Xperi Q2: “Increasingly well-positioned for growth”
August 4, 2021
Xperi has announced financial results for the second quarter ended June 30th 2021.
“We delivered strong second quarter revenue and earnings driven by certain deals closing earlier than expected and some expenses shifting to later in the year, increasing our visibility to achieve our full year financial outlook,” said Jon Kirchner, chief executive officer of Xperi. “Importantly, we continue to make progress on each of our key initiatives in our IP and product segments, and we believe we are increasingly well positioned for growth in both segments.”
Second Quarter 2021 Financial Highlights:
- Revenue of $222.3 million (€187.2m).
- GAAP loss per share of $(0.01) and non-GAAP earnings per share of $0.61.
- Cash Flow from Operations of $56.3 million.
- Adjusted Free Cash Flow of $56.7 million.
- Paid down $50.6 million in debt and repriced remaining debt to lower future borrowing costs.
- Bought back $10 million of common stock.
Second Quarter 2021 Business and Recent Operating Highlights:
- Renewed and extended license agreement with Google.
- Renewed and extended license agreement with Fox Corporation.
- Renewed and extended license agreement with one of the leading Canadian pay-TV operators.
Consumer Experience business highlights:
- Expanded TiVo Stream 4K footprint through additional retail distribution at Best Buy, Target and QVC.
- YouTube TV and RCN distributed TiVo Stream 4Ks as part of their marketing efforts to select subscribers.
- Expanded content on our TiVo+ ad-supported video service offering, which now includes 160 free ad-supported television (FAST) channels and over 100,000 AVoD assets.
Connected Car business highlights:
- Delivered HD Radio on 15 new 2021 car models in North America.
- Engaged with 20 OEMs for DTS AutoStage and 14 OEMs for DTS AutoSense for launches in 2022 through 2026.
- Launching DTS AutoSense in BMW vehicles later this summer.
Pay-TV business highlights:
- Signed a licence agreement with Hotwire Communications, one of the nation’s leading fiber optics telecommunications providers, for the TiVo IPTV platform.
- Acquired MobiTV assets to broaden and further solidify TiVo’s position in the IPTV Pay-TV market.
- Entered into new and more favorable agreements with nearly all MobiTV customers. These customers will benefit from continued investment in the platform and Xperi’s commitment to supporting operators with a broad portfolio of IPTV solutions.
The Company is lowering its interest expense outlook to $39 million from $43 million and reaffirms the remainder of its full year outlook.