InterDigital Announces Financial Results for Second Quarter 2016



CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
(unaudited)
 
  JUNE 30,
2016
  DECEMBER 31,
2015
ASSETS   
Cash & short-term investments$813,898  $933,708 
Accounts receivable104,181  53,868 
Other current assets48,402  23,391 
Property & equipment and patents (net)286,434  289,727 
Other long-term assets (net)216,796  173,791 
TOTAL ASSETS$1,469,711  $1,474,485 
    
LIABILITIES AND SHAREHOLDERS’ EQUITY   
Current portion of long-term debt$—  $227,174 
Accounts payable, accrued liabilities, taxes payable & dividends payable62,035  66,570 
Current deferred revenue, including customer advances309,340  106,229 
Long-term deferred revenue298,675  289,039 
Long-term debt & other long-term liabilities276,503  263,578 
TOTAL LIABILITIES946,553  952,590 
TOTAL INTERDIGITAL, INC. SHAREHOLDERS' EQUITY513,667  510,519 
Noncontrolling interest9,491  11,376 
TOTAL EQUITY523,158  521,895 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,469,711  $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 June 30,
  For the Six Months
Ended June 30,
   2016  2015  2016  2015
Net cash provided by operating activities $191,434  $25,295  $207,667  $27,066 
Purchases of property, equipment, & technology licenses (672) (491) (2,266) (1,329)
Capitalized patent costs (8,306) (7,764) (16,368) (16,191)
Free cash flow $182,456  $17,040  $189,033   $ 9,546  
                                 

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