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    Xperi Inc. Announces Second Quarter 2024 Results

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

    Signed Seventh TV Partner to Integrate TiVo OS into Their Smart TV Line-up

    Expands TiVo Broadband with the Signing of Three New Operators

    Xperi Inc. (NYSE:XPER) (the "Company" or "Xperi"), an entertainment technology company that invents, develops, and delivers technologies that enable extraordinary experiences, today announced second quarter 2024 financial results for the three-month period ended June 30, 2024.

    "Our Q2 progress is a clear example of the positive effects of our continued business transformation efforts. We delivered solid financial results with improved profitability while continuing to execute on our strategic growth initiatives. Our growing TiVo OS and video-over-broadband footprint is setting the stage for future monetization, and we expect this will be a core element of our long-term revenue growth and margin expansion," said Jon Kirchner, chief executive officer of Xperi.

    Mr. Kirchner continued, "Shortly after our annual meeting in late May, we welcomed Jeremi Gorman and Rod Randall to our board. The addition of these two highly qualified board members, with their expertise in ad-tech, monetization, automotive and capital allocation, will be instrumental as we look to accelerate revenue in our key growth markets."

    Financial Highlights

    GAAP Highlights ($ millions, except per share data)

    Q2 FY24

    Q2 FY23

    Revenue

    $119.6

    $126.91

    GAAP operating loss

    ($21.9)

    ($35.2)

    GAAP net loss2

    ($30.3)

    ($38.4)

    GAAP loss per share2

    ($0.67)

    ($0.90)

     

     

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

    Q2 FY24

    Q2 FY23

    Revenue

    $119.6

    $126.91

    Non-GAAP operating income/(loss)

    $8.3

    ($1.2)

    Non-GAAP net income/(loss)2

    $5.6

    ($3.7)

    Non-GAAP earnings/(loss) per share2

    $0.12

    ($0.09)

    Adjusted EBITDA

    $14.6

    $5.2

    1

    The contribution from AutoSense and the related imaging business, which was divested on January 31, 2024, accounted for $4.5 million of revenue in Q2 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

    • Signed the seventh TiVo OS partner, a top 5 supplier of smart TVs into the U.S. market, with plans to launch TVs "Powered by TiVo" in the U.S. in spring of 2025.
    • Smart TVs "Powered by TiVo" are now available across 15 European countries, including the largest economies, under 17 different brands.
    • TiVo OS production volumes are increasing with daily activations accelerating, remains on track to achieve two million active connected devices by year end.
    • Panasonic was announced in May as the sixth TiVo OS partner; previously referred to as a "Japanese global brand."

    Connected Car

    • Awarded multi-year program with an Asia-based Tier 1 automotive supplier to integrate DTS immersive audio codec in vehicles.
    • HD Radio penetration continues to increase and is being deployed in additional models from Ford, GM, Audi, Volvo, Acura, Mazda, and Lotus.
    • DTS AutoStage is now deployed in more than seven million vehicles globally, adding over a million vehicles in the last quarter.

    Pay-TV

    • Ended Q2 2024 with over 2.25 million video-over-broadband (IPTV) subscriber households, continuing the trend of consecutive quarters of double-digit year-over-year subscriber growth.
    • Expanded TiVo Broadband with the signing of three new operators: Service Electric Cablevision, Eastlink, and HTC, bringing the total number of TiVo Broadband providers to ten.
    • Executed Classic Guides renewals with key customers Claro VTR and Liberty Latin America.

    Consumer Electronics

    • Signed multiple license agreements with HP, Inc. to integrate our DTS audio solutions into the Commercial division's laptops and PCs, and expand our Headphone:X solution in HP's HyperX brand.
    • Signed license agreement with Tencent Music Entertainment to provide DTS encoded content and post-processing technologies to Tencent and QQ Music.
    • Signed IMAX® Enhanced licensing deal with Play For Dream, a leading eSports entertainment platform, for VR headset implementation of the IMAX® Enhanced experience.

    Perceive

    • Perceive, our subsidiary focused on edge inference hardware and software technologies, remains on track to deliver technology to a big tech partner.
    • The Company's strategic review of Perceive continues to progress.

    Financial Outlook

    The Company makes no change to the 2024 outlook ranges previously provided:

    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 second quarter 2024 earnings conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) on Monday, August 5, 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: Q2 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 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, 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, 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 June 30,

     

    Six Months Ended June 30,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

    Revenue

     

    $

    119,591

     

     

    $

    126,872

     

     

    $

    238,435

     

     

    $

    253,711

     

    Operating expenses:

     

     

     

     

     

     

     

     

    Cost of revenue, excluding depreciation and amortization of intangible assets

     

     

    28,953

     

     

     

    30,856

     

     

     

    58,709

     

     

     

    58,648

     

    Research and development

     

     

    45,123

     

     

     

    55,701

     

     

     

    95,562

     

     

     

    110,557

     

    Selling, general and administrative

     

     

    53,102

     

     

     

    56,497

     

     

     

    109,455

     

     

     

    114,273

     

    Depreciation expense

     

     

    3,278

     

     

     

    4,202

     

     

     

    6,862

     

     

     

    8,295

     

    Amortization expense

     

     

    11,042

     

     

     

    14,798

     

     

     

    22,081

     

     

     

    29,625

     

    Impairment of long-lived assets

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    1,096

     

    Total operating expenses

     

     

    141,498

     

     

     

    162,054

     

     

     

    292,669

     

     

     

    322,494

     

    Operating loss

     

     

    (21,907

    )

     

     

    (35,182

    )

     

     

    (54,234

    )

     

     

    (68,783

    )

    Interest and other income, net

     

     

    1,290

     

     

     

    1,658

     

     

     

    2,332

     

     

     

    2,766

     

    Interest expense—debt

     

     

    (748

    )

     

     

    (750

    )

     

     

    (1,496

    )

     

     

    (1,490

    )

    Gain on divestiture

     

     

    -

     

     

     

    -

     

     

     

    22,934

     

     

     

    -

     

    Loss before taxes

     

     

    (21,365

    )

     

     

    (34,274

    )

     

     

    (30,464

    )

     

     

    (67,507

    )

    Provision for income taxes

     

     

    9,266

     

     

     

    5,090

     

     

     

    13,538

     

     

     

    4,796

     

    Net loss

     

     

    (30,631

    )

     

     

    (39,364

    )

     

     

    (44,002

    )

     

     

    (72,303

    )

    Less: net loss attributable to noncontrolling interest

     

     

    (332

    )

     

     

    (969

    )

     

     

    (583

    )

     

     

    (1,908

    )

    Net loss attributable to the Company

     

    $

    (30,299

    )

     

    $

    (38,395

    )

     

    $

    (43,419

    )

     

    $

    (70,395

    )

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

     

    $

    (0.67

    )

     

    $

    (0.90

    )

     

    $

    (0.97

    )

     

    $

    (1.66

    )

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

     

     

    45,331

     

     

     

    42,770

     

     

     

    44,926

     

     

     

    42,499

     

    XPERI INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (in thousands)

    (unaudited)

     

     

     

    June 30,

     

    December 31,

     

     

    2024

     

     

    2023

     

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    92,481

     

     

    $

    142,085

     

    Accounts receivable, net

     

     

    56,866

     

     

     

    55,984

     

    Unbilled contracts receivable, net

     

     

    80,679

     

     

     

    64,114

     

    Prepaid expenses and other current assets

     

     

    36,365

     

     

     

    38,874

     

    Assets held for sale

     

     

    -

     

     

     

    15,860

     

    Total current assets

     

     

    266,391

     

     

     

    316,917

     

    Note receivable, noncurrent

     

     

    28,571

     

     

     

    -

     

    Deferred consideration from divestiture

     

     

    6,267

     

     

     

    -

     

    Unbilled contracts receivable, noncurrent

     

     

    23,504

     

     

     

    18,231

     

    Property and equipment, net

     

     

    42,241

     

     

     

    41,569

     

    Operating lease right-of-use assets

     

     

    34,756

     

     

     

    39,900

     

    Intangible assets, net

     

     

    184,898

     

     

     

    206,895

     

    Deferred tax assets

     

     

    4,950

     

     

     

    5,093

     

    Other noncurrent assets

     

     

    27,669

     

     

     

    32,781

     

    Assets held for sale, noncurrent

     

     

    -

     

     

     

    12,249

     

    Total assets

     

    $

    619,247

     

     

    $

    673,635

     

    LIABILITIES AND EQUITY

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

     

    $

    14,314

     

     

    $

    20,849

     

    Accrued liabilities

     

     

    90,469

     

     

     

    109,961

     

    Deferred revenue

     

     

    27,728

     

     

     

    28,111

     

    Liabilities held for sale

     

     

    -

     

     

     

    6,191

     

    Total current liabilities

     

     

    132,511

     

     

     

    165,112

     

    Long-term debt

     

     

    50,000

     

     

     

    50,000

     

    Deferred revenue, noncurrent

     

     

    22,455

     

     

     

    19,425

     

    Operating lease liabilities, noncurrent

     

     

    24,401

     

     

     

    30,598

     

    Deferred tax liabilities

     

     

    7,003

     

     

     

    6,983

     

    Other noncurrent liabilities

     

     

    12,797

     

     

     

    4,577

     

    Liabilities held for sale, noncurrent

     

     

    -

     

     

     

    9,805

     

    Total liabilities

     

     

    249,167

     

     

     

    286,500

     

    Equity:

     

     

     

     

    Common stock

     

     

    46

     

     

     

    44

     

    Additional paid-in capital

     

     

    1,241,931

     

     

     

    1,212,501

     

    Accumulated other comprehensive loss

     

     

    (4,377

    )

     

     

    (2,865

    )

    Accumulated deficit

     

     

    (848,867

    )

     

     

    (805,448

    )

    Total Company stockholders' equity

     

     

    388,733

     

     

     

    404,232

     

    Noncontrolling interest

     

     

    (18,653

    )

     

     

    (17,097

    )

    Total equity

     

     

    370,080

     

     

     

    387,135

     

    Total liabilities and equity

     

    $

    619,247

     

     

    $

    673,635

     

    XPERI INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

    (unaudited)

     

     

     

    Six Months Ended June 30,

     

     

    2024

     

     

    2023

     

    Cash flows from operating activities:

     

     

     

     

    Net loss

     

    $

    (44,002

    )

     

    $

    (72,303

    )

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

     

     

     

     

    Gain from divestiture

     

     

    (22,934

    )

     

     

    -

     

    Depreciation of property and equipment

     

     

    6,862

     

     

     

    8,295

     

    Amortization of intangible assets

     

     

    22,081

     

     

     

    29,625

     

    Stock-based compensation expense

     

     

    30,060

     

     

     

    34,059

     

    Impairment of long-lived assets

     

     

    -

     

     

     

    1,096

     

    Deferred income taxes

     

     

    163

     

     

     

    (736

    )

    Other

     

     

    (2,001

    )

     

     

    (105

    )

    Changes in operating assets and liabilities:

     

     

     

     

    Accounts receivable

     

     

    (2,903

    )

     

     

    (11,480

    )

    Unbilled contracts receivable

     

     

    (22,027

    )

     

     

    (7,324

    )

    Prepaid expenses and other assets

     

     

    4,909

     

     

     

    1,106

     

    Accounts payable

     

     

    (5,360

    )

     

     

    (4,691

    )

    Accrued and other liabilities

     

     

    (19,404

    )

     

     

    (20,428

    )

    Deferred revenue

     

     

    2,635

     

     

     

    (1,743

    )

    Net cash used in operating activities

     

     

    (51,921

    )

     

     

    (44,629

    )

    Cash flows from investing activities:

     

     

     

     

    Purchases of property and equipment

     

     

    (2,307

    )

     

     

    (2,470

    )

    Capitalized internal-use software

     

     

    (5,825

    )

     

     

    (3,638

    )

    Purchases of intangible assets

     

     

    (84

    )

     

     

    (91

    )

    Net cash used in divestiture

     

     

    (227

    )

     

     

    -

     

    Net cash used in investing activities

     

     

    (8,443

    )

     

     

    (6,199

    )

    Cash flows from financing activities:

     

     

     

     

    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

     

     

    (5,929

    )

     

     

    (3,127

    )

    Net cash (used in) provided by financing activities

     

     

    (1,601

    )

     

     

    2,723

     

    Effect of exchange rate changes on cash and cash equivalents

     

     

    12

     

     

     

    137

     

    Net decrease in cash and cash equivalents

     

     

    (61,953

    )

     

     

    (47,968

    )

    Cash and cash equivalents at beginning of period

     

     

    154,434

     

    (1

    )

     

    160,127

     

    Cash and cash equivalents at end of period

     

    $

    92,481

     

     

    $

    112,159

     

    (1) Including $12,349 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)

     

    Net income (loss) attributable to the Company:

     

     

     

     

     

     

    Three Months Ended June 30,

     

     

    2024

     

     

    2023

     

     

     

     

     

     

    GAAP net loss attributable to the Company

     

    $

    (30,299

    )

     

    $

    (38,395

    )

     

     

     

     

     

    Adjustments to GAAP net loss attributable to the Company:

     

     

     

     

    Stock-based compensation(1)

     

     

    15,303

     

     

     

    18,091

     

    Amortization of intangible assets

     

     

    11,042

     

     

     

    14,798

     

    Transaction, separation, integration and restructuring related costs:

     

     

     

     

    Transaction, separation, integration and restructuring costs(2)

     

     

    4,003

     

     

     

    622

     

    Severance and retention(3)

     

     

    308

     

     

     

    435

     

    Non-GAAP tax adjustment(4)

     

     

    5,281

     

     

     

    748

     

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

     

    $

    5,638

     

     

    $

    (3,701

    )

     

     

     

     

     

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

     

     

     

     

    Cost of revenue, excluding depreciation and amortization of intangible assets

     

    $

    858

     

     

    $

    927

     

    Research and development

     

    $

    5,831

     

     

    $

    6,405

     

    Selling, general and administrative

     

    $

    8,614

     

     

    $

    10,759

     

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

     

     

     

     

    Cost of revenue, excluding depreciation and amortization of intangible assets

     

    $

    -

     

     

    $

    -

     

    Research and development

     

    $

    -

     

     

    $

    -

     

    Selling, general and administrative

     

    $

    3,588

     

     

    $

    622

     

    Interest and other income, net

     

    $

    415

     

     

    $

    -

     

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

     

     

     

     

    Cost of revenue, excluding depreciation and amortization of intangible assets

     

    $

    44

     

     

    $

    17

     

    Research and development

     

    $

    146

     

     

    $

    172

     

    Selling, general and administrative

     

    $

    118

     

     

    $

    246

     

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

     

     

     

     

     

     

    Three Months Ended June 30,

     

     

    2024

     

     

    2023

     

     

     

     

     

     

    GAAP net loss per share attributable to the Company

     

    $

    (0.67

    )

     

    $

    (0.90

    )

     

     

     

     

     

    Adjustments to GAAP loss per share attributable to the Company:

     

     

     

     

    Stock-based compensation

     

     

    0.34

     

     

     

    0.42

     

    Amortization of intangible assets

     

     

    0.24

     

     

     

    0.35

     

    Transaction, separation, integration and restructuring related costs

     

     

    0.09

     

     

     

    0.02

     

    Non-GAAP tax adjustment

     

     

    0.12

     

     

     

    0.02

     

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

     

    $

    0.12

     

     

    $

    (0.09

    )

     

     

     

     

     

    GAAP weighted average number of shares - diluted

     

     

    45,331

     

     

     

    42,770

     

    Non-GAAP weighted average number of shares - diluted

     

     

    45,494

     

     

     

    42,770

     

    XPERI INC.

    GAAP TO NON-GAAP RECONCILIATIONS

    (in thousands)

    (unaudited)

     

     

     

     

     

     

     

    Three Months Ended June 30,

     

     

    2024

     

     

    2023

     

    GAAP operating loss

     

    $

    (21,907

    )

     

    $

    (35,182

    )

    Adjustments to GAAP operating loss:

     

     

     

     

    Stock-based compensation

     

     

    15,303

     

     

     

    18,091

     

    Amortization of intangible assets

     

     

    11,042

     

     

     

    14,798

     

    Transaction, separation, integration and restructuring related costs:

     

     

     

     

    Transaction, separation, integration and restructuring costs

     

     

    3,588

     

     

     

    622

     

    Severance and retention

     

     

    308

     

     

     

    435

     

    Non-GAAP operating income/(loss)

     

    $

    8,334

     

     

    $

    (1,236

    )

    XPERI INC.

    GAAP TO NON-GAAP RECONCILIATIONS

    (in thousands)

    (unaudited)

     

     

     

    Three Months Ended June 30,

     

     

    2024

     

     

    2023

     

    GAAP net loss

     

    $

    (30,631

    )

     

    $

    (39,364

    )

    Adjustments to GAAP net loss:

     

     

     

     

    Interest expense

     

     

    925

     

     

     

    795

     

    Provision for income taxes

     

     

    9,266

     

     

     

    5,090

     

    Stock-based compensation

     

     

    15,303

     

     

     

    18,091

     

    Depreciation expense

     

     

    3,278

     

     

     

    4,202

     

    Amortization of intangible assets

     

     

    11,042

     

     

     

    14,798

     

    Amortization of capitalized cloud computing costs

     

     

    1,124

     

     

     

    485

     

    Transaction, separation, integration and restructuring related costs:

     

     

     

     

    Transaction, separation, integration and restructuring costs

     

     

    4,003

     

     

     

    622

     

    Severance and retention

     

     

    308

     

     

     

    435

     

    Non-GAAP adjusted EBITDA

     

    $

    14,618

     

     

    $

    5,154

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240805730607/en/

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