Adeia(ADEA)2025-05-06 20:05Revenue Performance - Revenue increased by $4.3 million, or 5.1%, from $83.4 million in 2024 to $87.7 million in 2025[139] - Recurring revenues increased by $1.6 million, or 2.0%, from $82.8 million in 2024 to $84.4 million in 2025[139] - Non-recurring revenues increased by $2.7 million, or 418.4%, from $0.6 million in 2024 to $3.3 million in 2025[139] Cash Flow and Operating Activities - Cash provided by operating activities decreased by $10.1 million, or 15.0%, from $67.2 million in 2024 to $57.1 million in 2025[139] - Net cash provided by operating activities was $57.1 million for the three months ended March 31, 2025, down from $67.2 million in the same period of 2024[167][168] - Cash and cash equivalents increased to $84.2 million as of March 31, 2025, compared to $78.8 million as of December 31, 2024[158] Expenses - Research and development expenses increased by $2.5 million, or 18%, from $13.9 million in 2024 to $16.5 million in 2025[144] - Selling, general and administrative expenses increased by $4.4 million, or 18%, from $24.0 million in 2024 to $28.4 million in 2025[147] - Amortization expense decreased by $9.1 million, or 39%, from $23.2 million in 2024 to $14.1 million in 2025[148] - Litigation expenses increased by $2.9 million, or 100%, from $2.9 million in 2024 to $5.9 million in 2025[149] - Interest expense decreased by $3.5 million, or 25%, from $14.2 million in 2024 to $10.6 million in 2025[151] Income and Taxes - Provision for income taxes decreased to $2.1 million for the three months ended March 31, 2025, a 63% reduction from $5.7 million in the same period of 2024, resulting in an effective tax rate of 15.0%[154][155] Financing and Capital Expenditures - The outstanding balance of the term loan was $470.0 million as of March 31, 2025, after $17.1 million in principal payments[139] - Capital expenditures for intangible assets were $5.4 million for the three months ended March 31, 2025, with expectations of approximately $1.0 million for the remainder of 2025[171] - As of March 31, 2025, $470.0 million was outstanding under the term loan B facility, with future minimum principal payments of $18.3 million in 2025 and $24.4 million each year from 2026 to 2027[178] Stock Repurchase - The company repurchased approximately 0.8 million shares of common stock at an average price of $13.19 per share for a total cost of $10.0 million during the three months ended March 31, 2025[165] - The total remaining amount available for stock repurchase under the plan was $170.0 million as of March 31, 2025[165] Accounting and Risk Disclosures - No significant changes in critical accounting policies and estimates during the three months ended March 31, 2025[179] - For a full description of recent accounting pronouncements, refer to the Notes to Condensed Consolidated Financial Statements[180] - Market risk disclosures are detailed in Part II, Item 7A of the Annual Report on Form 10-K[182] Other Income - Other income and expense, net increased to $1.7 million for the three months ended March 31, 2025, up 22% from $1.4 million in the same period of 2024[153]