Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

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 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 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 held an investor day to highlight the two businesses XPER would separate into on October 1, 2022.</li>
<li>The expectation is the two companies operating separately would be able to grow faster without worries over customer relationship to the other segment.</li>
<li>Xperi has been the underpinning of our investment thesis due to the investments the Company has made in different products and customer engagements.</li>
</ul>


XPER held an investor day to highlight the two businesses XPER would separate into on October 1, 2022.
The expectation is the two companies operating separately would be able to grow faster without worries over customer relationship to the other segment.
Xperi has been the underpinning of our investment thesis due to the investments the Company has made in different products and customer engagements.


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: 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: 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: Unlocking Value Thru Separation

The separation of the product business from the IP business should unlock value compared to the combined company. Xperi is expected to grow the...

BWS Financial Inc

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