“We remain focused on building out our TiVo OS footprint as well as accelerating the deployment of our TiVo Video-over-Broadband and DTS AutoStage solutions.”
That’s the pledge from Xperi Chief Executive Officer Jon Kirchner delivered as the parent of those TV and radio brands, in addition to HD Radio, discussed his company’s Q4 2023 and full-year results — its first as a standalone public company. “Our outlook for fiscal year 2024 indicates the progress we are making toward increased profitability, improved cash flow, and achieving our three-year targets for Xperi’s independent media platforms,” Kirchner said.
The bottom line: Xperi lowered its Q4 net loss significantly, with revenue up year-over-year.
For the final three months of 2023, Xperi’s revenue increased to $137.2 million, from $135.5 million. Importantly, adjusted EBITDA of $13.4 million was seen, rising from $3.6 million, as the company’s adjusted earnings per share climbed to $0.11 from $0.08.
On a GAAP-basis, the net loss shrank to $25.3 million (-$0.57) from $298 million (-$7.06).
For investors, the results weren’t good enough, as NYSE-traded “XPER” was down 7.2% to $10.44 just before 1pm Eastern on Thursday. Revenue fell short of the $139.95 million consensus estimate offered from 4 analysts polled by Yahoo! Finance.
With nary a word on HD Radio, the Connected Car arm of Xperi is touting three new DTS AutoStage contracts “with major Asian and European automotive partners” as the company signed a new DTS:X decoder agreement with “a major U.S. retailer” for their house brand of certain consumer electronics products. Xperi also signed a renewal with Masimo, a leading provider of audio equipment through brands such as Denon, Marantz, Definitive Technology and Polk Audio.
On the Xperi earnings call, Kirchner added that within the Pay TV segment of the company, “our goal is to deliver more than 10 additional TiVo broadband wins.”
This would allow the company to exit 2024 with 2.4 million subscribers, up from 1.9 million today.
