Adeia(ADEA) - 2024 Q4 - Annual Results

Financial Performance - Revenue for Q4 2024 was $119.2 million, up from $86.1 million in Q3 2024, representing a 38.5% increase[5] - GAAP net income for Q4 2024 was $36.0 million, compared to $12.7 million in Q4 2023, marking an increase of 183.5%[21] - Non-GAAP diluted EPS for Q4 2024 was $0.47, compared to $0.11 in Q4 2023[5] - GAAP net income for the twelve months ended December 31, 2024, was $64,623, a decrease of 4.1% compared to $67,372 in 2023[28] - Non-GAAP net income for the twelve months ended December 31, 2024, was $142,685, down 9.2% from $157,216 in 2023[28] - GAAP diluted earnings per share for the twelve months ended December 31, 2024, was $0.57, a decrease from $0.60 in 2023[29] - GAAP net income for the year ended December 31, 2025, is projected to be between $76.5 million and $81.6 million[36] - Non-GAAP net income is expected to range from $144.0 million to $167.5 million[36] Cash Flow and Debt Management - Operating cash flows for Q4 2024 were $107.5 million, contributing to a full-year total of $212.5 million[5] - The company paid down $50 million of debt in Q4 2024, reducing the outstanding balance to $487.1 million[7] - Net cash from operating activities for the twelve months ended December 31, 2024, was $212,461, a 39.1% increase from $152,755 in 2023[25] - Cash and cash equivalents at the end of the period increased to $78,825, up 44.4% from $54,560 in 2023[25] Stockholder Returns and Equity - The company repurchased $20 million of common stock in Q4 2024, totaling over 1.4 million shares[7] - The company declared a quarterly cash dividend of $0.05 per share, payable on March 31, 2025[9] - Total stockholders' equity increased to $396,571, up 11.2% from $356,622 in 2023[23] Assets and Liabilities - Total current assets increased to $258,376, up 25.5% from $205,842 in 2023[23] - Total liabilities decreased to $701,390, down 6.3% from $748,934 in 2023[23] Future Projections - The company plans for 2025 revenue guidance between $390 million and $430 million[10] - Projected non-GAAP operating expenses for the year ended December 31, 2025, are estimated between $166.0 million and $174.0 million[34] - Adjusted EBITDA is forecasted to be between $226.3 million and $258.3 million[39] - Total non-GAAP operating expenses are estimated to be between $97.0 million and $101.0 million[36] Expenses - Stock-based compensation expense is projected to be between $36.0 million and $38.0 million[39] - Separation and related costs are expected to be between $6.0 million and $8.0 million[39] - Amortization expense is estimated to be $55.0 million[39] - Interest expense is projected to be between $41.0 million and $43.0 million[39] - Income tax expense is expected to range from $13.5 million to $34.9 million[39] - Total of non-GAAP adjustments is estimated to be between $149.8 million and $176.7 million[39] Patent Portfolio - The total patent portfolio grew by 12% year-over-year, ending 2024 with over 12,000 patent assets[2] Business Development - The company signed 10 deals in Q4 2024, bringing the total for the year to 32, including strategic agreements with Amazon and Canon[2] Adjusted EBITDA - Adjusted EBITDA for the twelve months ended December 31, 2024, was $234,331, a decrease of 10.7% from $262,271 in 2023[32]