$ADEA

Adeia Inc.

CIK:0001803696|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 96,117	$ 85,735	$ 200,889	$ 173,405
Operating expenses:
Research and development	18,341	15,857	36,543	32,324
Selling, general and administrative	30,980	32,129	60,814	60,561
Amortization expense	16,089	14,170	32,020	28,252
Litigation expense	5,334	7,174	11,307	13,028
Total operating expenses	70,744	69,330	140,684	134,165
Operating income	25,373	16,405	60,205	39,240
Interest expense	(8,035)	(10,216)	(16,581)	(20,865)
Other income and expense, net	1,666	1,434	3,359	3,146
Income before income taxes	19,004	7,623	46,983	21,521
Provision (benefit) for income taxes	1,638	(9,099)	6,844	(7,015)
Net income	$ 17,366	$ 16,722	$ 40,139	$ 28,536
Net income per share:
Basic	$ 0.16	$ 0.15	$ 0.37	$ 0.26
Diluted	$ 0.15	$ 0.15	$ 0.35	$ 0.25
Weighted average number of shares used in per share calculations
Basic	110,223	108,832	109,864	108,387
Diluted	114,398	112,179	114,303	112,597

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 40,139	$ 28,536
Adjustments to reconcile net income to net cash from operating activities:
Depreciation	972	997
Amortization of intangible assets	32,020	28,252
Stock-based compensation expense	19,213	16,944
Deferred income taxes	(2,778)	(4,917)
Amortization of debt issuance costs	1,739	1,652
Other	(97)	(230)
Changes in operating assets and liabilities:
Accounts receivable	14,343	5,521
Unbilled contracts receivable	1,611	11,866
Other assets	(2,008)	(15,557)
Accounts payable	(540)	(4,198)
Accrued and other liabilities	(12,274)	1,565
Deferred revenue	20,782	9,825
Net cash provided by operating activities	113,122	80,256
Cash flows from investing activities:
Purchases of property and equipment	(995)	(420)
Purchases of intangible assets	(14,992)	(5,350)
Purchases of short-term investments	(19,257)	(12,989)
Proceeds from maturities of investments	18,397	12,600
Net cash used in investing activities	(16,847)	(6,159)
Cash flows from financing activities:
Payment of dividends	(11,038)	(10,857)
Principal payments on debt agreements	(34,178)	(28,178)
Proceeds from employee stock purchase program and exercise of stock options	1,483	1,392
Repurchases of common stock for tax withholdings on equity awards	(32,886)	(19,706)
Repurchases of common stock	(20,011)	(11,326)
Net cash used in financing activities	(96,630)	(68,675)
Net (decrease) increase in cash and cash equivalents	(355)	5,422
Cash and cash equivalents at beginning of period	73,136	78,825
Cash and cash equivalents at end of period	72,781	84,247
Supplemental disclosure of cash flow information:
Interest paid	12,748	17,722
Income taxes paid, net of refunds	11,520	13,599
Long-lived assets received in lieu of cash	$ 1,970	$ 0

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 72,781

$ 73,136

Marketable securities

64,300

63,597

Total cash, cash equivalents, and marketable securities

137,081

136,733

Accounts receivable, net of allowance for credit losses of $713 and $713, respectively

14,288

28,631

Unbilled contracts receivable, net

132,946

129,829

Other current assets

10,803

8,765

Total current assets

295,118

303,958

Long-term unbilled contracts receivable

44,771

49,499

Property and equipment, net

6,186

6,113

Operating lease right-of-use assets

7,590

8,177

Intangible assets, net

288,399

303,456

Goodwill

313,660

Other long-term assets

57,775

54,440

Total assets

1,013,499

1,039,303

Current liabilities:

Accounts payable

4,337

4,827

Accrued liabilities

21,709

34,250

Current portion of long-term debt

20,986

20,975

Deferred revenue

43,852

19,726

Total current liabilities

90,884

79,778

Deferred revenue, less current portion

48,601

49,975

Long-term debt, net

365,029

397,479

Noncurrent operating lease liabilities

8,652

^[1]

8,734

Long-term income tax payable

7,623

7,273

Other long-term liabilities

15,523

Total liabilities

536,312

558,762

Commitments and contingencies (Note 14)

Stockholders' equity:

Preferred stock: $0.001 par value; (2026: authorized 15,000 shares; 2025: authorized 15,000 shares and no shares issued and outstanding)

Common stock: $0.001 par value; (2026: authorized 350,000 shares, issued 131,537 shares, outstanding 110,262 shares; 2025: authorized 350,000 shares, issued 127,923 shares, outstanding 108,999 shares)

132

128

Additional paid-in capital

706,688

685,992

Treasury stock at cost (2026: 21,274 shares; 2025: 18,924 shares)

(350,675)

(297,778)

Accumulated other comprehensive income (loss)

(198)

Retained earnings

121,240

92,139

Total stockholders' equity

477,187

480,541

Total liabilities and equity

$ 1,013,499

$ 1,039,303

[1]	Future minimum lease payments exclude short-term leases as well as payments to landlords for variable common area maintenance, insurance and real estate taxes.