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| Statement |
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| Through deal execution, expanding our patent portfolio and deleveraging our balance sheet, we have made great strides, and I'm excited about the prospects of 2024 and beyond |
| Our strong revenue was driven by the execution of eight license agreements in the quarter, including a new agreement with a leading international social media company, and a new agreement with Breezeline, a Pay-TV provider |
| We are uniquely positioned to capitalize on this trend with a blend of transformative technologies, recognized thought leadership, deep domain expertise and engineering experience |
| We employ some of the most prolific inventors in the world, which puts us in a powerful position to continue to deliver impactful innovations and expand our addressable market |
| This further validates the strength of our media portfolio across social media platforms |
| Additionally, our long history of success within the Pay-TV market was further enhanced by the addition of a new agreement with Breezeline, a large cable operator in the United States |
| Last year, we met our goals and delivered solid financial results, sending us on a path toward continued success in 2024 and beyond |
| We delivered strong financial results in the fourth quarter with revenue of $87 million and adjusted EBITDA of $54 million |
| We've been incredibly successful in doing so |
| We made excellent progress growing our portfolio of patent assets, a key objective post separation and a proof point of our continued focus on innovation and technology development |
| It is this commitment to R&D, which propels our future revenue growth for both the media and semiconductor markets |
| Having these roles filled with highly talented individuals, positions the organization well for further growth |
| As we look back on 2023, we had great success in deal execution |
| The Western Digital and Kioxia deals solidify our strong position with all the top memory companies, and further validate the value of our hybrid bonding technology in the memory market |
| We are excited about our prospects, which include not only maintaining our tremendous renewal rates, but also to make significant gains by adding new customers in both media and semiconductor space |
| I'm extremely proud of the recognized leadership positions of so many of our Adeia employees |
| I am happy to report we exceeded this goal, growing over 11% for the year with a record number of new original patent filings |
| OTT is an exciting growth opportunity for us as it is a large and expanding market |
| Reflecting on 2023, I am incredibly proud of the tremendous progress that we have made in our first full-year as a standalone company |
| So we're really, really happy with this deal, first of all |
| We are making great progress expanding our pipeline of opportunities, particularly in OTT, semiconductors and adjacent verticals |
| signed renewals to our media portfolio, again, proving the value of our media portfolio and the longevity of our leading innovations in Pay-TV |
| These initiatives are fundamental to fueling our long-term growth |
| These investments will position us to take advantage of the growth opportunities in front of us |
| We are particularly excited about our new license agreement with a leading international social media company |
| I would like to thank our employees for their contributions and tremendous accomplishments that made 2023 a success |
| This significant achievement is a tremendous reflection of our business model with our ability to generate significant cash flows, coupled with our goal to deleverage our balance sheet by paying down the term loan prior to its maturity |
| With that in mind, this year, we are launching a co-optimization initiative to expand the value proposition of our existing and future innovative solutions to our customers, particularly in the logic space by making them more efficient, easier to implement and more cost effective |
| I am very happy Joe has joined our team |
| We had a great year in 2023, our first full-year as a standalone company |
| Statement |
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| And there's no debate that the primary problem facing the industry today is overcoming the challenges related to Moore's Law |
| However, as we and other experts have come to realize, process-related solutions will only advance the industry so far |
| Finally, our litigation expense has been relatively low over the last several years |
| Interest expense during the fourth quarter was $15.5 million, a decrease of $222,000 from the prior quarter amount due to our continued debt repayments resulting in lower principal balances |
| As a reminder, given that we [enter into] a relatively small number of large deals, there could be volatility throughout the course of the year |
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