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1 © 2025 Adeia | All rights reserved. Investor Deck I May 2025
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2 © 2025 Adeia | All rights reserved. Safe Harbor This presentation contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on information available to the Company as of the date hereof, as well as the Company’s current expectations, assumptions, estimates and projections that involve risks and uncertainties. In this context, forward-looking statements often address expected future business, financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “target,” similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond the Company’s control, and are not guarantees of future results. Forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: the Company’s ability to implement its business strategy; the Company’s ability to enter into new and renewal license agreements with customers on favorable terms; the Company’s ability to retain and hire key personnel; uncertainty as to the long-term value of the Company’s common stock; legislative, regulatory and economic developments affecting the Company’s business; general economic and market developments and conditions; the Company’s ability to grow and expand its patent portfolios; changes in technology and development of new technology in the industries in which in which the Company operates; the evolving legal, regulatory and tax regimes under which the Company operates; unforeseen liabilities and expenses; risks associated with the Company’s indebtedness; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, natural disasters and global health pandemics, each of which may have an adverse impact on the Company’s business, results of operations, and financial condition. These risks, as well as other risks associated with the Company’s business, are more fully discussed in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. While the list of factors presented here is, and the list of factors presented in the Company’s filings with the SEC are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Causes of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, failure to complete licensing arrangements on anticipated terms and timeline, failure to prevail in litigation we may bring against third parties, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on the Company’s consolidated financial condition, results of operations, liquidity or trading price of common stock. The Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
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3 © 2025 Adeia | All rights reserved. Adeia turns ideas into innovations. Our name may be new, but our roots run deep with decades of continued innovation We invent, develop and license innovations that advance how people live, work and play [AH – dee – uh] Our leading media patent portfolio is focused on fundamental aspects of the video experience Our leading semiconductor patent portfolio is focused on hybrid bonding and advanced processing technology ~$10B cumulative licensing revenue NASDAQ Ticker ADEA years of pioneering innovation and licensing success Headquarters: San Jose, CA 35+ $376M 2024 revenue 12,750+ patent assets 110+ current customers
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4 © 2025 Adeia | All rights reserved. Sustainable Advantage 35+ Years of Pioneering Innovation and Licensing Success 1990 1995 2000 2005 2010 2015 2020 2025 Electronic Program Guide Interactive Program Guide Parental Controls Digital Cable Chip Scale Packaging Digital Video Recorder (DVR) Wafer Level CSP Universal Search Multi-Screen Natural Language Processing Cloud Apps Video on Demand Package-on- Package 2.5D Integration Over-the-Top 3D IC Micro Betting AI/ML Live Shopping Connectivity
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5 © 2025 Adeia | All rights reserved. Sustainable Innovation Our commitment to innovation drives renewals and new deals Identify Emerging Trends Strategically Invest in R&D and Portfolio Development Create Value for Existing Customers Attract New Customers that Can Use Our Inventions to Differentiate
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6 © 2025 Adeia | All rights reserved. Partnering with the Ecosystem Semiconductor Media MEMS Engineering Forum Electrical Components and Technology Conference The Age of AI Tech Summit Chiplet Summit 3D & Systems Summit Flash Memory Summit IMAPS Device Packaging Semicon Europa EvoNexus MEMS & Imaging Sensors Summit MicroLEDConnect Augmented World Expo NAB Show CVPR Immerse Global Summit SMPTE Commerce Next Streaming Media NYC Retail Summits AutoTech: Detroit ICCE
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7 © 2025 Adeia | All rights reserved. 0 5 10 15 20 25 Representative Long-Term Customer Relationships Years
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8 © 2025 Adeia | All rights reserved. ~$1.3 Billion Total Contract Value Signed Since 2021 Supported by 135+ license agreements (1) We define total contract value to include fixed fee amounts and the estimated variable fees over the contract term (2) Representative sample of license agreements signed since January 1, 2021 (1) (2)
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9 © 2025 Adeia | All rights reserved. S Measures of Success Increase Long-Term Revenue Continue to execute renewals and new customer agreements that will increase our annual revenue over the long-term IP Portfolio Growth Grow patent portfolio through focused organic R&D and strategic inorganic investments Balanced Capital Allocation Approach Continue to make accelerated payments towards our term loan, return capital to shareholders through stock repurchases and dividends, and make strategic tuck-in acquisitions Grow Pipeline of Opportunities Invest in key areas that will grow our pipeline of future opportunities in OTT, adjacent media markets, and semiconductors
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10 © 2025 Adeia | All rights reserved. Media
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11 © 2025 Adeia | All rights reserved. 35+ Years of Cutting-Edge Technology Solutions 1970s – 1990s 2000s 2010s 2020s Founded 1983 Electronic Program Guide Video on Demand Digital Video Recorder Universal Search Face Detection and Tracking Multi-Screen Conversational User-Interface Over-the-Top Image Filters Augmented Reality Cloud Apps and Gaming Founded in 1978 Micro Betting AI/ML Live Shopping
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12 © 2025 Adeia | All rights reserved. Examples of Adeia’s Media Innovation Shaping How Customers Explore, Experience, and Enhance Video Gaming AR/VR Social Voice Interactivity Interactive Programming Guide Search & Recommendations Over-the-Top High Performance Computing/ Content Storage Facial Recognition Multi-screen Ad Tech Computer Vision Natural Language Processing
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13 © 2025 Adeia | All rights reserved. Current Media Addressable Markets Notes: Estimated percentages of markets licensed weighted based on Adeia’s view of the licensing opportunity in the relevant markets. Pay-TV includes MVPD and vMVPD. OTT, and Social Media represent select international countries where Adeia sees meaningful licensing opportunities. Consumer Electronics includes TVs, gaming consoles (excluding handheld and VR), and streaming media devices. Market CAGRs based on 2023-2029, except for CE (2023-2028). ~90% ~10% ~60% ~40% U.S. Pay-TV Mkt Size: ~$94B (2023); CAGR -4.1% Consumer Electronics Mkt Size: ~$120B (2023); CAGR -2.4% Current Revenue Contribution Potential Revenue Opportunity Social Media Mkt Size: ~$164B (2023); CAGR +9.3% ~90% ~10% ~25% ~75% OTT Mkt Size: ~$139B (2023); CAGR +8.8% + Adjacent Market Opportunities Ad-tech Automotive E-Commerce Gaming Music Streaming Sports Gambling
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14 © 2025 Adeia | All rights reserved. US Pay-TV and OTT Subscriptions 0 100 200 300 400 500 600 700 2021 2022 2023 2024 2025 2026 2027 2028 2029 Millions Pay-TV OTT OTT Growth Opportunity Source: Omdia, 2025; Pay-TV represents traditional Pay-TV and Virtual Pay-TV subscriptions. OTT represents SVOD subscriptions.
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15 © 2025 Adeia | All rights reserved. Data as of March 31, 2025 ● Pending includes allowances – allowances typically grant within 6 months of allowance after payment of government fees. Worldwide media patents and applications have increased in the last several years via both organic and inorganic growth~9,500 is poised to continue, both organically and inorganically Portfolio growth Growing Worldwide Media Portfolio with Long Life Jurisdictions worldwide are represented across the media portfolio 40+
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16 © 2025 Adeia | All rights reserved. Semiconductor
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17 © 2025 Adeia | All rights reserved. Leading Semiconductor Innovator Long History of Developing Relevant IP through Shifting Market Trends 2005 2010 2015 2020 (Market Adoption)2000 Journey of Advanced Packaging to “Beyond Moore” 3D Semiconductor Technologies Laptop / Personal Computing Mobile Phone Smartphone / Mobile Computing Data Center / Cloud Computing Smart Devices, Computer Vision Chip Scale Packaging (CSP) Wafer Level CSP Wafer Bonding & Interconnect 2.5D IC 3D IC Future AI, Machine Learning Co-Optimization
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18 © 2025 Adeia | All rights reserved. Advanced Processing Node IP Advanced Packaging IP Fan-out Wafer Level Packaging (FO-WLP) 2.5D, 3D, Through Silicon Via (TSV) Industry Direction Semiconductor IP Portfolio DBI® Ultra Memory Stack Logic (CPU, GPU, FPGA or SoC ) DBI Ultra Interconnect 2.5 D / 3D DBI Ultra Hybrid bonding Solutions DBI®Hybrid Bonding IP
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19 © 2025 Adeia | All rights reserved. Adeia Co-Optimization Adeia’s innovations will provide a holistic methodology that tunes and enhances the performance, power efficiency, and cost-effectiveness of semiconductor systems. Addressing Deceleration in Moore’s Law System Semiconductor Innovation in the Past System Process Tech Chip Design Chip Design Process Tech System Chip DesignProcess Tech Adeia Semiconductor Holistic Co-Optimization
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20 © 2025 Adeia | All rights reserved. RTL Design (Soft IP) Process Design Kit Cell Architecture & Library Synthesis & Placement Block Multi-Chip System Chip System Software Transistor Metal Process Design Kit Chip Hybrid Bonding Foundation IP Core IP (Our focus today) System IP DTCO STCO CAD Physical Design Physical Design System Integration Adeia Co-Optimization Process Flow
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21 © 2025 Adeia | All rights reserved. Our IP Portfolio is Evolving to Reflect Our Focus Direct/Hybrid Bonding Circuitry & Processing Advanced Packaging Advanced Nodes Emerging Domains All Semi Assets (Issued and Pending) Semi Applications (Pending) 79% 72%72% 32% 3% 41% 20% 4% 72%9% 7% 12% 3,250+ <1% 925+ 32% 40% 19% 5% 71% 14% 6% 8%
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22 © 2025 Adeia | All rights reserved. z Implementation • Valued R&D partner with customers • Form strategic collaborations with equipment vendors • Customized technology transfer program Capabilities • Wafer Fabrication (200-300 mm) • Design & Simulation, Materials and Metrology, Advanced Package Assembly, Test, Reliability and Failure Analysis • Innovative team: • Average 25+ yrs. experience • 65% Ph.D. • 80% MS + Ph.D. • Diverse expertise Semiconductor Innovation Where Ideas Become Real Process • Understand our customers’ challenges today and beyond • Create valuable solutions with ground- breaking innovation • Ensure manufacturing compatibility • Demonstrate our technologies with functional devices tested to industry specification
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23 © 2025 Adeia | All rights reserved. Current Semiconductor Addressable Markets Image Sensors* Mkt Size: ~$21B (2024); CAGR +8% DRAM* Mkt Size: ~$92B (2024); CAGR +27% ~ 95% ~ 5% NAND* Mkt Size: ~$63 (2024); CAGR +10% ~ 7% ~ 93% RF Front End* Mkt Size: ~$18B (2024); CAGR +4% Logic (Advanced Nodes) Mkt Size: ~$248B (2024); CAGR +7% Logic* Mkt Size: ~$248B (2024); CAGR +7% ~ 90% ~ 10% ~ 55%~ 45% Licensed Unlicensed ~ 87% ~ 15% ~ 85% ~ 16% ~ 84% ~ 95% ~ 5% ~ 90% ~ 10% ~ 10% ~ 90% Note: • Agreement lengths vary. Certain customers are licensed under limited portions of our portfolio, to limited products or for specific fields of use • Logic includes CPU, GPA, APU , FPGA and Wired Connectivity markets. Logic Advanced Notes segment was estimated based upon known player revenue/share • Market data source: Gartner Semiconductor Market Share 2024 Reports • CAGRs: from 2023-2028 based upon Gartner Semiconductor Forecast Q4/2024 Report ~ 55% ~ 45% *Hybrid Bonding
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24 © 2025 Adeia | All rights reserved. Looking Forward Our long-term goal is to create sustainable annual semiconductor revenue of $100M+ Promoting our technology within the industry through continued participation in the semiconductor community Advancing the adoption of our technology by teaching our trusted partners how to implement our solutions Expanding our presence in our target markets by increasing our number of partners and offering innovative solutions
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25 © 2025 Adeia | All rights reserved. Financial Overview
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26 © 2025 Adeia | All rights reserved. Value Proposition Foundation Driven by Strong Portfolios and Technology Offerings 12,750+ patent assets provide both depth and breadth to our licensing base Long and impressive history of successfully monetizing our portfolios Ongoing Innovation and Capitalization of Market Trends Drive Growth Ongoing innovations drive growth in targeted markets Proliferation of video is expanding rapidly Semiconductor industry is challenged to keep up with Moore’s law Focused Capital Allocation to Maximize Shareholder Value Focused investments in innovation across media and semiconductors Expand IP portfolios through tuck-in acquisitions Focused deployment of capital with a balanced approach of deleveraging our balance sheet and returning capital to shareholders
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27 © 2025 Adeia | All rights reserved. Revenue Performance Our revenue recognition profile is captured in the following categories: • Variable royalty licenses for Media and Semiconductor • Fixed-fee Media IP licensing Our licenses are multi-year agreements with an average license term of 5 years The duration of the license terms provide a solid recurring revenue stream Q1 '24 Q2 '24 Q3 '24 Q4'24 Q1'25 $86M$83M $87M $119M $88M
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28 © 2025 Adeia | All rights reserved. Investment Priorities Focused on Top-Line Growth Long-Term Outlook Revenue growth expected to be ~5-7% Overall Non-GAAP operating expenses expected to increase ~5-8% • Growth primarily driven by R&D; planning for 8- 10% annual increase in innovation-focused investment • Modest growth anticipated for SG&A • Litigation remains highly variable in relation to current activities ~$10 - $15M
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29 © 2025 Adeia | All rights reserved. Balanced Capital Allocation Strategy Disciplined Capital Allocation Strategy Drives Long-Term Revenue Growth and Shareholder Value Organic investment Expand IP portfolio through continued innovation Strengthen our balance sheet Make accelerated payments towards our term loan Return capital to shareholders Utilize a more balanced approach to capital allocation which includes share repurchases and dividend payments Tuck-in acquisitions Pursue opportunities that are complementary to and advance our core strategy
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30 © 2025 Adeia | All rights reserved. Financial Results & Outlook
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31 © 2025 Adeia | All rights reserved. Q1 2025 Business Highlights S Executed on all four components of our balanced capital allocation approach, while ending the quarter with a stronger cash position Signed 10 license agreements across diverse verticals, including social media, OTT, pay-TV, semiconductors, and consumer electronics Signed 4 new license agreements in key growth areas including social media, OTT, and semiconductors Revenue of $87.7 million and cash from operations of $57.1 million
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32 © 2025 Adeia | All rights reserved. S Q1 2025 Deal Momentum Signed new multi-year license agreements for access to our media portfolio with a leading social media company and a leading international multi-platform media company for their OTT offerings Signed a new long-term license agreement with a major U.S. professional sports league for access to our media portfolio Signed renewals with pay-TV providers SK Broadband and Frontier Communications for access to our media portfolio Signed a new multi-year license agreement with a large domestic manufacturer of analog and mixed-signal semiconductor devices for access to our semiconductor portfolio
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33 © 2025 Adeia | All rights reserved. S Measures of Success Increase Long-Term Revenue Continue to execute renewals and new customer agreements that will increase our annual revenue over the long-term IP Portfolio Growth Grow patent portfolio through focused organic R&D and strategic inorganic investments Balanced Capital Allocation Approach Continue to make accelerated payments towards our term loan, return capital to shareholders through stock repurchases and dividends, and make strategic tuck-in acquisitions Grow Pipeline of Opportunities Invest in key areas that will grow our pipeline of future opportunities in OTT, adjacent media markets, and semiconductors
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34 © 2025 Adeia | All rights reserved. FY 2025 Outlook Category (in millions, except tax rate) FY’25 GAAP Outlook FY’25 Non-GAAP Outlook Revenue $390.0 – 430.0 $390.0 – 430.0 Operating expenses $263.0 – 275.0 $166.0 – 174.0 Interest expense $41.0 – 43.0 $41.0 – 43.0 Other income $4.0 – 4.5 $4.0 – 4.5 Tax rate 15.0% – 30.0% 23.0% Net income $76.5 – 81.6 $144.0 – 167.5 Adjusted EBITDA N/A $226.3 – 258.3 Diluted shares outstanding 113.0 – 114.0 113.0 – 114.0 • See tables for reconciliation of GAAP to Non-GAAP differences
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35 © 2025 Adeia | All rights reserved. Appendix
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36 © 2025 Adeia | All rights reserved. In addition to disclosing financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP), the Company’s presentation contains non-GAAP financial measures adjusted, where applicable, for either one-time or ongoing non-cash acquired intangibles amortization charges, costs related to actual or planned business combinations including transaction fees, integration costs, severance, facility closures, and retention bonuses, separation costs, all forms of stock-based compensation, loss on debt extinguishment, expensed debt refinancing costs, impairment of intangible assets, impact of certain foreign currency adjustments, discontinued operations and related tax effects. In addition, adjusted EBITDA adjusts for recurring charges of interest expense, income taxes, depreciation and amortization. Management believes that the non-GAAP measures used in this presentation provide investors with important perspectives on the Company’s ongoing business and financial performance and are helpful to provide investors with an understanding of our core operating results reflecting our normal business operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. Our use of non-GAAP financial measures has certain limitations in that the non-GAAP financial measures we use may not be directly comparable to those reported by other companies. For example, the terms used in this presentation, such as EBITDA margin, which is defined as EBITDA as a percentage of revenue, adjusted EBITDA, non-GAAP operating expenses, non-GAAP net income and non-GAAP diluted earnings per share (EPS) do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. We seek to compensate for the limitation of our non-GAAP presentation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures in the tables attached hereto. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. All financial data is presented on a GAAP basis except where the Company indicates its presentation is on a non-GAAP basis. Non-GAAP Financial Measures
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37 © 2025 Adeia | All rights reserved. Quarterly Non-GAAP Income Statements Category (in millions) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Revenue $83.4 $87.4 $86.1 $119.2 $87.7 Operating expenses 33.9 35.1 35.3 39.4 40.9 Operating income 49.5 52.3 50.8 79.8 46.8 Interest expense 14.2 13.3 12.8 12.3 10.6 Other income, net 1.4 1.4 1.4 1.3 1.7 Income before taxes 36.7 40.4 39.4 68.8 37.9 Income tax expense 8.4 9.3 9.0 15.9 8.7 Net income $28.3 $31.1 $30.4 $52.9 $29.2 • See tables for reconciliation of GAAP to non-GAAP differences
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38 © 2025 Adeia | All rights reserved. GAAP to Non-GAAP Reconciliations (unaudited) Category (in millions) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 GAAP net income $0.9 $8.4 $19.3 $36.0 $11.8 Adjustments to GAAP income before taxes: Stock-based compensation expense: Research and development 0.8 1.1 1.1 1.2 1.2 Selling, general and administrative 4.3 5.5 6.3 6.3 7.0 Amortization expense 23.2 20.0 13.6 13.9 14.1 Merger and integration-related costs: Separation and related costs recorded in selling, general and administrative 1.8 0.7 1.6 0.8 0.6 Transaction costs recorded in selling, general and administrative - 1.3 - - 1.1 Loss on debt extinguishment - 0.5 - - - Non-GAAP tax adjustment (2.7) (6.4) (11.5) (5.3) (6.6) Non-GAAP net income $28.3 $31.1 $30.4 $52.9 $29.2
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39 © 2025 Adeia | All rights reserved. GAAP to Non-GAAP Diluted Income per Share Reconciliation (unaudited) Category (per share) Q1’25 GAAP diluted income per share $0.10 Adjustments to GAAP diluted income per share: Stock-based compensation expense: Research and development 0.01 Selling, general and administrative (SG&A) 0.06 Amortization expense 0.12 Separation costs recorded in SG&A 0.01 Transaction costs recorded in SG&A 0.01 Non-GAAP tax adjustment (1) (0.05) Non-GAAP net income $0.26 (1) The provision for income taxes is adjusted to reflect the income tax effects of the various non-GAAP pretax adjustments.
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40 © 2025 Adeia | All rights reserved. GAAP Net Income to Adjusted EBITDA Reconciliation (unaudited) Category (in millions) Q1’25 GAAP net income $11.8 Adjustments to GAAP net income: Stock-based compensation expense: Research and development 1.2 Selling, general and administrative (SG&A) 7.0 Amortization expense 14.1 Separation costs recorded in SG&A 0.6 Transaction costs recorded in SG&A 1.1 Interest expense 10.6 Depreciation expense 0.5 Other income and expense, net (1.7) Provision for income taxes 2.1 Adjusted EBITDA $47.3
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41 © 2025 Adeia | All rights reserved. GAAP to Non-GAAP Operating Expenses Outlook Reconciliation (unaudited) Category (in millions) 2025 Low High GAAP operating expenses $263.0 $275.0 Amortization expense 55.0 55.0 Stock-based compensation expense 36.0 38.0 Separation and related costs 6.0 8.0 Non-GAAP operating expenses $166.0 $174.0
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42 © 2025 Adeia | All rights reserved. GAAP to Non-GAAP Net Income Outlook Reconciliation (unaudited) Category (in millions) 2025 Low High GAAP net income $76.5 $81.6 Amortization expense 55.0 55.0 Stock-based compensation expense 36.0 38.0 Separation and related costs 6.0 8.0 Non-GAAP tax adjustment (1) (29.5) (15.1) Non-GAAP net income $144.0 $167.5 (1) The provision for income taxes is adjusted to reflect the income tax effects of the various non-GAAP pretax adjustments.
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43 © 2025 Adeia | All rights reserved. Adjusted EBITDA Outlook Reconciliation (unaudited) Category (in millions) 2025 Low High GAAP net income $76.5 $81.6 Amortization expense 55.0 55.0 Stock-based compensation expense 36.0 38.0 Separation and related costs 6.0 8.0 Depreciation expense 2.3 2.3 Interest expense 41.0 43.0 Other income, net (4.0) (4.5) Income tax expense 13.5 34.9 Adjusted EBITDA $226.3 $258.3
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44 © 2025 Adeia | All rights reserved. Thank You