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Xperi Corp (XPER) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Xperi Corp

CIK: 1690666

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

  

LOGO

XPERI CORPORATION ANNOUNCES

FOURTH QUARTER AND FULL YEAR 2017 RESULTS

San Jose, Calif. (February 13, 2018) –

Xperi Corporation (Nasdaq: XPER) (the “Company” or “we”) today announced financial results for the fourth quarter and full year ended December 31, 2017.

“2017 was a year of change for our company and despite some challenges, we achieved a number of significant milestones which we believe will drive meaningful long-term shareholder value,” said Jon Kirchner, chief executive officer of Xperi. “We successfully completed the integration of Tessera and DTS, met our synergy targets, and now operate as one company. Importantly, we refined Xperi’s long-term strategy to better position us to drive long term growth, increased cash flow and enhanced shareholder value. Over the year, we generated $147 million in operating cash flow, returned approximately $55 million to shareholders in the form of dividends and stock repurchases, and paid down $100 million of debt just after year end.”

Financial Highlights

($ in millions, except per share data)

     Q4 2017      Q4 2016      FY 2017      FY 2016  

Revenue

   $ 126.6      $ 70.1      $ 373.7      $ 259.6  

GAAP Net Income (Loss)

   $ 5.6      $ (9.3    $ (56.6    $ 56.1  

Non-GAAP Net Income

   $ 40.1      $ 23.3      $ 71.8      $ 106.7  

GAAP EPS (LPS)

   $ 0.11 1     $ (0.19    $ (1.15    $ 1.12  

Non-GAAP EPS

   $ 0.77      $ 0.45      $ 1.37      $ 2.06  
Other Relevant Metrics    Q4 2017      Q4 2016      FY 2017      FY 2016  

Purchase Accounting Impact

   $ 6.0 2     $ 0      $ 51.6 2     $ 0  

Operating Cash Flow

   $ 61.6      $ 40.6      $ 147.3      $ 153.9  

Cash, Cash Equivalents & S-T Investments

   $ 200.7      $ 113.0      $ 200.7      $ 113.0  

Total Debt

   $ 594.0      $ 600.0      $ 594.0      $ 600.0  

Debt Principal Paid

   $ 1.5      $ 0      $ 6.0      $ 0  

 

1 GAAP EPS for Q4 2017 reflects the impact of tax adjustments, primarily from the Tax Cuts and Jobs Act, which increased the tax provision by approximately $6.3 million as compared to the estimate in the Company’s preliminary GAAP EPS disclosure on January 24, 2018. This adjustment reduced the Company’s earnings per share from the previous estimate of $0.24 per diluted share to $0.11 per diluted share.
2 Purchase Accounting Impact represents receipts from contracts with customers that are not recorded as revenue due to purchase accounting rules, but which would have been recorded as revenue if not for the acquisition of DTS. Internally, management includes the cash flow impact from these contracts when evaluating the Company’s operating performance, when planning, forecasting and analyzing future periods, and when assessing the performance of its management team.

 

LOGO


The following information was filed by Xperi Corp on Tuesday, February 13, 2018 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
Schedule Ii Valuation And Qualifying (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Benefit Plan
Benefit Plan (details)
Business Combinations
Business Combinations (tables)
Business Combinations - Additional Information (details)
Business Combinations - Pro-forma Adjustments (details)
Business Combinations - Pro-forma Information (details)
Business Combinations - Purchase Price Allocation (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Schedule Of Future Minimum Lease Payments And Purchase Obligations (detail)
Composition Of Certain Financial Statement Captions
Composition Of Certain Financial Statement Captions (tables)
Composition Of Certain Financial Statement Captions - Accrued Liabilities (details)
Composition Of Certain Financial Statement Captions - Accumulated Other Comprehensive Income (details)
Composition Of Certain Financial Statement Captions - Other Current Assets (details)
Composition Of Certain Financial Statement Captions - Property And Equipment (details)
Debt
Debt (tables)
Debt - Expected Future Principal Payments (details)
Debt - Narrative (details)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Current And Non-current Asset And Current Liabilities Of Discontinued Operations (detail)
Discontinued Operations - Results From Discontinued Operations (detail)
Fair Value
Fair Value (tables)
Fair Value - Assets Required To Be Measured At Fair Value On Recurring Basis (detail)
Fair Value - Measured On A Nonrecurring Basis (details)
Financial Instruments
Financial Instruments (tables)
Financial Instruments - Additional Information (detail)
Financial Instruments - Estimated Fair Value Of Marketable Securities By Contractual Maturity (detail)
Financial Instruments - Fair Value And Gross Unrealized Losses Related To Individual Available-for-sale Securities (details)
Financial Instruments - Summary Of Marketable Securities (detail)
Goodwill And Identified Intangible Assets
Goodwill And Identified Intangible Assets (tables)
Goodwill And Identified Intangible Assets - Additional Information (detail)
Goodwill And Identified Intangible Assets - Estimated Future Amortization Expense Of Intangible Assets, Excluding The In-process Research And Development (detail)
Goodwill And Identified Intangible Assets - Identified Intangible Assets (details)
Goodwill And Identified Intangible Assets - Useful Life (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Components Of Company's Deferred Tax Assets And Liabilities (details)
Income Taxes - Components Of Income (loss) Before Income Taxes (details)
Income Taxes - Provision For Income Taxes (details)
Income Taxes - Reconciliation Of Statutory U.s. Federal Income Tax Rate To Company's Effective Tax Rate (details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (details)
Net Income (loss) Per Share
Net Income (loss) Per Share (tables)
Net Income (loss) Per Share - Additional Information (detail)
Net Income (loss) Per Share - Schedule Of Basic And Diluted Net Loss Per Share (detail)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (narrative) (details)
Segment And Geographic Information
Segment And Geographic Information (tables)
Segment And Geographic Information - Schedule Of Geographic Revenue Information (detail)
Segment And Geographic Information - Schedule Of Operating Income (details)
Segment And Geographic Information - Schedule Of Property And Equipment, Net, By Geographical Area (detail)
Stock-based Compensation Expense
Stock-based Compensation Expense (tables)
Stock-based Compensation Expense - Additional Information (detail)
Stock-based Compensation Expense - Categorized By Equity Components (detail)
Stock-based Compensation Expense - Effect Of Recording Stock-based Compensation Expense (details)
Stock-based Compensation Expense - Schedule Of Assumptions Used To Value Options Granted (detail)
Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity - Additional Information (detail)
Stockholders' Equity - Stock Options Outstanding And Exercisable (details)
Stockholders' Equity - Summary Of Restricted Stock Awards And Units (detail)
Stockholders' Equity - Summary Of Stock Option Activity (detail)
Subsequent Events
Subsequent Events - Additional Information (detail)
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)
The Company And Basis Of Presentation
The Company And Basis Of Presentation (details)
CIK: 1690666
Form Type: 10-K Annual Report
Accession Number: 0001628280-18-002149
Submitted to the SEC: Fri Feb 23 2018 5:17:58 PM EST
Accepted by the SEC: Fri Feb 23 2018
Period: Sunday, December 31, 2017
Industry: Semiconductors And Related Devices

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