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 fourth quarter results mostly in line with our estimates, but the progress made on each of its product lines is the highlight of the report</li>
<li>XPER has added customers for its TV operating system (“TVOS”), IPTV solution, connected car, and has grown the number of people using its media platform</li>
<li>The increase in the number of automobile OEMs electing to use AutoStage is on the rise with XPER’s CEO setting the goal of one video integration win this year</li>
</ul>


XPER reported fourth quarter results mostly in line with our estimates, but the progress made on each of its product lines is the highlight of the report
XPER has added customers for its TV operating system (“TVOS”), IPTV solution, connected car, and has grown the number of people using its media platform
The increase in the number of automobile OEMs electing to use AutoStage is on the rise with XPER’s CEO setting the goal of one video integration win this year


<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 is gaining momentum within the car and TV, setting up the potential for the second half of the year outperforming expectations.</li>
<li>The additional customer wins are poised to put XPER on pace to grow adjusted EBITDA over 2023 levels. Additionally, these wins could be large enough to generate broader interest.</li>
<li>During CES, XPER announced new design win at Argos, a United Kingdom based brand, and disclosed Konka, a Chinese TV maker, was the previously unnamed third TVOS partner</li>
</ul>


XPER is gaining momentum within the car and TV, setting up the potential for the second half of the year outperforming expectations.
The additional customer wins are poised to put XPER on pace to grow adjusted EBITDA over 2023 levels. Additionally, these wins could be large enough to generate broader interest.
During CES, XPER announced new design win at Argos, a United Kingdom based brand, and disclosed Konka, a Chinese TV maker, was the previously unnamed third TVOS partner


<ul>
<li>XPER is streamlining its operations by divesting its AutoSense and image sensing product lines to strategically refocus on the burgeoning entertainment sector</li>
<li>XPER is selling AutoSense and the image sensor business to Tobii for $42.7 million plus a performance fee</li>
<li>XPER estimates revenue loss from the divesture would be approximately $30 million with adjusted EBITDA moving up</li>
</ul>


XPER is streamlining its operations by divesting its AutoSense and image sensing product lines to strategically refocus on the burgeoning entertainment sector
XPER is selling AutoSense and the image sensor business to Tobii for $42.7 million plus a performance fee
XPER estimates revenue loss from the divesture would be approximately $30 million with adjusted EBITDA moving up


<ul>
<li>XPER reported third quarter results in line with our forecast and reaching an inflection point in revenue where the operating leverage of the business becomes visible.</li>
<li>Ahead of the results, there had been worries over XPER’s exposure to consumer electronics and pay TV industries that could cripple revenue growth.</li>
<li>XPER reported third quarter revenue of $130.4 million compared to our forecast of $130.9 million. Adjusted EBITDA reached $9.3 million compared to our forecast of $9.2 million</li>
</ul>


XPER reported third quarter results in line with our forecast and reaching an inflection point in revenue where the operating leverage of the business becomes visible.
Ahead of the results, there had been worries over XPER’s exposure to consumer electronics and pay TV industries that could cripple revenue growth.
XPER reported third quarter revenue of $130.4 million compared to our forecast of $130.9 million. Adjusted EBITDA reached $9.3 million compared to our forecast of $9.2 million


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.

Xperi (XPER US)

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