Xperi (US:XPER)2025-05-07 20:10Financial Performance - Q1 FY25 revenue was $114.0 million, compared to $118.8 million in Q1 FY24, indicating a slight decline [4]. - Non-GAAP net income for Q1 FY25 was $7.4 million, a turnaround from a loss of $2.0 million in Q1 FY24 [4]. - Adjusted EBITDA grew by 200% year-over-year, reflecting successful business transformation efforts and cost reductions [3]. - Non-GAAP adjusted EBITDA for Q1 FY25 was $16.4 million, with a margin of 14.4%, up from 4.5% in Q1 FY24 [4]. - Non-GAAP net income for the three months ended March 31, 2025, was $7,425 thousand, a significant improvement compared to a non-GAAP net loss of $2,044 thousand in the same period of 2024 [30]. - Non-GAAP Adjusted EBITDA for the three months ended March 31, 2025, was $16,423 thousand, with a margin of 14.4%, compared to $5,405 thousand and a margin of 4.5% in 2024, reflecting a substantial increase in profitability [34]. Market Expansion - Xperi achieved 2.5 million TiVo One Monthly Active Users, primarily in Europe, marking a significant expansion of its monetization platform [3]. - The TiVo One advertising platform has expanded its footprint in the U.S., signing over 30 new customers [10]. - DTS AutoStage reached a footprint of 11 million vehicles in over 130 countries, indicating strong market penetration [10]. - The company launched over 80 additional streaming services on the TiVo OS platform, enhancing content offerings [10]. - The company signed multi-year HD Radio agreements with Tier-1 manufacturers, expanding its technology's adoption [10]. Financial Position - Total assets decreased from $667,760 thousand as of December 31, 2024, to $633,476 thousand as of March 31, 2025, representing a decline of approximately 5.1% [26]. - Net loss for the three months ended March 31, 2025, was $18,366 thousand, compared to a net loss of $13,371 thousand for the same period in 2024, indicating an increase in loss of approximately 37.3% [28]. - Cash and cash equivalents decreased from $130,564 thousand at the beginning of the period to $87,988 thousand at the end of the period, a decline of approximately 32.4% [28]. - Total current liabilities decreased from $185,349 thousand as of December 31, 2024, to $117,743 thousand as of March 31, 2025, a reduction of approximately 36.5% [26]. - Total equity decreased from $429,077 thousand as of December 31, 2024, to $418,902 thousand as of March 31, 2025, a decline of approximately 2.7% [26]. Cost Management - Stock-based compensation expense for the three months ended March 31, 2025, was $12,102 thousand, down from $14,757 thousand in the same period of 2024, a decrease of approximately 18.0% [30]. - The company repaid $50,000 thousand in short-term debt during the three months ended March 31, 2025 [28]. - Accounts receivable decreased slightly from $58,745 thousand as of December 31, 2024, to $58,185 thousand as of March 31, 2025, a decrease of approximately 1.0% [26].