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    Xperi Inc. Announces First Quarter 2024 Results

    5/8/24 4:05:00 PM ET
    $XPER
    Computer Software: Prepackaged Software
    Technology
    Get the next $XPER alert in real time by email

    Additional Japanese Global Brand to Launch TVs Powered by TiVo Ahead of UEFA Euro 2024

    Video-over-Broadband (IPTV) Surpasses Two Million Subscribers

    Xperi Inc. (NYSE:XPER) (the "Company" or "Xperi"), an entertainment technology company that invents, develops, and delivers technologies that enable extraordinary experiences, today announced first quarter 2024 financial results for the three-month period ended March 31, 2024.

    "Entering our second full year as an independent company, we continued to advance our transformation, delivered solid financial results across our key growth areas, and made progress on several strategic initiatives. While revenue was down year over year due in part to the impact of the AutoSense and imaging divestiture, we saw strong growth in connected car, media platform, and video-over-broadband, which are our most attractive opportunities. As we focus on executing our independent media platform strategy to drive profitable growth, we are taking steps to further reduce expenses as part of our ongoing business transformation," said Jon Kirchner, chief executive officer of Xperi.

    Mr. Kirchner continued, "We expect the next several quarters will be an exciting time for Xperi as our TiVo OS footprint begins to scale, our video-over-broadband offering continues to grow at double digit rates, and our connected car deployments accelerate. We believe we are on track to achieve the multi-year targets we announced in Sept. 2022, as these growth drivers and the continued execution of our strategy set the stage for significant long-term revenue growth and margin expansion."

    Financial Highlights

    GAAP Highlights ($ millions, except per share data)

    Q1 FY24

    Q1 FY23

    Revenue

    $118.8

    $126.82

    GAAP Operating Loss

    ($32.3)

    ($33.6)

    GAAP Net Loss

    ($13.4)

    ($32.9)

    GAAP Loss per Share attributable to Xperi

    ($0.29)

    ($0.76)

     

     

    Non-GAAP1 Highlights ($ millions, except per share data)

    Q1 FY24

    Q1 FY23

    Revenue

    $118.8

    $126.82

    Non-GAAP Operating Income/(Loss)

    ($0.9)

    $0.9

    Adjusted EBITDA

    $5.4

    $6.8

    Non-GAAP Earnings/(Loss) per Share attributable to Xperi

    ($0.05)

    $0.04

    1

     

    For further information on supplemental non-GAAP metrics, refer to the "Non-GAAP Financial Measures" and GAAP to non-GAAP

     

     

    Reconciliations provided in the financial statement tables included in this press release.

    2

     

    The contribution from AutoSense and the related imaging business accounted for $4.5 million of revenue in Q1 2023.

    Recent Key Operating Achievements

    Media Platform

    • An additional global Japanese brand is expected to launch smart TVs "Powered by TiVo" in retail stores across Europe and the U.K. prior to UEFA Euro 2024, which is scheduled to begin on June 14.
    • Argos, a major U.K. retailer, is deploying the TiVo operating system in their "Bush" house brand of smart TVs. These "Powered by TiVo" TVs are available online and in stores now and are one of the first to incorporate Freely, the new U.K. streaming service delivering live TV over broadband.
    • Vestel is now shipping smart TVs "Powered by TiVo" across most major European countries, under a dozen different brands.

    Connected Car

    • HD Radio continues to increase its penetration and is now a standard feature in 58% of all vehicles built for the North American market in 2023, up from 52% in 2021.
    • Hyundai and Genesis have now made Xperi's HD Radio a standard feature across their North American models.
    • DTS AutoStage is now deployed in more than six million vehicles worldwide – a 50% increase since August 2023 – and DTS AutoStage Video Service, Powered by TiVo, is now deployed in hundreds of thousands of cars across seven countries.

    Pay TV

    • Ended Q1 2024 with over 2 million video-over-broadband ("IPTV") subscriber households, continuing the streak of consecutive quarters of double-digit year-over-year subscriber growth. The video-over-broadband subscriber count has nearly doubled since the separation in Oct. 2022.
    • Expanded TiVo Broadband with the signing of three new operators in the quarter: Midco, Bluepeak and Buckeye Broadband. This brings the total number of broadband providers to seven, representing a total serviceable available market of over one million U.S. households for potential monetization.

    Consumer Electronics

    • Disney+, in collaboration with IMAX and DTS, announced the global streaming premiere of "Queen Rock Montreal," the most successful IMAX concert film ever, featuring immersive sound from DTS. In addition, Disney+ announced that 18 fan-favorite Marvel films are also expected to be available for streaming in the IMAX Enhanced format with DTS:X immersive sound.
    • Completed several DTS:X license renewals with major consumer electronics manufacturers, including Hisense, Xiaomi and TCL.
    • Signed two new DTS:X decoder license agreements with major global PC manufacturers, ASUS and MSI, to integrate our decoder onto their motherboards.

    Perceive

    • The strategic review, led by the Board of Directors with the assistance of Centerview Partners, is progressing and expected to be completed by the end of summer 2024.
    • Perceive continues to generate revenue, has significantly reduced its cash burn, and remains on track to deliver technology to a big tech partner for product commercialization, while also advancing efforts on large language model compression.

    Financial Outlook

    The Company reaffirms its outlook for fiscal year 2024:

    Category

    GAAP Outlook

    Non-GAAP Outlook

    Revenue

    $500M to $530M

    $500M to $530M

    Adjusted EBITDA Margin1,2

    n/a

    12% to 14%

    1

     

    See discussion of "Non-GAAP Financial Measures" below.

    2

     

    With respect to Adjusted EBITDA Margin, the Company has determined that it is unable to provide a quantitative reconciliation of this forward-looking non-GAAP measure to the most directly comparable forward-looking GAAP measure with a reasonable degree of confidence in its accuracy without unreasonable effort, as items including restructuring and impacts from discrete tax adjustments and tax law changes are inherently uncertain and depend on various factors, many of which are beyond the Company's control.

    Conference Call Information

    The Company will hold its first quarter 2024 earnings conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) on Wednesday, May 8, 2024. To access the call toll-free, please dial 1-888-596-4144, otherwise dial 1-646-968-2525. The conference ID is 5483252. All participants should dial in 15 minutes prior to the start of the call using the conference ID listed above. Alternatively, the call can be accessed via the following webcast link: Q1 2024 Earnings Call Webcast.

    Safe Harbor Statement

    This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding: expectations regarding our future results of operations and financial position, margin expansion and overall growth, including, without limitation, anticipated revenue growth and Adjusted EBITDA margin growth, the deployment by third parties of their products that use our technology, objectives for future operations, and ongoing strategies and operating initiatives, including, without limitation, expansion expectations, reduction of expenses and our pursuit of strategic alternatives for Perceive. These forward-looking statements are based on information available to the Company as of the date hereof, as well as the Company's current expectations, assumptions, estimates and projections that involve risks and uncertainties. In some cases, you can identify forward-looking statements by the words "expect," "anticipate," "intend," "plan," "believe," "could," "seek," "see," "will," "may," "would," "might," "potentially," "estimate," "continue," "expect," "target," and similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the "SEC") and our other filings with the SEC from time to time. Any forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company does not assume any obligation to, and does not intend to, publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

    About Xperi Inc.

    Xperi invents, develops, and delivers technologies that enable extraordinary experiences. Xperi technologies, delivered via its brands DTS®, HD Radio™, TiVo®, and by its startup, Perceive, are integrated into billions of consumer devices and media platforms worldwide, powering smart devices, connected cars and entertainment experiences. Additionally, Xperi delivers solutions through partnerships, including IMAX® Enhanced, a certification and licensing program operated by IMAX Corporation and DTS, Inc. Xperi has created a unified ecosystem that reaches highly engaged consumers driving increased value for partners and customers.

    ©2024 Xperi Inc. All Rights Reserved. Xperi, TiVo, DTS, HD Radio, DTS Play-Fi, Perceive and their respective logos are trademark(s) or registered trademark(s) of Xperi Inc. or its subsidiaries in the United States and other countries. IMAX is a registered trademark of IMAX Corporation. All other trademarks and content are the property of their respective owners.

    Non-GAAP Financial Measures

    In addition to disclosing financial results calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), the Company's press release contains non-GAAP financial measures adjusted for either one-time or ongoing non-cash acquired intangibles amortization charges; amortization of capitalized cloud computing costs; costs related to actual or planned acquisitions, financing, and divestitures including, without limitation, transaction fees, integration costs, severance, facility closures, and retention bonuses; restructuring costs; separation costs; all forms of stock-based compensation; impairment of assets and goodwill; other items not indicative of our ongoing operating performance, and related tax effects for each adjustment. Management believes that the non-GAAP measures used in this press release provide investors with important perspectives into the Company's ongoing business and financial performance and provide a better understanding of our core operating results reflecting our normal business operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. Our use of non-GAAP financial measures has certain limitations in that the non-GAAP financial measures we use may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as adjusted EBITDA, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. We seek to compensate for the limitation of our non-GAAP presentation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures in the tables attached hereto. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. All financial data is presented on a GAAP basis except where the Company indicates its presentation is on a non-GAAP basis.

    Set forth below are reconciliations of the Company's reported GAAP to non-GAAP financial measures.

    XPER-E

    XPERI INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (in thousands, except per share amounts)

    (unaudited)

     

     

     

    Three Months Ended March 31,

     

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

    Revenue

     

    $

    118,844

     

     

    $

    126,839

     

    Operating expenses:

     

     

     

     

     

     

    Cost of revenue, excluding depreciation and amortization of intangible assets

     

     

    29,756

     

     

     

    27,792

     

    Research and development

     

     

    50,439

     

     

     

    54,856

     

    Selling, general and administrative

     

     

    56,353

     

     

     

    57,776

     

    Depreciation expense

     

     

    3,584

     

     

     

    4,093

     

    Amortization expense

     

     

    11,039

     

     

     

    14,827

     

    Impairment of long-lived assets

     

     

    -

     

     

     

    1,096

     

    Total operating expenses

     

     

    151,171

     

     

     

    160,440

     

    Operating loss

     

     

    (32,327

    )

     

     

    (33,601

    )

    Interest and other income, net

     

     

    1,042

     

     

     

    1,108

     

    Interest expense—debt

     

     

    (748

    )

     

     

    (740

    )

    Gain on divestiture

     

     

    22,934

     

     

     

    -

     

    Loss before taxes

     

     

    (9,099

    )

     

     

    (33,233

    )

    Provision for (benefit from) income taxes

     

     

    4,272

     

     

     

    (294

    )

    Net loss

     

     

    (13,371

    )

     

     

    (32,939

    )

    Less: net loss attributable to noncontrolling interest

     

     

    (251

    )

     

     

    (939

    )

    Net loss attributable to the Company

     

    $

    (13,120

    )

     

    $

    (32,000

    )

    Net loss per share attributable to the Company - basic and diluted

     

    $

    (0.29

    )

     

    $

    (0.76

    )

    Weighted-average number of shares used in net loss per share calculations - basic and diluted

     

     

    44,521

     

     

     

    42,224

     

    XPERI INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (in thousands)

    (unaudited)

     

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2023

     

    ASSETS

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    95,216

     

     

    $

    142,085

     

    Accounts receivable, net

     

     

    63,650

     

     

     

    55,984

     

    Unbilled contracts receivable, net

     

     

    70,363

     

     

     

    64,114

     

    Prepaid expenses and other current assets

     

     

    42,889

     

     

     

    38,874

     

    Assets held for sale

     

     

    -

     

     

     

    15,860

     

    Total current assets

     

     

    272,118

     

     

     

    316,917

     

    Note receivable, noncurrent

     

     

    27,676

     

     

     

    -

     

    Deferred consideration from divestiture

     

     

    6,016

     

     

     

    -

     

    Unbilled contracts receivable, noncurrent

     

     

    16,117

     

     

     

    18,231

     

    Property and equipment, net

     

     

    41,712

     

     

     

    41,569

     

    Operating lease right-of-use assets

     

     

    36,360

     

     

     

    39,900

     

    Intangible assets, net

     

     

    195,894

     

     

     

    206,895

     

    Deferred tax assets

     

     

    4,893

     

     

     

    5,093

     

    Other noncurrent assets

     

     

    29,604

     

     

     

    32,781

     

    Assets held for sale, noncurrent

     

     

    -

     

     

     

    12,249

     

    Total assets

     

    $

    630,390

     

     

    $

    673,635

     

    LIABILITIES AND EQUITY

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable

     

    $

    19,706

     

     

    $

    20,849

     

    Accrued liabilities

     

     

    83,502

     

     

     

    109,961

     

    Deferred revenue

     

     

    26,327

     

     

     

    28,111

     

    Liabilities held for sale

     

     

    -

     

     

     

    6,191

     

    Total current liabilities

     

     

    129,535

     

     

     

    165,112

     

    Long-term debt

     

     

    50,000

     

     

     

    50,000

     

    Deferred revenue, noncurrent

     

     

    22,704

     

     

     

    19,425

     

    Operating lease liabilities, noncurrent

     

     

    26,795

     

     

     

    30,598

     

    Deferred tax liabilities

     

     

    7,006

     

     

     

    6,983

     

    Other noncurrent liabilities

     

     

    12,593

     

     

     

    4,577

     

    Liabilities held for sale, noncurrent

     

     

    -

     

     

     

    9,805

     

    Total liabilities

     

     

    248,633

     

     

     

    286,500

     

    Equity:

     

     

     

     

     

     

    Common stock

     

     

    45

     

     

     

    44

     

    Additional paid-in capital

     

     

    1,221,709

     

     

     

    1,212,501

     

    Accumulated other comprehensive loss

     

     

    (4,040

    )

     

     

    (2,865

    )

    Accumulated deficit

     

     

    (818,568

    )

     

     

    (805,448

    )

    Total Company stockholders' equity

     

     

    399,146

     

     

     

    404,232

     

    Noncontrolling interest

     

     

    (17,389

    )

     

     

    (17,097

    )

    Total equity

     

     

    381,757

     

     

     

    387,135

     

    Total liabilities and equity

     

    $

    630,390

     

     

    $

    673,635

     

    XPERI INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

    (unaudited)

     

     

     

    Three Months Ended March 31,

     

     

     

    2024

     

     

    2023

     

    Cash flows from operating activities:

     

     

     

     

     

     

    Net loss

     

    $

    (13,371

    )

     

    $

    (32,939

    )

    Adjustments to reconcile net loss to net cash used in operating activities:

     

     

     

     

     

     

    Gain from divestiture

     

     

    (22,934

    )

     

     

    -

     

    Depreciation of property and equipment

     

     

    3,584

     

     

     

    4,093

     

    Amortization of intangible assets

     

     

    11,039

     

     

     

    14,827

     

    Stock-based compensation expense

     

     

    14,757

     

     

     

    15,968

     

    Impairment of long-lived assets

     

     

    -

     

     

     

    1,096

     

    Deferred income taxes

     

     

    223

     

     

     

    (200

    )

    Other

     

     

    313

     

     

     

    1,000

     

    Changes in operating assets and liabilities:

     

     

     

     

     

     

    Accounts receivable

     

     

    (10,521

    )

     

     

    (6,019

    )

    Unbilled contracts receivable

     

     

    (4,324

    )

     

     

    (9,124

    )

    Prepaid expenses and other assets

     

     

    (2,788

    )

     

     

    (5,709

    )

    Accounts payable

     

     

    (821

    )

     

     

    (1,108

    )

    Accrued and other liabilities

     

     

    (26,427

    )

     

     

    (23,855

    )

    Deferred revenue

     

     

    1,483

     

     

     

    (1,133

    )

    Net cash used in operating activities

     

     

    (49,787

    )

     

     

    (43,103

    )

    Cash flows from investing activities:

     

     

     

     

     

     

    Purchases of property and equipment

     

     

    (1,845

    )

     

     

    (1,967

    )

    Capitalized internal-use software

     

     

    (2,603

    )

     

     

    (1,894

    )

    Purchases of intangible assets

     

     

    (39

    )

     

     

    (68

    )

    Net cash used in divestiture

     

     

    (227

    )

     

     

    -

     

    Net cash used in investing activities

     

     

    (4,714

    )

     

     

    (3,929

    )

    Cash flows from financing activities:

     

     

     

     

     

     

    Withholding taxes related to net share settlement of equity awards

     

     

    (4,671

    )

     

     

    (2,917

    )

    Net cash used in financing activities

     

     

    (4,671

    )

     

     

    (2,917

    )

    Effect of exchange rate changes on cash and cash equivalents

     

     

    (46

    )

     

     

    518

     

    Net decrease in cash and cash equivalents

     

     

    (59,218

    )

     

     

    (49,431

    )

    Cash and cash equivalents at beginning of period

     

     

    154,434

     

    (1)

     

    160,127

     

    Cash and cash equivalents at end of period

     

    $

    95,216

     

     

    $

    110,696

     

    (1) Including $12,349 classified as held for sale at December 31, 2023

     

     

     

     

     

     

    XPERI INC.

    GAAP TO NON-GAAP RECONCILIATIONS

    (in thousands, except per share amounts)

    (unaudited)

     

    Net (loss) income attributable to the Company:

     

     

     

     

     

     

     

     

    Three Months Ended March 31,

     

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

    GAAP net loss attributable to the Company

     

    $

    (13,120

    )

     

    $

    (32,000

    )

     

     

     

     

     

     

     

    Adjustments to GAAP net loss attributable to the Company:

     

     

     

     

     

     

    Stock-based compensation(1)

     

     

    14,757

     

     

     

    15,968

     

    Amortization of intangible assets

     

     

    11,039

     

     

     

    14,827

     

    Impairment of long-lived assets

     

     

    -

     

     

     

    1,096

     

    Gain on divestiture

     

     

    (22,934

    )

     

     

    -

     

    Transaction, separation, integration and restructuring related costs:

     

     

     

     

     

     

    Transaction, separation, integration and restructuring costs(2)

     

     

    3,162

     

     

     

    1,284

     

    Severance and retention(3)

     

     

    2,904

     

     

     

    1,356

     

    Non-GAAP tax adjustment(4)

     

     

    2,148

     

     

     

    (792

    )

    Non-GAAP net (loss) income attributable to the Company

     

    $

    (2,044

    )

     

    $

    1,739

     

     

     

     

     

     

     

     

    (1) Stock-based compensation included in above line items:

     

     

     

     

     

     

    Cost of revenue, excluding depreciation and amortization of intangible assets

     

    $

    744

     

     

    $

    792

     

    Research and development

     

    $

    4,333

     

     

    $

    5,551

     

    Selling, general and administrative

     

    $

    9,680

     

     

    $

    9,625

     

    (2) Transaction, separation, integration and restructuring related costs included in above line items:

     

     

     

     

     

     

    Cost of revenue, excluding depreciation and amortization of intangible assets

     

    $

    (1

    )

     

    $

    -

     

    Research and development

     

    $

    (3

    )

     

    $

    -

     

    Selling, general and administrative

     

    $

    2,760

     

     

    $

    1,284

     

    Interest and other income, net

     

    $

    406

     

     

    $

    -

     

    (3) Severance and retention included in above line items:

     

     

     

     

     

     

    Cost of revenue, excluding depreciation and amortization of intangible assets

     

    $

    485

     

     

    $

    37

     

    Research and development

     

    $

    2,244

     

     

    $

    773

     

    Selling, general and administrative

     

    $

    175

     

     

    $

    546

     

    (4) The provision for (benefit from) income taxes is adjusted to reflect the net direct and indirect income tax effects of the various non-GAAP pretax adjustments.

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net (loss) income per share attributable to the Company:

     

     

     

     

     

     

     

     

    Three Months Ended March 31,

     

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

    GAAP net loss per share attributable to the Company

     

    $

    (0.29

    )

     

    $

    (0.76

    )

     

     

     

     

     

     

     

    Adjustments to GAAP loss per share attributable to the Company:

     

     

     

     

     

     

    Stock-based compensation

     

     

    0.33

     

     

     

    0.38

     

    Amortization of intangible assets

     

     

    0.25

     

     

     

    0.35

     

    Gain on divestiture

     

     

    (0.52

    )

     

     

    -

     

    Impairment of long-lived assets

     

     

    -

     

     

     

    0.03

     

    Transaction, separation, integration and restructuring related costs

     

     

    0.13

     

     

     

    0.06

     

    Non-GAAP tax adjustment

     

     

    0.05

     

     

     

    (0.02

    )

    Non-GAAP net (loss) income per share attributable to the Company

     

    $

    (0.05

    )

     

    $

    0.04

     

     

     

     

     

     

     

     

    GAAP weighted average number of shares - diluted

     

     

    44,521

     

     

     

    42,224

     

    Non-GAAP weighted average number of shares - diluted

     

     

    44,521

     

     

     

    47,411

     

    XPERI INC.

    GAAP TO NON-GAAP RECONCILIATIONS

    (in thousands)

    (unaudited)

     

     

     

     

     

     

     

     

     

     

    Three Months Ended March 31,

     

     

     

    2024

     

     

    2023

     

    GAAP operating loss

     

    $

    (32,327

    )

     

    $

    (33,601

    )

    Adjustments to GAAP operating loss:

     

     

     

     

     

     

    Stock-based compensation

     

     

    14,757

     

     

     

    15,968

     

    Amortization of intangible assets

     

     

    11,039

     

     

     

    14,827

     

    Impairment of long-lived assets

     

     

    -

     

     

     

    1,096

     

    Transaction, separation, integration and restructuring related costs:

     

     

     

     

     

     

    Transaction, separation, integration and restructuring costs

     

     

    2,756

     

     

     

    1,284

     

    Severance and retention

     

     

    2,904

     

     

     

    1,356

     

    Non-GAAP operating (loss) income

     

    $

    (871

    )

     

    $

    930

     

    XPERI INC.

    GAAP TO NON-GAAP RECONCILIATIONS

    (in thousands)

    (unaudited)

     

     

     

    Three Months Ended March 31,

     

     

     

    2024

     

     

    2023

     

    GAAP net loss

     

    $

    (13,371

    )

     

    $

    (32,939

    )

    Adjustments to GAAP net loss:

     

     

     

     

     

     

    Interest expense

     

     

    851

     

     

     

    772

     

    Provision for (benefit from) income taxes

     

     

    4,272

     

     

     

    (294

    )

    Stock-based compensation

     

     

    14,757

     

     

     

    15,968

     

    Depreciation expense

     

     

    3,584

     

     

     

    4,093

     

    Amortization of intangible assets

     

     

    11,039

     

     

     

    14,827

     

    Amortization of capitalized cloud computing costs

     

     

    1,141

     

     

     

    615

     

    Impairment of long-lived assets

     

     

    -

     

     

     

    1,096

     

    Gain on divestiture

     

     

    (22,934

    )

     

     

    -

     

    Transaction, separation, integration and restructuring related costs:

     

     

     

     

     

     

    Transaction, separation, integration and restructuring costs

     

     

    3,162

     

     

     

    1,284

     

    Severance and retention

     

     

    2,904

     

     

     

    1,356

     

    Non-GAAP adjusted EBITDA

     

    $

    5,405

     

     

    $

    6,778

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240508399719/en/

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