Founder, BWS Financial Inc

Hamed Khorsand

Founder

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BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>ADEA signed ten license agreements and reduced debt by approximately $40 million in the first quarter. ADEA has yet to announce a new major OTT license aside from Paramount renewing.</li>
<li>The investment case for owning ADEA’s stock has centered on the Company’s ability to sign more license agreements</li>
<li>ADEA remains on pace to generate $150 million of free cash flow to help reduce the Company’s debt balance further.</li>
</ul>


ADEA signed ten license agreements and reduced debt by approximately $40 million in the first quarter. ADEA has yet to announce a new major OTT license aside from Paramount renewing.
The investment case for owning ADEA’s stock has centered on the Company’s ability to sign more license agreements
ADEA remains on pace to generate $150 million of free cash flow to help reduce the Company’s debt balance further.


<ul>
<li>ADEA announced it has licensed its intellectual property to Austrian service provider Magenta Telekom in what could be of bigger significance than what ADEA’s stock price portrays</li>
<li>The license is the first for ADEA with a European service provider. This is also the first major customer win ADEA has announced since becoming a standalone IP company</li>
<li>The size of the deal with Magenta is most likely small, but our focus is on what it could mean for ADEA. Magenta is owned by T-Mobile parent Deutsche Telekom.</li>
</ul>


ADEA announced it has licensed its intellectual property to Austrian service provider Magenta Telekom in what could be of bigger significance than what ADEA’s stock price portrays
The license is the first for ADEA with a European service provider. This is also the first major customer win ADEA has announced since becoming a standalone IP company
The size of the deal with Magenta is most likely small, but our focus is on what it could mean for ADEA. Magenta is owned by T-Mobile parent Deutsche Telekom.


<ul>
<li>ADEA reported fourth quarter results showcasing debt reduction through free cash flow generation. ADEA had eight license signings of which two were brand new licensees</li>
<li>Reported fourth quarter results showcasing debt reduction through free cash flow generation. ADEA had eight license signings of which two were brand new licensees</li>
<li>ADEA has started to invest more in R&amp;D, which resulted in ADEA ending 2023 with nearly 11,000 patents compared to approximately 10,000 in the year prior</li>
</ul>


ADEA reported fourth quarter results showcasing debt reduction through free cash flow generation. ADEA had eight license signings of which two were brand new licensees
Reported fourth quarter results showcasing debt reduction through free cash flow generation. ADEA had eight license signings of which two were brand new licensees
ADEA has started to invest more in R&amp;D, which resulted in ADEA ending 2023 with nearly 11,000 patents compared to approximately 10,000 in the year prior


<ul>
<li>ADEA could be the most under the radar artificial intelligence (“AI”) beneficiary through its patent portfolio related to hybrid bonding</li>
<li>Hybrid bonding is expected to help usher the next generation of semiconductors to handle the growing need for speed and bandwidth with lower power consumption</li>
<li>ADEA’s stock has been mainly valued on the free cash flow it is able to generate from its media patent portfolio with little value given to ADEA’s semiconductor patent portfolio</li>
</ul>


ADEA could be the most under the radar artificial intelligence (“AI”) beneficiary through its patent portfolio related to hybrid bonding
Hybrid bonding is expected to help usher the next generation of semiconductors to handle the growing need for speed and bandwidth with lower power consumption
ADEA’s stock has been mainly valued on the free cash flow it is able to generate from its media patent portfolio with little value given to ADEA’s semiconductor patent portfolio


<ul>
<li>ADEA ) reported quarterly results since reporting it had a contract dispute with Shaw Communications. Third quarter revenue was better than expected with ADEA having several renewals in the period</li>
<li>The ongoing pace of renewals should allow ADEA to generate free cash flow to reduce debt at a faster pace in 2024.</li>
<li>ADEA reported third quarter revenue of $101.4 million compared to our estimate of $89.6 million. timing of renewals was a factor in ADEA's revenue surpassing our forecast</li>
</ul>


ADEA ) reported quarterly results since reporting it had a contract dispute with Shaw Communications. Third quarter revenue was better than expected with ADEA having several renewals in the period
The ongoing pace of renewals should allow ADEA to generate free cash flow to reduce debt at a faster pace in 2024.
ADEA reported third quarter revenue of $101.4 million compared to our estimate of $89.6 million. timing of renewals was a factor in ADEA's revenue surpassing our forecast


United States

Adeia Inc. operates as a consumer and entertainment product and intellectual property licensing company. The Company media solutions for use with traditional linear television in connection with OTT, direct-to-consumer, and social media services that provide access to entertainment inside and outside the home on a broad array of devices. Adeia serves customers worldwide.

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Adeia (ADEA US)

ADEA: Setting Course for New Licensees

ADEA reduced its debt balance by approximately $40 million in the quarter. ADEA's management signaled there are large license deals in the works...

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ADEA: Not Just Another Licensing Deal

We believe the license to Magenta Telekom is more of a considerable deal than the immediate revenue benefit given that Magenta is owned by Deutsche...

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ADEA: Adding More Licensees

An increase in R&D expense hampers EPS growth in the first half of the year, but revenue growth and continued debt reduction should result in EPS...

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ADEA: Undiscovered AI

ADEA has primary generated value from its media related patent portfolio even though the Company has an extensive semiconductor patent portfolio...

BWS Financial Inc

ADEA: Debt Continues to Decline

The takeaways from the quarterly results were ADEA expecting 2024 revenue and adjusted EBITDA to increase. ADEA signed a renewal with an OTT...

BWS Financial Inc

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