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William Blair initiated research coverage of InterDigital, Inc. (IDCC $68.21), a research-and-development company that designs and develops wireless, visual, and other related technologies that enable connectivity and enhance immersive experiences across various communications and entertainment products.
Analyst Alessandra Vecchi stated that the company could increase annualized recurring revenue from roughly $400 million as of the third quarter of 2022 to $650 million over the next three to five years.
“InterDigital is a leading research-and-development company boasting a strong portfolio of roughly 28,000 patents related to wireless communications and video technologies, which it licenses to global wireless and consumer electronics manufacturers,” said Vecchi. “The company has a strong track record for retention, having licensed some customers for over 20 years and Samsung and Apple since before their first flagship phones shipped.
“InterDigital’s wireless innovations span the earliest digital cellular systems to the latest 5G solutions, and its portfolio includes numerous patents/patent applications that it believes are, may be, or may become essential to standards established by Standards Development Organizations (SDOs), including 3G, 4G, IEEE 802, and patents/patent applications that are or may become essential to current and future 5G standards,” added Vecchi. “The company’s strong recurring revenue, which is 88% of 2022 revenue, combined with its recent licensing momentum within wireless and its building momentum within consumer electronics, IoT, and auto give us confidence that InterDigital can continue to convert wireless OEMs into licensees and monetize its portfolio of video patents.”
William Blair is the premier global boutique with expertise in investment banking, investment management, and private wealth management. We provide advisory services, strategies, and solutions to meet our clients’ evolving needs. As an independent and employee-owned firm, together with our strategic partners, we operate in more than 20 offices worldwide.*
No price target - just the out perform.
the way a dutch auction works is.... everyone submits the prices and the amounts they are willing to sell their shares at within the stated range ....the company will then purchase shares starting with the lowest price until they reach a price where they can purchase their allotted number of shares....all sellers will receive the highest price paid
good news on new coverage...any px target given?.....still waiting to hear from our Bank america analyst
William Blair initiates coverage of IDCC with a rating of Outperform
Wake me when the auction is over zzzzzzzzzzzzzzzz
I also got an email about the Dutch auction. The only thing I want Dutch is apple pie. ??
Don’t get it. I have that “offer” too.
I can just sell on the open market today and get close to the max.
I got e-mail notice today from IDCC via my brokerage soliciting my participation in the dutch auction.
Schwab is showing me a quote of 68.5738 on IDCC - never have seen one to four decimals. Buyback effect I suppose?
Great article Gamco. Thanks for posting. Very encouraging!!!
InterDigital : How InterDigital's Video Solutions Are Encouraging Greater Energy-Awareness
01/23/2023 | 07:00pm EST
Alongside incredible entertainment potential and enabling new, enhanced forms of communication, the video streaming industry consumes a lot of energy. Video traffic now accounts for roughly 80 percent of all data transmitted over the internet, and Netflix alone streams around 250 million hours of video each day. With roughly 5 billion global internet users and more than 28 billion connected devices demanding faster than ever broadband speeds to satiate our desire for streaming media, the engineers and inventors at InterDigital are creating solutions and shaping standards to mitigate streaming video's energy impact.
With an annual carbon footprint now exceeding that of the airline industry, the video industry must soon acknowledge and reckon with its growing sustainability challenges. Thankfully, we at InterDigital lead and contribute to several initiatives that help address these concerns, while continuing to encourage innovation in critical solutions. Here, we'll explore three areas that shape our impact, including energy-aware technologies, video codecs, and standards.
Energy Aware Technologies
The International Energy Agency's analysis of energy use in video streaming consumption found that consumer devices account for a whopping 72 percent of energy consumption, followed by data transmission at 23 percent and data centers the remaining 5 percent. An important caveat to consider is that user devices only consume this much energy when they are turned on, while infrastructure components are typically operational and using energy all day and all year long. Still, these three components of the video streaming chain have unique opportunities to reduce energy consumption.
As devices and displays trend toward more energy-hungry 4K and 8K resolutions as well as high dynamic range (HDR) technologies, energy aware solutions will become more critical. For example, cutting-edge energy-aware display technology can intelligently reduce the pixel brightness of displayed images to optimize the balance between energy consumption and perceptible image quality.
When you consider that there are millions of pixels within each display screen, and more than a billion televisions installed worldwide, even small reductions in pixel brightness across televisions can achieve major energy savings. In fact, InterDigital has pioneered important innovations in Pixel Value Reduction (PVR) solutions that reduce the brightness of an image while maintaining or controlling the perceived quality to the viewer.
InterDigital's research in PVR solutions explores two main approaches. The first approach focuses on overall quality of experience and manages the "Just Noticeable Difference" between an original and a processed image, with the goal of maintaining the best image quality while capturing whatever energy savings possible. The process is transparent for end users, and effectively guarantees no change in perceived quality of experience. The solution targets a viewer's perceived experience and is more appropriate for broadcast content where artistic integrity might take priority over visible modifications to the content.
The second approach is focused on achieving specific energy reduction targets and is thus more applicable to streaming content that is typically adapted to support unique users with different levels of content at varying qualities. This type of approach can result in the user perceiving a difference in the quality of experience, but it also enables the user to customize and maximize energy reduction in their devices. This approach can take advantage of machine learning methods to help achieve the best tradeoff between image quality and energy savings.
With these solutions, the difference in quality of experience between an original image and a PVR-processed image would be minimal, if not imperceptible, though the energy savings they enable are real.
New Codecs - VVC
New video compression codecs, such as Versatile Video Coding, or VVC, are capable of an approximately 40 percent reduction in bitrate with no perceptible sacrifice in image quality. While it's challenging to quantify exactly what that means in terms of energy savings generally - because there are so many variables that make up any given bitstream - it is believed that large reductions in bitrates generally equate to significant energy savings in the coding and transmission components of the video chain. Encoding in particular is a compute-intensive process that requires a lot of energy, and lower-bandwidth video requires less energy to transmit, so the efficiency of new codecs like VVC represent a good step forward in energy savings.
As a hybrid video codec based on HEVC, VVC leverages its commonalities with its predecessor to help it run more efficiently across a wider range of hardware. It refines these existing coding technologies while adding new coding tools, making it more adaptable to many different types of content, from HDR to 360-degree video and even computer-generated content.
Because of its approach and efficiency - which helps to reduce overall video traffic and network congestion - VVC is an excellent codec choice for video over 5G networks, streaming (including UHD) and television broadcast. There are certainly other forms of video content being developed and transmitted over various networks, but if we look at the three biggest types of consumer video services alone - mobile video, streaming, and broadcast to TV sets - VVC is the most efficient codec available today. Nowhere is that efficiency more important today than in mobile video.
You can learn more about VVC in our recent eBook.
Standards
Alongside these solutions and codecs, several global standards bodies, including ITU-R, MPEG, DVB, and SMPTE, are beginning to acknowledge and explore energy efficiency and sustainability initiatives around foundational and essential technologies we use daily.
In ITU-R, InterDigital has fought to raise awareness of these issues, and spearheaded a now-adopted effort to integrate the consideration of energy consumption into the standards purview. In addition to driving attention to the importance of these considerations across the video telecom ecosystem, InterDigital also leads in the exploration of Energy Aware Broadcasting Systems to encourage the adoption of energy efficiency schemes in broadcasting, and other efforts around carbon offsetting.
In addition, InterDigital maintains leadership roles within the Green MPEG working group and co-chairs the MPEG ad-hoc group on the carriage of green metadata. We are an active contributor to the extension of the VVC green metadata specification. InterDigital also co-leads the Digital Video Broadcasting (DVB)'s mission study on Energy Aware Service Delivery and Consumption to determine emerging opportunities to make sustainability-driven changes in the standard. Finally, InterDigital contributes to the SMPTE working group on Cloud and Sustainability.
At InterDigital, our innovation leadership in, and contributions to, energy-aware technologies, video codecs, and standards helps bring us closer to impactful, and more sustainable, connected ecosystems and immersive experiences.
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InterDigital Inc. published this content on 23 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 January 2023 23:59:19 UTC.
Gamco, as usual with IDCC nothing is simple. They currently have 2 buckets of buybacks. One a modified Dutch auction for $200M which has it's own rules. Another $200M in buybacks that is blacked out 2 weeks before earnings, 48 hours after earnings , if they get news ,etc. I doubt that they can buy any shares above $69 up to Feb. 17
Question: Since the announcement of the Dutch Auction, I assume that IDCC is permitted to continue buying in the open market but does the daily maximum still apply regarding the 25% of daily volume?
observation....the peak in short interest occurred in late july at over 2.5myn shares....no big surprise....it coincided with the low in the stock price in the low forties.....looks like the sold into the hole to me!!!
Squinge I have nothing to add to today and yesterday’s discussion.
I am sitting on the shares.
dnd...i actually read it and understood it....like i said.....LOTS OF MOVING PARTS....im glad the guys w/ the HP-12's and the black scholes equation were there on both sides.....i would guess just about all of these guys were well informed and transactions costs were minimized as much as they could be ...because of common party transactions.......it looks like a complicated ...but efficient transaction....the nuts and bolts could have been done in fifteeen minutes on an hp-12....the legal language took months and months....GOOD JOB MEN!!!!
page 29 of same 10Q;
Convertible Notes
See Note 7, “Obligations” to the notes to condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for
definitions of capitalized terms below.
Our 2027 and 2024 Notes, which for purposes of this discussion are also referred to as the "Convertible Notes", are included in the dilutive earnings per share
calculation using the if-converted method. Under the if-converted method, we must assume that conversion of convertible securities occurs at the beginning of the
reporting period. The Convertible Notes are convertible into cash up to the aggregate principal amount of the Convertible Notes to be converted and any remaining
obligation may be in cash, shares of the Company’s common stock or a combination thereof. As the principal amount must be paid in cash and only the conversion
spread is settled in shares, we only include the net number of incremental shares that would be issued upon conversion. We must calculate the number of shares of our
common stock issuable under the terms of the Convertible Notes based on the average market price of our common stock during the applicable reporting period and
include that number in the total diluted shares figure for the period.
At the time we issued the Convertible Notes, we entered into the 2027 Call Spread Transactions and 2024 Call Spread Transactions that together were
designed to have the economic effect of reducing the net number of shares that will be issued in the event of conversion of the Convertible Notes by, in effect,
increasing the conversion price of the Convertible Notes from our economic standpoint. However, under GAAP, since the impact of the 2027 Note Hedge Transactions
and 2024 Note Hedge Transactions (together, the "Note Hedge Transactions") is anti-dilutive, we exclude from the calculation of fully diluted shares the number of
shares of our common stock that we would receive from the counterparties to these agreements upon settlement.
During periods in which the average market price of our common stock is above the applicable conversion price of the Convertible Notes ($77.49 per share
for the 2027 Notes and $81.29 per share for the 2024 Notes as of September 30, 2022) or above the strike price of the warrants ($106.37 per share for the 2027
Warrant Transactions and $109.43 per share for the 2024 Warrant Transactions as of September 30, 2022), the impact of conversion or exercise, as applicable, would
be dilutive and such dilutive effect is reflected in diluted earnings per share. As a result, in periods where the average market price of our common stock is above the
conversion price or strike price, as applicable, under the if-converted method, we calculate the number of shares issuable under the terms of the Convertible Notes and
the warrants based on the average market price of the stock during the period, and include that number in the total diluted shares outstanding for the period.
Under the if-converted method, changes in the price per share of our common stock can have a significant impact on the number of shares that we must
include in the fully diluted earnings per share calculation. As described in Note 7, "Obligations," the Convertible Notes are convertible into cash up to the aggregate
principal amount of the Convertible Notes to be converted and any remaining obligation may be in cash, shares of the Company’s common stock or a combination
thereof. ("net share settlement"). Assuming net share settlement upon conversion, the following tables illustrate how, based on the $460.0 million aggregate principal
amount of the 2027 Notes and the $126.2 million aggregate principal amount of the 2024 Notes outstanding as of September 30, 2022, and the approximately
5.9 million warrants related to the 2027 Notes and the 1.6 million warrants remaining related to the 2024 Notes, outstanding as of the same date, changes in our stock
price would affect (i) the number of shares issuable upon conversion of the Convertible Notes, (ii) the number of shares issuable upon exercise of the warrants subject
to the 2027 Warrant Transactions and 2024 Warrant Transactions (together, the "Warrant Transactions"), (iii) the number of additional shares deemed outstanding with
respect to the Convertible Notes, after applying the if-converted method, for purposes of calculating diluted earnings per share ("Total If-Converted Method
Incremental Shares"), (iv) the number of shares of our common stock deliverable to us upon settlement of the Note Hedge Transactions and (v) the number of shares
issuable upon concurrent conversion of the Convertible Notes, exercise of the warrants subject to the Warrant Transactions, and settlement of the Note Hedge
Transactions:
2
page 20 of the latest 10Q;
2024 Notes, and Related Note Hedge and Warrant Transactions
On June 3, 2019, we issued $400.0 million in aggregate principal amount of 2024 Notes. The net proceeds from the issuance of the 2024 Notes, after
deducting the initial purchasers' transaction fees and offering expenses, were approximately $391.6 million. The 2024 Notes (i) bear interest at a rate of 2.00% per
year, payable in cash on June 1 and December 1 of each year, commencing on December 1, 2019, and (ii) mature on June 1, 2024, unless earlier redeemed, converted
or repurchased. The effective interest rate of the 2024 Notes is 2.46%.
The 2024 Notes are convertible into cash, shares of our common stock or a combination thereof, at our election, at an initial conversion rate of 12.3018 shares
of our common stock per $1,000 principal amount of 2024 Notes (which is equivalent to an initial conversion price of approximately $81.29 per share), as adjusted
pursuant to the terms of the indenture governing the 2024 Notes. The conversion rate of the 2024 Notes, and thus the conversion price, may be adjusted in certain
circumstances, including in connection with a conversion of the 2024 Notes made following certain fundamental changes and under other circumstances set forth in
the indenture governing the 2024 Notes. As of December 31, 2020, we made the irrevocable election to settle all conversions of the 2024 Notes through combination
settlements of cash and shares of our common stock, with a specified dollar amount of $1,000 per $1,000 principal amount of 2024 Notes and any remaining amounts
in shares of our common stock.
The 2024 Notes are senior unsecured obligations of the Company and rank equally in right of payment with any of our current and any future senior
unsecured indebtedness. The 2024 Notes are effectively subordinated to all of our future secured indebtedness to the extent of the value of the related collateral, and
the 2024 Notes are structurally subordinated to indebtedness and other liabilities, including trade payables, of our subsidiaries.
On May 29 and May 31, 2019, in connection with the offering of the 2024 Notes, we entered into convertible note hedge transactions (collectively, the "2024
Note Hedge Transactions") that cover, subject to customary anti-dilution adjustments, approximately 4.9 million shares of common stock, in the aggregate, at a strike
price that initially corresponds to the initial conversion price of the 2024 Notes, subject to adjustment, and are exercisable upon any conversion of the 2024 Notes. On
May 29 and May 31, 2019, we also entered into privately negotiated warrant transactions (collectively, the "2024 Warrant Transactions" and, together with the 2024
Note Hedge Transactions, the "2024 Call Spread Transactions"), whereby we sold warrants to acquire, subject to customary anti-dilution adjustments, approximately
4.9 million shares of common stock at an initial strike price of approximately $109.43 per share, subject to adjustment.
During second quarter 2022, the Company repurchased $273.8 million in aggregate principal amount of the 2024 Notes in privately negotiated transactions
concurrently with the offering of the 2027 Notes. We specifically negotiated the repurchase of the 2024 Notes with investors who concurrently purchased the 2027
Notes, such that their purchase of the 2027 Notes funded our repurchase of the 2024 Notes. As a result of the partial repurchase of the 2024 Notes, $126.2 million in
aggregate principal amount of the 2024 Notes remained outstanding as of September 30, 2022. Additionally, in connection with the partial repurchase of the 2024
Notes, the Company entered into partial unwind agreements that amend the terms of the 2024 Note Hedge Transactions to reduce the number of options corresponding
to the principal amount of the repurchased 2024 Notes. The unwind agreements also reduce the number of warrants exercisable under the 2024 Warrant Transactions.
As a result of the partial unwind transactions, approximately 1.6 million shares of common stock in the aggregate were covered under each of the 2024 Note Hedge
Transactions and the 2024 Warrant Transactions as of September 30, 2022. As of September 30, 2022, the warrants under the 2024 Warrant Transactions had a strike
price of approximately $109.43 per share, as adjusted. Proceeds received from the unwind of the 2024 Note Hedge Transactions were $11.9 million, and consideration
paid for the unwind of the 2024 Warrant Transactions was $3.8 million, resulting in net proceeds received of $8.0 million for the combined unwind transactions.
Because the concurrent redemption of the 2024 Notes and a portion of issuance of the 2027 Notes were executed with the same investors, we evaluated the
transaction as a debt restructuring, on a creditor by creditor basis. The accounting conclusion was based on whether the exchange was a contemporaneous exchange of
cash between the same debtor and creditor in connection with the issuance of a new debt obligation and satisfaction of an existing debt obligation by the debtor and if
it was determined to have substantially different terms. All creditors involved in the repurchase transaction also purchased 2027 Notes in approximately the same or
greater amount as the 2024 Notes principal repurchased. Additionally, the repurchase of the 2024 Notes and issuance of the 2027 Notes were deemed to have
substantially different terms on the basis that the fair value of the conversion feature increased by more than 10% of the carrying value of the 2024 Notes, and
therefore, the repurchase of the 2024 Notes was accounted for as a debt extinguishment. We recognized a $11.2 million loss on extinguishment of debt during second
quarter 2022 in connection with this repurchase, which is included within "Other income (expense), net" in the condensed consolidated statement of income. The loss
on extinguishment represents the difference between the fair value of consideration paid to reacquire the 2024 Notes and the carrying amount of the debt, including
any unamortized debt issuance costs attributable to the 2024 Notes redeemed. The remaining unamortized debt issuance costs of $1.2 million will continue to be
amortized throughout the remaining life of the 2024 Notes.
vegas options - Thank you for your responses, much appreciated. EOM
teecee56, IDCC bought $75 M in stock at $61+ and $273 in bonds which about covers everything. I believe conversion is about $80. The company is going to have a hard time keeping the stock under $80 but when converted the bond liability goes away.
Gamco, those are the 3 that I believe
Monterey2000, Yes the bond was for $400 M and $400 M in buybacks at a lesser price than the bonds
Gamco, I believe that IDCC put out earnings so that they could do the Dutch auction. I believe that they will buy very few shares through the Dutch auction. I think that the stock will set a new 52 week high this week from the shorts. I have a lot of thoughts where this is going and it is very good for shareholders. Options are going up. It only depends as to where you think the share price is going. I started accumulating a position in the March 52 1/2 calls as I own most of the open interest.
we need to look at the convertible deal due in 2024....the data posted is on the 2027 deal....the 2024 issue was 400 myn and idc has supposedly bought back 275myn as part of the 2027 issuance....there are a lot of moving parts here...including the collars that were sold that effectively raise the strike prices to the benefit of the existing shareholders....we need some good details on the conversion and collars for both deals to have a better discussion....i no longer have a bloomberg and have been unable to locate
Yes, this caps the MP to 69 for the next few week. They actually could have bought all they wanted under 65 during that time. These last 2 clown CEO's make Howard Goldberg look like a freaking genius !
Vegas options - I may have misunderstood IDCC's fourth quarter statement regarding three new licenses. Apple is one and Panasonic and LG are probably the other two. I am probably (wishful thinking) that Panasonic and LG renewal licenses are 2023 contracts rather than fourth quarter 2022. Sorry to be adding to the confusion but that is something I tend to do.
Why such a low Dutch Auction price?
Our current 52-week high was $71.73.
Most recent all time highs were $85 in July, 2021
All time high was at $102 around April 10, 2017.
With companies like Apple, Samsung, and other big players, and more technology with less litigation, you would think the shares are worth more than their current Dutch Auction price.
Then again, IDCC's run-ups tend to fizzle and drift back down.
Anybody see anything from our ANALYSTs and top holders like Blackrock or any movement in target prices?
Thanks.
Monterey2000 - No effect regarding dilution. It just reduces the cost of meeting the future obligation to our bond holders at conversion. MO
<<why are they keep reducing shares?>>
Because too many investors aren't smart enough to buy them!
And, as we know, those buybacks also boost EPS.
IDCC didn't get very smart Qualcomm veterans for nothing.
But if many people are too busy watching sports, etc., they
don't know that.
Here's our CEO:
https://www.interdigital.com/post/getting-to-know-you--interdigitals-new-president-and-ceo-liren-chen
And this man knows technology:
<<InterDigital, Inc. has appointed Dr. Rajesh Pankaj as its new Chief Technology Officer. This coincides with Dr. Henry Tirri moving into the role of Senior Advisor.
Dr. Pankaj joins InterDigital from Qualcomm where he most recently served as the Senior Vice President, Engineering and Head of Corporate R&D, managing a global team of engineers focused on Artificial Intelligence, Edge Computing and new technologies. Throughout his 25-year tenure at Qualcomm, Dr. Pankaj oversaw research in 5G, 4G LTE, augmented reality and other technologies, contributing to an industry-leading wireless and mobile computing patent portfolio. His team developed a software platform for drones that was implemented in Ingenuity, the first vehicle to fly in the atmosphere of Mars. Dr. Pankaj is also a prolific innovator and is an inventor or co-inventor on 230 patents worldwide.>>
https://www.pcr-online.biz/2022/06/24/interdigital-appoints-new-chief-technology-officer/
So this dutch auction eliminates any stock dilution when the conv. notes convert to stock?
Any shareholder who wanted $69 or less should have been able to get it by now. Hey, my3s if you're out there do you have any thoughts about today? ("It's a nice day" doesn't count!)
vegas options - I stand corrected, you are right. The number of shares to be bought is closer to 5 million shares. I also note that the auction ends on February 17th which is also an option expiration date and just 2 days after a conference call on February 15th concerning the fourth quarter / year ending 2022 financials.
* Do you have any option advice for next month?
* Do you have any hunches as to who are the two companies besides Apple that licensed with IDCC during the fourth quarter?
why are they keep reducing shares? taking it private or making it easy for any acquiring entities...jmho
scooby5 - This shouldn't act as a price cap at $69 for the shorts. IMO
Your post:
"Doesn't this auction effectively cap the price at $69.00 until it is over?"
Gamco, I think you have it backwards as the 1.88M has to be bought by the shorts and 3M bought by the company. Which means approx. 5M shares. If those 2 entities bought every share of the average volume it would take a month. Currently insiders and institutions own a little over 26.1 M shares. Outstanding shares 29.66 M. I also believe that they bought 300K shares in the 4th Q. If shorts were covering it will be above $69 as there is a deep pocket buyer at $69.
Doesn't this auction effectively cap the price at $69.00 until it is over?
I think this Dutch buyback may effectively stop a short attack on the stock when they provide guidance for the 1st qtr without any revenue from Samsung.
<<That reply works except they had over 800 million in the bank already before the new cash came in.
It’s not like they were short of cash when the stock was low.>>
Good point. But don't forget that IDCC also has $606 million in long-term
debt. I don't like companies that live on the edge so to speak and
let their net cash reserves dwindle too low.
Don't forget - it's not a sale until the check clears!
Just watch Glengarry Glen Ross!!
GLEN....you may also recall that on january 6th....our old friend..5 O'CLOCK CHARLIE made an appearance....go back to my post from that day...i said it innocently as a gag to stir up some old memories.....profound indeed!!!
i do remember that......it seemed out of place at the time...in retrospect....not so much now...lol
dvm...ulterior motive?....the motive seems pretty clear to me....reduce sharecount....increase share price....and cause some pain for the shorts along the way
That reply works except they had over 800 million in the bank already before the new cash came in.
It’s not like they were short of cash when the stock was low.
Teecee56 - You may recall that December 16th was triple witch option expiration date and on that date IDCC stock traded 1,180,700 shares. I believe that the company bought over 250,000 of that volume using the remaining cash in the stock buyback authorization before adding the $333m to the authorized amount effective January 2023. This is also effecting the updated financials released January 19th which projects net income of $.93 per diluted share. JMHO
<<Why did they wait til now?>>
bim524:
In my view, smart companies (and people) wait until the cash is in the
bank until they go out and spend it! Remember when many bought
a different house before they sold their first house during the
real estate crash / financial crisis about 15 years ago?
I remember that well - they were regretting it big time holding two mortgages
with the prices crashing - they didn't 'book' that first sale into the bank first.
Or how about when the salesman thinks he's going to close a big deal and
he buys a new car with the anticipation that it's a done deal but they forget
the adage that a sale isn't a sale until the check clears?! The deal falls
through and he's paying for his / her new car without the cash on hand.
This was IDCC in their latest quarterly report:
<<<<Cash and cash equivalents, restricted cash and short-term investments are expected to total $1.2 billion as of December 31, 2022, and include approximately $400 million of customer receipts during fourth quarter 2022.>>
glen....thats a pretty high number of shorts with under 30myn shares outstanding....the shorts always tend to punch above their weight in suppressing positive movements in the stock price.....and pouncing on bad news to the downside.....UNTIL THEY DONT....AND THEY RUN SCREAMING FOR THE EXITS!!!
Short interest as of 12/31/22 was 1.88m shares. I can't envision any of them remaining after the auction is completed. This amount of shares should be sufficient to accommodate two-thirds of the auction offer.
Shorts may consider a new position at a considerably higher price.
Strong hands will reap their patient awards IMHO.
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