Business
Adeia Announces Fourth Quarter And Full Year 2023 Financial Results
Signed 8 deals in the fourth quarter and 32 in 2023 across both media and semiconductor Paid down $29 million of debt in fourth quarter and $148 million in
About this update from Adeia Inc.
[{"type":"text","content":"Signed 8 deals in the fourth quarter and 32 in 2023 across both media and semiconductor Paid down $29 million of debt in fourth quarter and $148 million in 2023 SAN JOSE, Calif., Feb. 20, 2024 (GLOBE NEWSWIRE) -- Adeia Inc. (Nasdaq: ADEA) (the “Company” or “Adeia”) today announced financial results for the fourth quarter and full year ended December 31, 2023. “We made excellent progress toward our long-term goals in 2023,” said Paul E. Davis, chief executive officer of Adeia. “We closed 32 deals across multiple verticals in our media and semiconductor businesses, including with new customers in OTT, Pay-TV, social media and semiconductors. We exceeded our target patent portfolio growth rate of 10% and our new original patent filings hit a record in 2023, positioning us for future revenue growth. Our deal pipeline continues to expand and is extremely robust. With our strong cash flow generation, we paid down $148 million of our debt in 2023 and expect to further significantly deleverage the company in 2024 through continued accelerated debt payments. In the coming year, we will focus our attention on continuing our strong renewal rate with existing customers and signing new customers in OTT, semiconductors, and adjacent verticals while maintaining our highly profitable and cash generative business model. We will make strategic investments in R&D to capitalize on emerging trends such as generative AI and the challenges of Moore’s Law facing the semiconductor industry. We will also continue to expand our patent portfolios and further develop our infrastructure to support increased business development and sales activities in our target markets. These investments are critical to our revenue growth opportunities in OTT, semiconductors, and adjacent verticals.” Fourth Quarter Financial Highlights Revenue was $86.9 million as compared to $101.4 million in the third quarter of 2023GAAP diluted earnings per share (EPS) was $0.11 and non-GAAP diluted EPS was $0.27GAAP net income was $12.7 million and adjusted EBITDA was $54.1 millionCash flows from operations was $39.4 millionPaid down $29.1 million on our term loan Full Year 2023 Financial Highlights Revenue was $388.8 million as compared to $438.9 million in 2022GAAP diluted EPS was $0.60 and non-GAAP diluted EPS was $1.39GAAP net income was $67.4 million and adjusted EBITDA was $262.3 ...