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
Exceeded Year-End Target of 2.4M Video over Broadband Subscriber Households
Closed Perceive Asset Sale for Gross Proceeds of
“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
Financial Highlights
|
GAAP Highlights ($ millions, except per share data) |
Q3 FY24 |
Q3 FY23 |
||
|
Revenue |
|
|
||
|
GAAP operating loss |
( |
( |
||
|
GAAP net loss2 |
( |
( |
||
|
GAAP loss per share2 |
( |
( |
||
|
Non-GAAP3 Highlights ($ millions, except per share data) |
Q3 FY24 |
Q3 FY23 |
||
|
Revenue |
|
|
||
|
Non-GAAP operating income |
|
|
||
|
Non-GAAP net income/(loss)2 |
|
( |
||
|
Non-GAAP earnings/(loss) per share2 |
|
( |
||
|
Non-GAAP adjusted EBITDA |
|
|
|
1 |
The contribution from |
|
|
2 |
Attributable to the Company. |
|
|
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
- TiVo OS footprint is now approaching one million activated Smart TVs and tracking toward our year-end goal of two million Smart TVs.
- Global TV manufacturers and retailers are accelerating the deployment of “Powered by TiVo” Smart TVs in important growth markets.
-
Smart TVs “Powered by TiVo” are now generally available across
Europe from Panasonic, Argos, Sharp and numerous Vestel brands.
Connected Car
- Awarded our second DTS AutoStage video design win by a Japanese automotive OEM with deployments expected to begin in 2025.
- Signed a new AutoStage license agreement with an American car company.
-
AutoStage 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 inNorth America that utilize both AutoStage and HD Radio. -
HD Radio is now being deployed in new models from
Ford ,Cadillac ,Volkswagen , Audi, Porsche, Mercedes-Benz, Genesis, BMW, Nissan, and Aston Martin.
Pay TV
- Ended 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.
-
We 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. - Expanded 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.
- Signed a significant multi-year classic guide renewal with Panasonic, extending the commercial use of our core Pay TV technology.
Consumer Electronics
-
We 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. - Signed multiple renewals with existing customers, including Vestel, Honor, and Masimo.
Perceive
-
Announced sale to
Amazon.com Services LLC for gross proceeds of$80 million in cash. -
Transaction was announced on
August 19 th and closed onOctober 2 nd. -
With additional tax planning, net proceeds now expected to be approximately
$60 million .
Capital Allocation
-
Repurchased approximately 1.1 million shares in the quarter at an average price of
$8.92 .
Financial Outlook
The Company makes the following updates to the 2024 outlook ranges previously provided:
|
Category |
Original Outlook |
Revised Outlook |
|
Revenue |
|
|
|
Adjusted EBITDA Margin1,2 |
12% to 14% |
14% to 16% |
|
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 third quarter 2024 earnings conference call at
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 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
About
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
©2024
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.
SOURCE:
XPER-E
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) |
||||||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
Revenue |
|
$ |
132,891 |
|
|
$ |
130,390 |
|
|
$ |
371,326 |
|
|
$ |
384,101 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
|
Cost of revenue, excluding depreciation and amortization of intangible assets |
|
|
27,484 |
|
|
|
26,413 |
|
|
|
86,193 |
|
|
|
85,061 |
|
|
Research and development |
|
|
53,627 |
|
|
|
56,436 |
|
|
|
149,189 |
|
|
|
166,993 |
|
|
Selling, general and administrative |
|
|
56,483 |
|
|
|
59,620 |
|
|
|
165,938 |
|
|
|
173,893 |
|
|
Depreciation expense |
|
|
2,918 |
|
|
|
4,248 |
|
|
|
9,780 |
|
|
|
12,543 |
|
|
Amortization expense |
|
|
10,934 |
|
|
|
14,724 |
|
|
|
33,015 |
|
|
|
44,349 |
|
|
Impairment of long-lived assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,096 |
|
|
Total operating expenses |
|
|
151,446 |
|
|
|
161,441 |
|
|
|
444,115 |
|
|
|
483,935 |
|
|
Operating loss |
|
|
(18,555 |
) |
|
|
(31,051 |
) |
|
|
(72,789 |
) |
|
|
(99,834 |
) |
|
Interest and other income (expense), net |
|
|
2,379 |
|
|
|
(580 |
) |
|
|
4,711 |
|
|
|
2,186 |
|
|
Interest expense - debt |
|
|
(756 |
) |
|
|
(756 |
) |
|
|
(2,252 |
) |
|
|
(2,246 |
) |
|
Gain on divestiture |
|
|
— |
|
|
|
— |
|
|
|
22,934 |
|
|
|
— |
|
|
Loss before taxes |
|
|
(16,932 |
) |
|
|
(32,387 |
) |
|
|
(47,396 |
) |
|
|
(99,894 |
) |
|
Provision for income taxes |
|
|
2,899 |
|
|
|
9,685 |
|
|
|
16,437 |
|
|
|
14,481 |
|
|
Net loss |
|
|
(19,831 |
) |
|
|
(42,072 |
) |
|
|
(63,833 |
) |
|
|
(114,375 |
) |
|
Less: net loss attributable to noncontrolling interest |
|
|
(3,026 |
) |
|
|
(646 |
) |
|
|
(3,609 |
) |
|
|
(2,554 |
) |
|
Net loss attributable to the Company |
|
$ |
(16,805 |
) |
|
$ |
(41,426 |
) |
|
$ |
(60,224 |
) |
|
$ |
(111,821 |
) |
|
Net loss per share attributable to the Company - basic and diluted |
|
$ |
(0.37 |
) |
|
$ |
(0.96 |
) |
|
$ |
(1.33 |
) |
|
$ |
(2.61 |
) |
|
Weighted-average number of shares used in net loss per share calculations - basic and diluted |
|
|
45,683 |
|
|
|
43,316 |
|
|
|
45,180 |
|
|
|
42,774 |
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) |
||||||||
|
|
|
|
|
|
||||
|
ASSETS |
|
|
|
|
||||
|
Current assets: |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
72,686 |
|
|
$ |
142,085 |
|
|
Accounts receivable, net |
|
|
62,368 |
|
|
|
55,984 |
|
|
Unbilled contracts receivable, net |
|
|
84,797 |
|
|
|
64,114 |
|
|
Prepaid expenses and other current assets |
|
|
37,686 |
|
|
|
38,874 |
|
|
Assets held for sale |
|
|
1,306 |
|
|
|
15,860 |
|
|
Total current assets |
|
|
258,843 |
|
|
|
316,917 |
|
|
Note receivable, noncurrent |
|
|
29,131 |
|
|
|
— |
|
|
Deferred consideration from divestiture |
|
|
6,530 |
|
|
|
— |
|
|
Unbilled contracts receivable, noncurrent |
|
|
40,877 |
|
|
|
18,231 |
|
|
Property and equipment, net |
|
|
43,505 |
|
|
|
41,569 |
|
|
Operating lease right-of-use assets |
|
|
31,070 |
|
|
|
39,900 |
|
|
Intangible assets, net |
|
|
174,037 |
|
|
|
206,895 |
|
|
Deferred tax assets |
|
|
5,060 |
|
|
|
5,093 |
|
|
Other noncurrent assets |
|
|
26,944 |
|
|
|
32,781 |
|
|
Assets held for sale, noncurrent |
|
|
171 |
|
|
|
12,249 |
|
|
Total assets |
|
$ |
616,168 |
|
|
$ |
673,635 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|
||||
|
Current liabilities: |
|
|
|
|
||||
|
Accounts payable |
|
$ |
19,308 |
|
|
$ |
20,849 |
|
|
Accrued liabilities |
|
|
105,560 |
|
|
|
109,961 |
|
|
Deferred revenue |
|
|
26,378 |
|
|
|
28,111 |
|
|
Short-term debt |
|
|
50,000 |
|
|
|
— |
|
|
Liabilities held for sale |
|
|
67 |
|
|
|
6,191 |
|
|
Total current liabilities |
|
|
201,313 |
|
|
|
165,112 |
|
|
Long-term debt |
|
|
— |
|
|
|
50,000 |
|
|
Deferred revenue, noncurrent |
|
|
20,371 |
|
|
|
19,425 |
|
|
Operating lease liabilities, noncurrent |
|
|
20,496 |
|
|
|
30,598 |
|
|
Deferred tax liabilities |
|
|
7,016 |
|
|
|
6,983 |
|
|
Other noncurrent liabilities |
|
|
11,143 |
|
|
|
4,577 |
|
|
Liabilities held for sale, noncurrent |
|
|
6 |
|
|
|
9,805 |
|
|
Total liabilities |
|
|
260,345 |
|
|
|
286,500 |
|
|
Equity: |
|
|
|
|
||||
|
Common stock |
|
|
45 |
|
|
|
44 |
|
|
Additional paid-in capital |
|
|
1,256,372 |
|
|
|
1,212,501 |
|
|
Accumulated other comprehensive loss |
|
|
(3,337 |
) |
|
|
(2,865 |
) |
|
Accumulated deficit |
|
|
(875,670 |
) |
|
|
(805,448 |
) |
|
|
|
|
377,410 |
|
|
|
404,232 |
|
|
Noncontrolling interest |
|
|
(21,587 |
) |
|
|
(17,097 |
) |
|
Total equity |
|
|
355,823 |
|
|
|
387,135 |
|
|
Total liabilities and equity |
|
$ |
616,168 |
|
|
$ |
673,635 |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) |
||||||||
|
|
|
Nine Months Ended |
||||||
|
|
|
2024 |
|
2023 |
||||
|
Cash flows from operating activities: |
|
|
|
|
||||
|
Net loss |
|
$ |
(63,833 |
) |
|
$ |
(114,375 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
||||
|
Gain from divestiture |
|
|
(22,934 |
) |
|
|
— |
|
|
Depreciation of property and equipment |
|
|
9,780 |
|
|
|
12,543 |
|
|
Amortization of intangible assets |
|
|
33,015 |
|
|
|
44,349 |
|
|
Stock-based compensation expense |
|
|
45,309 |
|
|
|
51,681 |
|
|
Impairment of long-lived assets |
|
|
— |
|
|
|
1,096 |
|
|
Deferred income taxes |
|
|
66 |
|
|
|
(1,022 |
) |
|
Other |
|
|
(2,410 |
) |
|
|
(162 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
|
Accounts receivable |
|
|
(8,554 |
) |
|
|
188 |
|
|
Unbilled contracts receivable |
|
|
(43,518 |
) |
|
|
(13,556 |
) |
|
Prepaid expenses and other assets |
|
|
4,684 |
|
|
|
1,264 |
|
|
Accounts payable |
|
|
(328 |
) |
|
|
87 |
|
|
Accrued and other liabilities |
|
|
(7,047 |
) |
|
|
(3,229 |
) |
|
Deferred revenue |
|
|
(799 |
) |
|
|
537 |
|
|
Net cash used in operating activities |
|
|
(56,569 |
) |
|
|
(20,599 |
) |
|
Cash flows from investing activities: |
|
|
|
|
||||
|
Purchases of property and equipment |
|
|
(3,304 |
) |
|
|
(4,718 |
) |
|
Capitalized internal-use software |
|
|
(9,175 |
) |
|
|
(4,714 |
) |
|
Purchases of intangible assets |
|
|
(157 |
) |
|
|
(149 |
) |
|
Net cash used in divestiture |
|
|
(227 |
) |
|
|
— |
|
|
Net cash used in investing activities |
|
|
(12,863 |
) |
|
|
(9,581 |
) |
|
Cash flows from financing activities: |
|
|
|
|
||||
|
Repurchases of common stock |
|
|
(9,999 |
) |
|
|
— |
|
|
Proceeds from issuance of common stock under employee stock purchase plan |
|
|
4,328 |
|
|
|
5,850 |
|
|
Withholding taxes related to net share settlement of equity awards |
|
|
(6,645 |
) |
|
|
(4,313 |
) |
|
Net cash (used in) provided by financing activities |
|
|
(12,316 |
) |
|
|
1,537 |
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
— |
|
|
|
46 |
|
|
Net decrease in cash and cash equivalents |
|
|
(81,748 |
) |
|
|
(28,597 |
) |
|
Cash and cash equivalents at beginning of period (1) |
|
|
154,434 |
|
|
|
160,127 |
|
|
Cash and cash equivalents at end of period |
|
$ |
72,686 |
|
|
$ |
131,530 |
|
|
(1) |
Includes |
|
GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share amounts) (unaudited) |
|||||||||||
|
|
|
Three Months Ended |
|||||||||
|
|
|
2024 |
|
|
2023 |
|
|||||
|
Reconciliation of net income (loss) attributable to the Company: |
|
|
|
|
|||||||
|
GAAP net loss attributable to the Company |
|
$ |
(16,805 |
) |
|
$ |
(41,426 |
) |
|||
|
Adjustments to GAAP net loss attributable to the Company: |
|
|
|
|
|||||||
|
Stock-based compensation(1) |
|
|
15,249 |
|
|
|
17,622 |
|
|||
|
Amortization of intangible assets |
|
|
10,934 |
|
|
|
14,724 |
|
|||
|
Transaction, separation, integration and restructuring related costs: |
|
|
|
|
|||||||
|
Transaction, separation, integration and restructuring costs(2) |
|
|
7,961 |
|
|
|
1,904 |
|
|||
|
Severance and retention(3) |
|
|
9,184 |
|
|
|
1,149 |
|
|||
|
Income tax adjustment(4) |
|
|
(3,216 |
) |
|
|
2,764 |
|
|||
| Non-GAAP net income (loss) attributable to the Company |
$ |
23,307 |
|
|
(3,263 |
) |
|||||
|
(1 |
) |
Stock-based compensation included in above line items: |
|||||||||
|
Cost of revenue, excluding depreciation and amortization of intangible assets |
|
$ |
822 |
|
|
$ |
806 |
|
|||
|
Research and development |
|
$ |
5,225 |
|
|
$ |
6,584 |
|
|||
|
Selling, general and administrative |
|
$ |
9,202 |
|
|
$ |
10,232 |
|
|||
|
(2 |
) |
Transaction, separation, integration and restructuring costs included in above line items: |
|
|
|
|
|||||
|
Cost of revenue, excluding depreciation and amortization of intangible assets |
|
$ |
— |
|
|
$ |
— |
|
|||
|
Research and development |
|
$ |
4,324 |
|
|
$ |
— |
|
|||
|
Selling, general and administrative |
|
$ |
3,384 |
|
|
$ |
1,904 |
|
|||
|
Interest and other income (expense), net |
|
$ |
253 |
|
|
$ |
— |
|
|||
|
(3 |
) |
Severance and retention included in above line items: |
|
|
|
|
|||||
|
Cost of revenue, excluding depreciation and amortization of intangible assets |
|
$ |
542 |
|
|
$ |
— |
|
|||
|
Research and development |
|
$ |
6,287 |
|
|
$ |
471 |
|
|||
|
Selling, general and administrative |
|
$ |
2,355 |
|
|
$ |
678 |
|
|||
|
|
|
|
|
|
|||||||
|
(4 |
) |
The provision for income taxes is adjusted to reflect the net direct and indirect income tax effects of the various non-GAAP pretax adjustments. |
|
|
|
|
|||||
|
|
|
|
|
|
|||||||
| Reconciliation of net income (loss) per share attributable to the Company: |
|
|
|
|
|||||||
| GAAP net loss attributable to the Company |
|
$ |
(0.37 |
) |
|
$ |
(0.96 |
) |
|||
| Adjustments to GAAP net loss per share attributable to the Company: |
|
|
|
|
|||||||
|
Stock-based compensation |
|
|
0.33 |
|
|
|
0.41 |
|
|||
|
Amortization of intangible assets |
|
|
0.24 |
|
|
|
0.34 |
|
|||
|
Transaction, separation, integration and restructuring related costs |
|
|
0.38 |
|
|
|
0.07 |
|
|||
|
Income tax adjustment |
|
|
(0.07 |
) |
|
|
0.06 |
|
|||
| Non-GAAP net income (loss) per share attributable to the Company |
|
$ |
0.51 |
|
|
$ |
(0.08 |
) |
|||
|
|
|
|
|
|
|||||||
| GAAP weighted-average number of shares - basic and diluted |
|
|
45,683 |
|
|
|
43,316 |
|
|||
| Non-GAAP weighted-average number of shares - diluted |
|
|
45,837 |
|
|
|
43,316 |
|
|||
|
GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) |
||||||||
|
|
|
Three Months Ended |
||||||
|
|
|
2024 |
|
2023 |
||||
|
GAAP operating loss |
|
$ |
(18,555 |
) |
|
$ |
(31,051 |
) |
|
Adjustments to GAAP operating loss: |
|
|
|
|
||||
|
Stock-based compensation |
|
|
15,249 |
|
|
|
17,622 |
|
|
Amortization of intangible assets |
|
|
10,934 |
|
|
|
14,724 |
|
|
Transaction, separation, integration and restructuring related costs: |
|
|
|
|
||||
|
Transaction, separation, integration and restructuring costs |
|
|
7,708 |
|
|
|
1,904 |
|
|
Severance and retention |
|
|
9,184 |
|
|
|
1,149 |
|
|
Non-GAAP operating income |
|
$ |
24,520 |
|
|
$ |
4,348 |
|
|
GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) |
||||||||
|
|
|
Three Months Ended |
||||||
|
|
|
2024 |
|
2023 |
||||
|
GAAP net loss |
|
$ |
(19,831 |
) |
|
$ |
(42,072 |
) |
|
Adjustments to GAAP net loss: |
|
|
|
|
||||
|
Interest expense |
|
|
1,123 |
|
|
|
770 |
|
|
Provision for income taxes |
|
|
2,899 |
|
|
|
9,685 |
|
|
Stock-based compensation |
|
|
15,249 |
|
|
|
17,622 |
|
|
Depreciation expense |
|
|
2,918 |
|
|
|
4,248 |
|
|
Amortization of intangible assets |
|
|
10,934 |
|
|
|
14,724 |
|
|
Amortization of capitalized cloud computing costs |
|
|
1,003 |
|
|
|
1,316 |
|
|
Transaction, separation, integration and restructuring related costs: |
|
|
|
|
||||
|
Transaction, separation, integration and restructuring costs |
|
|
7,961 |
|
|
|
1,904 |
|
|
Severance and retention |
|
|
9,184 |
|
|
|
1,149 |
|
|
Non-GAAP Adjusted EBITDA |
|
$ |
31,440 |
|
|
$ |
9,346 |
|
|
Non-GAAP Adjusted EBITDA Margin(1) |
|
|
23.7 |
% |
|
|
7.2 |
% |
|
(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/20241106743371/en/
Xperi Investor Contact:
VP, Investor Relations
+1 408-321-3827
ir@xperi.com
Media Contact:
Senior Director,
+1 925-548-2535
Allyse.sanchez@xperi.com
Source:
