Business
Xperi Holding Corporation Announces First Quarter 2021 Results
SAN JOSE, Calif.--(BUSINESS WIRE)-- Xperi Holding Corporation (Nasdaq: XPER) (the “Company”, “Xperi” or “we”) today announced financial results for the first
About this update from Adeia Inc.
[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nXperi Holding Corporation (Nasdaq: XPER) (the “Company”, “Xperi” or “we”) today announced financial results for the first quarter ended March 31, 2021.\n\n“Revenue for the first quarter was in line with our expectations, marking a strong start for the year and placing us on track to realize our full year financial outlook,” said Jon Kirchner, chief executive officer of Xperi. “Importantly, we made material progress on each of our strategic initiatives in our IP and product segments, and we expect continued strong execution throughout the balance of the year.”\n\nFirst Quarter 2021 Financial Highlights:\n\n\nRevenue of $221.6 million.\n\n\nCash Flow from Operations of $26.7 million.\n\n\nAdjusted Free Cash Flow1 of $29.7 million.\n\n\nGAAP earnings per share of $0.05 and Non-GAAP earnings per share of $0.59.\n\n\nBought back $25 million of common stock.\n\n\nIncreased stock repurchase authorization by $100 million, bringing the total current amount available to $155 million.\n\n\nFirst Quarter 2021 Business and Recent Operating Highlights:\n\nIP Licensing Business \n\n\nRenewed agreement with Frontier, one of the top 10 traditional Pay-TV providers in the US.\n\n\nRenewed and extended licenses with Cox, Sony, and TCL.\n\n\nProduct Business\n\nConsumer Experience business highlights:\n\n\nExpanded TiVo Stream footprint with increasing activations.\n\n\nExpanded content on the TiVo+ service with the launch of IMDb TV, Amazon’s free ad-supported service, Paramount+, and TVEverywhere.\n\n\nSigned a multi-year agreement with Xiaomi, which includes a commitment for IMAX Enhanced on Xiaomi TVs.\n\n\nPerceive signed an additional customer contract and is working through product integration and production ramp plans.\n\n\nConnected Car business highlights:\n\n\nDelivered HD Radio on 14 new 2021 car models in North America.\n\n\nLicensed TiVo Metadata to a top five global streaming music service, which will facilitate the use of advanced features in the DTS AutoStage product.\n\n\nAchieved ISO9001 certification for the design, development and deployment of software computer vision technologies, an important quality mark for the sell-in of DTS AutoSense solutions.\n\n\nPay-TV business highlights:\n\n\nDemand for the TiVo IPTV video service continued to grow with deployments increasing nearly 100% quarte...