0000950170-24-019362 | 10-K | XBRL Viewer

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Fair Value (Additional Information) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Non-recurring fair vaue \| Patents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of patent	$ 4.4

Stockholders' Equity - Summary of Stock Options Outstanding and Exercisable (Details) - $8.99 - $21.60	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Low End	$ 8.99
Range of Exercise Prices, Upper End	$ 21.6
Number Outstanding (in thousands) \| shares	213
Weighted Average Remaining Contractual Life (in years)	1 year 9 months
Weighted Average Exercise Price per Share	$ 14.26
Number Exercisable (in thousands) \| shares	213
Weighted Average Exercise Price per Share	$ 14.26

Summary of Significant Accounting Policies - Long-Lived Assets (Details)	Dec. 31, 2023
Equipment, furniture and other \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	1 year
Equipment, furniture and other \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Building and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Quarterly Results Of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Data

The following quarterly financial data should be read in conjunction with the consolidated financial statements (in thousands, except per share amounts):


	Three Months Ended
	Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021
Revenue	$	103,290		$	89,296		$	107,815		$	138,532		$	89,705		$	101,647		$	101,846		$	98,014
Total operating expenses		70,047			73,654			73,094			69,078			72,738			64,160			70,385			64,901
Operating income from continuing operations		33,243			15,642			34,721			69,454			16,967			37,487			31,461			33,113
Income from continuing operations before income taxes		18,640			4,058			25,712			61,362			7,354			29,249			13,564			22,644
Provision for (benefit from) income taxes		(55,090	)		10,401			10,552			5,517			(11,314	)		8,676			(387	)		7,853
Net income from continuing operations		73,730			(6,343	)		15,160			55,845			18,668			20,573			13,951			14,791
Net loss attributable to discontinued operations, net of tax		—			(382,585	)		(20,785	)		(30,902	)		(33,227	)		(65,640	)		(15,069	)		(9,504	)
Net income (loss) attributable to the Company	$	73,730		$	(388,928	)	$	(5,625	)	$	24,943		$	(14,559	)	$	(45,067	)	$	(1,118	)	$	5,287
Income (loss) per share:
Basic
Continuing operations	$	0.70		$	(0.06	)	$	0.15		$	0.54		$	0.18		$	0.20		$	0.13		$	0.14
Discontinued operations		—			(3.66	)		(0.20	)		(0.30	)		(0.32	)		(0.63	)		(0.14	)		(0.09	)
Net income (loss)	$	0.70		$	(3.72	)	$	(0.05	)	$	0.24		$	(0.14	)	$	(0.43	)	$	(0.01	)	$	0.05
Diluted
Continuing operations	$	0.65		$	(0.06	)	$	0.14		$	0.53		$	0.18		$	0.19		$	0.13		$	0.14
Discontinued operations		—			(3.61	)		(0.20	)		(0.29	)		(0.31	)		(0.61	)		(0.14	)		(0.09	)
Net income (loss)	$	0.65		$	(3.67	)	$	(0.06	)	$	0.24		$	(0.13	)	$	(0.42	)	$	(0.01	)	$	0.05
Weighted average number of shares-basic		105,135			104,510			104,001			103,679			104,249			104,849			104,906			104,940
Weighted average number of shares-diluted		113,392			105,850			105,160			105,332			105,915			106,910			107,267			107,776

Stock-Based Compensation Expense - Effect of Recording Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 18,057	$ 22,845	$ 25,628
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2,911	1,644	1,895
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 15,146	$ 21,201	$ 23,733

Goodwill and Identified Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 69,815
2025	53,737
2026	53,603
2027	53,251
2028	48,208
Thereafter	68,558
Finite-lived intangible assets, Net	$ 347,172	$ 432,476

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Advertising expense	$ 10.5	$ 5.5

Discontinued Operations - Schedule of Unaudited Pro Forma Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
MobiTV
Business Acquisition [Line Items]
Net income (loss) attributable to discontinued operations		$ (71,169)
Vewd Acquisition
Business Acquisition [Line Items]
Net income (loss) attributable to discontinued operations	$ (377,614)	$ (62,976)

Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Income (Loss) Attributable to Parent [Abstract]
Net income from continuing operations	$ 73,730	$ (6,343)	$ 15,160	$ 55,845	$ 18,668	$ 20,573	$ 13,951	$ 14,791	$ 67,372	$ 138,392	$ 67,983
Net loss attributable to discontinued operations	0	(382,585)	(20,785)	(30,902)	(33,227)	(65,640)	(15,069)	(9,504)	0	(434,272)	(123,440)
Net income (loss) attributable to the Company	$ 73,730	$ (388,928)	$ (5,625)	$ 24,943	$ (14,559)	$ (45,067)	$ (1,118)	$ 5,287	$ 67,372	$ (295,880)	$ (55,457)
Denominator:
Weighted average common shares outstanding	105,135	104,510	104,001	103,679	104,249	104,849	104,906	104,940	106,554	104,336	104,735
Add: Effect of dilutive securities associated with options									0	0	17
Add: Effect of dilutive securities associated with restricted stock awards and units									6,293	3,244	2,513
Add: Effect of dilutive securities associated with employee stock purchase program									2	0	0
Weighted average common shares - dilutive	113,392	105,850	105,160	105,332	105,915	106,910	107,267	107,776	112,849	107,580	107,265
Basic net income (loss) per share
Continuing operations	$ 0.7	$ (0.06)	$ 0.15	$ 0.54	$ 0.18	$ 0.2	$ 0.13	$ 0.14	$ 0.63	$ 1.33	$ 0.65
Discontinued operations	0	(3.66)	(0.2)	(0.3)	(0.32)	(0.63)	(0.14)	(0.09)	0	(4.16)	(1.18)
Net income (loss)	0.7	(3.72)	(0.05)	0.24	(0.14)	(0.43)	(0.01)	0.05	0.63	(2.83)	(0.53)
Diluted net income (loss) per share
Continuing operations	0.65	(0.06)	0.14	0.53	0.18	0.19	0.13	0.14	0.6	1.29	0.63
Discontinued operations	0	(3.61)	(0.2)	(0.29)	(0.31)	(0.61)	(0.14)	(0.09)	0	(4.04)	(1.15)
Net income (loss)	$ 0.65	$ (3.67)	$ (0.06)	$ 0.24	$ (0.13)	$ (0.42)	$ (0.01)	$ 0.05	$ 0.6	$ (2.75)	$ (0.52)
Anti-dilutive employee stock-based awards, excluded									616	1,758	2,780

Fair Value - Schedule of Fair Value Assets Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 34,790	$ 33,122
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,778	4,107
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	29,012	29,015
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,778	4,107
Money market funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,778	4,107
Money market funds \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Money market funds \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Treasury and agency notes and bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	10,745
Treasury and agency notes and bills \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Treasury and agency notes and bills \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	10,745
Treasury and agency notes and bills \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,845
Corporate bonds and notes \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Corporate bonds and notes \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,845
Corporate bonds and notes \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	12,422	29,015
Commercial paper \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Commercial paper \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	12,422	29,015
Commercial paper \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0	$ 0

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity

NOTE 13 – STOCKHOLDERS’ EQUITY

Equity Incentive Plans

The 2020 EIP

On June 1, 2020, the Company adopted the 2020 Equity Incentive Plan (the “2020 EIP”). Under the 2020 EIP, the Company may grant equity-based awards to employees, non-employee directors, and consultants for services rendered to the Company (or any parent or subsidiary) in the form of stock options, stock awards, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and performance awards (or any combination thereof). A total of 16.8 million shares have been reserved for issuance under the 2020 EIP provided that each share issued pursuant to “full value” awards (i.e., stock awards, restricted stock awards, restricted stock units, performance awards and dividend equivalents) are counted against shares available for issuance under the 2020 EIP on a 1.5 to 1 ratio. At the 2022 Annual Stockholders Meeting on April 29, 2022, the Company’s shareholders approved an amendment to the 2020 EIP and increased by 8.8 million the number of shares reserved for issuance.

The 2020 EIP provides for option grants designed as either incentive stock options or non-statutory options. Options generally are granted with an exercise price not less than the value of the common stock on the grant date and have a term of ten years from the date of grant and vest over a four-year period. The vesting criteria for restricted stock awards and restricted stock units is generally the passage of time or meeting certain performance-based objectives, and continued employment through the vesting period, which is generally four years for time-based awards.

Assumed Plans

On June 1, 2020, the Company assumed all then-outstanding stock options, awards, and shares available and reserved for issuance under all legacy Equity Incentive Plans of TiVo (collectively, the “Assumed Plans”). Stock options assumed from the Assumed Plans generally have vesting periods of four years and a contractual term of seven years. Awards of restricted stock and restricted stock units assumed from the Assumed Plans are generally subject to a four year vesting period. The number of shares subject to stock options and restricted stock unit awards outstanding under these plans are included in the tables below. Shares reserved under the Assumed Plans will be available for future grants.

As of December 31, 2023, there were 3.6 million shares reserved for future grants under both the 2020 EIP and the Assumed Plans.

A summary of the stock option activity is presented below (in thousands, except per share amounts):


	Options Outstanding
	Number of Shares Subject to Options			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value
Balance at December 31, 2020		637		$	29.59
Options granted		—		$	—
Options exercised		(39	)	$	20.03
Options canceled / forfeited / expired		(151	)	$	44.99
Balance at December 31, 2021		447		$	25.22
Options granted		—		$	—
Options exercised		(10	)	$	13.96
Options canceled / forfeited / expired		(73	)	$	37.24
Balance at December 31, 2022		364
Options granted		—
Options exercised		(81	)	$	10.87
Options canceled / forfeited / expired		(70	)	$	11.87
Balance at December 31, 2023		213					1.75	$	103
Vested and expected to vest at December 31, 2023		213					1.75	$	103
Exercisable at December 31, 2023		213					1.75	$	103

The following table summarizes information about stock options outstanding and exercisable under all of the Company’s plans at December 31, 2023:


	Options Outstanding			Options Exercisable
Range of Exercise Prices per Share	Number Outstanding (in thousands)	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price per Share	Number Exercisable (in thousands)	Weighted Average Exercise Price per Share
$8.99 - $21.60	213	1.75	$14.26	213	$14.26

Restricted Stock Awards

Information with respect to outstanding restricted stock awards (including both time-based vesting and performance-based vesting) as of December 31, 2023 is as follows (in thousands, except per share amounts):


	Restricted Stock Awards
	Number of Shares Subject to Time- based Vesting			Number of Shares Subject to Performance- based Vesting			Total Number of Shares			Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2020		5,662			1,061			6,723		$	16.63
Awards granted		3,959			650			4,609		$	22.77
Awards vested / earned		(1,916	)		(87	)		(2,003	)	$	17.79
Awards canceled / forfeited		(890	)		(99	)		(989	)	$	17.75
Balance at December 31, 2021		6,815			1,525			8,340		$	19.61
Awards granted		5,417			514			5,931		$	12.56
Awards vested / earned		(2,281	)		(340	)		(2,621	)	$	18.59
Awards canceled / forfeited		(903	)		(174	)		(1,077	)	$	18.29
Balance at December 31, 2022		9,048			1,525			10,573		$	10.48
Awards granted		2,064			821			2,885		$	10.13
Awards vested / earned		(3,042	)		(32	)		(3,074	)	$	9.86
Awards canceled / forfeited		(479	)		(533	)		(1,012	)	$	11.68
Balance at December 31, 2023		7,591			1,781			9,372		$	10.44

Performance Awards

Performance awards may be granted to employees or consultants based upon, among other things, the contributions, responsibilities and other compensation of the particular employee or consultant. The value and the vesting of such performance awards are generally linked to one or more performance goals or certain market conditions determined by the Company, in each case on a specified date or dates or over any period or periods determined by the Company, and may range from zero to 200 percent of the grant. For performance awards subject to a market vesting condition (“market-based PSUs”), the fair value per award is fixed at the grant date and the amount of compensation expense is not adjusted during the performance period regardless of changes in the level of achievement of the market condition.

Employee Stock Purchase Plans

On June 1, 2020, the Company adopted the 2020 Employee Stock Purchase Plan (the “2020 ESPP”). The 2020 ESPP is implemented through consecutive overlapping 24-month offering periods, each of which is comprised of four six-month purchase periods. The first offering period commenced on September 1, 2020 and ended on August 31, 2022. Due to the Separation, the next offering period under the 2020 ESPP plan commenced on December 1, 2022. Each subsequent offering period under the 2020 ESPP will be twenty-four (24) months long and will commence on each December 1 with four six-month purchase periods. Participants may contribute up to 100% of their base earnings and commissions through payroll deductions, and the accumulated deductions will be applied to the purchase of shares on each semi-annual purchase date. The purchase price per share will equal 85% of the fair market value per share on the start date of the offering period or, if lower, 85% of the fair market value per share on the semi-annual purchase date.

An eligible employee’s right to buy the Company’s common stock under the 2020 ESPP may not accrue at a rate in excess of $25,000 of the fair market value of such shares per calendar year for each calendar year of an offering period. If the fair market value per share of the Company’s common stock on any purchase date during an offering period is less than the fair market value per share on the start date of the 24-month offering period, then that offering period will automatically terminate and a new 24-month offering period will begin on the next business day. All participants in the terminated offering will be transferred to the new offering period. Due to the fair market value per share of Company’s common stock on November 30, 2023 as compared to the fair market value per share on June 1, 2023, the offering period was automatically terminated and a new 24-month offering period began on December 1, 2023 and will end on November 30, 2025.

At the 2022 Annual Stockholders Meeting on April 29, 2022, the Company’s shareholders approved an amendment to the 2020 ESPP and increased by 6.0 million the number of shares reserved for issuance. As of December 31, 2023, there were 5.3 million shares reserved for grant under the Company’s 2020 ESPP.

Modification of Equity Awards

In connection with the Separation and under the provisions of the existing plans described above, the Company’s outstanding stock options and equity awards were converted to units denominated in the equity of the Company, Xperi Inc., or both. The number of units and exercise prices of outstanding stock options and equity awards were converted based on the conversion ratios established in the Employee Matters Agreement that the Company entered into in connection with the Separation. The intent of the conversion ratios was to preserve the value of the awards immediately before and after the Separation. Upon the Separation, employees holding stock options and equity awards denominated in the Company’s pre-Separation stock received a number of otherwise-similar stock options and awards in post-Separation Company’s stock and/or Xperi Inc.’s stock based on the conversion ratios outlined for each group of employees. For purposes of the vesting of these equity awards, continued employment or service with the Company or with Xperi Inc. is treated as continued employment for purposes of both the Company’s and Xperi Inc.’s equity awards and the vesting terms of each converted grant remained unchanged. There were no changes to the plan terms described above with the exception that the price on the grant date, or October 1, 2022 was adjusted to exclude the value of Xperi Inc. based on the conversion ratios applied to other equity awards.

Dividends

Stockholders of the Company’s common stock are entitled to receive dividends when declared by the Company’s Board of Directors. For the years ended December 31, 2023, 2022 and 2021, dividends declared in the aggregate for each year were $0.20 per common share, respectively.

The capacity to pay dividends in the future depends on many factors, including the Company’s financial condition, results of operations, capital requirements, capital structure, industry practice and other business conditions that the Board of Directors considers relevant.

Stock Repurchase Programs

On June 12, 2020 the Board of Directors (the “Board”) of the Company authorized a new stock repurchase program providing for the repurchase of up to $150.0 million of the Company’s Common Stock dependent on market conditions, share prices and other factors. On April 22, 2021, the Board authorized an additional $100.0 million of purchases under the existing stock repurchase plan.

There were no shares repurchased during the year ended December 31, 2023. As of December 31, 2022, the Company has repurchased a total of approximately 10.0 million shares of common stock, since inception of the plan, at an average price of $17.24 per share for a total cost of $172.2 million. The shares repurchased are recorded as treasury stock and are accounted for under the cost method. No expiration date has been specified for this plan. As of December 31, 2023, the total remaining amount available for repurchase under this plan was $77.8 million. The Company may execute authorized repurchases from time to time under the plan.

The Company accounts for stock repurchases using the cost method and records retirement of treasury stock as a reduction of the cumulative treasury stock paid-in capital balance. Once the cumulative balance is reduced to zero, any remaining difference resulting from the retirement of treasury stock is recorded as a reduction of retained earnings.

The Company issues restricted stock awards as part of the equity incentive plans described above. For the majority of restricted awards, shares are withheld to satisfy required withholding taxes at the vesting date. Shares withheld to satisfy required withholding taxes in connection with the vesting of restricted awards are treated as common stock repurchases in the consolidated financial statements because they reduce the number of shares that would have been issued on vesting. However, these withheld shares are not included in common stock repurchases under the Company’s authorized share repurchase plan. During the year ended December 31, 2023, 2022 and 2021, the Company withheld 1.1 million, 1.0 million and 0.8 million shares of common stock to satisfy $11.3 million, $15.9 million and $15.9 million of required withholding taxes, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Revenue - Schedule of Remaining Performance Obligations (Details 1) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 526,432

Financial Instruments - Estimated Fair Value of Marketable Debt Securities by Contractual Maturity (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Amortized Cost
Amortized Cost, Due in one year or less	$ 25,040
Amortized Cost, Due in one to two years	2,464
Amortized Cost, Due in two to three years	1,476
Amortized Cost, Total	28,980
Estimated Fair Value
Estimated Fair Value, Due in one year or less	25,038
Estimated Fair Value, Due in one to two years	2,482
Estimated Fair Value, Due in two to three years	1,492
Estimated Fair Value, Total	$ 29,012

Debt - Summary of Future Minimum Principal Payments for Long-term Debt, Excluding Any Additional Payment Required by the Excess Cash Flow Provision (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 40,500
2025	40,500
2026	40,500
2027	40,500
2028	439,250
Total	$ 601,250

Revenue - Additional Information (Details) $ in Thousands	12 Months Ended
Revenue - Additional Information (Details) $ in Thousands	Dec. 31, 2023 USD ($) RevenueModel	Dec. 31, 2022 USD ($)
Revenue Recognition [Line Items]
Accounts receivable allowance for credit losses \| $	$ 1,463	$ 713
Number of revenue models used for company licenses \| RevenueModel	3
Maximum
Revenue Recognition [Line Items]
Practical expedient, timing of revenue recognition differs from the timing of cash collection, period	1 year
Revenue recognition practical expedient amortization period	1 year
Practical expedient revenue expected to be recognized from unsatisfied performance obligations, duration	1 year

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 388,788	$ 438,933	$ 391,212
Operating expenses:
Research and development	54,264	44,579	39,608
Selling, general and administrative	95,226	135,630	129,214
Amortization expense	93,735	97,077	98,090
Litigation expense	9,333	8,587	5,272
Total operating expenses	252,558	285,873	272,184
Operating income from continuing operations	136,230	153,060	119,028
Interest expense	(62,574)	(45,335)	(38,973)
Other income and expense, net	6,320	2,047	768
Loss on debt extinguishment	0	0	(8,012)
Income from continuing operations before income taxes	79,976	109,772	72,811
Provision for (benefit from) income taxes	12,604	(28,620)	4,828
Net income from continuing operations	67,372	138,392	67,983
Net loss from discontinued operations, net of tax	0	(436,978)	(126,896)
Net income (loss)	67,372	(298,586)	(58,913)
Less: Net loss attributable to non-controlling interest in discontinued operations	0	(2,706)	(3,456)
Net income (loss) attributable to the Company	$ 67,372	$ (295,880)	$ (55,457)
Basic
Continuing operations	$ 0.63	$ 1.33	$ 0.65
Discontinued operations	0	(4.16)	(1.18)
Net income (loss)	0.63	(2.83)	(0.53)
Diluted
Continuing operations	0.6	1.29	0.63
Discontinued operations	0	(4.04)	(1.15)
Net income (loss)	$ 0.6	$ (2.75)	$ (0.52)
Weighted average number of shares used in per share calculations-basic	106,554	104,336	104,735
Weighted average number of shares used in per share calculations-diluted	112,849	107,580	107,265

Quarterly Results Of Operations (Unaudited) - Summary of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Selected Quarterly Financial Information [Abstract]
Revenue	$ 103,290	$ 89,296	$ 107,815	$ 138,532	$ 89,705	$ 101,647	$ 101,846	$ 98,014	$ 388,788	$ 438,933	$ 391,212
Total operating expenses	70,047	73,654	73,094	69,078	72,738	64,160	70,385	64,901	252,558	285,873	272,184
Operating income from continuing operations	33,243	15,642	34,721	69,454	16,967	37,487	31,461	33,113	136,230	153,060	119,028
Income from continuing operations before income taxes	18,640	4,058	25,712	61,362	7,354	29,249	13,564	22,644	79,976	109,772	72,811
Provision for (benefit from) income taxes	(55,090)	10,401	10,552	5,517	(11,314)	8,676	(387)	7,853	12,604	(28,620)	4,828
Net income from continuing operations	73,730	(6,343)	15,160	55,845	18,668	20,573	13,951	14,791	67,372	138,392	67,983
Net loss attributable to discontinued operations, net of tax	0	(382,585)	(20,785)	(30,902)	(33,227)	(65,640)	(15,069)	(9,504)	0	(434,272)	(123,440)
Net income (loss) attributable to the Company	$ 73,730	$ (388,928)	$ (5,625)	$ 24,943	$ (14,559)	$ (45,067)	$ (1,118)	$ 5,287	$ 67,372	$ (295,880)	$ (55,457)
Basic
Continuing operations	$ 0.7	$ (0.06)	$ 0.15	$ 0.54	$ 0.18	$ 0.2	$ 0.13	$ 0.14	$ 0.63	$ 1.33	$ 0.65
Discontinued operations	0	(3.66)	(0.2)	(0.3)	(0.32)	(0.63)	(0.14)	(0.09)	0	(4.16)	(1.18)
Net income (loss)	0.7	(3.72)	(0.05)	0.24	(0.14)	(0.43)	(0.01)	0.05	0.63	(2.83)	(0.53)
Diluted
Continuing operations	0.65	(0.06)	0.14	0.53	0.18	0.19	0.13	0.14	0.6	1.29	0.63
Discontinued operations	0	(3.61)	(0.2)	(0.29)	(0.31)	(0.61)	(0.14)	(0.09)	0	(4.04)	(1.15)
Net income (loss)	$ 0.65	$ (3.67)	$ (0.06)	$ 0.24	$ (0.13)	$ (0.42)	$ (0.01)	$ 0.05	$ 0.6	$ (2.75)	$ (0.52)
Weighted average number of shares-basic	105,135	104,510	104,001	103,679	104,249	104,849	104,906	104,940	106,554	104,336	104,735
Weighted average number of shares-diluted	113,392	105,850	105,160	105,332	105,915	106,910	107,267	107,776	112,849	107,580	107,265

Composition of Certain Financial Statement Captions - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 22,304	$ 19,205
Less: Accumulated depreciation and amortization	(15,333)	(14,655)
Total property and equipment, net	6,971	4,550
Equipment, furniture and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,267	14,148
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,037	$ 5,057

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2023

Business Acquisition [Line Items]

Summary of Consolidated Statement of Operations, Balance Sheet and Cash flows of Discontinued Operation

The financial results of Xperi Inc. through September 30, 2022 are presented as net loss from discontinued operations, net of tax, on the Consolidated Statements of Operations. The following table presents financial results of Xperi Inc. (in thousands):


	2022 (1)			2021
Revenue	$	366,730		$	486,484
Operating expenses:
Cost of revenue		85,689			125,627
Research and development		158,708			194,869
Selling, general and administrative		123,764			137,745
Depreciation expense		15,702			21,777
Amortization expense		46,166			105,311
Litigation expense		921			6,371
Goodwill impairment		354,000			—
Total operating expenses		784,950			591,700
Operating loss		(418,220	)		(105,216	)
Interest expense		(754	)		—
Other income and expense, net		62			1,870
Loss before taxes		(418,912	)		(103,346	)
Provision for income taxes		18,066			23,550
Net loss from discontinued operations, net of tax	$	(436,978	)	$	(126,896	)
Less: net loss attributable to noncontrolling interest		(2,706	)		(3,456	)
Net loss attributable to discontinued operations	$	(434,272	)	$	(123,440	)

(1) Represents nine months of Xperi Inc.’s operations in 2022, as compared to a full year of Xperi Inc.’s operations in 2021.

The following table presents selected financial information related to cash flows from discontinued operations:


	2022 (1)			2021
Net cash from operating activities	$	2,308		$	24,395
Net cash from investing activities	$	(61,097	)	$	(21,479	)

(1) Represents nine months of Xperi Inc.’s operations in 2022, as compared to a full year in 2021.

MobiTV

Business Acquisition [Line Items]

Schedule of Purchase Price Allocation Reflective of Measurement Period Adjustments

The following table sets forth the final purchase price allocation (in thousands):


	Estimated Useful Life (years)		Final Fair Value
Other current assets			$	390
Property and equipment				9,223
Operating lease right-of-use assets				1,186
Identifiable intangible assets:
Patents	10	5,000
Technology	6	3,260
Total identifiable intangible assets				8,260
Goodwill				4,059
Other long-term assets				115
Accrued liabilities				(5,288	)
Noncurrent operating lease liabilities				(545	)
Total purchase price			$	17,400

Schedule of Unaudited Pro Forma Financial Information

The following table presents the pro forma operating results as if the acquired operations of MobiTV had been included in the Company’s Consolidated Statements of Operations as of January 1, 2020 (unaudited, in thousands):


	Year Ended December 31, 2021
Net income (loss) attributable to discontinued operations	$	(71,169	)

Vewd Acquisition

Business Acquisition [Line Items]

Schedule of Purchase Price Allocation Reflective of Measurement Period Adjustments

The following table presents the allocation of the purchase price to the identifiable assets acquired and liabilities assumed based on the fair values at the acquisition date (in thousands):


	Estimated Useful Life (years)			Estimated Fair Value
Cash and cash equivalents				$	2,684
Accounts receivable					3,341
Unbilled contracts receivable					2,335
Other current assets					1,208
Property and equipment					443
Operating lease right-of-use assets					2,020
Identifiable intangible assets:
Technology	7		28,050
Customer relationships - large	7		4,900
Customer relationships - small	4		3,500
Non-compete agreements	2		870
Trade name		5	830
Total identifiable intangible assets					38,150
Goodwill					68,115
Other long-term assets					977
Current liabilities					(6,566	)
Long-term deferred tax liabilities					(8,393	)
Noncurrent operating lease liabilities					(1,094	)
Other long-term liabilities					(307	)
Total purchase price				$	102,913

Schedule of Unaudited Pro Forma Financial Information

The following table presents the pro forma operating results as if the acquired operations of Vewd had been included in the Company’s Consolidated Statements of Operations as of January 1, 2021 (unaudited, in thousands):


	2022			2021
Net loss attributable to discontinued operations	$	(377,614	)	$	(62,976	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Discontinued Operations - Summary Selected Financial Information Related to Cash Flows (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

^[1]

Dec. 31, 2021

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net cash from operating activities

$ 2,308

$ 24,395

Net cash from investing activities

$ (61,097)

$ (21,479)

[1]	Represents nine months of Xperi Inc.’s operations in 2022, as compared to a full year in 2021.

Revenue - Schedule of Revenue Disaggregated by Market Vertical (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue Recognition [Line Items]
Total revenue	$ 103,290	$ 89,296	$ 107,815	$ 138,532	$ 89,705	$ 101,647	$ 101,846	$ 98,014	$ 388,788	$ 438,933	$ 391,212
Media Platform
Revenue Recognition [Line Items]
Total revenue									343,410	366,166	375,027
Semiconductor
Revenue Recognition [Line Items]
Total revenue									$ 45,378	$ 72,767	$ 16,185

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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+ Details

Composition of Certain Financial Statement Captions (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following (in thousands):


	December 31,
	2023		2022
Prepaid income taxes	$	3,752	$	7,252
Prepaid expenses		2,185		1,924
Prepaid insurance		1,123		2,103
Other		640		645
Total other current assets	$	7,700	$	11,924

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2023			2022
Equipment, furniture and other	$	17,267		$	14,148
Leasehold improvements		5,037			5,057
		22,304			19,205
Less: Accumulated depreciation and amortization		(15,333	)		(14,655	)
Total property and equipment, net	$	6,971		$	4,550

Schedule of Other Long Term Assets

Other long-term assets consisted of the following (in thousands):


	December 31,
	2023		2022
Long-term deferred tax assets	$	23,885	$	35,278
Other assets		4,361		5,472
Total other long-term assets	$	28,246	$	40,750

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,
	2023		2022
Employee compensation and benefits	$	8,378	$	6,978
Accrued expenses		3,601		12,745
Current portion of guarantee (1)		2,400		2,431
Current portion of operating lease liabilities		503		2,108
Accrued income taxes		325		358
Other		2,135		1,715
Total accrued liabilities	$	17,342	$	26,335

(1) Refer to “Note 16 – Commitments and Contingencies” for further detail on the nature of the guarantee.

Schedule of Other Long-Term Liabilities

Other long-term liabilities consisted of the following (in thousands):


	December 31,
	2023		2022
Long-term portion of guarantee (1)	$	16,135	$	18,064
Other		1,975		1,979
Total other long-term liabilities	$	18,110	$	20,043

(1) Refer to “Note 16 – Commitments and Contingencies” for further detail on the nature of the guarantee.

The Company and Basis of Presentation - Additional Information (Details)		12 Months Ended
	Oct. 01, 2022 NumberOfShare	Dec. 31, 2023 Segment Patent $ / shares	Dec. 31, 2022 $ / shares	Oct. 03, 2022 $ / shares
Organization Consolidation And Presentation [Line Items]
Number of patents and applications \| Patent		10,950
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001	$ 0.001	$ 0.001
Distribution of outstanding shares, percentage	100.00%
Common stock, conversion ratio	4
Number of each shares of common stock held on record date \| NumberOfShare	10
Number of principal segment \| Segment		1
Xperi Inc
Organization Consolidation And Presentation [Line Items]
Ownership interest, percentage	0.00%

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	Dec. 31, 2021 USD ($)
Statement of Cash Flows [Abstract]
Cash and cash equivalents, current assets of discontinued operations	$ 120.7

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income (Loss) Before Income Taxes

The components of total income (loss) before taxes from continuing operations are as follows (in thousands):


	Years Ended December 31,
	2023			2022			2021
U.S.	$	80,015		$	110,796		$	71,485
Foreign		(39	)		(1,024	)		1,326
Income before taxes from continuing operations	$	79,976		$	109,772		$	72,811

Components of Provision for Income Taxes

The provision for (benefit from) income taxes consisted of the following (in thousands):


	Years Ended December 31,
	2023			2022			2021
Current:
U.S. federal	$	(7,830	)	$	(5,156	)	$	(5,578	)
Foreign		3,853			9,937			14,045
State and local		5,187			8,636			4,201
Total current		1,210			13,417			12,668
Deferred:
U.S. federal		21,400			(36,363	)		(576	)
Foreign		(3,200	)		4,730			(4,935	)
State and local		(6,806	)		(10,404	)		(2,329	)
Total deferred		11,394			(42,037	)		(7,840	)
Provision for (benefit from) income taxes	$	12,604		$	(28,620	)	$	4,828

Component of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2023			2022
Deferred tax assets
Net operating losses	$	65,235		$	63,702
Research tax credits		71,894			78,340
Foreign tax credits		1,088			29,077
Expenses not currently deductible		15,815			18,823
Deferred revenue		6,765			8,428
Capitalized research expenses		37,942			38,806
Lease liability		2,382			1,598
Gross deferred tax assets		201,121			238,774
Valuation allowance		(118,039	)		(120,508	)
Net deferred tax assets		83,082			118,266
Deferred tax liabilities
Revenue recognition		(1,089	)		(4,288	)
Operating leases		(2,208	)		(1,388	)
Acquired intangible assets		(53,921	)		(74,075	)
Other		(1,979	)		(3,237	)
Net deferred tax assets	$	23,885		$	35,278

Reconciliation of the Provision for Income Taxes Based on the Statutory U.S. Federal Income Tax and Company's Effective Tax Rate

A reconciliation of the provision for income taxes based on the statutory U.S. federal income tax rate to the provision for (benefit from) income taxes based on the Company’s effective tax rate is as follows (in thousands):


	Years Ended December 31,
	2023			2022			2021
U.S. federal statutory rate	$	16,794		$	23,052		$	15,291
State, net of federal benefit		(2,907	)		(2,712	)		(617	)
Stock-based compensation expense		454			235			(129	)
Executive compensation limitation		554			1,236			2,430
Research tax credit		665			(2,705	)		353
Foreign withholding tax		(1,956	)		5,969			1,575
Transaction costs		—			1,308			145
Foreign tax rate differential		26			4,960			(3,249	)
Foreign tax credit		1,234			10,525			10,714
Change in valuation allowance		(11	)		(78,699	)		(33,526	)
U.S. tax reform					541			192
Unrecognized tax benefits		819			(3,318	)		4,548
Change in estimates		727			(3,478	)		(85	)
Foreign exchange and interest		44			4,516			6,956
Divestitures		—			15,396			—
Foreign derived intangible income		(4,088	)		(4,697	)		—
Others		249			(749	)		230
Total	$	12,604		$	(28,620	)	$	4,828

Reconciliation of Unrecognized Tax Benefits

The reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):


	Years Ended December 31,
	2023			2022			2021
Total unrecognized tax benefits at January 1	$	229,492		$	230,076		$	225,279
Increases for tax positions related to the current year		7,765			3,872			6,876
Increases for tax positions related to prior years		1,955			229			5,195
Decreases for tax positions related to prior years		(9,623	)		(4,685	)		(7,274	)
Total unrecognized tax benefits at December 31	$	229,589		$	229,492		$	230,076

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 15 – INCOME TAXES

The components of total income (loss) before taxes from continuing operations are as follows (in thousands):


	Years Ended December 31,
	2023			2022			2021
U.S.	$	80,015		$	110,796		$	71,485
Foreign		(39	)		(1,024	)		1,326
Income before taxes from continuing operations	$	79,976		$	109,772		$	72,811

The provision for (benefit from) income taxes consisted of the following (in thousands):


	Years Ended December 31,
	2023			2022			2021
Current:
U.S. federal	$	(7,830	)	$	(5,156	)	$	(5,578	)
Foreign		3,853			9,937			14,045
State and local		5,187			8,636			4,201
Total current		1,210			13,417			12,668
Deferred:
U.S. federal		21,400			(36,363	)		(576	)
Foreign		(3,200	)		4,730			(4,935	)
State and local		(6,806	)		(10,404	)		(2,329	)
Total deferred		11,394			(42,037	)		(7,840	)
Provision for (benefit from) income taxes	$	12,604		$	(28,620	)	$	4,828

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes.

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2023			2022
Deferred tax assets
Net operating losses	$	65,235		$	63,702
Research tax credits		71,894			78,340
Foreign tax credits		1,088			29,077
Expenses not currently deductible		15,815			18,823
Deferred revenue		6,765			8,428
Capitalized research expenses		37,942			38,806
Lease liability		2,382			1,598
Gross deferred tax assets		201,121			238,774
Valuation allowance		(118,039	)		(120,508	)
Net deferred tax assets		83,082			118,266
Deferred tax liabilities
Revenue recognition		(1,089	)		(4,288	)
Operating leases		(2,208	)		(1,388	)
Acquired intangible assets		(53,921	)		(74,075	)
Other		(1,979	)		(3,237	)
Net deferred tax assets	$	23,885		$	35,278

At December 31, 2023 and 2022, the Company had a valuation allowance of $118.0 million and $120.5 million, respectively, related to state, and foreign deferred tax assets that the Company believes will not be realizable on a more-likely-than-not basis. The $2.5 million decrease from the prior year is primarily comprised of state and foreign valuation allowance adjustments.

The need for a valuation allowance requires an assessment of both positive and negative evidence when determining whether it is more-likely-than-not that deferred tax assets are realizable. Such assessment is required on a jurisdiction-by-jurisdiction basis. In making such an assessment, significant weight is given to evidence that can be objectively verified. After considering both positive and negative evidence to assess the recoverability of the Company’s net deferred tax assets, the Company determined that the positive evidence outweighed the negative evidence primarily due to cumulative income from its IP Licensing business on a continuing operations basis and the expectation of sustained profitability in future periods and concluded that it was more-likely-than-not that it would realize its federal and certain state deferred tax assets. As a result, during the fourth quarter of 2022, the Company released the valuation allowance on all the federal deferred tax assets and state deferred tax assets, except for California and certain other states where tax attributes can only be utilized against the income of specific legal entities. The release of the valuation allowance resulted in $86.1 million of tax benefit. The Company maintains a full valuation allowance on its foreign deferred tax asset as the expectation of future taxable income is uncertain.

As of December 31, 2023, the Company had federal net operating loss carryforwards of approximately $2.6 million and state net operating loss carryforwards of approximately $884.7 million. The state net operating loss carryforwards, if not utilized, will begin to expire on various dates beginning in 2024 and will continue to expire through 2043. The Company has research tax credit carryforwards of approximately $77.8 million for federal purposes. The federal research tax credit will start to expire in 2024 and will continue to expire through 2043. The Company also has research tax credit carryforwards of approximately $77.4 million for state purposes, which do not expire. The Company has $67.5 million of foreign tax credit carryforwards which will begin to expire in 2024 and will continue to expire through 2031. Under the provisions of the Code, substantial ownership changes may limit the amount of net operating loss and tax credit carryforwards that can be utilized annually in the future to offset taxable income.


	Years Ended December 31,
	2023			2022			2021
U.S. federal statutory rate	$	16,794		$	23,052		$	15,291
State, net of federal benefit		(2,907	)		(2,712	)		(617	)
Stock-based compensation expense		454			235			(129	)
Executive compensation limitation		554			1,236			2,430
Research tax credit		665			(2,705	)		353
Foreign withholding tax		(1,956	)		5,969			1,575
Transaction costs		—			1,308			145
Foreign tax rate differential		26			4,960			(3,249	)
Foreign tax credit		1,234			10,525			10,714
Change in valuation allowance		(11	)		(78,699	)		(33,526	)
U.S. tax reform					541			192
Unrecognized tax benefits		819			(3,318	)		4,548
Change in estimates		727			(3,478	)		(85	)
Foreign exchange and interest		44			4,516			6,956
Divestitures		—			15,396			—
Foreign derived intangible income		(4,088	)		(4,697	)		—
Others		249			(749	)		230
Total	$	12,604		$	(28,620	)	$	4,828

At December 31, 2023, the Company asserts that it will not permanently reinvest its foreign earnings outside the U.S. The Company anticipates that the cash from its foreign earnings may be used domestically to fund operations, settle a portion of the outstanding debt obligation, or used for other business needs. The accumulated undistributed earnings generated by its foreign subsidiaries was insignificant. Substantially all of these earnings will not be taxable upon repatriation to the United States since under the Tax Cuts and Jobs Act they will be treated as previously taxed income from the one-time transition tax, Global Intangible Low-Taxed Income or dividends-received deduction.

During the fourth quarter of 2019, the Company filed a refund claim for foreign taxes previously withheld from licensees in South Korea based on court rulings in South Korea and other business factors. These previously withheld foreign taxes were claimed as a foreign tax credit in the U.S. As a result of the filed and planned refund claims, the Company recorded a total of $120.3 million and $113.7 million as a noncurrent income tax receivable at December 31, 2023 and 2022, respectively, $64.6 million and $63.6 million as a noncurrent income tax payable at December 31, 2023 and 2022, respectively, and $49.1 million and $42.2 million as a reduction in deferred tax assets at December 31, 2023 and 2022, respectively. Although the refund claim is subject to judicial review, the Company anticipates it will receive refunds in the amount recorded in the receivable.

As of December 31, 2023, unrecognized tax benefits were $229.6 million, of which $193.0 million would affect the effective tax rate if recognized. As of December 31, 2022, unrecognized tax benefits were $229.5 million, of which $194.3 million would affect the effective tax rate if recognized. The Company believes that its unrecognized tax benefits as of December 31, 2023 will decrease by approximately $3.9 million within the next twelve months due to expiring statutes of limitation.

The reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):


	Years Ended December 31,
	2023			2022			2021
Total unrecognized tax benefits at January 1	$	229,492		$	230,076		$	225,279
Increases for tax positions related to the current year		7,765			3,872			6,876
Increases for tax positions related to prior years		1,955			229			5,195
Decreases for tax positions related to prior years		(9,623	)		(4,685	)		(7,274	)
Total unrecognized tax benefits at December 31	$	229,589		$	229,492		$	230,076

It is the Company’s policy to classify accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. For the year ended December 31, 2023, the Company recognized $(0.2) million of accrued interest and penalties. For the year ended December 31, 2022, the Company did not recognize any significant interest or penalties. For the year ended December 31, 2021, the Company recognized $0.2 million of interest and penalties. Accrued interest and penalties were $2.6 million and $2.8 million as of December 31, 2023 and 2022, respectively.

At December 31, 2023, the Company’s 2019 through 2023 tax years are generally open and subject to potential examination in one or more jurisdictions. In the U.S., any net operating losses or credits that were generated in prior years but not yet fully utilized in a year that is closed under the statute of limitations may also be subject to examination. Earlier tax years for the Company and its subsidiaries are also open in certain jurisdictions and are currently subject to examination. The Company has no significant income tax audits at this time.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Noncontrolling Interest
Beginning balance at Dec. 31, 2020	$ 1,451,119	$ 110	$ 1,268,471	$ (77,218)	$ 1,264	$ 264,250	$ (5,758)
Beginning balance (in shares) at Dec. 31, 2020		104,775,000		5,407,000
Issuance of subsidiary shares to noncontrolling interest			(9)				9
Net income (loss)	(58,913)					(55,457)	(3,456)
Other comprehensive income (loss), net of tax	(2,016)				(2,016)
Cash dividends paid on common stock	(20,979)					(20,979)
Issuance of common stock in connection with exercise of stock options	779		779
Issuance of common stock in connection with exercise of stock options (in shares)		39,000
Issuance of common stock in connection with employee stock purchase plan	$ 13,058	$ 1	13,057
Issuance of common stock in connection with employee stock purchase plan (in shares)	1,238,000	1,236,000
Issuance of restricted stock, net of shares canceled	$ 2	$ 2
Issuance of restricted stock, net of shares canceled (in shares)		2,003,000
Withholding taxes related to net share settlement of restricted awards	$ (15,916)			$ (15,916)
Withholding taxes related to net share settlement of restricted awards (in shares)	800,000	(751,000)		751,000
Repurchases of common stock	$ (84,888)			$ (84,888)
Repurchases of common stock (in shares)		(4,042,000)		4,042,000
Stock-based compensation expense	58,182		58,182
Ending balance at Dec. 31, 2021	1,340,428	$ 113	1,340,480	$ (178,022)	(752)	187,814	(9,205)
Ending balance (in shares) at Dec. 31, 2021		103,260,000		10,200,000
Issuance of subsidiary shares to noncontrolling interest			1,421				(1,421)
Net income (loss)	(298,586)					(295,880)	(2,706)
Other comprehensive income (loss), net of tax	(4,380)				(4,380)
Cash dividends paid on common stock	(20,888)		(5,257)			(15,631)
Distribution of Xperi Inc.	(748,850)		(767,263)		5,081		$ 13,332
Issuance of common stock in connection with exercise of stock options	128		128
Issuance of common stock in connection with exercise of stock options (in shares)		11,000
Issuance of common stock in connection with employee stock purchase plan	$ 14,132	$ 1	14,131
Issuance of common stock in connection with employee stock purchase plan (in shares)	1,301,000	1,301,000
Issuance of restricted stock, net of shares canceled	$ 3	$ 3
Issuance of restricted stock, net of shares canceled (in shares)		2,620,000
Withholding taxes related to net share settlement of restricted awards	$ (15,941)			$ (15,941)
Withholding taxes related to net share settlement of restricted awards (in shares)	1,000,000	(996,000)		996,000
Repurchases of common stock	$ (17,260)			$ (17,260)
Repurchases of common stock (in shares)		(1,029,000)		1,029,000
Stock-based compensation expense	52,626		52,626
Ending balance at Dec. 31, 2022	301,412	$ 117	636,266	$ (211,223)	(51)	(123,697)
Ending balance (in shares) at Dec. 31, 2022		105,167,000		12,225,000
Net income (loss)	67,372					67,372
Other comprehensive income (loss), net of tax	43				43
Cash dividends paid on common stock	(21,339)		(21,339)
Issuance of common stock in connection with exercise of stock options	880		880
Issuance of common stock in connection with exercise of stock options (in shares)		81,000
Issuance of common stock in connection with employee stock purchase plan	$ 1,467		1,467
Issuance of common stock in connection with employee stock purchase plan (in shares)	182,000	182,000
Issuance of restricted stock, net of shares canceled	$ 4	$ 4
Issuance of restricted stock, net of shares canceled (in shares)		3,075,000
Withholding taxes related to net share settlement of restricted awards	$ (11,274)			$ (11,274)
Withholding taxes related to net share settlement of restricted awards (in shares)	1,100,000	(1,121,000)		1,121,000
Repurchases of common stock (in shares)	0
Stock-based compensation expense	$ 18,057		18,057
Ending balance at Dec. 31, 2023	$ 356,622	$ 121	$ 635,331	$ (222,497)	$ (8)	$ (56,325)
Ending balance (in shares) at Dec. 31, 2023		107,384,000		13,346,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 54,560	$ 114,555
Marketable securities	29,012
Accounts receivable, net of allowance for credit losses of $1,463 and $713, respectively	39,651	58,480
Unbilled contracts receivable	74,919	73,754
Other current assets	7,700	11,924
Total current assets	205,842	258,713
Long-term unbilled contracts receivable	73,843	40,705
Property and equipment, net	6,971	4,550
Operating lease right-of-use assets	9,484	5,993
Intangible assets, net	347,172	432,476
Goodwill	313,660	313,660
Long-term income tax receivable	120,338	113,679
Other long-term assets	28,246	40,750
Total assets	1,105,556	1,210,526
Current liabilities:
Accounts payable	9,623	8,546
Accrued legal fees	1,796	4,942
Accrued liabilities	17,342	26,335
Current portion of long-term debt, net	66,145	109,813
Deferred revenue	7,132	17,076
Total current liabilities	102,038	166,712
Deferred revenue, less current portion	17,672	10,683
Long-term debt, net	519,550	619,580
Noncurrent operating lease liabilities	9,730	4,794
Long-term income tax payable	81,834	87,302
Other long-term liabilities	18,110	20,043
Total liabilities	748,934	909,114
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock: $0.001 par value; authorized (2023: 15,000 shares; 2022: 15,000 shares) and no shares issued and outstanding
Common stock: $0.001 par value; (2023: authorized 350,000 shares, issued 120,730 shares, outstanding 107,384 shares; 2022: authorized 350,000 shares, issued 117,392 shares, outstanding 105,167 shares)	121	117
Additional paid-in capital	635,331	636,266
Treasury stock at cost (2023: 13,346 shares; 2022: 12,225 shares)	(222,497)	(211,223)
Accumulated other comprehensive loss	(8)	(51)
Accumulated deficit	(56,325)	(123,697)
Total stockholders' equity	356,622	301,412
Total liabilities and equity	$ 1,105,556	$ 1,210,526

Discontinued Operations - Aggregate Carrying Amounts of the Major Classes of Assets and Liabilities of Discontinued Operations (Details) $ in Millions	Dec. 31, 2021 USD ($)
Current assets:
Cash and cash equivalents	$ 120.7

Segment and Geographic Information - Schedule of Geographic Revenue Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 388,788	$ 438,933	$ 391,212
Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	100.00%	100.00%	100.00%
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 293,673	$ 366,527	$ 299,253
U.S. \| Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	76.00%	84.00%	76.00%
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 14,729	$ 28,538	$ 29,545
Canada \| Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	4.00%	7.00%	8.00%
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 70,785	$ 35,842	$ 50,553
Asia \| Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	18.00%	8.00%	13.00%
Europe and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 7,850	$ 6,058	$ 8,201
Europe and Middle East \| Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	2.00%	1.00%	2.00%
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 1,751	$ 1,968	$ 3,660
Other \| Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	0.00%	0.00%	1.00%

Segment and Geographic Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment and Geographic Information

NOTE 17 – SEGMENT AND GEOGRAPHIC INFORMATION

Upon completion of the Separation, the Company changed its operational structure in the fourth quarter of 2022, resulting in one reportable segment: Intellectual Property (“IP”) Licensing. Reportable segments are identified based on the Company’s organizational structure and information reviewed by the Company’s chief operating decision maker (“CODM”) to evaluate performance and allocate resources. The Company’s Chief Executive Officer is also the CODM as defined by the authoritative guidance on segment reporting.

A portion of the Company’s revenue is derived from licensees headquartered outside of the U.S., and it is expected that this revenue will continue to account for a portion of total revenue in future periods. The table below lists the geographic revenue for the periods indicated (in thousands):


	Years Ended December 31,
	2023				2022				2021
U.S.	$	293,673	76	%	$	366,527	84	%	$	299,253	76	%
Canada		14,729	4	%		28,538	7	%		29,545	8	%
Asia		70,785	18	%		35,842	8	%		50,553	13	%
Europe and Middle East		7,850	2	%		6,058	1	%		8,201	2	%
Other		1,751	0	%		1,968	0	%		3,660	1	%
Total revenue	$	388,788	100	%	$	438,933	100	%	$	391,212	100	%

For the years ended December 31, 2023, 2022 and 2021, two, three and two customers, respectively, each accounted for 10% or more of total revenue. The following table sets forth revenue generated from customers which comprise 10% or more of total revenue for the periods indicated:


	Years Ended December 31,
	2023			2022			2021
Customer A		18	%		16	%		18	%
Customer B	*				13	%	*
Customer C		11	%		11	%		14	%

* denotes less than 10% of total revenue.

At December 31, 2023, the Company had two customers representing 42% and 28% of aggregate accounts receivable, respectively. At December 31, 2022, the Company had two customers representing 36% and 29% of aggregate accounts receivable, respectively.

As of December 31, 2023 and 2022, property and equipment, net, was all located in the U.S.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends paid on common stock, price per share	$ 0.2	$ 0.2	$ 0.2

Composition of Certain Financial Statement Captions - Schedule of Other Long Term Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term deferred tax assets	$ 23,885	$ 35,278
Other assets	4,361	5,472
Total other long-term assets	$ 28,246	$ 40,750

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

NOTE 4 – REVENUE

Revenue Recognition

General

Revenue is recognized when control of the intellectual property (“IP”) rights is transferred to a customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for the licensing of the Company’s IP, which may include various combinations of IP rights and services which are generally capable of being distinct and accounted for as separate performance obligations. In situations where foreign withholding taxes are withheld by the Company’s licensee, revenue is recognized gross of withholding taxes that are remitted directly by the licensee to a local tax authority.

Some of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the individual performance obligations are separately accounted for if they are distinct. In a contract with multiple performance obligations, the transaction price is allocated among the separate performance obligations on a relative standalone selling price basis. The determination of standalone selling price considers market conditions, the size and scope of the contract, customer and geographic information, and other factors. When observable prices are not available, standalone selling price for separate performance obligations is based on the adjusted market assessment approach to estimate the price that a customer in the relevant market would be willing to pay for licensing the Company’s IP rights. The allocation of transaction price among performance obligations in a contract may impact the amount and timing of revenue recognized in the Consolidated Statements of Operations during a given period.

When a contract with a customer includes variable consideration, an estimate of the consideration which the Company expects to be entitled to for transferring the promised IP rights or services is made at contract inception and in each subsequent reporting period until the uncertainty associated with the variable consideration is resolved. The amount of variable consideration is estimated by considering all available information (historical, current, and forecast) and is updated as additional information becomes available. The estimate of variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. When the uncertainty associated with variable consideration relates to potential price adjustments as a result of a legal contract dispute, the Company estimates variable consideration using the expected value method or the most likely amount method, whichever is more appropriate in the circumstances, and considers all available information, including historical data and experience. Estimating variable consideration related to potential future price adjustments requires significant judgment in evaluating the possible outcomes. Subsequent changes in the transaction price resulting from changes in the estimate of variable consideration are allocated to the performance obligations in the contract on the same basis as at contract inception.

When variable consideration is in the form of a sales-based or usage-based royalty in exchange for a license of IP, revenue is recognized at the later of when the subsequent sale or usage occurs or the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied or partially satisfied.

Description of Revenue-Generating Activities

IP License Arrangements

The Company licenses (i) its media patent portfolio (“Media IP licensing”) to multichannel video programming distributors, over-the-top video service providers, consumer electronics manufacturers, social media, and other new media companies and (ii) its semiconductor technologies and associated patent portfolio (“Semiconductor IP licensing”) to memory, logic, sensors, radio frequency component, and foundry companies. The Company generally licenses its IP portfolios under three models: (i) fixed-fee Media IP licensing, (ii) fixed-fee or minimum guarantee Semiconductor IP licensing, and (iii) per-unit or per-subscriber Media IP or Semiconductor IP royalty licensing.

Fixed-fee Media IP licensing

The Company’s long-term fixed-fee Media IP licensing contracts provide its customers with rights to future patented technologies over the term of the contract that are highly interdependent or highly interrelated to the patented technologies provided at the inception of the contract. The Company treats these rights as a single performance obligation with revenue recognized on a straight-line basis over the term of the fixed-fee license contract. The transaction price is adjusted for the effect of any significant financing components calculated using borrower-specific, risk-adjusted interest rates, with the related interest income or expense being recognized over time on an effective rate basis.

Fixed-fee or minimum guarantee Semiconductor IP licensing

The Company enters into Semiconductor IP licenses that have a fixed fee or a minimum guarantee, whereby licensees pay a fixed fee for the right to incorporate the Company’s IP technologies in the licensee’s products over the license term. In contracts with a minimum guarantee, the fixed fee component corresponds to a minimum number of units or dollars that the customer must produce or pay, with additional per-unit fees for any units or dollars exceeding the minimum. The Company generally recognizes the full fixed fee as revenue at the beginning of the license term when the customer has the right to use the IP and begins to benefit from the license, adjusted for the effect of any significant financing components calculated using borrower-specific, risk-adjusted interest rates, with the related interest income or expense being recognized over time on an effective rate basis. For minimum guarantee contracts where the customer exceeds the minimum, the Company recognizes revenue relating to any additional per-unit fees in the periods it believes the customer has exceeded the minimum and adjusts the revenue based on actual usage once that is reported by the customer.

Per-unit or per-subscriber Media IP or Semiconductor IP royalty licensing

The Company recognizes revenue from per-unit or per-subscriber IP royalty licenses in the period in which the licensee’s sales or production are estimated to have occurred, which results in an adjustment to revenue when actual sales or production are subsequently reported by the licensee, which is generally in the month or quarter following usage or shipment. Estimating customers’ monthly or quarterly royalties prior to receiving the royalty reports requires the Company to make significant assumptions and judgments related to forecasted trends and growth rates used to estimate quantities shipped or manufactured by customers, which could have a material impact on the amount of revenue it reports on a quarterly basis.

IP license contracts with multiple performance obligations

At times, the Company enters into long-term license contracts with more than one performance obligation, which may include releases from past patent infringement claims or one or more prospective licenses. In these arrangements, the Company allocates the transaction price between releases for past patent infringement claims and prospective licenses based on their relative standalone selling prices, which requires significant management judgment.

In determining the standalone selling price of each performance obligation, the Company considers such factors as the number of past and projected future subscribers, units shipped, and units manufactured, as well as the per-subscriber or per-unit licensing rates the Company generally receives from licensees of comparable sizes in comparable markets and geographies.

As a release from past patent infringement claims is generally satisfied at execution of the contract, the transaction price allocated to the release from past patent infringement claims is generally recognized in the period the contract is executed. Transaction price allocated to prospective Media IP licenses is recognized ratably over the license term, and transaction price allocated to prospective Semiconductor IP licenses is recognized upon execution of the contract.

Practical Expedients and Exemptions

The Company applies a practical expedient to not perform an evaluation of whether a contract includes a significant financing component when the timing of revenue recognition differs from the timing of cash collection by one year or less.

The Company applies a practical expedient to expense costs to obtain a contract with a customer as incurred as a component of selling, general and administrative expenses when the amortization period would have been one year or less.

The Company applies a practical expedient when disclosing revenue expected to be recognized from unsatisfied performance obligations to exclude contracts with customers with an original duration of less than one year; amounts attributable to variable consideration arising from (i) a sales-based or usage-based royalty of an intellectual property license or (ii) when variable consideration is allocated entirely to a wholly unsatisfied performance obligation; or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation.

Revenue Details

Revenue disaggregation

The following information depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors by disaggregating revenue by category, market vertical and geographic location (presented in “Note 17 – Segment and Geographic Information”). This information includes revenue recognized from contracts with customers and revenue from other sources, including sales-based or usage-based royalty revenues and fees associated with releases for past infringement.

Recurring and non-recurring revenue

Recurring revenue includes the following: (i) for fixed-fee Media IP license agreements, revenue associated with rights to existing and future patented technologies during reporting periods beginning with the reporting period in which the agreement is executed through the end of the term of the agreement, which are recognized on a straight-line basis; and (ii) for per-unit or per-subscriber Media IP or Semiconductor IP royalty license agreements, revenue associated with sales-based or usage-based royalties in exchange for a license of IP, which are recognized in the period such subsequent sales or usage occurs.

Non-recurring revenue includes the following: (i) for fixed-fee or minimum guarantee Semiconductor IP license agreements, revenue in the amount of such fixed fee or minimum guarantee associated with the right to use the IP, which is recognized upon execution of the agreement; and (ii) for all license agreements, revenue in the amount of the fees associated with releases for past patent infringement or licenses, in each case with respect to reporting periods prior to the execution of the agreement, which is recognized upon execution of the agreement.

Revenue disaggregated by recurring and non-recurring nature was as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Recurring revenue	$	338,708	$	363,603	$	350,616
Non-recurring revenue		50,080		75,330		40,596
Total revenue	$	388,788	$	438,933	$	391,212

Revenue by market vertical

Revenue disaggregated by market vertical was as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Media	$	343,410	$	366,166	$	375,027
Semiconductor		45,378		72,767		16,185
Total revenue	$	388,788	$	438,933	$	391,212

Contract Balances

Contracts Assets

Contract assets primarily consist of unbilled contracts receivable that are expected to be received from customers in future periods, where the revenue recognized to date exceeds the amount billed. The amount of unbilled contracts receivable may not exceed their net realizable value and are classified as long-term assets if the payments are expected to be received more than one year from the reporting date. Contract assets also include the incremental costs of obtaining a contract with a customer, principally sales commissions when the renewal commission is not commensurate with the initial commission.

Contract assets were recorded in the Consolidated Balance Sheets as follows (in thousands):


	December 31,
	2023		2022
Unbilled contracts receivable	$	74,919	$	73,754
Other current assets		620		512
Long-term unbilled contracts receivable		73,843		40,705
Other long-term assets		1,007		1,144
Total contract assets	$	150,389	$	116,115

Contract Liabilities

Contract liabilities are comprised of deferred revenue related to multi-period licensing arrangements for which the Company is paid in advance, while the underlying performance obligation is satisfied at a future date or over time.

Allowance for Credit Losses

The allowance for credit losses represents the Company’s best estimate of lifetime expected credit losses inherent in accounts receivable. The Company’s long-term unbilled contracts receivable is derived from fixed-fee or minimum-guarantee Semiconductor IP and is primarily comprised of contracts with large, well-capitalized companies. It is generally considered to be of high credit quality due to past collection history and the nature of the customers.

The Company allowance for credit losses for the years ended December 31, 2023 and 2022 was $1.5 million and $0.7 million, respectively and it is presented as part of accounts receivable, net in the Consolidated Balance Sheets.

Additional Disclosures

The following table presents additional revenue and contract disclosures (in thousands):


	Years Ended December 31,
	2023		2022		2021
Revenue recognized in the period from:
Amounts included in deferred revenue at the beginning of the period	$	16,743	$	5,509	$	4,476
Performance obligations satisfied in previous periods (1)	$	16,273	$	12,976	$	33,885

(1) Performance obligations satisfied in previous periods consist mainly of fees associated with releases for past patent infringement, settlements of litigation during the period, and revenue from past royalties owed pursuant to expired or terminated IP license agreements. For long-term and multi-year revenue contracts, the Company recorded revenue from the releases for past infringement and the prospective license during the years ended December 31, 2023, 2022 and 2021 and expects to record revenue from the prospective license in future periods.

Remaining revenue under contracts with performance obligations represents the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) under certain of the Company’s fixed fee arrangements.


	Amounts
Revenue from contracts with performance obligations expected to be satisfied in:
2024	$	161,901
2025		156,430
2026		59,665
2027		48,341
2028		41,452
Thereafter		58,643
Total	$	526,432

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares Subject to Options
Number of Shares, Beginning balance (shares)	364,000	447,000	637,000
Number of Shares, Options exercised (shares)	(81,000)	(10,000)	(39,000)
Number of Shares, Options canceled / forfeited / expired (shares)	(70,000)	(73,000)	(151,000)
Number of Shares, Ending balance (shares)	213,000	364,000	447,000
Vested and expected to vest, number of shares subject to options	213,000
Exercisable, number of shares subject to options	213,000
Weighted Average Exercise Price Per Share
Weighted Average Exercise Price Per Share, Beginning balance (USD per share)		$ 25.22	$ 29.59
Weighted Average Exercise Price Per Share, Options exercised (USD per share)	$ 10.87	13.96	20.03
Weighted Average Exercise Price Per Share, Options canceled / forfeited / expired (USD per share)	$ 11.87	$ 37.24	44.99
Weighted Average Exercise Price Per Share, Ending balance (USD per share)			$ 25.22
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value
Weighted Average Remaining Contractual Life (in years)	1 year 9 months
Vested and expected to vest, weighted average remaining contractual life (in years)	1 year 9 months
Exercisable, weighted average remaining contractual life (in years)	1 year 9 months
Aggregate Intrinsic Value	$ 103
Vested and expected to vest, aggregate intrinsic value	103
Exercisable, aggregate intrinsic value	$ 103

Benefit Plan

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Benefit Plan

NOTE 18 – BENEFIT PLAN

The Company maintains a 401(k) retirement savings plan that allows voluntary contributions by all eligible U.S. employees upon their hire date. Eligible employees may elect to contribute up to the maximum amount allowed under Internal Revenue Service regulations. The Company can make discretionary contributions under the 401(k) plan. During the years ended December 31, 2023, 2022 and 2021, the Company contributed approximately $0.8 million, $1.3 million and $1.0 million, respectively, to the 401(k) plan.

Leases - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 2,357	$ 2,227	$ 4,039
Operating lease, ROU assets obtained in exchange for new lease liabilities	$ 5,164	$ 1,153	$ 764
Operating leases, weighted average remaining lease term (years)	8 years 4 months 6 days	3 years 2 months 8 days
Operating leases, weighted average discount rate	8.50%	5.40%

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue disaggregated by recurring and non-recurring nature was as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Recurring revenue	$	338,708	$	363,603	$	350,616
Non-recurring revenue		50,080		75,330		40,596
Total revenue	$	388,788	$	438,933	$	391,212

Revenue disaggregated by market vertical was as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Media	$	343,410	$	366,166	$	375,027
Semiconductor		45,378		72,767		16,185
Total revenue	$	388,788	$	438,933	$	391,212

Schedule of Contract Assets

Contract assets were recorded in the Consolidated Balance Sheets as follows (in thousands):


	December 31,
	2023		2022
Unbilled contracts receivable	$	74,919	$	73,754
Other current assets		620		512
Long-term unbilled contracts receivable		73,843		40,705
Other long-term assets		1,007		1,144
Total contract assets	$	150,389	$	116,115

Schedule of Revenue Recognized in Period

The following table presents additional revenue and contract disclosures (in thousands):


	Years Ended December 31,
	2023		2022		2021
Revenue recognized in the period from:
Amounts included in deferred revenue at the beginning of the period	$	16,743	$	5,509	$	4,476
Performance obligations satisfied in previous periods (1)	$	16,273	$	12,976	$	33,885

Schedule of Remaining Performance Obligations


	Amounts
Revenue from contracts with performance obligations expected to be satisfied in:
2024	$	161,901
2025		156,430
2026		59,665
2027		48,341
2028		41,452
Thereafter		58,643
Total	$	526,432

Discontinued Operations - Additional Information (Details) $ in Thousands			3 Months Ended								12 Months Ended			48 Months Ended
	Oct. 01, 2022 NumberOfShare	Jul. 01, 2022 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	May 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Distribution of outstanding shares, percentage	100.00%
Stockholder of record received shares	4
Number of each shares of common stock held on record date \| NumberOfShare	10
Number of principal businesses segment \| Segment											1
Separation costs											$ 28,600			$ 45,000
Total revenue			$ 103,290	$ 89,296	$ 107,815	$ 138,532	$ 89,705	$ 101,647	$ 101,846	$ 98,014	388,788	$ 438,933	$ 391,212
Operating income			$ 33,243	15,642	$ 34,721	$ 69,454	$ 16,967	$ 37,487	$ 31,461	$ 33,113	136,230	153,060	119,028
Total net impact to stockholders' equity												(748,850)
Goodwill impairment charges											0	354,000	$ 0
Cash from financing activities												182,900
Product Revenue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill impairment charges				$ 354,000
Operating Expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Separation costs											$ 16,400
MobiTV
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price															$ 17,400
Vewd Acquisition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration		$ 102,900
Acquisition of business, cash		52,900
Acquisition of business, debt		50,000
Purchase price		$ 102,913
Total revenue												2,500
Operating income												10,100
Transaction related costs including transaction bonuses, legal and consultant fees												6,100
Severance and retention costs												2,100
Additional Paid-In Capital
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total net impact to stockholders' equity												(767,263)
Accumulated Other Comprehensive Income (Loss)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total net impact to stockholders' equity												5,081
Noncontrolling Interest
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total net impact to stockholders' equity												$ 13,332

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating losses	$ 65,235	$ 63,702
Research tax credits	71,894	78,340
Foreign tax credits	1,088	29,077
Expenses not currently deductible	15,815	18,823
Deferred revenue	6,765	8,428
Capitalized research expenses	37,942	38,806
Lease liability	2,382	1,598
Gross deferred tax assets	201,121	238,774
Valuation allowance	(118,039)	(120,508)
Net deferred tax assets	83,082	118,266
Deferred tax liabilities
Revenue recognition	(1,089)	(4,288)
Operating leases	(2,208)	(1,388)
Acquired intangible assets	(53,921)	(74,075)
Other	(1,979)	(3,237)
Net deferred tax assets	$ 23,885	$ 35,278

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Total unrecognized tax benefits at January 1	$ 229,492	$ 230,076	$ 225,279
Increases for tax positions related to the current year	7,765	3,872	6,876
Increases for tax positions related to prior years	1,955	229	5,195
Decreases for tax positions related to prior years	(9,623)	(4,685)	(7,274)
Total unrecognized tax benefits at December 31	$ 229,589	$ 229,492	$ 230,076

Fair Value

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value

NOTE 7 – FAIR VALUE

The Company follows the authoritative guidance for fair value measurement and the fair value option for financial assets and financial liabilities. The Company carries its financial instruments at fair value with the exception of its long-term debt. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:


Level 1	Quoted prices in active markets for identical assets.
Level 2	Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

When applying fair value principles in the valuation of assets, the Company is required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The Company calculates the fair value of its Level 1 and Level 2 instruments based on the exchange traded price of similar or identical instruments, where available, or based on other observable inputs. There were no significant transfers into or out of Level 1 or Level 2 that occurred between December 31, 2022 and December 31, 2023.

The following sets forth the fair value, and classification within the hierarchy, of the Company’s assets required to be measured at fair value on a recurring basis as of December 31, 2023 (in thousands):


	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable securities
Commercial paper - debt securities (3)	$	12,422	$	—	$	12,422	$	—
Treasury and agency notes and bills - debt securities (3)		10,745		—		10,745		—
Corporate bonds and notes - debt securities (2)		5,845		—		5,845		—
Money market funds - equity securities (1)		5,778		5,778		—		—
Total Assets	$	34,790	$	5,778	$	29,012	$	—

(1) Reported as cash and cash equivalents in the Consolidated Balance Sheet.
(2) Reported as AFS debt securities in the Consolidated Balance Sheet
(3) Reported as AFS debt securities in the Consolidated Balance Sheet as these were purchased with original maturities of more than three months at date of purchase; otherwise reported as cash and cash equivalents.


	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable securities
Money market funds - equity securities (1)	$	4,107	$	4,107	$	—	$	—
Commercial paper - debt securities (2)		29,015		—		29,015		—
Total Assets	$	33,122	$	4,107	$	29,015	$	—

(1) Reported as cash and cash equivalents in the Consolidated Balance Sheet.

(2) Reported as AFS debt securities in the Consolidated Balance Sheet as these were purchased with original maturities of more than three months at date of purchase; otherwise reported as cash and cash equivalents.

Financial Instruments Not Recorded at Fair Value

The Company’s long-term debt is carried at amortized cost and is measured at fair value on a quarterly basis for disclosure purposes. The carrying amounts and estimated fair values are as follows (in thousands):


	December 31, 2023				December 31, 2022
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Refinanced Term B Loans (1)		585,695		584,231		729,393		700,217
Total long-term debt, net	$	585,695	$	584,231	$	729,393	$	700,217

(1) Carrying amounts of long-term debt are net of unamortized debt discount and issuance costs of $15.6 million and $19.9 million as of December 31, 2023 and 2022, respectively. See “Note 11 – Debt” for additional information.

If reported at fair value in the Consolidated Balance Sheets, the Company’s debt would be classified within Level 2 of the fair value hierarchy. The fair value of the debt was estimated based on the quoted market prices for the same or similar issues.

Non-Recurring Fair Value Measurements

Patents

During the third quarter of 2023, the Company renewed a long-term license agreement with a global leader in the electronics industry, covering our media portfolio as it pertains to its mobile devices. A portion of the consideration for the license agreement was in the form of patents, which the Company received in September of 2023. The Company estimated the fair value of the patents to be $4.4 million and included it as part of the transaction price for revenue recognition purposes. The fair value of these assets was measured using both the market approach – estimating the value of the acquired assets by way of comparison with other comparable transactions, and the cost approach – estimating the value of the acquired assets based on the cost it would take for the Company to create a comparable set of assets through its own research and development (“R&D”) and patent prosecution efforts. The estimated fair value of the patents represents a Level 3 fair value measurement and the value of the patents is amortized as a non-cash expense over the patents’ estimated useful lives.

For impairment related fair value measurements, see “Note 10 – Goodwill And Identified Intangible Assets”

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 16 – COMMITMENTS AND CONTINGENCIES

Purchase and Other Contractual Obligations

In the ordinary course of business, the Company enters into contractual agreements with third parties that include non-cancelable payment obligations, for which it is liable in future periods. These arrangements primarily include unconditional purchase obligations to service providers. Total future unconditional purchase obligations as of December 31, 2023 are estimated to be $3.4 million, including $1.8 million due in 2024, $1.4 million due in 2025, and $0.2 million due thereafter.

Guarantee

Prior to the Separation, Adeia Media LLC, a subsidiary of the Company (“Adeia Media”), and a subsidiary of Xperi Inc (“Xperi Sub”) entered into an agreement (the “Specified Agreement”) with a third party pursuant to which Adeia Media guarantees the performance of Xperi Sub under the Specified Agreement, including its payment obligations to such third party. In connection with the Separation, Adeia Media and Xperi Sub entered into a separate cross business agreement (the “Cross Business Agreement”) effective as of October 1, 2022 under which Adeia Media agreed to make guarantee payments to Xperi Sub in amounts based on certain of its operating expenses and other minimum performance obligations under the Specified Agreement through 2031. Consequently, on October 1, 2022, the Company recognized a guarantee liability pursuant to ASC 460 “Guarantees” of $19.7 million which represents the fair value of Adeia Media’s projected payments of such operating expenses during the term of the Cross Business Agreement. Subsequent changes to the carrying value of the guarantee are recognized as part of the Company’s results of operations. The maximum potential amount of future payments subject to the guarantee is approximately $7.5 million per annum between 2023 and 2031.

As of December 31, 2023 and 2022, the balance of the guarantee liability was $18.5 million and $20.5 million, respectively. During the year ended December 31, 2023, the Company made guarantee payments of $1.7 million and recognized other income of $0.3 million in the Consolidated Statement of Operations as a result of a change in the carrying value of the guarantee liability.

Indemnifications

In the normal course of business, the Company provides indemnifications of varying scopes and amounts to certain of its licensees, customers, and business partners against claims made by third parties arising from the use of the Company’s products, intellectual property, services or technologies. The Company cannot reasonably estimate the possible range of losses that may be incurred pursuant to its indemnification obligations, if any. Variables affecting any such assessment include, but are not limited to: the nature of the claim asserted; the relative merits of the claim; the financial ability of the party suing the indemnified party to engage in protracted litigation; the number of parties seeking indemnification; the nature and amount of damages claimed by the party suing the indemnified party; and the willingness of such party to engage in settlement negotiations. To date, no such claims have been filed against the Company and no liability has been recorded in the Company’s financial statements.

Contingencies

At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of losses is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies.

Litigation related

On June 23, 2017, Adeia Guides Inc. (formerly known as Rovi Guides, Inc.) and Adeia Media Solutions Inc. (formerly known as TiVo Solutions Inc.) (together, “Adeia Media”) filed a patent infringement complaint against Videotron Ltd. and Videotron G.P. (together, “Videotron”) in Toronto, Canada, alleging infringement of six patents (“Videotron 1”). On June 10, 2022, the Federal Court of Canada issued its decision in the case finding in favor of Videotron and its legacy “illico” platform. Specifically, the Court found invalid each of the asserted claims related to the four remaining patents involved in the case. In Canada, the prevailing party in patent litigation is entitled to reimbursement of certain of its costs and expenses. Accordingly, the Company paid $2.5 million for expense reimbursement in the fourth quarter of 2022. On September 12, 2022, Adeia Media filed a notice of appeal with the Federal Court of Appeal of Canada appealing the decision of the Federal Court of Canada. On January 30, 2023, Adeia Media filed its opening memorandum of fact and law. Videotron filed its memorandum of fact and law on April 17, 2023. On November 28, 2023, the Federal Court of Appeal of Canada held a hearing on the appeal and took the matter under reserve. There is no set date for the Federal Court of Appeal of Canada to issue its decision.

On January 19, 2018, Adeia Media filed a patent infringement complaint against Bell Canada (and four of its affiliates) (collectively, “Bell”) in Toronto, Canada, alleging infringement of six patents (“Bell 1”). On February 2, 2018, Adeia Media filed a patent infringement complaint against Telus Corporation (and two of its affiliates) (collectively, “Telus”) in Toronto, Canada, alleging infringement of the same six patents (“Telus 1”). Bell 1and Telus 1 were heard together for purposes of pre-trial and trial proceedings. On October 7, 2022, the Federal Court of Canada issued its decision in the two cases finding in favor of Bell and Telus and their respective IPTV services, Bell Fibe TV and Telus Optik TV. Specifically, the Court found invalid each of the asserted claims of the four remaining patents involved in the case. In Canada, the prevailing party in patent litigation is entitled to reimbursement of certain of its costs and expenses. Accordingly, the Company paid $2.8 million for expense reimbursement in the second quarter of 2023. On November 7, 2022, Adeia Media filed a notice of appeal with the Federal Court of Appeal of Canada appealing the decision of the Federal Court of Canada. On June 2, 2023, Adeia Media filed its opening memorandum of fact and law. Bell and Telus filed a combined memorandum of fact and law on August 18, 2023. On November 29, 2023, the Federal Court of Appeal of Canada held a hearing on the appeal and took the matter under reserve. There is no set date for the Federal Court of Appeal of Canada to issue its decision.

The Company is unable to predict the final outcome of other lawsuits, including other patent infringement lawsuits in Canada, to which it is a party and therefore cannot determine the likelihood of loss nor estimate a range of possible losses. An adverse decision in any of these proceedings could significantly harm the Company's business and consolidated financial position, results of operations or cash flows.

The Company and its subsidiaries are involved in litigation matters and claims in the normal course of business. In the past, the Company and its subsidiaries have litigated to enforce their respective patents and other intellectual property rights, to enforce the terms of license agreements, to protect trade secrets, to determine the validity and scope of the proprietary rights of others and to defend itself or its customers against claims of infringement or invalidity. The Company expects it or its subsidiaries will be involved in similar legal proceedings in the future, including proceedings regarding infringement of its patents, and proceedings to ensure proper and full payment of royalties by licensees under the terms of its license agreements.

Segment and Geographic Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 Segment Customer	Dec. 31, 2022 Customer	Dec. 31, 2021 Customer
Segment Reporting Information [Line Items]
Number of principal businesses segment \| Segment	1
Number of customers more than 10% of revenue \| Customer	2	3	2
Accounts Receivable \| Credit Concentration Risk \| Customer One
Segment Reporting Information [Line Items]
Concentration risk, percentage (or more)	42.00%	36.00%
Accounts Receivable \| Credit Concentration Risk \| Customer Two
Segment Reporting Information [Line Items]
Concentration risk, percentage (or more)	28.00%	29.00%

Business Combination - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 03, 2022
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)	$ 0.001								$ 0.001	$ 0.001		$ 0.001
Total revenue	$ 103,290	$ 89,296	$ 107,815	$ 138,532	$ 89,705	$ 101,647	$ 101,846	$ 98,014	$ 388,788	$ 438,933	$ 391,212
Operating income	$ 33,243	$ 15,642	$ 34,721	$ 69,454	$ 16,967	$ 37,487	$ 31,461	$ 33,113	$ 136,230	$ 153,060	$ 119,028

- Definition

+ References

+ Details

Financial Instruments - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Debt securities, Cost	$ 28,980	$ 29,018
Debt securities, Gross Unrealized Gains	39	3
Debt securities, Gross Unrealized Losses	(7)	(6)
Debt securities, Allowance for Credit Losses	0	0	$ 0
Debt securities, Estimated Fair Values	29,012	29,015
Equity securities, Cost	5,778	4,107
Equity securities, Gross Unrealized Gains	0	0
Equity securities, Gross Unrealized Losses	0	0
Equity securities, Allowance for Credit Losses	0	0
Equity securities, Estimated Fair Values	5,778	4,107
Marketable securities, Cost	34,758	33,125
Marketable securities, Gross Unrealized Gains	39	3
Marketable securities, Gross Unrealized Losses	(7)	(6)
Marketable securities, Allowance for Credit Losses	0	0
Marketable securities, Estimated Fair Values	34,790	33,122
Commercial paper
Marketable Securities [Line Items]
Debt securities, Cost	12,421
Debt securities, Gross Unrealized Gains	5
Debt securities, Gross Unrealized Losses	(4)
Debt securities, Allowance for Credit Losses	0
Debt securities, Estimated Fair Values	12,422
Corporate bonds and notes
Marketable Securities [Line Items]
Debt securities, Cost	5,813	29,018
Debt securities, Gross Unrealized Gains	34	3
Debt securities, Gross Unrealized Losses	(2)	(6)
Debt securities, Allowance for Credit Losses	0	0
Debt securities, Estimated Fair Values	5,845	29,015
Treasury and agency notes and bills
Marketable Securities [Line Items]
Debt securities, Cost	10,746
Debt securities, Gross Unrealized Gains	0
Debt securities, Gross Unrealized Losses	(1)
Debt securities, Allowance for Credit Losses	0
Debt securities, Estimated Fair Values	10,745
Money market funds
Marketable Securities [Line Items]
Equity securities, Cost	5,778	4,107
Equity securities, Gross Unrealized Gains	0	0
Equity securities, Gross Unrealized Losses	0	0
Equity securities, Allowance for Credit Losses	0	0
Equity securities, Estimated Fair Values	5,778	4,107
Cash and cash equivalents
Marketable Securities [Line Items]
Marketable securities, Estimated Fair Values	5,778	$ 33,122
Available-for-sale debt securities
Marketable Securities [Line Items]
Marketable securities, Estimated Fair Values	$ 29,012

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

NOTE 12 – NET INCOME (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted shares (in thousands):


	Years Ended December 31,
	2023		2022			2021
Numerator:
Net income from continuing operations	$	67,372	$	138,392		$	67,983
Net loss attributable to discontinued operations		—		(434,272	)		(123,440	)
Net income (loss) attributable to the Company	$	67,372	$	(295,880	)	$	(55,457	)

Denominator:
Weighted average common shares outstanding		106,554		104,336			104,735
Add: Effect of dilutive securities associated with options		—		—			17
Add: Effect of dilutive securities associated with restricted stock awards and units		6,293		3,244			2,513
Add: Effect of dilutive securities associated with employee stock purchase program		2		—			—
Weighted average common shares - dilutive		112,849		107,580			107,265

Basic net income (loss) per share
Continuing operations	$	0.63	$	1.33		$	0.65
Discontinued operations		—		(4.16	)		(1.18	)
Net income (loss) attributable to the Company	$	0.63	$	(2.83	)	$	(0.53	)

Diluted net income (loss) per share
Continuing operations	$	0.60	$	1.29		$	0.63
Discontinued operations		—		(4.04	)		(1.15	)
Net income (loss) attributable to the Company	$	0.60	$	(2.75	)	$	(0.52	)

Anti-dilutive employee stock-based awards, excluded		616		1,758			2,780

Basic net income (loss) per share is computed using the weighted average number of shares of common stock outstanding during the period, excluding any unvested restricted stock awards that are subject to repurchase. Diluted net income (loss) per share is computed using the treasury stock method to calculate the weighted average number of shares of common stock and, if dilutive, potential common shares outstanding during the period. Potentially dilutive common shares include unvested restricted stock awards and incremental common shares issuable upon the exercise of stock options, less shares repurchased from assumed proceeds. The assumed proceeds calculation includes actual proceeds to be received from the employee upon exercise and the average unrecognized stock compensation cost during the period.

Leases - Schedule of Operating Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Fixed lease cost	$ 2,182	$ 2,177	$ 3,387
Variable lease cost	640	598	1,002
Total operating lease cost	$ 2,822	$ 2,775	$ 4,389

Composition of Certain Financial Statement Captions

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Financial Statement Captions

NOTE 5 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS

Other current assets consisted of the following (in thousands):


	December 31,
	2023		2022
Prepaid income taxes	$	3,752	$	7,252
Prepaid expenses		2,185		1,924
Prepaid insurance		1,123		2,103
Other		640		645
Total other current assets	$	7,700	$	11,924

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2023			2022
Equipment, furniture and other	$	17,267		$	14,148
Leasehold improvements		5,037			5,057
		22,304			19,205
Less: Accumulated depreciation and amortization		(15,333	)		(14,655	)
Total property and equipment, net	$	6,971		$	4,550

Other long-term assets consisted of the following (in thousands):


	December 31,
	2023		2022
Long-term deferred tax assets	$	23,885	$	35,278
Other assets		4,361		5,472
Total other long-term assets	$	28,246	$	40,750

Accrued liabilities consisted of the following (in thousands):


	December 31,
	2023		2022
Employee compensation and benefits	$	8,378	$	6,978
Accrued expenses		3,601		12,745
Current portion of guarantee (1)		2,400		2,431
Current portion of operating lease liabilities		503		2,108
Accrued income taxes		325		358
Other		2,135		1,715
Total accrued liabilities	$	17,342	$	26,335

(1) Refer to “Note 16 – Commitments and Contingencies” for further detail on the nature of the guarantee.

Other long-term liabilities consisted of the following (in thousands):


	December 31,
	2023		2022
Long-term portion of guarantee (1)	$	16,135	$	18,064
Other		1,975		1,979
Total other long-term liabilities	$	18,110	$	20,043

(1) Refer to “Note 16 – Commitments and Contingencies” for further detail on the nature of the guarantee.

Debt - Schedule of Outstanding Amounts of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Line Of Credit Facility [Line Items]
Long-term debt, Gross	$ 601,250
Unamortized debt discount and issuance costs	(15,555)	$ (19,857)
Long-term debt	585,695	729,393
Less: current portion, net of debt discount and issuance costs	(66,145)	(109,813)
Long-term debt, net	519,550	619,580
Refinanced Term B Loans
Line Of Credit Facility [Line Items]
Long-term debt, Gross	$ 601,250	$ 749,250

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Goodwill and Identified Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes to Carrying Value of Goodwill

Changes to the carrying value of goodwill from January 1, 2022 through December 31, 2023 were as follows (in thousands):


	Amounts
Balance at December 31, 2021	$	314,576
Goodwill adjustment related to mergers in prior periods		(916	)
Balance at December 31, 2022 and 2023	$	313,660

Identified Intangible Assets

Identified intangible assets consisted of the following (in thousands):


		December 31, 2023							December 31, 2022
	Average Life (Years)	Gross Assets		Accumulated Amortization			Net		Gross Assets		Accumulated Amortization			Net
Finite-lived intangible assets
Acquired patents / core technology	3-10	$	654,360	$	(323,261	)	$	331,099	$	645,928	$	(270,275	)	$	375,653
Customer contracts and related relationships	3-9		155,900		(139,827	)		16,073		155,900		(101,252	)		54,648
Existing technology / content database	5-10		38,681		(38,681	)		—		38,681		(36,614	)		2,067
Trademarks/trade name	4-10		1,300		(1,300	)		—		1,300		(1,192	)		108
Total intangible assets		$	850,241	$	(503,069	)	$	347,172	$	841,809	$	(409,333	)	$	432,476

Estimated Future Amortization Expense

As of December 31, 2023, the estimated future amortization expense of total finite-lived intangible assets was as follows (in thousands):


	Amounts
2024	$	69,815
2025		53,737
2026		53,603
2027		53,251
2028		48,208
Thereafter		68,558
Total	$	347,172

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 67,372	$ (298,586)	$ (58,913)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation of property and equipment	1,539	17,144	23,801
Amortization of intangible assets	93,735	143,243	203,401
Goodwill impairment	0	354,000	0
Stock-based compensation expense	18,057	52,626	58,182
Deferred income tax	11,392	(40,301)	(978)
Loss on debt extinguishment	0	0	8,012
Patent assets received in lieu of cash	0	0	(8,787)
Amortization of debt issuance costs	4,302	4,405	6,426
Other	(252)	744	(938)
Changes in operating assets and liabilities:
Accounts receivable	18,268	24,892	(27,615)
Unbilled contracts receivable	(34,303)	(86,673)	58,496
Other assets	(4,502)	(3,243)	7,497
Accounts payable	(894)	18,601	(5,234)
Accrued and other liabilities	(14,604)	(3,614)	(27,910)
Deferred revenue	(7,355)	(215)	(651)
Net cash from operating activities	152,755	183,023	234,789
Cash flows from investing activities:
Purchases of property and equipment	(3,812)	(12,576)	(13,950)
Proceeds from sale of property and equipment	0	86	19
Purchases of intangible assets	(2,531)	(290)	(186)
Net cash paid for mergers and acquisitions	0	(50,473)	(17,400)
Purchases of short-term investments	(42,845)	(4,490)	(67,343)
Proceeds from sales of short-term investments	0	28,254	49,768
Proceeds from maturities of short-term investments	14,700	36,576	42,886
Net cash from investing activities	(34,488)	(2,913)	(6,206)
Cash flows from financing activities:
Repayment of debt	(148,000)	(40,500)	(84,048)
Debt refinancing costs	0	0	(4,253)
Dividends paid	(21,339)	(20,888)	(20,979)
Distribution of Xperi Inc.	0	(182,928)	0
Proceeds from employee stock purchase program and exercise of stock options	2,351	14,260	13,839
Repurchases of common stock for tax withholdings on equity awards	(11,274)	(15,941)	(15,916)
Repurchases of common stock	0	(17,260)	(84,888)
Net cash from financing activities	(178,262)	(263,257)	(196,245)
Effect of exchange rate changes on cash and cash equivalents	0	(3,419)	(1,405)
Net increase (decrease) in cash and cash equivalents	(59,995)	(86,566)	30,933
Cash and cash equivalents at beginning of period	114,555	201,121	170,188
Cash and cash equivalents at end of period	54,560	114,555	201,121
Supplemental disclosure of cash flow information:
Interest paid	57,760	40,505	32,363
Income taxes paid, net of refunds	10,318	24,782	30,865
Debt acquired in a business acquisition	0	50,000	0
Unpaid purchases of property and equipment at the end of the period	471	0	0
Unpaid purchases of intangible assets at the end of the period	1,500	0	0
Non-cash aquisition of intangible assets	$ 4,400	$ 0	$ 0

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable allowance for credit losses	$ 1,463	$ 713
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	120,730,000	117,392,000
Common stock, shares outstanding (in shares)	107,384,000	105,167,000
Treasury stock, shares (in shares)	13,346,000	12,225,000

Recent Accounting Pronouncements (Narrative) (Details)	Dec. 31, 2023
Accounting Standards Update 2021-08
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle accounting standards update adoption date	Jan. 01, 2022
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
Accounting Standards Update 2022-06
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle accounting standards update adoption date	Jun. 30, 2023
Change in accounting principle, accounting standards update, immaterial effect [true false]	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

+ Details

- Definition

Date accounting standards update was adopted, in YYYY-MM-DD format.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 67,372	$ (298,586)	$ (58,913)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment	9	(4,425)	(1,975)
Net unrealized gains (losses) on available-for-sale debt securities	34	45	(41)
Other comprehensive income (loss), net of tax	43	(4,380)	(2,016)
Comprehensive income (loss)	67,415	(302,966)	(60,929)
Less: Comprehensive loss attributable to noncontrolling interest	0	(2,706)	(3,456)
Comprehensive income (loss) attributable to the Company	$ 67,415	$ (300,260)	$ (57,473)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The accounting estimates and assumptions that require management’s most significant, challenging, and subjective judgment include identifying the performance obligations in the contract, estimating variable consideration, estimating quarterly royalties prior to receiving the royalty reports from the licensee, determining standalone selling price, and allocating consideration in a contract with multiple performance obligations, the assessment of the recoverability of goodwill, the assessment of useful lives and recoverability of other intangible assets and long-lived assets, recognition and measurement of current and deferred income tax assets and liabilities, the assessment of unrecognized tax benefits and purchase accounting resulting from business combinations, among others. Actual results experienced by the Company may differ from management’s estimates. These estimates may change, as new events occur and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known.

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to a customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services, which may include various combinations of goods and services which are generally capable of being distinct and accounted for as separate performance obligations. See “Note 4 – Revenue” for a detailed discussion on revenue and revenue recognition.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are maintained with various financial institutions.

Short-term Investments

The Company invests in debt securities which include corporate bonds and notes, treasury and agency notes and bills, commercial paper, certificates of deposit, and in equity securities consisting of money market funds. The Company’s investments are classified as available-for-sale (“AFS”). These investments are recorded in the Consolidated Balance Sheets at fair value with net unrealized gains or losses reported as a separate component of accumulated other comprehensive income (loss), net of tax.

Marketable Debt Securities

For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more-likely-than-not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in accumulated other comprehensive income or loss on the Consolidated Balance Sheets.

Marketable Equity Securities

Marketable equity securities are measured at fair value with unrealized gains and losses recognized in other income and expense, net, on the Consolidated Statements of Operations.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amount of cash equivalents, accounts receivable, accounts payable and accrued liabilities approximates fair value due to the short-term nature of these instruments. Long-term debt is carried at amortized cost and measured at fair value on a quarterly basis for disclosure purposes. See “Note 7 – Fair Value” for further information.

Concentration of Credit and Other Risks

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents, short-term investments and accounts receivable.

The Company follows a corporate investment policy which sets credit, maturity and concentration limits and regularly monitors the composition, market risk and maturities of these investments. The Company believes that any concentration of credit risk in its accounts receivable is substantially mitigated by the Company’s evaluation process, relatively short collection terms and the high level of credit worthiness of its customers. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral. See “Note 17 – Segment and Geographic Information” for further discussion on concentration of credit and other risks.

Allowance for Credit Losses

The allowance for credit losses, which includes the allowance for accounts receivable, represents the Company’s best estimate of lifetime expected credit losses inherent in those financial assets. The Company’s lifetime expected credit losses are determined using relevant information about past events (including historical experience), current conditions, and reasonable and supportable forecasts that affect collectability. The Company monitors its credit exposure through ongoing credit evaluations of its customers’ financial condition. In addition, the Company performs routine credit management activities such as timely account reconciliations, dispute resolution, and payment confirmations. The Company may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. See “Note 4 – Revenue” for a further discussion of the allowance for credit losses.

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting in accordance with ASC 805, “Business Combinations.” Identifiable assets acquired and liabilities assumed are recorded at their acquisition date fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisition related costs are expensed as incurred. Upon acquisition, the accounts and results of operations are consolidated as of and subsequent to the acquisition date.

When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. The Company utilizes commonly accepted valuation techniques, such as the income approach and the cost approach, as appropriate, in establishing the fair value of intangible assets. Typically, key assumptions include projections of cash flows that arise from identifiable intangible assets of acquired businesses as well as discount rates based on an analysis of the weighted average cost of capital, adjusted for specific risks associated with the assets.

Goodwill and Identified Intangible Assets

Goodwill

Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible and identified intangible assets acquired under a business combination. Goodwill also includes acquired assembled workforce, which does not qualify as an identifiable intangible asset. The Company performs an annual review of the valuation of goodwill in the fourth quarter, or more often if indicators of impairment exist. Triggering events for impairment reviews may be indicators such as adverse industry or economic trends, restructuring actions, lower projections of profitability or a sustained decline in the Company's market capitalization. Evaluations of possible impairment and, if applicable, adjustments to carrying values require the Company to estimate, among other factors, future cash flows, useful lives and fair market values of the Company's assets. When the Company conducts the evaluation of goodwill, the fair value of goodwill is assessed using valuation techniques that require significant management estimates and judgment.

In performing the quantitative impairment test for goodwill, the fair value of the reporting unit is compared to its carrying amount. The Company utilizes the market capitalization approach to determine the fair value of a reporting unit. Under the market capitalization approach, the fair value of a reporting unit is estimated based on the trading price of the Company's stock as of the test date, or trading prices over a short period of time immediately prior or subsequent to the test date if such prices more reasonably represent the estimated fair value as of the test date, which is further adjusted by a control premium representing the synergies a market participant would achieve when obtaining control of the business.

Identified intangible assets

Identified finite-lived intangible assets consist of acquired patents, existing technology, customer relationships and trademarks and trade names resulting from business combinations, as well as acquired patents under asset purchase agreements. The Company’s identified intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from 1 to 10 years.

The Company makes judgments about the recoverability of intangible assets whenever events or changes in circumstances indicate that impairment may exist. If such facts and circumstances exist, the Company assesses the recoverability by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Impairments, if any, are based on the excess of the carrying amount over the fair value of those assets. If the useful life is shorter than originally estimated, the Company would accelerate the rate of amortization and amortize the remaining carrying value over the new shorter useful life.

For further discussion of goodwill and identified intangible assets, see “Note 10 – Goodwill and Identified Intangible Assets.”

Debt Discount and Issuance Costs

Debt discount and issuance costs are presented in the Consolidated Balance Sheet as a deduction from the carrying amount of both the short-term debt and long-term debt, and are amortized over the term of the associated debt to interest expense using the effective interest method. In addition, the Company elects to continue to defer the unamortized debt discount and issuance costs when it voluntarily pays down a portion of the debt as the prepayment is factored into the terms agreed to on the debt.

Treasury Stock

The Company accounts for stock repurchases using the cost method. For reissuance of treasury stock, to the extent that the reissuance price is more than the cost, the excess is recorded as an increase to additional paid-in capital. If the reissuance price is less than the cost, the difference is recorded in additional paid-in capital to the extent there is a cumulative treasury stock paid-in capital balance. Once the cumulative balance is reduced to zero, any remaining difference resulting from the sale of treasury stock below cost is recorded as a reduction of retained earnings.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, accrued liabilities, and noncurrent operating lease liabilities in the Company’s Consolidated Balance Sheets. The ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, the Company generally uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The Company’s lease terms may include options to extend or terminate the lease, and these terms are factored into the valuation of ROU assets and liabilities when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. As a practical expedient, the Company elected, for all office and facility leases, not to separate nonlease components from lease components and instead to account for each separate lease component and its associated non-lease components as a single lease component. For additional information regarding the Company's leases, refer to “Note 8 – Leases.”

Research and Development

Research and development expense (“R&D expense”) consists primarily of personnel costs, stock-based compensation, outside engineering consulting expenses associated with new IP development, as well as costs related to patent applications and examinations, reverse engineering, materials, supplies and an allocation of facilities costs. All R&D expense is expensed as incurred.

Stock-based Compensation Expense

Stock-based compensation is measured at the grant date based on the estimated fair value of the award and is recognized as expense on a straight-line basis, net of estimated forfeitures, over the requisite service or performance period. Forfeiture rates are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. If the actual forfeiture rate is materially different from the estimate, stock-based compensation expense could be significantly different from what was recorded in the current period.

The Company uses the closing trading price of its common stock on the date of grant as the fair value of awards of restricted stock units (“RSUs”), and performance stock units (“PSUs”) that are based on company-designated performance targets. For performance stock awards that also contain market conditions, or market-based PSUs, fair value is estimated by using a Monte Carlo simulation on the date of grant. The Company estimates the grant-date fair value of stock options and stock to be issued under the employee stock purchase plan (“ESPP”) using the Black-Scholes pricing model. See “Note 14 – Stock-based Compensation Expense” for additional detail.

Performance-based PSU awards will vest if certain employee-specific or company-designated performance targets are achieved. If minimum performance thresholds are achieved, each PSU award will convert into the Company’s common stock at a defined ratio depending on the degree of achievement of the performance target designated by each individual award. If minimum performance thresholds are not achieved, then no shares will be issued. The expected levels of achievement are reassessed over the requisite service periods and, to the extent that the expected levels of achievement change, stock-based compensation is adjusted in the period of change and recorded on the statements of operations and the remaining unrecognized stock-based compensation is recorded over the remaining requisite service period. For market-based PSUs, the fair value per award is fixed at the grant date and the amount of compensation expense is not adjusted during the performance period regardless of changes in the level of achievement of the market condition unless it is due to termination.

Income Taxes

The Company must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments are used in the calculation of tax credits, tax benefits, tax deductions, and in the calculation of certain deferred taxes and tax liabilities. Significant changes to these estimates may result in an increase or decrease to the Company’s tax provision in a subsequent period.

The provision for income taxes is comprised of the Company’s current tax liability and changes in deferred income tax assets and liabilities. The calculation of the current tax liability involves dealing with uncertainties in the application of complex tax laws and regulations and in determining the liability for tax positions, if any, taken on the Company’s tax returns in accordance with authoritative guidance on accounting for uncertainty in income taxes. Deferred income taxes are determined based on the differences between the financial reporting and tax basis of assets and liabilities. The Company must assess the likelihood that it will be able to realize its deferred tax assets. If realizability is not likely on a more-likely-than-not basis, the Company must increase its provision for income taxes by recording a valuation allowance against the deferred tax assets that it estimates will not ultimately be realizable. However, should there be a change in the Company’s ability to realize its deferred tax assets, on a more-likely-than-not basis, the provision for income taxes would fluctuate in the period of such change. See “Note 15 – Income Taxes” for additional detail.

Advertising Costs

Advertising costs are expensed as incurred and are presented within selling, general and administrative expense in the Consolidated Statements of Operations. Advertising expenses were $10.5 and $5.5 million for the years ended December 31, 2023 and 2022, respectively. Advertising costs were not material for the year ended December 31, 2021.

Guarantees and Indemnification

The Company has certain financial and performance guarantees which have been issued in the normal course of business. The Company entered into the underlying arrangement with a third-party to facilitate commercial transactions. See “Note 16 – Commitments and Contingencies” for further information regarding the Company’s guarantees.

The Company provides indemnification of varying scope to certain customers against claims of intellectual property infringement made by third parties arising from the use of the Company’s technologies. In accordance with authoritative guidance for accounting for guarantees, the Company evaluates estimated losses for such indemnification. The Company considers such factors as the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. To date, no such claims have been filed against the Company and no liability has been recorded in the Company’s financial statements.

As permitted under Delaware law, the Company has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company believes, given the absence of any such payments in the Company’s history, and the estimated low probability of such payments in the future, that the estimated fair value of these indemnification agreements is immaterial. In addition, the Company maintains a directors’ and officers’ liability insurance policy that is intended to reduce its financial exposure and may enable the Company to recover any payments, should they occur.

Contingencies

From time to time, the Company may be involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. Management reviews these estimates in each accounting period as additional information becomes known and adjusts the loss provision when appropriate. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in the consolidated financial statements. If a loss is probable but the amount of loss cannot be reasonably estimated, the Company discloses the nature of the loss contingency and the fact that an estimate cannot be made. If a loss is reasonably possible but not probable, the Company discloses the nature of the loss contingency and an estimate of the possible loss, range of loss or the fact that an estimate cannot be made. The Company does not recognize gain contingencies until they are realized. Legal costs incurred in connection with loss contingencies are expensed as incurred. See “Note 16 – Commitments and Contingencies,” for further information regarding the Company’s pending litigation.

Property and Equipment

Property and equipment are recorded at cost, less accumulated depreciation. Depreciation expense is calculated using the straight-line method over the related assets’ estimated useful lives:


Equipment, furniture and other		1 to 5 years
Leasehold improvements		Lesser of related lease term or 5 years
Building and improvements		Up to 30 years

Expenditures that materially increase asset life are capitalized, while ordinary maintenance and repairs are expensed as incurred.

Foreign Currency Translation and Transactions

The Company uses the U.S. dollar as its functional currency. Non-U.S. subsidiaries may designate a local currency as their functional currency. The translation of assets and liabilities into U.S. dollars for subsidiaries with a functional currency other than the U.S. dollar is performed using exchange rates in effect at the balance sheet date. The translation of revenues and expenses into U.S. dollars for subsidiaries with a functional currency other than the U.S. dollar is performed using the average exchange rate for the respective period. Gains or losses from cumulative translation adjustments, net of tax, are included as a component of accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. The Company records net foreign exchange transaction gains and losses resulting from the conversion of the transaction currency to the functional currency within other income and expense, net.

Goodwill and Identified Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identified Intangible Assets

NOTE 10 – GOODWILL AND IDENTIFIED INTANGIBLE ASSETS

Goodwill

The carrying value of goodwill at December 31, 2023 and 2022 was $313.7 million. Changes to the carrying value of goodwill from January 1, 2022 through December 31, 2023 were as follows (in thousands):


	Amounts
Balance at December 31, 2021	$	314,576
Goodwill adjustment related to mergers in prior periods		(916	)
Balance at December 31, 2022 and 2023	$	313,660

Goodwill at each reporting unit is evaluated for potential impairment annually, as of the beginning of the fourth quarter, and whenever events or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. The process of evaluating goodwill for potential impairment is subjective and requires significant estimates, assumptions and judgments particularly related to the identification of reporting units, the assignment of assets and liabilities to reporting units and estimating the fair value of each reporting unit.

As part of its annual goodwill impairment test, the Company elected to proceed with a qualitative goodwill impairment test and no indicators of potential impairment were identified. Additionally, based on the qualitative evaluation, which included consideration of the carrying value of the IP Licensing reporting unit and market capitalization of the Company, no goodwill impairment triggers were identified as of December 31, 2023. No impairment charges associated with the IP Licensing reporting unit were recognized for the years ended December 31, 2022 and 2021.

Identified Intangible Assets

Identified intangible assets consisted of the following (in thousands):


		December 31, 2023							December 31, 2022
	Average Life (Years)	Gross Assets		Accumulated Amortization			Net		Gross Assets		Accumulated Amortization			Net
Finite-lived intangible assets
Acquired patents / core technology	3-10	$	654,360	$	(323,261	)	$	331,099	$	645,928	$	(270,275	)	$	375,653
Customer contracts and related relationships	3-9		155,900		(139,827	)		16,073		155,900		(101,252	)		54,648
Existing technology / content database	5-10		38,681		(38,681	)		—		38,681		(36,614	)		2,067
Trademarks/trade name	4-10		1,300		(1,300	)		—		1,300		(1,192	)		108
Total intangible assets		$	850,241	$	(503,069	)	$	347,172	$	841,809	$	(409,333	)	$	432,476

As of December 31, 2023, the estimated future amortization expense of total finite-lived intangible assets was as follows (in thousands):


	Amounts
2024	$	69,815
2025		53,737
2026		53,603
2027		53,251
2028		48,208
Thereafter		68,558
Total	$	347,172

Composition of Certain Financial Statement Captions - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term portion of guarantee	$ 16,135	$ 18,064
Other	1,975	1,979
Total other long-term liabilities	$ 18,110	$ 20,043

Income Taxes - Reconciliation of the Provision for Income Taxes Based on the Statutory U.S. Federal Income Tax and Company's Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory rate									$ 16,794	$ 23,052	$ 15,291
State, net of federal benefit									(2,907)	(2,712)	(617)
Stock-based compensation expense									454	235	(129)
Executive compensation limitation									554	1,236	2,430
Research tax credit									665	(2,705)	353
Foreign withholding tax									(1,956)	5,969	1,575
Transaction costs										1,308	145
Foreign tax rate differential									26	4,960	(3,249)
Foreign tax credit									1,234	10,525	10,714
Change in valuation allowance									(11)	(78,699)	(33,526)
U.S. tax reform										541	192
Unrecognized tax benefits									819	(3,318)	4,548
Change in estimates									727	(3,478)	(85)
Foreign exchange and interest									44	4,516	6,956
Divestitures										15,396
Foreign derived intangible income									(4,088)	(4,697)
Others									249	(749)	230
Provision for (benefit from) income taxes	$ (55,090)	$ 10,401	$ 10,552	$ 5,517	$ (11,314)	$ 8,676	$ (387)	$ 7,853	$ 12,604	$ (28,620)	$ 4,828

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Feb. 07, 2024	Jun. 30, 2023
Cover [Abstract]
Entity Registrant Name	ADEIA INC.
Trading Symbol	ADEA
Entity Central Index Key	0001803696
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		107,424,894
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 705,678,144
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-39304
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4734590
Entity Address, Address Line One	3025 Orchard Parkway
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	408
Local Phone Number	473-2500
Document Annual Report	true
ICFR Auditor Attestation Flag	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Security12b Title	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	San Jose, California, USA
Auditor Firm ID	238
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE: Portions of the registrant’s Proxy Statement for the registrant’s 2024 Annual Meeting of Stockholders will be filed with the Commission within 120 days after the close of the registrant’s 2023 fiscal year and are incorporated by reference in Part III of this Annual Report on Form 10-K to the extent stated herein.

Stock-Based Compensation Expense - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Mar. 01, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised			$ 40	$ 20	$ 100
Unrecognized stock-based compensation balance after estimated forfeitures related to unvested stock options			$ 0
Estimated weighted average period			2 years
Number of shares, options granted			0	0	0
Issuance of common stock in connection with employee common stock purchase plan (in shares)			182,000	1,301,000	1,238,000
Incremental stock-based compensation				$ 400
Black Scholes Option Pricing Model
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)			2 years
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards, total fair value			$ 30,300	$ 48,700	$ 35,600
Unrecognized stock-based compensation balance after estimated forfeitures related to unvested stock options			$ 35,700
Separation Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, accelerated vesting	372,244
Incremental stock-based compensation		$ 2,200

Composition of Certain Financial Statement Captions - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid income taxes	$ 3,752	$ 7,252
Prepaid expenses	2,185	1,924
Prepaid insurance	1,123	2,103
Other	640	645
Total other current assets	$ 7,700	$ 11,924

Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Investments [Line Items]
Cash, cash equivalents and marketable securities	$ 83,600	$ 114,600
Provision for credit loss expense related available for sale debt securities	0	0	$ 0
Operating Accounts
Schedule Of Investments [Line Items]
Cash, cash equivalents and marketable securities	$ 48,800	$ 81,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income (Loss) Per Share

The following table sets forth the computation of basic and diluted shares (in thousands):


	Years Ended December 31,
	2023		2022			2021
Numerator:
Net income from continuing operations	$	67,372	$	138,392		$	67,983
Net loss attributable to discontinued operations		—		(434,272	)		(123,440	)
Net income (loss) attributable to the Company	$	67,372	$	(295,880	)	$	(55,457	)

Denominator:
Weighted average common shares outstanding		106,554		104,336			104,735
Add: Effect of dilutive securities associated with options		—		—			17
Add: Effect of dilutive securities associated with restricted stock awards and units		6,293		3,244			2,513
Add: Effect of dilutive securities associated with employee stock purchase program		2		—			—
Weighted average common shares - dilutive		112,849		107,580			107,265

Basic net income (loss) per share
Continuing operations	$	0.63	$	1.33		$	0.65
Discontinued operations		—		(4.16	)		(1.18	)
Net income (loss) attributable to the Company	$	0.63	$	(2.83	)	$	(0.53	)

Diluted net income (loss) per share
Continuing operations	$	0.60	$	1.29		$	0.63
Discontinued operations		—		(4.04	)		(1.15	)
Net income (loss) attributable to the Company	$	0.60	$	(2.75	)	$	(0.52	)

Anti-dilutive employee stock-based awards, excluded		616		1,758			2,780

Leases - Schedule of Future Minimum Lease Payments and Related Lease Liabilities (Parenthetical) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Leases [Abstract]
Tenant improvements allowance	$ 1.7

Goodwill and Identified Intangible Assets - Summary of Changes to Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Balance beginning	$ 313,660	$ 314,576
Goodwill adjustment related to mergers in prior periods	(916)	(916)
Balance ending	$ 313,660	$ 313,660

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

NOTE 19 – SUBSEQUENT EVENTS

Declaration of a Cash Dividend

On February 8, 2024, the Board declared a cash dividend of $0.05 per share of common stock, payable on March 26, 2024, for the stockholders of record at the close of business on March 12, 2024.

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Valuation allowance	$ 118,039,000	$ 120,508,000
Income tax receivable, noncurrent	120,338,000	113,679,000
Long-term income tax payable	81,834,000	87,302,000
Unrecognized tax benefits	229,589,000	229,492,000	$ 230,076,000	$ 225,279,000
Unrecognized tax benefits that would impact the effective income tax rate	193,000,000	194,300,000
Unrecognized tax benefits, period decrease	3,900,000
Unrecognized tax benefits, income tax penalties and accrued interest expense	(200,000)	0	$ 200,000
Accrued interest and tax penalties related to unrecognized tax benefits	2,600,000	2,800,000
South Korea and Other Business Factors
Income Tax Contingency [Line Items]
Valuation allowance change in amount	49,100,000	42,200,000
Income tax receivable, noncurrent	120,300,000	113,700,000
Long-term income tax payable	64,600,000	$ 63,600,000
Federal
Income Tax Contingency [Line Items]
Operating loss carryforwards	2,600,000
Federal \| Research Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward	$ 77,800,000
Tax credit carryforward expiration start year	2024
Tax credit carryforward expiration end year	2043
State
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 884,700,000
Operating loss carryforwards, begin to expire year	2024
Operating loss carryforwards, expiration end year	2043
State \| Research Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward	$ 77,400,000
Foreign
Income Tax Contingency [Line Items]
Valuation allowance	86,100,000
Tax credit carryforward	$ 67,500,000
Tax credit carryforward expiration start year	2024
Tax credit carryforward expiration end year	2031

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Operating Lease Costs

The components of operating lease costs were as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Fixed lease cost (1)	$	2,182	$	2,177	$	3,387
Variable lease cost		640		598		1,002
Total operating lease cost	$	2,822	$	2,775	$	4,389

(1) Includes short-term leases costs, which were immaterial.

Schedule of Other Information Related to Leases

Other information related to leases was as follows (in thousands, except lease term and discount rate):


	Years Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,357	$	2,227	$	4,039
ROU assets obtained in exchange for new lease liabilities:
Operating leases	$	5,164	$	1,153	$	764


	Years ended December 31,
	2023			2022
Weighted-average remaining lease term (years):
Operating leases	8.35			3.19
Weighted-average discount rate:
Operating leases		8.5	%		5.4	%

Schedule of Future Minimum Lease Payments and Related Lease Liabilities

Future minimum lease payments and related lease liabilities as of December 31, 2023 were as follows (in thousands):


	Operating Lease Payments (1)
2024 (2)	$	537
2025		1,293
2026		2,069
2027		2,132
2028		1,888
Thereafter		7,771
Total lease payments		15,690
Less: imputed interest		(5,457	)
Present value of lease liabilities:	$	10,233

Less: current obligations under leases (accrued liabilities)		(503	)
Noncurrent operating lease liabilities	$	9,730

(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.

(2) Includes tenant improvements allowance of $1.7 million.

Stock-Based Compensation Expense (Tables)

12 Months Ended

Dec. 31, 2023

Effect of Recording Stock-Based Compensation Expense

The effect of recording stock-based compensation (“SBC”) expense for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Research and development	$	2,911	$	1,644	$	1,895
Selling, general and administrative		15,146		21,201		23,733
Total stock-based compensation expense	$	18,057	$	22,845	$	25,628

Employee Stock Purchase Plan

Schedule of Assumptions Used to Value Awards Granted

The following assumptions were used to value the ESPP shares:


	Years Ended December 31,
	2023		2022		2021
Expected life (years)		2.0		2.0		2.0
Risk-free interest rate	4.3% − 4.6%		1.3 − 4.3%		0.1 − 0.2%
Dividend yield	2.0%		1.1 − 2.3%		0.9 − 1.2%
Expected volatility	61.3% − 63.5%		48.5 − 69.0%		52.0%

Performance Stock Units

Schedule of Assumptions Used to Value Awards Granted

The following assumptions were used to value the performance stock awards subject to market conditions granted in the years ended December 31, 2023, 2022 and 2021:


	Years Ended December 31,
	2023	2022	2021
Expected life (in years)	2.4 − 3.0	3.0	3.0
Risk-free interest rate	3.64% − 4.85%	2.8%	0.3%
Dividend yield	1.91% − 2.32%	1.2%	1.0%
Expected volatility	61.3% − 68.5%	37.5% − 40.9%	47.9%

Income Taxes - Components of Income (loss) Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S.									$ 80,015	$ 110,796	$ 71,485
Foreign									(39)	(1,024)	1,326
Income from continuing operations before income taxes	$ 18,640	$ 4,058	$ 25,712	$ 61,362	$ 7,354	$ 29,249	$ 13,564	$ 22,644	$ 79,976	$ 109,772	$ 72,811

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Estimated Useful Life

Property and equipment are recorded at cost, less accumulated depreciation. Depreciation expense is calculated using the straight-line method over the related assets’ estimated useful lives:


Equipment, furniture and other		1 to 5 years
Leasehold improvements		Lesser of related lease term or 5 years
Building and improvements		Up to 30 years

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Geographic Revenue Information

The table below lists the geographic revenue for the periods indicated (in thousands):


	Years Ended December 31,
	2023				2022				2021
U.S.	$	293,673	76	%	$	366,527	84	%	$	299,253	76	%
Canada		14,729	4	%		28,538	7	%		29,545	8	%
Asia		70,785	18	%		35,842	8	%		50,553	13	%
Europe and Middle East		7,850	2	%		6,058	1	%		8,201	2	%
Other		1,751	0	%		1,968	0	%		3,660	1	%
Total revenue	$	388,788	100	%	$	438,933	100	%	$	391,212	100	%

Summary of Customers Comprising 10% or More of Total Revenues

The following table sets forth revenue generated from customers which comprise 10% or more of total revenue for the periods indicated:


	Years Ended December 31,
	2023			2022			2021
Customer A		18	%		16	%		18	%
Customer B	*				13	%	*
Customer C		11	%		11	%		14	%

* denotes less than 10% of total revenue.

Revenue - Schedule of Revenue Recognized in Period (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Amounts included in deferred revenue at the beginning of the period	$ 16,743	$ 5,509	$ 4,476
Performance obligations satisfied in previous periods	$ 16,273	$ 12,976	$ 33,885

Financial Instruments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Financial Instruments

NOTE 6 – FINANCIAL INSTRUMENTS

The Company has investments in debt securities, which include corporate bonds and notes, treasury and agency notes and bills, commercial paper, certificates of deposit, and in equity securities consisting of money market funds. The Company classifies its debt securities as available-for-sale (“AFS”), which are accounted for at fair value with credit related losses recognized as a provision for credit losses in its Consolidated Statements of Operations and all non-credit related unrealized gains and losses recognized in accumulated other comprehensive income or loss on the Consolidated Balance Sheets. Under ASU 2016-01 (Topic 321), equity securities are measured at fair value with unrealized gains and losses recognized in other income and expense, net, in the Consolidated Statements of Operations.

The following is a summary of marketable securities at December 31, 2023 and December 31, 2022 (in thousands):


	December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Values
Marketable securities
Commercial paper	$	12,421	$	5	$	(4	)	$	—	$	12,422
Treasury and agency notes and bills		10,746		—		(1	)		—		10,745
Corporate bonds and notes		5,813		34		(2	)		—		5,845
Total debt securities	$	28,980	$	39	$	(7	)	$	—	$	29,012
Money market funds		5,778		—		—			—		5,778
Total equity securities		5,778		—		—			—		5,778
Total marketable securities	$	34,758	$	39	$	(7	)	$	—	$	34,790
Reported in:
Cash and cash equivalents										$	5,778
Available-for-sale debt securities											29,012
Total marketable securities										$	34,790


	December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Values
Marketable securities
Corporate bonds and notes	$	29,018	$	3	$	(6	)	$	—	$	29,015
Total debt securities		29,018		3		(6	)				29,015
Money market funds		4,107		—		—			—		4,107
Total equity securities		4,107		—		—			—		4,107
Total marketable securities	$	33,125	$	3	$	(6	)	$	—	$	33,122
Reported in:
Cash and cash equivalents										$	33,122

At December 31, 2023 and 2022, the Company had $83.6 million and $114.6 million, respectively, in cash, cash equivalents and marketable securities. A significant portion of these amounts were held in marketable securities, as shown above. The remaining balance of $48.8 million and $81.5 million at December 31, 2023 and December 31, 2022, respectively, was cash held in operating accounts not included in the tables above.

Debt Securities

The gross realized gains and losses on sales of marketable debt securities were immaterial during the years ended December 31, 2023, 2022 and 2021. Unrealized losses on AFS debt securities were immaterial as of December 31, 2023 and December 31, 2022. The Company evaluated whether the decline in fair value has resulted from credit losses or other factors and concluded these amounts were related to temporary fluctuations in value of AFS securities and were due primarily to changes in interest rates and market conditions of the underlying securities. The Company did not recognize a provision for credit loss expense related to its AFS debt securities for the years ended December 31, 2023, 2022 and 2021, respectively.

The estimated fair value of marketable debt securities by contractual maturity at December 31, 2023 is shown below (in thousands). Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties.


	Amortized Cost		Estimated Fair Value
Due in one year or less	$	25,040	$	25,038
Due in one to two years		2,464		2,482
Due in two to three years		1,476		1,492
Total	$	28,980	$	29,012

Quarterly Results Of Operations (Unaudited)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results Of Operations (Unaudited)

NOTE 20 – QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The accounting requirements for reporting the Separation of Xperi Inc. as a discontinued operation were met when the Separation was completed. Accordingly, the financial results of Xperi Inc. for the years ended December 31, 2022 and 2021 are presented as net loss from discontinued operations, net of tax on the Consolidated Statements of Operations. For further information, see “Note 9 – Discontinued Operations”.

The following table sets forth the Company’s unaudited quarterly Consolidated Statements of Operations for each of the quarters in the years ended December 31, 2022 and 2021, that were retrospectively adjusted to reflect Xperi Inc.’s historical financial results as discontinued operations. The information for each quarter was derived from the Company’s unaudited condensed consolidated financial statements and was prepared on a basis consistent with these audited consolidated financial statements, and reflect, in the opinion of management, all adjustments of a normal, recurring nature that are necessary for a fair presentation of the financial information contained in those statements. The following quarterly financial data should be read in conjunction with the consolidated financial statements (in thousands, except per share amounts):


	Three Months Ended
	Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021
Revenue	$	103,290		$	89,296		$	107,815		$	138,532		$	89,705		$	101,647		$	101,846		$	98,014
Total operating expenses		70,047			73,654			73,094			69,078			72,738			64,160			70,385			64,901
Operating income from continuing operations		33,243			15,642			34,721			69,454			16,967			37,487			31,461			33,113
Income from continuing operations before income taxes		18,640			4,058			25,712			61,362			7,354			29,249			13,564			22,644
Provision for (benefit from) income taxes		(55,090	)		10,401			10,552			5,517			(11,314	)		8,676			(387	)		7,853
Net income from continuing operations		73,730			(6,343	)		15,160			55,845			18,668			20,573			13,951			14,791
Net loss attributable to discontinued operations, net of tax		—			(382,585	)		(20,785	)		(30,902	)		(33,227	)		(65,640	)		(15,069	)		(9,504	)
Net income (loss) attributable to the Company	$	73,730		$	(388,928	)	$	(5,625	)	$	24,943		$	(14,559	)	$	(45,067	)	$	(1,118	)	$	5,287
Income (loss) per share:
Basic
Continuing operations	$	0.70		$	(0.06	)	$	0.15		$	0.54		$	0.18		$	0.20		$	0.13		$	0.14
Discontinued operations		—			(3.66	)		(0.20	)		(0.30	)		(0.32	)		(0.63	)		(0.14	)		(0.09	)
Net income (loss)	$	0.70		$	(3.72	)	$	(0.05	)	$	0.24		$	(0.14	)	$	(0.43	)	$	(0.01	)	$	0.05
Diluted
Continuing operations	$	0.65		$	(0.06	)	$	0.14		$	0.53		$	0.18		$	0.19		$	0.13		$	0.14
Discontinued operations		—			(3.61	)		(0.20	)		(0.29	)		(0.31	)		(0.61	)		(0.14	)		(0.09	)
Net income (loss)	$	0.65		$	(3.67	)	$	(0.06	)	$	0.24		$	(0.13	)	$	(0.42	)	$	(0.01	)	$	0.05
Weighted average number of shares-basic		105,135			104,510			104,001			103,679			104,249			104,849			104,906			104,940
Weighted average number of shares-diluted		113,392			105,850			105,160			105,332			105,915			106,910			107,267			107,776

Revenue - Schedule of Revenue Disaggregated by Recurring and Non-recurring (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue Recognition [Line Items]
Total revenue	$ 103,290	$ 89,296	$ 107,815	$ 138,532	$ 89,705	$ 101,647	$ 101,846	$ 98,014	$ 388,788	$ 438,933	$ 391,212
Recurring revenue
Revenue Recognition [Line Items]
Total revenue									338,708	363,603	350,616
Non-recurring revenue
Revenue Recognition [Line Items]
Total revenue									$ 50,080	$ 75,330	$ 40,596

- Definition

+ References

+ Details

Discontinued Operations - Summary of Financial Results (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Operating expenses:

Net loss from discontinued operations, net of tax

$ 0

$ (436,978)

$ (126,896)

Net loss attributable to discontinued operations

$ 0

$ (382,585)

$ (20,785)

$ (30,902)

$ (33,227)

$ (65,640)

$ (15,069)

$ (9,504)

$ 0

(434,272)

(123,440)

Xperi Inc.

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Revenue

366,730

^[1]

486,484

Operating expenses:

Cost of revenue

85,689

^[1]

125,627

Research and development

158,708

^[1]

194,869

Selling, general and administrative

123,764

^[1]

137,745

Depreciation expense

15,702

^[1]

21,777

Amortization expense

46,166

^[1]

105,311

Litigation expense

921

^[1]

6,371

Goodwill impairment

^[1]

354,000

Total operating expenses

784,950

^[1]

591,700

Operating loss

(418,220)

^[1]

(105,216)

Interest expense

^[1]

(754)

Other income and expense, net

^[1]

1,870

Loss before taxes

(418,912)

^[1]

(103,346)

Provision for income taxes

18,066

^[1]

23,550

Net loss from discontinued operations, net of tax

(436,978)

^[1]

(126,896)

Less: net loss attributable to noncontrolling interest

(2,706)

^[1]

(3,456)

Net loss attributable to discontinued operations

$ (434,272)

^[1]

$ (123,440)

[1]	Represents nine months of Xperi Inc.’s operations in 2022, as compared to a full year of Xperi Inc.’s operations in 2021.

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”), which amends the guidance in ASC 805 to require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Revenue from Contracts with Customers (“Topic 606”). As a result of the amendments, it is expected that an acquirer will generally recognize and measure acquired contract assets and contract liabilities in a manner consistent with how the acquiree recognized and measured them in its preacquisition financial statements. ASU 2021-08 is effective for public business entities for fiscal years beginning after December 15, 2022 and early adoption is permitted. The Company elected to early adopt the new standard on January 1, 2022. The adoption did not have an impact on the Company’s Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which deferred the application dates of Topic 848 to December 31, 2024. In the second quarter of 2023, the Company adopted Topic 848 and modified its debt agreement to reference to other rate. The adoption did not have a material impact to the Company’s Consolidated Financial Statements. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Fair Value - Schedule of Carrying Amounts and Estimated Fair Values (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unamortized debt discount and issuance costs	$ 15,555	$ 19,857
Term B Loan Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unamortized debt discount and issuance costs	$ 15,600	$ 19,900

Stock-Based Compensation Expense

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

NOTE 14 – STOCK-BASED COMPENSATION EXPENSE

The effect of recording stock-based compensation (“SBC”) expense for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Research and development	$	2,911	$	1,644	$	1,895
Selling, general and administrative		15,146		21,201		23,733
Total stock-based compensation expense	$	18,057	$	22,845	$	25,628

In connection with termination of employment with a former executive on March 1, 2022, the Company entered into a Separation Agreement and Release with the executive, dated February 18, 2022 (the “Separation Agreement”). Pursuant to the Separation Agreement, the Company approved, among other severance benefits, accelerated vesting of 372,244 of outstanding performance and time-based restricted stock awards. As a result of this modification, the Company recorded incremental SBC expense of approximately $2.2 million during the first quarter of 2022.

As a result of the Separation and the conversion of the outstanding stock options and equity awards described in “Note 13 – Stockholders’ Equity”, the Company compared the fair value of the outstanding stock options immediately before and after the Separation and a total incremental cost of $0.4 million was recognized as part of stock-based compensation expense during the year ended December 31, 2022.

The total fair value of restricted stock awards vested during the years ended December 31, 2023, 2022 and 2021 was $30.3 million, $48.7 million and $35.6 million, respectively.

The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was $0.04 million, $0.02 million and $0.1 million, respectively. The intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the shares.

As of December 31, 2023, there was no unrecognized stock-based compensation balance after estimated forfeitures related to unvested stock options, and there was $35.7 million related to restricted stock awards, including performance-based awards, to be recognized over an estimated weighted average period of 2.0 years.

The Company uses the Black-Scholes option pricing model to determine the estimated fair value of options and ESPP shares. The fair value of each option grant is determined on the date of grant and the expense is recorded on a straight-line basis over the offering period of two years. The assumptions used in the model include expected life, volatility, risk-free interest rate, and dividend yield. The Company’s determinations of these assumptions are outlined below.

Expected life – The expected life assumption is based on analysis of the Company’s historical employee exercise patterns. The expected life of options granted under the ESPP represents the offering period of two years.

Volatility – Prior to the Separation, volatility was calculated using the historical volatility of the Company’s common stock for a term consistent with the expected life. After the Separation, and due to limited historical trading data, volatility is calculated based on a peer group over the most recent period that represents the remaining term of the vesting period as of the valuation date.

Risk-free interest rate – The risk-free interest rate assumption is based on the U.S. Treasury rate for issues with remaining terms similar to the expected life of the options.

Dividend yield – Expected dividend yield is calculated based on cash dividends declared by the Board for the previous four quarters and dividing that result by the average closing price of the Company’s common stock for the quarter. Cash dividends are not paid on options, restricted stock awards or unvested restricted stock awards.

In addition, the Company estimates forfeiture rates. Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. Historical data is used to estimate pre-vesting option forfeitures and record stock-based compensation expense only for those awards that are expected to vest.

There were no stock options granted during the years ended December 31, 2023, 2022 and 2021.

The following assumptions were used to value the ESPP shares:


	Years Ended December 31,
	2023		2022		2021
Expected life (years)		2.0		2.0		2.0
Risk-free interest rate	4.3% − 4.6%		1.3 − 4.3%		0.1 − 0.2%
Dividend yield	2.0%		1.1 − 2.3%		0.9 − 1.2%
Expected volatility	61.3% − 63.5%		48.5 − 69.0%		52.0%

For the years ended December 31, 2023, 2022 and 2021, an aggregate of 182,000, 1,301,000 and 1,238,000 common shares, respectively, were purchased pursuant to the ESPP.

The Company uses a Monte Carlo simulation to determine the grant date fair value of performance stock awards subject to market conditions, or market-based PSUs. The following assumptions were used to value the performance stock awards subject to market conditions granted in the years ended December 31, 2023, 2022 and 2021:


	Years Ended December 31,
	2023	2022	2021
Expected life (in years)	2.4 − 3.0	3.0	3.0
Risk-free interest rate	3.64% − 4.85%	2.8%	0.3%
Dividend yield	1.91% − 2.32%	1.2%	1.0%
Expected volatility	61.3% − 68.5%	37.5% − 40.9%	47.9%

Revenue - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Unbilled contracts receivable	$ 74,919	$ 73,754
Other current assets	620	512
Long-term unbilled contracts receivable	73,843	40,705
Other long-term assets	1,007	1,144
Total contract assets	$ 150,389	$ 116,115

Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
U.S. federal									$ (7,830)	$ (5,156)	$ (5,578)
Foreign									3,853	9,937	14,045
State and local									5,187	8,636	4,201
Total current									1,210	13,417	12,668
Deferred:
U.S. federal									21,400	(36,363)	(576)
Foreign									(3,200)	4,730	(4,935)
State and local									(6,806)	(10,404)	(2,329)
Total deferred									11,394	(42,037)	(7,840)
Provision for (benefit from) income taxes	$ (55,090)	$ 10,401	$ 10,552	$ 5,517	$ (11,314)	$ 8,676	$ (387)	$ 7,853	$ 12,604	$ (28,620)	$ 4,828

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities

The following is a summary of marketable securities at December 31, 2023 and December 31, 2022 (in thousands):


	December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Values
Marketable securities
Commercial paper	$	12,421	$	5	$	(4	)	$	—	$	12,422
Treasury and agency notes and bills		10,746		—		(1	)		—		10,745
Corporate bonds and notes		5,813		34		(2	)		—		5,845
Total debt securities	$	28,980	$	39	$	(7	)	$	—	$	29,012
Money market funds		5,778		—		—			—		5,778
Total equity securities		5,778		—		—			—		5,778
Total marketable securities	$	34,758	$	39	$	(7	)	$	—	$	34,790
Reported in:
Cash and cash equivalents										$	5,778
Available-for-sale debt securities											29,012
Total marketable securities										$	34,790


	December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Values
Marketable securities
Corporate bonds and notes	$	29,018	$	3	$	(6	)	$	—	$	29,015
Total debt securities		29,018		3		(6	)				29,015
Money market funds		4,107		—		—			—		4,107
Total equity securities		4,107		—		—			—		4,107
Total marketable securities	$	33,125	$	3	$	(6	)	$	—	$	33,122
Reported in:
Cash and cash equivalents										$	33,122

Estimated Fair Value of Marketable Debt Securities by Contractual Maturity


	Amortized Cost		Estimated Fair Value
Due in one year or less	$	25,040	$	25,038
Due in one to two years		2,464		2,482
Due in two to three years		1,476		1,492
Total	$	28,980	$	29,012

Stockholders' Equity - Additional Information (Details)		12 Months Ended			31 Months Ended
Stockholders' Equity - Additional Information (Details)	Apr. 29, 2022 shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Apr. 22, 2021 USD ($)	Jun. 12, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared, per share \| $ / shares		$ 0.2	$ 0.2	$ 0.2
Stock repurchase program, authorized amount \| $						$ 100,000,000	$ 150,000,000
Treasury stock, total repurchase during period (in shares)		0			10,000,000
Treasury stock, average price of share repurchased (in dollars per share) \| $ / shares					$ 17.24
Treasury stock, total cost of repurchased stock \| $			$ 17,260,000	$ 84,888,000	$ 172,200,000
Stock repurchase program, remaining amount available for repurchase \| $		$ 77,800,000
Withholding taxes related to net share settlement of restricted awards (in shares)		1,100,000	1,000,000	800,000
Tax withholding on restricted stock awards \| $		$ 11,274,000	$ 15,941,000	$ 15,916,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for grant (in shares)		5,300,000
Expiration period		24 months
Additional shares reserved for issuance	6,000,000
Maximum employee subscription rate		100.00%
Purchase price of common stock, percent		85.00%
Maximum employee subscription amount \| $		$ 25,000
Rolling expiration period		24 months
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance awards, percentage of grant available to vest		0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance awards, percentage of grant available to vest		200.00%
2020 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		10 years
Vesting period		4 years
Share based compensation full value awards counted against shares available for issuance ratio		1.5
Number of shares reserved for issuance		16,800,000
Additional shares reserved for issuance	8,800,000
2020 EIP \| Time-based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Assumed Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		7 years
Vesting period		4 years
Assumed Plans \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
2020 EIP and Assumed Plans \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for grant (in shares)		3,600,000

Benefit Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Company contributions to 401(k) Plan	$ 0.8	$ 1.3	$ 1.0

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of the stock option activity is presented below (in thousands, except per share amounts):


	Options Outstanding
	Number of Shares Subject to Options			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value
Balance at December 31, 2020		637		$	29.59
Options granted		—		$	—
Options exercised		(39	)	$	20.03
Options canceled / forfeited / expired		(151	)	$	44.99
Balance at December 31, 2021		447		$	25.22
Options granted		—		$	—
Options exercised		(10	)	$	13.96
Options canceled / forfeited / expired		(73	)	$	37.24
Balance at December 31, 2022		364
Options granted		—
Options exercised		(81	)	$	10.87
Options canceled / forfeited / expired		(70	)	$	11.87
Balance at December 31, 2023		213					1.75	$	103
Vested and expected to vest at December 31, 2023		213					1.75	$	103
Exercisable at December 31, 2023		213					1.75	$	103

Summary of Stock Options Outstanding and Exercisable

The following table summarizes information about stock options outstanding and exercisable under all of the Company’s plans at December 31, 2023:


	Options Outstanding			Options Exercisable
Range of Exercise Prices per Share	Number Outstanding (in thousands)	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price per Share	Number Exercisable (in thousands)	Weighted Average Exercise Price per Share
$8.99 - $21.60	213	1.75	$14.26	213	$14.26

Summary of Restricted Stock Awards


	Restricted Stock Awards
	Number of Shares Subject to Time- based Vesting			Number of Shares Subject to Performance- based Vesting			Total Number of Shares			Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2020		5,662			1,061			6,723		$	16.63
Awards granted		3,959			650			4,609		$	22.77
Awards vested / earned		(1,916	)		(87	)		(2,003	)	$	17.79
Awards canceled / forfeited		(890	)		(99	)		(989	)	$	17.75
Balance at December 31, 2021		6,815			1,525			8,340		$	19.61
Awards granted		5,417			514			5,931		$	12.56
Awards vested / earned		(2,281	)		(340	)		(2,621	)	$	18.59
Awards canceled / forfeited		(903	)		(174	)		(1,077	)	$	18.29
Balance at December 31, 2022		9,048			1,525			10,573		$	10.48
Awards granted		2,064			821			2,885		$	10.13
Awards vested / earned		(3,042	)		(32	)		(3,074	)	$	9.86
Awards canceled / forfeited		(479	)		(533	)		(1,012	)	$	11.68
Balance at December 31, 2023		7,591			1,781			9,372		$	10.44

Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets Measured on Recurring Basis


	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable securities
Commercial paper - debt securities (3)	$	12,422	$	—	$	12,422	$	—
Treasury and agency notes and bills - debt securities (3)		10,745		—		10,745		—
Corporate bonds and notes - debt securities (2)		5,845		—		5,845		—
Money market funds - equity securities (1)		5,778		5,778		—		—
Total Assets	$	34,790	$	5,778	$	29,012	$	—


	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable securities
Money market funds - equity securities (1)	$	4,107	$	4,107	$	—	$	—
Commercial paper - debt securities (2)		29,015		—		29,015		—
Total Assets	$	33,122	$	4,107	$	29,015	$	—

(1) Reported as cash and cash equivalents in the Consolidated Balance Sheet.

Schedule of Carrying Amounts and Estimated Fair Values

The carrying amounts and estimated fair values are as follows (in thousands):


	December 31, 2023				December 31, 2022
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Refinanced Term B Loans (1)		585,695		584,231		729,393		700,217
Total long-term debt, net	$	585,695	$	584,231	$	729,393	$	700,217

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Oct. 01, 2022
Commitments And Contingencies Disclosure [Line Items]
Total purchase commitments	$ 3.4
Purchase commitments due in 2024	1.8
Purchase commitments due in 2025	1.4
Purchase commitments due thereafter	0.2
Estimated expense reimbursement		$ 2.8	$ 2.5
Guarantee liability	18.5		$ 20.5
Guarantee Payment	1.7
Other income	0.3
Maximum potential amount of future payments subject to guarantee	$ 7.5
Guarantor obligations potential amount of future payments start year	2023
Guarantor obligations potential amount of future payments end year	2031
Cross Business Agreement
Commitments And Contingencies Disclosure [Line Items]
Guarantee liability				$ 19.7

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2023
Lessee Lease Description [Line Items]
Lease expiration year	2032
Operating lease existence of option to extend	true
Operating lease existence of option to terminate	true
Operating lease description	The Company’s leases have remaining lease terms of one to nine years, some of which may include options to extend the leases for five years or longer, and some of which may include options to terminate the leases within the next 5 years or less. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets
Minimum
Lessee Lease Description [Line Items]
Remaining lease term	1 year
Lessee term of period to extend	5 years
Maximum
Lessee Lease Description [Line Items]
Remaining lease term	9 years

Discontinued Operations - Schedule of Purchase Price Allocation Reflective of Measurement Period Adjustments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jul. 01, 2022	Dec. 31, 2021	May 31, 2021
Identifiable intangible assets:
Goodwill	$ 313,660	$ 313,660		$ 314,576
MobiTV
Business Acquisition [Line Items]
Other current assets					$ 390
Property and equipment					9,223
Operating lease right-of-use assets					1,186
Identifiable intangible assets:
Total identifiable intangible assets					8,260
Goodwill					4,059
Other long-term assets					115
Accrued liabilities					(5,288)
Noncurrent operating lease liabilities					(545)
Total purchase price					$ 17,400
MobiTV \| Patents
Business Acquisition [Line Items]
Estimated Useful Life (years)					10 years
Identifiable intangible assets:
Total identifiable intangible assets					$ 5,000
MobiTV \| Technology
Business Acquisition [Line Items]
Estimated Useful Life (years)					6 years
Identifiable intangible assets:
Total identifiable intangible assets					$ 3,260
Vewd Acquisition
Business Acquisition [Line Items]
Cash and cash equivalents			$ 2,684
Accounts receivable			3,341
Unbilled contracts receivable			2,335
Other current assets			1,208
Property and equipment			443
Operating lease right-of-use assets			2,020
Identifiable intangible assets:
Total identifiable intangible assets			38,150
Goodwill			68,115
Other long-term assets			977
Current liabilities			(6,566)
Long-term deferred tax liabilities			(8,393)
Noncurrent operating lease liabilities			(1,094)
Other long-term liabilities			(307)
Total purchase price			$ 102,913
Vewd Acquisition \| Technology
Business Acquisition [Line Items]
Estimated Useful Life (years)			7 years
Identifiable intangible assets:
Total identifiable intangible assets			$ 28,050
Vewd Acquisition \| Customer Relationships - Large
Business Acquisition [Line Items]
Estimated Useful Life (years)			7 years
Identifiable intangible assets:
Total identifiable intangible assets			$ 4,900
Vewd Acquisition \| Customer Relationships - Small
Business Acquisition [Line Items]
Estimated Useful Life (years)			4 years
Identifiable intangible assets:
Total identifiable intangible assets			$ 3,500
Vewd Acquisition \| Non-compete Agreements
Business Acquisition [Line Items]
Estimated Useful Life (years)			2 years
Identifiable intangible assets:
Total identifiable intangible assets			$ 870
Vewd Acquisition \| Trade Name
Business Acquisition [Line Items]
Estimated Useful Life (years)			5 years
Identifiable intangible assets:
Total identifiable intangible assets			$ 830

Segment and Geographic Information - Schedule of Summary of Customers Comprising 10% or More of Total Revenues (Details) - Sales Revenue Net - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Customer A
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	18.00%	16.00%	18.00%
Customer B
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)		13.00%
Customer C
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	11.00%	11.00%	14.00%

Composition of Certain Financial Statement Captions - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee compensation and benefits	$ 8,378	$ 6,978
Accrued expenses	3,601	12,745
Current portion of guarantee	2,400	2,431
Current portion of operating lease liabilities	$ 503	$ 2,108
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total accrued liabilities	Total accrued liabilities
Accrued income taxes	$ 325	$ 358
Other	2,135	1,715
Total accrued liabilities	$ 17,342	$ 26,335

The Company And Basis Of Presentation

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company and Basis of Presentation

NOTE 1 – THE COMPANY AND BASIS OF PRESENTATION

Adeia Inc. (the “Company”), a Delaware corporation, is one of the industry’s largest intellectual property (“IP”) licensing platforms, with a diverse portfolio of media and semiconductor IP consisting of approximately 10,950 patents and patent applications worldwide.

On October 1, 2022, the Company completed the previously announced separation (“the Separation”) of its product business into a separate, independent, publicly-traded company, Xperi Inc. (“Xperi Inc.”). The Separation was structured as a spin-off, which was achieved through the Company’s distribution of 100 percent of the outstanding shares of Xperi Inc.’s common stock to holders of the Company’s common stock as of the close of business on the record date of September 21, 2022 (the “Record Date”). Each Company stockholder of record received four shares of Xperi Inc. common stock for every ten shares of Company common stock that it held on the Record Date. Following the Separation, the Company retains no ownership in Xperi Inc., which is now listed under the ticker symbol “XPER” on the New York Stock Exchange. Effective at the open of business on October 3, 2022, the Company’s shares of common stock, par value $0.001 per share, began trading on the Nasdaq Global Select Market under the new ticker symbol “ADEA”.

The accounting requirements for reporting the Separation of Xperi Inc. as a discontinued operation were met when the Separation was completed. Accordingly, the financial results of Xperi Inc. for the years ended December 31, 2022 and 2021 are presented as a net loss from discontinued operations, net of tax on the Consolidated Statements of Operations. For further information on discontinued operations, see “Note 9 – Discontinued Operations”. Unless noted otherwise, discussion in the Notes to the Consolidated Financial Statements pertain to continuing operations.

Additionally, as a result of the Separation, the Company changed its operational structure in the fourth quarter of 2022, resulting in one reportable segment, IP Licensing.

The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany balances and transactions are eliminated in consolidation. The Company’s fiscal year ends on December 31.

Reclassification

Certain reclassifications have been made to prior period balances in order to conform to the current period’s presentation.

Stockholders' Equity - Summary of Restricted Stock Awards (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Time-Based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock awards, beginning balance (shares)	9,048,000	6,815,000	5,662,000
Restricted stock awards, granted (shares)	2,064,000	5,417,000	3,959,000
Restricted stock awards, vested / earned (shares)	(3,042,000)	(2,281,000)	(1,916,000)
Restricted stock awards, canceled / forfeited (shares)	(479,000)	(903,000)	(890,000)
Restricted stock awards, ending balance (shares)	7,591,000	9,048,000	6,815,000
Performance-Based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock awards, beginning balance (shares)	1,525,000	1,525,000	1,061,000
Restricted stock awards, granted (shares)	821,000	514,000	650,000
Restricted stock awards, vested / earned (shares)	(32,000)	(340,000)	(87,000)
Restricted stock awards, canceled / forfeited (shares)	(533,000)	(174,000)	(99,000)
Restricted stock awards, ending balance (shares)	1,781,000	1,525,000	1,525,000
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock awards, beginning balance (shares)	10,573,000	8,340,000	6,723,000
Restricted stock awards, granted (shares)	2,885,000	5,931,000	4,609,000
Restricted stock awards, vested / earned (shares)	(3,074,000)	(2,621,000)	(2,003,000)
Restricted stock awards, canceled / forfeited (shares)	(1,012,000)	(1,077,000)	(989,000)
Restricted stock awards, ending balance (shares)	9,372,000	10,573,000	8,340,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted average grant date fair value per share of restricted stock and units, beginning balance (USD per share)	$ 10.48	$ 19.61	$ 16.63
Weighted average grant date fair value per share of restricted stock and units, granted (USD per share)	10.13	12.56	22.77
Weighted average grant date fair value per share of restricted stock and units, vested / earned (USD per share)	9.86	18.59	17.79
Weighted average grant date fair value of restricted stock and units, canceled / forfeited (USD per share)	11.68	18.29	17.75
Weighted average grant date fair value per share of restricted stock and units, ending balance (USD per share)	$ 10.44	$ 10.48	$ 19.61

Goodwill and Identified Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	$ 850,241	$ 841,809
Finite-lived intangible assets, Accumulated Amortization	(503,069)	(409,333)
Finite-lived intangible assets, Net	$ 347,172	432,476
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	10 years
Acquired patents / core technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	$ 654,360	645,928
Finite-lived intangible assets, Accumulated Amortization	(323,261)	(270,275)
Finite-lived intangible assets, Net	$ 331,099	375,653
Acquired patents / core technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	3 years
Acquired patents / core technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	10 years
Existing technology / content database
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	$ 38,681	38,681
Finite-lived intangible assets, Accumulated Amortization	$ (38,681)	(36,614)
Finite-lived intangible assets, Net		2,067
Existing technology / content database \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	5 years
Existing technology / content database \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	10 years
Customer contracts and related relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	$ 155,900	155,900
Finite-lived intangible assets, Accumulated Amortization	(139,827)	(101,252)
Finite-lived intangible assets, Net	$ 16,073	54,648
Customer contracts and related relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	3 years
Customer contracts and related relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	9 years
Trademarks/trade name
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	$ 1,300	1,300
Finite-lived intangible assets, Accumulated Amortization	$ (1,300)	(1,192)
Finite-lived intangible assets, Net		$ 108
Trademarks/trade name \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	4 years
Trademarks/trade name \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	10 years

Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

NOTE 9 – DISCONTINUED OPERATIONS

On October 1, 2022, the Company completed the Separation of its product business into a separate, independent, publicly-traded company, Xperi Inc. The accounting requirements for reporting the Separation of Xperi Inc. as a discontinued operation were met when the Separation was completed. Accordingly, the historical financial results of Xperi Inc. prior to the Separation are presented as discontinued operations and, as such, are excluded from continuing operations and results of operations from all periods presented. For further information on the Separation, see “Note 1 – The Company and Basis of Presentation”.

The Company’s presentation of discontinued operations excludes general corporate overhead costs, which were historically allocated to Xperi Inc., that do not meet the requirements to be presented in discontinued operations, although such costs are not reflective of the on-going operations of the Company. Such allocations included labor and non-labor costs related to the Company’s corporate support functions (e.g., administration, human resources, finance, accounting, tax, information technology, corporate development, legal, among others) that historically provided support to Xperi Inc. prior to the Separation. In addition, discontinued operations exclude the historical intercompany balances and transactions between the Company and Xperi Inc. that were eliminated in consolidation.

In connection with the Separation, the Company incurred separation costs of $45.0 million from January 1, 2020 to December 31, 2023. Separation costs primarily consist of third-party advisory, consulting, legal and professional service, IT and employee bonus costs directly related to the Separation, as well as other items that are incremental and one-time in nature. Out of these costs, $28.6 million were incurred prior to the Separation and are included in net loss from discontinued operations, net of tax. The remaining separation costs of $16.4 million were incurred after the Separation and are reflected in continuing operations within operating expenses in the Company’s Consolidated Statement of Operations.

The Company and Xperi Inc. entered into various agreements to effect the Separation and provide a framework for their on-going relationship, including a separation and distribution agreement, transition services agreement, employee matters agreement, tax matters agreement, cross business license agreement and data sharing agreement. The transition services agreement consists of services that Xperi Inc. and its subsidiaries will provide to the Company and its subsidiaries for a transitional period, as defined in the agreement. The services to be provided include back office functions and assistance with regard to administrative tasks relating to day-to-day activities as needed, including finance, accounting and tax activities, IT services, customer support, facilities services, human resources, and general corporate support, as well as pass-through services provided by certain vendors. The impact of these transition services on the Company’s Consolidated Financial Statements for the year ended December 31, 2023 was not material.

Net Loss from Discontinued Operations, Net of Tax


	2022 (1)			2021
Revenue	$	366,730		$	486,484
Operating expenses:
Cost of revenue		85,689			125,627
Research and development		158,708			194,869
Selling, general and administrative		123,764			137,745
Depreciation expense		15,702			21,777
Amortization expense		46,166			105,311
Litigation expense		921			6,371
Goodwill impairment		354,000			—
Total operating expenses		784,950			591,700
Operating loss		(418,220	)		(105,216	)
Interest expense		(754	)		—
Other income and expense, net		62			1,870
Loss before taxes		(418,912	)		(103,346	)
Provision for income taxes		18,066			23,550
Net loss from discontinued operations, net of tax	$	(436,978	)	$	(126,896	)
Less: net loss attributable to noncontrolling interest		(2,706	)		(3,456	)
Net loss attributable to discontinued operations	$	(434,272	)	$	(123,440	)

(1) Represents nine months of Xperi Inc.’s operations in 2022, as compared to a full year of Xperi Inc.’s operations in 2021.

Assets and Liabilities of Discontinued Operations

The total net impact to stockholders’ equity as a result of the Separation was a reduction of $748.9 million, which has been reflected as a reduction of $767.3 million, $5.1 million and $13.3 million to additional paid-in capital, accumulated other comprehensive income (loss) and noncontrolling interest, respectively, in the Consolidated Statements of Equity as of December 31, 2022.

Transactions of Discontinued Operations

The following transactions have been included as part of discontinued operations for all the periods presented.

Business Combinations

The Company completed certain acquisitions that were accounted for as business combinations, using the acquisition method. The assets and liabilities and results of operations following the business combinations were attributed to the Company’s former product business. The results of operations are presented in the Consolidated Statements of Operations for all periods as net loss from discontinued operations, net of tax.

MobiTV

On May 31, 2021, the Company completed the acquisition of certain assets and assumption of certain liabilities of MobiTV, Inc. (“MobiTV”), a provider of application-based Pay-TV video delivery solutions (the “MobiTV Acquisition”). The net purchase price for the MobiTV Acquisition was $17.4 million.

Purchase Price Allocation

The MobiTV Acquisition was accounted for as a business combination, using the acquisition method. The following table presents the allocation of the purchase price to the identifiable assets acquired and liabilities assumed based on the fair values at the acquisition date, with any excess of the purchase price over the estimated fair value of the identifiable net assets acquired recorded to goodwill, all of which is expected to be deductible for tax purposes. The following table sets forth the final purchase price allocation (in thousands):


	Estimated Useful Life (years)		Final Fair Value
Other current assets			$	390
Property and equipment				9,223
Operating lease right-of-use assets				1,186
Identifiable intangible assets:
Patents	10	5,000
Technology	6	3,260
Total identifiable intangible assets				8,260
Goodwill				4,059
Other long-term assets				115
Accrued liabilities				(5,288	)
Noncurrent operating lease liabilities				(545	)
Total purchase price			$	17,400

The results of operations and cash flows relating to the business acquired pursuant to the MobiTV Acquisition were included in the Company’s Consolidated Financial Statements for periods subsequent to May 31, 2021, and the related assets and liabilities were recorded at their estimated fair values in the Company’s consolidated balance sheet as of May 31, 2021. Certain assets and liabilities acquired in the business combination were attributed to the Company’s IP Licensing segment.

Supplemental Pro Forma Information

The following unaudited pro forma financial information assumes the MobiTV Acquisition was completed as of January 1, 2020. The unaudited pro forma financial information as presented below is for informational purposes only and is based on estimates and assumptions that were made solely for purposes of developing such pro forma information. This is not necessarily indicative of the results of operations that would have been achieved if the MobiTV Acquisition had taken place on January 1, 2020, nor is it necessarily indicative of future results. Consequently, actual results could differ materially from the unaudited pro forma financial information presented below. The following table presents the pro forma operating results as if the acquired operations of MobiTV had been included in the Company’s Consolidated Statements of Operations as of January 1, 2020 (unaudited, in thousands):


	Year Ended December 31, 2021
Net income (loss) attributable to discontinued operations	$	(71,169	)

The unaudited supplemental pro forma information above includes the following pro forma adjustments: removal of certain elements of the historical MobiTV business that were not acquired, elimination of inter-company transactions between MobiTV and the Company, adjustments for transaction related costs and adjustments to reflect the impact of purchase accounting adjustments. The unaudited supplemental pro forma information above does not include any cost saving synergies from operating efficiencies.

Vewd Software Holdings Limited

On July 1, 2022, the Company completed the acquisition of Vewd Software Holdings Limited (“Vewd” and the acquisition, the “Vewd Acquisition”), a provider of over-the-top (“OTT”) and hybrid TV solutions. The total consideration was approximately $102.9 million, consisting of approximately $52.9 million of cash and $50.0 million of debt.

Purchase Price Allocation

The Vewd Acquisition was accounted for as a business combination, using the acquisition method. The following table presents the allocation of the purchase price to the identifiable assets acquired and liabilities assumed based on the fair values at the acquisition date (in thousands):


	Estimated Useful Life (years)			Estimated Fair Value
Cash and cash equivalents				$	2,684
Accounts receivable					3,341
Unbilled contracts receivable					2,335
Other current assets					1,208
Property and equipment					443
Operating lease right-of-use assets					2,020
Identifiable intangible assets:
Technology	7		28,050
Customer relationships - large	7		4,900
Customer relationships - small	4		3,500
Non-compete agreements	2		870
Trade name		5	830
Total identifiable intangible assets					38,150
Goodwill					68,115
Other long-term assets					977
Current liabilities					(6,566	)
Long-term deferred tax liabilities					(8,393	)
Noncurrent operating lease liabilities					(1,094	)
Other long-term liabilities					(307	)
Total purchase price				$	102,913

The above purchase price allocation, including the purchase consideration, was based on valuations and assumptions, including potential changes to prepaid income taxes, current and non-current income taxes payable, deferred taxes, and other working capital adjustments.

Vewd Results of Operations

The results of operations and cash flows related to the Vewd Acquisition were included in the Company’s Consolidated Financial Statements for periods subsequent to July 1, 2022, and the related assets and liabilities were recorded at their estimated fair values in the Company’s consolidated balance sheet as of July 1, 2022. For the year ended December 31, 2022, the acquired Vewd business contributed $2.5 million of revenue and $10.1 million of operating loss, respectively, to the Company’s operating results.

Transaction Costs

In connection with the Vewd Acquisition, the Company incurred one-time expenses such as transaction related costs and severance and retention costs. For year ended December 31, 2022, transaction related costs including transaction bonuses, legal and consultant fees were $6.1 million and severance and retention costs were $2.1 million.

Supplemental Pro forma Information

The following unaudited pro forma financial information assumes the Vewd Acquisition was completed as of January 1, 2021. The unaudited pro forma financial information as presented below is for information purposes only and is based on estimates and assumptions that were made solely for purposes of developing such pro forma information. This is not necessarily indicative of the results of operations that would have been achieved if the Vewd Acquisition had taken place on January 1, 2021, nor is it necessarily indicative of future results. Consequently, actual results could differ materially from the unaudited pro forma financial information presented below.


	2022			2021
Net loss attributable to discontinued operations	$	(377,614	)	$	(62,976	)

The unaudited supplemental pro forma information above includes the following pro forma adjustments: adjustments for transaction related costs and severance and retention costs, adjustments for amortization of intangible assets, and elimination of inter-company transactions between Vewd and the Company. The unaudited supplemental pro forma information above does not include any cost saving synergies from operating efficiencies.

Goodwill and Identified Intangible Assets

During the three months ended September 30, 2022, indicators of potential impairment for the Company’s former product reporting unit were identified such that management concluded it was more-likely-than-not that goodwill was impaired and that a quantitative interim goodwill impairment assessment should be performed as of September 30, 2022. Indicators of potential impairment included a sustained decline in the Company’s stock price during the second half of the third quarter of 2022, reflective of rising interest rates and a continued decline in macroeconomic conditions. The Company proceeded to perform a fair value analysis of the Company’s former product reporting unit using the market capitalization approach. Under this approach, management estimated the fair value of the Company’s former product reporting unit as of September 30, 2022, using quoted market prices of the common stock of Xperi Inc., which as of October 1, 2022, comprised the former product segment of the Company, over its first ten trading days following the Separation, and a control premium representing the synergies a market participant would achieve upon obtaining control of Xperi Inc.

As a result of the fair value analysis, the Company recognized a goodwill impairment charge of $354.0 million in the third quarter of 2022, which was allocated to the Company’s former product segment and included as part of net loss from discontinued operations, net of tax in the Consolidated Statements of Operations. The Company also assessed the recoverability of indefinite-lived intangible assets related to the Company’s former product reporting unit and concluded that no impairment existed as of September 30, 2022, as its estimated fair values exceeded their carrying amounts. No impairment indicators were identified with respect to other long-lived assets.

Net Cash Flows of Discontinued Operations

In connection with the Separation, the Company distributed $182.9 million of cash which is presented as part of financing activities in the Consolidated Statements of Cash Flows for the year ended December 31, 2022. The following table presents selected financial information related to cash flows from discontinued operations:


	2022 (1)			2021
Net cash from operating activities	$	2,308		$	24,395
Net cash from investing activities	$	(61,097	)	$	(21,479	)

(1) Represents nine months of Xperi Inc.’s operations in 2022, as compared to a full year in 2021.

Stock-Based Compensation Expense - Schedule of Assumptions Used to Value Options Granted (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Expected life (in years)	2 years	2 years	2 years
Dividend yield	2.00%
Expected volatility			52.00%
Employee Stock Purchase Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Risk-free interest rate	4.30%	1.30%	0.10%
Dividend yield		1.10%	0.90%
Expected volatility	61.30%	48.50%
Employee Stock Purchase Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Risk-free interest rate	4.60%	4.30%	0.20%
Dividend yield		2.30%	1.20%
Expected volatility	63.50%	69.00%
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Expected life (in years)		3 years	3 years
Risk-free interest rate		2.80%	0.30%
Dividend yield		1.20%	1.00%
Expected volatility			47.90%
Performance Stock Units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Expected life (in years)	2 years 4 months 24 days
Risk-free interest rate	3.64%
Dividend yield	1.91%
Expected volatility	61.30%	37.50%
Performance Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Expected life (in years)	3 years
Risk-free interest rate	4.85%
Dividend yield	2.32%
Expected volatility	68.50%	40.90%

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

NOTE 11 – DEBT

The outstanding amounts of debt were as follows (in thousands):


	December 31,
	2023			2022
Refinanced Term B Loans	$	601,250		$	749,250
Unamortized debt discount and issuance costs		(15,555	)		(19,857	)
		585,695			729,393
Less: current portion, net of debt discount and issuance costs		(66,145	)		(109,813	)
Total long-term debt, net of current portion	$	519,550		$	619,580

Refinanced Term B Loans

On June 8, 2021, the Company amended that certain Credit Agreement dated June 1, 2020 by and among the Company, the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent (the “2020 Credit Agreement”). The 2020 Credit Agreement initially provided for a five-year senior secured term B loan facility in an aggregate principal amount of $1,050 million (the “2020 Term B Loan Facility”). In connection with the amendment (the “Amendment”), the Company made a voluntary prepayment of $50.6 million of the term loan outstanding under the 2020 Credit Agreement using cash on hand. The Amendment provided for, among other things, (i) a new tranche of term loans (the “Refinanced Term B Loans”) in an aggregate principal amount of $810.0 million, (ii) a reduction of the interest rate margin applicable to such loans to (x) in the case of base rate loans, 2.50% per annum and (y) in the case of Eurodollar loans, LIBOR plus a margin of 3.50% per annum, (iii) a prepayment premium of 1.00% in connection with any repricing transaction with respect to the Refinanced Term B Loans within six months of the closing date of the Amendment, (iv) an extension of the maturity to June 8, 2028, and (v) certain additional amendments, including amendments to provide the Company with additional flexibility under the covenant governing restricted payments. The Company commenced repaying quarterly installments under the Refinanced Term B Loans in the third quarter of 2021.

On May 30, 2023, the Company amended the 2020 Credit Agreement to replace the reference to LIBOR as the base rate with the reference to the Secured Overnight Financing Rate “SOFR” as administered by the Federal Reserve Bank of New York. The new reference rate was effective July 1, 2023.

The obligations under the 2020 Credit Agreement, inclusive of any changes by the Amendment, continue to be guaranteed by the Company’s wholly-owned material domestic subsidiaries (collectively, the “Guarantors”) and continue to be secured by a lien on substantially all of the assets of the Company and the Guarantors.

The 2020 Credit Agreement, as amended, contains customary events of default, upon the occurrence of which, after any applicable cure period, the lenders will have the ability to accelerate all outstanding loans thereunder. The 2020 Credit Agreement, as amended, also contains customary representations and warranties and affirmative and negative covenants that, among other things and subject to certain exceptions, restrict the ability of the Company and its subsidiaries to create or incur certain liens, incur or guarantee additional indebtedness, merge or consolidate with other companies, transfer or sell assets and make restricted payments. The Separation did not require the Company to obtain any waivers under the 2020 Credit Agreement, and the Company completed the Separation in compliance with all of the covenants contained in the 2020 Credit Agreement. The 2020 Credit Agreement, as amended, requires the Company to maintain a total net leverage ratio of no greater than 3.00x in order access an annual basket from which to make restricted payments (such as dividend payments and share repurchases). The Company was in compliance with all requirements as of December 31, 2023. The 2020 Credit Agreement, as amended, also requires the Company to make additional cash payments on an annual basis beginning in April 2023 based on certain leverage ratios and excess cash flow generated for the immediately preceding fiscal year. The additional cash payments are applied to the remaining principal balance due at final maturity. Accordingly, as of December 31, 2023, the Company reclassified $29.1 million to current portion of long-term debt for the payment to be made under the excess cash flow provisions in 2024.

Certain lenders of the 2020 Term B Loan Facility participated in the Amendment and the changes in terms were not considered substantial. Accordingly, the Company accounted for the refinancing event for these lenders as a debt modification under ASC 470-50, “Debt — Modifications and Extinguishments.” Under its policy, the Company elected to continue to defer the unamortized debt discount and issuance costs for these continuing lenders related to the partial pay-down of the debt. Certain lenders of the 2020 Term B Loan Facility did not participate in the Amendment. Accordingly, the Company accounted for the refinancing event for these lenders as a debt extinguishment. As a result, the Company recorded an $8.0 million loss on debt extinguishment in the second quarter of 2021, related to the write-off of unamortized debt discount and issuance costs for the portions of the 2020 Term B Loan Facility considered to be extinguished.

In connection with its entry into the Amendment, the Company incurred $6.8 million in debt financing costs, of which $4.2 million were capitalized in accordance with ASC 835-30 “Debt Issuance Costs” and, together with a portion of the unamortized debt discount and issuance costs from the 2020 Term B Loan Facility, are being amortized into interest expense over the term of the Amendment. Under ASC 470-50, the remaining $2.6 million, primarily related to third-party fees, were recorded as selling, general and administrative expense in the second quarter of 2021. After the Separation, the Company remains the obligor under the Refinanced B Term Loans.

Interest Expense and Expected Principal Payments

At December 31, 2023, $601.3 million in total debt was outstanding. There were also $15.6 million of unamortized debt discount and issuance costs recorded as a reduction from the carrying amount of the debt. The interest rate on the Refinanced Term B Loans as of December 31, 2023, including the amortization of debt discount and issuance costs, was 9.9% and interest is payable monthly. Interest expense was $62.5 million, $45.3 million and $39.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Amortized debt discount and issuance costs, which were included in interest expense, amounted to $4.3 million, $4.4 million and $6.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023, future minimum principal payments for long-term debt, excluding any additional principal payment required by the excess cash flow provision, are summarized as follows (in thousands):


	Amounts
2024	$	40,500
2025		40,500
2026		40,500
2027		40,500
2028		439,250
Total	$	601,250

Debt - Additional Information (Details) - USD ($)		3 Months Ended	12 Months Ended
Debt - Additional Information (Details) - USD ($)	Jun. 01, 2020	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Line Of Credit Facility [Line Items]
Voluntary prepayment against the term loan			$ 148,000,000	$ 40,500,000	$ 84,048,000
Unamortized debt discount and issuance costs			15,555,000	19,857,000
Loss on debt extinguishment			0	0	8,012,000
Borrowings			585,695,000	729,393,000
Interest expense			62,574,000	45,335,000	38,973,000
Amortized costs			4,302,000	4,405,000	6,426,000
Reclassification of current portion of long-term debt			29,100,000
2020 Term B Loan Facility
Line Of Credit Facility [Line Items]
Loan facility, term	5 years
Borrowing capacity	$ 1,050,000,000
Unamortized debt discount and issuance costs			4,200,000
Loss on debt extinguishment		$ 8,000,000
Debt issuance cost			6,800,000
Debt issuance remaining third party fees		$ 2,600,000
Refinanced Term B Loans
Line Of Credit Facility [Line Items]
Borrowing capacity			$ 810,000,000
Voluntary prepayment against the term loan	$ 50,600,000
Debt instrument, maturity date			Jun. 08, 2028
Debt instrument, prepayment premium			1.00%
Interest rate			9.90%
Interest expense			$ 62,500,000	$ 45,300,000	$ 39,000,000
Refinanced Term B Loans \| Base Rate
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			2.50%
Refinanced Term B Loans \| Eurodollar, London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			3.50%
2021 Convertible Notes
Line Of Credit Facility [Line Items]
Unamortized debt discount and issuance costs			$ 15,600,000
Borrowings			$ 601,300,000

Fair Value - Schedule of Carrying Amounts and Estimated Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	$ 585,695	$ 729,393
Recurring
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	585,695	729,393
Total long-term debt, net - Estimated Fair Value	584,231	700,217
Recurring \| Refinanced Term B Loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	585,695	729,393
Total long-term debt, net - Estimated Fair Value	$ 584,231	$ 700,217

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Leases - Schedule of Future Minimum Lease Payments and Related Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Lease Payments
2024	$ 537
2025	1,293
2026	2,069
2027	2,132
2028	1,888
Thereafter	7,771
Total lease payments	15,690
Less: imputed interest	(5,457)
Present value of lease liabilities:	10,233
Current portion of operating lease liabilities	(503)	$ (2,108)
Noncurrent operating lease liabilities	$ 9,730	$ 4,794

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Amounts of Debt

The outstanding amounts of debt were as follows (in thousands):


	December 31,
	2023			2022
Refinanced Term B Loans	$	601,250		$	749,250
Unamortized debt discount and issuance costs		(15,555	)		(19,857	)
		585,695			729,393
Less: current portion, net of debt discount and issuance costs		(66,145	)		(109,813	)
Total long-term debt, net of current portion	$	519,550		$	619,580

Summary of Future Minimum Principal Payments for Long-term Debt, Excluding Any Additional Payment Required by the Excess Cash Flow Provision


	Amounts
2024	$	40,500
2025		40,500
2026		40,500
2027		40,500
2028		439,250
Total	$	601,250

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 73,730	$ (388,928)	$ (5,625)	$ 24,943	$ (14,559)	$ (45,067)	$ (1,118)	$ 5,287	$ 67,372	$ (295,880)	$ (55,457)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Summary of Significant Accounting Policies - Identifiable Intangible Assets (Details)	Dec. 31, 2023
Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets estimated useful life	1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets estimated useful life	10 years

Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Reclassification

Certain reclassifications have been made to prior period balances in order to conform to the current period’s presentation.

Use of Estimates

Revenue Recognition

Cash and Cash Equivalents

Short-term Investments

Marketable Debt Securities

Marketable Equity Securities

Marketable equity securities are measured at fair value with unrealized gains and losses recognized in other income and expense, net, on the Consolidated Statements of Operations.

Fair Value of Financial Instruments

Concentration of Credit and Other Risks

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents, short-term investments and accounts receivable.

Allowance for Credit Losses

Business Combinations

Goodwill and Identified Intangible Assets

Goodwill

Identified intangible assets

For further discussion of goodwill and identified intangible assets, see “Note 10 – Goodwill and Identified Intangible Assets.”

Debt Discount and Issuance Costs

Treasury Stock

Leases

Research and Development

Stock-based Compensation Expense

Income Taxes

Advertising Costs

Guarantees and Indemnification

Contingencies

Property and Equipment

Property and equipment are recorded at cost, less accumulated depreciation. Depreciation expense is calculated using the straight-line method over the related assets’ estimated useful lives:


Equipment, furniture and other		1 to 5 years
Leasehold improvements		Lesser of related lease term or 5 years
Building and improvements		Up to 30 years

Expenditures that materially increase asset life are capitalized, while ordinary maintenance and repairs are expensed as incurred.

Foreign Currency Translation and Transactions

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”), which amends the guidance in ASC 805 to require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Revenue from Contracts with Customers (“Topic 606”). As a result of the amendments, it is expected that an acquirer will generally recognize and measure acquired contract assets and contract liabilities in a manner consistent with how the acquiree recognized and measured them in its preacquisition financial statements. ASU 2021-08 is effective for public business entities for fiscal years beginning after December 15, 2022 and early adoption is permitted. The Company elected to early adopt the new standard on January 1, 2022. The adoption did not have an impact on the Company’s Consolidated Financial Statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which deferred the application dates of Topic 848 to December 31, 2024. In the second quarter of 2023, the Company adopted Topic 848 and modified its debt agreement to reference to other rate. The adoption did not have a material impact to the Company’s Consolidated Financial Statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

Revenue - Schedule of Remaining Performance Obligations (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 526,432
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 161,901
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 156,430
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 59,665
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 48,341
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 41,452
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 58,643
Performance obligations expected to be satisfied, expected timing

Schedule II Valuation and Qualifying (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance of Deferred Tax Assets
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 120,508	$ 178,731	$ 231,294
Charged (Credited) to Expenses	(2,450)	(58,223)	(52,563)
Charged (Credited) to Other Accounts	(19)
Balance at End of Year	118,039	120,508	178,731
Allowance for Credit Losses of Accounts Receivable and Unbilled Contract Receivables
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	713	1,108	3,031
Charged (Credited) to Expenses	750	(395)	(1,923)
Balance at End of Year	$ 1,463	$ 713	$ 1,108

Goodwill and Identified Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 0
Impairment charges	0	$ 354,000,000	$ 0
Carrying value of goodwill	$ 313,660,000	313,660,000	314,576,000
IP Licensing
Finite-Lived Intangible Assets [Line Items]
Impairment charges		$ 0	$ 0

- Definition

+ References + Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

NOTE 8 – LEASES

Under Topic 842, a contract is a lease, or contains a lease, if the contract conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. To determine whether a contract conveys the right to control the use of an identified asset for a period of time, an entity shall assess whether, throughout the period of use, the entity has both of the following: (a) the right to obtain substantially all of the economic benefits from use of the identified asset; and (b) the right to direct the use of the identified asset.

The Company leases office and research facilities, and office equipment under operating leases which expire through 2032. The Company’s leases have remaining lease terms of one to nine years, some of which may include options to extend the leases for five years or longer, and some of which may include options to terminate the leases within the next 5 years or less. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets; expense for these leases is recognized on a straight-line basis over the lease term. Variable lease payments are expensed as incurred and are not included within the lease liability and right-of-use assets calculation. As a practical expedient, the Company elected, for all office and facility leases, not to separate nonlease components (e.g., common-area maintenance costs) from lease components (e.g., fixed payments including rent) and instead to account for each separate lease component and its associated non-lease components as a single lease component. As most of the leases do not provide an implicit rate, the Company generally, for purposes of discounting lease payments, uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date.

The components of operating lease costs were as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Fixed lease cost (1)	$	2,182	$	2,177	$	3,387
Variable lease cost		640		598		1,002
Total operating lease cost	$	2,822	$	2,775	$	4,389

(1) Includes short-term leases costs, which were immaterial.

Other information related to leases was as follows (in thousands, except lease term and discount rate):


	Years Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,357	$	2,227	$	4,039
ROU assets obtained in exchange for new lease liabilities:
Operating leases	$	5,164	$	1,153	$	764


	Years ended December 31,
	2023			2022
Weighted-average remaining lease term (years):
Operating leases	8.35			3.19
Weighted-average discount rate:
Operating leases		8.5	%		5.4	%

Future minimum lease payments and related lease liabilities as of December 31, 2023 were as follows (in thousands):


	Operating Lease Payments (1)
2024 (2)	$	537
2025		1,293
2026		2,069
2027		2,132
2028		1,888
Thereafter		7,771
Total lease payments		15,690
Less: imputed interest		(5,457	)
Present value of lease liabilities:	$	10,233

Less: current obligations under leases (accrued liabilities)		(503	)
Noncurrent operating lease liabilities	$	9,730

(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.

(2) Includes tenant improvements allowance of $1.7 million.

Subsequent Events - Additional Information (Details) - $ / shares		12 Months Ended
	Feb. 08, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Dividends payable per share		$ 0.2	$ 0.2	$ 0.2
Subsequent Event
Subsequent Event [Line Items]
Dividends declaration date	Feb. 08, 2024
Dividends payable per share	$ 0.05
Dividends payable date	Mar. 26, 2024
Dividends record date	Mar. 12, 2024

Schedule II Valuation and Qualifying

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II Valuation and Qualifying Accounts

Schedule II. Valuation and Qualifying Accounts for the Years Ended December 31, 2023, 2022 and 2021

(in thousands):


	Balance at Beginning of Year		Charged (Credited) to Expenses			Charged (Credited) to Other Accounts			Balance at End of Year
Deferred income tax asset:
Valuation allowance
2021	$	231,294	$	(52,563	)	$	—		$	178,731
2022	$	178,731	$	(58,223	)	$	—		$	120,508
2023	$	120,508	$	(2,450	)	$	(19	)	$	118,039
Accounts receivable and unbilled contract receivables
Allowance for credit losses
2021	$	3,031	$	(1,923	)	$	—		$	1,108
2022	$	1,108	$	(395	)	$	—		$	713
2023	$	713	$	750		$	—		$	1,463