Revenues

↓20% (from USD 263.54M in Q1 2024 to USD 210.51M in Q1 2025)

Revenues declined primarily because Q1 2024 benefited from large catch-up revenues (e.g., the Samsung TV agreement) that were not repeated in Q1 2025, alongside timing differences in cash receipts under existing agreements. " "

Net Income

↑42% (from USD 81.65M in Q1 2024 to USD 115.60M in Q1 2025)

Net income increased significantly despite lower revenues due to a drastic trimming of expenses—most notably an 82% drop in licensing expense (from USD 96.59M to USD 17.68M)—which substantially improved profit margins and overall profitability. " "

Income from Operations

↑27% (from USD 103.74M in Q1 2024 to USD 131.83M in Q1 2025)

Operating income improved as a direct result of lower total operating expenses, which more than offset the revenue decline. The reduction in recurring non-operating costs and licensing expenses drove this enhancement in operational efficiency. " "

Total Operating Expenses

↓51% (from USD 159.80M in Q1 2024 to USD 78.68M in Q1 2025)

Operating expenses were substantially reduced, largely driven by an 82% drop in licensing expense (cutting from USD 96.59M to USD 17.68M) along with lower revenue share and litigation costs relative to Q1 2024, reflecting the absence of certain catch-up revenue obligations. " "

Operating Cash Flow

Fell from +USD 50.77M in Q1 2024 to –USD 20.0M in Q1 2025

Cash flow deteriorated largely due to a significant drop in cash receipts—from USD 201.76M to USD 46.83M—and timing differences in revenue recognition that were favorable in Q1 2024 but not repeated in Q1 2025; partly, lower operating expenses did not suffice to offset the reduced cash inflow. " "

Shareholders’ Equity

↑9.4% (from USD 857.22M at Q4 2024 to USD 936.88M in Q1 2025)

Equity increased driven by the strong net income of USD 115.60M in Q1 2025, which boosted retained earnings; this was partially moderated by dividends declared and repurchases but still led to an improvement in the balance sheet relative to the previous quarter. " "

Net Income per Common Share – Basic

↑40% (from USD 3.20 in Q1 2024 to USD 4.49 in Q1 2025)

Earnings per share improved substantially as the net income increase, combined with potential reductions in the weighted average shares outstanding, drove up per-share profitability despite the revenue decline, reflecting enhanced operational efficiency and cost control. " "