Xperi Inc. reported a revenue of $493.7 million for the fiscal year ending December 31, 2024, a decrease of 5% from $521.3 million in 2023. The decline was primarily attributed to a $50.4 million drop in revenue from the Consumer Electronics segment due to the divestiture of the AutoSense in-cabin safety business, as well as lower advertising revenue in the Media Platform segment. However, the Connected Car segment saw an increase of $16.3 million, driven by higher revenue from Audio Solutions and HD Radio. The Pay-TV segment also experienced growth, with a $15 million increase largely due to higher minimum guarantee revenue.
Operating expenses decreased by 11% to $580.8 million in 2024, down from $651.0 million in the previous year. This reduction was driven by lower research and development costs, which fell by 14% to $191.4 million, and a 7% decrease in selling, general, and administrative expenses. The company also reported a gain of $100.8 million from divestitures, including $22.9 million from the AutoSense sale and $77.9 million from the Perceive Transaction, which contributed positively to the overall financial results.
Xperi's employee headcount remained stable at approximately 1,680, with the company focusing on enhancing its entertainment-based solutions following the divestitures. The company has streamlined its operations to concentrate on its core segments, which include Pay-TV, Consumer Electronics, Connected Car, and Media Platform. The divestitures are expected to allow for a more focused approach to growth in these areas.
Looking ahead, Xperi anticipates continued challenges in the market, particularly in the Consumer Electronics and Media Platform segments, where competition and market conditions may impact revenue. The company is committed to investing in research and development to drive innovation and maintain its competitive edge. Xperi's management remains optimistic about the potential for growth in the Connected Car and Pay-TV segments, particularly as consumer preferences shift towards more integrated and personalized entertainment experiences.
In terms of liquidity, Xperi reported cash and cash equivalents of $130.6 million as of December 31, 2024, a decrease from $154.4 million in the previous year. The company has implemented a stock repurchase program, with approximately $80 million remaining for future repurchases. Xperi's management believes that its current cash reserves will be sufficient to meet operational needs for at least the next 12 months, although they may seek additional capital to support growth initiatives.
About Xperi Inc.
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