SUMMARY CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
(unaudited)
| FOR THE THREE MONTHS ENDED SEPTEMBER 30, | FOR THE NINE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| REVENUES: | |||||||||||||||
| Variable patent royalty revenue | $ | 8,346 | $ | 7,377 | $ | 22,765 | $ | 17,920 | |||||||
| Fixed-fee royalty revenue | 84,295 | 77,338 | 222,887 | 221,023 | |||||||||||
| Current patent royalties | 92,641 | 84,715 | 245,652 | 238,943 | |||||||||||
| Non-current patent royalties | 50,108 | 507 | 63,475 | 20,461 | |||||||||||
| Total patent royalties | 142,749 | 85,222 | 309,127 | 259,404 | |||||||||||
| Current technology solutions revenue | 747 | 2,271 | 4,467 | 8,797 | |||||||||||
| Total Revenue | $ | 143,496 | $ | 87,493 | $ | 313,594 | $ | 268,201 | |||||||
| OPERATING EXPENSES: | |||||||||||||||
| Patent administration and licensing | 56,150 | 40,364 | 133,694 | 119,167 | |||||||||||
| Development | 22,546 | 20,845 | 66,999 | 61,755 | |||||||||||
| Selling, general and administrative | 20,978 | 10,854 | 46,994 | 35,251 | |||||||||||
| Restructuring activities | 7,045 | — | 20,290 | — | |||||||||||
| Total Operating expenses | 106,719 | 72,063 | 267,977 | 216,173 | |||||||||||
| Income from operations | 36,777 | 15,430 | 45,617 | 52,028 | |||||||||||
| INTEREST EXPENSE | (5,773 | ) | (10,365 | ) | (19,429 | ) | (30,881 | ) | |||||||
| OTHER (EXPENSE) INCOME, NET | (1,537 | ) | 3,994 | 2,226 | 13,806 | ||||||||||
| Income before income taxes | 29,467 | 9,059 | 28,414 | 34,953 | |||||||||||
| INCOME TAX (PROVISION) BENEFIT | (4,253 | ) | 12,843 | (6,039 | ) | 5,879 | |||||||||
| NET INCOME | $ | 25,214 | $ | 21,902 | $ | 22,375 | $ | 40,832 | |||||||
| Net loss attributable to noncontrolling interest | (1,014 | ) | (1,882 | ) | (11,042 | ) | (5,319 | ) | |||||||
| NET INCOME ATTRIBUTABLE TO INTERDIGITAL, INC. | $ | 26,228 | $ | 23,784 | $ | 33,417 | $ | 46,151 | |||||||
| NET INCOME PER COMMON SHARE — BASIC | $ | 0.85 | $ | 0.77 | $ | 1.09 | $ | 1.50 | |||||||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — BASIC | 30,737 | 30,804 | 30,792 | 30,762 | |||||||||||
| NET INCOME PER COMMON SHARE — DILUTED | $ | 0.83 | $ | 0.76 | $ | 1.07 | $ | 1.49 | |||||||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — DILUTED | 31,431 | 31,119 | 31,272 | 31,029 | |||||||||||
| CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.35 | $ | 0.35 | $ | 1.05 | $ | 1.05 | |||||||
