Summary of Xperi (XPER) FY Conference Call - August 27, 2025 Company Overview - Xperi is a technology and solutions provider operating in markets such as connected car, pay TV, consumer electronics, and media platforms, leveraging brands like TiVo, DTS, and IMAX Enhanced [2][4] Core Business Segments 1. **Pay TV** - Xperi provides software and services to cable operators, including interactive programming guides and personalized content discovery [2][3] - Revenue model primarily based on subscriber fees from cable operators in North America and Latin America [3] 2. **Consumer Electronics** - Focuses on audio licensing through DTS, one of the major audio licensors globally [3] - Revenue generated from per unit licensing fees for embedding solutions in various devices [3] 3. **Connected Car** - Offers HD Radio, the sole digital terrestrial radio standard in North America, with licensing fees on a per car basis [4] - Recently developed AutoStage for in-cabin entertainment, targeting advanced advertising and monetization [4][15] 4. **Media Platform** - Developed TiVo OS for smart TVs, focusing on content aggregation and monetization through advertising [5][10] - The TiVo One ad platform connects smart TVs and set-top boxes to monetize consumer engagement [9][10] Growth Potential - The media platform segment is expected to drive significant growth, with a goal of reaching 5 million monthly active users and a $10 average revenue per user (ARPU) [14] - IPTV subscriber growth over 30% in North America and Latin America, with a target of 3 million subscribers by year-end [16] - New product Clear Dialogue, an AI-based dialogue enhancement technology, set to launch in the first half of next year [17] Financial Performance - Revenue for Q3 showed a decline due to minimum guarantees from the previous year, but operating expenses decreased significantly, leading to a slight increase in adjusted EBITDA year-over-year [24][25] - Cash flow is expected to be neutral for the year, with a revenue goal set between $440 million and $460 million [26][27] - Adjusted EBITDA margin target revised to 15-17% due to macroeconomic impacts [27] Strategic Outlook - Xperi aims to build a durable competitive position through its technology-centric business model, leveraging decades of expertise and channel relationships [30] - The company is focused on driving growth in media consumption and enhancing advertiser reach through its platforms [29][30] Key Highlights - Xperi has signed new OEM programs for AutoStage, expanding its footprint in the connected car market [15] - The company has added 80 new broadcasters to support HD Radio, enhancing its automotive ecosystem [15] - Continued relevance of DTS sound technology with contract renewals from major brands like Sony and TCL [16] Conclusion - Xperi is well-positioned for future growth across its diverse business segments, with a strong focus on monetization strategies and technological innovation [30][31]

Financial Performance & Guidance - IMAX reported a 24% year-over-year growth in global box office, reaching $579 million in the first half of 2025[87] - The company's total adjusted EBITDA margin was 426% in the first half of 2025[87] - IMAX projects full-year 2025 box office to exceed $12 billion[31] - The company anticipates installing 150-160 systems in 2025, an increase from the initial guidance of 145-160[31] - IMAX expects a total adjusted EBITDA margin in the low 40s for 2025[31] Network Growth & Expansion - The IMAX commercial network has a footprint of 1,750 systems across 89 countries and territories[11] - The company has a significant backlog of 501 IMAX systems[11] - International expansion, excluding Greater China, has seen over 28% network growth since 2019[14] Content & Programming - IMAX anticipates a record of over 14 Filmed for IMAX titles in 2025[11] - Local language content is growing, with over 60 titles expected in 2025[77] - First half 2025 IMAX local language box office is already over 50% higher than FY 2024[73] Capital Allocation - IMAX has repurchased 19% of its outstanding shares since 2020[11] - The company's share repurchase authorization was increased in June 2025, with $251 million available under the program[108]