Xperi Holding Corporation Announces Fourth Quarter 2021 Results￼
Xperi Holding Corporation (Nasdaq: XPER) (the “Company”, “Xperi” or “we”) announced financial results for the fourth quarter ended Dec. 31, 2021.
“Our fourth quarter performance was solid, and we finished the year with revenue around the mid-point of our guidance and earnings above expectations. I’m proud of how our team has navigated the shifting pandemic challenges to position the Company for success,” said Jon Kirchner, chief executive officer of Xperi. “Importantly, we continued to successfully deliver against the key strategic objectives we set following our merger with TiVo nearly two years ago. To that end, we are thrilled to announce a new agreement with Micron, a strong indicator of the industry’s continued move toward hybrid bonding as a key enabling technology.”
Fourth Quarter 2021 Financial Highlights:
- Revenue of $214.4 million for the quarter, compared to $433.9 million for Q4 2020, which included prior period revenue from the Comcast agreement. Quarterly revenue was up more than 2% excluding prior period Comcast revenue.
- GAAP loss per share of $(0.14) and non-GAAP earnings per share of $0.30.
- Cash Flow from Operations of $68.9 million.
- Adjusted Free Cash Flow1 of $65.3 million.
- Repurchased $25.1 million of common stock.
1Adjusted Free Cash Flow is defined as Operating Cash Flow, less purchases of property and equipment, plus merger and integration, separation, and severance and retention costs.
Full Year 2021 Financial Highlights:
- Revenue of $877.7 million for the full year 2021.
- GAAP loss per share of $(0.53) and non-GAAP earnings per share of $2.03.
- Cash Flow from Operations of $234.8 million.
- Returned over $100 million to stockholders through dividends and share repurchases.
Fourth Quarter 2021 Business and Recent Operating Highlights:
IP Licensing Business (Revenue: $89.7 million)
- Increased go-forward average annual revenue baseline from $350 million to $375 million.
- Entered into a new multi-year license agreement with Micron Technology, Inc., which covers our hybrid bonding IP.
- Launched new brand for the IP licensing business, “Adeia.”
Product Business (Revenue: $124.7 million)
Pay-TV business highlights:
- IPTV subscribers grew organically by more than 5 times year-over-year.
- Added several new operator IPTV design wins, including Breezeline.
- Completed the integration of MobiTV, now referred to as TiVo’s Managed IPTV service.
Consumer Electronics business highlights:
- Launched IMAX Enhanced on LG Soundbars and Vestel TVs.
- Increased Sony Pictures IMAX Enhanced content offerings to more than 160 unique titles.
- Play-Fi wireless won multiple innovation awards, including being named a CES 2022 Innovation Awards Honoree.
Connected Car business highlights:
- Toyota will include HD Radio as a standard feature across its entire next generation infotainment system in the U.S.
- Sixteen car companies are testing DTS AutoStage in Europe, North America and Asia; and multiple partners, including two major OEMs, are in advanced stages of testing.
- Achieved important industry A-SPICE certification for the DTS AutoSense driver monitoring solution.
Media Platform business highlights:
- Continued to integrate content onto the TiVo platform, and added Discovery+, PBS, and CineLife to TiVo Stream 4K and TiVo+. TiVo Stream 4K now covers all major streaming services.
- Released “Video Price-Based Auction” solution for TiVo’s CTV ad inventory, driving increasing fill rates.
Environment Social & Governance (ESG)
Earlier this month, the Company published its first annual ESG report. During 2021, Xperi leadership met with employees across its global workforce and through thoughtful, candid conversations on diversity, equity, inclusion, and its environmental footprint, completed a robust analysis to identify and prioritize the ESG issues material to the Company. The report can be found on the Company’s website here: ESG Report.
Source: Business Wire