Adeia Inc. announced its financial results for the third quarter ended September 30, 2024, reporting $86.1 million in revenue and an EBITDA margin of approximately 60%. The company signed seven deals across multiple verticals, including consumer electronics, Pay-TV, OTT, and semiconductors during the quarter. This performance reflects ongoing execution of its long-term strategy to expand opportunities in growth markets.
The Board of Directors approved an increase of the existing share repurchase authorization up to a total of $200.0 million in October. Adeia also made a $12.0 million principal repayment towards its term loan, reducing the outstanding balance to $537.1 million as of September 30, 2024. The company distributed a quarterly cash dividend of $0.05 per share on September 16, 2024, and declared another $0.05 per share dividend payable on December 18, 2024.
In a significant development, Adeia filed patent infringement litigation against The Walt Disney Company and certain subsidiaries, including Hulu and ESPN, on November 7, 2024. The company also secured a new multi-year e-commerce license agreement with a leading luxury retailer. Adeia is adjusting and narrowing its full-year 2024 outlook, though specific updated figures were not detailed in this release.
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