InterDigital (IDCC) Q3 FY2023 earnings: revenue $140 million, up 22.1% on the year

InterDigital, Inc. (IDCC) reported revenue of $140 million for Q3 FY2023, the quarter ended 30 September 2023, up 22.1% on the same quarter a year earlier. Net income was $48 million, up 115.7% on the year, and diluted earnings per share $1.72. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$140 millionup 22.1%

Net income$48 millionup 115.7%

Diluted EPS$1.72

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	140	n/a	n/a	n/a
Operating income	53.7	n/a	n/a	n/a
Operating margin	38.3%	n/a	n/a
Interest expense	12.7	n/a	n/a	n/a
Pre-tax income	55.7	n/a	n/a	n/a
Income tax	8.5	n/a	n/a	n/a
Effective tax rate	15.3%	n/a	n/a
Net income	47.9	n/a	n/a	n/a
Net margin	34.2%	n/a	n/a
Diluted EPS	$1.72	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	311	n/a	n/a	n/a
Capital expenditure	0.6	n/a	n/a	n/a
Free cash flow	310	n/a	n/a	n/a
Free cash flow margin	221.3%	n/a	n/a
Cash from investing	-6.8	n/a	n/a	n/a
Cash from financing	-69.0	n/a	n/a	n/a
Depreciation and amortisation	19.5	n/a	n/a	n/a
Share-based compensation	10.3	n/a	n/a	n/a
Buybacks	56.9	n/a	n/a	n/a
Dividends paid	9.3	n/a	n/a	n/a
Dividend per share	$0.40	n/a	n/a	n/a
Diluted shares, weighted	28m	n/a	n/a	n/a
Shares outstanding at period end	26m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	583	n/a	n/a	n/a
Non-controlling interest	4.4	n/a	n/a	n/a
Debt	485	n/a	n/a	n/a
Operating lease liabilities	17.9	n/a	n/a	n/a
Other liabilities	735	n/a	n/a	n/a
Total liabilities and equity	1,826	n/a	n/a	n/a
Fixed assets	11.2	n/a	n/a	n/a
Goodwill	22.4	n/a	n/a	n/a
Investments	565	n/a	n/a	n/a
Cash and equivalents	518	n/a	n/a	n/a
Other assets	709	n/a	n/a	n/a
Total assets	1,826	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	140	106	264	223	129	253	211	301	165	158	205	260
Operating income	53.7	25.3	104	134	39.3	163	132	205	75.8	47.8	82.3	139
Operating margin	38%	24%	39%	60%	31%	64%	63%	68%	46%	30%	40%	54%
Interest expense	12.7	7.9	11.9	11.5	10.7	11.3	9.9	9.5	10.0	10.5	9.1	8.6
Pre-tax income	55.7	32.9	101	134	41.2	153	132	211	76.0	50.2	79.8	143
Tax rate	15%	-19%	19%	18%	17%	13%	13%	14%	11%	14%	6%	19%
Net income	47.9	39.1	81.7	110	34.2	133	116	181	67.5	43.0	75.3	116
Net margin	34%	37%	31%	49%	27%	53%	55%	60%	41%	27%	37%	45%
Diluted EPS	$1.72	$1.41	$2.88	$3.93	$1.14	$4.09	$3.45	$5.35	$1.93	$1.20	$2.14	$3.40
Operating cash flow	311	-23.6	50.8	-48.9	77.6	192	-20.0	105	396	63.4	16.1	82.5
Capital expenditure	0.6	1.1	0.4	0.6	0.9	3.9	14.5	0.6	0.6	0.2	0.9	1.6
Free cash flow	310	-24.7	50.3	-49.5	76.7	188	-34.5	105	395	63.2	15.2	80.9
Buybacks	56.9	37.0	28.9	34.8	3.1	0.0	5.2	26.2	35.3	35.6	8.2	23.0
Dividends paid	9.3	10.3	10.2	10.1	10.1	11.4	11.6	15.6	15.5	18.0	18.0	18.1
Shares outstanding	26m	26m	25m	25m	25m	26m	26m	26m	26m	26m	26m	26m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0001405495-23-000044: the filing on EDGAR. All of InterDigital, Inc.'s filings: EDGAR company page.

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