Xperi signs second top-10 Smart TV OEM for TiVo OS

Tuesday, May 9th, 2023 
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Xperi Inc. Announces First Quarter 2023 Results

  • Second Top-Ten Smart TV OEM to Support TiVo Operating System
  • Awarded Major Design Win for DTS AutoStage In-Vehicle Infotainment Platform

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 2023 financial results for the period ended March 31, 2023.

“With the announcement of a second Smart TV OEM and another Connected Car design win, we continue to drive towards our strategic vision of being the independent media platform of choice,” said Jon Kirchner, chief executive officer of Xperi. “Our revenue growth and solid financial performance are a testament to our technology and market strategy. Our expertise in both audio and video content delivery puts us in a strong position to grow our footprint, whether in the living room, in the car, or on the go.”

Financial Highlights

GAAP Highlights ($ millions, except per share data)

                                    Q1 FY23  Q1 FY22
                                    -------  -------
Revenue                              $126.8   $118.9
GAAP Operating Income/(Loss)        $(33.6)  $(28.9)
GAAP Loss per Share                 $(0.76)      n/a

Non-GAAP Highlights ($ millions, except per share data)[1]

                                    Q1 FY23  Q1 FY22
                                    -------  -------
Revenue                              $126.8   $118.9
Non-GAAP Operating Income/(Loss)       $0.9   $(2.5)
Adjusted EBITDA                        $6.8     $4.0
Non-GAAP Earnings/(Loss) per Share    $0.04      n/a

Recent Key Operating Achievements

Media Platform

  • Xperi signed an agreement with a second top-ten Smart TV OEM to integrate the TiVo Operating System (TiVo OS) into their TV lineup with plans to launch Smart TVs “Powered by TiVo” initially in Europe in 2024.

Connected Car

  • Xperi was awarded a new program for its DTS AutoStage in-cabin infotainment platform with a major Japanese car manufacturer. This global program is expected to incorporate AutoStage into vehicles in North America starting later this year, followed by Europe and Asia in 2024.
  • With its DTS AutoStage and DTS AutoSense solutions, the Company has now been awarded a combined total of more than 10 automotive OEM programs that include over 100 specific car models, allowing for integration into tens of millions of vehicles globally over the next five years.
  • Xperi’s HD Radio was launched in 12 additional models for the U.S. market and 6 additional models for Mexico, increasing its penetration in this market. In addition, the Company renewed an HD Radio license agreement with Harman, a major Tier 1 automotive supplier, which we expect will continue to incorporate HD Radio into millions of cars over the next six years.

Pay TV

  • TiVo IPTV continued its double-digit subscriber growth with new rollouts by major service providers across the Americas. For example, Eastlink launched TiVo IPTV on their Canadian footprint in the first quarter.
  • Frndly TV, a leading affordable live TV provider for the whole family with 750K+ subscribers, selected TiVo as their personalized content and discovery platform, providing search, discovery, and recommendations.

Consumer Electronics

  • The Company signed a series of major, multi-year license renewals during the quarter, demonstrating the durability and longevity of the DTS audio technology.

1. For further information on supplemental non-GAAP metrics, refer to the “Non-GAAP Financial Measures” and GAAP to non-GAAP Reconciliations in full release.

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