InterDigital Reports Fourth Quarter and Full Year 2015 Financial Results



SUMMARY CONSOLIDATED CASH FLOWS
(dollars in thousands)
(unaudited)
 
  For the Three Months
Ended December 31,
  For the Year Ended
December 31,
  2015  2014  2015  2014
Income before income taxes$46,896  $20,589  $181,015  $153,528 
Taxes paid(41,947) (28,836) (85,780) (114,876)
Non-cash expenses23,986  19,779  83,999  72,324 
Increase in deferred revenue22,910  2,013  113,962  272,885 
Deferred revenue recognized(37,396) (43,989) (163,354) (163,139)
Increase (decrease) in operating working capital, deferred charges and other72,328  86,428  (15,343) 21,291 
Capital spending and capitalized patent costs(7,625) (12,506) (33,466) (39,027)
FREE CASH FLOW79,152  43,478  81,033  202,986 
        
Tax benefit from share-based compensation331  (1,218) 2,457   
Acquisition of patents    (20,000) (26,300)
Purchase of long-term investments(6,029)   (12,623)  —
Proceeds from noncontrolling interests6,808  1,276  9,358  5,101 
Dividends paid(7,093) (7,609) (28,937) (23,729)
Share repurchases(7,358) (64,603) (96,410) (152,625)
Proceeds from other financing activities    4,500   
Proceeds from issuance of convertible senior notes    316,000   
Purchase of convertible bond hedge    (59,376)   
Proceeds from issuance of warrants         42,881      
Payment of debt issuance costs         (9,403 )    
Net proceeds from exercise of stock options 17     33     46     402  
Unrealized gain (loss) on short-term investments 436     (121 )   254     (358 )
NET INCREASE (DECREASE) IN CASH AND SHORT-TERM INVESTMENTS $ 66,264     $ (28,764 )   $ 229,780     $ 5,477  

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