InterDigital Announces Financial Results for First Quarter 2016

 
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
(unaudited)
    
  MARCH 31,
2016
  DECEMBER 31,
2015
ASSETS   
Cash & short-term investments$658,694  $933,708 
Accounts receivable114,608  53,868 
Other current assets24,794  23,391 
Property & equipment and patents (net)291,390  289,727 
Other long-term assets (net)185,175  173,791 
TOTAL ASSETS$1,274,661  $1,474,485 
    
LIABILITIES AND SHAREHOLDERS’ EQUITY   
Current portion of long-term debt$—  $227,174 
Accounts payable, accrued liabilities, taxes payable & dividends payable61,274  66,570 
Current deferred revenue109,951  106,229 
Long-term deferred revenue331,162  289,039 
Long-term debt & other long-term liabilities267,106  263,578 
TOTAL LIABILITIES769,493  952,590 
TOTAL INTERDIGITAL, INC. SHAREHOLDERS' EQUITY494,712  510,519 
Noncontrolling interest10,456  11,376 
TOTAL EQUITY505,168  521,895 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,274,661  $1,474,485 
        

RECONCILIATION OF FREE CASH FLOW TO NET CASH
PROVIDED BY OPERATING ACTIVITIES

In the summary consolidated cash flows and throughout this release, the company refers to free cash flow.  The table below presents a reconciliation of this non-GAAP financial measure to net cash provided by operating activities, the most directly comparable GAAP financial measure.

   
   For the Three Months
Ended March 31,
   2016  2015
Net cash provided by operating activities $16,233  $1,771 
Purchases of property, equipment, & technology licenses (1,594) (838)
Capitalized patent costs (8,062) (8,427)
Free cash flow $6,577  $(7,494)
         


CONTACT:
InterDigital, Inc.:
Patrick Van de Wille
patrick.vandewille@interdigital.com
+1 (858) 210-4814

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