First TVs powered by TiVo Stream OS expected in late 2023/early 2024Monday, May 9th, 2022
Xperi Holding Corporation Announces First Quarter 2022 Results
- Remains on track to separate product and IP businesses in the fall
SAN JOSE, Calif. — Xperi Holding Corporation (NASDAQ: XPER) (the “Company”, “Xperi” or “we”) today announced financial results for the first quarter ended March 31, 2022.
“We are off to a good start for the year, delivering revenue growth of 16% in the first quarter, primarily due to the previously announced Micron agreement,” said Jon Kirchner, chief executive officer of Xperi. “The top line strength, combined with our progress on key strategic initiatives, positions us well to deliver on our full year 2022 outlook, which we are reaffirming today. We are also excited about the long-term value creation potential of our soon-to-be completed business separation, which remains on track for this fall.”
First Quarter 2022 Financial Highlights:
- Revenue of $257.4 million for the quarter, increased 16% compared to $221.6 million for Q1 2021.
- GAAP earnings per share of $0.24, compared to $0.05 in Q1 2021, and non-GAAP earnings per share of $0.92, compared to $0.59 in Q1 2021.
- Cash Flow from Operations was $46.3 million, versus $26.7 million in Q1 2021.
- Repurchased $17.3 million of common stock.
First Quarter 2022 Business and Recent Operating Highlights:
IP Licensing Business (Revenue: $138.5 million)
- A top 10 virtual Multichannel Video Programming Distributor (vMVPD) entered into a long-term license renewal for Adeia’s media patent portfolios.
- LAPIS Technology, a ROHM Semiconductor Group subsidiary, entered into an agreement for access to Adeia’s DBI® Ultra die-to-wafer hybrid bonding technology and foundational hybrid bonding patent portfolio.
- Micron entered into a license for Adeia’s hybrid bonding and semiconductor portfolio, resulting in Adeia now having more than 90% of the DRAM memory market under license.
Product Business (Revenue: $118.9 million)
- Continued to drive adoption of higher-value IPTV solutions, with double-digit IPTV subscriber growth as compared to the fourth quarter.
- Added new operators with our expanded product offerings, including a new win with NfinityLink Communications.
Consumer Electronics highlights:
- Signed key renewals with Skyworth and Best Buy relating to soundbar and TV products.
- Expanded licensing relationship with TCL to include decoder post-processing and DTS Play-Fi support in soundbar and TV products.
- Achieved DXOMARK’s #1 ranking for the latest IMAX Enhanced certified mobile device from Honor.*
- DTS Headphone:X-enabled headphones from HyperX were recognized as Editors’ Pick for “Best Gaming Headsets” by Rolling Stone magazine.
Connected Car highlights:
- BMW expanded shipments of the iX model with DTS AutoSense into more countries, and we advanced engagement for in-cabin monitoring solutions with numerous European and Asian car companies.
- Mercedes-Benz expanded shipments of DTS AutoStage-enabled models to more than 40 countries, and over the quarter we further advanced pipeline development for DTS AutoStage with OEM customers in the U.S., Europe, and Asia.
- DTS AutoSense Neuromorphic Driver Monitoring Solution was a 2022 Winner for the Artificial Intelligence Excellence Award presented by the Business Intelligence Group.
Media Platform highlights:
- Strengthened customers’ premium live TV viewing experience by integrating YouTube TV into TiVo Stream OS and TiVo Stream 4K.
- Launched TiVo Xtend™, an end-to-end advertising solution that enables incremental reach and frequency opportunities for Connected TV advertisers.
- Added streaming services Shudder, SundanceNow, and allblk to TiVo Stream OS, increasing on-platform ad-supported viewership.
- Advanced TiVo Stream ecosystem development across content partners, OEMs, and chipset providers.
Xperi Holding Corp (XPER) Q1 2022 Results Earnings Call
On the Q1 2022 results earnings call, Jon Kirchner said: “Our fourth and final product category is Media Platform, which captures the TiVo Stream OS, the TiVo Stream 4K, monetization and TV viewership data. This is our fastest-growing category, and we expect double-digit growth in this category in 2022, mostly driven by expansion in our advertising-based monetization revenue. At the same time, we’re focused on partnerships with TV OEMs, chipset partners and content providers to bring the first TVs powered by TiVo Stream OS in late 2023 or early 2024. During the quarter, we announced the integration of YouTube TV into TiVo Stream 4K and TiVo Stream OS, strengthening the premium live TV viewing experience. Additionally, we launched TiVo Xtend, an end-to-end advertising solution that enables incremental reach and frequency opportunities for Connected TV advertisers. We also advanced the TiVo Stream ecosystem development across content partners, OEMs and chipset providers.”
* DXOMARK is an independent benchmark site that scientifically assesses smartphones, lenses, and cameras.
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