Q1 2024 Xperi Inc Earnings Call Transcript
Key Points
- Xperi Inc (XPER) reported solid financial results across key growth areas, demonstrating progress in strategic initiatives.
- The company saw growth in media platform connected car and video over broadband, which helped offset declines in core consumer electronics and pay-TV markets.
- Xperi Inc (XPER) is focused on three key growth opportunities: connected TV advertising, in-cabin entertainment, and TV video over broadband, with markets expected to double in the next five to seven years.
- The company successfully hosted an industry launch event in London, showcasing the Xevo operating system and announcing the launch of smart TVs powered by TiVo across Europe.
- Xperi Inc (XPER) continues to strengthen its position in the connected car market, with DTS Auto Stage deployed in over 6 million vehicles worldwide, a 50% increase over the last nine months.
- Revenue for Q1 2024 was down 6% from the previous year, with a 3% decline on an adjusted basis considering the recent auto sensing, imaging divestiture.
- Non-GAAP adjusted operating expenses declined by 8% mainly due to the divestiture and ongoing cost optimization efforts, indicating potential challenges in operational scaling.
- The consumer electronics segment saw a significant decline of 21%, primarily due to fewer multiyear license renewals compared to the previous year.
- Despite growth in video over broadband IPTV solutions, there was a notable decline in core pay TV solutions, continuing a trend of challenges in this market segment.
- The company's adjusted EBITDA was only $5 million for the quarter, or 5% of revenue, reflecting relatively low profitability.
Thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Xperi First Quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star followed by the number one on your telephone keypad. And if you would like to withdraw that question again, press star one.
Thank you. I would now like to say it's actually Mike Iburg, Head of Investor Relations. Mike, you may begin your conference.
Thanks, Krista. Good afternoon and thank you for joining us as Experian reports its first quarter 2024 financial results. With me on today's call are Jon Kirchner, Chief Executive Officer, and Robert Anderson, Chief Financial Officer. In addition to today's earnings release. There was an earnings presentation which you can access along with this webcast on
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