XPERI INC., 10-K filed on 2/26/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Feb. 16, 2026
Jun. 30, 2025
Cover [Abstract]        
Entity Registrant Name XPERI INC.      
Trading Symbol XPER      
Entity Central Index Key 0001788999      
Current Fiscal Year End Date --12-31      
Entity Filer Category Accelerated Filer      
Entity Small Business false      
Entity Emerging Growth Company true      
Entity Ex Transition Period false      
Document Financial Statement Error Correction [Flag] false      
Document Type 10-K      
Document Period End Date Dec. 31, 2025      
Document Fiscal Year Focus 2025      
Document Fiscal Period Focus FY      
Amendment Flag false      
Entity Common Stock, Shares Outstanding     46,969,801  
Entity Well-known Seasoned Issuer No      
Entity Voluntary Filers No      
Entity Current Reporting Status Yes      
Entity Public Float       $ 357.9
Entity Interactive Data Current Yes      
Entity Shell Company false      
Entity File Number 001-41486      
Entity Incorporation, State or Country Code DE      
Entity Tax Identification Number 83-4470363      
Entity Address, Address Line One 2190 Gold Street      
Entity Address, City or Town San Jose      
Entity Address, State or Province CA      
Entity Address, Postal Zip Code 95002      
City Area Code 408      
Local Phone Number 519-9100      
Document Annual Report true      
ICFR Auditor Attestation Flag false      
Document Transition Report false      
Security12b Title Common Stock, par value $0.001 per share      
Security Exchange Name NYSE      
Auditor Name Deloitte & Touche LLP PricewaterhouseCoopers LLP    
Auditor Location San Jose, California San Jose, California    
Auditor Firm ID 34 238    
Auditor Opinion

We have audited the accompanying consolidated balance sheets of Xperi Inc. and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive loss, equity, and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

      
Documents Incorporated by Reference

DOCUMENTS INCORPORATED BY REFERENCE:

Portions of the registrant’s Proxy Statement for the registrant’s 2026 Annual Meeting of Stockholders will be filed with the Commission within 120 days after the close of the registrant’s 2025 fiscal year and are incorporated by reference in Part III of this Annual Report on Form 10-K to the extent stated herein.

      
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 448,105 $ 493,688 $ 521,334
Operating expenses:      
Cost of revenue, excluding depreciation and amortization of intangible assets 126,648 113,756 118,628
Research and development 135,054 191,352 222,833
Selling, general and administrative 181,869 218,106 233,403
Depreciation expense 13,426 12,638 16,645
Amortization expense 34,839 43,376 57,752
Impairment of long-lived assets 0 1,535 1,710
Total operating expenses 491,836 580,763 650,971
Operating loss (43,731) (87,075) (129,637)
Interest and other income, net 6,093 829 2,991
Interest expense - debt (2,979) (3,008) (3,000)
Gain on divestiture 0 100,833 0
(Loss) income before taxes (40,617) 11,579 (129,646)
Provision for income taxes 15,722 12,448 10,042
Net loss (56,339) (869) (139,688)
Less: net income (loss) attributable to noncontrolling interest 0 13,139 (3,075)
Net loss attributable to the Company $ (56,339) $ (14,008) $ (136,613)
Loss per share attributable to the Company:      
Basic loss per share $ (1.23) $ (0.31) $ (3.18)
Diluted loss per share $ (1.23) $ (0.31) $ (3.18)
Weighted-average number of shares used in computing net loss per share attributable to the Company - basic 45,869 45,057 43,012
Weighted-average number of shares used in computing net loss per share attributable to the Company - diluted 45,869 45,057 43,012
v3.25.4
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net loss $ (56,339) $ (869) $ (139,688)
Other comprehensive income (loss):      
Unrealized gain (loss) on cash flow hedges 1,601 (2,892) 1,128
Reclassification of foreign currency translation adjustments into net loss upon liquidation of foreign subsidiaries 45    
Change in foreign currency translation adjustment   (327) 126
Comprehensive loss (54,693) (4,088) (138,434)
Less: comprehensive income (loss) attributable to noncontrolling interest   13,139 (3,075)
Comprehensive loss attributable to the Company $ (54,693) $ (17,227) $ (135,359)
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 96,824 $ 130,564
Accounts receivable, net 56,838 58,745
Unbilled contracts receivable, net 78,320 83,075
Prepaid expenses and other current assets 23,631 32,488
Deferred consideration from divestiture 11,880 0
Total current assets 267,493 304,872
Note receivable, noncurrent 31,928 29,702
Deferred consideration from divestiture, noncurrent 8,015 18,217
Unbilled contracts receivable, noncurrent 67,417 45,396
Property and equipment, net 51,926 44,473
Operating lease right-of-use assets 27,557 30,082
Intangible assets, net 128,882 163,714
Deferred tax assets 5,281 7,228
Other noncurrent assets 27,330 24,076
Total assets 615,829 667,760
Current liabilities:    
Accounts payable 12,352 16,979
Accrued liabilities 82,160 94,420
Deferred revenue 16,137 23,950
Short-term debt 0 50,000
Total current liabilities 110,649 185,349
Long-term debt 40,000 0
Deferred revenue, noncurrent 15,072 20,932
Operating lease liabilities, noncurrent 21,487 [1] 19,932
Deferred tax liabilities 1,428 1,491
Other noncurrent liabilities 13,118 10,979
Total liabilities 201,754 238,683
Commitments and contingencies (Note 11)
Equity:    
Preferred stock: $0.001 par value; 6,000 shares authorized as of December 31, 2025 and 2023; no shares issued and outstanding as of December 31, 2025 and 2024 0 0
Common stock: $0.001 par value; 140,000 shares authorized as of December 31, 2025 and 2024; 46,924 and 44,328 shares issued and outstanding as of December 31, 2025 and 2024, respectively 47 44
Additional paid-in capital 1,314,249 1,274,561
Accumulated other comprehensive loss (4,438) (6,084)
Accumulated deficit (895,783) (839,444)
Total equity 414,075 429,077
Total liabilities and equity $ 615,829 $ 667,760
[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.
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 6,000,000 6,000,000
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) 140,000,000 140,000,000
Common stock, shares issued (in shares) 46,925,000 44,328,000
Common stock, shares outstanding (in shares) 46,925,000 44,328,000
v3.25.4
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (56,339) $ (869) $ (139,688)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Stock-based compensation 40,683 60,541 69,531
Amortization of intangible assets 34,839 43,376 57,752
Depreciation of property and equipment 13,426 12,638 16,645
Gain from divestitures 0 (100,833) 0
Deferred income taxes 2,255 (2,933) (8,596)
Accrued interest income from note receivable (2,226) (2,026) 0
Accretion of discount from deferred consideration from divestitures (1,678) (1,061) 0
Loss from deconsolidation of Perceive subsidiary 0 4,839 0
Impairment of long-lived assets 0 1,535 1,710
Other 4,938 1,225 748
Changes in operating assets and liabilities:      
Accounts receivable (586) (5,496) 5,721
Unbilled contracts receivable (18,016) (46,315) (19,386)
Prepaid expenses and other assets 6,494 11,071 2,696
Accounts payable (4,695) (3,041) 5,071
Accrued and other liabilities (5,937) (25,325) 3,688
Deferred revenue (13,673) (2,666) 4,170
Net cash (used in) provided by operating activities (515) (55,340) 62
Cash flows from investing activities:      
Capitalized internal-use software (15,593) (11,715) (5,933)
Purchases of property and equipment (5,384) (5,043) (6,815)
Purchases of intangible assets (7) (195) (185)
Net proceeds from divestitures 0 67,773 0
Net cash (used in) provided by investing activities (20,984) 50,820 (12,933)
Cash flows from financing activities:      
Repayment of short-term debt (50,000) 0 0
Withholding taxes related to net share settlement of equity awards (6,966) (7,215) (4,875)
Payment of debt issuance costs (1,249) 0 0
Repayment of long-term debt (1,100) 0 0
Repurchases of common stock 0 (19,990) 0
Proceeds from long-term debt 41,100 0 0
Proceeds from issuance of common stock under employee stock purchase plan 5,974 7,855 11,927
Net cash (used in) provided by financing activities (12,241) (19,350) 7,052
Effect of exchange rate changes on cash and cash equivalents 0 0 126
Net decrease in cash and cash equivalents (33,740) (23,870) (5,693)
Cash and cash equivalents at beginning of period 130,564 [1] 154,434 [1] 160,127
Cash and cash equivalents at end of period [1] 96,824 130,564 154,434
Reconciliation of cash, cash equivalents and cash classified as held-for-sale to consolidated balance sheets:      
Cash and cash equivalents 96,824 130,564 142,085
Cash and cash equivalents classified as held-for-sale, current (Note 7) 0 0 12,349
Total cash, cash equivalents and cash classified as held-for-sale in consolidated balance sheets [1] 96,824 130,564 154,434
Supplemental disclosure of cash flow information:      
Income taxes paid, net of refunds [2] 13,025 19,122 21,333
Interest paid 2,417 3,008 3,000
Supplemental disclosure of noncash investing and financing activities:      
Note receivable in exchange for consideration from divestiture 0 27,676 0
Deferred consideration from divestiture 0 17,156 0
Property and equipment included in accounts payable 862 516 1,343
Costs capitalized for internal-use software included in accounts payable and accrued liabilities $ 137 $ 414 $ 0
[1] Included $12.3 million of cash and cash equivalents classified as held for sale at December 31, 2023.
[2] Refer to Note 14—Income Taxes for the disaggregation of income taxes paid by jurisdiction, net of refunds received, upon the adoption of Accounting Standards Update (“ASU”) 2023-09 for the year ended December 31, 2025.
v3.25.4
Consolidated Statements Of Cash Flows (Parenthetical)
$ in Millions
Dec. 31, 2023
USD ($)
Statement of Cash Flows [Abstract]  
Cash and cash equivalents classified as held for sale $ 12.3
v3.25.4
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Noncontrolling Interest
Beginning balance at Dec. 31, 2022 $ 448,986 $ 42 $ 1,136,330 $ (4,119) $ (668,835) $ (14,432)
Beginning balance (in shares) at Dec. 31, 2022   42,066,000        
Change in ownership interest of the Company     (410)     410
Loss from deconsolidation of Perceive subsidiary 0          
Vesting of restricted stock units, net of tax withholding (4,875)   (4,875)      
Vesting of restricted stock units, net of tax withholding (in shares)   808,000        
Issuance of common stock under employee stock purchase plan (in shares)   1,337,000        
Issuance of common stock under employee stock purchase plan 11,927 $ 2 11,925      
Stock-based compensation 69,531   69,531      
Foreign currency translation adjustment 126     126    
Unrealized gain (loss) on cash flow hedges 1,128     1,128    
Net (loss) income (139,688)       (136,613) (3,075)
Ending balance at Dec. 31, 2023 387,135 $ 44 1,212,501 (2,865) (805,448) (17,097)
Ending balance (in shares) at Dec. 31, 2023   44,211,000        
Change in ownership interest of the Company     881     (881)
Loss from deconsolidation of Perceive subsidiary 4,839         4,839
Vesting of restricted stock units, net of tax withholding (7,215) $ 1 (7,216)      
Vesting of restricted stock units, net of tax withholding (in shares)   1,206,000        
Issuance of common stock under employee stock purchase plan (in shares)   1,076,000        
Issuance of common stock under employee stock purchase plan 7,855 $ 1 7,854      
Repurchases and retirement of common stock (in shares)   (2,165,000)        
Repurchases and retirement of common stock (19,990) $ (2)     (19,988)  
Stock-based compensation 60,541   60,541      
Foreign currency translation adjustment (327)     (327)    
Unrealized gain (loss) on cash flow hedges (2,892)     (2,892)    
Net (loss) income (869)       (14,008) $ 13,139
Ending balance at Dec. 31, 2024 429,077 $ 44 1,274,561 (6,084) (839,444)  
Ending balance (in shares) at Dec. 31, 2024   44,328,000        
Loss from deconsolidation of Perceive subsidiary 0          
Vesting of restricted stock units, net of tax withholding (6,966) $ 1 (6,967)      
Vesting of restricted stock units, net of tax withholding (in shares)   1,556,000        
Issuance of common stock under employee stock purchase plan (in shares)   1,041,000        
Issuance of common stock under employee stock purchase plan 5,974 $ 2 5,972      
Stock-based compensation 40,683   40,683      
Reclassification of foreign currency translation adjustments into net loss upon liquidation of foreign subsidiaries 45     45    
Unrealized gain (loss) on cash flow hedges 1,601     1,601    
Net (loss) income (56,339)       (56,339)  
Ending balance at Dec. 31, 2025 $ 414,075 $ 47 $ 1,314,249 $ (4,438) $ (895,783)  
Ending balance (in shares) at Dec. 31, 2025   46,925,000        
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ (56,339) $ (14,008) $ (136,613)
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Cybersecurity Risk Management, Strategy and Governance
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Item 1C. Cybersecurity

We maintain a cybersecurity risk management program that encompasses processes designed to identify, assess, and manage material risks from cybersecurity threats (as such term is defined in Item 106(a) of Regulation S-K) as part of our broader enterprise risk management program under the oversight of the Audit Committee of the Company’s Board of Directors. Our cybersecurity risk management program shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas. These processes include a wide variety of mechanisms, controls, technologies, systems, and methods that are designed to prevent, detect, or mitigate data loss, theft, misuse, unauthorized access, or other security incidents or vulnerabilities affecting data. Key elements of our cybersecurity risk management program include, but are not limited to, the following:

•
risk assessments designed to help identify material risks from cybersecurity threats to our critical systems and information;
•
a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;
•
cybersecurity awareness training of our employees, including incident response personnel, and senior management;
•
a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and
•
a third-party risk management process for key service providers based on our assessment of their criticality to our operations and respective risk profile.

Our corporate information security organization is led by our Chief Information Officer (“CIO”), who brings over 30 years of information technology experience across a wide range of industry sectors, including semiconductor and technology. Before joining Xperi, our CIO was the Chief Information Security Officer for a large technology company. Our CIO oversees our cybersecurity strategy and the development of our cybersecurity capabilities, encompassing risk management and mitigation, incident prevention, detection, and remediation. Our CIO and corporate information security organization collaborate with technical and business stakeholders across our businesses to analyze risks and devise detection, mitigation, and remediation strategies. Additionally, they engage outside legal counsel, experts, consultants, and other third parties to conduct regular audits, assist with forensic investigations, and address cybersecurity threats and incidents. When necessary, they seek input from external experts and consultants on security industry and threat trends.

Incidents that we deem significant are reviewed by a cross-functional working group to determine whether further escalation is appropriate. Senior management is responsible for assessing the materiality of an incident, complying with any regulatory requirements, and communicating relevant information to the Audit Committee, as appropriate. We consult with outside counsel as appropriate, including on materiality analysis and disclosure matters.

Although the risks from cybersecurity threats have not materially affected our business strategy, results of operations, or financial condition to date, there can be no assurance that they will not be materially affected by such risks or a material incident in the future, or that we have not experienced an undetected cybersecurity incident. As discussed under “Risk Factors” in Part I, Item 1A of this Annual Report, cybersecurity threats pose multiple risks to the Company, including potentially to our results of operations and financial condition. See “Risk Factors — If we or our third-party providers experience significant disruptions of our IT Systems or data security incidents, this could result in harm to our reputation, subject us to liability, cause us to modify our business practices, and otherwise materially adversely affect our business, results of operations, and financial conditions.”

The Company’s Board of Directors has oversight of our strategic and business risk management and has delegated cybersecurity risk management oversight to the Audit Committee of the Board. The Audit Committee oversees the guidelines and policies governing the process by which management assesses and manages our exposure to risk, including material risks from cybersecurity threats. The Audit Committee receives regular updates from management, including our CIO, regarding our cybersecurity risk management program, including cybersecurity risks, threats, incidents, and mitigation strategies.

Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

The Company’s Board of Directors has oversight of our strategic and business risk management and has delegated cybersecurity risk management oversight to the Audit Committee of the Board. The Audit Committee oversees the guidelines and policies governing the process by which management assesses and manages our exposure to risk, including material risks from cybersecurity threats. The Audit Committee receives regular updates from management, including our CIO, regarding our cybersecurity risk management program, including cybersecurity risks, threats, incidents, and mitigation strategies.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our corporate information security organization is led by our Chief Information Officer (“CIO”),our cybersecurity capabilities, encompassing risk management and mitigation, incident prevention, detection, and remediation.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee receives regular updates from management, including our CIO, regarding our cybersecurity risk management program, including cybersecurity risks, threats, incidents, and mitigation strategies.
Cybersecurity Risk Role of Management [Text Block] are reviewed by a cross-functional working group to determine whether further escalation is appropriate. Senior management is responsible for assessing the materiality of an incident, complying with any regulatory requirements, and communicating relevant information to the Audit Committee, as appropriate. We consult with outside counsel as appropriate, including on materiality analysis and disclosure matters.

Although the risks from cybersecurity threats have not materially affected our business strategy, results of operations, or financial condition to date, there can be no assurance that they will not be materially affected by such risks or a material incident in the future, or that we have not experienced an undetected cybersecurity incident. As discussed under “Risk Factors” in Part I, Item 1A of this Annual Report, cybersecurity threats pose multiple risks to the Company, including potentially to our results of operations and financial condition. See “Risk Factors — If we or our third-party providers experience significant disruptions of our IT Systems or data security incidents, this could result in harm to our reputation, subject us to liability, cause us to modify our business practices, and otherwise materially adversely affect our business, results of operations, and financial conditions.”

The Company’s Board of Directors has oversight of our strategic and business risk management and has delegated cybersecurity risk management oversight to the Audit Committee of the Board. The Audit Committee oversees the guidelines and policies governing the process by which management assesses and manages our exposure to risk, including material risks from cybersecurity threats. The Audit Committee receives regular updates from management, including our CIO, regarding our cybersecurity risk management program, including cybersecurity risks, threats, incidents, and mitigation strategies.

Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Senior management is responsible for assessing the materiality of an incident, complying with any regulatory requirements
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Senior management is responsible for assessing the materiality of an incident, complying with any regulatory requirements, and communicating relevant information to the Audit Committee, as appropriate. We consult with outside counsel as appropriate, including on materiality analysis and disclosure matters.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
The Company and Description of Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
The Company and Description of Business

NOTE 1 – THE COMPANY AND DESCRIPTION OF BUSINESS

Xperi Inc. (“Xperi or the “Company”) is a leading media and entertainment technology company headquartered in Silicon Valley with operations around the world. The Company’s technologies are integrated into consumer devices, connected cars, and a variety of media platforms worldwide, enabling its unique audiences to connect with entertainment content in a more intelligent, immersive, and personal way. As the Company’s audiences engage with content on its platform, the Company operates a global, cross-screen advertising solution that enables brands to reach millions of engaged consumers across its rapidly expanding digital entertainment ecosystem, driving increased value for its partners, customers, and consumers. The Company operates in one reportable business segment and groups its revenue into four categories: Pay-TV, Consumer Electronics, Connected Car, and Media Platform.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company’s financial statements were prepared on a consolidated basis and include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

The Company’s fiscal year ends on December 31. The Company employs a calendar month-end reporting period for its quarterly reporting.

For reporting periods in fiscal year 2024 and prior, the Company owned a controlling financial interest of its former subsidiary, Perceive Corporation (“Perceive”, later known as Xperi Pylon Corporation). In December 2024, Perceive was dissolved after all of its remaining assets and liabilities were distributed to the Company. At the time of its dissolution, the Company recognized a loss of $4.8 million within interest and other income, net, on its consolidated statements of operations upon the derecognition of the remaining balance of the noncontrolling interests in Perceive. Refer to Note 7—Divestitures for details concerning an asset sale transaction related to Perceive.

Foreign Currency Remeasurement and Transactions

The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. Accordingly, each foreign subsidiary remeasures monetary assets and liabilities at period-end exchange rates, while non-monetary items are remeasured at historical exchange rates. Revenue and expenses are remeasured at the exchange rates in effect on the day the transaction occurs, except for those expenses related to non-monetary assets and liabilities, which are remeasured at historical exchange rates. Remeasurement adjustments are recognized in interest and other income, net in the consolidated statements of operations.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The accounting estimates and assumptions that require management’s most significant, challenging, and subjective judgment include the estimation of licensees’ quarterly royalties prior to receiving the royalty reports, the determination of stand-alone selling price and the transaction price in an arrangement with multiple performance obligations, the fair value of note receivable and deferred consideration in connection with the AutoSense in-cabin safety business and related imaging solutions (the “AutoSense Divestiture”), 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 valuation of performance-based awards with a market condition. Actual results experienced by the Company may differ from management’s estimates.

Net Loss Per Share Attributable to the Company

Net loss per share attributable to the Company is computed by dividing net loss attributable to the Company for the period by the weighted-average number of common shares outstanding during the period. Dilutive weighted-average common shares

outstanding do not include unvested restricted stock units and stock options for the periods presented because the effect of their inclusion would have been anti-dilutive.

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to a customer in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services, which may include various combinations of goods and services which are generally capable of being distinct and accounted for as separate performance obligations. See Note 3—Revenue for detailed discussion on revenue recognition and disaggregation of revenue.

Segment Reporting

Operating segments are defined as components of an enterprise for which separate financial information is available and that is evaluated on a regular basis by the chief operating decision-maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The CODM reviews financial information and manages the business on a consolidated basis for the purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it has one operating segment, which is also its reportable segment. For additional information, see Note 16—Geographic and Segment Related Information.

Cash and Cash Equivalents

Cash and cash equivalents primarily consist of deposits maintained in domestic and foreign financial institutions.

Non-Marketable Equity Investments

The Company holds an equity method investment in a privately-held entity over which it has the ability to exercise significant influence, but does not have a controlling interest. Under the equity method, the Company records its proportionate share of income or loss in interest and other income, net, in the consolidated statements of operations. The Company monitors its non-marketable securities portfolio for potential impairment.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amount of cash equivalents, accounts receivable, accounts payable, accrued liabilities, and short-term debt approximates fair value due to the short-term nature of these instruments. Note receivable, deferred consideration from divestitures, and long-term debt are carried at amortized cost and measured at fair value on a quarterly basis for disclosure purposes.

Derivative Instruments

The Company uses derivative financial instruments to manage foreign currency exchange rate risk. The Company does not enter into derivative transactions for trading purposes. The Company’s derivative financial instruments are recorded on the consolidated balance sheets as assets or liabilities measured at fair value. For derivatives designated as a hedge, and effective as part of a hedge transaction, the effective portion of the gain or loss on the hedging derivative instrument is reported as a component of other comprehensive income (loss) and as a basis adjustment to the underlying hedged item and reclassified to earnings in the period in which the hedged item affects earnings. To the extent derivatives do not qualify or are not designated as hedges, or are ineffective, their changes in fair value are recorded in interest and other income, net immediately.

Concentration of Credit and Other Risks

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, unbilled contracts receivable, a note receivable and deferred consideration from divestitures. The Company maintains cash and cash equivalents with large financial institutions, and at times, the deposits may exceed the federally insured limits. As part of its risk management processes, the Company performs periodic evaluations of the relative credit standing of these financial institutions. The Company has not sustained material credit losses from instruments held at these financial institutions. In addition, the Company has cash and cash equivalents held in international bank accounts that are denominated in various foreign currencies and has established risk management strategies designed to minimize the impact of certain currency exchange rate fluctuations.

The Company believes that any concentration of credit risk in its accounts receivable and unbilled contracts receivable is substantially mitigated by its evaluation process and the high level of creditworthiness of its customers. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral.

For the years ended December 31, 2025, 2024, and 2023, no customer accounted for 10% or more of total revenue. As of December 31, 2025, no customer represented 10% or more of the Company’s net balance of accounts receivable, and two customers exceeded 10% of the Company’s combined net balance of current and noncurrent unbilled contracts receivable. As of December 31, 2024, no customer represented 10% or more of the Company’s net balance of accounts receivable, and one customer exceeded 10% of the Company’s combined net balance of current and noncurrent unbilled contracts receivable.

As part of the consideration for the AutoSense Divestiture, the Company received a note receivable and deferred consideration from Tobii AB (“Tobii”). Both of these instruments are exposed to credit risk arising from default on repayment from Tobii. The credit risk associated with the note receivable is mitigated by establishing a floating lien and security interest in certain of Tobii’s assets, rights, and properties, whereas the deferred consideration is not secured by any collateral. The Company utilizes valuation methodologies such as internally generated cash flow projections on the principal and interest of each instrument, along with the review of certain other data points, to determine the likelihood that the note receivable or deferred consideration will be repaid. Further, the Company assesses each instrument for credit losses and provides a reserve if full payment on the instruments may not occur as expected, in which case the reserve reflects the excess of the amortized cost basis over the results of the cash flow projections. The Company expects Tobii to make full payment on both instruments in accordance with the underlying agreement. Accordingly, no allowance for credit losses was recorded as of December 31, 2025.

Accounts Receivable and Allowance for Credit Losses

The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records a receivable when revenue is recognized prior to cash collection.

Payment terms and conditions vary by contract type, location of customer and the products or services offered, although terms generally require payment from a customer within 30 to 60 days. When the timing of revenue recognition differs from the timing of cash collection, an evaluation is performed to determine whether the contract includes a significant financing component.

The allowance for credit losses, which includes the allowance for accounts receivable and unbilled contracts receivable, represents the Company’s best estimate of lifetime expected credit losses inherent in those financial assets. The Company’s lifetime expected credit losses are determined using relevant information about past events (including historical experience), current conditions, and reasonable and supportable forecasts that affect collectability. The Company monitors its credit exposure through ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary. In addition, the Company performs routine credit management activities such as timely account reconciliations, dispute resolution, and payment confirmations. The Company may employ collection agencies and legal counsel to pursue recovery of defaulted receivables.

Inventory

Inventories consist primarily of finished DVRs, non-DVRs and accessories and are stated at the lower of cost or net realizable value on an aggregate basis. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. Adjustments to reduce the carrying amount of inventory to the lower of cost or net realizable value are made, if required, for excess or obsolete goods, which includes a review of, among other factors, demand requirements and market conditions.

Property and Equipment

Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the related assets’ estimated useful lives:

Computer equipment and software

 

1 to 5 years

Capitalized internal-use software

 

3 years

Office equipment and furniture

 

1 to 5 years

Leasehold improvements

 

Lesser of related lease term or 5 years

Building and improvements

 

Up to 30 years

 

Expenditures that materially increase asset life are capitalized, while ordinary maintenance and repairs are expensed as incurred.

Capitalized Internal-Use Software

The Company capitalizes certain costs incurred in connection with software development projects for internal use during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Once the software development project is available for general release, capitalization ceases, and the Company estimates the useful life of the asset and begins amortization. Capitalized internal-use software costs are amortized on a straight-line basis over its estimated useful life.

Capitalization of Cloud Computing Costs

The Company capitalizes certain costs related to its enterprise cloud computing arrangements during the application development stage. During the post-implementation stage, these costs are amortized as hosting fees on a straight-line basis over the term of the hosting arrangements.

Identified Intangible Assets

Identified finite-lived intangible assets consist of acquired patents, existing technology, customer relationships, trademarks and trade names, and non-compete agreements resulting from acquisitions, and acquired patents under asset purchase agreements. The Company’s identified intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from 1 to 10 years. Identified indefinite-lived intangible assets include legacy TiVo tradenames and trademarks resulting from acquisitions.

Impairment of Long-Lived Assets

Long-lived assets include property and equipment, operating lease right-of-use (“ROU”) assets, and intangible assets. The Company reviews its long-lived assets for possible impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Such events and changes may include: a significant decrease in market value, changes in asset use, negative industry or economic trends, and changes in the Company’s business strategy. The Company measures recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate. If the carrying value of the assets is not recoverable, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the assets.

For identified indefinite-lived intangible assets resulting from acquisitions, the Company evaluates their carrying value on an annual basis, and an impairment charge would be recognized to the extent that the carrying amount of such assets exceeds their estimated fair value.

Accounts Receivable Securitization Facility

Under the accounts receivable securitization program (the “AR Facility”) described in Note 9—Debt and Receivables Securitization, certain of the Company’s wholly-owned subsidiaries (collectively, the “Originators”) agree to periodically transfer and sell their trade receivables such as accounts receivable and unbilled contracts receivable, along with all related rights to a special purpose subsidiary, which the Company controls and consolidates in its financial statements. Once sold, the Originators have no continuing involvement in the transferred receivables.

In turn, the trade receivables held by the special purpose subsidiary are pledged as collateral against the amounts drawn from the AR Facility with PNC Bank, National Association (“PNC”), which the Company accounts for as a secured borrowing. The outstanding loan amount is classified as long-term debt in the consolidated balance sheets.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are recognized as ROU assets, along with their corresponding current and noncurrent lease liabilities in the Company’s consolidated balance sheets. The ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, the

Company generally 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 Company’s lease terms may include options to extend or terminate the lease, and these terms are factored into the valuation of ROU assets and liabilities when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company accounts for lease and non-lease components such as common area maintenance costs separately. Leases with an initial term of 12 months or less are not recorded on the 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 ROU assets calculation.

Research and Development

Research and development costs are comprised primarily of employee-related costs, stock-based compensation expense, engineering consulting expenses associated with new product and technology development, product commercialization, quality assurance and testing costs, as well as costs related to information technology, patent applications and examinations, materials, supplies, and an allocation of facilities costs. All research and development costs are expensed as incurred.

Stock-based Compensation

Prior to the Separation, certain Company employees participated in the Former Parent’s equity programs. Stock-based compensation expense has been attributed to the Company based on the awards and terms previously granted to the Company’s direct employees, as well as an allocation of the Former Parent’s corporate and shared functional employee expenses.

Stock-based compensation is measured at the grant date based on the estimated fair value of the award and is recognized on a straight-line basis, net of estimated forfeitures, over the requisite service or performance period. Forfeiture rates are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. If the actual forfeiture rate is materially different from the estimate, stock-based compensation expense could be significantly different from what was recorded in the current period.

The Company uses the closing trading price of its common stock on the date of grant as the fair value of awards of restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) that are based on company-designated performance targets. For PSUs that are based on market conditions, or market-based PSUs, fair value is estimated by using a Monte Carlo simulation on the date of grant. The Company estimates the grant-date fair value of stock to be issued under the employee stock purchase plan (“ESPP”) using the Black-Scholes pricing model.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amount of assets and liabilities and their respective tax bases and operating loss and tax carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable to the years in which those temporary differences are expected to reverse. A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized.

From time to time, the Company engages in transactions in which the tax consequences may be subject to uncertainty. Significant judgment is required in assessing and estimating the tax consequences of these transactions. Accruals for unrecognized tax benefit liabilities, which represent the difference between a tax position taken or expected to be taken in a tax return and the benefit recognized for financial reporting purposes, are recorded when the Company believes it is not more-likely-than-not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. Adjustments to unrecognized tax benefits are recognized when facts and circumstances change, such as the closing of a tax audit, notice of an assessment by a taxing authority or the refinement of an estimate. Income tax benefit includes the effects of adjustments to unrecognized tax benefits, as well as any related interest and penalties.

Advertising Costs

Advertising costs are expensed as incurred and are presented within selling, general and administrative expense in the consolidated statements of operations. Advertising expenses for the years ended December 31, 2025, 2024 and 2023, were $10.6 million, $9.9 million, and $8.1 million, respectively.

Contingencies

From time to time, the Company may be involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. Management reviews these estimates in each accounting period as additional information becomes known and adjusts the loss provision when appropriate. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in the consolidated financial statements. If a loss is probable but the amount of loss cannot be reasonably estimated, the Company discloses the loss contingency and an estimate of possible loss or range of loss (unless such an estimate cannot be made). The Company does not recognize gain contingencies until they are realized. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Recent Accounting Pronouncements

The following are ASUs issued by the Financial Accounting Standards Board (“FASB”) that are relevant to the Company’s consolidated financial statements and related disclosures.

Accounting Standard Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of specific categories in the effective tax rate reconciliation and additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The Company adopted this guidance on a prospective basis within its December 31, 2025 consolidated financial statements. For further information, refer to Note 14—Income Taxes.

Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard requires that public business entities disclose additional information about specific expense categories in the notes to financial statements for interim and annual reporting periods. The standard will become effective for the Company’s 2027 annual financial statements and interim financial statements thereafter and may be applied prospectively to periods after the adoption date or retrospectively for all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the disclosures within its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The update guidance aims to simplify how all entities currently estimate expected credit losses for their outstanding trade and other related receivables arising from revenue transactions and provides a practical expedient available for election by public entities. Once elected, all public entities are no longer required to consider forecasted information when estimating expected credit losses, but only the historical and current economic conditions relevant to the collectibility of the trade and other related receivables. The updated guidance will become effective on a prospective basis for the Company in the first quarter of 2026. The Company does not expect the impact upon adoption to be material to its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This updated guidance eliminates the consideration of software project development stages and introduces additional considerations for the existing probability threshold assessment on completing a software development project. Entities are required to assess whether significant uncertainty exists in the development activities of the software before capitalizing any software costs, and such uncertainty is considered to exist if the project involves any technological innovations with novel and unproven features or unidentified significant performance requirements. The updated guidance will become effective for the Company in the first quarter of 2028 and may be adopted on either a prospective basis, full retrospective basis, or modified prospective basis with a cumulative-effect adjustment through retained earnings. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

NOTE 3 – REVENUE

Revenue Recognition

General

Revenue is recognized when control of the promised goods or services is transferred to a customer in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services, which may include various combinations of goods and services which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of sales taxes collected from customers which are subsequently remitted to governmental authorities.

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 an arrangement with multiple performance obligations, the transaction price is allocated among the separate performance obligations on a relative standalone selling price (“SSP”) basis. The determination of SSP considers market conditions, the size and scope of the contract, customer and geographic information, and other factors. When observable prices are not available, SSP for separate performance obligations is generally based on the cost-plus-margin approach, considering overall pricing objectives.

When variable consideration is in the form of a sales-based or usage-based royalty in exchange for a license of technology or when a license of technology is the predominant item to which the variable consideration relates, 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 satisfied or partially satisfied.

Description of Revenue-Generating Activities

The Company derives the majority of its revenue from licensing its technologies and solutions to customers within the Pay-TV, Consumer Electronics, Connected Car and Media Platform product categories. Refer to Part I, Item 1 of this Form 10-K for detailed information regarding these product categories.

Pay-TV

Customers within the Pay-TV category are primarily multi-channel video service providers, consumer electronics (“CE”) manufacturers, and end consumers. Revenue in this category is primarily derived from licensing the Company’s Pay-TV solutions, including Electronic Program Guides, TiVo video-over-broadband (“IPTV”) Solutions, Personalized Content Discovery and enriched Metadata.

For these solutions, the Company generally provides on-going media or data delivery, either via on-premise licensed software, hosting or access to its platform. The Company generally receives fees on a per-subscriber per-month basis or as a monthly fee, and revenue is recognized during the month in which the solutions are provided to the customer. For most of the on-premise licensed software arrangements, substantially all functionality is obtained through the Company’s frequent updating of the technology, data and content. In these instances, the Company typically has a single performance obligation related to these ongoing activities in the underlying arrangement, and revenue is generally recognized over the period the solution is provided. Hosted solutions and access to our platform is considered a single performance obligation with revenue being recognized over the period the solution is provided. In the case of certain minimum guarantee or fixed fee on-premise licensed software arrangements, revenue is recognized immediately upon the delivery of the licensed technology.

Consumer Electronics

The Company licenses its audio technologies to CE manufacturers or their supply chain partners.

The Company generally recognizes royalty revenue from licenses based on units shipped or manufactured. Revenue is recognized in the period in which the customer’s sales or production are estimated to have occurred. This may result in an adjustment to revenue when actual sales or production are subsequently reported by the customer, generally in the month or quarter following sales or production. Estimating customers’ 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.

Certain customers enter into fixed fee or minimum guarantee agreements, whereby customers pay a fixed fee for the right to incorporate the Company’s technology in the customer’s products over the license term. In arrangements 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 technology and begins to benefit from the license. If applicable, revenue is recognized net of the effect of any significant financing components calculated using customer-specific, risk-adjusted lending rates, with the related interest income being recognized over time on an effective rate basis. For minimum guarantee agreements where the customer exceeds the minimum, the Company recognizes revenue relating to any additional per-unit fees in the periods it estimates the customer will exceed the minimum and adjusts the revenue based on actual usage once that is reported by the customer.

Connected Car

The Company licenses its digital radio solutions, automotive infotainment and related offerings to automotive manufacturers or their supply chain partners.

The Company generally recognizes royalty revenue from these licenses based on units shipped or manufactured, similar to the revenue recognition described above in “Consumer Electronics”. Certain customers may enter into fixed fee or minimum guarantee agreements, also similar to the revenue recognition described above in “Consumer Electronics”. Automotive infotainment and related revenue is generally recognized over time as the customer obtains access to the solutions and underlying data.

Media Platform

The Company generates revenue from advertising, TV viewership data, metadata for ad measurement and programming analytics, and licensing of the core middleware solutions.

Advertising revenue is generally recognized when the related advertisement is delivered. TV viewership data revenue is generally recognized over time as the customer obtains the underlying data. Metadata for ad measurement and programming analytics is generally recognized over time as the customer obtains the scheduled data. License revenue for the core middleware solutions is generally recognized either on a per-unit royalty or a minimum guarantee or fixed fee basis, similar to “Consumer Electronics” described in the section above.

Hardware Products, Services and Settlements/Recoveries

The Company sold hardware products, primarily to end consumers, within the Pay-TV and Consumer Electronics product categories. Hardware product revenue was generally recognized when the promised product was delivered.

The Company also generates non-recurring engineering (“NRE”) revenue within all of its product categories. The Company recognizes NRE revenue as progress is made toward completion, generally using an input method based on the ratio of costs incurred to date to total estimated costs of the project.

Revenue from each of advertising, NRE services, and hardware products was less than 10% of total revenue for all periods presented.

The Company actively monitors and enforces its technology licenses, including seeking appropriate compensation from customers that have under-reported royalties owed under a license agreement and from third parties that utilize the Company’s technologies without a license. As a result of these activities, the Company may, from time to time, recognize revenue from periodic compliance audits of licensees for underreporting royalties incurred in prior periods, or from settlement of license disputes. These settlements and recoveries may cause revenue to be higher than expected during a particular reporting period and such settlements and recoveries may not occur in subsequent periods. The Company recognizes revenue from settlements and recoveries when a binding agreement has been executed or a revised royalty report has been received and the Company concludes collection is probable.

Disaggregation of Revenue

The Company’s revenue that is recognized over time consists primarily of per unit royalties, per-subscriber per-month or monthly license fees, single performance obligations satisfied over time, and NRE services. Revenue that is recognized at a

point in time consists primarily of fixed fee or minimum guarantee licensing contracts, advertising, hardware products, and settlements/recoveries.

The following table summarizes revenue by timing of recognition (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Recognized over time

 

$

320,219

 

 

$

362,713

 

 

$

410,865

 

Recognized at a point in time

 

 

127,886

 

 

 

130,975

 

 

 

110,469

 

Total revenue

 

$

448,105

 

 

$

493,688

 

 

$

521,334

 

The following table summarizes revenue by product category (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Pay-TV

 

$

205,734

 

 

$

259,712

 

 

$

244,708

 

Consumer Electronics

 

 

77,587

 

 

 

81,993

 

 

 

132,355

 

Connected Car

 

 

124,339

 

 

 

111,144

 

 

 

94,864

 

Media Platform

 

 

40,445

 

 

 

40,839

 

 

 

49,407

 

Total revenue

 

$

448,105

 

 

$

493,688

 

 

$

521,334

 

The following table summarizes revenue by geographic location (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

U.S. and Canada (1)

 

$

233,481

 

 

 

52

%

 

$

256,345

 

 

 

52

%

 

$

293,849

 

 

 

56

%

Asia Pacific

 

 

143,231

 

 

 

32

 

 

 

150,654

 

 

 

31

 

 

 

152,248

 

 

 

29

 

Europe, Middle East and Africa

 

 

43,329

 

 

 

10

 

 

 

46,442

 

 

 

9

 

 

 

41,113

 

 

 

8

 

Other

 

 

28,064

 

 

 

6

 

 

 

40,247

 

 

 

8

 

 

 

34,124

 

 

 

7

 

Total revenue

 

$

448,105

 

 

 

100

%

 

$

493,688

 

 

 

100

%

 

$

521,334

 

 

 

100

%
(1)
For the year ended December 31, 2025, 2024, and 2023, the Company recognized $206.3 million, $237.8 million, and $268.0 million of revenue from the U.S., which represented 46%, 48%, and 51% of total revenue for the respective periods.

A significant portion of the Company’s revenue is derived from licensees headquartered outside of the U.S., principally in Asia Pacific and Europe, the Middle East and Africa. Japan, which is part of Asia Pacific, contributed a significant amount of revenue, as shown in the following table (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

Japan

 

$

73,869

 

 

 

16

%

 

$

80,773

 

 

 

16

%

 

$

83,138

 

 

 

16

%

No individual country in Europe, Middle East and Africa and other regions accounted for 10% or more of total revenue in all periods presented.

Contract Balances

Contract Assets

A contract asset represents a right to consideration that is conditional upon factors other than the passage of time. Contract assets primarily consist of unbilled contracts receivable that are expected to be received from customers in future periods, where revenue is recognized upon the completion of performance obligations, but in advance of billings. The amount of

unbilled contracts receivable may not exceed their net realizable value and is classified as noncurrent if the amounts are expected to be invoiced more than one year from the reporting date.

Contract Liabilities

Contract liabilities are mainly comprised of deferred revenue, which arises when cash payments are received in advance of performance obligations being satisfied. Deferred revenue generally consists of prepaid licenses or other fees for which the Company is paid in advance while the promised good or service is transferred to the customer at a future date or over time.

The following table presents additional revenue disclosures (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue recognized in the period from:

 

 

 

 

 

 

 

 

 

Amounts included in deferred revenue at the beginning of the period

 

$

23,690

 

 

$

25,202

 

 

$

20,620

 

Performance obligations satisfied in previous periods (true
ups, recoveries, and settlements) (1)

 

$

1,666

 

 

$

9,999

 

 

$

11,863

 
(1)
True ups represent the differences between the Company’s quarterly estimates of per-unit royalty revenue and actual production/sales-based royalties reported by licensees that are generally received in the following period, and may include other changes in estimates. Recoveries represent corrections or revisions to previously reported per-unit royalties by licensees, generally resulting from the Company’s inquiries or compliance audits. Settlements represent resolutions of disputes or litigation during the period for past royalties owed.

Remaining Performance Obligations

Remaining performance obligations represent contracted revenue that has not yet been recognized. As of December 31, 2025, the Company’s remaining performance obligations and the period over which they are expected to be recognized were as follows (in thousands):

Year Ending December 31:

 

Amounts

 

2026

 

$

63,275

 

2027

 

 

27,038

 

2028

 

 

15,872

 

2029

 

 

10,033

 

2030

 

 

7,153

 

Thereafter

 

 

152

 

Total

 

$

123,523

 

Allowance for Credit Losses

The following table presents the activity in the allowance for credit losses for the years ended December 31, 2025, 2024, and 2023 (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Accounts Receivable

 

 

Unbilled Contracts Receivable

 

 

Accounts Receivable

 

 

Unbilled Contracts Receivable

 

 

Accounts Receivable

 

 

Unbilled Contracts Receivable

 

Beginning balance

 

$

946

 

 

$

499

 

 

$

1,906

 

 

$

190

 

 

$

1,950

 

 

$

369

 

Provision for credit losses

 

 

2,221

 

 

 

664

 

 

 

(172

)

 

 

308

 

 

 

497

 

 

 

52

 

Recoveries/charge-off

 

 

(319

)

 

 

(12

)

 

 

(788

)

 

 

1

 

 

 

(541

)

 

 

(231

)

Balance at end of period

 

$

2,848

 

 

$

1,151

 

 

$

946

 

 

$

499

 

 

$

1,906

 

 

$

190

 
v3.25.4
Composition of Certain Financial Statement Captions
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Composition of Certain Financial Statement Captions

NOTE 4 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS

Prepaid expenses and other current assets consisted of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Prepaid expenses

 

$

14,286

 

 

$

21,027

 

Prepaid income taxes

 

 

7,401

 

 

 

8,295

 

Finished goods inventory

 

 

—

 

 

 

1,061

 

Other

 

 

1,944

 

 

 

2,105

 

Total

 

$

23,631

 

 

$

32,488

 

Property and equipment, net consisted of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Computer equipment and software

 

$

54,840

 

 

$

54,737

 

Capitalized internal-use software

 

 

38,699

 

 

 

23,384

 

Office equipment and furniture

 

 

10,470

 

 

 

10,773

 

Building

 

 

17,876

 

 

 

17,876

 

Land

 

 

5,300

 

 

 

5,300

 

Leasehold improvements

 

 

10,810

 

 

 

10,778

 

Construction in progress

 

 

1,325

 

 

 

1,979

 

Total property and equipment

 

 

139,320

 

 

 

124,827

 

Less: accumulated depreciation and amortization(1)

 

 

(87,394

)

 

 

(80,354

)

Property and equipment, net

 

$

51,926

 

 

$

44,473

 
(1)
Includes $11.3 million and $4.1 million as of December 31, 2025 and 2024, respectively, of accumulated amortization associated with capitalized internal-use software.

Due to the global downsizing of its real estate footprint, the Company vacated a number of its leased office facilities, resulting in the impairment of the leasehold improvements completed at those facilities. There was no impairment of leasehold improvements for the year ended December 31, 2025. For the years ended December 31, 2024 and 2023, the Company recorded impairment charges of $0.6 million and $0.4 million, respectively. See Note 10—Leases for more detail.

The following table summarizes the capitalization and amortization of internal-use software for the years ended December 31, 2025, 2024 and 2023 (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Costs capitalized associated with internal-use software

 

$

15,465

 

 

$

12,160

 

 

$

5,933

 

Amortization of capitalized internal-use software

 

 

7,241

 

 

 

2,547

 

 

 

1,503

 

Accrued liabilities consisted of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Employee compensation and benefits

 

$

38,125

 

 

$

33,360

 

Accrued expenses

 

 

15,442

 

 

 

16,108

 

Current portion of operating lease liabilities

 

 

8,858

 

 

 

15,353

 

Accrued income taxes

 

 

5,913

 

 

 

6,259

 

Accrued rebates and other payments to customers

 

 

3,914

 

 

 

4,289

 

Third-party royalties

 

 

3,300

 

 

 

5,171

 

Accrued other taxes

 

 

1,889

 

 

 

8,370

 

Other

 

 

4,719

 

 

 

5,510

 

Total

 

$

82,160

 

 

$

94,420

 
v3.25.4
Financial Instruments
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments

NOTE 5 – FINANCIAL INSTRUMENTS

Non-marketable Equity Securities

As of December 31, 2025 and 2024, other noncurrent assets included equity securities accounted for under the equity method with a carrying amount of $4.7 million. No impairments to the carrying amount of the Company’s non-marketable equity securities were recognized in the years ended December 31, 2025, 2024, and 2023.

Derivatives Instruments

The Company uses a foreign exchange hedging strategy to hedge local currency expenses and reduce variability associated with anticipated cash flows. The Company’s derivative financial instruments consist of foreign currency forward contracts. The maturities of these instruments are generally less than twelve months. Fair values for derivative financial instruments are based on prices computed using third-party valuation models. All the significant inputs to the third-party valuation models are observable in active markets. Inputs include current market-based parameters such as forward rates, yield curves, and credit default swap pricing.

Cash Flow Hedges

The Company designates certain foreign currency forward contracts as hedging instruments pursuant to ASC 815, Derivatives and Hedging. The effective portion of the gain or loss on the derivatives are reported as a component of accumulated other comprehensive loss (“AOCL”) in stockholders’ equity and reclassified into earnings in the consolidated statements of operations in the period upon which the hedged transactions are settled.

The notional and fair values of all derivative instruments were as follows (in thousands):

 

 

 

 

December 31,

 

 

 

Location in Balance Sheet

 

2025

 

 

2024

 

Derivative instruments designated as cash flow hedges:

 

 

 

 

 

 

 

 

Fair value—foreign exchange contract liabilities, net amount

 

Accrued liabilities

 

$

257

 

 

$

1,858

 

 

 

 

 

 

 

 

 

 

Notional value held to buy U.S. dollars in exchange for other currencies

 

 

 

$

8,196

 

 

$

5,074

 

Notional value held to sell U.S. dollars in exchange for other currencies

 

 

 

$

66,476

 

 

$

57,329

 

All of the Company’s derivative financial instruments are eligible for netting arrangements that allow the Company and its counterparty to net settle amounts owed to each other. Derivative assets and liabilities that can be net settled under these arrangements have been presented in the Company’s consolidated balance sheets on a net basis.

The gross amounts of the Company’s foreign currency forward contracts and the net amounts recorded in the Company’s consolidated balance sheets were as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Gross amount of recognized assets

 

$

1,009

 

 

$

173

 

Gross amount of recognized liabilities

 

 

(1,266

)

 

 

(2,031

)

Net liabilities

 

$

(257

)

 

$

(1,858

)

 

The changes in AOCL related to the cash flow hedges consisted of the following (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Beginning balance

 

$

(1,858

)

 

$

1,034

 

 

$

(94

)

Other comprehensive gain (loss) before reclassification

 

 

2,175

 

 

 

(2,107

)

 

 

1,190

 

Amounts reclassified from accumulated other comprehensive loss into net loss

 

 

(574

)

 

 

(785

)

 

 

(62

)

Net current period other comprehensive gain (loss)

 

 

1,601

 

 

 

(2,892

)

 

 

1,128

 

Ending balance

 

$

(257

)

 

$

(1,858

)

 

$

1,034

 

The following table summarizes the gains recognized upon settlement of the hedged transactions in the consolidated statement of operations for the years ended December 31, 2025, 2024 and 2023 (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Research and development

 

$

842

 

 

$

690

 

 

$

841

 

Selling, general and administrative

 

 

67

 

 

 

74

 

 

 

192

 

Total

 

$

909

 

 

$

764

 

 

$

1,033

 

Undesignated Derivatives

For derivatives that were not designated as hedge instruments, they were measured and reported at fair value as a derivative asset or liability in the consolidated balance sheets with their corresponding changes in the fair value recognized as gains or losses in interest and other income, net in the consolidated statements of operations. These instruments were all re-designated as foreign currency cash flow hedges in July 2023.
v3.25.4
Fair Value
 12 Months Ended
Dec. 31, 2025
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 note receivable, deferred consideration from divestitures, short-term debt, and 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 and liabilities, 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.

The Company’s derivative financial instruments (as described in Note 5—Financial Instruments), consisting of foreign currency forward contracts, are reported at fair value on a recurring basis and classified as Level 2.

Financial Instruments Not Recorded at Fair Value

The following table presents the fair value hierarchy for the Company’s assets and liabilities recorded at their carrying amount, bur for which the fair value is disclosed (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

Carrying
Amount

 

 

Estimated Fair
Value

 

 

Carrying
Amount

 

 

Estimated Fair
Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Note receivable, noncurrent

 

$

31,928

 

 

$

33,112

 

 

$

29,702

 

 

$

28,223

 

Deferred consideration from divestitures(1)

 

 

19,895

 

 

 

23,218

 

 

 

18,217

 

 

 

18,342

 

Total assets

 

$

51,823

 

 

$

56,330

 

 

$

47,919

 

 

$

46,565

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Senior Unsecured Promissory Note

 

$

—

 

 

$

—

 

 

$

50,000

 

 

$

50,000

 

AR Facility

 

$

40,000

 

 

$

40,000

 

 

$

—

 

 

$

—

 

 

(1) Includes $11.9 million as of December 31, 2025 of the net carrying amount of the holdback consideration from the Perceive Transaction (as described in Note 7—Divestitures), which approximates its associated fair value and is classified as current in the consolidated balance sheets.

The fair value of the note receivable, including accrued interest, and the deferred consideration resulting from the AutoSense Divestiture and the Perceive Transaction were estimated based on an income and market approach with valuation inputs such as the U.S. Treasury constant maturity yields, comparable bond yields, and credit spreads over the term of the same or similarly issued instruments. They are classified within Level 2 of the fair value hierarchy.

Debt is classified within Level 2 of the fair value hierarchy. As of December 31, 2025, long-term debt included the AR Facility (as defined in Note 9—Debt and Receivables Securitization) with a floating interest rate based on market conditions. As of December 31, 2024, short-term debt included the senior unsecured promissory note. The carrying amounts of these two debt instruments approximated their respective fair values. Refer to Note 9—Debt and Receivables Securitization for additional information on these two debt instruments.
v3.25.4
Divestitures
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Divestitures

NOTE 7 – DIVESTITURES

AutoSense In-cabin Safety Business and Related Imaging Solutions

In December 2023, the Company entered into a definitive agreement with Tobii in connection with the AutoSense Divestiture. The AutoSense Divestiture represented a 100% equity sale transaction of two of the Company’s wholly-owned subsidiaries and was expected to streamline the Company’s business to further focus its business on entertainment-related products and services.

In January 2024, the AutoSense Divestiture was completed for total consideration of $44.3 million, comprised of $10.8 million of cash, a note receivable from Tobii (the “Tobii Note”) of $27.7 million, and deferred consideration (as described under Deferred Consideration below) totaling $15.0 million, which was estimated to have a fair value of $5.8 million based on a present value factor as of January 31, 2024. The $10.8 million of cash included in the total consideration represents the cash balance that was transferred to Tobii upon completion of the AutoSense Divestiture to support operations during the transition and was subsequently returned to the Company, and as such, this amount is included in the assets sold as of January 31, 2024 and in the total consideration received. In addition, there may be potential earnout payments (as described under Contingent Consideration below) payable in 2031, contingent upon the future success of the divested AutoSense in-cabin safety business.

In connection with the AutoSense Divestiture, the Company also recorded a liability of $7.1 million for potential indemnification of certain pre-closing date matters.

As of January 31, 2024, the Company derecognized the carrying amounts of the following assets and liabilities (in thousands):

 

 

January 31, 2024

 

 

 

Current

 

 

Noncurrent

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

11,025

 

 

$

—

 

 

$

11,025

 

Accounts receivable, net

 

 

3,392

 

 

 

—

 

 

 

3,392

 

Unbilled contracts receivable, net

 

 

1,398

 

 

 

5,320

 

 

 

6,718

 

Prepaid expenses and other current assets

 

 

812

 

 

 

—

 

 

 

812

 

Property and equipment, net

 

 

—

 

 

 

2,291

 

 

 

2,291

 

Operating lease right-of-use assets

 

 

—

 

 

 

3,272

 

 

 

3,272

 

Other noncurrent assets

 

 

—

 

 

 

2,887

 

 

 

2,887

 

Total assets held for sale (1)

 

$

16,627

 

 

$

13,770

 

 

$

30,397

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

248

 

 

$

—

 

 

$

248

 

Accrued liabilities

 

 

4,933

 

 

 

—

 

 

 

4,933

 

Deferred revenue

 

 

1,114

 

 

 

—

 

 

 

1,114

 

Operating lease liabilities, noncurrent

 

 

—

 

 

 

2,708

 

 

 

2,708

 

Other noncurrent liabilities

 

 

—

 

 

 

7,064

 

 

 

7,064

 

Total liabilities held for sale

 

$

6,295

 

 

$

9,772

 

 

$

16,067

 

 

 

 

 

 

 

 

 

 

 

Net assets held for sale

 

$

10,332

 

 

$

3,998

 

 

$

14,330

 
(1)
Total assets held for sale also included certain fully amortized finite-lived intangible assets with an original cost of $35.2 million.

Upon the completion of the AutoSense Divestiture, the Company recognized a pre-tax gain of $22.9 million.

The AutoSense Divestiture did not represent a strategic shift that would have a major effect on the Company’s consolidated results of operations, and therefore, its results of operations were not reported as discontinued operations.

Note Receivable from Tobii AB

The Tobii Note, with a fixed interest rate of 8% per annum, matures on April 1, 2029 and is payable in three annual installments. Tobii may, at any time and on any one or more occasions, prepay all or any portion of the outstanding principal amount, along with accrued interest, without any penalty. In the event of default, an additional interest of 2% per annum may be applied to the outstanding balance of the Tobii Note, and the Company has the right to demand full or partial payment on the outstanding balance with unpaid interest.

The Tobii Note is secured by a floating lien and security interest in certain of Tobii’s assets, rights, and properties, and contains customary affirmative and negative covenants including the restrictions on incurring certain indebtedness, and certain change of control and asset sale events, but does not include any financial covenants.

The Tobii Note has the following scheduled principal repayments (in thousands):

Date of Principal Payment:

 

Amount

 

April 1, 2027

 

$

10,000

 

April 1, 2028

 

 

10,000

 

April 1, 2029

 

 

7,676

 

Total principal payments

 

$

27,676

 

 

The Company elected to present accrued interest within the carrying amount of note receivable, noncurrent, in the consolidated balance sheets. The carrying amount of the Tobii Note is as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Outstanding principal amount

 

$

27,676

 

 

$

27,676

 

Add: interest accrued to date

 

 

4,252

 

 

 

2,026

 

Carrying amount—note receivable, noncurrent

 

$

31,928

 

 

$

29,702

 

For the years ended December 31, 2025 and 2024, the Company recognized interest income of $2.2 million and $2.0 million, respectively.

Deferred Consideration

The deferred consideration consists of guaranteed future cash payments, which are scheduled to be made by Tobii in four annual payments as follows (in thousands):

Date of Payment:

 

Amount

 

February 15, 2028

 

$

3,000

 

February 15, 2029

 

 

2,250

 

February 15, 2030

 

 

4,500

 

February 15, 2031

 

 

5,250

 

Total future payments

 

$

15,000

 

At the closing date of the Tobii Note, there was $9.2 million of discount on the deferred consideration to be accreted as interest income up to the date of the final payment. For the years ended December 31, 2025 and 2024, the Company accreted $1.2 million and $1.0 million of the discount as interest income, respectively.

The net carrying amount of the deferred consideration is as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Total deferred consideration

 

$

15,000

 

 

$

15,000

 

Less: unamortized discount on deferred consideration

 

 

(6,985

)

 

 

(8,197

)

Net carrying amount

 

$

8,015

 

 

$

6,803

 

Contingent Consideration

The earnout represents potential incremental cash consideration, and the payment is contingent upon the achievement of certain targeted shipments, between January 1, 2024 and December 31, 2030, of qualified automotive products featuring the AutoSense in-cabin safety technology and the related imaging solutions.

At the closing date of the AutoSense Divestiture, the Company elected to apply the gain contingency guidance under ASC 450—Contingencies, as it could not reasonably estimate shipment amounts. As a result, the Company deferred the recognition of the contingent consideration until it becomes realized or realizable.

Perceive Corporation

In August 2024, the Company and one of its subsidiaries, Perceive (“Seller”), of which the Company owned approximately 76.4% of the equity interests, entered into an Asset Purchase Agreement with Amazon.com Services LLC (“Buyer”) pursuant to which Buyer has agreed to purchase and assume from Seller substantially all the assets and certain liabilities of Seller for $80.0 million in cash, including a holdback of $12.0 million to be held for 18 months after the closing of the transaction to secure the Company’s and Seller’s indemnification obligations (the “Perceive Transaction”). The Perceive Transaction was subsequently completed in October 2024.

The Perceive Transaction did not represent a strategic shift that would have a major effect on the Company’s consolidated results of operations, and therefore, its results of operations were not reported as discontinued operations.

As of October 2, 2024, the Company derecognized the carrying amounts of the following assets and liabilities (in thousands):

 

 

October 2, 2024

 

 

 

Current

 

 

Noncurrent

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Prepaid expenses and other current assets

 

$

1,306

 

 

$

—

 

 

$

1,306

 

Property and equipment, net

 

 

—

 

 

 

95

 

 

 

95

 

Operating lease right-of-use assets

 

 

—

 

 

 

72

 

 

 

72

 

Other noncurrent assets

 

 

—

 

 

 

4

 

 

 

4

 

Total assets held for sale

 

$

1,306

 

 

$

171

 

 

$

1,477

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Accrued liabilities

 

 

67

 

 

 

—

 

 

 

67

 

Operating lease liabilities, noncurrent

 

 

—

 

 

 

6

 

 

 

6

 

Total liabilities held for sale

 

$

67

 

 

$

6

 

 

$

73

 

 

 

 

 

 

 

 

 

 

 

Net assets held for sale

 

$

1,239

 

 

$

165

 

 

$

1,404

 

Upon the completion of the Perceive Transaction in October 2024, the Company recognized a pre-tax gain of $77.9 million, of which $59.5 million was attributable to the Company.

Holdback Consideration

Upon the completion of the Perceive Transaction, the holdback consideration of $12.0 million was estimated to have a then fair value of $11.3 million, resulting in a discount of $0.7 million. For the year ended December 31, 2025, discount accreted as interest income was $0.5 million, whereas it was insignificant in the year ended December 31, 2024.

The net carrying amount of the holdback consideration is as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Holdback consideration

 

$

12,000

 

 

$

12,000

 

Less: unamortized discount on holdback consideration

 

 

(120

)

 

 

(586

)

Net carrying amount

 

$

11,880

 

 

$

11,414

 
v3.25.4
Intangible Assets, Net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

NOTE 8 – INTANGIBLE ASSETS, NET

Identified intangible assets consisted of the following (in thousands):

 

 

 

 

 

December 31, 2025

 

 

 

Weighted-Average Remaining Useful Life
(in years)

 

 

Gross
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying Value

 

Finite-lived intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

Acquired patents

 

 

4.2

 

 

$

17,281

 

 

$

(7,896

)

 

$

9,385

 

Existing technology / content database

 

 

3.4

 

 

 

219,919

 

 

 

(202,295

)

 

 

17,624

 

Customer contracts and related relationships

 

 

3.4

 

 

 

493,685

 

 

 

(413,461

)

 

 

80,224

 

Trademarks/trade name

 

 

1.5

 

 

 

39,313

 

 

 

(39,064

)

 

 

249

 

Non-compete agreements

 

 

 

 

 

3,101

 

 

 

(3,101

)

 

 

—

 

Total finite-lived intangible assets

 

 

 

 

 

773,299

 

 

 

(665,817

)

 

 

107,482

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

TiVo tradename/trademarks

 

N/A

 

 

 

21,400

 

 

 

—

 

 

 

21,400

 

Total intangible assets

 

 

 

 

$

794,699

 

 

$

(665,817

)

 

$

128,882

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

Weighted-Average Remaining Useful Life
(in years)

 

 

Gross
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying Value

 

Finite-lived intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

Acquired patents

 

 

5.2

 

 

$

17,281

 

 

$

(5,687

)

 

$

11,594

 

Existing technology / content database

 

 

4.0

 

 

 

219,912

 

 

 

(194,041

)

 

 

25,871

 

Customer contracts and related relationships

 

 

4.4

 

 

 

493,685

 

 

 

(389,251

)

 

 

104,434

 

Trademarks/trade name

 

 

2.5

 

 

 

39,313

 

 

 

(38,898

)

 

 

415

 

Non-compete agreements

 

 

 

 

 

3,101

 

 

 

(3,101

)

 

 

—

 

Total finite-lived intangible assets

 

 

 

 

 

773,292

 

 

 

(630,978

)

 

 

142,314

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

TiVo tradename/trademarks

 

N/A

 

 

 

21,400

 

 

 

—

 

 

 

21,400

 

Total intangible assets

 

 

 

 

$

794,692

 

 

$

(630,978

)

 

$

163,714

 

As of December 31, 2025, the estimated future amortization expense of finite-lived intangible assets was as follows (in thousands):

Year Ending December 31:

 

Amounts

 

2026

 

$

31,508

 

2027

 

 

30,666

 

2028

 

 

30,328

 

2029

 

 

14,342

 

2030

 

 

584

 

Thereafter

 

 

54

 

Total amortization

 

$

107,482

 
v3.25.4
Debt and Receivables Securitization
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt and Receivables Securitization

NOTE 9 – DEBT AND RECEIVABLES SECURITIZATION

Vewd Promissory Note

In connection with the acquisition of Vewd Software Holdings Limited (“Vewd”) on July 1, 2022, the Company issued a senior unsecured promissory note (the “Promissory Note”) to the sellers of Vewd in a principal amount of $50.0 million. Indebtedness outstanding under the Promissory Note bears an interest rate of 6.00% per annum, payable in cash on a quarterly basis. The Promissory Note matured on July 1, 2025, but the Company was permitted to prepay all of the outstanding principal amount at any time, plus accrued and unpaid interest without any premium or penalty.

The Promissory Note included certain covenants that restricted the Company and each guarantor’s ability to, among other things, incur certain indebtedness or engage in any material line of business substantially different from those lines of business conducted by the Company on the closing date of the acquisition. The Promissory Note did not contain any financial covenants.

The outstanding principal amount of $50.0 million on the Promissory Note was classified as current as of December 31, 2024. In February 2025, the Company repaid the full outstanding principal along with accrued interest, with $40.0 million of net loan proceeds from the AR Facility with PNC (as described below) and the remainder with cash on hand.

PNC AR Facility

In February 2025, the Company entered into a Receivables Financing Agreement (the “RFA”) to establish an AR Facility with PNC. Under the AR Facility, the Originators agreed to periodically transfer and sell their trade receivables such as accounts receivable and unbilled contracts receivable, along with all related rights to Xperi SPV LLC (“Xperi SPV”), the Company’s special purpose subsidiary, while the Company manages the associated collection and administrative responsibilities. Xperi SPV then borrows funds from PNC from time to time, secured by liens on the trade receivables.

Once sold to Xperi SPV, the Originators have no continuing involvement in the transferred trade receivables. Further, the transferred trade receivables are no longer available to satisfy any outstanding debt owed to creditors of the Company or the Originators.

The maximum amount potentially available to borrow, based on the eligibility of the trade receivables, is $55.0 million. Interest on the outstanding balance is accrued at the sum of the (i) monthly Term SOFR Rate (as defined in the RFA) and (ii) 1.90%. Additional interest of 0.50% is accrued on the unused borrowing limit. Interest is payable on a monthly basis. The AR Facility matures on February 21, 2028, unless terminated earlier pursuant to its terms. Repayment of the outstanding principal is due at maturity; however, the Company may prepay all of the outstanding principal at any time, plus accrued and unpaid interest, without any premium or penalty. If, at any time, the aggregate outstanding principal exceeds the eligibility limit of the receivables, the Company is required to repay the excess amount borrowed immediately.

In February 2025, the Company borrowed $40.0 million under the AR Facility, which remained outstanding as of December 31, 2025. In December 2025, the Company repaid $1.1 million of the outstanding principal as the aggregate outstanding principal at the time temporarily exceeded the eligibility limit of the receivables and subsequently drew down the same amount. As of December 31, 2025, accounts receivable and unbilled contracts receivable totaling $127.0 million were included in the balance sheet of Xperi SPV and pledged as collateral against the borrowing.

The Company capitalized fees incurred to establish the securitization program of $1.2 million, which are amortized on a straight-line basis over the commitment term of three years. Fees amortized were $0.4 million for the year ended December 31, 2025, and recognized under “interest expense—debt” in the consolidated statements of operations.

The AR Facility contains customary covenants included in debt arrangements, and certain liquidity and related covenants involving various types of financial performance measures such as liquidity ratio, default ratio, dilution ratio, delinquency ratio, and days sales outstanding. Subject in some cases to cure periods, amounts outstanding under the RFA may be accelerated for customary events of default including, but not limited to, the failure to make payments or deposits when due, borrowing base deficiencies, and the failure to observe or comply with any covenant. The Company was in compliance with all covenants as of December 31, 2025.

Total interest expense for debt was $3.0 million for each of the years ended December 31, 2025, 2024, and 2023.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases

NOTE 10 – LEASES

The Company leases office and research facilities, data centers and office equipment under operating leases with various expiration dates through 2032. Certain leases offer the option to renew and to terminate before the expiration date. Leases with an initial term of 12 months or less are not recognized on the 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 considered when evaluating the ROU assets and lease liabilities.

The Company subleases certain real estate to third parties. The sublease portfolio consists of operating leases for previously exited office space. Certain subleases include variable payments for operating costs. The subleases are generally co-terminus with the head lease, or shorter. Subleases generally do not include any residual value guarantees or restrictions or covenants imposed by the leases. Income from subleases is recognized as a reduction to selling, general and administrative expenses.

Due to factors such as changes in how certain office facilities were being used, significant decrease in the expected market price associated with the leased facilities, and expected delays in the ability to sublease vacated office spaces, the Company impaired certain ROU assets. There was no impairment of ROU assets for the year ended December 31, 2025. Impairment charges of $1.5 million and $1.7 million were recorded in the years ended December 31, 2024 and 2023, respectively, to reduce the carrying amount of certain ROU assets, including the related leasehold improvements.

The components of operating lease costs were as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Fixed lease cost (1)

 

$

16,631

 

 

$

16,966

 

 

$

20,306

 

Variable lease cost

 

 

4,655

 

 

 

4,164

 

 

 

5,130

 

Less: sublease income

 

 

(8,609

)

 

 

(8,192

)

 

 

(9,896

)

Total operating lease cost

 

$

12,677

 

 

$

12,938

 

 

$

15,540

 

 

(1)
Includes short-term leases expensed on a straight-line basis.

The following table presents supplemental cash flow information arising from lease transactions (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Cash payments included in the measurement of operating lease liabilities

 

$

16,502

 

 

$

17,669

 

 

$

19,968

 

ROU assets obtained in exchange for lease obligations

 

$

11,475

 

 

$

5,975

 

 

$

11,563

 

 

The weighted-average remaining term of the Company’s operating leases and the weighted-average discount rate used to measure the present value of the operating lease liabilities are as follows:

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Weighted-average remaining lease term (in years)

 

 

4.4

 

 

 

2.9

 

Weighted-average discount rate

 

 

6.9

%

 

 

5.5

%

Future minimum lease payments and related lease liabilities as of December 31, 2025 were as follows (in thousands):

 

 

Operating Lease Payments (1)

 

 

Sublease Income

 

 

Net Operating Lease Payments

 

2026

 

$

10,662

 

 

$

(1,563

)

 

$

9,099

 

2027

 

 

8,591

 

 

 

(368

)

 

 

8,223

 

2028

 

 

5,981

 

 

 

(379

)

 

 

5,602

 

2029

 

 

3,906

 

 

 

(291

)

 

 

3,615

 

2030

 

 

2,404

 

 

 

—

 

 

 

2,404

 

Thereafter

 

 

3,879

 

 

 

—

 

 

 

3,879

 

Total lease payments

 

 

35,423

 

 

$

(2,601

)

 

$

32,822

 

Less: imputed interest

 

 

(5,078

)

 

 

 

 

 

 

Present value of operating lease liabilities

 

$

30,345

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: operating lease liabilities, current portion

 

 

(8,858

)

 

 

 

 

 

 

Noncurrent operating lease liabilities

 

$

21,487

 

 

 

 

 

 

 
(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.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 11 – COMMITMENTS AND CONTINGENCIES

Unconditional Purchase 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. Total future unconditional purchase obligations as of December 31, 2025 were as follows (in thousands):

Year Ending December 31:

 

Amounts

 

2026

 

$

58,154

 

2027

 

 

27,368

 

2028

 

 

11,447

 

2029

 

 

10,023

 

2030

 

 

7,990

 

Thereafter

 

 

6,060

 

Total

 

$

121,042

 

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 products, 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 scope of the contractual indemnification obligation; the nature of the third party claim asserted; the relative merits of the third party claim; the financial ability of the third party claimant 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. The Company has received requests for indemnification, but to date none has been material, 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 not material. 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

The Company and its subsidiaries have been involved in litigation matters and claims in the normal course of business. In the past, the Company or its subsidiaries have litigated to enforce their respective patents and other intellectual property rights, to enforce the terms of license agreements, to determine infringement or validity of intellectual property rights, and to defend themselves or their customers against claims of infringement or breach of contract. The Company expects it or its subsidiaries will be involved in similar legal proceedings in the future, including proceedings to ensure proper and full payment of royalties by licensees under the terms of their license agreements. Accruals for loss contingencies are recognized when a loss is probable, and the amount of such loss can be reasonably estimated.

An adverse decision in any legal actions could result in a loss of the Company’s proprietary rights, subject the Company to significant liabilities, require the Company to seek licenses from others, limit the value of the Company’s licensed technology or otherwise negatively impact the Company’s stock price or its business and consolidated financial results. Although considerable uncertainty exists, the Company does not anticipate that the disposition of any of these matters will have a material effect on its business or consolidated financial statements.
v3.25.4
Net Loss Per Share Attributable To The Company
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share Attributable To The Company

NOTE 12 – NET LOSS PER SHARE ATTRIBUTABLE TO THE COMPANY

Basic net loss per share attributable to the Company is computed by dividing the net loss attributable to the Company by the number of weighted-average outstanding common shares in the period. Potentially dilutive common shares, such as common shares issuable upon vesting of restricted stock awards and units and shares purchased under the Employee Stock Purchase Plan (“ESPP”) are typically reflected in the computation of diluted net income per share by application of the treasury stock method. Due to the net losses reported, these potentially dilutive securities were excluded from the computation of diluted net loss per share, since their effect would be anti-dilutive.

The following table sets forth the computation of basic and diluted net loss per share attributable to the Company (in thousands, except per share amounts):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

Net loss attributable to the Company—basic and diluted

 

$

(56,339

)

 

$

(14,008

)

 

$

(136,613

)

Denominator:

 

 

 

 

 

 

 

 

 

Weighted-average number of shares used in computing net loss per share attributable to the Company—basic and diluted

 

 

45,869

 

 

 

45,057

 

 

 

43,012

 

Net loss per share attributable to the Company—basic and diluted

 

$

(1.23

)

 

$

(0.31

)

 

$

(3.18

)

The following potentially dilutive shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Stock options

 

 

—

 

 

 

52

 

 

 

106

 

Restricted stock units

 

 

6,650

 

 

 

7,405

 

 

 

7,067

 

ESPP

 

 

77

 

 

 

60

 

 

 

81

 

Total

 

 

6,727

 

 

 

7,517

 

 

 

7,254

 

 
v3.25.4
Stockholders' Equity And Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity And Stock-Based Compensation

NOTE 13 – STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION

Equity Incentive Plan

Under the Xperi Inc. 2022 Equity Incentive Plan (the “2022 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, restricted stock awards, RSUs, stock appreciation rights, dividend equivalents and performance awards, or any combination thereof. The 2022 EIP includes an automatic annual increase to its shares reserve on January 1 of each year as set forth in the plan document.

The vesting criteria for restricted stock units has historically been the passage of time or meeting certain performance-based objectives, and continued employment through the vesting period over three or four years for time-based awards or three years for performance-based awards.

As of December 31, 2025, there were approximately 5.2 million shares reserved for future grant under the 2022 EIP.

Employee Stock Purchase Plan

In October 2022, the Company adopted the Xperi Inc. 2022 Employee Stock Purchase Plan (as amended, the “2022 ESPP”), which originally provided consecutive overlapping 24-month offering periods, with four purchase periods that were generally six months in length, commencing on each December 1 and June 1 during the term of the 2022 ESPP. The 2022 ESPP was subsequently amended, and commencing December 1, 2023, the length of the offering periods was reduced from 24 months to 12 months and the employee’s maximum participant contribution was reduced from 100% to 15% of the employee’s after-tax base earnings and commissions up to the limit imposed by the Internal Revenue Service.

The change in the term of the offering period (as described above) was accounted for as a modification, where the original options to purchase shares were cancelled and concurrently replaced with new options from the 12-month offering period. There was no incremental compensation expense resulting from the modification. As of December 1, 2023, total compensation expense of $5.9 million was expected to be recognized by the Company, on a straight-line basis, over an accelerated term of 12 months.

The 2022 ESPP also includes a reset provision which is triggered 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 any 12-month offering period. Upon occurrence of the reset, the existing offering period will automatically terminate and a new 12-month offering period will begin on the next business day.

The 2022 ESPP has experienced a number of offering period resets. Each reset is treated as a modification in accordance with ASC 718—Stock Based Compensation, with the incremental fair value recognized on a straight-line basis over the new 12-month offering period. A reset occurred in December 2025 and June 2024, resulting in an incremental fair value of $1.5 million and $2.0 million, respectively.

The following table summarizes information for shares purchased under the 2022 ESPP for the years ended December 31, 2025, 2024, and 2023 (amounts in thousands, except for weighted-average purchase price):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Shares issued under ESPP

 

 

1,041

 

 

 

1,076

 

 

 

1,337

 

Weighted-average purchase price

 

$

5.74

 

 

$

7.30

 

 

$

8.92

 

Aggregate net proceeds from issuance

 

$

5,974

 

 

$

7,855

 

 

$

11,927

 

As of December 31, 2025, there were approximately 1.5 million shares reserved for future grant under the 2022 ESPP.

The following table summarizes the valuation assumptions used in estimating the fair value of the 2022 ESPP for the offering periods in effect using the Black-Scholes option pricing model:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Expected life (years)

 

0.5 — 1.0

 

 

0.5 — 1.0

 

 

0.5 — 2.0

 

Risk-free interest rate

 

4.3% — 5.1%

 

 

4.3% — 5.4%

 

 

4.3% — 5.4%

 

Dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Expected volatility

 

42.9% — 44.1%

 

 

44.4% — 45.6%

 

 

44.1% — 51.2%

 

The Company uses the Black-Scholes option pricing model to determine the estimated fair value of ESPP shares. The determinations of these assumptions are outlined below:

Expected life—The expected life is derived by the length of time from the grant date to each of the six-month purchase dates on which shares are purchased by the employees over the offering period of one year.

Volatility—Stock price volatility is based on the trading history of the Company’s common stock over the expected life of the ESPP.

Risk-free interest rate—The risk-free interest rate assumption is based on the U.S. Treasury rate for issues, commensurate with the expected life.

Dividend yield—The Company does not expect to pay dividends in the foreseeable future.

Stock Options

The Company did not grant additional stock options during the year ended December 31, 2025. All outstanding stock options were fully vested and exercisable as of December 31, 2025, and were immaterial for financial statement disclosure purposes.

Restricted Stock Units

Information with respect to outstanding RSUs (including both time-based vesting and performance-based vesting) for the year ended December 31, 2025 is as follows (in thousands, except per share amounts):

 

 

Number of Shares
Subject to Time-
based Vesting

 

 

Number of Shares
Subject to
Performance-
based Vesting

 

 

Total Number
of Shares

 

 

Weighted Average
Grant Date Fair
Value Per Share

 

Balance at December 31, 2024

 

 

5,258

 

 

 

2,147

 

 

 

7,405

 

 

$

13.66

 

Granted

 

 

2,330

 

 

 

712

 

 

 

3,042

 

 

$

8.22

 

Vested / released

 

 

(2,257

)

 

 

(143

)

 

 

(2,400

)

 

$

13.16

 

Canceled / forfeited

 

 

(712

)

 

 

(685

)

 

 

(1,397

)

 

$

17.75

 

Balance at December 31, 2025

 

 

4,619

 

 

 

2,031

 

 

 

6,650

 

 

$

10.50

 

Performance-Based Awards

From time to time, the Company may grant PSUs to senior executives, certain employees, and consultants. The value and the vesting of such PSUs 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% of the grant. For PSUs subject to market conditions, 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.

In April 2023, the Company modified certain vesting conditions related to market-based PSUs granted in 2022, resulting in a total incremental compensation expense of $2.9 million, which was recognized over the remaining requisite service period through April 2025.

The Company uses the closing trading price of its common stock on the date of grant as the fair value of awards of RSUs and PSUs that are based on Company-designated performance targets. For PSUs that are based on market conditions, fair value is estimated by using a Monte Carlo simulation on the date of grant.

The following assumptions were used in the Monte Carlo simulation model to determine the fair value of the PSUs with market conditions that were granted during the period:

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

Expected life (years)

 

 

3.0

 

 

 

3.0

 

 

1.5 — 2.8

Risk-free interest rate

 

3.9%

 

 

4.2%

 

 

4.5% — 5.0%

Dividend yield

 

0.0%

 

 

0.0%

 

 

0.0%

Expected volatility

 

46.2%

 

 

43.9%

 

 

44.1% — 51.2%

Stock Repurchase Programs

In April 2024, the Company’s Board of Directors (the “Board”) authorized the repurchase of up to $100.0 million of its common stock (the “Program”). Under the Program, the Company may make repurchases, from time to time, through open market purchases, block trades, privately negotiated transactions, accelerated share repurchase transactions, or other means. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases under the Program. During the year ended December 31, 2024, the Company repurchased a total of approximately 2.2 million shares of common stock, at an average price of $9.23 per share for a total cost of $20.0 million. The shares repurchased were permanently retired. No expiration date has been specified for this Program.

There were no repurchases of common stock during the year ended December 31, 2025. As of December 31, 2025, the total remaining amount available for repurchase was $80.0 million. The Company may continue to execute authorized repurchases from time to time under the Program.

Stock-Based Compensation

Total stock-based compensation expense for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Cost of revenue, excluding depreciation and amortization of intangible assets

 

$

3,385

 

 

$

3,216

 

 

$

3,466

 

Research and development

 

 

12,768

 

 

 

20,634

 

 

 

25,276

 

Selling, general and administrative

 

 

24,530

 

 

 

36,691

 

 

 

40,789

 

Total stock-based compensation expense

 

$

40,683

 

 

$

60,541

 

 

$

69,531

 

Stock-based compensation expense categorized by award type for the years ended December 31, 2025, 2024 and 2023 is summarized in the table below (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

RSUs

 

$

32,654

 

 

$

41,516

 

 

$

45,660

 

PSUs

 

 

5,370

 

 

 

14,283

 

 

 

18,519

 

ESPP

 

 

2,659

 

 

 

4,742

 

 

 

5,352

 

Total stock-based compensation expense

 

$

40,683

 

 

$

60,541

 

 

$

69,531

 

As of December 31, 2025, unrecognized stock-based compensation expense related to unvested equity-based awards is as follows (amounts in thousands):

 

 

December 31, 2025

 

 

 

Unrecognized Stock-Based Compensation

 

 

Weighted-Average Period to Recognize Expense
(in years)

 

RSUs

 

$

24,167

 

 

 

1.7

 

PSUs

 

 

5,932

 

 

 

1.7

 

ESPP

 

 

1,901

 

 

 

0.4

 

Total unrecognized stock-based compensation expense

 

$

32,000

 

 

 

 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 14 – INCOME TAXES

The components of income (loss) before taxes are as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

U.S.

 

$

(75,233

)

 

$

(31,758

)

 

$

(142,447

)

Foreign

 

 

34,616

 

 

 

43,337

 

 

 

12,801

 

(Loss) income before taxes

 

$

(40,617

)

 

$

11,579

 

 

$

(129,646

)

 

The provision for income taxes consisted of the following (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Current:

 

 

 

 

 

 

 

 

 

U.S. federal

 

$

(696

)

 

$

3,696

 

 

$

1,398

 

Foreign

 

 

13,853

 

 

 

12,161

 

 

 

16,546

 

State and local

 

 

310

 

 

 

(476

)

 

 

694

 

Total current

 

 

13,467

 

 

 

15,381

 

 

 

18,638

 

Deferred:

 

 

 

 

 

 

 

 

 

U.S. federal

 

 

—

 

 

 

(10

)

 

 

19

 

Foreign

 

 

2,318

 

 

 

(2,748

)

 

 

(8,113

)

State and local

 

 

(63

)

 

 

(175

)

 

 

(502

)

Total deferred

 

 

2,255

 

 

 

(2,933

)

 

 

(8,596

)

Provision for income taxes

 

$

15,722

 

 

$

12,448

 

 

$

10,042

 

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes.

The amount of valuation allowance that was released due to the changes in circumstances that affect the realizability of deferred tax assets was immaterial for the year ended December 31, 2025, and $1.3 million for the year ended December 31, 2024.

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Deferred tax assets:

 

 

 

 

 

 

Loss carryforward

 

$

25,977

 

 

$

33,497

 

Research credits

 

 

24,207

 

 

 

14,998

 

Foreign tax credits

 

 

20,217

 

 

 

10,026

 

Accrued expenses

 

 

15,806

 

 

 

16,377

 

Fixed and intangible assets

 

 

1,703

 

 

 

6,216

 

Deferred revenue

 

 

9,007

 

 

 

9,768

 

Capitalized R&D

 

 

90,391

 

 

 

95,281

 

Lease liabilities

 

 

6,674

 

 

 

8,981

 

Other tax credits

 

 

—

 

 

 

2,378

 

Other

 

 

1,249

 

 

 

1,668

 

Gross deferred tax assets

 

 

195,231

 

 

 

199,190

 

Valuation allowance

 

 

(162,253

)

 

 

(152,235

)

Net deferred tax assets

 

 

32,978

 

 

 

46,955

 

Deferred tax liabilities:

 

 

 

 

 

 

Fixed and intangible assets

 

 

(21,620

)

 

 

(27,391

)

ROU assets

 

 

(5,958

)

 

 

(7,603

)

Other

 

 

(1,547

)

 

 

(6,224

)

Gross deferred tax liabilities

 

 

(29,125

)

 

 

(41,218

)

Net deferred tax assets

 

$

3,853

 

 

$

5,737

 

The need for a valuation allowance requires an assessment of both positive and negative evidence when determining whether it is more-likely-than-not that deferred tax assets are recoverable. Such assessment is required on a jurisdiction-by-jurisdiction basis. In making such assessment, significant weight is given to evidence that can be objectively verified. After considering both positive and negative evidence to assess the recoverability of the Company’s net deferred tax assets, the Company determined that it was not more-likely-than-not that it would realize its federal, certain state and certain foreign deferred tax assets. The Company intends to continue maintaining a valuation allowance on its federal deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances. Release of the valuation allowance would result in the recognition of certain federal deferred tax assets and a decrease to income tax expense for the period the release is

recorded. The exact timing and amount of the valuation allowance release depends on the level of profitability that the Company is able to achieve.

As of December 31, 2025, the Company had recorded deferred tax assets for the tax effects of the following gross tax loss carryforwards (in thousands):

 

 

Carry forward Amount

 

 

Years of Expiration

Federal

 

$

24,742

 

 

2027—Indefinite

State (post-apportionment)

 

$

113,555

 

 

2026—Indefinite

As of December 31, 2025, the Company had recorded deferred tax assets for the tax effects of the following gross capital loss carryforwards (in thousands):

 

 

Carry forward Amount

 

 

Years of Expiration

Federal

 

$

79,033

 

 

2029

As of December 31, 2025, the Company had the following credits available to reduce future income tax expense (in thousands):

 

 

Carry forward Amount

 

 

Years of Expiration

Federal research and development credits

 

$

15,709

 

 

2031—2045

State research and development credits

 

$

22,530

 

 

Indefinite

Foreign tax credits

 

$

20,217

 

 

2030—2035

The deferred tax asset valuation allowance and changes in the deferred tax asset valuation allowance consisted of the following (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Balance at beginning of period

 

$

152,235

 

 

$

157,595

 

 

$

111,779

 

Charged (credited) to expenses

 

 

9,996

 

 

 

(5,051

)

 

 

46,397

 

Charged (credited) to other accounts

 

 

22

 

 

 

(309

)

 

 

(581

)

Balance at end of period

 

$

162,253

 

 

$

152,235

 

 

$

157,595

 

The following is a reconciliation of the federal statutory income tax rate to the Company’s effective tax rate, upon the adoption of ASU 2023-09, for the year ended December 31, 2025, summarized in reporting currency and income tax rate (amounts in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

 

Amount

 

 

Tax Rate

 

U.S. federal statutory rate

 

$

(8,529

)

 

 

21.0

%

State, net of federal benefit (1)

 

 

746

 

 

 

(1.8

)

Foreign tax effects:

 

 

 

 

 

 

Canada

 

 

 

 

 

 

Other

 

 

(14

)

 

 

—

 

Foreign withholding tax

 

 

2,309

 

 

 

(5.7

)

China

 

 

 

 

 

 

Other

 

 

(49

)

 

 

0.1

 

Foreign withholding tax

 

 

1,353

 

 

 

(3.3

)

Costa Rica

 

 

 

 

 

 

Foreign withholding tax

 

 

783

 

 

 

(1.9

)

India

 

 

 

 

 

 

Tax holiday

 

 

(477

)

 

 

1.2

 

Other

 

 

538

 

 

 

(1.3

)

 

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

 

Amount

 

 

Tax Rate

 

Ireland

 

 

 

 

 

 

Statutory tax rate difference between Ireland and U.S.

 

$

(2,956

)

 

 

7.3

%

Changes in valuation allowance

 

 

(2,842

)

 

 

7.0

 

Other

 

 

(224

)

 

 

0.6

 

Norway

 

 

 

 

 

 

Changes in valuation allowance

 

 

(2,657

)

 

 

6.5

 

Entity rationalization

 

 

4,891

 

 

 

(12.0

)

Other

 

 

225

 

 

 

(0.6

)

Panama

 

 

 

 

 

 

Foreign withholding tax

 

 

1,143

 

 

 

(2.8

)

Poland

 

 

 

 

 

 

Research tax credit

 

 

(2,521

)

 

 

6.2

 

Other

 

 

(531

)

 

 

1.3

 

Puerto Rico

 

 

 

 

 

 

Foreign withholding tax

 

 

672

 

 

 

(1.7

)

Turkey

 

 

 

 

 

 

Foreign withholding tax

 

 

939

 

 

 

(2.3

)

United Kingdom

 

 

 

 

 

 

Statutory tax rate difference between United Kingdom and U.S.

 

 

829

 

 

 

(2.0

)

Changes in valuation allowance

 

 

(591

)

 

 

1.5

 

Research tax credit

 

 

(436

)

 

 

1.1

 

Other

 

 

(4

)

 

 

—

 

Other foreign jurisdictions

 

 

 

 

 

 

Other foreign withholding tax

 

 

1,473

 

 

 

(3.6

)

Other

 

 

305

 

 

 

(0.8

)

Effect of cross-border tax laws:

 

 

 

 

 

 

Global intangible low-taxed income

 

 

4,000

 

 

 

(9.9

)

Foreign income inclusion

 

 

787

 

 

 

(1.9

)

Other cross-border tax

 

 

26

 

 

 

(0.1

)

Tax credits

 

 

 

 

 

 

Foreign tax credit

 

 

(8,825

)

 

 

21.7

 

Research tax credit

 

 

(7,063

)

 

 

17.4

 

Changes in valuation allowance

 

 

13,204

 

 

 

(32.5

)

Changes in unrecognized tax benefits

 

 

(2

)

 

 

—

 

Nontaxable or nondeductible items

 

 

 

 

 

 

Stock-based compensation

 

 

3,754

 

 

 

(9.2

)

Executive compensation limitation

 

 

508

 

 

 

(1.3

)

Cancellation of debt

 

 

5,278

 

 

 

(13.0

)

Partnership income

 

 

2,423

 

 

 

(6.0

)

Entity rationalization

 

 

7,536

 

 

 

(18.6

)

Other

 

 

(279

)

 

 

0.7

 

Total

 

$

15,722

 

 

 

(38.7

)%
(1)
California and Tennessee represent the majority of the tax effect in this category.

For the years ended December 31, 2024 and 2023, income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to income (loss) before income taxes as a result of the following (in thousands):

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

U.S. federal statutory rate

 

$

2,432

 

 

$

(27,226

)

State, net of federal benefit

 

 

501

 

 

 

532

 

Stock-based compensation

 

 

5,390

 

 

 

6,758

 

Executive compensation limitation

 

 

560

 

 

 

1,911

 

Research tax credit

 

 

(3,998

)

 

 

(6,983

)

Foreign withholding tax

 

 

11,051

 

 

 

12,811

 

Restructuring and transaction costs

 

 

1,394

 

 

 

649

 

Divestiture-related activity

 

 

5,339

 

 

 

(26,915

)

Foreign rate differential

 

 

(10,651

)

 

 

(7,354

)

Foreign tax credit

 

 

(10,338

)

 

 

(10,124

)

Change in valuation allowance

 

 

5,412

 

 

 

50,314

 

Effect of cross-border tax laws

 

 

2,580

 

 

 

10,151

 

Unrecognized tax benefits

 

 

(238

)

 

 

746

 

Change in estimates

 

 

3,387

 

 

 

3,844

 

Change in other comprehensive income

 

 

(826

)

 

 

—

 

Non-deductible expense

 

 

184

 

 

 

—

 

Others

 

 

269

 

 

 

928

 

Total

 

$

12,448

 

 

$

10,042

 

At December 31, 2025, the Company asserts that it will not permanently reinvest its foreign earnings outside the United States. The Company anticipates that the cash from its foreign earnings may be used domestically to fund operations or used for other business needs. The accumulated undistributed earnings generated by its foreign subsidiaries was approximately $16.9 million. Substantially all of these earnings will not be taxable upon repatriation to the United States since they will be treated as previously taxed earnings and profits. The U.S. state income taxes and foreign withholding taxes related to the distributable cash of the Company’s foreign subsidiaries are not expected to be material.

The following table summarizes the total unrecognized tax benefits and the amounts of which that would affect the effective tax rate upon recognition of such as of December 31, 2025, 2024 and 2023 (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Total unrecognized tax benefits

 

$

15,526

 

 

$

15,376

 

 

$

23,587

 

Amount affecting the effective tax rate upon recognition of unrecognized tax benefits

 

$

1,130

 

 

$

1,198

 

 

$

9,592

 

The reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Total unrecognized tax benefits at January 1

 

$

15,376

 

 

$

23,587

 

 

$

19,354

 

Changes due to separation, mergers, and dispositions

 

 

—

 

 

 

(6,858

)

 

 

—

 

Increases for tax positions related to the current year

 

 

1,203

 

 

 

2,009

 

 

 

4,070

 

Increases for tax positions related to prior years

 

 

104

 

 

 

33

 

 

 

961

 

Decreases for tax positions related to prior years

 

 

(1,157

)

 

 

(3,395

)

 

 

(798

)

Total unrecognized tax benefits at December 31

 

$

15,526

 

 

$

15,376

 

 

$

23,587

 

It is the Company’s policy to classify accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. For the years ended December 31, 2025, 2024 and 2023, we recognized interest and penalties related to unrecognized tax benefits of $0.1 million, an immaterial amount, and $0.3 million, respectively. As of December 31, 2025 and 2024, accrued interest and penalties were $0.3 million and $0.1 million, respectively.

The following table summarizes the disaggregation of income taxes paid by jurisdiction, net of refunds received, pursuant to the disclosure requirements of ASU 2023-09 (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

U.S. federal

 

$

—

 

State and local

 

 

(567

)

Foreign

 

 

 

Canada

 

 

2,244

 

China

 

 

1,818

 

Costa Rica

 

 

896

 

India

 

 

1,274

 

Panama

 

 

1,161

 

Poland

 

 

(699

)

Puerto Rico

 

 

957

 

United Kingdom

 

 

3,036

 

All other foreign jurisdictions

 

 

2,905

 

Income taxes paid, net of refunds received

 

$

13,025

 

The Company paid $19.1 million and $21.3 million for income tax, net of refunds received, for the years ended December 31, 2024 and 2023, respectively.

With few exceptions, the Company’s 2021 through 2025 tax years are open to examination in the United States, any net operating losses or credits that were generated in prior years, but not yet fully utilized in a year that is closed under the statute of limitations, may also be subject to examination.
v3.25.4
Restructuring Activities
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Activities

NOTE 15 - RESTRUCTURING ACTIVITIES

In November 2025, the Company approved a restructuring plan to improve cost efficiency and better align the operating structure with its long-term strategies and current market conditions. The plan involved reducing the Company’s global workforce by approximately 250 employees and impacted all business and functional areas.

For the year ended December 31, 2025, the Company has recognized restructuring charges totaling $13.9 million in its consolidated statements of operations, which consisted primarily of one-time employee termination benefits such as severance and related payroll taxes, post-termination medical benefits, and other related costs. The plan is expected to be substantially completed by the end of the first half of 2026.

The following table summarizes the restructuring charges by functional areas (in thousands):

 

 

Year Ended December 31, 2025

 

Cost of revenue, excluding depreciation and amortization of intangible assets

 

$

2,305

 

Research and development

 

 

7,950

 

Selling, general and administrative

 

 

3,633

 

Total restructuring charges

 

$

13,888

 

The following table shows the amount of restructuring charges incurred and paid during the year ended December 31, 2025 (in thousands):

 

 

Amounts

 

Accrued restructuring charges at December 31, 2024

 

$

—

 

Restructuring charges incurred during the period

 

 

13,888

 

Amounts paid during the period

 

 

(5,152

)

Accrued restructuring charges at December 31, 2025

 

$

8,736

 
v3.25.4
Geographic and Segment Related Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Geographic and Segment Related Information

NOTE 16 - GEOGRAPHIC AND SEGMENT RELATED INFORMATION

Geographic Information

Long-lived assets consist primarily of property and equipment and ROU assets. The following table summarizes long-lived assets by geographic region (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

U.S.

 

$

66,774

 

 

$

60,847

 

Europe

 

 

6,252

 

 

 

7,656

 

Asia and other

 

 

6,457

 

 

 

6,052

 

Total

 

$

79,483

 

 

$

74,555

 

See Note 3—Revenue for information on revenue by geographic region.

Segment Reporting

The Company has one operating and reportable segment. The Company’s technologies are integrated into consumer devices and media platforms worldwide, powering smart devices, connected cars and entertainment experiences. The Company’s Chief Executive Officer has been determined to be the chief operating decision maker (“CODM”) in accordance with the authoritative guidance on segment reporting. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on net income (loss) that also is reported on the statements of operations as consolidated net income (loss). The measure of segment assets is reported on the balance sheet as total consolidated assets.

The following table presents information about reported segment revenue, significant segment expenses, and segment net loss for the years ended December 31, 2025, 2024, and 2023 (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue

 

$

448,105

 

 

$

493,688

 

 

$

521,334

 

Less:

 

 

 

 

 

 

 

 

 

Cost of revenue, excluding depreciation and amortization of intangible assets (1)

 

 

126,648

 

 

 

113,756

 

 

 

118,628

 

Research and development (1)

 

 

135,054

 

 

 

191,352

 

 

 

222,833

 

Selling, general and administrative (1)

 

 

181,869

 

 

 

218,106

 

 

 

233,403

 

Depreciation expense

 

 

13,426

 

 

 

12,638

 

 

 

16,645

 

Amortization expense

 

 

34,839

 

 

 

43,376

 

 

 

57,752

 

Impairment of long-lived assets

 

 

—

 

 

 

1,535

 

 

 

1,710

 

Interest and other income, net

 

 

(6,093

)

 

 

(829

)

 

 

(2,991

)

Interest expense - debt

 

 

2,979

 

 

 

3,008

 

 

 

3,000

 

Gain on divestitures

 

 

—

 

 

 

(100,833

)

 

 

—

 

Provision for income taxes

 

 

15,722

 

 

 

12,448

 

 

 

10,042

 

Consolidated net loss

 

$

(56,339

)

 

$

(869

)

 

$

(139,688

)
(1)
Includes total salaries, bonuses, and employee benefits of $246.7 million, $278.0 million, and $323.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Benefit Plan
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Benefit Plan

NOTE 17 – BENEFIT PLAN

The Company maintains a 401(k) retirement savings plan that allows voluntary contributions by all eligible U.S. employees upon their hire date. Eligible employees may elect to contribute up to the maximum amount allowed under Internal Revenue Service regulations. The Company can make discretionary contributions under the 401(k) plan. During the years ended December 31, 2025, 2024, and 2023, the Company’s employer 401(k) match expense was approximately $3.2 million, $3.9 million, and $4.3 million, respectively.
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company’s financial statements were prepared on a consolidated basis and include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

The Company’s fiscal year ends on December 31. The Company employs a calendar month-end reporting period for its quarterly reporting.

For reporting periods in fiscal year 2024 and prior, the Company owned a controlling financial interest of its former subsidiary, Perceive Corporation (“Perceive”, later known as Xperi Pylon Corporation). In December 2024, Perceive was dissolved after all of its remaining assets and liabilities were distributed to the Company. At the time of its dissolution, the Company recognized a loss of $4.8 million within interest and other income, net, on its consolidated statements of operations upon the derecognition of the remaining balance of the noncontrolling interests in Perceive. Refer to Note 7—Divestitures for details concerning an asset sale transaction related to Perceive.
Foreign Currency Remeasurement and Transactions

Foreign Currency Remeasurement and Transactions

The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. Accordingly, each foreign subsidiary remeasures monetary assets and liabilities at period-end exchange rates, while non-monetary items are remeasured at historical exchange rates. Revenue and expenses are remeasured at the exchange rates in effect on the day the transaction occurs, except for those expenses related to non-monetary assets and liabilities, which are remeasured at historical exchange rates. Remeasurement adjustments are recognized in interest and other income, net in the consolidated statements of operations.
Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The accounting estimates and assumptions that require management’s most significant, challenging, and subjective judgment include the estimation of licensees’ quarterly royalties prior to receiving the royalty reports, the determination of stand-alone selling price and the transaction price in an arrangement with multiple performance obligations, the fair value of note receivable and deferred consideration in connection with the AutoSense in-cabin safety business and related imaging solutions (the “AutoSense Divestiture”), 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 valuation of performance-based awards with a market condition. Actual results experienced by the Company may differ from management’s estimates.
Net Loss Per Share Attributable to the Company

Net Loss Per Share Attributable to the Company

Net loss per share attributable to the Company is computed by dividing net loss attributable to the Company for the period by the weighted-average number of common shares outstanding during the period. Dilutive weighted-average common shares

outstanding do not include unvested restricted stock units and stock options for the periods presented because the effect of their inclusion would have been anti-dilutive.
Revenue Recognition

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to a customer in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services, which may include various combinations of goods and services which are generally capable of being distinct and accounted for as separate performance obligations. See Note 3—Revenue for detailed discussion on revenue recognition and disaggregation of revenue.

Revenue Recognition

General

Revenue is recognized when control of the promised goods or services is transferred to a customer in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services, which may include various combinations of goods and services which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of sales taxes collected from customers which are subsequently remitted to governmental authorities.

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 an arrangement with multiple performance obligations, the transaction price is allocated among the separate performance obligations on a relative standalone selling price (“SSP”) basis. The determination of SSP considers market conditions, the size and scope of the contract, customer and geographic information, and other factors. When observable prices are not available, SSP for separate performance obligations is generally based on the cost-plus-margin approach, considering overall pricing objectives.

When variable consideration is in the form of a sales-based or usage-based royalty in exchange for a license of technology or when a license of technology is the predominant item to which the variable consideration relates, 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 satisfied or partially satisfied.

Description of Revenue-Generating Activities

The Company derives the majority of its revenue from licensing its technologies and solutions to customers within the Pay-TV, Consumer Electronics, Connected Car and Media Platform product categories. Refer to Part I, Item 1 of this Form 10-K for detailed information regarding these product categories.

Pay-TV

Customers within the Pay-TV category are primarily multi-channel video service providers, consumer electronics (“CE”) manufacturers, and end consumers. Revenue in this category is primarily derived from licensing the Company’s Pay-TV solutions, including Electronic Program Guides, TiVo video-over-broadband (“IPTV”) Solutions, Personalized Content Discovery and enriched Metadata.

For these solutions, the Company generally provides on-going media or data delivery, either via on-premise licensed software, hosting or access to its platform. The Company generally receives fees on a per-subscriber per-month basis or as a monthly fee, and revenue is recognized during the month in which the solutions are provided to the customer. For most of the on-premise licensed software arrangements, substantially all functionality is obtained through the Company’s frequent updating of the technology, data and content. In these instances, the Company typically has a single performance obligation related to these ongoing activities in the underlying arrangement, and revenue is generally recognized over the period the solution is provided. Hosted solutions and access to our platform is considered a single performance obligation with revenue being recognized over the period the solution is provided. In the case of certain minimum guarantee or fixed fee on-premise licensed software arrangements, revenue is recognized immediately upon the delivery of the licensed technology.

Consumer Electronics

The Company licenses its audio technologies to CE manufacturers or their supply chain partners.

The Company generally recognizes royalty revenue from licenses based on units shipped or manufactured. Revenue is recognized in the period in which the customer’s sales or production are estimated to have occurred. This may result in an adjustment to revenue when actual sales or production are subsequently reported by the customer, generally in the month or quarter following sales or production. Estimating customers’ 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.

Certain customers enter into fixed fee or minimum guarantee agreements, whereby customers pay a fixed fee for the right to incorporate the Company’s technology in the customer’s products over the license term. In arrangements 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 technology and begins to benefit from the license. If applicable, revenue is recognized net of the effect of any significant financing components calculated using customer-specific, risk-adjusted lending rates, with the related interest income being recognized over time on an effective rate basis. For minimum guarantee agreements where the customer exceeds the minimum, the Company recognizes revenue relating to any additional per-unit fees in the periods it estimates the customer will exceed the minimum and adjusts the revenue based on actual usage once that is reported by the customer.

Connected Car

The Company licenses its digital radio solutions, automotive infotainment and related offerings to automotive manufacturers or their supply chain partners.

The Company generally recognizes royalty revenue from these licenses based on units shipped or manufactured, similar to the revenue recognition described above in “Consumer Electronics”. Certain customers may enter into fixed fee or minimum guarantee agreements, also similar to the revenue recognition described above in “Consumer Electronics”. Automotive infotainment and related revenue is generally recognized over time as the customer obtains access to the solutions and underlying data.

Media Platform

The Company generates revenue from advertising, TV viewership data, metadata for ad measurement and programming analytics, and licensing of the core middleware solutions.

Advertising revenue is generally recognized when the related advertisement is delivered. TV viewership data revenue is generally recognized over time as the customer obtains the underlying data. Metadata for ad measurement and programming analytics is generally recognized over time as the customer obtains the scheduled data. License revenue for the core middleware solutions is generally recognized either on a per-unit royalty or a minimum guarantee or fixed fee basis, similar to “Consumer Electronics” described in the section above.

Hardware Products, Services and Settlements/Recoveries

The Company sold hardware products, primarily to end consumers, within the Pay-TV and Consumer Electronics product categories. Hardware product revenue was generally recognized when the promised product was delivered.

The Company also generates non-recurring engineering (“NRE”) revenue within all of its product categories. The Company recognizes NRE revenue as progress is made toward completion, generally using an input method based on the ratio of costs incurred to date to total estimated costs of the project.

Revenue from each of advertising, NRE services, and hardware products was less than 10% of total revenue for all periods presented.

The Company actively monitors and enforces its technology licenses, including seeking appropriate compensation from customers that have under-reported royalties owed under a license agreement and from third parties that utilize the Company’s technologies without a license. As a result of these activities, the Company may, from time to time, recognize revenue from periodic compliance audits of licensees for underreporting royalties incurred in prior periods, or from settlement of license disputes. These settlements and recoveries may cause revenue to be higher than expected during a particular reporting period and such settlements and recoveries may not occur in subsequent periods. The Company recognizes revenue from settlements and recoveries when a binding agreement has been executed or a revised royalty report has been received and the Company concludes collection is probable.
Segment Reporting

Segment Reporting

Operating segments are defined as components of an enterprise for which separate financial information is available and that is evaluated on a regular basis by the chief operating decision-maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The CODM reviews financial information and manages the business on a consolidated basis for the purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it has one operating segment, which is also its reportable segment. For additional information, see Note 16—Geographic and Segment Related Information.
Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents primarily consist of deposits maintained in domestic and foreign financial institutions.

Non-Marketable Equity Investments

Non-Marketable Equity Investments

The Company holds an equity method investment in a privately-held entity over which it has the ability to exercise significant influence, but does not have a controlling interest. Under the equity method, the Company records its proportionate share of income or loss in interest and other income, net, in the consolidated statements of operations. The Company monitors its non-marketable securities portfolio for potential impairment.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amount of cash equivalents, accounts receivable, accounts payable, accrued liabilities, and short-term debt approximates fair value due to the short-term nature of these instruments. Note receivable, deferred consideration from divestitures, and long-term debt are carried at amortized cost and measured at fair value on a quarterly basis for disclosure purposes.

Derivative Instruments

Derivative Instruments

The Company uses derivative financial instruments to manage foreign currency exchange rate risk. The Company does not enter into derivative transactions for trading purposes. The Company’s derivative financial instruments are recorded on the consolidated balance sheets as assets or liabilities measured at fair value. For derivatives designated as a hedge, and effective as part of a hedge transaction, the effective portion of the gain or loss on the hedging derivative instrument is reported as a component of other comprehensive income (loss) and as a basis adjustment to the underlying hedged item and reclassified to earnings in the period in which the hedged item affects earnings. To the extent derivatives do not qualify or are not designated as hedges, or are ineffective, their changes in fair value are recorded in interest and other income, net immediately.

Concentration of Credit and Other Risks

Concentration of Credit and Other Risks

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, unbilled contracts receivable, a note receivable and deferred consideration from divestitures. The Company maintains cash and cash equivalents with large financial institutions, and at times, the deposits may exceed the federally insured limits. As part of its risk management processes, the Company performs periodic evaluations of the relative credit standing of these financial institutions. The Company has not sustained material credit losses from instruments held at these financial institutions. In addition, the Company has cash and cash equivalents held in international bank accounts that are denominated in various foreign currencies and has established risk management strategies designed to minimize the impact of certain currency exchange rate fluctuations.

The Company believes that any concentration of credit risk in its accounts receivable and unbilled contracts receivable is substantially mitigated by its evaluation process and the high level of creditworthiness of its customers. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral.

For the years ended December 31, 2025, 2024, and 2023, no customer accounted for 10% or more of total revenue. As of December 31, 2025, no customer represented 10% or more of the Company’s net balance of accounts receivable, and two customers exceeded 10% of the Company’s combined net balance of current and noncurrent unbilled contracts receivable. As of December 31, 2024, no customer represented 10% or more of the Company’s net balance of accounts receivable, and one customer exceeded 10% of the Company’s combined net balance of current and noncurrent unbilled contracts receivable.

As part of the consideration for the AutoSense Divestiture, the Company received a note receivable and deferred consideration from Tobii AB (“Tobii”). Both of these instruments are exposed to credit risk arising from default on repayment from Tobii. The credit risk associated with the note receivable is mitigated by establishing a floating lien and security interest in certain of Tobii’s assets, rights, and properties, whereas the deferred consideration is not secured by any collateral. The Company utilizes valuation methodologies such as internally generated cash flow projections on the principal and interest of each instrument, along with the review of certain other data points, to determine the likelihood that the note receivable or deferred consideration will be repaid. Further, the Company assesses each instrument for credit losses and provides a reserve if full payment on the instruments may not occur as expected, in which case the reserve reflects the excess of the amortized cost basis over the results of the cash flow projections. The Company expects Tobii to make full payment on both instruments in accordance with the underlying agreement. Accordingly, no allowance for credit losses was recorded as of December 31, 2025.
Accounts Receivable and Allowance for Credit Losses

Accounts Receivable and Allowance for Credit Losses

The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records a receivable when revenue is recognized prior to cash collection.

Payment terms and conditions vary by contract type, location of customer and the products or services offered, although terms generally require payment from a customer within 30 to 60 days. When the timing of revenue recognition differs from the timing of cash collection, an evaluation is performed to determine whether the contract includes a significant financing component.

The allowance for credit losses, which includes the allowance for accounts receivable and unbilled contracts receivable, represents the Company’s best estimate of lifetime expected credit losses inherent in those financial assets. The Company’s lifetime expected credit losses are determined using relevant information about past events (including historical experience), current conditions, and reasonable and supportable forecasts that affect collectability. The Company monitors its credit exposure through ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary. In addition, the Company performs routine credit management activities such as timely account reconciliations, dispute resolution, and payment confirmations. The Company may employ collection agencies and legal counsel to pursue recovery of defaulted receivables.

Inventory

Inventory

Inventories consist primarily of finished DVRs, non-DVRs and accessories and are stated at the lower of cost or net realizable value on an aggregate basis. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. Adjustments to reduce the carrying amount of inventory to the lower of cost or net realizable value are made, if required, for excess or obsolete goods, which includes a review of, among other factors, demand requirements and market conditions.
Property and Equipment

Property and Equipment

Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the related assets’ estimated useful lives:

Computer equipment and software

 

1 to 5 years

Capitalized internal-use software

 

3 years

Office equipment and furniture

 

1 to 5 years

Leasehold improvements

 

Lesser of related lease term or 5 years

Building and improvements

 

Up to 30 years

 

Expenditures that materially increase asset life are capitalized, while ordinary maintenance and repairs are expensed as incurred.
Capitalized Internal-Use Software

Capitalized Internal-Use Software

The Company capitalizes certain costs incurred in connection with software development projects for internal use during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Once the software development project is available for general release, capitalization ceases, and the Company estimates the useful life of the asset and begins amortization. Capitalized internal-use software costs are amortized on a straight-line basis over its estimated useful life.
Capitalization of Cloud Computing Costs

Capitalization of Cloud Computing Costs

The Company capitalizes certain costs related to its enterprise cloud computing arrangements during the application development stage. During the post-implementation stage, these costs are amortized as hosting fees on a straight-line basis over the term of the hosting arrangements.
Identified Intangible Assets

Identified Intangible Assets

Identified finite-lived intangible assets consist of acquired patents, existing technology, customer relationships, trademarks and trade names, and non-compete agreements resulting from acquisitions, and acquired patents under asset purchase agreements. The Company’s identified intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from 1 to 10 years. Identified indefinite-lived intangible assets include legacy TiVo tradenames and trademarks resulting from acquisitions.
Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Long-lived assets include property and equipment, operating lease right-of-use (“ROU”) assets, and intangible assets. The Company reviews its long-lived assets for possible impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Such events and changes may include: a significant decrease in market value, changes in asset use, negative industry or economic trends, and changes in the Company’s business strategy. The Company measures recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate. If the carrying value of the assets is not recoverable, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the assets.

For identified indefinite-lived intangible assets resulting from acquisitions, the Company evaluates their carrying value on an annual basis, and an impairment charge would be recognized to the extent that the carrying amount of such assets exceeds their estimated fair value.

Accounts Receivable Securitization Facility

Accounts Receivable Securitization Facility

Under the accounts receivable securitization program (the “AR Facility”) described in Note 9—Debt and Receivables Securitization, certain of the Company’s wholly-owned subsidiaries (collectively, the “Originators”) agree to periodically transfer and sell their trade receivables such as accounts receivable and unbilled contracts receivable, along with all related rights to a special purpose subsidiary, which the Company controls and consolidates in its financial statements. Once sold, the Originators have no continuing involvement in the transferred receivables.

In turn, the trade receivables held by the special purpose subsidiary are pledged as collateral against the amounts drawn from the AR Facility with PNC Bank, National Association (“PNC”), which the Company accounts for as a secured borrowing. The outstanding loan amount is classified as long-term debt in the consolidated balance sheets.
Leases

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are recognized as ROU assets, along with their corresponding current and noncurrent lease liabilities in the Company’s consolidated balance sheets. The ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, the

Company generally 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 Company’s lease terms may include options to extend or terminate the lease, and these terms are factored into the valuation of ROU assets and liabilities when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company accounts for lease and non-lease components such as common area maintenance costs separately. Leases with an initial term of 12 months or less are not recorded on the 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 ROU assets calculation.

Research and Development

Research and Development

Research and development costs are comprised primarily of employee-related costs, stock-based compensation expense, engineering consulting expenses associated with new product and technology development, product commercialization, quality assurance and testing costs, as well as costs related to information technology, patent applications and examinations, materials, supplies, and an allocation of facilities costs. All research and development costs are expensed as incurred.

Stock-based Compensation

Stock-based Compensation

Prior to the Separation, certain Company employees participated in the Former Parent’s equity programs. Stock-based compensation expense has been attributed to the Company based on the awards and terms previously granted to the Company’s direct employees, as well as an allocation of the Former Parent’s corporate and shared functional employee expenses.

Stock-based compensation is measured at the grant date based on the estimated fair value of the award and is recognized on a straight-line basis, net of estimated forfeitures, over the requisite service or performance period. Forfeiture rates are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. If the actual forfeiture rate is materially different from the estimate, stock-based compensation expense could be significantly different from what was recorded in the current period.

The Company uses the closing trading price of its common stock on the date of grant as the fair value of awards of restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) that are based on company-designated performance targets. For PSUs that are based on market conditions, or market-based PSUs, fair value is estimated by using a Monte Carlo simulation on the date of grant. The Company estimates the grant-date fair value of stock to be issued under the employee stock purchase plan (“ESPP”) using the Black-Scholes pricing model.

Income Taxes

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amount of assets and liabilities and their respective tax bases and operating loss and tax carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable to the years in which those temporary differences are expected to reverse. A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized.

From time to time, the Company engages in transactions in which the tax consequences may be subject to uncertainty. Significant judgment is required in assessing and estimating the tax consequences of these transactions. Accruals for unrecognized tax benefit liabilities, which represent the difference between a tax position taken or expected to be taken in a tax return and the benefit recognized for financial reporting purposes, are recorded when the Company believes it is not more-likely-than-not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. Adjustments to unrecognized tax benefits are recognized when facts and circumstances change, such as the closing of a tax audit, notice of an assessment by a taxing authority or the refinement of an estimate. Income tax benefit includes the effects of adjustments to unrecognized tax benefits, as well as any related interest and penalties.
Advertising Costs

Advertising Costs

Advertising costs are expensed as incurred and are presented within selling, general and administrative expense in the consolidated statements of operations. Advertising expenses for the years ended December 31, 2025, 2024 and 2023, were $10.6 million, $9.9 million, and $8.1 million, respectively.
Contingencies

Contingencies

From time to time, the Company may be involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. Management reviews these estimates in each accounting period as additional information becomes known and adjusts the loss provision when appropriate. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in the consolidated financial statements. If a loss is probable but the amount of loss cannot be reasonably estimated, the Company discloses the loss contingency and an estimate of possible loss or range of loss (unless such an estimate cannot be made). The Company does not recognize gain contingencies until they are realized. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

The following are ASUs issued by the Financial Accounting Standards Board (“FASB”) that are relevant to the Company’s consolidated financial statements and related disclosures.

Accounting Standard Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of specific categories in the effective tax rate reconciliation and additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The Company adopted this guidance on a prospective basis within its December 31, 2025 consolidated financial statements. For further information, refer to Note 14—Income Taxes.

Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard requires that public business entities disclose additional information about specific expense categories in the notes to financial statements for interim and annual reporting periods. The standard will become effective for the Company’s 2027 annual financial statements and interim financial statements thereafter and may be applied prospectively to periods after the adoption date or retrospectively for all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the disclosures within its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The update guidance aims to simplify how all entities currently estimate expected credit losses for their outstanding trade and other related receivables arising from revenue transactions and provides a practical expedient available for election by public entities. Once elected, all public entities are no longer required to consider forecasted information when estimating expected credit losses, but only the historical and current economic conditions relevant to the collectibility of the trade and other related receivables. The updated guidance will become effective on a prospective basis for the Company in the first quarter of 2026. The Company does not expect the impact upon adoption to be material to its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This updated guidance eliminates the consideration of software project development stages and introduces additional considerations for the existing probability threshold assessment on completing a software development project. Entities are required to assess whether significant uncertainty exists in the development activities of the software before capitalizing any software costs, and such uncertainty is considered to exist if the project involves any technological innovations with novel and unproven features or unidentified significant performance requirements. The updated guidance will become effective for the Company in the first quarter of 2028 and may be adopted on either a prospective basis, full retrospective basis, or modified prospective basis with a cumulative-effect adjustment through retained earnings. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Estimated Useful Life

Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the related assets’ estimated useful lives:

Computer equipment and software

 

1 to 5 years

Capitalized internal-use software

 

3 years

Office equipment and furniture

 

1 to 5 years

Leasehold improvements

 

Lesser of related lease term or 5 years

Building and improvements

 

Up to 30 years

 
v3.25.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Product Category and Timing of Recognition

The following table summarizes revenue by timing of recognition (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Recognized over time

 

$

320,219

 

 

$

362,713

 

 

$

410,865

 

Recognized at a point in time

 

 

127,886

 

 

 

130,975

 

 

 

110,469

 

Total revenue

 

$

448,105

 

 

$

493,688

 

 

$

521,334

 

The following table summarizes revenue by product category (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Pay-TV

 

$

205,734

 

 

$

259,712

 

 

$

244,708

 

Consumer Electronics

 

 

77,587

 

 

 

81,993

 

 

 

132,355

 

Connected Car

 

 

124,339

 

 

 

111,144

 

 

 

94,864

 

Media Platform

 

 

40,445

 

 

 

40,839

 

 

 

49,407

 

Total revenue

 

$

448,105

 

 

$

493,688

 

 

$

521,334

 
Schedule of Geographic Revenue Information

The following table summarizes revenue by geographic location (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

U.S. and Canada (1)

 

$

233,481

 

 

 

52

%

 

$

256,345

 

 

 

52

%

 

$

293,849

 

 

 

56

%

Asia Pacific

 

 

143,231

 

 

 

32

 

 

 

150,654

 

 

 

31

 

 

 

152,248

 

 

 

29

 

Europe, Middle East and Africa

 

 

43,329

 

 

 

10

 

 

 

46,442

 

 

 

9

 

 

 

41,113

 

 

 

8

 

Other

 

 

28,064

 

 

 

6

 

 

 

40,247

 

 

 

8

 

 

 

34,124

 

 

 

7

 

Total revenue

 

$

448,105

 

 

 

100

%

 

$

493,688

 

 

 

100

%

 

$

521,334

 

 

 

100

%
(1)
For the year ended December 31, 2025, 2024, and 2023, the Company recognized $206.3 million, $237.8 million, and $268.0 million of revenue from the U.S., which represented 46%, 48%, and 51% of total revenue for the respective periods.

A significant portion of the Company’s revenue is derived from licensees headquartered outside of the U.S., principally in Asia Pacific and Europe, the Middle East and Africa. Japan, which is part of Asia Pacific, contributed a significant amount of revenue, as shown in the following table (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

Japan

 

$

73,869

 

 

 

16

%

 

$

80,773

 

 

 

16

%

 

$

83,138

 

 

 

16

%
Schedule of Revenue Recognized in Period

The following table presents additional revenue disclosures (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue recognized in the period from:

 

 

 

 

 

 

 

 

 

Amounts included in deferred revenue at the beginning of the period

 

$

23,690

 

 

$

25,202

 

 

$

20,620

 

Performance obligations satisfied in previous periods (true
ups, recoveries, and settlements) (1)

 

$

1,666

 

 

$

9,999

 

 

$

11,863

 
(1)
True ups represent the differences between the Company’s quarterly estimates of per-unit royalty revenue and actual production/sales-based royalties reported by licensees that are generally received in the following period, and may include other changes in estimates. Recoveries represent corrections or revisions to previously reported per-unit royalties by licensees, generally resulting from the Company’s inquiries or compliance audits. Settlements represent resolutions of disputes or litigation during the period for past royalties owed.
Schedule of Remaining Performance Obligations Company’s remaining performance obligations and the period over which they are expected to be recognized were as follows (in thousands):

Year Ending December 31:

 

Amounts

 

2026

 

$

63,275

 

2027

 

 

27,038

 

2028

 

 

15,872

 

2029

 

 

10,033

 

2030

 

 

7,153

 

Thereafter

 

 

152

 

Total

 

$

123,523

 
Schedule of Allowance for Credit Losses

The following table presents the activity in the allowance for credit losses for the years ended December 31, 2025, 2024, and 2023 (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Accounts Receivable

 

 

Unbilled Contracts Receivable

 

 

Accounts Receivable

 

 

Unbilled Contracts Receivable

 

 

Accounts Receivable

 

 

Unbilled Contracts Receivable

 

Beginning balance

 

$

946

 

 

$

499

 

 

$

1,906

 

 

$

190

 

 

$

1,950

 

 

$

369

 

Provision for credit losses

 

 

2,221

 

 

 

664

 

 

 

(172

)

 

 

308

 

 

 

497

 

 

 

52

 

Recoveries/charge-off

 

 

(319

)

 

 

(12

)

 

 

(788

)

 

 

1

 

 

 

(541

)

 

 

(231

)

Balance at end of period

 

$

2,848

 

 

$

1,151

 

 

$

946

 

 

$

499

 

 

$

1,906

 

 

$

190

 
v3.25.4
Composition of Certain Financial Statement Captions (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Prepaid expenses

 

$

14,286

 

 

$

21,027

 

Prepaid income taxes

 

 

7,401

 

 

 

8,295

 

Finished goods inventory

 

 

—

 

 

 

1,061

 

Other

 

 

1,944

 

 

 

2,105

 

Total

 

$

23,631

 

 

$

32,488

 
Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Computer equipment and software

 

$

54,840

 

 

$

54,737

 

Capitalized internal-use software

 

 

38,699

 

 

 

23,384

 

Office equipment and furniture

 

 

10,470

 

 

 

10,773

 

Building

 

 

17,876

 

 

 

17,876

 

Land

 

 

5,300

 

 

 

5,300

 

Leasehold improvements

 

 

10,810

 

 

 

10,778

 

Construction in progress

 

 

1,325

 

 

 

1,979

 

Total property and equipment

 

 

139,320

 

 

 

124,827

 

Less: accumulated depreciation and amortization(1)

 

 

(87,394

)

 

 

(80,354

)

Property and equipment, net

 

$

51,926

 

 

$

44,473

 
(1)
Includes $11.3 million and $4.1 million as of December 31, 2025 and 2024, respectively, of accumulated amortization associated with capitalized internal-use software.
Schedule of Capitalization and Amortization of Internal-use Software

The following table summarizes the capitalization and amortization of internal-use software for the years ended December 31, 2025, 2024 and 2023 (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Costs capitalized associated with internal-use software

 

$

15,465

 

 

$

12,160

 

 

$

5,933

 

Amortization of capitalized internal-use software

 

 

7,241

 

 

 

2,547

 

 

 

1,503

 
Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Employee compensation and benefits

 

$

38,125

 

 

$

33,360

 

Accrued expenses

 

 

15,442

 

 

 

16,108

 

Current portion of operating lease liabilities

 

 

8,858

 

 

 

15,353

 

Accrued income taxes

 

 

5,913

 

 

 

6,259

 

Accrued rebates and other payments to customers

 

 

3,914

 

 

 

4,289

 

Third-party royalties

 

 

3,300

 

 

 

5,171

 

Accrued other taxes

 

 

1,889

 

 

 

8,370

 

Other

 

 

4,719

 

 

 

5,510

 

Total

 

$

82,160

 

 

$

94,420

 
v3.25.4
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Notional and Fair Values of All Derivative Instruments

The notional and fair values of all derivative instruments were as follows (in thousands):

 

 

 

 

December 31,

 

 

 

Location in Balance Sheet

 

2025

 

 

2024

 

Derivative instruments designated as cash flow hedges:

 

 

 

 

 

 

 

 

Fair value—foreign exchange contract liabilities, net amount

 

Accrued liabilities

 

$

257

 

 

$

1,858

 

 

 

 

 

 

 

 

 

 

Notional value held to buy U.S. dollars in exchange for other currencies

 

 

 

$

8,196

 

 

$

5,074

 

Notional value held to sell U.S. dollars in exchange for other currencies

 

 

 

$

66,476

 

 

$

57,329

 
Schedule of Gross Amounts of Foreign Currency Forward Contracts

The gross amounts of the Company’s foreign currency forward contracts and the net amounts recorded in the Company’s consolidated balance sheets were as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Gross amount of recognized assets

 

$

1,009

 

 

$

173

 

Gross amount of recognized liabilities

 

 

(1,266

)

 

 

(2,031

)

Net liabilities

 

$

(257

)

 

$

(1,858

)

 
Schedule of Accumulated Other Comprehensive Loss (AOCL)

The changes in AOCL related to the cash flow hedges consisted of the following (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Beginning balance

 

$

(1,858

)

 

$

1,034

 

 

$

(94

)

Other comprehensive gain (loss) before reclassification

 

 

2,175

 

 

 

(2,107

)

 

 

1,190

 

Amounts reclassified from accumulated other comprehensive loss into net loss

 

 

(574

)

 

 

(785

)

 

 

(62

)

Net current period other comprehensive gain (loss)

 

 

1,601

 

 

 

(2,892

)

 

 

1,128

 

Ending balance

 

$

(257

)

 

$

(1,858

)

 

$

1,034

 
Summary of the Gains Recognized upon Settlement of the Hedged Transactions

The following table summarizes the gains recognized upon settlement of the hedged transactions in the consolidated statement of operations for the years ended December 31, 2025, 2024 and 2023 (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Research and development

 

$

842

 

 

$

690

 

 

$

841

 

Selling, general and administrative

 

 

67

 

 

 

74

 

 

 

192

 

Total

 

$

909

 

 

$

764

 

 

$

1,033

 
v3.25.4
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Carrying Amounts and Estimated Fair Values

The following table presents the fair value hierarchy for the Company’s assets and liabilities recorded at their carrying amount, bur for which the fair value is disclosed (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

Carrying
Amount

 

 

Estimated Fair
Value

 

 

Carrying
Amount

 

 

Estimated Fair
Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Note receivable, noncurrent

 

$

31,928

 

 

$

33,112

 

 

$

29,702

 

 

$

28,223

 

Deferred consideration from divestitures(1)

 

 

19,895

 

 

 

23,218

 

 

 

18,217

 

 

 

18,342

 

Total assets

 

$

51,823

 

 

$

56,330

 

 

$

47,919

 

 

$

46,565

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Senior Unsecured Promissory Note

 

$

—

 

 

$

—

 

 

$

50,000

 

 

$

50,000

 

AR Facility

 

$

40,000

 

 

$

40,000

 

 

$

—

 

 

$

—

 

 

(1) Includes $11.9 million as of December 31, 2025 of the net carrying amount of the holdback consideration from the Perceive Transaction (as described in Note 7—Divestitures), which approximates its associated fair value and is classified as current in the consolidated balance sheets.
v3.25.4
Divestitures (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination [Line Items]  
Schedule of Carrying Amount of Note

The Company elected to present accrued interest within the carrying amount of note receivable, noncurrent, in the consolidated balance sheets. The carrying amount of the Tobii Note is as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Outstanding principal amount

 

$

27,676

 

 

$

27,676

 

Add: interest accrued to date

 

 

4,252

 

 

 

2,026

 

Carrying amount—note receivable, noncurrent

 

$

31,928

 

 

$

29,702

 
Schedule of Deferred Cash Consideration

The deferred consideration consists of guaranteed future cash payments, which are scheduled to be made by Tobii in four annual payments as follows (in thousands):

Date of Payment:

 

Amount

 

February 15, 2028

 

$

3,000

 

February 15, 2029

 

 

2,250

 

February 15, 2030

 

 

4,500

 

February 15, 2031

 

 

5,250

 

Total future payments

 

$

15,000

 
Schedule of Net Carrying Amount of Deferred Consideration

The net carrying amount of the deferred consideration is as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Total deferred consideration

 

$

15,000

 

 

$

15,000

 

Less: unamortized discount on deferred consideration

 

 

(6,985

)

 

 

(8,197

)

Net carrying amount

 

$

8,015

 

 

$

6,803

 
Schedule of Net Carrying Amount of Holdback Consideration

The net carrying amount of the holdback consideration is as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Holdback consideration

 

$

12,000

 

 

$

12,000

 

Less: unamortized discount on holdback consideration

 

 

(120

)

 

 

(586

)

Net carrying amount

 

$

11,880

 

 

$

11,414

 
Tobii AB  
Business Combination [Line Items]  
Summary of Carrying Amounts of Assets and Liabilities Classified as Held for Sale the Company derecognized the carrying amounts of the following assets and liabilities (in thousands):

 

 

January 31, 2024

 

 

 

Current

 

 

Noncurrent

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

11,025

 

 

$

—

 

 

$

11,025

 

Accounts receivable, net

 

 

3,392

 

 

 

—

 

 

 

3,392

 

Unbilled contracts receivable, net

 

 

1,398

 

 

 

5,320

 

 

 

6,718

 

Prepaid expenses and other current assets

 

 

812

 

 

 

—

 

 

 

812

 

Property and equipment, net

 

 

—

 

 

 

2,291

 

 

 

2,291

 

Operating lease right-of-use assets

 

 

—

 

 

 

3,272

 

 

 

3,272

 

Other noncurrent assets

 

 

—

 

 

 

2,887

 

 

 

2,887

 

Total assets held for sale (1)

 

$

16,627

 

 

$

13,770

 

 

$

30,397

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

248

 

 

$

—

 

 

$

248

 

Accrued liabilities

 

 

4,933

 

 

 

—

 

 

 

4,933

 

Deferred revenue

 

 

1,114

 

 

 

—

 

 

 

1,114

 

Operating lease liabilities, noncurrent

 

 

—

 

 

 

2,708

 

 

 

2,708

 

Other noncurrent liabilities

 

 

—

 

 

 

7,064

 

 

 

7,064

 

Total liabilities held for sale

 

$

6,295

 

 

$

9,772

 

 

$

16,067

 

 

 

 

 

 

 

 

 

 

 

Net assets held for sale

 

$

10,332

 

 

$

3,998

 

 

$

14,330

 
(1)
Total assets held for sale also included certain fully amortized finite-lived intangible assets with an original cost of $35.2 million.
Schedule of Principal Payments

The Tobii Note has the following scheduled principal repayments (in thousands):

Date of Principal Payment:

 

Amount

 

April 1, 2027

 

$

10,000

 

April 1, 2028

 

 

10,000

 

April 1, 2029

 

 

7,676

 

Total principal payments

 

$

27,676

 

 
Perceive Corporation  
Business Combination [Line Items]  
Summary of Carrying Amounts of Assets and Liabilities Classified as Held for Sale the Company derecognized the carrying amounts of the following assets and liabilities (in thousands):

 

 

October 2, 2024

 

 

 

Current

 

 

Noncurrent

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Prepaid expenses and other current assets

 

$

1,306

 

 

$

—

 

 

$

1,306

 

Property and equipment, net

 

 

—

 

 

 

95

 

 

 

95

 

Operating lease right-of-use assets

 

 

—

 

 

 

72

 

 

 

72

 

Other noncurrent assets

 

 

—

 

 

 

4

 

 

 

4

 

Total assets held for sale

 

$

1,306

 

 

$

171

 

 

$

1,477

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Accrued liabilities

 

 

67

 

 

 

—

 

 

 

67

 

Operating lease liabilities, noncurrent

 

 

—

 

 

 

6

 

 

 

6

 

Total liabilities held for sale

 

$

67

 

 

$

6

 

 

$

73

 

 

 

 

 

 

 

 

 

 

 

Net assets held for sale

 

$

1,239

 

 

$

165

 

 

$

1,404

 
v3.25.4
Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Identified Intangible Assets

Identified intangible assets consisted of the following (in thousands):

 

 

 

 

 

December 31, 2025

 

 

 

Weighted-Average Remaining Useful Life
(in years)

 

 

Gross
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying Value

 

Finite-lived intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

Acquired patents

 

 

4.2

 

 

$

17,281

 

 

$

(7,896

)

 

$

9,385

 

Existing technology / content database

 

 

3.4

 

 

 

219,919

 

 

 

(202,295

)

 

 

17,624

 

Customer contracts and related relationships

 

 

3.4

 

 

 

493,685

 

 

 

(413,461

)

 

 

80,224

 

Trademarks/trade name

 

 

1.5

 

 

 

39,313

 

 

 

(39,064

)

 

 

249

 

Non-compete agreements

 

 

 

 

 

3,101

 

 

 

(3,101

)

 

 

—

 

Total finite-lived intangible assets

 

 

 

 

 

773,299

 

 

 

(665,817

)

 

 

107,482

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

TiVo tradename/trademarks

 

N/A

 

 

 

21,400

 

 

 

—

 

 

 

21,400

 

Total intangible assets

 

 

 

 

$

794,699

 

 

$

(665,817

)

 

$

128,882

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

Weighted-Average Remaining Useful Life
(in years)

 

 

Gross
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying Value

 

Finite-lived intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

Acquired patents

 

 

5.2

 

 

$

17,281

 

 

$

(5,687

)

 

$

11,594

 

Existing technology / content database

 

 

4.0

 

 

 

219,912

 

 

 

(194,041

)

 

 

25,871

 

Customer contracts and related relationships

 

 

4.4

 

 

 

493,685

 

 

 

(389,251

)

 

 

104,434

 

Trademarks/trade name

 

 

2.5

 

 

 

39,313

 

 

 

(38,898

)

 

 

415

 

Non-compete agreements

 

 

 

 

 

3,101

 

 

 

(3,101

)

 

 

—

 

Total finite-lived intangible assets

 

 

 

 

 

773,292

 

 

 

(630,978

)

 

 

142,314

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

TiVo tradename/trademarks

 

N/A

 

 

 

21,400

 

 

 

—

 

 

 

21,400

 

Total intangible assets

 

 

 

 

$

794,692

 

 

$

(630,978

)

 

$

163,714

 
Estimated Future Amortization Expense

As of December 31, 2025, the estimated future amortization expense of finite-lived intangible assets was as follows (in thousands):

Year Ending December 31:

 

Amounts

 

2026

 

$

31,508

 

2027

 

 

30,666

 

2028

 

 

30,328

 

2029

 

 

14,342

 

2030

 

 

584

 

Thereafter

 

 

54

 

Total amortization

 

$

107,482

 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Operating Lease Costs

The components of operating lease costs were as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Fixed lease cost (1)

 

$

16,631

 

 

$

16,966

 

 

$

20,306

 

Variable lease cost

 

 

4,655

 

 

 

4,164

 

 

 

5,130

 

Less: sublease income

 

 

(8,609

)

 

 

(8,192

)

 

 

(9,896

)

Total operating lease cost

 

$

12,677

 

 

$

12,938

 

 

$

15,540

 

 

(1)
Includes short-term leases expensed on a straight-line basis.
Schedule of Supplemental Cash Flow Information arising from Lease Transactions

The following table presents supplemental cash flow information arising from lease transactions (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Cash payments included in the measurement of operating lease liabilities

 

$

16,502

 

 

$

17,669

 

 

$

19,968

 

ROU assets obtained in exchange for lease obligations

 

$

11,475

 

 

$

5,975

 

 

$

11,563

 
Schedule of Weighted-average Remaining Term of Operating Leases and Weighted-average of Discount Rate of Present Value of Operating Lease Liabilities

The weighted-average remaining term of the Company’s operating leases and the weighted-average discount rate used to measure the present value of the operating lease liabilities are as follows:

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Weighted-average remaining lease term (in years)

 

 

4.4

 

 

 

2.9

 

Weighted-average discount rate

 

 

6.9

%

 

 

5.5

%
Schedule of Future Minimum Lease Payments and Related Lease Liabilities

Future minimum lease payments and related lease liabilities as of December 31, 2025 were as follows (in thousands):

 

 

Operating Lease Payments (1)

 

 

Sublease Income

 

 

Net Operating Lease Payments

 

2026

 

$

10,662

 

 

$

(1,563

)

 

$

9,099

 

2027

 

 

8,591

 

 

 

(368

)

 

 

8,223

 

2028

 

 

5,981

 

 

 

(379

)

 

 

5,602

 

2029

 

 

3,906

 

 

 

(291

)

 

 

3,615

 

2030

 

 

2,404

 

 

 

—

 

 

 

2,404

 

Thereafter

 

 

3,879

 

 

 

—

 

 

 

3,879

 

Total lease payments

 

 

35,423

 

 

$

(2,601

)

 

$

32,822

 

Less: imputed interest

 

 

(5,078

)

 

 

 

 

 

 

Present value of operating lease liabilities

 

$

30,345

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: operating lease liabilities, current portion

 

 

(8,858

)

 

 

 

 

 

 

Noncurrent operating lease liabilities

 

$

21,487

 

 

 

 

 

 

 
(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.
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Payments under Noncancelable Unconditional Purchase 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. Total future unconditional purchase obligations as of December 31, 2025 were as follows (in thousands):

Year Ending December 31:

 

Amounts

 

2026

 

$

58,154

 

2027

 

 

27,368

 

2028

 

 

11,447

 

2029

 

 

10,023

 

2030

 

 

7,990

 

Thereafter

 

 

6,060

 

Total

 

$

121,042

 
v3.25.4
Net Loss Per Share Attributable To The Company (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to the Company (in thousands, except per share amounts):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

Net loss attributable to the Company—basic and diluted

 

$

(56,339

)

 

$

(14,008

)

 

$

(136,613

)

Denominator:

 

 

 

 

 

 

 

 

 

Weighted-average number of shares used in computing net loss per share attributable to the Company—basic and diluted

 

 

45,869

 

 

 

45,057

 

 

 

43,012

 

Net loss per share attributable to the Company—basic and diluted

 

$

(1.23

)

 

$

(0.31

)

 

$

(3.18

)
Schedule of Potentially Dilutive Shares Were Excluded From Calculation of Diluted Net Loss Per Share

The following potentially dilutive shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Stock options

 

 

—

 

 

 

52

 

 

 

106

 

Restricted stock units

 

 

6,650

 

 

 

7,405

 

 

 

7,067

 

ESPP

 

 

77

 

 

 

60

 

 

 

81

 

Total

 

 

6,727

 

 

 

7,517

 

 

 

7,254

 
v3.25.4
Stockholders' Equity And Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Shares Purchased

The following table summarizes information for shares purchased under the 2022 ESPP for the years ended December 31, 2025, 2024, and 2023 (amounts in thousands, except for weighted-average purchase price):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Shares issued under ESPP

 

 

1,041

 

 

 

1,076

 

 

 

1,337

 

Weighted-average purchase price

 

$

5.74

 

 

$

7.30

 

 

$

8.92

 

Aggregate net proceeds from issuance

 

$

5,974

 

 

$

7,855

 

 

$

11,927

 
Summary of Restricted Stock Awards and Units

Information with respect to outstanding RSUs (including both time-based vesting and performance-based vesting) for the year ended December 31, 2025 is as follows (in thousands, except per share amounts):

 

 

Number of Shares
Subject to Time-
based Vesting

 

 

Number of Shares
Subject to
Performance-
based Vesting

 

 

Total Number
of Shares

 

 

Weighted Average
Grant Date Fair
Value Per Share

 

Balance at December 31, 2024

 

 

5,258

 

 

 

2,147

 

 

 

7,405

 

 

$

13.66

 

Granted

 

 

2,330

 

 

 

712

 

 

 

3,042

 

 

$

8.22

 

Vested / released

 

 

(2,257

)

 

 

(143

)

 

 

(2,400

)

 

$

13.16

 

Canceled / forfeited

 

 

(712

)

 

 

(685

)

 

 

(1,397

)

 

$

17.75

 

Balance at December 31, 2025

 

 

4,619

 

 

 

2,031

 

 

 

6,650

 

 

$

10.50

 
Summary of Stock-Based Compensation Expense

Total stock-based compensation expense for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Cost of revenue, excluding depreciation and amortization of intangible assets

 

$

3,385

 

 

$

3,216

 

 

$

3,466

 

Research and development

 

 

12,768

 

 

 

20,634

 

 

 

25,276

 

Selling, general and administrative

 

 

24,530

 

 

 

36,691

 

 

 

40,789

 

Total stock-based compensation expense

 

$

40,683

 

 

$

60,541

 

 

$

69,531

 
Stock-Based Compensation Expense Categorized by Award Type

Stock-based compensation expense categorized by award type for the years ended December 31, 2025, 2024 and 2023 is summarized in the table below (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

RSUs

 

$

32,654

 

 

$

41,516

 

 

$

45,660

 

PSUs

 

 

5,370

 

 

 

14,283

 

 

 

18,519

 

ESPP

 

 

2,659

 

 

 

4,742

 

 

 

5,352

 

Total stock-based compensation expense

 

$

40,683

 

 

$

60,541

 

 

$

69,531

 
Summary of Unrecognized Stock-based Compensation Expense

As of December 31, 2025, unrecognized stock-based compensation expense related to unvested equity-based awards is as follows (amounts in thousands):

 

 

December 31, 2025

 

 

 

Unrecognized Stock-Based Compensation

 

 

Weighted-Average Period to Recognize Expense
(in years)

 

RSUs

 

$

24,167

 

 

 

1.7

 

PSUs

 

 

5,932

 

 

 

1.7

 

ESPP

 

 

1,901

 

 

 

0.4

 

Total unrecognized stock-based compensation expense

 

$

32,000

 

 

 

 
Employee Stock Purchase Plan  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Assumptions Used to Value Awards Granted

The following table summarizes the valuation assumptions used in estimating the fair value of the 2022 ESPP for the offering periods in effect using the Black-Scholes option pricing model:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Expected life (years)

 

0.5 — 1.0

 

 

0.5 — 1.0

 

 

0.5 — 2.0

 

Risk-free interest rate

 

4.3% — 5.1%

 

 

4.3% — 5.4%

 

 

4.3% — 5.4%

 

Dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Expected volatility

 

42.9% — 44.1%

 

 

44.4% — 45.6%

 

 

44.1% — 51.2%

 
Market-Based Performance Stock Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Assumptions Used to Value Awards Granted

The following assumptions were used in the Monte Carlo simulation model to determine the fair value of the PSUs with market conditions that were granted during the period:

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

Expected life (years)

 

 

3.0

 

 

 

3.0

 

 

1.5 — 2.8

Risk-free interest rate

 

3.9%

 

 

4.2%

 

 

4.5% — 5.0%

Dividend yield

 

0.0%

 

 

0.0%

 

 

0.0%

Expected volatility

 

46.2%

 

 

43.9%

 

 

44.1% — 51.2%
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Components of Income (Loss) Before Income Taxes

The components of income (loss) before taxes are as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

U.S.

 

$

(75,233

)

 

$

(31,758

)

 

$

(142,447

)

Foreign

 

 

34,616

 

 

 

43,337

 

 

 

12,801

 

(Loss) income before taxes

 

$

(40,617

)

 

$

11,579

 

 

$

(129,646

)

 
Summary of Provision for Income Taxes

The provision for income taxes consisted of the following (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Current:

 

 

 

 

 

 

 

 

 

U.S. federal

 

$

(696

)

 

$

3,696

 

 

$

1,398

 

Foreign

 

 

13,853

 

 

 

12,161

 

 

 

16,546

 

State and local

 

 

310

 

 

 

(476

)

 

 

694

 

Total current

 

 

13,467

 

 

 

15,381

 

 

 

18,638

 

Deferred:

 

 

 

 

 

 

 

 

 

U.S. federal

 

 

—

 

 

 

(10

)

 

 

19

 

Foreign

 

 

2,318

 

 

 

(2,748

)

 

 

(8,113

)

State and local

 

 

(63

)

 

 

(175

)

 

 

(502

)

Total deferred

 

 

2,255

 

 

 

(2,933

)

 

 

(8,596

)

Provision for income taxes

 

$

15,722

 

 

$

12,448

 

 

$

10,042

 
Component of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Deferred tax assets:

 

 

 

 

 

 

Loss carryforward

 

$

25,977

 

 

$

33,497

 

Research credits

 

 

24,207

 

 

 

14,998

 

Foreign tax credits

 

 

20,217

 

 

 

10,026

 

Accrued expenses

 

 

15,806

 

 

 

16,377

 

Fixed and intangible assets

 

 

1,703

 

 

 

6,216

 

Deferred revenue

 

 

9,007

 

 

 

9,768

 

Capitalized R&D

 

 

90,391

 

 

 

95,281

 

Lease liabilities

 

 

6,674

 

 

 

8,981

 

Other tax credits

 

 

—

 

 

 

2,378

 

Other

 

 

1,249

 

 

 

1,668

 

Gross deferred tax assets

 

 

195,231

 

 

 

199,190

 

Valuation allowance

 

 

(162,253

)

 

 

(152,235

)

Net deferred tax assets

 

 

32,978

 

 

 

46,955

 

Deferred tax liabilities:

 

 

 

 

 

 

Fixed and intangible assets

 

 

(21,620

)

 

 

(27,391

)

ROU assets

 

 

(5,958

)

 

 

(7,603

)

Other

 

 

(1,547

)

 

 

(6,224

)

Gross deferred tax liabilities

 

 

(29,125

)

 

 

(41,218

)

Net deferred tax assets

 

$

3,853

 

 

$

5,737

 
Summary of Deferred Tax Assets for Tax Effects of Following Gross Tax Loss and Gross Capital Loss Carryforwards

As of December 31, 2025, the Company had recorded deferred tax assets for the tax effects of the following gross tax loss carryforwards (in thousands):

 

 

Carry forward Amount

 

 

Years of Expiration

Federal

 

$

24,742

 

 

2027—Indefinite

State (post-apportionment)

 

$

113,555

 

 

2026—Indefinite

As of December 31, 2025, the Company had recorded deferred tax assets for the tax effects of the following gross capital loss carryforwards (in thousands):

 

 

Carry forward Amount

 

 

Years of Expiration

Federal

 

$

79,033

 

 

2029
Schedule of Credits Available to Reduce Future Income Tax Expense

As of December 31, 2025, the Company had the following credits available to reduce future income tax expense (in thousands):

 

 

Carry forward Amount

 

 

Years of Expiration

Federal research and development credits

 

$

15,709

 

 

2031—2045

State research and development credits

 

$

22,530

 

 

Indefinite

Foreign tax credits

 

$

20,217

 

 

2030—2035
Schedule of Changes in Deferred Tax Asset Valuation Allowance

The deferred tax asset valuation allowance and changes in the deferred tax asset valuation allowance consisted of the following (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Balance at beginning of period

 

$

152,235

 

 

$

157,595

 

 

$

111,779

 

Charged (credited) to expenses

 

 

9,996

 

 

 

(5,051

)

 

 

46,397

 

Charged (credited) to other accounts

 

 

22

 

 

 

(309

)

 

 

(581

)

Balance at end of period

 

$

162,253

 

 

$

152,235

 

 

$

157,595

 
Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Tax

The following is a reconciliation of the federal statutory income tax rate to the Company’s effective tax rate, upon the adoption of ASU 2023-09, for the year ended December 31, 2025, summarized in reporting currency and income tax rate (amounts in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

 

Amount

 

 

Tax Rate

 

U.S. federal statutory rate

 

$

(8,529

)

 

 

21.0

%

State, net of federal benefit (1)

 

 

746

 

 

 

(1.8

)

Foreign tax effects:

 

 

 

 

 

 

Canada

 

 

 

 

 

 

Other

 

 

(14

)

 

 

—

 

Foreign withholding tax

 

 

2,309

 

 

 

(5.7

)

China

 

 

 

 

 

 

Other

 

 

(49

)

 

 

0.1

 

Foreign withholding tax

 

 

1,353

 

 

 

(3.3

)

Costa Rica

 

 

 

 

 

 

Foreign withholding tax

 

 

783

 

 

 

(1.9

)

India

 

 

 

 

 

 

Tax holiday

 

 

(477

)

 

 

1.2

 

Other

 

 

538

 

 

 

(1.3

)

 

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

 

Amount

 

 

Tax Rate

 

Ireland

 

 

 

 

 

 

Statutory tax rate difference between Ireland and U.S.

 

$

(2,956

)

 

 

7.3

%

Changes in valuation allowance

 

 

(2,842

)

 

 

7.0

 

Other

 

 

(224

)

 

 

0.6

 

Norway

 

 

 

 

 

 

Changes in valuation allowance

 

 

(2,657

)

 

 

6.5

 

Entity rationalization

 

 

4,891

 

 

 

(12.0

)

Other

 

 

225

 

 

 

(0.6

)

Panama

 

 

 

 

 

 

Foreign withholding tax

 

 

1,143

 

 

 

(2.8

)

Poland

 

 

 

 

 

 

Research tax credit

 

 

(2,521

)

 

 

6.2

 

Other

 

 

(531

)

 

 

1.3

 

Puerto Rico

 

 

 

 

 

 

Foreign withholding tax

 

 

672

 

 

 

(1.7

)

Turkey

 

 

 

 

 

 

Foreign withholding tax

 

 

939

 

 

 

(2.3

)

United Kingdom

 

 

 

 

 

 

Statutory tax rate difference between United Kingdom and U.S.

 

 

829

 

 

 

(2.0

)

Changes in valuation allowance

 

 

(591

)

 

 

1.5

 

Research tax credit

 

 

(436

)

 

 

1.1

 

Other

 

 

(4

)

 

 

—

 

Other foreign jurisdictions

 

 

 

 

 

 

Other foreign withholding tax

 

 

1,473

 

 

 

(3.6

)

Other

 

 

305

 

 

 

(0.8

)

Effect of cross-border tax laws:

 

 

 

 

 

 

Global intangible low-taxed income

 

 

4,000

 

 

 

(9.9

)

Foreign income inclusion

 

 

787

 

 

 

(1.9

)

Other cross-border tax

 

 

26

 

 

 

(0.1

)

Tax credits

 

 

 

 

 

 

Foreign tax credit

 

 

(8,825

)

 

 

21.7

 

Research tax credit

 

 

(7,063

)

 

 

17.4

 

Changes in valuation allowance

 

 

13,204

 

 

 

(32.5

)

Changes in unrecognized tax benefits

 

 

(2

)

 

 

—

 

Nontaxable or nondeductible items

 

 

 

 

 

 

Stock-based compensation

 

 

3,754

 

 

 

(9.2

)

Executive compensation limitation

 

 

508

 

 

 

(1.3

)

Cancellation of debt

 

 

5,278

 

 

 

(13.0

)

Partnership income

 

 

2,423

 

 

 

(6.0

)

Entity rationalization

 

 

7,536

 

 

 

(18.6

)

Other

 

 

(279

)

 

 

0.7

 

Total

 

$

15,722

 

 

 

(38.7

)%
(1)
California and Tennessee represent the majority of the tax effect in this category.

For the years ended December 31, 2024 and 2023, income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to income (loss) before income taxes as a result of the following (in thousands):

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

U.S. federal statutory rate

 

$

2,432

 

 

$

(27,226

)

State, net of federal benefit

 

 

501

 

 

 

532

 

Stock-based compensation

 

 

5,390

 

 

 

6,758

 

Executive compensation limitation

 

 

560

 

 

 

1,911

 

Research tax credit

 

 

(3,998

)

 

 

(6,983

)

Foreign withholding tax

 

 

11,051

 

 

 

12,811

 

Restructuring and transaction costs

 

 

1,394

 

 

 

649

 

Divestiture-related activity

 

 

5,339

 

 

 

(26,915

)

Foreign rate differential

 

 

(10,651

)

 

 

(7,354

)

Foreign tax credit

 

 

(10,338

)

 

 

(10,124

)

Change in valuation allowance

 

 

5,412

 

 

 

50,314

 

Effect of cross-border tax laws

 

 

2,580

 

 

 

10,151

 

Unrecognized tax benefits

 

 

(238

)

 

 

746

 

Change in estimates

 

 

3,387

 

 

 

3,844

 

Change in other comprehensive income

 

 

(826

)

 

 

—

 

Non-deductible expense

 

 

184

 

 

 

—

 

Others

 

 

269

 

 

 

928

 

Total

 

$

12,448

 

 

$

10,042

 
Summary of Unrecognized Tax Benefits and Amounts Affect Effective Tax Rate Upon Recognition

The following table summarizes the total unrecognized tax benefits and the amounts of which that would affect the effective tax rate upon recognition of such as of December 31, 2025, 2024 and 2023 (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Total unrecognized tax benefits

 

$

15,526

 

 

$

15,376

 

 

$

23,587

 

Amount affecting the effective tax rate upon recognition of unrecognized tax benefits

 

$

1,130

 

 

$

1,198

 

 

$

9,592

 
Reconciliation of Unrecognized Tax Benefits

The reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Total unrecognized tax benefits at January 1

 

$

15,376

 

 

$

23,587

 

 

$

19,354

 

Changes due to separation, mergers, and dispositions

 

 

—

 

 

 

(6,858

)

 

 

—

 

Increases for tax positions related to the current year

 

 

1,203

 

 

 

2,009

 

 

 

4,070

 

Increases for tax positions related to prior years

 

 

104

 

 

 

33

 

 

 

961

 

Decreases for tax positions related to prior years

 

 

(1,157

)

 

 

(3,395

)

 

 

(798

)

Total unrecognized tax benefits at December 31

 

$

15,526

 

 

$

15,376

 

 

$

23,587

 
Summary of Disaggregation of Income Taxes Paid by Jurisdiction, Net of Refunds Received

The following table summarizes the disaggregation of income taxes paid by jurisdiction, net of refunds received, pursuant to the disclosure requirements of ASU 2023-09 (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

U.S. federal

 

$

—

 

State and local

 

 

(567

)

Foreign

 

 

 

Canada

 

 

2,244

 

China

 

 

1,818

 

Costa Rica

 

 

896

 

India

 

 

1,274

 

Panama

 

 

1,161

 

Poland

 

 

(699

)

Puerto Rico

 

 

957

 

United Kingdom

 

 

3,036

 

All other foreign jurisdictions

 

 

2,905

 

Income taxes paid, net of refunds received

 

$

13,025

 
v3.25.4
Restructuring Activities (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Summarizes the Restructuring Charges by Functional Areas

The following table summarizes the restructuring charges by functional areas (in thousands):

 

 

Year Ended December 31, 2025

 

Cost of revenue, excluding depreciation and amortization of intangible assets

 

$

2,305

 

Research and development

 

 

7,950

 

Selling, general and administrative

 

 

3,633

 

Total restructuring charges

 

$

13,888

 
Schedule of Restructuring Charges

The following table shows the amount of restructuring charges incurred and paid during the year ended December 31, 2025 (in thousands):

 

 

Amounts

 

Accrued restructuring charges at December 31, 2024

 

$

—

 

Restructuring charges incurred during the period

 

 

13,888

 

Amounts paid during the period

 

 

(5,152

)

Accrued restructuring charges at December 31, 2025

 

$

8,736

 
v3.25.4
Geographic and Segment Related Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Summary of Long-lived Assets by Geographic Region The following table summarizes long-lived assets by geographic region (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

U.S.

 

$

66,774

 

 

$

60,847

 

Europe

 

 

6,252

 

 

 

7,656

 

Asia and other

 

 

6,457

 

 

 

6,052

 

Total

 

$

79,483

 

 

$

74,555

 
Summary of Reported Segment Revenue, Significant Segment Expenses, and Segment Net Loss

The following table presents information about reported segment revenue, significant segment expenses, and segment net loss for the years ended December 31, 2025, 2024, and 2023 (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue

 

$

448,105

 

 

$

493,688

 

 

$

521,334

 

Less:

 

 

 

 

 

 

 

 

 

Cost of revenue, excluding depreciation and amortization of intangible assets (1)

 

 

126,648

 

 

 

113,756

 

 

 

118,628

 

Research and development (1)

 

 

135,054

 

 

 

191,352

 

 

 

222,833

 

Selling, general and administrative (1)

 

 

181,869

 

 

 

218,106

 

 

 

233,403

 

Depreciation expense

 

 

13,426

 

 

 

12,638

 

 

 

16,645

 

Amortization expense

 

 

34,839

 

 

 

43,376

 

 

 

57,752

 

Impairment of long-lived assets

 

 

—

 

 

 

1,535

 

 

 

1,710

 

Interest and other income, net

 

 

(6,093

)

 

 

(829

)

 

 

(2,991

)

Interest expense - debt

 

 

2,979

 

 

 

3,008

 

 

 

3,000

 

Gain on divestitures

 

 

—

 

 

 

(100,833

)

 

 

—

 

Provision for income taxes

 

 

15,722

 

 

 

12,448

 

 

 

10,042

 

Consolidated net loss

 

$

(56,339

)

 

$

(869

)

 

$

(139,688

)
(1)
Includes total salaries, bonuses, and employee benefits of $246.7 million, $278.0 million, and $323.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
The Company and Description of Business - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
Segment
Organization Consolidation And Presentation [Line Items]  
Number of reportable business segments 1
Number of operating segments 1
v3.25.4
Summary of Significant Accounting Policies - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Customer
Segment
Dec. 31, 2024
USD ($)
Customer
Dec. 31, 2023
USD ($)
Customer
Summary of Significant Accounting Policies [Line Items]      
Loss on dissolution of subsidiary | $ $ 0 $ 4,839,000 $ 0
Number of operating segments | Segment 1    
Advertising expense | $ $ 10,600,000 $ 9,900,000 $ 8,100,000
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true    
Accounting Standards Update [Extensible Enumeration] us-gaap:AccountingStandardsUpdate202309Member    
Minimum      
Summary of Significant Accounting Policies [Line Items]      
Intangible assets estimated useful life 1 year    
Maximum      
Summary of Significant Accounting Policies [Line Items]      
Intangible assets estimated useful life 10 years    
Tobii AB      
Summary of Significant Accounting Policies [Line Items]      
Allowance for credit losses | $ $ 0    
Accounts Receivable | Customer Concentration Risk      
Summary of Significant Accounting Policies [Line Items]      
Number of customers, concentration of risk disclosure | Customer 0 0  
Revenue | Credit Concentration Risk      
Summary of Significant Accounting Policies [Line Items]      
Number of customers, concentration of risk disclosure | Customer 0 0 0
Current and Noncurrent Unbilled Contracts Receivable | Customer Concentration Risk      
Summary of Significant Accounting Policies [Line Items]      
Number of customers, concentration of risk disclosure | Customer 2 1  
v3.25.4
Summary of Significant Accounting Policies - Long-Lived Assets (Details)
Dec. 31, 2025
Computer equipment and software | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 1 year
Computer equipment and software | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Capitalized internal-use software  
Property, Plant and Equipment [Line Items]  
Estimated useful life 3 years
Office equipment and furniture | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 1 year
Office equipment and furniture | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Leasehold improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Building and improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 30 years
v3.25.4
Revenue - Additional Information (Details) - Total Revenue
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Product Concentration Risk | Advertising      
Revenue Recognition [Line Items]      
Concentration Risk Percentage 10.00%    
Product Concentration Risk | NRE services      
Revenue Recognition [Line Items]      
Concentration Risk Percentage 10.00%    
Product Concentration Risk | Hardware Products      
Revenue Recognition [Line Items]      
Concentration Risk Percentage 10.00%    
Geographic Concentration Risk      
Revenue Recognition [Line Items]      
Concentration Risk Percentage 100.00% 100.00% 100.00%
Europe, Middle East and Africa and Other Regions | Geographic Concentration Risk      
Revenue Recognition [Line Items]      
Concentration Risk Percentage 10.00% 10.00% 10.00%
v3.25.4
Revenue - Schedule of Revenue by Timing of Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 448,105 $ 493,688 $ 521,334
Recognized over time      
Disaggregation of Revenue [Line Items]      
Revenue 320,219 362,713 410,865
Recognized at a point in time      
Disaggregation of Revenue [Line Items]      
Revenue $ 127,886 $ 130,975 $ 110,469
v3.25.4
Revenue - Schedule of Revenue by Product Category (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenue $ 448,105 $ 493,688 $ 521,334
Pay TV      
Disaggregation of Revenue [Line Items]      
Total revenue 205,734 259,712 244,708
Consumer Electronics      
Disaggregation of Revenue [Line Items]      
Total revenue 77,587 81,993 132,355
Connected Car      
Disaggregation of Revenue [Line Items]      
Total revenue 124,339 111,144 94,864
Media Platform      
Disaggregation of Revenue [Line Items]      
Total revenue $ 40,445 $ 40,839 $ 49,407
v3.25.4
Revenue - Schedule of Geographic Revenue Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 448,105 $ 493,688 $ 521,334
Total Revenue | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk, percentage (or more) 100.00% 100.00% 100.00%
U.S. and Canada      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 233,481 $ 256,345 $ 293,849
U.S. and Canada | Total Revenue | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk, percentage (or more) 52.00% 52.00% 56.00%
Asia Pacific      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 143,231 $ 150,654 $ 152,248
Asia Pacific | Total Revenue | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk, percentage (or more) 32.00% 31.00% 29.00%
Europe, Middle East and Africa      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 43,329 $ 46,442 $ 41,113
Europe, Middle East and Africa | Total Revenue | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk, percentage (or more) 10.00% 9.00% 8.00%
Other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 28,064 $ 40,247 $ 34,124
Other | Total Revenue | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk, percentage (or more) 6.00% 8.00% 7.00%
Japan      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 73,869 $ 80,773 $ 83,138
Japan | Total Revenue | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk, percentage (or more) 16.00% 16.00% 16.00%
v3.25.4
Revenue - Schedule of Geographic Revenue Information (Parenthetical) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 448,105 $ 493,688 $ 521,334
Total Revenue | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk, percentage (or more) 100.00% 100.00% 100.00%
U.S.      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 206,300 $ 237,800 $ 268,000
U.S. | Total Revenue | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk, percentage (or more) 46.00% 48.00% 51.00%
v3.25.4
Revenue - Schedule of Revenue Recognized in Period (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Amounts included in deferred revenue at the beginning of the period $ 23,690 $ 25,202 $ 20,620
Performance obligations satisfied in previous periods (true ups, recoveries and settlements) [1] $ 1,666 $ 9,999 $ 11,863
[1] True ups represent the differences between the Company’s quarterly estimates of per-unit royalty revenue and actual production/sales-based royalties reported by licensees that are generally received in the following period, and may include other changes in estimates. Recoveries represent corrections or revisions to previously reported per-unit royalties by licensees, generally resulting from the Company’s inquiries or compliance audits. Settlements represent resolutions of disputes or litigation during the period for past royalties owed.
v3.25.4
Revenue - Schedule of Remaining Performance Obligations (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Remaining performance obligations $ 123,523
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 $ 63,275
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 $ 27,038
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 $ 15,872
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 $ 10,033
Performance obligations expected to be satisfied, expected timing 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2030-01-01  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Remaining performance obligations $ 7,153
Performance obligations expected to be satisfied, expected timing 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2031-01-01  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Remaining performance obligations $ 152
Performance obligations expected to be satisfied, expected timing
v3.25.4
Revenue - Schedule of Remaining Performance Obligations (Details 1)
$ in Thousands
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 123,523
v3.25.4
Revenue - Schedule of Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable      
Accounts Notes And Loans Receivable [Line Items]      
Beginning balance $ 946 $ 1,906 $ 1,950
Provision for credit losses 2,221 (172) 497
Recoveries/charge-off (319) (788) (541)
Balance at end of period 2,848 946 1,906
Unbilled Contracts Receivable      
Accounts Notes And Loans Receivable [Line Items]      
Beginning balance 499 190 369
Provision for credit losses 664 308 52
Recoveries/charge-off (12) 1 (231)
Balance at end of period $ 1,151 $ 499 $ 190
v3.25.4
Composition of Certain Financial Statement Captions - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid expenses $ 14,286 $ 21,027
Prepaid income taxes 7,401 8,295
Finished goods inventory 0 1,061
Other 1,944 2,105
Total $ 23,631 $ 32,488
v3.25.4
Composition of Certain Financial Statement Captions - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 139,320 $ 124,827
Less: accumulated depreciation and amortization (87,394) (80,354)
Property and equipment, net 51,926 44,473
Computer equipment and software    
Property, Plant and Equipment [Line Items]    
Total property and equipment 54,840 54,737
Capitalized internal-use software    
Property, Plant and Equipment [Line Items]    
Total property and equipment 38,699 23,384
Office equipment and furniture    
Property, Plant and Equipment [Line Items]    
Total property and equipment 10,470 10,773
Building    
Property, Plant and Equipment [Line Items]    
Total property and equipment 17,876 17,876
Land    
Property, Plant and Equipment [Line Items]    
Total property and equipment 5,300 5,300
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 10,810 10,778
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 1,325 $ 1,979
v3.25.4
Composition of Certain Financial Statement Captions - Schedule of Property and Equipment, Net (Parenthetical) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accumulated amortization associated with capitalized internal-use software $ 11.3 $ 4.1
v3.25.4
Composition of Certain Financial Statement Captions - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Impairment charges $ 0 $ 1,500,000 $ 1,700,000
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Impairment charges $ 0 $ 600,000 $ 400,000
v3.25.4
Composition of Certain Financial Statement Captions - Schedule of Capitalization and Amortization of Internal-Use Software (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Costs capitalized associated with internal-use software $ 15,465 $ 12,160 $ 5,933
Amortization of capitalized internal-use software $ 7,241 $ 2,547 $ 1,503
v3.25.4
Composition of Certain Financial Statement Captions - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Employee compensation and benefits $ 38,125 $ 33,360
Accrued expenses 15,442 16,108
Current portion of operating lease liabilities $ 8,858 [1] $ 15,353
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Total Total
Accrued income taxes $ 5,913 $ 6,259
Accrued rebates and other payments to customers 3,914 4,289
Third-party royalties 3,300 5,171
Accrued other taxes 1,889 8,370
Other 4,719 5,510
Total $ 82,160 $ 94,420
[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.
v3.25.4
Financial Instruments - Additional Information (Details) - Non-marketable Equity Securities - TiVo Merger - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule Of Investments [Line Items]      
Equity securities accounted for under equity method $ 4,700,000 $ 4,700,000  
Impairment charges related to non-marketable equity securities $ 0 $ 0 $ 0
v3.25.4
Financial Instruments - Schedule of Notional and Fair Values of All Derivative Instruments (Details) - Foreign Exchange Contracts - Designated Derivative Instruments - Cash Flow Hedging [Member] - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Fair value-foreign exchange contract liabilities, net amount $ 257 $ 1,858
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
Total notional value $ 8,196 $ 5,074
Total notional value $ 66,476 $ 57,329
v3.25.4
Financial Instruments - Schedule of Gross Amounts of Foreign Currency Forward Contracts (Details) - Foreign Exchange Contracts - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Gross amount of recognized assets $ 1,009 $ 173
Gross amount of recognized liabilities (1,266) (2,031)
Net liabilities $ (257) $ (1,858)
v3.25.4
Financial Instruments - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance $ 429,077 $ 387,135 $ 448,986
Ending balance 414,075 429,077 387,135
Accumulated Other Comprehensive Loss      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (6,084) (2,865) (4,119)
Ending balance (4,438) (6,084) (2,865)
Accumulated Other Comprehensive Loss | Cash Flow Hedges      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (1,858) 1,034 (94)
Other comprehensive gain (loss) before reclassification 2,175 (2,107) 1,190
Amounts reclassified from accumulated other comprehensive loss into net loss (574) (785) (62)
Net current period other comprehensive gain (loss) 1,601 (2,892) 1,128
Ending balance $ (257) $ (1,858) $ 1,034
v3.25.4
Financial Instruments - Summary of the Gains Recognized upon Settlement of the Hedged Transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]      
Gain on fair value hedges $ 909 $ 764 $ 1,033
Research and Development      
Derivatives, Fair Value [Line Items]      
Gain on fair value hedges 842 690 841
Selling, General and Administrative      
Derivatives, Fair Value [Line Items]      
Gain on fair value hedges $ 67 $ 74 $ 192
v3.25.4
Fair Value - Schedule of Carrying Amounts and Estimated Fair Values (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Total assets, net - Carrying Amount $ 615,829 $ 667,760
Liabilities:    
Total long-term debt, net - Carrying Amount 27,676  
Recurring    
Assets:    
Total assets, net - Carrying Amount 51,823 47,919
Total assets, net - Estimated Fair Value 56,330 46,565
Recurring | Note Receivable, Noncurrent    
Assets:    
Total assets, net - Carrying Amount 31,928 29,702
Total assets, net - Estimated Fair Value 33,112 28,223
Recurring | Deferred Consideration From Divestitures    
Assets:    
Total assets, net - Carrying Amount [1] 19,895 18,217
Total assets, net - Estimated Fair Value [1] 23,218 18,342
Recurring | Senior Unsecured Promissory Note    
Liabilities:    
Total long-term debt, net - Carrying Amount   50,000
Total long-term debt, net - Estimated Fair Value   $ 50,000
AR Facility | Recurring    
Liabilities:    
Total long-term debt, net - Carrying Amount 40,000  
Total long-term debt, net - Estimated Fair Value $ 40,000  
[1] Includes $11.9 million as of December 31, 2025 of the net carrying amount of the holdback consideration from the Perceive Transaction (as described in Note 7—Divestitures), which approximates its associated fair value and is classified as current in the consolidated balance sheets.
v3.25.4
Fair Value - Schedule of Carrying Amounts and Estimated Fair Values (Parenthetical) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Holdback Consideration Net $ 11,880 $ 11,414
v3.25.4
Divestitures - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Oct. 02, 2024
Jan. 31, 2024
Aug. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Equity sale percetage           100.00%
Deferred cash consideration       $ 15,000 $ 15,000  
Business divestiture, indemnification liability   $ 7,100        
Pre-tax gain on divestiture $ 59,500     22,900    
Recognized interest income       2,200 2,000  
Discount on deferred consideration       9,200    
Discount on Interest income       1,200 1,000  
Holdback consideration       12,000 12,000  
Perceive Corporation            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Fair value divestiture       11,300    
Pre-tax gain on divestiture $ 77,900          
Ownership interest, percentage     76.40%      
Cash     $ 80,000      
Indemnification holdback amount     $ 12,000      
Indemnification held period after closing date     18 months      
Holdback consideration       12,000    
Discount on holdback consideration       $ 700 $ 500  
Purchaser            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Total consideration   44,300        
Business divestiture, cash received   10,800        
Interest rate       8.00%    
Additional interest rate per annum       2.00%    
Purchaser | Senior Secured Promissory Note            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Deferred cash consideration   15,000        
Fair value divestiture   5,800        
Debt instrument, principal amount   $ 27,700        
v3.25.4
Divestitures - Summary of the Carrying Amounts of Assets and Liabilities Classified as Held for Sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Oct. 02, 2024
Jan. 31, 2024
Dec. 31, 2023
Assets Current:          
Cash and cash equivalents $ 0 $ 0     $ 12,349
Purchaser | Divestiture          
Assets Current:          
Cash and cash equivalents       $ 11,025  
Accounts receivable, net       3,392  
Unbilled contracts receivable, net       1,398  
Prepaid expenses and other current assets       812  
Total assets held for sale [1]       16,627  
Assets Noncurrent:          
Unbilled contracts receivable, net       5,320  
Property and equipment, net       2,291  
Operating lease right-of-use assets       3,272  
Other noncurrent assets       2,887  
Total assets held for sale [1]       13,770  
Assets Total:          
Unbilled contracts receivable, net       6,718  
Total assets held for sale [1]       30,397  
Liabilities Current:          
Accounts payable       248  
Accrued liabilities       4,933  
Deferred revenue       1,114  
Total liabilities held for sale       6,295  
Liabilities Noncurrent:          
Operating lease liabilities, noncurrent       2,708  
Other noncurrent liabilities       7,064  
Total liabilities to be disposed of       9,772  
Liabilities Total:          
Total liabilities to be disposed of       16,067  
Net assets held for sale, Current       10,332  
Net assets held for sale, Noncurrent       3,998  
Net assets held for sale       $ 14,330  
Perceive Corporation | Divestiture          
Assets Current:          
Prepaid expenses and other current assets     $ 1,306    
Total assets held for sale     1,306    
Assets Noncurrent:          
Property and equipment, net     95    
Operating lease right-of-use assets     72    
Other noncurrent assets     4    
Total assets held for sale     171    
Assets Total:          
Total assets held for sale     1,477    
Liabilities Current:          
Accrued liabilities     67    
Total liabilities held for sale     67    
Liabilities Noncurrent:          
Operating lease liabilities, noncurrent     6    
Total liabilities to be disposed of     6    
Liabilities Total:          
Total liabilities to be disposed of     73    
Net assets held for sale, Current     1,239    
Net assets held for sale, Noncurrent     165    
Net assets held for sale     $ 1,404    
[1] Total assets held for sale also included certain fully amortized finite-lived intangible assets with an original cost of $35.2 million.
v3.25.4
Divestitures - Summary of the Carrying Amounts of Assets and Liabilities Classified as Held for Sale (Parenthetical) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Jan. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Finite-lived intangible assets, Gross Amount $ 773,299 $ 773,292  
Assets held for sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Finite-lived intangible assets, Gross Amount     $ 35,200
v3.25.4
Divestitures - Schedule of Principal Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Maturities of Long-Term Debt [Abstract]  
April 1, 2027 $ 10,000
April 1, 2028 10,000
April 1, 2029 7,676
Total principal payments $ 27,676
v3.25.4
Divestitures - Schedule of Carrying Amount of Note (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Long-Term Investments [Abstract]    
Outstanding principal amount $ 27,676 $ 27,676
Add: interest accrued to date 4,252 2,026
Carrying amount-note receivable, noncurrent $ 31,928 $ 29,702
v3.25.4
Divestitures - Schedule of Deferred Cash Consideration (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]    
February 15, 2028 $ 3,000  
February 15, 2029 2,250  
February 15, 2030 4,500  
February 15, 2031 5,250  
Total future payments $ 15,000 $ 15,000
v3.25.4
Divestitures - Schedule of the Net Carrying Amount of the Deferred Consideration (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]    
Total deferred consideration $ 15,000 $ 15,000
Less: unamortized discount on deferred consideration (6,985) (8,197)
Net carrying amount $ 8,015 $ 6,803
v3.25.4
Divestitures - Schedule of Net Carrying Amount of Holdback Consideration (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]    
Holdback consideration $ 12,000 $ 12,000
Less: unamortized discount on holdback consideration (120) (586)
Net carrying amount $ 11,880 $ 11,414
v3.25.4
Intangible Assets, Net - Identified Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, Gross Amount $ 773,299 $ 773,292
Finite-lived intangible assets, Accumulated Amortization (665,817) (630,978)
Finite-lived intangible assets, Net 107,482 142,314
Intangible assets, gross 794,699 794,692
Intangible assets, net $ 128,882 $ 163,714
Acquired patents    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (years) 4 years 2 months 12 days 5 years 2 months 12 days
Finite-lived intangible assets, Gross Amount $ 17,281 $ 17,281
Finite-lived intangible assets, Accumulated Amortization (7,896) (5,687)
Finite-lived intangible assets, Net $ 9,385 $ 11,594
Existing technology / content database    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (years) 3 years 4 months 24 days 4 years
Finite-lived intangible assets, Gross Amount $ 219,919 $ 219,912
Finite-lived intangible assets, Accumulated Amortization (202,295) (194,041)
Finite-lived intangible assets, Net $ 17,624 $ 25,871
Customer contracts and related relationships    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (years) 3 years 4 months 24 days 4 years 4 months 24 days
Finite-lived intangible assets, Gross Amount $ 493,685 $ 493,685
Finite-lived intangible assets, Accumulated Amortization (413,461) (389,251)
Finite-lived intangible assets, Net $ 80,224 $ 104,434
Trademarks/trade name    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (years) 1 year 6 months 2 years 6 months
Finite-lived intangible assets, Gross Amount $ 39,313 $ 39,313
Finite-lived intangible assets, Accumulated Amortization (39,064) (38,898)
Finite-lived intangible assets, Net 249 415
Non-compete agreements    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, Gross Amount 3,101 3,101
Finite-lived intangible assets, Accumulated Amortization (3,101) (3,101)
Finite-lived intangible assets, Net 0 0
TiVo tradename/trademarks    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets, Gross Assets 21,400 21,400
Indefinite-lived intangible assets, Net $ 21,400 $ 21,400
v3.25.4
Intangible Assets, Net - Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 $ 31,508  
2027 30,666  
2028 30,328  
2029 14,342  
2030 584  
Thereafter 54  
Finite-lived intangible assets, Net $ 107,482 $ 142,314
v3.25.4
Debt and Receivables Securitization - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jul. 01, 2022
Feb. 28, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Line Of Credit Facility [Line Items]          
Oustanding principal repaid amount     $ 1,100 $ (0) $ (0)
Promissory Note          
Line Of Credit Facility [Line Items]          
Long-term debt classified as current       50,000  
Interest expense     3,000 $ 3,000 $ 3,000
Vewd          
Line Of Credit Facility [Line Items]          
Outstanding principal repaid with accrued interest   $ 40,000      
Vewd | Promissory Note          
Line Of Credit Facility [Line Items]          
Debt instrument, principal amount $ 50,000        
Interest rate 6.00%        
Debt instrument, maturity date Jul. 01, 2025        
AR Facility          
Line Of Credit Facility [Line Items]          
Borrowing capacity   $ 55,000      
Oustanding principal repaid amount     1,100    
Accrued interest on unused borrowing limit   0.50%      
Outstanding borrowings   $ 40,000      
Fees amortized     400    
Capitalized Fees Incurred for Securitization   $ 1,200      
Amortized on straight-line basis over commitment term   3 years      
Debt instrument, basis spread on variable rate   1.90%      
Accounts receivable and unbilled contracts receivable     $ 127,000    
v3.25.4
Leases - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee Lease Description [Line Items]      
Operating lease existence of option to renew true    
Operating lease description The Company leases office and research facilities, data centers and office equipment under operating leases with various expiration dates through 2032. Certain leases offer the option to renew and to terminate before the expiration date. Leases with an initial term of 12 months or less are not recognized on the balance sheets    
Impairment charges $ 0 $ 1,500,000 $ 1,700,000
v3.25.4
Leases - Schedule of Operating Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Fixed lease cost [1] $ 16,631 $ 16,966 $ 20,306
Variable lease cost 4,655 4,164 5,130
Less: sublease income (8,609) (8,192) (9,896)
Total operating lease cost $ 12,677 $ 12,938 $ 15,540
[1] Includes short-term leases expensed on a straight-line basis.
v3.25.4
Leases - Schedule Of Cash Flow Supplemental Disclosures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Cash payments included in the measurement of operating lease liabilities $ 16,502 $ 17,669 $ 19,968
Operating lease ROU assets obtained in exchange for lease obligations $ 11,475 $ 5,975 $ 11,563
v3.25.4
Leases - Schedule of Weighted-average Remaining Term of Operating Leases and Weighted-average of Discount Rate of Present Value of Operating Lease Liabilities (Details)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term (in years) 4 years 4 months 24 days 2 years 10 months 24 days
Weighted-average discount rate 6.90% 5.50%
v3.25.4
Leases - Schedule of Future Minimum Lease Payments and Related Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating Lease Payments    
2026 [1] $ 10,662  
2027 [1] 8,591  
2028 [1] 5,981  
2029 [1] 3,906  
2030 [1] 2,404  
Thereafter [1] 3,879  
Total lease payments [1] 35,423  
Less: imputed interest [1] (5,078)  
Present value of operating lease liabilities: [1] 30,345  
Less: operating lease liabilities, current portion (8,858) [1] $ (15,353)
Noncurrent operating lease liabilities 21,487 [1] $ 19,932
Sublease Income    
2026 (1,563)  
2027 (368)  
2028 (379)  
2029 (291)  
2030 0  
Thereafter 0  
Total lease payments (2,601)  
Net Operating Lease Payments    
2026 9,099  
2027 8,223  
2028 5,602  
2029 3,615  
2030 2,404  
Thereafter 3,879  
Total lease payments $ 32,822  
[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.
v3.25.4
Commitments and Contingencies - Schedule of Future Payments under Noncancelable Unconditional Purchase Obligations (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 58,154
2027 27,368
2028 11,447
2029 10,023
2030 7,990
Thereafter 6,060
Total $ 121,042
v3.25.4
Net Loss Per Share Attributable To The Company - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net loss attributable to the Company - basic $ (56,339) $ (14,008) $ (136,613)
Net loss attributable to the Company - diluted $ (56,339) $ (14,008) $ (136,613)
Denominator:      
Weighted-average number of shares used in computing net loss per share attributable to the Company - basic 45,869 45,057 43,012
Weighted-average number of shares used in computing net loss per share attributable to the Company - diluted 45,869 45,057 43,012
Net loss per share attributable to the Company - basic $ (1.23) $ (0.31) $ (3.18)
Net loss per share attributable to the Company - diluted $ (1.23) $ (0.31) $ (3.18)
v3.25.4
Net Loss Per Share Attributable To The Company - Schedule of Potentially Dilutive Shares Were Excluded From Calculation of Diluted Net Loss Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potentially dilutive common stock equivalents 6,727 7,517 7,254
Stock Options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potentially dilutive common stock equivalents 0 52 106
Restricted Stock Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potentially dilutive common stock equivalents 6,650 7,405 7,067
ESPP      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potentially dilutive common stock equivalents 77 60 81
v3.25.4
Stockholders' Equity And Stock-Based Compensation - Additional Information (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 01, 2023
Apr. 30, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Apr. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Stock-based compensation expense recognized       $ 40,683,000 $ 60,541,000 $ 69,531,000  
Stock repurchased during period, value         $ 20,000,000    
Stock repurchase program, remaining amount available for repurchase       $ 80,000,000      
Common Stock              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Authorized repurchase amount             $ 100,000,000
Stock repurchased during period, shares       0 2,200,000    
Shares, average price         $ 9.23    
Black Scholes Option Pricing Model              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Expected life (in years)       1 year      
Employee Stock Purchase Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Expiration period       24 months      
Maximum employee subscription rate   100.00%          
Shares reserved for grant (in shares)       1,500,000      
Rolling expiration period   24 months   12 months      
Accelerated term           12 months  
Stock-based compensation expense recognized       $ 2,659,000 $ 4,742,000 $ 5,352,000  
Minimum | Employee Stock Purchase Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Expected life (in years)       6 months 6 months 6 months  
Maximum | Employee Stock Purchase Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Expected life (in years)       1 year 1 year 2 years  
PSUs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Stock-based compensation expense recognized       $ 5,370,000 $ 14,283,000 $ 18,519,000  
PSUs | Minimum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Performance awards, percentage of grant available to vest       0.00%      
PSUs | Maximum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Performance awards, percentage of grant available to vest       200.00%      
Former Parents PSUs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Incremental compensation expense modification, description       In April 2023, the Company modified certain vesting conditions related to market-based PSUs granted in 2022, resulting in a total incremental compensation expense of $2.9 million, which was recognized over the remaining requisite service period through April 2025.      
Incremental compensation expense recognized over requisite service period through 2025     $ 2,900,000        
Restricted Stock and Restricted Stock Units              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Stock-based compensation expense recognized       $ 32,654,000 $ 41,516,000 45,660,000  
2022 EIP              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares reserved for grant (in shares)       5,200,000      
2022 EIP | PSUs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period       3 years      
2022 EIP | Time-based Awards | Minimum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period       3 years      
2022 EIP | Time-based Awards | Maximum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period       4 years      
Amendment 2022 ESP              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Incremental stock-based compensation expense   $ 0          
Stock-based compensation expense recognized           $ 5,900,000  
Amendment 2022 ESP | Employee Stock Purchase Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Incremental stock-based compensation expense $ 2,000,000     $ 1,500,000      
Maximum employee subscription rate   15.00%          
Rolling expiration period   12 months          
v3.25.4
Stockholders' Equity And Stock-Based Compensation - Summary of Shares Purchased (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Number of shares issued | shares 1,041,000 1,076,000 1,337,000
Weighted-average purchase price 0.0574 0.073 0.0892
Aggregate net proceeds from issuance | $ $ 5,974 $ 7,855 $ 11,927
v3.25.4
Stockholders' Equity And Stock-Based Compensation - Schedule of Assumptions Used to Value Awards Granted (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee Stock Purchase Plan      
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]      
Risk-free interest rate, Minimum 4.30% 4.30% 4.30%
Risk-free interest rate, Maximum 5.10% 5.40% 5.40%
Dividend yield 0.00% 0.00% 0.00%
Expected volatility, Minimum 42.90% 44.40% 44.10%
Expected volatility, Maximum 44.10% 45.60% 51.20%
Employee Stock Purchase Plan | Minimum      
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]      
Expected life (in years) 6 months 6 months 6 months
Employee Stock Purchase Plan | Maximum      
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]      
Expected life (in years) 1 year 1 year 2 years
Market-Based Performance 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, Minimum     4.50%
Risk-free interest rate, Maximum     5.00%
Risk-free interest rate 3.90% 4.20%  
Dividend yield 0.00% 0.00% 0.00%
Expected volatility, Minimum     44.10%
Expected volatility, Maximum     51.20%
Expected volatility 46.20% 43.90%  
Market-Based Performance Stock Units | Minimum      
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]      
Expected life (in years)     1 year 6 months
Market-Based Performance Stock Units | Maximum      
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]      
Expected life (in years)     2 years 9 months 18 days
v3.25.4
Stockholders' Equity And Stock-Based Compensation - Summary of Restricted Stock Awards and Units (Details)
shares in Thousands
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Time Based Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Restricted stock units, beginning balance (shares) 5,258
Restricted stock awards and units, granted (shares) 2,330
Restricted stock awards and units, vested / released (shares) (2,257)
Restricted stock awards and units, canceled / forfeited (shares) (712)
Restricted stock units, ending balance (shares) 4,619
Performance Based Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Restricted stock units, beginning balance (shares) 2,147
Restricted stock awards and units, granted (shares) 712
Restricted stock awards and units, vested / released (shares) (143)
Restricted stock awards and units, canceled / forfeited (shares) (685)
Restricted stock units, ending balance (shares) 2,031
Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Restricted stock units, beginning balance (shares) 7,405
Restricted stock awards and units, granted (shares) 3,042
Restricted stock awards and units, vested / released (shares) (2,400)
Restricted stock awards and units, canceled / forfeited (shares) (1,397)
Restricted stock units, ending balance (shares) 6,650
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 units, beginning balance (USD per share) | $ / shares | $ / shares $ 13.66
Weighted average grant date fair value per share of restricted stock and units, granted (USD per share) | $ / shares 8.22
Weighted average grant date fair value per share of restricted stock and units, vested / earned (USD per share) | $ / shares 13.16
Weighted average grant date fair value of restricted stock and units, canceled / forfeited (USD per share) | $ / shares 17.75
Weighted average grant date fair value per share of restricted stock and units, ending balance (USD per share) | $ / shares $ 10.5
v3.25.4
Stockholder's Equity And Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense $ 40,683 $ 60,541 $ 69,531
Cost of Revenue, Excluding Depreciation and Amortization of Intangible Assets      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 3,385 3,216 3,466
Research and Development      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 12,768 20,634 25,276
Selling, General and Administrative      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total stock-based compensation expense $ 24,530 $ 36,691 $ 40,789
v3.25.4
Stockholder's Equity And Stock-Based Compensation - Stock-Based Compensation Expense Categorized by Award Type (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 40,683 $ 60,541 $ 69,531
ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 2,659 4,742 5,352
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 32,654 41,516 45,660
PSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 5,370 $ 14,283 $ 18,519
v3.25.4
Stockholder's Equity And Stock-Based Compensation - Summary of Unrecognized Stock-based Compensation Expense (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Total unrecognized stock-based compensation expense $ 32,000
RSUs  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Total unrecognized stock-based compensation expense $ 24,167
Weighted-Average Period to Recognize Expense 1 year 8 months 12 days
PSUs  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Total unrecognized stock-based compensation expense $ 5,932
Weighted-Average Period to Recognize Expense 1 year 8 months 12 days
ESPP  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Total unrecognized stock-based compensation expense $ 1,901
Weighted-Average Period to Recognize Expense 4 months 24 days
v3.25.4
Income Taxes - Components of Income (loss) Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. $ (75,233) $ (31,758) $ (142,447)
Foreign 34,616 43,337 12,801
(Loss) income before taxes $ (40,617) $ 11,579 $ (129,646)
v3.25.4
Income Taxes - Summary of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
U.S. federal $ (696) $ 3,696 $ 1,398
Foreign 13,853 12,161 16,546
State and local 310 (476) 694
Total current 13,467 15,381 18,638
Deferred:      
U.S. federal   (10) 19
Foreign 2,318 (2,748) (8,113)
State and local (63) (175) (502)
Total deferred 2,255 (2,933) (8,596)
Provision for income taxes $ 15,722 $ 12,448 $ 10,042
v3.25.4
Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Contingency [Line Items]        
Valuation allowance $ 162,253 $ 152,235 $ 157,595 $ 111,779
Accumulated undistributed earnings generated by foreign subsidiaries 16,900      
Unrecognized tax benefits, income tax penalties and interest expense 100   300  
Accrued interest and tax penalties related to unrecognized tax benefits 300 100    
Income tax, net of refunds received $ 13,025 19,100 $ 21,300  
Income tax examination description With few exceptions, the Company’s 2021 through 2025 tax years are open to examination      
Foreign        
Income Tax Contingency [Line Items]        
Valuation allowance   $ 1,300    
v3.25.4
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets        
Loss carryforward $ 25,977 $ 33,497    
Research credits 24,207 14,998    
Foreign tax credits 20,217 10,026    
Accrued expenses 15,806 16,377    
Fixed and intangible assets 1,703 6,216    
Deferred revenue 9,007 9,768    
Capitalized R&D 90,391 95,281    
Lease liabilities 6,674 8,981    
Other tax credits   2,378    
Other 1,249 1,668    
Gross deferred tax assets 195,231 199,190    
Valuation allowance (162,253) (152,235) $ (157,595) $ (111,779)
Net deferred tax assets 32,978 46,955    
Deferred tax liabilities        
Fixed and intangible assets (21,620) (27,391)    
ROU assets (5,958) (7,603)    
Other (1,547) (6,224)    
Gross deferred tax liabilities (29,125) (41,218)    
Net deferred tax assets $ 3,853 $ 5,737    
v3.25.4
Income Taxes - Summary of Deferred Tax Assets for Tax Effects of Following Gross Tax Loss and Gross Capital Loss Carryforwards (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Tax Credit Carryforward [Line Items]    
Capital loss carry forward Amount $ 25,977 $ 33,497
Federal    
Tax Credit Carryforward [Line Items]    
Tax loss carry forward Amount 24,742  
Capital loss carry forward Amount $ 79,033  
Tax Loss Years of Expiration 2027  
Capital Loss Years of Expiration 2029  
State (post-apportionment)    
Tax Credit Carryforward [Line Items]    
Tax loss carry forward Amount $ 113,555  
Tax Loss Years of Expiration 2026  
v3.25.4
Income Taxes - Schedule of Credits Available to Reduce Future Income Tax Expense (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Federal | Research Tax Credit Carryforward  
Tax Credit Carryforward [Line Items]  
Carryforward Amount $ 15,709
Federal | Research Tax Credit Carryforward | Earliest Tax Year  
Tax Credit Carryforward [Line Items]  
Year of Expiration 2031
Federal | Research Tax Credit Carryforward | Latest Tax Year  
Tax Credit Carryforward [Line Items]  
Year of Expiration 2045
State | Research Tax Credit Carryforward  
Tax Credit Carryforward [Line Items]  
Carryforward Amount $ 22,530
Foreign  
Tax Credit Carryforward [Line Items]  
Carryforward Amount $ 20,217
Foreign | Earliest Tax Year  
Tax Credit Carryforward [Line Items]  
Year of Expiration 2030
Foreign | Latest Tax Year  
Tax Credit Carryforward [Line Items]  
Year of Expiration 2035
v3.25.4
Income Taxes - Schedule of Changes in Deferred Tax Asset Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Balance at beginning of period $ 152,235 $ 157,595 $ 111,779
Charged (credited) to expenses 9,996 (5,051) 46,397
Charged (credited) to other accounts 22 (309) (581)
Balance at end of period $ 162,253 $ 152,235 $ 157,595
v3.25.4
Income Taxes - Reconciliation of Statutory U.S. Federal Income Tax Rate to Effective Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory rate $ (8,529) $ 2,432 $ (27,226)
State, net of federal benefit 746 [1] 501 532
Other   269 928
Foreign withholding tax   11,051 12,811
Foreign rate differential   (10,651) (7,354)
Effect of cross-border tax laws:      
Global intangible low-taxed income 4,000    
Foreign income inclusion 787    
Other cross-border tax 26    
Tax credits      
Foreign tax credit (8,825) (10,338) (10,124)
Research tax credit (7,063) (3,998) (6,983)
Change in valuation allowance 13,204 5,412 50,314
Changes in unrecognized tax benefits (2) (238) 746
Nontaxable or nondeductible items      
Stock-based compensation 3,754 5,390 6,758
Executive compensation limitation 508 560 1,911
Cancellation of debt 5,278    
Partnership income 2,423    
Entity rationalization 7,536    
Other (279)    
Restructuring and transaction costs   1,394 649
Divestiture-related activity   5,339 (26,915)
Effect of cross-border tax laws   2,580 10,151
Change in estimates   3,387 3,844
Change in other comprehensive income   (826)  
Non-deductible expense   184  
Provision for income taxes $ 15,722 $ 12,448 $ 10,042
Tax Rate      
U.S. federal statutory rate 21.00%    
State, net of federal benefit [1] (1.80%)    
Effect of cross-border tax laws:      
Global intangible low-taxed income (9.90%)    
Foreign income inclusion (1.90%)    
Other cross-border tax (0.10%)    
Tax credits      
Foreign tax credit 21.70%    
Research tax credit 17.40%    
Changes in valuation allowance (32.50%)    
Changes in unrecognized tax benefits (0.00%)    
Nontaxable or nondeductible items      
Stock-based compensation (9.20%)    
Executive compensation limitation (1.30%)    
Cancellation of debt (13.00%)    
Partnership income (6.00%)    
Entity rationalization (18.60%)    
Other 0.70%    
Total (38.70%)    
Canada      
Amount      
Other $ (14)    
Foreign withholding tax $ 2,309    
Tax Rate      
Other 0.00%    
Foreign withholding tax (5.70%)    
China      
Amount      
Other $ (49)    
Foreign withholding tax $ 1,353    
Tax Rate      
Other 0.10%    
Foreign withholding tax (3.30%)    
Costa Rica      
Amount      
Foreign withholding tax $ 783    
Tax Rate      
Foreign withholding tax (1.90%)    
India      
Amount      
Tax holiday $ (477)    
Other $ 538    
Tax Rate      
Tax holiday 1.20%    
Other (1.30%)    
Ireland      
Amount      
Other $ (224)    
Foreign rate differential (2,956)    
Tax credits      
Change in valuation allowance $ (2,842)    
Tax Rate      
Other 0.60%    
Foreign rate differential 7.30%    
Tax credits      
Changes in valuation allowance 7.00%    
Norway      
Amount      
Other $ 225    
Tax credits      
Change in valuation allowance (2,657)    
Nontaxable or nondeductible items      
Entity rationalization $ 4,891    
Tax Rate      
Other (0.60%)    
Tax credits      
Changes in valuation allowance 6.50%    
Nontaxable or nondeductible items      
Entity rationalization (12.00%)    
Panama      
Amount      
Foreign withholding tax $ 1,143    
Tax Rate      
Foreign withholding tax (2.80%)    
Poland      
Amount      
Other $ (531)    
Tax credits      
Research tax credit $ (2,521)    
Tax Rate      
Other 1.30%    
Tax credits      
Research tax credit 6.20%    
Puerto Rico      
Amount      
Foreign withholding tax $ 672    
Tax Rate      
Foreign withholding tax (1.70%)    
Turkey      
Amount      
Foreign withholding tax $ 939    
Tax Rate      
Foreign withholding tax (2.30%)    
United Kingdom      
Amount      
Other $ (4)    
Foreign rate differential 829    
Tax credits      
Research tax credit (436)    
Change in valuation allowance $ (591)    
Tax Rate      
Other 0.00%    
Foreign rate differential (2.00%)    
Tax credits      
Research tax credit 1.10%    
Changes in valuation allowance 1.50%    
Other Foreign Jurisdictions      
Amount      
Other $ 305    
Foreign withholding tax $ 1,473    
Tax Rate      
Other (0.80%)    
Foreign withholding tax (3.60%)    
[1] California and Tennessee represent the majority of the tax effect in this category.
v3.25.4
Income Taxes - Summary of Unrecognized Tax Benefits and Amounts Affect Effective Tax Rate Upon Recognition (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]        
Total unrecognized tax benefits $ 15,526 $ 15,376 $ 23,587 $ 19,354
Amount affecting the effective tax rate upon recognition of unrecognized tax benefits $ 1,130 $ 1,198 $ 9,592  
v3.25.4
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Total unrecognized tax benefits at January 1 $ 15,376 $ 23,587 $ 19,354
Changes due to separation, mergers, and dispositions   (6,858)  
Increases for tax positions related to the current year 1,203 2,009 4,070
Increases for tax positions related to prior years 104 33 961
Decreases for tax positions related to prior years (1,157) (3,395) (798)
Total unrecognized tax benefits at December 31 $ 15,526 $ 15,376 $ 23,587
v3.25.4
Income Taxes - Summary of Disaggregation of Income Taxes Paid by Jurisdiction, Net of Refunds Received (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State and local $ (567)    
Income taxes paid, net of refunds received 13,025 $ 19,100 $ 21,300
Canada      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 2,244    
China      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 1,818    
Costa Rica      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 896    
India      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 1,274    
Panama      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 1,161    
Poland      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign (699)    
Puerto Rico      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 957    
United Kingdom      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 3,036    
All Other Foreign Jurisdictions      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign $ 2,905    
v3.25.4
Restructuring Activities - Additional Information (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Nov. 30, 2025
Employees
Dec. 31, 2025
USD ($)
Restructuring and Related Activities [Abstract]    
Number of employees reduction in workforce | Employees 250  
Restructuring charges | $   $ 13,888
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]   Operating Income (Loss)
Restructuring and related activities completion period 2026  
v3.25.4
Restructuring Activities - Summarizes the Restructuring Charges by Functional Areas (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Restructuring Cost and Reserve [Line Items]  
Total restructuring charges $ 13,888
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Operating Income (Loss)
Cost of Revenue, Excluding Depreciation and Amortization of Intangible Assets  
Restructuring Cost and Reserve [Line Items]  
Total restructuring charges $ 2,305
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Operating Income (Loss)
Research and Development  
Restructuring Cost and Reserve [Line Items]  
Total restructuring charges $ 7,950
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Operating Income (Loss)
Selling, General and Administrative  
Restructuring Cost and Reserve [Line Items]  
Total restructuring charges $ 3,633
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Operating Income (Loss)
v3.25.4
Restructuring Activities - Schedule of Restructuring Charges (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Restructuring and Related Activities [Abstract]  
Accrued restructuring charges at December 31, 2024 $ 0
Restructuring charges incurred during the period 13,888
Amounts paid during the period (5,152)
Accrued restructuring charges at December 31, 2025 $ 8,736
v3.25.4
Geographic and Segment Related Information - Summary of Long-lived Assets by Geographic Region (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 79,483 $ 74,555
U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 66,774 60,847
Europe    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 6,252 7,656
Asia and other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 6,457 $ 6,052
v3.25.4
Geographic and Segment Related Information - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
Segment
Segment Reporting Information [Line Items]  
Number of operating segments 1
Number of reportable business segments 1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The Company’s Chief Executive Officer has been determined to be the chief operating decision maker (“CODM”) in accordance with the authoritative guidance on segment reporting. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on net income (loss) that also is reported on the statements of operations as consolidated net income (loss).
v3.25.4
Geographic and Segment Related Information - Summary of Reported Segment Revenue, Significant Segment Expenses, and Segment Net Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 448,105 $ 493,688 $ 521,334
Cost of revenue, excluding depreciation and amortization of intangible assets 126,648 113,756 118,628
Research and development 135,054 191,352 222,833
Selling, general and administrative 181,869 218,106 233,403
Depreciation expense 13,426 12,638 16,645
Amortization expense 34,839 43,376 57,752
Impairment of long-lived assets 0 1,535 1,710
Interest and other income, net (6,093) (829) (2,991)
Interest expense - debt 2,979 3,008 3,000
Gain on divestitures 0 (100,833) 0
Provision for income taxes 15,722 12,448 10,042
Net loss $ (56,339) $ (869) $ (139,688)
v3.25.4
Geographic and Segment Related Information - Summary of Reported Segment Revenue, Significant Segment Expenses, and Segment Net Income (Loss) (Parenthetical) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Salaries, bonuses and employee benefits $ 246.7 $ 278.0 $ 323.4
v3.25.4
Benefit Plan - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Company contributions to 401(k) Plan $ 3.2 $ 3.9 $ 4.3