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Adeia (ADEA) Q4 FY2023 earnings: revenue $87 million, down 15.9% on the year

Adeia Inc. (ADEA) reported revenue of $87 million for Q4 FY2023, the quarter ended 31 December 2023, down 15.9% on the same quarter a year earlier. Net income was $13 million, down 82.8% on the year, and diluted earnings per share $0.11. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue$87 milliondown 15.9%
Net income$13 milliondown 82.8%
Diluted EPS$0.11
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue86.9101n/an/a
Research and development14.413.8n/an/a
Selling, general and administrative24.021.9n/an/a
Operating income23.340.1n/an/a
Operating margin26.8%39.6%n/a
Interest expense15.415.7n/an/a
Pre-tax income9.425.9n/an/a
Income tax-3.31.7n/an/a
Effective tax rate-34.7%6.6%n/a
Net income12.724.2n/an/a
Net margin14.6%23.9%n/a
Diluted EPS$0.11$0.21n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Operating cash flow39.421.2n/an/a
Capital expenditure1.90.4n/an/a
Free cash flow37.620.9n/an/a
Free cash flow margin43.2%20.6%n/a
Cash from investing-2.7-6.4n/an/a
Cash from financing-34.1-23.4n/an/a
Depreciation and amortisation23.423.8n/an/a
Share-based compensation5.04.9n/an/a
Buybacks0.00.0n/an/a
Dividends paid5.45.3n/an/a
Dividend per sharen/a$0.05n/an/a
Diluted shares, weightedn/a113mn/an/a
Shares outstanding at period end107m107mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Shareholders' equity357344n/an/a
Debt586614n/an/a
Operating lease liabilities9.73.1n/an/a
Other liabilities154163n/an/a
Total liabilities and equity1,1061,124n/an/a
Fixed assets7.05.4n/an/a
Goodwill314314n/an/a
Intangible assets347367n/an/a
Investments29.030.2n/an/a
Cash and equivalents54.651.9n/an/a
Receivables39.744.2n/an/a
Other assets315312n/an/a
Total assets1,1061,124n/an/a

Questions

What was Adeia's revenue in Q4 FY2023?

Adeia (ADEA) reported revenue of $87 million for Q4 FY2023, the quarter ended 31 December 2023, down 15.9% on the same quarter a year earlier.

How much did Adeia earn in Q4 FY2023?

Net income for Q4 FY2023 was $13 million, down 82.8% on the year, and diluted earnings per share $0.11.

When did Adeia report Q4 FY2023 results?

Adeia filed its 10-K for the year that ended with the quarter on 23 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue10186.983.487.386.111987.785.787.318310596.1
R&D13.814.413.914.814.816.016.515.916.019.218.218.3
SG&A21.924.024.024.626.927.928.432.124.934.129.831.0
Operating income40.123.319.423.628.157.522.816.427.010934.825.4
Operating margin40%27%23%27%33%48%26%19%31%60%33%26%
Interest expense15.715.414.213.312.812.310.610.210.19.48.58.0
Pre-tax income25.99.46.611.316.846.513.97.618.410128.019.0
Tax rate7%-35%86%26%-15%22%15%-119%52%27%19%9%
Net income24.212.70.98.419.336.011.816.78.873.722.817.4
Net margin24%15%1%10%22%30%13%20%10%40%22%18%
Diluted EPS$0.21$0.11$0.01$0.07$0.17$0.32$0.10$0.15$0.08$0.65$0.20$0.15
Operating cash flow21.239.467.223.514.310757.123.117.860.058.554.6
Capital expenditure0.41.90.80.40.10.50.20.20.80.60.40.6
Free cash flow20.937.666.423.014.310756.922.917.059.458.154.1
Buybacks0.00.00.00.00.018.711.30.00.010.010.010.0
Dividends paid5.35.45.45.45.55.55.45.45.55.45.55.5
Shares outstanding107m107m108m109m109m108m108m109m109m109m110m110m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 23 February 2024, accession 0000950170-24-019362: the filing on EDGAR. All of Adeia Inc.'s filings: EDGAR company page.

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