Business
Adeia Announces Second Quarter 2024 Financial Results
Repriced term loan for annual interest expense savings of approximately $3 millionGenerated over $90 million in cash from operations in the first half of
About this update from Adeia Inc.
[{"type":"text","content":" Repriced term loan for annual interest expense savings of approximately $3 millionGenerated over $90 million in cash from operations in the first half of 2024 SAN JOSE, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- 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 2024GAAP diluted earnings per share (EPS) was $0.07 and non-GAAP diluted EPS was $0.28GAAP net income was $8.4 million and adjusted EBITDA was $52.8 millionCash flows from operations was $23.5 millionRepriced 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-TVX Corp., formerly known as Twitter, signed a multi-year renewal for access to our media portfolio that resolved all outstanding litigation between the two companiesPanasonic, a global provider of connected TVs, signed a multi-year renewal for access to our media portfolioHamamatsu, a pioneer in optical sensors, light sources and systems, signed a new license for access to our die-to-wafer hybrid bonding technologySigned multi-year renewals with two regional U.S. Pay-TV providers for access to our media portfolioFollowing the close of the quarter, signed a multi-year renewal with Liberty Global, a European Pay-TV provider, for access ...