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Xperi Corp (XPER) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Xperi Corp

CIK: 1690666

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

XPERI CORPORATION announces FOURTH quarter AND FULL YEAR 2019 Results

 

San Jose, Calif. (February 18, 2020) –

Xperi Corporation (Nasdaq: XPER) (the “Company” or “we”) today announced financial results for the fourth quarter and full year ended December 31, 2019.

 

“Xperi finished 2019 on a strong note, delivering better than expected results for the fourth quarter and generating record operating cash flow for the full year as we remained focused on execution across our business,” said Jon Kirchner, chief executive officer of Xperi.  “We recently reached a significant milestone in the development of a new machine learning hardware and software platform, which is now being sampled by prospective customers.  We also announced our planned merger with TiVo Corporation, which we believe will unlock significant value for our shareholders.  Finally, along with the TiVo integration planning, we continue to make strategic progress on key initiatives in our IP and product businesses and are confident in our long-term growth and value creation prospects.”

 

Financial Highlights

($ and share count in thousands)

 

 

 

GAAP

 

 

Non-GAAP

 

 

 

Q4 2019

 

 

Q4 2018

 

 

Q4 2019

 

 

Q4 2018

 

Billings 1

 

$

126,688

 

 

$

141,798

 

 

$

126,688

 

 

$

141,798

 

Total Operating Expense 2

 

$

95,386

 

 

$

100,444

 

 

$

58,001

 

 

$

64,636

 

Interest Expense 1

 

$

4,987

 

 

$

6,804

 

 

$

4,987

 

 

$

6,804

 

Other Income 2

 

$

1,491

 

 

$

1,475

 

 

$

907

 

 

$

1,329

 

Cash Tax (net of refunds) 1

 

$

2,627

 

 

$

10,911

 

 

$

2,627

 

 

$

10,911

 

Diluted Shares Outstanding

 

 

49,566

 

 

 

48,559

 

 

 

52,292

 

 

 

51,241

 

 

Other Relevant Metrics

 

Q4 2019

 

 

Q4 2018

 

Operating Cash Flow

 

$

65,039

 

 

$

66,500

 

 

 

 

GAAP

 

 

Non-GAAP

 

 

 

FY 2019

 

 

FY 2018

 

 

FY 2019

 

 

FY 2018

 

Billings 1

 

$

413,921

 

 

$

447,347

 

 

$

413,921

 

 

$

447,347

 

Total Operating Expense 2

 

$

348,775

 

 

$

382,153

 

 

$

212,639

 

 

$

240,181

 

Interest Expense 1

 

$

23,377

 

 

$

25,665

 

 

$

23,377

 

 

$

25,665

 

Other Income 2

 

$

9,028

 

 

$

8,595

 

 

$

3,256

 

 

$

3,140

 

Cash Tax (net of refunds) 1

 

$

15,001

 

 

$

23,679

 

 

$

15,001

 

 

$

23,679

 

Diluted Shares Outstanding

 

 

49,120

 

 

48,823

 

 

 

51,836

 

 

 

51,573

 

 

Other Relevant Metrics

 

FY 2019

 

 

FY 2018

 

Operating Cash Flow

 

$

169,253

 

 

$

135,133

 

Cash, Cash Equivalents and S-T Investments

 

$

121,477

 

 

$

154,364

 

1 Measures are the same for both the GAAP and Non-GAAP presentation.

2 See tables for reconciliations.

Capital Allocation

On December 18, 2019, the Company paid $9.9 million to stockholders of record on November 27, 2019, for the quarterly cash dividend of $0.20 per share of common stock.

Additionally, on January 30, 2020, the Board of Directors approved the quarterly dividend of $0.20 per share of common stock, payable on March 25, 2020, to stockholders of record on March 4, 2020.

 


The following information was filed by Xperi Corp on Tuesday, February 18, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Xperi Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii Valuation And Qualifying (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Operations
Acquisitions, Goodwill And Identified Intangible Assets
Acquisitions, Goodwill And Identified Intangible Assets (Tables)
Acquisitions, Goodwill And Identified Intangible Assets - Additional Information (Details)
Acquisitions, Goodwill And Identified Intangible Assets - Estimated Future Amortization Expense (Details)
Acquisitions, Goodwill And Identified Intangible Assets - Identified Intangible Assets (Details)
Acquisitions, Goodwill And Identified Intangible Assets - Schedule Of Changes To Carrying Value Of Goodwill (Details)
Acquisitions, Goodwill And Identified Intangible Assets - Schedule Of Changes To Carrying Value Of Goodwill (Parenthetical) (Details)
Benefit Plan
Benefit Plan - Additional Information (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Composition Of Certain Financial Statement Captions
Composition Of Certain Financial Statement Captions (Tables)
Composition Of Certain Financial Statement Captions - Additional Information (Details)
Composition Of Certain Financial Statement Captions - Schedule Of Accrued Liabilities (Details)
Composition Of Certain Financial Statement Captions - Schedule Of Accumulated Other Comprehensive Loss (Details)
Composition Of Certain Financial Statement Captions - Schedule Of Other Assets (Details)
Composition Of Certain Financial Statement Captions - Schedule Of Other Current Assets (Details)
Composition Of Certain Financial Statement Captions - Schedule Of Other Income And Expense, Net (Details)
Composition Of Certain Financial Statement Captions - Schedule Of Other Long-Term Liabilities (Details)
Composition Of Certain Financial Statement Captions - Schedule Of Property And Equipment, Net (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Fair Value
Fair Value (Tables)
Fair Value - Fair Value Measurements, Nonrecurring (Details)
Fair Value - Fair Value Measurements, Nonrecurring (Parenthetical) (Details)
Fair Value - Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments On Recurring Basis (Details)
Fair Value - Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments On Recurring Basis (Parenthetical) (Details)
Fair Value - Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis (Details)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Additional Information (Details)
Financial Instruments - Estimated Fair Value Of Marketable Debt Securities By Contractual Maturity (Details)
Financial Instruments - Fair Value And Gross Unrealized Losses Related To Individual Available-For-Sale Debt Securities (Details)
Financial Instruments - Summary Of Marketable Securities (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Components Of Income (Loss) Before Income Taxes (Details)
Income Taxes - Components Of Provision For Income Taxes (Details)
Income Taxes - Reconciliation Of Statutory U.S. Federal Income Tax Rate To Effective Tax Rate (Details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Future Minimum Lease Payments (Details)
Leases - Schedule Of Future Minimum Lease Payments And Related Lease Liabilities (Details)
Leases - Schedule Of Lease Cost (Details)
Leases - Schedule Of Other Information Related To Leases (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Additional Information (Details)
Net Loss Per Share - Computation Of Basic And Diluted Net Loss Per Share (Details)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Narrative) (Details)
Recent Accounting Pronouncements (Tables)
Recent Accounting Pronouncements - Cumulative Effect Of Changes Made To Consolidated Balance Sheet For Adoption Of Topic 842 (Details)
Recent Accounting Pronouncements - Cumulative Effect Of Changes Made To Consolidated Balance Sheet For Adoption Of Topic 842 (Parenthetical) (Details)
Revenue
Revenue (Tables)
Revenue - Performance Obligations (Details 1)
Revenue - Performance Obligations (Details)
Revenue - Revenue Recognized In Period (Details)
Schedule Ii Valuation And Qualifying
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Additional Information (Details)
Segment And Geographic Information - Schedule Of Geographic Revenue Information (Details)
Segment And Geographic Information - Schedule Of Property And Equipment, Net, By Geographical Area (Details)
Segment And Geographic Information - Schedule Of Segment Reporting Information By Segment (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Additional Information (Details)
Shareholders' Equity - Summary Of Restricted Stock Awards And Units (Details)
Shareholders' Equity - Summary Of Stock Option Activity (Details)
Shareholders' Equity - Summary Of Stock Options Outstanding And Exercisable (Details)
Stock-Based Compensation Expense
Stock-Based Compensation Expense (Tables)
Stock-Based Compensation Expense - Additional Information (Details)
Stock-Based Compensation Expense - Effect Of Recording Stock-Based Compensation Expense (Details)
Stock-Based Compensation Expense - Schedule Of Assumptions Used To Value Options Granted (Details)
Stock-Based Compensation Expense - Schedule Of Assumptions Used To Value Options Granted (Parenthetical) (Details)
Stock-Based Compensation Expense - Stock-Based Compensation Expense Categorized By Equity Components (Details)
Subsequent Events
Subsequent Events - Additional Information (Details)
Summary Of Future Minimum Principal Payments For Long-Term Debt, Including Current Portion (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Identifiable Intangible Assets (Details)
Summary Of Significant Accounting Policies - Long-Lived Assets (Details)
Summary Of Significant Accounting Policies - Summary Of Customers Comprising 10% Or More Of Total Revenues (Details)
The Company And Basis Of Presentation
The Company And Basis Of Presentation - Narrative (Details)
CIK: 1690666
Form Type: 10-K Annual Report
Accession Number: 0001564590-20-005044
Submitted to the SEC: Tue Feb 18 2020 4:33:23 PM EST
Accepted by the SEC: Tue Feb 18 2020
Period: Tuesday, December 31, 2019
Industry: Semiconductors And Related Devices

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