Japanese brand to launch TVs 'Powered by TiVo'

Xperi Inc. Announces First Quarter 2024 Results

SAN JOSE, Calif. — 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.

Financial Highlights

GAAP Highlights ($ millions, except per share data)  Q1 FY24  Q1 FY23
---------------------------------------------------  -------  -------
Revenue                                               $118.8  $126.8*
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)

* 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.