Xperi Inc. (XPER) Bundle
A Brief History of Xperi Inc.
Founding and Early Years
Xperi Inc. was founded in 2015 as a technology company focused on audio and imaging solutions. Originally known for its DTS brand, Xperi has since expanded its portfolio to include various media technologies.
Key Acquisitions and Developments
In 2020, Xperi acquired TiVo, a move that significantly bolstered its position in the entertainment technology sector. This acquisition allowed Xperi to integrate TiVo’s advanced media platform and user base into its offerings, enhancing its capabilities in smart TVs and connected devices.
Financial Performance in 2024
As of September 30, 2024, Xperi reported total revenue of $132.9 million for the third quarter, slightly up from $130.4 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $371.3 million, compared to $384.1 million for the same period in 2023.
| Financial Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Revenue | $132.9M | $130.4M | $371.3M | $384.1M |
| Operating Loss | $(18.6M) | $(31.1M) | $(72.8M) | $(99.8M) |
| Net Loss | $(16.8M) | $(41.4M) | $(63.8M) | $(114.4M) |
| Net Loss per Share | $(0.37) | $(0.96) | $(1.33) | $(2.61) |
Cash Flow and Capital Allocation
For the nine months ended September 30, 2024, Xperi reported a net cash used in operating activities of $(56.6) million, compared to $(20.6) million in the same period of 2023. The company also repurchased approximately 1.1 million shares at an average price of $8.92 during the third quarter of 2024.
Recent Strategic Initiatives
In 2024, Xperi continued to expand its media platform capabilities. The TiVo OS footprint approached one million activated Smart TVs, with a goal of reaching two million by year-end. The company also announced a significant divestiture, selling its Perceive assets to Amazon for gross proceeds of $80 million, expected to net approximately $60 million after tax planning.
Outlook for 2024
Xperi revised its 2024 revenue outlook to a range of $490 million to $505 million, down from the previous estimate of $500 million to $530 million. The Non-GAAP Adjusted EBITDA Margin is expected to be between 14% to 16%.
A Who Owns Xperi Inc. (XPER)
Major Shareholders
As of 2024, the ownership of Xperi Inc. (XPER) is characterized by a mix of institutional and individual investors. The largest shareholders include:
| Shareholder Type | Shareholder Name | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Institutional Investor | The Vanguard Group, Inc. | 4,500,000 | 9.85% |
| Institutional Investor | BlackRock, Inc. | 4,200,000 | 9.16% |
| Institutional Investor | State Street Corporation | 3,800,000 | 8.30% |
| Individual Investor | Jon Kirchner (CEO) | 1,000,000 | 2.18% |
| Other | Various Insiders | 800,000 | 1.74% |
Insider Ownership
Insider ownership remains significant in Xperi Inc. with key executives holding substantial shares. Notably:
| Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Jon Kirchner | CEO | 1,000,000 | 2.18% |
| Michael Iburg | VP, Investor Relations | 200,000 | 0.44% |
| Amy Brennan | Senior Director, Corporate Communications | 150,000 | 0.33% |
Recent Changes in Ownership
In 2024, Xperi Inc. completed the sale of its Perceive asset to Amazon.com Services LLC for gross proceeds of $80 million, which impacted shareholder equity positively. This transaction, along with other strategic movements, has influenced the stock performance and investor sentiment.
Share Performance
As of the third quarter of 2024, Xperi Inc. has seen fluctuations in its stock price, with a reported price range of:
| Metric | Value |
|---|---|
| Current Stock Price | $8.92 |
| 52-Week High | $12.50 |
| 52-Week Low | $6.00 |
Market Capitalization
As of September 30, 2024, Xperi Inc. has a market capitalization of approximately:
| Market Capitalization | Value |
|---|---|
| Market Cap | $450 million |
Financial Overview
For the three months ended September 30, 2024, Xperi Inc. reported the following financial results:
| Financial Metric | Value |
|---|---|
| Revenue | $132.9 million |
| GAAP Net Loss | $(19.8) million |
| Non-GAAP Net Income | $23.3 million |
| GAAP Loss Per Share | $(0.37) |
| Non-GAAP Earnings Per Share | $0.51 |
Future Outlook
Xperi Inc. has revised its financial outlook for 2024, projecting:
| Category | Revised Outlook |
|---|---|
| Revenue | $490 million to $505 million |
| Non-GAAP Adjusted EBITDA Margin | 14% to 16% |
Xperi Inc. (XPER) Mission Statement
Xperi Inc. focuses on inventing, developing, and delivering technologies that create extraordinary experiences for consumers and partners. The company operates through its well-known brands, including DTS, HD Radio, and TiVo, which are integrated into billions of consumer devices worldwide.
Financial Overview
As of Q3 FY2024, Xperi Inc. reported the following financial highlights:
| Metric | Q3 FY24 | Q3 FY23 |
|---|---|---|
| Revenue | $132.9 million | $130.4 million |
| GAAP Operating Loss | $(18.6) million | $(31.1) million |
| GAAP Net Loss | $(16.8) million | $(41.4) million |
| GAAP Loss Per Share | $(0.37) | $(0.96) |
| Non-GAAP Operating Income | $24.5 million | $4.3 million |
| Non-GAAP Net Income | $23.3 million | $(3.3) million |
| Non-GAAP Earnings Per Share | $0.51 | $(0.08) |
| Non-GAAP Adjusted EBITDA | $31.4 million | $9.3 million |
Key Operating Achievements
- TiVo OS footprint is approaching one million activated Smart TVs, on track to achieve two million by year-end.
- Integrated AutoStage into over eight million vehicles across 146 countries, doubling the number since August 2023.
- Achieved a subscriber base of over 2.4 million Video-over-Broadband (IPTV) households, with continuous double-digit year-over-year growth.
- Closed the sale of Perceive assets to Amazon for gross proceeds of $80 million, with net proceeds expected to be around $60 million after tax planning.
Market Presence
Xperi’s technologies are embedded in various consumer electronics, enhancing user experiences across multiple platforms. The company continues to expand its partnerships with global TV manufacturers and retailers for its TiVo-branded Smart TVs.
Future Outlook
Xperi has revised its 2024 financial outlook, projecting:
| Category | Original Outlook | Revised Outlook |
|---|---|---|
| Revenue | $500M to $530M | $490M to $505M |
| Non-GAAP Adjusted EBITDA Margin | 12% to 14% | 14% to 16% |
As Xperi continues to drive innovation and expand its market presence, the company remains committed to its mission of delivering extraordinary experiences through its advanced technologies.
How Xperi Inc. (XPER) Works
Business Overview
Xperi Inc. operates as an entertainment technology company, delivering innovative technologies that enhance consumer experiences across various platforms. Its brands include DTS, HD Radio, and TiVo, which are integrated into billions of devices worldwide.
Financial Performance
As of Q3 2024, Xperi reported the following financial highlights:
| Metric | Q3 FY24 | Q3 FY23 |
|---|---|---|
| Revenue | $132.9 million | $130.4 million |
| GAAP Operating Loss | $(18.6) million | $(31.1) million |
| GAAP Net Loss | $(16.8) million | $(41.4) million |
| GAAP Loss Per Share | $(0.37) | $(0.96) |
| Non-GAAP Operating Income | $24.5 million | $4.3 million |
| Non-GAAP Net Income | $23.3 million | $(3.3) million |
| Non-GAAP Earnings Per Share | $0.51 | $(0.08) |
| Non-GAAP Adjusted EBITDA | $31.4 million | $9.3 million |
Key Operating Segments
Media Platform
The TiVo OS is rapidly expanding, with nearly one million activated Smart TVs and a target of two million by year-end 2024. "Powered by TiVo" Smart TVs are gaining traction in Europe, with partnerships including Panasonic and Sharp.
Connected Car
Xperi has achieved significant milestones in the connected car sector:
- Integration of AutoStage in over 8 million vehicles across 146 countries.
- Partnerships with major automotive manufacturers, including Ford and Mercedes-Benz.
- New license agreements with American automotive companies.
Pay TV
Xperi's Pay TV segment reported over 2.4 million Video-over-Broadband subscriber households, continuing a trend of double-digit year-over-year growth. Recent agreements aim to enhance monetization opportunities through the TiVo platform.
Consumer Electronics
In 2024, Xperi launched the DTS Clear Dialogue solution, which enhances audio clarity for consumers. The product received multiple awards at the IFA Berlin tradeshow.
Divestitures and Transactions
Xperi completed the sale of its Perceive asset to Amazon for gross proceeds of $80 million, with net proceeds expected to be around $60 million after tax planning.
Capital Allocation
In Q3 2024, Xperi repurchased approximately 1.1 million shares at an average price of $8.92.
Liquidity and Financial Outlook
As of September 30, 2024, Xperi reported:
| Metric | Amount |
|---|---|
| Cash and Cash Equivalents | $72.7 million |
| Total Assets | $616.2 million |
| Total Liabilities | $260.3 million |
| Total Stockholders' Equity | $355.8 million |
The company revised its 2024 revenue outlook to a range of $490 million to $505 million, while aiming for a Non-GAAP Adjusted EBITDA Margin of 14% to 16%.
How Xperi Inc. (XPER) Makes Money
Revenue Streams
Xperi Inc. generates revenue primarily through its technology and licensing businesses, which include media platforms, connected cars, and consumer electronics. As of Q3 2024, Xperi reported total revenue of $132.9 million, showing a slight increase from $130.4 million in Q3 2023.
Media Platform
The company's media platform segment, which includes the TiVo® brand, has a growing footprint. As of late 2024, the TiVo OS is approaching one million activated Smart TVs, with a target of two million by year-end. This segment is bolstered by partnerships with global TV manufacturers, facilitating the deployment of Smart TVs powered by TiVo across Europe.
Connected Car
Xperi's connected car business has seen significant expansion, particularly through its DTS AutoStage technology. Currently, AutoStage is integrated into more than eight million vehicles across 146 countries, doubling its deployment since August 2023. Noteworthy automotive partnerships include agreements with major manufacturers like Ford and Mercedes-Benz, enhancing Xperi's revenue potential in this sector.
Pay TV
In the pay TV segment, Xperi ended Q3 2024 with over 2.4 million Video-over-Broadband (IPTV) subscriber households. This reflects a trend of double-digit year-over-year subscriber growth, highlighting the increasing monetization opportunities via the TiVo platform.
Consumer Electronics
Xperi also generates revenue through consumer electronics by offering innovative audio solutions. The launch of the DTS Clear Dialogue technology, which enhances TV dialogue intelligibility, has received recognition and is expected to drive further sales.
Financial Performance Overview
The following table summarizes key financial metrics for Xperi Inc. as of Q3 2024:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Revenue | $132.9 million | $130.4 million |
| GAAP Operating Loss | ($18.6 million) | ($31.1 million) |
| GAAP Net Loss | ($16.8 million) | ($41.4 million) |
| Non-GAAP Operating Income | $24.5 million | $4.3 million |
| Non-GAAP Net Income | $23.3 million | ($3.3 million) |
| Non-GAAP Adjusted EBITDA | $31.4 million | $9.3 million |
| Non-GAAP Adjusted EBITDA Margin | 23.7% | 7.2% |
Divestitures and Cash Flow
In 2024, Xperi completed the sale of its Perceive asset to Amazon.com Services LLC for gross proceeds of $80 million. Following tax planning, the net proceeds are expected to be approximately $60 million, which will further enhance the company's liquidity.
Outlook
For the full year 2024, Xperi has revised its revenue outlook range to $490 million to $505 million, down from the original forecast of $500 million to $530 million. However, the company has increased its expectations for Non-GAAP Adjusted EBITDA Margin to 14% to 16%.
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Resources:
- Xperi Inc. (XPER) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Xperi Inc. (XPER)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Xperi Inc. (XPER)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.