InterDigital Announces Financial Results for Third Quarter 2021

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

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