Xperi signs fourth Smart TV OEM for its TiVo OS

Xperi Inc. Announces Third Quarter 2023 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 financial results for the third quarter ended September 30, 2023.

“Today’s results reflect the completion of our first year as a standalone company – a year highlighted by significant design wins and strong business momentum across our key growth areas, coupled with solid financial performance, including comparable 6% revenue growth over the prior year trailing twelve months,” said Jon Kirchner, chief executive officer of Xperi. “We are entering a particularly exciting phase as our business momentum is translating into tangible operational milestones, such as video services powered by TiVo now shipping in Vestel Smart TVs, as well as in BMW cars. When taken together with ongoing efforts to drive cost transformation, these milestones are important steps toward delivering on our strategic vision, improving profitability, and achieving significant long-term revenue growth,” added Kirchner.

Financial Highlights

GAAP Highlights ($ millions, except per share data)   Q3 FY23   Q3 FY22
---------------------------------------------------  --------  --------
Revenue                                                $130.4    $121.6
GAAP Operating Loss                                   ($31.1)  ($399.1)
GAAP Loss per Share                                   ($0.96)   ($9.54)

Recent Key Operating Achievements

Media Platform

• Vestel is now shipping Smart TVs Powered by TiVo under the JVC brand to retailers in Europe.
• Signed a fourth Smart TV OEM to integrate the TiVo Operating System into its 2024 European TV lineup.
• Won three “Best of IFA” awards for TiVo OS at Europe’s largest consumer electronics tradeshow held in September.

Connected Car

• DTS AutoStage Video Service, Powered by TiVo, has been integrated into the new generation BMW 5-Series. These vehicles are now in showrooms across the United States, Germany, United Kingdom, Italy, France, Spain, and South Korea. BMW will expand the AutoStage Video rollout in these regions to a broad range of additional models across various vehicle segments.
• Won a second DTS AutoStage Video Service program with another major European automotive OEM. This deployment in multiple models will begin initially in Asia for the 2025 model year.
• Won a new HD Radio and DTS AutoStage program with Ford Motor Company for its new radio platform unveiled at the North American Auto Show earlier this fall. This program is now in production for certain North American vehicles.
• Reached a major milestone of 100 million cars incorporating HD Radio.

Pay TV

• Posted double-digit year-over-year IPTV subscriber growth for the 17th consecutive quarter.
• Over 100 service providers have now selected TiVo’s IPTV solutions for their customers.
• Signed 5 new video service providers for the TiVo+ streaming service, which offers up to 160 channels of content curated from over 800 free ad-supported channels. TiVo+ is now deployed by 30 video service providers in the U.S.

Consumer Electronics

• Signed several multi-year license renewals with major consumer electronics manufacturers, including Sony, Vestel, and Skyworth, for DTS audio or Play-Fi wireless solutions, demonstrating the market appeal and longevity of these solutions.
• Signed a Top-3 global PC OEM to deploy DTS:X audio solution across a wide range of consumer PCs and laptops.
• Won three “Best of IFA” awards for DTS Play-Fi, a whole-house wireless speaker solution.