Adeia Inc. (Nasdaq: ADEA) (the “Company” or “Adeia”) today
announced financial results for the second quarter ending June 30,
2023.
“Our deal momentum continues, as we closed nine
license agreements in the second quarter across a diverse group of
pay-TV, OTT, consumer electronics and semiconductor customers in
domestic and international markets, further validating the value of
our growing intellectual property (IP) portfolio,” said Paul E.
Davis, chief executive officer of Adeia. “After a strong first half
of the year, we remain on track to achieve our goals for 2023 and
we continue to make excellent progress towards our long-term
strategic objectives.”
Second Quarter Financial
Highlights
- Revenue was $83.2 million compared to $117.3 million in the
first quarter of 2023; total revenue for the first half of 2023 was
$200.5 million compared to $246.3 million in the prior year
- GAAP diluted earnings per share (EPS) of $0.01 and non-GAAP
diluted EPS of $0.26
- GAAP net income was $1.4 million and adjusted EBITDA was $51.7
million
- Cash flows from operations were $28.7 million
- Paid down $20.1 million on our term loan
Business Highlights
- Cox Communications, a leading provider of broadband and pay-TV
services in the U.S., signed a long-term extension of its license
agreement for access to our media portfolio
- DAZN, a leading OTT provider of global sports programming,
signed a new multi-year license agreement for access to our media
portfolio
- Enseo, Freeview Australia, Massillon Cable, and TechniSat all
renewed their media license agreements for multi-year terms. We
also signed agreements with a U.S. pay-TV provider, a mobile/video
provider in Japan and a U.S. semiconductor manufacturer
- Remain on track to grow our patent portfolio 10%
year-over-year, and now have an aggregate portfolio of over 10,000
patent assets
- Expanded our Board with the addition of Adam Rymer, a
well-respected executive with over 20 years of experience at the
forefront of technology, media and entertainment
Capital Allocation
During the quarter, the Company made $20.1 million
in principal payments toward its term loan, bringing the
outstanding balance to $645.5 million as of June 30, 2023.
On June 20, 2023, the Company distributed $5.3
million to stockholders of record on May 30, 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 September 18, 2023, to stockholders of
record on August 28, 2023.
Financial Outlook
The Company is reiterating its prior full-year
2023 outlook, with adjustments to lower the expected diluted shares
outstanding and widening the range for GAAP tax rate and GAAP net
income:
Category (in millions, except for tax
rate) |
|
2023 GAAP Outlook |
|
2023 Non-GAAP Outlook |
Revenue |
|
$385.0 - 415.0 |
|
$385.0 - 415.0 |
Operating
expenses(1) |
|
$253.0 -
267.0 |
|
$135.0 - 145.0 |
Interest
expense |
|
$64.0 -
67.0 |
|
$64.0 - 67.0 |
Other
income |
|
$2.5 -
3.0 |
|
$2.5 - 3.0 |
Tax
rate |
|
20% -
35% |
|
23% |
Net
income(2) |
|
$46.0 -
67.0 |
|
$145.0 - 159.0 |
Adjusted
EBITDA(2) |
|
N/A |
|
$252.3 - 272.3 |
Cash from
operations |
|
$185.0 -
215.0 |
|
$185.0 - 215.0 |
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 second quarter 2023
earnings conference call at 2:00 PM Pacific Time (5:00 PM Eastern
Time) on Monday, August 7, 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 Q2 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, including Russia’s
invasion of Ukraine, 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 Chaney
Vice President, Investor Relations IR@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 |
|
|
Six Months Ended |
|
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
Revenue |
|
$ |
83,217 |
|
|
$ |
107,815 |
|
|
$ |
200,524 |
|
|
$ |
246,347 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
13,116 |
|
|
|
11,010 |
|
|
|
26,127 |
|
|
|
20,660 |
|
Selling, general and administrative |
|
|
26,394 |
|
|
|
34,836 |
|
|
|
49,256 |
|
|
|
68,660 |
|
Amortization expense |
|
|
23,650 |
|
|
|
24,406 |
|
|
|
47,339 |
|
|
|
48,932 |
|
Litigation expense |
|
|
2,334 |
|
|
|
2,842 |
|
|
|
4,956 |
|
|
|
3,920 |
|
Total operating expenses |
|
|
65,494 |
|
|
|
73,094 |
|
|
|
127,678 |
|
|
|
142,172 |
|
Operating income from continuing operations |
|
|
17,723 |
|
|
|
34,721 |
|
|
|
72,846 |
|
|
|
104,175 |
|
Interest
expense |
|
|
(15,540 |
) |
|
|
(9,440 |
) |
|
|
(31,478 |
) |
|
|
(17,869 |
) |
Other income
and expense, net |
|
|
1,617 |
|
|
|
431 |
|
|
|
3,237 |
|
|
|
768 |
|
Income from continuing operations before income taxes |
|
|
3,800 |
|
|
|
25,712 |
|
|
|
44,605 |
|
|
|
87,074 |
|
Provision
for income taxes |
|
|
2,381 |
|
|
|
10,552 |
|
|
|
14,165 |
|
|
|
16,069 |
|
Net income
from continuing operations |
|
|
1,419 |
|
|
|
15,160 |
|
|
|
30,440 |
|
|
|
71,005 |
|
Net loss
from discontinued operations, net of tax |
|
|
— |
|
|
|
(21,633 |
) |
|
|
— |
|
|
|
(53,502 |
) |
Net income
(loss) |
|
|
1,419 |
|
|
|
(6,473 |
) |
|
|
30,440 |
|
|
|
17,503 |
|
Less: Net loss attributable to non-controlling interest in
discontinued operations |
|
|
— |
|
|
|
(848 |
) |
|
|
— |
|
|
|
(1,816 |
) |
Net income
(loss) attributable to the Company |
|
$ |
1,419 |
|
|
$ |
(5,625 |
) |
|
$ |
30,440 |
|
|
$ |
19,319 |
|
Income
(loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
0.01 |
|
|
$ |
0.15 |
|
|
$ |
0.29 |
|
|
$ |
0.68 |
|
Discontinued operations |
|
|
— |
|
|
|
(0.20 |
) |
|
|
— |
|
|
|
(0.50 |
) |
Net income (loss) |
|
$ |
0.01 |
|
|
$ |
(0.05 |
) |
|
$ |
0.29 |
|
|
$ |
0.19 |
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
0.01 |
|
|
$ |
0.14 |
|
|
$ |
0.27 |
|
|
$ |
0.67 |
|
Discontinued operations |
|
|
— |
|
|
|
(0.20 |
) |
|
|
— |
|
|
|
(0.49 |
) |
Net income (loss) |
|
$ |
0.01 |
|
|
$ |
(0.06 |
) |
|
$ |
0.27 |
|
|
$ |
0.18 |
|
Weighted average number of shares used in per share
calculations-basic |
|
|
106,464 |
|
|
|
104,001 |
|
|
|
106,027 |
|
|
|
103,841 |
|
Weighted average number of shares used in per share
calculations-diluted |
|
|
112,775 |
|
|
|
105,160 |
|
|
|
113,105 |
|
|
|
105,362 |
|
ADEIA INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (in
thousands) (unaudited)
|
|
June
30, |
|
|
December
31, |
|
|
|
2023 |
|
|
2022 |
|
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
60,470 |
|
|
$ |
114,555 |
|
Available-for-sale debt securities |
|
|
23,841 |
|
|
— |
|
Accounts receivable, net |
|
|
30,174 |
|
|
|
58,480 |
|
Unbilled contracts receivable, net |
|
|
74,941 |
|
|
|
73,754 |
|
Other current assets |
|
|
10,948 |
|
|
|
11,924 |
|
Total current assets |
|
|
200,374 |
|
|
|
258,713 |
|
Long-term
unbilled contracts receivable |
|
|
64,986 |
|
|
|
40,705 |
|
Property and
equipment, net |
|
|
5,013 |
|
|
|
4,550 |
|
Operating
lease right-of-use assets |
|
|
5,048 |
|
|
|
5,993 |
|
Intangible
assets, net |
|
|
385,232 |
|
|
|
432,476 |
|
Goodwill |
|
|
313,660 |
|
|
|
313,660 |
|
Long-term
income tax receivable |
|
|
109,733 |
|
|
|
113,679 |
|
Other
long-term assets |
|
|
38,561 |
|
|
|
40,750 |
|
Total assets |
|
$ |
1,122,607 |
|
|
$ |
1,210,526 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
15,534 |
|
|
$ |
8,546 |
|
Accrued liabilities |
|
|
14,089 |
|
|
|
31,277 |
|
Current portion of long-term debt |
|
|
36,400 |
|
|
|
109,813 |
|
Deferred revenue |
|
|
20,088 |
|
|
|
17,076 |
|
Total current liabilities |
|
|
86,111 |
|
|
|
166,712 |
|
Deferred
revenue, less current portion |
|
|
9,113 |
|
|
|
10,683 |
|
Long-term
debt, net |
|
|
591,482 |
|
|
|
619,580 |
|
Noncurrent
operating lease liabilities |
|
|
3,655 |
|
|
|
4,794 |
|
Long-term
income tax payable |
|
|
88,768 |
|
|
|
87,302 |
|
Other
long-term liabilities |
|
|
20,457 |
|
|
|
20,043 |
|
Total liabilities |
|
|
799,586 |
|
|
|
909,114 |
|
Commitments
and contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock |
|
|
— |
|
|
— |
|
Common stock |
|
|
119 |
|
|
|
117 |
|
Additional paid-in capital |
|
|
634,954 |
|
|
|
636,266 |
|
Treasury stock at cost |
|
|
(218,714 |
) |
|
|
(211,223 |
) |
Accumulated other comprehensive loss |
|
|
(81 |
) |
|
|
(51 |
) |
Accumulated deficit |
|
|
(93,257 |
) |
|
|
(123,697 |
) |
Total stockholders’ equity |
|
|
323,021 |
|
|
|
301,412 |
|
Total liabilities and equity |
|
$ |
1,122,607 |
|
|
$ |
1,210,526 |
|
ADEIA
INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (in thousands)
(unaudited)
|
|
Six Months Ended |
|
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
Cash
flows from operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
30,440 |
|
|
$ |
17,503 |
|
Adjustments to reconcile net income to net cash from operating
activities: |
|
|
|
|
|
|
Depreciation of property and equipment |
|
|
769 |
|
|
|
11,371 |
|
Amortization of intangible assets |
|
|
47,339 |
|
|
|
78,485 |
|
Stock-based compensation expense |
|
|
8,196 |
|
|
|
32,284 |
|
Deferred income tax |
|
|
1,501 |
|
|
|
(1,641 |
) |
Amortization of debt issuance costs |
|
|
2,239 |
|
|
|
2,231 |
|
Other |
|
|
493 |
|
|
|
917 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
27,708 |
|
|
|
14,820 |
|
Unbilled contracts receivable |
|
|
(25,467 |
) |
|
|
(82,767 |
) |
Other assets |
|
|
6,868 |
|
|
|
(1,291 |
) |
Accounts payable |
|
|
6,987 |
|
|
|
6,868 |
|
Accrued and other liabilities |
|
|
(16,447 |
) |
|
|
4,340 |
|
Deferred revenue |
|
|
1,442 |
|
|
|
3,913 |
|
Net cash from operating activities |
|
|
92,068 |
|
|
|
87,033 |
|
Cash
flows from investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(1,545 |
) |
|
|
(8,870 |
) |
Proceeds from sale of property and equipment |
|
|
— |
|
|
|
86 |
|
Purchases of intangible assets |
|
|
(95 |
) |
|
|
(233 |
) |
Purchases of short-term investments |
|
|
(23,766 |
) |
|
|
(4,490 |
) |
Proceeds from sales of investments |
|
|
— |
|
|
|
28,254 |
|
Proceeds from maturities of investments |
|
|
— |
|
|
|
26,053 |
|
Net cash from investing activities |
|
|
(25,406 |
) |
|
|
40,800 |
|
Cash
flows from financing activities: |
|
|
|
|
|
|
Dividends paid |
|
|
(10,636 |
) |
|
|
(10,418 |
) |
Repayment of debt |
|
|
(103,750 |
) |
|
|
(20,250 |
) |
Proceeds from employee stock purchase program and exercise of stock
options |
|
|
1,130 |
|
|
|
8,059 |
|
Repurchases of common stock |
|
|
— |
|
|
|
(17,260 |
) |
Repurchases of common stock for tax withholdings on equity
awards |
|
|
(7,491 |
) |
|
|
(11,475 |
) |
Net cash from financing activities |
|
|
(120,747 |
) |
|
|
(51,344 |
) |
Effect of
exchange rate changes on cash and cash equivalents |
|
|
— |
|
|
|
(2,291 |
) |
Net increase
(decrease) in cash and cash equivalents |
|
|
(54,085 |
) |
|
|
74,198 |
|
Cash and
cash equivalents at beginning of period |
|
|
114,555 |
|
|
|
201,121 |
|
Cash and
cash equivalents at end of period |
|
$ |
60,470 |
|
|
$ |
275,319 |
|
Cash flows above are presented on a consolidated
basis and therefore also include $144.8 million of cash and cash
equivalents included in current assets of discontinued operations
in the condensed consolidated balance sheet as of June 30,
2022.
ADEIA INC. GAAP TO
NON-GAAP RECONCILIATIONS (in thousands, except per
share amounts) (unaudited)
Net
income |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Six Months
Ended |
|
|
|
June 30, 2023 |
|
|
June 30, 2023 |
|
GAAP net income |
|
$ |
1,419 |
|
|
$ |
30,440 |
|
|
|
|
|
|
|
|
Adjustments
to GAAP net income: |
|
|
|
|
|
|
Stock-based compensation expense: |
|
|
|
|
|
|
Research and development |
|
|
736 |
|
|
|
1,330 |
|
Selling, general and administrative |
|
|
3,820 |
|
|
|
6,866 |
|
Amortization expense |
|
|
23,650 |
|
|
|
47,339 |
|
Separation and other related costs recorded in selling, general and
administrative (1) |
|
|
5,306 |
|
|
|
8,308 |
|
Severance and retention costs recorded in selling, general and
administrative |
|
|
78 |
|
|
|
78 |
|
Total operating expenses adjustments |
|
|
33,590 |
|
|
|
63,921 |
|
Other income
and expense, net |
|
|
— |
|
|
|
(302 |
) |
Non-GAAP tax
adjustment (2) |
|
|
(6,218 |
) |
|
|
(10,726 |
) |
Non-GAAP net
income |
|
$ |
28,791 |
|
|
$ |
83,333 |
|
|
|
|
|
|
|
|
Diluted income per share |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Six Months
Ended |
|
|
|
June 30, 2023 |
|
|
June 30, 2023 |
|
GAAP diluted
income per share |
|
$ |
0.01 |
|
|
$ |
0.27 |
|
|
|
|
|
|
|
|
Adjustments
to GAAP diluted income per share: |
|
|
|
|
|
|
Stock-based
compensation expense: |
|
|
|
|
|
|
Research and development |
|
|
0.01 |
|
|
|
0.01 |
|
Selling, general and administrative |
|
|
0.03 |
|
|
|
0.06 |
|
Amortization expense |
|
|
0.21 |
|
|
|
0.42 |
|
Separation and other related costs recorded in selling, general and
administrative (1) |
|
|
0.05 |
|
|
|
0.07 |
|
Severance and retention costs recorded in selling, general and
administrative |
|
|
— |
|
|
|
— |
|
Total operating expenses adjustments |
|
|
0.30 |
|
|
|
0.56 |
|
Other income
and expense, net |
|
|
— |
|
|
|
— |
|
Non-GAAP tax
adjustment (2) |
|
|
(0.05 |
) |
|
|
(0.09 |
) |
Non-GAAP
diluted income per share |
|
$ |
0.26 |
|
|
$ |
0.74 |
|
(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 |
|
|
Six Months
Ended |
|
|
|
June 30, 2023 |
|
|
June 30, 2023 |
|
GAAP net income |
|
$ |
1,419 |
|
|
$ |
30,440 |
|
|
|
|
|
|
|
|
Adjustments
to GAAP net income: |
|
|
|
|
|
|
Stock-based
compensation expense: |
|
|
|
|
|
|
Research and development |
|
|
736 |
|
|
|
1,330 |
|
Selling, general and administrative |
|
|
3,820 |
|
|
|
6,866 |
|
Separation
and other related costs recorded in selling, general and
administrative (1) |
|
|
5,306 |
|
|
|
8,308 |
|
Severance
and retention costs recorded in selling, general and
administrative |
|
|
78 |
|
|
|
78 |
|
Amortization
expense |
|
|
23,650 |
|
|
|
47,339 |
|
Depreciation
expense |
|
|
385 |
|
|
|
769 |
|
Interest
expense |
|
|
15,540 |
|
|
|
31,478 |
|
Other income
and expense, net |
|
|
(1,617 |
) |
|
|
(3,237 |
) |
Provision
for income taxes |
|
|
2,381 |
|
|
|
14,165 |
|
Adjusted
EBITDA |
|
$ |
51,698 |
|
|
$ |
137,536 |
|
(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 OPERATING
EXPENSES (in millions)
(unaudited)
|
Year
Ended |
|
|
December 31, 2023 |
|
|
Low |
|
|
High |
|
GAAP
operating expenses |
$ |
253.0 |
|
|
$ |
267.0 |
|
Amortization expense |
|
95.0 |
|
|
|
95.0 |
|
Stock-based compensation expense |
|
14.0 |
|
|
|
16.0 |
|
Separation and related costs (1) |
|
9.0 |
|
|
|
11.0 |
|
Total of non-GAAP adjustments |
|
118.0 |
|
|
|
122.0 |
|
Non-GAAP
operating expenses |
$ |
135.0 |
|
|
$ |
145.0 |
|
(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 |
$ |
46.0 |
|
|
$ |
67.0 |
|
Amortization expense |
|
95.0 |
|
|
|
95.0 |
|
Stock-based compensation expense |
|
14.0 |
|
|
|
16.0 |
|
Separation and related costs (1) |
|
9.0 |
|
|
|
11.0 |
|
Total of non-GAAP operating expenses |
|
118.0 |
|
|
|
122.0 |
|
Non-GAAP tax adjustment |
|
(19.0 |
) |
|
|
(30.0 |
) |
Non-GAAP net
income |
$ |
145.0 |
|
|
$ |
159.0 |
|
(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 ADJUSTED
EBITDA (in millions)
(unaudited)
|
Year
Ended |
|
|
December 31, 2023 |
|
|
Low |
|
|
High |
|
GAAP net
income |
$ |
46.0 |
|
|
$ |
67.0 |
|
Stock-based compensation expense |
|
14.0 |
|
|
|
16.0 |
|
Separation and related costs (1) |
|
9.0 |
|
|
|
11.0 |
|
Amortization expense |
|
95.0 |
|
|
|
95.0 |
|
Depreciation expense |
|
2.3 |
|
|
|
2.3 |
|
Interest expense |
|
64.0 |
|
|
|
67.0 |
|
Other income |
|
(2.5 |
) |
|
|
(3.0 |
) |
Income tax expense |
|
24.5 |
|
|
|
17.0 |
|
Total of non-GAAP adjustments |
|
206.3 |
|
|
|
205.3 |
|
Adjusted
EBITDA |
$ |
252.3 |
|
|
$ |
272.3 |
|
(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)
過去 株価チャート
から 4 2024 まで 5 2024
Adeia (NASDAQ:ADEA)
過去 株価チャート
から 5 2023 まで 5 2024