Xperi Inc. Announces First Quarter 2024 Results

Rhea-AI Summary

Xperi Inc. reported its first quarter 2024 financial results, showing solid growth in connected car, media platform, and video-over-broadband despite a decline in revenue due to divestitures. The company expects significant long-term revenue growth and margin expansion driven by TiVo OS, video-over-broadband, and connected car deployments. Financial highlights include a GAAP operating loss and net loss, while non-GAAP metrics show a slight operating loss and positive adjusted EBITDA. Recent achievements include new partnerships for smart TVs, increased penetration of HD Radio in vehicles, and continued growth in video-over-broadband subscribers. The company remains focused on its strategic initiatives and expects to achieve its multi-year targets. The financial outlook for fiscal year 2024 reaffirms revenue guidance and adjusted EBITDA margin expectations.

Positive

• Strong growth in connected car, media platform, and video-over-broadband segments despite revenue decline from divestitures

• Expected significant long-term revenue growth and margin expansion driven by key growth drivers

• New partnerships with global Japanese brands for smart TVs 'Powered by TiVo' and increased deployment of TiVo OS in smart TVs across Europe

• Increased penetration of HD Radio in vehicles and continued growth in video-over-broadband subscribers

• Reaffirmed outlook for fiscal year 2024 with revenue guidance of $500M to $530M and adjusted EBITDA margin expectations of 12% to 14%

Negative

• Revenue decline year over year due to impact of AutoSense and imaging divestiture

• GAAP operating loss and net loss reported for the first quarter of 2024

• Non-GAAP operating loss and negative earnings per share attributed to Xperi in Q1 FY24

Financial Analyst

Reviewing Xperi Inc.'s Q1 2024 financials, we observe a decrease in total revenue year over year from $126.82 million to $118.8 million, which is partially attributed to the divestiture of the AutoSense and imaging division. This is notable as it signifies a potential restructuring that could streamline the company's focus on core growth areas. The reported GAAP Operating Loss has marginally improved from ($33.6) million to ($32.3) million and the GAAP Net Loss has significantly decreased from ($32.9) million to ($13.4) million. This suggests a more controlled expense management or possibly lower depreciation and amortization costs post-divestiture.

However, from an investor's standpoint, it's worth noting the Non-GAAP Operating Income/Loss which swung from a slight income of $0.9 million to a loss of ($0.9) million and Adjusted EBITDA also dropped from $6.8 million to $5.4 million. Earnings per Share (EPS) have improved from ($0.76) to ($0.29) on a GAAP basis and from $0.04 to ($0.05) on a non-GAAP basis. The EPS improvement indicates a reduced loss impact on shareholders, but the move from positive non-GAAP EPS to negative is a point of concern.

Xperi's reaffirmation of its 2024 fiscal year revenue outlook between $500 million and $530 million along with a targeted 12% to 14% Adjusted EBITDA Margin provides a forward-looking projection that could be used to gauge managerial confidence and future performance. While the short-term financials show some pressure points, the long-term outlook suggests optimism contingent on the execution of strategic initiatives.

Market Research Analyst

From a market dynamics perspective, Xperi's emphasis on growth areas such as connected car and media platforms is in alignment with industry trends towards greater digital and connected services. The increase in HD Radio penetration, up to 58% of North American vehicles and the expansion of their IPTV subscriber base are positive indicators of the company's market traction. The upcoming launch of Japanese brand TVs featuring TiVo and the expansion of TiVo Broadband implies a strong push in consumer tech in anticipation of events like UEFA Euro 2024.

Additionally, partnerships with major automotive brands for standard HD Radio features and deployment in millions of vehicles for DTS AutoStage highlight Xperi's entrenched position in these verticals. Such collaborations with industry leaders could be seen as a validation of Xperi's technology and could potentially contribute to recurring revenue streams.

The mention of upcoming product commercialization with a big tech partner for Perceive is an interesting development that suggests potential future revenue opportunities, although investors should be mindful of the uncertainty and risks involved in such partnerships. Furthermore, the integration of DTS:X decoder with major PC manufacturers may expand the company's reach in the consumer electronics sector, which could have a positive influence on investor sentiment.

Tech Industry Analyst

Observing the technological advances and product launches, Xperi's strategic initiatives appear to be well-aligned with evolving consumer preferences and industry standards, particularly in the realms of immersive audio and streaming services. The integration of DTS:X technology with well-known consumer electronics brands signifies an adherence to high-quality audio standards that may enhance user experience and drive brand loyalty.

The collaboration with Disney+ for IMAX Enhanced streaming content featuring DTS:X sound also underscores Xperi's engagement with premium content services, potentially increasing the value proposition to end users. This could resonate well with the consumer base that prioritizes high-fidelity audio-visual experiences.

Moreover, the advancement in large language model compression could be a strategic move in the AI space, as more companies seek ways to integrate AI capabilities into their offerings without the high computational costs typically associated. Such technological differentiation might provide Xperi a competitive edge over time.

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

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

SAN JOSE, Calif.--(BUSINESS WIRE)-- 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/

Xperi Investor Contact:

Mike Iburg

VP, Investor Relations

+1 408-321-3827

ir@xperi.com

Media Contact:

Amy Brennan

Senior Director, Corporate Communications

+1 949-518-6846

amy.brennan@xperi.com

Source: Xperi Inc

FAQ

What were Xperi Inc.'s revenue and net loss in the first quarter of 2024?

Xperi Inc. reported revenue of $118.8 million and a net loss of $13.4 million in Q1 FY24.

What strategic initiatives is Xperi focusing on for profitable growth?

Xperi is focusing on executing its independent media platform strategy to drive profitable growth and is taking steps to reduce expenses.

What are some recent achievements of Xperi Inc. in the connected car segment?

Recent achievements in the connected car segment include increased penetration of HD Radio in vehicles and deployment of DTS AutoStage in millions of vehicles worldwide.

How many video-over-broadband subscribers did Xperi have at the end of Q1 2024?

Xperi ended Q1 2024 with over 2 million video-over-broadband (IPTV) subscriber households.

What is Xperi's financial outlook for fiscal year 2024 in terms of revenue and adjusted EBITDA margin?

Xperi reaffirms its outlook with revenue guidance of $500M to $530M and adjusted EBITDA margin expectations of 12% to 14% for FY24.