Xperi Inc. Announces Fourth Quarter and Full Year 2024 Results
Xperi Inc. (NYSE: XPER) reported strong operational progress in Q4 and full-year 2024, marking significant expansion in its media platform footprint. Sharp TVs with TiVo OS have launched in the U.S. market, while the company achieved a video-over-broadband footprint of 2.6 million subscriber households (up 37% YoY) and a DTS AutoStage footprint of 10 million vehicles.
Key achievements include reaching over 2 million activated Smart TVs with TiVo OS, signing Thomson as the 8th partner for TiVo-powered Smart TVs in Europe, and launching the TiVo One Ad Platform. In the Connected Car segment, HD Radio reached implementation in over 110 million vehicles, approaching 60% penetration in North America's new cars.
The company repurchased $10 million of common stock in Q4 2024 at an average price of $9.57. Revenue slightly increased year-over-year when adjusting for divested businesses, with growth in IPTV and Connected Car offsetting declines in core legacy solutions.
Xperi Inc. (NYSE: XPER) ha riportato forti progressi operativi nel quarto trimestre e nell'intero anno 2024, segnando un'espansione significativa della sua piattaforma media. I TV Sharp con TiVo OS sono stati lanciati nel mercato statunitense, mentre l'azienda ha raggiunto un numero di abbonati video su banda larga di 2,6 milioni di famiglie (in aumento del 37% rispetto all'anno precedente) e un numero di veicoli con DTS AutoStage di 10 milioni.
I risultati chiave includono il raggiungimento di oltre 2 milioni di Smart TV attivate con TiVo OS, la firma di Thomson come ottavo partner per le Smart TV con TiVo in Europa e il lancio della TiVo One Ad Platform. Nel segmento Connected Car, la radio HD ha raggiunto l'implementazione in oltre 110 milioni di veicoli, avvicinandosi al 60% di penetrazione nelle nuove auto in Nord America.
L'azienda ha riacquistato azioni ordinarie per 10 milioni di dollari nel quarto trimestre del 2024 a un prezzo medio di 9,57 dollari. I ricavi sono leggermente aumentati rispetto all'anno precedente, considerando le attività cedute, con la crescita in IPTV e Connected Car che ha compensato i cali nelle soluzioni legacy principali.
Xperi Inc. (NYSE: XPER) informó sobre un fuerte progreso operativo en el cuarto trimestre y en todo el año 2024, marcando una expansión significativa en su plataforma de medios. Los televisores Sharp con TiVo OS se han lanzado en el mercado de EE. UU., mientras que la compañía logró un alcance de video sobre banda ancha de 2.6 millones de hogares suscriptores (un aumento del 37% interanual) y un alcance de DTS AutoStage de 10 millones de vehículos.
Los logros clave incluyen haber alcanzado más de 2 millones de Smart TVs activadas con TiVo OS, la firma de Thomson como el octavo socio para Smart TVs impulsadas por TiVo en Europa y el lanzamiento de la TiVo One Ad Platform. En el segmento de coches conectados, la radio HD alcanzó la implementación en más de 110 millones de vehículos, acercándose al 60% de penetración en los coches nuevos de América del Norte.
La empresa recompró 10 millones de dólares en acciones comunes en el cuarto trimestre de 2024 a un precio promedio de 9.57 dólares. Los ingresos aumentaron ligeramente año tras año al ajustar por negocios desinvertidos, con el crecimiento en IPTV y Connected Car compensando las caídas en las soluciones heredadas principales.
Xperi Inc. (NYSE: XPER)는 2024년 4분기 및 연간 운영에서 강력한 진전을 보고하며 미디어 플랫폼의 발판을 크게 확장했습니다. TiVo OS가 탑재된 Sharp TV가 미국 시장에 출시되었고, 회사는 260만 가구의 비디오 초고속 인터넷 가입자 수를 달성했습니다(전년 대비 37% 증가) 및 1000만 대의 차량에서 DTS AutoStage의 발판을 확보했습니다.
주요 성과로는 200만 대 이상의 TiVo OS가 탑재된 스마트 TV가 활성화되었습니다, 유럽에서 TiVo 기반 스마트 TV의 8번째 파트너로 Thomson과 계약을 체결했으며, TiVo One 광고 플랫폼을 출시했습니다. 커넥티드 카 부문에서 HD 라디오는 1억 1000만 대 이상의 차량에 구현되었습니다, 북미의 신차에서 60%의 침투율에 근접하고 있습니다.
회사는 2024년 4분기 동안 평균 가격 9.57달러에 1000만 달러의 보통주를 재매입했습니다. 매출은 매각된 사업 부문을 조정할 때 전년 대비 약간 증가했으며, IPTV 및 커넥티드 카의 성장이 핵심 레거시 솔루션의 감소를 상쇄했습니다.
Xperi Inc. (NYSE: XPER) a rapporté de solides progrès opérationnels au quatrième trimestre et sur l'ensemble de l'année 2024, marquant une expansion significative de sa plateforme média. Les TV Sharp avec TiVo OS ont été lancés sur le marché américain, tandis que l'entreprise a atteint un nombre de foyers abonnés à la vidéo par large bande de 2,6 millions (en hausse de 37 % par rapport à l'année précédente) et un nombre de véhicules avec DTS AutoStage de 10 millions.
Parmi les réalisations clés, on note l'activation de plus de 2 millions de Smart TV avec TiVo OS, la signature de Thomson en tant que 8e partenaire pour les Smart TV alimentées par TiVo en Europe, et le lancement de la TiVo One Ad Platform. Dans le segment des voitures connectées, la radio HD a été mise en œuvre dans plus de 110 millions de véhicules, approchant une pénétration de 60 % dans les nouvelles voitures en Amérique du Nord.
L'entreprise a racheté pour 10 millions de dollars d'actions ordinaires au quatrième trimestre 2024 à un prix moyen de 9,57 dollars. Les revenus ont légèrement augmenté d'une année sur l'autre en tenant compte des activités cédées, la croissance dans l'IPTV et les voitures connectées compensant les baisses dans les solutions héritées principales.
Xperi Inc. (NYSE: XPER) berichtete über starke betriebliche Fortschritte im vierten Quartal und im gesamten Jahr 2024, was eine signifikante Erweiterung seiner Medienplattform bedeutet. Sharp-Fernseher mit TiVo OS wurden auf dem US-Markt eingeführt, während das Unternehmen einen Video-über-Breitband-Zugang von 2,6 Millionen abonnierenden Haushalten (ein Anstieg von 37 % im Jahresvergleich) und einen DTS AutoStage-Zugang von 10 Millionen Fahrzeugen erreichte.
Zu den wichtigsten Erfolgen gehören die Aktivierung von über 2 Millionen Smart TVs mit TiVo OS, die Unterzeichnung von Thomson als achten Partner für TiVo-gestützte Smart TVs in Europa und der Start der TiVo One Ad Platform. Im Bereich Connected Car wurde HD Radio in über 110 Millionen Fahrzeugen implementiert, was einer Penetration von fast 60 % bei Neuwagen in Nordamerika entspricht.
Das Unternehmen hat im vierten Quartal 2024 Aktien im Wert von 10 Millionen Dollar zu einem Durchschnittspreis von 9,57 Dollar zurückgekauft. Der Umsatz stieg im Jahresvergleich leicht an, wenn man die verkauften Geschäftsbereiche berücksichtigt, wobei das Wachstum in IPTV und Connected Car die Rückgänge in den Kernlösungen ausgleichen konnte.
- Video-over-broadband subscribers up 37% YoY to 2.6M households
- DTS AutoStage footprint doubled YoY to 10M vehicles
- TiVo OS reached 2M+ activated Smart TVs
- HD Radio implemented in 110M+ vehicles
- Signed Thomson as 8th Smart TV partner
- Doubled Year-over-Year Adjusted EBITDA
- Decline in core legacy solutions revenue
- Challenging market environment affecting traditional business segments
Insights
Xperi's Q4 and full-year 2024 results highlight a company in strategic transition, pivoting from traditional technology licensing toward a connected platform business with recurring revenue potential. The company has doubled its year-over-year Adjusted EBITDA despite relatively flat overall revenue, demonstrating improved operational efficiency and the early financial benefits of this business transformation.
The company has achieved significant milestones across three key growth vectors:
- Smart TV OS: Surpassed 2 million activated TiVo OS Smart TVs, launched Sharp TVs in the US market, and secured Thomson as their 8th partner for European markets
- Connected Car: Doubled DTS AutoStage's installed base to 10 million vehicles, positioning for future monetization
- Video-over-Broadband: Grew IPTV subscriber households by 37% to 2.6 million, while adding 7 new TiVo Broadband customers in Q4
The launch of the TiVo One Ad Platform across their video-over-broadband footprint represents the beginning of their monetization strategy. As Xperi's connected device ecosystem expands, they're creating valuable advertising inventory across multiple screens and environments.
While management didn't provide specific 2025 financial targets in this release, they emphasized focus on revenue growth in strategic initiatives. The company faces the classic innovator's dilemma - managing declining legacy businesses while investing in growth areas. Their $10 million stock repurchase at an average price of $9.57 suggests management views the shares as undervalued relative to their transformation potential.
The critical question for investors is the timeline and scale of monetization. Xperi is building substantial connected device scale across multiple verticals, but converting this footprint into meaningful revenue growth remains the key challenge. The doubling of Adjusted EBITDA indicates they're managing this transition efficiently, potentially creating significant operating leverage as platform revenue scales.
Sharp TVs with TiVo OS Have Launched in U.S. Market
Achieved Video-Over-Broadband (IPTV) footprint of 2.6 million subscriber households and DTS AutoStage footprint of 10 million vehicles
Doubled Year-over-Year Adjusted EBITDA
“We closed the 2024 fiscal year on a strong operational note, making significant strides in expanding our independent media platform footprint across Smart TV, connected car, and video-over-broadband. This progress validates the value proposition of our independent media platform and further demonstrates how Xperi is enhancing the way people discover, watch, and enjoy their favorite content,” said Jon Kirchner, chief executive officer of Xperi. “Our revenue in 2024 was slightly up year over year when adjusting for our divested businesses as we saw growth in IPTV and Connected Car offset by a decline in some of our core legacy solutions due to a challenging market environment. Nonetheless, we are pleased with the results of our ongoing business transformation and its positive impact on profitability.”
Mr. Kirchner continued, “Looking ahead to 2025, we will maintain our focus on growing revenue within our strategic initiatives, including by expanding our Smart TV footprint, accelerating deployment of TiVo video-over-broadband, and growing our DTS AutoStage footprint. As our user base of connected devices expands, the scale and unique audiences we reach is expected to create significant monetization opportunities.”
Financial Highlights
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Non-GAAP3 Highlights ($ millions, except per share data) |
Q4 FY24 |
Q4 FY23 |
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Full Year 2024 |
Full Year 2023 |
Revenue |
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Non-GAAP net income2 |
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Non-GAAP earnings per share2 |
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Non-GAAP adjusted EBITDA |
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1 |
The contribution from AutoSense and the related imaging business, which was divested on January 31, 2024, accounted for |
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2 |
Attributable to the Company. |
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3 |
For further information on supplemental non-GAAP metrics included in this press release, refer to the “Non-GAAP Financial Measures” description and “GAAP to Non-GAAP Reconciliations” provided in the financial statement tables. |
Recent Key Operating Achievements
Media Platform
- Achieved TiVo OS milestone of over two million activated Smart TVs.
-
Sharp Smart TVs Powered by TiVo began production in December and are now available in certain
U.S. retail. - Thomson, a leader in Smart TVs, has been named as the 8th partner to launch Smart TVs Powered by TiVo in major European markets, expected later this spring.
-
Launched TiVo One Ad Platform on video-over-broadband in the
U.S. , with home page advertising now rolling out across TiVo IPTV and TiVo Broadband footprint.
Connected Car
- DTS AutoStage global installed base of vehicles now exceeds 10 million cars, doubling year over year, exceeding our target, and building a foundation for future monetization-based revenue streams.
- Signed a third license agreement in 2024 for DTS AutoStage video service Powered by TiVo with a Japanese customer.
-
HD Radio is now implemented in more than 110 million vehicles and penetration is approaching
60% of new cars shipped annually throughoutNorth America .
Pay TV
-
Ended 2024 with 2.6 million video-over-broadband (IPTV) subscriber households, up
37% year over year. -
Signed 7 new TiVo Broadband customers in the fourth quarter 2024, bringing the cumulative total to 20, and expanding the
U.S. -based connected TV monetization footprint for the TiVo One Ad Platform.
Consumer Electronics
- Closed several long-term DTS audio renewals with customers including Harman and Yamaha.
- At CES 2025, DTS Clear Dialogue, a new on-device solution that leverages the latest advancements in AI-based audio processing to improve dialogue intelligibility for TVs, won three technology and innovation awards from industry-leading publications. We expect TV market availability in 2026.
Capital Allocation
-
Repurchased
$10 million $9.57
Financial Outlook
The Company is providing the following outlook for fiscal year 2025:
Category |
GAAP Outlook |
Non-GAAP Outlook |
Revenue |
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Adjusted EBITDA Margin1,2 |
n/a |
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1 |
See discussion of “Non-GAAP Financial Measures” below. |
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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 fourth quarter and full year 2024 earnings conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) on Wednesday, February 26, 2025. 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: Q4 and Full Year 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, expectations regarding 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, subscriber and device targets, monetization goals, expansion expectations, product launches, market penetration, our media platform and licensing businesses growth, reduction of expenses, and other 2025 year-end objectives. 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,” “target,” “goal,” 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, 2024, to be 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®) are integrated into billions of consumer devices and media platforms worldwide, powering smart devices, connected cars and entertainment experiences, 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, customers and consumers.
©2025 Xperi Inc. All Rights Reserved. Xperi, TiVo, DTS, HD Radio, DTS Play-Fi, and their respective logos are trademark(s) or registered trademark(s) of Xperi Inc. or its subsidiaries in
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with
Non-GAAP Operating Income/(Loss) is defined as GAAP Operating Income/(Loss), less the impact of stock-based compensation, amortization of intangible assets, transaction and integration costs related to actual or planned acquisitions, financing, and divestitures; severance and retention costs; restructuring costs; separation costs; and other items not indicative of our ongoing operating performance.
Non-GAAP Net Income/(Loss) attributable to the Company is defined as GAAP Net Income/(Loss) attributable to the Company excluding the impact of stock-based compensation, amortization of intangible assets, transaction and integration costs related to actual or planned acquisitions, financing, and divestitures; severance and retention costs; restructuring costs; separation costs; and other items not indicative of our ongoing operating performance, and related tax effects for each adjustment. Non-GAAP Net Income/(Loss) Per Share attributable to the Company is defined as Non-GAAP Income/(Loss) attributable to the Company divided by diluted Non-GAAP weighted average shares outstanding.
Non-GAAP Adjusted EBITDA is defined as GAAP Net Income/(Loss), less the impact of interest expense, income taxes, stock-based compensation, depreciation expense, amortization of intangible assets, amortization of capitalized cloud computing costs, transaction and integration costs related to actual or planned acquisitions, financing, and divestitures; severance and retention costs; restructuring costs; separation costs; and other items not indicative of our ongoing operating performance. Non-GAAP Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue.
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) |
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|
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|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
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|
|
|
|
|
|
|
|
|
||||||||
Revenue |
|
$ |
122,362 |
|
|
$ |
137,233 |
|
|
$ |
493,688 |
|
|
$ |
521,334 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Cost of revenue, excluding depreciation and amortization of intangible assets |
|
|
27,563 |
|
|
|
33,567 |
|
|
|
113,756 |
|
|
|
118,628 |
|
Research and development |
|
|
42,163 |
|
|
|
55,840 |
|
|
|
191,352 |
|
|
|
222,833 |
|
Selling, general and administrative |
|
|
52,168 |
|
|
|
59,510 |
|
|
|
218,106 |
|
|
|
233,403 |
|
Depreciation expense |
|
|
2,858 |
|
|
|
4,102 |
|
|
|
12,638 |
|
|
|
16,645 |
|
Amortization expense |
|
|
10,361 |
|
|
|
13,403 |
|
|
|
43,376 |
|
|
|
57,752 |
|
Impairment of long-lived assets |
|
|
1,535 |
|
|
|
614 |
|
|
|
1,535 |
|
|
|
1,710 |
|
Total operating expenses |
|
|
136,648 |
|
|
|
167,036 |
|
|
|
580,763 |
|
|
|
650,971 |
|
Operating loss |
|
|
(14,286 |
) |
|
|
(29,803 |
) |
|
|
(87,075 |
) |
|
|
(129,637 |
) |
Interest and other income (expense), net |
|
|
(3,882 |
) |
|
|
807 |
|
|
|
829 |
|
|
|
2,991 |
|
Interest expense - debt |
|
|
(756 |
) |
|
|
(756 |
) |
|
|
(3,008 |
) |
|
|
(3,000 |
) |
Gain on divestitures |
|
|
77,899 |
|
|
|
- |
|
|
|
100,833 |
|
|
|
- |
|
Income (loss) before taxes |
|
|
58,975 |
|
|
|
(29,752 |
) |
|
|
11,579 |
|
|
|
(129,646 |
) |
(Benefit from) provision for income taxes |
|
|
(3,989 |
) |
|
|
(4,439 |
) |
|
|
12,448 |
|
|
|
10,042 |
|
Net income (loss) |
|
|
62,964 |
|
|
|
(25,313 |
) |
|
|
(869 |
) |
|
|
(139,688 |
) |
Less: net income (loss) attributable to noncontrolling interest |
|
|
16,748 |
|
|
|
(521 |
) |
|
|
13,139 |
|
|
|
(3,075 |
) |
Net income (loss) attributable to the Company |
|
$ |
46,216 |
|
|
$ |
(24,792 |
) |
|
$ |
(14,008 |
) |
|
$ |
(136,613 |
) |
Net income (loss) per share attributable to the Company: |
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|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
1.03 |
|
|
$ |
(0.57 |
) |
|
$ |
(0.31 |
) |
|
$ |
(3.18 |
) |
Diluted |
|
$ |
1.02 |
|
|
$ |
(0.57 |
) |
|
$ |
(0.31 |
) |
|
$ |
(3.18 |
) |
Weighted-average number of shares used in per share calculations - basic |
|
|
44,691 |
|
|
|
43,717 |
|
|
|
45,057 |
|
|
|
43,012 |
|
Weighted-average number of shares used in per share calculations - diluted |
|
|
45,522 |
|
|
|
43,717 |
|
|
|
45,057 |
|
|
|
43,012 |
|
XPERI INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) |
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|
December 31, |
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December 31, |
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|
2024 |
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2023 |
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ASSETS |
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|
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|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
130,564 |
|
|
$ |
142,085 |
|
Accounts receivable, net |
|
|
58,745 |
|
|
|
55,984 |
|
Unbilled contracts receivable, net |
|
|
83,075 |
|
|
|
64,114 |
|
Prepaid expenses and other current assets |
|
|
32,488 |
|
|
|
38,874 |
|
Assets held for sale |
|
|
- |
|
|
|
15,860 |
|
Total current assets |
|
|
304,872 |
|
|
|
316,917 |
|
Note receivable, noncurrent |
|
|
29,702 |
|
|
|
- |
|
Deferred consideration from divestiture |
|
|
18,217 |
|
|
|
- |
|
Unbilled contracts receivable, noncurrent |
|
|
45,396 |
|
|
|
18,231 |
|
Property and equipment, net |
|
|
44,473 |
|
|
|
41,569 |
|
Operating lease right-of-use assets |
|
|
30,082 |
|
|
|
39,900 |
|
Intangible assets, net |
|
|
163,714 |
|
|
|
206,895 |
|
Deferred tax assets |
|
|
7,228 |
|
|
|
5,093 |
|
Other noncurrent assets |
|
|
24,076 |
|
|
|
32,781 |
|
Assets held for sale, noncurrent |
|
|
- |
|
|
|
12,249 |
|
Total assets |
|
$ |
667,760 |
|
|
$ |
673,635 |
|
LIABILITIES AND EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
16,979 |
|
|
$ |
20,849 |
|
Accrued liabilities |
|
|
94,420 |
|
|
|
109,961 |
|
Deferred revenue |
|
|
23,950 |
|
|
|
28,111 |
|
Short-term debt |
|
|
50,000 |
|
|
|
- |
|
Liabilities held for sale |
|
|
- |
|
|
|
6,191 |
|
Total current liabilities |
|
|
185,349 |
|
|
|
165,112 |
|
Long-term debt |
|
|
- |
|
|
|
50,000 |
|
Deferred revenue, noncurrent |
|
|
20,932 |
|
|
|
19,425 |
|
Operating lease liabilities, noncurrent |
|
|
19,932 |
|
|
|
30,598 |
|
Deferred tax liabilities |
|
|
1,491 |
|
|
|
6,983 |
|
Other noncurrent liabilities |
|
|
10,979 |
|
|
|
4,577 |
|
Liabilities held for sale, noncurrent |
|
|
- |
|
|
|
9,805 |
|
Total liabilities |
|
|
238,683 |
|
|
|
286,500 |
|
Equity: |
|
|
|
|
||||
Common stock |
|
|
44 |
|
|
|
44 |
|
Additional paid-in capital |
|
|
1,274,561 |
|
|
|
1,212,501 |
|
Accumulated other comprehensive loss |
|
|
(6,084 |
) |
|
|
(2,865 |
) |
Accumulated deficit |
|
|
(839,444 |
) |
|
|
(805,448 |
) |
Total Company stockholders’ equity |
|
|
429,077 |
|
|
|
404,232 |
|
Noncontrolling interest |
|
|
- |
|
|
|
(17,097 |
) |
Total equity |
|
|
429,077 |
|
|
|
387,135 |
|
Total liabilities and equity |
|
$ |
667,760 |
|
|
$ |
673,635 |
|
XPERI INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) |
||||||||
|
|
|
||||||
|
|
Year Ended December 31, |
||||||
|
|
2024 |
|
2023 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(869 |
) |
|
$ |
(139,688 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
|
||||
Gain from divestitures |
|
|
(100,833 |
) |
|
|
- |
|
Deferred income taxes |
|
|
(2,933 |
) |
|
|
(8,596 |
) |
Accrued interest income from note receivable |
|
|
(2,026 |
) |
|
|
- |
|
Accretion of discount from deferred consideration from divestitures |
|
|
(1,061 |
) |
|
|
- |
|
Stock-based compensation |
|
|
60,541 |
|
|
|
69,531 |
|
Amortization of intangible assets |
|
|
43,376 |
|
|
|
57,752 |
|
Depreciation of property and equipment |
|
|
12,638 |
|
|
|
16,645 |
|
Loss from deconsolidation of Perceive subsidiary |
|
|
4,839 |
|
|
|
- |
|
Impairment of long-lived assets |
|
|
1,535 |
|
|
|
1,710 |
|
Other |
|
|
1,225 |
|
|
|
748 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(5,496 |
) |
|
|
5,721 |
|
Unbilled contracts receivable |
|
|
(46,315 |
) |
|
|
(19,386 |
) |
Prepaid expenses and other assets |
|
|
11,071 |
|
|
|
2,696 |
|
Accounts payable |
|
|
(3,041 |
) |
|
|
5,071 |
|
Accrued and other liabilities |
|
|
(25,325 |
) |
|
|
3,688 |
|
Deferred revenue |
|
|
(2,666 |
) |
|
|
4,170 |
|
Net cash (used in) provided by operating activities |
|
|
(55,340 |
) |
|
|
62 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Net proceeds from divestitures |
|
|
67,773 |
|
|
|
- |
|
Capitalized internal-use software |
|
|
(11,715 |
) |
|
|
(5,933 |
) |
Purchases of property and equipment |
|
|
(5,043 |
) |
|
|
(6,815 |
) |
Purchases of intangible assets |
|
|
(195 |
) |
|
|
(185 |
) |
Net cash provided by (used in) investing activities |
|
|
50,820 |
|
|
|
(12,933 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Repurchases of common stock |
|
|
(19,990 |
) |
|
|
- |
|
Withholding taxes related to net share settlement of equity awards |
|
|
(7,215 |
) |
|
|
(4,875 |
) |
Proceeds from issuance of common stock under employee stock purchase plan |
|
|
7,855 |
|
|
|
11,927 |
|
Net cash (used in) provided by financing activities |
|
|
(19,350 |
) |
|
|
7,052 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
- |
|
|
|
126 |
|
Net decrease in cash and cash equivalents |
|
|
(23,870 |
) |
|
|
(5,693 |
) |
Cash and cash equivalents at beginning of period |
|
|
154,434 |
|
|
|
160,127 |
|
Cash and cash equivalents at end of period(1) |
|
$ |
130,564 |
|
|
$ |
154,434 |
|
(1) Including |
|
|
|
|
||||
XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS
(in thousands, except per share amounts)
(unaudited) |
|||||||||||||||||
|
|||||||||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
|
|
|
|
|
|
|
|
||||||||||
GAAP net income (loss) attributable to the Company |
|
$ |
46,216 |
|
|
$ |
(24,792 |
) |
|
$ |
(14,008 |
) |
$ |
(136,613 |
) |
||
|
|
|
|
|
|
|
|
||||||||||
Adjustments to GAAP income (loss) attributable to the Company: |
|
|
|
|
|
|
|
||||||||||
Stock-based compensation(1) |
|
|
15,232 |
|
|
|
17,850 |
|
|
|
60,541 |
|
|
69,531 |
|
||
Amortization of intangible assets |
|
|
10,361 |
|
|
|
13,403 |
|
|
|
43,376 |
|
|
57,752 |
|
||
Impairment of long-lived assets |
|
|
1,535 |
|
|
|
614 |
|
|
|
1,535 |
|
|
1,710 |
|
||
Gain on Perceive divestiture attributable to the Company |
|
|
(59,485 |
) |
|
|
- |
|
|
|
(59,485 |
) |
|
- |
|
||
Loss from deconsolidation of Perceive subsidiary |
|
|
4,839 |
|
|
|
- |
|
|
|
4,839 |
|
|
- |
|
||
Gain on AutoSense divestiture |
|
|
- |
|
|
|
- |
|
|
|
(22,934 |
) |
|
- |
|
||
Transaction, separation, integration and restructuring related costs: |
|
|
|
|
|
|
|
||||||||||
Transaction, separation, integration and restructuring costs(2) |
|
|
3,731 |
|
|
|
4,145 |
|
|
|
18,858 |
|
|
7,954 |
|
||
Severance and retention(3) |
|
|
1,073 |
|
|
|
925 |
|
|
|
13,468 |
|
|
3,866 |
|
||
Non-GAAP tax adjustment(4) |
|
|
(5,820 |
) |
|
|
(6,366 |
) |
|
|
(1,608 |
) |
|
(3,646 |
) |
||
Non-GAAP net income attributable to the Company |
|
$ |
17,682 |
|
|
$ |
5,779 |
|
|
$ |
44,582 |
|
$ |
554 |
|
||
|
|
|
|
|
|
|
|
||||||||||
(1) Stock-based compensation included in above line items: |
|
|
|
|
|
|
|
||||||||||
Cost of revenue, excluding depreciation and amortization of intangible assets |
|
$ |
792 |
|
|
$ |
941 |
|
|
$ |
3,216 |
|
$ |
3,466 |
|
||
Research and development |
|
$ |
5,245 |
|
|
$ |
6,736 |
|
|
$ |
20,634 |
|
$ |
25,276 |
|
||
Selling, general and administrative |
|
$ |
9,195 |
|
|
$ |
10,173 |
|
|
$ |
36,691 |
|
$ |
40,789 |
|
||
(2) Transaction, separation, integration and restructuring related costs included in above line items: |
|
|
|
|
|
|
|
||||||||||
Cost of revenue, excluding depreciation and amortization of intangible assets |
|
$ |
- |
|
|
$ |
214 |
|
|
$ |
- |
|
$ |
214 |
|
||
Research and development |
|
$ |
1,438 |
|
|
$ |
786 |
|
|
$ |
5,759 |
|
$ |
786 |
|
||
Selling, general and administrative |
|
$ |
2,125 |
|
|
$ |
3,145 |
|
|
$ |
11,856 |
|
$ |
6,954 |
|
||
Interest and other income (expense), net |
|
$ |
168 |
|
|
$ |
- |
|
|
$ |
1,243 |
|
$ |
- |
|
||
(3) Severance and retention included in above line items: |
|
|
|
|
|
|
|
||||||||||
Cost of revenue, excluding depreciation and amortization of intangible assets |
|
$ |
38 |
|
|
$ |
209 |
|
|
$ |
1,108 |
|
$ |
263 |
|
||
Research and development |
|
$ |
666 |
|
|
$ |
138 |
|
|
$ |
9,344 |
|
$ |
1,554 |
|
||
Selling, general and administrative |
|
$ |
369 |
|
|
$ |
578 |
|
|
$ |
3,016 |
|
$ |
2,049 |
|
||
(4) The provision for (benefit from) income taxes is adjusted to reflect the net direct and indirect income tax effects of various non-GAAP pretax adjustments. |
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
|
|
|
|
|
|
|
|
||||||||||
GAAP net income (loss) per share attributable to the Company |
|
$ |
1.02 |
|
|
$ |
(0.57 |
) |
|
$ |
(0.31 |
) |
$ |
(3.18 |
) |
||
|
|
|
|
|
|
|
|
||||||||||
Adjustments to GAAP income (loss) per share attributable to the Company: |
|
|
|
|
|
|
|
||||||||||
Stock-based compensation |
|
|
0.33 |
|
|
|
0.41 |
|
|
|
1.34 |
|
|
1.62 |
|
||
Amortization of intangible assets |
|
|
0.23 |
|
|
|
0.31 |
|
|
|
0.96 |
|
|
1.34 |
|
||
Impairment of long-lived assets |
|
|
0.03 |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
0.04 |
|
||
Gain on Perceive divestiture attributable to the Company |
|
|
(1.31 |
) |
|
|
- |
|
|
|
(1.32 |
) |
|
- |
|
||
Loss from deconsolidation of Perceive subsidiary |
|
|
0.11 |
|
|
|
- |
|
|
|
0.11 |
|
|
- |
|
||
Gain on AutoSense divestiture |
|
|
- |
|
|
|
- |
|
|
|
(0.51 |
) |
|
- |
|
||
Transaction, separation, integration and restructuring related costs |
|
|
0.11 |
|
|
|
0.12 |
|
|
|
0.72 |
|
|
0.27 |
|
||
Non-GAAP tax adjustment |
|
|
(0.13 |
) |
|
|
(0.15 |
) |
|
|
(0.04 |
) |
|
(0.08 |
) |
||
Difference in shares used in calculation |
|
|
- |
|
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
- |
|
||
Non-GAAP net income per share attributable to the Company |
|
$ |
0.39 |
|
|
$ |
0.11 |
|
|
$ |
0.97 |
|
$ |
0.01 |
|
||
|
|
|
|
|
|
|
|
||||||||||
GAAP weighted average number of shares - diluted |
|
|
45,522 |
|
|
|
43,717 |
|
|
|
45,057 |
|
|
43,012 |
|
||
Non-GAAP weighted average number of shares - diluted |
|
|
45,522 |
|
|
|
50,863 |
|
|
|
45,949 |
|
|
49,633 |
|
||
XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
GAAP operating loss |
|
$ |
(14,286 |
) |
|
$ |
(29,803 |
) |
|
$ |
(87,075 |
) |
|
$ |
(129,637 |
) |
Adjustments to GAAP operating loss: |
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation |
|
|
15,232 |
|
|
|
17,850 |
|
|
|
60,541 |
|
|
|
69,531 |
|
Amortization of intangible assets |
|
|
10,361 |
|
|
|
13,403 |
|
|
|
43,376 |
|
|
|
57,752 |
|
Impairment of long-lived assets |
|
|
1,535 |
|
|
|
614 |
|
|
|
1,535 |
|
|
|
1,710 |
|
Transaction, separation, integration and restructuring related costs: |
|
|
|
|
|
|
|
|
||||||||
Transaction, separation, integration and restructuring costs |
|
|
3,563 |
|
|
|
4,145 |
|
|
|
17,615 |
|
|
|
7,954 |
|
Severance and retention |
|
|
1,073 |
|
|
|
925 |
|
|
|
13,468 |
|
|
|
3,866 |
|
Non-GAAP operating income |
|
$ |
17,478 |
|
|
$ |
7,134 |
|
|
$ |
49,460 |
|
|
$ |
11,176 |
|
XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
GAAP net income (loss) |
|
$ |
62,964 |
|
|
$ |
(25,313 |
) |
|
$ |
(869 |
) |
|
$ |
(139,688 |
) |
Adjustments to GAAP net income (loss): |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
922 |
|
|
|
767 |
|
|
|
3,822 |
|
|
|
3,104 |
|
(Benefit from) provision for income taxes |
|
|
(3,989 |
) |
|
|
(4,439 |
) |
|
|
12,448 |
|
|
|
10,042 |
|
Stock-based compensation |
|
|
15,232 |
|
|
|
17,850 |
|
|
|
60,541 |
|
|
|
69,531 |
|
Depreciation expense |
|
|
2,858 |
|
|
|
4,102 |
|
|
|
12,638 |
|
|
|
16,645 |
|
Amortization of intangible assets |
|
|
10,361 |
|
|
|
13,403 |
|
|
|
43,376 |
|
|
|
57,752 |
|
Amortization of capitalized cloud computing costs |
|
|
1,084 |
|
|
|
1,339 |
|
|
|
4,353 |
|
|
|
3,756 |
|
Gain on divestitures |
|
|
(77,899 |
) |
|
|
— |
|
|
|
(100,833 |
) |
|
|
— |
|
Loss from deconsolidation of Perceive subsidiary |
|
|
4,839 |
|
|
|
— |
|
|
|
4,839 |
|
|
|
— |
|
Impairment of long-lived assets |
|
|
1,535 |
|
|
|
614 |
|
|
|
1,535 |
|
|
|
1,710 |
|
Transaction, separation, integration and restructuring related costs: |
|
|
|
|
|
|
|
|
||||||||
Transaction, separation, integration and restructuring costs |
|
|
3,731 |
|
|
|
4,145 |
|
|
|
18,858 |
|
|
|
7,954 |
|
Severance and retention |
|
|
1,073 |
|
|
|
925 |
|
|
|
13,468 |
|
|
|
3,866 |
|
Non-GAAP adjusted EBITDA |
|
$ |
22,711 |
|
|
$ |
13,393 |
|
|
$ |
74,176 |
|
|
$ |
34,672 |
|
Non-GAAP Adjusted EBITDA Margin(1) |
|
|
18.6 |
% |
|
|
9.8 |
% |
|
|
15.0 |
% |
|
|
6.7 |
% |
(1)Non-GAAP Adjusted EBITDA Margin is calculated by dividing Non-GAAP Adjusted EBITDA, derived as above, by the Company's total revenue, expressed as a percentage. |
|
|
|
|
|
|
|
|
||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250226330402/en/
Xperi Investor Contact:
Robert Andersen
Chief Financial Officer
+1 408-321-6779
ir@xperi.com
Media Contact:
Allyse Sanchez
Senior Director, External Communications
+1 925-548-2535
allyse.sanchez@xperi.com
Source: Xperi Inc
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