XPER - Earnings call transcript Q4 2024

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Operator

Good day, everyone. Thank you for standing by, and welcome to the Xperi Fourth Quarter and Full Year 2024 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to [ Catherine Moyari ] from Xperi's Marketing and External Communications Department. Catherine, please go ahead.

Unknown Executive

Good afternoon, and thank you for joining us as Xperi reports its fourth quarter and full year 2024 financial results. from unable Xperi's today. to today Relations, of in is who be filling Mike Head Iburg, Investor I'm with us me Financial are and call on Chief With Officer; Executive Jon Robert Officer. Kirchner, Chief Andersen, today's

In our presentation, along you earnings is which website Relations today's at addition webcast can on earnings to this there an release, with Investor access investor.xperi.com.

to Before reminders. we few begin, provide I a would like

year. all like to in note comparisons stated, are would otherwise period to I First, the unless prior same the that

contains about future or management's statements business are therefore, financial discussion and risks, anticipated today's projections Second, subject on predictions, performance forward-looking uncertainties and changes other and our current and based that events, beliefs, in are to expectations circumstances. about statements which

XX-K cause we to materially ended update or our or XX-K and note filings, after For forward-looking more information most XX-Q does arising to that intend today, on discuss for Please MD&A SEC Form call. the the and could actual from to reflect not statements section the differ our risks Risk what the SEC. this including refer XXXX, our recent that and to please our Factors December to in alter filed the results and year circumstances Form company with be events XX, these uncertainties

be reconciliations we to their can directly the to in by earnings most financial which certain and measures, non-GAAP release which GAAP Investor Third, website. accompanied refer of found our the are detailed Relations in comparable section measures,

now Kirchner. call to Lastly, on call. I the be of our the available a website over call will after of Jon conclusion will CEO, replay shortly this Xperi's conference this turn

Jon Kirchner

our operating making business. We quarter a full earnings Connected everyone, business market impact us our significant just Car on few From Thank the across touch up strides on you, independent markets. of Revenue platform year of more and balance note, XX%, million we as ahead. solid $XXX X-year the doubling divestitures the demonstrate quarter of growth This prior continues of million the and million which quarter. our due Also, finished we yielded progress $XXX platform, core as our a fiscal cash adjusting liquidity was a strategy through margin we fourth standpoint, EBITDA believe TV with the call. quarter which for year year progress the transformation 'XX provides for joining financial of we will let year a media and Pay moment, revenue for a to sheet refinancing the operational we're look on transformation media full the and year Adjusted in of and first outstanding the in X% perspective, adjusted $XX strong you, to in an through million its we new Catherine, completed a XX% me Robert Perceive. you profitability facility. recently than business AutoSense prior XXXX EBITDA with in closed highlights. pleased compared financial $XX the $XX our challenging was on year-over-year. From a for navigate after million, our the walk across or year this July equivalents, from but the and environment the of of efforts, details thank debt

as offer TiVo powered platform TiVo monetization combines across our These where where are data. features, content-first by customers' an monetization we see connected broadband-only through our Looking is we platform households One experience TiVo smart streaming we automotive households, offer monthly well by licensing fees, video TiVo that industry-leading Internet advertising subscriptions. focused and and monetizes viewing, DTS metadata ad-supported data video where while TV primarily where and our advertising, strong and radio, as to devices. In-cabin growth forward, entertainment, And and where remain for Video-over-Broadband long-term TVs potential upselling solutions homepage the AutoStage we X Video-over-Broadband, IPTV viewership enhance on generated engagement differentiation. revenue linear enabling

of the markets rapidly next to each grow continue years. over We to several these expect

progress car. evidenced to past this we in As million increasingly revenue footprint monetizable positioned are home these expands over in we revenue our well grow our in during meaningful growth communications, multiyear by as endpoints with XX Consistent time. markets goal over our year, and to from the our believe is past drive

footprint to X million terms monetizable We monetization, Breaking reflect slide XXXX. devices, goal of down more this at is or America, have in our of progress through active across least million and North now updated in $XXX revenue. of homes a this Europe generating

Additionally, we $XXX million X.X of contributing million over increased over our IPTV households revenue. goal to

on beyond Lastly, and producing generate over AutoStage footprint growth achieving with categories cars, relative endpoint to in revenue. goal we our would XXXX. XX goals, to significant we've increased million to $XX in monetization enable from our expect In Xperi monetizable platform 'XX out over along DTS these million these summary, building that

Now walk some progress you our steps well outlining to reflect that as as XXXX. achievements we our of let what me expect through recent take in

France, goal For of X devices Italy, in million our deployments now Europe across we've of Germany X countries and TiVo each major activated over of the with Spain. OS, exceeded U.K.,

available XXXX, America, the end are of Company partner, U.S. of shipping TiVo-powered U.S. TVs certain Sharp into Home these Importantly, market TVs retailers. and at at now our the started Electronics

during TiVo This platform. solutions. but and of experience for the an monetization on highly to further in top by power platform end-user our in are extraordinary only X a TV are TiVo TVs, ad connected our One exceeding ad with as year at of XX-inch not began at $XXX.We quarter, with also on boxes, they through and platforms relevant smart QLED which flexible the advances offer on priced as on a Notably, our the which seek expand our is As a and goal several common an video-over-broadband whether segments and found global across example, as built TV partners, certain smart named Sharp's X. by to advertising as the footprint, the year's be to with interface finished media Thomson to latest can of low or viewership, cross-screen TiVo's of partners monetization being is TiVo now platform X least common benefit advertisers drive deploy and are scalable reach unique smart powered the TV experience along manufacturers. car. retailers best-in-class maximizing home XX platform TVs We TiVo TVs. The One also of powered TiVo for with engagement user XK audience partner, reachable IPTV-based the partners independent ad platforms, providing our goals look our engage on advertising our TiVo,

is footprint growth through harmonization of video-over-broadband through a important Advertising growth unit of the is to as as monetization Overall, strategy, seek platform TV our the Taken progress move year. homepage homepage the media touch together, TVs. watch key, and they the connected to the ad it growth as point footprint presence through and forward our foundation they the execution TiVo journey the One consumer we delivers ad we and entertainment positive corner was for combination in the set across on and love. frequent find, quarter valuable to and smart enjoy to look XXXX. that expected monetization brings we a platform of clients that is our content beginning reach One unique recognize a for turn and independent common the

Connected quarter. the saw continued footprint Car Our business momentum during

which million a we now of have DTS vehicles, million. X of XX footprint For exceeds over original goal AutoStage, our

new we XXX technology new lineups XX% our HD in including HD quarter, now wins, of Aston vehicles America. Radio more in quarter launched model including automotive by in adding our Additionally, in new XX Several than goal that X including met Martin, business, service Honda, Hyundai, AutoStage vehicles a and brands by quarter, AutoStage penetration the Radio, incremental million Mercedes powered from automotive Toyota, Japanese DTS included implemented TiVo. X Audi our launched of approaching Nissan. the the Mercedes with Tesla. is Benz, of In In brand video and with Hyundai, North brands, BMW, one models than more design

ensuring multiyear our agreements, several years. next technology over the quarter, Audio several use Additionally, guarantee DTS during we of the signed minimum the

make year-end goal our TV or to for and video-over-broadband helped solution exceeding the our business, in Pay our exceeding XXXX broadband-only the of XXXX, our and the IPTV X IPTV growth We of X.X XX. ending our fourth related solutions. revenue core to committed progress, subscribers with Pay households, million. operators the to steady continues in from solution of signed decline the Within TV secular to This goal total offset its number bringing year IPTV broadband subscriber quarter million customers TiVo X.X new

and to closed the where long-term our uncertainty. including meaningful Turning customers, Yamaha. there consumer illustrate environment technologies macro We renewals an audio durability our electronics. core of DTS These is even several with in Harmon

at publications. XXXX, Additionally, from X DTS awards industry-leading innovation Dialogue CES technology Clear and won

working underway commercialization year accomplished our a past the platform or support building of over in across product. milestones segments, are We've lot growth believe content building growth our meeting rollout We exceeding discover, independent all communicated of and our the either with ICE at ecosystem to with OEMs key further people efforts the well while the critical in demonstrate home the to are customers platform's a terms footprint the their to watch, the favorite way these the beginning the and value We on milestones is proposition Xperi year. of of go. enjoy media validation enhance and how

video-over-broadband growth, connected TiVo connected In cars. focus will addition TVs, be to to smart our One, and driving footprint going devices, forward activate monetization across platform our

in their gaining me year. been our use be hence, provided we metrics few we've of gauge using this Thus number As activated first mass platform. terms of on of devices, let the initial our business turn the has to critical focus 'XX, defined new far, initiating users and to a as we'll footprint, provide progress

generate XXXX. achieve drive active footprint, North least goals year primary have Europe to than devices as we more active exit focus aim across XX. to Pay Going One least broadband above TV, additional least goals In this once TiVo to with total TV partners, smart to our reporting across to to at Car, a By have that with defined the X One In connected from sign the turn and exit average Media and and forward, trailing In with as we expect million Platform, vehicle delivering to will monetization monetizing the and million start period. America, our households. are AutoSense activate With Connected on our soon we in will X bringing meaningful X exit North year this and these Media IPTV ARPU growth goals: X One subscriber by an in IPTV to $XX, TiVo vehicles the initiate over users so target background, we certain revenue Connected we America. year with at platform exit Cars, DTS North at Platforms, over auto-stage XX-day goals, engaging following footprint XXXX. users million solution, advertising been on video America the our XX TiVo of active platforms we over footprint our

year, our we declines core this business. be this in by anticipate For growth will offset

due However, continued cash and profitability business to flow. improved transformation expect efforts, we

As revenue increased the on Robert? we expansion, I'll over meaningful that, discuss growth, resulting Platform expected exiting and Media top-line our With XXXX, the to financials. outpace call we monetization Robert our core larger flow. to margin to turn business growth corner footprint declines, anticipate continued cash turn in

Robert Andersen

areas Thanks, Jon. covering call. during X main this I'll be

First, I'll the results the the commentary the for on go results. including and year, quarter through financial

as due last I'll was outlook million, quarter fourth Beginning than Consumer $XXX AutoSense up when decline but and XXXX. revenue X% fiscal financial the was in for Perceive was the underlying Pay up divestitures. more numbers. The from Car offset minimum budgets the core the was customer by Electronics year's when divestitures. revenue with year-over-year reported guarantee partly to a legacy $XXX in growth which upfront. market in when Connected guarantee which well This IPTV, whose decline up a total and year campaign million, most Perceive quarter's with AutoSense in up the significant our deals recognizes that certain the as the the XX% changed largest quarter deals Second, in for of for was revenue revenue year's X% due a X% was period. business, adjusting repeat in divested were as a XX% unit strength middleware Platform down prior Media of down consoles. commentary growth business as results, audio part in TV, from timing large a in buy volumes fourth game certain our and due was Pay strong from growth the XX% the technologies was AutoSense linear was the TV associated for for category, due to quarter. for the to year-over-year down excluding and conditions certain provide X% the due company ad closed our up products to excluding to prior minimum XX%,

full the down X% revenue as AutoSense but flat For when essentially year reported, XXXX, the was excluding divestiture. year-over-year

Looking year at in upfront. during with the IPTV Pay which growth core from year-over-year to Pay due was continued the of overall In better-than-expected agreements in signed we saw revenue several TV, expansion recognized coupled TV as revenue multiyear trends. expected, for X%

to these X to business. impacted issues existed occurred Connected middleware partner year, TV revenue Consumer XXXX. guarantee was AutoSense lock addressed, to in received XXXX. XX%, expectations recognition guarantee with the of opportunity to agreements occurred initial these a of HD certainty. up from our devices. was AutoSense growth XX% year achieved minimum Media and and agreements along ad as as of Media segments Electronics the several the of Platform renewals goal XXXX. agreements, revenue line year, in have both minimum revenue multiyear imaging relate excluding due due down in well divestiture. audio activated from Platform XX%, value in unique primarily monetization excluding year-over-year, the our in revenue due certain This the delays Further, during the eventually Late benefit the million with of a decline from now the due was little Radio which buy-in decline multiyear related Car advertising were in in our DTS Some guides footprint that during where meaningful that in was we and historical down certain to to linear business

very million, was and Perceive statement, that the the like provide of the during our take revenue the table bottom baseline for $X to within recorded XXXX comparison top the we accompanying which presentation, Before as consumer In Perceive, adjustments numbers moment a XXXX occurred of The I'd use table beginning proceeding revenue for that view we $XXX post which shows to relative electronics reported. quarter. by revenue market accounts income the of the divestiture at a fourth the approximately of shows remove will purposes These create that XXXX. a of category. for numbers million revenue as revenue

the to statement. Turning now income

of down cost adjusted non-GAAP quarter, from operating revenue excluding year, or million savings optimization Our cost was the prior efforts personnel $XX divestitures. also due reductions business to million, from $XX expense and from primarily for XX% the the from

valuation quarter was planned reversal After quarter allowance at $XX million, of tax the was non-GAAP EBITDA EBITDA a one adjusted in accounting million, interest was expense, $X for subsidiaries. European and the to of resulting lower an XX%. per in our earnings share Our than adjusted due our was Non-GAAP margin which tax $X.XX. during

XX% year, full or doubling the EBITDA last than EBITDA $XX was revenue, of adjusted margin. For adjusted more year's million

stock cash repurchases balance $XX million of with Turning in the equivalents, October, year quarter cash from million the proceeds ended common million in the that cash quarter. The to $XXX and sheet. being in of $XX sale executed by company the driven the of million $XX the balanced were by Perceive with increase of

repurchased average company million shares of $XX X.X stock the million year, full $X.XX. the For common at of price worth for an

currently SOFR a of accounts borrowing Jon a our line PNC assets. we X-month completed arrangement rate points. XXX-basis backed credit $XX is earlier, term has Bank noted with line This plus with receivable financing million our X-year recently for As a by

the interest rate, rate the X.X%. setting currently related Assuming borrowing accrue all expect current we amortization of borrowings arrangement, the upfront SOFR costs with along at of to up approximately all-in our

new With million from the with line. paid of our $XX $XX financing, down backed existing we completion and million cash of the the $XX of million debt receivables

cash year. $XX usage updated operating with a guide flow of the had year, million, consistent our at the we Looking for for

now XXXX. Moving for to outlook our

providing commentary. We and information the are following

in Revenue range a to $XXX is to a the QX back relative of year slightly have toward with possibly to revenue being We expect XXXX, the year. quarter lowest to of year At growth half represents the weighting expected modest million heavier midpoint, $XXX million. full over level this to XXXX. the be of normalized the the

markets footprints. and from the the we expanding Connected expect in increase Within serve, growth from OS significant we in advertising TV Platform revenue Media TiVo an

We Connected to expect and uncertainty. be with XXXX Electronics broader Car relatively to Consumer macroeconomic consistent due

in TV TV to guarantee minimum to expect guide Pay offset to expected Pay declines we of by impact be XXXX. year-over-year in than Lastly, industry decline is revenue more IPTV multiyear occurred as due the in growth and decline a arrangements revenue that classic core

expect margin we the a For XXXX. divestitures positive XX%, up range XXXX were to cost outlook, from adjusted transformation during of EBITDA XX% that and to due completed impact of work

perspective, For non-GAAP flow be stock-based from items, Also be be million, approximately approximately approximately and slightly million a million. GAAP positive. of compensation meaningfully prepared for XX to expected remarks. share year $XX tax count XXXX. the we operating investments to million. down expect the $XX we expense to expect expect expense other our from concludes capital approximately That On Basic year, we diluted cash is be $XX and to

Let's now the questions. Operator? call open for

Operator

Craig-Hallum. the [Operator Instructions] of Your first line question Kreyer Jason comes of from

Cal Bartyzal

you hitting to some is This guys of laid to for that footprint Maybe the Jason. had out. goals start. Good on Cal see you

more existing getting how volume TiVo just in balancing OEM guess more So, activated devices your you partners new adding particular, versus you about looking about with partners? -- OS think think I growing and ahead, with how do do

Jon Kirchner

both. feedback quarters getting that on satisfaction experience perspective. use these a from of of certainly customer to couple do the they're we first Cal, good think units with intend partners I is and the

just to I joining think interest time, be even to at are so, still an a next we'll bigger share same an footprint. work as have continue pipeline and ramp, production And broader X we with or I it, positive But think we of expand, that we with look platform. over in will to call partners. working And have potentially to the that incrementally let's the our the others of particularly year that

Cal Bartyzal

about Great. follow that of are just talking up, platform TiVo you at And rollout. kind to the then guys maybe the looking in One

get to than $XX thinking figure. that wanted of seeing and kind to in of that dependent on that thinking versus profile how on Just likely European high-level you're have Europe the versus market? North getting trends How ARPU you're about much is more early ARPU, you're that how you ARPU have on a in about some thoughts American North that in the greater higher some of scaling devices already footprint America

Jon Kirchner

Fair question.

think a I combination naturally will both. of be

I I the it the think out ARPU think year at of and ramp start we said, as numbers, looking to exit will lower we year north through $XX.

platform the we I our out video about to is instantly into common that broadband a roll network. One it's think onto And one of U.S. as same tied actually that the backbone have a is that begun to have the ad things platform. appreciate TiVo footprint devices, you

that it's TVs universe TiVo monetization one drive point at to units interface. powered So, coupled naturally with about with also ultimately of addressable TVs of connected think And a a this of video-over-broadband is customers One things are way to which our of they the we OS, a Europe-centric, that are about by heavily TiVo combination ad boxes watch lot is that TV. various know the video-over-broadband-based

the use. footprint those combination I things actually only not have So, to U.S., fair to territories. emerging robust to from, it, grows, of as there's And a course, more confidence of and able but the the is and in what benefit let's think call us coupled Europe that ad with amount growing, the of X it's in to market be allow different be going

Operator

from question Rosenblatt. Frankel comes of next Steven line Your of the

Steven Frankel

timing end spoke TiVo where about the now? OS some insights you into launches were the Jon, shipments year. your of TVs update last us smart into those the Could XXXX of from you delayed, quarter, on last pushed

Jon Kirchner

ground, some I Steve. think we've certainly made up

of it, right began in as of happen we end call the expected late Some year. to fall, happen, let's the and what early more robustly to we summer approach

of as here actually the today, in February. where so, of spring here we U.S. here we've U.S. sight the the began the number in but think a in effectively U.S. they available I fairly got and sit And to December, line into those Sharp, partners ramping units starting on some in with clear of up a shipping became course,

Steven Frankel

the And or growth important for that it accelerated for year-end I year? as business? what's us to set growth some most go appreciate variable But up your Okay. success? the in XXXX. ability goals One critical Media growth drive to then of the we Is the TiVo through watch the that Is Platform to that

Jon Kirchner

Absolutely.

there's which in that begin I will as a footprint et on way show optimization I the our it's number ability occur are doubt even but hours, to over takes where X the you and and as we as optimize experience amount I our the an and you're monetization key of demonstrate well as a see with balanced with it's to as think the translates that to monetization. But the of towards and those ton time monetization out continue to because as best it most cetera, the platform time to existing look work million that. work get user taken working are over X year. because emerge, monetization, beginning footprint/active will drive continued it think ecosystem, fair begin half crank to platform the users think that things to weighted, think, things see possible quarters, think through are well ultimately I on here of to a work and that combination how turn is I on to things can growth, we There it the path over will an back that to viewership to turn it's begin coming start of active no you'll emerge at you can

Robert Andersen

go sequentially mentioned we average know, quarter, numbers over our than more users, each with to X quarter Steve, goal on out, with laid to that, to call, we of expect, the point active Yeah, over you active put and additional metrics we've exit million Jon described, and those as ARPU is maybe as ARPU that of an users, the on we and expect XXXX $XX.

Steven Frankel

Great. And the is with networks only using IPTV local the are like some vendors your breaks things maybe way this traditional today? of other or base to in today, ad customers or other ad monetized being monetize eyeballs these

Jon Kirchner

would common and what ultimately I have only think a around more into in streaming homepage-based to advertising. of able it would us the a say part would flexibility and more and been I context, that we've designed video-over-broadband that traditional give notion Steve, solutions our -- connect ad we of platform with is

think platform. in the One the And benefit to in leverage online, us the we're units that so, and and of installation as the field, U.S. TiVo to I base ad operators updating begin allows that coming is

Steven Frankel

similar in And doing is to do economics share and have different of there you're you a what rev with the or operator set this market? between you the manufacturer, TV the

Jon Kirchner

these say some not respective material mean, there big with respective while or about to worth their of I partners, picture. these while Steve, it would one thinks U.S.-based obviously off there making our ARPU I generate as -- I are partners, meaningful amounts They're differences, think well. certainly as ability but

Operator

Khorsand Hamed BWS Your of Financial. next question the of from line comes

Hamed Khorsand

earnings markets wondering, end last not-so-great negative just clarity. time, was and was some about call, tone last your I

lot much much today. commentary do that you the changed have clarity different? don't a that How has How for now much is have market commentary your You you?

Jon Kirchner

Well, I existed. think still some the uncertainty existed of that before

distributed say of evenly in more like tariffs. things awareness, Let's terms just it's

geopolitical the stuff impacts. and it of macro how Some

question. we've moderated as think some about range expectations 'XX. still there's think we said, being that guidance I set I our we've as But think

we've get think on talk more no we we to recognizing of exists. progress. So, our I as learn only little all that 'XX. think hammer right, need I not information, continue through QX But a plans to as we made more about And always, it partners and for that, got to more we've but as

and or achievable. world navigate a let's at both in landed case, of things is worse, stays, that neutral will of ways today, understand Obviously, range all But risks if range primarily, accounted we that's benefit uncertainty, flowing go coming outcomes. think is some is about for guidance how improves think further which one call revenue it from. obviously, handicapping it as the up with that I we've it as as we'll because of to we're in gets trying a that least it to well whether the a where step we as in in Or where think well, our environment customers the what just best possibly And we've we it time. at the take and we can. see

Hamed Khorsand

those? of OEMs new purely that is Okay. source just far along revenue, how 'XX, of or And possibility a then becoming partners? are of adding timing or TV looking on that more you new out Is to the two goal adding partners, the of a

Jon Kirchner

in But the tends course to discussions our the other towards of the of end that it, just stuff And move of conceivable let's than back impact footprint it's more got as say half it advanced, is again, of in stuff see we some fair to pipeline stuff people we've out, it I think worked We've pipeline that, -- well-advanced. for that's are earlier gets are that certainly funnel. have it's that progress. 'XX. is pretty which various think I stages, around a the some if more And would stage. got the call is

the I -- confidence, bring have gets very now helps across to wide things build think and say attractive that viable one made potentially marketplace as quite possible I the only demonstrated more others a but a base ultimately better of definitively significant of can is progress partners. models we and have their as both customers. And business alternative and continue look they best in the to ultimately to solution to look us not

Hamed Khorsand

then, willing a year? cash free provide going to any around flow to And are And positive Okay. is metrics XXXX Robert, you be that?

Robert Andersen

call the on flow. is Well, positive guided slightly we specifically operating cash what

the could if think positive, we guide have or flow of level at top the that expectation comfort I that year but a perspective, maybe good I cash cash our to end a at from free wasn't flow finish specifically. turn

Operator

Your next of the of question comes from Group. Maxim Galinko Matthew line

Matthew Galinko

steps with roll about there that talk to that the about operationally Is you talk significant One? Can Just existing negotiation TiVo software what is to happened maybe pushing on entails. TVs? existing execution the OEMs? out Or the maybe new there

Jon Kirchner

of if now to, for we would something and that I various quite Well, it's home you have across working on been a will, car. devices connect a how endpoint say With vision together first, while.

could So, around advent platform been advertisers, used and think how thoughtful. vision it to the is I for has audiences address unique be of the the quite

that, think software, all robust evolve, we as valuable. more and I course, look make it continue will to to like of

the TVs We ways TVs for smart in point, are some deploying their went original it. on this. were different available the where, depending that process in -- you release some say, And may before were updates of in let's have TiVo of out

for that we aspects we're there valuable are IPTV so, trying as in our video-over-broadband we have monetization-wise. well of well areas, of experience think think And get that'll with do to be updates partners the various I of some those with into done. ensure And most the speak. we updated And lot as what things can as the happening they're to similarly, to a we being tie consumers, there working as updates

it our fairly requires on getting with software But process Yes, own, it -- across it over of action -- pretty course, robust it's updated. in we different well-defined have just a that's ordinary building time. obviously, working products I technically categories would world different how our get ultimately I there the of the are and partners. think done say to So, anyway, really beyond

Matthew Galinko

any on just environment Platform And maybe have Media you seeing? then, is new are What the you're you onboard do competitive thoughts OEMs? to updated in what looking as

Jon Kirchner

because size Well, prize is extremely think competitive quite in environment the I the of remains part, valuable. the

less seeing so, don't we're competition. And I think any

new there entrants. are barriers think to significant I of entry

the all of those the game of UX have demonstrating of at I decades and a that search experience only number think this quality to the of but the with we clearly crossed in of things discovery, brought quite I we've because platform business. not think the point partners, barriers,

landscape the will our think product in which I model, brands, customer with revenue, and customers' being perspective, I having business neutral things but So, an platform independent our think from will out, of long direct participate is first the of to TV highlighting media continue to resonate. about combination play allowing them competitive the to a our those content continue tail relationship, all

So, that No. easy? it's does mean

or concentration, to scaling the see to exciting years opportunity until very footprint for this if I well very start the We're with it I you confidence that as think installed can't and in strategy could And base active you monetization have -- competitors, broader of ultimately the 'XX. that a well. will, of laid only think few turn course, as begin begin in we'll grows, difficult. play, and that most And lot that out revenue that we you Of through network a to and it's the think size it user we the we dealing part I see that run fact creates ago, our effect. I in think large as but more accomplished us rest, is the working 'XX, in will is

competitive I don't see obviously think think So, how may it. follow the I of time, in we a current more observe and at to more lot to evolve, about difference -- the landscape but

Operator

That remarks. Jon turn concludes our the back session. Kirchner over now conference Q&A closing I to will for

Jon Kirchner

our excited call. today's joining and the for business longer-term, growth realizing like for improving we continued you transformation everyone independent the commitment with and business potential their over thanks the environment. to concludes our the today's strategic thank QX employees this car navigate to pleased We look in of as and home reviewing toward and performance work with our operator, hard profitability platform media our current and our are results our to May, operator, I'd business goals. about forward call. for across Thanks, We're

Operator

you Thank call. that joining. Ladies today's for all and gentlemen, concludes

now disconnect. may You

Xperi (XPER) 26 Feb 252024 Q4 Earnings call transcript