Adeia Inc. (Nasdaq: ADEA) (the “Company” or “Adeia”) today
announced financial results for the second quarter ended June 30,
2024.
“We delivered revenue of $87.4 million in the
second quarter, in line with our expectations, and generated over
$90 million in cash from operations in the first two quarters of
2024” said Paul E. Davis, chief executive officer of Adeia. “We
signed 5 deals, demonstrating success across diverse end markets in
social media, consumer electronics, semiconductor and Pay-TV,
including a multi-year license renewal with X Corp. (formerly
Twitter) that resolved all outstanding litigation between the two
companies. Our deal momentum in the quarter further validates the
strength and value of our IP portfolios across multiple verticals,
fueled by our continued dedication to innovation. We are pleased
with the progress we have made on key strategic initiatives and we
are on-track to achieve our objectives and goals for 2024.”
Second Quarter Financial
Highlights
- Revenue was $87.4 million as compared to $83.4 million in the
first quarter of 2024
- GAAP diluted earnings per share (EPS) was $0.07 and non-GAAP
diluted EPS was $0.28
- GAAP net income was $8.4 million and adjusted EBITDA was $52.8
million
- Cash flows from operations was $23.5 million
- Repriced term-loan which lowered our interest rate by 61 basis
points and increased our financial flexibility
Business Highlights
- Signed 5 agreements across diverse end-markets including social
media, consumer electronics, semiconductor and Pay-TV
- X Corp., formerly known as Twitter, signed a multi-year renewal
for access to our media portfolio that resolved all outstanding
litigation between the two companies
- Panasonic, a global provider of connected TVs, signed a
multi-year renewal for access to our media portfolio
- Hamamatsu, a pioneer in optical sensors, light sources and
systems, signed a new license for access to our die-to-wafer hybrid
bonding technology
- Signed multi-year renewals with two regional U.S. Pay-TV
providers for access to our media portfolio
- Following the close of the quarter, signed a multi-year renewal
with Liberty Global, a European Pay-TV provider, for access to our
media portfolio
Capital Allocation
During the quarter, the Company made $12.0 million
in principal payments towards its term loan, bringing the
outstanding balance to $549.1 million as of June 30, 2024.
On June 18, 2024, the Company distributed $5.4
million to stockholders of record on May 28, 2024, for a quarterly
cash dividend of $0.05 per share of common stock.
On July 24, 2024, the Board of Directors declared
a dividend of $0.05 per share of common stock, payable on September
17, 2024, to stockholders of record on August 27, 2024.
Financial Outlook
The Company is reiterating its prior full-year
2024 revenue outlook, and updating certain other items of its
financial outlook to reflect lower operating expenses and lower
interest expense for the year:
|
|
|
|
|
Category (in millions, except for tax
rate) |
|
2024 GAAP Outlook |
|
2024 Non-GAAP Outlook |
|
|
Updated |
|
Prior |
|
Updated |
|
Prior |
Revenue |
|
$380.0 − 420.0 |
|
$380.0 − 420.0 |
|
$380.0 − 420.0 |
|
$380.0 − 420.0 |
Operating expenses(1) |
|
$249.0 − 263.0 |
|
$254.0 − 268.0 |
|
$145.0 − 155.0 |
|
$150.0 − 160.0 |
Interest expense |
|
$52.0 − 55.0 |
|
$54.0 − 57.0 |
|
$52.0 − 55.0 |
|
$54.0 − 57.0 |
Other income |
|
$5.0 − 6.0 |
|
$5.0 − 6.0 |
|
$5.0 − 6.0 |
|
$5.0 − 6.0 |
Tax rate |
|
15% − 30% |
|
15% − 30% |
|
23% |
|
23% |
Net income(2) |
|
$71.4 − 75.6 |
|
$65.4 − 70.7 |
|
$144.8 − 166.3 |
|
$139.4 − 160.9 |
Adjusted EBITDA(2) |
|
N/A |
|
N/A |
|
$237.5 − 267.5 |
|
$232.5 − 262.5 |
Diluted shares outstanding |
|
113.0 − 114.0 |
|
114.0 − 115.0 |
|
113.0 − 114.0 |
|
114.0 − 115.0 |
(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 2024
earnings conference call at 2:00 PM Pacific Time (5:00 PM Eastern
Time) on Tuesday, August 6, 2024. 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 2024 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,” “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.
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 new 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 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, natural disasters and future
outbreaks or pandemics, each of which may have an adverse impact on
the Company’s business, results of operations, and financial
condition. These risks, as well as other risks associated with the
Company’s 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.
Causes 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
on the Company’s ongoing business and financial performance and are
helpful to provide investors with an 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
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, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
Revenue |
$ |
87,350 |
|
|
$ |
83,217 |
|
|
$ |
170,755 |
|
|
$ |
200,524 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
14,799 |
|
|
|
13,116 |
|
|
|
28,724 |
|
|
|
26,127 |
|
Selling, general and administrative |
|
24,617 |
|
|
|
26,394 |
|
|
|
48,646 |
|
|
|
49,256 |
|
Amortization expense |
|
20,030 |
|
|
|
23,650 |
|
|
|
43,187 |
|
|
|
47,339 |
|
Litigation expense |
|
4,262 |
|
|
|
2,334 |
|
|
|
7,192 |
|
|
|
4,956 |
|
Total operating expenses |
|
63,708 |
|
|
|
65,494 |
|
|
|
127,749 |
|
|
|
127,678 |
|
Operating income |
|
23,642 |
|
|
|
17,723 |
|
|
|
43,006 |
|
|
|
72,846 |
|
Interest expense |
|
(13,296 |
) |
|
|
(15,540 |
) |
|
|
(27,471 |
) |
|
|
(31,478 |
) |
Other income and expense, net |
|
1,428 |
|
|
|
1,617 |
|
|
|
2,828 |
|
|
|
3,237 |
|
Loss on debt extinguishment |
|
(453 |
) |
|
|
— |
|
|
|
(453 |
) |
|
|
— |
|
Income before income taxes |
|
11,321 |
|
|
|
3,800 |
|
|
|
17,910 |
|
|
|
44,605 |
|
Provision for income taxes |
|
2,939 |
|
|
|
2,381 |
|
|
|
8,629 |
|
|
|
14,165 |
|
Net income |
$ |
8,382 |
|
|
$ |
1,419 |
|
|
$ |
9,281 |
|
|
$ |
30,440 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.08 |
|
|
$ |
0.01 |
|
|
$ |
0.09 |
|
|
$ |
0.29 |
|
Diluted |
$ |
0.07 |
|
|
$ |
0.01 |
|
|
$ |
0.08 |
|
|
$ |
0.27 |
|
Weighted average number of shares used in per share
calculations: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
108,667 |
|
|
|
106,464 |
|
|
|
108,216 |
|
|
|
106,027 |
|
Diluted |
|
112,536 |
|
|
|
112,775 |
|
|
|
112,757 |
|
|
|
113,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADEIA INC. CONDENSED CONSOLIDATED BALANCE
SHEETS (in thousands)
(unaudited) |
|
|
June 30, |
|
|
December 31, |
|
|
2024 |
|
|
2023 |
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
66,454 |
|
|
$ |
54,560 |
|
Marketable securities |
|
27,997 |
|
|
|
29,012 |
|
Accounts receivable, net |
|
25,735 |
|
|
|
39,651 |
|
Unbilled contracts receivable |
|
89,187 |
|
|
|
74,919 |
|
Other current assets |
|
10,010 |
|
|
|
7,700 |
|
Total current assets |
|
219,383 |
|
|
|
205,842 |
|
Long-term unbilled contracts receivable |
|
63,943 |
|
|
|
73,843 |
|
Property and equipment, net |
|
6,704 |
|
|
|
6,971 |
|
Operating lease right-of-use assets |
|
9,121 |
|
|
|
9,484 |
|
Intangible assets, net |
|
310,961 |
|
|
|
347,172 |
|
Goodwill |
|
313,660 |
|
|
|
313,660 |
|
Long-term income tax receivable |
|
113,816 |
|
|
|
120,338 |
|
Other long-term assets |
|
31,086 |
|
|
|
28,246 |
|
Total assets |
$ |
1,068,674 |
|
|
$ |
1,105,556 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
4,788 |
|
|
$ |
9,623 |
|
Accrued liabilities |
|
16,751 |
|
|
|
19,138 |
|
Current portion of long-term debt, net |
|
24,753 |
|
|
|
66,145 |
|
Deferred revenue |
|
26,931 |
|
|
|
7,132 |
|
Total current liabilities |
|
73,223 |
|
|
|
102,038 |
|
Deferred revenue, less current portion |
|
15,113 |
|
|
|
17,672 |
|
Long-term debt, net |
|
510,857 |
|
|
|
519,550 |
|
Noncurrent operating lease liabilities |
|
9,412 |
|
|
|
9,730 |
|
Long-term income tax payable |
|
81,846 |
|
|
|
81,834 |
|
Other long-term liabilities |
|
19,087 |
|
|
|
18,110 |
|
Total liabilities |
|
709,538 |
|
|
|
748,934 |
|
Commitments and contingencies |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
123 |
|
|
|
121 |
|
Additional paid-in capital |
|
637,752 |
|
|
|
635,331 |
|
Treasury stock at cost |
|
(231,599 |
) |
|
|
(222,497 |
) |
Accumulated other comprehensive loss |
|
(96 |
) |
|
|
(8 |
) |
Accumulated deficit |
|
(47,044 |
) |
|
|
(56,325 |
) |
Total stockholders’ equity |
|
359,136 |
|
|
|
356,622 |
|
Total liabilities and equity |
$ |
1,068,674 |
|
|
$ |
1,105,556 |
|
|
|
|
|
|
|
|
|
ADEIA INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited) |
|
|
Six Months Ended |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
Cash flows from operating activities: |
|
|
|
|
|
Net income |
$ |
9,281 |
|
|
$ |
30,440 |
|
Adjustments to reconcile net income to net cash from operating
activities: |
|
|
|
|
|
Depreciation of property and equipment |
|
1,010 |
|
|
|
769 |
|
Amortization of intangible assets |
|
43,187 |
|
|
|
47,339 |
|
Stock-based compensation expense |
|
11,737 |
|
|
|
8,196 |
|
Deferred income tax |
|
(3,596 |
) |
|
|
1,501 |
|
Loss on debt extinguishment |
|
453 |
|
|
|
— |
|
Amortization of debt issuance costs |
|
1,601 |
|
|
|
2,239 |
|
Other |
|
(1,272 |
) |
|
|
493 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
14,666 |
|
|
|
27,708 |
|
Unbilled contracts receivable |
|
(4,368 |
) |
|
|
(25,467 |
) |
Other assets |
|
5,331 |
|
|
|
6,868 |
|
Accounts payable |
|
(2,864 |
) |
|
|
6,987 |
|
Accrued and other liabilities |
|
(1,716 |
) |
|
|
(16,447 |
) |
Deferred revenue |
|
17,240 |
|
|
|
1,442 |
|
Net cash from operating activities |
|
90,690 |
|
|
|
92,068 |
|
Cash flows from investing activities: |
|
|
|
|
|
Purchases of property and equipment |
|
(1,214 |
) |
|
|
(1,545 |
) |
Purchases of intangible assets |
|
(8,476 |
) |
|
|
(95 |
) |
Purchases of short-term investments |
|
(18,701 |
) |
|
|
(23,766 |
) |
Proceeds from maturities of investments |
|
20,150 |
|
|
|
— |
|
Net cash from investing activities |
|
(8,241 |
) |
|
|
(25,406 |
) |
Cash flows from financing activities: |
|
|
|
|
|
Dividends paid |
|
(10,853 |
) |
|
|
(10,636 |
) |
Repayment of debt |
|
(52,139 |
) |
|
|
(103,750 |
) |
Proceeds from employee stock purchase program and exercise of stock
options |
|
1,539 |
|
|
|
1,130 |
|
Repurchases of common stock for tax withholdings on equity
awards |
|
(9,102 |
) |
|
|
(7,491 |
) |
Net cash from financing activities |
|
(70,555 |
) |
|
|
(120,747 |
) |
Net increase (decrease) in cash and cash equivalents |
|
11,894 |
|
|
|
(54,085 |
) |
Cash and cash equivalents at beginning of period |
|
54,560 |
|
|
|
114,555 |
|
Cash and cash equivalents at end of period |
$ |
66,454 |
|
|
$ |
60,470 |
|
|
|
|
|
|
|
|
|
ADEIA INC. GAAP TO NON-GAAP
RECONCILIATIONS (in thousands, except per share
amounts) (unaudited) |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
GAAP net income |
$ |
8,382 |
|
|
$ |
1,419 |
|
|
$ |
9,281 |
|
|
$ |
30,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to GAAP net income: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
1,093 |
|
|
|
736 |
|
|
|
1,902 |
|
|
|
1,330 |
|
Selling, general and administrative |
|
5,499 |
|
|
|
3,820 |
|
|
|
9,835 |
|
|
|
6,866 |
|
Amortization expense |
|
20,030 |
|
|
|
23,650 |
|
|
|
43,187 |
|
|
|
47,339 |
|
Transaction costs recorded in selling, general and
administrative |
|
1,255 |
|
|
|
— |
|
|
|
1,255 |
|
|
|
— |
|
Separation and other related costs recorded in selling, general and
administrative (1) |
|
767 |
|
|
|
5,306 |
|
|
|
2,591 |
|
|
|
8,308 |
|
Severance and retention costs recorded in selling, general and
administrative |
|
— |
|
|
|
78 |
|
|
|
— |
|
|
|
78 |
|
Total operating expenses adjustments |
|
28,644 |
|
|
|
33,590 |
|
|
|
58,770 |
|
|
|
63,921 |
|
Other income and expense, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(302 |
) |
Loss on debt extinguishment |
|
453 |
|
|
|
— |
|
|
|
453 |
|
|
|
— |
|
Non-GAAP tax adjustment (2) |
|
(6,357 |
) |
|
|
(6,218 |
) |
|
|
(9,111 |
) |
|
|
(10,726 |
) |
Non-GAAP net income |
$ |
31,122 |
|
|
$ |
28,791 |
|
|
$ |
59,393 |
|
|
$ |
83,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per share |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
GAAP diluted income per share |
$ |
0.07 |
|
|
$ |
0.01 |
|
|
$ |
0.08 |
|
|
$ |
0.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to GAAP diluted income per share: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.01 |
|
Selling, general and administrative |
|
0.05 |
|
|
|
0.03 |
|
|
|
0.09 |
|
|
|
0.06 |
|
Amortization expense |
|
0.18 |
|
|
|
0.21 |
|
|
|
0.38 |
|
|
|
0.42 |
|
Transaction costs recorded in selling, general and
administrative |
|
0.01 |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
Separation and other related costs recorded in selling, general and
administrative (1) |
|
0.01 |
|
|
|
0.05 |
|
|
|
0.02 |
|
|
|
0.07 |
|
Total operating expenses adjustments |
|
0.26 |
|
|
|
0.30 |
|
|
|
0.52 |
|
|
|
0.56 |
|
Other income and expense, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP tax adjustment (2) |
|
(0.05 |
) |
|
|
(0.05 |
) |
|
|
(0.07 |
) |
|
|
(0.09 |
) |
Non-GAAP diluted income per share |
$ |
0.28 |
|
|
$ |
0.26 |
|
|
$ |
0.53 |
|
|
$ |
0.74 |
|
(1) |
Represents separation and related costs that were incurred
subsequent to the separation on October 1, 2022, 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
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, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
GAAP net income |
$ |
8,382 |
|
|
$ |
1,419 |
|
|
$ |
9,281 |
|
|
$ |
30,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to GAAP net income: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
1,093 |
|
|
|
736 |
|
|
|
1,902 |
|
|
|
1,330 |
|
Selling, general and administrative |
|
5,499 |
|
|
|
3,820 |
|
|
|
9,835 |
|
|
|
6,866 |
|
Transaction costs recorded in selling, general and
administrative |
|
1,255 |
|
|
|
— |
|
|
|
1,255 |
|
|
|
— |
|
Separation and other related costs recorded in selling, general and
administrative (1) |
|
767 |
|
|
|
5,306 |
|
|
|
2,591 |
|
|
|
8,308 |
|
Severance and retention costs recorded in selling, general and
administrative |
|
— |
|
|
|
78 |
|
|
|
— |
|
|
|
78 |
|
Amortization expense |
|
20,030 |
|
|
|
23,650 |
|
|
|
43,187 |
|
|
|
47,339 |
|
Depreciation expense |
|
490 |
|
|
|
385 |
|
|
|
1,010 |
|
|
|
769 |
|
Interest expense |
|
13,296 |
|
|
|
15,540 |
|
|
|
27,471 |
|
|
|
31,478 |
|
Other income and expense, net |
|
(1,428 |
) |
|
|
(1,617 |
) |
|
|
(2,828 |
) |
|
|
(3,237 |
) |
Loss on debt extinguishment |
|
453 |
|
|
|
— |
|
|
|
453 |
|
|
|
— |
|
Provision for income taxes |
|
2,939 |
|
|
|
2,381 |
|
|
|
8,629 |
|
|
|
14,165 |
|
Adjusted EBITDA |
$ |
52,776 |
|
|
$ |
51,698 |
|
|
$ |
102,786 |
|
|
$ |
137,536 |
|
(1) |
Represents separation and related costs that were incurred
subsequent to the separation on October 1, 2022, 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, 2024 |
|
|
Low |
|
|
High |
|
GAAP operating expenses |
$ |
249.0 |
|
|
$ |
263.0 |
|
Amortization expense |
|
72.0 |
|
|
|
72.0 |
|
Stock-based compensation expense |
|
24.0 |
|
|
|
26.0 |
|
Separation and related costs (1) |
|
8.0 |
|
|
|
10.0 |
|
Total of non-GAAP adjustments |
|
104.0 |
|
|
|
108.0 |
|
Non-GAAP operating expenses |
$ |
145.0 |
|
|
$ |
155.0 |
|
(1) |
Represents separation and related costs that were incurred
subsequent to the separation on October 1, 2022, 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, 2024 |
|
|
Low |
|
|
High |
|
GAAP net income |
$ |
71.4 |
|
|
$ |
75.6 |
|
Amortization expense |
|
72.0 |
|
|
|
72.0 |
|
Stock-based compensation expense |
|
24.0 |
|
|
|
26.0 |
|
Separation and related costs (1) |
|
8.0 |
|
|
|
10.0 |
|
Total of non-GAAP operating expenses |
|
104.0 |
|
|
|
108.0 |
|
Non-GAAP tax adjustment (2) |
|
(30.6 |
) |
|
|
(17.3 |
) |
Non-GAAP net income |
$ |
144.8 |
|
|
$ |
166.3 |
|
(1) |
Represents separation and related costs that were incurred
subsequent to the separation on October 1, 2022, including 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
income tax effects of the various non-GAAP pretax adjustments. |
|
|
ADEIA INC. RECONCILIATION FOR GUIDANCE
ON ADJUSTED EBITDA (in
millions) (unaudited) |
|
|
Year Ended |
|
|
December 31, 2024 |
|
|
Low |
|
|
High |
|
GAAP net income |
$ |
71.4 |
|
|
$ |
75.6 |
|
Stock-based compensation expense |
|
24.0 |
|
|
|
26.0 |
|
Separation and related costs (1) |
|
8.0 |
|
|
|
10.0 |
|
Amortization expense |
|
72.0 |
|
|
|
72.0 |
|
Depreciation expense |
|
2.5 |
|
|
|
2.5 |
|
Interest expense |
|
52.0 |
|
|
|
55.0 |
|
Other income |
|
(5.0 |
) |
|
|
(6.0 |
) |
Income tax expense |
|
12.6 |
|
|
|
32.4 |
|
Total of non-GAAP adjustments |
|
166.1 |
|
|
|
191.9 |
|
Adjusted EBITDA |
$ |
237.5 |
|
|
$ |
267.5 |
|
(1) |
Represents separation and related costs that were incurred
subsequent to the separation on October 1, 2022, 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 7 2024 まで 8 2024
Adeia (NASDAQ:ADEA)
過去 株価チャート
から 8 2023 まで 8 2024