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Share Name | Share Symbol | Market | Type |
---|---|---|---|
InterDigital Inc | NASDAQ:IDCC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.78 | 0.76% | 103.64 | 103.64 | 110.82 | 105.35 | 103.08 | 103.32 | 586,663 | 01:00:00 |
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þ
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|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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|
|
For the quarterly period ended June 30, 2018
|
o
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
For the transition period from
to
|
PENNSYLVANIA
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
82-4936666
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
R
|
Accelerated filer
o
|
Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
|
|
Smaller reporting company
o
|
|
Emerging growth company
o
|
Common Stock, par value $0.01 per share
|
34,811,427
|
Title of Class
|
Outstanding at July 31, 2018
|
|
|
|
|
PAGES
|
|
|
|
|
|
|
EX-31.1
|
|
EX-31.2
|
|
EX-32.1
|
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EX-32.2
|
|
EX-101 INSTANCE DOCUMENT
|
|
EX-101 SCHEMA DOCUMENT
|
|
EX-101 CALCULATION LINKBASE DOCUMENT
|
|
EX-101 LABELS LINKBASE DOCUMENT
|
|
EX-101 PRESENTATION LINKBASE DOCUMENT
|
|
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FOR THE THREE MONTHS ENDED JUNE 30,
|
|
FOR THE SIX MONTHS ENDED JUNE 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
REVENUES:
|
|
|
|
|
|
|
|
||||||||
Patent licensing royalties
|
$
|
68,875
|
|
|
$
|
132,321
|
|
|
$
|
155,973
|
|
|
$
|
221,547
|
|
Technology solutions
|
680
|
|
|
3,458
|
|
|
1,026
|
|
|
8,762
|
|
||||
|
69,555
|
|
|
135,779
|
|
|
156,999
|
|
|
230,309
|
|
||||
|
|
|
|
|
|
|
|
||||||||
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Patent administration and licensing
|
26,487
|
|
|
23,232
|
|
|
53,403
|
|
|
50,112
|
|
||||
Development
|
15,829
|
|
|
19,098
|
|
|
32,003
|
|
|
38,879
|
|
||||
Selling, general and administrative
|
11,559
|
|
|
12,501
|
|
|
25,763
|
|
|
26,402
|
|
||||
|
53,875
|
|
|
54,831
|
|
|
111,169
|
|
|
115,393
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income from operations
|
15,680
|
|
|
80,948
|
|
|
45,830
|
|
|
114,916
|
|
||||
|
|
|
|
|
|
|
|
||||||||
OTHER EXPENSE (NET)
|
(4,847
|
)
|
|
(2,330
|
)
|
|
(11,183
|
)
|
|
(5,144
|
)
|
||||
Income before income taxes
|
10,833
|
|
|
78,618
|
|
|
34,647
|
|
|
109,772
|
|
||||
INCOME TAX (PROVISION) BENEFIT
|
(1,057
|
)
|
|
(27,074
|
)
|
|
3,858
|
|
|
(25,450
|
)
|
||||
NET INCOME
|
$
|
9,776
|
|
|
$
|
51,544
|
|
|
$
|
38,505
|
|
|
$
|
84,322
|
|
Net loss attributable to noncontrolling interest
|
(930
|
)
|
|
(955
|
)
|
|
(2,126
|
)
|
|
(1,933
|
)
|
||||
NET INCOME ATTRIBUTABLE TO INTERDIGITAL, INC.
|
$
|
10,706
|
|
|
$
|
52,499
|
|
|
$
|
40,631
|
|
|
$
|
86,255
|
|
NET INCOME PER COMMON SHARE — BASIC
|
$
|
0.31
|
|
|
$
|
1.51
|
|
|
$
|
1.17
|
|
|
$
|
2.50
|
|
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — BASIC
|
34,769
|
|
|
34,686
|
|
|
34,705
|
|
|
34,528
|
|
||||
NET INCOME PER COMMON SHARE — DILUTED
|
$
|
0.30
|
|
|
$
|
1.46
|
|
|
$
|
1.14
|
|
|
$
|
2.39
|
|
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — DILUTED
|
35,631
|
|
|
35,902
|
|
|
35,619
|
|
|
36,103
|
|
||||
CASH DIVIDENDS DECLARED PER COMMON SHARE
|
$
|
0.35
|
|
|
$
|
0.30
|
|
|
$
|
0.70
|
|
|
$
|
0.60
|
|
|
FOR THE THREE MONTHS ENDED JUNE 30,
|
|
FOR THE SIX MONTHS ENDED JUNE 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
9,776
|
|
|
$
|
51,544
|
|
|
$
|
38,505
|
|
|
$
|
84,322
|
|
Unrealized (loss) gain on investments, net of tax
|
376
|
|
|
(42
|
)
|
|
(1,371
|
)
|
|
(87
|
)
|
||||
Comprehensive income
|
$
|
10,152
|
|
|
$
|
51,502
|
|
|
$
|
37,134
|
|
|
$
|
84,235
|
|
Comprehensive loss attributable to noncontrolling interest
|
(930
|
)
|
|
(955
|
)
|
|
(2,126
|
)
|
|
(1,933
|
)
|
||||
Total comprehensive income attributable to InterDigital, Inc.
|
$
|
11,082
|
|
|
$
|
52,457
|
|
|
$
|
39,260
|
|
|
$
|
86,168
|
|
|
FOR THE SIX MONTHS ENDED JUNE 30,
|
||||||
|
2018
|
|
2017
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
38,505
|
|
|
$
|
84,322
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
29,338
|
|
|
28,255
|
|
||
Amortization of deferred financing costs and accretion of debt discount
|
6,821
|
|
|
6,458
|
|
||
Change in deferred revenue
|
(27,167
|
)
|
|
32,040
|
|
||
Deferred income taxes
|
(9,367
|
)
|
|
(6,167
|
)
|
||
Share-based compensation
|
2,637
|
|
|
9,978
|
|
||
Other
|
29
|
|
|
(1
|
)
|
||
(Increase) decrease in assets:
|
|
|
|
||||
Receivables
|
(16,473
|
)
|
|
(170,580
|
)
|
||
Deferred charges and other assets
|
(6,793
|
)
|
|
(11,214
|
)
|
||
Increase (decrease) in liabilities:
|
|
|
|
||||
Accounts payable
|
(2,858
|
)
|
|
(3,237
|
)
|
||
Accrued compensation and other expenses
|
(2,905
|
)
|
|
(4,353
|
)
|
||
Accrued taxes payable and other tax contingencies
|
(5,535
|
)
|
|
28,091
|
|
||
Net cash provided by (used in) operating activities
|
6,232
|
|
|
(6,408
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of short-term investments
|
(101,159
|
)
|
|
(512,266
|
)
|
||
Sales of short-term investments
|
248,190
|
|
|
356,431
|
|
||
Purchases of property and equipment
|
(1,542
|
)
|
|
(825
|
)
|
||
Capitalized patent costs
|
(14,507
|
)
|
|
(16,551
|
)
|
||
Acquisition of patents
|
(2,250
|
)
|
|
—
|
|
||
Long-term investments
|
(6,250
|
)
|
|
(701
|
)
|
||
Net cash provided by (used in) investing activities
|
122,482
|
|
|
(173,912
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Net proceeds from exercise of stock options
|
3,930
|
|
|
82
|
|
||
Dividends paid
|
(24,319
|
)
|
|
(20,694
|
)
|
||
Taxes withheld upon restricted stock unit vestings
|
(8,388
|
)
|
|
(22,190
|
)
|
||
Repurchase of common stock
|
(9,172
|
)
|
|
—
|
|
||
Net cash (used in) financing activities
|
(37,949
|
)
|
|
(42,802
|
)
|
||
NET (DECREASE) IN CASH AND CASH EQUIVALENTS
|
90,765
|
|
|
(223,122
|
)
|
||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
433,014
|
|
|
404,074
|
|
||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
523,779
|
|
|
$
|
180,952
|
|
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
||||
Interest paid
|
2,370
|
|
|
2,370
|
|
||
Income taxes paid, including foreign withholding taxes
|
10,799
|
|
|
14,110
|
|
||
Non-cash investing and financing activities:
|
|
|
|
||||
Dividend payable
|
12,193
|
|
|
10,413
|
|
||
Accrued capitalized patent costs, property and equipment, and acquisition of patents
|
(1,991
|
)
|
|
(639
|
)
|
|
December 31, 2017
|
|
Static Fixed-Fee Agreements
|
Static Prepayments
|
Elimination of Quarter-Lag Reporting
|
Significant Financing Component
|
Related Tax Effects and Other Balance Sheet Impacts
|
|
Total Adjustments
|
|
January 1, 2018
|
||||||||||||||||
Accounts Receivable
|
$
|
216,293
|
|
|
$
|
6,000
|
|
$
|
—
|
|
$
|
10,948
|
|
$
|
—
|
|
$
|
(171,727
|
)
|
|
$
|
(154,779
|
)
|
|
$
|
61,514
|
|
Deferred Tax Assets
|
84,582
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(52,199
|
)
|
|
(52,199
|
)
|
|
32,383
|
|
||||||||
Taxes Payable
|
(14,881
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,655
|
|
|
8,655
|
|
|
(6,226
|
)
|
||||||||
Deferred Revenue
|
(616,813
|
)
|
|
99,466
|
|
85,146
|
|
—
|
|
3,235
|
|
171,727
|
|
|
359,574
|
|
|
(257,239
|
)
|
||||||||
Retained Earnings
|
(1,249,091
|
)
|
|
(105,466
|
)
|
(85,146
|
)
|
(10,948
|
)
|
(3,235
|
)
|
43,544
|
|
|
(161,251
|
)
|
|
(1,410,342
|
)
|
|
For the Three Months Ended June 30,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Increase/(Decrease)
|
|||||||||
Variable patent royalty revenue
|
$
|
6,594
|
|
|
$
|
11,398
|
|
|
$
|
(4,804
|
)
|
|
(42
|
)%
|
Fixed-fee royalty revenue
|
60,264
|
|
|
73,063
|
|
|
(12,799
|
)
|
|
(18
|
)%
|
|||
Current patent royalties
a
|
66,858
|
|
|
84,461
|
|
|
(17,603
|
)
|
|
(21
|
)%
|
|||
Non-current patent royalties
b
|
2,017
|
|
|
47,860
|
|
|
(45,843
|
)
|
|
(96
|
)%
|
|||
Total patent royalties
|
68,875
|
|
|
132,321
|
|
|
(63,446
|
)
|
|
(48
|
)%
|
|||
Current technology solutions revenue
a
|
680
|
|
|
3,458
|
|
|
(2,778
|
)
|
|
(80
|
)%
|
|||
Total revenue
|
$
|
69,555
|
|
|
$
|
135,779
|
|
|
$
|
(66,224
|
)
|
|
(49
|
)%
|
|
For the Six Months Ended June 30,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Increase/(Decrease)
|
|||||||||
Variable patent royalty revenue
|
$
|
12,677
|
|
|
$
|
27,257
|
|
|
$
|
(14,580
|
)
|
|
(53
|
)%
|
Fixed-fee royalty revenue
|
117,935
|
|
|
146,430
|
|
|
(28,495
|
)
|
|
(19
|
)%
|
|||
Current patent royalties
a
|
130,612
|
|
|
173,687
|
|
|
(43,075
|
)
|
|
(25
|
)%
|
|||
Non-current patent royalties
b
|
25,361
|
|
|
47,860
|
|
|
(22,499
|
)
|
|
(47
|
)%
|
|||
Total patent royalties
|
155,973
|
|
|
221,547
|
|
|
(65,574
|
)
|
|
(30
|
)%
|
|||
Current technology solutions revenue
a
|
1,026
|
|
|
8,762
|
|
|
(7,736
|
)
|
|
(88
|
)%
|
|||
Total revenue
|
$
|
156,999
|
|
|
$
|
230,309
|
|
|
$
|
(73,310
|
)
|
|
(32
|
)%
|
b.
|
Non-current patent royalties for the three and six months ended June 30, 2018 consist of past patent royalties and royalties from static agreements. For the three and six months ended June 30, 2017, non-current patent royalties consist of past patent royalties.
|
|
For the Three Months Ended June 30,
|
||||||||||||||
|
2018
|
|
2017
|
||||||||||||
|
As Reported ASC 606
|
|
Adjustment
|
|
ASC 605
|
|
As Reported (ASC 605)
|
||||||||
REVENUES:
|
|
|
|
|
|
|
|
||||||||
Variable patent royalty revenue
|
$
|
6,594
|
|
|
$
|
782
|
|
|
$
|
7,376
|
|
|
$
|
11,398
|
|
Fixed-fee royalty revenue
|
60,264
|
|
|
19,261
|
|
|
79,525
|
|
|
73,063
|
|
||||
Current patent royalties
|
66,858
|
|
|
20,043
|
|
|
86,901
|
|
|
84,461
|
|
||||
Non-current patent royalties
|
2,017
|
|
|
—
|
|
|
2,017
|
|
|
47,860
|
|
||||
Total patent royalties
|
68,875
|
|
|
20,043
|
|
|
88,918
|
|
|
132,321
|
|
||||
Current technology solutions revenue
|
680
|
|
|
1,051
|
|
|
1,731
|
|
|
3,458
|
|
||||
|
$
|
69,555
|
|
|
$
|
21,094
|
|
|
$
|
90,649
|
|
|
$
|
135,779
|
|
OPERATING EXPENSES:
|
53,875
|
|
|
—
|
|
|
53,875
|
|
|
54,831
|
|
||||
Income from operations
|
15,680
|
|
|
21,094
|
|
|
36,774
|
|
|
80,948
|
|
||||
OTHER EXPENSE (NET)
|
(4,847
|
)
|
|
4,335
|
|
|
(512
|
)
|
|
(2,330
|
)
|
||||
Income before income taxes
|
10,833
|
|
|
25,429
|
|
|
36,262
|
|
|
78,618
|
|
||||
INCOME TAX BENEFIT (EXPENSE)
|
(1,057
|
)
|
|
(2,908
|
)
|
|
(3,965
|
)
|
|
(27,074
|
)
|
||||
NET INCOME
|
$
|
9,776
|
|
|
$
|
22,521
|
|
|
$
|
32,297
|
|
|
$
|
51,544
|
|
Net loss attributable to noncontrolling interest
|
(930
|
)
|
|
—
|
|
|
(930
|
)
|
|
(955
|
)
|
||||
NET INCOME ATTRIBUTABLE TO INTERDIGITAL, INC.
|
$
|
10,706
|
|
|
$
|
22,521
|
|
|
$
|
33,227
|
|
|
$
|
52,499
|
|
NET INCOME PER COMMON SHARE — BASIC
|
$
|
0.31
|
|
|
$
|
0.65
|
|
|
$
|
0.96
|
|
|
$
|
1.51
|
|
NET INCOME PER COMMON SHARE — DILUTED
|
$
|
0.30
|
|
|
$
|
0.63
|
|
|
$
|
0.93
|
|
|
$
|
1.46
|
|
|
For the Six Months Ended June 30,
|
||||||||||||||
|
2018
|
|
2017
|
||||||||||||
|
As Reported ASC 606
|
|
Adjustment
|
|
ASC 605
|
|
As Reported (ASC 605)
|
||||||||
REVENUES:
|
|
|
|
|
|
|
|
||||||||
Variable patent royalty revenue
|
$
|
12,677
|
|
|
$
|
4,776
|
|
|
$
|
17,453
|
|
|
$
|
27,257
|
|
Fixed-fee royalty revenue
|
117,935
|
|
|
39,772
|
|
|
157,707
|
|
|
146,430
|
|
||||
Current patent royalties
|
130,612
|
|
|
44,548
|
|
|
175,160
|
|
|
173,687
|
|
||||
Non-current patent royalties
|
25,361
|
|
|
(10,000
|
)
|
|
15,361
|
|
|
47,860
|
|
||||
Total patent royalties
|
155,973
|
|
|
34,548
|
|
|
190,521
|
|
|
221,547
|
|
||||
Current technology solutions revenue
|
1,026
|
|
|
4,035
|
|
|
5,061
|
|
|
8,762
|
|
||||
|
$
|
156,999
|
|
|
$
|
38,583
|
|
|
$
|
195,582
|
|
|
$
|
230,309
|
|
OPERATING EXPENSES:
|
111,169
|
|
|
—
|
|
|
111,169
|
|
|
115,393
|
|
||||
Income from operations
|
45,830
|
|
|
38,583
|
|
|
84,413
|
|
|
114,916
|
|
||||
OTHER EXPENSE (NET)
|
(11,183
|
)
|
|
9,011
|
|
|
(2,172
|
)
|
|
(5,144
|
)
|
||||
Income before income taxes
|
34,647
|
|
|
47,594
|
|
|
82,241
|
|
|
109,772
|
|
||||
INCOME TAX BENEFIT (EXPENSE)
|
3,858
|
|
|
(8,931
|
)
|
|
(5,073
|
)
|
|
(25,450
|
)
|
||||
NET INCOME
|
$
|
38,505
|
|
|
$
|
38,663
|
|
|
$
|
77,168
|
|
|
$
|
84,322
|
|
Net loss attributable to noncontrolling interest
|
(2,126
|
)
|
|
—
|
|
|
(2,126
|
)
|
|
(1,933
|
)
|
||||
NET INCOME ATTRIBUTABLE TO INTERDIGITAL, INC.
|
$
|
40,631
|
|
|
$
|
38,663
|
|
|
$
|
79,294
|
|
|
$
|
86,255
|
|
NET INCOME PER COMMON SHARE — BASIC
|
$
|
1.17
|
|
|
$
|
1.11
|
|
|
$
|
2.28
|
|
|
$
|
2.50
|
|
NET INCOME PER COMMON SHARE — DILUTED
|
$
|
1.14
|
|
|
$
|
1.09
|
|
|
$
|
2.23
|
|
|
$
|
2.39
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||||||
|
As Reported ASC 606
|
|
Adjustment
|
|
ASC 605
|
|
As Reported (ASC 605)
|
||||||||
Accounts Receivable, net
|
$
|
77,988
|
|
|
$
|
154,704
|
|
|
$
|
232,692
|
|
|
$
|
216,293
|
|
Deferred Tax Assets
|
41,750
|
|
|
48,708
|
|
|
90,458
|
|
|
84,582
|
|
||||
Other Non-current Assets
|
50,219
|
|
|
(5,500
|
)
|
|
44,719
|
|
|
37,963
|
|
||||
Taxes Payable
|
(691
|
)
|
|
(16,439
|
)
|
|
(17,130
|
)
|
|
(14,881
|
)
|
||||
Deferred Revenue
|
(230,073
|
)
|
|
(304,061
|
)
|
|
(534,134
|
)
|
|
(616,813
|
)
|
||||
Retained Earnings
|
(1,426,888
|
)
|
|
122,588
|
|
|
(1,304,300
|
)
|
|
(1,249,091
|
)
|
|
Revenue
|
||
Remainder 2018
|
$
|
118,029
|
|
2019
|
236,058
|
|
|
2020
|
236,058
|
|
|
2021
|
169,039
|
|
|
2022
|
85,228
|
|
|
For the Three Months Ended June 30,
|
||||||||||||||
|
2018
|
|
2017
|
||||||||||||
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income applicable to InterDigital, Inc.
|
$
|
10,706
|
|
|
$
|
10,706
|
|
|
$
|
52,499
|
|
|
$
|
52,499
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding: Basic
|
34,769
|
|
|
34,769
|
|
|
34,686
|
|
|
34,686
|
|
||||
Dilutive effect of stock options, RSUs, convertible securities and warrants
|
|
|
862
|
|
|
|
|
1,216
|
|
||||||
Weighted-average shares outstanding: Diluted
|
|
|
35,631
|
|
|
|
|
35,902
|
|
||||||
Earnings Per Share:
|
|
|
|
|
|
|
|
||||||||
Net income: Basic
|
$
|
0.31
|
|
|
$
|
0.31
|
|
|
$
|
1.51
|
|
|
$
|
1.51
|
|
Dilutive effect of stock options, RSUs, convertible securities and warrants
|
|
|
(0.01
|
)
|
|
|
|
(0.05
|
)
|
||||||
Net income: Diluted
|
|
|
$
|
0.30
|
|
|
|
|
$
|
1.46
|
|
|
For the Six Months Ended June 30,
|
||||||||||||||
|
2018
|
|
2017
|
||||||||||||
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income applicable to InterDigital, Inc.
|
$
|
40,631
|
|
|
$
|
40,631
|
|
|
$
|
86,255
|
|
|
$
|
86,255
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding: Basic
|
34,705
|
|
|
34,705
|
|
|
34,528
|
|
|
34,528
|
|
||||
Dilutive effect of stock options, RSUs, convertible securities and warrants
|
|
|
914
|
|
|
|
|
1,575
|
|
||||||
Weighted-average shares outstanding: Diluted
|
|
|
35,619
|
|
|
|
|
36,103
|
|
||||||
Earnings Per Share:
|
|
|
|
|
|
|
|
||||||||
Net income: Basic
|
$
|
1.17
|
|
|
$
|
1.17
|
|
|
$
|
2.50
|
|
|
$
|
2.50
|
|
Dilutive effect of stock options, RSUs, convertible securities and warrants
|
|
|
(0.03
|
)
|
|
|
|
(0.11
|
)
|
||||||
Net income: Diluted
|
|
|
$
|
1.14
|
|
|
|
|
$
|
2.39
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Restricted stock units and stock options
|
26
|
|
|
26
|
|
|
25
|
|
|
13
|
|
Convertible securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Warrants
|
4,405
|
|
|
4,368
|
|
|
4,404
|
|
|
—
|
|
Total
|
4,431
|
|
|
4,394
|
|
|
4,429
|
|
|
13
|
|
4.
|
LITIGATION AND LEGAL PROCEEDINGS
|
1.
|
Whenever InterDigital engages with a Chinese Manufacturer to license InterDigital’s patent portfolio for 2G, 3G and 4G wireless mobile standards, InterDigital will offer such Chinese Manufacturer the option of taking a worldwide portfolio license of only its standards-essential wireless patents, and comply with F/RAND principles when negotiating and entering into such licensing agreements with Chinese Manufacturers.
|
2.
|
As part of its licensing offer, InterDigital will not require that a Chinese Manufacturer agree to a royalty-free, reciprocal cross-license of such Chinese Manufacturer's similarly categorized standards-essential wireless patents.
|
3.
|
Prior to commencing any action against a Chinese Manufacturer in which InterDigital may seek exclusionary or injunctive relief for the infringement of any of its wireless standards-essential patents, InterDigital will offer such Chinese Manufacturer the option to enter into expedited binding arbitration under fair and reasonable procedures to resolve the royalty rate and other terms of a worldwide license under InterDigital's wireless standards-essential patents. If the Chinese Manufacturer accepts InterDigital's binding arbitration offer or otherwise enters into an agreement with InterDigital on a binding arbitration mechanism, InterDigital will, in accordance with the terms of the arbitration agreement and patent license agreement, refrain from seeking exclusionary or injunctive relief against such company.
|
|
For the Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Balance beginning of period, December 31
|
$
|
855,267
|
|
|
$
|
739,709
|
|
Cumulative effect of change in accounting principle
|
161,251
|
|
|
—
|
|
||
Net income attributable to InterDigital, Inc.
|
40,631
|
|
|
86,255
|
|
||
Unrealized (loss) gain on investments, net
|
(1,371
|
)
|
|
(87
|
)
|
||
Cash dividends declared
|
(24,316
|
)
|
|
(20,817
|
)
|
||
Repurchase of common stock
|
(9,172
|
)
|
|
—
|
|
||
Exercise of common stock options
|
3,930
|
|
|
82
|
|
||
Taxes withheld upon vesting of restricted stock units
|
(8,388
|
)
|
|
(22,190
|
)
|
||
Share-based compensation
|
2,637
|
|
|
9,978
|
|
||
Total InterDigital, Inc. shareholders’ equity end of period
|
$
|
1,020,469
|
|
|
$
|
792,930
|
|
Noncontrolling Interest Balance beginning of period, December 31
|
17,881
|
|
|
14,659
|
|
||
Net loss attributable to noncontrolling interest
|
(2,126
|
)
|
|
(1,933
|
)
|
||
Noncontrolling interest
|
15,755
|
|
|
12,726
|
|
||
Total Equity end of period
|
$
|
1,036,224
|
|
|
$
|
805,656
|
|
2018
|
Per Share
|
|
Total
|
|
Cumulative by Fiscal Year
|
||||||
First quarter
|
$
|
0.35
|
|
|
$
|
12,164
|
|
|
$
|
12,164
|
|
Second quarter
|
$
|
0.35
|
|
|
$
|
12,192
|
|
|
$
|
24,356
|
|
|
$
|
0.70
|
|
|
$
|
24,356
|
|
|
|
||
|
|
|
|
|
|
||||||
2017
|
Per Share
|
|
Total
|
|
Cumulative by Fiscal Year
|
||||||
First quarter
|
$
|
0.30
|
|
|
$
|
10,404
|
|
|
$
|
10,404
|
|
Second quarter
|
0.30
|
|
|
10,413
|
|
|
20,817
|
|
|||
Third quarter
|
0.35
|
|
|
12,149
|
|
|
32,966
|
|
|||
Fourth quarter
|
0.35
|
|
|
12,156
|
|
|
45,122
|
|
|||
|
$
|
1.30
|
|
|
$
|
45,122
|
|
|
|
|
Fair Value as of June 30, 2018
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Money market and demand accounts (a)
|
$
|
369,064
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
369,064
|
|
Commercial paper (b)
|
—
|
|
|
180,947
|
|
|
—
|
|
|
180,947
|
|
||||
U.S. government securities (b)
|
—
|
|
|
380,369
|
|
|
—
|
|
|
380,369
|
|
||||
Corporate bonds, asset backed and other securities
|
—
|
|
|
170,181
|
|
|
—
|
|
|
170,181
|
|
||||
|
$
|
369,064
|
|
|
$
|
731,497
|
|
|
$
|
—
|
|
|
$
|
1,100,561
|
|
(a)
|
Included within cash and cash equivalents.
|
(b)
|
Includes
$154.7 million
of commercial paper that is included within cash and cash equivalents.
|
|
Fair Value as of December 31, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Money market and demand accounts (a)
|
$
|
417,348
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
417,348
|
|
Commercial paper (b)
|
—
|
|
|
66,132
|
|
|
—
|
|
|
66,132
|
|
||||
U.S. government securities
|
—
|
|
|
511,032
|
|
|
—
|
|
|
511,032
|
|
||||
Corporate bonds, asset backed and other securities
|
—
|
|
|
163,483
|
|
|
—
|
|
|
163,483
|
|
||||
|
$
|
417,348
|
|
|
$
|
740,647
|
|
|
$
|
—
|
|
|
$
|
1,157,995
|
|
(a)
|
Included within cash and cash equivalents.
|
(b)
|
Includes
$15.7 million
of commercial paper that is included within cash and cash equivalents.
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Principal
Amount
|
|
Carrying
Value
|
|
Fair
Value
|
|
Principal
Amount
|
|
Carrying
Value |
|
Fair
Value
|
||||||||||||
Total Long-Term Debt
|
$
|
316,000
|
|
|
$
|
291,947
|
|
|
$
|
378,805
|
|
|
$
|
316,000
|
|
|
$
|
285,126
|
|
|
$
|
377,029
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Principal
|
$
|
316,000
|
|
|
$
|
316,000
|
|
Less:
|
|
|
|
||||
Unamortized interest discount
|
(21,737
|
)
|
|
(27,863
|
)
|
||
Deferred financing costs
|
(2,316
|
)
|
|
(3,011
|
)
|
||
Net carrying amount of 2020 Notes
|
$
|
291,947
|
|
|
$
|
285,126
|
|
|
For the Three Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Contractual coupon interest
|
$
|
1,185
|
|
|
$
|
1,185
|
|
Accretion of debt discount
|
3,094
|
|
|
2,909
|
|
||
Amortization of deferred financing costs
|
347
|
|
|
347
|
|
||
Total
|
$
|
4,626
|
|
|
$
|
4,441
|
|
|
For the Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Contractual coupon interest
|
$
|
2,370
|
|
|
$
|
2,370
|
|
Accretion of debt discount
|
6,126
|
|
|
5,763
|
|
||
Amortization of deferred financing costs
|
695
|
|
|
695
|
|
||
Total
|
$
|
9,191
|
|
|
$
|
8,828
|
|
•
|
$2.0 million of non-current patent royalties primarily attributable to new patent license agreements signed during the quarter;
|
•
|
discrete benefits of
$3.7 million
related to excess tax benefits related to share-based compensation and our sale of a commercial initiative;
|
•
|
the inclusion in the quarter's results of only two active cycles under our long-term compensation programs, instead of the typical three cycles, as the current year grant was not made until third quarter 2018; and
|
•
|
as discussed above, assuming we had not adopted ASC 606, we would have recognized
$21.1 million
of additional revenue and
$4.3 million
less interest expense in
second quarter 2018
, which after taxes would have resulted in
$22.5 million
of additional net income for the
three months ended June 30,
2018, and for the
six months ended June 30,
2018, we would have recognized
$38.6 million
of additional revenue and
$9.0 million
less interest expense, which after taxes would have resulted in
$38.7 million
of additional net income.
|
|
June 30, 2018
|
|
December 31, 2017
|
|
Increase /
(Decrease)
|
||||||
Cash and cash equivalents
|
$
|
523,779
|
|
|
$
|
433,014
|
|
|
$
|
90,765
|
|
Short-term investments
|
576,782
|
|
|
724,981
|
|
|
(148,199
|
)
|
|||
Total cash and cash equivalents and short-term investments
|
$
|
1,100,561
|
|
|
$
|
1,157,995
|
|
|
$
|
(57,434
|
)
|
|
For the Six Months Ended June 30,
|
||||||||||
|
2018
|
|
2017
|
|
Increase /
(Decrease)
|
||||||
Net cash provided by (used in) operating activities
|
$
|
6,232
|
|
|
$
|
(6,408
|
)
|
|
$
|
12,640
|
|
|
For the Six Months Ended June 30,
|
||||||||||
|
2018
|
|
2017
|
|
Increase / (Decrease)
|
||||||
Cash Receipts:
|
|
|
|
|
|
||||||
Patent royalties
|
$
|
90,696
|
|
|
$
|
78,363
|
|
|
$
|
12,333
|
|
Technology solutions
|
8,439
|
|
|
13,712
|
|
|
(5,273
|
)
|
|||
Total cash receipts
|
$
|
99,135
|
|
|
$
|
92,075
|
|
|
$
|
7,060
|
|
|
|
|
|
|
|
||||||
Cash Outflows:
|
|
|
|
|
|
||||||
Cash operating expenses
a
|
79,194
|
|
|
77,160
|
|
|
2,034
|
|
|||
Income taxes paid
b
|
10,799
|
|
|
14,110
|
|
|
(3,311
|
)
|
|||
Total cash outflows
|
89,993
|
|
|
91,270
|
|
|
(1,277
|
)
|
|||
|
|
|
|
|
|
||||||
Other working capital adjustments
|
(2,910
|
)
|
|
(7,213
|
)
|
|
4,303
|
|
|||
|
|
|
|
|
|
||||||
Cash flows provided by (used in) operating activities
|
$
|
6,232
|
|
|
$
|
(6,408
|
)
|
|
$
|
12,640
|
|
|
June 30,
2018 |
|
December 31, 2017
|
|
Increase / (Decrease)
|
||||||
Current assets
|
$
|
1,200,519
|
|
|
$
|
1,395,794
|
|
|
$
|
(195,275
|
)
|
Less
: current liabilities
|
128,297
|
|
|
376,441
|
|
|
(248,144
|
)
|
|||
Working capital
|
1,072,222
|
|
|
1,019,353
|
|
|
52,869
|
|
|||
Subtract:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
523,779
|
|
|
433,014
|
|
|
90,765
|
|
|||
Short-term investments
|
576,782
|
|
|
724,981
|
|
|
(148,199
|
)
|
|||
Add:
|
|
|
|
|
|
||||||
Current deferred revenue
|
76,777
|
|
|
307,142
|
|
|
(230,365
|
)
|
|||
Adjusted working capital
|
$
|
48,438
|
|
|
$
|
168,500
|
|
|
$
|
(120,062
|
)
|
Market Price Per Share
|
Shares Issuable Upon Conversion of Convertible Notes
|
Shares Issuable Upon Exercise of Warrants
|
Total Treasury Stock Method Incremental Shares
|
Shares Deliverable to InterDigital upon Settlement of the Hedge Agreements
|
Incremental Shares Issuable
(a)
|
|
(Shares in thousands)
|
||||
$75
|
191
|
—
|
191
|
(191)
|
—
|
$80
|
455
|
—
|
455
|
(455)
|
—
|
$85
|
687
|
—
|
687
|
(687)
|
—
|
$90
|
894
|
114
|
1,008
|
(894)
|
114
|
$95
|
1,078
|
339
|
1,417
|
(1,078)
|
339
|
$100
|
1,245
|
543
|
1,788
|
(1,245)
|
543
|
$105
|
1,395
|
727
|
2,122
|
(1,395)
|
727
|
$110
|
1,532
|
894
|
2,426
|
(1,532)
|
894
|
$115
|
1,657
|
1,046
|
2,703
|
(1,657)
|
1,046
|
$120
|
1,771
|
1,186
|
2,957
|
(1,771)
|
1,186
|
|
For the Three Months Ended June 30,
|
|
|
|
|
|
Components of
Increase/(Decrease)
|
|||||||||||||||||
|
2018
|
|
2017
|
|
Total Increase/(Decrease)
|
|
Due to ASC 606
|
Operational
|
Total
|
|||||||||||||||
Variable patent royalty revenue
|
$
|
6,594
|
|
|
$
|
11,398
|
|
|
$
|
(4,804
|
)
|
|
(42
|
)%
|
|
$
|
(782
|
)
|
$
|
(4,022
|
)
|
$
|
(4,804
|
)
|
Fixed-fee royalty revenue
|
60,264
|
|
|
73,063
|
|
|
(12,799
|
)
|
|
(18
|
)%
|
|
(19,261
|
)
|
6,462
|
|
(12,799
|
)
|
||||||
Current patent royalties (a)
|
66,858
|
|
|
84,461
|
|
|
(17,603
|
)
|
|
(21
|
)%
|
|
(20,043
|
)
|
2,440
|
|
(17,603
|
)
|
||||||
Non-current patent royalties (b)
|
2,017
|
|
|
47,860
|
|
|
(45,843
|
)
|
|
(96
|
)%
|
|
—
|
|
(45,843
|
)
|
(45,843
|
)
|
||||||
Total patent royalties
|
68,875
|
|
|
132,321
|
|
|
(63,446
|
)
|
|
(48
|
)%
|
|
(20,043
|
)
|
(43,403
|
)
|
(63,446
|
)
|
||||||
Current technology solutions revenue (a)
|
680
|
|
|
3,458
|
|
|
(2,778
|
)
|
|
(80
|
)%
|
|
(1,051
|
)
|
(1,727
|
)
|
(2,778
|
)
|
||||||
Total revenue
|
$
|
69,555
|
|
|
$
|
135,779
|
|
|
$
|
(66,224
|
)
|
|
(49
|
)%
|
|
$
|
(21,094
|
)
|
$
|
(45,130
|
)
|
$
|
(66,224
|
)
|
a.
|
Recurring revenues consist of current patent royalties, inclusive of Dynamic Fixed-Fee Agreement royalties, and current technology solutions revenue.
|
b.
|
Non-current patent royalties for the three months ended
June 30, 2018
consist of past patent royalties and royalties from static agreements. For the three months ended
June 30, 2017
, non-current patent royalties consist of past patent royalties.
|
|
For the Three Months Ended June 30,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Increase/(Decrease)
|
|||||||||
Patent administration and licensing
|
$
|
26,487
|
|
|
$
|
23,232
|
|
|
$
|
3,255
|
|
|
14
|
%
|
Development
|
15,829
|
|
|
19,098
|
|
|
(3,269
|
)
|
|
(17
|
)%
|
|||
Selling, general and administrative
|
11,559
|
|
|
12,501
|
|
|
(942
|
)
|
|
(8
|
)%
|
|||
Total operating expenses
|
$
|
53,875
|
|
|
$
|
54,831
|
|
|
$
|
(956
|
)
|
|
(2
|
)%
|
|
Increase/
(Decrease)
|
||
Performance-based incentive compensation
|
$
|
(2,549
|
)
|
Consulting services
|
(1,483
|
)
|
|
Other
|
(661
|
)
|
|
Personnel-related costs
|
(319
|
)
|
|
Intellectual property enforcement and non-patent litigation
|
2,969
|
|
|
Depreciation and amortization
|
1,087
|
|
|
Total decrease in operating expenses
|
$
|
(956
|
)
|
|
For the Three Months Ended June 30,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Change
|
|||||||||
Interest expense
|
$
|
(8,961
|
)
|
|
$
|
(4,442
|
)
|
|
$
|
(4,519
|
)
|
|
(102
|
)%
|
Other
|
(236
|
)
|
|
113
|
|
|
(349
|
)
|
|
309
|
%
|
|||
Interest and investment income
|
4,350
|
|
|
1,999
|
|
|
2,351
|
|
|
118
|
%
|
|||
|
$
|
(4,847
|
)
|
|
$
|
(2,330
|
)
|
|
$
|
(2,517
|
)
|
|
(108
|
)%
|
|
For the Six Months Ended June 30,
|
|
|
|
|
|
Components of
Increase/(Decrease)
|
|||||||||||||||||
|
2018
|
|
2017
|
|
Total Increase/(Decrease)
|
|
Due to ASC 606
|
Operational
|
Total
|
|||||||||||||||
Variable patent royalty revenue
|
$
|
12,677
|
|
|
$
|
27,257
|
|
|
$
|
(14,580
|
)
|
|
(53
|
)%
|
|
$
|
(4,776
|
)
|
$
|
(9,804
|
)
|
$
|
(14,580
|
)
|
Fixed-fee royalty revenue
|
117,935
|
|
|
146,430
|
|
|
(28,495
|
)
|
|
(19
|
)%
|
|
(39,772
|
)
|
11,277
|
|
(28,495
|
)
|
||||||
Current patent royalties (a)
|
130,612
|
|
|
173,687
|
|
|
(43,075
|
)
|
|
(25
|
)%
|
|
(44,548
|
)
|
1,473
|
|
(43,075
|
)
|
||||||
Non-current patent royalties (b)
|
25,361
|
|
|
47,860
|
|
|
(22,499
|
)
|
|
(47
|
)%
|
|
10,000
|
|
(32,499
|
)
|
(22,499
|
)
|
||||||
Total patent royalties
|
155,973
|
|
|
221,547
|
|
|
(65,574
|
)
|
|
(30
|
)%
|
|
(34,548
|
)
|
(31,026
|
)
|
(65,574
|
)
|
||||||
Current technology solutions revenue (a)
|
1,026
|
|
|
8,762
|
|
|
(7,736
|
)
|
|
(88
|
)%
|
|
(4,035
|
)
|
(3,701
|
)
|
(7,736
|
)
|
||||||
Total revenue
|
$
|
156,999
|
|
|
$
|
230,309
|
|
|
$
|
(73,310
|
)
|
|
(32
|
)%
|
|
$
|
(38,583
|
)
|
$
|
(34,727
|
)
|
$
|
(73,310
|
)
|
a.
|
Recurring revenues consist of current patent royalties, inclusive of Dynamic Fixed-Fee Agreement royalties, and current technology solutions revenue.
|
b.
|
Non-current patent royalties for the six months ended
June 30, 2018
consist of past patent royalties and royalties from static agreements. For the six months ended
June 30, 2017
, non-current patent royalties consist of past patent royalties.
|
|
For the Six Months Ended June 30,
|
|
|
|||||||||||
|
2018
|
|
2017
|
|
Increase/(Decrease)
|
|||||||||
Patent administration and licensing
|
$
|
53,403
|
|
|
$
|
50,112
|
|
|
$
|
3,291
|
|
|
7
|
%
|
Development
|
32,003
|
|
|
38,879
|
|
|
(6,876
|
)
|
|
(18
|
)%
|
|||
Selling, general and administrative
|
25,763
|
|
|
26,402
|
|
|
(639
|
)
|
|
(2
|
)%
|
|||
Total operating expenses
|
$
|
111,169
|
|
|
$
|
115,393
|
|
|
$
|
(4,224
|
)
|
|
(4
|
)%
|
|
Increase/(Decrease)
|
||
Performance-based incentive compensation
|
(5,623
|
)
|
|
Commercial initiatives
|
(1,785
|
)
|
|
Personnel-related costs
|
(1,593
|
)
|
|
Patent maintenance
|
(854
|
)
|
|
Other
|
(156
|
)
|
|
Intellectual property enforcement and non-patent litigation
|
4,503
|
|
|
Depreciation and amortization
|
1,284
|
|
|
Total decrease in operating expenses
|
$
|
(4,224
|
)
|
|
For the Six Months Ended June 30,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Change
|
|||||||||
Interest expense
|
$
|
(18,204
|
)
|
|
$
|
(8,828
|
)
|
|
$
|
(9,376
|
)
|
|
(106
|
)%
|
Other
|
(252
|
)
|
|
(104
|
)
|
|
(148
|
)
|
|
142
|
%
|
|||
Interest and investment income
|
7,273
|
|
|
3,788
|
|
|
3,485
|
|
|
92
|
%
|
|||
|
$
|
(11,183
|
)
|
|
$
|
(5,144
|
)
|
|
$
|
(6,039
|
)
|
|
(117
|
)%
|
•
|
Our expectations regarding the potential effects of new accounting standards, including the new revenue recognition guidance, on our financial position, results of operations or cash flows;
|
•
|
Our expectation that the amortization of dynamic fixed-fee royalty payments will reduce our
June 30, 2018
deferred revenue balance over the next twelve months;
|
•
|
Our expectations with respect to revenue to be recognized based on contracts signed and committed Dynamic Fixed-Fee Agreement payments as of June 30, 2018;
|
•
|
Our expectations and estimations regarding the income tax effects, and the impact on the Company, of the Tax Reform Act, including our forecasted net benefit related to our income qualifying as FDII;
|
•
|
The timing, outcome and impact of, and plans, expectations and beliefs with respect to, our various litigation, arbitration, regulatory and administrative matters;
|
•
|
Our belief that we have the ability to obtain additional liquidity through debt and equity financings;
|
•
|
Our belief that our available sources of funds will be sufficient to finance our operations, capital requirements, debt obligations, existing stock repurchase program and dividend program for the next twelve months as well as the Technicolor asset acquisition; and
|
•
|
Our expectation that we will continue to pay dividends comparable to our quarterly
$0.35
per share cash dividend in the future.
|
Period
|
Total Number of Shares (or Units) Purchased (1)
|
|
Average Price Paid Per Share (or Unit)
|
|
Total Number of Shares (or Units) Purchases as Part of Publicly Announced Plans or Programs (2)
|
|
Maximum Number (or Approximate Dollar Value) of Shares (or Units) That May Yet Be Purchased Under the Plans or Programs (3)
|
||||||
April 1, 2018 - April 30, 2018
|
19,870
|
|
|
$
|
71.97
|
|
|
19,870
|
|
|
$
|
171,538,552
|
|
May 1, 2018 - May 31, 2018
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
171,538,552
|
|
June 1, 2018 - June 30, 2018
|
26,100
|
|
|
$
|
81.69
|
|
|
26,100
|
|
|
$
|
169,405,878
|
|
Total
|
45,970
|
|
|
$
|
77.49
|
|
|
45,970
|
|
|
$
|
169,405,878
|
|
Exhibit
Number
|
|
Exhibit Description
|
2.1*
|
|
|
|
|
|
4.1*
|
|
|
|
|
|
4.2*
|
|
|
|
|
|
4.3*
|
|
|
|
|
|
10.1*
|
|
|
|
|
|
10.2*
|
|
|
|
|
|
10.3*
|
|
|
|
|
|
10.4*
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101
|
|
The following financial information from InterDigital, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, filed with the Securities and Exchange Commission on August 2, 2018, formatted in eXtensible Business Reporting Language:
|
|
|
|
|
|
(i) Condensed Consolidated Balance Sheets at June 30, 2018 and December 31, 2017, (ii) Condensed Consolidated Statements of Income for the three and six months ended June 30, 2018 and 2017, (iii) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2018 and 2017, (iv) Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017 and (v) Notes to Condensed Consolidated Financial Statements.
|
*
|
|
Incorporated by reference to the filing indicated.
|
†
|
|
Management contract or compensatory plan or arrangement.
|
**
|
|
This exhibit will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such exhibit will not be deemed to be incorporated by reference into any filing under the Securities Act or Securities Exchange Act, except to the extent that InterDigital, Inc. specifically incorporates it by reference.
|
|
INTERDIGITAL, INC.
|
|
|
|
|
Date: August 2, 2018
|
/s/ WILLIAM J. MERRITT
|
|
|
William J. Merritt
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
|
|
Date: August 2, 2018
|
/s/ RICHARD J. BREZSKI
|
|
|
Richard J. Brezski
|
|
|
Chief Financial Officer
|
|
1 Year InterDigital Chart |
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