Q2 2024 Xperi Inc Earnings Call Transcript
Key Points
- Xperi Inc (XPER) achieved strong performance in Connected Car and IPTV segments.
- The company successfully streamlined its product portfolio with the divestiture of AutoSense, leading to cost reductions.
- Non-GAAP adjusted operating expense declined by 15% from the prior year due to cost optimization efforts.
- Xperi Inc (XPER) expanded its board of directors with two highly qualified candidates, enhancing expertise in Ad Tech, monetization, automotive, and capital allocation.
- The company signed multiple license agreements with HP and Tencent Music Entertainment, expanding its market reach.
- Total revenue for the second quarter was down 6% from last year's reported revenue.
- Consumer electronics revenue declined by 40% due to multi-year license renewals and market-based softness.
- Media platform revenue decreased by 25% year-over-year, primarily due to a decline in advertising revenue.
- The company is still in the process of evaluating strategic alternatives for Perceive, indicating potential uncertainty.
- Pay TV revenue was essentially flat for the first half of the year, showing limited growth in this segment.
Thank you for standing by. My name is Mandeep and I'll be your operator today. At this time, I'd like to welcome everyone to the Xperi Q2 2024 Earnings Call. All lines being placed on mute to prevent any background noise. After the speakers remarks, there'll be a question-and-answer session. (Operator Instructions) I would now like to turn the call over to Mike Iburg, Head of Investor Relations. You may begin.
Thank you. Good afternoon and thank you for joining us as Xperi reports, its second-quarter 2024 financial results. With me on today's call are Jon Kirchner, Chief Executive Officer; and Robert Andersen, Chief Financial Officer. In addition to today's earnings release, there is an earnings presentation which you can access along with this webcast on our Investor Relations website at investor.xperi.com. Before we begin, I'd like to provide a few reminders.
First, I would like to note that unless otherwise stated, all quarterly comparisons are to the same quarter in the prior year. Second, today's
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