Business
Adeia Announces Third Quarter 2022 Results
Reiterates full year revenue guidance, narrows range SAN JOSE, Calif., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Adeia Inc. (Nasdaq: ADEA) (the “Company” or “Adeia”),
About this update from Adeia Inc.
[{"type":"text","content":"Reiterates full year revenue guidance, narrows range\nSAN JOSE, Calif., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Adeia Inc. (Nasdaq: ADEA) (the “Company” or “Adeia”), formerly known as Xperi Holding Corporation, today announced financial results for the third quarter ending September 30, 2022. These third quarter financial results include both the intellectual property (IP) licensing business and the product business prior to separation on October 1, 2022. “Our third quarter represents a significant milestone for Adeia as we successfully completed the spin-off of the product business and now stand as a newly independent, leading IP licensing company with a compelling business model which leverages our strong business fundamentals to generate enhanced financial performance in the near and long-term,” said Paul E. Davis, chief executive officer of Adeia. “We have built an incredible licensing platform with consistent and strong cash flows, and world-class innovation engines in both our Media and Semiconductor businesses. We want to wish the Xperi management team and all its employees all the best as they move forward on their journey as a stand-alone public company.” Highlights On a combined basis, total revenue for the third quarter was $210.9 million, a decline of 4% from $219.4 million in the same period last yearOn a combined basis, total revenue for the nine months ending September 30, 2022, was $702.4 million, a 6% increase from $663.2 million in the same period last yearTotal revenue for the IP business during the third quarter was $89.3 million, a decline of 12% from $101.6 million in the same period last yearTotal revenue for the IP business for the nine months ending September 30, 2022, was $335.6 million, an increase of 11% from $301.5 million in the same period last yearSuccessfully completed the spin-off of the product business, positioning us well for long term growth as a leading independent IP licensing companySigned a multi-year license renewal with Foxtel, Australia’s leading Pay-TV platform, further demonstrating our impressive track record of successful renewalsSigned a new multi-year deal with Philo, a leading entertainment focused TV streaming service, illustrating our IP's continued applicability and growth of our IP beyond traditional Pay-TV Capital Allocation On September 19, 2022, the Company distributed $5.2 mi...