Xperi Holding 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Entity Registrant Name	ADEIA INC.
Trading Symbol	ADEA
Entity Central Index Key	0001803696
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		109,264,937
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-39304
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4734590
Entity Address, Address Line One	3025 Orchard Parkway
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	408
Local Phone Number	473-2500
Document Quarterly Report	true
Document Transition Report	false
Security12b Title	Common Stock (par value $0.001 per share)
Security Exchange Name	NASDAQ

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 86,101	$ 101,397	$ 256,856	$ 301,921
Operating expenses:
Research and development	14,825	13,768	43,549	39,895
Selling, general and administrative	26,903	21,921	75,549	71,177
Amortization expense	13,600	23,386	56,787	70,725
Litigation expense	2,652	2,205	9,844	7,161
Total operating expenses	57,980	61,280	185,729	188,958
Operating income	28,121	40,117	71,127	112,963
Interest expense	(12,758)	(15,659)	(40,229)	(47,137)
Other income and expense, net	1,431	1,486	4,259	4,723
Loss on debt extinguishment	0	0	(453)	0
Income before income taxes	16,794	25,944	34,704	70,549
Provision for (benefit from) income taxes	(2,520)	1,712	6,109	15,877
Net income	$ 19,314	$ 24,232	$ 28,595	$ 54,672
Net income per share:
Basic	$ 0.18	$ 0.23	$ 0.26	$ 0.51
Diluted	$ 0.17	$ 0.21	$ 0.25	$ 0.48
Weighted average number of shares used in per share calculations
Basic	109,035	106,902	108,491	106,322
Diluted	113,124	112,929	112,881	112,765

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 19,314	$ 24,232	$ 28,595	$ 54,672
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment	0	0	0	9
Net unrealized gain (losses) on available-for-sale debt securities	247	12	159	(27)
Other comprehensive income (loss), net of tax	247	12	159	(18)
Total comprehensive income	$ 19,561	$ 24,244	$ 28,754	$ 54,654

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 60,698	$ 54,560
Marketable securities	28,486	29,012
Accounts receivable, net of allowance for credit losses of $713 and $1,463, respectively	43,948	39,651
Unbilled contracts receivable, net	101,593	74,919
Other current assets	9,985	7,700
Total current assets	244,710	205,842
Long-term unbilled contracts receivable	62,880	73,843
Property and equipment, net	6,473	6,971
Operating lease right-of-use assets	8,817	9,484
Intangible assets, net	297,361	347,172
Goodwill	313,660	313,660
Long-term income tax receivable	120,391	120,338
Other long-term assets	28,873	28,246
Total assets	1,083,165	1,105,556
Current liabilities:
Accounts payable	7,717	9,623
Accrued legal fees	2,236	1,796
Accrued liabilities	16,237	17,342
Current portion of long-term debt	24,732	66,145
Deferred revenue	20,576	7,132
Total current liabilities	71,498	102,038
Deferred revenue, less current portion	24,474	17,672
Long-term debt, net	499,692	519,550
Noncurrent operating lease liabilities	9,180	9,730
Long-term income tax payable	82,422	81,834
Other long-term liabilities	17,684	18,110
Total liabilities	704,950	748,934
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock: $0.001 par value; (2024: authorized 15,000 shares; 2023: authorized 15,000 shares and no shares issued and outstanding)
Common stock: $0.001 par value; (2024: authorized 350,000 shares, issued 123,538 shares, outstanding 109,193 shares; 2023: authorized 350,000 shares, issued 120,730 shares, outstanding 107,384 shares)	124	121
Additional paid-in capital	639,727	635,331
Treasury stock at cost (2024: 14,345 shares; 2023: 13,346 shares)	(234,057)	(222,497)
Accumulated other comprehensive loss	151	(8)
Accumulated deficit	(27,730)	(56,325)
Total stockholders' equity	378,215	356,622
Total liabilities and equity	$ 1,083,165	$ 1,105,556

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable allowance for credit losses	$ 713	$ 1,463
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	123,538,000	120,730,000
Common stock, shares outstanding (in shares)	109,193,000	107,384,000
Treasury stock, shares (in shares)	14,345,000	13,346,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 28,595	$ 54,672
Adjustments to reconcile net income to net cash from operating activities:
Depreciation	1,536	1,151
Amortization of intangible assets	56,787	70,725
Stock-based compensation expense	19,156	13,070
Deferred income taxes	(1,818)	2
Loss on debt extinguishment	453	0
Amortization of debt issuance costs	2,429	3,251
Other	(1,421)	107
Changes in operating assets and liabilities:
Accounts receivable	(3,547)	13,728
Unbilled contracts receivable	(15,711)	(34,415)
Other assets	(481)	9,993
Accounts payable	(170)	265
Accrued and other liabilities	(1,053)	(14,515)
Deferred revenue	20,246	(4,719)
Net cash from operating activities	105,001	113,315
Cash flows from investing activities:
Purchases of property and equipment	(1,274)	(1,936)
Purchases of intangible assets	(8,476)	(95)
Purchases of short-term investments	(25,094)	(33,598)
Proceeds from maturities of investments	26,450	3,800
Net cash from investing activities	(8,394)	(31,829)
Cash flows from financing activities:
Dividends paid	(16,303)	(15,979)
Repayment of debt	(64,153)	(118,875)
Proceeds from employee stock purchase program and exercise of stock options	1,547	1,172
Repurchases of common stock for tax withholdings on equity awards	(11,560)	(10,504)
Net cash from financing activities	(90,469)	(144,186)
Net increase (decrease) in cash and cash equivalents	6,138	(62,700)
Cash and cash equivalents at beginning of period	54,560	114,555
Cash and cash equivalents at end of period	60,698	51,855
Supplemental disclosure of cash flow information:
Interest paid	36,221	43,507
Income taxes paid, net of refunds	7,694	3,431
Unpaid purchases of property and equipment at the end of the period	$ 235	$ 425

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2022	$ 301,412	$ 117	$ 636,266	$ (211,223)	$ (51)	$ (123,697)
Beginning balance (in shares) at Dec. 31, 2022		105,167,000		12,225,000
Net income	54,672					54,672
Other comprehensive income (loss)	(18)				(18)
Cash dividends paid on common stock	(15,979)		(15,979)
Issuance of common stock in connection with exercise of stock options	450		450
Issuance of common stock in connection with exercise of stock options (in shares)		42,000
Issuance of common stock in connection with employee stock purchase plan	719		719
Issuance of common stock in connection with employee stock purchase plan (in shares)		87,000
Issuance of restricted stock, net of shares canceled	3	$ 3
Issuance of restricted stock, net of shares canceled (in shares)		2,838,000
Withholding taxes related to net share settlement of restricted awards	(10,504)			$ (10,504)
Withholding taxes related to net share settlement of restricted awards (in shares)		(1,038,000)		1,038,000
Stock-based compensation expense	13,070		13,070
Ending balance at Sep. 30, 2023	343,825	$ 120	634,526	$ (221,727)	(69)	(69,025)
Ending balance (in shares) at Sep. 30, 2023		107,096,000		13,263,000
Beginning balance at Jun. 30, 2023	323,021	$ 119	634,954	$ (218,714)	(81)	(93,257)
Beginning balance (in shares) at Jun. 30, 2023		106,606,000		12,989,000
Net income	24,232					24,232
Other comprehensive income (loss)	12				12
Cash dividends paid on common stock	(5,343)		(5,343)
Issuance of common stock in connection with exercise of stock options	41		41
Issuance of common stock in connection with exercise of stock options (in shares)		4,000
Issuance of restricted stock, net of shares canceled	1	$ 1
Issuance of restricted stock, net of shares canceled (in shares)		760,000
Withholding taxes related to net share settlement of restricted awards	(3,013)			$ (3,013)
Withholding taxes related to net share settlement of restricted awards (in shares)		(274,000)		274,000
Stock-based compensation expense	4,874		4,874
Ending balance at Sep. 30, 2023	343,825	$ 120	634,526	$ (221,727)	(69)	(69,025)
Ending balance (in shares) at Sep. 30, 2023		107,096,000		13,263,000
Beginning balance at Dec. 31, 2023	356,622	$ 121	635,331	$ (222,497)	(8)	(56,325)
Beginning balance (in shares) at Dec. 31, 2023		107,384,000		13,346,000
Net income	28,595					28,595
Other comprehensive income (loss)	159				159
Cash dividends paid on common stock	(16,303)		(16,303)
Issuance of common stock in connection with exercise of stock options	568		568
Issuance of common stock in connection with exercise of stock options (in shares)		54,000
Issuance of common stock in connection with employee stock purchase plan	975		975
Issuance of common stock in connection with employee stock purchase plan (in shares)		120,000
Issuance of restricted stock, net of shares canceled	4	$ 4
Issuance of restricted stock, net of shares canceled (in shares)		2,634,000
Withholding taxes related to net share settlement of restricted awards	(11,561)	$ (1)		$ (11,560)
Withholding taxes related to net share settlement of restricted awards (in shares)		(999,000)		999,000
Stock-based compensation expense	19,156		19,156
Ending balance at Sep. 30, 2024	378,215	$ 124	639,727	$ (234,057)	151	(27,730)
Ending balance (in shares) at Sep. 30, 2024		109,193,000		14,345,000
Beginning balance at Jun. 30, 2024	359,136	$ 123	637,752	$ (231,599)	(96)	(47,044)
Beginning balance (in shares) at Jun. 30, 2024		108,854,000		14,138,000
Net income	19,314					19,314
Other comprehensive income (loss)	247				247
Cash dividends paid on common stock	(5,450)		(5,450)
Issuance of common stock in connection with exercise of stock options	6		6
Issuance of common stock in connection with exercise of stock options (in shares)		1,000
Issuance of restricted stock, net of shares canceled	1	$ 1
Issuance of restricted stock, net of shares canceled (in shares)		545,000
Withholding taxes related to net share settlement of restricted awards	(2,458)			$ (2,458)
Withholding taxes related to net share settlement of restricted awards (in shares)		(207,000)		207,000
Stock-based compensation expense	7,419		7,419
Ending balance at Sep. 30, 2024	$ 378,215	$ 124	$ 639,727	$ (234,057)	$ 151	$ (27,730)
Ending balance (in shares) at Sep. 30, 2024		109,193,000		14,345,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends paid on common stock, price per share	$ 0.05	$ 0.05	$ 0.15	$ 0.15

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 19,314	$ 24,232	$ 28,595	$ 54,672

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arr Modified Flag	false
Non Rule 10b5-1 Arr Modified Flag	false

The Company and Basis of Presen

The Company and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Basis of Presentation	NOTE 1 – THE COMPANY AND BASIS OF PRESENTATION Adeia Inc. (the “Company”), a Delaware corporation, is one of the industry’s largest intellectual property (“IP”) licensing platforms, with a diverse portfolio of media and semiconductor IP consisting of more than 11,750 patents and patent applications worldwide. On October 1, 2022, the Company completed the previously announced separation (“the Separation”) of its product business into a separate, independent, publicly-traded company, Xperi Inc. (“Xperi Inc.”). The Separation was structured as a spin-off, which was achieved through the Company’s distribution of 100 percent of the outstanding shares of Xperi Inc.’s common stock to holders of the Company’s common stock as of the close of business on the record date of September 21, 2022 (the “Record Date”). Each Company stockholder of record received four shares of Xperi Inc. common stock for every ten shares of Company common stock that it held on the Record Date. Following the Separation, the Company retains no ownership in Xperi Inc., which is now listed under the ticker symbol “XPER” on the New York Stock Exchange. Effective at the open of business on October 3, 2022, the Company’s shares of common stock, par value $ 0.001 per share, began trading on the Nasdaq Global Select Market under the new ticker symbol “ADEA”. Additionally, as a result of the Separation, the Company changed its operational structure in the fourth quarter of 2022, resulting in one reportable segment, IP Licensing. The accompanying interim unaudited Condensed Consolidated Financial Statements have been prepared by the Company in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. The amounts as of December 31, 2023 have been derived from the Company’s annual audited Consolidated Financial Statements included in its Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 23, 2024 (the “Form 10-K”). These Condensed Consolidated Financial Statements should be read in conjunction with the annual audited Consolidated Financial Statements and notes thereto included in the Form 10-K as of and for the year ended December 31, 2023. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. 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. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024 or any future period and the Company makes no representations related thereto.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no significant changes in the Company’s significant accounting policies during the three and nine months ended September 30, 2024, as compared to the significant accounting policies described in the Form 10-K. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The accounting estimates and assumptions that require management’s most significant, challenging, and subjective judgment include identifying the performance obligations in the contract, estimating variable consideration, estimating quarterly royalties prior to receiving the royalty reports from the licensee, determining standalone selling price, and allocating consideration in a contract with multiple performance obligations, the assessment of the recoverability of goodwill, the assessment of useful lives and recoverability of other intangible assets and long-lived assets, recognition and measurement of current and deferred income tax assets and liabilities, the assessment of unrecognized tax benefits and purchase accounting resulting from business combinations, among others. Actual results experienced by the Company may differ from management’s estimates. These estimates may change, as new events occur and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known. Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. 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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ ASU 2022-06” ), which deferred the application dates of Topic 848 to December 31, 2024. In the second quarter of 2023 , the Company adopted Topic 848 and modified its debt agreement to reference the other rate. The adoption did no t have a material impact to the Company’s Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	NOTE 3 – REVENUE Revenue Recognition General Revenue is recognized when control of the intellectual property (“IP”) rights is transferred to a customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for the licensing of the Company’s IP, which may include various combinations of IP rights and services which are generally capable of being distinct and accounted for as separate performance obligations. In situations where foreign withholding taxes are withheld by the Company’s licensee, revenue is recognized gross of withholding taxes that are remitted directly by the licensee to a local tax authority. Some of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the individual performance obligations are separately accounted for if they are distinct. In a contract with multiple performance obligations, the transaction price is allocated among the separate performance obligations on a relative standalone selling price basis. The determination of standalone selling price considers market conditions, the size and scope of the contract, customer and geographic information, and other factors. When observable prices are not available, standalone selling price for separate performance obligations is based on the adjusted market assessment approach to estimate the price that a customer in the relevant market would be willing to pay for licensing the Company’s IP rights. The allocation of transaction price among performance obligations in a contract may impact the amount and timing of revenue recognized in the Consolidated Statements of Income during a given period. When a contract with a customer includes variable consideration, an estimate of the consideration which the Company expects to be entitled to for transferring the promised IP rights or services is made at contract inception and in each subsequent reporting period until the uncertainty associated with the variable consideration is resolved. The amount of variable consideration is estimated by considering all available information (historical, current, and forecast) and is updated as additional information becomes available. The estimate of variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. When the uncertainty associated with variable consideration relates to potential price adjustments as a result of a legal contract dispute, the Company estimates variable consideration using the expected value method or the most likely amount method, whichever is more appropriate in the circumstances, and considers all available information, including historical data and experience. Estimating variable consideration related to potential future price adjustments requires significant judgment in evaluating the possible outcomes. Subsequent changes in the transaction price resulting from changes in the estimate of variable consideration are allocated to the performance obligations in the contract on the same basis as at contract inception. When variable consideration is in the form of a sales-based or usage-based royalty in exchange for a license of IP, revenue is recognized at the later of when the subsequent sale or usage occurs or the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied or partially satisfied. Description of Revenue-Generating Activities IP License Arrangements The Company licenses (i) its media patent portfolio (“Media IP licensing”) to multichannel video programming distributors, over-the-top video service providers, consumer electronics manufacturers, social media, and other new media companies and (ii) its semiconductor technologies and associated patent portfolio (“Semiconductor IP licensing”) to memory, logic, sensors, radio frequency component, and foundry companies. The Company generally licenses its IP portfolios under three models: (i) per-unit or per-subscriber Media IP or Semiconductor IP royalty licensing, (ii) fixed-fee Media IP licensing, and (iii) fixed-fee or minimum guarantee Semiconductor IP licensing. Per-unit or per-subscriber Media IP or Semiconductor IP royalty licensing The Company recognizes revenue from per-unit or per-subscriber IP royalty licenses in the period in which the licensee’s sales or production are estimated to have occurred, which results in an adjustment to revenue when actual sales or production are subsequently reported by the licensee, which is generally in the month or quarter following usage or shipment. Estimating customers’ monthly or quarterly royalties prior to receiving the royalty reports requires the Company to make significant assumptions and judgments related to forecasted trends and growth rates used to estimate quantities shipped or manufactured by customers, which could have a material impact on the amount of revenue it reports on a quarterly basis. Fixed-fee Media IP licensing The Company’s long-term fixed-fee Media IP licensing contracts provide its customers with rights to future patented technologies over the term of the contract that are highly interdependent or highly interrelated to the patented technologies provided at the inception of the contract. The Company treats these rights as a single performance obligation with revenue recognized on a straight-line basis over the term of the fixed-fee license contract. The transaction price is adjusted for the effect of any significant financing components calculated using borrower-specific, risk-adjusted interest rates, with the related interest income or expense being recognized over time on an effective rate basis. Fixed-fee or minimum guarantee Semiconductor IP licensing The Company enters into Semiconductor IP licenses that have a fixed fee or a minimum guarantee, whereby licensees pay a fixed fee for the right to incorporate the Company’s IP technologies in the licensee’s products over the license term. In contracts with a minimum guarantee, the fixed fee component corresponds to a minimum number of units or dollars that the customer must produce or pay, with additional per-unit fees for any units or dollars exceeding the minimum. The Company generally recognizes the full fixed fee as revenue at the beginning of the license term when the customer has the right to use the IP and begins to benefit from the license, adjusted for the effect of any significant financing components calculated using borrower-specific, risk-adjusted interest rates, with the related interest income or expense being recognized over time on an effective rate basis. For minimum guarantee contracts where the customer exceeds the minimum, the Company recognizes revenue relating to any additional per-unit fees in the periods it believes the customer has exceeded the minimum and adjusts the revenue based on actual usage once that is reported by the customer. IP license contracts with multiple performance obligations At times, the Company enters into long-term license contracts with more than one performance obligation, which may include releases from past patent infringement claims or one or more prospective licenses. In these arrangements, the Company allocates the transaction price between releases for past patent infringement claims and prospective licenses based on their relative standalone selling prices, which requires significant management judgment. In determining the standalone selling price of each performance obligation, the Company considers such factors as the number of past and projected future subscribers, units shipped, and units manufactured, as well as the per-subscriber or per-unit licensing rates the Company generally receives from licensees of comparable sizes in comparable markets and geographies. As a release from past patent infringement claims is generally satisfied at execution of the contract, the transaction price allocated to the release from past patent infringement claims is generally recognized in the period the contract is executed. Transaction price allocated to prospective Media IP licenses is recognized ratably over the license term, and transaction price allocated to prospective Semiconductor IP licenses is recognized upon execution of the contract. Practical Expedients and Exemptions The Company applies a practical expedient to not perform an evaluation of whether a contract includes a significant financing component when the timing of revenue recognition differs from the timing of cash collection by one year or less. The Company applies a practical expedient to expense costs to obtain a contract with a customer as incurred as a component of selling, general and administrative expenses when the amortization period would have been one year or less. The Company applies a practical expedient when disclosing revenue expected to be recognized from unsatisfied performance obligations to exclude contracts with customers with an original duration of less than one year ; amounts attributable to variable consideration arising from (i) a sales-based or usage-based royalty of an intellectual property license or (ii) when variable consideration is allocated entirely to a wholly unsatisfied performance obligation; or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation. Revenue Details Revenue Disaggregation The following information depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors by disaggregating revenue by category, market vertical and geographic location (presented in “Note 15 – Segment and Geographic Information ”). This information includes revenue recognized from contracts with customers and revenue from other sources, including sales-based or usage-based royalty revenues and fees associated with releases for past infringement. Recurring and non-recurring revenue Recurring revenue includes the following: (i) for fixed-fee Media IP license agreements, revenue associated with rights to existing and future patented technologies during reporting periods beginning with the reporting period in which the agreement is executed through the end of the term of the agreement, which are recognized on a straight-line basis; and (ii) for per-unit or per-subscriber Media IP or Semiconductor IP royalty license agreements, revenue associated with sales-based or usage-based royalties in exchange for a license of IP, which are recognized in the period such subsequent sales or usage occurs. Non-recurring revenue includes the following: (i) for fixed-fee or minimum guarantee Semiconductor IP license agreements, revenue in the amount of such fixed fee or minimum guarantee associated with the right to use the IP, which is recognized upon execution of the agreement; and (ii) for all license agreements, revenue in the amount of the fees associated with releases for past patent infringement or licenses, in each case with respect to reporting periods prior to the execution of the agreement, which is recognized upon execution of the agreement. Revenue disaggregated by recurring and non-recurring nature was as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Recurring revenue $ 82,704 $ 83,595 $ 249,844 $ 255,078 Non-recurring revenue 3,397 17,802 7,012 46,843 Total revenue $ 86,101 $ 101,397 $ 256,856 $ 301,921 Revenue by market vertical Revenue disaggregated by market vertical was as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Media $ 82,177 $ 95,748 $ 246,240 $ 259,027 Semiconductor 3,924 5,649 10,616 42,894 Total revenue $ 86,101 $ 101,397 $ 256,856 $ 301,921 Contract Balances Contracts Assets Contract assets primarily consist of unbilled contracts receivable that are expected to be received from customers in future periods, where the revenue recognized to date exceeds the amount billed. The amount of unbilled contracts receivable may not exceed their net realizable value and are classified as long-term assets if the payments are expected to be received more than one year from the reporting date. Contract assets also include the incremental costs of obtaining a contract with a customer, principally sales commissions when the renewal commission is not commensurate with the initial commission. Contract assets were recorded in the Condensed Consolidated Balance Sheets as follows (in thousands): September 30, 2024 December 31, 2023 Unbilled contracts receivable $ 101,593 $ 74,919 Other current assets 701 620 Long-term unbilled contracts receivable 62,880 73,843 Other long-term assets 838 1,007 Total contract assets $ 166,012 $ 150,389 Contract Liabilities Contract liabilities are comprised of deferred revenue related to multi-period licensing arrangements for which the Company is paid in advance, while the underlying performance obligation is satisfied at a future date or over time. Allowance for Credit Losses The allowance for credit losses represents the Company’s best estimate of lifetime expected credit losses inherent in accounts receivable and unbilled contracts receivable. The Company’s long-term unbilled contracts receivable is derived from fixed-fee or minimum-guarantee Semiconductor IP licensing and is primarily comprised of contracts with large, well-capitalized companies. It is generally considered to be of high credit quality due to past collection history and the nature of the customers. The allowance for credit losses at September 30, 2024 and December 31, 2023 wa s $ 0.7 million and $ 1.5 million, respectively and is presented as part of accounts receivable, net in the Condensed Consolidated Balance Sheets. Additional Disclosures The following table presents additional revenue and contract disclosures (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue recognized in the period from: Amounts included in deferred revenue at the beginning of the period $ 1,540 $ 3,943 $ 5,248 $ 12,832 Performance obligations satisfied in previous periods (1) $ 3,137 $ 16,896 $ 6,127 $ 13,143 (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. 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, 2024 and 2023 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). As of Revenue from contracts with performance obligations expected to be satisfied in: 2024 (remaining 3 months) $ 43,042 2025 167,877 2026 71,113 2027 57,239 2028 48,631 Thereafter 59,651 Total $ 447,553

Composition of Certain Financia

Composition of Certain Financial Statement Captions	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Composition of Certain Financial Statement Captions	NOTE 4 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS Other current assets consisted of the following (in thousands): September 30, 2024 December 31, 2023 Prepaid income taxes $ 3,536 $ 3,752 Prepaid expenses 1,954 2,185 Prepaid insurance 1,353 1,123 Other 3,142 640 Total other current assets $ 9,985 $ 7,700 Property and equipment, net, consisted of the following (in thousands): September 30, 2024 December 31, 2023 Equipment, furniture and other $ 17,065 $ 17,267 Leasehold improvements 6,277 5,037 Total property and equipment 23,342 22,304 Less: accumulated depreciation and amortization ( 16,869 ) ( 15,333 ) Total property and equipment, net $ 6,473 $ 6,971 Other long-term assets consisted of the following (in thousands): September 30, 2024 December 31, 2023 Long-term deferred tax assets $ 25,704 $ 23,885 Other assets 3,169 4,361 Total other long-term assets $ 28,873 $ 28,246 Accrued liabilities consisted of the following (in thousands): September 30, 2024 December 31, 2023 Employee compensation and benefits $ 8,699 $ 8,378 Accrued expenses 3,750 3,601 Current portion of guarantee (1) 1,500 2,400 Current portion of operating lease liabilities 320 503 Accrued income taxes 47 325 Other 1,921 2,135 Total accrued liabilities $ 16,237 $ 17,342 (1) Refer to “Note 14 – Commitments and Contingencies” for further detail on the nature of the guarantee. Other long-term liabilities consisted of the following (in thousands): September 30, 2024 December 31, 2023 Long-term portion of guarantee (1) $ 15,583 $ 16,135 Other 2,101 1,975 Total other long-term liabilities $ 17,684 $ 18,110 (1) Refer to “Note 14 – Commitments and Contingencies” for further detail on the nature of the guarantee.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Financial Instruments	NOTE 5 – FINANCIAL INSTRUMENTS The Company has investments in debt securities, which include corporate bonds and notes, treasury and agency notes and bills, commercial paper, and in equity securities consisting of money market funds. The Company classifies its debt securities as available-for-sale (“AFS”), which are accounted for at fair value with credit related losses recognized as a provision for credit losses in its Consolidated Statements of Income and all non-credit related unrealized gains and losses recognized in accumulated other comprehensive income or loss on the Consolidated Balance Sheets. 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 Consolidated Statements of Income. The following is a summary of marketable securities at September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 Cost Gross Gross Allowance for Credit Losses Estimated Marketable securities Commercial paper $ 3,645 $ 3 $ — $ — $ 3,648 Corporate bonds and notes 20,446 182 ( 2 ) — 20,626 Treasury and agency notes and bills 4,704 7 - — 4,711 Total debt securities 28,795 192 ( 2 ) — 28,985 Money market funds 7,169 — — — 7,169 Total equity securities 7,169 — — — 7,169 Total marketable securities $ 35,964 $ 192 $ ( 2 ) $ — $ 36,154 Reported in: Cash and cash equivalents $ 7,668 Marketable securities $ 28,486 Total marketable securities $ 36,154 December 31, 2023 Cost Gross Gross Allowance for Credit Losses Estimated Marketable securities Commercial paper $ 12,421 $ 5 $ ( 4 ) $ — $ 12,422 Treasury and agency notes and bills 10,746 — ( 1 ) — 10,745 Corporate bonds and notes 5,813 34 ( 2 ) — 5,845 Total debt securities 28,980 39 ( 7 ) — 29,012 Money market funds 5,778 — — — 5,778 Total equity securities 5,778 — — — 5,778 Total marketable securities $ 34,758 $ 39 $ ( 7 ) $ — $ 34,790 Reported in: Cash and cash equivalents $ 5,778 Marketable securities $ 29,012 Total marketable securities $ 34,790 At September 30, 2024 and December 31, 2023, the Company had $ 89.2 million and $ 83.6 million, respectively, in cash and cash equivalents and short-term investments. A portion of these amounts was held in marketable securities, as shown above. The remaining balances of $ 53.0 million and $ 48.8 million at September 30, 2024 and December 31, 2023, respectively, consisted of cash held in operating accounts not included in the tables above. Debt Securities The gross realized gains and losses on sales of marketable debt securities were immaterial during the three and nine months ended September 30, 2024 and 2023. Unrealized losses on AFS debt securities were immaterial as of September 30, 2024 and December 31, 2023. 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. 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, 2024 and 2023, respectively. The estimated fair value of AFS debt securities by contractual maturity at September 30, 2024 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. Amortized Estimated Due in one year or less $ 15,822 $ 15,855 Due in one to two years 8,956 9,064 Due in two to three years 4,017 4,066 Total $ 28,795 $ 28,985

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	NOTE 6 – FAIR VALUE The Company follows the authoritative guidance for fair value measurement and the fair value option for financial assets and financial liabilities. The Company carries its financial instruments at fair value with the exception of its long-term debt. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets. Level 2 Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. When applying fair value principles in the valuation of assets, the Company is required to maximize the use of quoted market prices and minimize the use of unobservable inputs. 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. There were no transfers into or out of Level 1 or Level 2 that occurred between December 31, 2023 and September 30, 2024. 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, 2024 (in thousands): Fair Value Quoted Significant Significant Assets Marketable securities Commercial paper - debt securities (1) $ 3,648 $ — $ 3,648 $ — Treasury and agency notes and bills - debt securities (1) 4,711 — 4,711 — Corporate bonds and notes - debt securities (2) 20,626 — 20,626 — Money market funds - equity securities (3) 7,169 7,169 — — Total Assets $ 36,154 $ 7,169 $ 28,985 $ — (1) Reported as AFS debt securities in the Condensed Consolidated Balance Sheet as these were purchased with original maturities of more than three months at date of purchase; otherwise reported as cash and cash equivalents. (2) Reported as AFS debt securities in the Condensed Consolidated Balance Sheet. (3) Reported as cash and cash equivalents in the Condensed Consolidated Balance Sheet. 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 December 31, 2023 (in thousands): Fair Value Quoted Significant Significant Assets Marketable securities Commercial paper - debt securities (1) $ 12,422 $ — $ 12,422 $ — Treasury and agency notes and bills - debt securities (1) 10,745 — 10,745 — Corporate bonds and notes - debt securities (2) 5,845 — 5,845 — Money market funds - equity securities (3) 5,778 5,778 — — Total Assets $ 34,790 $ 5,778 $ 29,012 $ — (1) Reported as AFS debt securities in the Condensed Consolidated Balance Sheet as these were purchased with original maturities of more than three months at date of purchase; otherwise reported as cash and cash equivalents. (2) Reported as AFS debt securities in the Condensed Consolidated Balance Sheet. (3) Reported as cash and cash equivalents in the Condensed Consolidated Balance Sheet. Financial Instruments Not Recorded at Fair Value The Company’s long-term debt is carried at amortized cost and is measured at fair value on a quarterly basis for disclosure purposes. The carrying amounts and estimated fair values are as follows (in thousands): September 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated 2021 Refinanced Term Loan B (1) — — 585,695 584,231 2024 Term Loan B (1) 524,424 524,424 — — Total long-term debt, net $ 524,424 $ 524,424 $ 585,695 $ 584,231 (1) Carrying amounts of long-term debt are net of unamortized debt discount and issuance costs of $ 12.7 m illion and $ 15.6 million as of September 30, 2024 and December 31, 2023, respectively. See “Note 8 – Debt ” for additional information. If reported at fair value in the Condensed Consolidated Balance Sheets, the Company’s debt would be classified within Level 2 of the fair value hierarchy. The fair value of the debt was estimated based on the quoted market prices for the same or similar issues.

Goodwill and Identified Intangi

Goodwill and Identified Intangible Assets	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Identified Intangible Assets	NOTE 7 – GOODWILL AND IDENTIFIED INTANGIBLE ASSETS Goodwill The carrying value of goodwill at September 30, 2024 and December 31, 2023 wa s $ 313.7 million. There were no changes t o the carrying value of goodwill from January 1, through September 30, 2024. 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. No impairment charges were recognized during the three and nine months ended September 30, 2024 and 2023. Identified Intangible Assets Identified intangible assets consisted of the following (in thousands): Average September 30, 2024 December 31, 2023 Life Gross Accumulated Net Gross Accumulated Net Finite-lived intangible assets: Acquired patents / core technology 3 - 10 $ 661,336 $ ( 363,975 ) $ 297,361 $ 654,360 $ ( 323,261 ) $ 331,099 Customer contracts and related relationships 3 - 9 155,900 ( 155,900 ) — 155,900 ( 139,827 ) 16,073 Existing technology / content database 5 - 10 38,681 ( 38,681 ) — 38,681 ( 38,681 ) — Trademarks/trade name 4 - 10 1,300 ( 1,300 ) — 1,300 ( 1,300 ) — Total intangible assets $ 857,217 $ ( 559,856 ) $ 297,361 $ 850,241 $ ( 503,069 ) $ 347,172 As of September 30, 2024, the estimated future amortization expense of total finite-lived intangible assets was as follows (in thousands): Amounts 2024 (remaining 3 months) $ 13,601 2025 54,397 2026 54,263 2027 53,911 2028 48,868 Thereafter 72,321 Total $ 297,361

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	NOTE 8 – DEBT The outstanding amounts of debt were as follows (in thousands): September 30, 2024 December 31, 2023 2021 Refinanced Term Loan B — $ 601,250 2024 Term Loan B $ 537,097 — Unamortized debt discount and issuance costs ( 12,673 ) ( 15,555 ) 524,424 585,695 Less: current portion, net of debt discount and issuance costs ( 24,732 ) ( 66,145 ) Total long-term debt, net of current portion $ 499,692 $ 519,550 Term Loan B On June 8, 2021, the Company entered into Amendment No. 1 (“Amendment No. 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”). 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”). Amendment No. 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. 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. On May 30, 2023, the Company entered into Amendment No. 2 (“Amendment No. 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. The new reference rate was effective July 1, 2023. On May 20, 2024, the Company entered into Amendment No. 3 (“Amendment No. 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. 3. 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. 3. The obligations under the 2020 Credit Agreement, inclusive of any changes by Amendment No. 1, Amendment No. 2 and Amendment No. 3, 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. 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. 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. The Separation did not require the Company to obtain any waivers under the 2020 Credit Agreement, and the Company completed the Separation in compliance with all of the covenants contained in the 2020 Credit Agreement. The 2020 Credit Agreement, as amended, requires the Company to maintain a total net leverage ratio of no greater than 3.00x in order access an annual basket from which to make restricted payments (such as dividend payments and share repurchases). The Company was in compliance with all requirements as of September 30, 2024. 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. The cash payments are applied to the remaining principal balance due at final maturity. Interest Expense and Expected Principal Payments At September 30, 2024, the Company had $ 537.1 million in total debt outstanding. There were also $ 12.7 million of unamortized debt discount and issuance costs recorded as a reduction from the carrying amount of the debt. The interest rate on the 2024 Term Loan B as of September 30, 2024, including the amortization of debt discount and issuance costs, was 9.2 % and interest is payable monthly. Interest expense was $ 12.5 million and $ 39.6 million for the three and nine months ended September 30, 2024, respectively. Interest expense was $ 15.5 million and $ 46.8 million for the three and nine months ended September 30, 2023, respectively. Amortized debt discount and issuance costs, which were included in interest expense, amounted to $ 0.9 million and $ 2.4 million for the three and nine months ended September 30, 2024, respectively, and $ 1.0 million and $ 3.3 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, 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): Amounts 2024 (remaining 3 months) $ 7,014 2025 28,056 2026 28,056 2027 28,057 2028 445,914 Total $ 537,097

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income Per Share	NOTE 9 – NET INCOME PER SHARE The following table sets forth the computation of net income per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator: Net income $ 19,314 $ 24,232 $ 28,595 $ 54,672 Denominator: Weighted average shares of common stock outstanding 109,035 106,902 108,491 106,322 Add: Effect of dilutive securities associated with options — 1 2 — Add: Effect of dilutive securities associated with restricted stock awards and units 4,086 6,025 4,383 6,442 Add: Effect of dilutive securities associated with employee stock purchase program 3 1 5 1 Weighted average common shares - dilutive 113,124 112,929 112,881 112,765 Basic net income per share $ 0.18 $ 0.23 $ 0.26 $ 0.51 Diluted net income per share $ 0.17 $ 0.21 $ 0.25 $ 0.48 Anti-dilutive employee stock-based awards, excluded 632 665 736 591 Basic net income per share is computed using the weighted average number of shares of common stock outstanding during the period, excluding any unvested restricted stock units that are subject to repurchase. Diluted net income per share is computed using the treasury stock method to calculate the weighted average number of shares of common stock and, if dilutive, potential common shares outstanding during the period. Potentially dilutive common shares include unvested restricted stock units and incremental common shares issuable upon the exercise of stock options, less shares repurchased from assumed proceeds. The assumed proceeds calculation includes actual proceeds to be received from the employee upon exercise and the average unrecognized stock compensation cost during the period.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity	NOTE 10 – STOCKHOLDERS’ EQUITY Equity Incentive Plans The 2020 EIP On June 1, 2020, the Company adopted the 2020 Equity Incentive Plan (the “2020 EIP”). Under the 2020 EIP, the Company may grant equity-based awards to employees, non-employee directors, and consultants for services rendered to the Company (or any parent or subsidiary) in the form of stock options, stock awards, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and performance awards (or any combination thereof). At the Company’s 2024 Annual Stockholders Meeting on May 9, 2024, the Company’s stockholders approved an amendment and restatement of the 2020 EIP, which provided for (i) an increase of the number of shares reserved for issuance by 8,900,000 (from an initial share reserve of 16,800,000 under the prior 2020 EIP to 25,700,000 under the amended and restated 2020 EIP) and (ii) the removal of the “fungible share ratio” for future awards, such that all equity awards granted on or after May 9, 2024 will count on a one-to-one basis against the number of shares authorized for issuance under the 2020 EIP (whereas each share granted pursuant to “full value” awards (i.e. 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). As of September 30, 2024, there wer e approximately 8.1 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. Options generally are granted with an exercise price not less than the value of the common stock on the grant date and have a term of ten years from the date of grant and vest over a four-year period. The vesting criteria for restricted stock awards and restricted stock units is generally the passage of time or meeting certain performance-based objectives, and continued employment through the vesting period, which is generally four years for time-based awards. Assumed Plans On June 1, 2020, the Company assumed all then-outstanding stock options, awards, and shares available and reserved for issuance under all legacy Equity Incentive Plans of TiVo (collectively, the “Assumed Plans”). Stock options assumed from the Assumed Plans generally have vesting periods of four years and a contractual term of seven years . Awards of restricted stock and restricted stock units assumed from the Assumed Plans are generally subject to a four year vesting period. The Company has not issued any awards under these plans since the 2020 EIP was amended in 2022. The number of shares subject to stock options and restricted stock units outstanding under these plans are included in the tables below. A summary of the stock option activity is presented below (in thousands, except per share amounts): Options Outstanding Number of Weighted Balance at December 31, 2023 213 $ 14.26 Options granted — $ — Options exercised ( 53 ) $ 10.62 Options canceled / forfeited / expired ( 27 ) $ 12.39 Balance at September 30, 2024 133 $ 16.06 Vested and exercisable at September 30, 2024 133 $ 16.06 Restricted Stock Awards Information with respect to outstanding restricted stock units (including both time-based vesting and performance-based vesting) as of September 30, 2024 is as follows (in thousands, except per share amounts): Restricted Stock Awards Number of Number of Total Weighted Balance at December 31, 2023 7,591 1,781 9,372 $ 10.44 Awards granted 2,196 945 3,141 $ 12.03 Awards vested / earned ( 2,634 ) — ( 2,634 ) $ 9.76 Awards canceled / forfeited ( 586 ) ( 479 ) ( 1,065 ) $ 12.95 Balance at September 30, 2024 6,567 2,247 8,814 $ 10.92 Performance Awards Performance awards may be granted to employees or consultants based upon, among other things, the contributions, responsibilities and other compensation of the particular employee or consultant. The value and the vesting of such performance awards are generally linked to one or more performance goals or certain market conditions determined by the Company, in each case on a specified date or dates or over any period or periods determined by the Company, and may range from zero to 200 percent of the grant. For performance awards subject to a market vesting condition (“market-based PSUs”), the fair value per award is fixed at the grant date and the amount of compensation expense is not adjusted during the performance period regardless of changes in the level of achievement of the market condition. Employee Stock Purchase Plans On June 1, 2020, the Company adopted the 2020 Employee Stock Purchase Plan (the “2020 ESPP”). The 2020 ESPP is implemented through consecutive overlapping 24-month offering periods, each of which is comprised of four six-month purchase periods. The first offering period commenced on September 1, 2020 and ended on August 31, 2022. Due to the Separation, the next offering period under the 2020 ESPP plan commenced on December 1, 2022. Each subsequent offering period under the 2020 ESPP will be twenty-four ( 24 ) months long and will commence on each December 1 with four six-month purchase periods. Participants may contribute up to 100 % of their base earnings and commissions through payroll deductions, and the accumulated deductions will be applied to the purchase of shares on each semi-annual purchase date. The purchase price per share will equal 85 % of the fair market value per share on the start date of the offering period or, if lower, 85 % of the fair market value per share on the semi-annual purchase date. An eligible employee’s right to buy the Company’s common stock under the 2020 ESPP may not accrue at a rate in excess of $ 25,000 of the fair market value of such shares per calendar year for each calendar year of an offering period. If the fair market value per share of the Company’s common stock on any purchase date during an offering period is less than the fair market value per share on the start date of the 24-month offering period, then that offering period will automatically terminate and a new 24-month offering period will begin on the next business day. All participants in the terminated offering will be transferred to the new offering period. 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. As of September 30, 2024, the re were approximately 5.2 million shares reserved for grant under the Company’s 2020 ESPP. Modification of Equity Awards In connection with the Separation and under the provisions of the existing plans described above, the Company’s outstanding stock options and equity awards were converted to units denominated in the equity of the Company, Xperi Inc., or both. The number of units and exercise prices of outstanding stock options and equity awards were converted based on the conversion ratios established in the Employee Matters Agreement that the Company entered into in connection with the Separation. The intent of the conversion ratios was to preserve the value of the awards immediately before and after the Separation. Upon the Separation, employees holding stock options and equity awards denominated in the Company’s pre-Separation stock received a number of otherwise-similar stock options and awards in post-Separation Company’s stock and/or Xperi Inc.’s stock based on the conversion ratios outlined for each group of employees. For purposes of the vesting of these equity awards, continued employment or service with the Company or with Xperi Inc. is treated as continued employment for purposes of both the Company’s and Xperi Inc.’s equity awards and the vesting terms of each converted grant remained unchanged. There were no changes to the plan terms described above with the exception that the price on the grant date, or October 1, 2022 was adjusted to exclude the value of Xperi Inc. based on the conversion ratios applied to other equity awards. Dividends Stockholders of the Company’s common stock are entitled to receive dividends when declared by the Company’s board of directors (the “Board”). During the periods ended September 30, 2024 and 2023, 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. Stock Repurchase Programs On June 12, 2020 the Board authorized a new stock repurchase program providing for the repurchase of up to $ 150.0 million of the Company’s Common Stock dependent on market conditions, share prices and other factors. On April 22, 2021, the Board authorized an additional $ 100.0 million of purchases under the existing stock repurchase plan. There were no shares repurchased during the three and nine months ended September 30, 2024. As of September 30, 2024, the Company had repurchased a total of approximately 10.0 million shares of common stock, since inception of the plan, at an average price of $ 17.24 per share for a total cost of $ 172.2 million. The shares repurchased are recorded as treasury stock and are accounted for under the cost method. No expiration date has been specified for this plan. As of September 30, 2024, the total remaining amount available for repurchase under this plan w as $ 77.8 million. The Company may execute authorized repurchases from time to time under the plan. The Company accounts for stock repurchases using the cost method and records retirement of treasury stock as a reduction of the cumulative treasury stock paid-in capital balance. Once the cumulative balance is reduced to zero, any remaining difference resulting from the retirement of treasury stock is recorded as a reduction of retained earnings. The Company issues restricted stock awards as part of the equity incentive plans described above. For the majority of restricted awards, shares are withheld to satisfy required withholding taxes at the vesting date. Shares withheld to satisfy required withholding taxes in connection with the vesting of restricted awards are treated as common stock repurchases in the Condensed Consolidated Financial Statements because they reduce the number of shares that would have been issued on vesting. However, these withheld shares are not included in common stock repurchases under the Company’s authorized share repurchase plan.

Stock-Based Compensation Expens

Stock-Based Compensation Expense	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	NOTE 11 – STOCK-BASED COMPENSATION EXPENSE The effect of recording stock-based compensation (“SBC”) expense for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Research and development $ 1,126 $ 767 3,028 2,097 Selling, general and administrative 6,293 4,107 16,128 10,973 Total stock-based compensation expense $ 7,419 $ 4,874 $ 19,156 $ 13,070 There were no options granted during the three and nine months ended September 30, 2024 and 2023. 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. The following assumptions were used to value the restricted stock units subject to market conditions granted during the nine months ended September 30, 2024 and 2023: Nine Months Ended 2024 2023 Expected life (years) 3.0 3.0 Risk-free interest rate 4.5 % 3.6 % - 4.5 % Dividend yield 1.8 % 1.9 % - 2.3 % Expected volatility 57.0 % 63.3 % - 68.5 % Grants under the 2020 ESPP occur in June and December, as discussed in “Note 10 – Stockholders’ Equity ”. The following assumptions were used to value the shares for these grants during the nine months ended September 30, 2024 and 2023: Nine Months Ended 2024 2023 Expected life (years) 2.0 2.0 Risk-free interest rate 4.8 % 4.3 % Dividend yield 1.7 % 2.0 % Expected volatility 57.0 % 63.5 %

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 12 – INCOME TAXES 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. 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. For the three and nine months ended September 30, 2023, the Company recorded income tax expense of $ 1.7 million and $ 15.9 million, respectively. The effective tax rate varies from the 21 % U.S. federal tax rate primarily due to unrealized foreign exchange gain or loss on prior year South Korea withholding tax refund claims. The decrease in income tax expense for the nine months ended September 30, 2024, as compared to the same period in the prior year was primarily due to certain unrealized foreign exchange benefits associated with South Korea withholding tax refund claims.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	NOTE 13 – LEASES The Company leases office and research facilities and office equipment under operating leases which expire through 2032 . The Company’s leases have remaining lease terms of less than one year to eight years , some of which may include options to extend the leases for five years or longer, and some of which may include options to terminate the leases within the next five years or less. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets; expense for these leases is recognized on a straight-line basis over the lease term. Variable lease payments are expensed as incurred and are not included within the lease liability and right-of-use assets calculation. As a practical expedient, the Company elected, for all office and facility leases, not to separate non-lease components (e.g., common-area maintenance costs) from lease components (e.g., fixed payments including rent) and instead to account for each separate lease component and its associated non-lease components as a single lease component. As most of the leases do not provide an implicit rate, the Company generally, for purposes of discounting lease payments, uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The components of operating lease costs were as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Fixed lease cost $ 512 $ 561 $ 1,535 1,671 Variable lease cost 207 171 689 468 Total operating lease cost $ 719 $ 732 $ 2,224 $ 2,139 Other information related to leases was as follows (in thousands, except lease term and discount rate): Three Months Ended 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 502 $ 611 September 30, 2024 December 31, 2023 Weighted-average remaining lease term (years): Operating leases 7.72 8.35 Weighted-average discount rate: Operating leases 8.6 % 8.5 % Future minimum lease payments and related lease liabilities as of September 30, 2024 were as follows (in thousands): Operating Lease Payments (1) 2024 (remaining 3 months) $ 502 2025 87 2026 1,709 2027 2,132 2028 1,887 Thereafter 7,772 Total lease payments 14,089 Less: imputed interest ( 4,589 ) Present value of lease liabilities: $ 9,500 Less: current obligations under leases (accrued liabilities) 320 Noncurrent operating lease liabilities $ 9,180 (1) Future minimum lease payments exclude short-term leases as well as payments to landlords for variable common area maintenance, insurance and real estate taxes.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 14 – COMMITMENTS AND CONTINGENCIES Purchase and Other Contractual Obligations In the ordinary course of business, the Company enters into contractual agreements with third parties that include non-cancelable payment obligations, for which it is liable in future periods. These arrangements primarily include unconditional purchase obligations to service providers. As of September 30, 2024, the Company’s total future unconditional purchase obligations were approximately $ 6.0 million, including $ 1.6 million due in the remainder of 2024, $ 2.3 million due in 2025 and $ 2.1 million due thereafter. Guarantee Prior to the Separation, Adeia Media LLC, a subsidiary of the Company (“Adeia Media”), and a subsidiary of Xperi Inc. (“Xperi Sub”) entered into an agreement (the “Specified Agreement”) with a third party pursuant to which Adeia Media guarantees the performance of Xperi Sub under the Specified Agreement, including its payment obligations to such third party. In connection with the Separation, Adeia Media and Xperi Sub entered into a separate cross business agreement (the “Cross Business Agreement”) effective as of October 1, 2022, under which Adeia Media agreed to make guarantee payments to Xperi Sub in amounts based on certain of its operating expenses and other minimum performance obligations under the Specified Agreement through 2031. Consequently, on October 1, 2022, the Company recognized a guarantee liability pursuant to ASC 460 “Guarantees” of $ 19.7 million, which represents the fair value of Adeia Media’s projected payments of such operating expenses during the term of the Cross Business Agreement. Subsequent changes to the carrying value of the guarantee are recognized as part of the Company’s results of operations. The maximum potential amount of future payments subject to the guarantee is approximately $ 7.5 million per annum between 2024 and 2031 . As of September 30, 2024 and December 31, 2023, the balance of the guarantee liability wa s $ 17.1 million and 18.5 m illion, respectively. Indemnifications In the normal course of business, the Company provides indemnifications of varying scopes and amounts to certain of its licensees, customers, and business partners against claims made by third parties arising from the use of the Company’s intellectual property, services or technologies. The Company cannot reasonably estimate the possible range of losses that may be incurred pursuant to its indemnification obligations, if any. Variables affecting any such assessment include, but are not limited to: the nature of the claim asserted; the relative merits of the claim; the financial ability of the party suing the indemnified party to engage in protracted litigation; the number of parties seeking indemnification; the nature and amount of damages claimed by the party suing the indemnified party; and the willingness of such party to engage in settlement negotiations. To date, no such claims have been filed against the Company and no liability has been recorded in the Company’s financial statements. As permitted under Delaware law, the Company has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company believes, given the absence of any such payments in the Company’s history, and the estimated low probability of such payments in the future, that the estimated fair value of these indemnification agreements is immaterial. In addition, the Company has directors’ and officers’ liability insurance coverage that is intended to reduce its financial exposure and may enable the Company to recover any payments under the indemnification agreements, should they occur. Contingencies At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of losses is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. Litigation related On June 23, 2017, Adeia Guides Inc. (formerly known as Rovi Guides, Inc.) and Adeia Media Solutions Inc. (formerly known as TiVo Solutions Inc.) (together, “Adeia Media”) filed a patent infringement complaint against Videotron Ltd. and Videotron G.P. (together, “Videotron”) in Toronto, Canada, alleging infringement of six patents. On June 10, 2022, the Federal Court of Canada issued its decision in the case finding in favor of Videotron and its legacy “illico” platform. Specifically, the Court found invalid each of the asserted claims related to the four remaining patents involved in the case. In Canada, the prevailing party in patent litigation is entitled to reimbursement of certain of its costs and expenses. Accordingly, the Company paid $ 2.5 million for expense reimbursement in the fourth quarter of 2022. On September 12, 2022, Adeia Media filed a notice of appeal with the Federal Court of Appeal of Canada appealing the decision of the Federal Court of Canada. On January 30, 2023, Adeia Media filed its opening memorandum of fact and law. Videotron filed its memorandum of fact and law on April 17, 2023. On November 28, 2023, the Federal Court of Appeal of Canada held a hearing on the appeal and took the matter under reserve. On August 6, 2024, the Federal Court of Appeal of Canada issued a judgment in the appeal in which it dismissed the appeal. On January 19, 2018, Adeia Media filed a patent infringement complaint against Bell Canada (and four of its affiliates) (collectively, “Bell”) in Toronto, Canada, alleging infringement of six patents. On February 2, 2018, Adeia Media filed a patent infringement complaint against Telus Corporation (and two of its affiliates) (collectively, “Telus”) in Toronto, Canada, alleging infringement of the same six patents. Bell 1 and Telus 1 (each as defined herein) were heard together for purposes of pre-trial and trial proceedings. On October 7, 2022, the Federal Court of Canada issued its decision in the two cases finding in favor of Bell and Telus and their respective IPTV services, Bell Fibe TV and Telus Optik TV. Specifically, the Court found invalid each of the asserted claims of the four remaining patents involved in the case. In Canada, the prevailing party in patent litigation is entitled to reimbursement of certain of its costs and expenses. Accordingly, the Company paid $ 2.8 million for expense reimbursement in the second quarter of 2023. On November 7, 2022, Adeia Media filed a notice of appeal with the Federal Court of Appeal of Canada appealing the decision of the Federal Court of Canada. On June 2, 2023, Adeia Media filed its opening memorandum of fact and law. Bell and Telus filed a combined memorandum of fact and law on August 18, 2023. On November 29, 2023, the Federal Court of Appeal of Canada held a hearing on the appeal and took the matter under reserve. On August 6, 2024, the Federal Court of Appeal of Canada issued a judgment in the appeal in which it dismissed the appeal. The Company is unable to predict the final outcome of other lawsuits, including other patent infringement lawsuits, to which it is a party and therefore cannot determine the likelihood of loss nor estimate a range of possible losses. An adverse decision in any of these proceedings could significantly harm the Company's business and consolidated financial position, results of operations or cash flows. The Company and its subsidiaries are involved in litigation matters and claims in the normal course of business. In the past, the Company and its subsidiaries have litigated to enforce their respective patents and other intellectual property rights, to enforce the terms of license agreements, to protect trade secrets, and to defend the Company’s patents against claims of invalidity. The Company expects it or its subsidiaries will be involved in similar legal proceedings in the future, including proceedings regarding infringement of its patents, and proceedings to ensure proper and full payment of royalties by licensees under the terms of its license agreements.

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment and Geographic Information	NOTE 15 – SEGMENT AND GEOGRAPHIC INFORMATION The Company has one reportable segment: Intellectual Property (“IP”) Licensing. Reportable segments are identified based on the Company’s organizational structure and information reviewed by the Company’s chief operating decision maker (“CODM”) to evaluate performance and allocate resources. The Company’s Chief Executive Officer is also the CODM as defined by the authoritative guidance on segment reporting. A portion of the Company’s revenue is derived from licensees headquartered outside of the U.S., and it is expected that this revenue will continue to account for a portion of total revenue in future periods. The table below lists the geographic revenue for the periods indicated (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 U.S. $ 68,304 79 % $ 74,495 74 % $ 208,351 81 % $ 225,560 75 % Asia 12,314 14 21,434 21 32,154 12 57,416 19 Canada 3,206 4 3,244 3 9,779 4 11,487 4 Europe and Middle East 1,809 2 1,773 2 5,198 2 6,156 2 Other 468 1 451 — 1,374 1 1,302 — $ 86,101 100 % $ 101,397 100 % $ 256,856 100 % $ 301,921 100 % For the three months ended September 30, 2024 and 2023, there were two and four customers, respectively, that each accounted for 10% or more of total revenue. For the nine months ended September 30, 2024 and 2023, there were two and two customers, respectively, 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 Nine Months Ended 2024 2023 2024 2023 Customer A 20.0 % 17.0 % 20.1 % 17.1 % Customer B 11.2 % 10.5 % 11.6 % 10.9 % Customer C * 10.7 % * * Customer D * 16.6 % * * * denotes less than 10% of total revenue. As of September 30, 2024, the Company had two customers repre senting 41 % and 35 % of aggr egate accounts receivable, respectively. At December 31, 2023, the Company had two customers representing 42 % and 28 % of aggregate accounts receivable, respectively. As of September 30, 2024 and December 31, 2023, property and equipment, net, was all located in the U.S.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	NOTE 16 – SUBSEQUENT EVENTS Declaration of Cash Dividends On October 23, 2024 , the Board declared a cash dividend of $ 0.05 per share of common stock, payable on December 18, 2024 to the stockholders of record at the close of business on November 27, 2024 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting	The accompanying interim unaudited Condensed Consolidated Financial Statements have been prepared by the Company in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. The amounts as of December 31, 2023 have been derived from the Company’s annual audited Consolidated Financial Statements included in its Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 23, 2024 (the “Form 10-K”). These Condensed Consolidated Financial Statements should be read in conjunction with the annual audited Consolidated Financial Statements and notes thereto included in the Form 10-K as of and for the year ended December 31, 2023.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The accounting estimates and assumptions that require management’s most significant, challenging, and subjective judgment include identifying the performance obligations in the contract, estimating variable consideration, estimating quarterly royalties prior to receiving the royalty reports from the licensee, determining standalone selling price, and allocating consideration in a contract with multiple performance obligations, the assessment of the recoverability of goodwill, the assessment of useful lives and recoverability of other intangible assets and long-lived assets, recognition and measurement of current and deferred income tax assets and liabilities, the assessment of unrecognized tax benefits and purchase accounting resulting from business combinations, among others. Actual results experienced by the Company may differ from management’s estimates. These estimates may change, as new events occur and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. 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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ ASU 2022-06” ), which deferred the application dates of Topic 848 to December 31, 2024. In the second quarter of 2023 , the Company adopted Topic 848 and modified its debt agreement to reference the other rate. The adoption did no t have a material impact to the Company’s Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.
Revenue Recognition	Revenue Recognition General Revenue is recognized when control of the intellectual property (“IP”) rights is transferred to a customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for the licensing of the Company’s IP, which may include various combinations of IP rights and services which are generally capable of being distinct and accounted for as separate performance obligations. In situations where foreign withholding taxes are withheld by the Company’s licensee, revenue is recognized gross of withholding taxes that are remitted directly by the licensee to a local tax authority. Some of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the individual performance obligations are separately accounted for if they are distinct. In a contract with multiple performance obligations, the transaction price is allocated among the separate performance obligations on a relative standalone selling price basis. The determination of standalone selling price considers market conditions, the size and scope of the contract, customer and geographic information, and other factors. When observable prices are not available, standalone selling price for separate performance obligations is based on the adjusted market assessment approach to estimate the price that a customer in the relevant market would be willing to pay for licensing the Company’s IP rights. The allocation of transaction price among performance obligations in a contract may impact the amount and timing of revenue recognized in the Consolidated Statements of Income during a given period. When a contract with a customer includes variable consideration, an estimate of the consideration which the Company expects to be entitled to for transferring the promised IP rights or services is made at contract inception and in each subsequent reporting period until the uncertainty associated with the variable consideration is resolved. The amount of variable consideration is estimated by considering all available information (historical, current, and forecast) and is updated as additional information becomes available. The estimate of variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. When the uncertainty associated with variable consideration relates to potential price adjustments as a result of a legal contract dispute, the Company estimates variable consideration using the expected value method or the most likely amount method, whichever is more appropriate in the circumstances, and considers all available information, including historical data and experience. Estimating variable consideration related to potential future price adjustments requires significant judgment in evaluating the possible outcomes. Subsequent changes in the transaction price resulting from changes in the estimate of variable consideration are allocated to the performance obligations in the contract on the same basis as at contract inception. When variable consideration is in the form of a sales-based or usage-based royalty in exchange for a license of IP, revenue is recognized at the later of when the subsequent sale or usage occurs or the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied or partially satisfied. Description of Revenue-Generating Activities IP License Arrangements The Company licenses (i) its media patent portfolio (“Media IP licensing”) to multichannel video programming distributors, over-the-top video service providers, consumer electronics manufacturers, social media, and other new media companies and (ii) its semiconductor technologies and associated patent portfolio (“Semiconductor IP licensing”) to memory, logic, sensors, radio frequency component, and foundry companies. The Company generally licenses its IP portfolios under three models: (i) per-unit or per-subscriber Media IP or Semiconductor IP royalty licensing, (ii) fixed-fee Media IP licensing, and (iii) fixed-fee or minimum guarantee Semiconductor IP licensing. Per-unit or per-subscriber Media IP or Semiconductor IP royalty licensing The Company recognizes revenue from per-unit or per-subscriber IP royalty licenses in the period in which the licensee’s sales or production are estimated to have occurred, which results in an adjustment to revenue when actual sales or production are subsequently reported by the licensee, which is generally in the month or quarter following usage or shipment. Estimating customers’ monthly or quarterly royalties prior to receiving the royalty reports requires the Company to make significant assumptions and judgments related to forecasted trends and growth rates used to estimate quantities shipped or manufactured by customers, which could have a material impact on the amount of revenue it reports on a quarterly basis. Fixed-fee Media IP licensing The Company’s long-term fixed-fee Media IP licensing contracts provide its customers with rights to future patented technologies over the term of the contract that are highly interdependent or highly interrelated to the patented technologies provided at the inception of the contract. The Company treats these rights as a single performance obligation with revenue recognized on a straight-line basis over the term of the fixed-fee license contract. The transaction price is adjusted for the effect of any significant financing components calculated using borrower-specific, risk-adjusted interest rates, with the related interest income or expense being recognized over time on an effective rate basis. Fixed-fee or minimum guarantee Semiconductor IP licensing The Company enters into Semiconductor IP licenses that have a fixed fee or a minimum guarantee, whereby licensees pay a fixed fee for the right to incorporate the Company’s IP technologies in the licensee’s products over the license term. In contracts with a minimum guarantee, the fixed fee component corresponds to a minimum number of units or dollars that the customer must produce or pay, with additional per-unit fees for any units or dollars exceeding the minimum. The Company generally recognizes the full fixed fee as revenue at the beginning of the license term when the customer has the right to use the IP and begins to benefit from the license, adjusted for the effect of any significant financing components calculated using borrower-specific, risk-adjusted interest rates, with the related interest income or expense being recognized over time on an effective rate basis. For minimum guarantee contracts where the customer exceeds the minimum, the Company recognizes revenue relating to any additional per-unit fees in the periods it believes the customer has exceeded the minimum and adjusts the revenue based on actual usage once that is reported by the customer. IP license contracts with multiple performance obligations At times, the Company enters into long-term license contracts with more than one performance obligation, which may include releases from past patent infringement claims or one or more prospective licenses. In these arrangements, the Company allocates the transaction price between releases for past patent infringement claims and prospective licenses based on their relative standalone selling prices, which requires significant management judgment. In determining the standalone selling price of each performance obligation, the Company considers such factors as the number of past and projected future subscribers, units shipped, and units manufactured, as well as the per-subscriber or per-unit licensing rates the Company generally receives from licensees of comparable sizes in comparable markets and geographies. As a release from past patent infringement claims is generally satisfied at execution of the contract, the transaction price allocated to the release from past patent infringement claims is generally recognized in the period the contract is executed. Transaction price allocated to prospective Media IP licenses is recognized ratably over the license term, and transaction price allocated to prospective Semiconductor IP licenses is recognized upon execution of the contract. Practical Expedients and Exemptions The Company applies a practical expedient to not perform an evaluation of whether a contract includes a significant financing component when the timing of revenue recognition differs from the timing of cash collection by one year or less. The Company applies a practical expedient to expense costs to obtain a contract with a customer as incurred as a component of selling, general and administrative expenses when the amortization period would have been one year or less. The Company applies a practical expedient when disclosing revenue expected to be recognized from unsatisfied performance obligations to exclude contracts with customers with an original duration of less than one year ; amounts attributable to variable consideration arising from (i) a sales-based or usage-based royalty of an intellectual property license or (ii) when variable consideration is allocated entirely to a wholly unsatisfied performance obligation; or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenue disaggregated by recurring and non-recurring nature was as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Recurring revenue $ 82,704 $ 83,595 $ 249,844 $ 255,078 Non-recurring revenue 3,397 17,802 7,012 46,843 Total revenue $ 86,101 $ 101,397 $ 256,856 $ 301,921 Revenue disaggregated by market vertical was as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Media $ 82,177 $ 95,748 $ 246,240 $ 259,027 Semiconductor 3,924 5,649 10,616 42,894 Total revenue $ 86,101 $ 101,397 $ 256,856 $ 301,921
Schedule of Contract Assets	Contract assets were recorded in the Condensed Consolidated Balance Sheets as follows (in thousands): September 30, 2024 December 31, 2023 Unbilled contracts receivable $ 101,593 $ 74,919 Other current assets 701 620 Long-term unbilled contracts receivable 62,880 73,843 Other long-term assets 838 1,007 Total contract assets $ 166,012 $ 150,389
Schedule of Revenue Recognized in Period	The following table presents additional revenue and contract disclosures (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue recognized in the period from: Amounts included in deferred revenue at the beginning of the period $ 1,540 $ 3,943 $ 5,248 $ 12,832 Performance obligations satisfied in previous periods (1) $ 3,137 $ 16,896 $ 6,127 $ 13,143 (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. 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, 2024 and 2023 and expects to record revenue from the prospective license in future periods.
Schedule of Remaining Performance Obligations	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). As of Revenue from contracts with performance obligations expected to be satisfied in: 2024 (remaining 3 months) $ 43,042 2025 167,877 2026 71,113 2027 57,239 2028 48,631 Thereafter 59,651 Total $ 447,553

Composition of Certain Financ_2

Composition of Certain Financial Statement Captions (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Current Assets	Other current assets consisted of the following (in thousands): September 30, 2024 December 31, 2023 Prepaid income taxes $ 3,536 $ 3,752 Prepaid expenses 1,954 2,185 Prepaid insurance 1,353 1,123 Other 3,142 640 Total other current assets $ 9,985 $ 7,700
Schedule of Property and Equipment, Net	Property and equipment, net, consisted of the following (in thousands): September 30, 2024 December 31, 2023 Equipment, furniture and other $ 17,065 $ 17,267 Leasehold improvements 6,277 5,037 Total property and equipment 23,342 22,304 Less: accumulated depreciation and amortization ( 16,869 ) ( 15,333 ) Total property and equipment, net $ 6,473 $ 6,971
Schedule of Other Long Term Assets	Other long-term assets consisted of the following (in thousands): September 30, 2024 December 31, 2023 Long-term deferred tax assets $ 25,704 $ 23,885 Other assets 3,169 4,361 Total other long-term assets $ 28,873 $ 28,246
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): September 30, 2024 December 31, 2023 Employee compensation and benefits $ 8,699 $ 8,378 Accrued expenses 3,750 3,601 Current portion of guarantee (1) 1,500 2,400 Current portion of operating lease liabilities 320 503 Accrued income taxes 47 325 Other 1,921 2,135 Total accrued liabilities $ 16,237 $ 17,342 (1) Refer to “Note 14 – Commitments and Contingencies” for further detail on the nature of the guarantee.
Schedule of Other Long-Term Liabilities	Other long-term liabilities consisted of the following (in thousands): September 30, 2024 December 31, 2023 Long-term portion of guarantee (1) $ 15,583 $ 16,135 Other 2,101 1,975 Total other long-term liabilities $ 17,684 $ 18,110 (1) Refer to “Note 14 – Commitments and Contingencies” for further detail on the nature of the guarantee.

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Marketable Securities	The following is a summary of marketable securities at September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 Cost Gross Gross Allowance for Credit Losses Estimated Marketable securities Commercial paper $ 3,645 $ 3 $ — $ — $ 3,648 Corporate bonds and notes 20,446 182 ( 2 ) — 20,626 Treasury and agency notes and bills 4,704 7 - — 4,711 Total debt securities 28,795 192 ( 2 ) — 28,985 Money market funds 7,169 — — — 7,169 Total equity securities 7,169 — — — 7,169 Total marketable securities $ 35,964 $ 192 $ ( 2 ) $ — $ 36,154 Reported in: Cash and cash equivalents $ 7,668 Marketable securities $ 28,486 Total marketable securities $ 36,154 December 31, 2023 Cost Gross Gross Allowance for Credit Losses Estimated Marketable securities Commercial paper $ 12,421 $ 5 $ ( 4 ) $ — $ 12,422 Treasury and agency notes and bills 10,746 — ( 1 ) — 10,745 Corporate bonds and notes 5,813 34 ( 2 ) — 5,845 Total debt securities 28,980 39 ( 7 ) — 29,012 Money market funds 5,778 — — — 5,778 Total equity securities 5,778 — — — 5,778 Total marketable securities $ 34,758 $ 39 $ ( 7 ) $ — $ 34,790 Reported in: Cash and cash equivalents $ 5,778 Marketable securities $ 29,012 Total marketable securities $ 34,790
Estimated Fair Value of AFS Debt Securities by Contractual Maturity	The estimated fair value of AFS debt securities by contractual maturity at September 30, 2024 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. Amortized Estimated Due in one year or less $ 15,822 $ 15,855 Due in one to two years 8,956 9,064 Due in two to three years 4,017 4,066 Total $ 28,795 $ 28,985

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets Measured on Recurring Basis	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, 2024 (in thousands): Fair Value Quoted Significant Significant Assets Marketable securities Commercial paper - debt securities (1) $ 3,648 $ — $ 3,648 $ — Treasury and agency notes and bills - debt securities (1) 4,711 — 4,711 — Corporate bonds and notes - debt securities (2) 20,626 — 20,626 — Money market funds - equity securities (3) 7,169 7,169 — — Total Assets $ 36,154 $ 7,169 $ 28,985 $ — (1) Reported as AFS debt securities in the Condensed Consolidated Balance Sheet as these were purchased with original maturities of more than three months at date of purchase; otherwise reported as cash and cash equivalents. (2) Reported as AFS debt securities in the Condensed Consolidated Balance Sheet. (3) Reported as cash and cash equivalents in the Condensed Consolidated Balance Sheet. 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 December 31, 2023 (in thousands): Fair Value Quoted Significant Significant Assets Marketable securities Commercial paper - debt securities (1) $ 12,422 $ — $ 12,422 $ — Treasury and agency notes and bills - debt securities (1) 10,745 — 10,745 — Corporate bonds and notes - debt securities (2) 5,845 — 5,845 — Money market funds - equity securities (3) 5,778 5,778 — — Total Assets $ 34,790 $ 5,778 $ 29,012 $ — (1) Reported as AFS debt securities in the Condensed Consolidated Balance Sheet as these were purchased with original maturities of more than three months at date of purchase; otherwise reported as cash and cash equivalents. (2) Reported as AFS debt securities in the Condensed Consolidated Balance Sheet. (3) Reported as cash and cash equivalents in the Condensed Consolidated Balance Sheet.
Schedule of Carrying Amounts and Estimated Fair Values	The carrying amounts and estimated fair values are as follows (in thousands): September 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated 2021 Refinanced Term Loan B (1) — — 585,695 584,231 2024 Term Loan B (1) 524,424 524,424 — — Total long-term debt, net $ 524,424 $ 524,424 $ 585,695 $ 584,231 (1) Carrying amounts of long-term debt are net of unamortized debt discount and issuance costs of $ 12.7 m illion and $ 15.6 million as of September 30, 2024 and December 31, 2023, respectively. See “Note 8 – Debt ” for additional information.

Goodwill and Identified Intan_2

Goodwill and Identified Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Identified Intangible Assets	Identified intangible assets consisted of the following (in thousands): Average September 30, 2024 December 31, 2023 Life Gross Accumulated Net Gross Accumulated Net Finite-lived intangible assets: Acquired patents / core technology 3 - 10 $ 661,336 $ ( 363,975 ) $ 297,361 $ 654,360 $ ( 323,261 ) $ 331,099 Customer contracts and related relationships 3 - 9 155,900 ( 155,900 ) — 155,900 ( 139,827 ) 16,073 Existing technology / content database 5 - 10 38,681 ( 38,681 ) — 38,681 ( 38,681 ) — Trademarks/trade name 4 - 10 1,300 ( 1,300 ) — 1,300 ( 1,300 ) — Total intangible assets $ 857,217 $ ( 559,856 ) $ 297,361 $ 850,241 $ ( 503,069 ) $ 347,172
Estimated Future Amortization Expense	As of September 30, 2024, the estimated future amortization expense of total finite-lived intangible assets was as follows (in thousands): Amounts 2024 (remaining 3 months) $ 13,601 2025 54,397 2026 54,263 2027 53,911 2028 48,868 Thereafter 72,321 Total $ 297,361

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Amounts of Debt	The outstanding amounts of debt were as follows (in thousands): September 30, 2024 December 31, 2023 2021 Refinanced Term Loan B — $ 601,250 2024 Term Loan B $ 537,097 — Unamortized debt discount and issuance costs ( 12,673 ) ( 15,555 ) 524,424 585,695 Less: current portion, net of debt discount and issuance costs ( 24,732 ) ( 66,145 ) Total long-term debt, net of current portion $ 499,692 $ 519,550
Summary of Future Minimum Principal Payments for Long-term Debt, Excluding Any Additional Payment Required by the Excess Cash Flow Provision	As of September 30, 2024, 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): Amounts 2024 (remaining 3 months) $ 7,014 2025 28,056 2026 28,056 2027 28,057 2028 445,914 Total $ 537,097

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Computation of Net Income Per Share	The following table sets forth the computation of net income per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator: Net income $ 19,314 $ 24,232 $ 28,595 $ 54,672 Denominator: Weighted average shares of common stock outstanding 109,035 106,902 108,491 106,322 Add: Effect of dilutive securities associated with options — 1 2 — Add: Effect of dilutive securities associated with restricted stock awards and units 4,086 6,025 4,383 6,442 Add: Effect of dilutive securities associated with employee stock purchase program 3 1 5 1 Weighted average common shares - dilutive 113,124 112,929 112,881 112,765 Basic net income per share $ 0.18 $ 0.23 $ 0.26 $ 0.51 Diluted net income per share $ 0.17 $ 0.21 $ 0.25 $ 0.48 Anti-dilutive employee stock-based awards, excluded 632 665 736 591

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	A summary of the stock option activity is presented below (in thousands, except per share amounts): Options Outstanding Number of Weighted Balance at December 31, 2023 213 $ 14.26 Options granted — $ — Options exercised ( 53 ) $ 10.62 Options canceled / forfeited / expired ( 27 ) $ 12.39 Balance at September 30, 2024 133 $ 16.06 Vested and exercisable at September 30, 2024 133 $ 16.06
Summary of Restricted Stock Awards	Information with respect to outstanding restricted stock units (including both time-based vesting and performance-based vesting) as of September 30, 2024 is as follows (in thousands, except per share amounts): Restricted Stock Awards Number of Number of Total Weighted Balance at December 31, 2023 7,591 1,781 9,372 $ 10.44 Awards granted 2,196 945 3,141 $ 12.03 Awards vested / earned ( 2,634 ) — ( 2,634 ) $ 9.76 Awards canceled / forfeited ( 586 ) ( 479 ) ( 1,065 ) $ 12.95 Balance at September 30, 2024 6,567 2,247 8,814 $ 10.92

Stock-Based Compensation Expe_2

Stock-Based Compensation Expense (Tables)	9 Months Ended
	Sep. 30, 2024
Effect of Recording Stock-Based Compensation Expense	The effect of recording stock-based compensation (“SBC”) expense for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Research and development $ 1,126 $ 767 3,028 2,097 Selling, general and administrative 6,293 4,107 16,128 10,973 Total stock-based compensation expense $ 7,419 $ 4,874 $ 19,156 $ 13,070 There were no options granted during the three and nine months ended September 30, 2024 and 2023.
2020 ESPP
Schedule of Assumptions Used to Value Awards Granted	Grants under the 2020 ESPP occur in June and December, as discussed in “Note 10 – Stockholders’ Equity ”. The following assumptions were used to value the shares for these grants during the nine months ended September 30, 2024 and 2023: Nine Months Ended 2024 2023 Expected life (years) 2.0 2.0 Risk-free interest rate 4.8 % 4.3 % Dividend yield 1.7 % 2.0 % Expected volatility 57.0 % 63.5 %
Restricted Stock Units
Schedule of Assumptions Used to Value Awards Granted	The following assumptions were used to value the restricted stock units subject to market conditions granted during the nine months ended September 30, 2024 and 2023: Nine Months Ended 2024 2023 Expected life (years) 3.0 3.0 Risk-free interest rate 4.5 % 3.6 % - 4.5 % Dividend yield 1.8 % 1.9 % - 2.3 % Expected volatility 57.0 % 63.3 % - 68.5 %

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Operating Lease Costs	The components of operating lease costs were as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Fixed lease cost $ 512 $ 561 $ 1,535 1,671 Variable lease cost 207 171 689 468 Total operating lease cost $ 719 $ 732 $ 2,224 $ 2,139
Schedule of Other Information Related to Leases	Other information related to leases was as follows (in thousands, except lease term and discount rate): Three Months Ended 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 502 $ 611 September 30, 2024 December 31, 2023 Weighted-average remaining lease term (years): Operating leases 7.72 8.35 Weighted-average discount rate: Operating leases 8.6 % 8.5 %
Schedule of Future Minimum Lease Payments and Related Lease Liabilities	Future minimum lease payments and related lease liabilities as of September 30, 2024 were as follows (in thousands): Operating Lease Payments (1) 2024 (remaining 3 months) $ 502 2025 87 2026 1,709 2027 2,132 2028 1,887 Thereafter 7,772 Total lease payments 14,089 Less: imputed interest ( 4,589 ) Present value of lease liabilities: $ 9,500 Less: current obligations under leases (accrued liabilities) 320 Noncurrent operating lease liabilities $ 9,180 (1) Future minimum lease payments exclude short-term leases as well as payments to landlords for variable common area maintenance, insurance and real estate taxes.

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Geographic Revenue Information	The table below lists the geographic revenue for the periods indicated (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 U.S. $ 68,304 79 % $ 74,495 74 % $ 208,351 81 % $ 225,560 75 % Asia 12,314 14 21,434 21 32,154 12 57,416 19 Canada 3,206 4 3,244 3 9,779 4 11,487 4 Europe and Middle East 1,809 2 1,773 2 5,198 2 6,156 2 Other 468 1 451 — 1,374 1 1,302 — $ 86,101 100 % $ 101,397 100 % $ 256,856 100 % $ 301,921 100 %
Summary of Customers Comprising 10% or More of Total Revenues	The following table sets forth revenue generated from customers which comprise 10% or more of total revenue for the periods indicated: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Customer A 20.0 % 17.0 % 20.1 % 17.1 % Customer B 11.2 % 10.5 % 11.6 % 10.9 % Customer C * 10.7 % * * Customer D * 16.6 % * * * denotes less than 10% of total revenue.

The Company and Basis of Pres_2

The Company and Basis of Presentation - Additional Information (Details)		9 Months Ended
	Oct. 01, 2022 NumberOfShare	Sep. 30, 2024 Segment Patent $ / shares	Dec. 31, 2023 $ / shares	Oct. 03, 2022 $ / shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, par value (in dollars per share) | $ / shares		$ 0.001	$ 0.001	$ 0.001
Number of patents and applications | Patent		11,750
Number of principal segment | Segment		1
Distribution of outstanding shares, percentage	100%
Common stock, conversion ratio	4
Number of each shares of common stock held on record date | NumberOfShare	10

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle accounting standards update adoption date	Jun. 30, 2023
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate202206Member

Revenue - Additional Informatio

Revenue - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) RevenueModel	Dec. 31, 2023 USD ($)
Revenue Recognition [Line Items]
Number of revenue models used for company licenses | RevenueModel	3
Accounts receivable allowance for credit losses | $	$ 713	$ 1,463
Maximum
Revenue Recognition [Line Items]
Practical expedient, timing of revenue recognition differs from the timing of cash collection, period	1 year
Revenue recognition practical expedient amortization period	1 year
Practical expedient revenue expected to be recognized from unsatisfied performance obligations, duration	1 year

Revenue - Schedule of Revenue D

Revenue - Schedule of Revenue Disaggregated by Recurring and Non-recurring (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue Recognition [Line Items]
Total revenue	$ 86,101	$ 101,397	$ 256,856	$ 301,921
Recurring revenue
Revenue Recognition [Line Items]
Total revenue	82,704	83,595	249,844	255,078
Non-recurring revenue
Revenue Recognition [Line Items]
Total revenue	$ 3,397	$ 17,802	$ 7,012	$ 46,843

Revenue - Schedule of Revenue_2

Revenue - Schedule of Revenue Disaggregated by Market Vertical (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue Recognition [Line Items]
Total revenue	$ 86,101	$ 101,397	$ 256,856	$ 301,921
Media Platform
Revenue Recognition [Line Items]
Total revenue	82,177	95,748	246,240	259,027
Semiconductor
Revenue Recognition [Line Items]
Total revenue	$ 3,924	$ 5,649	$ 10,616	$ 42,894

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Unbilled contracts receivable	$ 101,593	$ 74,919
Other current assets	701	620
Long-term unbilled contracts receivable	62,880	73,843
Other long-term assets	838	1,007
Total contract assets	$ 166,012	$ 150,389

Revenue - Schedule of Revenue R

Revenue - Schedule of Revenue Recognized in Period (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Amounts included in deferred revenue at the beginning of the period	$ 1,540	$ 3,943	$ 5,248	$ 12,832
Performance obligations satisfied in previous periods	$ 3,137	$ 16,896	$ 6,127	$ 13,143

Revenue - Schedule of Remaining

Revenue - Schedule of Remaining Performance Obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 447,553
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 43,042
Performance obligations expected to be satisfied, expected timing	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 167,877
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 71,113
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 57,239
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 48,631
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 59,651
Performance obligations expected to be satisfied, expected timing

Revenue - Schedule of Remaini_2

Revenue - Schedule of Remaining Performance Obligations (Details 1) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 447,553

Composition of Certain Financ_3

Composition of Certain Financial Statement Captions - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid income taxes	$ 3,536	$ 3,752
Prepaid expenses	1,954	2,185
Prepaid insurance	1,353	1,123
Other	3,142	640
Total other current assets	$ 9,985	$ 7,700

Composition of Certain Financ_4

Composition of Certain Financial Statement Captions - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 23,342	$ 22,304
Less: accumulated depreciation and amortization	(16,869)	(15,333)
Total property and equipment, net	6,473	6,971
Equipment, furniture and other
Property, Plant and Equipment [Line Items]
Total property and equipment	17,065	17,267
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 6,277	$ 5,037

Composition of Certain Financ_5

Composition of Certain Financial Statement Captions - Schedule of Other Long Term Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term deferred tax assets	$ 25,704	$ 23,885
Other assets	3,169	4,361
Total other long-term assets	$ 28,873	$ 28,246

Composition of Certain Financ_6

Composition of Certain Financial Statement Captions - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee compensation and benefits	$ 8,699	$ 8,378
Accrued expenses	3,750	3,601
Current portion of guarantee	1,500	2,400
Current portion of operating lease liabilities	$ 320	$ 503
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total accrued liabilities	Total accrued liabilities
Accrued income taxes	$ 47	$ 325
Other	1,921	2,135
Total accrued liabilities	$ 16,237	$ 17,342

Composition of Certain Financ_7

Composition of Certain Financial Statement Captions - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term portion of guarantee	$ 15,583	$ 16,135
Other	2,101	1,975
Total other long-term liabilities	$ 17,684	$ 18,110

Financial Instruments - Summary

Financial Instruments - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Marketable Securities [Line Items]
Debt securities, Cost	$ 28,795	$ 28,980
Debt securities, Gross Unrealized Gains	192	39
Debt securities, Gross Unrealized Losses	(2)	(7)
Debt securities, Allowance for Credit Losses	0	0	$ 0
Debt securities, Estimated Fair Values	28,985	29,012
Equity securities, Cost	7,169	5,778
Equity securities, Gross Unrealized Gains	0	0
Equity securities, Gross Unrealized Losses	0	0
Equity securities, Allowance for Credit Losses	0	0
Equity securities, Estimated Fair Values	7,169	5,778
Marketable securities, Cost	35,964	34,758
Marketable securities, Gross Unrealized Gains	192	39
Marketable securities, Gross Unrealized Losses	(2)	(7)
Marketable securities, Allowance for Credit Losses	0	0
Marketable securities, Estimated Fair Values	36,154	34,790
Commercial paper
Marketable Securities [Line Items]
Debt securities, Cost	3,645	12,421
Debt securities, Gross Unrealized Gains	3	5
Debt securities, Gross Unrealized Losses	0	(4)
Debt securities, Allowance for Credit Losses	0	0
Debt securities, Estimated Fair Values	3,648	12,422
Corporate bonds and notes
Marketable Securities [Line Items]
Debt securities, Cost	20,446	5,813
Debt securities, Gross Unrealized Gains	182	34
Debt securities, Gross Unrealized Losses	(2)	(2)
Debt securities, Allowance for Credit Losses	0	0
Debt securities, Estimated Fair Values	20,626	5,845
Treasury and agency notes and bills
Marketable Securities [Line Items]
Debt securities, Cost	4,704	10,746
Debt securities, Gross Unrealized Gains	7	0
Debt securities, Gross Unrealized Losses	0	(1)
Debt securities, Allowance for Credit Losses	0	0
Debt securities, Estimated Fair Values	4,711	10,745
Money market funds
Marketable Securities [Line Items]
Equity securities, Cost	7,169	5,778
Equity securities, Gross Unrealized Gains	0	0
Equity securities, Gross Unrealized Losses	0	0
Equity securities, Allowance for Credit Losses	0	0
Equity securities, Estimated Fair Values	7,169	5,778
Cash and cash equivalents
Marketable Securities [Line Items]
Marketable securities, Estimated Fair Values	7,668	5,778
Available-for-sale debt securities
Marketable Securities [Line Items]
Marketable securities, Estimated Fair Values	$ 28,486	$ 29,012

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Schedule Of Investments [Line Items]
Cash, cash equivalents and short -term investments	$ 89,200	$ 83,600
Provision for credit loss expense related available for sale debt securities	0	0	$ 0
Operating Accounts
Schedule Of Investments [Line Items]
Cash, cash equivalents and short -term investments	$ 53,000	$ 48,800

Financial Instruments - Estimat

Financial Instruments - Estimated Fair Value of AFS Debt Securities by Contractual Maturity (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Amortized Cost
Amortized Cost, Due in one year or less	$ 15,822
Amortized Cost, Due in one to two years	8,956
Amortized Cost, Due in two to three years	4,017
Amortized Cost, Total	28,795
Estimated Fair Value
Estimated Fair Value, Due in one year or less	15,855
Estimated Fair Value, Due in one to two years	9,064
Estimated Fair Value, Due in two to three years	4,066
Estimated Fair Value, Total	$ 28,985

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value Assets Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 36,154	$ 34,790
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	7,169	5,778
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	28,985	29,012
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	3,648	12,422
Commercial paper | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Commercial paper | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	3,648	12,422
Commercial paper | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Treasury and agency notes and bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,711	10,745
Treasury and agency notes and bills | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Treasury and agency notes and bills | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,711	10,745
Treasury and agency notes and bills | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	20,626	5,845
Corporate bonds and notes | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Corporate bonds and notes | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	20,626	5,845
Corporate bonds and notes | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	7,169	5,778
Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	7,169	5,778
Money market funds | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Money market funds | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0	$ 0

Fair Value - Schedule of Carryi

Fair Value - Schedule of Carrying Amounts and Estimated Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	$ 524,424	$ 585,695
Recurring
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	524,424	585,695
Total long-term debt, net - Estimated Fair Value	524,424	584,231
Recurring | 2021 Refinanced Term Loan B
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	0	585,695
Total long-term debt, net - Estimated Fair Value	0	584,231
Recurring | 2024 Term Loan B
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	524,424	0
Total long-term debt, net - Estimated Fair Value	$ 524,424	$ 0

Fair Value - Schedule of Carr_2

Fair Value - Schedule of Carrying Amounts and Estimated Fair Values (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unamortized debt discount and issuance costs	$ 12,673	$ 15,555
Term B Loan Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unamortized debt discount and issuance costs	$ 12,700	$ 15,600

Goodwill and Identified Intan_3

Goodwill and Identified Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying value of goodwill	$ 313,660,000		$ 313,660,000		$ 313,660,000
Changes in carrying value of goodwill			0
Impairment charges	$ 0	$ 0	$ 0	$ 0

Goodwill and Identified Intan_4

Goodwill and Identified Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	$ 857,217	$ 850,241
Finite-lived intangible assets, Accumulated Amortization	(559,856)	(503,069)
Finite-lived intangible assets, Net	297,361	347,172
Acquired patents / core technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	661,336	654,360
Finite-lived intangible assets, Accumulated Amortization	(363,975)	(323,261)
Finite-lived intangible assets, Net	$ 297,361	331,099
Acquired patents / core technology | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	3 years
Acquired patents / core technology | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	10 years
Customer contracts and related relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	$ 155,900	155,900
Finite-lived intangible assets, Accumulated Amortization	(155,900)	(139,827)
Finite-lived intangible assets, Net	$ 0	16,073
Customer contracts and related relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	3 years
Customer contracts and related relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	9 years
Existing technology / content database
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	$ 38,681	38,681
Finite-lived intangible assets, Accumulated Amortization	(38,681)	(38,681)
Finite-lived intangible assets, Net	$ 0	0
Existing technology / content database | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	5 years
Existing technology / content database | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	10 years
Trademarks/trade name
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	$ 1,300	1,300
Finite-lived intangible assets, Accumulated Amortization	(1,300)	(1,300)
Finite-lived intangible assets, Net	$ 0	$ 0
Trademarks/trade name | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	4 years
Trademarks/trade name | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	10 years

Goodwill and Identified Intan_5

Goodwill and Identified Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining 3 months)	$ 13,601
2025	54,397
2026	54,263
2027	53,911
2028	48,868
Thereafter	72,321
Finite-lived intangible assets, Net	$ 297,361	$ 347,172

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Amounts of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Line Of Credit Facility [Line Items]
Long-term debt, Gross	$ 537,097
Unamortized debt discount and issuance costs	(12,673)	$ (15,555)
Long-term debt	524,424	585,695
Less: current portion, net of debt discount and issuance costs	(24,732)	(66,145)
Long-term debt, net	499,692	519,550
2021 Refinanced Term Loan B
Line Of Credit Facility [Line Items]
Long-term debt, Gross	0	601,250
2024 Term Loan B
Line Of Credit Facility [Line Items]
Long-term debt, Gross	$ 537,097	$ 0

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)			3 Months Ended		9 Months Ended
	May 20, 2024	Jun. 01, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Line Of Credit Facility [Line Items]
Voluntary prepayment against the term loan					$ 64,153,000	$ 118,875,000
Unamortized debt discount and issuance costs			$ 12,673,000		12,673,000		$ 15,555,000
Borrowings			524,424,000		524,424,000		$ 585,695,000
Interest expense			12,758,000	$ 15,659,000	40,229,000	47,137,000
Amortized costs			900,000	1,000,000	2,429,000	3,251,000
2020 Term Loan B Facility
Line Of Credit Facility [Line Items]
Loan facility, term		5 years
Borrowing capacity		$ 1,050,000,000
2021 Refinanced Term Loan B
Line Of Credit Facility [Line Items]
Borrowing capacity			810,000,000		$ 810,000,000
Debt instrument, prepayment premium					1%
Debt instrument, maturity date					Jun. 08, 2028
2021 Refinanced Term Loan B | Base Rate
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate					2.50%
2021 Refinanced Term Loan B | Eurodollar, London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate					3.50%
2021 Convertible Notes
Line Of Credit Facility [Line Items]
Unamortized debt discount and issuance costs			12,700,000		$ 12,700,000
Borrowings			$ 537,100,000		$ 537,100,000
2024 Term Loan B
Line Of Credit Facility [Line Items]
Borrowing capacity	$ 561,100,000
Debt instrument, prepayment premium	1%
Debt instrument, maturity date	Jun. 08, 2028
Interest rate			9.20%		9.20%
Interest expense			$ 12,500,000	$ 15,500,000	$ 39,600,000	$ 46,800,000
2024 Term Loan B | Base Rate
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2%
2024 Term Loan B | SOFR
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3%

Debt - Summary of Future Minimu

Debt - Summary of Future Minimum Principal Payments for Long-term Debt, Excluding Any Additional Payment Required by the Excess Cash Flow Provision (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024 (remaining 3 months)	$ 7,014
2025	28,056
2026	28,056
2027	28,057
2028	445,914
Total	$ 537,097

Net Income Per Share - Computat

Net Income Per Share - Computation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 19,314	$ 24,232	$ 28,595	$ 54,672
Denominator:
Weighted average shares of common stock outstanding	109,035	106,902	108,491	106,322
Add: Effect of dilutive securities associated with options	0	1	2	0
Add: Effect od dilutive securities associated with restricted stock awards and units	4,086	6,025	4,383	6,442
Add: Effect of dilutive securities associated with employee stock purchase program	3	1	5	1
Weighted average common shares - dilutive	113,124	112,929	112,881	112,765
Basic net income per share	$ 0.18	$ 0.23	$ 0.26	$ 0.51
Diluted net income per share	$ 0.17	$ 0.21	$ 0.25	$ 0.48
Anti-dilutive employee stock-based awards, excluded	632	665	736	591

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)			3 Months Ended		9 Months Ended	52 Months Ended
	May 09, 2024 shares	Apr. 29, 2022 shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 $ / shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2024 USD ($) $ / shares shares	Apr. 22, 2021 USD ($)	Jun. 12, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared, per share | $ / shares			$ 0.05	$ 0.05
Stock repurchase program, authorized amount | $							$ 100,000,000	$ 150,000,000
Treasury stock, total repurchase during period (in shares)			0		0	10,000,000
Treasury stock, average price of share repurchased (in dollars per share) | $ / shares						$ 17.24
Treasury stock, total cost of repurchased stock | $						$ 172,200,000
Stock repurchase program, remaining amount available for repurchase | $			$ 77,800,000		$ 77,800,000	$ 77,800,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved for issuance		6,000,000
Expiration period					24 months
Shares reserved for grant (in shares)			5,200,000		5,200,000	5,200,000
Rolling expiration period					24 months
Maximum employee subscription rate			100%		100%	100%
Purchase price of common stock, percent					85%
Maximum employee subscription amount | $			$ 25,000		$ 25,000	$ 25,000
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance awards, percentage of grant available to vest					0%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance awards, percentage of grant available to vest					200%
2020 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation full value awards counted against shares available for issuance ratio	1.5
Additional shares reserved for issuance	8,900,000
Expiration period					10 years
Vesting period					4 years
2020 EIP | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance	16,800,000
2020 EIP | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance	25,700,000
2020 EIP | Time-based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
2020 EIP | Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for grant (in shares)			8,100,000		8,100,000	8,100,000
Assumed Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period					7 years
Vesting period					4 years
Assumed Plans | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares Subject to Options
Number of Shares, Beginning balance (shares) | shares	213
Number of Shares, Options granted (shares) | shares
Number of Shares, Options exercised (shares) | shares	(53)
Number of Shares, Options canceled / forfeited / expired (shares) | shares	(27)
Number of Shares, Ending balance (shares) | shares	133
Number of Shares Subject to Options, Vested and Exercisable | shares	133
Weighted Average Exercise Price Per Share
Weighted Average Exercise Price Per Share, Beginning balance (USD per share) | $ / shares	$ 14.26
Weighted Average Exercise Price Per Share, Options granted (USD per share) | $ / shares
Weighted Average Exercise Price Per Share, Options exercised (USD per share) | $ / shares	10.62
Weighted Average Exercise Price Per Share, Options canceled / forfeited / expired (USD per share) | $ / shares	12.39
Weighted Average Exercise Price Per Share, Ending balance (USD per share) | $ / shares	16.06
Weighted Average Exercise Price Per Share, Vested and Exercisable (USD per share) | $ / shares	$ 16.06

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Restricted Stock Awards (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock awards, beginning balance (shares)	9,372
Restricted stock awards, granted (shares)	3,141
Restricted stock awards, vested / earned (shares)	(2,634)
Restricted stock awards, canceled / forfeited (shares)	(1,065)
Restricted stock awards, ending balance (shares)	8,814
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted average grant date fair value per share of restricted stock, beginning balance (USD per share) | $ / shares	$ 10.44
Weighted average grant date fair value per share of restricted stock and units, granted (USD per share) | $ / shares	12.03
Weighted average grant date fair value per share of restricted stock, vested / earned (USD per share) | $ / shares	9.76
Weighted average grant date fair value of restricted stock, canceled / forfeited (USD per share) | $ / shares	12.95
Weighted average grant date fair value per share of restricted stock and units, ending balance (USD per share) | $ / shares	$ 10.92
Performance Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock awards, beginning balance (shares)	1,781
Restricted stock awards, granted (shares)	945
Restricted stock awards, vested / earned (shares)
Restricted stock awards, canceled / forfeited (shares)	(479)
Restricted stock awards, ending balance (shares)	2,247
Time Based Restricted Stock Award
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock awards, beginning balance (shares)	7,591
Restricted stock awards, granted (shares)	2,196
Restricted stock awards, vested / earned (shares)	(2,634)
Restricted stock awards, canceled / forfeited (shares)	(586)
Restricted stock awards, ending balance (shares)	6,567

Stock-Based Compensation Expe_3

Stock-Based Compensation Expense - Effect of Recording Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 7,419	$ 4,874	$ 19,156	$ 13,070
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,126	767	3,028	2,097
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 6,293	$ 4,107	$ 16,128	$ 10,973

Stock-Based Compensation Expe_4

Stock-Based Compensation Expense - Schedule of Assumptions Used to Value Awards Granted (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
2020 ESPP
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life (in years)	2 years	2 years
Risk-free interest rate	4.80%	4.30%
Dividend yield	1.70%	2%
Expected volatility	57%	63.50%
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life (in years)	3 years	3 years
Risk-free interest rate	4.50%
Dividend yield	1.80%
Expected volatility	57%
Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate		4.50%
Dividend yield		2.30%
Expected volatility		68.50%
Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate		3.60%
Dividend yield		1.90%
Expected volatility		63.30%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ (2,520)	$ 1,712	$ 6,109	$ 15,877
U.S. federal tax rate			21%

Leases - Additional Information

Leases - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024
Lessee Lease Description [Line Items]
Lease expiration year	2032
Operating lease existence of option to terminate	true
Operating lease existence of option to extend	true
Operating lease description	The Company’s leases have remaining lease terms of less than one year to eight years, some of which may include options to extend the leases for five years or longer, and some of which may include options to terminate the leases within the next five years or less. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets;
Minimum
Lessee Lease Description [Line Items]
Remaining lease term	1 year
Lessee term of period to extend	5 years
Maximum
Lessee Lease Description [Line Items]
Remaining lease term	8 years

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Fixed lease cost	$ 512	$ 561	$ 1,535	$ 1,671
Variable lease cost	207	171	689	468
Total operating lease cost	$ 719	$ 732	$ 2,224	$ 2,139

Leases - Schedule of Other Info

Leases - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 502	$ 611
Operating leases, weighted average remaining lease term (years)	7 years 8 months 19 days		8 years 4 months 6 days
Operating leases, weighted average discount rate	8.60%		8.50%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments and Related Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Lease Payments
2024 (remaining 3 months)	$ 502
2025	87
2026	1,709
2027	2,132
2028	1,887
Thereafter	7,772
Total lease payments	14,089
Less: imputed interest	(4,589)
Present value of lease liabilities:	9,500
Less: current obligations under leases (accrued liabilities)	320	$ 503
Noncurrent operating lease liabilities	$ 9,180	$ 9,730

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Oct. 01, 2022
Commitments And Contingencies Disclosure [Line Items]
Total purchase commitments	$ 6
Purchase commitments remainder of 2024	1.6
Purchase commitments due in 2025	2.3
Purchase commitments due thereafter	2.1
Guarantee liability	17.1	$ 18.5
Maximum potential amount of future payments subject to guarantee	$ 7.5
Guarantor obligations potential amount of future payments start year	2024
Guarantor obligations potential amount of future payments end year	2031
Accrued estimated expense reimbursement			$ 2.8	$ 2.5
Cross Business Agreement
Commitments And Contingencies Disclosure [Line Items]
Guarantee liability					$ 19.7

Segment and Geographic Inform_3

Segment and Geographic Information - Additional Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 Customer	Sep. 30, 2023 Customer	Sep. 30, 2024 Segment Customer	Sep. 30, 2023 Customer	Dec. 31, 2023
Segment Reporting Information [Line Items]
Number of principal businesses segment | Segment			1
Number of customers more than 10% of revenue | Customer	2	4	2	2
Customer One | Accounts Receivable | Credit Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage (or more)			41%		42%
Customer Two | Accounts Receivable | Credit Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage (or more)			35%		28%

Segment and Geographic Inform_4

Segment and Geographic Information - Schedule of Geographic Revenue Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 86,101	$ 101,397	$ 256,856	$ 301,921
Total Revenue | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	100%	100%	100%	100%
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 68,304	$ 74,495	$ 208,351	$ 225,560
U.S. | Total Revenue | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	79%	74%	81%	75%
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 3,206	$ 3,244	$ 9,779	$ 11,487
Canada | Total Revenue | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	4%	3%	4%	4%
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 12,314	$ 21,434	$ 32,154	$ 57,416
Asia | Total Revenue | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	14%	21%	12%	19%
Europe and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 1,809	$ 1,773	$ 5,198	$ 6,156
Europe and Middle East | Total Revenue | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	2%	2%	2%	2%
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 468	$ 451	$ 1,374	$ 1,302
Other | Total Revenue | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	1%	0%	1%	0%

Segment and Geographic Inform_5

Segment and Geographic Information - Schedule of Summary of Customers Comprising 10% or More of Total Revenues (Details) - Sales Revenue Net - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Customer A
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	20%	17%	20.10%	17.10%
Customer B
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	11.20%	10.50%	11.60%	10.90%
Customer C
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)		10.70%
Customer D
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)		16.60%

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - $ / shares		3 Months Ended
	Oct. 23, 2024	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Dividends payable per share		$ 0.05	$ 0.05
Subsequent Event | O 2024 Q4 Dividends
Subsequent Event [Line Items]
Dividends declaration date	Oct. 23, 2024
Dividends payable per share	$ 0.05
Dividends payable date	Dec. 18, 2024
Dividends record date	Nov. 27, 2024