Business
Xperi Inc. Announces Fourth Quarter and Full Year 2022 Results
Strong financial performance in first quarter as an independent company Awarded first design win for TiVo’s video platform in Connected Car SAN JOSE,
About this update from Adeia Inc.
[{"type":"text","content":"\nStrong financial performance in first quarter as an independent company\n\nAwarded first design win for TiVo’s video platform in Connected Car\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nXperi Inc. (NYSE: XPER) (the “Company” or “Xperi”), an entertainment technology company that invents, develops, and delivers technologies that enable extraordinary experiences, today announced fourth quarter and full year 2022 financial results for the period ended December 31, 2022.\n\n“Our first quarter as an independent company was underscored by substantial market progress, notable design wins, and strong financial performance,” said Jon Kirchner, chief executive officer of Xperi. “Consumers are demanding higher quality digital experiences and our customers and partners are increasingly selecting our independent media platforms to meet that demand. We are intensely focused on expanding our platform adoption and our recent design wins in Smart TV and Connected Car are a testament to the ongoing success of our growth strategy.”\n\nFinancial Highlights\n\n\nRevenue of $136M during the fourth quarter was up 9% from the year-ago period, while full year 2022 revenue of $502M was up 3% from the prior year.\n\n\nFourth quarter GAAP Net Loss was ($297M), or ($7.06) per share, and non-GAAP Net Income1 was $4M, or $0.08 per share.\n\n\nAdjusted EBITDA1 was $4M for the fourth quarter, resulting in an Adjusted EBITDA margin of 3%.\n\n\nThe Company booked a non-cash charge of $258M in the fourth quarter for goodwill impairment and real estate restructuring in connection with its year-end review.\n\n\nFull year results include the Xperi product business on a carve-out basis for the first 9 months, during which time it was part of Xperi Holding Corporation, now known as Adeia Inc. (Nasdaq: ADEA).\n\n\n\n\n1 See discussion of “Non-GAAP Financial Measures” and GAAP to non-GAAP Reconciliation below.\n\n\n\n\nRecent Key Operating Achievements\n\nMedia Platform\n\n\nTiVo’s partner Vestel, the first Smart TV OEM to incorporate the TiVo Operating System (TiVo OS), announced the brand lineup for their Smart TVs Powered by TiVo will be Vestel, Hitachi, JVC, Daewoo, Regal, and Telefunken. These TVs will feature chipsets from market-leader MediaTek.\n\n\nTiVo OS will be integrated onto Amlogic’s 4K and 2K chipsets designed for Smart TVs, significantly reducing cost and...