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, | ||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||
| REVENUES: | |||||||||||||||
| Variable patent royalty revenue | $ | 4,683 | $ | 13,645 | $ | 22,557 | $ | 26,322 | |||||||
| Fixed-fee royalty revenue | 63,736 | 60,272 | 190,345 | 178,207 | |||||||||||
| Current patent royalties | 68,419 | 73,917 | 212,902 | 204,529 | |||||||||||
| Non-current patent royalties | (370 | ) | 128 | (4,908 | ) | 25,489 | |||||||||
| Total patent royalties | 68,049 | 74,045 | 207,994 | 230,018 | |||||||||||
| Patent sales | 750 | — | 975 | — | |||||||||||
| Current technology solutions revenue | 3,724 | 1,034 | 7,794 | 2,060 | |||||||||||
| $ | 72,523 | $ | 75,079 | $ | 216,763 | $ | 232,078 | ||||||||
| OPERATING EXPENSES: | |||||||||||||||
| Patent administration and licensing | 34,772 | 32,077 | 108,196 | 85,480 | |||||||||||
| Development | 20,506 | 17,276 | 56,028 | 49,279 | |||||||||||
| Selling, general and administrative | 13,471 | 12,806 | 40,000 | 38,569 | |||||||||||
| 68,749 | 62,159 | 204,224 | 173,328 | ||||||||||||
| Income from operations | 3,774 | 12,920 | 12,539 | 58,750 | |||||||||||
| INTEREST EXPENSE | (10,920 | ) | (9,039 | ) | (30,305 | ) | (27,242 | ) | |||||||
| OTHER INCOME (NET) | 7,803 | (4,914 | ) | 23,772 | 2,106 | ||||||||||
| Income (loss) before income taxes | 657 | (1,033 | ) | 6,006 | 33,614 | ||||||||||
| INCOME TAX BENEFIT (PROVISION) | 178 | 21,143 | (3,007 | ) | 25,001 | ||||||||||
| NET INCOME | $ | 835 | $ | 20,110 | $ | 2,999 | $ | 58,615 | |||||||
| Net loss attributable to noncontrolling interest | (1,399 | ) | (1,642 | ) | (4,175 | ) | (4,333 | ) | |||||||
| NET INCOME ATTRIBUTABLE TO INTERDIGITAL, INC. | $ | 2,234 | $ | 21,752 | $ | 7,174 | $ | 62,948 | |||||||
| NET INCOME PER COMMON SHARE — BASIC | $ | 0.07 | $ | 0.63 | $ | 0.23 | $ | 1.81 | |||||||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — BASIC | 31,130 | 34,651 | 31,757 | 34,687 | |||||||||||
| NET INCOME PER COMMON SHARE — DILUTED | $ | 0.07 | $ | 0.61 | $ | 0.22 | $ | 1.77 | |||||||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — DILUTED | 31,308 | 35,607 | 32,010 | 35,614 | |||||||||||
| CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.35 | $ | 0.35 | $ | 1.05 | $ | 1.05 | |||||||
Note: Certain revisions have been made to prior period amounts.
