InterDigital Announces Financial Results for Third Quarter 2016



SUMMARY CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands except per share data)
(unaudited)
 
  For the Three Months
Ended September 30,
  For the Nine Months
Ended September 30,
  2016  2015  2016  2015
REVENUES:       
Per-unit royalty revenue$35,804  $43,698  $154,018  $175,270 
Fixed fee amortized royalty revenue45,740  33,373  103,936  100,119 
Current patent royalties81,544  77,071  257,954  275,389 
Past patent royalties123,973  21,817  129,417  49,094 
Total patent licensing royalties205,517  98,888  387,371  324,483 
Current technology solutions revenue2,790  1,520  4,615  4,770 
Past technology solutions revenue      84 
 $208,307  $100,408  $391,986  $329,337 
        
OPERATING EXPENSES:       
Patent administration and licensing26,149  28,363  81,601  91,200 
Development15,560  16,618  50,438  52,935 
Selling, general and administrative9,880  10,040  31,790  29,993 
 51,589  55,021  163,829  174,128 
        
Income from operations156,718  45,387  228,157  155,209 
        
OTHER EXPENSE (NET)(3,798) (8,108 )   (11,641 )   (21,090 )
Income before income taxes 152,920     37,279     216,516     134,119  
INCOME TAX PROVISION (49,397 )   (13,491 )   (46,813 )   (50,044 )
NET INCOME $ 103,523     $ 23,788     $ 169,703     $ 84,075  
Net loss attributable to noncontrolling interest (943 )   (732 )   (2,828 )   (2,112 )
NET INCOME ATTRIBUTABLE TO INTERDIGITAL, INC. $ 104,466     $ 24,520     $ 172,531     $ 86,187  
NET INCOME PER COMMON SHARE — BASIC $ 3.05     $ 0.68     $ 4.99     $ 2.38  
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — BASIC 34,280     35,798     34,607     36,257  
NET INCOME PER COMMON SHARE — DILUTED $ 2.99     $ 0.68     $ 4.92     $ 2.35  
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — DILUTED 34,953     36,205     35,091     36,658  
CASH DIVIDENDS DECLARED PER COMMON SHARE $ 0.30     $ 0.20     $ 0.70     $ 0.60  

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