Business
Adeia Announces Fourth Quarter and Full Year 2022 Financial Results
Solid execution drives strong financial resultsStrength of diverse licensing platform demonstrated by deal momentum in multiple verticals SAN JOSE, Calif.,
About this update from Adeia Inc.
[{"type":"text","content":"Solid execution drives strong financial resultsStrength of diverse licensing platform demonstrated by deal momentum in multiple verticals SAN JOSE, Calif., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Adeia Inc. (Nasdaq: ADEA) (the “Company” or “Adeia”) today announced financial results for the fourth quarter and full year ended December 31, 2022. “The results of the fourth quarter are demonstrative of the success of our continued investment in innovation and portfolio development that shapes the future of digital entertainment. In the fourth quarter we closed ten renewals and new license agreements with customers across multiple verticals including consumer electronics, Pay-TV, social media and semiconductor. This strong momentum continued into 2023, signing a significant early renewal with Altice, a leading provider of broadband and video. The volume of new deals and renewals demonstrates the strength of our IP portfolio and our collaborative approach to working with customers,” said Paul E. Davis, chief executive officer of Adeia. “Our investment in new technologies will further expand our customer base as well as enable our existing customers to continue to leverage the value of our growing portfolio. I would like to commend our talented team for their strong execution in 2022 and I look forward to continued success in 2023.” Fourth Quarter and Full Year Financial Highlights1 Total revenue for the fourth quarter was $103.3 million, an increase of 15% from $89.7 million in the same period last yearTotal revenue for the full year 2022 was $438.9 million, an increase of 12% from $391.2 million in 2021GAAP diluted earnings per share (EPS) of $0.65 and non-GAAP diluted EPS of $0.41 for the fourth quarterNet income from continuing operations was $73.7 million and adjusted EBITDA was $74.9 million for the fourth quarterCash flows from operating activities for the fourth quarter was $41.0 million Business Highlights Our deal momentum across multiple verticals included: Samsung signed a long-term license renewal to the Company’s media patent portfolio for its Smart TVs and related offeringsTwo leading social media companies signed multi-year license agreements to the Company’s media patent portfolioAltice signed an early renewal to extend their license, which supports their Optimum services, including their cable TV and over-the-top (OTT) strea...