We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Xperi Inc | NYSE:XPER | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.24 | 0 | 10:58:04 |
Additional Japanese Global Brand to Launch TVs Powered by TiVo Ahead of UEFA Euro 2024
Video-over-Broadband (IPTV) Surpasses Two Million Subscribers
Xperi Inc. (NYSE: XPER) (the “Company” or “Xperi”), an entertainment technology company that invents, develops, and delivers technologies that enable extraordinary experiences, today announced first quarter 2024 financial results for the three-month period ended March 31, 2024.
“Entering our second full year as an independent company, we continued to advance our transformation, delivered solid financial results across our key growth areas, and made progress on several strategic initiatives. While revenue was down year over year due in part to the impact of the AutoSense and imaging divestiture, we saw strong growth in connected car, media platform, and video-over-broadband, which are our most attractive opportunities. As we focus on executing our independent media platform strategy to drive profitable growth, we are taking steps to further reduce expenses as part of our ongoing business transformation,” said Jon Kirchner, chief executive officer of Xperi.
Mr. Kirchner continued, “We expect the next several quarters will be an exciting time for Xperi as our TiVo OS footprint begins to scale, our video-over-broadband offering continues to grow at double digit rates, and our connected car deployments accelerate. We believe we are on track to achieve the multi-year targets we announced in Sept. 2022, as these growth drivers and the continued execution of our strategy set the stage for significant long-term revenue growth and margin expansion.”
Financial Highlights
GAAP Highlights ($ millions, except per share data)
Q1 FY24
Q1 FY23
Revenue
$118.8
$126.82
GAAP Operating Loss
($32.3)
($33.6)
GAAP Net Loss
($13.4)
($32.9)
GAAP Loss per Share attributable to Xperi
($0.29)
($0.76)
Non-GAAP1 Highlights ($ millions, except per share data)
Q1 FY24
Q1 FY23
Revenue
$118.8
$126.82
Non-GAAP Operating Income/(Loss)
($0.9)
$0.9
Adjusted EBITDA
$5.4
$6.8
Non-GAAP Earnings/(Loss) per Share attributable to Xperi
($0.05)
$0.04
1
For further information on supplemental non-GAAP metrics, refer to the “Non-GAAP Financial Measures” and GAAP to non-GAAP
Reconciliations provided in the financial statement tables included in this press release.
2
The contribution from AutoSense and the related imaging business accounted for $4.5 million of revenue in Q1 2023.
Recent Key Operating Achievements
Media Platform
Connected Car
Pay TV
Consumer Electronics
Perceive
Financial Outlook
The Company reaffirms its outlook for fiscal year 2024:
CategoryGAAP Outlook
Non-GAAP Outlook
Revenue
$500M to $530M
$500M to $530M
Adjusted EBITDA Margin1,2
n/a
12% to 14%
1
See discussion of “Non-GAAP Financial Measures” below.
2
With respect to Adjusted EBITDA Margin, the Company has determined that it is unable to provide a quantitative reconciliation of this forward-looking non-GAAP measure to the most directly comparable forward-looking GAAP measure with a reasonable degree of confidence in its accuracy without unreasonable effort, as items including restructuring and impacts from discrete tax adjustments and tax law changes are inherently uncertain and depend on various factors, many of which are beyond the Company's control.
Conference Call Information
The Company will hold its first quarter 2024 earnings conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) on Wednesday, May 8, 2024. To access the call toll-free, please dial 1-888-596-4144, otherwise dial 1-646-968-2525. The conference ID is 5483252. All participants should dial in 15 minutes prior to the start of the call using the conference ID listed above. Alternatively, the call can be accessed via the following webcast link: Q1 2024 Earnings Call Webcast.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding: expectations regarding our future results of operations and financial position, margin expansion and overall growth, including, without limitation, anticipated revenue growth and Adjusted EBITDA margin growth, the deployment by third parties of their products that use our technology, objectives for future operations, and ongoing strategies and operating initiatives, including, without limitation, expansion expectations, reduction of expenses and our pursuit of strategic alternatives for Perceive. These forward-looking statements are based on information available to the Company as of the date hereof, as well as the Company’s current expectations, assumptions, estimates and projections that involve risks and uncertainties. In some cases, you can identify forward-looking statements by the words “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “expect,” “target,” and similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) and our other filings with the SEC from time to time. Any forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company does not assume any obligation to, and does not intend to, publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
About Xperi Inc.
Xperi invents, develops, and delivers technologies that enable extraordinary experiences. Xperi technologies, delivered via its brands DTS®, HD Radio™, TiVo®, and by its startup, Perceive, are integrated into billions of consumer devices and media platforms worldwide, powering smart devices, connected cars and entertainment experiences. Additionally, Xperi delivers solutions through partnerships, including IMAX® Enhanced, a certification and licensing program operated by IMAX Corporation and DTS, Inc. Xperi has created a unified ecosystem that reaches highly engaged consumers driving increased value for partners and customers.
©2024 Xperi Inc. All Rights Reserved. Xperi, TiVo, DTS, HD Radio, DTS Play-Fi, Perceive and their respective logos are trademark(s) or registered trademark(s) of Xperi Inc. or its subsidiaries in the United States and other countries. IMAX is a registered trademark of IMAX Corporation. All other trademarks and content are the property of their respective owners.
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company’s press release contains non-GAAP financial measures adjusted for either one-time or ongoing non-cash acquired intangibles amortization charges; amortization of capitalized cloud computing costs; costs related to actual or planned acquisitions, financing, and divestitures including, without limitation, transaction fees, integration costs, severance, facility closures, and retention bonuses; restructuring costs; separation costs; all forms of stock-based compensation; impairment of assets and goodwill; other items not indicative of our ongoing operating performance, and related tax effects for each adjustment. Management believes that the non-GAAP measures used in this press release provide investors with important perspectives into the Company’s ongoing business and financial performance and provide a better understanding of our core operating results reflecting our normal business operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. Our use of non-GAAP financial measures has certain limitations in that the non-GAAP financial measures we use may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as adjusted EBITDA, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. We seek to compensate for the limitation of our non-GAAP presentation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures in the tables attached hereto. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. All financial data is presented on a GAAP basis except where the Company indicates its presentation is on a non-GAAP basis.
Set forth below are reconciliations of the Company’s reported GAAP to non-GAAP financial measures.
XPER-E
XPERI INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited)
Three Months Ended March 31,
2024
2023
Revenue
$
118,844
$
126,839
Operating expenses:
Cost of revenue, excluding depreciation and amortization of intangible assets
29,756
27,792
Research and development
50,439
54,856
Selling, general and administrative
56,353
57,776
Depreciation expense
3,584
4,093
Amortization expense
11,039
14,827
Impairment of long-lived assets
-
1,096
Total operating expenses
151,171
160,440
Operating loss
(32,327
)
(33,601
)
Interest and other income, net
1,042
1,108
Interest expense—debt
(748
)
(740
)
Gain on divestiture
22,934
-
Loss before taxes
(9,099
)
(33,233
)
Provision for (benefit from) income taxes
4,272
(294
)
Net loss
(13,371
)
(32,939
)
Less: net loss attributable to noncontrolling interest
(251
)
(939
)
Net loss attributable to the Company
$
(13,120
)
$
(32,000
)
Net loss per share attributable to the Company - basic and diluted
$
(0.29
)
$
(0.76
)
Weighted-average number of shares used in net loss per share calculations - basic and diluted
44,521
42,224
XPERI INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited)
March 31,
December 31,
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
95,216
$
142,085
Accounts receivable, net
63,650
55,984
Unbilled contracts receivable, net
70,363
64,114
Prepaid expenses and other current assets
42,889
38,874
Assets held for sale
-
15,860
Total current assets
272,118
316,917
Note receivable, noncurrent
27,676
-
Deferred consideration from divestiture
6,016
-
Unbilled contracts receivable, noncurrent
16,117
18,231
Property and equipment, net
41,712
41,569
Operating lease right-of-use assets
36,360
39,900
Intangible assets, net
195,894
206,895
Deferred tax assets
4,893
5,093
Other noncurrent assets
29,604
32,781
Assets held for sale, noncurrent
-
12,249
Total assets
$
630,390
$
673,635
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
19,706
$
20,849
Accrued liabilities
83,502
109,961
Deferred revenue
26,327
28,111
Liabilities held for sale
-
6,191
Total current liabilities
129,535
165,112
Long-term debt
50,000
50,000
Deferred revenue, noncurrent
22,704
19,425
Operating lease liabilities, noncurrent
26,795
30,598
Deferred tax liabilities
7,006
6,983
Other noncurrent liabilities
12,593
4,577
Liabilities held for sale, noncurrent
-
9,805
Total liabilities
248,633
286,500
Equity:
Common stock
45
44
Additional paid-in capital
1,221,709
1,212,501
Accumulated other comprehensive loss
(4,040
)
(2,865
)
Accumulated deficit
(818,568
)
(805,448
)
Total Company stockholders’ equity
399,146
404,232
Noncontrolling interest
(17,389
)
(17,097
)
Total equity
381,757
387,135
Total liabilities and equity
$
630,390
$
673,635
XPERI INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
Three Months Ended March 31,
2024
2023
Cash flows from operating activities:
Net loss
$
(13,371
)
$
(32,939
)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain from divestiture
(22,934
)
-
Depreciation of property and equipment
3,584
4,093
Amortization of intangible assets
11,039
14,827
Stock-based compensation expense
14,757
15,968
Impairment of long-lived assets
-
1,096
Deferred income taxes
223
(200
)
Other
313
1,000
Changes in operating assets and liabilities:
Accounts receivable
(10,521
)
(6,019
)
Unbilled contracts receivable
(4,324
)
(9,124
)
Prepaid expenses and other assets
(2,788
)
(5,709
)
Accounts payable
(821
)
(1,108
)
Accrued and other liabilities
(26,427
)
(23,855
)
Deferred revenue
1,483
(1,133
)
Net cash used in operating activities
(49,787
)
(43,103
)
Cash flows from investing activities:
Purchases of property and equipment
(1,845
)
(1,967
)
Capitalized internal-use software
(2,603
)
(1,894
)
Purchases of intangible assets
(39
)
(68
)
Net cash used in divestiture
(227
)
-
Net cash used in investing activities
(4,714
)
(3,929
)
Cash flows from financing activities:
Withholding taxes related to net share settlement of equity awards
(4,671
)
(2,917
)
Net cash used in financing activities
(4,671
)
(2,917
)
Effect of exchange rate changes on cash and cash equivalents
(46
)
518
Net decrease in cash and cash equivalents
(59,218
)
(49,431
)
Cash and cash equivalents at beginning of period
154,434
(1)
160,127
Cash and cash equivalents at end of period
$
95,216
$
110,696
(1) Including $12,349 classified as held for sale at December 31, 2023
XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share amounts) (unaudited)
Net (loss) income attributable to the Company:
Three Months Ended March 31,
2024
2023
GAAP net loss attributable to the Company
$
(13,120
)
$
(32,000
)
Adjustments to GAAP net loss attributable to the Company:
Stock-based compensation(1)
14,757
15,968
Amortization of intangible assets
11,039
14,827
Impairment of long-lived assets
-
1,096
Gain on divestiture
(22,934
)
-
Transaction, separation, integration and restructuring related costs:
Transaction, separation, integration and restructuring costs(2)
3,162
1,284
Severance and retention(3)
2,904
1,356
Non-GAAP tax adjustment(4)
2,148
(792
)
Non-GAAP net (loss) income attributable to the Company
$
(2,044
)
$
1,739
(1) Stock-based compensation included in above line items:
Cost of revenue, excluding depreciation and amortization of intangible assets
$
744
$
792
Research and development
$
4,333
$
5,551
Selling, general and administrative
$
9,680
$
9,625
(2) Transaction, separation, integration and restructuring related costs included in above line items:
Cost of revenue, excluding depreciation and amortization of intangible assets
$
(1
)
$
-
Research and development
$
(3
)
$
-
Selling, general and administrative
$
2,760
$
1,284
Interest and other income, net
$
406
$
-
(3) Severance and retention included in above line items:
Cost of revenue, excluding depreciation and amortization of intangible assets
$
485
$
37
Research and development
$
2,244
$
773
Selling, general and administrative
$
175
$
546
(4) The provision for (benefit from) income taxes is adjusted to reflect the net direct and indirect income tax effects of the various non-GAAP pretax adjustments.
Net (loss) income per share attributable to the Company:
Three Months Ended March 31,
2024
2023
GAAP net loss per share attributable to the Company
$
(0.29
)
$
(0.76
)
Adjustments to GAAP loss per share attributable to the Company:
Stock-based compensation
0.33
0.38
Amortization of intangible assets
0.25
0.35
Gain on divestiture
(0.52
)
-
Impairment of long-lived assets
-
0.03
Transaction, separation, integration and restructuring related costs
0.13
0.06
Non-GAAP tax adjustment
0.05
(0.02
)
Non-GAAP net (loss) income per share attributable to the Company
$
(0.05
)
$
0.04
GAAP weighted average number of shares - diluted
44,521
42,224
Non-GAAP weighted average number of shares - diluted
44,521
47,411
XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited)
Three Months Ended March 31,
2024
2023
GAAP operating loss
$
(32,327
)
$
(33,601
)
Adjustments to GAAP operating loss:
Stock-based compensation
14,757
15,968
Amortization of intangible assets
11,039
14,827
Impairment of long-lived assets
-
1,096
Transaction, separation, integration and restructuring related costs:
Transaction, separation, integration and restructuring costs
2,756
1,284
Severance and retention
2,904
1,356
Non-GAAP operating (loss) income
$
(871
)
$
930
XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited)
Three Months Ended March 31,
2024
2023
GAAP net loss
$
(13,371
)
$
(32,939
)
Adjustments to GAAP net loss:
Interest expense
851
772
Provision for (benefit from) income taxes
4,272
(294
)
Stock-based compensation
14,757
15,968
Depreciation expense
3,584
4,093
Amortization of intangible assets
11,039
14,827
Amortization of capitalized cloud computing costs
1,141
615
Impairment of long-lived assets
-
1,096
Gain on divestiture
(22,934
)
-
Transaction, separation, integration and restructuring related costs:
Transaction, separation, integration and restructuring costs
3,162
1,284
Severance and retention
2,904
1,356
Non-GAAP adjusted EBITDA
$
5,405
$
6,778
View source version on businesswire.com: https://www.businesswire.com/news/home/20240508399719/en/
Xperi Investor Contact: Mike Iburg VP, Investor Relations +1 408-321-3827 ir@xperi.com
Media Contact: Amy Brennan Senior Director, Corporate Communications +1 949-518-6846 amy.brennan@xperi.com
1 Year Xperi Chart |
1 Month Xperi Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions