Business
Xperi Increases Annual Revenue and Cash Flow Guidance by $10 Million
SAN JOSE, Calif.--(BUSINESS WIRE)-- Xperi Holding Corporation (NASDAQ: XPER) (“Xperi” or the “Company”) today announced a $10 million increase in both its
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[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nXperi Holding Corporation (NASDAQ: XPER) (“Xperi” or the “Company”) today announced a $10 million increase in both its annual revenue and operating cash flow guidance for 2022. The increase is primarily due to a recently resolved contract dispute with a customer.\n\nThe updated guidance for revenue and operating cash flow for full year 2022 is as follows:\n\n\n\nCategory\n\n\n\nPrior Outlook\n\n\n\nUpdated Outlook\n\n\n\n\n\nRevenue\n\n\n\n$910M to $950M\n\n\n\n$920M to $960M\n\n\n\n\n\nOperating Cash Flow\n\n\n\n$200M to $230M\n\n\n\n$210M to $240M\n\n\n\n\nThe Company’s FotoNation subsidiary filed a request for arbitration in January 2020 against a large mobile imaging customer for breach of contract. In settling the arbitration, Xperi entered into an agreement that resolves all outstanding disputes, provides an upfront payment to Xperi for past licensing fees and requires additional license fees and payments to Xperi over the next few years.\n\n“We are very pleased to have reached a resolution of this long-standing dispute,” said Jon Kirchner, chief executive officer of Xperi. “This resolution, along with a recent long-term renewal of a significant IP licensing customer, provides the foundation to increase our revenue and operating cash guidance outlook. We continue to execute on our long-term strategy, despite a challenging market backdrop.”\n\nSafe Harbor Statement\n\nThis press release contains \"forward-looking statements\" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company’s updated financial and cash flow outlook. In this context, forward-looking statements often address expected future business, financial performance and financial condition, and often contain words such as \"expect,\" \"anticipate,\" \"intend,\" \"plan,\" \"believe,\" \"could,\" \"seek,\" \"see,\" \"will,\" \"may,\" \"would,\" \"might,\" \"potentially,\" \"estimate,\" \"continue,\" \"expect,\" \"target,\" similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking ...