financial performance is that it does not represent the total increase or decrease in the company's cash balance for the period. InterDigital defines “free cash flow” as net cash provided by operating activities less purchases of property and equipment, technology licenses and investments in patents.  InterDigital's computation of free cash flow might not be comparable to free cash flow reported by other companies.  The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.  A detailed reconciliation of free cash flow to net cash provided by operating activities, the most directly comparable GAAP financial measure, is provided at the end of this press release.

SUMMARY CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands except per share data)
(unaudited)

  For the Three Months Ended June 30,
  2018  2017
  As Reported ASC 606  Adjustment  ASC 605*  As Reported (ASC 605)
REVENUES:       
Variable patent royalty revenue$6,594  $782  $7,376  $11,398 
Fixed-fee royalty revenue60,264  19,261  79,525  73,063 
Current patent royalties66,858  20,043  86,901  84,461 
Non-current patent royalties2,017    2,017  47,860 
Total patent royalties68,875  20,043  88,918  132,321 
Current technology solutions revenue680  1,051  1,731  3,458 
 $69,555  $21,094  $90,649  $135,779 
OPERATING EXPENSES:       
Patent administration and licensing26,487    26,487  23,232 
Development15,829    15,829  19,098 
Selling, general and administrative11,559    11,559  12,501 
  53,875         53,875     54,831  
Income from operations 15,680     21,094     36,774     80,948  
OTHER EXPENSE (NET) (4,847 )   4,335     (512 )   (2,330 )
Income before income taxes 10,833     25,429     36,262     78,618  
INCOME TAX EXPENSE (1,057 )   (2,908 )   (3,965 )   (27,074 )
NET INCOME $ 9,776     $ 22,521     $ 32,297     $ 51,544  
Net loss attributable to noncontrolling interest (930 )       (930 )   (955 )
NET INCOME ATTRIBUTABLE TO INTERDIGITAL, INC. $ 10,706     $ 22,521     $ 33,227     $ 52,499  
NET INCOME PER COMMON SHARE — BASIC $ 0.31     $ 0.65     $ 0.96     $ 1.51  
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — BASIC 34,769         34,769     34,686  
NET INCOME PER COMMON SHARE — DILUTED $ 0.30     $ 0.63     $ 0.93     $ 1.46  
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — DILUTED 35,631         35,631     35,902  
CASH DIVIDENDS DECLARED PER COMMON SHARE $ 0.35     $     $ 0.35     $ 0.30  

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