Adeia Inc
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $67,372 | $(298,586) | $(58,913) |
| Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
| Depreciation of property and equipment | 1,539 | 17,144 | 23,801 |
| Amortization of intangible assets | 93,735 | 143,243 | 203,401 |
| Goodwill impairment | — | 354,000 | — |
| Stock-based compensation expense | 18,057 | 52,626 | 58,182 |
| Deferred income tax | 11,392 | (40,301) | (978) |
| Loss on debt extinguishment | — | — | 8,012 |
| Patent assets received in lieu of cash | — | — | (8,787) |
| Amortization of debt issuance costs | 4,302 | 4,405 | 6,426 |
| Other | (252) | 744 | (938) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 18,268 | 24,892 | (27,615) |
| Unbilled contracts receivable | (34,303) | (86,673) | 58,496 |
| Other assets | (4,502) | (3,243) | 7,497 |
| Accounts payable | (894) | 18,601 | (5,234) |
| Accrued and other liabilities | (14,604) | (3,614) | (27,910) |
| Deferred revenue | (7,355) | (215) | (651) |
| Net cash from operating activities | 152,755 | 183,023 | 234,789 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (3,812) | (12,576) | (13,950) |
| Proceeds from sale of property and equipment | — | 86 | 19 |
| Purchases of intangible assets | (2,531) | (290) | (186) |
| Net cash paid for mergers and acquisitions | — | (50,473) | (17,400) |
| Purchases of short-term investments | (42,845) | (4,490) | (67,343) |
| Proceeds from sales of short-term investments | — | 28,254 | 49,768 |
| Proceeds from maturities of short-term investments | 14,700 | 36,576 | 42,886 |
| Net cash from investing activities | (34,488) | (2,913) | (6,206) |
| Cash flows from financing activities: | |||
| Repayment of debt | (148,000) | (40,500) | (84,048) |
| Debt refinancing costs | — | — | (4,253) |
| Dividends paid | (21,339) | (20,888) | (20,979) |
| Distribution of Xperi Inc. | — | (182,928) | — |
| Proceeds from employee stock purchase program and exercise of stock options | 2,351 | 14,260 | 13,839 |
| Repurchases of common stock for tax withholdings on equity awards | (11,274) | (15,941) | (15,916) |
| Repurchases of common stock | — | (17,260) | (84,888) |
| Net cash from financing activities | (178,262) | (263,257) | (196,245) |
| Effect of exchange rate changes on cash and cash equivalents | — | (3,419) | (1,405) |
| Net increase (decrease) in cash and cash equivalents | (59,995) | (86,566) | 30,933 |
| Cash and cash equivalents at beginning of period | 114,555 | 201,121 | 170,188 |
| Cash and cash equivalents at end of period | $54,560 | $114,555 | $201,121 |
| Supplemental disclosure of cash flow information: | |||
| Interest paid | $57,760 | $40,505 | $32,363 |
| Income taxes paid, net of refunds | $10,318 | $24,782 | $30,865 |
| Debt acquired in a business acquisition | $— | $50,000 | $— |
| Unpaid purchases of property and equipment at the end of the period | $471 | $— | $— |
| Unpaid purchases of intangible assets at the end of the period | $1,500 | $— | $— |
| Non-cash acquisition of intangible assets | $4,400 | $— | $— |
Cash flows above are presented on a consolidated basis and therefore also include $120.7 million of cash and cash equivalents included in current assets of discontinued operations in the consolidated balance sheet as of December 31, 2021. Refer to “Note 9 – Discontinued Operations” for additional information related to cash flows from discontinued operations.
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