Strategic Momentum Continues with Additional Wins for TiVo OS and Connected Car
Xperi Inc. (NYSE: XPER) (the “Company” or “Xperi”), an entertainment technology company that invents, develops, and delivers technologies that enable extraordinary experiences, today announced second quarter 2023 financial results for the period ended June 30, 2023.
“We are pleased to see strategic momentum continue in key growth areas of our business, particularly in Media Platform and Connected Car. We had a productive quarter with TV partners, and now expect to see Smart TVs with our TiVo OS ship in North America next year. Further, our automotive design wins continue to build,” said Jon Kirchner, chief executive officer of Xperi. “These accomplishments continue to position us for long-term revenue growth and improved profitability.”
Financial Highlights
GAAP Highlights ($ millions, except per share data) |
Q2 FY23 |
Q2 FY22 |
Revenue |
$126.9 |
$126.2 |
GAAP Operating Loss |
($35.2) |
($22.3) |
GAAP Loss per Share |
($0.90) |
n/a |
Non-GAAP Highlights ($ millions, except per share data)1 |
Q2 FY23 |
Q2 FY22 |
Revenue |
$126.9 |
$126.2 |
Non-GAAP Operating Income/(Loss) |
($1.2) |
$6.8 |
Adjusted EBITDA |
$5.2 |
$12.1 |
Non-GAAP Loss per Share |
($0.09) |
n/a |
| 1 | For further information on supplemental non-GAAP metrics, refer to the “Non-GAAP Financial Measures” and GAAP to non-GAAP Reconciliations below. |
Recent Key Operating Achievements
Media Platform
- Announced Sharp as the second Smart TV OEM to launch TVs Powered by TiVo. The first TVs under this multi-year, multi-million-unit agreement are expected to ship in 2024 starting in Europe.
- Signed a third Smart TV OEM to integrate the TiVo Operating System into their TV lineup in 2024.
- Smart TVs Powered by TiVo are now expected to ship in North America next year, opening a new market for Smart TV monetization.
- Signed an agreement with Sony to deploy our content search-and-discovery web browser within Sony’s Smart TV lineup, adding another element to our monetization footprint.
Connected Car
- Expanded DTS AutoStage in-cabin entertainment platform to over four million vehicles globally, spanning five automotive brands. Contracted with broadcast groups representing over 4,000 radio stations to enhance the metadata and content delivered to AutoStage users.
- Won a new DTS AutoSense program for in-cabin driver and occupant monitoring with a Top-3 car manufacturer. This global program is expected to begin incorporating AutoSense into vehicles in late 2024 for the 2025 model year.
- Launched HD Radio in more than ten additional models in North America, furthering penetration in the new car market.
Pay TV
- Continued double-digit subscriber growth in TiVo IPTV, signing seven new service providers across the Americas during the quarter.
- TiVo+ streaming service is now available across 25 additional video service providers in the quarter, adding more scale to our monetization footprint.
- Deployed TiVo search-and-recommendation technology with a Top-5 U.S. video service provider, reaching millions of additional households.
Consumer Electronics
- Signed several multi-year license renewals with major consumer electronics manufacturers for DTS audio technology and Play-Fi wireless technology, demonstrating the market appeal and longevity of these solutions.
Financial Outlook
The Company reaffirms its outlook for fiscal 2023.
Category ($ in millions) |
GAAP Outlook |
Non-GAAP Outlook |
Revenue |
510 to 540 |
510 to 540 |
Adjusted EBITDA Margin1,2 |
n/a |
6% to 10% |
1 |
See discussion of “Non-GAAP Financial Measures” below. |
2 |
With respect to Adjusted EBITDA Margin, the Company has determined that it is unable to provide a quantitative reconciliation of this forward-looking non-GAAP measure to the most directly comparable forward-looking GAAP measure with a reasonable degree of confidence in its accuracy without unreasonable effort, as items including restructuring and impacts from discrete tax adjustments and tax law changes are inherently uncertain and depend on various factors, many of which are beyond the Company's control. |
Conference Call Information
The Company will hold its second quarter 2023 earnings conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) on Wednesday, August 9, 2023. To access the call toll-free, please dial 1-888-660-6513, otherwise dial 1-929-203-0876. The conference ID is 5483252. All participants should dial in 15 minutes prior to the start of the call using the conference ID listed above. Alternatively, the call can be accessed via the following webcast link: Q2 2023 Earnings Call Webcast.
Safe Harbor Statement
This 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 information available to the Company as of the date hereof, as well as the Company’s current expectations, assumptions, estimates and projections that involve risks and uncertainties. In some cases, you can identify forward-looking statements by the words “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. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. The Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
About Xperi Inc.
Xperi invents, develops, and delivers technologies that enable extraordinary experiences. Xperi technologies, delivered via its brands and partnerships (DTS®, HD Radio™, TiVo®), and by its startup, Perceive, and IMAX Enhanced, an IMAX and DTS partnership, are integrated into billions of consumer devices and media platforms worldwide, powering smart devices, connected cars and entertainment experiences. Xperi has created a unified ecosystem that reaches highly engaged consumers driving increased value for partners and customers.
Xperi, DTS, HD Radio, Perceive, TiVo, and their respective logos are trademarks or registered trademarks of affiliated companies and partners of Xperi Inc. in the United States and other countries. All other company, brand and product names may be trademarks or registered trademarks of their respective companies.
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company’s earnings release contains non-GAAP financial measures adjusted for either one-time or ongoing non-cash acquired intangibles amortization charges; amortization of capitalized cloud computing costs; costs related to actual or planned acquisitions, financing, and divestitures including transaction fees, integration costs, severance, facility closures, and retention bonuses; separation costs; all forms of stock-based compensation; impairment of assets and goodwill; other items not indicative of our ongoing operating performance, and related tax effects for each adjustment. Management believes that the non-GAAP measures used in this release provide investors with important perspectives into the Company’s ongoing business and financial performance and provide a better understanding of our core operating results reflecting our normal business operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. Our use of non-GAAP financial measures has certain limitations in that the non-GAAP financial measures we use may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as Adjusted EBITDA, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. We seek to compensate for the limitation of our non-GAAP presentation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures in the tables attached hereto. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. All financial data is presented on a GAAP basis except where the Company indicates its presentation is on a non-GAAP basis.
Set forth below are reconciliations of the Company’s reported GAAP to non-GAAP financial metrics.
SOURCE: XPERI INC.
XPER-E
XPERI INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenue |
|
$ |
126,872 |
|
|
$ |
126,203 |
|
|
$ |
253,711 |
|
|
$ |
245,092 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of revenue, excluding depreciation and amortization of intangible assets |
|
|
30,856 |
|
|
|
26,879 |
|
|
|
58,648 |
|
|
|
54,286 |
|
Research and development |
|
|
55,701 |
|
|
|
51,372 |
|
|
|
110,557 |
|
|
|
101,572 |
|
Selling, general and administrative |
|
|
56,497 |
|
|
|
50,341 |
|
|
|
114,273 |
|
|
|
100,193 |
|
Depreciation expense |
|
|
4,202 |
|
|
|
5,144 |
|
|
|
8,295 |
|
|
|
10,707 |
|
Amortization expense |
|
|
14,798 |
|
|
|
14,760 |
|
|
|
29,625 |
|
|
|
29,553 |
|
Impairment of long-lived assets |
|
|
- |
|
|
|
- |
|
|
|
1,096 |
|
|
|
- |
|
Total operating expenses |
|
|
162,054 |
|
|
|
148,496 |
|
|
|
322,494 |
|
|
|
296,311 |
|
Operating loss |
|
|
(35,182 |
) |
|
|
(22,293 |
) |
|
|
(68,783 |
) |
|
|
(51,219 |
) |
Other income (expense), net |
|
|
908 |
|
|
|
(290 |
) |
|
|
1,276 |
|
|
|
226 |
|
Loss before taxes |
|
|
(34,274 |
) |
|
|
(22,583 |
) |
|
|
(67,507 |
) |
|
|
(50,993 |
) |
Provision for income taxes |
|
|
5,090 |
|
|
|
8,395 |
|
|
|
4,796 |
|
|
|
10,475 |
|
Net Loss |
|
|
(39,364 |
) |
|
|
(30,978 |
) |
|
|
(72,303 |
) |
|
|
(61,468 |
) |
Less: net loss attributable to noncontrolling interest |
|
|
(969 |
) |
|
|
(848 |
) |
|
|
(1,908 |
) |
|
|
(1,816 |
) |
Net loss attributable to the Company |
|
$ |
(38,395 |
) |
|
$ |
(30,130 |
) |
|
$ |
(70,395 |
) |
|
$ |
(59,652 |
) |
Loss per share attributable to the Company: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and Diluted loss per share |
|
$ |
(0.90 |
) |
|
$ |
(0.72 |
) |
|
$ |
(1.66 |
) |
|
$ |
(1.42 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average number of shares used in per share calculations - basic and diluted |
|
|
42,770 |
|
|
|
42,024 |
|
|
|
42,499 |
|
|
|
42,024 |
|
XPERI INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
June 30, |
|
|
December 31, |
|
||
|
|
2023 |
|
|
2022 |
|
||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
112,159 |
|
|
$ |
160,127 |
|
Accounts receivable, net |
|
|
75,870 |
|
|
|
64,712 |
|
Unbilled contracts receivable, net |
|
|
60,068 |
|
|
|
65,251 |
|
Prepaid expenses and other current assets |
|
|
39,972 |
|
|
|
42,174 |
|
Total current assets |
|
|
288,069 |
|
|
|
332,264 |
|
Unbilled contracts receivable, noncurrent |
|
|
16,840 |
|
|
|
4,289 |
|
Property and equipment, net |
|
|
46,357 |
|
|
|
47,827 |
|
Operating lease right-of-use assets |
|
|
47,013 |
|
|
|
52,901 |
|
Intangible assets, net |
|
|
235,018 |
|
|
|
264,376 |
|
Deferred tax assets |
|
|
2,395 |
|
|
|
2,096 |
|
Other noncurrent assets |
|
|
35,435 |
|
|
|
33,158 |
|
Total assets |
|
$ |
671,127 |
|
|
$ |
736,911 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
11,471 |
|
|
$ |
14,864 |
|
Accrued liabilities |
|
|
91,122 |
|
|
|
110,014 |
|
Deferred revenue |
|
|
24,623 |
|
|
|
25,363 |
|
Total current liabilities |
|
|
127,216 |
|
|
|
150,241 |
|
Long-term debt |
|
|
50,000 |
|
|
|
50,000 |
|
Deferred revenue, noncurrent |
|
|
18,126 |
|
|
|
19,129 |
|
Operating lease liabilities, noncurrent |
|
|
37,821 |
|
|
|
42,666 |
|
Deferred tax liabilities |
|
|
12,462 |
|
|
|
12,899 |
|
Other long-term liabilities |
|
|
11,092 |
|
|
|
12,990 |
|
Total liabilities |
|
|
256,717 |
|
|
|
287,925 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Equity: |
|
|
|
|
|
|
||
Preferred stock |
|
|
- |
|
|
|
- |
|
Common stock |
|
|
43 |
|
|
|
42 |
|
Additional paid-in capital |
|
|
1,173,100 |
|
|
|
1,136,330 |
|
Accumulated other comprehensive loss |
|
|
(3,174 |
) |
|
|
(4,119 |
) |
Accumulated deficit |
|
|
(739,230 |
) |
|
|
(668,835 |
) |
Total Company stockholders’ equity |
|
|
430,739 |
|
|
|
463,418 |
|
Noncontrolling interest |
|
|
(16,329 |
) |
|
|
(14,432 |
) |
Total equity |
|
|
414,410 |
|
|
|
448,986 |
|
Total liabilities and equity |
|
$ |
671,127 |
|
|
$ |
736,911 |
|
XPERI INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) |
||||||||
|
|
|
|
|||||
|
|
Six Months Ended June 30, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(72,303 |
) |
|
$ |
(61,468 |
) |
Adjustments to reconcile net loss to net cash from operating activities: |
|
|
|
|
|
|
||
Depreciation of property and equipment |
|
|
8,295 |
|
|
|
10,707 |
|
Amortization of intangible assets |
|
|
29,625 |
|
|
|
29,553 |
|
Stock-based compensation |
|
|
34,059 |
|
|
|
19,176 |
|
Impairment of long-lived assets |
|
|
1,096 |
|
|
|
- |
|
Deferred income taxes |
|
|
(736 |
) |
|
|
- |
|
Other |
|
|
(105 |
) |
|
|
930 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(11,480 |
) |
|
|
29 |
|
Unbilled contracts receivable |
|
|
(7,324 |
) |
|
|
5,083 |
|
Other assets |
|
|
1,106 |
|
|
|
(4,714 |
) |
Accounts payable |
|
|
(4,691 |
) |
|
|
3,835 |
|
Accrued and other liabilities |
|
|
(20,428 |
) |
|
|
(19,911 |
) |
Deferred revenue |
|
|
(1,743 |
) |
|
|
(5,474 |
) |
Net cash used in operating activities |
|
|
(44,629 |
) |
|
|
(22,254 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(6,108 |
) |
|
|
(7,150 |
) |
Purchases of intangible assets |
|
|
(91 |
) |
|
|
(73 |
) |
Net cash used in investing activities |
|
|
(6,199 |
) |
|
|
(7,223 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||
Net transfers from Former Parent |
|
|
- |
|
|
|
44,131 |
|
Proceeds from issuance of common stock under employee stock purchase plan |
|
|
5,850 |
|
|
|
- |
|
Withholding taxes related to net share settlement of restrict awards |
|
|
(3,127 |
) |
|
|
- |
|
Net cash provided by financing activities |
|
|
2,723 |
|
|
|
44,131 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
137 |
|
|
|
(2,092 |
) |
Net (decrease) increase in cash and cash equivalents |
|
|
(47,968 |
) |
|
|
12,562 |
|
Cash and cash equivalents at beginning of period |
|
|
160,127 |
|
|
|
120,695 |
|
Cash and cash equivalents at end of period |
|
$ |
112,159 |
|
|
$ |
133,257 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
||
Interest paid |
|
$ |
1,496 |
|
|
$ |
- |
|
Income taxes paid, net of refunds |
|
$ |
10,109 |
|
|
$ |
8,418 |
|
XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share amounts) (unaudited) |
||||
Net loss attributable to the Company: |
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
June 30, 2023 |
|
|
|
|
|
|
|
GAAP net loss attributable to the Company |
|
$ |
(38,395 |
) |
|
|
|
|
|
Adjustments to GAAP net loss attributable to the Company: |
|
|
|
|
Stock-based compensation expense: |
|
|
|
|
Cost of revenue, excluding depreciation and amortization of intangible assets |
|
|
927 |
|
Research and development |
|
|
6,405 |
|
Selling, general and administrative |
|
|
10,759 |
|
Amortization of intangible assets |
|
|
14,798 |
|
Separation and integration-related costs: |
|
|
|
|
Transaction and integration related costs recorded in selling, general and administrative |
|
|
608 |
|
Separation costs recorded in selling, general and administrative |
|
|
14 |
|
Severance and retention recorded in cost of revenue, excluding depreciation and amortization of intangible assets |
|
|
17 |
|
Severance and retention recorded in research and development |
|
|
172 |
|
Severance and retention recorded in selling, general and administrative |
|
|
246 |
|
Non-GAAP tax adjustment (1) |
|
|
748 |
|
Non-GAAP net loss attributable to the Company |
|
$ |
(3,701 |
) |
|
|
|
|
|
|
|
|
|
|
Loss per share attributable to the Company: |
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
June 30, 2023 |
|
|
|
|
|
|
|
GAAP loss per share attributable to the Company |
|
$ |
(0.90 |
) |
|
|
|
|
|
Adjustments to GAAP loss per share attributable to the Company: |
|
|
|
|
Stock-based compensation expense |
|
|
0.42 |
|
Amortization expense |
|
|
0.35 |
|
Separation and integration related costs |
|
|
0.02 |
|
Non-GAAP tax adjustment |
|
|
0.02 |
|
Non-GAAP loss per share attributable to the Company |
|
$ |
(0.09 |
) |
|
|
|
|
|
GAAP weighted average number of shares-basic/diluted |
|
|
42,770 |
|
Non-GAAP weighted average number of shares-basic/diluted |
|
|
42,770 |
|
| (1) | The provision for income taxes is adjusted to reflect the net direct and indirect income tax effects of the various non-GAAP pretax adjustments. |
XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) |
|||||||||||
|
|
|
|
|
|
|
|
|
|||
|
|
Three Months Ended June 30, |
|
|
|
||||||
|
|
2023 |
|
|
2022 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
GAAP operating loss |
|
$ |
(35,182 |
) |
|
$ |
(22,293 |
) |
|
|
|
Adjustments to GAAP operating loss: |
|
|
|
|
|
|
|
|
|||
Stock-based compensation expense: |
|
|
|
|
|
|
|
|
|||
Cost of revenue, excluding depreciation and amortization of intangible assets |
|
|
927 |
|
|
|
773 |
|
|
|
|
Research and development |
|
|
6,405 |
|
|
|
5,681 |
|
|
|
|
Selling, general and administrative |
|
|
10,759 |
|
|
|
6,086 |
|
|
(2 |
) |
Amortization of intangible assets |
|
|
14,798 |
|
|
|
14,760 |
|
|
|
|
Separation and integration-related costs: |
|
|
|
|
|
|
|
|
|||
Transaction and integration related costs recorded in selling, general and administrative |
|
|
608 |
|
|
|
2,058 |
|
|
|
|
Separation costs recorded in selling, general and administrative |
|
|
14 |
|
|
|
- |
|
|
|
|
Severance and retention recorded in cost of revenue, excluding depreciation and amortization of intangible assets |
|
|
17 |
|
|
|
(37 |
) |
|
|
|
Severance and retention recorded in research and development |
|
|
172 |
|
|
|
(193 |
) |
|
|
|
Severance and retention recorded in selling, general and administrative |
|
|
246 |
|
|
|
(62 |
) |
|
|
|
Non-GAAP operating income (loss) |
|
$ |
(1,236 |
) |
|
$ |
6,773 |
|
|
|
|
(2) |
Includes $2.0 million of stock-based compensation expense that was recognized in operating results as part of the corporate and shared functional employees expenses allocation during the three months ended June 30, 2022. |
XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) |
|||||||||||
|
|
|
|
|
|
||||||
|
|
Three Months Ended June 30, |
|
|
|
||||||
|
|
2023 |
|
|
2022 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
GAAP loss before taxes |
|
$ |
(34,274 |
) |
|
$ |
(22,583 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest expense |
|
|
795 |
|
|
|
— |
|
|
|
|
Depreciation expense |
|
|
4,202 |
|
|
|
5,144 |
|
|
|
|
Amortization of intangible assets |
|
|
14,798 |
|
|
|
14,760 |
|
|
|
|
Amortization of capitalized cloud computing costs |
|
|
485 |
|
|
|
471 |
|
|
|
|
Separation and integration-related costs: |
|
|
|
|
|
|
|
|
|||
Transaction and integration related costs recorded in selling, general and administrative |
|
|
608 |
|
|
|
2,058 |
|
|
|
|
Separation costs recorded in selling, general and administrative |
|
|
14 |
|
|
|
— |
|
|
|
|
Severance and retention recorded in cost of revenue, excluding depreciation and amortization of intangible assets |
|
|
17 |
|
|
|
(37 |
) |
|
|
|
Severance and retention recorded in research and development |
|
|
172 |
|
|
|
(193 |
) |
|
|
|
Severance and retention recorded in selling, general and administrative |
|
|
246 |
|
|
|
(62 |
) |
|
|
|
Stock-based compensation expense: |
|
|
|
|
|
|
|
|
|||
Cost of revenue |
|
|
927 |
|
|
|
773 |
|
|
|
|
Research and development |
|
|
6,405 |
|
|
|
5,681 |
|
|
|
|
Selling, general and administrative |
|
|
10,759 |
|
|
|
6,086 |
|
|
(3 |
) |
Non-GAAP Adjusted EBITDA |
|
$ |
5,154 |
|
|
$ |
12,098 |
|
|
|
|
(3) |
Includes $2.0 million of stock-based compensation expense that was recognized in operating results as part of the corporate and shared functional employees expenses allocation during the three months ended June 30, 2022. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230809241887/en/
Contacts
Xperi Investor Contact:
Mike Iburg
VP, Investor Relations
+1 408-321-3827
ir@xperi.com
Media Contact:
Amy Brennan
Senior Director, Corporate Communications
+1 949-518-6846
amy.brennan@xperi.com
