Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<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.


<ul>
<li>XPER is in the final stages of separating its IP business from its product business.</li>
<li>The Company reported second quarter results in line with our updated estimates after announcing the purchase of Vewd Software and an IP license agreement</li>
<li>XPER’s multiple revenue streams gives the Company the ability to grow free cash flow even though one segment could be lagging</li>
</ul>


XPER is in the final stages of separating its IP business from its product business.
The Company reported second quarter results in line with our updated estimates after announcing the purchase of Vewd Software and an IP license agreement
XPER’s multiple revenue streams gives the Company the ability to grow free cash flow even though one segment could be lagging


<ul>
<li>XPER is accelerating its presence within connected TVs with the acquisition of Vewd Software</li>
<li>Vewd Software is a middleware developer that has been installed in more than 450 million connected TVs and devices.</li>
<li>The synergistic value of Vewd could be revealed to shareholders in the next 12 to 18 months when XPER begins to monetize Vewd’s install base</li>
</ul>


XPER is accelerating its presence within connected TVs with the acquisition of Vewd Software
Vewd Software is a middleware developer that has been installed in more than 450 million connected TVs and devices.
The synergistic value of Vewd could be revealed to shareholders in the next 12 to 18 months when XPER begins to monetize Vewd’s install base


<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 setting the course for revenue growth after reporting fourth quarter 2021 results. Aiding the process to revenue growth is an increase in baseline IP license revenue for 2022</li>
<li>XPER disclosed it has signed a hybrid bonding IP licensing agreement with Micron Technologies (MU)</li>
<li>XPER is broadening its presence in the automobile space. During the fourth quarter earnings call, XPER disclosed Toyota Motor (TM) will include HDRadio in all its car models</li>
</ul>


XPER is setting the course for revenue growth after reporting fourth quarter 2021 results. Aiding the process to revenue growth is an increase in baseline IP license revenue for 2022
XPER disclosed it has signed a hybrid bonding IP licensing agreement with Micron Technologies (MU)
XPER is broadening its presence in the automobile space. During the fourth quarter earnings call, XPER disclosed Toyota Motor (TM) will include HDRadio in all its car models


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: 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

XPER: Ready for a Split

XPER is expecting to split its product and IP segments later this year, which we think could be timed with more customer win announcements.

BWS Financial Inc

XPER: Positive Catalyst to Growth Story

XPER is buying Vewd. The purchase price is higher than what the current market environment would appreciate but accelerates XPER's TVOS development...

BWS Financial Inc

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...

BWS Financial Inc

XPER: Growth Year on Track

XPER set guidance showing mid-single digit revenue growth in 2022, which does not take into consideration automobile production growing and...

BWS Financial Inc

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