Slide 1: Q4 and Full Year 2024 Earnings
Q4 and Full Year 2024 Earnings February 26, 2025
Slide 2: Safe Harbor
Safe Harbor This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including wi
Slide 3: Mission, Vision, Markets, Solutions
MISSION VISION MARKETS SOLUTIONS WHAT WHY WHERE WHO Xperi invents, Smarter technology = Media Platform TiVo® develops, and delivers Extraordinary experiences Connected Car DTS® technologies that enable Pay TV HD Radio extraordinary experiences Consumer Electronics IMAX® Enhanced1 1 IMAX® Enhanced is
Slide 4: Q4 Financial Highlights
Q4 Financial Highlights ▪ Q4 revenue of $122M, up 2% year-over-year after adjusting for divestitures ▪ GAAP operating expenses, including cost of revenue, decreased 18% ▪ Non-GAAP adjusted operating expenses1,2, decreased 20% due to cost transformation efforts and the impact of divestitures ▪ GAAP n
Slide 5: Markets and Product Solutions
Growth Solutions Core Solutions TiVo One Monetization Smart TV Middleware Media Platform Markets and Product (ConnectedLines TV + Broadband) DTS AutoStage HD Radio Connected Car (In-Cabin Entertainment) Music Metadata Search & Discovery Video-Over-Broadband Pay TV (IPTV) Classic Guides Consumer Hard
Slide 6: Independent Media Platforms Expected to Grow Significantly
Independent Media Platforms Expected to Grow Significantly HOME (Powering CTV) CAR Media Platform1 IPTV DTS AutoStage (Connected TV + Broadband) (Subscription) FY24 FY26 Goal FY24 FY26 Goal FY24 FY26 Goal Year-End Footprint 2M >7M 2.6M >3.2M 10M >15M Streaming Hours2 ~1.5B >5B 3.9B ~5.4B - - ARPU <$
Slide 7: Media Platform
Media Platform TiVo OS now powering over two million activated Smart TVs Sharp Smart TVs Powered by TiVo began production in December and are now available at certain U.S. retailers Thomson, a leader in Smart TVs, has been named as the 8th partner to launch Smart TVs Powered by TiVo Launched TiVo On
Slide 8: TiVo One Ad Platform
TiVo One Ad Platform TiVo OS Drive Viewership Seamlessly connect viewers from the home screen to your content Seamless Engagement Enabling viewer engagement through native ad interactions Expand Reach Promote OTT, BVOD, AVOD, and Video-over-Broadband (IPTV) premium SVOD services Ad Platform Unified
Slide 9: Connected Car
Connected Car DTS AutoStage global installed base of vehicles now exceeds 10 million cars Signed third license agreement this year for DTS AutoStage video service Powered by TiVo with a Japanese customer HD Radio is now implemented in more than 110 million vehicles with penetration approaching 60% o
Slide 10: Pay TV
Pay TV Ended 2024 with 2.6 million video-over-broadband (IPTV) subscriber households, up 37% year-over-year Signed 7 new TiVo Broadband customers in the fourth quarter 2024, bringing the cumulative total to 20 10 © 2025 Xperi Inc. All rights reserved.
Slide 11: Consumer Electronics
Consumer Electronics Closed several long-term DTS audio renewals with customers including Harman and Yamaha At CES 2025, DTS Clear Dialogue won three technology and innovation awards from industry-leading publications 11 © 2025 Xperi Inc. All rights reserved.
Slide 12: 2024 Independent Media Platform Achievement
2024 Independent Media Platform Achievement GOAL ACHIEVEMENT TiVo OS • TiVo OS in all 5 major European ✓ TiVo OS in 5 major countries and (Media Platform) countries + U.S. market shipped into U.S. (Sharp) • Sign 1 additional TV OEM for ✓ Signed 3 additional TV partners for a a cumulative total of 6
Slide 13: 2025 Exit Growth Goals
2025 Exit Growth Goals Media Platform Pay TV Connected Car TiVo One – TiVo OS TiVo IPTV DTS AutoStage ➢ More than 5 Million Active * TiVo One devices across ➢ Activate TiVo One across ➢ DTS AutoStage footprint of Europe & North America North America video- over 13M vehicles over-broadband devices ➢
Slide 14: Q4 2024 Revenue Breakdown
Q4 2024 Revenue Breakdown Y/Y Excl. Y/Y % Excl. AutoSense/ AutoSense/ Market Y/Y Y/Y % Q4 2023 Q4 2024 Imaging Imaging ($ in thousands) Change Change from Q4 from Q4 2023 2023 Pay TV 66,064 60,478 (5,586) (8%) (5,586) (8%) - Core Pay TV1 49,391 38,040 (11,351) (23%) (11,351) (23%) - IPTV 16,673 22,4
Slide 15: 2024 Revenue Breakdown
2024 Revenue Breakdown Y/Y Excl. Y/Y % Excl. Market Y/Y Y/Y % AutoSense/ AutoSense/ 2023 2024 ($ in thousands) Change Change Imaging Imaging from 2023 from 2023 Pay TV 244,708 259,712 15,004 6% 15,004 6% - Core Pay TV1 184,683 179,529 (5,154) (3%) (5,154) (3%) - IPTV 60,025 80,183 20,158 34% 20,158
Slide 16: Trended FY24 Revenue
Trended FY24 Revenue ($ in thousands) As Reported: Q1’24 Q2’24 Q3’24 Q4’24 FY2024 Pay TV 56,806 60,752 81,676 60,478 259,712 Consumer Electronics (“CE”) 26,128 17,164 16,906 21,795 81,993 Connected Car 24,348 31,423 25,534 29,839 111,144 Media Platform 11,562 10,252 8,775 10,250 40,839 Total Revenue
Slide 17: Q4 2024 Summary Financial Results
Q4 2024 Summary Financial Results ($ in thousands, except per share amounts) Q4 2024 GAAP Q4 2024 Non-GAAP3 Revenue 122,362 122,362 Cost of revenue1 27,563 26,733 Adjusted operating expense2 109,085 78,151 Operating income/(loss) (14,286) 17,478 Adjusted EBITDA n/a 22,711 Other non-op expense/(incom
Slide 18: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow ▪ Finished the year with $131 million of cash and cash equivalents, including $68 million of cash proceeds from sale of Perceive in October 2024 ▪ Repurchased $10 million of common stock in Q4, bringing total share repurchases in 2024 to $20 million for 2.2 million shares
Slide 19: Financial Outlook for FY 2025
Financial Outlook for FY 2025 The Company’s fiscal 2025 outlook ranges as of February 26, 2025, are as follows: Category ($ in millions) GAAP Outlook Non-GAAP Outlook Revenue $480 to $500 $480 to $500 Adjusted EBITDA Margin1, 2 n/a 16% to 18% Additional Information Operating Cash Flow Slightly Posit
Slide 20: We create extraordinary experiences at home, in the car, and on the go
Connected Car We create extraordinary experiences at home, in the car, and on the go Consumer Pay TV Electronics for millions of consumers around the world. Media Platform 20 © 2023 Xperi. All rights reserved.
Slide 21: Thank You
Thank You
Slide 22: Reconciliation Tables
Reconciliation Tables
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to disclosing financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company’s presentation contains non-GAAP financial measures, including Non-GAAP Operating Income/(Loss), Non-GAAP Adjusted Operating Expen
Slide 24: GAAP to Non-GAAP Net (Loss) Income Reconciliation
GAAP to Non-GAAP Net (Loss) Income Reconciliation XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share amounts) Three Months Ended December 31, (unaudited) 2024 2023 GAAP net income (loss) attributable to the Company $ 46,216 $ (24,792 ) Adjustments to GAAP net income (loss) a
Slide 25: GAAP to Non-GAAP Net (Loss) Income per Share Reconciliation
GAAP to Non-GAAP Net (Loss) Income per Share Reconciliation XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended December 31, 2024 2023 GAAP net income (loss) per share attributable to the Company $ 1.02 $ (0.57 ) Adjustments to GAAP los
Slide 26: Operating (Loss) Income Reconciliation
Operating (Loss) Income Reconciliation XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) Three Months Ended December 31, 2024 2023 GAAP operating loss $ (14,286 ) $ (29,803 ) Adjustments to GAAP operating loss: Stock-based compensation 15,232 17,850 Amortization of intangible as
Slide 27: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) Three Months Ended December 31, 2024 2023 GAAP net income (loss) $ 62,964 $ (25,313 ) Adjustments to GAAP net income (loss): Interest expense 922 767 (Benefit from) provision for income taxes (3,989
Slide 28: Adjusted Operating Expense Reconciliation
Adjusted Operating Expense Reconciliation XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) Three Months Ended December 31, 2024 2023 Total operating expenses $ 136,648 $ 167,036 Less: Cost of revenue, excluding depreciation and amortization of intangible assets (27,563 ) (33,56
Slide 29: Supplemental Disclosure on Pay TV
Supplemental Disclosure on Pay TV Pay TV Q1 2024 Q2 2024 Q3 2024 Q4 2024 ($ in thousands) Pay TV 56,806 60,752 81,676 60,478 - Core Pay TV1 38,642 41,768 61,079 38,040 - IPTV 18,164 18,984 20,597 22,438 1 Includes Classic Guides, Discovery, Linux, CubiTV, as well as Consumer Hardware and Subscriptio