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InterDigital Fourth Quarter 2014 Financial Results Driven by 38% Increase in Recurring Revenue
Full Year 2014 Sees 46% Increase in Recurring Revenue, 173% Increase in Net Income
WILMINGTON, Del., Feb. 19, 2015 (GLOBE NEWSWIRE) -- InterDigital, Inc. (Nasdaq:IDCC), a mobile technology research and development company, today announced results for the fourth quarter and full year ended December 31, 2014.
Fourth Quarter 2014 Financial Highlights
Total revenue was $86.1 million, compared to $99.7 million in fourth quarter 2013. Revenue for fourth quarter 2013 included $38.1 million of past sales revenue. Recurring revenue was $85.1 million, consisting of current patent royalties and current technology solutions revenue, representing an increase of 38% compared to $61.6 million in fourth quarter 2013.
Fourth quarter 2014 operating expenses were $60.8 million, compared to $61.7 million in fourth quarter 2013. Intellectual property enforcement expenses were $14.5 million, a 22% decrease compared to $18.6 million in fourth quarter 2013.
Net income1 was $13.8 million, or $0.36 per diluted share, compared to net income of $14.5 million, or $0.35 per diluted share, in fourth quarter 2013.
In fourth quarter 2014, the company generated $43.5 million of free cash flow2 compared to $14.9 million used in fourth quarter 2013. Ending cash and short-term investments totaled $703.9 million. The increase in the company's free cash flow was primarily attributable to the new license agreements entered into during second quarter 2014.
During fourth quarter 2014, the company repurchased 1.6 million shares of common stock for $64.6 million. In addition, from January 1, 2015 through February 18, 2015, the company repurchased approximately 48 thousand additional shares at a cost of $2.2 million. Since initiating the $300 million stock repurchase program in June 2014, the company has repurchased a total of 3.6 million shares for $154.8 million
Full Year 2014 Financial Highlights
Total revenue was $415.8 million, a 28% increase compared to $325.4 million in 2013. This year-over-year increase in total revenue was primarily attributable to the $88.8 million increase in current patent royalties as a result of new patent license agreements signed in second quarter 2014 and increased shipments by certain of our licensees.
Recurring revenue was $288.8 million, representing an increase of 46% compared to $198.3 million in 2013.
2014 operating expenses were $246.9 million, compared to $240.6 million in 2013. Intellectual property enforcement expenses were $52.1 million, a 31% decrease compared to $75.0 million in 2013.
Net income1 was $104.3 million, or $2.62 per diluted share, compared to net income of $38.2 million, or $0.92 per diluted share, in 2013.
In 2014, the company generated $203.0 million of free cash flow2 compared to $179.5 million in 2013.
During 2014, the company repurchased 3.6 million shares of common stock for $152.6 million.
"The fourth quarter of 2014 capped a remarkable year that saw dramatic increases in our recurring revenues and net income, cementing our position as a mobile technology leader. We also saw continued research success that positions us strongly in future technologies," said William J. Merritt, President and CEO of InterDigital. "Our success in driving the top line was matched by our efforts to maintain flat expenses while driving a broader range of technology research than ever before. Our results for 2014 underscore the strength and scalability of our business model."
Additional Financial Highlights for Fourth Quarter 2014
The slight decrease in fourth quarter 2014 operating expenses compared to fourth quarter 2013 was primarily due to $4.1 million decrease in intellectual property enforcement expenses, driven by lower costs related to the company's USITC proceedings and related actions. This and other decreases were partially offset by a $2.5 million increase in patent amortization primarily related to growth in our patent portfolio, and various other smaller increases.
Companies that accounted for ten percent or more of fourth quarter 2014 total revenue were Pegatron Corporation (28%), Samsung Electronics Co., Ltd. (20%) and Sony Corporation of America (12%).
The company's fourth quarter effective tax rate was approximately 36 percent as compared to 43 percent during fourth quarter 2013, based on the statutory federal tax rate net of discrete federal and state taxes. The decrease in the effective tax rate between fourth quarter 2014 and fourth quarter 2013 is driven by the impact of lower state tax expenses resulting, in part, from the company's income tax mix between patent licensing royalties and technology solutions revenue.
Additional Financial Highlights for Full Year 2014
The increase in 2014 operating expenses compared to 2013 was primarily due to a $13.4 million increase in performance-based incentive compensation and an $8.5 million increase in depreciation and amortization related to growth in our patent portfolio. These and other increases were partially offset by a $22.9 million decrease in intellectual property enforcement expenses, primarily due to lower costs related to the company's USITC proceedings and licensee related actions.
Companies that accounted for ten percent or more of 2014 total revenue were Samsung (33%) and Pegatron (18%).
The increase in the company's free cash flow was primarily attributable to cash payments received in 2014 attributable to the new license agreements entered into during second quarter 2014.
The company's 2014 effective tax rate was approximately 34 percent as compared to 42 percent during 2013, based on the statutory federal tax rate net of discrete federal and state taxes. The decrease in the effective tax rate between 2014 and 2013 is driven by the impact of lower state tax expenses resulting, in part, from the company's income tax mix between patent licensing royalties and technology solutions revenue. Additionally, net benefits recorded in 2014 attributable to research and development tax credits contributed to the decrease in the effective rate.
Near-Term Outlook
"We expect that sales volumes of our per-unit licensees in fourth quarter 2014 will drive our first quarter 2015 total revenue to a range of between $107 million and $110 million, comprised entirely of recurring revenue," said Richard J. Brezski, Chief Financial Officer. "This expected sequential quarterly increase is based on the same set of licensees and is driven, in part, by second half 2014 product introductions that saw tremendous market success but also introduce a cyclical element to our first quarter guidance. Consistent with our practice, this revenue guidance is based on royalty reports received to date, and does not include the potential impact of any new patent license, technology solutions or patent sale agreements that may be signed, or any arbitration or dispute resolutions that may occur, during the balance of first quarter 2015."
Conference Call Information
InterDigital will host a conference call on Thursday, February 19, 2015 at 10:00 a.m. Eastern Time to discuss its fourth quarter 2014 financial performance and other company matters. For a live Internet webcast of the conference call, visit www.interdigital.com and click on the link to the Live Webcast under the Events section on the homepage. The company encourages participants to take advantage of the Internet option.
For telephone access to the conference, call (888) 802-2225 within the United States or (913) 312-1254 from outside the United States. Please call by 9:50 a.m. ET on February 19 and ask the operator for the InterDigital Financial Call.
An Internet replay of the conference call will be available on InterDigital's website in the Investors section. In addition, a telephone replay will be available from 1:00 p.m. ET February 19 through 1:00 p.m. ET February 24. To access the recorded replay, call (888) 203-1112 or (719) 457-0820 and use the replay code 9689685.
About InterDigital®
InterDigital develops wireless technologies that are at the core of mobile devices, networks, and services worldwide. We solve many of the industry's most critical and complex technical challenges, inventing solutions for more efficient broadband networks and a richer multimedia experience years ahead of market deployment. InterDigital has licenses and strategic relationships with many of the world's leading wireless companies. Founded in 1972, InterDigital is listed on NASDAQ and is included in the S&P MidCap 400® index.
InterDigital is a registered trademark of InterDigital, Inc.
For more information, visit the InterDigital website: www.interdigital.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include information regarding our current beliefs, plans and expectations, including, without limitation, our current expectations with respect to the company's first quarter 2015 revenue. Words such as "believe," "anticipate," "estimate," "expect," "project," "intend," "plan," "forecast," and variations of any such words or similar expressions are intended to identify such forward-looking statements.
Forward-looking statements are subject to risks and uncertainties. Actual outcomes could differ materially from those expressed in or anticipated by such forward-looking statements due to a variety of factors, including, without limitation, those identified in this press release, as well as the following: (i) unanticipated delays, difficulties or acceleration in the execution of patent license agreements; (ii) our ability to leverage our strategic relationships and secure new patent license agreements on acceptable terms; (iii) our ability to enter into sales and/or licensing partnering arrangements for certain of our patent assets; (iv) our ability to enter into partnerships with leading inventors and research organizations and identify and acquire technology and patent portfolios that align with InterDigital's roadmap; (v) our ability to commercialize the company's technologies and enter into customer agreements; (vi) the failure of the markets for the company's current or new technologies to materialize to the extent or at the rate that we expect; (vii) unexpected delays or difficulties related to the development of the company's technologies; (viii) changes in the market share and sales performance of our primary licensees, delays in product shipments of our licensees, delays in the timely receipt and final reviews of quarterly royalty reports from our licensees, delays in payments from our licensees and related matters; (ix) amounts of royalties payable following routine audits, if any, and the timely receipt of such amounts during first quarter 2015; (x) the resolution of current legal proceedings, including any awards or judgments relating to such proceedings, additional legal proceedings, changes in the schedules or costs associated with legal proceedings or adverse rulings in such legal proceedings; (xi) changes or inaccuracies in market projections; and (xii) changes in the company's business strategy.
We undertake no duty to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority.
Footnotes
1 Throughout this press release, net income (loss) and diluted earnings per share are attributable to InterDigital, Inc. (e.g., after adjustments for noncontrolling interests), unless otherwise stated.
2 Free cash flow is a supplemental non-GAAP financial measure that InterDigital believes is helpful in evaluating the company's ability to invest in its business, make strategic acquisitions and fund share repurchases, among other things. A limitation of the utility of free cash flow as a measure of financial performance is that it does not represent the total increase or decrease in the company's cash balance for the period. InterDigital defines "free cash flow" as net cash provided by operating activities less purchases of property and equipment, technology licenses and investments in patents. InterDigital's computation of free cash flow might not be comparable to free cash flow reported by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles ("GAAP"). A detailed reconciliation of free cash flow to net cash provided by operating activities, the most directly comparable GAAP financial measure, is provided at the end of this press release.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands except per share data)
(unaudited)
For the Three Months
Ended December 31, For the Year Ended
December 31,
2014 2013 2014 2013
REVENUES:
Per-unit royalty revenue $ 49,220 $ 40,994 $ 157,250 $ 122,709
Fixed fee amortized royalty revenue 33,358 16,917 121,903 67,658
Current patent royalties 82,578 57,911 279,153 190,367
Past patent royalties 1,050 36,388 124,236 73,808
Total patent licensing royalties 83,628 94,299 403,389 264,175
Patent sales -- -- 1,999 --
Current technology solutions revenue 2,493 3,719 9,633 7,960
Past technology solutions revenue -- 1,665 800 53,226
$ 86,121 $ 99,683 $ 415,821 $ 325,361
OPERATING EXPENSES:
Patent administration and licensing 34,919 36,212 133,808 143,037
Development 17,440 18,491 75,300 64,729
Selling, general and administrative 8,474 7,000 37,753 31,295
Repositioning -- -- -- 1,544
60,833 61,703 246,861 240,605
Income from operations 25,288 37,980 168,960 84,756
OTHER EXPENSE (NET) (4,699) (13,706) (15,432) (23,237)
Income before income taxes 20,589 24,274 153,528 61,519
INCOME TAX PROVISION (7,361) (10,404) (52,108) (25,836)
NET INCOME $ 13,228 $ 13,870 $ 101,420 $ 35,683
Net loss attributable to noncontrolling interest (562) (666) (2,922) (2,482)
NET INCOME ATTRIBUTABLE TO INTERDIGITAL, INC. $ 13,790 $ 14,536 $ 104,342 $ 38,165
NET INCOME PER COMMON SHARE — BASIC $ 0.37 $ 0.35 $ 2.65 $ 0.93
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — BASIC 37,207 40,977 39,420 41,115
NET INCOME PER COMMON SHARE — DILUTED $ 0.36 $ 0.35 $ 2.62 $ 0.92
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — DILUTED 37,873 41,298 39,879 41,424
CASH DIVIDENDS DECLARED PER COMMON SHARE $ 0.20 $ 0.10 $ 0.70 $ 0.40
Note: Certain reclassifications have been made to prior period amounts to conform to the current period presentation.
SUMMARY CONSOLIDATED CASH FLOWS
(dollars in thousands)
(unaudited)
For the Three Months
Ended December 31, For the Year Ended
December 31,
2014 2013 2014 2013
Income before income taxes $ 20,589 $ 24,274 $ 153,528 $ 61,519
Taxes paid (28,836) (21,625) (114,876) (24,961)
Non-cash expenses 19,779 30,982 72,324 80,771
Increase in deferred revenue 2,013 22,654 272,885 209,930
Deferred revenue recognized (43,989) (38,827) (163,139) (174,014)
Increase (decrease) in operating working capital, deferred charges and other 86,428 (18,003) 21,291 64,930
Capital spending and capitalized patent costs (12,506) (14,379) (39,027) (38,648)
FREE CASH FLOW 43,478 (14,924) 202,986 179,527
Tax benefit from share-based compensation (1,218) 52 -- 815
Acquisition of patents -- (12,000) (26,300) (25,013)
Long-term investments -- 445 -- --
Proceeds from noncontrolling interests 1,276 1,276 5,101 7,652
Dividends paid (7,609) (4,121) (23,729) (12,354)
Share repurchases (64,603) (29,134) (152,625) (29,134)
Net proceeds from exercise of stock options 33 298 402 1,032
Unrealized loss on short-term investments (121) (283) (358) (1,353)
NET INCREASE (DECREASE) IN CASH AND SHORT-TERM INVESTMENTS $ (28,764) $ (58,391) $ 5,477 $ 121,172
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
(unaudited)
December 31,
2014 December 31,
2013
ASSETS
Cash & short-term investments $ 703,928 $ 698,451
Accounts receivable (net) 51,702 92,830
Current deferred tax assets 54,019 26,197
Other current assets 33,530 40,036
Property & equipment and patents (net) 278,086 215,906
Other long-term assets (net) 73,326 39,763
TOTAL ASSETS $ 1,194,591 $ 1,113,183
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable, accrued liabilities, taxes payable & dividends payable $ 80,474 $ 66,262
Current deferred revenue 124,695 60,176
Long-term deferred revenue 293,342 243,864
Long-term debt & other long-term liabilities 220,403 209,061
TOTAL LIABILITIES 718,914 579,363
TOTAL INTERDIGITAL, INC. SHAREHOLDERS' EQUITY 468,328 528,650
Noncontrolling interest 7,349 5,170
TOTAL EQUITY 475,677 533,820
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,194,591 $ 1,113,183
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 December 31, For the Year Ended
December 31,
2014 2013 2014 2013
Net cash provided (used) by operating activities $ 55,984 $ (545) $ 242,013 $ 218,175
Purchases of property, equipment, & technology licenses (3,899) (1,859) (7,095) (4,591)
Capitalized patent costs (8,607) (12,520) (31,932) (34,057)
Free cash flow $ 43,478 $ (14,924) $ 202,986 $ 179,527
CONTACT: InterDigital, Inc.:
Patrick Van de Wille
patrick.vandewille@interdigital.com
+1 (858) 210-4814
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InterDigital, Inc.
200 Bellevue Parkway, Suite 300 , Wilmington, DE 19809-3727
Service provided by Shareholder.com
That 107-110 are all recurring!! WOW!!
36 and 86.1 107-110 for 1q WOW
Microsoft settled a dispute with Samsung over patent royalties, with the terms of the settlement remaining confidential. The suit is related to Microsoft's purchase of Nokia's handset business in September 2013.
Qualcomm in $975M settlement with Chinese govt
Me too,except for my smartphone. Love android.
My son has one. Great phone.
The Samsung note 4 would be a great choice. I have the same problem.:)
Following their lead. I guess we should have expected this.
Unbelievable. I guess they're looking for favorable treatment from Taiwan.
Didn't they resolve this in arbitration?
we're getting it from the staff atty.
I doubt it. Volume would have been much higher.
Nice job of pulling us down 75 cents on 12k shs.
I still don't trust the itc. But i'm now cautiously optimistic that we will get a settlement before 4/27/15.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No: 5)
INTERDIGITAL INC
(Name of Issuer)
Common Stock
(Title of Class of Securities)
45867G101
(CUSIP Number)
December 31, 2014
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to
which this Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 45867G101
(1)Names of reporting persons. BlackRock, Inc.
(2) Check the appropriate box if a member of a group
(a) [ ]
(b) [X]
(3) SEC use only
(4) Citizenship or place of organization
Delaware
Number of shares beneficially owned by each reporting person with:
(5) Sole voting power
3074372
(6) Shared voting power
NONE
(7) Sole dispositive power
3160002
(8) Shared dispositive power
NONE
(9) Aggregate amount beneficially owned by each reporting person
3160002
(10) Check if the aggregate amount in Row (9) excludes certain shares
(11) Percent of class represented by amount in Row 9
8.5%
(12) Type of reporting person
HC
Item 1.
Item 1(a) Name of issuer:
-----------------------------------------------------------------------
INTERDIGITAL INC
Item 1(b) Address of issuer's principal executive offices:
-----------------------------------------------------------------------
781 Third Avenue
King Of Prussia PA 19406-1409
Item 2.
2(a) Name of person filing:
----------------------------------------------------------------------
BlackRock, Inc.
2(b) Address or principal business office or, if none, residence:
-----------------------------------------------------------------------
BlackRock Inc.
55 East 52nd Street
New York, NY 10022
2(c) Citizenship:
--------------------------------------------------------------------
See Item 4 of Cover Page
2(d) Title of class of securities:
-------------------------------------------------------------------
Common Stock
2(e) CUSIP No.:
See Cover Page
Item 3.
If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c),
check whether the person filing is a:
[ ] Broker or dealer registered under Section 15 of the Act;
[ ] Bank as defined in Section 3(a)(6) of the Act;
[ ] Insurance company as defined in Section 3(a)(19) of the Act;
[ ] Investment company registered under Section 8 of the
Investment Company Act of 1940;
[ ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
[ ] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
[X] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
[ ] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
[ ] A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment Company
Act of 1940;
[ ] A non-U.S. institution in accordance with
Rule 240.13d-1(b)(1)(ii)(J);
[ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). If filing
as a non-U.S. institution in accordance with
Rule 240.13d-1(b)(1)(ii)(J), please specify the type of
institution:
Item 4. Ownership
Provide the following information regarding the aggregate number
and percentage of the class of securities of the issuer identified in Item 1.
Amount beneficially owned:
3160002
Percent of class
8.5%
Number of shares as to which such person has:
Sole power to vote or to direct the vote
3074372
Shared power to vote or to direct the vote
NONE
Sole power to dispose or to direct the disposition of
3160002
Shared power to dispose or to direct the disposition of
NONE
Item 5.
Ownership of 5 Percent or Less of a Class. If this statement is being
filed to report the fact that as of the date hereof the reporting person
has ceased to be the beneficial owner of more than 5 percent of the
class of securities, check the following [ ].
Item 6. Ownership of More than 5 Percent on Behalf of Another Person
If any other person is known to have the right to receive or the power
to direct the receipt of dividends from, or the proceeds from the sale
of, such securities, a statement to that effect should be included in
response to this item and, if such interest relates to more than 5 percent
of the class, such person should be identified. A listing of the
shareholders of an investment company registered under the Investment
Company Act of 1940 or the beneficiaries of employee benefit plan,
pension fund or endowment fund is not required.
Various persons have the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of
the common stock of
INTERDIGITAL INC.
No one person's interest in the common stock of
INTERDIGITAL INC
is more than five percent of the total outstanding common shares.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company or Control Person.
See Exhibit A
Item 8. Identification and Classification of Members of the Group
If a group has filed this schedule pursuant to Rule 13d-1(b)(ii)(J),
so indicate under Item 3(j) and attach an exhibit stating the identity
and Item 3 classification of each member of the group. If a group
has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d),
attach an exhibit stating the identity of each member of the group.
Item 9. Notice of Dissolution of Group
Notice of dissolution of a group may be furnished as an exhibit
stating the date of the dissolution and that all further filings with
respect to transactions in the security reported on will be filed,
if required, by members of the group, in their individual capacity.
See Item 5.
Item 10. Certifications
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are
held in the ordinary course of business and were not acquired
and are not held for the purpose of or with the effect of changing
or influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a participant
in any transaction having that purpose or effect.
Signature.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement
is true, complete and correct.
Dated: January 12, 2015
BlackRock, Inc.
Signature: Matthew J. Fitzgerald
-------------------------------------------
Name/Title Attorney-In-Fact
The original statement shall be signed by each person on whose
behalf the statement is filed or his authorized representative.
If the statement is signed on behalf of a person by his authorized
representative other than an executive officer or general partner
of the filing person, evidence of the representative's authority to
sign on behalf of such person shall be filed with the statement,
provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated
by reference. The name and any title of each person who
signs the statement shall be typed or printed beneath his signature.
Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (see 18 U.S.C. 1001).
Exhibit A
Subsidiary
BlackRock Advisors (UK) Limited
BlackRock Advisors, LLC
BlackRock Asset Management Canada Limited
BlackRock Asset Management Ireland Limited
BlackRock Fund Advisors*
BlackRock Institutional Trust Company, N.A.
BlackRock Investment Management (Australia) Limited
BlackRock Investment Management (UK) Ltd
BlackRock Investment Management, LLC
*Entity beneficially owns 5% or greater of the outstanding
shares of the security class being reported on this
Schedule 13G.
Exhibit B
POWER OF ATTORNEY
The undersigned, BLACKROCK, INC., a corporation duly organized
under the laws of the State of Delaware, United States (the
"Company"), does hereby make, constitute and appoint each of
Matthew Mallow, Howard Surloff, Herm Howerton, Bartholomew Battista,
Dan Waltcher, Karen Clark, Daniel Ronnen, John Stelley, Brian Kindelan,
Matthew Fitzgerald, Charles Park, Carsten Otto and Con Tzatzakis
acting severally, as its true and lawful attorneys-in-fact, for the
purpose of, from time to time, executing in its name and on its behalf,
whether the Company is acting individually or as representative of
others, any and all documents, certificates, instruments, statements,
other filings and amendments to the foregoing (collectively,
"documents") determined by such person to be necessary or
appropriate to comply with ownership or control-person reporting
requirements imposed by any United States or non-United
States governmental or regulatory authority, including
without limitation Forms 3, 4, 5, 13D, 13F, 13G and 13H and any
amendments to any of the foregoing as may be required to be filed
with the Securities and Exchange Commission, and delivering,
furnishing or filing any such documents with the appropriate
governmental, regulatory authority or other person, and giving and
granting to each such attorney-in-fact power and authority to act in
the premises as fully and to all intents and purposes as the Company
might or could do if personally present by one of its authorized
signatories, hereby ratifying and confirming all that said
attorney-in-fact shall lawfully do or cause to be done by
virtue hereof. Any such determination by an attorney-in-fact named
herein shall be conclusively evidenced by such person's execution,
delivery, furnishing or filing of the applicable document.
This power of attorney shall expressly revoke the power of attorney
dated 10th day of July,2012 in respect of the subject matter hereof,
shall be valid from the date hereof and shall remain in full force and
effect until either revoked in writing by the Company, or, in respect of
any attorney-in-fact named herein, until such person ceases to be an
employee of the Company or one of its affiliates.
IN WITNESS WHEREOF, the undersigned has caused this power of
attorney to be executed as of this 28th day of July, 2014.
BLACKROCK, INC.
By:_ /s/ Chris Jones
Name: Chris Jones
Title: Chief Investment Officer
Or just corrupt.
misread jeff. you are correct.
should be full day I think.
nice move up. good news would be nice.
It wasn't just Idcc, it was many stocks.
I believe there was a rebalancing at the end of the day. That's why there was so much volume.
doing a good job of getting it to 52.50.
Looks like the Christmas rally is on. Let's hope Idcc is part of it.
From your mouth to God's ear.
maybe, but the volume is too low.
it's not.
Agree 100%.
Pres. Obama recently pressed Chinese president Xi Jinping about attempts by Chinese regulators to limit the royalties collected by foreign companies for the use of their IP.National Security Council spokesman Patrick Ventrell: "The United States government is concerned that China is using numerous mechanisms, including anti-monopoly law, to lower the value of foreign-owned patents and benefit Chinese firms employing foreign technology ... President Obama raised these concerns."Though Obama reportedly didn't mention Qualcomm (NASDAQ:QCOM) by name, it's the only major U.S. company currently subject to a Chinese antitrust probe related to royalty rates.While the probe continues, Qualcomm has stated it thinks Chinese licensees are under-reporting sales of royalty-bearing devices, and that some might be holding off on getting licenses. The company's light FY15 guidance had much to do with its Chinese licensing issues.The White House's efforts could also have implications for InterDigital (NASDAQ:IDCC), which has seen its own Chinese royalty-collection issues. China's antitrust regulator suspended a probe of InterDigital in May after the company made a series of licensing commitments.Prior Qualcomm/China commentary
all for 100 shs.
I'm using think or swim. It's not just one order.
I'm showing the ask at 66.15.
level 2 looks very strange. Never seen it like that before.
InterDigital Principal Engineer Named IEEE Fellow
Dr. Monisha Ghosh is Recognized for Contributions to Cognitive Radio and Signal Processing for Communication Systems
WILMINGTON, Del., Dec. 12, 2014 (GLOBE NEWSWIRE) -- InterDigital, Inc. (Nasdaq:IDCC), a mobile technology research and development company, today announced that Dr. Monisha Ghosh, a principal engineer in its InterDigital Labs group, has been named an Institute of Electrical and Electronics Engineers (IEEE) Fellow, effective January 1, 2015, for her work benefiting the technical advancement of the wireless industry.
IEEE Fellows are elected based on outstanding records of accomplishments in any of the IEEE fields of interest. IEEE Fellow is the highest grade of membership and is recognized by the technical community as a prestigious honor and career achievement. The total number of IEEE Fellows selected in any one year does not exceed one-tenth of one percent of the total voting IEEE membership.
Over the past 23 years, Dr. Ghosh has made a series of significant contributions to the analysis and design of practical communications systems and in the application of signal processing algorithms to communication systems such as HDTV digital broadcasting, cable and, more recently, cognitive radio for TV White Spaces. Her work on TV White Spaces spanned the technical, regulatory and standardization fronts, with significant contributions to the IEEE 802.22 standard. Her current areas of research are in next generation Wi-Fi and 5G cellular systems.
"It underscores the strength of InterDigital Labs and our research to have one of our current researchers chosen to hold the title of IEEE Fellow, which is a very select honor," said Dr. Byung K. Yi, Executive Vice President, InterDigital Labs, and Chief Technology Officer at InterDigital. "IEEE is held in high industry regard and is an organization that InterDigital works with closely to advance wireless technology. This honor underscores Dr. Ghosh's commitment to wireless innovation, and validates her position as an industry leader."
InterDigital's association with the IEEE organization is longstanding. Brian Kiernan, recently retired Vice President and Chief Scientist at InterDigital, was awarded the IEEE Computer Society Hans Karlsson Award in 2013. The award is presented in recognition of outstanding skills and diplomacy, team facilitation and joint achievement in the promotion of computer standards.
Through its 400,000 members in 160 countries, the IEEE is a leading authority on a wide variety of areas ranging from aerospace systems, computers and telecommunications to biomedical engineering, electric power and consumer electronics. IEEE publishes 30 percent of the world's literature in the electrical and electronics engineering and computer science fields, and has developed more than 900 active industry standards. The association also sponsors or co-sponsors nearly 400 international technical conferences each year.
About InterDigital®
InterDigital develops technologies that are at the core of mobile devices, networks, and services worldwide. We solve many of the industry's most critical and complex technical challenges, inventing solutions for more efficient broadband networks and a richer multimedia experience years ahead of market deployment. InterDigital has licenses and strategic relationships with many of the world's leading wireless companies. Founded in 1972, InterDigital is listed on NASDAQ and is included in the S&P MidCap 400® index.
InterDigital is a registered trademark of InterDigital, Inc.
For more information, visit: www.interdigital.com.
CONTACT: Patrick Van de Wille
Email: patrick.vandewille@interdigital.com
+1 (858) 210-4814
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Source: InterDigital, Inc.
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That would be a very nice Christmas present.
InterDigital, Emulex rally following Barclays talks • 2:36 PM
Eric Jhonsa, SA News Editor
3G/4G IP licensing firm InterDigital (IDCC +3.6%) and storage adapter card/switch vendor Emulex (ELX +3.6%) have both rallied after presenting at Barclays' Global Technology Conference (webcast).
InterDigital CEO Bill Merritt and Emulex CEO Jeff Benck each presented at 1:30PM ET. InterDigital is near its 52-week high of $53.50, and up 80% YTD.
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IDCC price at time of publication: $53.25. Check IDCC price now »
It's fcy covering his short!! Roflmao.
maybe he's too lazy.
I was thinking the same.lol
looks like they will get it under 50.