Business
Xperi Holding Corporation Announces Third Quarter 2020 Results
SAN JOSE, Calif.--(BUSINESS WIRE)-- Xperi Holding Corporation (Nasdaq: XPER) (the “Company”, “Xperi” or “we”) today announced financial results for the third
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[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nXperi Holding Corporation (Nasdaq: XPER) (the “Company”, “Xperi” or “we”) today announced financial results for the third quarter ended September 30, 2020.\n\n“We made significant progress on various strategic initiatives during the quarter and delivered financial results in line with our original second half expectations,” said Jon Kirchner, chief executive officer of Xperi. “We are pleased to have successfully concluded a license with Comcast that further establishes the long term and recurring nature of our licensing programs within the media business. As a result of the license, we are raising our guidance for the second half of our fiscal year and are even more confident about our IP revenue outlook over the long term.”\n\nThird Quarter 2020 Financial Highlights:\n\n\nRevenue of $202.8 million.\n\n\nCash Flow from Operations of $62.2 million.\n\n\nAdjusted Free Cash Flow1 of $66.4 million.\n\n\nBought back $35 million of common stock at an average price of $12.39.\n\n\nFinished the quarter with $203 million in cash and investments.\n\n\nThe Comcast license agreement resolution occurred after the end of the third quarter and as a result will begin to be reflected in the Company’s fourth quarter results.\n\nThird Quarter 2020 Business and Recent Operating Highlights:\n\nIP Licensing Business \n\n\nEarlier today, the Company announced a new license agreement with Comcast.\n\n\nThe Comcast license agreement extends into 2031 and reinforces the strength of the Company’s IP patent portfolio and relevance to media consumption.\n\n\nAll outstanding litigation with Comcast has been settled.\n\n\nProduct Business\n\nConsumer Experience business highlights:\n\n\nExpanded retail footprint for TiVo Stream 4K through Walmart, Walmart.com and Amazon.\n\n\nLaunched partner promotion and distribution with broadband operators for TiVo Stream 4K.\n\n\nTiVo+ content expanded to include Pluto TV, Tubi, XUMO, and Locast and now delivers 144 core channels and up to 200 channels in major markets based on local availability.\n\n\nIMAX Enhanced program expanded with the addition of Hisense TVs in China.\n\n\nThe Company’s startup, Perceive, continued to see expanded interest from potential customers in the PC, mobile, and enterprise segments.\n\n\nConnected Car business highlights:\n\n\nDelivered HD Radio on 14 ...