0000950170-22-023885 | 10-Q | XBRL Viewer

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Revenue - Schedule of Contract Assets (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2022 Customer
Revenue from Contract with Customer [Abstract]
Number of customers from long-term contracts revenue recognition	2
Number of customers from multi-year contract revenue recognition	1

Revenue - Schedule of Revenue Recognized in Period (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Amounts included in deferred revenue at the beginning of the period	$ 6,260	$ 5,924	$ 24,126	$ 24,076
Performance obligations satisfied in previous periods (true ups, licensee reporting adjustments and settlements)	$ 4,660	$ 8,382	$ 31,163	$ 41,298

Composition of Certain Financial Statement Captions - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 140,097	$ 130,242
Less: accumulated depreciation and amortization	(83,370)	(69,268)
Property and equipment, net	56,727	60,974
Equipment, furniture and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	90,015	81,076
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	18,331	18,331
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,300	5,300
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 26,451	$ 25,535

Stockholders' Equity - Summary of Stock Option Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Shares Subject to Options
Number of Shares, Beginning balance (shares) \| shares	447
Number of Shares, Options exercised (shares) \| shares	(9)
Number of Shares, Options canceled / forfeited / expired (shares) \| shares	(68)
Number of Shares, Ending balance (shares) \| shares	370
Weighted Average Exercise Price Per Share
Weighted Average Exercise Price Per Share, Beginning balance (USD per share) \| $ / shares	$ 25.22
Weighted Average Exercise Price Per Share, Options exercised (USD per share) \| $ / shares	14.86
Weighted Average Exercise Price Per Share, Options canceled / forfeited / expired (USD per share) \| $ / shares	37.18
Weighted Average Exercise Price Per Share, Ending balance (USD per share) \| $ / shares	$ 23.22

Revenue - Schedule of Contract Assets (Details) - USD ($)
$ in Thousands

Sep. 30, 2022

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Unbilled contracts receivable

^[1]

$ 129,206

$ 77,677

Other current assets

1,057

1,150

Long-term unbilled contracts receivable

^[2]

44,715

4,107

Other long-term assets

1,979

2,310

Total contract assets

$ 176,957

$ 85,244

[1]	The unbilled contracts receivable increase relates primarily to a change in billing process and to the recognition of revenue from long-term contracts with two customers in the nine months ended September 30,2022. The change in billing process has no impact on the Company’s cash flows or results from operations.
[2]	The long-term unbilled contracts receivable increase relates primarily to the recognition of revenue from a multi-year contract with one customer in the nine months ended September 30, 2022.

Debt - Schedule of Outstanding Amounts of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Line Of Credit Facility [Line Items]
Long-term debt, Gross	$ 809,374
Unamortized debt discount and issuance costs	(20,937)	$ (24,263)
Long-term debt	788,437	765,487
Less: current portion, net of debt discount and issuance costs	(36,267)	(36,095)
Long-term debt, net	752,170	729,392
Refinanced Term B Loans
Line Of Credit Facility [Line Items]
Long-term debt, Gross	759,374	$ 789,750
Senior Unsecured Promissory
Line Of Credit Facility [Line Items]
Long-term debt, Gross	$ 50,000

- Definition

Amount, excluding 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	Sep. 30, 2022	Dec. 31, 2021
Operating Lease Payments
2022 (remaining 3 months)	$ 4,444
2023	21,658
2024	19,454
2025	16,394
2026	6,714
Thereafter	3,123
Total lease payments	71,787
Less: imputed interest	(6,732)
Present value of lease liabilities:	65,055
Current portion of operating lease liabilities	17,966	$ 16,467
Noncurrent operating lease liabilities	47,089	$ 54,658
Sublease Income
2022 (remaining 3 months)	(1,881)
2023	(7,618)
2024	(7,610)
2025	(7,386)
2026	(935)
Total lease payments	(25,430)
Present value of lease liabilities:	(25,430)
Net Operating Lease Payments
2022 (remaining 3 months)	2,563
2023	14,040
2024	11,844
2025	9,008
2026	5,779
Thereafter	3,123
Total lease payments	46,357
Less: imputed interest	(6,732)
Present value of lease liabilities:	$ 39,625

Leases - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 5,547	$ 5,692	$ 16,571	$ 17,008
Operating lease, ROU assets obtained in exchange for new lease liabilities	$ 5,268	$ 78	$ 8,371	$ 3,556
Operating leases, weighted average remaining lease term (years)	3 years 8 months 12 days		3 years 8 months 12 days		4 years 4 months 24 days
Operating leases, weighted average discount rate	5.00%		5.00%		5.00%

Revenue - Schedule of Remaining Performance Obligations (Details 1) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 643,438	$ 578,759

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities

The following is a summary of marketable securities at September 30, 2022 and December 31, 2021 (in thousands):


	September 30, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Values
Marketable securities
Commercial paper	$	27,384	$	—	$	(8	)	$	—	$	27,376
Total debt securities		27,384		—		(8	)	$	—		27,376
Money market funds		5,457		—		—			—		5,457
Total equity securities		5,457		—		—			—		5,457
Total marketable securities	$	32,841	$	—	$	(8	)	$	—	$	32,833
Reported in:
Cash and cash equivalents										$	31,434
Available-for-sale debt securities											1,399
Total marketable securities										$	32,833


	December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit losses		Estimated Fair Values
Marketable securities
Corporate bonds and notes	$	40,466	$	—	$	(53	)	$	—	$	40,413
Commercial paper		49,609		—		(18	)		—		49,591
Total debt securities		90,075		—		(71	)		—		90,004
Money market funds		12,372		—		—			—		12,372
Total equity securities		12,372		—		—			—		12,372
Total marketable securities	$	102,447	$	—	$	(71	)	$	—	$	102,376
Reported in:
Cash and cash equivalents										$	41,842
Available-for-sale debt securities											60,534
Total marketable securities										$	102,376

Fair Value and Gross Unrealized Losses Related to Individual Available-for-Sale Debt Securities

The following table summarizes the fair value and gross unrealized losses related to individual AFS debt securities at September 30, 2022 and December 31, 2021, which have been in a continuous unrealized loss position, aggregated by investment category and length of time (in thousands):


	Less Than 12 Months					12 Months or More				Total					Fair Value
September 30, 2022	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses			Cash and Cash Equivalents		AFS Debt Securities
Commercial paper	$	27,376	$	(8	)	$	—	$	—	$	27,376	$	(8	)	$	25,977	$	1,399


	Less Than 12 Months					12 Months or More					Total					Fair Value
December 31, 2021	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Cash and Cash Equivalents		AFS Debt Securities
Corporate bonds and notes	$	29,807	$	(45	)	$	10,382	$	(8	)	$	40,189	$	(53	)	$	—	$	40,189
Commercial paper		48,091		(18	)		—		—			48,091		(18	)		29,470		18,621
Total	$	77,898	$	(63	)	$	10,382	$	(8	)	$	88,280	$	(71	)	$	29,470	$	58,810

Estimated Fair Value of Marketable Debt Securities by Contractual Maturity

The estimated fair value of marketable debt securities by contractual maturity at September 30, 2022 is shown below (in thousands). Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties.


	Estimated Fair Value
Due in one year or less	$	27,376

Revenue - Additional Information (Details)	9 Months Ended
Revenue - Additional Information (Details)	Sep. 30, 2022 Segment RevenueModel
Revenue Recognition [Line Items]
Number of operating segments \| Segment	2
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

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
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)

- 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.

+ References + Details

- Definition

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.

+ References + Details

- Definition

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

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI https://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

+ Details

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 13 – INCOME TAXES

For the three months ended September 30, 2022, the Company recorded an income tax expense of $0.9 million on pretax loss of $389.0 million, and for the nine months ended September 30, 2022 the Company recorded an income tax expense of $44.5 million on pretax loss of $327.8 million, which resulted in an effective tax rate of (13.6)% for the nine months ended September 30, 2022. The income tax expense for the three and nine months ended September 30, 2022 was primarily related to foreign withholding taxes, U.S. federal income tax, state income taxes, and unrealized foreign exchange loss from the prior year South Korea refund claims. The Company’s effective tax rate was based on a projected 2022 U.S. GAAP pretax loss and varies from the 21% U.S. federal tax rate. The Company's effective tax rate varies period over period because the most significant components of tax expense, foreign withholding taxes and foreign exchange gains or losses on the Korea withholding tax refund claims, are not directly affected by changes in pre-tax income.

For the three months ended September 30, 2021, the Company recorded an income tax expense of $42.7 million on pretax loss of $3.7 million and for the nine months ended September 30, 2021, the Company recorded an income tax expense of $35.8 million on a pretax loss of $7.9 million, which resulted in an effective tax rate of (452.3)% for the nine months ended September 30, 2021. The income tax expense for the three and nine months ended September 30, 2021 was primarily related to foreign withholding taxes, base erosion and anti-abuse tax (“BEAT”) and unrealized foreign exchange loss from the prior year South Korea refund claims, which have remained relatively fixed on a forecast basis quarter over quarter. The negative tax rate is the result of the relatively fixed tax expense recorded against a small pre-tax loss. The Company’s effective tax rate was based on a projected 2021 U.S. GAAP pretax loss and varies significantly from the 21% U.S. federal tax rate.

As of September 30, 2022, gross unrecognized tax benefits, excluding interest and penalties, were $240.3 million compared to $240.4 million as of December 31, 2021. This was included in long-term deferred tax and other long-term liabilities on the Condensed Consolidated Balance Sheets. Of this amount, $89.8 million would affect the effective tax rate if recognized. As of September 30, 2021, unrecognized tax benefits, excluding interest and penalties, of $229.1 million were included in long-term deferred tax and other long-term liabilities on the Condensed Consolidated Balance Sheets. Of this amount, $96.3 million would affect the effective tax rate if recognized. The Company is unable to reasonably estimate the timing of the long-term payments or the amount by which the liability will increase or decrease.

It is the Company's policy to classify accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. The Company recognized interest and penalties related to unrecognized tax benefits of $0.8 million and $1.1 million for the nine months ended September 30, 2022 and 2021, respectively. Accrued interest and penalties were $3.7 million and $2.8 million as of September 30, 2022 and December 31, 2021, respectively.

As of September 30, 2022, the Company’s 2017 through 2021 tax years are generally open and subject to potential examination in one or more jurisdictions. Earlier tax years for the Company and its subsidiaries are also open in certain jurisdictions which are currently subject to examination. In addition, 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. The Company has submitted a withholding tax refund claim with the South Korean authorities and the final outcome is not anticipated to be settled within the next twelve months.

- 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
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 21
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Segment and Geographic Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 210,941	$ 219,379	$ 702,379	$ 663,247
Total operating expenses	587,157	215,453	1,000,774	635,668
Operating income (loss)	(376,216)	3,926	(298,395)	27,579
Operating Segments \| Product Revenue
Segment Reporting Information [Line Items]
Total revenue	121,638	117,732	366,730	361,740
Total operating expenses	(341,525)	919	(291,348)	31,345
Operating income (loss)	463,163	116,813	658,078	330,395
Operating Segments \| IP Licensing Segment
Segment Reporting Information [Line Items]
Total revenue	89,303	101,647	335,649	301,507
Total operating expenses	39,083	34,676	112,849	103,116
Operating income (loss)	50,220	66,971	222,800	198,391
Unallocated Operating Expenses
Segment Reporting Information [Line Items]
Total operating expenses	84,911	63,964	229,847	202,157
Operating income (loss)	$ (84,911)	$ (63,964)	$ (229,847)	$ (202,157)

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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+ Details

The Company and Basis of Presentation - Additional Information (Details)		3 Months Ended	9 Months Ended
	Oct. 01, 2022 NumberOfShare	Dec. 31, 2022 Segment	Sep. 30, 2022 Segment Patent $ / shares	Oct. 03, 2022 $ / shares	Dec. 31, 2021 $ / shares	Jun. 02, 2020 $ / shares
Organization Consolidation And Presentation [Line Items]
Effective date of merger			Jun. 01, 2020
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001		$ 0.001	$ 0.001
Number of principal businesses segment \| Segment			2
Scenario Forecast
Organization Consolidation And Presentation [Line Items]
Number of principal businesses segment \| Segment		1
Subsequent Event
Organization Consolidation And Presentation [Line Items]
Common stock, par value (in dollars per share) \| $ / shares				$ 0.001
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
Perceive Corporation
Organization Consolidation And Presentation [Line Items]
Ownership interest, percentage			77.00%
Perceive Corporation \| Subsequent Event
Organization Consolidation And Presentation [Line Items]
Ownership interest, percentage	0.00%
Xperi Inc \| Subsequent Event
Organization Consolidation And Presentation [Line Items]
Ownership interest, percentage	0.00%
Minimum
Organization Consolidation And Presentation [Line Items]
Number of patents and applications \| Patent			9,500

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Outstanding Amounts of Debt

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


	September 30, 2022			December 31, 2021
Refinanced Term B Loans	$	759,374		$	789,750
Senior Unsecured Promissory		50,000			—
Unamortized debt discount and issuance costs		(20,937	)		(24,263	)
		788,437			765,487
Less: current portion, net of debt discount and issuance costs		(36,267	)		(36,095	)
Total long-term debt, net of current portion	$	752,170		$	729,392

Summarize of Future Minimum Principal Payments for Long-term Debt

As of September 30, 2022, future minimum principal payments for long-term debt are summarized as follows (in thousands):


2022 (remaining 3 months)	$	10,125
2023		40,500
2024		40,500
2025		90,500
2026		40,500
Thereafter		587,249
Total	$	809,374

Financial Instruments - Fair Value and Gross Unrealized Losses Related to Individual Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value		$ 77,898
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses		(63)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Fair Value		10,382
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Gross Unrealized Losses		(8)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value		88,280
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses		(71)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Cash and Cash Equivalents		29,470
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, AFS Debt Securities		58,810
Corporate bonds and notes
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value		29,807
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses		(45)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Fair Value		10,382
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Gross Unrealized Losses		(8)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value		40,189
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses		(53)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Cash and Cash Equivalents		0
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, AFS Debt Securities		40,189
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	$ 27,376	48,091
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses	(8)	(18)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Fair Value	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Gross Unrealized Losses	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	27,376	48,091
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses	(8)	(18)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Cash and Cash Equivalents	25,977	29,470
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, AFS Debt Securities	$ 1,399	$ 18,621

Goodwill and Identified Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identified Intangible Assets

NOTE 8 – GOODWILL AND IDENTIFIED INTANGIBLE ASSETS

Goodwill

The changes to the carrying value of goodwill from January 1, 2022 through September 30, 2022 were as follows (in thousands):



December 31, 2021	$	851,088
Goodwill adjustment related to Mergers in prior periods (1)		(988	)
Vewd Acquisition (2)		68,115
Impairment charge (3)		(354,000	)
September 30, 2022 (4)	$	564,215

(1)

Reflects the correction recorded in the period ended March 31, 2022 of an immaterial error in the purchase price allocation for the Mergers to reduce goodwill and revenue.

(2)

In connection with the Vewd Acquisition, the Company recorded $68.1 million of goodwill, representing the preliminary fair value as of the Acquisition Date. Goodwill relating to the Vewd Acquisition was allocated to the Company's Product segment. See “Note 7 – Business Combinations” for additional details.

(3)

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. During the three-months ended September 30, 2022, indicators of potential impairment for the Product reporting unit were identified such that management concluded it was more-likely-than-not that goodwill was impaired and a quantitative interim goodwill impairment assessment should be performed as of September 30, 2022. Indicators of potential impairment included a sustained decline in Xperi Holding Corporation’s stock price during the second half of the third quarter of 2022, reflective of rising interest rates and continued decline in macroeconomic conditions. The Company proceeded to perform a fair value analysis of the Product reporting unit using the market capitalization approach. Under this approach, management estimated the fair value of the 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 during the three months ended September 30, 2022, which was allocated to the Company's Product segment. The Company also assessed the recoverability of indefinite-lived intangible assets related to the Product reporting unit and concluded that no impairment existed as of September 30, 2022, as their estimated fair values exceeded their carrying amounts. No impairment indicators were identified with respect to other long-lived assets. No goodwill impairment charge was recognized related to the Company's IP Licensing segment.

(4)

The Company's reporting units include the IP Licensing segment and the Product segment (defined further in “Note 16 – Segment and Geographic Information”). Of the carrying value of goodwill, approximately $322.3 million was allocated to the IP Licensing segment and approximately $241.9 million was allocated to the Product segment as of September 30, 2022.

Identified Intangible Assets

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


	Average	September 30, 2022							December 31, 2021
	Life (Years)	Gross Assets		Accumulated Amortization			Net		Gross Assets		Accumulated Amortization			Net
Finite-lived intangible assets
Acquired patents / core technology	3-10	$	668,117	$	(262,397	)	$	405,720	$	672,872	$	(224,508	)	$	448,364
Existing technology / content database	5-10		279,377		(222,055	)		57,322		251,445		(206,934	)		44,511
Customer contracts and related relationships	3-9		657,774		(417,772	)		240,002		649,926		(360,543	)		289,383
Trademarks/trade name	4-10		40,913		(29,629	)		11,284		40,083		(25,825	)		14,258
Non-competition agreements	1-2		3,101		(2,340	)		761		2,231		(2,231	)		—
Total finite-lived intangible assets			1,649,282		(934,193	)		715,089		1,616,557		(820,041	)		796,516
Indefinite-lived intangible assets
TiVo Tradename/trademarks	N/A		21,400		—			21,400		21,400		—			21,400
Total intangible assets		$	1,670,682	$	(934,193	)	$	736,489	$	1,637,957	$	(820,041	)	$	817,916

As of September 30, 2022, the estimated future amortization expense of total finite-lived intangible assets was as follows (in thousands):


2022 (remaining 3 months)	$	40,016
2023		151,307
2024		112,149
2025		87,424
2026		84,069
Thereafter		240,124
	$	715,089

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ 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		5,407
Issuance of subsidiary shares to noncontrolling interest			(12)				12
Net loss	(43,724)					(40,898)	(2,826)
Other comprehensive loss	(1,561)				(1,561)
Cash dividends paid on common stock	(15,752)					(15,752)
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
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)		1,237
Issuance of restricted stock, net of shares canceled	2	$ 2
Issuance of restricted stock, net of shares canceled (in shares)		1,937
Repurchases of common stock, shares exchanged	(15,417)			$ (15,417)
Repurchases of common stock, shares exchanged (in shares)		(726)		726
Repurchases of common stock	(59,818)			$ (59,818)
Repurchases of common stock, (in shares)		(2,754)		2,754
Stock-based compensation expense	42,468		42,468
Ending balance at Sep. 30, 2021	1,371,154	$ 113	1,324,763	$ (152,453)	(297)	207,600	(8,572)
Ending balance (in shares) at Sep. 30, 2021		104,508		8,887
Beginning balance at Jun. 30, 2021	1,434,270	$ 112	1,303,768	$ (120,542)	299	257,905	(7,272)
Beginning balance (in shares) at Jun. 30, 2021		104,578		7,324
Issuance of subsidiary shares to noncontrolling interest			(10)				10
Net loss	(46,377)					(45,067)	(1,310)
Other comprehensive loss	(596)				(596)
Cash dividends paid on common stock	(5,238)					(5,238)
Issuance of common stock in connection with exercise of stock options	19		19
Issuance of common stock in connection with exercise of stock options (in shares)		1
Issuance of common stock in connection with employee stock purchase plan	6,572		6,572
Issuance of common stock in connection with employee stock purchase plan (in shares)		604
Issuance of restricted stock, net of shares canceled	1	$ 1
Issuance of restricted stock, net of shares canceled (in shares)		888
Repurchases of common stock, shares exchanged	(7,073)			$ (7,073)
Repurchases of common stock, shares exchanged (in shares)		(334)		334
Repurchases of common stock	(24,838)			$ (24,838)
Repurchases of common stock, (in shares)		(1,229)		1,229
Stock-based compensation expense	14,414		14,414
Ending balance at Sep. 30, 2021	1,371,154	$ 113	1,324,763	$ (152,453)	(297)	207,600	(8,572)
Ending balance (in shares) at Sep. 30, 2021		104,508		8,887
Beginning balance at Dec. 31, 2021	1,340,428	$ 113	1,340,480	$ (178,022)	(752)	187,814	(9,205)
Beginning balance (in shares) at Dec. 31, 2021		103,260		10,200
Issuance of subsidiary shares to noncontrolling interest			1,421				(1,421)
Net loss	(372,316)					(369,610)	(2,706)
Other comprehensive loss	(4,377)				(4,377)
Cash dividends paid on common stock	(15,631)					(15,631)
Issuance of common stock in connection with exercise of stock options	118		118
Issuance of common stock in connection with exercise of stock options (in shares)		9
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
Issuance of restricted stock, net of shares canceled	3	$ 3
Issuance of restricted stock, net of shares canceled (in shares)		2,452
Repurchases of common stock, shares exchanged	(15,325)			$ (15,325)
Repurchases of common stock, shares exchanged (in shares)		(934)		934
Shares exchanged and returned to assumed plans				(283)
Repurchases of common stock	(17,260)			$ (17,260)
Repurchases of common stock, (in shares)		(1,029)		1,029
Stock-based compensation expense	49,283		49,283
Ending balance at Sep. 30, 2022	979,055	$ 117	1,405,433	$ (210,607)	(5,129)	(197,427)	(13,332)
Ending balance (in shares) at Sep. 30, 2022		105,059		11,880
Beginning balance at Jun. 30, 2022	1,356,225	$ 116	1,380,814	$ (206,757)	(3,648)	196,715	(11,015)
Beginning balance (in shares) at Jun. 30, 2022		104,030		11,734
Issuance of subsidiary shares to noncontrolling interest			1,427				(1,427)
Net loss	(389,819)					(388,929)	(890)
Other comprehensive loss	(1,481)				(1,481)
Cash dividends paid on common stock	(5,213)					(5,213)
Issuance of common stock in connection with exercise of stock options	56		56
Issuance of common stock in connection with exercise of stock options (in shares)		4
Issuance of common stock in connection with employee stock purchase plan	6,138		6,138
Issuance of common stock in connection with employee stock purchase plan (in shares)		562
Issuance of restricted stock, net of shares canceled	1	$ 1
Issuance of restricted stock, net of shares canceled (in shares)		714
Repurchases of common stock, shares exchanged	(3,850)			$ (3,850)
Repurchases of common stock, shares exchanged (in shares)		(251)		251
Shares exchanged and returned to assumed plans				(105)
Stock-based compensation expense	16,998		16,998
Ending balance at Sep. 30, 2022	$ 979,055	$ 117	$ 1,405,433	$ (210,607)	$ (5,129)	$ (197,427)	$ (13,332)
Ending balance (in shares) at Sep. 30, 2022		105,059		11,880

Business Combination

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Business Combination

NOTE 7 – BUSINESS COMBINATION

MobiTV

On May 31, 2021, the Company completed its acquisition (the "MobiTV 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 expanded the Company’s IPTV Managed Service capabilities, which is expected to grow the addressable market for the Company’s IPTV products and further secure TiVo’s position as a leading provider of Pay-TV solutions. The net purchase price for the MobiTV Acquisition was $17.4 million in cash.

Purchase Price Allocation

The MobiTV Acquisition has been 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 with no measure period adjustments identified (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

MobiTV Results of Operations

The results of operations and cash flows relating to the business acquired pursuant to the MobiTV Acquisition have been 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. The operations acquired in the MobiTV Acquisition are included in the Company’s Product 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 have been 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 Condensed Consolidated Statements of Operations as of January 1, 2020 (unaudited, in thousands):


	Three Months Ended			Nine Months Ended
	September 30, 2021			September 30, 2021
Revenue	$	219,379		$	667,106
Net loss attributable to the Company	$	(44,990	)	$	(56,628	)

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 TiVo, 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

On July 1, 2022 (the "Acquisition Date"), 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 acquisition establishes the Company as a leading independent streaming media platform through its TiVo brand and the largest independent provider of smart TV middleware globally. The total consideration was approximately $102.9 million, consisting of approximately $52.9 million of cash and $50 million of debt. See “Note 9 – Debt” for additional information.

Preliminary Purchase Price Allocation

The Vewd Acquisition has been accounted for as a business combination, using the acquisition method. The following table presents the preliminary 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 preliminary purchase price allocation, including the purchase consideration, is based on preliminary valuations and assumptions and is still subject to change within the measurement period as additional information is received, including potential changes to prepaid income taxes, current and non-current income taxes payable, deferred taxes, and other working capital adjustments. The final purchase price allocation is expected to be completed as soon as practicable, but not later than one year from the date of the acquisition.

The following is a description of the method used to determine the fair values of significant assets and liabilities.

Identifiable Intangible Assets

Identifiable intangible assets primarily consist of technology, customer relationships, non-compete agreements and trade name. In determining the fair value, the Company utilized various forms of the income and cost approaches depending on the asset being fair valued. The estimation of fair value required significant judgment related to cash flow forecasts, discount rates reflecting the risk inherent in each cash flow stream, competitive trends, market comparables and other factors. Inputs were generally determined using historical data supplemented by current and anticipated market conditions, and growth rates. The technology was valued using the excess earnings method. Significant assumptions used under this method include forecasted revenues and growth, estimated technology obsolescence, contributory asset charges, and the discount rate. The customer relationships were valued using the cost approach, based on estimated customer acquisition costs.

Goodwill

The excess of the consideration transferred over the fair value of assets acquired and liabilities assumed was recognized as goodwill. The goodwill is generated from operational synergies and cost savings the Company expects to achieve from the combined operations, as well as the expected benefits from future technologies that do not meet the definition of an identifiable intangible asset and Vewd’s knowledgeable and experienced workforce. Approximately $0.4 million of the acquired goodwill is expected to be deductible for tax purposes.

Vewd Results of Operations

The results of operations and cash flows related to the Vewd Acquisition have been included in the Company's condensed 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 Condensed Consolidated Balance Sheet as of July 1, 2022. For the three and nine months ended September 30, 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. The operations acquired in the Vewd Acquisition are included in the Company's Product segment.

Transaction Costs

In connection with the Vewd Acquisition, the Company incurred significant one-time expenses such as transaction related costs and severance and retention costs. For the three and nine months ended September 30, 2022, transaction related costs including transaction bonuses, legal and consultant fees, were $4.0 million and $6.1 million, respectively. For the three and nine months ended September 30, 2022, severance and retention costs associated with the Vewd Acquisition 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 have been 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. The following table presents the pro forma operating results as if the acquired operations of Vewd had been included in the Company's Condensed Consolidated Statements of Operations as of January 1, 2021 (unaudited, in thousands):


	Three Months Ended						Nine Months Ended
	September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Revenue	$	210,941		$	223,404		$	708,708		$	672,959
Net loss attributable to the Company	$	(382,818	)	$	(49,498	)	$	(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.

Revenue (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregated by Product Category/End Market

Revenue disaggregated by product category/end market was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
IP Licensing revenue	$	89,303	$	101,647	$	335,649	$	301,507
Pay-TV		58,378		65,891		182,903		196,795
Consumer Electronics		33,561		21,234		101,145		75,054
Connected Car		20,224		20,449		60,798		65,869
Media Platform		9,475		10,158		21,884		24,022
Total Product revenue		121,638		117,732		366,730		361,740
Total revenue	$	210,941	$	219,379	$	702,379	$	663,247

Schedule of Contract Assets

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


	September 30, 2022		December 31, 2021
Unbilled contracts receivable (1)	$	129,206	$	77,677
Other current assets		1,057		1,150
Long-term unbilled contracts receivable (2)		44,715		4,107
Other long-term assets		1,979		2,310
Total contract assets	$	176,957	$	85,244

(1)

The unbilled contracts receivable increase relates primarily to a change in billing process and to the recognition of revenue from long-term contracts with two customers in the nine months ended September 30,2022. The change in billing process has no impact on the Company’s cash flows or results from operations.

(2)

The long-term unbilled contracts receivable increase relates primarily to the recognition of revenue from a multi-year contract with one customer in the nine months ended September 30, 2022.

Schedule of Allowance for Credit Losses

The following table presents the activity in the allowance for credit losses for the three and nine months ended September 30, 2022 and 2021 (in thousands):


	Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
	Accounts Receivable			Unbilled Contracts Receivable			Accounts Receivable					Unbilled Contracts Receivable
Beginning balance	$	2,740		$	480		$	3,102				$	729
Provision for (reversal of) credit losses		99			7			70					(166	)
Recoveries		—			—			(138	)				—
Charged-off/other adjustments		(134	)		—			(329	)				(76	)
Balance at end of period	$	2,705		$	487		$	2,705				$	487


	Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
	Accounts Receivable			Unbilled Contracts Receivable			Accounts Receivable					Unbilled Contracts Receivable

Beginning balance	$	4,131		$	3,274		$	7,336				$	2,231
Provision for (reversal of) credit losses		464			(710	)		2,213					(197	)
Recoveries		(1,146	)		—			(2,202	)				-
Charged-off/other adjustments		(72	)		—			(3,970	)	(1	)		530
Balance at end of period	$	3,377		$	2,564		$	3,377				$	2,564

(1) The charge off of accounts receivable during the nine months ended September 30, 2021 was primarily related to a customer whose account had been substantially reserved for credit losses in 2020 due to deteriorating financial condition and delinquent payment history.

Schedule of Revenue Recognized in Period

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022			2021
Revenue recognized in the period from:
Amounts included in deferred revenue at the beginning of the period	$	6,260	$	5,924	$	24,126		$	24,076
Performance obligations satisfied in previous periods (true ups, licensee reporting adjustments and settlements) (1)	$	4,660	$	8,382	$	31,163	(2)	$	41,298	(3)

(1) True ups represent the differences between the Company’s quarterly estimates of per-unit royalty revenue and actual production/sales-based royalties reported by licensees in the following period. Licensee reporting adjustments represent corrections or revisions to previously reported per-unit royalties by licensees, generally resulting from the Company’s inquiries or compliance audits. Settlements represent resolutions of litigation during the period for past royalties owed pursuant to expired or terminated IP license agreements.

(2) Includes past royalty revenue from the settlement of a contract dispute with a large mobile imaging customer, and the execution of a long-term license agreement with a leading consumer electronics and OTT service provider. The long-term license agreement was effective as of the expiration of the prior agreement. The Company recorded revenue from both the settlement and the license agreement, referred to above, in the second quarter of 2022 and expects to record revenue from both the settlement and the license agreement in future periods.

(3) Includes past royalty revenue from the execution of long-term license agreements with three customers during the nine months ended September 30, 2021.

Schedule of Remaining Performance Obligations

The Company's remaining revenue under contracts with performance obligations was as follows (in thousands):


	As of
	September 30, 2022		December 31, 2021
Revenue from contracts with performance obligations expected to be satisfied in:
2022 (remaining 3 months)	$	49,544	$	176,646
2023		201,070		153,746
2024		156,173		122,488
2025		146,337		110,703
2026		29,553		10,735
Thereafter		60,761		4,441
Total	$	643,438	$	578,759

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2022

MobiTV

Business Acquisition [Line Items]

Schedule of Estimated Fair Value that Allocated to Assets and Liabilities

The following table sets forth the final purchase price allocation with no measure period adjustments identified (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 Condensed Consolidated Statements of Operations as of January 1, 2020 (unaudited, in thousands):


	Three Months Ended			Nine Months Ended
	September 30, 2021			September 30, 2021
Revenue	$	219,379		$	667,106
Net loss attributable to the Company	$	(44,990	)	$	(56,628	)

Vewd Acquisition

Business Acquisition [Line Items]

Schedule of Estimated Fair Value that Allocated to Assets and Liabilities

The following table presents the preliminary 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 Condensed Consolidated Statements of Operations as of January 1, 2021 (unaudited, in thousands):


	Three Months Ended						Nine Months Ended
	September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Revenue	$	210,941		$	223,404		$	708,708		$	672,959
Net loss attributable to the Company	$	(382,818	)	$	(49,498	)	$	(377,614	)	$	(62,976	)

Composition of Certain Financial Statement Captions - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid income taxes	$ 6,331	$ 6,103
Prepaid expenses	22,232	18,616
Inventory	9,082	5,101
Other	7,605	6,639
Other current assets, total	$ 45,250	$ 36,459

Net Income Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Shares of common stock excluded from the computation of net income (loss) per share	7.2	5.5	5.9	5.6

Debt - Summarize of Future Minimum Principal Payments for Long-term Debt (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
2022 (remaining 3 months)	$ 10,125
2023	40,500
2024	40,500
2025	90,500
2026	40,500
Thereafter	587,249
Total	$ 809,374

Goodwill and Identified Intangible Assets - Summary of Changes to Carrying Value of Goodwill (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Jul. 01, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill	$ 564,215	$ 564,215			$ 851,088
Goodwill impairment charges	354,000	354,000	$ 0
Vewd Acquisition
Goodwill [Line Items]
Goodwill	68,100	68,100		$ 68,115
IP Licensing Segment
Goodwill [Line Items]
Goodwill	322,300	322,300
Product Revenue
Goodwill [Line Items]
Goodwill	241,900	$ 241,900
Goodwill impairment charges	$ 354,000

- 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

Composition of Certain Financial Statement Captions -Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee compensation and benefits	$ 44,367	$ 42,075
Third-party royalties	6,650	4,428
Accrued legal fees	8,668	7,190
Accrued expenses	32,131	30,899
Accrued severance	2,013	1,921
Current portion of operating lease liabilities	$ 17,966	$ 16,467
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities, total	Accrued liabilities, total
Accrued income taxes	$ 10,185	$ 2,791
Other	3,941	4,934
Accrued liabilities, total	$ 125,921	$ 110,705

Composition of Certain Financial Statement Captions - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term income tax payable	$ 93,459	$ 91,614
Other	6,422	7,228
Other long-term liabilities, total	$ 99,881	$ 98,842

Fair Value - Schedule of Carrying Amounts and Estimated Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	$ 788,437	$ 765,487
Recurring
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	788,437	765,487
Total long-term debt, net - Estimated Fair Value	761,892	764,530
Recurring \| Refinanced Term B Loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	738,437	765,487
Total long-term debt, net - Estimated Fair Value	712,592	764,530
Recurring \| Senior Unsecured Promissory Note
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	50,000	0
Total long-term debt, net - Estimated Fair Value	$ 49,300	$ 0

- Definition

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

+ References + Details

Stock-Based Compensation Expense (Tables)

9 Months Ended

Sep. 30, 2022

Effect of Recording Stock-Based Compensation Expense

The effect of recording stock-based compensation (“SBC”) expense for the three and nine months ended September 30, 2022 and 2021 is as follows (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Cost of revenue, excluding depreciation and amortization of intangible assets	$	778		$	525		$	2,180		$	1,377
Research, development and other related costs		5,951			5,110			17,499			14,267
Selling, general and administrative		10,269			8,779			29,604			26,824
Total stock-based compensation expense		16,998			14,414			49,283			42,468
Tax effect on stock-based compensation expense		(307	)		(174	)		(479	)		(507	)
Net effect on net income (loss)	$	16,691		$	14,240		$	48,804		$	41,961

Stock-Based Compensation Expense Categorized by Equity Components

SBC expense categorized by various equity components for the three and nine months ended September 30, 2022 and 2021 is summarized in the table below (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Restricted stock awards and units	$	16,060	$	12,876	$	45,324	$	38,206
Employee stock purchase plan		938		1,516		3,959		4,200
Employee stock options		—		22		—		62
Total stock-based compensation expense	$	16,998	$	14,414	$	49,283	$	42,468

Employee Stock Purchase Plan

Schedule of Assumptions Used to Value Awards Granted

The following assumptions were used to value the ESPP shares granted during the nine months ended September 30, 2022:


	March 2022			September 2021			March 2021
Expected life (years)		2.0			2.0			2.0
Risk-free interest rate		1.3	%		0.2	%		0.1	%
Dividend yield		1.1	%		0.9	%		1.2	%
Expected volatility		48.5	%		52.0	%		52.0	%

Restricted Stock Units

Schedule of Assumptions Used to Value Awards Granted

The following assumptions were used to value the restricted stock units subject to market conditions granted during the nine months ended September 30, 2022:


	June 2022			April 2022			March 2021
Expected life (years)		3.0			3.0			3.0
Risk-free interest rate		2.8	%		2.8	%		0.3	%
Dividend yield		1.2	%		1.2	%		1.0	%
Expected volatility		37.5	%		40.9	%		47.9	%

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 01, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	May 31, 2021
Business Acquisition [Line Items]
Total revenue		$ 210,941	$ 219,379	$ 702,379	$ 663,247
Operating loss		(376,216)	$ 3,926	(298,395)	$ 27,579
MobiTV
Business Acquisition [Line Items]
Purchase price						$ 17,400
Vewd Acquisition
Business Acquisition [Line Items]
Purchase price	$ 102,913
Total consideration	102,900
Acquisition of business, cash	52,900
Acquisition of business, debt	50,000
Goodwill expected to be deductible for tax purposes	$ 400
Total revenue		2,500		2,500
Operating loss		(10,100)		(10,100)
Transaction related costs including transaction bonuses, legal and consultant fees		4,000		6,100
Severance and retention costs		$ 2,100		$ 2,100

Leases - Additional Information (Details)	9 Months Ended
Leases - Additional Information (Details)	Sep. 30, 2022
Lessee Lease Description [Line Items]
Operating lease existence of option to extend	true
Operating lease description	The Company’s leases have remaining lease terms of one year to seven 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 7 years or less. Leases with an initial term of 12 months or less are not recorded on the 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	7 years

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Commitments And Contingencies Disclosure [Line Items]
Purchase commitments	$ 109,800
Accrued liabilities	125,921		$ 110,705
Accrued estimated expense reimbursement	2,500	$ 2,200
Inventory
Commitments And Contingencies Disclosure [Line Items]
Purchase commitments	3,200
Accrued liabilities	$ 700

Revenue - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounts Receivable
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	$ 2,740	$ 4,131	$ 3,102	$ 7,336
Provision for (reversal of) credit losses	99	464	70	2,213
Recoveries		(1,146)	(138)	(2,202)
Charged-off/other adjustments	(134)	(72)	(329)	(3,970)
Balance at end of period	2,705	3,377	2,705	3,377
Unbilled Contracts Receivable
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	480	3,274	729	2,231
Provision for (reversal of) credit losses	7	(710)	(166)	(197)
Charged-off/other adjustments			(76)	530
Balance at end of period	$ 487	$ 2,564	$ 487	$ 2,564

Revenue - Schedule of Revenue Disaggregated by Product Category/End Market (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue:	$ 210,941	$ 219,379	$ 702,379	$ 663,247
Product Revenue
Disaggregation of Revenue [Line Items]
Revenue:	121,638	117,732	366,730	361,740
IP Licensing Revenue
Disaggregation of Revenue [Line Items]
Revenue:	89,303	101,647	335,649	301,507
Pay TV \| Product Revenue
Disaggregation of Revenue [Line Items]
Revenue:	58,378	65,891	182,903	196,795
Consumer Electronics \| Product Revenue
Disaggregation of Revenue [Line Items]
Revenue:	33,561	21,234	101,145	75,054
Connected Car \| Product Revenue
Disaggregation of Revenue [Line Items]
Revenue:	20,224	20,449	60,798	65,869
Media Platform \| Product Revenue
Disaggregation of Revenue [Line Items]
Revenue:	$ 9,475	$ 10,158	$ 21,884	$ 24,022

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Stockholders' Equity - Additional Information (Details)		3 Months Ended		9 Months Ended		19 Months Ended	28 Months Ended
Stockholders' Equity - Additional Information (Details)	Apr. 29, 2022 shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Apr. 22, 2021 USD ($)	Jun. 12, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount \| $								$ 100,000,000.0	$ 150,000,000.0
Treasury stock, total repurchase during period (in shares)						9,000,000.0	10,000,000.0
Treasury stock, average price of share repurchased (in dollars per share) \| $ / shares						$ 17.29	$ 17.24
Treasury stock, total cost of repurchased stock \| $			$ 24,838,000	$ 17,260,000	$ 59,818,000	$ 155,000,000.0	$ 172,200,000
Stock repurchase program, remaining amount available for repurchase \| $		$ 77,800,000		$ 77,800,000			$ 77,800,000
Tax withholding on restricted stock units (in shares)		300,000	300,000	900,000	700,000
Tax withholding on restricted stock units \| $		$ 3,800,000	$ 7,100,000	$ 15,300,000	$ 15,400,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved for issuance	6,000,000.0
Expiration period				24 months
Shares reserved for grant (in shares)		5,500,000		5,500,000			5,500,000
Rolling expiration period				24 months
Maximum employee subscription rate		100.00%		100.00%			100.00%
Purchase price of common stock, percent				85.00%
Maximum employee subscription amount \| $		$ 25,000		$ 25,000			$ 25,000
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]
Share based compensation full value awards counted against shares available for issuance ratio				1.5
Number of shares reserved for issuance		16,800,000		16,800,000			16,800,000
Additional shares reserved for issuance	8,800,000
Expiration period				10 years
Vesting period				4 years
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 Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for grant (in shares)		6,100,000		6,100,000			6,100,000

Business Combinations - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jul. 01, 2022	May 31, 2021	Sep. 30, 2022	Dec. 31, 2021
Identifiable intangible assets:
Goodwill			$ 564,215	$ 851,088
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		$ 68,100
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-competition 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

Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

NOTE 17 - SUBSEQUENT EVENTS

Completion of Separation of Xperi Inc. from Adeia Inc.

On October 1, 2022, the Company completed the Separation of its Product business into a new public company, Xperi Inc. In connection with the Separation, which was structured as a Spin-Off, the Company entered into several agreements with Xperi Inc. on October 1, 2022, that, among other things, effect the Spin-off and provide a framework for the Company's relationship with Xperi Inc. after the Spin-off.

Declaration of Cash Dividends

On October 20, 2022, the Company's Board of Directors declared a cash dividend of $0.05 per share of common stock, payable on December 21, 2022 to the stockholders of record at the close of business on November 30, 2022.

Stock-Based Compensation Expense - Effect of Recording Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 16,998	$ 14,414	$ 49,283	$ 42,468
Tax effect on stock-based compensation expense	(307)	(174)	(479)	(507)
Net effect on net income (loss)	16,691	14,240	48,804	41,961
Cost of revenue, excluding depreciation and amortization of intangible assets
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	778	525	2,180	1,377
Research, development and other related costs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	5,951	5,110	17,499	14,267
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 10,269	$ 8,779	$ 29,604	$ 26,824

Fair Value (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets Measured on Recurring Basis

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 September 30, 2022 (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
Money market funds - equity securities (1)	$	5,457	$	5,457	$	—	$	—
Commercial paper - debt securities (2)		27,376		—		27,376		—
Total Assets	$	32,833	$	5,457	$	27,376	$	—

(1)

Reported as cash and cash equivalents in the Condensed Consolidated Balance Sheet.

(2)

Reported as cash and cash equivalents if purchased with an original maturity of three months or less at the date of purchase; otherwise reported as AFS debt securities in the Condensed Consolidated Balance Sheet.

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, 2021 (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
Money market funds - equity securities (1)	$	12,372	$	10,372	$	2,000	$	—
Corporate bonds and notes - debt securities (2)		40,413		—		40,413		—
Commercial paper - debt securities (3)		49,591		—		49,591		—
Total Assets	$	102,376	$	10,372	$	92,004	$	—

(1)

Reported as cash and cash equivalents in the Condensed Consolidated Balance Sheet.

(2)

Reported as AFS debt securities in the Condensed Consolidated Balance Sheet.

(3)

Schedule of Carrying Amounts and Estimated Fair Values

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


	September 30, 2022				December 31, 2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Refinanced Term B Loans (1)	$	738,437	$	712,592	$	765,487	$	764,530
Senior Unsecured Promissory Note		50,000		49,300		—		—
Total long-term debt, net	$	788,437	$	761,892	$	765,487	$	764,530

(1)

Carrying amounts of long-term debt are net of unamortized debt discount and issuance costs of $20.9 million and $24.3 million as of September 30, 2022 and December 31, 2021, respectively. See “Note 9 – Debt” for additional information.

Debt - Additional Information (Details) - USD ($)				3 Months Ended			9 Months Ended
Debt - Additional Information (Details) - USD ($)	Jul. 01, 2022	Jun. 08, 2021	Jun. 01, 2020	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Line Of Credit Facility [Line Items]
Voluntary prepayment against the term loan							$ 30,375,000	$ 73,923,000
Loss on debt extinguishment							0	8,012,000
Unamortized debt discount and issuance costs				$ 20,937,000			20,937,000		$ 24,263,000
Borrowings				788,437,000			788,437,000		$ 765,487,000
Interest expense				13,198,000	$ 8,532,000		31,066,000	30,400,000
2020 Term B Loan Facility
Line Of Credit Facility [Line Items]
Debt Instrument Term			5 years
Borrowing capacity			$ 1,050,000,000
Loss on debt extinguishment						$ 8,000,000.0
Debt issuance cost				6,800,000			6,800,000
Unamortized debt discount and issuance costs				$ 4,200,000			$ 4,200,000
Debt issuance remaining third party fees						$ 2,600,000
Refinanced Term B Loans
Line Of Credit Facility [Line Items]
Borrowing capacity		$ 810,000,000.0
Voluntary prepayment against the term loan		$ 50,600,000
Debt instrument, prepayment premium		1.00%
Debt instrument, maturity date		Jun. 08, 2028
Interest rate				6.02%			6.02%
Interest expense				$ 13,200,000	8,500,000		$ 31,100,000	30,400,000
Amortized costs				1,100,000	$ 1,200,000		$ 3,300,000	$ 5,300,000
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%
Senior Unsecured Promissory Note \| Vewd Acquisition
Line Of Credit Facility [Line Items]
Debt instrument, maturity date	Jul. 01, 2025
Debt instrument, principal amount	$ 50,000,000.0
Fixed interest rate	6.00%
Debt instrument, frequency of payment	quarterly
Interest rate adjustment for increase rate, description							If a certain qualified spin-off transaction occurs, the interest rate will be increased to the greater of (a) 6.00% and (b) the sum of (i) the highest interest rate payable under any credit facility or bonds, debentures, notes or similar instruments where the issuer or any guarantor borrows money or guarantees obligations on a secured basis on or after the date of such spin-off transaction, plus (ii) 2.00%.
Additional increase in debt interest rate	2.00%
2021 Convertible Notes
Line Of Credit Facility [Line Items]
Unamortized debt discount and issuance costs				20,900,000			$ 20,900,000
Borrowings				$ 809,400,000			$ 809,400,000
Interest rate				6.00%			6.00%

Stock-Based Compensation Expense

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

NOTE 12 – STOCK-BASED COMPENSATION EXPENSE

The effect of recording stock-based compensation (“SBC”) expense for the three and nine months ended September 30, 2022 and 2021 is as follows (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Cost of revenue, excluding depreciation and amortization of intangible assets	$	778		$	525		$	2,180		$	1,377
Research, development and other related costs		5,951			5,110			17,499			14,267
Selling, general and administrative		10,269			8,779			29,604			26,824
Total stock-based compensation expense		16,998			14,414			49,283			42,468
Tax effect on stock-based compensation expense		(307	)		(174	)		(479	)		(507	)
Net effect on net income (loss)	$	16,691		$	14,240		$	48,804		$	41,961

SBC expense categorized by various equity components for the three and nine months ended September 30, 2022 and 2021 is summarized in the table below (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Restricted stock awards and units	$	16,060	$	12,876	$	45,324	$	38,206
Employee stock purchase plan		938		1,516		3,959		4,200
Employee stock options		—		22		—		62
Total stock-based compensation expense	$	16,998	$	14,414	$	49,283	$	42,468

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 units. As a result of this modification, the Company recorded incremental SBC of approximately $2.2 million during the first quarter of 2022.

There were no options granted in the three and nine months ended September 30, 2022 and 2021.

There were no restricted stock units subject to market conditions granted during the three months ended September 30, 2022. The following assumptions were used to value the restricted stock units subject to market conditions granted during the nine months ended September 30, 2022:


	June 2022			April 2022			March 2021
Expected life (years)		3.0			3.0			3.0
Risk-free interest rate		2.8	%		2.8	%		0.3	%
Dividend yield		1.2	%		1.2	%		1.0	%
Expected volatility		37.5	%		40.9	%		47.9	%

ESPP grants generally occur in March and September of each calendar year. Due to the anticipated separation of the Product business, there were no ESPP grants during the three months ended September 30, 2022. The following assumptions were used to value the ESPP shares granted during the nine months ended September 30, 2022:


	March 2022			September 2021			March 2021
Expected life (years)		2.0			2.0			2.0
Risk-free interest rate		1.3	%		0.2	%		0.1	%
Dividend yield		1.1	%		0.9	%		1.2	%
Expected volatility		48.5	%		52.0	%		52.0	%

Composition of Certain Financial Statement Captions

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Financial Statement Captions

NOTE 4 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS

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


	September 30, 2022		December 31, 2021
Prepaid income taxes	$	6,331	$	6,103
Prepaid expenses		22,232		18,616
Inventory*		9,082		5,101
Other		7,605		6,639
	$	45,250	$	36,459

*All inventory is finished goods.

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


	September 30, 2022			December 31, 2021
Equipment, furniture and other	$	90,015		$	81,076
Building and improvements		18,331			18,331
Land		5,300			5,300
Leasehold improvements		26,451			25,535
		140,097			130,242
Less: accumulated depreciation and amortization		(83,370	)		(69,268	)
	$	56,727		$	60,974

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


	September 30, 2022		December 31, 2021
Long-term deferred tax assets	$	3,977	$	3,758
Non-current income tax receivable		102,524		118,085
Other assets		35,425		26,122
	$	141,926	$	147,965

Accrued liabilities consisted of the following (in thousands):


	September 30, 2022		December 31, 2021
Employee compensation and benefits	$	44,367	$	42,075
Third-party royalties		6,650		4,428
Accrued legal fees		8,668		7,190
Accrued expenses		32,131		30,899
Accrued severance		2,013		1,921
Current portion of operating lease liabilities		17,966		16,467
Accrued income taxes		10,185		2,791
Other		3,941		4,934
	$	125,921	$	110,705

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


	September 30, 2022		December 31, 2021
Long-term income tax payable	$	93,459	$	91,614
Other		6,422		7,228
	$	99,881	$	98,842

Accumulated other comprehensive loss consisted of the following (in thousands):


	September 30, 2022			December 31, 2021
Unrealized loss on available-for-sale debt securities, net of tax	$	(58	)	$	(122	)
Foreign currency translation adjustment, net of tax		(5,071	)		(630	)
	$	(5,129	)	$	(752	)

Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Denominator:
Weighted average shares of common stock outstanding		104,510		104,849		104,066		104,898
Total common shares-basic		104,510		104,849		104,066		104,898
Effect of dilutive securities:
Options		—		—		—		—
Restricted stock awards and units		—		—		—		—
Total common shares-diluted		104,510		104,849		104,066		104,898

Segment and Geographic Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment and Geographic Information

NOTE 16 – SEGMENT AND GEOGRAPHIC INFORMATION

As of September 30, 2022, the Company reports its financial results within two reportable segments: (1) Intellectual Property (“IP”) Licensing and (2) Product. There are certain corporate overhead costs that are not allocated to these reportable segments because these operating amounts are not considered in evaluating the operating performance of the Company’s business segments.

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.

The IP Licensing segment consists primarily of licensing the Company’s innovations to leading companies in the broader entertainment and semiconductor industries, and those developing new technologies that will help drive the industries forward. Licensing arrangements include access to one or more of the Company’s foundational patent portfolios and may also include access to some of its industry-leading technologies and proven know-how.

In its Product segment, the Company derives the majority of its revenue from licensing its technology to customers primarily through Technology License arrangements and Technology Solutions arrangements. For Technology License arrangements, the customer obtains rights to the technology delivered at the commencement of the agreement. For Technology Solutions arrangements, the customer receives access to a platform, media or data that includes frequent updates, where access to such updates is critical to the functionality of the technology.

The Company does not identify or allocate assets by reportable segment, nor does the CODM evaluate reportable segments using discrete asset information. Reportable segments do not record inter-segment revenue and accordingly there are none to report. The Company does not allocate other income and expense to reportable segments. Although the CODM uses operating income to evaluate reportable segments, operating costs included in one segment may benefit other segments.

The following table sets forth the Company’s segment revenue, operating expenses and operating income for the three and nine months ended September 30, 2022 and 2021 (in thousands):


	Three Months Ended September 30,							Nine Months Ended September 30,
	2022				2021			2022			2021
Revenue:
IP Licensing segment	$	89,303			$	101,647		$	335,649		$	301,507
Product segment		121,638				117,732			366,730			361,740
Total revenue		210,941				219,379			702,379			663,247
Operating expenses:
IP Licensing segment		39,083				34,676			112,849			103,116
Product segment		463,163		(2)		116,813			658,078			330,395
Unallocated operating expenses (1)		84,911				63,964			229,847			202,157
Total operating expenses		587,157				215,453			1,000,774			635,668
Operating income (loss):
IP Licensing segment		50,220				66,971			222,800			198,391
Product segment		(341,525	)			919			(291,348	)		31,345
Unallocated operating expenses (1)		(84,911	)			(63,964	)		(229,847	)		(202,157	)
Total operating income (loss)	$	(376,216	)		$	3,926		$	(298,395	)	$	27,579

(1)

Unallocated operating expenses consist primarily of selling, marketing, general and administrative expenses, such as administration, human resources, finance, information technology, corporate development and procurement. These expenses are not allocated because these amounts are not considered in evaluating the operating performance of the Company’s business segments.

(2)

Includes goodwill impairment charge of $354.0 million that was allocated to the Company's Product segment. See “Note 8 – Goodwill and Identified Intangible Assets” for additional details.

A significant 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 significant portion of total revenue in future periods. The table below lists the geographic revenue for the periods indicated (in thousands):


	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
U.S.	$	137,395	65	%	$	139,964	64	%	$	490,998	70	%	$	412,972	62	%
Japan		16,243	8			20,151	9			54,647	8			70,854	11
South Korea		9,857	5			14,313	7			25,460	3			48,098	7
Europe and Middle East		19,030	9			16,090	7			40,836	6			47,360	7
Other		28,416	13			28,861	13			90,438	13			83,963	13
	$	210,941	100	%	$	219,379	100	%	$	702,379	100	%	$	663,247	100	%

For the three months ended September 30, 2022 and 2021, there were no customers that accounted for 10% or more of total revenue. For the nine months ended September 30, 2022 and 2021, there were no customers that accounted for 10% or more of total revenue. As of September 30, 2022 and December 31, 2021, there were two customers and one customer, respectively, that individually accounted for 10% or more of total accounts receivable.

- 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

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+ Details

Segment and Geographic Information - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 Customer	Sep. 30, 2021 Customer	Sep. 30, 2022 Segment Customer	Sep. 30, 2021 Customer	Dec. 31, 2021 Customer
Segment Reporting [Abstract]
Number of principal businesses segment \| Segment			2
Number of customers more than 10% of revenue	0	0	0	0
Number of customers more than 10% of accounts receivable	2		2		1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting	The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company 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”) for interim financial information. The amounts as of December 31, 2021 have been derived from the Company’s annual audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2021, filed on February 24, 2022 (the “Form 10-K”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary (consisting of normal recurring adjustments) to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These financial statements should be read in conjunction with the annual audited financial statements and notes thereto as of and for the year ended December 31, 2021, included in the Form 10-K.
Reclassification	Reclassification Certain reclassifications have been made to prior period balances in order to conform to the current period’s presentation.
Use of Estimates	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 the estimation of licensees’ quarterly royalties prior to receiving the royalty reports, the determination of stand-alone selling price and the transaction price in an arrangement with multiple performance obligations, the estimation of variable consideration, 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.
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 condensed consolidated financial statements. Recent Accounting Pronouncements 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 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 January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which provides further clarification on the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. ASU 2020-04 became effective upon issuance and may be applied prospectively to contract modifications made on or before December 31, 2022. ASU 2021-01 became effective upon issuance and may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or prospectively for contract modifications made on or before December 31, 2022. The Company currently has debt agreements that reference LIBOR and will apply the amendments prospectively through December 31, 2022 as these contracts are modified to reference other rates.
Revenue Recognition	Revenue Recognition General 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 receive 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. Revenue is recognized net of sales taxes collected from customers, which are subsequently remitted to governmental authorities. 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 an arrangement with multiple performance obligations, the transaction price is allocated among the separate performance obligations on a relative stand-alone selling price basis. The determination of stand-alone 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, stand-alone selling price for separate performance obligations is based on the cost-plus-margin approach, considering overall pricing objectives. The allocation of transaction price among performance obligations in a contract may impact the amount and timing of revenue recognized in the Condensed Consolidated Statements of Operations during a given period. When a contract with a customer includes a variable transaction price, an estimate of the consideration that the Company expects to be entitled to for transferring the promised goods or services is made at contract inception. The amount of variable consideration is estimated at contract inception by considering all available information (historical, current and forecast) at the time 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. 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, or when a license of IP is the predominant item to which the variable consideration relates, 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 The Company operates in two business segments. In its IP Licensing segment, the Company licenses its innovations to leading companies in the broader entertainment and semiconductor industries and those developing new technologies that will help drive these industries forward. Licensing arrangements include access to one or more of the Company’s foundational patent portfolios and may also include access to some of its industry-leading technologies and proven know-how. In its Product segment, the Company derives the majority of its revenue from licensing its technology to customers primarily through Technology License arrangements and Technology Solutions arrangements. For Technology License arrangements, the customer obtains rights to the technology delivered at the commencement of the agreement. For Technology Solutions arrangements, the customer receives access to a platform, media or data that includes frequent updates, where access to such updates is critical to the functionality of the technology. IP License Arrangements In its IP Licensing segment, 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, sensor, radio frequency component, and foundry companies. The Company licenses its IP portfolios under three revenue models: (i) fixed-fee Media IP licensing, (ii) fixed-fee or minimum guarantee Semiconductor IP licensing, and (iii) per-unit or per-subscriber IP royalty licenses. Fixed-fee Media IP licensing The Company's fixed-fee Media IP licensing agreements, which are related to the TiVo businesses following the Mergers, provide its customers with rights to future patented technologies over the term of the agreement that are highly interdependent or highly interrelated to the patented technologies provided at the inception of the agreement. 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 agreement. At times, the Company enters into license agreements in which a licensee is released from past patent infringement claims or is granted a license to ship an unlimited number of units or for an unlimited number of subscribers over a future period for a fixed fee. In these arrangements, the Company allocates the transaction price between the release for past patent infringement claims and the future license which requires significant management judgment. In determining the stand-alone selling price of the release for past patent infringement claims and the future license, the Company considers such factors as the number of units shipped in the past or the number of past subscribers and the relevant geographies of the shipped units or subscribers, the future number of subscribers or units, as well as the licensing rate the Company generally receives for per-subscriber or units shipped in the same geographies. As the release from past patent infringement claims is generally satisfied at execution of the agreement, the transaction price allocated to the release from past patent infringement claims is generally recognized in the period the agreement is executed and the amount of transaction price allocated to the future license is recognized ratably over the future license term. Fixed-fee or minimum guarantee Semiconductor IP licensing The Company enters into Semiconductor IP licenses that have fixed fee or minimum guarantee arrangements, 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 arrangements 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, net of the effect of any significant financing components calculated using customer-specific, risk-adjusted lending rates, with the related interest income being recognized over time on an effective rate basis. For minimum guarantee agreements where the customer exceeds the minimum, the Company recognizes revenue relating to any additional per-unit fees in the periods it believes the customer will exceed the minimum and adjusts the revenue based on actual usage once that is reported by the customer. Per-unit or per-subscriber IP royalty licenses 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. Technology License Arrangements The Company licenses its audio, digital radio and imaging technology to consumer electronics (“CE”) manufacturers, automotive manufacturers or their supply chain partners. The Company generally recognizes royalty revenue from licenses based on units shipped or manufactured. Revenue is recognized in the period in which the customer’s sales or production are estimated to have occurred. This may result in an adjustment to revenue when actual sales or production are subsequently reported by the customer, generally in the month or quarter following sales or production. Estimating customers’ 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. Certain customers enter into fixed fee or minimum guarantee agreements, whereby customers pay a fixed fee for the right to incorporate the Company’s technology in the customer’s products over the license term. In arrangements 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 technology and begins to benefit from the license, net of the effect of any significant financing components calculated using customer-specific, risk-adjusted lending rates, with the related interest income being recognized over time on an effective rate basis. For minimum guarantee agreements where the customer exceeds the minimum, the Company recognizes revenue relating to any additional per-unit fees in the periods it believes the customer will exceed the minimum and adjusts the revenue based on actual usage once that is reported by the customer. Technology Solutions Arrangements Technology Solutions customers are primarily multi-channel video service providers, CE manufacturers, and end consumers. Technology Solutions revenue is primarily derived from licensing the Company’s Pay-TV solutions, Personalized Content Discovery, enriched Metadata, and viewership data; selling TiVo-enabled devices like the Stream 4K; and advertising. For Technology Solutions, the Company provides on-going media or data delivery, hosting and access to its platform, and software updates. For these solutions, the Company generally receives fees on a per-subscriber per-month basis or as a fixed fee, and revenue is recognized during the month in which the solutions are provided to the customer. For most of the Technology Solutions offerings, substantially all functionality is obtained through the Company’s continuous hosting and/or updating of the data and content. In these instances, the Company typically has a single performance obligation related to these ongoing activities in the underlying arrangement. For those arrangements that include multiple performance obligations, the Company allocates the consideration as described above and recognizes revenue for each distinct performance obligation when control of the promised goods or services is transferred to the customer. The Company also generates revenue from non-recurring engineering (“NRE”) services, advertising, and hardware products, each of which was less than 5% of total revenue for all periods presented. 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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (b)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

+ Details

Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule Of Investments [Line Items]
Cash, cash equivalents and short -term investments	$ 272,500,000		$ 272,500,000		$ 261,700,000
Provision for credit losses related available for sale debt securities	0	$ 0	0	$ 0	0
TiVo Merger \| Non-marketable Equity Securities
Schedule Of Investments [Line Items]
Equity securities accounted for under equity method	4,100,000		4,100,000		4,800,000
Equity securities without a readily determinable fair value	100,000		100,000		100,000
Non-marketable equity securities, without a readily determinable fair value, impairments or adjustments	0	$ 0	0	$ 0
Operating Accounts
Schedule Of Investments [Line Items]
Cash, cash equivalents and short -term investments	$ 239,700,000		$ 239,700,000		$ 159,300,000

Financial Instruments - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Marketable Securities [Line Items]
Debt securities, Cost	$ 27,384	$ 90,075
Debt securities, Gross Unrealized Gains	0	0
Debt securities, Gross Unrealized Losses	(8)	(71)
Debt securities, Allowance for Credit Losses	0	0	$ 0
Debt securities, Estimated Fair Values	27,376	90,004
Equity securities, Cost	5,457	12,372
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	5,457	12,372
Marketable securities, Cost	32,841	102,447
Marketable securities, Gross Unrealized Gains	0	0
Marketable securities, Gross Unrealized Losses	(8)	(71)
Marketable securities, Allowance for Credit Losses	0	0
Marketable securities, Estimated Fair Values	32,833	102,376
Corporate bonds and notes
Marketable Securities [Line Items]
Debt securities, Cost		40,466
Debt securities, Gross Unrealized Gains		0
Debt securities, Gross Unrealized Losses		(53)
Debt securities, Allowance for Credit Losses		0
Debt securities, Estimated Fair Values		40,413
Commercial paper
Marketable Securities [Line Items]
Debt securities, Cost	27,384	49,609
Debt securities, Gross Unrealized Gains	0	0
Debt securities, Gross Unrealized Losses	(8)	(18)
Debt securities, Allowance for Credit Losses	0	0
Debt securities, Estimated Fair Values	27,376	49,591
Money market funds
Marketable Securities [Line Items]
Equity securities, Cost	5,457	12,372
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	5,457	12,372
Cash and cash equivalents
Marketable Securities [Line Items]
Marketable securities, Estimated Fair Values	31,434	41,842
Available-for-sale debt securities
Marketable Securities [Line Items]
Marketable securities, Estimated Fair Values	$ 1,399	$ 60,534

Subsequent Events - Additional Information (Details) - Subsequent Event	Oct. 20, 2022 $ / shares
Subsequent Event [Line Items]
Dividends declaration date	Oct. 20, 2022
Dividends payable per share	$ 0.05
Dividends payable date	Dec. 21, 2022
Dividends record date	Nov. 30, 2022

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 15 – 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. As of September 30, 2022, the Company’s total future unconditional purchase obligations were approximately $109.8 million.

Inventory Purchase Commitment

The Company uses contract manufacturers to provide manufacturing services for its products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate supply, the Company enters into agreements with its contract manufacturers that either allow them to procure inventory based on criteria as defined by the Company or that establish the parameters defining the Company’s requirements. A significant portion of the Company’s purchase commitments arising from these agreements consist of firm, non-cancelable and unconditional purchase commitments. In certain instances, these agreements allow the Company the option to cancel, reschedule or adjust the Company’s requirements based on its business needs prior to firm orders being placed. As of September 30, 2022, the Company had total purchase commitments for inventory of $3.2 million, of which $0.7 million was accrued in the Condensed Consolidated Balance Sheet.

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.

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 has directors’ and officers’ liability insurance coverage that is intended to reduce its financial exposure and may enable the Company to recover any payments under the indemnification agreements, should they occur.

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.

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 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. The Company accrued $2.2 million for estimated expense reimbursement during the second quarter of 2022. This accrual was included in litigation expense. 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 19, 2018, Adeia Media filed a patent infringement complaint against BCE Inc., Bell Canada, Bell Aliant Regional Communications Inc., Bell MTS Inc., and Northerntel, L.P. (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, Telus Communications Inc., and Telus Communications Company (collectively, “Telus”) in Toronto, Canada, alleging infringement of the same six patents asserted in Bell 1 (“Telus 1”). Bell 1 and Telus 1 were heard together for purposes of pre trial and trial proceedings. On October 7, 2022, the Federal Court of Canada issued its confidential 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, while the exact reimbursement amount has yet to be determined, the Company has accrued $2.5 million for estimated expense reimbursement during the third quarter of 2022. This accrual was included in litigation expense.

The Company is currently 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.

The existing and any future legal actions may harm the Company’s business. For example, legal actions could cause an existing licensee to cease making royalty or other payments to the Company, or to challenge the validity and enforceability of patents owned by the Company’s subsidiaries or the scope of license agreements with the Company’s subsidiaries, or could significantly damage the Company’s relationship with such licensee. Litigation could also severely disrupt or shut down the business operations of licensees, which in turn could significantly harm ongoing relations with them and cause the Company to lose royalty revenue.

The costs associated with legal proceedings are typically high, relatively unpredictable, and not completely within the Company’s control. These costs may be materially higher than expected, which could adversely affect the Company’s operating results and lead to volatility in the price of its common stock. Whether or not determined in the Company’s favor or ultimately settled, litigation diverts managerial, technical, legal, and financial resources from the Company’s business operations. Furthermore, an adverse decision in any of these legal actions could result in a loss of the Company’s proprietary rights, subject the Company to significant liabilities, require the Company to seek licenses from others, limit the value of the Company’s licensed technology or otherwise negatively impact the Company’s stock price or its business and consolidated financial results.

Goodwill and Identified Intangible Assets - Summary of Changes to Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Goodwill [Line Items]
Goodwill, beginning		$ 851,088
Goodwill adjustment related to Mergers in prior periods		(988)
Impairment charge	$ (354,000)	(354,000)	$ 0
Goodwill, ending	564,215	564,215
Vewd Acquisition
Goodwill [Line Items]
Goodwill Acquisition		68,115
Goodwill, ending	$ 68,100	$ 68,100

- Definition

+ References + Details

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity

NOTE 11 – STOCKHOLDERS’ EQUITY

Equity Incentive Plans

The 2020 EIP

In connection with the Mergers and immediately prior to June 1, 2020, the Company adopted the Xperi Holding Corporation 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 16,800,000 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 nonstatutory 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 generally over 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 September 30, 2022, there were 6.1 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
Balance at December 31, 2021		447		$	25.22
Options granted		—		$	—
Options exercised		(9	)	$	14.86
Options canceled / forfeited / expired		(68	)	$	37.18
Balance at September 30, 2022		370		$	23.22

Restricted Stock Awards and Units

Information with respect to outstanding restricted stock awards and units (including both time-based vesting and performance-based vesting) as of September 30, 2022 is as follows (in thousands, except per share amounts):


	Restricted Stock and Restricted Stock Units
	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, 2021		6,815			1,525			8,340		$	19.61
Awards and units granted		4,604			802			5,406		$	16.77
Awards and units vested / earned		(2,112	)		(340	)		(2,452	)	$	19.18
Awards and units canceled / forfeited		(834	)		(174	)		(1,008	)	$	18.71
Balance at September 30, 2022		8,473			1,813			10,286		$	18.31

Performance Awards and Units

Performance awards and units 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 and units 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

Prior to the Mergers, the Company had implemented the Xperi Corporation 2003 Employee Stock Purchase Plan and the International Employee Stock Purchase Plan, both of which were terminated immediately prior to the effective time of the Mergers.

In connection with the Mergers and immediately prior to June 1, 2020, the Company adopted the Xperi Holding Corporation 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 will end on August 31, 2022. Each subsequent offering period under the 2020 ESPP will be twenty-four (24) months long and will commence on each September 1 and March 1 during the term of the plan. 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.

As of September 30, 2022, there were 5.5 million shares reserved for grant under the Company’s 2020 ESPP. 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.

Stock Repurchase Programs

Following the termination of Xperi’s prior stock repurchase program after the closing of the Mergers, 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.

As of September 30, 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. As of December 31, 2021, the Company had repurchased a total of approximately 9.0 million shares of common stock, since inception of the plan, at an average price of $17.29 per share for a total cost of $155.0 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 September 30, 2022, 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 issues restricted stock units 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 condensed 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 three months ended September 30, 2022 and 2021, the Company withheld 0.3 million and 0.3 million shares of common stock to satisfy $3.8 million and $7.1 million of required withholding taxes, respectively. During the nine months ended September 30, 2022 and 2021, the Company withheld 0.9 million and 0.7 million shares of common stock to satisfy $15.3 million and $15.4 million of required withholding taxes, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Segment and Geographic Information - Schedule of Geographic Revenue Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Foreign revenues	$ 210,941	$ 219,379	$ 702,379	$ 663,247
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%	100.00%
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Foreign revenues	$ 137,395	$ 139,964	$ 490,998	$ 412,972
U.S. \| Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	65.00%	64.00%	70.00%	62.00%
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Foreign revenues	$ 16,243	$ 20,151	$ 54,647	$ 70,854
Japan \| Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	8.00%	9.00%	8.00%	11.00%
South Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Foreign revenues	$ 9,857	$ 14,313	$ 25,460	$ 48,098
South Korea \| Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	5.00%	7.00%	3.00%	7.00%
Europe and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Foreign revenues	$ 19,030	$ 16,090	$ 40,836	$ 47,360
Europe and Middle East \| Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	9.00%	7.00%	6.00%	7.00%
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Foreign revenues	$ 28,416	$ 28,861	$ 90,438	$ 83,963
Other \| Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	13.00%	13.00%	13.00%	13.00%

Composition of Certain Financial Statement Captions - Schedule of Other Long Term Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term deferred tax assets	$ 3,977	$ 3,758
Non-current income tax receivable	102,524	118,085
Other assets	35,425	26,122
Other long-term assets, total	$ 141,926	$ 147,965

Stockholders' Equity - Summary of Restricted Stock Awards and Units (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Time-Based Restricted Stock Award and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock awards and units, beginning balance (shares)	6,815
Restricted stock awards and units, granted (shares)	4,604
Restricted stock awards and units, vested / earned (shares)	(2,112)
Restricted stock awards and units, canceled / forfeited (shares)	(834)
Restricted stock awards and units, ending balance (shares)	8,473
Performance-Based Restricted Stock Award and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock awards and units, beginning balance (shares)	1,525
Restricted stock awards and units, granted (shares)	802
Restricted stock awards and units, vested / earned (shares)	(340)
Restricted stock awards and units, canceled / forfeited (shares)	(174)
Restricted stock awards and units, ending balance (shares)	1,813
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock awards and units, beginning balance (shares)	8,340
Restricted stock awards and units, granted (shares)	5,406
Restricted stock awards and units, vested / earned (shares)	(2,452)
Restricted stock awards and units, canceled / forfeited (shares)	(1,008)
Restricted stock awards and units, ending balance (shares)	10,286
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) \| $ / shares	$ 19.61
Weighted average grant date fair value per share of restricted stock and units, granted (USD per share) \| $ / shares	16.77
Weighted average grant date fair value per share of restricted stock and units, vested / earned (USD per share) \| $ / shares	19.18
Weighted average grant date fair value of restricted stock and units, canceled / forfeited (USD per share) \| $ / shares	18.71
Weighted average grant date fair value per share of restricted stock and units, ending balance (USD per share) \| $ / shares	$ 18.31

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
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	0
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			0	(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

Fair Value

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value

NOTE 6 – FAIR VALUE

The Company follows the authoritative guidance for fair value measurement and the fair value option for financial assets and financial liabilities. 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, 2021 and September 30, 2022. 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 September 30, 2022 (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
Money market funds - equity securities (1)	$	5,457	$	5,457	$	—	$	—
Commercial paper - debt securities (2)		27,376		—		27,376		—
Total Assets	$	32,833	$	5,457	$	27,376	$	—

(1)

Reported as cash and cash equivalents in the Condensed Consolidated Balance Sheet.

(2)


	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)	$	12,372	$	10,372	$	2,000	$	—
Corporate bonds and notes - debt securities (2)		40,413		—		40,413		—
Commercial paper - debt securities (3)		49,591		—		49,591		—
Total Assets	$	102,376	$	10,372	$	92,004	$	—

(1)

Reported as cash and cash equivalents in the Condensed Consolidated Balance Sheet.

(2)

Reported as AFS debt securities in the Condensed Consolidated Balance Sheet.

(3)

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):


	September 30, 2022				December 31, 2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Refinanced Term B Loans (1)	$	738,437	$	712,592	$	765,487	$	764,530
Senior Unsecured Promissory Note		50,000		49,300		—		—
Total long-term debt, net	$	788,437	$	761,892	$	765,487	$	764,530

(1)

If reported at fair value in the Condensed 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.

- 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

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

NOTE 14 – LEASES

The Company leases office and research facilities, data centers and office equipment under operating leases which expire through 2029. The Company’s leases have remaining lease terms of one year to seven 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 7 years or less. Leases with an initial term of 12 months or less are not recorded on the 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 non-lease 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 Company subleases certain real estate to third parties. The sublease portfolio consists of operating leases for previously exited office space. Certain subleases include variable payments for operating costs. The subleases are generally co-terminus with the head lease, or shorter. Subleases do not include any residual value guarantees or restrictions or covenants imposed by the leases. Income from subleases is recognized as a reduction to selling, general and administrative expenses.

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Fixed lease cost (1)	$	5,694		$	5,701		$	16,683		$	11,340
Variable lease cost		1,746			1,347			4,526			2,315
Less: sublease income		(2,294	)		(2,051	)		(7,105	)		(3,295	)
Total operating lease cost	$	5,146		$	4,997		$	14,104		$	10,360

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,547	$	5,692	$	16,571	$	17,008
ROU assets obtained in exchange for new lease liabilities:
Operating leases	$	5,268	$	78	$	8,371	$	3,556


	September 30, 2022			December 31, 2021
Weighted-average remaining lease term (years):
Operating leases		3.7			4.4
Weighted-average discount rate:
Operating leases		5.0	%		5.0	%

Future minimum lease payments and related lease liabilities as of September 30, 2022 were as follows (in thousands):


	Operating Lease Payments (1)			Sublease Income			Net Operating Lease Payments
2022 (remaining 3 months)	$	4,444		$	(1,881	)	$	2,563
2023		21,658			(7,618	)		14,040
2024		19,454			(7,610	)		11,844
2025		16,394			(7,386	)		9,008
2026		6,714			(935	)		5,779
Thereafter		3,123			—			3,123
Total lease payments		71,787			(25,430	)		46,357
Less: imputed interest		(6,732	)					(6,732	)
Present value of lease liabilities:	$	65,055		$	(25,430	)	$	39,625

Less: current obligations under leases (accrued liabilities)		17,966
Noncurrent operating lease liabilities	$	47,089

(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.

Goodwill and Identified Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 1,670,682	$ 1,637,957
Finite-lived intangible assets, Gross Assets	1,649,282	1,616,557
Finite-lived intangible assets, Accumulated Amortization	(934,193)	(820,041)
Intangible assets, net	736,489	817,916
Finite-lived intangible assets, Net	715,089	796,516
TiVo Tradename/trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, Gross Assets	21,400	21,400
Indefinite-lived intangible assets, Net	21,400	21,400
Acquired patents / core technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	668,117	672,872
Finite-lived intangible assets, Accumulated Amortization	(262,397)	(224,508)
Finite-lived intangible assets, Net	$ 405,720	448,364
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	$ 279,377	251,445
Finite-lived intangible assets, Accumulated Amortization	(222,055)	(206,934)
Finite-lived intangible assets, Net	$ 57,322	44,511
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	$ 657,774	649,926
Finite-lived intangible assets, Accumulated Amortization	(417,772)	(360,543)
Finite-lived intangible assets, Net	$ 240,002	289,383
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	$ 40,913	40,083
Finite-lived intangible assets, Accumulated Amortization	(29,629)	(25,825)
Finite-lived intangible assets, Net	$ 11,284	14,258
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
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	$ 3,101	2,231
Finite-lived intangible assets, Accumulated Amortization	(2,340)	$ (2,231)
Finite-lived intangible assets, Net	$ 761
Non-competition agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	1 year
Non-competition agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	2 years

Business Combinations - Schedule of Unaudited Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
MobiTV
Business Acquisition [Line Items]
Revenue		$ 219,379		$ 667,106
Net loss attributable to the Company		(44,990)		(56,628)
Vewd Acquisition
Business Acquisition [Line Items]
Revenue	$ 210,941	223,404	$ 708,708	672,959
Net loss attributable to the Company	$ (382,818)	$ (49,498)	$ (377,614)	$ (62,976)

Stock-Based Compensation Expense - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
	Mar. 01, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, options granted		0		0	0	0
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, options granted		0
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			$ 2.2
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, options granted		0

Financial Instruments - Estimated Fair Value of Marketable Debt Securities by Contractual Maturity (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Due in one year or less	$ 27,376

Composition of Certain Financial Statement Captions - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unrealized loss on available-for-sale debt securities, net of tax	$ (58)	$ (122)
Foreign currency translation adjustment, net of tax	(5,071)	(630)
Accumulated other comprehensive income	$ (5,129)	$ (752)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ 865	$ 42,698	$ 44,536	$ 35,807
Effective tax rate (percent)			(13.60%)	(452.30%)
Income (loss) before taxes	$ (388,954)	(3,679)	$ (327,780)	$ (7,917)
U.S. federal tax rate	21.00%		21.00%	21.00%
Gross unrecognized tax benefits excluding interest and penalties	$ 240,300	229,100	$ 240,300	$ 229,100	$ 240,400
Unrecognized tax benefits that would impact the effective income tax rate	89,800	$ 96,300	89,800	96,300
Interest and tax penalties related to unrecognized tax benefits			800	$ 1,100
Accrued interest and tax penalties related to unrecognized tax benefits	$ 3,700		$ 3,700		$ 2,800

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

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-Section 25
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Section S99
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-Subparagraph (SX 210.7-04(8))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

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-Name Accounting Standards Codification
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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Composition of Certain Financial Statement Captions (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Current Assets

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


	September 30, 2022		December 31, 2021
Prepaid income taxes	$	6,331	$	6,103
Prepaid expenses		22,232		18,616
Inventory*		9,082		5,101
Other		7,605		6,639
	$	45,250	$	36,459

*All inventory is finished goods.

Schedule of Property and Equipment, Net

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


	September 30, 2022			December 31, 2021
Equipment, furniture and other	$	90,015		$	81,076
Building and improvements		18,331			18,331
Land		5,300			5,300
Leasehold improvements		26,451			25,535
		140,097			130,242
Less: accumulated depreciation and amortization		(83,370	)		(69,268	)
	$	56,727		$	60,974

Schedule of Other Long Term Assets

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


	September 30, 2022		December 31, 2021
Long-term deferred tax assets	$	3,977	$	3,758
Non-current income tax receivable		102,524		118,085
Other assets		35,425		26,122
	$	141,926	$	147,965

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	September 30, 2022		December 31, 2021
Employee compensation and benefits	$	44,367	$	42,075
Third-party royalties		6,650		4,428
Accrued legal fees		8,668		7,190
Accrued expenses		32,131		30,899
Accrued severance		2,013		1,921
Current portion of operating lease liabilities		17,966		16,467
Accrued income taxes		10,185		2,791
Other		3,941		4,934
	$	125,921	$	110,705

Schedule of Other Long-Term Liabilities

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


	September 30, 2022		December 31, 2021
Long-term income tax payable	$	93,459	$	91,614
Other		6,422		7,228
	$	99,881	$	98,842

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consisted of the following (in thousands):


	September 30, 2022			December 31, 2021
Unrealized loss on available-for-sale debt securities, net of tax	$	(58	)	$	(122	)
Foreign currency translation adjustment, net of tax		(5,071	)		(630	)
	$	(5,129	)	$	(752	)

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Schedule of Operating Lease Costs

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Fixed lease cost (1)	$	5,694		$	5,701		$	16,683		$	11,340
Variable lease cost		1,746			1,347			4,526			2,315
Less: sublease income		(2,294	)		(2,051	)		(7,105	)		(3,295	)
Total operating lease cost	$	5,146		$	4,997		$	14,104		$	10,360

(1) Includes short-term leases, 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):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,547	$	5,692	$	16,571	$	17,008
ROU assets obtained in exchange for new lease liabilities:
Operating leases	$	5,268	$	78	$	8,371	$	3,556


	September 30, 2022			December 31, 2021
Weighted-average remaining lease term (years):
Operating leases		3.7			4.4
Weighted-average discount rate:
Operating leases		5.0	%		5.0	%

Schedule of Future Minimum Lease Payments and Related Lease Liabilities

Future minimum lease payments and related lease liabilities as of September 30, 2022 were as follows (in thousands):


	Operating Lease Payments (1)			Sublease Income			Net Operating Lease Payments
2022 (remaining 3 months)	$	4,444		$	(1,881	)	$	2,563
2023		21,658			(7,618	)		14,040
2024		19,454			(7,610	)		11,844
2025		16,394			(7,386	)		9,008
2026		6,714			(935	)		5,779
Thereafter		3,123			—			3,123
Total lease payments		71,787			(25,430	)		46,357
Less: imputed interest		(6,732	)					(6,732	)
Present value of lease liabilities:	$	65,055		$	(25,430	)	$	39,625

Less: current obligations under leases (accrued liabilities)		17,966
Noncurrent operating lease liabilities	$	47,089

(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.

Segment and Geographic Information - Schedule of Segment Reporting Information by Segment (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Goodwill impairment charges	$ 354,000	$ 354,000	$ 0
Product Revenue
Segment Reporting Information [Line Items]
Goodwill impairment charges	$ 354,000

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Oct. 25, 2022
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-Q
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		105,059,079
Entity Current Reporting Status	Yes
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 Quarterly Report	true
Document Transition Report	false
Security12b Title	Common Stock (par value $0.001 per share)
Security Exchange Name	NASDAQ

Stock-Based Compensation Expense - Schedule of Assumptions Used to Value Awards Granted (Details)	1 Months Ended
	Jun. 30, 2022	Apr. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 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
Risk-free interest rate			1.30%	0.20%	0.10%
Dividend yield			1.10%	0.90%	1.20%
Expected volatility			48.50%	52.00%	52.00%
Restricted 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			3 years
Risk-free interest rate	2.80%	2.80%			0.30%
Dividend yield	1.20%	1.20%			1.00%
Expected volatility	37.50%	40.90%			47.90%

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

Sep. 30, 2022

Dec. 31, 2021

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

^[1]

129,206

77,677

Other current assets

45,250

36,459

Total current assets

553,964

519,474

Long-term unbilled contracts receivable

^[2]

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

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

[1]	The unbilled contracts receivable increase relates primarily to a change in billing process and to the recognition of revenue from long-term contracts with two customers in the nine months ended September 30,2022. The change in billing process has no impact on the Company’s cash flows or results from operations.
[2]	The long-term unbilled contracts receivable increase relates primarily to the recognition of revenue from a multi-year contract with one customer in the nine months ended September 30, 2022.

Segment and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

The following table sets forth the Company’s segment revenue, operating expenses and operating income for the three and nine months ended September 30, 2022 and 2021 (in thousands):


	Three Months Ended September 30,							Nine Months Ended September 30,
	2022				2021			2022			2021
Revenue:
IP Licensing segment	$	89,303			$	101,647		$	335,649		$	301,507
Product segment		121,638				117,732			366,730			361,740
Total revenue		210,941				219,379			702,379			663,247
Operating expenses:
IP Licensing segment		39,083				34,676			112,849			103,116
Product segment		463,163		(2)		116,813			658,078			330,395
Unallocated operating expenses (1)		84,911				63,964			229,847			202,157
Total operating expenses		587,157				215,453			1,000,774			635,668
Operating income (loss):
IP Licensing segment		50,220				66,971			222,800			198,391
Product segment		(341,525	)			919			(291,348	)		31,345
Unallocated operating expenses (1)		(84,911	)			(63,964	)		(229,847	)		(202,157	)
Total operating income (loss)	$	(376,216	)		$	3,926		$	(298,395	)	$	27,579

(1)

(2)

Includes goodwill impairment charge of $354.0 million that was allocated to the Company's Product segment. See “Note 8 – Goodwill and Identified Intangible Assets” for additional details.

Schedule of Geographic Revenue Information

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
U.S.	$	137,395	65	%	$	139,964	64	%	$	490,998	70	%	$	412,972	62	%
Japan		16,243	8			20,151	9			54,647	8			70,854	11
South Korea		9,857	5			14,313	7			25,460	3			48,098	7
Europe and Middle East		19,030	9			16,090	7			40,836	6			47,360	7
Other		28,416	13			28,861	13			90,438	13			83,963	13
	$	210,941	100	%	$	219,379	100	%	$	702,379	100	%	$	663,247	100	%

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

There have been no significant changes in the Company’s significant accounting policies during the nine months ended September 30, 2022, as compared to the significant accounting policies described in the Form 10-K.

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 the estimation of licensees’ quarterly royalties prior to receiving the royalty reports, the determination of stand-alone selling price and the transaction price in an arrangement with multiple performance obligations, the estimation of variable consideration, 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.

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 condensed consolidated financial statements.

Recent Accounting Pronouncements

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 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 January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which provides further clarification on the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. ASU 2020-04 became effective upon issuance and may be applied prospectively to contract modifications made on or before December 31, 2022. ASU 2021-01 became effective upon issuance and may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or prospectively for contract modifications made on or before December 31, 2022.

The Company currently has debt agreements that reference LIBOR and will apply the amendments prospectively through December 31, 2022 as these contracts are modified to reference other rates.

Stock-Based Compensation Expense - Stock-Based Compensation Expense Categorized by Equity Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 16,998	$ 14,414	$ 49,283	$ 42,468
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	938	1,516	3,959	4,200
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		22		62
Restricted Stock Awards and Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 16,060	$ 12,876	$ 45,324	$ 38,206

The Company and Basis of Presentation

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company and Basis of Presentation

NOTE 1 – THE COMPANY AND BASIS OF PRESENTATION

Adeia Inc. (formerly known as Xperi Holding Corporation) (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 intellectual property and more than 9,500 patents and patent applications worldwide.

On December 18, 2019, Xperi Corporation (“Xperi”) entered into an Agreement and Plan of Merger and Reorganization with TiVo Corporation (“TiVo”) to combine in an all-stock merger of equals transaction (the “Mergers”). Immediately following the consummation of the Mergers on June 1, 2020 (the “Merger Date”), Xperi Holding Corporation, a Delaware corporation founded in December 2019 under the name “XRAY-TWOLF HoldCo Corporation,” became the parent company of both Xperi and TiVo. The common stock of Xperi and TiVo were de-registered after completion of the Mergers. On June 2, 2020, Xperi Holding Corporation’s common stock, par value $0.001 per share, commenced trading on the Nasdaq Global Select Market (“Nasdaq”) under the ticker symbol “XPER.”

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 (the "Spin-off"), which was achieved through the Company's distribution (the "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".

Xperi Inc. is a leading consumer and entertainment product/solutions licensing company. Xperi Inc. creates extraordinary experiences at home and on the go for millions of consumers around the world, elevating content and how audiences connect with it in a way that is more intelligent, immersive and personal. Powering smart devices, connected cars, entertainment experiences and more, Xperi Inc. has created a unified ecosystem that reaches highly engaged consumers and uncovers significant new business opportunities, now and in the future. Xperi Inc.’s technologies are integrated into billions of consumer devices, media platforms, and semiconductors worldwide, driving increased value for Xperi Inc.'s partners, customers and consumers.

The Company's financial results for the three and nine months ended September 30, 2022 include Xperi Inc., and the discussion in these notes to the interim unaudited condensed consolidated financial statements describes the historical results and business of Xperi Inc. With the completion of the Separation, the Company will no longer consolidate Xperi Inc. into its financial results and the historical results of Xperi Inc. will be presented as discontinued operations in the Company's consolidated financial statements beginning in the fourth quarter of 2022. Additionally, as a result of the Separation, the Company changed its organizational structure in the fourth quarter of 2022, resulting in one reportable segment: IP Licensing. Since these organizational changes did not occur until the fourth quarter of 2022, the periods presented in this Form 10-Q are reported under historical segments. See “Note 16 - Segment and Geographic Information” for additional information.

The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company 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”) for interim financial information. The amounts as of December 31, 2021 have been derived from the Company’s annual audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2021, filed on February 24, 2022 (the “Form 10-K”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary (consisting of normal recurring adjustments) to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These financial statements should be read in conjunction with the annual audited financial statements and notes thereto as of and for the year ended December 31, 2021, included in the Form 10-K.

The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022 or any future period and the Company makes no representations related thereto.

In the fourth quarter of 2018, the Company funded a new subsidiary, Perceive Corporation (“Perceive”), which was created to focus on delivering edge inference solutions. As of September 30, 2022, the Company’s ownership interest in Perceive was approximately 77%. The operating results of Perceive have been consolidated in the Company’s condensed consolidated financial statements for all periods presented. As of October 1, 2022 the Company had no ownership interest in Perceive as Xperi Inc. retained the ownership interest in connection with the Separation.

Reclassification

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

Revenue - Schedule of Remaining Performance Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 643,438	$ 578,759
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations		$ 176,646
Performance obligations expected to be satisfied, expected timing		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 49,544
Performance obligations expected to be satisfied, expected timing	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations		$ 153,746
Performance obligations expected to be satisfied, expected timing		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 201,070
Performance obligations expected to be satisfied, expected timing	1 year
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		$ 122,488
Performance obligations expected to be satisfied, expected timing		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 156,173
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		$ 110,703
Performance obligations expected to be satisfied, expected timing		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 146,337
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		$ 10,735
Performance obligations expected to be satisfied, expected timing		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 29,553
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		$ 4,441
Performance obligations expected to be satisfied, expected timing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 60,761
Performance obligations expected to be satisfied, expected timing

Net Income Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Income Per Share

NOTE 10 – NET INCOME PER SHARE

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Denominator:
Weighted average shares of common stock outstanding		104,510		104,849		104,066		104,898
Total common shares-basic		104,510		104,849		104,066		104,898
Effect of dilutive securities:
Options		—		—		—		—
Restricted stock awards and units		—		—		—		—
Total common shares-diluted		104,510		104,849		104,066		104,898

Basic net income 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 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 units 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.

For the three months ended September 30, 2022 and 2021, there was no difference in the weighted average number of common shares used for the calculation of basic and diluted loss per share as the effect of all potentially dilutive shares outstanding was anti-dilutive. A total of 7.2 million shares and 5.5 million shares, respectively, subject to stock options and restricted stock awards and units were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive.

For the nine months ended September 30, 2022 and 2021, there was no difference in the weighted average number of common shares used for the calculation of basic and diluted loss per share as the effect of all potential dilutive shares outstanding was anti-dilutive. A total of 5.9 million and 5.6 million shares, respectively, subject to stock options and restricted stock awards and units were excluded from the computation of diluted net income per share because including them would have been anti-dilutive.

Summary of Significant Accounting Policies - Additional Information (Details) - Accounting Standards Update 2021-08	Sep. 30, 2022
Summary of Significant Accounting Policies [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

- Definition

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

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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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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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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+ Details

- Definition

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

+ References

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+ Details

Financial Instruments

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Financial Instruments

NOTE 5 – 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 loss expense in its Condensed Consolidated Statements of Operations and all non-credit related unrealized gains and losses recognized in accumulated other comprehensive income or loss on the Condensed 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, on the Condensed Consolidated Statements of Operations.

The following is a summary of marketable securities at September 30, 2022 and December 31, 2021 (in thousands):


	September 30, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Values
Marketable securities
Commercial paper	$	27,384	$	—	$	(8	)	$	—	$	27,376
Total debt securities		27,384		—		(8	)	$	—		27,376
Money market funds		5,457		—		—			—		5,457
Total equity securities		5,457		—		—			—		5,457
Total marketable securities	$	32,841	$	—	$	(8	)	$	—	$	32,833
Reported in:
Cash and cash equivalents										$	31,434
Available-for-sale debt securities											1,399
Total marketable securities										$	32,833


	December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit losses		Estimated Fair Values
Marketable securities
Corporate bonds and notes	$	40,466	$	—	$	(53	)	$	—	$	40,413
Commercial paper		49,609		—		(18	)		—		49,591
Total debt securities		90,075		—		(71	)		—		90,004
Money market funds		12,372		—		—			—		12,372
Total equity securities		12,372		—		—			—		12,372
Total marketable securities	$	102,447	$	—	$	(71	)	$	—	$	102,376
Reported in:
Cash and cash equivalents										$	41,842
Available-for-sale debt securities											60,534
Total marketable securities										$	102,376

At September 30, 2022 and December 31, 2021, the Company had $272.5 million and $261.7 million, respectively, in cash, cash equivalents and short-term investments. A significant portion of these amounts was held in marketable securities, as shown above. The remaining balance of $239.7 million and $159.3 million at September 30, 2022 and December 31, 2021, 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 not material during the three and nine months ended September 30, 2022 and 2021, respectively.

Unrealized losses on AFS debt securities were not significant as of September 30, 2022 and December 31, 2021, respectively. 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. In addition, the contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. The Company does not intend to sell the debt securities and it is more-likely-than-not that it will not be required to sell the investments before recovery of their amortized cost bases. The Company did not recognize a provision for credit losses related to its AFS debt securities for the three and nine months ended September 30, 2022 and 2021, respectively.


	Less Than 12 Months					12 Months or More				Total					Fair Value
September 30, 2022	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses			Cash and Cash Equivalents		AFS Debt Securities
Commercial paper	$	27,376	$	(8	)	$	—	$	—	$	27,376	$	(8	)	$	25,977	$	1,399


	Less Than 12 Months					12 Months or More					Total					Fair Value
December 31, 2021	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Cash and Cash Equivalents		AFS Debt Securities
Corporate bonds and notes	$	29,807	$	(45	)	$	10,382	$	(8	)	$	40,189	$	(53	)	$	—	$	40,189
Commercial paper		48,091		(18	)		—		—			48,091		(18	)		29,470		18,621
Total	$	77,898	$	(63	)	$	10,382	$	(8	)	$	88,280	$	(71	)	$	29,470	$	58,810


	Estimated Fair Value
Due in one year or less	$	27,376

Non-marketable Equity Securities

As of September 30, 2022 and December 31, 2021, other long-term assets included equity securities accounted for under the equity method with a carrying amount of $4.1 million and $4.8 million, respectively, and equity securities without a readily determinable fair value with a carrying amount of $0.1 million and $0.1 million, respectively. No impairments or adjustments to the carrying amount of the Company's equity securities without a readily determinable fair value were recognized in the three and nine months ended September 30, 2022 and 2021, respectively.

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends paid on common stock, price per share	$ 0.05	$ 0.05	$ 0.05	$ 0.15

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 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	0
Stock-based compensation expense	49,283	42,468
Deferred income taxes	(1,761)	(7,092)
Loss on debt extinguishment	0	8,012
Patent assets received in lieu of cash	0	(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	0	(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	$ 0

Revenue

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

NOTE 3 – REVENUE

Revenue Recognition

General

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 receive 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. Revenue is recognized net of sales taxes collected from customers, which are subsequently remitted to governmental authorities. 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 an arrangement with multiple performance obligations, the transaction price is allocated among the separate performance obligations on a relative stand-alone selling price basis. The determination of stand-alone 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, stand-alone selling price for separate performance obligations is based on the cost-plus-margin approach, considering overall pricing objectives. The allocation of transaction price among performance obligations in a contract may impact the amount and timing of revenue recognized in the Condensed Consolidated Statements of Operations during a given period.

When a contract with a customer includes a variable transaction price, an estimate of the consideration that the Company expects to be entitled to for transferring the promised goods or services is made at contract inception. The amount of variable consideration is estimated at contract inception by considering all available information (historical, current and forecast) at the time 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. 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, or when a license of IP is the predominant item to which the variable consideration relates, 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

The Company operates in two business segments. In its IP Licensing segment, the Company licenses its innovations to leading companies in the broader entertainment and semiconductor industries and those developing new technologies that will help drive these industries forward. Licensing arrangements include access to one or more of the Company’s foundational patent portfolios and may also include access to some of its industry-leading technologies and proven know-how. In its Product segment, the Company derives the majority of its revenue from licensing its technology to customers primarily through Technology License arrangements and Technology Solutions arrangements. For Technology License arrangements, the customer obtains rights to the technology delivered at the commencement of the agreement. For Technology Solutions arrangements, the customer receives access to a platform, media or data that includes frequent updates, where access to such updates is critical to the functionality of the technology.

IP License Arrangements

In its IP Licensing segment, 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, sensor, radio frequency component, and foundry companies. The Company licenses its IP portfolios under three revenue models: (i) fixed-fee Media IP licensing, (ii) fixed-fee or minimum guarantee Semiconductor IP licensing, and (iii) per-unit or per-subscriber IP royalty licenses.

Fixed-fee Media IP licensing

The Company's fixed-fee Media IP licensing agreements, which are related to the TiVo businesses following the Mergers, provide its customers with rights to future patented technologies over the term of the agreement that are highly interdependent or highly interrelated to the patented technologies provided at the inception of the agreement. 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 agreement.

At times, the Company enters into license agreements in which a licensee is released from past patent infringement claims or is granted a license to ship an unlimited number of units or for an unlimited number of subscribers over a future period for a fixed fee. In these arrangements, the Company allocates the transaction price between the release for past patent infringement claims and the future license which requires significant management judgment. In determining the stand-alone selling price of the release for past patent infringement claims and the future license, the Company considers such factors as the number of units shipped in the past or the number of past subscribers and the relevant geographies of the shipped units or subscribers, the future number of subscribers or units, as well as the licensing rate the Company generally receives for per-subscriber or units shipped in the same geographies. As the release from past patent infringement claims is generally satisfied at execution of the agreement, the transaction price allocated to the release from past patent infringement claims is generally recognized in the period the agreement is executed and the amount of transaction price allocated to the future license is recognized ratably over the future license term.

Fixed-fee or minimum guarantee Semiconductor IP licensing

The Company enters into Semiconductor IP licenses that have fixed fee or minimum guarantee arrangements, 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 arrangements 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, net of the effect of any significant financing components calculated using customer-specific, risk-adjusted lending rates, with the related interest income being recognized over time on an effective rate basis. For minimum guarantee agreements where the customer exceeds the minimum, the Company recognizes revenue relating to any additional per-unit fees in the periods it believes the customer will exceed the minimum and adjusts the revenue based on actual usage once that is reported by the customer.

Per-unit or per-subscriber IP royalty licenses

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.

Technology License Arrangements

The Company licenses its audio, digital radio and imaging technology to consumer electronics (“CE”) manufacturers, automotive manufacturers or their supply chain partners.

The Company generally recognizes royalty revenue from licenses based on units shipped or manufactured. Revenue is recognized in the period in which the customer’s sales or production are estimated to have occurred. This may result in an adjustment to revenue when actual sales or production are subsequently reported by the customer, generally in the month or quarter following sales or production. Estimating customers’ 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.

Certain customers enter into fixed fee or minimum guarantee agreements, whereby customers pay a fixed fee for the right to incorporate the Company’s technology in the customer’s products over the license term. In arrangements 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 technology and begins to benefit from the license, net of the effect of any significant financing components calculated using customer-specific, risk-adjusted lending rates, with the related interest income being recognized over time on an effective rate basis. For minimum guarantee agreements where the customer exceeds the minimum, the Company recognizes revenue relating to any additional per-unit fees in the periods it believes the customer will exceed the minimum and adjusts the revenue based on actual usage once that is reported by the customer.

Technology Solutions Arrangements

Technology Solutions customers are primarily multi-channel video service providers, CE manufacturers, and end consumers. Technology Solutions revenue is primarily derived from licensing the Company’s Pay-TV solutions, Personalized Content Discovery, enriched Metadata, and viewership data; selling TiVo-enabled devices like the Stream 4K; and advertising.

For Technology Solutions, the Company provides on-going media or data delivery, hosting and access to its platform, and software updates. For these solutions, the Company generally receives fees on a per-subscriber per-month basis or as a fixed fee, and revenue is recognized during the month in which the solutions are provided to the customer. For most of the Technology Solutions offerings, substantially all functionality is obtained through the Company’s continuous hosting and/or updating of the data and content. In these instances, the Company typically has a single performance obligation related to these ongoing activities in the underlying arrangement. For those arrangements that include multiple performance obligations, the Company allocates the consideration as described above and recognizes revenue for each distinct performance obligation when control of the promised goods or services is transferred to the customer.

The Company also generates revenue from non-recurring engineering (“NRE”) services, advertising, and hardware products, each of which was less than 5% of total revenue for all periods presented.

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

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 product category/end market and geographic location (presented in “Note 16 - Segment and Geographic Information”).

Revenue disaggregated by product category/end market was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
IP Licensing revenue	$	89,303	$	101,647	$	335,649	$	301,507
Pay-TV		58,378		65,891		182,903		196,795
Consumer Electronics		33,561		21,234		101,145		75,054
Connected Car		20,224		20,449		60,798		65,869
Media Platform		9,475		10,158		21,884		24,022
Total Product revenue		121,638		117,732		366,730		361,740
Total revenue	$	210,941	$	219,379	$	702,379	$	663,247

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, and deferred engineering costs for significant software customization or modification and set-up services to the extent deemed recoverable.

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


	September 30, 2022		December 31, 2021
Unbilled contracts receivable (1)	$	129,206	$	77,677
Other current assets		1,057		1,150
Long-term unbilled contracts receivable (2)		44,715		4,107
Other long-term assets		1,979		2,310
Total contract assets	$	176,957	$	85,244

(1)

(2)

The long-term unbilled contracts receivable increase relates primarily to the recognition of revenue from a multi-year contract with one customer in the nine months ended September 30, 2022.

Contract Liabilities

Contract liabilities are mainly comprised of deferred revenue related to technology solutions arrangements, multi-period licensing, and other offerings for which the Company is paid in advance while the promised good or service is transferred to the customer at a future date or over time. Deferred revenue also includes amounts received related to professional services to be performed in the future. Deferred revenue arises when cash payments are received, including amounts which are refundable, in advance of performance obligations being completed.

Allowance for Credit Losses

The allowance for credit losses, which includes the allowance for accounts receivable and unbilled contracts 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 and limits the amount of credit extended when deemed necessary. 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.

The Company’s long-term unbilled contracts receivable is derived from fixed-fee or minimum-guarantee arrangements, primarily 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 following table presents the activity in the allowance for credit losses for the three and nine months ended September 30, 2022 and 2021 (in thousands):


	Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
	Accounts Receivable			Unbilled Contracts Receivable			Accounts Receivable					Unbilled Contracts Receivable
Beginning balance	$	2,740		$	480		$	3,102				$	729
Provision for (reversal of) credit losses		99			7			70					(166	)
Recoveries		—			—			(138	)				—
Charged-off/other adjustments		(134	)		—			(329	)				(76	)
Balance at end of period	$	2,705		$	487		$	2,705				$	487


	Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
	Accounts Receivable			Unbilled Contracts Receivable			Accounts Receivable					Unbilled Contracts Receivable

Beginning balance	$	4,131		$	3,274		$	7,336				$	2,231
Provision for (reversal of) credit losses		464			(710	)		2,213					(197	)
Recoveries		(1,146	)		—			(2,202	)				-
Charged-off/other adjustments		(72	)		—			(3,970	)	(1	)		530
Balance at end of period	$	3,377		$	2,564		$	3,377				$	2,564

Additional Disclosures

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022			2021
Revenue recognized in the period from:
Amounts included in deferred revenue at the beginning of the period	$	6,260	$	5,924	$	24,126		$	24,076
Performance obligations satisfied in previous periods (true ups, licensee reporting adjustments and settlements) (1)	$	4,660	$	8,382	$	31,163	(2)	$	41,298	(3)

(3) Includes past royalty revenue from the execution of long-term license agreements with three customers during the nine months ended September 30, 2021.

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 and engineering services contracts. The Company's remaining revenue under contracts with performance obligations was as follows (in thousands):


	As of
	September 30, 2022		December 31, 2021
Revenue from contracts with performance obligations expected to be satisfied in:
2022 (remaining 3 months)	$	49,544	$	176,646
2023		201,070		153,746
2024		156,173		122,488
2025		146,337		110,703
2026		29,553		10,735
Thereafter		60,761		4,441
Total	$	643,438	$	578,759

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

NOTE 9 – DEBT

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


	September 30, 2022			December 31, 2021
Refinanced Term B Loans	$	759,374		$	789,750
Senior Unsecured Promissory		50,000			—
Unamortized debt discount and issuance costs		(20,937	)		(24,263	)
		788,437			765,487
Less: current portion, net of debt discount and issuance costs		(36,267	)		(36,095	)
Total long-term debt, net of current portion	$	752,170		$	729,392

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.

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 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 September 30, 2022. The 2020 Credit Agreement, as amended, also requires the Company to make additional cash payments on an annual basis beginning in March 2023 based on certain leverage ratios and excess cash flow generated for the immediately preceding fiscal year.

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.

Senior Unsecured Promissory Note

In connection with the Vewd Acquisition as disclosed in "Note 7 – Business Combinations", on July 1, 2022, TiVo Product Holdco LLC, which was subsequently renamed to Xperi Inc., issued a senior unsecured promissory note (the “Promissory Note”) to the sellers of Vewd in a principal amount of $50.0 million. The issuer’s obligations under the Promissory Note are guaranteed by the Company prior to the spin-off transaction. Indebtedness outstanding under the Promissory Note bears an interest rate of 6.00% per annum, payable in cash on a quarterly basis. If a certain qualified spin-off transaction occurs, the interest rate will be increased to the greater of (a) 6.00% and (b) the sum of (i) the highest interest rate payable under any credit facility or bonds, debentures, notes or similar instruments where the issuer or any guarantor borrows money or guarantees obligations on a secured basis on or after the date of such spin-off transaction, plus (ii) 2.00%. The Promissory Note will mature on July 1, 2025. The issuer may, at any time and on any one or more occasions, prepay all or any portion of the outstanding principal amount, plus accrued and unpaid interest, if any, under the Promissory Note without premium or penalty. In addition, the Promissory Note has mandatory prepayment provisions upon certain change of control or asset sale events.

The Promissory Note includes certain covenants that restrict the issuer and each guarantor’s ability to, among other things, incur certain indebtedness or engage in any material line of business substantially different from those lines of business conducted by such entities on the closing date of the acquisition. The Promissory Note does not contain any financial covenants. After the Separation, Xperi Inc. is the obligor under the Senior Unsecured Promissory Note.

Interest Expense and Expected Principal Payments

At September 30, 2022, $809.4 million in total debt was outstanding. There were also $20.9 million of unamortized debt discount and issuance costs recorded as a reduction from the carrying amount of the debt. Interest rate on the Refinanced Term B Loans, including the amortization of debt discount and issuance costs was 6.02% and interest was payable monthly. Interest rate on the Promissory Note was 6.00% and interest was payable quarterly. Interest expense was $13.2 million and $31.1 million for the three and nine months ended September 30, 2022, respectively. Interest expense was $8.5 million and $30.4 million for the three and nine months ended September 30, 2021, respectively. Amortized debt discount and issuance costs, which were included in interest expense, amounted to $1.1 million and $3.3 million for the three and nine months ended September 30, 2022, respectively, and $1.2 million and $5.3 million for the three and nine months ended September 30, 2021, respectively.

As of September 30, 2022, future minimum principal payments for long-term debt are summarized as follows (in thousands):


2022 (remaining 3 months)	$	10,125
2023		40,500
2024		40,500
2025		90,500
2026		40,500
Thereafter		587,249
Total	$	809,374

Fair Value - Schedule of Carrying Amounts and Estimated Fair Values (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unamortized debt discount and issuance costs	$ 20,937	$ 24,263
Term B Loan Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unamortized debt discount and issuance costs	$ 20,900	$ 24,300

Goodwill and Identified Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remaining 3 months)	$ 40,016
2023	151,307
2024	112,149
2025	87,424
2026	84,069
Thereafter	240,124
Finite-lived intangible assets, Net	$ 715,089	$ 796,516

Leases - Schedule of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Fixed lease cost	$ 5,694	$ 5,701	$ 16,683	$ 11,340
Variable lease cost	1,746	1,347	4,526	2,315
Less: sublease income	(2,294)	(2,051)	(7,105)	(3,295)
Total operating lease cost	$ 5,146	$ 4,997	$ 14,104	$ 10,360

Goodwill and Identified Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes to Carrying Value of Goodwill

The changes to the carrying value of goodwill from January 1, 2022 through September 30, 2022 were as follows (in thousands):



December 31, 2021	$	851,088
Goodwill adjustment related to Mergers in prior periods (1)		(988	)
Vewd Acquisition (2)		68,115
Impairment charge (3)		(354,000	)
September 30, 2022 (4)	$	564,215

(1)

Reflects the correction recorded in the period ended March 31, 2022 of an immaterial error in the purchase price allocation for the Mergers to reduce goodwill and revenue.

(2)

(3)

(4)

Identified Intangible Assets

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


	Average	September 30, 2022							December 31, 2021
	Life (Years)	Gross Assets		Accumulated Amortization			Net		Gross Assets		Accumulated Amortization			Net
Finite-lived intangible assets
Acquired patents / core technology	3-10	$	668,117	$	(262,397	)	$	405,720	$	672,872	$	(224,508	)	$	448,364
Existing technology / content database	5-10		279,377		(222,055	)		57,322		251,445		(206,934	)		44,511
Customer contracts and related relationships	3-9		657,774		(417,772	)		240,002		649,926		(360,543	)		289,383
Trademarks/trade name	4-10		40,913		(29,629	)		11,284		40,083		(25,825	)		14,258
Non-competition agreements	1-2		3,101		(2,340	)		761		2,231		(2,231	)		—
Total finite-lived intangible assets			1,649,282		(934,193	)		715,089		1,616,557		(820,041	)		796,516
Indefinite-lived intangible assets
TiVo Tradename/trademarks	N/A		21,400		—			21,400		21,400		—			21,400
Total intangible assets		$	1,670,682	$	(934,193	)	$	736,489	$	1,637,957	$	(820,041	)	$	817,916

Estimated Future Amortization Expense

As of September 30, 2022, the estimated future amortization expense of total finite-lived intangible assets was as follows (in thousands):


2022 (remaining 3 months)	$	40,016
2023		151,307
2024		112,149
2025		87,424
2026		84,069
Thereafter		240,124
	$	715,089

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable allowance for credit losses	$ 2,705	$ 3,102
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)	116,930,000	113,460,000
Common stock, shares outstanding (in shares)	105,059,000	103,260,000
Treasury stock, shares (in shares)	11,880,000	10,200,000

Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Denominator:
Weighted average shares of common stock outstanding	104,510,000	104,849,000	104,066,000	104,898,000
Total common shares-basic (in shares)	104,510,000	104,849,000	104,066,000	104,898,000
Effect of dilutive securities:
Options (in shares)	0	0	0	0
Restricted stock awards and units (in shares)	0	0	0	0
Total common shares-diluted (in shares)	104,510,000	104,849,000	104,066,000	104,898,000

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

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
Balance at December 31, 2021		447		$	25.22
Options granted		—		$	—
Options exercised		(9	)	$	14.86
Options canceled / forfeited / expired		(68	)	$	37.18
Balance at September 30, 2022		370		$	23.22

Summary of Restricted Stock Awards and Units


	Restricted Stock and Restricted Stock Units
	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, 2021		6,815			1,525			8,340		$	19.61
Awards and units granted		4,604			802			5,406		$	16.77
Awards and units vested / earned		(2,112	)		(340	)		(2,452	)	$	19.18
Awards and units canceled / forfeited		(834	)		(174	)		(1,008	)	$	18.71
Balance at September 30, 2022		8,473			1,813			10,286		$	18.31

Fair Value - Schedule of Fair Value Assets Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 32,833	$ 102,376
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	5,457	10,372
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	27,376	92,004
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	5,457	12,372
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	5,457	10,372
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	2,000
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
Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		40,413
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		40,413
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	27,376	49,591
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	27,376	49,591
Commercial paper \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0	$ 0