3 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
+Added: September 30,
+Added: September 30,
+Added: September 30,
Operating expenses:
16 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
+Added: September 30,
+Added: September 30,
+Added: September 30,
Other comprehensive income (loss), net of tax:
5 unchanged sentences
(in thousands, except for par value)
+Added: September 30,
Current assets:
16 unchanged sentences
Accounts payable
−Removed: Accrued legal fees
Accrued liabilities
29 unchanged sentences
(in thousands)
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: September 30, 2024
Cash flows from operating activities:
16 unchanged sentences
Purchases of short-term investments
+Added: Proceeds from sales of investments
Proceeds from maturities of investments
13 unchanged sentences
Income taxes paid, net of refunds
+Added: Unpaid purchases of property and equipment at the end of the period
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3 unchanged sentences
Treasury Stock
−Removed: Three Months Ended June 30, 2025
+Added: Three Months Ended September 30, 2025
Paid-In Capital
2 unchanged sentences
Stockholders' Equity
−Removed: Balance at April 1, 2025
−Removed: Other comprehensive income
+Added: Balance at July 1, 2025
+Added: Other comprehensive loss
Cash dividends paid on common stock ($ 0.05 per share)
Issuance of common stock in connection with exercise of stock options
−Removed: Issuance of common stock in connection with employee stock purchase plan
Issuance of restricted stock, net of shares canceled
1 unchanged sentence
Stock-based compensation expense
−Removed: Balance at June 30, 2025
+Added: Balance at September 30, 2025
Total Company Stockholders' Equity
Treasury Stock
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
Paid-In Capital
11 unchanged sentences
Stock-based compensation expense
−Removed: Balance at June 30, 2025
+Added: Balance at September 30, 2025
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3 unchanged sentences
Treasury Stock
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 30, 2024
Paid-In Capital
1 unchanged sentence
Stockholders' Equity
−Removed: Balance at April 1, 2024
−Removed: Other comprehensive loss
+Added: Balance at June 1, 2024
+Added: Other comprehensive income
Cash dividends paid on common stock ($ 0.05 per share)
Issuance of common stock in connection with exercise of stock options
−Removed: Issuance of common stock in connection with employee stock purchase plan
Issuance of restricted stock, net of shares canceled
1 unchanged sentence
Stock-based compensation expense
−Removed: Balance at June 30, 2024
+Added: Balance at September 30, 2024
Total Company Stockholders' Equity
Treasury Stock
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
Paid-In Capital
2 unchanged sentences
Balance at January 1, 2024
−Removed: Other comprehensive loss
+Added: Other comprehensive income
Cash dividends paid on common stock ($ 0.10 per share)
4 unchanged sentences
Stock-based compensation expense
−Removed: Balance at June 30, 2024
+Added: Balance at September 30, 2024
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
7 unchanged sentences
and its wholly-owned subsidiaries.
+Added: All intercompany balances and transactions are eliminated in consolidation.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S.
1 unchanged sentence
In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary (consisting of normal recurring adjustments) to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented.
−Removed: The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025 or any future period and the Company makes no representations related thereto.
+Added: The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025 or any future period and the Company makes no representations related thereto.
The Company’s fiscal year ends on December 31 and employs a calendar month-end reporting period for its quarterly reporting.
1 unchanged sentence
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
−Removed: There have been no significant changes in the Company’s significant accounting policies during the three and six months ended June 30, 2025, as compared to the significant accounting policies described in the Form 10-K.
+Added: There have been no significant changes in the Company’s significant accounting policies during the three and nine months ended September 30, 2025, as compared to the significant accounting policies described in the Form 10-K.
Use of Estimates
5 unchanged sentences
Recently Adopted Accounting Pronouncements
−Removed: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848):
−Removed: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).
−Removed: ASU 2020-04 provides optional expedients and exceptions for applying U.S.
−Removed: GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.
−Removed: The amendments in ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform.
−Removed: In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848):
−Removed: Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which deferred the application dates of Topic 848 to December 31, 2024.
−Removed: In the second quarter of 2023 , the Company adopted Topic 848 and modified its debt agreement to reference the other rate.
−Removed: The adoption did no t have a material impact to the Company’s Condensed Consolidated Financial Statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):
72 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
Recurring revenue
4 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
Semiconductor
6 unchanged sentences
Contract assets were recorded in the Condensed Consolidated Balance Sheets as follows (in thousands):
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
10 unchanged sentences
It is generally considered to be of high credit quality due to past collection history and the nature of the customers.
−Removed: The allowance for credit losses at June 30, 2025 and December 31, 20 24 was $ 0.7 milli on and is presented as part of accounts receivable, net in the Condensed Consolidated Balance Sheets.
+Added: The allowance for credit losses at September 30, 2025 and December 31, 202 4 was $ 0.7 mi llion and is presented as part of accounts receivable, net in the Condensed Consolidated Balance Sheets.
Additional Disclosures
1 unchanged sentence
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
Revenue recognized in the period from:
2 unchanged sentences
(1) Performance obligations satisfied in previous periods consist mainly of fees associated with releases for past patent infringement, settlements of litigation during the period, and revenue from past royalties owed pursuant to expired or terminated IP license agreements.
−Removed: For long-term and multi-year revenue contracts, the Company recorded revenue from the releases for past infringement during the three months and six months ended June 30, 2025 and 2024 and expects to record revenue from the prospective license in future periods.
+Added: For long-term and multi-year revenue contracts, the Company recorded revenue from the releases for past infringement during the three and nine months ended September 30, 2025 and 2024 and expects to record revenue from the prospective license in future periods.
Remaining revenue under contracts with performance obligations represents the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) under certain of the Company’s fixed fee arrangements (in thousands).
−Removed: June 30, 2025
+Added: September 30, 2025
Revenue from contracts with performance obligations expected to be satisfied in:
2 unchanged sentences
Other current assets consisted of the following (in thousands):
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
4 unchanged sentences
Property and equipment, net, consisted of the following (in thousands):
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
5 unchanged sentences
Other long-term assets consisted of the following (in thousands):
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
2 unchanged sentences
Accrued liabilities consisted of the following (in thousands):
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
Employee compensation and benefits
+Added: Accrued legal
Current portion of guarantee (1)
5 unchanged sentences
Other long-term liabilities consisted of the following (in thousands):
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
6 unchanged sentences
Under ASU 2016-01 (Topic 321), equity securities are measured at fair value with unrealized gains and losses recognized in other income and expense, net, in the Condensed Consolidated Statements of Income.
−Removed: The following is a summary of marketable securities at June 30, 2025 and December 31, 2024 (in thousands):
−Removed: June 30, 2025
−Removed: Allowance for Credit Losses
+Added: The following is a summary of marketable securities at September 30, 2025 and December 31, 2024 (in thousands):
+Added: September 30, 2025
Marketable securities
10 unchanged sentences
December 31, 2024
−Removed: Allowance for Credit Losses
Marketable securities
9 unchanged sentences
Total marketable securities
−Removed: At June 30, 2025 and December 31, 2024, the Company h ad $ 116.5 million and $ 110.4 million, respectively, in cash and cash equivalents and marketable securities.
+Added: At September 30, 2025 and December 31, 2024, the Company h ad $ 115.1 mill ion and $ 110.4 million, respectively, in cash and cash equivalents and marketable securities.
A portion of these amounts was held in marketable securities, as shown above.
−Removed: The remaining balances of $ 79.2 million and $ 74.0 million at June 30, 2025 and December 31, 2024, respectively, consisted of cash held in operating accounts not included in the tables above.
+Added: The remaining balances of $ 51.9 million and $ 74.0 million at September 30, 2025 and December 31, 2024, respectively, consisted of cash held in operating accounts not included in the tables above.
Debt Securities
−Removed: The gross realized gains and losses on sales of marketable debt securities were immaterial during the three and six months ended June 30, 2025 and 2024.
−Removed: Unrealized losses on AFS debt securities were immaterial as of June 30, 2025 and December 31, 2024.
+Added: The gross realized gains and losses on sales of marketable debt securities were immaterial during the three and nine months ended September 30, 2025 and 2024.
+Added: Unrealized losses on AFS debt securities were immaterial as of September 30, 2025 and December 31, 2024.
The Company evaluated whether the decline in fair value has resulted from credit losses or other factors and concluded these amounts were related to temporary fluctuations in value of AFS securities and were due primarily to changes in interest rates and market conditions of the underlying securities.
−Removed: The Compan y did no t rec ognize a provision for credit losses related to its AFS debt securities during the three and six months ended June 30, 2025 and 2024, respectively.
−Removed: The estimated fair value of marketable debt securities by contractual maturity at June 30, 2025 is shown below (in thousands).
+Added: The Compan y did no t rec ognize a provision for credit losses related to its AFS debt securities during the three and nine months ended September 30, 2025 and 2024, respectively.
+Added: The estimated fair value of marketable debt securities by contractual maturity at September 30, 2025 is shown below (in thousands).
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties.
14 unchanged sentences
The Company calculates the fair value of its Level 1 and Level 2 instruments based on the exchange traded price of similar or identical instruments, where available, or based on other observable inputs.
−Removed: There were no significant transfers into or out of Level 1 or Level 2 that occurred between December 31, 2024 and June 30, 2025.
−Removed: The following sets forth the fair value, and classification within the hierarchy, of the Company’s assets required to be measured at fair value on a recurring basis as of June 30, 2025 (in thousands):
+Added: There were no significant transfers into or out of Level 1 or Level 2 that occurred between December 31, 2024 and September 30, 2025.
+Added: The following sets forth the fair value, and classification within the hierarchy, of the Company’s assets required to be measured at fair value on a recurring basis as of September 30, 2025 (in thousands):
Active Markets
25 unchanged sentences
The carrying amounts and estimated fair values are as follows (in thousands):
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
Long-term debt, net (1)
−Removed: (1) Carrying amounts of long-term debt are net of unamortized debt discount and issuance costs of $ 10.0 million and $ 11.6 million as of June 30, 2025 and December 31, 2024, respectively.
+Added: (1) Carrying amounts of long-term debt are net of unamortized debt discount and issuance costs of $ 9.1 million and $ 11.6 million as of September 30, 2025 and December 31, 2024, respectively.
See “Note 8 – Debt ” fo r additional information.
2 unchanged sentences
NOTE 7 – GOODWILL AND IDENTIFIED INTANGIBLE ASSETS
−Removed: The carrying value of goodwill at June 30, 2025 and December 31, 2024 wa s $ 313.7 million.
−Removed: There were no changes t o the carrying value of goodwill from January 1, through June 30, 2025.
+Added: The carrying value of goodwill at September 30, 2025 and December 31, 2024 wa s $ 313.7 million.
+Added: There were no changes t o the carrying value of goodwill from January 1, through September 30, 2025.
Goodwill at each reporting unit is evaluated for potential impairment annually, as of the beginning of the fourth quarter, and whenever events or changes in circumstances indicate the carrying amount of goodwill may not be recoverable.
The process of evaluating goodwill for potential impairment is subjective and requires significant estimates, assumptions and judgments particularly related to the identification of reporting units, the assignment of assets and liabilities to reporting units and estimating the fair value of each reporting unit.
−Removed: No impairment charges were recognized during the three and six months ended June 30, 2025 and 2024.
+Added: No impairment charges were recognized during the three and nine months ended September 30, 2025 and 2024.
Identified Intangible Assets
Identified intangible assets consisted of the following (in thousands):
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
5 unchanged sentences
Total intangible assets
−Removed: As of June 30 , 2025, the estimated future amortization expense of total finite-lived intangible assets was as follows (in thousands):
+Added: As of September 30 , 2025, the estimated future amortization expense of total finite-lived intangible assets was as follows (in thousands):
2025 (remaining 3 months)
1 unchanged sentence
The outstanding amounts of debt were as follows (in thousands):
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
3 unchanged sentences
Total long-term debt, net of current portion
−Removed: On June 8, 2021, the Company entered into Amendment No.
−Removed: 1 (“Amendment No.
−Removed: 1”) to that certain Credit Agreement dated June 1, 2020 by and among the Company, the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent (the “2020 Credit Agreement”).
−Removed: The 2020 Credit Agreement initially provided for a five-year senior secured term loan B facility in an aggregate principal amount of $ 1,050 million (the “2020 Term Loan B Facility”).
−Removed: Amendment No.
−Removed: 1 provided for, among other things, (i) a new tranche of term loans (the “2021 Refinanced Term Loan B”) in an aggregate principal amount of $ 810.0 million, (ii) a reduction of the interest rate margin applicable to such loans to (x) in the case of base rate loans, 2.50 % per annum and (y) in the case of Eurodollar loans, LIBOR plus a margin of 3.50 % per annum, (iii) a prepayment premium of 1.00 % in connection with any repricing transaction with respect to the 2021 Refinanced Term Loan B within six months of the closing date of Amendment No.
−Removed: 1, (iv) an extension of the maturity to June 8, 2028 , and (v) certain additional amendments, including amendments to provide the Company with additional flexibility under the covenant governing restricted payments.
+Added: The 2020 Credit Agreement dated June 1, 2020 (the “2020 Credit Agreement”), provides for a senior secured term loan B facility (the “Term Loan B”) with maturity on June 8, 2028 .
On May 20, 2024, the Company entered into Amendment No.
(“Amendment No.
−Removed: 2”) to the 2020 Credit Agreement, to replace the reference to LIBOR as the base rate with the reference to the Secured Overnight Financing Rate “SOFR” as administered by the Federal Reserve Bank of New York.
−Removed: The new reference rate was effective July 1, 2023.
−Removed: On May 20, 2024, the Company entered into Amendment No.
+Added: 3”) to the 2020 Credit Agreement, and executed a repricing of the outstanding amount of $ 561.1 million.
Amendment No.
−Removed: 3”) to the 2020 Credit Agreement, which provided for, among other things, (i) a repricing of the 2020 Term Loan B Facility through a refinancing of the entire amount of the 2021 Refinanced Term Loan B with a new tranche of term loans (the “2024 Term Loan B”) in an aggregate principal amount of $ 561.1 million, (ii) a reduction of the interest rate margin applicable to such loans to (x) in the case of SOFR loans, SOFR plus a margin of 3.00 % per annum and (y) in the case of base rate loans, 2.00 % per annum, (iii) a reduction in the excess cash flow mandatory payment thresholds and (iv) a prepayment premium of 1.00 % in connection with any repricing transaction with respect to the 2024 Term Loan B within six months of the closing date of Amendment No.
−Removed: The 2024 Term Loan B will mature on June 8, 2028 , the same date upon which the 2021 Refinanced Term Loan B matured prior to giving effect to Amendment No.
+Added: 3 reduced the interest margins from SOFR plus a margin of 3.50 % per annum to SOFR plus a margin of 3.00 % per annum or base rate plus a margin of 2.00 % per annum.
+Added: In addition, Amendment No.
+Added: 3 lowered the excess cash flow mandatory payment thresholds.
On January 30, 2025, the Company entered into Amendment No.
4 (“Amendment No.
−Removed: 4”) to the 2020 Credit Agreement, which provided for, among other things, (i) a repricing of the 2020 Term Loan B Facility through a refinancing of the entire amount of the 2024 Term Loan B (the “2025 Term Loan B”) in an aggregate principal amount of $ 487.1 million, (ii) a reduction of the interest rate margin applicable to such loans to (x) in the case of SOFR loans, 2.50 % per annum and (y) in the case of base rate loans, 1.50 % per annum and (iii) a prepayment premium of 1.00 % in connection with any repricing transaction with respect to the 2025 Term Loan B within six months of the closing date of Amendment No.
−Removed: The 2025 Term Loan B will mature on June 8, 2028 , the same date upon which the 2024 Term Loan B matured prior to giving effect to Amendment No.
−Removed: The obligations under the 2020 Credit Agreement, inclusive of any changes by Amendment No.
−Removed: 1, Amendment No.
+Added: 4”) to the 2020 Credit Agreement, and executed a repricing of the outstanding principal amount of $ 487.1 million.
Amendment No.
−Removed: 3 and Amendment No.
−Removed: 4, continue to be guaranteed by the Company’s wholly-owned material domestic subsidiaries (collectively, the “Guarantors”) and continue to be secured by a lien on substantially all of the assets of the Company and the Guarantors.
−Removed: The 2020 Credit Agreement, as amended, contains customary events of default, upon the occurrence of which, after any applicable cure period, the lenders will have the ability to accelerate all outstanding loans thereunder.
−Removed: The 2020 Credit Agreement, as amended, also contains customary representations and warranties and affirmative and negative covenants that, among other things and subject to certain exceptions, restrict the ability of the Company and its subsidiaries to create or incur certain liens, incur or guarantee additional indebtedness, merge or consolidate with other companies, transfer or sell assets and make restricted payments.
−Removed: The 2020 Credit Agreement, as amended, requires the Company to maintain a total net leverage ratio of no greater than 3.00x in order to access a basket from which to make restricted payments (such as dividend payments and share repurchases).
−Removed: The Company was in compliance with all requirements under the 2020 Credit Agreement as of June 30, 2025.
+Added: 4 further reduced the interest margins to SOFR plus a margin of 2.50 % per annum or base rate plus a margin of 1.50 % per annum.
+Added: The obligations under the 2020 Credit Agreement, as amended, continue to be guaranteed by the Company’s wholly-owned material domestic subsidiaries (collectively, the “Guarantors”) and continue to be secured by a lien on substantially all assets of the Company and the Guarantors.
+Added: The 2020 Credit Agreement, as amended, contains customary events of default, representations, warranties, and affirmative and negative covenants.
+Added: It also requires the Company to maintain a total net leverage ratio of no greater than 3.00x to access a basket for restricted payments (including dividends and share repurchases).
+Added: As of September 30, 2025, the Company was in compliance with all requirements under the 2020 Credit Agreement, as amended.
The 2020 Credit Agreement, as amended, also requires the Company to continue to make cash payments on an annual basis based on certain leverage ratios and excess cash flow generated for the immediately preceding fiscal year.
1 unchanged sentence
Interest Expense and Expected Principal Payments
−Removed: At June 30, 2025, the Company had $ 458.9 million in total debt outstanding.
−Removed: There were also $ 10.0 million of unamortized debt discount and issuance costs recorded as a reduction from the carrying amount of the debt.
−Removed: The interest rate on the Term Loan B as of June 30, 2025, including the amortization of debt discount and issuance costs, was 7.8 % and interest is payable monthly.
−Removed: Interest expense was $ 8.9 million and $ 18.2 million for the three and six months ended June 30, 2025, respectively.
−Removed: Interest expense was $ 12.9 million and $ 25.4 million for the three and six months ended June 30, 2024, respectively.
−Removed: Amortized debt discount and issuance costs, which were included in interest expense, amounted to $ 0.8 million and $ 1.7 million for the three and six months ended June 30, 2025, respectively, and $ 0.9 million and $ 1.6 million for the three and six months ended June 30, 2024, respectively.
−Removed: As of June 30 , 2025, future minimum principal payments for long-term debt, excluding any additional principal payment required by the excess cash flow provision, are summarized as follows (in thousands):
+Added: At September 30, 2025, the Company had $ 447.8 million in total debt outstanding.
+Added: Additionally, the Company had $ 9.1 million of unamortized debt discount and issuance costs recorded as a reduction from the carrying amount of the debt.
+Added: The interest rate on the Term Loan B as of September 30, 2025, including the amortization of debt discount and issuance costs, was 7.8 % and interest is payable monthly.
+Added: As of September 30, 2025, future minimum principal payments for long-term debt, excluding any additional principal payment required by the excess cash flow provision, are summarized as follows (in thousands):
2025 (remaining 3 months)
2 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
Weighted average shares of common stock outstanding
16 unchanged sentences
stock awards, restricted stock awards, restricted stock units, performance awards and dividend equivalents) prior to May 9, 2024 are counted against shares available for issuance on a 1.5 to 1 ratio).
−Removed: As of June 30, 2025, there wer e approximately 5.0 million shares reserved for future grants under the 2020 EIP.
+Added: As of September 30, 2025, there wer e approximately 5.1 million shares reserved for future grants under the 2020 EIP.
The 2020 EIP provides for option grants designed as either incentive stock options or non-statutory options.
13 unchanged sentences
Options canceled / forfeited / expired
−Removed: Balance at June 30, 2025
−Removed: Vested and exercisable at June 30, 2025
+Added: Balance at September 30, 2025
+Added: Vested and exercisable at September 30, 2025
Restricted Stock Awards
−Removed: Information with respect to outstanding restricted stock units (including both time-based vesting and performance-based vesting) as of June 30, 2025 is as follows (in thousands, except per share amounts):
+Added: Information with respect to outstanding restricted stock units (including both time-based vesting and performance-based vesting) as of September 30, 2025 is as follows (in thousands, except per share amounts):
Restricted Stock Awards
5 unchanged sentences
Awards canceled / forfeited
−Removed: Balance at June 30, 2025
+Added: Balance at September 30, 2025
Performance Awards
15 unchanged sentences
At the 2022 Annual Stockholders Meeting on April 29, 2022, the Company’s stockholders approved an amendment to the 2020 ESPP and increased by 6.0 million the number of shares reserved for issuance.
−Removed: As of June 30, 2025, the re were approximately 4.9 million shares reserved for grant under the Company’s 2020 ESPP.
+Added: As of September 30, 2025, the re were approximatel y 4.9 million shares reserved for grant under the Company’s 2020 ESPP.
Stockholders of the Company’s common stock are entitled to receive dividends when declared by the Company’s Board of Directors (the “Board”).
−Removed: During the periods ended June 30, 2025 and 2024, quarterly dividends declared were $ 0.05 per common share, respectively.
+Added: In 2025 and 2024, the Company paid quarterly dividends of $ 0.05 per share in each of the March, June, September and December quarterly periods, respectively.
+Added: During the periods ended September 30, 2025 and 2024, quarterly dividends declared were $ 0.05 per common share, respectively.
The capacity to pay dividends in the future depends on many factors, including the Company’s financial condition, results of operations, capital requirements, capital structure, industry practice and other business conditions that the Board considers relevant.
1 unchanged sentence
In October 2024, the Company’s Board approved an increase of the existing share repurchase authorization up to a total of $ 200.0 million.
−Removed: During the six months ended June 30, 2025, the Company repurchased a total of approximately 0.8 million shares of common stock, at an average price of $ 13.19 per share for a total cost of $ 10.0 million.
−Removed: These purchases occurred during the three months ended March 31, 2025 and no repurchases were made during the three months ended June 30, 2025.
−Removed: The Company did no t repurchase any shares during the six months ended June 30, 2024.
−Removed: As of June 30, 2025, the total remaining amount available for repurchase under this plan was $ 170.0 million.
+Added: During the nine months ended September 30 , 2025, the Company repurchased a total of approximately 0.8 million shares of common stock, at an average price of $ 13.18 per share for a total cost of $ 10.0 million.
+Added: These purchases occurred during the three months ended March 31, 2025.
+Added: No repurchases were made from April 1 through September 30, 2025.
+Added: The Company did no t repurchase any shares during the nine months ended September 30, 2024.
+Added: As of September 30, 2025, the total remaining amount available for repurchase under this plan was $ 170.0 million.
The shares repurchased are recorded as treasury stock and are accounted for under the cost method.
8 unchanged sentences
NOTE 11 – STOCK-BASED COMPENSATION EXPENSE
−Removed: The effect of recording stock-based compensation (“SBC”) expense for the three and six months ended June 30, 2025 and 2024 is as follows (in thousands):
+Added: The effect of recording stock-based compensation (“SBC”) expense for the three and nine months ended September 30, 2025 and 2024 is as follows (in thousands):
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
Research and development
2 unchanged sentences
The Company uses a Monte Carlo simulation to determine the grant date fair value of performance stock awards subject to market conditions, or market-based PSUs.
−Removed: The following assumptions were used to value the restricted stock units subject to market conditions granted during the six months ended June 30, 2025 and 2024:
+Added: The following assumptions were used to value the restricted stock units subject to market conditions granted during the nine months ended September 30, 2025 and 2024:
Expected life (years)
10 unchanged sentences
The Company’s income tax provision and effective tax rate for interim periods are based on its estimated annual effective tax rate adjusted for discrete items during the period.
−Removed: For the three and six months ended June 30, 2025, the Company recorded income tax benefits of $ 9.1 million and $ 7.0 million, respectively.
−Removed: For the three and six months ended June 30, 2024, the Company recorded income tax expense of $ 2.9 million and $ 8.6 million, respectively.
+Added: For the three and nine months ended September 30, 2025, the Company recorded income tax expense of $ 9.6 million and $ 2.6 million, respectively.
+Added: For the three and nine months ended September 30, 2024, the Company recorded income tax benefit of $( 2.5 ) million and expense of $ 6.1 million, respectively.
The effective tax rate varies from the 21 % U.S.
−Removed: federal tax rate primarily due to unrealized benefits associated with South Korea withholding tax refund claims.
−Removed: The decrease in income tax expense for the three and six months ended June 30, 2025, as compared to the same periods in the prior year was primarily due to unrealized benefits associated with South Korea withholding tax refund claims.
+Added: federal tax rate primarily due to unrealized foreign exchange gain or loss associated with South Korea withholding tax refund claims.
+Added: The increase in income tax expense for the three months ended September 30, 2025, as compared to the same period in the prior year was primarily due to unrealized foreign exchange loss associated with South Korea withholding tax refund claims.
+Added: The decrease in income tax expense for the nine months ended September 30, 2025, as compared to the same period in the prior year was primarily due to unrealized foreign exchange gain associated with South Korea withholding tax refund claims.
NOTE 13 – LEASES
8 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
Fixed lease cost
3 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
3 unchanged sentences
Operating leases
−Removed: Future minimum lease payments and related lease liabilities as of June 30, 2025 were as follows (in thousands):
+Added: Future minimum lease payments and related lease liabilities as of September 30, 2025 were as follows (in thousands):
Operating Lease Payments (1)
11 unchanged sentences
These arrangements primarily include unconditional purchase obligations to service providers.
−Removed: As of June 30, 2025, the Company’s total future unconditional purchase obligations were approximately $ 4.8 million, including $ 1.9 million due in the remainder of 2025, $ 1.5 million due in 2026 and $ 1.4 million due thereafter.
+Added: As of September 30, 2025, the Company’s total future unconditional purchase obligations were approximately $ 4.8 million, including $ 1.2 million due in the remainder of 2025, $ 1.8 million due in 2026 and $ 1.8 million due thereafter.
Prior to the Separation, Adeia Media LLC, a subsidiary of the Company (“Adeia Media”), and a subsidiary of Xperi Inc.
3 unchanged sentences
Subsequent changes to the carrying value of the guarantee are recognized as part of the Company’s results of operations.
−Removed: As of June 30 , 2025 and December 31, 2024, the balance of the guarantee liability wa s $ 17.1 m illion.
+Added: As of September 30 , 2025 and December 31, 2024, the balance of the guarantee liability wa s $ 16.3 million and $ 17.1 m illion, respectively.
Operating expense reimbursements are capped at a maximum of $ 7.5 million per annum.
34 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
Personnel related expense
14 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
Europe and Middle East
−Removed: For the three and six months ended June 30, 2025 and 2024, there were two custo mers that each accounted for 10% or more of total revenue.
+Added: For the three and nine months ended September 30, 2025 and 2024, there were two custo mers that each accounted for 10% or more of total revenue.
The following table sets forth revenue generated from customers which comprise 10% or more of total revenue for the periods indicated:
Three Months Ended
−Removed: Six Months Ended
−Removed: At June 30, 2025, the Company had one customer repres enting 63 % of aggr egate accounts receivable.
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
+Added: At September 30, 2025, the Company had two customers representing 60 % and 13 % of aggr egate accounts receivable, respectively.
At December 31, 2024, the Company had two customers representing 52 % and 11 % of aggregate accounts receivable, respectively.
Other Geography Information
−Removed: At June 30, 2025 and December 31, 2024, property and equipment, net, was all located in the U.S.
+Added: At September 30, 2025 and December 31, 2024, property and equipment, net, was all located in the U.S.
NOTE 16 – SUBSEQUENT EVENTS
Declaration of Cash Dividends
−Removed: On July 24, 2025 , the Board declared a cash dividend of $ 0.05 per share of common stock, payable on September 16, 2025 to the stockholders of record at the close of business on August 26, 2025 .
−Removed: Tax Legislation
−Removed: On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the U.S.
−Removed: which, among other changes, makes permanent certain tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025.
−Removed: The OBBBA makes changes to certain U.S.
−Removed: corporate tax provisions, some of which are not effective until 2026 or later.
−Removed: The Company is currently evaluating its impact on the consolidated financial statements.
−Removed: As the legislation was signed into law after the close of the second quarter, the impacts will be included in the third quarter financial statements.
+Added: On October 21, 2025 , the Board declared a cash dividend of $ 0.05 per share of common stock, payable on December 15, 2025 to the stockholders of record at the close of business on November 24, 2025 .
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.