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    Xperi Inc. Announces Third Quarter 2024 Results

    11/6/24 4:40:00 PM ET
    $XPER
    Computer Software: Prepackaged Software
    Technology
    Get the next $XPER alert in real time by email

    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

    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

    $130.41

    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

    $130.41

    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.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241106743371/en/

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