Adeia

Capital deployment is balanced and rational. Priorities have been: continue internal R&D to refresh the patent estate, selectively acquire complementary patents (about 7 million dollars in 2025), reduce term loan B borrowings, and return capital via a modest dividend and opportunistic buybacks.

The board increased the authorization to 200 million dollars in 2024; 20 million dollars of repurchases were executed in 2025 and 10 million dollars in Q1 2026, with 150 million dollars remaining at March 31, 2026. Debt repricing reduced cost of capital, and ongoing principal payments de‑risk the balance sheet.

Stock‑based compensation has risen (about 35 million dollars in 2025), which we watch, but net share count is contained by repurchases. Overall, allocation aligns with long‑term compounding for an asset‑light licensor.