Adeia Inc. (Nasdaq: ADEA) (the “Company” or “Adeia”) today
announced financial results for the third quarter ended September
30, 2023.
“Our strong third quarter results were driven by significant
renewals with both Samsung for mobile devices and with Starz in
OTT, further validating the value of our growing media portfolio,”
said Paul E. Davis, chief executive officer of Adeia. “On October
1st, we celebrated our one-year anniversary as an independent
public company. We have made tremendous progress in our first year,
closing over 30 deals with an aggregate total contract value in
excess of $500 million, significantly deleveraging the Company by
paying down $129 million of debt, strengthening and expanding our
deal pipeline, and growing our patent portfolio by nearly 10%. I’m
very encouraged with our progress as our strategic vision remains
on track.”
Third Quarter Financial Highlights
- Revenue was $101.4 million as compared to $83.2 million in the
second quarter of 2023
- GAAP diluted earnings per share (EPS) was $0.21 and non-GAAP
diluted EPS was $0.38
- GAAP net income was $24.2 million and adjusted EBITDA was $70.7
million
- Cash flows from operations was $21.2 million
- Paid down $15.1 million on our term loan
Business Highlights
- Samsung, a global leader in the electronics industry, signed a
long-term renewal for access to our media portfolio for their
mobile devices
- Starz, a leading media and entertainment company offering a
premium OTT streaming service, signed a multi-year renewal for
access to our media portfolio
- Signed renewals with three domestic Pay-TV providers and a
domestic consumer electronics manufacturer for access to our media
portfolio
- Settled all existing litigation with NVIDIA, a leading
semiconductor company, related to certain legacy IP
- Further strengthened and diversified our Board with the
addition of Phyllis Turner-Brim, a well-respected business leader
with 30 years of broad IP experience at both Fortune 500
multi-nationals such as HP Inc. and Starbucks and IP development
and licensing entities such as Intellectual Ventures
Capital Allocation
During the quarter, the Company made $15.1 million in principal
payments towards its term loan B, bringing the outstanding balance
to $630.4 million as of September 30, 2023.
On September 18, 2023, the Company distributed $5.3 million to
stockholders of record on August 28, 2023, for a quarterly cash
dividend of $0.05 per share of common stock.
The Board of Directors declared a dividend of $0.05 per share,
payable on December 18, 2023, to stockholders of record on November
27, 2023.
Financial Outlook
The Company is narrowing and adjusting its full-year 2023
outlook.
Category (in millions, except for tax rate) |
|
2023 GAAP Outlook |
|
2023 Non-GAAP Outlook |
Revenue |
|
$385.0 - 395.0 |
|
$385.0 - 395.0 |
Operating expenses(1) |
|
$253.0 - 257.0 |
|
$130.0 - 133.0 |
Interest
expense |
|
$63.0 - 63.5 |
|
$63.0 - 63.5 |
Other
income |
|
$5.0 - 6.0 |
|
$5.0 - 6.0 |
Tax
rate |
|
25% - 30% |
|
23% |
Net
income(2) |
|
$54.7 - 56.7 |
|
$152.0 - 158.0 |
Adjusted
EBITDA(2) |
|
N/A |
|
$256.7 - 263.7 |
Cash
from operations |
|
$150.0 - 155.0 |
|
$150.0 - 155.0 |
Diluted
shares outstanding |
|
114.0 |
|
114.0 |
|
|
|
|
|
(1) See tables for reconciliation of GAAP to non-GAAP operating
expenses
(2) See tables for reconciliation of GAAP net income to (i)
non-GAAP net income and (ii) adjusted earnings before interest
expense, income taxes, depreciation and amortization (adjusted
EBITDA)
Conference Call Information
The Company will hold its third quarter 2023 earnings conference
call at 2:00 PM Pacific Time (5:00 PM Eastern Time) on Monday,
November 6, 2023. To access the call in the U.S., please dial +1
(888) 660-6411, and for international callers, dial +1 (929)
203-0849. All participants should dial in 15 minutes prior to the
start of the conference call. The Company also suggests utilizing
the webcast link to access the live call and the replay at Q3 2023
Earnings Call Webcast.
Safe Harbor Statement
This press release contains “forward-looking statements” within
the meaning of the federal securities laws, including Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are based on information available to the Company as of
the date hereof, as well as the Company’s current expectations,
assumptions, estimates and projections that involve risks and
uncertainties. In this context, forward-looking statements often
address expected future business, financial performance and
financial condition, and often contain words such as “expect,”
“anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,”
“will,” “may,” “would,” “might,” “potentially,” “estimate,”
“continue,” “expect,” “target,” similar expressions or the
negatives of these words or other comparable terminology that
convey uncertainty of future events or outcomes. All
forward-looking statements by their nature address matters that
involve risks and uncertainties, many of which are beyond the
Company’s control, and are not guarantees of future results. These
and other forward-looking statements are subject to risks,
uncertainties and assumptions that could cause actual results to
differ materially from those expressed in any forward-looking
statements. Accordingly, there are or will be important factors
that could cause actual results to differ materially from those
indicated in such statements and, therefore, you should not place
undue reliance on any such statements and caution must be exercised
in relying on forward-looking statements. Important risk factors
that may cause such a difference include, but are not limited to:
the Company’s ability to implement its business strategy; the
Company’s ability to enter into new and renewal license agreements
with customers on favorable terms; the Company’s ability to retain
and hire key personnel; uncertainty as to the long-term value of
the Company’s common stock; legislative, regulatory and economic
developments affecting the Company’s business; general economic and
market developments and conditions; the Company’s ability to grow
and expand its patent portfolios; changes in technology and
development of competing technology in the industries in which in
which the Company operates; the evolving legal, regulatory and tax
regimes under which the Company operates; unforeseen liabilities
and expenses; risks associated with the Company’s indebtedness; the
Company’s ability to achieve the intended benefits of, and its
ability to recognize the anticipated tax treatment of, the recent
spin-off of its product business; unpredictability and severity of
catastrophic events, including, but not limited to, acts of
terrorism or outbreak of war or hostilities, and natural disasters;
and the extent to which the COVID-19 pandemic continues to have an
adverse impact on the Company’s business, results of operations,
and financial condition will depend on future developments,
including measures taken in response to the pandemic, which are
highly uncertain and cannot be predicted. These risks, as well as
other risks associated with the business, are more fully discussed
in the Company’s filings with the U.S. Securities and Exchange
Commission (“SEC”), including the Company’s Annual Report on Form
10-K and Quarterly Reports on Form 10-Q. While the list of factors
presented here is, and the list of factors presented in the
Company’s filings with the SEC are, considered representative, no
such list should be considered to be a complete statement of all
potential risks and uncertainties. Unlisted factors may present
significant additional obstacles to the realization of
forward-looking statements.
Consequences of material differences in results as compared with
those anticipated in the forward-looking statements could include,
among other things, business disruption, operational problems,
financial loss, legal liability to third parties and similar risks,
any of which could have a material adverse effect on the Company’s
consolidated financial condition, results of operations, liquidity
or trading price of common stock. The Company does not assume any
obligation to publicly provide revisions or updates to any
forward-looking statements, whether as a result of new information,
future developments or otherwise, should circumstances change,
except as otherwise required by securities and other applicable
laws.
About Adeia Inc.
Adeia is a leading R&D and intellectual property (IP)
licensing company that accelerates the adoption of innovative
technologies in the media and semiconductor industries. Adeia’s
fundamental innovations underpin technology solutions that are
shaping and elevating the future of digital entertainment and
electronics. Adeia’s IP portfolios power the connected devices that
touch the lives of millions of people around the world every day as
they live, work and play. For more, please visit www.adeia.com.
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in
accordance with U.S. Generally Accepted Accounting Principles
(GAAP), the Company’s earnings release contains non-GAAP financial
measures adjusted, where applicable, for either one-time or ongoing
non-cash acquired intangibles amortization charges, costs related
to actual or planned business combinations including transaction
fees, integration costs, severance, facility closures, and
retention bonuses, separation costs, all forms of stock-based
compensation, loss on debt extinguishment, expensed debt
refinancing costs, impairment of intangible assets, impact of
certain foreign currency adjustments, discontinued operations and
related tax effects. In addition, adjusted EBITDA adjusts for
recurring charges of interest expense, income taxes, depreciation
and amortization. Management believes that the non-GAAP measures
used in this release provide investors with important perspectives
into the Company’s ongoing business and financial performance and
provide a better understanding of our core operating results
reflecting our normal business operations. The non-GAAP financial
measures disclosed by the Company should not be considered a
substitute for, or superior to, financial measures calculated in
accordance with GAAP. Our use of non-GAAP financial measures has
certain limitations in that the non-GAAP financial measures we use
may not be directly comparable to those reported by other
companies. For example, the terms used in this press release, such
as adjusted EBITDA, non-GAAP operating expenses, non-GAAP net
income and non-GAAP diluted earnings per share (EPS) do not have a
standardized meaning. Other companies may use the same or similarly
named measures, but exclude different items, which may not provide
investors with a comparable view of our performance in relation to
other companies. We seek to compensate for the limitation of our
non-GAAP presentation by providing a detailed reconciliation of the
non-GAAP financial measures to the most directly comparable GAAP
measures in the tables attached hereto. Investors are encouraged to
review the related GAAP financial measures and the reconciliation
of these non-GAAP financial measures to their most directly
comparable GAAP financial measures. All financial data is presented
on a GAAP basis except where the Company indicates its presentation
is on a non-GAAP basis.
Set forth below are reconciliations of the Company’s reported
and forecasted GAAP to non-GAAP financial metrics.
Investor Contact:Chris ChaneyVice President,
Investor RelationsIR@adeia.com
– Tables Follow –
SOURCE: ADEIA
INC.ADEA
ADEIA INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(in thousands, except per
share amounts)(unaudited) |
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
Revenue |
$ |
101,397 |
|
|
$ |
89,297 |
|
|
$ |
301,921 |
|
|
$ |
335,644 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
13,768 |
|
|
|
11,534 |
|
|
|
39,895 |
|
|
|
32,194 |
|
Selling, general and administrative |
|
21,921 |
|
|
|
34,770 |
|
|
|
71,177 |
|
|
|
103,430 |
|
Amortization expense |
|
23,386 |
|
|
|
24,195 |
|
|
|
70,725 |
|
|
|
73,127 |
|
Litigation expense |
|
2,205 |
|
|
|
3,156 |
|
|
|
7,161 |
|
|
|
7,076 |
|
Total operating expenses |
|
61,280 |
|
|
|
73,655 |
|
|
|
188,958 |
|
|
|
215,827 |
|
Operating income from continuing operations |
|
40,117 |
|
|
|
15,642 |
|
|
|
112,963 |
|
|
|
119,817 |
|
Interest
expense |
|
(15,659 |
) |
|
|
(12,444 |
) |
|
|
(47,137 |
) |
|
|
(30,313 |
) |
Other
income and expense, net |
|
1,486 |
|
|
|
860 |
|
|
|
4,723 |
|
|
|
1,628 |
|
Income from continuing operations before income taxes |
|
25,944 |
|
|
|
4,058 |
|
|
|
70,549 |
|
|
|
91,132 |
|
Provision for income taxes |
|
1,712 |
|
|
|
10,401 |
|
|
|
15,877 |
|
|
|
26,470 |
|
Net
income from continuing operations |
|
24,232 |
|
|
|
(6,343 |
) |
|
|
54,672 |
|
|
|
64,662 |
|
Net loss
from discontinued operations, net of tax |
|
— |
|
|
|
(383,476 |
) |
|
|
— |
|
|
|
(436,978 |
) |
Net
income (loss) |
|
24,232 |
|
|
|
(389,819 |
) |
|
|
54,672 |
|
|
|
(372,316 |
) |
Less: Net loss attributable to non-controlling interest in
discontinued operations |
|
— |
|
|
|
(890 |
) |
|
|
— |
|
|
|
(2,706 |
) |
Net
income (loss) attributable to the Company |
$ |
24,232 |
|
|
$ |
(388,929 |
) |
|
$ |
54,672 |
|
|
$ |
(369,610 |
) |
Income
(loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
0.23 |
|
|
$ |
(0.06 |
) |
|
$ |
0.51 |
|
|
$ |
0.62 |
|
Discontinued operations |
|
— |
|
|
|
(3.66 |
) |
|
|
— |
|
|
|
(4.17 |
) |
Net income (loss) |
$ |
0.23 |
|
|
$ |
(3.72 |
) |
|
$ |
0.51 |
|
|
$ |
(3.55 |
) |
Diluted |
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
0.21 |
|
|
$ |
(3.72 |
) |
|
$ |
0.48 |
|
|
$ |
0.61 |
|
Discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4.11 |
) |
Net income (loss) |
$ |
0.21 |
|
|
$ |
(3.72 |
) |
|
$ |
0.48 |
|
|
$ |
(3.50 |
) |
Weighted average number of shares used in per share
calculations-basic |
|
106,902 |
|
|
|
104,510 |
|
|
|
106,322 |
|
|
|
104,066 |
|
Weighted average number of shares used in per share
calculations-diluted |
|
112,929 |
|
|
|
104,510 |
|
|
|
112,765 |
|
|
|
105,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADEIA INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(in
thousands)(unaudited) |
|
|
|
September 30,2023 |
|
|
December 31,2022 |
|
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
51,855 |
|
|
$ |
114,555 |
|
Marketable securities |
|
|
30,245 |
|
|
— |
|
Accounts receivable, net |
|
|
44,191 |
|
|
|
58,480 |
|
Unbilled contracts receivable, net |
|
|
83,343 |
|
|
|
73,754 |
|
Other current assets |
|
|
10,150 |
|
|
|
11,924 |
|
Total current assets |
|
|
219,784 |
|
|
|
258,713 |
|
Long-term unbilled contracts receivable |
|
|
65,531 |
|
|
|
40,705 |
|
Property
and equipment, net |
|
|
5,437 |
|
|
|
4,550 |
|
Operating lease right-of-use assets |
|
|
4,564 |
|
|
|
5,993 |
|
Intangible assets, net |
|
|
367,146 |
|
|
|
432,476 |
|
Goodwill |
|
|
313,660 |
|
|
|
313,660 |
|
Long-term income tax receivable |
|
|
107,923 |
|
|
|
113,679 |
|
Other
long-term assets |
|
|
40,026 |
|
|
|
40,750 |
|
Total assets |
|
$ |
1,124,071 |
|
|
$ |
1,210,526 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
10,136 |
|
|
$ |
8,546 |
|
Accrued liabilities |
|
|
18,509 |
|
|
|
31,277 |
|
Current portion of long-term debt |
|
|
36,988 |
|
|
|
109,813 |
|
Deferred revenue |
|
|
16,279 |
|
|
|
17,076 |
|
Total current liabilities |
|
|
81,912 |
|
|
|
166,712 |
|
Deferred
revenue, less current portion |
|
|
11,161 |
|
|
|
10,683 |
|
Long-term debt, net |
|
|
576,781 |
|
|
|
619,580 |
|
Noncurrent operating lease liabilities |
|
|
3,072 |
|
|
|
4,794 |
|
Long-term income tax payable |
|
|
89,248 |
|
|
|
87,302 |
|
Other
long-term liabilities |
|
|
18,072 |
|
|
|
20,043 |
|
Total liabilities |
|
|
780,246 |
|
|
|
909,114 |
|
Commitments and contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock |
|
|
— |
|
|
— |
|
Common stock |
|
|
120 |
|
|
|
117 |
|
Additional paid-in capital |
|
|
634,526 |
|
|
|
636,266 |
|
Treasury stock at cost |
|
|
(221,727 |
) |
|
|
(211,223 |
) |
Accumulated other comprehensive loss |
|
|
(69 |
) |
|
|
(51 |
) |
Accumulated deficit |
|
|
(69,025 |
) |
|
|
(123,697 |
) |
Total stockholders’ equity |
|
|
343,825 |
|
|
|
301,412 |
|
Total liabilities and equity |
|
$ |
1,124,071 |
|
|
$ |
1,210,526 |
|
|
|
|
|
|
|
|
|
|
ADEIA INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(in
thousands)(unaudited) |
|
|
|
Nine Months Ended |
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
Cash flows from operating activities: |
|
|
|
|
|
Net income |
$ |
54,672 |
|
|
$ |
(372,316 |
) |
Adjustments to reconcile net income to net cash from operating
activities: |
|
|
|
|
|
Depreciation of property and equipment |
|
1,151 |
|
|
|
16,759 |
|
Amortization of intangible assets |
|
70,725 |
|
|
|
119,293 |
|
Goodwill impairment |
|
— |
|
|
|
354,000 |
|
Stock-based compensation expense |
|
13,070 |
|
|
|
49,283 |
|
Deferred income tax |
|
2 |
|
|
|
(1,761 |
) |
Amortization of debt issuance costs |
|
3,251 |
|
|
|
3,325 |
|
Other |
|
107 |
|
|
|
987 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
13,728 |
|
|
|
40,075 |
|
Unbilled contracts receivable |
|
(34,415 |
) |
|
|
(89,636 |
) |
Other assets |
|
9,993 |
|
|
|
7,264 |
|
Accounts payable |
|
265 |
|
|
|
16,606 |
|
Accrued and other liabilities |
|
(14,515 |
) |
|
|
2,508 |
|
Deferred revenue |
|
(4,719 |
) |
|
|
(4,345 |
) |
Net cash from operating activities |
|
113,315 |
|
|
|
142,042 |
|
Cash flows from investing activities: |
|
|
|
|
|
Purchases of property and equipment |
|
(1,936 |
) |
|
|
(12,576 |
) |
Proceeds from sale of property and equipment |
|
— |
|
|
|
86 |
|
Cash paid for acquisitions, net of cash acquired |
|
— |
|
|
|
(50,473 |
) |
Purchases of intangible assets |
|
(95 |
) |
|
|
(290 |
) |
Purchases of short-term investments |
|
(33,598 |
) |
|
|
(4,490 |
) |
Proceeds from sales of investments |
|
— |
|
|
|
28,254 |
|
Proceeds from maturities of investments |
|
3,800 |
|
|
|
35,176 |
|
Net cash from investing activities |
|
(31,829 |
) |
|
|
(4,313 |
) |
Cash flows from financing activities: |
|
|
|
|
|
Dividends paid |
|
(15,979 |
) |
|
|
(15,631 |
) |
Repayment of debt |
|
(118,875 |
) |
|
|
(30,375 |
) |
Proceeds from employee stock purchase program and exercise of stock
options |
|
1,172 |
|
|
|
14,252 |
|
Repurchases of common stock |
|
— |
|
|
|
(17,260 |
) |
Repurchases of common stock for tax withholdings on equity
awards |
|
(10,504 |
) |
|
|
(15,325 |
) |
Net cash from financing activities |
|
(144,186 |
) |
|
|
(64,339 |
) |
Effect
of exchange rate changes on cash and cash equivalents |
|
— |
|
|
|
(3,419 |
) |
Net
increase (decrease) in cash and cash equivalents |
|
(62,700 |
) |
|
|
69,971 |
|
Cash and
cash equivalents at beginning of period |
|
114,555 |
|
|
|
201,121 |
|
Cash and
cash equivalents at end of period |
$ |
51,855 |
|
|
$ |
271,092 |
|
|
|
|
|
|
|
|
|
Cash flows above are presented on a consolidated basis and
therefore also include $182.9 million of cash and cash equivalents
included in current assets of discontinued operations in the
condensed consolidated balance sheet as of September 30, 2022.
ADEIA INC.GAAP TO NON-GAAP
RECONCILIATIONS(in thousands, except per share
amounts)(unaudited) |
Net
income |
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, 2023 |
|
|
September 30, 2023 |
|
GAAP net income |
$ |
24,232 |
|
|
$ |
54,672 |
|
|
|
|
|
|
|
Adjustments to GAAP net
income: |
|
|
|
|
|
Stock-based compensation
expense: |
|
|
|
|
|
Research and development |
|
767 |
|
|
|
2,097 |
|
Selling, general and administrative |
|
4,107 |
|
|
|
10,973 |
|
Amortization expense |
|
23,386 |
|
|
|
70,725 |
|
Separation and other related
costs recorded in selling, general and administrative (1) |
|
1,915 |
|
|
|
10,223 |
|
Severance and retention costs
recorded in selling, general and administrative |
|
— |
|
|
|
78 |
|
Total operating expenses
adjustments |
|
30,175 |
|
|
|
94,096 |
|
Other income and expense,
net |
|
— |
|
|
|
(302 |
) |
Non-GAAP tax adjustment
(2) |
|
(11,195 |
) |
|
|
(21,921 |
) |
Non-GAAP
net income |
$ |
43,212 |
|
|
$ |
126,545 |
|
|
|
|
|
|
|
Diluted income per
share |
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, 2023 |
|
|
September 30, 2023 |
|
GAAP diluted income per
share |
$ |
0.21 |
|
|
$ |
0.48 |
|
|
|
|
|
|
|
Adjustments to GAAP diluted
income per share: |
|
|
|
|
|
Stock-based compensation
expense: |
|
|
|
|
|
Research and development |
|
0.01 |
|
|
|
0.02 |
|
Selling, general and administrative |
|
0.04 |
|
|
|
0.10 |
|
Amortization expense |
|
0.21 |
|
|
|
0.63 |
|
Separation and other related
costs recorded in selling, general and administrative (1) |
|
0.02 |
|
|
|
0.09 |
|
Severance and retention costs
recorded in selling, general and administrative |
0.00 |
|
|
0.00 |
|
Total operating expenses
adjustments |
|
0.28 |
|
|
|
0.84 |
|
Other income and expense,
net |
0.00 |
|
|
0.00 |
|
Non-GAAP tax adjustment
(2) |
|
(0.11 |
) |
|
|
(0.20 |
) |
Non-GAAP
diluted income per share |
$ |
0.38 |
|
|
$ |
1.12 |
|
|
|
|
|
|
|
|
|
(1) Represents separation and related costs that were incurred
subsequent to the separation on October 1, 2022, that are accounted
for in continuing operations including fees for financial advisory
and other professional services, and expenses incurred on a
transitional basis under a contract shared with Xperi
Inc.
(2) The provision for income taxes is adjusted to reflect the
net direct and indirect income tax effects of the various non-GAAP
pretax adjustments
ADEIA INC.GAAP NET INCOME TO
ADJUSTED EBITDA RECONCILIATION (in
thousands)(unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, 2023 |
|
|
September 30, 2023 |
|
GAAP net income |
$ |
24,232 |
|
|
$ |
54,672 |
|
|
|
|
|
|
|
Adjustments to GAAP net
income: |
|
|
|
|
|
Stock-based compensation
expense: |
|
|
|
|
|
Research and development |
|
767 |
|
|
|
2,097 |
|
Selling, general and
administrative |
|
4,107 |
|
|
|
10,973 |
|
Separation and other related
costs recorded in selling, general and administrative (1) |
|
1,915 |
|
|
|
10,223 |
|
Severance and retention costs
recorded in selling, general and administrative |
|
— |
|
|
|
78 |
|
Amortization expense |
|
23,386 |
|
|
|
70,725 |
|
Depreciation expense |
|
382 |
|
|
|
1,151 |
|
Interest expense |
|
15,659 |
|
|
|
47,137 |
|
Other income and expense,
net |
|
(1,486 |
) |
|
|
(4,723 |
) |
Provision for income
taxes |
|
1,712 |
|
|
|
15,877 |
|
Adjusted EBITDA |
$ |
70,674 |
|
|
$ |
208,210 |
|
|
|
|
|
|
|
|
|
(1) Represents separation and related costs that were incurred
subsequent to the separation on October 1, 2022, that are accounted
for in continuing operations including expenses incurred on a
transitional basis under a contract shared with Xperi Inc.
ADEIA INC.RECONCILIATION FOR
GUIDANCEON OPERATING EXPENSES(in
millions)(unaudited) |
|
|
|
|
Year Ended |
|
|
December 31, 2023 |
|
|
Low |
|
|
High |
|
GAAP operating expenses |
$ |
253.0 |
|
|
$ |
257.0 |
|
Amortization expense |
|
95.0 |
|
|
|
95.0 |
|
Stock-based compensation
expense |
|
17.0 |
|
|
|
18.0 |
|
Separation and related costs
(1) |
|
11.0 |
|
|
|
11.0 |
|
Total of non-GAAP adjustments |
|
123.0 |
|
|
|
124.0 |
|
Non-GAAP operating
expenses |
$ |
130.0 |
|
|
$ |
133.0 |
|
|
|
|
|
|
|
|
|
(1) Represents separation and related costs that were incurred
subsequent to the separation on October 1, 2022, that are accounted
for in continuing operations including expenses incurred on a
transitional basis under a contract shared with Xperi Inc.
ADEIA INC.RECONCILIATION FOR
GUIDANCE ON NET INCOME(in
millions)(unaudited) |
|
|
|
|
Year Ended |
|
|
December 31, 2023 |
|
|
Low |
|
|
High |
|
GAAP net income |
$ |
54.7 |
|
|
$ |
56.7 |
|
Amortization expense |
|
95.0 |
|
|
|
95.0 |
|
Stock-based compensation
expense |
|
17.0 |
|
|
|
18.0 |
|
Separation and related costs
(1) |
|
11.0 |
|
|
|
11.0 |
|
Total of non-GAAP operating expenses |
|
123.0 |
|
|
|
124.0 |
|
Non-GAAP tax adjustment |
|
(25.7 |
) |
|
|
(22.7 |
) |
Non-GAAP net income |
$ |
152.0 |
|
|
$ |
158.0 |
|
|
|
|
|
|
|
|
|
(1) Represents separation and related costs that were incurred
subsequent to the separation on October 1, 2022, that are accounted
for in continuing operations including expenses incurred on a
transitional basis under a contract shared with Xperi Inc.
ADEIA INC.RECONCILIATION FOR GUIDANCE
ONADJUSTED EBITDA (in
millions)(unaudited) |
|
|
|
|
Year Ended |
|
|
December 31, 2023 |
|
|
Low |
|
|
High |
|
GAAP net income |
$ |
54.7 |
|
|
$ |
56.7 |
|
Stock-based compensation
expense |
|
17.0 |
|
|
|
18.0 |
|
Separation and related costs
(1) |
|
11.0 |
|
|
|
11.0 |
|
Amortization expense |
|
95.0 |
|
|
|
95.0 |
|
Depreciation expense |
|
1.7 |
|
|
|
1.7 |
|
Interest expense |
|
63.0 |
|
|
|
63.5 |
|
Other income |
|
(5.0 |
) |
|
|
(6.0 |
) |
Income tax expense |
|
19.3 |
|
|
|
23.8 |
|
Total of non-GAAP adjustments |
|
202.0 |
|
|
|
207.0 |
|
Adjusted EBITDA |
$ |
256.7 |
|
|
$ |
263.7 |
|
|
|
|
|
|
|
|
|
(1) Represents separation and related costs that were incurred
subsequent to the separation on October 1, 2022, that are accounted
for in continuing operations including expenses incurred on a
transitional basis under a contract shared with Xperi Inc.
Adeia (NASDAQ:ADEA)
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