InterDigital Announces Financial Results for First Quarter 2023

Footnotes

1        Throughout this press release, net income and diluted earnings per share (“EPS”) are attributable to InterDigital, Inc. (e.g., after adjustments for non-controlling interests), unless otherwise stated.

2        Adjusted EBITDA and Adjusted EBITDA margin are supplemental non-GAAP financial measures that InterDigital believes provide investors with important insight into the company's ongoing business performance. InterDigital defines Adjusted EBITDA as net income attributable to InterDigital Inc. plus net loss attributable to non-controlling interest, income tax (provision) benefit, other income (expense) & interest expense, depreciation and amortization, share-based compensation, and other items. Other items include restructuring costs, impairment charges and other non-recurring items. Adjusted EBITDA margin is Adjusted EBITDA over total revenues. These non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. A detailed reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is provided below.

3        Non-GAAP net income and Non-GAAP diluted EPS are supplemental non-GAAP financial measures that InterDigital believes provides investors with important insight into the company's ongoing business performance. InterDigital defines non-GAAP net income attributable to InterDigital, Inc. as net income plus share-based compensation, acquisition related amortization, depreciation and amortization, restructuring costs, impairment charges and one-time adjustments, losses on extinguishments of long-term debt, the related income tax effect of the preceding items, and adjustments to income taxes. InterDigital’s computation of these non-GAAP financial measures might not be comparable to similarly named measures reported by other companies. The presentation of these financial measures, which are 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 reconciliation of non-GAAP net income to net income attributable to InterDigital, Inc., the most directly comparable GAAP financial measure, is provided below.

SUMMARY CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
(unaudited)
  For the Three Months
Ended March 31,
   2023    2022 
REVENUES:   
Recurring revenues:   
Smartphone$87,431  $87,698 
CE, IoT/Auto 14,086   11,190 
Other 56   239 
Total recurring revenues 101,573   99,127 
Catch-up revenues 100,800   2,191 
Total revenues   202,373       101,318  
       
OPERATING EXPENSES:      
Research and portfolio development   49,429       44,177  
Licensing   21,368       15,530  
General and administrative   12,315       10,884  
Restructuring activities         542  
Total Operating expenses   83,112       71,133  
       
Income from operations   119,261       30,185  
       
INTEREST EXPENSE   (12,087 )     (5,515 )
OTHER INCOME (EXPENSE), NET   13,191       (1,005 )
Income before income taxes   120,365       23,665  
INCOME TAX PROVISION   (16,845 )     (5,961 )
NET INCOME $ 103,520     $ 17,704  
Net loss attributable to noncontrolling interest   (1,739 )     (290 )
NET INCOME ATTRIBUTABLE TO INTERDIGITAL, INC. $ 105,259     $ 17,994  
NET INCOME PER COMMON SHARE — BASIC $ 3.66     $ 0.59  
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — BASIC   28,780       30,703  
NET INCOME PER COMMON SHARE — DILUTED $ 3.58     $ 0.58  
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — DILUTED   29,372       31,275  
CASH DIVIDENDS DECLARED PER COMMON SHARE $ 0.35     $ 0.35  
               

 

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