Achieved record revenue, operating income and adjusted EBITDA in the fourth quarter
Signed long-term license agreement with Disney; two of the largest OTT providers now under license
Reduced debt by $60 million and repurchased $20 million of common stock in 2025
SAN JOSE, Calif., Feb. 23, 2026 (GLOBE NEWSWIRE) -- Adeia Inc. (Nasdaq: ADEA) (the “Company” or “Adeia”) today announced financial results for the fourth quarter and full year ended December 31, 2025.
“We finished the year with strong momentum, delivering record fourth-quarter revenue of $182.6 million, along with quarterly records in operating income and adjusted EBITDA,” said Paul E. Davis, chief executive officer of Adeia. “During the quarter, we signed nine deals, including four with new customers. Notably, we entered into a significant long-term license agreement with Disney, resolving all outstanding litigation and underscoring the strength and broad applicability of our media portfolio. Additional new agreements included two other OTT customers and a consumer electronics customer in Japan, while the remaining deals consisted of Pay-TV and consumer electronics renewals, as well as a hybrid bonding prototype development agreement with an existing semiconductor customer. These results reflect both the breadth of our opportunity pipeline and our continued strong execution. Building on the momentum at the end of 2025 we have had a strong start to 2026, including signing a new multi-year license agreement with Microsoft in January, for access to our media portfolio.”
“The past year was exceptional, both financially and operationally,” continued Davis. “We are very pleased that our record annual revenue, and excellent operating income and adjusted EBITDA, all exceeded the high end of our guidance range. We signed 26 agreements across a diverse customer base spanning OTT, semiconductors, consumer electronics, Pay-TV and e-commerce. As we continue to expand our customer base, a record 12 of the 26 deals in 2025 were with new customers. Our non-Pay-TV recurring revenue grew 22% in 2025, further validating our strategy to diversify our revenue streams. Our award-winning RapidCool™ thermal solution is now being evaluated by multiple technology leaders involved in the AI semiconductor supply chain. We also expanded our IP portfolios by 13% through a combination of internal R&D and strategic tuck-in acquisitions. With the recent realignment of our senior leadership team, we are better positioned for long-term scale and growth.”
Fourth Quarter Financial Highlights
Revenue was $182.6 million as compared to $87.3 million in the third quarter of 2025
GAAP diluted earnings per share (EPS) was $0.65 and non-GAAP diluted EPS was $0.86
GAAP net income was $73.7 million and adjusted EBITDA was $133.9 million
Cash flow from operations was $60.0 million
Paid down $21.1 million on our term loan
Repurchased $10.0 million of our common stock
Full Year 2025 Financial Highlights
Revenue was $443.4 million as compared to $376.0 million in 2024
GAAP diluted EPS was $0.99 and non-GAAP diluted EPS was $1.65
GAAP net income was $111.1 million and adjusted EBITDA was $277.6 million
Cash flow from operations was $158.1 million
Paid down $60.4 million on our term loan
Repurchased $20.0 million of our common stock
Non-Pay-TV recurring revenue grew 22% year-over-year
Business Highlights
Signed a new long-term license agreement with Disney, a leading OTT provider, for access to our media portfolio
Signed 9 deals with 8 media and 1 semiconductor customers, including with 4 new customers
Signed a new multi-year license agreement with Major League Baseball, for access to our media portfolio
Signed a multi-year renewal with Vodafone, an international Pay-TV operator, for access to our media portfolio
Signed a hybrid bonding prototype development agreement with an existing semiconductor customer
In January 2026, signed a new multi-year license agreement with Microsoft, for access to our media portfolio
Capital Allocation
During the quarter, the Company made $21.1 million in principal payments towards its term loan, bringing the outstanding balance to $426.7 million as of December 31, 2025.
During the quarter, the Company repurchased $10.0 million of its common stock, representing 0.7 million shares and bringing the remaining amount available under its stock repurchase plan to $160.0 million as of December 31, 2025.
On December 15, 2025, the Company distributed $5.4 million to stockholders of record on November 24, 2025, for a quarterly cash dividend of $0.05 per share of common stock.
The Board of Directors declared a dividend of $0.05 per share, payable on March 30, 2026, to stockholders of record on March 16, 2026.
Financial Outlook
The Company’s full year 2026 outlook is as follows:
Category | 2026 | 2026 | ||
Revenue | $395.0 − 435.0 | $395.0 − 435.0 | ||
Operating expenses(1) | $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(2) | $57.2 − 80.4 | $144.2 − 168.7 | ||
Adjusted EBITDA(2) | N/A | $213.4 − 245.4 | ||
Diluted shares outstanding | 114.0 − 115.0 | 114.0 − 115.0 |
(1) See tables for reconciliation of GAAP to non-GAAP operating expenses.
(2) See tables for reconciliation of GAAP net income to (i) non-GAAP net income and (ii) adjusted earnings before interest expense, income taxes, depreciation and amortization (adjusted EBITDA).
Conference Call Information
The Company will hold its fourth quarter 2025 earnings conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) on Monday, February 23, 2026. To access the call in the U.S., please dial +1 (888) 660-6411, and for international callers, dial +1 (929) 203-0849. All participants should dial in 15 minutes prior to the start of the conference call. The Company also suggests utilizing the webcast link to access the live call and the replay at Q4 2025 Earnings Call Webcast. A live and replay webcast will be available on the Adeia Investor Relations website at https://investors.adeia.com.
Safe Harbor Statement
This press release 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 information available to the Company as of the date hereof, as well as the Company’s current expectations, assumptions, estimates and projections that involve risks and uncertainties. In this context, forward-looking statements often address expected future business, financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “target,” similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond the Company’s control, and are not guarantees of future results.
Forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: the Company’s ability to implement its business strategy; the Company’s ability to enter into new and renewal license agreements with customers on favorable terms; the Company’s ability to retain and hire key personnel; uncertainty as to the long-term value of the Company’s common stock; legislative, regulatory and economic developments affecting the Company’s business; general economic and market developments and conditions; the Company’s ability to grow and expand its patent portfolios; changes in technology and development of new technology in the industries in which in which the Company operates; the evolving legal, regulatory and tax regimes under which the Company operates; unforeseen liabilities and expenses; risks associated with the Company’s indebtedness; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, natural disasters and global health pandemics, each of which may have an adverse impact on the Company’s business, results of operations, and financial condition. These risks, as well as other risks associated with the Company’s business, are more fully discussed in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. While the list of factors presented here is, and the list of factors presented in the Company’s filings with the SEC are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements.
Causes of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, failure to complete licensing arrangements on anticipated terms and timeline, failure to prevail in litigation we may bring against third parties, financial loss, legal liability to third parties and similar risks, and failure to attract or retain employees, any of which could have a material adverse effect on the Company’s consolidated financial condition, results of operations, liquidity or trading price of common stock. The Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
About Adeia Inc.
Adeia is a leading R&D and intellectual property (IP) licensing company that accelerates the adoption of innovative technologies in the media and semiconductor industries. Adeia’s fundamental innovations underpin technology solutions that are shaping and elevating the future of digital entertainment and electronics. Adeia’s IP portfolios power the connected devices that touch the lives of millions of people around the world every day as they live, work and play. For more, please visit www.adeia.com.
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP), the Company’s earnings release contains non-GAAP financial measures adjusted, where applicable, for either one-time or ongoing non-cash acquired intangibles amortization charges, costs related to actual or planned business combinations including transaction fees, integration costs, severance, facility closures, and retention bonuses, separation costs, all forms of stock-based compensation, loss on debt extinguishment, expensed debt refinancing costs, impairment of intangible assets, impact of certain foreign currency adjustments, discontinued operations and related tax effects. In addition, adjusted EBITDA adjusts for recurring charges of interest expense, income taxes, depreciation and amortization. Management believes that the non-GAAP measures used in this release provide investors with important perspectives on the Company’s ongoing business and financial performance and are helpful to provide investors with an understanding of our core operating results reflecting our normal business operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. Our use of non-GAAP financial measures has certain limitations in that the non-GAAP financial measures we use may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as EBITDA margin, which is defined as EBITDA as a percentage of revenue, adjusted EBITDA, non-GAAP operating expenses, non-GAAP net income and non-GAAP diluted earnings per share (EPS) do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. We seek to compensate for the limitation of our non-GAAP presentation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures in the tables attached hereto. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. All financial data is presented on a GAAP basis except where the Company indicates its presentation is on a non-GAAP basis.
Set forth below are reconciliations of the Company’s reported and forecasted GAAP to non-GAAP financial metrics.
Investor Contact:
Chris Chaney
Vice President, Investor Relations
IR@adeia.com
– Tables Follow –
SOURCE: ADEIA INC.
ADEA
ADEIA INC. | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
Revenue | $ | 182,642 | $ | 119,168 | $ | 443,386 | $ | 376,024 | ||||||||
Operating expenses: | ||||||||||||||||
Research and development | 19,155 | 16,049 | 67,519 | 59,598 | ||||||||||||
Selling, general and administrative | 34,053 | 27,894 | 119,534 | 103,443 | ||||||||||||
Amortization expense | 14,194 | 13,934 | 56,621 | 70,721 | ||||||||||||
Litigation expense | 6,486 | 3,809 | 24,709 | 13,653 | ||||||||||||
Total operating expenses | 73,888 | 61,686 | 268,383 | 247,415 | ||||||||||||
Operating income | 108,754 | 57,482 | 175,003 | 128,609 | ||||||||||||
Interest expense | (9,440 | ) | (12,310 | ) | (40,359 | ) | (52,539 | ) | ||||||||
Other income and expense, net | 1,657 | 1,311 | 6,279 | 5,570 | ||||||||||||
Loss on debt extinguishment | — | — | — | (453 | ) | |||||||||||
Income before income taxes | 100,971 | 46,483 | 140,923 | 81,187 | ||||||||||||
Provision for income taxes | 27,260 | 10,455 | 29,848 | 16,564 | ||||||||||||
Net income | $ | 73,711 | $ | 36,028 | $ | 111,075 | $ | 64,623 | ||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.68 | $ | 0.33 | $ | 1.02 | $ | 0.59 | ||||||||
Diluted | $ | 0.65 | $ | 0.32 | $ | 0.99 | $ | 0.57 | ||||||||
Weighted average number of shares used in per share calculations: | ||||||||||||||||
Basic | 109,173 | 109,113 | 108,845 | 108,647 | ||||||||||||
Diluted | 112,954 | 113,597 | 112,747 | 113,061 | ||||||||||||
ADEIA INC. | ||||||||
December 31, | December 31, | |||||||
2025 | 2024 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 73,136 | $ | 78,825 | ||||
Marketable securities | 63,597 | 31,567 | ||||||
Total cash, cash equivalents, and marketable securities | 136,733 | 110,392 | ||||||
Accounts receivable, net | 28,631 | 34,145 | ||||||
Unbilled contracts receivable | 129,829 | 104,047 | ||||||
Other current assets | 8,765 | 9,792 | ||||||
Total current assets | 303,958 | 258,376 | ||||||
Long-term unbilled contracts receivable | 49,499 | 62,767 | ||||||
Property and equipment, net | 6,113 | 6,278 | ||||||
Operating lease right-of-use assets | 8,177 | 9,322 | ||||||
Intangible assets, net | 303,456 | 301,177 | ||||||
Goodwill | 313,660 | 313,660 | ||||||
Long-term income tax receivable | — | 112,441 | ||||||
Other long-term assets | 54,440 | 33,940 | ||||||
Total assets | $ | 1,039,303 | $ | 1,097,961 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 4,827 | $ | 8,045 | ||||
Accrued liabilities | 34,250 | 24,517 | ||||||
Current portion of long-term debt, net | 20,975 | 21,021 | ||||||
Deferred revenue | 19,726 | 19,523 | ||||||
Total current liabilities | 79,778 | 73,106 | ||||||
Deferred revenue, less current portion | 49,975 | 64,555 | ||||||
Long-term debt, net | 397,479 | 454,435 | ||||||
Noncurrent operating lease liabilities | 8,734 | 9,480 | ||||||
Long-term income tax payable | 7,273 | 84,585 | ||||||
Other long-term liabilities | 15,523 | 15,229 | ||||||
Total liabilities | 558,762 | 701,390 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock | — | — | ||||||
Common stock | 128 | 125 | ||||||
Additional paid-in capital | 685,992 | 648,914 | ||||||
Treasury stock at cost | (297,778 | ) | (255,301 | ) | ||||
Accumulated other comprehensive income (loss) | 60 | (1 | ) | |||||
Retained earnings | 92,139 | 2,834 | ||||||
Total stockholders’ equity | 480,541 | 396,571 | ||||||
Total liabilities and stockholders’ equity | $ | 1,039,303 | $ | 1,097,961 | ||||
ADEIA INC. | ||||||||
Twelve Months Ended | ||||||||
December 31, | December 31, | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 111,075 | $ | 64,623 | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||
Depreciation of property and equipment | 1,960 | 2,058 | ||||||
Amortization of intangible assets | 56,621 | 70,721 | ||||||
Stock-based compensation expense | 34,674 | 26,641 | ||||||
Deferred income tax and other | 33,678 | (7,141 | ) | |||||
Loss on debt extinguishment | — | 453 | ||||||
Amortization of debt issuance costs | 3,353 | 3,475 | ||||||
Other | (462 | ) | (1,573 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 5,516 | 6,256 | ||||||
Unbilled contracts receivable | (65,214 | ) | (18,052 | ) | ||||
Other assets | (5,505 | ) | 7,414 | |||||
Accounts payable | (2,457 | ) | (372 | ) | ||||
Accrued and other liabilities | (776 | ) | 3,684 | |||||
Deferred revenue | (14,377 | ) | 54,274 | |||||
Net cash provided by operating activities | 158,086 | 212,461 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (1,806 | ) | (1,821 | ) | ||||
Purchases of intangible assets | (6,950 | ) | (20,476 | ) | ||||
Purchases of short-term investments | (57,301 | ) | (33,175 | ) | ||||
Proceeds from sales of investments | 1,496 | — | ||||||
Proceeds from maturities of investments | 24,300 | 31,450 | ||||||
Net cash used in investing activities | (40,261 | ) | (24,022 | ) | ||||
Cash flows from financing activities: | ||||||||
Principal payments on debt agreements | (60,356 | ) | (114,167 | ) | ||||
Payments of dividends | (21,770 | ) | (21,767 | ) | ||||
Proceeds from employee stock purchase program and exercise of stock options | 2,404 | 3,247 | ||||||
Repurchases of common stock | (21,335 | ) | (18,706 | ) | ||||
Repurchases of common stock for tax withholdings on equity awards | (22,457 | ) | (12,781 | ) | ||||
Net cash used in financing activities | (123,514 | ) | (164,174 | ) | ||||
Net increase in cash and cash equivalents | (5,689 | ) | 24,265 | |||||
Cash and cash equivalents at beginning of period | 78,825 | 54,560 | ||||||
Cash and cash equivalents at end of period | $ | 73,136 | $ | 78,825 | ||||
ADEIA INC. | ||||||||||||||||
Net income | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
GAAP net income | $ | 73,711 | $ | 36,028 | $ | 111,075 | $ | 64,623 | ||||||||
Adjustments to GAAP net income: | ||||||||||||||||
Stock-based compensation expense: | ||||||||||||||||
Research and development | 1,544 | 1,178 | 5,688 | 4,206 | ||||||||||||
Selling, general and administrative | 7,503 | 6,307 | 28,986 | 22,435 | ||||||||||||
Amortization expense | 14,194 | 13,934 | 56,621 | 70,721 | ||||||||||||
Transaction costs recorded in selling, general and administrative | — | — | 1,177 | 1,255 | ||||||||||||
Separation and other related costs recorded in selling, general and administrative(1) | 1,464 | 843 | 8,177 | 5,047 | ||||||||||||
Total operating expenses adjustments | 24,705 | 22,262 | 100,649 | 103,664 | ||||||||||||
Loss on debt extinguishment | — | — | — | 453 | ||||||||||||
Non-GAAP tax adjustment(2) | (1,645 | ) | (5,356 | ) | (25,714 | ) | (26,055 | ) | ||||||||
Non-GAAP net income | $ | 96,771 | $ | 52,934 | $ | 186,010 | $ | 142,685 | ||||||||
Diluted earnings per share | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
GAAP diluted earnings per share | $ | 0.65 | $ | 0.32 | $ | 0.99 | $ | 0.57 | ||||||||
Adjustments to GAAP diluted earnings per share: | ||||||||||||||||
Stock-based compensation expense: | ||||||||||||||||
Research and development | 0.01 | 0.01 | 0.05 | 0.04 | ||||||||||||
Selling, general and administrative | 0.07 | 0.06 | 0.26 | 0.20 | ||||||||||||
Amortization expense | 0.13 | 0.12 | 0.50 | 0.63 | ||||||||||||
Transaction costs recorded in selling, general and administrative | — | — | 0.01 | 0.01 | ||||||||||||
Separation and other related costs recorded in selling, general and administrative(1) | 0.01 | 0.01 | 0.07 | 0.04 | ||||||||||||
Total operating expenses adjustments | 0.22 | 0.20 | 0.89 | 0.92 | ||||||||||||
Loss on debt extinguishment | — | — | — | — | ||||||||||||
Non-GAAP tax adjustment(2) | (0.01 | ) | (0.05 | ) | (0.23 | ) | (0.23 | ) | ||||||||
Non-GAAP diluted earnings per share | $ | 0.86 | $ | 0.47 | $ | 1.65 | $ | 1.26 | ||||||||
(1) Represents separation and related costs that were incurred subsequent to the separation on October 1, 2022, including expenses incurred on a transitional basis under a contract shared with Xperi Inc.
(2) The provision for income taxes is adjusted to reflect the net income tax effects of the various non-GAAP pretax adjustments.
ADEIA INC. | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
GAAP net income | $ | 73,711 | $ | 36,028 | $ | 111,075 | $ | 64,623 | ||||||||
Adjustments to GAAP net income: | ||||||||||||||||
Stock-based compensation expense: | ||||||||||||||||
Research and development | 1,544 | 1,178 | 5,688 | 4,206 | ||||||||||||
Selling, general and administrative | 7,503 | 6,307 | 28,986 | 22,435 | ||||||||||||
Transaction costs recorded in selling, general and administrative | — | — | 1,177 | 1,255 | ||||||||||||
Separation and other related costs recorded in selling, general and administrative(1) | 1,464 | 843 | 8,176 | 5,047 | ||||||||||||
Amortization expense | 14,194 | 13,934 | 56,621 | 70,721 | ||||||||||||
Depreciation expense | 484 | 522 | 1,960 | 2,058 | ||||||||||||
Interest expense | 9,440 | 12,310 | 40,359 | 52,539 | ||||||||||||
Other income and expense, net | (1,657 | ) | (1,311 | ) | (6,279 | ) | (5,570 | ) | ||||||||
Loss on debt extinguishment | — | — | — | 453 | ||||||||||||
Provision for income taxes | 27,260 | 10,455 | 29,848 | 16,564 | ||||||||||||
Adjusted EBITDA | $ | 133,943 | $ | 80,266 | $ | 277,611 | $ | 234,331 | ||||||||
(1) Represents separation and related costs that were incurred subsequent to the separation on October 1, 2022, including expenses incurred on a transitional basis under a contract shared with Xperi Inc.
ADEIA INC. | |||||||
Year Ended | |||||||
December 31, 2026 | |||||||
Low | High | ||||||
GAAP operating expenses | $ | 295.0 | $ | 305.0 | |||
Amortization expense | 64.0 | 65.0 | |||||
Stock-based compensation expense | 39.0 | 40.0 | |||||
Separation and related costs(1) | 8.0 | 8.0 | |||||
Total of non-GAAP adjustments | 111.0 | 113.0 | |||||
Non-GAAP operating expenses | $ | 184.0 | $ | 192.0 | |||
(1) Represents separation and related costs that were incurred subsequent to the separation on October 1, 2022, including expenses incurred on a transitional basis under a contract shared with Xperi Inc.
ADEIA INC. | |||||||
Year Ended | |||||||
December 31, 2026 | |||||||
Low | High | ||||||
GAAP net income | $ | 57.2 | $ | 80.4 | |||
Amortization expense | 64.0 | 65.0 | |||||
Stock-based compensation expense | 39.0 | 40.0 | |||||
Separation and related costs(1) | 8.0 | 8.0 | |||||
Total of non-GAAP operating expenses | 111.0 | 113.0 | |||||
Non-GAAP tax adjustment(2) | (24.0 | ) | (24.7 | ) | |||
Non-GAAP net income | $ | 144.2 | $ | 168.7 | |||
(1) Represents separation and related costs that were incurred subsequent to the separation on October 1, 2022, including expenses incurred on a transitional basis under a contract shared with Xperi Inc.
(2) The provision for income taxes is adjusted to reflect the net income tax effects of the various non-GAAP pretax adjustments.
ADEIA INC. | |||||||
Year Ended | |||||||
December 31, 2026 | |||||||
Low | High | ||||||
GAAP net income | $ | 57.2 | $ | 80.4 | |||
Stock-based compensation expense | 39.0 | 40.0 | |||||
Separation and related costs(1) | 8.0 | 8.0 | |||||
Amortization expense | 64.0 | 65.0 | |||||
Depreciation expense | 2.4 | 2.4 | |||||
Interest expense | 34.0 | 36.0 | |||||
Other income | (5.5 | ) | (6.5 | ) | |||
Income tax expense | 14.3 | 20.1 | |||||
Total of non-GAAP adjustments | 156.2 | 165.0 | |||||
Adjusted EBITDA | $ | 213.4 | $ | 245.4 | |||
(1) Represents separation and related costs that were incurred subsequent to the separation on October 1, 2022, including expenses incurred on a transitional basis under a contract shared with Xperi Inc.