0001564590-21-024108 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 23, 2021
Cover [Abstract]
Entity Registrant Name	XPERI HOLDING CORPORATION
Trading Symbol	XPER
Entity Central Index Key	0001803696
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		104,906,671
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-39304
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4734590
Entity Address, Address Line One	3025 Orchard Parkway
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	408
Local Phone Number	321-6000
Document Quarterly Report	true
Document Transition Report	false
Security12b Title	Common Stock (par value $0.001 per share)
Security Exchange Name	NASDAQ

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Total revenue	$ 221,596	$ 117,665
Operating expenses:
Research, development and other related costs	55,223	28,607
Selling, general and administrative	67,430	36,606
Depreciation expense	5,684	1,729
Amortization expense	52,195	22,509
Litigation expense	2,533	2,103
Total operating expenses	211,197	93,138
Operating income	10,399	24,527
Interest expense	(11,313)	(4,251)
Other income and expense, net	1,425	565
Income before taxes	511	20,841
Provision for (benefit from) income taxes	(4,015)	2,056
Net income	4,526	18,785
Less: net loss attributable to noncontrolling interest	(761)	(551)
Net income attributable to the Company	$ 5,287	$ 19,336
Income per share attributable to the Company:
Basic	$ 0.05	$ 0.39
Diluted	$ 0.05	$ 0.39
Weighted average number of shares used in per share calculations-basic	104,940	49,945
Weighted average number of shares used in per share calculations-diluted	107,776	50,199
Licensing, Services and Software
Revenue:
Total revenue	$ 218,405	$ 117,487
Operating expenses:
Cost of revenue, excluding depreciation and amortization of intangible assets	21,416	1,540
Hardware
Revenue:
Total revenue	3,191	178
Operating expenses:
Cost of revenue, excluding depreciation and amortization of intangible assets	$ 6,716	$ 44

Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 4,526	$ 18,785
Other comprehensive loss, net of tax:
Change in foreign currency translation adjustment	(1,045)
Net unrealized loss on available-for-sale debt securities	(34)	(274)
Other comprehensive loss, net of tax	(1,079)	(274)
Comprehensive income	3,447	18,511
Less: comprehensive loss attributable to noncontrolling interest	(761)	(551)
Comprehensive income attributable to the Company	$ 4,208	$ 19,062

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 134,759	$ 170,188
Available-for-sale debt securities	102,145	86,947
Accounts receivable, net of allowance for credit losses of $4,038 and $7,336, respectively	122,465	115,975
Unbilled contracts receivable, net of allowance for credit losses of $2,884 and $2,231, respectively	128,758	132,431
Other current assets	57,526	40,763
Total current assets	545,653	546,304
Long-term unbilled contracts receivable	8,016	6,761
Property and equipment, net	59,211	63,207
Operating lease right-of-use assets	75,429	80,226
Intangible assets, net	951,996	1,004,379
Goodwill	847,029	847,029
Other long-term assets	147,578	153,270
Total assets	2,634,912	2,701,176
Current liabilities:
Accounts payable	24,474	13,045
Accrued legal fees	3,618	5,783
Accrued liabilities	83,447	129,035
Current portion of long-term debt, net	43,825	43,689
Deferred revenue	32,528	33,119
Total current liabilities	187,892	224,671
Deferred revenue, less current portion	37,880	39,775
Long-term deferred tax liabilities	25,794	24,754
Long-term debt, net	784,666	795,661
Noncurrent operating lease liabilities	61,467	66,243
Other long-term liabilities	100,336	98,953
Total liabilities	1,198,035	1,250,057
Commitments and contingencies (Note 15)
Company stockholders’ equity:
Preferred stock: $0.001 par value; (2021: authorized 15,000 shares; 2020: authorized 15,000 shares; and no shares issued and outstanding)
Common stock: $0.001 par value; (2021: authorized 350,000 shares, issued 111,700 shares, outstanding 104,875 shares; 2020: authorized 350,000 shares, issued 110,182, outstanding 104,775 shares)	112	110
Additional paid-in capital	1,288,400	1,268,471
Treasury stock at cost (2021: 6,825 shares; 2020: 5,407 shares)	(109,577)	(77,218)
Accumulated other comprehensive income	185	1,264
Retained earnings	264,273	264,250
Total Company stockholders’ equity	1,443,393	1,456,877
Noncontrolling interest	(6,516)	(5,758)
Total equity	1,436,877	1,451,119
Total liabilities and equity	$ 2,634,912	$ 2,701,176

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Accounts receivable allowance for credit losses	$ 4,038	$ 7,336
Unbilled contracts receivable allowance for credit losses	$ 2,884	$ 2,231
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	111,700,000	110,182,000
Common stock, shares outstanding (in shares)	104,875,000	104,775,000
Treasury stock, shares (in shares)	6,825,000	5,407,000

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 4,526	$ 18,785
Adjustments to reconcile net income to net cash from operating activities:
Depreciation of property and equipment	5,684	1,729
Amortization of intangible assets	52,195	22,509
Stock-based compensation expense	13,219	7,987
Deferred income taxes	666	(2,064)
Other	3,217	3,298
Changes in operating assets and liabilities:
Accounts receivable	(7,632)	(8,318)
Unbilled contracts receivable	2,295	(6,022)
Other assets	(10,697)	(739)
Accounts payable	11,429	(760)
Accrued and other liabilities	(45,687)	(5,212)
Deferred revenue	(2,486)	1,451
Net cash from operating activities	26,729	32,644
Cash flows from investing activities:
Purchases of property and equipment	(1,772)	(688)
Proceeds from sale of property and equipment	5	0
Purchases of intangible assets	(36)	0
Purchases of short-term investments	(42,505)	0
Proceeds from sales of investments	16,921	3,345
Proceeds from maturities of investments	10,000	8,500
Net cash from investing activities	(17,387)	11,157
Cash flows from financing activities:
Dividend paid	(5,264)	(10,036)
Repayment of debt	(13,125)	0
Proceeds from employee stock purchase program and exercise of stock options	6,715	3,233
Repurchases of common stock	(32,359)	(3,144)
Net cash from financing activities	(44,033)	(9,947)
Effect of exchange rate changes on cash and cash equivalents	(738)	0
Net increase (decrease) in cash and cash equivalents	(35,429)	33,854
Cash and cash equivalents at beginning of period	170,188	74,551	$ 74,551
Cash and cash equivalents at end of period	134,759	108,405	$ 170,188
Supplemental disclosure of cash flow information:
Interest paid	9,015	3,637
Income taxes paid, net of refunds	$ 5,921	$ 5,637

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest
Beginning balance at Dec. 31, 2019	$ 545,100	$ 64	$ 768,284	$ (368,701)	$ (53)	$ 148,317	$ (2,811)
Beginning balance (in shares) at Dec. 31, 2019		49,620		14,002
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of subsidiary shares to noncontrolling interest			(3)				3
Net income	18,785					19,336	(551)
Other comprehensive loss	(274)				(274)
Cash dividends paid on common stock	(10,036)					(10,036)
Issuance of common stock in connection with employee stock purchase plan	3,232		3,232
Issuance of common stock in connection with employee stock purchase plan (in shares)		236
Issuance of restricted stock, net of shares canceled	1	$ 1
Issuance of restricted stock, net of shares canceled (in shares)		858
Repurchases of common stock, shares exchanged	(3,144)			$ (3,144)
Repurchases of common stock, shares exchanged (in shares)		(184)		184
Stock-based compensation expense	7,987		7,987
Ending balance at Mar. 31, 2020	561,651	$ 65	779,500	$ (371,845)	(327)	157,617	(3,359)
Ending balance (in shares) at Mar. 31, 2020		50,530		14,186
Beginning balance at Dec. 31, 2019	545,100	$ 64	768,284	$ (368,701)	(53)	148,317	(2,811)
Beginning balance (in shares) at Dec. 31, 2019		49,620		14,002
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common stock	$ (70,100)
Repurchases of common stock, (in shares)	(4,900)
Ending balance at Dec. 31, 2020	$ 1,451,119	$ 110	1,268,471	$ (77,218)	1,264	264,250	(5,758)
Ending balance (in shares) at Dec. 31, 2020		104,775		5,407
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of subsidiary shares to noncontrolling interest			(3)				3
Net income	4,526					5,287	(761)
Other comprehensive loss	(1,079)				(1,079)
Cash dividends paid on common stock	(5,264)					(5,264)
Issuance of common stock in connection with exercise of stock options	228		228
Issuance of common stock in connection with exercise of stock options (in shares)		12
Issuance of common stock in connection with employee stock purchase plan	6,486	$ 1	6,485
Issuance of common stock in connection with employee stock purchase plan (in shares)		633
Issuance of restricted stock, net of shares canceled	1	$ 1
Issuance of restricted stock, net of shares canceled (in shares)		873
Repurchases of common stock, shares exchanged	(7,352)			$ (7,352)
Repurchases of common stock, shares exchanged (in shares)		(347)		347
Repurchases of common stock	(25,007)			$ (25,007)
Repurchases of common stock, (in shares)		(1,071)		1,071
Stock-based compensation expense	13,219		13,219
Ending balance at Mar. 31, 2021	$ 1,436,877	$ 112	$ 1,288,400	$ (109,577)	$ 185	$ 264,273	$ (6,516)
Ending balance (in shares) at Mar. 31, 2021		104,875		6,825

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Cash dividends paid on common stock, price per share	$ 0.05	$ 0.20

The Company and Basis of Presentation

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

The Company and Basis of Presentation

NOTE 1 – THE COMPANY AND BASIS OF PRESENTATION

On December 18, 2019, Xperi Corporation (“Xperi”) entered into an Agreement and Plan of Merger and Reorganization with TiVo Corporation (“TiVo”) to combine in an all-stock merger of equals transaction (the “Mergers”). Immediately following the consummation of the Mergers on June 1, 2020, (the “Merger Date”), Xperi Holding Corporation (the “Company”), a Delaware corporation founded in December 2019 under the name “XRAY-TWOLF HoldCo Corporation,” became the parent company of both Xperi and TiVo. The common stock of Xperi and TiVo were de-registered after completion of the Mergers. On June 2, 2020, Xperi Holding Corporation’s common stock, par value $0.001 per share, commenced trading on the Nasdaq Global Select Market (“Nasdaq”) under the ticker symbol “XPER.”

Xperi was determined to be the accounting acquirer in the Mergers. As a result, the historical financial statements of Xperi for periods prior to the Mergers are considered to be the historical financial statements of Xperi Holding Corporation. As used herein, the “Company” refers to Xperi when referring to periods prior to June 1, 2020 and to Xperi Holding Corporation when referring to periods subsequent to June 1, 2020. The Company’s results of operations include the operations of TiVo after June 1, 2020, and TiVo’s assets and liabilities were recorded at their estimated fair values in the Company’s Condensed Consolidated Balance Sheets as of June 1, 2020.

Xperi Holding Corporation is a leading consumer and entertainment product/solutions licensing company and one of the industry’s largest intellectual property (IP) licensing platforms, with a diverse portfolio of media and semiconductor intellectual property and more than 11,000 patents and patent applications worldwide. The Company invents, develops, and delivers technologies that enable extraordinary experiences. The Company’s technologies, delivered via its brands (DTS, HD Radio, IMAX Enhanced, Invensas, and TiVo), and by its subsidiary, Perceive Corporation, make entertainment more entertaining, and smart devices smarter. The Company’s technologies are integrated into billions of consumer devices, media platforms, and semiconductors worldwide, driving increased value for customers, partners and consumers. The Company shapes how millions of consumers access and experience entertainment content, and the Company’s innovations are found in billions of devices and hundreds of millions of interfaces around the globe.

The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) for interim financial information. The amounts as of December 31, 2020 have been derived from the Company’s annual audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2020, filed on February 26, 2021 (the “Form 10-K”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary (consisting of normal recurring adjustments) to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These financial statements should be read in conjunction with the annual audited financial statements and notes thereto as of and for the year ended December 31, 2020, included in the Form 10-K.

The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021 or any future period and the Company makes no representations related thereto.

In the fourth quarter of 2018, the Company funded a new subsidiary, Perceive Corporation (“Perceive”), which was created to focus on delivering edge inference solutions. As of March 31, 2021, the Company’s ownership interest in Perceive was approximately 81%. The operating results of Perceive have been consolidated in the Company’s condensed consolidated financial statements for all periods presented.

Reclassification

As a result of the Mergers, certain reclassifications of prior period amounts have been made to improve comparability and conform to the current period presentation. Presentation changes were made to the Condensed Consolidated Statements of Operations. In addition, certain reclassifications of prior period data have been made in the Notes to Condensed Consolidated Financial Statements to conform to the current period presentation.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

There have been no significant changes in the Company’s significant accounting policies during the three months ended March 31, 2021, as compared to the significant accounting policies described in the Form 10-K.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The accounting estimates and assumptions that require management’s most significant, challenging, and subjective judgment include the estimation of licensees’ quarterly royalties prior to receiving the royalty reports, the determination of stand-alone selling price and the transaction price in an arrangement with multiple performance obligations, the estimation of variable consideration, judgment used to estimate the progress toward completion in the Company’s engineering services, the collectability of accounts receivable, other intangible assets and investments, the assessment of the recoverability of goodwill, the assessment of useful lives and recoverability of other intangible assets and long-lived assets, recognition and measurement of current and deferred income tax assets and liabilities, the assessment of unrecognized tax benefits, and purchase accounting resulting from business combinations, among others. Actual results experienced by the Company may differ from management’s estimates.

The COVID-19 pandemic has resulted in a global slowdown of economic activity which is likely to reduce the future demand for a broad variety of goods and services, while also disrupting sales channels, marketing activities and supply chains for an unknown period of time until the virus is fully contained. The Company’s business operations have been negatively impacted by the COVID-19 pandemic and related events and the Company expects this disruption to continue to have a negative impact on its revenue and results of operations, the size and duration of which is currently difficult to predict. Although the Company is unable to predict the full impact and duration of COVID-19 on its business, the Company is actively managing its financial expenditures in response to the current uncertainty.

The impact of the COVID-19 pandemic and related events, including actions taken by various government authorities in response, have increased market volatility and make the estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes more difficult. As of the date of issuance of the financial statements, the Company is not aware of any specific event or circumstance that would require it to update its estimates, judgments or revise the carrying value of its assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known.

Recently Adopted Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). The purpose of the update is to reduce the complexity pertaining to certain areas in accounting for income taxes. Key amendments from ASU 2019-12 include, but are not limited to, the accounting for hybrid tax regimes, step-up in tax basis for goodwill in non-business combination transactions, intraperiod tax allocation exception to the incremental approach, and interim period accounting for enacted changes in tax law. The Company adopted the new standard prospectively on January 1, 2021. The adoption did not have an impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which provides further clarification on the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. ASU 2020-04 became effective upon issuance and may be applied prospectively to contract modifications made on or before December 31, 2022. ASU 2021-01 became effective upon issuance and may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or prospectively for contract modifications made on or before December 31, 2022. The Company currently has debt agreements that reference LIBOR and will apply the amendments prospectively through December 31, 2022 as these contracts are modified to reference other rates.

Revenue

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue

NOTE 3 – REVENUE

Revenue Recognition

General

Revenue is recognized when control of the promised goods or services is transferred to a customer in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services, which may include various combinations of goods and services which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of sales taxes collected from customers which are subsequently remitted to governmental authorities. In situations where foreign withholding taxes are withheld by the Company’s licensee, revenue is recognized gross of withholding taxes that are remitted directly by the licensee to a local tax authority.

Arrangements with Multiple Performance Obligations

Some of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the individual performance obligations are separately accounted for if they are distinct. In an arrangement with multiple performance obligations, the transaction price is allocated among the separate performance obligations on a relative stand-alone selling price basis. The determination of stand-alone selling price considers market conditions, the size and scope of the contract, customer and geographic information, and other factors. When observable prices are not available, stand-alone selling price for separate performance obligations is based on the cost-plus-margin approach, considering overall pricing objectives. The allocation of transaction price among performance obligations in a contract may impact the amount and timing of revenue recognized in the Consolidated Statements of Operations during a given period.

Contract Modifications

Contracts may be modified due to changes in contract specifications or customer requirements. Contract modifications occur when the change in terms either creates new enforceable rights and obligations or changes existing enforceable rights and obligations. The effect of a contract modification for goods and services that are not distinct in the context of the contract on the transaction price is recognized as an adjustment to revenue on a cumulative catch-up basis. Contract modifications that result in goods or services that are distinct from the existing goods or services are accounted for as separate contracts if they are sold at their stand-alone selling price, or otherwise prospectively.

Variable Consideration

When a contract with a customer includes a variable transaction price, an estimate of the consideration which the Company expects to be entitled to for transferring the promised goods or services is made at contract inception. Depending on the terms of the contract, variable consideration is estimated using either the expected value approach or the most likely value approach. Under either approach to estimating variable consideration, the estimate considers all information (historical, current and forecast) that is reasonably available at contract inception. The amount of variable consideration is estimated at contract inception and updated as additional information becomes available. The estimate of variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Subsequent changes in the transaction price resulting from changes in the estimate of variable consideration are allocated to the performance obligations in the contract on the same basis as at contract inception. Certain payments to licensees, retailers and distributors, such as market development funds and revenue shares, are treated as a reduction of the transaction price, and therefore a reduction to revenue, unless the payment is in exchange for a distinct good or service that the licensee, retailer or distributor transfers to the Company.

When variable consideration is in the form of a sales-based or usage-based royalty in exchange for a license of IP, or when a license of IP is the predominant item to which the variable consideration relates, revenue is recognized at the later of when the subsequent sale or usage occurs or the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied or partially satisfied.

Nature of Goods and Services

The following is a discussion of the principal activities from which the Company generates its revenue.

License Agreements

The Company operates in two business segments. In its Product segment, the Company licenses its audio, digital radio, imaging, edge-based machine learning and multi-channel video user experience (“UX”) solutions. Within this segment, the Company groups its business into three categories based on the products delivered and customers served: Consumer Experience, Connected Car, and Pay-TV. In its IP Licensing segment, the Company licenses (i) its media patent portfolios (“Media IP licensing”) to multichannel video programming distributors, over-the-top video service providers, consumer electronics manufacturers, social media, and other new media companies and (ii) its semiconductor technologies and associated patent portfolios (“Semiconductor IP licensing”) to memory, sensors, radio frequency (“RF”) component, and foundry companies.

The Company licenses its technologies and portfolios under three revenue models: (i) fixed-fee Media IP licensing, (ii) fixed-fee or minimum guarantee Product or Semiconductor IP licensing, and (iii) per-unit or per-subscriber royalty licenses.

Fixed-fee Media IP licensing

The Company's long-term fixed-fee Media IP licensing agreements, which are related to the TiVo businesses following the Mergers, provide its customers with rights to future patented technologies over the term of the agreement that are highly interdependent or highly interrelated to the patented technologies provided at the inception of the agreement. The Company treats these rights as a single performance obligation with revenue recognized on a straight-line basis over the term of the fixed-fee license agreement.

At times, the Company enters into license agreements in which a licensee is released from past patent infringement claims or is granted a license to ship an unlimited number of units or for an unlimited number of subscribers over a future period for a fixed fee. In these arrangements, the Company allocates the transaction price between the release for past patent infringement claims and the future license. In determining the stand-alone selling price of the release for past patent infringement claims and the future license, the Company considers such factors as the number of units shipped in the past or the number of past subscribers and the relevant geographies of the shipped units or subscribers, the future number of subscribers or units, as well as the licensing rate the Company generally receives for per-subscriber or units shipped in the same geographies. As the release from past patent infringement claims is generally satisfied at execution of the agreement, the transaction price allocated to the release from past patent infringement claims is generally recognized in the period the agreement is executed and the amount of transaction price allocated to the future license is recognized ratably over the future license term.

Fixed-fee or minimum guarantee Semiconductor IP or Product licensing

The Company enters into Semiconductor IP or Product licenses that have fixed fee or minimum guarantee arrangements, whereby licensees pay a fixed fee for the right to incorporate the Company’s technology in the licensee's products over the license term. In arrangements with a minimum guarantee, the fixed fee component corresponds to a minimum number of units or dollars that the customer must produce or pay, with additional per-unit fees for any units or dollars exceeding the minimum. In most cases, the customer pays the fixed license fee in specified installments over the license term. For both fixed fee and minimum guarantee agreements for Semiconductor IP or Product licensing, the Company recognizes the full fixed fee as revenue at the beginning of the license term, when the licensee has the right to use the IP and begins to benefit from the license.

If the contract term of a fixed fee or minimum guarantee arrangement is longer than one year, the Company also considers the scheduled payment arrangements to determine whether a significant financing component exists. In general, if the payment arrangements extend beyond the initial twelve months of the contract, the Company treats a portion of the payments as a significant financing component. The discount rate used for each arrangement reflects the rate that would be used in a separate financing transaction between the Company and the licensee at contract inception and takes into account the credit characteristics of the licensee and market interest rates as of the date of the agreement. As such, the amount of fixed fee revenue recognized at the beginning of the license term will be reduced by the calculated financing component. As payments are received from the licensee, the Company recognizes a portion of the financing component as interest income, reported as other income and expense in the Consolidated Statements of Operations.

Per-unit or per-subscriber royalty licenses

The Company recognizes revenue from per-unit or per-subscriber royalty licenses in the period in which the licensee's sales or production are estimated to have occurred, which results in an adjustment to revenue when actual sales or production are subsequently reported by the licensee, which is generally in the month or quarter following usage or shipment. The Company generally recognizes revenue from royalty licenses on a per-subscriber per-month model for licenses with service providers and

a per-unit shipped or manufactured model for licenses with CE manufacturers and memory, sensors, RF component, and foundry companies.

Compliance Audits

The Company actively monitors and enforces its IP, including seeking appropriate compensation from customers that have under-reported royalties owed under a license agreement and from third parties that utilize the Company’s intellectual property without a license. As a result of these activities, the Company may, from time to time, recognize revenue from payments resulting from periodic compliance audits of licensees for underreporting royalties incurred in prior periods, as part of a settlement of a patent infringement dispute, or from legal judgments in a license dispute. These recoveries and settlements may cause revenue to be higher than expected during a particular reporting period and such recoveries may not occur in subsequent periods. The Company recognizes revenue from recoveries when a binding agreement has been executed and the Company concludes collection under that agreement is likely.

Arrangements with Multiple System Operators for the TiVo Service

The Company's arrangements with multiple system operators (“MSOs”) typically include software customization and set-up services, associated maintenance and support, limited training, post-contract support, TiVo-enabled DVRs, non-DVR Set-Top Boxes (“STBs”), and the TiVo service.

The Company has two types of arrangements with MSOs that include technology deployment and engineering services. In instances where the Company hosts the TiVo service, non-refundable payments received for customization and set-up services are deferred and recognized as revenue ratably over the hosting term. The related cost of such services is capitalized to the extent it is deemed recoverable and amortized to cost of revenue over the same period as the related TiVo service revenue is recognized. The Company estimates the stand-alone selling prices for training, DVRs, non-DVR STBs and maintenance and support based on the price charged in stand-alone sales of the promised good or service. The stand-alone selling price for the TiVo service is determined by considering the size of the MSO and expected volume of deployment, market conditions, competitive landscape, internal costs and total gross margin objectives. For a term license to the TiVo service, the Company receives license fees for the hosted TiVo service on either a per-subscriber per-month basis or a fixed fee. The Company recognizes revenue from per-subscriber per-month licenses during the month the TiVo service is provided to the customer and recognizes revenue from fixed fee licenses ratably over the license period.

In arrangements where the Company does not host the TiVo service, which includes engineering services that are essential to the functionality of the licensed technology or involve significant customization or modification of the software, the Company recognizes revenue as progress toward completion is made using an input method based on the ratio of costs incurred to date to total estimated costs of the project. Project costs are primarily labor related to specific activities required for the project. Costs related to general infrastructure or uncommitted platform development are not included in the project cost estimates and are expensed as incurred. Estimating project costs requires forecasting costs, tracking progress toward completion and projecting the remaining effort to complete the project. These estimates are reassessed throughout the term of the arrangement, and revisions to estimates are recognized on a cumulative catch-up basis when the changed conditions become known. Provisions for losses are recorded when estimates indicate it is probable that a loss will be incurred for the contract. The Company generally recognizes revenue from license fees for the TiVo service that the Company does not host on a per-subscriber per-month basis due to the recognition constraint on intellectual property usage-based royalties.

Subscription Services

Subscription services revenue primarily consists of fees to provide customers with access to one or more of the Company's hosted products such as its iGuide interactive program guide (“IPG”), advanced search and recommendations, metadata and analytics products, including routine customer support. The Company generally receives per-subscriber per-month fees for its iGuide IPG and search and recommendations service and revenue is recorded in the month the customer uses the service. The Company generally receives a monthly or quarterly fee from its metadata or analytics licenses for the right to use the metadata or access its analytics platform and to receive regular updates. Revenue from the Company's metadata and analytics service is recognized ratably over the subscription period.

TiVo-enabled DVRs and non-DVRs, including TiVo Stream 4K, and related TiVo Service

The Company sells TiVo-enabled DVRs and non-DVRs and the related service directly to customers through sales programs via the TiVo.com website and licenses the sale of TiVo-enabled DVRs and non-DVRs through a limited number of retailers. All customers have the right to cancel their subscription to the TiVo service within 30 days of subscription activation for a full refund. After the initial subscription period for a DVR, all customers have various pricing options when they renew their subscription.

The transaction price allocated to the DVR and non-DVR is recognized as revenue upon shipment to the customer and the transaction price allocated to the TiVo service is recognized as revenue ratably over the service period. Subscription revenue from lifetime subscriptions are recognized ratably over the estimated useful life of the DVR or non-DVR associated with the subscription. The estimated useful life for a DVR and non-DVR depends on a number of assumptions, including but not limited to, customer retention rates, the timing of new product introductions and historical experience. The Company periodically reassesses the estimated useful life of DVRs and non-DVRs. When the actual useful life of a DVR or a non-DVR materially differs from the Company's estimate, the estimated useful life of the DVR or non-DVR is adjusted, which could result in the recognition of revenue over a longer or shorter period of time.

Significant Judgments

Determining whether promises to transfer multiple goods and services in contracts with customers are considered distinct performance obligations that should be accounted for separately requires significant judgment, including related to the level of integration and interdependency between the performance obligations. In addition, judgment is necessary to allocate the transaction price to the distinct performance obligations, including whether there is a discount or significant financing component to be allocated based on the relative stand-alone selling price of the various performance obligations.

Significant judgment is required to determine the stand-alone selling price for each distinct performance obligation when an observable price is not available. In instances where stand-alone selling price is not directly observable, such as when the Company does not sell the good or service separately, the stand-alone selling price is determined using a range of inputs that includes market conditions and other observable inputs. More than one stand-alone selling price may exist for individual goods and services due to the stratification of those goods and services, considering attributes such as the size of the customer and geographic region.

Due to the nature of the work required to be performed on some performance obligations, significant judgment may be required to determine the transaction price. It is common for the Company's license agreements to contain provisions that can either increase or decrease the transaction price. These variable amounts are generally estimated based on usage. In addition to estimating variable consideration, significant judgment is necessary to identify forms of variable consideration, determine whether the variable consideration relates to a sales-based or usage-based royalty of intellectual property and determine whether, and when to include estimates of variable consideration in the transaction price.

For certain licensees, royalty revenue is generated based on a licensee’s production or shipment of licensed products incorporating the Company’s intellectual property, technologies or software. Licensees with a per-unit or per-subscriber arrangement pay a per-unit royalty for each product manufactured or sold, or for each subscriber, as set forth in its license agreement. Licensees generally report manufacturing, sales or subscriber information in the month or quarter subsequent to when the production, shipment or subscription activity takes place. The Company estimates the royalties earned each quarter based on its forecast of manufacturing and sales activity by its licensees in that quarter. Any differences between actual royalties owed by a licensee and the Company’s estimate are recognized when the licensee’s royalty report is received. Estimating licensees’ quarterly royalties prior to receiving the royalty reports requires the Company to make significant assumptions and judgments related to forecasted trends and growth rates used to estimate quantities manufactured, shipped or subscribed by licensees, which could have a material impact on the amount of revenue recognized.

Some hardware products are sold with a right of return and, in certain circumstances, credits or incentives may be provided to customers or resellers at the time of sale. Such credits and incentives are accounted for as variable consideration and recognized as a reduction to revenue. Estimates of returns, credits and incentives are made at contract inception and updated each reporting period.

In contracts where the Company does not host the TiVo service and that include engineering services that are essential to the functionality of the licensed technology or involve significant customization or modification of software, or where the Company provides non-recurring engineering (“NRE”) services, the Company recognizes revenue as progress toward completion occurs using an input method based on the ratio of costs incurred to date to total estimated costs of the project. Significant judgment is required to estimate the remaining effort to complete the project. These estimates are reassessed throughout the term of the arrangement.

Management evaluates its estimates, inputs and assumptions related to revenue recognition on an ongoing basis. The use of different estimates, inputs or assumptions may materially affect the reported amounts of assets and liabilities as of the date of the financial statements and the results of operations for the reporting period.

Practical Expedients and Exemptions

The Company applies a practical expedient to not perform an evaluation of whether a contract includes a significant financing component when the timing of revenue recognition differs from the timing of cash collection by one year or less.

The Company applies a practical expedient to expense costs to obtain a contract with a customer as incurred as a component of selling, general and administrative expenses when the amortization period would have been one year or less.

The Company applies a practical expedient when disclosing revenue expected to be recognized from unsatisfied performance obligations to exclude contracts with customers with an original duration of less than one year; contracts for which revenue is recognized based on the amount which the Company has the right to invoice for services performed and amounts attributable to variable consideration arising from (i) a sales-based or usage-based royalty of an intellectual property license or (ii) when variable consideration is allocated entirely to a wholly unsatisfied performance obligation; or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation.

Revenue Details

The following information depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors by disaggregating revenue by product category/end market and geographic location (presented in “Note 16 - Segment and Geographic Information”). This information includes revenue recognized from contracts with customers and revenue from other sources, including past royalty revenues.

Revenue disaggregated by product category/end market was as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Consumer Experience	$	51,254	$	38,751
Pay-TV		52,341		—
Connected Car		19,987		17,191
Product revenue	$	123,582	$	55,942
IP Licensing revenue		98,014		61,723
Total revenue	$	221,596	$	117,665

Contract Balances

Contracts Assets

Contract assets primarily consist of unbilled contracts receivable that are expected to be received from customers in future periods, where the revenue recognized to date (or cumulative adjustments to retained earnings in the initial period of adopting Topic 606) exceeds the amount billed. The amount of unbilled contracts receivable may not exceed their net realizable value and are classified as long-term assets if the payments are expected to be received more than one year from the reporting date. Contract assets also include the incremental costs of obtaining a contract with a customer, principally sales commissions when the renewal commission is not commensurate with the initial commission, and deferred engineering costs for significant software customization or modification and set-up services to the extent deemed recoverable. Contract assets were recorded in the Condensed Consolidated Balance Sheets as follows (in thousands):

	March 31, 2021		December 31, 2020
Unbilled contracts receivable	$	128,758	$	132,431
Other current assets		1,178		1,208
Long-term unbilled contracts receivable		8,016		6,761
Other long-term assets		2,785		2,591
Total contract assets	$	140,737	$	142,991

Contract Liabilities

Contract liabilities are mainly comprised of deferred revenue related to consumer lifetime subscriptions for the TiVo service, multi-period licensing or cloud-based services, and other offerings for which the Company is paid in advance while the promised good or service is transferred to the customer at a future date or over time. Deferred revenue also includes amounts

received related to professional services to be performed in the future. Deferred revenue arises when cash payments are received, including amounts which are refundable, in advance of performance obligations being completed.

Allowance for Credit Losses

The allowance for credit losses, which includes the allowance for accounts receivable and unbilled contracts receivable, represents the Company’s best estimate of lifetime expected credit losses inherent in those financial assets. The Company’s lifetime expected credit losses are determined using relevant information about past events (including historical experience), current conditions, and reasonable and supportable forecasts that affect collectability. The Company monitors its credit exposure through ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary. In addition, the Company performs routine credit management activities such as timely account reconciliations, dispute resolution, and payment confirmations. The Company may employ collection agencies and legal counsel to pursue recovery of defaulted receivables.

The Company’s long-term unbilled contracts receivable is derived from fixed-fee or minimum-guarantee arrangements, primarily with large well-capitalized companies. It is generally considered to be of high credit quality due to past collection history and the nature of the customers.

The following table presents the activity in the allowance for credit losses for the three months ended March 31, 2021 and 2020 (in thousands):

	Three Months Ended March 31, 2021							Three Months Ended March 31, 2020
	Accounts Receivable					Unbilled Contracts Receivable		Accounts Receivable			Unbilled Contracts Receivable
Beginning balance	$	7,336				$	2,231	$	566		$	—
Provision for credit losses		1,142					123		2,213			—
Recoveries/charged-off/other adjustments		(4,440	)	(1	)		530		(269	)		—
Balance at end of period	$	4,038				$	2,884	$	2,510		$	—

(1) The charge off of accounts receivable in the first quarter of 2021 was primarily related to a customer whose account had been substantially reserved for credit losses in 2020 due to deteriorating financial condition and delinquent payment history.

Additional Disclosures

The following table presents additional revenue and contract disclosures (in thousands):

	Three Months Ended March 31,
	2021		2020
Revenue recognized in the period from:
Amounts included in deferred revenue at the beginning of the period	$	10,712	$	50
Performance obligations satisfied in previous periods (true ups, licensee reporting adjustments and settlements)*	$	19,863	$	47,511

*True ups represent the differences between the Company’s quarterly estimates of per-unit royalty revenue and actual production/sales-based royalties reported by licensees in the following period. Licensee reporting adjustments represent corrections or revisions to previously reported per-unit royalties by licensees, generally resulting from the Company’s inquiries or compliance audits. Settlements represent resolutions of litigation during the period for past royalties owed pursuant to expired or terminated IP license agreements.

Remaining revenue under contracts with performance obligations represents the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) under the Company’s fixed-fee IP, software-as-a-service agreements and engineering services contracts. The Company's remaining revenue under contracts with performance obligations was as follows (in thousands):

	As of
	March 31, 2021		December 31, 2020
Revenue from contracts with performance obligations expected to be satisfied in:
2021 (remaining 9 months)	$	121,720	$	152,008
2022		119,848		102,764
2023		107,677		91,636
2024		87,695		77,989
2025		84,232		76,028
Thereafter		12,668		429
Total	$	533,840	$	500,854

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Composition of Certain Financial Statement Captions

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Composition of Certain Financial Statement Captions

NOTE 4 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS

Other current assets consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Income tax receivable	$	19,865	$	4,654
Prepaid expenses		22,376		20,393
Inventory*		8,603		9,819
Other		6,682		5,897
	$	57,526	$	40,763

*All inventory is finished goods.

Property and equipment, net, consisted of the following (in thousands):

	March 31, 2021			December 31, 2020
Equipment, furniture and other	$	62,492		$	61,573
Building and improvements		18,309			18,309
Land		5,300			5,300
Leasehold improvements		25,751			25,776
		111,852			110,958
Less: accumulated depreciation and amortization		(52,641	)		(47,751	)
	$	59,211		$	63,207

Other long-term assets consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Non-current income tax receivable	$	116,805	$	122,993
Long-term deferred tax assets		7,416		7,042
Other assets		23,357		23,235
	$	147,578	$	153,270

Accrued liabilities consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Employee compensation and benefits	$	24,062	$	55,449
Accrued expenses		24,687		24,809
Current portion of operating lease liabilities		16,919		17,893
Accrued severance		4,560		5,332
Third-party royalties		4,708		5,906
Other		8,511		19,646
	$	83,447	$	129,035

Other long-term liabilities consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Long-term income tax payable	$	95,954	$	94,397
Other		4,382		4,556
	$	100,336	$	98,953

Accumulated other comprehensive income consisted of the following (in thousands):

	March 31, 2021			December 31, 2020
Foreign currency translation adjustment, net of tax	$	300		$	1,345
Unrealized loss on available-for-sale debt securities, net of tax		(115	)		(81	)
	$	185		$	1,264

Financial Instruments

3 Months Ended

Mar. 31, 2021

Investments Debt And Equity Securities [Abstract]

Financial Instruments

NOTE 5 – FINANCIAL INSTRUMENTS

The Company has investments in debt securities which include corporate bonds and notes, treasury and agency notes and bills, commercial paper, certificates of deposit, and in equity securities consisting of money market funds. The Company classifies its debt securities as available-for-sale (“AFS”), which are accounted for at fair value with credit related losses recognized as a provision for credit loss expense in its Condensed Consolidated Statements of Operations and all non-credit related unrealized gains and losses recognized in accumulated other comprehensive income or loss on the Condensed Consolidated Balance Sheets. Under ASU 2016-01 (Topic 321), equity securities are measured at fair value with unrealized gains and losses recognized in other income and expense, net, on the Condensed Consolidated Statements of Operations.

The following is a summary of marketable securities at March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Values
Marketable securities
Corporate bonds and notes	$	64,768	$	2	$	(46	)	$	—	$	64,724
Commercial paper		37,428		—		(7	)		—		37,421
Total debt securities		102,196		2		(53	)		—		102,145
Money market funds		5,049		—		—			—		5,049
Total equity securities		5,049		—		—			—		5,049
Total marketable securities	$	107,245	$	2	$	(53	)	$	—	$	107,194
Reported in:
Cash and cash equivalents										$	5,049
Available-for-sale debt securities											102,145
Total marketable securities										$	107,194

	December 31, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit losses		Estimated Fair Values
Marketable securities
Corporate bonds and notes	$	69,973	$	29	$	(42	)	$	—	$	69,960
Commercial paper		15,991		—		(4	)		—		15,987
Treasury and agency notes and bills		32,299		—		—			—		32,299
Total debt securities		118,263		29		(46	)		—		118,246
Money market funds		3,849		—		—			—		3,849
Total equity securities		3,849		—		—			—		3,849
Total marketable securities	$	122,112	$	29	$	(46	)	$	—	$	122,095
Reported in:
Cash and cash equivalents										$	35,148
Available-for-sale debt securities											86,947
Total marketable securities										$	122,095

At March 31, 2021 and December 31, 2020, the Company had $236.9 million and $257.1 million, respectively, in cash, cash equivalents and short-term investments. A significant portion of these amounts was held in marketable securities, as shown above. The remaining balance of $129.7 million and $135.0 million at March 31, 2021 and December 31, 2020, respectively, was cash held in operating accounts not included in the tables above.

Debt Securities

The gross realized gains and losses on sales of marketable debt securities were not material during the three months ended March 31, 2021 and 2020, respectively.

Unrealized losses on AFS debt securities were $0.1 million and $0.1 million, net of tax, as of March 31, 2021 and December 31, 2020, respectively. The Company evaluated whether the decline in fair value has resulted from credit losses or other factors and concluded these amounts were related to temporary fluctuations in value of AFS securities and were due primarily to changes in interest rates and market conditions of the underlying securities. In addition, the contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. The Company does not intend to sell the debt securities and it is more-likely-than-not that it will not be required to sell the investments before recovery of their amortized cost bases. The Company did not recognize a provision for credit losses related to its AFS debt securities for the three months ended March 31, 2021 and 2020, respectively.

The following table summarizes the fair value and gross unrealized losses related to individual AFS debt securities at March 31, 2021 and December 31, 2020, which have been in a continuous unrealized loss position, aggregated by investment category and length of time (in thousands):

	Less Than 12 Months					12 Months or More				Total
March 31, 2021	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate bonds and notes	$	55,403	$	(46	)	$	—	$	—	$	55,403	$	(46	)
Commercial paper		32,422		(7	)		—		—		32,422		(7	)
Total	$	87,825	$	(53	)	$	—	$	—	$	87,825	$	(53	)

	Less Than 12 Months					12 Months or More				Total
December 31, 2020	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate bonds and notes	$	53,137	$	(42	)	$	—	$	—	$	53,137	$	(42	)
Commercial paper		12,988		(4	)		—		—		12,988		(4	)
Total	$	66,125	$	(46	)	$	—	$	—	$	66,125	$	(46	)

The estimated fair value of marketable debt securities by contractual maturity at March 31, 2021 is shown below (in thousands). Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties.

	Estimated Fair Value
Due in one year or less	$	71,590
Due in one to two years		30,555
Total	$	102,145

Non-marketable Equity Securities

Investments in non-marketable equity securities are accounted for using either the equity method or the cost method. Investments in entities over which the Company has the ability to exercise significant influence, but does not hold a controlling interest, are accounted for using the equity method. Under the equity method, the Company records its proportionate share of income or loss in other income and expense, net, in the Condensed Consolidated Statements of Operations. Investments in entities over which the Company does not have the ability to exercise significant influence are accounted for using the cost method. The Company monitors its non-marketable securities portfolio for potential impairment. When the carrying amount of an investment in a non-marketable security exceeds its fair value and the decline in fair value is determined to be other-than-temporary, the loss is recorded in other income and expense, net, in the Condensed Consolidated Statements of Operations.

Upon merging with TiVo on June 1, 2020, the Company assumed certain investments in non-marketable equity securities. As of March 31, 2021, other long-term assets included equity securities accounted for under the equity method with a carrying amount of $4.3 million and equity securities without a readily determinable fair value with a carrying amount of $0.1 million, respectively. No impairments or adjustments to the carrying amount of the Company's equity securities without a readily determinable fair value were recognized in the three months ended March 31, 2021. The Company had no investments in non-marketable equity securities prior to June 1, 2020.

Fair Value

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value

NOTE 6 – FAIR VALUE

The Company follows the authoritative guidance for fair value measurement and the fair value option for financial assets and financial liabilities. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:


Level 1	Quoted prices in active markets for identical assets.

Level 2	Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

When applying fair value principles in the valuation of assets, the Company is required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The Company calculates the fair value of its Level 1 and Level 2 instruments based on the exchange traded price of similar or identical instruments, where available, or based on other observable inputs. There were no significant transfers into or out of Level 1 or Level 2 that occurred between December 31, 2020 and March 31, 2021.

The following sets forth the fair value, and classification within the hierarchy, of the Company’s assets required to be measured at fair value on a recurring basis as of March 31, 2021 (in thousands):

	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable securities
Money market funds - equity securities (1)	$	5,049	$	5,049	$	—	$	—
Commercial paper - debt securities (2)		37,421		—		37,421		—
Corporate bonds and notes - debt securities (2)		64,724		—		64,724		—
Total Assets	$	107,194	$	5,049	$	102,145	$	—

(1)

Reported as cash and cash equivalents in the Condensed Consolidated Balance Sheet.

(2)

Reported as AFS debt securities in the Condensed Consolidated Balance Sheet.

The following sets forth the fair value, and classification within the hierarchy, of the Company’s assets required to be measured at fair value on a recurring basis as of December 31, 2020 (in thousands):

	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable securities
Money market funds - equity securities (1)	$	3,849	$	3,849	$	—	$	—
Corporate bonds and notes - debt securities (2)		69,960		—		69,960		—
Treasury and agency notes and bills - debt securities (3)		32,299		—		32,299		—
Commercial paper - debt securities (3)		15,987		—		15,987		—
Total Assets	$	122,095	$	3,849	$	118,246	$	—

(1)

Reported as cash and cash equivalents in the Condensed Consolidated Balance Sheet.

(2)

Reported as AFS debt securities in the Condensed Consolidated Balance Sheet.

(3)

Reported as cash and cash equivalents if purchased with an original maturity of three months or less at the date of purchase; otherwise reported as AFS debt securities in the Condensed Consolidated Balance Sheet.

Financial Instruments Not Recorded at Fair Value

The Company’s long-term debt is carried at amortized cost and is measured at fair value on a quarterly basis for disclosure purposes. The carrying amounts and estimated fair values are as follows (in thousands):

	March 31, 2021				December 31, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2020 Term B Loan Facility ⁽¹⁾	$	828,443	$	828,443	$	839,302	$	842,579
2021 Convertible Notes		48		48		48		48
Total long-term debt, net	$	828,491	$	828,491	$	839,350	$	842,627

(1)	Carrying amounts of long-term debt are net of unamortized debt discount and issuance costs of $32.2 million and $34.4 million as of March 31, 2021 and December 31, 2020, respectively. See “Note 9 – Debt” for additional information.

If reported at fair value in the Condensed Consolidated Balance Sheets, the Company’s debt would be classified within Level 2 of the fair value hierarchy. The fair value of the debt was estimated based on the quoted market prices for the same or similar issues.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Business Combination

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Business Combination

NOTE 7 – BUSINESS COMBINATION

Effective June 1, 2020, Xperi and TiVo completed the previously announced merger of equals transaction (the “Merger”) contemplated by the Agreement and Plan of Merger and Reorganization, dated as of December 18, 2019, as amended on January 31, 2020, (the “Merger Agreement”), by and among Xperi, TiVo, XRAY-TWOLF HoldCo Corporation (“Xperi Holding”), XRAY Merger Sub Corporation (“Xperi Merger Sub”) and TWOLF Merger Sub Corporation (“TiVo Merger Sub”). Immediately prior to the consummation of the Merger, Xperi Holding changed its name to “Xperi Holding Corporation” (the “Company”). Pursuant to the Merger Agreement, (i) Xperi Merger Sub was merged with and into Xperi, with Xperi surviving the merger as a subsidiary of Xperi Holding Corporation (the “Xperi Merger”) and (ii) TiVo Merger Sub was merged with and into TiVo, with TiVo surviving the merger as a subsidiary of Xperi Holding Corporation (the “TiVo Merger” and together with the Xperi Merger, the “Mergers”). Immediately following the consummation of the Mergers, each of Xperi and TiVo became wholly-owned subsidiaries of the Company.

Based on an evaluation of the provisions of ASC 805, “Business Combinations,” Xperi was determined to be the accounting acquirer in the Mergers. The Company has applied the acquisition method of accounting that requires, among other things, that identifiable assets acquired and liabilities assumed generally be recognized on the balance sheet at fair value as of the acquisition date. During the three months ended March 31, 2021, no measurement period adjustments were made. The Company expects to complete the final allocation of the purchase price as soon as practicable, but no later than one year from the date of the Mergers.

The Company is currently contemplating and may pursue, subject to any required regulatory approvals, a separation of the Company’s product business and IP licensing business through a tax-efficient transaction, resulting in two independent, publicly traded companies. The Company is currently evaluating the optimal timing of the contemplated business separation.

Transaction and Severance Costs

In connection with the Mergers, the Company has incurred to date significant one-time expenses such as transaction and integration related costs (e.g. bankers fees, legal fees, consultant fees, etc.), lease impairment charges due to facilities consolidation, severance and retention costs (including stock-based compensation expense resulting from the contractually-required acceleration of equity instruments for departing executives). Total transaction and integration related costs were $0.3 million and $3.1 million for the three months ended March 31, 2021 and 2020, respectively. Post-merger severance and retention costs amounted to $4.5 million for the three months ended March 31, 2021. The Company expects to incur additional expenses for integration, severance and retention, and the impairment of right-of-use assets due to facilities consolidation in future quarters.

Goodwill and Identified Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Identified Intangible Assets

NOTE 8 – GOODWILL AND IDENTIFIED INTANGIBLE ASSETS

Goodwill

The Company's reporting units include the Product segment and the IP Licensing segment. Of the carrying value of goodwill, approximately $523.8 million was allocated to the Product segment and approximately $323.2 million was allocated to the IP Licensing segment as of each of March 31, 2021 and December 31, 2020.

Goodwill at each reporting unit is evaluated for potential impairment annually, as of the beginning of the fourth quarter, and whenever events or changes in circumstances indicate the carrying amount of goodwill may not be recoverable.

Identified Intangible Assets

Identified intangible assets consisted of the following (in thousands):

	Average	March 31, 2021							December 31, 2020
	Life (Years)	Gross Assets		Accumulated Amortization			Net		Gross Assets		Accumulated Amortization			Net
Finite-lived intangible assets
Acquired patents / core technology	3-15	$	659,085	$	(181,967	)	$	477,118	$	659,085	$	(167,916	)	$	491,169
Existing technology / content database	5-10		248,068		(179,019	)		69,049		248,110		(169,326	)		78,784
Customer contracts and related relationships	3-9		649,997		(283,368	)		366,629		650,171		(256,199	)		393,972
Trademarks/trade name	4-10		40,083		(22,283	)		17,800		40,083		(21,029	)		19,054
Non-competition agreements	1		2,231		(2,231	)		—		2,231		(2,231	)		—
Total finite-lived intangible assets			1,599,464		(668,868	)		930,596		1,599,680		(616,701	)		982,979
Indefinite-lived intangible assets
TiVo Tradename/trademarks	N/A		21,400		—			21,400		21,400		—			21,400
Total intangible assets		$	1,620,864	$	(668,868	)	$	951,996	$	1,621,080	$	(616,701	)	$	1,004,379

As of March 31, 2021, the estimated future amortization expense of total finite-lived intangible assets was as follows (in thousands):

2021 (remaining 9 months)	$	150,356
2022		154,089
2023		143,117
2024		104,205
2025		79,797
Thereafter		299,032
	$	930,596

Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

NOTE 9 – DEBT

The outstanding amounts of debt were as follows (in thousands):

	March 31, 2021			December 31, 2020
2020 Term B Loan Facility	$	860,625		$	873,750
2021 Convertible Notes		48			48
Unamortized debt discount and issuance costs		(32,182	)		(34,448	)
		828,491			839,350
Less: current portion, net of debt discount and issuance costs		(43,825	)		(43,689	)
Total long-term debt, net of current portion	$	784,666		$	795,661

2020 Term B Loan Facility

On June 1, 2020, in connection with the consummation of the Mergers with TiVo, the Company entered into a Credit Agreement (the “2020 Credit Agreement”) by and among the Company, the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent. The 2020 Credit Agreement provides for a five-year senior secured term loan B facility in an aggregate principal amount of $1,050 million (the “2020 Term B Loan Facility”). The interest rate applicable to loans outstanding under the 2020 Term B Loan Facility is equal to, at the Company’s option, either (i) a base rate plus a margin of 3.00% per annum or (ii) LIBOR plus a margin of 4.00% per annum. Commencing on September 30, 2020, the 2020 Term B Loan Facility will amortize in equal quarterly installments in aggregate quarterly amounts equal to (i) with respect to repayments occurring on or prior to June 1, 2023, 1.25% of the original principal amount of the 2020 Term B Loan Facility and (ii) with respect to repayments occurring after June 1, 2023 and prior to June 1, 2025, 1.875% of the original principal amount of the 2020 Term B Loan Facility, with the balance payable on the maturity date of the 2020 Term B Loan Facility (in each case subject to adjustment for prepayments). The 2020 Term B Loan Facility will mature on June 1, 2025. Upon the closing of the 2020 Credit Agreement, the Company borrowed $1,050 million under the 2020 Term B Loan Facility. Net proceeds were

used on June 1, 2020, together with cash and cash equivalents, to refinance the existing indebtedness of the combined Company (the “Debt Financing”), including paydown of the TiVo 2019 Term Loan of $734.6 million. See “Note 7 – Business Combination” for additional information relating to the Mergers. Additionally, debt discount and issuance costs of approximately $39.7 million were incurred and capitalized in connection with the 2020 Term B Loan Facility in June 2020.

The Company commenced repaying quarterly installments under the 2020 Term B Loan Facility in the third quarter of 2020, and also elected to make a voluntary principal payment of $150.0 million on December 31, 2020. As outlined in the 2020 Credit Agreement, additional cash payments must be made on an annual basis beginning March 31, 2022 based on certain leverage ratios and excess cash flow generated for the immediately preceding fiscal year. The voluntary principal payment made on December 31, 2020 may be applied against required additional paydowns, if any, beginning March 31, 2022.

The obligations under the 2020 Credit Agreement are guaranteed by Xperi, TiVo and certain other of the Company’s wholly-owned material domestic subsidiaries (collectively, the “Guarantors”) pursuant to the Guaranty, dated as of June 1, 2020, among Xperi, TiVo, the other Guarantors party thereto and Bank of America, N.A., as administrative agent. The obligations under the 2020 Credit Agreement are secured by a lien on substantially all of the assets of the Company and the Guarantors pursuant to the Security Agreement, dated as of June 1, 2020, among the Company, Xperi, TiVo, the other pledgors party thereto and Bank of America, N.A., as collateral agent.

The 2020 Credit Agreement contains customary events of default, upon the occurrence of which, after any applicable grace period, the lenders will have the ability to accelerate all outstanding loans thereunder. The 2020 Credit Agreement also contains customary representations and warranties and affirmative and negative covenants that, among other things, restrict the ability of the Company and its subsidiaries to create or incur certain liens, incur or guarantee additional indebtedness, merge or consolidate with other companies, transfer or sell assets and make restricted payments. These covenants are subject to a number of limitations and exceptions set forth in the Credit Agreement. The Company was in compliance with all requirements as of March 31, 2021.

2018 Amended Term B Loan

On December 1, 2016, in connection with the consummation of the acquisition of DTS, the Company entered into a Credit Agreement (the “Credit Agreement”) by and among the Company, Royal Bank of Canada, as administrative agent and collateral agent, and the lenders party thereto. The Credit Agreement provided for a $600.0 million seven-year term B loan facility (the “Term B Loan Facility”) which would mature on November 30, 2023.

On January 23, 2018, the Company and the loan parties entered into an amendment to the Credit Agreement (the “Amendment”). In connection with the Amendment, the Company made a voluntary prepayment of $100.0 million of the term loan outstanding under the Credit Agreement using cash on hand. The Amendment provided for, among other things, a replacement of the outstanding initial term loan with the new tranche term B-1 loan in a principal amount of $494.0 million. On June 1, 2020, the entire remaining balance of $344.0 million was paid off by using the proceeds from the 2020 Term B Loan Facility in connection with the Mergers. As a result of the refinancing transaction, the Company recorded a loss on early extinguishment of debt of $8.3 million, which consisted of unamortized debt discount and issuance costs, in its Condensed Consolidated Statements of Operations during the second quarter of 2020.

2019 Term Loan Facility

In connection with the Mergers, the Company paid off the outstanding balance under the TiVo’s 2019 Term Loan. The 2019 Term Loan Facility Agreement was entered into on November 22, 2019 between TiVo, as borrower, and the lenders party thereto and HPS Investment Partners, LLC as administrative agent and collateral agent. Under the 2019 Term Loan, TiVo borrowed $715.0 million, which was scheduled to mature on November 22, 2024.

Under the 2019 Term Loan Facility Agreement, TiVo was required to pay a 3.0% prepayment premium if the loan was prepaid on or prior to November 22, 2020. Further, under the same Loan Facility Agreement, the Mergers triggered certain change of control conditions that constituted an event of default, thus requiring the debt to be repaid immediately following the consummation of the Mergers. Using the proceeds from the aforementioned 2020 Term B Loan Facility, the Company, on June 1, 2020, made a full repayment of the 2019 Term Loan along with the prepayment penalty for a total payoff amount of $734.6 million.

2021 Convertible Notes

Upon consummation of the TiVo Merger on June 1, 2020, the Company assumed $48.0 thousand of Convertible Senior Notes that were issued by TiVo Solutions Inc. in September 2014 and mature October 1, 2021 (the “2021 Convertible Notes”). The

2021 Convertible Notes bear interest at an annual rate of 2.0%, payable semi-annually in arrears on April 1 and October 1 of each year.

Interest Expense and Expected Principal Payments

At March 31, 2021, $828.5 million in total debt was outstanding with an interest rate, including the amortization of debt discount and issuance costs, of 5.2%. There were also $32.2 million of unamortized debt discount and issuance costs recorded as a reduction from the carrying amount of the debt. Interest is payable monthly on the 2020 Term B Loan Facility. Interest expense was $11.3 million and $4.3 million for the three months ended March 31, 2021 and 2020, respectively. Amortized debt discount and issuance costs, which were included in interest expense, amounted to $2.3 million and $0.6 million for the three months ended March 31, 2021 and 2020, respectively.

As of March 31, 2021, future minimum principal payments for long-term debt are summarized as follows (in thousands):

2021 (remaining 9 months)	$	39,423
2022		52,500
2023		72,188
2024		78,750
2025		617,812
Total	$	860,673

Net Income Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Income Per Share

NOTE 10 – NET INCOME PER SHARE

The following table sets forth the computation of basic and diluted shares (in thousands):

	Three Months Ended
	March 31, 2021		March 31, 2020
Denominator:
Weighted average shares of common stock outstanding		104,940		49,945
Less: shares of restricted stock subject to repurchase		—		—
Total common shares-basic		104,940		49,945
Effect of dilutive securities:
Options		32		3
Restricted stock awards and units		2,804		251
Total common shares-diluted		107,776		50,199

Basic net income per share is computed using the weighted average number of shares of common stock outstanding during the period, excluding any unvested restricted stock awards that are subject to repurchase. Diluted net income per share is computed using the treasury stock method to calculate the weighted average number of shares of common stock and, if dilutive, potential common shares outstanding during the period. Potentially dilutive common shares include unvested restricted stock awards and units and incremental common shares issuable upon the exercise of stock options, less shares repurchased from assumed proceeds. The assumed proceeds calculation includes actual proceeds to be received from the employee upon exercise and the average unrecognized stock compensation cost during the period.

For the three months ended March 31, 2021 and 2020, in the calculation of net income per share, 1.1 million and 2.1 million shares, respectively, subject to stock options and restricted stock awards and units were excluded from the computation of diluted net income per share as they were anti-dilutive.

Stockholders' Equity

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stockholders' Equity

NOTE 11 – STOCKHOLDERS’ EQUITY

As described in Note 7, Xperi and TiVo completed the Mergers on June 1, 2020 to form Xperi Holding Corporation. Upon completion of the Mergers, each share of common stock of Xperi was converted into the right to receive one fully paid and non-assessable share of Company Common Stock. Further upon completion of the Mergers, each share of TiVo Common Stock was converted into the right to receive 0.455 fully paid and non-assessable shares of the Company Common Stock (the “Exchange Ratio”), in addition to cash in lieu of any fractional shares of the Company Common Stock. Following the Mergers,

Xperi Common Stock and TiVo Common Stock were delisted from Nasdaq. Since June 2, 2020, the shares of Company Common Stock have been listed for trading on Nasdaq under ticker symbol “XPER.”

Equity Incentive Plans

Prior to the Merger Date, the Company had implemented and granted equity awards under the Xperi Corporation Seventh Amended and Restated 2003 Equity Incentive Plan. As of the effective date of the Mergers, no future grants will be made under the plan.

The 2020 EIP

In connection with the Mergers and immediately prior to June 1, 2020, the Company adopted the Xperi Holding Corporation 2020 Equity Incentive Plan (the “2020 EIP”).

Under the 2020 EIP, the Company may grant equity-based awards to employees, non-employee directors, and consultants for services rendered to the Company (or any parent or subsidiary) in the form of stock options, stock awards, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and performance awards (or any combination thereof). A total of 8,000,000 shares have been reserved for issuance under the 2020 EIP provided that each share issued pursuant to “full value” awards (i.e., stock awards, restricted stock awards, restricted stock units, performance awards and dividend equivalents) are counted against shares available for issuance under the 2020 EIP on a 1.5 to 1 ratio.

The 2020 EIP provides for option grants designed as either incentive stock options or nonstatutory options. Options generally are granted with an exercise price not less than the value of the common stock on the grant date and have a term of ten years from the date of grant and vest over a four-year period. The vesting criteria for restricted stock awards and restricted stock units is generally the passage of time or meeting certain performance-based objectives, and continued employment through the vesting period generally over four years for time-based awards.

Assumed Plans

On June 1, 2020, the Company assumed all then-outstanding stock options, awards, and shares available and reserved for issuance under all legacy Equity Incentive Plans of TiVo (collectively, the “Assumed Plans”). Stock options assumed from the Assumed Plans generally have vesting periods of four years and a contractual term of seven years. Awards of restricted stock and restricted stock units assumed from the Assumed Plans are generally subject to a four year vesting period. The number of shares subject to stock options and restricted stock unit awards outstanding under these plans are included in the tables below. Shares reserved under the Assumed Plans will be available for future grants.

As of March 31, 2021, there were 5.3 million shares reserved for future grants under both the 2020 EIP and the Assumed Plans.

A summary of the stock option activity is presented below (in thousands, except per share amounts):

	Options Outstanding
	Number of Shares Subject to Options			Weighted Average Exercise Price Per Share
Balance at December 31, 2020		637		$	29.59
Options granted		—			—
Options exercised		(12	)	$	19.58
Options canceled / forfeited / expired		(134	)	$	45.14
Balance at March 31, 2021		491		$	25.55

Restricted Stock Awards and Units

Information with respect to outstanding restricted stock awards and units as of March 31, 2021 is as follows (in thousands, except per share amounts):

	Restricted Stock and Restricted Stock Units
	Number of Shares Subject to Time- based Vesting			Number of Shares Subject to Performance- based Vesting			Total Number of Shares			Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2020		5,662			1,061			6,723		$	16.63
Awards and units granted		2,743			645			3,388		$	23.72
Awards and units vested / earned		(873	)		—			(873	)	$	20.89
Awards and units canceled / forfeited		(227	)		(42	)		(269	)	$	15.95
Balance at March 31, 2021		7,305			1,664			8,969		$	18.91

Performance Awards and Units

Performance awards and units may be granted to employees or consultants based upon, among other things, the contributions, responsibilities and other compensation of the particular employee or consultant. The value and the vesting of such performance awards and units are generally linked to one or more performance goals or certain market conditions determined by the Company, in each case on a specified date or dates or over any period or periods determined by the Company, and may range from zero to 200 percent of the grant. For performance awards subject to a market vesting condition (“market-based PSUs”), the fair value per award is fixed at the grant date and the amount of compensation expense is not adjusted during the performance period regardless of changes in the level of achievement of the market condition.

Employee Stock Purchase Plans

Prior to the Mergers, the Company had implemented the Xperi Corporation 2003 Employee Stock Purchase Plan and the International Employee Stock Purchase Plan, both of which were terminated immediately prior to the effective time of the Mergers.

In connection with the Mergers and immediately prior to June 1, 2020, the Company adopted the Xperi Holding Corporation 2020 Employee Stock Purchase Plan (the “2020 ESPP”). The 2020 ESPP is implemented through consecutive overlapping 24-month offering periods, each of which is comprised of four six-month purchase periods. The first offering period commenced on September 1, 2020 and will end on August 31, 2022. Each subsequent offering period under the 2020 ESPP will be twenty-four (24) months long and will commence on each September 1 and March 1 during the term of the plan. Participants may contribute up to 100% of their base earnings and commissions through payroll deductions, and the accumulated deductions will be applied to the purchase of shares on each semi-annual purchase date. The purchase price per share will equal 85% of the fair market value per share on the start date of the offering period or, if lower, 85% of the fair market value per share on the semi-annual purchase date.

An eligible employee’s right to buy the Company’s common stock under the 2020 ESPP may not accrue at a rate in excess of $25,000 of the fair market value of such shares per calendar year for each calendar year of an offering period. If the fair market value per share of the Company’s common stock on any purchase date during an offering period is less than the fair market value per share on the start date of the 24-month offering period, then that offering period will automatically terminate and a new 24-month offering period will begin on the next business day. All participants in the terminated offering will be transferred to the new offering period.

As of March 31, 2021, there were 1.4 million shares reserved for grant under the Company’s 2020 ESPP.

Stock Repurchase Programs

Following the termination of Xperi’s prior stock repurchase program after the closing of the Mergers, on June 12, 2020 the Board of Directors (the “Board”) of the Company authorized a new stock repurchase program providing for the repurchase of up to $150.0 million of the Company's Common Stock dependent on market conditions, share prices and other factors. As of March 31, 2021, the Company has repurchased a total of approximately 6.0 million shares of common stock, since inception of the plan, at an average price of $15.87 per share for a total cost of $95.1 million. As of December 31, 2020, the Company had repurchased a total of approximately 4.9 million shares of common stock, since inception of the plan, at an average price of $14.25 per share for a total cost of $70.1 million. The shares repurchased are recorded as treasury stock and are accounted for

under the cost method. No expiration date has been specified for this plan. As of March 31, 2021, the total remaining amount available for repurchase was $54.9 million. The Company plans to continue to execute authorized repurchases from time to time under the plan.

The Company issues restricted stock units as part of the equity incentive plans described above. For the majority of restricted awards, shares are withheld to satisfy required withholding taxes at the vesting date. Shares withheld to satisfy required withholding taxes in connection with the vesting of restricted awards are treated as common stock repurchases in the condensed consolidated financial statements because they reduce the number of shares that would have been issued on vesting. However, these withheld shares are not included in common stock repurchases under the Company's authorized share repurchase plan. During the three months ended March 31, 2021 and 2020, the Company withheld 0.3 million and 0.2 million shares of common stock to satisfy $7.4 million and $3.1 million of required withholding taxes, respectively.

Stock-Based Compensation Expense

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation Expense

NOTE 12 – STOCK-BASED COMPENSATION EXPENSE

The effect of recording stock-based compensation (“SBC”) expense for the three months ended March 31, 2021 and 2020 is as follows (in thousands):

	Three Months Ended
	March 31, 2021			March 31, 2020
Cost of licensing, services and software revenue	$	323		$	—
Research, development and other related costs		4,347			3,036
Selling, general and administrative		8,549			4,951
Total stock-based compensation expense		13,219			7,987
Tax effect on stock-based compensation expense		(154	)		(1,000	)
Net effect on net income	$	13,065		$	6,987

SBC expense categorized by various equity components for the three months ended March 31, 2021 and 2020 is summarized in the table below (in thousands):

	Three Months Ended
	March 31, 2021		March 31, 2020
Restricted stock awards and units	$	11,929	$	7,294
Employee stock purchase plan		1,271		690
Employee stock options		19		3
Total stock-based compensation expense	$	13,219	$	7,987

There were no options granted in the three months ended March 31, 2021 and 2020.

The following assumptions were used to value the restricted stock units subject to market conditions granted during the period:

	March 2021			July 2020*
Expected life (years)		3.0			3.0
Risk-free interest rate		0.3	%		0.2	%
Dividend yield		1.0	%		1.4	%
Expected volatility		47.9	%		51.3	%

*There were no market-based PSUs granted prior to July 2020.

ESPP grants occur in March and September. Prior to the Mergers, the final ESPP grant under the legacy ESPP program was in February 2020. The following assumptions were used to value the ESPP shares for these grants:

	March 2021			September 2020			February 2020
Expected life (years)		2.0			2.0			2.0
Risk-free interest rate		0.1	%		0.1	%		1.4	%
Dividend yield		1.2	%		1.4	%		4.0	%
Expected volatility		52.0	%		57.5	%		45.8	%

Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 13 – INCOME TAXES

For the three months ended March 31, 2021, the Company recorded an income tax benefit of $4.0 million on pretax income of $0.5 million, which resulted in an effective tax rate of (786.4)%. The income tax benefit for the three months ended March 31, 2021 was primarily related to foreign withholding taxes, U.S. federal base erosion and anti-abuse tax (“BEAT”) and unrealized foreign exchange loss from the prior year South Korea refund claims. The Company’s negative effective tax rate is based on the projected 2021 GAAP U.S. pretax loss and is significantly less than the 21% U.S. federal tax rate. The Company’s effective tax rate is the result of the most significant components of income tax expense, primarily driven by foreign withholding and BEAT. The computed negative effective tax rate is applied to the year-to-date U.S. profit resulting in an income tax benefit for the quarter ended March 31, 2021.

For the three months ended March 31, 2020, the Company recorded an income tax expense of $2.1 million on pretax income of $20.8 million, which resulted in an effective tax rate of 9.9%. The income tax expense for the three months ended March 31, 2020 was primarily related to tax expense from operating income, certain non-deductible expenses, shortfalls from stock-based compensation, an increase in valuation allowance against certain deferred tax assets, and unrealized foreign exchange losses from the prior year South Korea refund claim, offset by a deduction from foreign-derived intangible income and the release of unrecognized tax benefits due to a lapse in the statute of limitation.

As of March 31, 2021, gross unrecognized tax benefits increased $1.5 million to $228.7 million compared to $227.2 million as of December 31, 2020. This was included in long-term deferred tax and other long-term liabilities on the Condensed Consolidated Balance Sheets. Of this amount, $96.0 million would affect the effective tax rate if recognized. As of March 31, 2020, unrecognized tax benefits of $85.5 million were included in long-term deferred tax and other long-term liabilities on the Condensed Consolidated Balance Sheets. Of this amount, $81.6 million would affect the effective tax rate if recognized. The Company is unable to reasonably estimate the timing of the long-term payments or the amount by which the liability will increase or decrease.

It is the Company's policy to classify accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. The Company recognized interest and penalties related to unrecognized tax benefits of $0.6 million and an insignificant amount for the three months ended March 31, 2021 and 2020, respectively. Accrued interest and penalties were $3.1 million and $2.5 million as of March 31, 2021 and December 31, 2020, respectively.

As of March 31, 2021, the Company’s 2016 through 2020 tax years are generally open and subject to potential examination in one or more jurisdictions. Earlier tax years for the Company and its subsidiaries are also open in certain jurisdictions which are currently subject to examination. In addition, in the U.S., any net operating losses or credits that were generated in prior years but not yet fully utilized in a year that is closed under the statute of limitations may also be subject to examination. The Company has submitted withholding tax refund claims with the South Korean authorities, and the final outcome is not anticipated to be settled within the next twelve months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

NOTE 14 – LEASES

The Company leases office and research facilities, data centers and office equipment under operating leases which expire through 2029. The Company’s leases have remaining lease terms of one year to nine years, some of which may include options to extend the leases for five years or longer, and some of which may include options to terminate the leases within the next 6 years or less. Leases with an initial term of 12 months or less are not recorded on the balance sheets; expense for these leases is recognized on a straight-line basis over the lease term. Variable lease payments are expensed as incurred and are not included within the lease liability and right-of-use assets calculation. As a practical expedient, the Company elected, for all office and facility leases, not to separate nonlease components (e.g., common-area maintenance costs) from lease components (e.g., fixed payments including rent) and instead to account for each separate lease component and its associated non-lease components as a single lease component. As most of the leases do not provide an implicit rate, the Company generally, for purposes of discounting lease payments, uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date.

The Company subleases certain real estate to third parties. The sublease portfolio consists of operating leases for previously exited office space. Certain subleases include variable payments for operating costs. The subleases are generally co-terminus with the head lease, or shorter. Subleases do not include any residual value guarantees or restrictions or covenants imposed by the leases. Income from subleases is recognized as a reduction to selling, general and administrative expenses.

The components of operating lease costs were as follows (in thousands):

	Three Months Ended
	March 31, 2021			March 31, 2020
Fixed lease cost ⁽¹⁾	$	5,466		$	1,834
Variable lease cost		1,365			347
Less: sublease income		(2,188	)		—
Total operating lease cost	$	4,643		$	2,181

(1) Includes short-term leases, which were immaterial.

Other information related to leases was as follows (in thousands, except lease term and discount rate):

	Three Months Ended,
	March 31, 2021		March 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,555	$	1,638
ROU assets obtained in exchange for new lease liabilities:
Operating leases	$	—	$	—

	March 31, 2021			December 31, 2020
Weighted-average remaining lease term (years):
Operating leases		5.0			5.1
Weighted-average discount rate:
Operating leases		5.2	%		5.2	%

Future minimum lease payments and related lease liabilities as of March 31, 2021 were as follows (in thousands):

	Operating Lease Payments (1)			Sublease Income			Net Operating Lease Payments
2021 (remaining 9 months)	$	15,818		$	(4,598	)	$	11,220
2022		17,985			(6,117	)		11,868
2023		16,492			(6,231	)		10,261
2024		15,718			(6,293	)		9,425
2025		14,635			(6,279	)		8,356
Thereafter		8,796			(935	)		7,861
Total lease payments		89,444			(30,453	)		58,991
Less: imputed interest		(11,058	)		—			(11,058	)
Present value of lease liabilities:	$	78,386		$	(30,453	)	$	47,933

Less: current obligations under leases (accrued liabilities)		16,919
Noncurrent operating lease liabilities	$	61,467

(1) Future minimum lease payments exclude short-term leases as well as payments to landlords for variable common area maintenance, insurance and real estate taxes.

As of December 31, 2020, future minimum lease payments were as follows (in thousands):

	Operating Lease Payments			Sublease Income			Net Operating Lease Payments
2021	$	21,825		$	(6,257	)	$	15,568
2022		18,420			(6,117	)		12,303
2023		16,776			(6,231	)		10,545
2024		15,719			(6,293	)		9,426
2025		14,635			(6,279	)		8,356
Thereafter		8,966			(935	)		8,031
Total lease payments		96,341			(32,112	)		64,229
Less: imputed interest		(12,205	)		—			(12,205	)
Present value of lease liabilities:	$	84,136		$	(32,112	)	$	52,024

Less: current obligations under leases (accrued liabilities)		17,893
Noncurrent operating lease liabilities	$	66,243

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 15 – COMMITMENTS AND CONTINGENCIES

Purchase and Other Contractual Obligations

In the ordinary course of business, the Company enters into contractual agreements with third parties that include non-cancelable payment obligations, for which it is liable in future periods. These arrangements primarily include unconditional purchase obligations to service providers. As of March 31, 2021, the Company’s total future unconditional purchase obligations were approximately $144.5 million. Additionally, under certain other contractual arrangements, the Company may be obligated to pay up to $2.2 million, a majority of which is expected to be paid by 2022, if certain milestones are achieved.

On December 31, 2019, TiVo entered into a contract requiring the Company to generate a minimum number of Qualified Referred Subscribers (as defined in the contract) over a 30 month period. In the event that the aggregate number of Qualified Referred Subscribers generated by the Company within the specified time period is less than the minimum guaranteed subscribers, the Company is required to pay an amount equal to the shortfall between the number of Qualified Referred Subscribers generated by the Company and the required minimum multiplied by a per Qualified Referred Subscribers fee, up to a maximum of $5.0 million. As of March 31, 2021, $2.8 million was accrued in the Condensed Consolidated Balance Sheets related to this contract.

Inventory Purchase Commitment

The Company uses contract manufacturers to provide manufacturing services for its products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate supply, the Company enters into agreements with its contract manufacturer that either allow them to procure inventory based on criteria as defined by the Company or that establish the parameters defining the Company’s requirements. A significant portion of the Company’s purchase commitments arising from these agreements consist of firm, non-cancelable and unconditional purchase commitments. In certain instances, these agreements allow the Company the option to cancel, reschedule or adjust the Company’s requirements based on its business needs prior to firm orders being placed. As of March 31, 2021, the Company had total purchase commitments for inventory of $5.6 million, of which $0.6 million was accrued in the Condensed Consolidated Balance Sheet.

Indemnifications

In the normal course of business, the Company provides indemnifications of varying scopes and amounts to certain of its licensees, customers, and business partners against claims made by third parties arising from the use of the Company's products, intellectual property, services or technologies. The Company cannot reasonably estimate the possible range of losses that may be incurred pursuant to its indemnification obligations, if any. Variables affecting any such assessment include, but are not limited to: the nature of the claim asserted; the relative merits of the claim; the financial ability of the party suing the indemnified party to engage in protracted litigation; the number of parties seeking indemnification; the nature and amount of damages claimed by the party suing the indemnified party; and the willingness of such party to engage in settlement

negotiations. To date, no such claims have been filed against the Company and no liability has been recorded in the Company’s financial statements.

As permitted under Delaware law, the Company has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company believes, given the absence of any such payments in the Company’s history, and the estimated low probability of such payments in the future, that the estimated fair value of these indemnification agreements is immaterial. In addition, the Company has directors’ and officers’ liability insurance coverage that is intended to reduce its financial exposure and may enable the Company to recover any payments, should they occur.

Contingencies

At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of losses is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company is currently unable to predict the final outcome of lawsuits to which it is a party and therefore cannot determine the likelihood of loss nor estimate a range of possible losses. An adverse decision in any of these proceedings could significantly harm the Company’s business and consolidated financial position, results of operations or cash flows.

The Company and its subsidiaries are involved in litigation matters and claims in the normal course of business. In the past, the Company and its subsidiaries have litigated to enforce their respective patents and other intellectual property rights, to enforce the terms of license agreements, to protect trade secrets, to determine the validity and scope of the proprietary rights of others and to defend itself or its customers against claims of infringement or invalidity. The Company expects it or its subsidiaries will be involved in similar legal proceedings in the future, including proceedings regarding infringement of its patents, and proceedings to ensure proper and full payment of royalties by licensees under the terms of its license agreements.

The existing and any future legal actions may harm the Company’s business. For example, legal actions could cause an existing licensee or strategic partner to cease making royalty or other payments to the Company, or to challenge the validity and enforceability of patents owned by the Company’s subsidiaries or the scope of license agreements with the Company’s subsidiaries, or could significantly damage the Company’s relationship with such licensee or strategic partner and, as a result, prevent the adoption of the Company’s other technologies by such licensee or strategic partner. Litigation could also severely disrupt or shut down the business operations of licensees or strategic partners of the Company’s subsidiaries, which in turn would significantly harm ongoing relations with them and cause the Company to lose royalty revenue.

The costs associated with legal proceedings are typically high, relatively unpredictable, and not completely within the Company’s control. These costs may be materially higher than expected, which could adversely affect the Company’s operating results and lead to volatility in the price of its common stock. Whether or not determined in the Company’s favor or ultimately settled, litigation diverts managerial, technical, legal, and financial resources from the Company’s business operations. Furthermore, an adverse decision in any of these legal actions could result in a loss of the Company’s proprietary rights, subject the Company to significant liabilities, require the Company to seek licenses from others, limit the value of the Company’s licensed technology or otherwise negatively impact the Company’s stock price or its business and consolidated financial results.

Segment and Geographic Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment and Geographic Information

NOTE 16 – SEGMENT AND GEOGRAPHIC INFORMATION

The Company reports its financial results within two reportable segments: (1) Product and (2) Intellectual Property (“IP”) Licensing. There are certain corporate overhead costs that are not allocated to these reportable segments because these operating amounts are not considered in evaluating the operating performance of the Company’s business segments.

Reportable segments are identified based on the Company's organizational structure and information reviewed by the Company’s chief operating decision maker (“CODM”) to evaluate performance and allocate resources. The Company’s Chief Executive Officer is also the CODM as defined by the authoritative guidance on segment reporting.

The Product segment consists primarily of licensing Company-developed audio, digital radio, imaging, edge-based machine learning and multi-channel video user experience (“UX”) solutions. Audio, digital radio, imaging solutions and edge-based machine learning include the delivery of software and/or hardware-based solutions to the Company’s consumer electronics (“CE”) customers, automotive manufacturers or their supply chain partners. UX products and services revenue is primarily derived from multi-channel video service providers and CE manufacturers, licensing the TiVo service and selling TiVo-enabled devices like the Stream 4K, Personalized Content Discovery, enriched Metadata, viewership data and advertising.

The IP Licensing segment consists primarily of licensing the Company’s innovations to leading companies in the media and semiconductor industries. Licensing arrangements include access to one or more of the Company’s foundational patent portfolios and may also include access to some of its industry-leading technologies and proven know-how. In media, the Company’s licensees include multichannel video programming distributors, OTT video service providers, consumer electronics manufacturers, social media, and other new media companies. In semiconductor, the Company’s licensees include memory, sensors, RF component, and foundry companies.

The Company does not identify or allocate assets by reportable segment, nor does the CODM evaluate reportable segments using discrete asset information. Reportable segments do not record inter-segment revenue and accordingly there are none to report. The Company does not allocate other income and expense to reportable segments. Although the CODM uses operating income to evaluate reportable segments, operating costs included in one segment may benefit other segments.

The following table sets forth the Company’s segment revenue, operating expenses and operating income for the three months ended March 31, 2021 and 2020 (in thousands):

	Three Months Ended
	March 31, 2021			March 31, 2020
Revenue:
Product segment	$	123,582		$	55,942
IP Licensing segment		98,014			61,723
Total revenue		221,596			117,665
Operating expenses:
Product segment		108,563			46,236
IP Licensing segment		33,567			10,295
Unallocated operating expenses (1)		69,067			36,607
Total operating expenses		211,197			93,138
Operating income:
Product segment		15,019			9,706
IP Licensing segment		64,447			51,428
Unallocated operating expenses (1)		(69,067	)		(36,607	)
Total operating income	$	10,399		$	24,527

(1)

Unallocated operating expenses consist primarily of selling, marketing, general and administrative expenses, such as administration, human resources, finance, information technology, corporate development and procurement. These expenses are not allocated because these amounts are not considered in evaluating the operating performance of the Company’s business segments.

A significant portion of the Company’s revenue is derived from licensees headquartered outside of the U.S., principally in Asia, and it is expected that this revenue will continue to account for a significant portion of total revenue in future periods. The table below lists the geographic revenue for the periods indicated (in thousands):

	Three Months Ended
	March 31, 2021				March 31, 2020
U.S.	$	131,498	59	%	$	23,136	20	%
Japan		26,444	12			51,322	44
South Korea		18,513	9			27,583	23
Europe and Middle East		16,422	7			4,448	4
Other		28,719	13			11,176	9
	$	221,596	100	%	$	117,665	100	%

For the three months ended March 31, 2021 and 2020, there were no customers and two customers, respectively, that each accounted for 10% or more of total revenue. As of March 31, 2021 and December 31, 2020, there were two customers and two customers, respectively, that each accounted for 10% or more of total accounts receivable.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 21
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

NOTE 17 - SUBSEQUENT EVENTS

On April 22, 2021, the Board declared a cash dividend of $0.05 per share of common stock, payable on June 15, 2021 to the stockholders of record at the close of business on May 25, 2021.

On April 22, 2021, the Board authorized an additional $100.0 million of purchases under the Company’s existing stock repurchase plan, increasing the total available balance to $154.9 million as of such date.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting	The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) for interim financial information. The amounts as of December 31, 2020 have been derived from the Company’s annual audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2020, filed on February 26, 2021 (the “Form 10-K”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary (consisting of normal recurring adjustments) to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These financial statements should be read in conjunction with the annual audited financial statements and notes thereto as of and for the year ended December 31, 2020, included in the Form 10-K.
Reclassification	Reclassification As a result of the Mergers, certain reclassifications of prior period amounts have been made to improve comparability and conform to the current period presentation. Presentation changes were made to the Condensed Consolidated Statements of Operations. In addition, certain reclassifications of prior period data have been made in the Notes to Condensed Consolidated Financial Statements to conform to the current period presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The accounting estimates and assumptions that require management’s most significant, challenging, and subjective judgment include the estimation of licensees’ quarterly royalties prior to receiving the royalty reports, the determination of stand-alone selling price and the transaction price in an arrangement with multiple performance obligations, the estimation of variable consideration, judgment used to estimate the progress toward completion in the Company’s engineering services, the collectability of accounts receivable, other intangible assets and investments, the assessment of the recoverability of goodwill, the assessment of useful lives and recoverability of other intangible assets and long-lived assets, recognition and measurement of current and deferred income tax assets and liabilities, the assessment of unrecognized tax benefits, and purchase accounting resulting from business combinations, among others. Actual results experienced by the Company may differ from management’s estimates. The COVID-19 pandemic has resulted in a global slowdown of economic activity which is likely to reduce the future demand for a broad variety of goods and services, while also disrupting sales channels, marketing activities and supply chains for an unknown period of time until the virus is fully contained. The Company’s business operations have been negatively impacted by the COVID-19 pandemic and related events and the Company expects this disruption to continue to have a negative impact on its revenue and results of operations, the size and duration of which is currently difficult to predict. Although the Company is unable to predict the full impact and duration of COVID-19 on its business, the Company is actively managing its financial expenditures in response to the current uncertainty. The impact of the COVID-19 pandemic and related events, including actions taken by various government authorities in response, have increased market volatility and make the estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes more difficult. As of the date of issuance of the financial statements, the Company is not aware of any specific event or circumstance that would require it to update its estimates, judgments or revise the carrying value of its assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). The purpose of the update is to reduce the complexity pertaining to certain areas in accounting for income taxes. Key amendments from ASU 2019-12 include, but are not limited to, the accounting for hybrid tax regimes, step-up in tax basis for goodwill in non-business combination transactions, intraperiod tax allocation exception to the incremental approach, and interim period accounting for enacted changes in tax law. The Company adopted the new standard prospectively on January 1, 2021. The adoption did not have an impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which provides further clarification on the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. ASU 2020-04 became effective upon issuance and may be applied prospectively to contract modifications made on or before December 31, 2022. ASU 2021-01 became effective upon issuance and may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or prospectively for contract modifications made on or before December 31, 2022. The Company currently has debt agreements that reference LIBOR and will apply the amendments prospectively through December 31, 2022 as these contracts are modified to reference other rates.
Revenue Recognition	Revenue Recognition General Revenue is recognized when control of the promised goods or services is transferred to a customer in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services, which may include various combinations of goods and services which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of sales taxes collected from customers which are subsequently remitted to governmental authorities. In situations where foreign withholding taxes are withheld by the Company’s licensee, revenue is recognized gross of withholding taxes that are remitted directly by the licensee to a local tax authority. Arrangements with Multiple Performance Obligations Some of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the individual performance obligations are separately accounted for if they are distinct. In an arrangement with multiple performance obligations, the transaction price is allocated among the separate performance obligations on a relative stand-alone selling price basis. The determination of stand-alone selling price considers market conditions, the size and scope of the contract, customer and geographic information, and other factors. When observable prices are not available, stand-alone selling price for separate performance obligations is based on the cost-plus-margin approach, considering overall pricing objectives. The allocation of transaction price among performance obligations in a contract may impact the amount and timing of revenue recognized in the Consolidated Statements of Operations during a given period. Contract Modifications Contracts may be modified due to changes in contract specifications or customer requirements. Contract modifications occur when the change in terms either creates new enforceable rights and obligations or changes existing enforceable rights and obligations. The effect of a contract modification for goods and services that are not distinct in the context of the contract on the transaction price is recognized as an adjustment to revenue on a cumulative catch-up basis. Contract modifications that result in goods or services that are distinct from the existing goods or services are accounted for as separate contracts if they are sold at their stand-alone selling price, or otherwise prospectively. Variable Consideration When a contract with a customer includes a variable transaction price, an estimate of the consideration which the Company expects to be entitled to for transferring the promised goods or services is made at contract inception. Depending on the terms of the contract, variable consideration is estimated using either the expected value approach or the most likely value approach. Under either approach to estimating variable consideration, the estimate considers all information (historical, current and forecast) that is reasonably available at contract inception. The amount of variable consideration is estimated at contract inception and updated as additional information becomes available. The estimate of variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Subsequent changes in the transaction price resulting from changes in the estimate of variable consideration are allocated to the performance obligations in the contract on the same basis as at contract inception. Certain payments to licensees, retailers and distributors, such as market development funds and revenue shares, are treated as a reduction of the transaction price, and therefore a reduction to revenue, unless the payment is in exchange for a distinct good or service that the licensee, retailer or distributor transfers to the Company. When variable consideration is in the form of a sales-based or usage-based royalty in exchange for a license of IP, or when a license of IP is the predominant item to which the variable consideration relates, revenue is recognized at the later of when the subsequent sale or usage occurs or the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied or partially satisfied. Nature of Goods and Services The following is a discussion of the principal activities from which the Company generates its revenue. License Agreements The Company operates in two business segments. In its Product segment, the Company licenses its audio, digital radio, imaging, edge-based machine learning and multi-channel video user experience (“UX”) solutions. Within this segment, the Company groups its business into three categories based on the products delivered and customers served: Consumer Experience, Connected Car, and Pay-TV. In its IP Licensing segment, the Company licenses (i) its media patent portfolios (“Media IP licensing”) to multichannel video programming distributors, over-the-top video service providers, consumer electronics manufacturers, social media, and other new media companies and (ii) its semiconductor technologies and associated patent portfolios (“Semiconductor IP licensing”) to memory, sensors, radio frequency (“RF”) component, and foundry companies. The Company licenses its technologies and portfolios under three revenue models: (i) fixed-fee Media IP licensing, (ii) fixed-fee or minimum guarantee Product or Semiconductor IP licensing, and (iii) per-unit or per-subscriber royalty licenses. Fixed-fee Media IP licensing The Company's long-term fixed-fee Media IP licensing agreements, which are related to the TiVo businesses following the Mergers, provide its customers with rights to future patented technologies over the term of the agreement that are highly interdependent or highly interrelated to the patented technologies provided at the inception of the agreement. The Company treats these rights as a single performance obligation with revenue recognized on a straight-line basis over the term of the fixed-fee license agreement. At times, the Company enters into license agreements in which a licensee is released from past patent infringement claims or is granted a license to ship an unlimited number of units or for an unlimited number of subscribers over a future period for a fixed fee. In these arrangements, the Company allocates the transaction price between the release for past patent infringement claims and the future license. In determining the stand-alone selling price of the release for past patent infringement claims and the future license, the Company considers such factors as the number of units shipped in the past or the number of past subscribers and the relevant geographies of the shipped units or subscribers, the future number of subscribers or units, as well as the licensing rate the Company generally receives for per-subscriber or units shipped in the same geographies. As the release from past patent infringement claims is generally satisfied at execution of the agreement, the transaction price allocated to the release from past patent infringement claims is generally recognized in the period the agreement is executed and the amount of transaction price allocated to the future license is recognized ratably over the future license term. Fixed-fee or minimum guarantee Semiconductor IP or Product licensing The Company enters into Semiconductor IP or Product licenses that have fixed fee or minimum guarantee arrangements, whereby licensees pay a fixed fee for the right to incorporate the Company’s technology in the licensee's products over the license term. In arrangements with a minimum guarantee, the fixed fee component corresponds to a minimum number of units or dollars that the customer must produce or pay, with additional per-unit fees for any units or dollars exceeding the minimum. In most cases, the customer pays the fixed license fee in specified installments over the license term. For both fixed fee and minimum guarantee agreements for Semiconductor IP or Product licensing, the Company recognizes the full fixed fee as revenue at the beginning of the license term, when the licensee has the right to use the IP and begins to benefit from the license. If the contract term of a fixed fee or minimum guarantee arrangement is longer than one year, the Company also considers the scheduled payment arrangements to determine whether a significant financing component exists. In general, if the payment arrangements extend beyond the initial twelve months of the contract, the Company treats a portion of the payments as a significant financing component. The discount rate used for each arrangement reflects the rate that would be used in a separate financing transaction between the Company and the licensee at contract inception and takes into account the credit characteristics of the licensee and market interest rates as of the date of the agreement. As such, the amount of fixed fee revenue recognized at the beginning of the license term will be reduced by the calculated financing component. As payments are received from the licensee, the Company recognizes a portion of the financing component as interest income, reported as other income and expense in the Consolidated Statements of Operations. Per-unit or per-subscriber royalty licenses The Company recognizes revenue from per-unit or per-subscriber royalty licenses in the period in which the licensee's sales or production are estimated to have occurred, which results in an adjustment to revenue when actual sales or production are subsequently reported by the licensee, which is generally in the month or quarter following usage or shipment. The Company generally recognizes revenue from royalty licenses on a per-subscriber per-month model for licenses with service providers and a per-unit shipped or manufactured model for licenses with CE manufacturers and memory, sensors, RF component, and foundry companies. Compliance Audits The Company actively monitors and enforces its IP, including seeking appropriate compensation from customers that have under-reported royalties owed under a license agreement and from third parties that utilize the Company’s intellectual property without a license. As a result of these activities, the Company may, from time to time, recognize revenue from payments resulting from periodic compliance audits of licensees for underreporting royalties incurred in prior periods, as part of a settlement of a patent infringement dispute, or from legal judgments in a license dispute. These recoveries and settlements may cause revenue to be higher than expected during a particular reporting period and such recoveries may not occur in subsequent periods. The Company recognizes revenue from recoveries when a binding agreement has been executed and the Company concludes collection under that agreement is likely. Arrangements with Multiple System Operators for the TiVo Service The Company's arrangements with multiple system operators (“MSOs”) typically include software customization and set-up services, associated maintenance and support, limited training, post-contract support, TiVo-enabled DVRs, non-DVR Set-Top Boxes (“STBs”), and the TiVo service. The Company has two types of arrangements with MSOs that include technology deployment and engineering services. In instances where the Company hosts the TiVo service, non-refundable payments received for customization and set-up services are deferred and recognized as revenue ratably over the hosting term. The related cost of such services is capitalized to the extent it is deemed recoverable and amortized to cost of revenue over the same period as the related TiVo service revenue is recognized. The Company estimates the stand-alone selling prices for training, DVRs, non-DVR STBs and maintenance and support based on the price charged in stand-alone sales of the promised good or service. The stand-alone selling price for the TiVo service is determined by considering the size of the MSO and expected volume of deployment, market conditions, competitive landscape, internal costs and total gross margin objectives. For a term license to the TiVo service, the Company receives license fees for the hosted TiVo service on either a per-subscriber per-month basis or a fixed fee. The Company recognizes revenue from per-subscriber per-month licenses during the month the TiVo service is provided to the customer and recognizes revenue from fixed fee licenses ratably over the license period. In arrangements where the Company does not host the TiVo service, which includes engineering services that are essential to the functionality of the licensed technology or involve significant customization or modification of the software, the Company recognizes revenue as progress toward completion is made using an input method based on the ratio of costs incurred to date to total estimated costs of the project. Project costs are primarily labor related to specific activities required for the project. Costs related to general infrastructure or uncommitted platform development are not included in the project cost estimates and are expensed as incurred. Estimating project costs requires forecasting costs, tracking progress toward completion and projecting the remaining effort to complete the project. These estimates are reassessed throughout the term of the arrangement, and revisions to estimates are recognized on a cumulative catch-up basis when the changed conditions become known. Provisions for losses are recorded when estimates indicate it is probable that a loss will be incurred for the contract. The Company generally recognizes revenue from license fees for the TiVo service that the Company does not host on a per-subscriber per-month basis due to the recognition constraint on intellectual property usage-based royalties. Subscription Services Subscription services revenue primarily consists of fees to provide customers with access to one or more of the Company's hosted products such as its iGuide interactive program guide (“IPG”), advanced search and recommendations, metadata and analytics products, including routine customer support. The Company generally receives per-subscriber per-month fees for its iGuide IPG and search and recommendations service and revenue is recorded in the month the customer uses the service. The Company generally receives a monthly or quarterly fee from its metadata or analytics licenses for the right to use the metadata or access its analytics platform and to receive regular updates. Revenue from the Company's metadata and analytics service is recognized ratably over the subscription period. TiVo-enabled DVRs and non-DVRs, including TiVo Stream 4K, and related TiVo Service The Company sells TiVo-enabled DVRs and non-DVRs and the related service directly to customers through sales programs via the TiVo.com website and licenses the sale of TiVo-enabled DVRs and non-DVRs through a limited number of retailers. All customers have the right to cancel their subscription to the TiVo service within 30 days of subscription activation for a full refund. After the initial subscription period for a DVR, all customers have various pricing options when they renew their subscription. The transaction price allocated to the DVR and non-DVR is recognized as revenue upon shipment to the customer and the transaction price allocated to the TiVo service is recognized as revenue ratably over the service period. Subscription revenue from lifetime subscriptions are recognized ratably over the estimated useful life of the DVR or non-DVR associated with the subscription. The estimated useful life for a DVR and non-DVR depends on a number of assumptions, including but not limited to, customer retention rates, the timing of new product introductions and historical experience. The Company periodically reassesses the estimated useful life of DVRs and non-DVRs. When the actual useful life of a DVR or a non-DVR materially differs from the Company's estimate, the estimated useful life of the DVR or non-DVR is adjusted, which could result in the recognition of revenue over a longer or shorter period of time. Significant Judgments Determining whether promises to transfer multiple goods and services in contracts with customers are considered distinct performance obligations that should be accounted for separately requires significant judgment, including related to the level of integration and interdependency between the performance obligations. In addition, judgment is necessary to allocate the transaction price to the distinct performance obligations, including whether there is a discount or significant financing component to be allocated based on the relative stand-alone selling price of the various performance obligations. Significant judgment is required to determine the stand-alone selling price for each distinct performance obligation when an observable price is not available. In instances where stand-alone selling price is not directly observable, such as when the Company does not sell the good or service separately, the stand-alone selling price is determined using a range of inputs that includes market conditions and other observable inputs. More than one stand-alone selling price may exist for individual goods and services due to the stratification of those goods and services, considering attributes such as the size of the customer and geographic region. Due to the nature of the work required to be performed on some performance obligations, significant judgment may be required to determine the transaction price. It is common for the Company's license agreements to contain provisions that can either increase or decrease the transaction price. These variable amounts are generally estimated based on usage. In addition to estimating variable consideration, significant judgment is necessary to identify forms of variable consideration, determine whether the variable consideration relates to a sales-based or usage-based royalty of intellectual property and determine whether, and when to include estimates of variable consideration in the transaction price. For certain licensees, royalty revenue is generated based on a licensee’s production or shipment of licensed products incorporating the Company’s intellectual property, technologies or software. Licensees with a per-unit or per-subscriber arrangement pay a per-unit royalty for each product manufactured or sold, or for each subscriber, as set forth in its license agreement. Licensees generally report manufacturing, sales or subscriber information in the month or quarter subsequent to when the production, shipment or subscription activity takes place. The Company estimates the royalties earned each quarter based on its forecast of manufacturing and sales activity by its licensees in that quarter. Any differences between actual royalties owed by a licensee and the Company’s estimate are recognized when the licensee’s royalty report is received. Estimating licensees’ quarterly royalties prior to receiving the royalty reports requires the Company to make significant assumptions and judgments related to forecasted trends and growth rates used to estimate quantities manufactured, shipped or subscribed by licensees, which could have a material impact on the amount of revenue recognized. Some hardware products are sold with a right of return and, in certain circumstances, credits or incentives may be provided to customers or resellers at the time of sale. Such credits and incentives are accounted for as variable consideration and recognized as a reduction to revenue. Estimates of returns, credits and incentives are made at contract inception and updated each reporting period. In contracts where the Company does not host the TiVo service and that include engineering services that are essential to the functionality of the licensed technology or involve significant customization or modification of software, or where the Company provides non-recurring engineering (“NRE”) services, the Company recognizes revenue as progress toward completion occurs using an input method based on the ratio of costs incurred to date to total estimated costs of the project. Significant judgment is required to estimate the remaining effort to complete the project. These estimates are reassessed throughout the term of the arrangement. Management evaluates its estimates, inputs and assumptions related to revenue recognition on an ongoing basis. The use of different estimates, inputs or assumptions may materially affect the reported amounts of assets and liabilities as of the date of the financial statements and the results of operations for the reporting period. Practical Expedients and Exemptions The Company applies a practical expedient to not perform an evaluation of whether a contract includes a significant financing component when the timing of revenue recognition differs from the timing of cash collection by one year or less. The Company applies a practical expedient to expense costs to obtain a contract with a customer as incurred as a component of selling, general and administrative expenses when the amortization period would have been one year or less. The Company applies a practical expedient when disclosing revenue expected to be recognized from unsatisfied performance obligations to exclude contracts with customers with an original duration of less than one year; contracts for which revenue is recognized based on the amount which the Company has the right to invoice for services performed and amounts attributable to variable consideration arising from (i) a sales-based or usage-based royalty of an intellectual property license or (ii) when variable consideration is allocated entirely to a wholly unsatisfied performance obligation; or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Schedule of Revenue Disaggregated by Product Category/End Market

Revenue disaggregated by product category/end market was as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Consumer Experience	$	51,254	$	38,751
Pay-TV		52,341		—
Connected Car		19,987		17,191
Product revenue	$	123,582	$	55,942
IP Licensing revenue		98,014		61,723
Total revenue	$	221,596	$	117,665

Schedule of Contract Assets

Contract assets were recorded in the Condensed Consolidated Balance Sheets as follows (in thousands):

	March 31, 2021		December 31, 2020
Unbilled contracts receivable	$	128,758	$	132,431
Other current assets		1,178		1,208
Long-term unbilled contracts receivable		8,016		6,761
Other long-term assets		2,785		2,591
Total contract assets	$	140,737	$	142,991

Schedule of Allowance for Credit Losses

The following table presents the activity in the allowance for credit losses for the three months ended March 31, 2021 and 2020 (in thousands):

	Three Months Ended March 31, 2021							Three Months Ended March 31, 2020
	Accounts Receivable					Unbilled Contracts Receivable		Accounts Receivable			Unbilled Contracts Receivable
Beginning balance	$	7,336				$	2,231	$	566		$	—
Provision for credit losses		1,142					123		2,213			—
Recoveries/charged-off/other adjustments		(4,440	)	(1	)		530		(269	)		—
Balance at end of period	$	4,038				$	2,884	$	2,510		$	—

Schedule of Revenue Recognized in Period

The following table presents additional revenue and contract disclosures (in thousands):

	Three Months Ended March 31,
	2021		2020
Revenue recognized in the period from:
Amounts included in deferred revenue at the beginning of the period	$	10,712	$	50
Performance obligations satisfied in previous periods (true ups, licensee reporting adjustments and settlements)*	$	19,863	$	47,511

Schedule of Remaining Performance Obligations

The Company's remaining revenue under contracts with performance obligations was as follows (in thousands):

	As of
	March 31, 2021		December 31, 2020
Revenue from contracts with performance obligations expected to be satisfied in:
2021 (remaining 9 months)	$	121,720	$	152,008
2022		119,848		102,764
2023		107,677		91,636
2024		87,695		77,989
2025		84,232		76,028
Thereafter		12,668		429
Total	$	533,840	$	500,854

Composition of Certain Financial Statement Captions (Tables)

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Income tax receivable	$	19,865	$	4,654
Prepaid expenses		22,376		20,393
Inventory*		8,603		9,819
Other		6,682		5,897
	$	57,526	$	40,763

*All inventory is finished goods.

Schedule of Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):

	March 31, 2021			December 31, 2020
Equipment, furniture and other	$	62,492		$	61,573
Building and improvements		18,309			18,309
Land		5,300			5,300
Leasehold improvements		25,751			25,776
		111,852			110,958
Less: accumulated depreciation and amortization		(52,641	)		(47,751	)
	$	59,211		$	63,207

Schedule of Other Long Term Assets

Other long-term assets consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Non-current income tax receivable	$	116,805	$	122,993
Long-term deferred tax assets		7,416		7,042
Other assets		23,357		23,235
	$	147,578	$	153,270

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Employee compensation and benefits	$	24,062	$	55,449
Accrued expenses		24,687		24,809
Current portion of operating lease liabilities		16,919		17,893
Accrued severance		4,560		5,332
Third-party royalties		4,708		5,906
Other		8,511		19,646
	$	83,447	$	129,035

Schedule of Other Long-Term Liabilities

Other long-term liabilities consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Long-term income tax payable	$	95,954	$	94,397
Other		4,382		4,556
	$	100,336	$	98,953

Schedule of Accumulated Other Comprehensive Income

Accumulated other comprehensive income consisted of the following (in thousands):

	March 31, 2021			December 31, 2020
Foreign currency translation adjustment, net of tax	$	300		$	1,345
Unrealized loss on available-for-sale debt securities, net of tax		(115	)		(81	)
	$	185		$	1,264

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Investments Debt And Equity Securities [Abstract]

Summary of Marketable Securities

The following is a summary of marketable securities at March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Values
Marketable securities
Corporate bonds and notes	$	64,768	$	2	$	(46	)	$	—	$	64,724
Commercial paper		37,428		—		(7	)		—		37,421
Total debt securities		102,196		2		(53	)		—		102,145
Money market funds		5,049		—		—			—		5,049
Total equity securities		5,049		—		—			—		5,049
Total marketable securities	$	107,245	$	2	$	(53	)	$	—	$	107,194
Reported in:
Cash and cash equivalents										$	5,049
Available-for-sale debt securities											102,145
Total marketable securities										$	107,194

	December 31, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit losses		Estimated Fair Values
Marketable securities
Corporate bonds and notes	$	69,973	$	29	$	(42	)	$	—	$	69,960
Commercial paper		15,991		—		(4	)		—		15,987
Treasury and agency notes and bills		32,299		—		—			—		32,299
Total debt securities		118,263		29		(46	)		—		118,246
Money market funds		3,849		—		—			—		3,849
Total equity securities		3,849		—		—			—		3,849
Total marketable securities	$	122,112	$	29	$	(46	)	$	—	$	122,095
Reported in:
Cash and cash equivalents										$	35,148
Available-for-sale debt securities											86,947
Total marketable securities										$	122,095

Fair Value and Gross Unrealized Losses Related to Individual Available-for-Sale Debt Securities

	Less Than 12 Months					12 Months or More				Total
March 31, 2021	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate bonds and notes	$	55,403	$	(46	)	$	—	$	—	$	55,403	$	(46	)
Commercial paper		32,422		(7	)		—		—		32,422		(7	)
Total	$	87,825	$	(53	)	$	—	$	—	$	87,825	$	(53	)

	Less Than 12 Months					12 Months or More				Total
December 31, 2020	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate bonds and notes	$	53,137	$	(42	)	$	—	$	—	$	53,137	$	(42	)
Commercial paper		12,988		(4	)		—		—		12,988		(4	)
Total	$	66,125	$	(46	)	$	—	$	—	$	66,125	$	(46	)

Estimated Fair Value of Marketable Debt Securities by Contractual Maturity

	Estimated Fair Value
Due in one year or less	$	71,590
Due in one to two years		30,555
Total	$	102,145

Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets Measured on Recurring Basis

	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable securities
Money market funds - equity securities (1)	$	5,049	$	5,049	$	—	$	—
Commercial paper - debt securities (2)		37,421		—		37,421		—
Corporate bonds and notes - debt securities (2)		64,724		—		64,724		—
Total Assets	$	107,194	$	5,049	$	102,145	$	—

(1)

Reported as cash and cash equivalents in the Condensed Consolidated Balance Sheet.

(2)

Reported as AFS debt securities in the Condensed Consolidated Balance Sheet.

	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable securities
Money market funds - equity securities (1)	$	3,849	$	3,849	$	—	$	—
Corporate bonds and notes - debt securities (2)		69,960		—		69,960		—
Treasury and agency notes and bills - debt securities (3)		32,299		—		32,299		—
Commercial paper - debt securities (3)		15,987		—		15,987		—
Total Assets	$	122,095	$	3,849	$	118,246	$	—

(1)

Reported as cash and cash equivalents in the Condensed Consolidated Balance Sheet.

(2)

Reported as AFS debt securities in the Condensed Consolidated Balance Sheet.

(3)

Schedule of Carrying Amounts and Estimated Fair Values

The carrying amounts and estimated fair values are as follows (in thousands):

	March 31, 2021				December 31, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2020 Term B Loan Facility ⁽¹⁾	$	828,443	$	828,443	$	839,302	$	842,579
2021 Convertible Notes		48		48		48		48
Total long-term debt, net	$	828,491	$	828,491	$	839,350	$	842,627

(1)	Carrying amounts of long-term debt are net of unamortized debt discount and issuance costs of $32.2 million and $34.4 million as of March 31, 2021 and December 31, 2020, respectively. See “Note 9 – Debt” for additional information.

Goodwill and Identified Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Identified Intangible Assets

Identified intangible assets consisted of the following (in thousands):

	Average	March 31, 2021							December 31, 2020
	Life (Years)	Gross Assets		Accumulated Amortization			Net		Gross Assets		Accumulated Amortization			Net
Finite-lived intangible assets
Acquired patents / core technology	3-15	$	659,085	$	(181,967	)	$	477,118	$	659,085	$	(167,916	)	$	491,169
Existing technology / content database	5-10		248,068		(179,019	)		69,049		248,110		(169,326	)		78,784
Customer contracts and related relationships	3-9		649,997		(283,368	)		366,629		650,171		(256,199	)		393,972
Trademarks/trade name	4-10		40,083		(22,283	)		17,800		40,083		(21,029	)		19,054
Non-competition agreements	1		2,231		(2,231	)		—		2,231		(2,231	)		—
Total finite-lived intangible assets			1,599,464		(668,868	)		930,596		1,599,680		(616,701	)		982,979
Indefinite-lived intangible assets
TiVo Tradename/trademarks	N/A		21,400		—			21,400		21,400		—			21,400
Total intangible assets		$	1,620,864	$	(668,868	)	$	951,996	$	1,621,080	$	(616,701	)	$	1,004,379

Estimated Future Amortization Expense

As of March 31, 2021, the estimated future amortization expense of total finite-lived intangible assets was as follows (in thousands):

2021 (remaining 9 months)	$	150,356
2022		154,089
2023		143,117
2024		104,205
2025		79,797
Thereafter		299,032
	$	930,596

Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Outstanding Amounts of Debt

The outstanding amounts of debt were as follows (in thousands):

	March 31, 2021			December 31, 2020
2020 Term B Loan Facility	$	860,625		$	873,750
2021 Convertible Notes		48			48
Unamortized debt discount and issuance costs		(32,182	)		(34,448	)
		828,491			839,350
Less: current portion, net of debt discount and issuance costs		(43,825	)		(43,689	)
Total long-term debt, net of current portion	$	784,666		$	795,661

Summarize of Future Minimum Principal Payments for Long-term Debt

As of March 31, 2021, future minimum principal payments for long-term debt are summarized as follows (in thousands):

2021 (remaining 9 months)	$	39,423
2022		52,500
2023		72,188
2024		78,750
2025		617,812
Total	$	860,673

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income Per Share

The following table sets forth the computation of basic and diluted shares (in thousands):

	Three Months Ended
	March 31, 2021		March 31, 2020
Denominator:
Weighted average shares of common stock outstanding		104,940		49,945
Less: shares of restricted stock subject to repurchase		—		—
Total common shares-basic		104,940		49,945
Effect of dilutive securities:
Options		32		3
Restricted stock awards and units		2,804		251
Total common shares-diluted		107,776		50,199

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

A summary of the stock option activity is presented below (in thousands, except per share amounts):

	Options Outstanding
	Number of Shares Subject to Options			Weighted Average Exercise Price Per Share
Balance at December 31, 2020		637		$	29.59
Options granted		—			—
Options exercised		(12	)	$	19.58
Options canceled / forfeited / expired		(134	)	$	45.14
Balance at March 31, 2021		491		$	25.55

Summary of Restricted Stock Awards and Units

Information with respect to outstanding restricted stock awards and units as of March 31, 2021 is as follows (in thousands, except per share amounts):

	Restricted Stock and Restricted Stock Units
	Number of Shares Subject to Time- based Vesting			Number of Shares Subject to Performance- based Vesting			Total Number of Shares			Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2020		5,662			1,061			6,723		$	16.63
Awards and units granted		2,743			645			3,388		$	23.72
Awards and units vested / earned		(873	)		—			(873	)	$	20.89
Awards and units canceled / forfeited		(227	)		(42	)		(269	)	$	15.95
Balance at March 31, 2021		7,305			1,664			8,969		$	18.91

Stock-Based Compensation Expense (Tables)

3 Months Ended

Mar. 31, 2021

Effect of Recording Stock-Based Compensation Expense

The effect of recording stock-based compensation (“SBC”) expense for the three months ended March 31, 2021 and 2020 is as follows (in thousands):

	Three Months Ended
	March 31, 2021			March 31, 2020
Cost of licensing, services and software revenue	$	323		$	—
Research, development and other related costs		4,347			3,036
Selling, general and administrative		8,549			4,951
Total stock-based compensation expense		13,219			7,987
Tax effect on stock-based compensation expense		(154	)		(1,000	)
Net effect on net income	$	13,065		$	6,987

Stock-Based Compensation Expense Categorized by Equity Components

SBC expense categorized by various equity components for the three months ended March 31, 2021 and 2020 is summarized in the table below (in thousands):

	Three Months Ended
	March 31, 2021		March 31, 2020
Restricted stock awards and units	$	11,929	$	7,294
Employee stock purchase plan		1,271		690
Employee stock options		19		3
Total stock-based compensation expense	$	13,219	$	7,987

Employee Stock Purchase Plan

Schedule of Assumptions Used to Value Awards Granted

The following assumptions were used to value the ESPP shares for these grants:

	March 2021			September 2020			February 2020
Expected life (years)		2.0			2.0			2.0
Risk-free interest rate		0.1	%		0.1	%		1.4	%
Dividend yield		1.2	%		1.4	%		4.0	%
Expected volatility		52.0	%		57.5	%		45.8	%

Restricted Stock Units

Schedule of Assumptions Used to Value Awards Granted

The following assumptions were used to value the restricted stock units subject to market conditions granted during the period:

	March 2021			July 2020*
Expected life (years)		3.0			3.0
Risk-free interest rate		0.3	%		0.2	%
Dividend yield		1.0	%		1.4	%
Expected volatility		47.9	%		51.3	%

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of Operating Lease Costs

The components of operating lease costs were as follows (in thousands):

	Three Months Ended
	March 31, 2021			March 31, 2020
Fixed lease cost ⁽¹⁾	$	5,466		$	1,834
Variable lease cost		1,365			347
Less: sublease income		(2,188	)		—
Total operating lease cost	$	4,643		$	2,181

(1) Includes short-term leases, which were immaterial.

Schedule of Other Information Related to Leases

Other information related to leases was as follows (in thousands, except lease term and discount rate):

	Three Months Ended,
	March 31, 2021		March 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,555	$	1,638
ROU assets obtained in exchange for new lease liabilities:
Operating leases	$	—	$	—

	March 31, 2021			December 31, 2020
Weighted-average remaining lease term (years):
Operating leases		5.0			5.1
Weighted-average discount rate:
Operating leases		5.2	%		5.2	%

Schedule of Future Minimum Lease Payments and Related Lease Liabilities

Future minimum lease payments and related lease liabilities as of March 31, 2021 were as follows (in thousands):

	Operating Lease Payments (1)			Sublease Income			Net Operating Lease Payments
2021 (remaining 9 months)	$	15,818		$	(4,598	)	$	11,220
2022		17,985			(6,117	)		11,868
2023		16,492			(6,231	)		10,261
2024		15,718			(6,293	)		9,425
2025		14,635			(6,279	)		8,356
Thereafter		8,796			(935	)		7,861
Total lease payments		89,444			(30,453	)		58,991
Less: imputed interest		(11,058	)		—			(11,058	)
Present value of lease liabilities:	$	78,386		$	(30,453	)	$	47,933

Less: current obligations under leases (accrued liabilities)		16,919
Noncurrent operating lease liabilities	$	61,467

(1) Future minimum lease payments exclude short-term leases as well as payments to landlords for variable common area maintenance, insurance and real estate taxes.

As of December 31, 2020, future minimum lease payments were as follows (in thousands):

	Operating Lease Payments			Sublease Income			Net Operating Lease Payments
2021	$	21,825		$	(6,257	)	$	15,568
2022		18,420			(6,117	)		12,303
2023		16,776			(6,231	)		10,545
2024		15,719			(6,293	)		9,426
2025		14,635			(6,279	)		8,356
Thereafter		8,966			(935	)		8,031
Total lease payments		96,341			(32,112	)		64,229
Less: imputed interest		(12,205	)		—			(12,205	)
Present value of lease liabilities:	$	84,136		$	(32,112	)	$	52,024

Less: current obligations under leases (accrued liabilities)		17,893
Noncurrent operating lease liabilities	$	66,243

Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

The following table sets forth the Company’s segment revenue, operating expenses and operating income for the three months ended March 31, 2021 and 2020 (in thousands):

	Three Months Ended
	March 31, 2021			March 31, 2020
Revenue:
Product segment	$	123,582		$	55,942
IP Licensing segment		98,014			61,723
Total revenue		221,596			117,665
Operating expenses:
Product segment		108,563			46,236
IP Licensing segment		33,567			10,295
Unallocated operating expenses (1)		69,067			36,607
Total operating expenses		211,197			93,138
Operating income:
Product segment		15,019			9,706
IP Licensing segment		64,447			51,428
Unallocated operating expenses (1)		(69,067	)		(36,607	)
Total operating income	$	10,399		$	24,527

(1)

Schedule of Geographic Revenue Information

The table below lists the geographic revenue for the periods indicated (in thousands):

	Three Months Ended
	March 31, 2021				March 31, 2020
U.S.	$	131,498	59	%	$	23,136	20	%
Japan		26,444	12			51,322	44
South Korea		18,513	9			27,583	23
Europe and Middle East		16,422	7			4,448	4
Other		28,719	13			11,176	9
	$	221,596	100	%	$	117,665	100	%

The Company and Basis of Presentation - Narrative (Details)	3 Months Ended
	Mar. 31, 2021 Patent $ / shares	Dec. 31, 2020 $ / shares	Jun. 02, 2020 $ / shares
Organization Consolidation And Presentation [Line Items]
Effective date of merger	Jun. 01, 2020
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001
Perceive Corporation
Organization Consolidation And Presentation [Line Items]
Ownership interest, percentage	81.00%
Minimum
Organization Consolidation And Presentation [Line Items]
Number of patents and applications \| Patent	11,000

Summary of Significant Accounting Policies - Additional Information (Details) - Accounting Standards Update 2019-12	Mar. 31, 2021
Summary of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle accounting standards update adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect [true false]	true

- Definition

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+ Details

Revenue - Additional Information (Details)	3 Months Ended
Revenue - Additional Information (Details)	Mar. 31, 2021 segment RevenueModel
Revenue Recognition [Line Items]
Number of operating segments \| segment	2
Number of revenue models used for company licenses \| RevenueModel	3
Right to cancel subscription, period	30 days
Maximum
Revenue Recognition [Line Items]
Practical expedient, timing of revenue recognition differs from the timing of cash collection, period	1 year
Revenue recognition practical expedient amortization period	1 year
Practical expedient revenue expected to be recognized from unsatisfied performance obligations, duration	1 year

Revenue - Schedule of Revenue Disaggregated by Product Category/End Market (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 221,596	$ 117,665
Product Revenue
Disaggregation of Revenue [Line Items]
Total revenue	123,582	55,942
IP Licensing Revenue
Disaggregation of Revenue [Line Items]
Total revenue	98,014	61,723
Consumer Experience \| Product Revenue
Disaggregation of Revenue [Line Items]
Total revenue	51,254	38,751
Pay TV \| Product Revenue
Disaggregation of Revenue [Line Items]
Total revenue	52,341
Connected Car \| Product Revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 19,987	$ 17,191

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

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-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Unbilled contracts receivable	$ 128,758	$ 132,431
Other current assets	1,178	1,208
Long-term unbilled contracts receivable	8,016	6,761
Other long-term assets	2,785	2,591
Total contract assets	$ 140,737	$ 142,991

Revenue - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounts Receivable
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	$ 7,336	$ 566
Provision for credit losses	1,142	2,213
Recoveries/charged-off/other adjustments	(4,440)	(269)
Balance at end of period	4,038	$ 2,510
Unbilled Contracts Receivable
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	2,231
Provision for credit losses	123
Recoveries/charged-off/other adjustments	530
Balance at end of period	$ 2,884

Revenue - Schedule of Revenue Recognized in Period (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Amounts included in deferred revenue at the beginning of the period	$ 10,712	$ 50
Performance obligations satisfied in previous periods (true ups, licensee reporting adjustments and settlements)	$ 19,863	$ 47,511

Revenue - Schedule of Remaining Performance Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 533,840	$ 500,854
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations		$ 152,008
Performance obligations expected to be satisfied, expected timing		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 121,720
Performance obligations expected to be satisfied, expected timing	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations		$ 102,764
Performance obligations expected to be satisfied, expected timing		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 119,848
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations		$ 91,636
Performance obligations expected to be satisfied, expected timing		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 107,677
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations		$ 77,989
Performance obligations expected to be satisfied, expected timing		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 87,695
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations		$ 76,028
Performance obligations expected to be satisfied, expected timing		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 84,232
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations		$ 429
Performance obligations expected to be satisfied, expected timing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 12,668
Performance obligations expected to be satisfied, expected timing

Revenue - Schedule of Remaining Performance Obligations (Details 1) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Remaining performance obligations	$ 533,840	$ 500,854

Composition Of Certain Financial Statement Captions - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Income tax receivable	$ 19,865	$ 4,654
Prepaid expenses	22,376	20,393
Inventory	8,603	9,819
Other	6,682	5,897
Other current assets, total	$ 57,526	$ 40,763

Composition Of Certain Financial Statement Captions - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 111,852	$ 110,958
Less: accumulated depreciation and amortization	(52,641)	(47,751)
Property and equipment, net	59,211	63,207
Equipment, furniture and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	62,492	61,573
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	18,309	18,309
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,300	5,300
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 25,751	$ 25,776

Composition Of Certain Financial Statement Captions - Schedule of Other Long Term Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Non-current income tax receivable	$ 116,805	$ 122,993
Long-term deferred tax assets	7,416	7,042
Other assets	23,357	23,235
Other long-term assets, total	$ 147,578	$ 153,270

Composition Of Certain Financial Statement Captions -Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Employee compensation and benefits	$ 24,062	$ 55,449
Accrued expenses	24,687	24,809
Current portion of operating lease liabilities	$ 16,919	$ 17,893
Operating Lease Liability Current Statement Of Financial Position Extensible List	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Accrued severance	$ 4,560	$ 5,332
Third-party royalties	4,708	5,906
Other	8,511	19,646
Accrued liabilities, total	$ 83,447	$ 129,035

Composition of Certain Financial Statement Captions - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Long-term income tax payable	$ 95,954	$ 94,397
Other	4,382	4,556
Other long-term liabilities, total	$ 100,336	$ 98,953

Composition Of Certain Financial Statement Captions - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Foreign currency translation adjustment, net of tax	$ 300	$ 1,345
Unrealized loss on available-for-sale debt securities, net of tax	(115)	(81)
Accumulated other comprehensive income	$ 185	$ 1,264

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Financial Instruments - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Marketable Securities [Line Items]
Debt securities, Cost	$ 102,196	$ 118,263
Debt securities, Gross Unrealized Gains	2	29
Debt securities, Gross Unrealized Losses	(53)	(46)
Debt securities, Allowance for Credit Losses	0	0	$ 0
Debt securities, Estimated Fair Values	102,145	118,246
Equity securities, Cost	5,049	3,849
Equity securities, Gross Unrealized Gains	0	0
Equity securities, Gross Unrealized Losses	0	0
Equity securities, Allowance for Credit Losses	0	0
Equity securities, Estimated Fair Values	5,049	3,849
Marketable securities, Cost	107,245	122,112
Marketable securities, Gross Unrealized Gains	2	29
Marketable securities, Gross Unrealized Losses	(53)	(46)
Marketable securities, Allowance for Credit Losses	0	0
Marketable securities, Estimated Fair Values	107,194	122,095
Corporate bonds and notes
Marketable Securities [Line Items]
Debt securities, Cost	64,768	69,973
Debt securities, Gross Unrealized Gains	2	29
Debt securities, Gross Unrealized Losses	(46)	(42)
Debt securities, Allowance for Credit Losses	0	0
Debt securities, Estimated Fair Values	64,724	69,960
Commercial paper
Marketable Securities [Line Items]
Debt securities, Cost	37,428	15,991
Debt securities, Gross Unrealized Gains	0	0
Debt securities, Gross Unrealized Losses	(7)	(4)
Debt securities, Allowance for Credit Losses	0	0
Debt securities, Estimated Fair Values	37,421	15,987
Treasury and agency notes and bills
Marketable Securities [Line Items]
Debt securities, Cost		32,299
Debt securities, Gross Unrealized Gains		0
Debt securities, Gross Unrealized Losses		0
Debt securities, Allowance for Credit Losses		0
Debt securities, Estimated Fair Values		32,299
Money market funds
Marketable Securities [Line Items]
Equity securities, Cost	5,049	3,849
Equity securities, Gross Unrealized Gains	0	0
Equity securities, Gross Unrealized Losses	0	0
Equity securities, Allowance for Credit Losses	0	0
Equity securities, Estimated Fair Values	5,049	3,849
Cash and cash equivalents
Marketable Securities [Line Items]
Marketable securities, Estimated Fair Values	5,049	35,148
Available-for-sale debt securities
Marketable Securities [Line Items]
Marketable securities, Estimated Fair Values	$ 102,145	$ 86,947

Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Schedule Of Investments [Line Items]
Cash, cash equivalents and short -term investments	$ 236,900,000	$ 257,100,000
Unrealized losses net of tax on available-for-sale debt securities	100,000	100,000
Provision for credit losses related available for sale debt securities	0	0	$ 0
TiVo Merger \| Non-marketable Equity Securities
Schedule Of Investments [Line Items]
Equity securities accounted for under equity method	4,300,000
Equity securities without a readily determinable fair value	100,000
Non-marketable equity securities, without a readily determinable fair value, impairments or adjustments	0
Operating Accounts
Schedule Of Investments [Line Items]
Cash, cash equivalents and short -term investments	$ 129,700,000	$ 135,000,000.0

Financial Instruments - Fair Value and Gross Unrealized Losses Related to Individual Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	$ 87,825	$ 66,125
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses	(53)	(46)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Fair Value	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Gross Unrealized Losses	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	87,825	66,125
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses	(53)	(46)
Corporate bonds and notes
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	55,403	53,137
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses	(46)	(42)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Fair Value	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Gross Unrealized Losses	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	55,403	53,137
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses	(46)	(42)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	32,422	12,988
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses	(7)	(4)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Fair Value	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Gross Unrealized Losses	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	32,422	12,988
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses	$ (7)	$ (4)

Financial Instruments - Estimated Fair Value of Marketable Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Due in one year or less	$ 71,590
Due in one to two years	30,555
Total	$ 102,145	$ 118,246

Fair Value - Schedule of Carrying Amounts and Estimated Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	$ 828,491	$ 839,350
2021 Convertible Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	828,500
Recurring
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	828,491	839,350
Total long-term debt, net - Estimated Fair Value	828,491	842,627
Recurring \| 2020 Term B Loan Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	828,443	839,302
Total long-term debt, net - Estimated Fair Value	828,443	842,579
Recurring \| 2021 Convertible Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total long-term debt, net - Carrying Amount	48	48
Total long-term debt, net - Estimated Fair Value	$ 48	$ 48

Fair Value - Schedule of Carrying Amounts and Estimated Fair Values (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unamortized debt discount and issuance costs	$ 32,182	$ 34,448
Term B Loan Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unamortized debt discount and issuance costs	$ 32,200	$ 34,400

Business Combination - Additional Information (Details) - TiVo Merger - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Merger effective date	Jun. 01, 2020
Merger agreement date	Dec. 18, 2019
Merger agreement amended date	Jan. 31, 2020
Total transaction and integration related costs	$ 0.3	$ 3.1
Post-merger severance cost	$ 4.5

Goodwill and Identified Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 847,029	$ 847,029
Product Licensing Segment
Goodwill [Line Items]
Goodwill	523,800	523,800
IP Licensing Segment
Goodwill [Line Items]
Goodwill	$ 323,200	$ 323,200

Goodwill and Identified Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 1,620,864	$ 1,621,080
Finite-lived intangible assets, Gross Assets	1,599,464	1,599,680
Finite-lived intangible assets, Accumulated Amortization	(668,868)	(616,701)
Intangible assets, net	951,996	1,004,379
Finite-lived intangible assets, Net	930,596	982,979
TiVo Tradename/trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, Gross Assets	21,400	21,400
Indefinite-lived intangible assets, Net	21,400	21,400
Acquired patents / core technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	659,085	659,085
Finite-lived intangible assets, Accumulated Amortization	(181,967)	(167,916)
Finite-lived intangible assets, Net	$ 477,118	491,169
Acquired patents / core technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Average Life (Years)	3 years
Acquired patents / core technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Average Life (Years)	15 years
Existing technology / content database
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	$ 248,068	248,110
Finite-lived intangible assets, Accumulated Amortization	(179,019)	(169,326)
Finite-lived intangible assets, Net	$ 69,049	78,784
Existing technology / content database \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Average Life (Years)	5 years
Existing technology / content database \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Average Life (Years)	10 years
Customer contracts and related relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	$ 649,997	650,171
Finite-lived intangible assets, Accumulated Amortization	(283,368)	(256,199)
Finite-lived intangible assets, Net	$ 366,629	393,972
Customer contracts and related relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Average Life (Years)	3 years
Customer contracts and related relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Average Life (Years)	9 years
Trademarks/trade name
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	$ 40,083	40,083
Finite-lived intangible assets, Accumulated Amortization	(22,283)	(21,029)
Finite-lived intangible assets, Net	$ 17,800	19,054
Trademarks/trade name \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Average Life (Years)	4 years
Trademarks/trade name \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Average Life (Years)	10 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Assets	$ 2,231	2,231
Finite-lived intangible assets, Accumulated Amortization	$ (2,231)	(2,231)
Finite-lived intangible assets, Average Life (Years)	1 year
Finite-lived intangible assets, Net		$ 0

Goodwill and Identified Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
2021 (remaining 9 months)	$ 150,356
2022	154,089
2023	143,117
2024	104,205
2025	79,797
Thereafter	299,032
Finite-lived intangible assets, Net	$ 930,596	$ 982,979

Debt - Schedule of Outstanding Amounts of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Jun. 01, 2020
Line Of Credit Facility [Line Items]
Long-term debt, Gross	$ 860,673
Unamortized debt discount and issuance costs	(32,182)	$ (34,448)
Long-term debt	828,491	839,350
Less: current portion, net of debt discount and issuance costs	(43,825)	(43,689)
Long-term debt, net	784,666	795,661
2020 Term B Loan Facility
Line Of Credit Facility [Line Items]
Long-term debt, Gross	860,625	873,750
Unamortized debt discount and issuance costs			$ (39,700)
2021 Convertible Notes
Line Of Credit Facility [Line Items]
Long-term debt, Gross	48	$ 48
Unamortized debt discount and issuance costs	(32,200)
Long-term debt	$ 828,500

Debt - Additional Information (Details) - USD ($)				3 Months Ended			12 Months Ended
Debt - Additional Information (Details) - USD ($)	Jun. 01, 2020	Jan. 23, 2018	Dec. 01, 2016	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
Line Of Credit Facility [Line Items]
Unamortized debt discount and issuance costs				$ 32,182,000			$ 34,448,000
Voluntary prepayment against the term loan				13,125,000		$ 0
Borrowings				828,491,000			839,350,000
Interest expense				11,313,000		4,251,000
2020 Term B Loan Facility
Line Of Credit Facility [Line Items]
Loan facility, term	5 years
Borrowing capacity	$ 1,050,000,000
Debt instrument, maturity date	Jun. 01, 2025
Repayment of assumed debt from merger transaction	$ 734,600,000
Unamortized debt discount and issuance costs	39,700,000
Voluntary prepayment against the term loan							$ 150,000,000.0
Repayments of Long-term Debt	$ 344,000,000.0
Loss on debt extinguishment					$ 8,300,000
Interest expense				11,300,000		4,300,000
Amortized costs				2,300,000		$ 600,000
2020 Term B Loan Facility \| Repayments Prior to June 1, 2023
Line Of Credit Facility [Line Items]
Interest rate on original principal amount	1.25%
2020 Term B Loan Facility \| Repayments After June 1, 2023 and Prior to June 1, 2025
Line Of Credit Facility [Line Items]
Interest rate on original principal amount	1.875%
2020 Term B Loan Facility \| Base Rate
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.00%
2020 Term B Loan Facility \| London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	4.00%
2018 Amended Term B Loan
Line Of Credit Facility [Line Items]
Borrowing capacity		$ 494,000,000.0
Debt instrument, maturity date			Nov. 30, 2023
Voluntary prepayment against the term loan		$ 100,000,000.0
2018 Amended Term B Loan \| Royal Bank of Canada
Line Of Credit Facility [Line Items]
Loan facility, term			7 years
Borrowing capacity			$ 600,000,000.0
2019 Term Loan Facility \| TiVo Merger
Line Of Credit Facility [Line Items]
Debt instrument, maturity date	Nov. 22, 2024
Outstanding borrowings	$ 715,000,000.0
Debt instrument, prepayment premium	3.00%
Repayment of debt and prepayment penalty	$ 734,600,000
2021 Convertible Notes
Line Of Credit Facility [Line Items]
Unamortized debt discount and issuance costs				$ 32,200,000
Interest rate				5.20%
Borrowings				$ 828,500,000
2021 Convertible Notes \| TiVo Merger
Line Of Credit Facility [Line Items]
Interest rate	2.00%
Debt assumed	$ 48,000.0

Debt - Summarize of Future Minimum Principal Payments for Long-term Debt (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2021 (remaining 9 months)	$ 39,423
2022	52,500
2023	72,188
2024	78,750
2025	617,812
Total	$ 860,673

Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Denominator:
Weighted average shares of common stock outstanding	104,940	49,945
Less: shares of restricted stock subject to repurchase (in shares)	0	0
Total common shares-basic (in shares)	104,940	49,945
Effect of dilutive securities:
Options (in shares)	32	3
Restricted stock awards and units (in shares)	2,804	251
Total common shares-diluted (in shares)	107,776	50,199

Net Income Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Shares of common stock excluded from the computation of net income (loss) per share	1.1	2.1

Stockholders' Equity - Additional Information (Details)		3 Months Ended		10 Months Ended	12 Months Ended
Stockholders' Equity - Additional Information (Details)	Jun. 01, 2020 shares	Mar. 31, 2021 USD ($) shares	Mar. 31, 2020 USD ($) shares	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Jun. 12, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock conversion terms		Upon completion of the Mergers, each share of common stock of Xperi was converted into the right to receive one fully paid and non-assessable share of Company Common Stock. Further upon completion of the Mergers, each share of TiVo Common Stock was converted into the right to receive 0.455 fully paid and non-assessable shares of the Company Common Stock (the “Exchange Ratio”), in addition to cash in lieu of any fractional shares of the Company Common Stock.
Stock repurchase program, authorized amount \| $						$ 150,000,000.0
Treasury stock, total repurchase during period (in shares)				6,000,000.0	4,900,000
Treasury stock, average price of share repurchased (in dollars per share) \| $ / shares				$ 15.87	$ 14.25
Treasury stock, total cost of repurchased stock \| $		$ 25,007,000		$ 95,100,000	$ 70,100,000
Stock repurchase program, remaining amount available for repurchase \| $		$ 54,900,000		$ 54,900,000
Tax withholding on restricted stock units (in shares)		300,000	200,000
Tax withholding on restricted stock units \| $		$ 7,400,000	$ 3,100,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for grant (in shares)		1,400,000		1,400,000
Expiration period		24 months
Rolling expiration period		24 months
Maximum employee subscription rate		100.00%		100.00%
Purchase price of common stock, percent		85.00%
Maximum employee subscription amount \| $		$ 25,000		$ 25,000
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance awards, percentage of grant available to vest		0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance awards, percentage of grant available to vest		200.00%
Xperi Corporation Seventh Amended and Restated 2003 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for grant (in shares)	0
2020 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		10 years
Vesting period		4 years
Share based compensation full value awards counted against shares available for issuance ratio		1.5
Number of shares reserved for issuance		8,000,000		8,000,000
2020 EIP \| Time-based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Assumed Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	7 years
Vesting period	4 years
Assumed Plans \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
2020 EIP and Assumed Plans \| Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for grant (in shares)		5,300,000		5,300,000
Xperi
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, conversion ratio	1
TiVo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, conversion ratio	0.455

Stockholders' Equity - Summary of Stock Option Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Number of Shares Subject to Options
Number of Shares, Beginning balance (shares) \| shares	637
Number of Shares, Options exercised (shares) \| shares	(12)
Number of Shares, Options canceled / forfeited / expired (shares) \| shares	(134)
Number of Shares, Ending balance (shares) \| shares	491
Weighted Average Exercise Price Per Share
Weighted Average Exercise Price Per Share, Beginning balance (USD per share) \| $ / shares	$ 29.59
Weighted Average Exercise Price Per Share, Options exercised (USD per share) \| $ / shares	19.58
Weighted Average Exercise Price Per Share, Options canceled / forfeited / expired (USD per share) \| $ / shares	45.14
Weighted Average Exercise Price Per Share, Ending balance (USD per share) \| $ / shares	$ 25.55

Stockholders' Equity - Summary of Restricted Stock Awards and Units (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Time-Based Restricted Stock Award and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock awards and units, beginning balance (shares)	5,662
Restricted stock awards and units, granted (shares)	2,743
Restricted stock awards and units, vested / earned (shares)	(873)
Restricted stock awards and units, canceled / forfeited (shares)	(227)
Restricted stock awards and units, ending balance (shares)	7,305
Performance-Based Restricted Stock Award and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock awards and units, beginning balance (shares)	1,061
Restricted stock awards and units, granted (shares)	645
Restricted stock awards and units, canceled / forfeited (shares)	(42)
Restricted stock awards and units, ending balance (shares)	1,664
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock awards and units, beginning balance (shares)	6,723
Restricted stock awards and units, granted (shares)	3,388
Restricted stock awards and units, vested / earned (shares)	(873)
Restricted stock awards and units, canceled / forfeited (shares)	(269)
Restricted stock awards and units, ending balance (shares)	8,969
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted average grant date fair value per share of restricted stock and units, beginning balance (USD per share) \| $ / shares	$ 16.63
Weighted average grant date fair value per share of restricted stock and units, granted (USD per share) \| $ / shares	23.72
Weighted average grant date fair value per share of restricted stock and units, vested / earned (USD per share) \| $ / shares	20.89
Weighted average grant date fair value of restricted stock and units, canceled / forfeited (USD per share) \| $ / shares	15.95
Weighted average grant date fair value per share of restricted stock and units, ending balance (USD per share) \| $ / shares	$ 18.91

Stock-Based Compensation Expense - Effect of Recording Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 13,219	$ 7,987
Tax effect on stock-based compensation expense	(154)	(1,000)
Net effect on net income	13,065	6,987
Cost of licensing, services and software revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	323	0
Research, development and other related costs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	4,347	3,036
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 8,549	$ 4,951

Stock-Based Compensation Expense - Stock-Based Compensation Expense Categorized by Equity Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 13,219	$ 7,987
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,271	690
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	19	3
Restricted Stock Awards and Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 11,929	$ 7,294

Stock-Based Compensation Expense - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of shares, options granted	0	0

Stock-Based Compensation Expense - Schedule of Assumptions Used to Value Awards Granted (Details)	1 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Jul. 31, 2020	Feb. 29, 2020
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life (in years)	2 years	2 years		2 years
Risk-free interest rate	0.10%	0.10%		1.40%
Dividend yield	1.20%	1.40%		4.00%
Expected volatility	52.00%	57.50%		45.80%
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life (in years)	3 years		3 years
Risk-free interest rate	0.30%		0.20%
Dividend yield	1.00%		1.40%
Expected volatility	47.90%		51.30%

Stock-Based Compensation Expense - Schedule of Assumptions Used to Value Awards Granted (Parenthetical) (Details) - shares	1 Months Ended	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, options granted		0	0
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, options granted	0

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ (4,015)	$ 2,056
Effective tax rate (percent)	(786.40%)	9.90%
Income (loss) before taxes	$ 500	$ 20,800
U.S. federal tax rate	21.00%
Gross unrecognized tax benefits	$ 228,700	85,500
Unrecognized tax benefits that would impact the effective income tax rate	96,000	81,600
Interest and tax penalties related to unrecognized tax benefits	600	$ 600
Accrued interest and tax penalties related to unrecognized tax benefits	$ 3,100		$ 2,500

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Leases - Additional Information (Details)	3 Months Ended
Leases - Additional Information (Details)	Mar. 31, 2021
Lessee Lease Description [Line Items]
Operating lease existence of option to extend	true
Operating lease description	The Company’s leases have remaining lease terms of one year to nine years, some of which may include options to extend the leases for five years or longer, and some of which may include options to terminate the leases within the next 6 years or less. Leases with an initial term of 12 months or less are not recorded on the balance sheets
Minimum
Lessee Lease Description [Line Items]
Remaining lease term	1 year
Lessee term of period to extend	5 years
Maximum
Lessee Lease Description [Line Items]
Remaining lease term	9 years

Leases - Schedule of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Fixed lease cost	$ 5,466	$ 1,834
Variable lease cost	1,365	347
Less: sublease income	(2,188)
Total operating lease cost	$ 4,643	$ 2,181

Leases - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 5,555	$ 1,638
Operating leases, weighted average remaining lease term (years)	5 years		5 years 1 month 6 days
Operating leases, weighted average discount rate	5.20%		5.20%

Leases - Schedule of Future Minimum Lease Payments and Related Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating Lease Payments
2021 (remaining 9 months)	$ 15,818
2022	17,985	$ 21,825
2023	16,492	18,420
2024	15,718	16,776
2025	14,635	15,719
2025		14,635
Thereafter	8,796
Thereafter		8,966
Total lease payments	89,444	96,341
Less: imputed interest	(11,058)	(12,205)
Present value of lease liabilities:	78,386	84,136
Current portion of operating lease liabilities	16,919	17,893
Noncurrent operating lease liabilities	61,467	66,243
Sublease Income
2021 (remaining 9 months)	(4,598)
2022	(6,117)	(6,257)
2023	(6,231)	(6,117)
2024	(6,293)	(6,231)
2025	(6,279)	(6,293)
2025		(6,279)
Thereafter	(935)
Thereafter		(935)
Total lease payments	(30,453)	(32,112)
Present value of lease liabilities:	(30,453)	(32,112)
Net Operating Lease Payments
2021 (remaining 9 months)	11,220
2022	11,868	15,568
2023	10,261	12,303
2024	9,425	10,545
2025	8,356	9,426
2025		8,356
Thereafter	7,861
Thereafter		8,031
Total lease payments	58,991	64,229
Less: imputed interest	(11,058)	(12,205)
Present value of lease liabilities:	$ 47,933	$ 52,024

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended
	Dec. 31, 2019	Mar. 31, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Line Items]
Purchase commitments		$ 144,500,000
Obligation under other contractual arrangements		2,200,000
Accrued liabilities		83,447,000	$ 129,035,000
Inventory
Commitments And Contingencies Disclosure [Line Items]
Purchase commitments		5,600,000
Accrued liabilities		600,000
Qualified Referred Subscribers
Commitments And Contingencies Disclosure [Line Items]
Each qualified referred subscribers fee maximum	$ 5,000,000.0
Accrued liabilities		$ 2,800,000

Segment and Geographic Information - Additional Information (Details) - segment	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Number of principal businesses segment	2
Total Revenue \| Customer Two \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage (or more)		10.00%
Total Accounts Receivable \| Customer Two \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage (or more)	10.00%		10.00%

Segment and Geographic Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total revenue	$ 221,596	$ 117,665
Total operating expenses	211,197	93,138
Operating income	10,399	24,527
Operating Segments \| Product Licensing Segment
Segment Reporting Information [Line Items]
Total revenue	123,582	55,942
Total operating expenses	108,563	46,236
Operating income	15,019	9,706
Operating Segments \| IP Licensing Segment
Segment Reporting Information [Line Items]
Total revenue	98,014	61,723
Total operating expenses	33,567	10,295
Operating income	64,447	51,428
Unallocated Operating Expenses
Segment Reporting Information [Line Items]
Total operating expenses	69,067	36,607
Operating income	$ (69,067)	$ (36,607)

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

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+ Details

Segment and Geographic Information - Schedule of Geographic Revenue Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Foreign revenues	$ 221,596	$ 117,665
Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	100.00%	100.00%
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Foreign revenues	$ 131,498	$ 23,136
U.S. \| Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	59.00%	20.00%
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Foreign revenues	$ 26,444	$ 51,322
Japan \| Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	12.00%	44.00%
South Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Foreign revenues	$ 18,513	$ 27,583
South Korea \| Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	9.00%	23.00%
Europe and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Foreign revenues	$ 16,422	$ 4,448
Europe and Middle East \| Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	7.00%	4.00%
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Foreign revenues	$ 28,719	$ 11,176
Other \| Total Revenue \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage (or more)	13.00%	9.00%

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 22, 2021	Mar. 31, 2021	Jun. 12, 2020
Subsequent Event [Line Items]
Stock repurchase program, authorized amount			$ 150.0
Stock repurchase program, remaining amount available for repurchase		$ 54.9
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared per share (in dollars per share)	$ 0.05
Dividends declaration date	Apr. 22, 2021
Dividends payable date	Jun. 15, 2021
Dividends record date	May 25, 2021
Stock repurchase program, authorized amount	$ 100.0
Stock repurchase program, remaining amount available for repurchase	$ 154.9

Fair Value - Schedule of Fair Value Assets Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 107,194	$ 122,095
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,049	3,849
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	102,145	118,246
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Money market funds - equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,049	3,849
Money market funds - equity securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,049	3,849
Money market funds - equity securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Money market funds - equity securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Treasury and agency notes and bills - Debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		32,299
Treasury and agency notes and bills - Debt securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Treasury and agency notes and bills - Debt securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		32,299
Treasury and agency notes and bills - Debt securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Commercial paper - debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	37,421	15,987
Commercial paper - debt securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Commercial paper - debt securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	37,421	15,987
Commercial paper - debt securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Corporate bonds and notes - Debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	64,724	69,960
Corporate bonds and notes - Debt securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Corporate bonds and notes - Debt securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	64,724	69,960
Corporate bonds and notes - Debt securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0	$ 0