Xperi Holding Corporation Announces Fourth Quarter 2020 Results
Xperi Holding Corporation (Nasdaq: XPER) (the "Company", "Xperi" or "we") today announced financial results for the fourth quarter ended December 31, 2020.
"Last year was transformative for Xperi. We closed our merger with TiVo, made significant progress on integration, and were able to achieve $45 million in run rate synergies by year end. Additionally, we closed one of the largest IP licensing deals in the history of both companies, took important steps to increase profitability on the product side of the business, and announced significant new product offerings," said Jon Kirchner, chief executive officer of Xperi. "As we enter 2021, we continue to build our IP licensing business and product business, positioning them for improved long-term growth, stability, and profitability."
Fourth Quarter 2020 Financial Highlights:
Business and Recent Operating Highlights:
IP Licensing Business
Consumer Experience business highlights:
Connected Car business highlights:
Pay-TV business highlights:
On December 31, 2020, the Company paid down $150 million of debt, in addition to paying $13.1 million of scheduled debt amortization during the quarter.
During the quarter, the Company repurchased approximately 1 million shares of its common stock at an average price of $19.82 for a total of $20 million pursuant to a previously announced stock repurchase program.
On December 21, 2020, the Company paid $5.3 million to stockholders of record on November 30, 2020, for a quarterly cash dividend of $0.05 per share of common stock.
On February 3, 2021, the board of directors declared a dividend of $0.05 per share, payable on March 30, 2021, to stockholders of record on March 16, 2021.
The Company's full year 2021 outlook is as follows:
*See tables for reconciliation of GAAP to non-GAAP differences.
1 Adjusted Free Cash Flow is defined as Operating Cash Flow, less purchases of property and equipment, plus merger and integration, separation, and severance and retention costs.
Conference Call Information
Safe Harbor Statement
About Xperi Holding Corporation
Xperi, DTS, IMAX Enhanced, Invensas, HD Radio, Perceive, TiVo and their respective logos are trademarks or registered trademarks of affiliated companies of Xperi Holding Corporation 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
Set forth below are reconciliations of the Company's reported and forecasted GAAP to non-GAAP financial metrics.
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