Slide 1: Q4 2025 Earnings
Q4 2025 Earnings February 23, 2026 1
Slide 2: Safe Harbor
Safe Harbor This presentation contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on in
Slide 3: Recent Business Highlights
Recent Reported record revenue of $182.6 million, non-GAAP operating income of $133.5 million, and adjusted EBITDA of $133.9 million Business Highlights Entered into a significant long-term license agreement with Disney, resolving all outstanding litigation Non-Pay-TV recurring revenue grew 30% in Q
Slide 4: Q4 Deal Momentum
Q4 Deal Signed new long-term license agreement with Disney, a leading OTT provider, for access to our media portfolio Momentum Signed new multi-year license agreement with Major League Baseball (MLB), for access to our media portfolio Signed a multi-year renewal with Vodafone, an international Pay-T
Slide 5: FY 2025 Highlights
FY 2025 Reported record revenue of $443.4 million, operating income of $275.7 million and adjusted EBITDA of $277.6 million Highlights Signed 26 deals in 2025 (of which 12 were with new customers), including with Disney, Altice USA, Vodafone, STMicro and MLB Paid down $60.4 million of debt, paid $21
Slide 6: Measures of Success
Measures Increase Long-Term Revenue Continue to execute renewals and new customer agreements that will of Success increase our annual revenue over the long-term IP Portfolio Growth Continue to grow patent portfolio through focused organic R&D and strategic inorganic investments Balanced Capital Allo
Slide 7: Q4 & Full Year 2025 Results
Q4 & Full Year 2025 Results Q4’25 Q4’25 FY’25 FY’25 Category (in millions) GAAP NON-GAAP GAAP NON-GAAP Revenue $182.6 $182.6 $443.4 $443.4 Operating expenses $73.9 $49.2 $268.4 $167.7 Interest expense $9.4 $9.4 $40.4 $40.4 Other income, net $1.7 $1.7 $6.3 $6.3 Income tax expense $27.3 $28.9 $29.8 $5
Slide 8: FY 2026 Outlook
FY 2026 Outlook Category (in millions, except tax rate) FY’26 GAAP FY’26 Non-GAAP Revenue $395.0 – 435.0 $395.0 – 435.0 Operating expenses $295.0 – 305.0 $184.0 – 192.0 Interest expense $34.0 – 36.0 $34.0 – 36.0 Other income $5.5 – 6.5 $5.5 – 6.5 Tax rate 20% 21% Net income $57.2 – 80.4 $144.2 – 168
Slide 9: Value Proposition
Value Proposition Foundation Driven by Ongoing Innovation and Focused Capital Strong Portfolios and Capitalization of Market Allocation to Maximize Technology Offerings Trends Drive Growth Shareholder Value 13,750+ patent assets provide both Ongoing innovations drive growth Focused investments in in
Slide 10: Questions & Answers
Questions & Answers 10
Slide 11: Thank you!
Thank you! 11