InterDigital Inc (IDCC)

[rmarchma]

Trying to reconcile the fixed-fee revenues for 2013

During all 4 quarters of 2012, IDCC's fixed-fee revenues were as follows:

Samsung $25.7m per quarter (expired at end of Q4 2012)
Pantech $3.9m per quarter (set to expire at the end of 2015)
Apple $2.1m per quarter (set to expire in Q2 2014)
Inventec $1.5m per quarter
Unidentified Licensee beginning Q4 2011 $0.5m

Total Fixed Fee $33.7m per quarter in 2012

At the end of 2012, Samsung's license expired, but IDCC signed a new 3-year fixed-fee license with Sony at $9.7m per quarter ($116.6m total fixed fee / 12 quarters). My problem is that I can't reconcile to the 2013 actual quarterly fixed-fees of $16.9m per quarter as follows:

Samsung -0-
Sony $9.7m per quarter
Pantech $3.9m per quarter
Apple $2.1m per quarter
Inventec$1.5m per quarter
Unidentified Licensee $0.5m per quarter

Subtotal $17.7m

Unexplained overage $0.8m???

Total Actual Fixed-fees $16.9m per quarter for 2013 thru Q3



Pantech did amend its license in Q2 of 2012 to include 4G products according to the 2012 10K. However, there was no increase to the total fixed-fees at all during 2012.