Business
Adeia Announces Second Quarter 2023 Financial Results
Achieved over $200 million of revenue for first half of 2023Closed nine deals in the quarterPaid down $114 million of debt since separation SAN JOSE, Calif.,
About this update from Adeia Inc.
[{"type":"text","content":"Achieved over $200 million of revenue for first half of 2023Closed nine deals in the quarterPaid down $114 million of debt since separation SAN JOSE, Calif., Aug. 07, 2023 (GLOBE NEWSWIRE) -- 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 yearGAAP diluted earnings per share (EPS) of $0.01 and non-GAAP diluted EPS of $0.26GAAP net income was $1.4 million and adjusted EBITDA was $51.7 millionCash flows from operations were $28.7 millionPaid 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 portfolioDAZN, a leading OTT provider of global sports programming, signed a new multi-year license agreement for access to our media portfolioEnseo, 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 manufacturerRemain on track to grow our patent portfolio 10% year-over-year, and now have an aggregate portfolio of over 10,000 patent assetsExpanded 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. ...