Business
Xperi Holding Corporation Announces Second Quarter 2020 Results
SAN JOSE, Calif.--(BUSINESS WIRE)-- Xperi Holding Corporation (Nasdaq: XPER) (the “Company” or “we”) today announced financial results for the second quarter
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[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nXperi Holding Corporation (Nasdaq: XPER) (the “Company” or “we”) today announced financial results for the second quarter ended June 30, 2020.\n\n\n“This has been a very productive time for Xperi, as we closed our transformational merger with TiVo in June and have made significant progress on the integration and on our strategic and financial goals,” said Jon Kirchner, chief executive officer of Xperi. “We delivered solid results across our combined businesses, and we continue to see validation of our IP through key agreements, renewals, and favorable litigation decisions. We are beginning to realize the benefits of the added scale and diversification to our IP and Product platforms and believe Xperi is well positioned as a key provider of technology to enable more compelling experiences in the markets we serve.”\n\n\nSecond Quarter 2020 Financial Highlights:\n\n\n\nCompleted the merger of Xperi Corporation and TiVo Corporation on June 1, 2020, to form Xperi Holding Corporation.\n\n\nBillings for legacy Xperi of $93.4 million, above the high end of expectations.\n\n\nReported GAAP quarterly revenue, including only one month of TiVo operations post close, of $137.6 million.\n\n\nFully combined Adjusted Revenue, on a non-GAAP basis, of $234.8 million for the quarter (see definition of Adjusted Revenue below).\n\n\nRepurchased $15 million of common stock under a new $150 million stock repurchase program.\n\n\nFinished the quarter with $200 million in cash and investments.\n\n\n\nSecond Quarter 2020 Business and Recent Operating Highlights:\n\n\nProduct Business \n\n\nAs a result of the merger, the Company has divided the Product Business into three categories: Consumer Experience, Connected Car, and Pay-TV.\n\n\nConsumer Experience business highlights:\n\n\n\nLaunched TiVo Stream 4K, which is selling at a more rapid rate than previous TiVo hardware launches.\n\n\nCompleted license for DTS:X immersive audio in a next generation game console scheduled for launch this Fall.\n\n\n\nConnected Car business highlights:\n\n\n\nLaunched HD Radio on six new 2020 car models in North America.\n\n\nReleased the latest version of the Company’s Occupancy Monitoring System suite which includes child seat detection, occupant detection, emotion detection, and passenger authentication.\n\n\n\nPay-TV business high...