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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-39304

 

ADEIA INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

 

84-4734590

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

3025 Orchard Parkway, San Jose, California

 

95134

(Address of Principal Executive Offices)

 

(Zip Code)

(408) 473-2500

(Registrant’s Telephone Number, Including Area Code)

XPERI HOLDING CORPORATION

(Former name, former address and former fiscal year, if changed since last report)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock (par value $0.001 per share)

ADEA

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

The number of shares outstanding of the registrant’s common stock as of October 25, 2022 was 105,059,079.

 

 


 

ADEIA INC.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022

TABLE OF CONTENTS

 

 

 

 

Page

 

PART I

 

 

Item 1.

Financial Statements (unaudited)

 

3

 

Condensed Consolidated Statements of Operations – Three and Nine Months Ended September 30, 2022 and 2021

 

3

 

Condensed Consolidated Statements of Comprehensive Income (Loss) – Three and Nine Months Ended September 30, 2022 and 2021

 

4

 

Condensed Consolidated Balance Sheets – September 30, 2022 and December 31, 2021

 

5

 

Condensed Consolidated Statements of Cash Flows – Nine Months Ended September 30 , 2022 and 2021

 

6

 

Condensed Consolidated Statements of Equity – Three and Nine Months Ended September 30, 2022 and 2021

 

7

 

Notes to Condensed Consolidated Financial Statements

 

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

38

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

53

Item 4.

Controls and Procedures

 

53

 

 

 

 

 

PART II

 

 

Item 1.

Legal Proceedings

 

54

Item 1A.

Risk Factors

 

56

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

76

Item 3.

Defaults Upon Senior Securities

 

76

Item 4.

Mine Safety Disclosures

 

76

Item 5.

Other Information

 

76

Item 6.

Exhibits

 

77

 

 

 

 

Signatures

 

 

78

 

2


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

ADEIA INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,
2022

 

 

September 30,
2021

 

 

September 30,
2022

 

 

September 30,
2021

 

Revenue

 

$

210,941

 

 

$

219,379

 

 

$

702,379

 

 

$

663,247

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue, excluding depreciation and amortization of intangible assets

 

 

31,554

 

 

 

32,549

 

 

 

86,324

 

 

 

87,564

 

Research, development and other related costs

 

 

68,366

 

 

 

58,766

 

 

 

189,881

 

 

 

168,369

 

Selling, general and administrative

 

 

83,958

 

 

 

62,627

 

 

 

226,519

 

 

 

197,754

 

Depreciation expense

 

 

5,388

 

 

 

6,796

 

 

 

16,759

 

 

 

17,994

 

Amortization expense

 

 

40,808

 

 

 

52,388

 

 

 

119,293

 

 

 

156,825

 

Litigation expense

 

 

3,083

 

 

 

2,327

 

 

 

7,998

 

 

 

7,162

 

Goodwill impairment

 

 

354,000

 

 

 

 

 

 

354,000

 

 

 

 

Total operating expenses

 

 

587,157

 

 

 

215,453

 

 

 

1,000,774

 

 

 

635,668

 

Operating income (loss)

 

 

(376,216

)

 

 

3,926

 

 

 

(298,395

)

 

 

27,579

 

Interest expense

 

 

(13,198

)

 

 

(8,532

)

 

 

(31,066

)

 

 

(30,400

)

Other income and expense, net

 

 

460

 

 

 

927

 

 

 

1,681

 

 

 

2,916

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

(8,012

)

Loss before taxes

 

 

(388,954

)

 

 

(3,679

)

 

 

(327,780

)

 

 

(7,917

)

Provision for income taxes

 

 

865

 

 

 

42,698

 

 

 

44,536

 

 

 

35,807

 

Net loss

 

$

(389,819

)

 

$

(46,377

)

 

$

(372,316

)

 

$

(43,724

)

Less: net loss attributable to noncontrolling interest

 

 

(890

)

 

 

(1,310

)

 

 

(2,706

)

 

 

(2,826

)

Net loss attributable to the Company

 

$

(388,929

)

 

$

(45,067

)

 

$

(369,610

)

 

$

(40,898

)

Loss per share attributable to the Company:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(3.72

)

 

$

(0.43

)

 

$

(3.55

)

 

$

(0.39

)

Diluted

 

$

(3.72

)

 

$

(0.43

)

 

$

(3.55

)

 

$

(0.39

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in per share
   calculations-basic

 

 

104,510

 

 

 

104,849

 

 

 

104,066

 

 

 

104,898

 

Weighted average number of shares used in per share
   calculations-diluted

 

 

104,510

 

 

 

104,849

 

 

 

104,066

 

 

 

104,898

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3


 

ADEIA INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,
2022

 

 

September 30,
2021

 

 

September 30,
2022

 

 

September 30,
2021

 

Net loss

 

$

(389,819

)

 

$

(46,377

)

 

$

(372,316

)

 

$

(43,724

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Change in foreign currency translation adjustment

 

 

(1,523

)

 

 

(598

)

 

 

(4,441

)

 

 

(1,563

)

Net unrealized loss on available-for-sale
   debt securities

 

 

42

 

 

 

2

 

 

 

64

 

 

 

2

 

Other comprehensive loss, net of tax

 

 

(1,481

)

 

 

(596

)

 

 

(4,377

)

 

 

(1,561

)

Comprehensive loss

 

 

(391,300

)

 

 

(46,973

)

 

 

(376,693

)

 

 

(45,285

)

Less: comprehensive loss attributable to noncontrolling interest

 

 

(890

)

 

 

(1,310

)

 

 

(2,706

)

 

 

(2,826

)

Comprehensive loss attributable to the Company

 

$

(390,410

)

 

$

(45,663

)

 

$

(373,987

)

 

$

(42,459

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4


 

ADEIA INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except for par value)

(unaudited)

 

 

 

September 30,
2022

 

 

December 31,
2021

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

271,092

 

 

$

201,121

 

Available-for-sale debt securities

 

 

1,399

 

 

 

60,534

 

Accounts receivable, net of allowance for credit losses of $2,705 and $3,102, respectively

 

 

107,017

 

 

 

143,683

 

Unbilled contracts receivable, net

 

 

129,206

 

 

 

77,677

 

Other current assets

 

 

45,250

 

 

 

36,459

 

Total current assets

 

 

553,964

 

 

 

519,474

 

Long-term unbilled contracts receivable

 

 

44,715

 

 

 

4,107

 

Property and equipment, net

 

 

56,727

 

 

 

60,974

 

Operating lease right-of-use assets

 

 

62,691

 

 

 

68,498

 

Intangible assets, net

 

 

736,489

 

 

 

817,916

 

Goodwill, net

 

 

564,215

 

 

 

851,088

 

Other long-term assets

 

 

141,926

 

 

 

147,965

 

Total assets

 

$

2,160,727

 

 

$

2,470,022

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

25,286

 

 

$

7,811

 

Accrued liabilities

 

 

125,921

 

 

 

110,705

 

Current portion of long-term debt, net

 

 

36,267

 

 

 

36,095

 

Deferred revenue

 

 

37,921

 

 

 

35,136

 

Total current liabilities

 

 

225,395

 

 

 

189,747

 

Deferred revenue, less current portion

 

 

30,897

 

 

 

37,107

 

Long-term deferred tax liabilities

 

 

26,240

 

 

 

19,848

 

Long-term debt, net

 

 

752,170

 

 

 

729,392

 

Noncurrent operating lease liabilities

 

 

47,089

 

 

 

54,658

 

Other long-term liabilities

 

 

99,881

 

 

 

98,842

 

Total liabilities

 

 

1,181,672

 

 

 

1,129,594

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

Company stockholders’ equity:

 

 

 

 

 

 

Preferred stock: $0.001 par value; (2022: authorized 15,000 shares; 2021: authorized 15,000 shares; and no shares issued and outstanding)

 

 

 

 

Common stock: $0.001 par value; (2022: authorized 350,000 shares, issued 116,930 shares, outstanding 105,059 shares; 2021: authorized 350,000 shares, issued 113,460, outstanding 103,260 shares)

 

 

117

 

 

 

113

 

Additional paid-in capital

 

 

1,405,433

 

 

 

1,340,480

 

Treasury stock at cost (2022: 11,880 shares; 2021: 10,200 shares)

 

 

(210,607

)

 

 

(178,022

)

Accumulated other comprehensive loss

 

 

(5,129

)

 

 

(752

)

Retained earnings (accumulated deficit)

 

 

(197,427

)

 

 

187,814

 

Total Company stockholders’ equity

 

 

992,387

 

 

 

1,349,633

 

Noncontrolling interest

 

 

(13,332

)

 

 

(9,205

)

Total equity

 

 

979,055

 

 

 

1,340,428

 

Total liabilities and equity

 

$

2,160,727

 

 

$

2,470,022

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5


 

ADEIA INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

Nine Months Ended

 

 

 

September 30, 2022

 

 

September 30, 2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(372,316

)

 

$

(43,724

)

Adjustments to reconcile net loss to net cash from operating activities:

 

 

 

 

 

 

Depreciation of property and equipment

 

 

16,759

 

 

 

17,994

 

Amortization of intangible assets

 

 

119,293

 

 

 

156,825

 

Goodwill impairment

 

 

354,000

 

 

 

 

Stock-based compensation expense

 

 

49,283

 

 

 

42,468

 

Deferred income taxes

 

 

(1,761

)

 

 

(7,092

)

Loss on debt extinguishment

 

 

 

 

 

8,012

 

Patent assets received in lieu of cash

 

 

 

 

 

(8,787

)

Other

 

 

4,312

 

 

 

8,474

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

40,075

 

 

 

(14,327

)

Unbilled contracts receivable

 

 

(89,636

)

 

 

30,708

 

Other assets

 

 

7,264

 

 

 

(3,956

)

Accounts payable

 

 

16,606

 

 

 

3,036

 

Accrued and other liabilities

 

 

2,508

 

 

 

(23,414

)

Deferred revenue

 

 

(4,345

)

 

 

(304

)

Net cash from operating activities

 

 

142,042

 

 

 

165,913

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(12,576

)

 

 

(8,298

)

Proceeds from sale of property and equipment

 

 

86

 

 

 

19

 

Cash paid for acquisitions, net of cash acquired

 

 

(50,473

)

 

 

(17,400

)

Purchases of intangible assets

 

 

(290

)

 

 

(119

)

Purchases of short-term investments

 

 

(4,490

)

 

 

(65,446

)

Proceeds from sales of investments

 

 

28,254

 

 

 

46,248

 

Proceeds from maturities of investments

 

 

35,176

 

 

 

33,436

 

Net cash from investing activities

 

 

(4,313

)

 

 

(11,560

)

Cash flows from financing activities:

 

 

 

 

 

 

Dividends paid

 

 

(15,631

)

 

 

(15,752

)

Repayment of debt

 

 

(30,375

)

 

 

(73,923

)

Debt refinancing costs

 

 

 

 

 

(6,843

)

Proceeds from employee stock purchase program and exercise of stock options

 

 

14,252

 

 

 

13,839

 

Repurchases of common stock

 

 

(32,585

)

 

 

(75,235

)

Net cash from financing activities

 

 

(64,339

)

 

 

(157,914

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(3,419

)

 

 

(1,189

)

Net increase (decrease) in cash and cash equivalents

 

 

69,971

 

 

 

(4,750

)

Cash and cash equivalents at beginning of period

 

 

201,121

 

 

 

170,188

 

Cash and cash equivalents at end of period

 

$

271,092

 

 

$

165,438

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Interest paid

 

$

26,797

 

 

$

25,030

 

Income taxes paid, net of refunds

 

$

22,389

 

 

$

22,151

 

Debt acquired in a business acquisition

 

$

50,000

 

 

$