10-Q 1 idcc-20220930.htm 10-Q idcc-20220930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended September 30, 2022
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from                      to                     
Commission File Number 1-33579
INTERDIGITAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
Pennsylvania82-4936666
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
200 Bellevue Parkway, Suite 300, Wilmington, DE 19809-3727
(Address of Principal Executive Offices and Zip Code)
(302281-3600
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareIDCCNasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, par value $0.01 per share29,662,993
Title of ClassOutstanding at November 1, 2022



INDEX
  
 PAGES
InterDigital® is a registered trademark of InterDigital, Inc. All other trademarks, service marks and/or trade names appearing in this Quarterly Report on Form 10-Q are the property of their respective holders.




PART I — FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
INTERDIGITAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
SEPTEMBER 30,
2022
DECEMBER 31,
2021
ASSETS  
CURRENT ASSETS:  
Cash and cash equivalents$539,651 $706,282 
Short-term investments323,772 235,345 
Accounts receivable, less allowances of $0 and $322
403,043 31,113 
Prepaid and other current assets86,028 77,545 
Total current assets1,352,494 1,050,285 
PROPERTY AND EQUIPMENT, NET10,164 13,377 
PATENTS, NET363,631 363,585 
DEFERRED TAX ASSETS99,817 98,408 
OTHER NON-CURRENT ASSETS, NET102,109 102,501 
Total non-current assets575,721 577,871 
TOTAL ASSETS$1,928,215 $1,628,156 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
CURRENT LIABILITIES:  
Accounts payable$7,413 $7,155 
Accrued compensation and related expenses34,573 32,638 
Deferred revenue210,981 291,673 
Dividends payable10,382 10,741 
Other accrued expenses27,112 29,354 
Total current liabilities290,461 371,561 
LONG-TERM DEBT605,859 422,745 
LONG-TERM DEFERRED REVENUE276,589 19,463 
OTHER LONG-TERM LIABILITIES53,511 61,470 
TOTAL LIABILITIES1,226,420 875,239 
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:  
Preferred Stock, $0.10 par value, 14,399 shares authorized, 0 shares issued and outstanding
  
Common Stock, $0.01 par value, 100,000 shares authorized, 71,918 and 71,720 shares issued and 29,663 and 30,689 shares outstanding
719 717 
Additional paid-in capital710,007 713,599 
Retained earnings1,470,335 1,441,105 
Accumulated other comprehensive loss(1,230)(571)
2,179,831 2,154,850 
Treasury stock, 42,255 and 41,031 shares of common stock held at cost
1,484,056 1,409,611 
Total InterDigital, Inc. shareholders’ equity695,775 745,239 
Noncontrolling interest6,020 7,678 
Total equity701,795 752,917 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,928,215 $1,628,156 
The accompanying notes are an integral part of these statements.
3

INTERDIGITAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2022202120222021
REVENUES$114,764 $143,496 $340,739 $313,594 
OPERATING EXPENSES:
Patent administration and licensing46,720 56,150 134,232 133,694 
Development21,789 22,546 56,487 66,999 
Selling, general and administrative14,418 20,978 34,818 46,994 
Restructuring activities 7,045 3,280 20,290 
Total Operating expenses82,927 106,719 228,817 267,977 
Income from operations31,837 36,777 111,922 45,617 
INTEREST EXPENSE(7,659)(5,773)(19,446)(19,429)
OTHER INCOME (EXPENSE), NET912 (1,537)(15,109)2,226 
Income before income taxes25,090 29,467 77,367 28,414 
INCOME TAX PROVISION(3,323)(4,253)(17,312)(6,039)
NET INCOME$21,767 $25,214 $60,055 $22,375 
Net loss attributable to noncontrolling interest(455)(1,014)(1,230)(11,042)
NET INCOME ATTRIBUTABLE TO INTERDIGITAL, INC.$22,222 $26,228 $61,285 $33,417 
NET INCOME PER COMMON SHARE — BASIC$0.75 $0.85 $2.03 $1.09 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — BASIC29,659 30,737 30,255 30,792 
NET INCOME PER COMMON SHARE — DILUTED$0.74 $0.83 $2.00 $1.07 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — DILUTED29,940 31,431 30,638 31,272 

The accompanying notes are an integral part of these statements.
4

INTERDIGITAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2022202120222021
Net income$21,767 $25,214 $60,055 $22,375 
Unrealized loss on investments, net of tax(292)(67)(659)(206)
Comprehensive income$21,475 $25,147 $59,396 $22,169 
Comprehensive loss attributable to noncontrolling interest(455)(1,014)(1,230)(11,042)
Total comprehensive income attributable to InterDigital, Inc.$21,930 $26,161 $60,626 $33,211 
The accompanying notes are an integral part of these statements.

5

INTERDIGITAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(in thousands, except per share data)
(unaudited)
Common StockAdditional
 Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive
 Loss
Treasury StockNon-Controlling
Interest
Total
Shareholders'
Equity
 SharesAmount SharesAmount
BALANCE, DECEMBER 31, 2020
71,389 $714 $738,481 $1,413,969 $(184)40,573 $(1,379,611)$23,197 $796,566 
Adjustment to Retained Earnings related to adoption of ASU 2020-06— — (55,349)15,587 — — — — (39,762)
Net income attributable to InterDigital, Inc.— — — 5,571 — — — — 5,571 
Net loss attributable to noncontrolling interest— — — — — — — (1,613)(1,613)
Noncontrolling interest distribution— — — — — — — (1,109)(1,109)
Net change in unrealized loss on short-term investments— — — — (70)— — — (70)
Dividends declared ($0.35 per share)
— — 210 (10,976)— — — — (10,766)
Exercise of common stock options32 — 737 — — — — — 737 
Issuance of common stock, net55 — (2,962)— — — — — (2,962)
Amortization of unearned compensation— — 2,153 — — — — — 2,153 
Repurchase of common stock  —   91 (5,750)— (5,750)
BALANCE, MARCH 31, 2021
71,476 $714 $683,270 $1,424,151 $(254)40,664 $(1,385,361)$20,475 $742,995 
Net income attributable to InterDigital, Inc.— — — 1,618 — — — — 1,618 
Net loss attributable to noncontrolling interest— — — — — — — (8,415)(8,415)
Net change in unrealized loss on short-term investments— — — — (69)— — — (69)
Dividends declared ($0.35 per share)
— — 158 (10,925)— — — — (10,767)
Exercise of common stock options71 1 3,631 — — — — — 3,632 
Issuance of common stock, net41 — (711)— — — — — (711)
Amortization of unearned compensation— — 3,775 — — — — — 3,775 
Repurchase of common stock— — — — — 82 (5,391)— (5,391)
BALANCE, JUNE 30, 2021
71,588 $715 $690,123 $1,414,844 $(323)40,746 $(1,390,752)$12,060 $726,667 
Net income attributable to InterDigital, Inc.— — — 26,228 — — — — 26,228 
Net loss attributable to noncontrolling interest— — — — — — — (1,014)(1,014)
Net change in unrealized loss on short-term investments— — — — (67)— — — (67)
Dividends declared ($0.35 per share)
— — 183 (10,923)— — — — (10,740)
Exercise of common stock options23 1 1,515 — — — — — 1,516 
Issuance of common stock, net5 — (74)— — — — — (74)
Amortization of unearned compensation— — 15,082 — — — — — 15,082 
Repurchase of common stock— — — — — 181 (11,859)— (11,859)
BALANCE, SEPTEMBER 30, 2021
71,616 $716 $706,829 $1,430,149 $(390)40,927 $(1,402,611)$11,046 745,739 
6


Common StockAdditional
 Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive
 Loss
Treasury StockNon-Controlling
Interest
Total
Shareholders'
Equity
 SharesAmount SharesAmount
BALANCE, DECEMBER 31, 202171,720 $717 $713,599 $1,441,105 $(571)41,031 $(1,409,611)$7,678 $752,917 
Net income attributable to InterDigital, Inc.— — — 17,994 — — — — 17,994 
Net loss attributable to noncontrolling interest— — — — — — — (290)(290)
Noncontrolling interest distribution— — — — — — — (1,928)(1,928)
Noncontrolling interest contribution— — — — — — — 1,500 1,500 
Net change in unrealized loss on short-term investments— — — — (310)— — — (310)
Dividends declared ($0.35 per share)
— — 158 (10,961)— — — — (10,803)
Exercise of common stock options24 — 1,226 — — — — — 1,226 
Issuance of common stock, net139 1 (5,027)— — — — — (5,026)
Amortization of unearned compensation— — 5,386 — — — — — 5,386 
BALANCE, MARCH 31, 2022
71,883 $718 $715,342 $1,448,138 $(881)41,031 $(1,409,611)$6,960 $760,666 
Net income attributable to InterDigital, Inc.— — — 21,069 — — — — 21,069 
Net loss attributable to noncontrolling interest— — — — — — — (485)(485)
Net change in unrealized loss on short-term investments— — — — (57)— — — (57)
Dividends declared ($0.35 per share)
— — 153 (10,533)— — — — (10,380)
Issuance of common stock, net29 1 (708)— — — — — (707)
Amortization of unearned compensation— — 3,977 — — — — — 3,977 
Repurchase of common stock— — — — — 1,224 (74,445)— (74,445)
Net convertible note hedge transactions, net of tax— — (54,257)— — — — — (54,257)
Net warrant transactions— — 39,863 — — — — — 39,863 
BALANCE, JUNE 30, 2022
71,912 $719 $704,370 $1,458,674 $(938)42,255 $(1,484,056)$6,475 $685,244 
Net income attributable to InterDigital, Inc.— — — 22,222 — — — — 22,222 
Net loss attributable to noncontrolling interest— — — — — — — (455)(455)
Net change in unrealized gain (loss) on short-term investments— — — — (292)— — — (292)
Dividends declared ($0.35 per share)
— — 179 (10,561)— — — — (10,382)
Issuance of common stock, net6 — (388)— — — — — (388)
Amortization of unearned compensation— — 5,846 — — — — — 5,846 
BALANCE, SEPTEMBER 30, 2022
71,918 $719 $710,007 $1,470,335 $(1,230)42,255 $(1,484,056)$6,020 $701,795 
The accompanying notes are an integral part of these statements.
7


INTERDIGITAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
For the Nine Months Ended September 30,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$60,055 $22,375 
Adjustments to reconcile net income to net cash used in operating activities: 
Depreciation and amortization59,149 58,971 
Non-cash interest expense, net3,742 5,240 
Non-cash change in fair-value(1,404)(949)
Change in deferred revenue146,334 64,044 
Loss on extinguishment of debt11,190  
Deferred income taxes13,158 (14,416)
Share-based compensation15,209 21,010 
Impairment of assets2,427 11,000 
Increase in assets:
Receivables(371,930)(125,649)
Deferred charges and other assets(12,848)(13,464)
Increase in liabilities:
Accounts payable3,485 2,266 
Accrued compensation and other expenses964 28,735 
Net cash (used in) provided by operating activities(70,469)59,163 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Purchases of short-term investments(274,189)(498,151)
Sales of short-term investments182,129 516,715 
Purchases of property and equipment(872)(1,877)
Capitalized patent costs(30,267)(28,145)
Long-term investments (1,091)
Net cash used in investing activities(123,199)(12,549)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Proceeds from issuance of convertible senior notes460,000  
Purchase of convertible bond hedge(80,500) 
Proceeds from issuance of warrants43,700  
Payments on long-term debt(282,499) 
Proceeds from hedge unwind11,851  
Payment for warrant unwind(3,837) 
Payments of debt issuance costs(9,522) 
Repurchase of common stock(74,445)(23,000)
Net proceeds from exercise of stock options1,226 5,885 
Non-controlling interest contribution1,500  
Non-controlling interest distribution (1,109)
Taxes withheld upon restricted stock unit vestings(6,121)(3,747)
Dividends paid(31,924)(32,319)
Net cash provided by (used in) financing activities29,429 (54,290)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(164,239)(7,676)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD713,224 477,663 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD$548,985 $469,987 
Refer to Note 1, "Basis of Presentation," for additional supplemental cash flow information. Additionally, refer to Note 6, "Cash, Concentration of Credit Risk and Fair Value of Financial Instruments" for a reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets.
The accompanying notes are an integral part of these statements.
8

INTERDIGITAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2022
(unaudited)
1. BASIS OF PRESENTATION
In the opinion of management, the accompanying unaudited, condensed consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the financial position of InterDigital, Inc. (individually and/or collectively with its subsidiaries referred to as “InterDigital,” the “Company,” “we,” “us” or “our,” unless otherwise indicated) as of September 30, 2022, the results of our operations for the three and nine months ended September 30, 2022 and 2021 and our cash flows for the nine months ended September 30, 2022 and 2021. The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, accordingly, do not include all of the detailed schedules, information and notes necessary to state fairly the financial condition, results of operations and cash flows in conformity with United States generally accepted accounting principles (“GAAP”). The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP for year-end financial statements. Therefore, these financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (our “2021 Form 10-K”) as filed with the Securities and Exchange Commission (“SEC”) on February 17, 2022. Definitions of capitalized terms not defined herein appear within our 2021 Form 10-K. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. We have one reportable segment.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
InterDigital has analyzed the impact of the ongoing Coronavirus pandemic (“COVID-19”) on its financial statements as of September 30, 2022.  InterDigital has determined that the changes to its significant judgments and estimates as a result of COVID-19 did not have a material impact on its financial statements.  The potential impact of COVID-19 will continue to be analyzed going forward.
Change in Accounting Policies
There have been no material changes or updates to our existing accounting policies from the disclosures included in our 2021 Form 10-K, except as indicated below in "New Accounting Guidance".
Prior Periods' Financial Statement Revision
As previously disclosed in our 2021 Form 10-K filed with the SEC on February 17, 2022, during the fourth quarter of 2021, we determined that in our first quarter 2021 adoption of ASU 2020-06, Accounting for Convertible Debt, we incorrectly accounted for the adoption by increasing debt and decreasing retained earnings by $50.2 million, which resulted in a $10.4 million understatement of deferred taxes, $65.8 million understatement of retained earnings and $55.4 million overstatement of additional paid-in capital. While we concluded that this error did not result in our previously issued 2021 interim financial statements being materially misstated, we have corrected the misstatement by revising the accompanying Condensed Consolidated Statement of Shareholders’ Equity as of and for the three months ended March 31, 2021, six months June 30, 2021, and nine months ended September 30, 2021, respectively. The accompanying annual footnotes have also been adjusted to reflect such correction.
Reclassifications
Certain reclassifications have been made to prior year amounts to conform to the current year presentation. Beginning in third quarter 2022, the Company updated the disaggregated revenue disclosures as described further in Note 2, "Revenue".
9

Supplemental Cash Flow Information
The following table presents additional supplemental cash flow information for the nine months ended September 30, 2022 and 2021 (in thousands):
For the Nine Months Ended September 30,
SUPPLEMENTAL CASH FLOW INFORMATION:20222021
Interest paid$3,938 $4,000 
Income taxes paid, including foreign withholding taxes4,585 9,835 
Non-cash investing and financing activities:
Dividend payable10,382 10,740 
Accrued debt issuance costs390  
Right-of-use assets obtained in exchange of operating lease liabilities6,228 739 
Non-cash acquisition of patents30,100  
Non-cash distribution of patents1,928  
Accrued capitalized patent costs and property and equipment purchases3,227 3,690 
Unsettled repurchase of common stock 499 
New Accounting Guidance
Accounting Standards Update: Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity Classified Written Call Options
In May 2021, the FASB issued ASU No. 2021-04. The amendments in this ASU are intended to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options, including warrants, that remain equity classified after modification or exchange. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021, with early adoption allowed. We adopted this guidance as of January 1, 2022 and the adoption did not have a material impact on our consolidated financial statements.
10

2. REVENUE
Disaggregated Revenue
We recently experienced significant growth in licensing our horizontal technologies from our foundational research across new vertical markets. Accordingly, beginning third quarter 2022, we have disaggregated revenue between Smartphone and Consumer Electronics ("CE"), IoT/Auto. We believe this better reflects both our current revenue sources and our growth opportunities across these vertical markets.
The following table presents the disaggregation of our revenue for the three and nine months ended September 30, 2022 and 2021 (in thousands):
Three months ended September 30,
 20222021 Total Increase/(Decrease)
Recurring revenues:
Smartphone$87,467 $84,143 $3,324 4 %
CE, IoT/Auto13,579 8,498 5,081 60 %
Other 747 (747)(100)%
Total recurring revenues101,046 93,388 7,658 8 %
Non-recurring revenues a
13,718 50,108 (36,390)(73)%
Total revenues$114,764 $143,496 (28,732)(20)%
Nine months ended September 30,
 20222021 Total Increase/(Decrease)
Recurring revenues:
Smartphone$262,908 $223,701 $39,207 18 %
CE, IoT/Auto36,455 21,951 14,504 66 %
Other911 4,467 (3,556)(80)%
Total recurring revenues300,274 250,119 50,155 20 %
Non-recurring revenues a
40,465 63,475 (23,010)(36)%
Total revenues$340,739 $313,594 27,145 9 %
(a)    Non-recurring revenues are comprised of past patent royalties and revenues from static agreements.
During the nine months ended September 30, 2022, we recognized $244.8 million of revenue that had been included in deferred revenue as of the beginning of the period. As of September 30, 2022, we had contract assets of $402.4 million and $7.6 million included within "Accounts receivable" and "Other non-current assets, net" in the condensed consolidated balance sheet, respectively. As of December 31, 2021, we had contract assets of $18.9 million and $8.3 million included within "Accounts receivable" and "Other non-current assets, net" in the condensed consolidated balance sheet, respectively.
Contracted Revenue
Based on contracts signed and committed as of September 30, 2022, we expect to recognize the following revenue from dynamic fixed-fee royalty payments over the term of such contracts (in thousands):
Revenue
Remainder of 2022$90,238 
2023263,292 
2024214,878 
2025202,501 
2026134,963 
Thereafter372,778 
Total Revenue$1,278,650 
11

3. INCOME TAXES
In the nine months ended September 30, 2022 and 2021, the Company had an effective tax rate of 22.4% and 21.3%, respectively. The effective tax rate in both periods was impacted by losses in certain jurisdictions where the Company presently has recorded a valuation allowance against the related tax benefit. Excluding this valuation allowance, our effective tax rate for the nine months ended September 30, 2022 and 2021 would have been 18.1% and 8.4% respectively. During both the nine months ended September 30, 2022 and 2021, the Company recorded discrete net benefits of $2.3 million and $0.3 million, respectively, primarily related to extinguishment of long-term debt and share-based compensation.
The effective tax rate reported in any given year will continue to be influenced by a variety of factors, including timing differences between the recognition of book and tax revenue, the level of pre-tax income or loss, the foreign vs. domestic classification of the Company’s customers, and any discrete items that may occur.
During the nine months ended September 30, 2022 and 2021, the Company paid approximately $3.7 million and $8.9 million, respectively, in foreign source creditable withholding tax.
4. NET INCOME PER SHARE
Basic Earnings Per Share ("EPS") is calculated by dividing net income or loss available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if options or other securities with features that could result in the issuance of common stock were exercised or converted to common stock or resulting from the unvested outstanding restricted stock units ("RSUs"). The following tables reconcile the numerator and the denominator of the basic and diluted net income per share computation (in thousands, except for per share data):
Three months ended September 30,Nine months ended September 30,
2022202120222021
Net income applicable to InterDigital, Inc.$22,222 $26,228 $61,285 $33,417 
Weighted-average shares outstanding:
Basic29,659 30,737 30,255 30,792 
Dilutive effect of stock options, RSUs, convertible securities and warrants281 694 383 480 
Diluted29,940 31,431