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Xperi Inc

Xperi Inc. Announces Third Quarter 2024 Results

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.--(BUSINESS WIRE)--Nov. 6, 2024-- 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.

“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.

Mr. 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.”

Financial Highlights

GAAP Highlights ($ millions, except per share data)

Q3 FY24

Q3 FY23

Revenue

$132.9

$130.4 1

GAAP operating loss

($18.6)

($31.1)

GAAP net loss2

($16.8)

($41.4)

GAAP loss per share2

($0.37)

($0.96)

 

Non-GAAP3 Highlights ($ millions, except per share data)

Q3 FY24

Q3 FY23

Revenue

$132.9

$130.4 1

Non-GAAP operating income

$24.5

$4.3

Non-GAAP net income/(loss)2

$23.3

($3.3)

Non-GAAP earnings/(loss) per share2

$0.51

($0.08)

Non-GAAP adjusted EBITDA

$31.4

$9.3

1

The 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.

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 in North 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 19th and closed on October 2nd.
  • 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

$500M to $530M

$490M to $505M

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 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.

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 December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other filings with the SEC from time to time. Any forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company does not assume any obligation to, and does not intend to, publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

About Xperi Inc.

Xperi invents, develops, and delivers technologies that enable extraordinary experiences. Xperi technologies, delivered via its brands (DTS®, HD Radio™, TiVo®) 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.

©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.

Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company’s press release contains non-GAAP financial measures, 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.

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: XPERI INC.

XPER-E

XPERI INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

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

 

XPERI INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

 

September 30, 2024

 

December 31, 2023

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

)

Total Company stockholders’ equity

 

 

377,410

 

 

 

404,232

 

Noncontrolling interest

 

 

(21,587

)

 

 

(17,097

)

Total equity

 

 

355,823

 

 

 

387,135

 

Total liabilities and equity

 

$

616,168

 

 

$

673,635

 

XPERI INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Nine Months Ended September 30,

 

 

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 $12.3 million of cash and cash equivalents classified as held for sale at December 31, 2023.

XPERI INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share amounts)

(unaudited)

 

 

Three Months Ended September 30,

 

 

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

 

 

XPERI INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands)

(unaudited)

 

 

Three Months Ended September 30,

 

 

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

 

XPERI INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands)

(unaudited)

 

 

Three Months Ended September 30,

 

 

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.

 

Xperi Investor Contact:
Mike Iburg
VP, Investor Relations
+1 408-321-3827
ir@xperi.com

Media Contact:
Allyse Sanchez
Senior Director, External Communications
+1 925-548-2535
Allyse.sanchez@xperi.com

Source: Xperi Inc