InterDigital Announces Financial Results for Third Quarter 2019


SUMMARY CONSOLIDATED CASH FLOWS
(dollars in thousands)
(unaudited)

  FOR THE THREE MONTHS ENDED SEPTEMBER 30,  FOR THE NINE MONTHS ENDED SEPTEMBER 30,
  2019  2018  2019  2018
Income (loss) before income taxes$657  $(1,033) $6,006  $33,614 
Taxes paid(6,713) (13,660) (16,483) (24,459)
Non-cash expenses29,524  32,163  86,139  70,959 
Change in deferred revenue63,629  36,989  875  9,822 
Increase (decrease) in operating working capital, deferred charges and other38,402  115,926  (4,561) 86,681 
Capital spending and capitalized patent costs(8,483) (9,678) (29,185) (25,727)
FREE CASH FLOW117,016  160,707  42,791  150,890 
        
Long-term investments  (436)   (6,686)
Acquisition of business, net of cash required  (142,985)    (142,985 )
Acquisition of patents             (2,250 )
Proceeds from sale of business 10,000         10,000      
Proceeds from noncontrolling interest         10,333      
Dividends paid (10,894 )   (12,153 )   (33,683 )   (36,472 )
Taxes withheld upon vesting of restricted stock units (179 )   (91 )   (4,316 )   (8,479 )
Payments on long-term debt         (221,091 )    
Proceeds from issuance of convertible senior notes         400,000      
Purchase of convertible bond hedge         (72,000 )    
Payment for warrant unwind         (4,184 )    
Prepayment penalty on long-term debt         (10,763 )    
Proceeds from hedge unwind         9,038      
Proceeds from issuance of warrants         47,600      
Payments of debt issuance costs (1,075 )       (8,375 )    
Share repurchases     (34,336 )   (171,269 )   (43,508 )
Net proceeds from exercise of stock options     2,432     2     6,362  
Unrealized gain (loss) on short-term investments 440     593     4,392     (575 )
NET INCREASE (DECREASE) IN CASH, RESTRICTED CASH AND SHORT-TERM INVESTMENTS $ 115,308     $ (26,269 )   $ (1,525 )   $ (83,703 )

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