Xperi Inc. Announces Third Quarter 2024 Results

Business Wire11-07

Approaching One Million Activated TiVo OS Smart TVs; On Track to Achieve Year-End Goal of Two Million Smart TVs Awarded DTS AutoStage Video Win with a Japanese Car Company Exceeded Year-End Target of ...

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Announces Third Quarter 2024 Results","media":"Business Wire","content":"<div>\n<p>Approaching One Million Activated TiVo OS Smart TVs; On Track to Achieve Year-End Goal of Two Million Smart TVs\nAwarded DTS AutoStage Video Win with a Japanese Car Company\nExceeded Year-End Target of ...</p>\n\n<a href=\"https://finance.yahoo.com/news/xperi-inc-announces-third-quarter-214000325.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Xperi Inc. Announces Third Quarter 2024 Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXperi Inc. Announces Third Quarter 2024 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-07 05:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/xperi-inc-announces-third-quarter-214000325.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Approaching One Million Activated TiVo OS Smart TVs; On Track to Achieve Year-End Goal of Two Million Smart TVs\nAwarded DTS AutoStage Video Win with a Japanese Car Company\nExceeded Year-End Target of ...</p>\n\n<a href=\"https://finance.yahoo.com/news/xperi-inc-announces-third-quarter-214000325.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4097","symbol_name":"系统软件","start_time":0,"source_url":"https://finance.yahoo.com/news/xperi-inc-announces-third-quarter-214000325.html","article_id":"2481963170","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481963170","pubTimestamp":1730929200,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Approaching One Million Activated TiVo OS Smart TVs; On Track to Achieve Year-End Goal of Two Million Smart TVs. Awarded DTS AutoStage Video Win with a Japanese Car Company. Exceeded Year-End Target of 2.4M Video over Broadband Subscriber Households. Closed Perceive Asset Sale for Gross Proceeds of $80 Million in Cash. SAN JOSE, Calif., November 06, 2024----Xperi Inc.  , an entertainment technology company that invents, develops, and delivers technologies that enable extraordinary experiences, today announced third quarter 2024 financial results for the three-month period ended September 30, 2024.\"With the Perceive transaction now closed, we are fully focused on entertainment-based solutions to grow our independent media platform and licensing businesses. Our TiVo OS Smart TV footprint is approaching one million units, and with accelerating partner activity we believe we remain on-track toward our year-end target of two million active connected devices,\" said Jon Kirchner, chief execut","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4097":"系统软件","XPER":"Xperi Inc","IPTV":"IPTV Corp."},"translate_title":"Xperi Inc.公布2024年第三季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IPTV":1,"XPER":1},"content_text":"Approaching One Million Activated TiVo OS Smart TVs; On Track to Achieve Year-End Goal of Two Million Smart TVs\nAwarded DTS AutoStage Video Win with a Japanese Car Company\nExceeded Year-End Target of 2.4M Video over Broadband Subscriber Households\nClosed Perceive Asset Sale for Gross Proceeds of $80 Million in Cash\nSAN JOSE, Calif., November 06, 2024--(BUSINESS WIRE)--Xperi Inc. (NYSE: XPER) (the \"Company\" or \"Xperi\"), an entertainment technology company that invents, develops, and delivers technologies that enable extraordinary experiences, today announced third quarter 2024 financial results for the three-month period ended September 30, 2024.\n\"With the Perceive transaction now closed, we are fully focused on entertainment-based solutions to grow our independent media platform and licensing businesses. Our TiVo OS Smart TV footprint is approaching one million units, and with accelerating partner activity we believe we remain on-track toward our year-end target of two million active connected devices,\" said Jon Kirchner, chief executive officer of Xperi.\nMr. Kirchner continued, \"Our innovation pipeline continues to yield exciting new product solutions, including those benefiting from our prior work in the AI space. As an example, we recently launched our award-winning, AI-driven DTS Clear Dialogue solution, which addresses a real-world problem for TV audiences – dialogue intelligibility. Lastly, and very importantly, our business transformation efforts have helped us drive operating leverage and deliver meaningful improvements in our profitability metrics, in line with the three-to-five-year targets that we announced in September of 2022.\"\nFinancial Highlights\n\n\n\nGAAP Highlights ($ millions, except per share data)\nQ3 FY24\n\nQ3 FY23\n\n\n\nRevenue\n$132.9\n\n$130.41\n\n\n\nGAAP operating loss\n($18.6)\n\n($31.1)\n\n\n\nGAAP net loss2\n($16.8)\n\n($41.4)\n\n\n\nGAAP loss per share2\n($0.37)\n\n($0.96)\n\n\n\n\n\n\n\n \n\n\nNon-GAAP3 Highlights ($ millions, except per share data)\nQ3 FY24\n\nQ3 FY23\n\n\n\nRevenue\n$132.9\n\n$130.41\n\n\n\nNon-GAAP operating income\n$24.5\n\n$4.3\n\n\n\nNon-GAAP net income/(loss)2\n$23.3\n\n($3.3)\n\n\n\nNon-GAAP earnings/(loss) per share2\n$0.51\n\n($0.08)\n\n\n\nNon-GAAP adjusted EBITDA\n$31.4\n\n$9.3\n\n\n\n\n\n\n\n1\n\nThe contribution from AutoSense and the related imaging business, which was divested on January 31, 2024, accounted for $5.3 million of revenue in Q3 2023.\n\n\n2\n\nAttributable to the Company.\n\n\n3\n\nFor 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.\n\n\n\nRecent Key Operating Achievements\nMedia Platform\n\nTiVo OS footprint is now approaching one million activated Smart TVs and tracking toward our year-end goal of two million Smart TVs.\nGlobal TV manufacturers and retailers are accelerating the deployment of \"Powered by TiVo\" Smart TVs in important growth markets.\nSmart TVs \"Powered by TiVo\" are now generally available across Europe from Panasonic, Argos, Sharp and numerous Vestel brands.\n\nConnected Car\n\nAwarded our second DTS AutoStage video design win by a Japanese automotive OEM with deployments expected to begin in 2025.\nSigned a new AutoStage license agreement with an American car company.\nAutoStage is now integrated into more than eight million vehicles across 146 countries – double the number of vehicles since August 2023 – with more than five million vehicles in North America that utilize both AutoStage and HD Radio.\nHD Radio is now being deployed in new models from Ford, Cadillac, Volkswagen, Audi, Porsche, Mercedes-Benz, Genesis, BMW, Nissan, and Aston Martin.\n\nPay TV\n\nEnded Q3 2024 with over 2.4 million Video-over-Broadband (IPTV) subscriber households, continuing the trend of consecutive quarters of double-digit year-over-year subscriber growth.\nWe executed an agreement with NCTC for a new Broadband TV solution, providing a low-cost over-the-top content bundle for operators, expanding the opportunity for U.S.-based monetization through our TiVo platform.\nExpanded TiVo Broadband with the signing of two new operators (MSC and Westman) bringing the total number of operators to 12, of which eight were added this year.\nSigned a significant multi-year classic guide renewal with Panasonic, extending the commercial use of our core Pay TV technology.\n\nConsumer Electronics\n\nWe launched DTS Clear Dialogue, a new on-device solution that leverages the latest advancements in AI-based audio processing to improve dialogue intelligibility for TVs. At the IFA Berlin tradeshow in September, our Clear Dialogue solution won two Best of IFA awards.\nSigned multiple renewals with existing customers, including Vestel, Honor, and Masimo.\n\nPerceive\n\nAnnounced sale to Amazon.com Services LLC for gross proceeds of $80 million in cash.\nTransaction was announced on August 19th and closed on October 2nd.\nWith additional tax planning, net proceeds now expected to be approximately $60 million.\n\nCapital Allocation\n\nRepurchased approximately 1.1 million shares in the quarter at an average price of $8.92.\n\nFinancial Outlook\nThe Company makes the following updates to the 2024 outlook ranges previously provided:\n\n\n\nCategory\nOriginal Outlook\nRevised Outlook\n\n\nRevenue\n$500M to $530M\n$490M to $505M\n\n\nAdjusted EBITDA Margin1,2\n12% to 14%\n14% to 16%\n\n\n\n\n\n\n1\n\nSee discussion of \"Non-GAAP Financial Measures\" below.\n\n\n2\n\nWith 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.\n\n\n\nConference Call Information\nThe Company will hold its third quarter 2024 earnings conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) on Wednesday, November 6, 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: Q3 2024 Earnings Call Webcast.\nSafe Harbor Statement\nThis 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 acceleration of revenue in our key growth markets and non-GAAP 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, expansion expectations, our media platform and licensing businesses growth, reduction of expenses, and net proceeds from the Perceive asset sale. 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, 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.\nAbout Xperi Inc.\nXperi 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.\n©2024 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 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.\nNon-GAAP Financial Measures\nIn 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, including Non-GAAP Operating Income/(Loss), Non-GAAP Net Income/(Loss) attributable to the Company, Non-GAAP Net Income/(Loss) Per Share attributable to the Company, Non-GAAP Adjusted EBITDA, and Non-GAAP Adjusted EBITDA Margin.\nNon-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.\nNon-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.\nNon-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.\nManagement 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.\nSet forth below are reconciliations of the Company’s reported GAAP to non-GAAP financial measures.\nSOURCE: XPERI INC.\nXPER-E\n\n\n\nXPERI INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share amounts)(unaudited)\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nRevenue\n\n$\n132,891\n\n\n$\n130,390\n\n\n$\n371,326\n\n\n$\n384,101\n\n\n\nOperating expenses:\n\n\n\n\n\n\n\n\n\n\nCost of revenue, excluding depreciation and amortization of intangible assets\n\n\n27,484\n\n\n\n26,413\n\n\n\n86,193\n\n\n\n85,061\n\n\n\nResearch and development\n\n\n53,627\n\n\n\n56,436\n\n\n\n149,189\n\n\n\n166,993\n\n\n\nSelling, general and administrative\n\n\n56,483\n\n\n\n59,620\n\n\n\n165,938\n\n\n\n173,893\n\n\n\nDepreciation expense\n\n\n2,918\n\n\n\n4,248\n\n\n\n9,780\n\n\n\n12,543\n\n\n\nAmortization expense\n\n\n10,934\n\n\n\n14,724\n\n\n\n33,015\n\n\n\n44,349\n\n\n\nImpairment of long-lived assets\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n1,096\n\n\n\nTotal operating expenses\n\n\n151,446\n\n\n\n161,441\n\n\n\n444,115\n\n\n\n483,935\n\n\n\nOperating loss\n\n\n(18,555\n)\n\n\n(31,051\n)\n\n\n(72,789\n)\n\n\n(99,834\n)\n\n\nInterest and other income (expense), net\n\n\n2,379\n\n\n\n(580\n)\n\n\n4,711\n\n\n\n2,186\n\n\n\nInterest expense - debt\n\n\n(756\n)\n\n\n(756\n)\n\n\n(2,252\n)\n\n\n(2,246\n)\n\n\nGain on divestiture\n\n\n—\n\n\n\n—\n\n\n\n22,934\n\n\n\n—\n\n\n\nLoss before taxes\n\n\n(16,932\n)\n\n\n(32,387\n)\n\n\n(47,396\n)\n\n\n(99,894\n)\n\n\nProvision for income taxes\n\n\n2,899\n\n\n\n9,685\n\n\n\n16,437\n\n\n\n14,481\n\n\n\nNet loss\n\n\n(19,831\n)\n\n\n(42,072\n)\n\n\n(63,833\n)\n\n\n(114,375\n)\n\n\nLess: net loss attributable to noncontrolling interest\n\n\n(3,026\n)\n\n\n(646\n)\n\n\n(3,609\n)\n\n\n(2,554\n)\n\n\nNet loss attributable to the Company\n\n$\n(16,805\n)\n\n$\n(41,426\n)\n\n$\n(60,224\n)\n\n$\n(111,821\n)\n\n\nNet loss per share attributable to the Company - basic and diluted\n\n$\n(0.37\n)\n\n$\n(0.96\n)\n\n$\n(1.33\n)\n\n$\n(2.61\n)\n\n\nWeighted-average number of shares used in net loss per share calculations - basic and diluted\n\n\n45,683\n\n\n\n43,316\n\n\n\n45,180\n\n\n\n42,774\n\n\n\n\n\n\n\nXPERI INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)(unaudited)\n\n\n\n\nSeptember 30, 2024\n\nDecember 31, 2023\n\n\nASSETS\n\n\n\n\n\n\nCurrent assets:\n\n\n\n\n\n\nCash and cash equivalents\n\n$\n72,686\n\n\n$\n142,085\n\n\n\nAccounts receivable, net\n\n\n62,368\n\n\n\n55,984\n\n\n\nUnbilled contracts receivable, net\n\n\n84,797\n\n\n\n64,114\n\n\n\nPrepaid expenses and other current assets\n\n\n37,686\n\n\n\n38,874\n\n\n\nAssets held for sale\n\n\n1,306\n\n\n\n15,860\n\n\n\nTotal current assets\n\n\n258,843\n\n\n\n316,917\n\n\n\nNote receivable, noncurrent\n\n\n29,131\n\n\n\n—\n\n\n\nDeferred consideration from divestiture\n\n\n6,530\n\n\n\n—\n\n\n\nUnbilled contracts receivable, noncurrent\n\n\n40,877\n\n\n\n18,231\n\n\n\nProperty and equipment, net\n\n\n43,505\n\n\n\n41,569\n\n\n\nOperating lease right-of-use assets\n\n\n31,070\n\n\n\n39,900\n\n\n\nIntangible assets, net\n\n\n174,037\n\n\n\n206,895\n\n\n\nDeferred tax assets\n\n\n5,060\n\n\n\n5,093\n\n\n\nOther noncurrent assets\n\n\n26,944\n\n\n\n32,781\n\n\n\nAssets held for sale, noncurrent\n\n\n171\n\n\n\n12,249\n\n\n\nTotal assets\n\n$\n616,168\n\n\n$\n673,635\n\n\n\nLIABILITIES AND EQUITY\n\n\n\n\n\n\nCurrent liabilities:\n\n\n\n\n\n\nAccounts payable\n\n$\n19,308\n\n\n$\n20,849\n\n\n\nAccrued liabilities\n\n\n105,560\n\n\n\n109,961\n\n\n\nDeferred revenue\n\n\n26,378\n\n\n\n28,111\n\n\n\nShort-term debt\n\n\n50,000\n\n\n\n—\n\n\n\nLiabilities held for sale\n\n\n67\n\n\n\n6,191\n\n\n\nTotal current liabilities\n\n\n201,313\n\n\n\n165,112\n\n\n\nLong-term debt\n\n\n—\n\n\n\n50,000\n\n\n\nDeferred revenue, noncurrent\n\n\n20,371\n\n\n\n19,425\n\n\n\nOperating lease liabilities, noncurrent\n\n\n20,496\n\n\n\n30,598\n\n\n\nDeferred tax liabilities\n\n\n7,016\n\n\n\n6,983\n\n\n\nOther noncurrent liabilities\n\n\n11,143\n\n\n\n4,577\n\n\n\nLiabilities held for sale, noncurrent\n\n\n6\n\n\n\n9,805\n\n\n\nTotal liabilities\n\n\n260,345\n\n\n\n286,500\n\n\n\nEquity:\n\n\n\n\n\n\nCommon stock\n\n\n45\n\n\n\n44\n\n\n\nAdditional paid-in capital\n\n\n1,256,372\n\n\n\n1,212,501\n\n\n\nAccumulated other comprehensive loss\n\n\n(3,337\n)\n\n\n(2,865\n)\n\n\nAccumulated deficit\n\n\n(875,670\n)\n\n\n(805,448\n)\n\n\nTotal Company stockholders’ equity\n\n\n377,410\n\n\n\n404,232\n\n\n\nNoncontrolling interest\n\n\n(21,587\n)\n\n\n(17,097\n)\n\n\nTotal equity\n\n\n355,823\n\n\n\n387,135\n\n\n\nTotal liabilities and equity\n\n$\n616,168\n\n\n$\n673,635\n\n\n\n\n\n\n\nXPERI INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(unaudited)\n\n\n\n\nNine Months Ended September 30,\n\n\n\n\n2024\n\n2023\n\n\nCash flows from operating activities:\n\n\n\n\n\n\nNet loss\n\n$\n(63,833\n)\n\n$\n(114,375\n)\n\n\nAdjustments to reconcile net loss to net cash used in operating activities:\n\n\n\n\n\n\nGain from divestiture\n\n\n(22,934\n)\n\n\n—\n\n\n\nDepreciation of property and equipment\n\n\n9,780\n\n\n\n12,543\n\n\n\nAmortization of intangible assets\n\n\n33,015\n\n\n\n44,349\n\n\n\nStock-based compensation expense\n\n\n45,309\n\n\n\n51,681\n\n\n\nImpairment of long-lived assets\n\n\n—\n\n\n\n1,096\n\n\n\nDeferred income taxes\n\n\n66\n\n\n\n(1,022\n)\n\n\nOther\n\n\n(2,410\n)\n\n\n(162\n)\n\n\nChanges in operating assets and liabilities:\n\n\n\n\n\n\nAccounts receivable\n\n\n(8,554\n)\n\n\n188\n\n\n\nUnbilled contracts receivable\n\n\n(43,518\n)\n\n\n(13,556\n)\n\n\nPrepaid expenses and other assets\n\n\n4,684\n\n\n\n1,264\n\n\n\nAccounts payable\n\n\n(328\n)\n\n\n87\n\n\n\nAccrued and other liabilities\n\n\n(7,047\n)\n\n\n(3,229\n)\n\n\nDeferred revenue\n\n\n(799\n)\n\n\n537\n\n\n\nNet cash used in operating activities\n\n\n(56,569\n)\n\n\n(20,599\n)\n\n\nCash flows from investing activities:\n\n\n\n\n\n\nPurchases of property and equipment\n\n\n(3,304\n)\n\n\n(4,718\n)\n\n\nCapitalized internal-use software\n\n\n(9,175\n)\n\n\n(4,714\n)\n\n\nPurchases of intangible assets\n\n\n(157\n)\n\n\n(149\n)\n\n\nNet cash used in divestiture\n\n\n(227\n)\n\n\n—\n\n\n\nNet cash used in investing activities\n\n\n(12,863\n)\n\n\n(9,581\n)\n\n\nCash flows from financing activities:\n\n\n\n\n\n\nRepurchases of common stock\n\n\n(9,999\n)\n\n\n—\n\n\n\nProceeds from issuance of common stock under employee stock purchase plan\n\n\n4,328\n\n\n\n5,850\n\n\n\nWithholding taxes related to net share settlement of equity awards\n\n\n(6,645\n)\n\n\n(4,313\n)\n\n\nNet cash (used in) provided by financing activities\n\n\n(12,316\n)\n\n\n1,537\n\n\n\nEffect of exchange rate changes on cash and cash equivalents\n\n\n—\n\n\n\n46\n\n\n\nNet decrease in cash and cash equivalents\n\n\n(81,748\n)\n\n\n(28,597\n)\n\n\nCash and cash equivalents at beginning of period (1)\n\n\n154,434\n\n\n\n160,127\n\n\n\nCash and cash equivalents at end of period\n\n$\n72,686\n\n\n$\n131,530\n\n\n\n\n\n\n\n(1)\nIncludes $12.3 million of cash and cash equivalents classified as held for sale at December 31, 2023.\n\n\n\n\n\n\n\nXPERI INC.GAAP TO NON-GAAP RECONCILIATIONS(in thousands, except per share amounts)(unaudited)\n\n\n\n\n\nThree Months Ended September 30,\n\n\n\n\n\n2024\n\n\n2023\n\n\n\nReconciliation of net income (loss) attributable to the Company:\n\n\n\n\n\n\nGAAP net loss attributable to the Company\n\n$\n(16,805\n)\n\n$\n(41,426\n)\n\n\nAdjustments to GAAP net loss attributable to the Company:\n\n\n\n\n\n\n\nStock-based compensation(1)\n\n\n15,249\n\n\n\n17,622\n\n\n\n\nAmortization of intangible assets\n\n\n10,934\n\n\n\n14,724\n\n\n\n\nTransaction, separation, integration and restructuring related costs:\n\n\n\n\n\n\n\nTransaction, separation, integration and restructuring costs(2)\n\n\n7,961\n\n\n\n1,904\n\n\n\n\nSeverance and retention(3)\n\n\n9,184\n\n\n\n1,149\n\n\n\n\nIncome tax adjustment(4)\n\n\n(3,216\n)\n\n\n2,764\n\n\n\nNon-GAAP net income (loss) attributable to the Company\n\n$\n23,307\n\n\n\n(3,263\n)\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n(1\n)\nStock-based compensation included in above line items:\n\n\n\n\n\n\n\n\n\n\nCost of revenue, excluding depreciation and amortization of intangible assets\n\n$\n822\n\n\n$\n806\n\n\n\n\nResearch and development\n\n$\n5,225\n\n\n$\n6,584\n\n\n\n\nSelling, general and administrative\n\n$\n9,202\n\n\n$\n10,232\n\n\n\n(2\n)\nTransaction, separation, integration and restructuring costs included in above line items:\n\n\n\n\n\n\n\nCost of revenue, excluding depreciation and amortization of intangible assets\n\n$\n—\n\n\n$\n—\n\n\n\n\nResearch and development\n\n$\n4,324\n\n\n$\n—\n\n\n\n\nSelling, general and administrative\n\n$\n3,384\n\n\n$\n1,904\n\n\n\n\nInterest and other income (expense), net\n\n$\n253\n\n\n$\n—\n\n\n\n(3\n)\nSeverance and retention included in above line items:\n\n\n\n\n\n\n\nCost of revenue, excluding depreciation and amortization of intangible assets\n\n$\n542\n\n\n$\n—\n\n\n\n\nResearch and development\n\n$\n6,287\n\n\n$\n471\n\n\n\n\nSelling, general and administrative\n\n$\n2,355\n\n\n$\n678\n\n\n\n\n\n\n\n\n\n\n\n(4\n)\nThe provision for income taxes is adjusted to reflect the net direct and indirect income tax effects of the various non-GAAP pretax adjustments.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of net income (loss) per share attributable to the Company:\n\n\n\n\n\n\nGAAP net loss attributable to the Company\n\n$\n(0.37\n)\n\n$\n(0.96\n)\n\n\nAdjustments to GAAP net loss per share attributable to the Company:\n\n\n\n\n\n\n\nStock-based compensation\n\n\n0.33\n\n\n\n0.41\n\n\n\n\nAmortization of intangible assets\n\n\n0.24\n\n\n\n0.34\n\n\n\n\nTransaction, separation, integration and restructuring related costs\n\n\n0.38\n\n\n\n0.07\n\n\n\n\nIncome tax adjustment\n\n\n(0.07\n)\n\n\n0.06\n\n\n\nNon-GAAP net income (loss) per share attributable to the Company\n\n$\n0.51\n\n\n$\n(0.08\n)\n\n\n\n\n\n\n\n\n\n\nGAAP weighted-average number of shares - basic and diluted\n\n\n45,683\n\n\n\n43,316\n\n\n\nNon-GAAP weighted-average number of shares - diluted\n\n\n45,837\n\n\n\n43,316\n\n\n\n\n\n\n\nXPERI INC.GAAP TO NON-GAAP RECONCILIATIONS(in thousands)(unaudited)\n\n\n\n\nThree Months Ended September 30,\n\n\n\n\n2024\n\n2023\n\n\nGAAP operating loss\n\n$\n(18,555\n)\n\n$\n(31,051\n)\n\n\nAdjustments to GAAP operating loss:\n\n\n\n\n\n\nStock-based compensation\n\n\n15,249\n\n\n\n17,622\n\n\n\nAmortization of intangible assets\n\n\n10,934\n\n\n\n14,724\n\n\n\nTransaction, separation, integration and restructuring related costs:\n\n\n\n\n\n\nTransaction, separation, integration and restructuring costs\n\n\n7,708\n\n\n\n1,904\n\n\n\nSeverance and retention\n\n\n9,184\n\n\n\n1,149\n\n\n\nNon-GAAP operating income\n\n$\n24,520\n\n\n$\n4,348\n\n\n\n\n\n\n\nXPERI INC.GAAP TO NON-GAAP RECONCILIATIONS(in thousands)(unaudited)\n\n\n\n\nThree Months Ended September 30,\n\n\n\n\n2024\n\n2023\n\n\nGAAP net loss\n\n$\n(19,831\n)\n\n$\n(42,072\n)\n\n\nAdjustments to GAAP net loss:\n\n\n\n\n\n\nInterest expense\n\n\n1,123\n\n\n\n770\n\n\n\nProvision for income taxes\n\n\n2,899\n\n\n\n9,685\n\n\n\nStock-based compensation\n\n\n15,249\n\n\n\n17,622\n\n\n\nDepreciation expense\n\n\n2,918\n\n\n\n4,248\n\n\n\nAmortization of intangible assets\n\n\n10,934\n\n\n\n14,724\n\n\n\nAmortization of capitalized cloud computing costs\n\n\n1,003\n\n\n\n1,316\n\n\n\nTransaction, separation, integration and restructuring related costs:\n\n\n\n\n\n\nTransaction, separation, integration and restructuring costs\n\n\n7,961\n\n\n\n1,904\n\n\n\nSeverance and retention\n\n\n9,184\n\n\n\n1,149\n\n\n\nNon-GAAP Adjusted EBITDA\n\n$\n31,440\n\n\n$\n9,346\n\n\n\nNon-GAAP Adjusted EBITDA Margin(1)\n\n\n23.7\n%\n\n\n7.2\n%\n\n\n\n\n\n\n(1)\n\nNon-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.\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241106743371/en/\nContacts\nXperi Investor Contact: Mike IburgVP, Investor Relations+1 408-321-3827ir@xperi.com\nMedia Contact: Allyse SanchezSenior Director, External Communications+1 925-548-2535Allyse.sanchez@xperi.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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