Xperi Holding Corporation Announces Fourth Quarter 2020 Results
SAN JOSE, Calif.--(BUSINESS WIRE)-- 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:
- Revenue of $433.9 million.
- Cash Flow from Operations of $298.2 million.
- Adjusted Free Cash Flow1 of $296.8 million.
- Paid down $163.1 million of corporate debt.
- Bought back $20 million of common stock at an average price of $19.82.
Business and Recent Operating Highlights:
IP Licensing Business
- Announced a new license agreement with Comcast that extends into 2031.
- Entered a license agreement with Canon for DBI hybrid bonding.
- Renewed and extended licenses with Cox, TCL, and Sony in Q1 2021.
Product Business
Consumer Experience business highlights:
- Improved monetization in our consumer hardware business driven by higher user engagement on our content-first platform and an increased user base.
- Expanded TiVo+ content from 26 to 145 linear channels and added tens of thousands of AVOD viewing hours.
- Sony announced its BRAVIA CORE service, which will launch soon with the largest IMAX Enhanced movie collection to date.
- Perceive won multiple innovation awards, including being named a CES 2021 Innovation Awards Honoree.
Connected Car business highlights:
- Delivered HD Radio on eight new car models in North America.
- Branded Connected Radio as DTS AutoStage, adding additional features such as lyrics to the platform.
- Branded in-cabin monitoring solutions as DTS AutoSense, which are available across four OEM providers including three light truck and bus suppliers in Asia and one major European passenger vehicle manufacturer coming to market later this year.
Pay-TV business highlights:
- Worked with partners to increase household deployments of TiVo IPTV in the United States and Latin America to help mitigate revenue declines in the business.
- Added two new operator IPTV design wins.
Capital Allocation
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.
Financial Outlook
The Company’s full year 2021 outlook is as follows:
|
Category |
GAAP Outlook |
Non-GAAP Outlook |
|
Revenue |
$860M to $900M |
$860M to $900M |
|
COGS |
$115M to $125M |
$115M to $125M |
|
Operating Expense excluding COGS* |
$760M to $790M |
$475M to $505M |
|
Interest Expense |
~ $43M |
~ $43M |
|
Other Income |
~ $4M |
~ $4M |
|
Cash Tax (net of refunds) |
$35M to $38M |
$35M to $38M |
|
Basic Shares Outstanding |
105M |
105M |
|
Diluted Shares Outstanding |
107M |
112M |
|
Operating Cash Flow |
$180M to $220M |
$180M to $220M |
|
Adjusted Free Cash Flow1* |
$185M to $225M |
$185M to $225M |
*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
The Company will hold its fourth quarter 2020 earnings conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) on Tuesday, February 23, 2021. To access the call in the U.S., please dial 800-437-2398, and for international callers, dial +1 323-289-6576. The conference ID is 5453588. All participants should dial in at least 15 minutes prior to the start of the conference call. Due to the COVID-19 pandemic and a lower number of operators, wait times for the dial-in may be long and the Company suggests utilizing the webcast link to access the call at Q4 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 the Company’s current expectations, estimates and projections about the Company’s financial results, forecasts, and business outlook, and our expectations for 2021, the development of our IP licensing and product businesses, and improved long-term growth, stability, and profitability. In this context, forward-looking statements often address expected future business, financial performance and financial condition, and often contain words such as “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. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control, and are not guarantees of future results, such as statements about the anticipated benefits of the transaction. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: challenges in integration of Xperi and TiVo operations after the merger, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenue, cost savings, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business strategies, and expansion and growth of the Company’s businesses; failure to realize the anticipated benefits of the recent merger with TiVo; the Company’s ability to implement its business strategy; pricing trends, including the Company’s ability to achieve economies of scale; the ability of the Company to retain and hire key personnel; potential adverse reactions or changes to business relationships resulting from the merger with TiVo; uncertainty as to the long-term value of the Company’s common stock; legislative, regulatory and economic developments affecting the Company’s business; general economic and market developments and conditions; failure to remediate the material weaknesses in our internal control over financial reporting; the evolving legal, regulatory and tax regimes under which the Company operates; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, and natural disasters; the extent to which the COVID-19 pandemic continues to have an adverse impact on our business, results of operations, and financial condition will depend on future developments, including measures taken in response to the pandemic, which are highly uncertain and cannot be predicted; and any plans regarding a potential separation of the combined business. These risks, as well as other risks associated with the business, are more fully discussed in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s Quarterly Report on Form 10-Q. While the list of factors presented here is, and the list of factors presented in the Company’s filings with the SEC are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on the Company’s consolidated financial condition, results of operations, liquidity or trading price of common stock. 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 Holding Corporation
Xperi invents, develops, and delivers technologies that enable extraordinary experiences. Xperi technologies, delivered via its brands (DTS, HD Radio, IMAX Enhanced, Invensas, TiVo), and by its startup, Perceive, make entertainment more entertaining, and smart devices smarter. Xperi technologies are integrated into billions of consumer devices, media platforms, and semiconductors worldwide, driving increased value for partners, customers and consumers.
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
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; costs related to actual or planned business combinations including transaction fees, integration costs, severance, facility closures, and retention bonuses; separation costs; all forms of stock-based compensation; loss on debt extinguishment; realized and unrealized gains or losses on marketable equity securities and associated tax effects. 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 non-GAAP Operating Expenses, 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 U.S. GAAP measures in the tables attached hereto. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. 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 and forecasted GAAP to non-GAAP financial metrics.
XPER – E
| XPERI HOLDING CORPORATION | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (in thousands, except per share amounts) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
|
December 31, 2020 |
December 31, 2019 |
December 31, 2020 |
December 31, 2019 |
|||||||||||||
| Revenue: | ||||||||||||||||
| Licensing, services and software |
$ |
427,801 |
|
$ |
90,420 |
|
$ |
876,603 |
|
$ |
279,513 |
|
||||
| Hardware |
|
6,126 |
|
|
98 |
|
|
15,417 |
|
|
554 |
|
||||
| Total Revenue |
|
433,927 |
|
|
90,518 |
|
|
892,020 |
|
|
280,067 |
|
||||
| Operating expenses: | ||||||||||||||||
| Cost of licensing, services and software revenue, excluding depreciation and amortization of intangible assets |
|
25,634 |
|
|
2,158 |
|
|
57,280 |
|
|
8,129 |
|
||||
| Cost of hardware revenue, excluding depreciation and amortization of intangible assets |
|
7,389 |
|
|
61 |
|
|
21,077 |
|
|
331 |
|
||||
| Research, development and other related costs |
|
70,589 |
|
|
32,846 |
|
|
195,154 |
|
|
110,850 |
|
||||
| Selling, general and administrative |
|
76,770 |
|
|
33,550 |
|
|
245,356 |
|
|
117,671 |
|
||||
| Depreciation expense |
|
6,103 |
|
|
1,665 |
|
|
17,918 |
|
|
6,721 |
|
||||
| Amortization expense |
|
51,379 |
|
|
24,027 |
|
|
156,826 |
|
|
99,946 |
|
||||
| Litigation expense |
|
6,281 |
|
|
1,079 |
|
|
20,782 |
|
|
5,127 |
|
||||
| Total operating expenses |
|
244,145 |
|
|
95,386 |
|
|
714,393 |
|
|
348,775 |
|
||||
| Operating income (loss) |
|
189,782 |
|
|
(4,868 |
) |
|
177,627 |
|
|
(68,708 |
) |
||||
| Interest expense |
|
(13,271 |
) |
|
(4,987 |
) |
|
(37,873 |
) |
|
(23,377 |
) |
||||
| Other income, net |
|
1,007 |
|
|
1,491 |
|
|
4,455 |
|
|
9,028 |
|
||||
| Loss on debt extinguishment |
|
— |
|
|
— |
|
|
(8,300 |
) |
|
— |
|
||||
| Income (loss) before taxes |
|
177,518 |
|
|
(8,364 |
) |
|
135,909 |
|
|
(83,057 |
) |
||||
| Provision for (benefit from) income taxes |
|
(1,126 |
) |
|
8,056 |
|
|
(7,887 |
) |
|
(19,024 |
) |
||||
| Net income (loss) |
|
178,644 |
|
|
(16,420 |
) |
|
143,796 |
|
|
(64,033 |
) |
||||
| Less: Net loss attributable to noncontrolling interest |
|
(1,147 |
) |
|
(408 |
) |
|
(2,966 |
) |
|
(1,503 |
) |
||||
| Net income (loss) attributable to the Company |
$ |
179,791 |
|
$ |
(16,012 |
) |
$ |
146,762 |
|
$ |
(62,530 |
) |
||||
| Income (loss) per share attributable to the Company: | ||||||||||||||||
| Basic |
$ |
1.70 |
|
$ |
(0.32 |
) |
$ |
1.77 |
|
$ |
(1.27 |
) |
||||
| Diluted |
$ |
1.68 |
|
$ |
(0.32 |
) |
$ |
1.75 |
|
$ |
(1.27 |
) |
||||
| Weighted average number of shares used in per share calculations-basic |
|
105,498 |
|
|
49,566 |
|
|
82,840 |
|
|
49,120 |
|
||||
| Weighted average number of shares used in per share calculations-diluted |
|
106,907 |
|
|
49,566 |
|
|
83,856 |
|
|
49,120 |
|
||||
| XPERI HOLDING CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| December 31, | ||||||||
|
2020 |
2019 |
|||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents |
$ |
170,188 |
|
$ |
74,551 |
|
||
| Available-for-sale debt securities |
|
86,947 |
|
|
45,802 |
|
||
| Equity securities |
|
— |
|
|
1,124 |
|
||
| Accounts receivable |
|
115,975 |
|
|
24,177 |
|
||
| Unbilled contracts receivable |
|
132,431 |
|
|
121,826 |
|
||
| Other current assets |
|
40,763 |
|
|
13,735 |
|
||
| Total current assets |
|
546,304 |
|
|
281,215 |
|
||
| Long-term unbilled contracts receivable |
|
6,761 |
|
|
26,672 |
|
||
| Property and equipment, net |
|
63,207 |
|
|
32,877 |
|
||
| Operating lease right-of-use assets |
|
80,226 |
|
|
17,786 |
|
||
| Intangible assets, net |
|
1,004,379 |
|
|
232,275 |
|
||
| Goodwill |
|
847,029 |
|
|
385,784 |
|
||
| Other long-term assets |
|
153,270 |
|
|
71,336 |
|
||
| Total assets |
$ |
2,701,176 |
|
$ |
1,047,945 |
|
||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable |
$ |
13,045 |
|
$ |
4,650 |
|
||
| Accrued legal fees |
|
5,783 |
|
|
1,316 |
|
||
| Accrued liabilities |
|
129,035 |
|
|
41,433 |
|
||
| Current portion of long-term debt |
|
43,689 |
|
|
- |
|
||
| Deferred revenue |
|
33,119 |
|
|
720 |
|
||
| Total current liabilities |
|
224,671 |
|
|
48,119 |
|
||
| Deferred revenue, less current portion |
|
39,775 |
|
|
— |
|
||
| Long-term deferred tax liabilities |
|
24,754 |
|
|
29,735 |
|
||
| Long-term debt, net |
|
795,661 |
|
|
334,679 |
|
||
| Noncurrent operating lease liabilities |
|
66,243 |
|
|
13,414 |
|
||
| Other long-term liabilities |
|
98,953 |
|
|
76,898 |
|
||
| Total liabilities |
|
1,250,057 |
|
|
502,845 |
|
||
| Commitments and contingencies | ||||||||
| Company stockholders’ equity: | ||||||||
| Preferred stock |
|
— |
|
|
— |
|
||
| Common stock |
|
110 |
|
|
64 |
|
||
| Additional paid-in capital |
|
1,268,471 |
|
|
768,284 |
|
||
| Treasury stock at cost |
|
(77,218 |
) |
|
(368,701 |
) |
||
| Accumulated other comprehensive income (loss) |
|
1,264 |
|
|
(53 |
) |
||
| Retained earnings |
|
264,250 |
|
|
148,317 |
|
||
| Total Company stockholders’ equity |
|
1,456,877 |
|
|
547,911 |
|
||
| Noncontrolling interest |
|
(5,758 |
) |
|
(2,811 |
) |
||
| Total equity |
|
1,451,119 |
|
|
545,100 |
|
||
| Total liabilities and equity |
$ |
2,701,176 |
|
$ |
1,047,945 |
|
||
| XPERI HOLDING CORPORATION | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| Twelve Months Ended | ||||||||
|
December 31, 2020 |
December 31, 2019 |
|||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) |
$ |
143,796 |
|
$ |
(64,033 |
) |
||
| Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||||||
| Depreciation of property and equipment |
|
17,918 |
|
|
6,721 |
|
||
| Amortization of intangible assets |
|
156,826 |
|
|
99,946 |
|
||
| Stock-based compensation expense |
|
39,135 |
|
|
31,554 |
|
||
| Deferred income tax |
|
(34,670 |
) |
|
(38,611 |
) |
||
| Loss on debt extinguishment |
|
8,300 |
|
|
— |
|
||
| Other |
|
19,500 |
|
|
2,654 |
|
||
| Changes in operating assets and liabilities, net of business acquisitions: | ||||||||
| Accounts receivable |
|
7,091 |
|
|
6,191 |
|
||
| Unbilled contracts receivable, net |
|
76,262 |
|
|
130,359 |
|
||
| Other assets |
|
(41,948 |
) |
|
3,675 |
|
||
| Accounts payable |
|
(4,863 |
) |
|
1,886 |
|
||
| Accrued and other liabilities |
|
21,692 |
|
|
(8,679 |
) |
||
| Deferred revenue |
|
18,564 |
|
|
(2,410 |
) |
||
| Net cash from operating activities |
|
427,603 |
|
|
169,253 |
|
||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment |
|
(7,379 |
) |
|
(8,813 |
) |
||
| Proceeds from sale of property and equipment |
|
— |
|
|
55 |
|
||
| Net cash received (paid) for mergers and acquisitions |
|
117,424 |
|
|
— |
|
||
| Purchases of short-term investments |
|
(77,178 |
) |
|
(40,008 |
) |
||
| Proceeds from sales of short-term investments |
|
11,225 |
|
|
6,833 |
|
||
| Proceeds from maturities of short-term investments |
|
24,683 |
|
|
27,290 |
|
||
| Purchases of intangible assets |
|
(50,935 |
) |
|
(4,500 |
) |
||
| Net cash from investing activities |
|
17,840 |
|
|
(19,143 |
) |
||
| Cash flows from financing activities: | ||||||||
| Repayment of debt |
|
(520,250 |
) |
|
(150,000 |
) |
||
| Repayment of assumed debt from merger transaction |
|
(734,609 |
) |
|
— |
|
||
| Proceeds from debt, net |
|
1,010,286 |
|
|
- |
|
||
| Contingent consideration payments after acquisition |
|
— |
|
|
(1,200 |
) |
||
| Dividend paid |
|
(30,829 |
) |
|
(39,502 |
) |
||
| Proceeds from exercise of stock options |
|
91 |
|
|
695 |
|
||
| Proceeds from employee stock purchase program |
|
4,764 |
|
|
5,329 |
|
||
| Repurchases of common stock |
|
(80,589 |
) |
|
(4,506 |
) |
||
| Net cash from financing activities |
|
(351,136 |
) |
|
(189,184 |
) |
||
| Effect of exchange rate changes on cash and cash equivalents |
|
1,330 |
|
|
— |
|
||
| Net increase (decrease) in cash and cash equivalents |
|
95,637 |
|
|
(39,074 |
) |
||
| Cash and cash equivalents at beginning of period |
|
74,551 |
|
|
113,625 |
|
||
| Cash and cash equivalents at end of period |
$ |
170,188 |
|
$ |
74,551 |
|
||
| Supplemental disclosure of cash flow information: | ||||||||
| Interest paid |
$ |
31,240 |
|
$ |
20,891 |
|
||
| Income taxes paid, net of refunds |
$ |
43,066 |
|
$ |
15,001 |
|
||
| Stock issued in merger transaction |
$ |
828,334 |
|
$ |
— |
|
||
| XPERI HOLDING CORPORATION | ||||
| RECONCILIATION FROM OPERATING CASH FLOW TO ADJUSTED FREE CASH FLOW | ||||
| (in thousands) | ||||
| (unaudited) | ||||
| Three Months Ended | ||||
| December 31, 2020 | ||||
| Cash flow from operations (1) |
$ |
298,170 |
|
|
| Adjustments to cash flow from operations: | ||||
| Purchases of property & equipment (2) |
|
(4,404 |
) |
|
| Merger and integration costs |
|
319 |
|
|
| Separation-related costs |
|
2,260 |
|
|
| Severance costs |
|
468 |
|
|
| Adjusted free cash flow |
$ |
296,813 |
|
|
|
(1) |
derived from the difference between Q4 year-to-date operating cash flow of $427,603 and Q3 year-to-date operating cash flow of $129,433. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
(2) |
derived from the difference between Q4 year-to-date purchases of property & equipment of $7,379 and Q3 year-to-date purchases of property & equipment of $2,975. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| XPERI HOLDING CORPORATION | ||||||||
| RECONCILIATION FOR GUIDANCE ON | ||||||||
| GAAP TO NON-GAAP OPERATING EXPENSE EXCLUDING COGS | ||||||||
| (in millions) | ||||||||
| (unaudited) | ||||||||
| Twelve Months Ended | ||||||||
| December 31, 2021 | ||||||||
| Low | High | |||||||
| GAAP operating expense excluding COGS |
$ |
760.0 |
|
$ |
790.0 |
|
||
| Stock-based compensation -- R&D |
|
(21.0 |
) |
|
(21.0 |
) |
||
| Stock-based compensation -- SG&A |
|
(33.0 |
) |
|
(33.0 |
) |
||
| Merger, integration and separation-related expense -- R&D |
|
(4.0 |
) |
|
(4.0 |
) |
||
| Merger, integration and separation-related expense -- SG&A |
|
(23.0 |
) |
|
(23.0 |
) |
||
| Amortization expense |
|
(204.0 |
) |
|
(204.0 |
) |
||
| Total of non-GAAP adjustments |
|
(285.0 |
) |
|
(285.0 |
) |
||
| Non-GAAP operating expense excluding COGS |
$ |
475.0 |
|
$ |
505.0 |
|
||
| XPERI HOLDING CORPORATION | ||||||||
| RECONCILIATION FOR GUIDANCE ON | ||||||||
| OPERATING CASH FLOW TO ADJUSTED FREE CASH FLOW | ||||||||
| (in millions) | ||||||||
| (unaudited) | ||||||||
| Twelve Months Ended | ||||||||
| December 31, 2021 | ||||||||
| Low | High | |||||||
| Cash flow from operations |
$ |
180.0 |
|
$ |
220.0 |
|
||
| Adjustments to cash flow from operations: | ||||||||
| Purchases of property & equipment |
|
(25.0 |
) |
|
(25.0 |
) |
||
| Integration and separation related costs (1) |
|
30.0 |
|
|
30.0 |
|
||
| Adjusted free cash flow |
$ |
185.0 |
|
$ |
225.0 |
|
||
| (1) Includes severance and retention costs | ||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210223006090/en/
Xperi Investor Contact:
Geri Weinfeld, Vice President of Investor Relations
+1 818-436-1231
geri.weinfeld@xperi.com
Xperi Media Contacts:
Lerin O’Neill, Director of Communications
+1 408-562-8455
lerin.oneill@xperi.com
Source: Xperi Holding Corp
