Founder, BWS Financial Inc

Hamed Khorsand

Founder

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BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>XPER reported Q3 results that included one-time minimum guarantee contracts. Q3 also marked the end of XPER owning Perceive creating a clearer pathway to higher adjusted EBITDA margin.</li>
<li>XPER reported revenue of $132.9 million compared to our forecast of $130.2 million. XPER’s management underscored revenue strength due to minimum guarantee contracts in the quarter.</li>
<li>Growth in the number of IPTV service providers, automobile OEMs, and TV OEMs is expected to have a greater benefit to XPER in 2025. </li>
</ul>


XPER reported Q3 results that included one-time minimum guarantee contracts. Q3 also marked the end of XPER owning Perceive creating a clearer pathway to higher adjusted EBITDA margin.
XPER reported revenue of $132.9 million compared to our forecast of $130.2 million. XPER’s management underscored revenue strength due to minimum guarantee contracts in the quarter.
Growth in the number of IPTV service providers, automobile OEMs, and TV OEMs is expected to have a greater benefit to XPER in 2025. 


<ul>
<li>XPER selling Perceive is of greater benefit than the proceeds XPER would immediately receive. </li>
<li>The sale of Perceive to AMZN gives clarity as to the value of the technology XPER has been incubating for many years. </li>
<li>We estimate XPER recognizes approximately $3.5 million to $4 million in quarterly operating losses from Perceive. The cost savings would be material to XPER’s non-GAAP net income.</li>
</ul>


XPER selling Perceive is of greater benefit than the proceeds XPER would immediately receive. 
The sale of Perceive to AMZN gives clarity as to the value of the technology XPER has been incubating for many years. 
We estimate XPER recognizes approximately $3.5 million to $4 million in quarterly operating losses from Perceive. The cost savings would be material to XPER’s non-GAAP net income.


<ul>
<li>XPER continues to demonstrate success in winning customers for its middleware solutions with more TV OEMs using the TiVo TVOS. </li>
<li>The biggest revenue generator is pay TV where XPER is trying to add as many IPTV service providers as possible before the traditional pay TV operators lose more subscribers. </li>
<li>The growth in IPTV helps build media platform revenue, which is the underlying reason for the importance of XPER’s TVOS. XPER has now signed up seven TV OEMs</li>
</ul>


XPER continues to demonstrate success in winning customers for its middleware solutions with more TV OEMs using the TiVo TVOS. 
The biggest revenue generator is pay TV where XPER is trying to add as many IPTV service providers as possible before the traditional pay TV operators lose more subscribers. 
The growth in IPTV helps build media platform revenue, which is the underlying reason for the importance of XPER’s TVOS. XPER has now signed up seven TV OEMs


<ul>
<li>XPER reported first quarter results setting the path for the Company to generate approximately $200 million in free cash flow in 2022</li>
<li>The outperformance on the revenue line resulted in XPER exceeding our non-GAAP net income and EPS estimates</li>
<li>During the first quarter of 2022, XPER renewed a license with a virtual multichannel video programming distributor (“MVPD”)</li>
</ul>


XPER reported first quarter results setting the path for the Company to generate approximately $200 million in free cash flow in 2022
The outperformance on the revenue line resulted in XPER exceeding our non-GAAP net income and EPS estimates
During the first quarter of 2022, XPER renewed a license with a virtual multichannel video programming distributor (“MVPD”)


<ul>
<li>XPER made further progress on product placement in the first quarter contributing to expecting revenue acceleration heading into the second half of 2024.</li>
<li>XPER reported first quarter results that included the announcement of a new Japanese TV brand that would begin using TiVo in a line of its TVs</li>
<li>Over the last couple of quarters XPER has announced several wins for its connected car and media platform segments. These wins have developed into revenue for XPER</li>
</ul>


XPER made further progress on product placement in the first quarter contributing to expecting revenue acceleration heading into the second half of 2024.
XPER reported first quarter results that included the announcement of a new Japanese TV brand that would begin using TiVo in a line of its TVs
Over the last couple of quarters XPER has announced several wins for its connected car and media platform segments. These wins have developed into revenue for XPER


United States

Xperi Holding Corp creates, develops, and licenses audio, computational imaging, computer vision and semiconductor packaging and interconnect technologies. The Company offers its products and solutions to mobile, home, datacenter, and automotive industries.

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Xperi (XPER US)

XPER: The Push on Cash Flow

XPER pushing out the timing of when it would generate positive free cash flow till 2025 creates an overhang that is likely to last until February...

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XPER: Cash and Cost Savings

Perceive was operating at a quarterly loss of ~$3.5 million making it immediately accretive to XPER. The clarity in XPER's profitability should...

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XPER: Profitable Growth Has Arrived

XPER reported a non-GAAP profitable quarter as the number of TV OEMS adopting the TiVo OS has risen to seven with XPER now aiming to have eight by...

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XPER: Streaming Free Cash Flow

XPER is lining up a year where free cash flow could be approximately $200 million without a turnaround in supply constraints for the automobile and...

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XPER: Design Wins into Revenue

XPER continues to win more TV makers with the news a Japanese brand will be launching using TiVo. Additionally, Hyundai and Genesis have made HD...

BWS Financial Inc

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