(unaudited)
|
FOR THE THREE
MONTHS ENDED MARCH 31, | |||||||
| 2020 | 2019 | ||||||
| Income (loss) before income taxes | $ | 159 | $ | (6,013 | ) | ||
| Taxes paid | (2,228 | ) | (3,196 | ) | |||
| Non-cash expenses | 20,299 | 25,402 | |||||
| Change in deferred revenue | (39,512 | ) | (43,423 | ) | |||
| Increase (decrease) in operating working capital, deferred charges and other | (5,603 | ) | (3,551 | ) | |||
| Capital spending and capitalized patent costs | (7,859 | ) | (10,065 | ) | |||
| FREE CASH FLOW | (34,744 | ) | (40,846 | ) | |||
| Proceeds from noncontrolling interest | — | 10,333 | |||||
| Dividends paid | (10,747 | ) | (11,629 | ) | |||
| Taxes withheld upon vesting of restricted stock units | (725 | ) | (4,097 | ) | |||
| Payments on long-term debt | (94,909 | ) | — | ||||
| Share repurchases | (349 | ) | (108,986 | ) | |||
| Net proceeds from exercise of stock options | 778 | 2 | |||||
| Unrealized gain (loss) on short-term investments | (774 | ) | 2,183 | ||||
| NET INCREASE (DECREASE) IN CASH, RESTRICTED CASH AND SHORT-TERM INVESTMENTS | $ | (141,470 | ) | $ | (153,040 | ) | |
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
(unaudited)
|
MARCH 31,
2020 |
DECEMBER 31,
2019 | ||||||
| ASSETS | |||||||
| Cash & short-term investments | $ | 780,900 | $ | 924,695 | |||
| Accounts receivable (net) | 25,608 | 28,272 | |||||
| Other current assets | 69,337 | 63,365 | |||||
| Property & equipment and patents (net) | 435,928 | 446,556 | |||||
| Other long-term assets (net) | 152,957 | 149,194 | |||||
| TOTAL ASSETS | $ | 1,464,730 | $ | 1,612,082 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| Current portion of long-term debt | $ | — | $ | 94,170 | |||
| Accounts payable, accrued liabilities, taxes payable & dividends payable | 59,535 | 64,734 | |||||
| Current deferred revenue | 126,298 | 146,654 | |||||
| Long-term deferred revenue | 104,497 | 123,653 | |||||
| Long-term debt & other long-term liabilities | 398,804 | 396,590 | |||||
| TOTAL LIABILITIES | 689,134 | 825,801 | |||||
| TOTAL INTERDIGITAL, INC. SHAREHOLDERS' EQUITY | 752,649 | 761,557 | |||||
| Noncontrolling interest | 22,947 | 24,724 | |||||
| TOTAL EQUITY | 775,596 | 786,281 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,464,730 | $ | 1,612,082 | |||
RECONCILIATION OF FREE CASH FLOW TO NET CASH
