XPER - Earnings call transcript Q3 2021 | Xperi Holding Corporation

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Xperi Third Quarter Fiscal Year 2021 Earnings Conference Call.

During today's presentation, all parties will be in a listen-only mode.

Following the presentation, the call will be opened for questions. Instructions]. [Operator like of call Investor now Weinfeld, to turn President Vice Relations to would over the Geri I for Xperi. ahead. go please Geri,

Geri Weinfeld

Robert Good with CFO. XXXX of the will joining answer third for the are Armaly, Jon to on afternoon, President we and today Jon the everyone. our Robert be Q&A call CEO; report Samir Andersen, the us call who quarter on during results. available IP of financial as year and Licensing, Kirchner, along With Also me questions fiscal portion Thanks is call.

like Before we begin, provide I would to reminders. two

today's the uncertainties, our these events, are from arising uncertainties discuss does including predictions, which and call. Form to Please information refer changes this First, and therefore that Risk expectations projections the alter to that XX-K not future on statements materially or based and about events current in reflect section filings, management's differ statements risks after circumstances. to statements contains SEC discussion the company intend cause in our on update are and our to forward-looking risks, or could what Factors Please results note report to or that annual more beliefs, for other forward-looking today. on circumstances we actual subject

call unrealized combinations, debt on intangibles and costs, refer I'll comparable retention compensation, loss measures most www.xperi.com. fees, of call our Second, Relations We earnings available transaction and acquired associated related debt reconciliation costs, non-GAAP extinguishment, will conference provide and at on gains charges, stock-based our amortization the marketable of one be website. facility or the to planned directly these including expensed refinancing non-cash tax section financial severance, to Jon to ongoing costs business certain actual time non-GAAP separation measures over we a Kirchner. measures, recording now website The this Relations turn which on losses and integration release equity of realized on or exclude in Investor effects. bonuses, closures to the GAAP costs, Investor or securities

Jon Kirchner

chain, thanks us. joining strong revenue XXX% due the year-over-year $XX.X up IT, earnings. $XXX.X year-over-year. product Geri, million We to million Revenue million an Thanks, earnings to had declines quarter for and X.X% business up $XX approximately partially was operating flow, with and flow $X.XX year-over-year increases in mainly and a by due cash cash Non-GAAP offset share in supply We per better-than-expected of generated was of stock. in everyone XX% repurchased increase constraints.

We in launched launched on managed increase to and supply DTS Disney+ with a We models Although following increased to a DTS high-level impact AutoSense as strong to business portfolio. offering the more a business progress from for we in bonding solutions, remain during saw implemented drivers an service hybrid vehicles. fee ecosystem. MobiTV of streaming of we discussions connected advanced BMW now in chip C-Class progress made and footprint Stream integrated our adoption on content deliver YMTC we TiVo IX re-establishing and on AutoStage addition delivering a toward and with the a we constraints on as track growth the to license the new on delivered OS in come IPTV provide models for year. quarter. the IP partner Europe IMAX an general our TVs stream results its semi available the the to solid our enhanced for financial accelerated our new Series our product Mercedes the At the is made chain S-Class XX. AutoStage and addition DTS

$XXX.X a licensing QX. over the now business. discussion primarily licenses with QX a million up expanded increase driven and well IP Let by past This with IP as signed had success our of the renewals Revenue year-over-year. we've during begin XX% year me was as IP agreement was new in some

these ketchup, businesses, IP or some reflect with license typical that fees. front include results a agreements is As

IP We awaiting are ability make ultimately in our of the very litigation. market-based progress on key relevance to decision of the engage always agreements. we timing In Canada in renewals we in pipeline although driver resolution, largest remain represents drivers round a quarter. to in our difficult. achieve new which continue In services continue our around We certain expanded growth initial the portfolio and to confident predicting a is strong with a growth license streaming OTT of and

the is memory company semiconductor relevance of shipping bonding filed bonding reminder semiconductor and a YMTC this YMTC, early IP recognizes bonding. an leadership logic. This of applications, proof we in of based point portfolio It China, hybrid Videotron with fundamental products rounds IP litigation year. license XD, announced we're continued IP In we our Bell the hybrid As and in of also earlier our into including that IP is still semi manufacturer new in high memory position underscoring the proliferation the semiconductor datapoint commercial re-establishing Nan the the stages broad, nature expanding range and market. against is incorporate This agreement our but a another in license hybrid of of and sensors, bonding. second our Canada first business. the that

a exceed baseline puts annual on Our our execution IP this million $XXX whole the track business year. average us roughly as XX% to by year-to-date for

recurring that by We into that are ever is better the generates future. long-term our confident flows business agreements profitable licensing IP well, supported cash significant and very than position

year-over-year. product business. $XXX.X revenue Total Moving products million to down was our X%

by and our supply-chain in saw monetization IPTV was customer mobile game declines impacted in volumes. from growth and we this offset shipment While hardware consoles, constraints, that connected-car, devices, consumer

on the chain. comment a First supply

business strong, was that product started our greater started we the September quarters. Although impact see constraints in late beginning the chain supply prior than year in on to of off signs

customer volumes declines we disruption royalties. this Given our unit per some are impacting seeing year-over-year in

we positioned consumer The made strongly X% initiatives significant business experience on was our progress category that key revenue we growth. down believe is product look for year-over-year. and our $XX.X ahead, million as Importantly, we solidly

I of in for the mentioned mobile, declines progress mainly consumer platform. TiVo We solid Stream and quarter the sales make continue out hardware. driven unit was game consoles building QX in by Stream decrease another the As to TiVo had on and unit XK

with On movies, Hart's the continue offering more, Hallmark Laugh content to ad-supported Plus, QVC, Kevin front loud. content including our partners, expand pictures we Magnolia and and out TiVo new

Showtime new and XXX, expanded our also Pluto including We Selects, channels, the TV TV to integrate Movie XX Channel Pluto relationship more. with Paramount

Acorn [indiscernible]. to our added Lastly TV we

growth data. saw TV TV a based during connected advertising monetization quarter the unique we Tebow's viewership successfully also n with strong launched on targeting We product audience, as new connected

IMAX Marvel step Disney+. able first front for available their new titles This fans enhanced announced Importantly, Walt be time enhanced expanding content a on the favorite IMAX with ecosystem. today jointly home is will the the partnership Disney ever in enhanced Company we to the November a IMAX XXth beginning, significant at in and enjoy on IMAX with the

pay- down TV X% business. year-over-year. to Moving was $XX.X Revenue million our

the seeing Solutions. begin we with IPTV adopt pleased very are customers are more our is We success to

integration Solutions strategy is higher-value. a in traditional expected declines smaller complete on program following IPTV QX, the are during our MobiTV full completion was quarter. progressing guides. revenue being proven our mostly acquisition in the to of track than with is in as the interactive out the offsetting decline MobiTV and first with Additionally our well, we're fourth year-over-year our integration QX quarter

subscriber scale accelerate overall growth. With to able IPTV offerings integration completed and further MobiTV the our we will be

Blue quarter growth Ridge the me begin During helped we Cable another customers scaling Armstrong electric and launch and subscriber to including see help IPTV offerings. their services. we customers IPTV service for strong excuse of Cablevision, Overall, we quarter One continue

from the on U.S. was production category, HD Despite radio the the radio quarter after models indicate with X% year-over-year technology Mexico. an $XX.X supply XX clearly the car the issues the to increased end connected revenue chip supply constraints Moving launched chain during business. down new quarter and HD in reports our the received of million as impact

BMW. Daimler, new and HD motorcycles trucks with launched also two Radio We in with categories,

Additionally, our U.S. with XXXX roll in market. HD new in the at The C critical models. DTS technology approved This a in meeting out to cars industry of continue Europe in global the AutoStage for Radio. auto our certification XXXX. ISO position Class launched we milestone in Mercedes the quality ensure beginning to arriving have been for is standards with

and RFQs XXXX. North We to Japan in XXXX continue work programs an pipeline are with and participating Europe, car across between launching America for active companies and

XXXX. AutoSense BMW will models These in on beginning occupancy with monitoring the at the the BMW in system U.S. DTS our launch Europe vehicles technology IX. arrive of For

monitoring driver with truck to our in production trucks Further We to system brought Japan are be expanding continue with we to of solution and recent solution market. proud the with OMS see the in launch of a Singapore. shipment are first lines in Asia technology our DMS technology pleased part to

and market platform. across Additionally is we connected connected their to validation the party proud with our Company our and and our best and Year by category. media multiple have car Ergo been development with team highlights Frost innovation supported for enhances Sullivan this customers the markets business, car third recognized the efforts We as engage practices. to efforts in continue In of of position believe perceived Xperi our industry products

chips quarter machine customers. we to boards and learning this support up development we select software, our As mentioned we efforts. last provided quarter, additional followed tools with to customer And

decision continue see of canceled XXXX. products. originally our That of performance high We significant for and AI to slated our next capabilities generation capabilities Unfortunately, a power to product efficient one demand performance the customers for unrelated is for platform.

of utilizing work to with innovative continue We of the products partners other development a on Ergo. range

of current months. perceived The its but will when the within come first on market is uncertain, supply chain and exact next timing impact XX XX elongating to to production However, given potential schedules. likely product the environment enable the

and turn ahead And market financials, call the frontier. the Robert. the that'll next be into the to end, few these lives. as on technologies In on we've attention opportunities The our past been toward new bringing emerging and as in placed from enabling Xperi I focused like experiences in imaging this growth. touch of working With awareness acceleration AI in are and presence adoption personalization, on deep the in of the already and market being the our point and of positive discovery, is view. spatial enabling omnipresent big audio Many to Lastly, technologies expertise, move technologies development developed times areas. and over our the we space advanced digital always discuss participate Metaverse. has will of been products for the in essential a want fundamental. IP creation presence extraordinary greater investment, is create AR/VR Exciting focus an others Robert of Metaverse years. Xperi on over partners significant solutions these the to and with the

Robert Andersen

Thanks, John.

Non-GAAP with noted was quarter savings synergy IP from sold the quarter paid expense revenue excluding taxes million. me deals the of MobiTV the anticipated results quarter. were $X.X third quarter. $X.X which Let product for the than third Cash of a expenses offset million by litigation cost the was lower XXXX. $XX.X third constraints, year-over-year that by million acquisition quarter, per and with the by of offset X.X% share was quarter in outstanding. ahead Xperi's goods from of the COGS was last basic of licensing certain million fully expectations due in the and chain Using million earnings impacted begin expense million our shares primarily operating financial quarter million, non-GAAP the $XXX.X was for tax and $X.X non-GAAP $X.X $XXX.X non-GAAP business. million We closing outstanding quarter business earlier to third cash or shares than supply for On diluted our mostly million the lower our basis, $XX.X John $X.XX. number ended $XXX our

million balance we in quarter the the sheet investments. and to finished $XXX.X with Moving cash

and paid flow primarily XX.X debt down to ago reduce quarter, $XXX due balance in during capital, million changes cash million. $XX.X lower of from under year just Operating million $XX.X bringing down spending. for the the a the also We taxes was outstanding million, working cash to quarter

flow reflects cash adjusted and operating the and plant free $XX.X equipment adjusted $X.X of flow costs. and for merger for Adjusted property, related spend cash separation Our quarter X.X cash free million. was million flow million of

common quarterly the Xperi paid quarter of $X.XX dividend During share per a of stock. cash

of for repurchase X.X common a of million shares $XX.X total stock We million. also

our outlook comment year. lastly on me for Let the

the end outcomes business chain product of narrowing are as positive million reflects our for higher per closures supply revenue reflects the year's constraints continued impact lower unit $XXX and to business, $XXX deal on range to product on range while We The the million. a shipments improvement on the in end whole.

outside non-GAAP $XXX for For unchanged. COGS which are marketing. reduced to full litigation, lowering personnel, reflects expense remain interest million primarily other and to $XXX we operating on the year and expense the spending expenses income year's for range million Guidance services

be Our cash tax million. is now approximately estimated to $XX

raising reduced spending. year's flow cash this are for million of the range to to We impact million, which $XXX operating the $XXX incorporates

a our to increases As also to cash result, range $XXX adjusted prepared That $XXX concludes flow free million. remarks. our million

your call Let questions. us now the to open

Operator

you. with Hamed Financial. our Khorsand question Thank first from [Operator We Instructions] take will BWS

Hamed Khorsand

off I any wanted cost savings? year? by possibility up guidance that ratchet These next talking about is to kind them Or start about permanent these cost OpEx are talking the of savings some there declining. of you're

Robert Andersen

there's a this think, both. Robert, of I is bit

for outside personnel We expense or have experienced some this spending. savings we've year

year other to past. have this least side, some that recur. lower of expense But And compared the think on historical litigation had our we won't I

that least And run investments we some of business. expect from a in and with increase would basis growth depending make we also continue where rate the cases. so at on the probably are And to to we

going So that would that I early think We're at at if we of in still expect planning XX. through general looking would pretty we're year-over-year increase. exercise. in a terms number I expense spending were again looking

Hamed Khorsand

activity. And product that was is the Is side, on the own positive Or you've Xperi's Okay. IPTV IPTV the winning because MobiTV that seeing of been business? business? that winning

Jon Kirchner

were bit houses, booked operators We in in to It's the etc. because about both. due etc, rolls year into business quite coming truck not getting various ago that to a deploy had there a chose COVID of challenges

we've so options the in more with get them and our install including working partner to customers self that easily effectively are develop help helping been And operators ways cost various IPTV household.

that about we managed look more also in MobiTV, in time. an we've both going great offering, IPTV think acquisition of to that I of and with we important legacy typical the we're within feel which had service the address see business some the the particular can on how counts, as ahead, So but traditional part for acceleration marketplace both

Hamed Khorsand

order it partnership of then and the using customer perceive what's to cancellation, redesigning supply cancellation because Okay, on it. lastly, to in this and of something was or going It want because really the going else the and away, on was chain purely refer potential the the not or front?

Jon Kirchner

and advance they wanted their be their the features, Neither view of they they where would to the point actually. that positioned had with business It in do etc, to thought interests. marketplace, respective price thought

expected don't products. let's typically we that we that And of the we're an has typically So part that XX. because supplier, in ingredient had call given But don't talk to occur, about originally changed. customers it we something earlier end

play just platform the opportunity what's other environment And seeing of us. a partners. that take I feel the huge have think, with the we for time, it a the fire the kind think how where over a does I and number number exact question working We we about, in dynamic uniqueness we're of of timing, good what potential the now is and out bigger of given believe very It's can over irons time. very, and broader but in we

Hamed Khorsand

you . Thank Great.

Operator

comes And Capital our next from Sam with Group. Peterman question Craig-Hallum

Sam Peterman

kind in Thanks. that segment, is of the the seems thanks then production of lower right Hi, for my And like it in talk you question. just about taking quarter-over-quarter, the the connected kind car ask was Is given like you wanted programs guys, of of on that XXXX kind to number the that OEM that from And I as same seems anticipated. of was launched just industry? read? outlook constraints for on could down volumes. most that

Jon Kirchner

we volumes. due That's not particular what any QX, So It's saw. definitely was it losses. design to lower unit for

into as I issues move be ‘XX think currently chain expect relief from are overall year-over-year, look we forecast some volumes we do out as down ‘XX. although into supply we the

a further expect And penetrate lot So technologies both we'll the of to it's made we product being market lot brand share. new that the know able and will get impact automotive on a mix to are also going depend through market really February. the we ‘XX. brand and more We've mix

Sam Peterman

that's Okay, helpful. Thanks.

want I on hybrid to bonding. Now, ask

why had at of else? on you movers the technology thoughts announcement a you I'm when from and guys licensing, early guess else somewhere just level, impact hybrid bonding you and guys in the could could that's curious who You I YMTC with YMTC high see is kind or a any offer start see to likely revenue from whether

Samir Armaly

this Hi, is Samir.

industry memory, discussions hybrid of started about like segments the and an see YMTC just talked moved logic. are increase bonding. other It's Nan It So the in first seeing some with into we image discussions we in in certainly including around sensors. we opportunities certainly

And it taking for XX for with seen done we some the and of to And of portfolio, Logic, be So with But we're market develop, in the time those the Samsung to XX- the timeframe. brings that more pleased SK we've still YMTC the excited some in for that would really both the highlight us. markets. date hybrid it about bonding. company's is of expertise as recent the likes Hynix. and opportunity probably we're penetrate example, opportunity continues deals deal to strengths

Sam Peterman

that. Okay, thanks for

kind on with negotiations MobiTV just customers you give well. of could going think how And integration curious, quick of I of with is do that's see kind what kind assets? was those sounds for and year it going you almost me more I complete. MobiTV any next like on new revenues one color you are think on qualitatively

Jon Kirchner

both being even I of partner days XXX in as Maybe let we investing first. are let resigned the to well successfully would that I or around meaningfully. commitment within and platform address had innovating very the long neighborhood question associated that's is XX assets going be as base this customers pretty think customer me people platform a space I Robert say the to after with going scale the help acquiring discussions strong us are and the I to and in the and seeing take our the think will XX second with term a it well

And so change see you game this of scale looking in part very I be to But XX. is of we that much think want the to question. answer and Robert, that the meaningfully a will scale

Robert Andersen

Sure.

sort expecting acquired expect of good turn terms John of revenue, digit in expenses, profit. as the time and is that single we the on this really structure numbers, then the we're describing, MobiTV, MobiTV the mid the that to scale year Just was from for low teens And a we've thing scalable. about it's and

So are somewhat additional get costs to continue as can business. profits it scales, that And out of fixed. the we

Jon Kirchner

But we expected, in well, broader to go. level more. on it rate get February, a grow it's obviously, provide it's between and and But of the can run view we'll obviously where call, macro current meaningfully

Sam Peterman

helpful. that's Okay, really

Thanks, me. for all guys. that's think I

Operator

[Operator next Matthew Instructions] Galinko take We'll our from Group. with question Maxim

Matthew Galinko

enhanced frame of what in does significant question. taking adoption for U.S. firstly a magnitude you Thanks the U.S. market? that Hey that sort of on does the where good afternoon. piece streaming talk Could for Disney the business? follow about Maybe on kind of in my years. the [where] of, IMAX encourage And the

Jon Kirchner

the about more term, content we quality, our more need is And the so I marketplace, as and Yes, relevant other case, quality building. feed need of this highest well about then end advantages talk to deliver to devices mean, in you possible, ecosystem content, long the and ecosystems, the you each group that in can you as kind distributors, as both on consumers. providing largest experience they

perspective, on encourage service fantastic that Disney+, online, other impact, will, it over we content will And think important is to think there to others major will will, a not so and more very hardware time, our participate. join only impact natural people it perspective. for you've we coming from a like be again, got and from which kind a obviously, turn make this in of But this attractive

and have fans really delivery it enhanced. a to possible think play fantastic will bit take good time, homes is out, but there will it's for with very worked content this their of and to And we've for relationships think we be some a we enjoy partnership so overall I own able highest Marvel got IMAX that the form on this in

Matthew Galinko

other to And say edge can or and then kind that for to queen consumer impetus Got we answered up the it. just that on takeaway dynamic? there, perception their is hear follow from device that another maybe edge say computing the is the there, Thanks. question inference there the an less extent and value before could could there's any do perceive that extent incremental isn't at can you of there on you

Jon Kirchner

that let's sense of in the this think experience being broader don't trend call in edge is lack case No based I of of a representative with our this it computing. in consumer interest

easy be happen like just meaningful coupled marketplace. at range that possibilities can And at the both in occur innovation the until discover think to the is to people we possible, many front implement. think, with a previously it benefits, And I end platform edge. privacy whole some in to that of the only cases, I of never were both is begin

is have that data if design this our I something difficult. manage the of much, you this, The think beginning able openly it simple that factor, you'll tools things life little I as it I see terms, done when and have technology the and getting performance in easy to edge impact wouldn't to have and simply, we've just and are is necessarily we've much think much, very and people do at about where are take to it's hard think be impact, dissipation want compute think working place it as things out, power, which of meaning implement like of on exploration can you looking is you perspective, class challenge center it to been processing around are and battery where to to a and bigger. growing electrical can mean, impact I at aggressively so the performance, dynamic power, discussed, meaningfully. a form changing about dynamic you privacy. what and think the marketplace, to why I that it, platform a not demand in in mean plays third heat cost are can obviously, the no things kind product for parties can able story in be from particularly be

so it's we expectations think, to us for out. our And progressing process last consistent XX over And incumbent we that very pretty upon that engagement. build us those the months. good And that feel tools to much with some exciting is I look ahead, really

Matthew Galinko

Thank one, maybe then one you. last from me. And

Radio in that You've mentioned continued push ISO frustrations what to speak models, solution? HD just there certification. Radio how market ex-supply more XXXX notch do you chain guess I the far and is you think you the in I HD can to to Can

Jon Kirchner

think I of be gained Well, and if the to lower no share doubt continue is implementation. to there we the market can incremental the cost hardware

work I And have think we costly partners. make continue if potentially different the with to to a range less that Because decision. might that. done from we the perspective that of expands years, I think that on easily models it's more implement hardware over naturally,

got in to cost, continue the broadcast benefits customers you to how if just think that on broadcasters can we provide work I safety and technology continue much that to think need that understand that think, platforms do will, of spectrum very to both but are regulators. the minds activities system that of if plays the think available I related Radio And ultimate government build degree as applications helping best proactively also with are footprint, a penetration, of in Radio number influence HD out, is ensure and as other areas. going to continue things that and out and the we people to the the to various the I government our using, may incrementally the grow. that secondly, you've that automakers drive alerts, meanwhile we look the HD And utilize emergency down deal we'll like to on the see explore standards on are

Matthew Galinko

thank Great, you.

Operator

And next from Cohen Michael our MDC comes with Research. Financial question

Michael Cohen

that are call Jon licensing wondering you is guys the spinning still is quarter. contemplating table? that and congratulations business, Or you I was regarding the Thank Yes. the for on the that IP taking off something out?

Jon Kirchner

openly separating IP No, the businesses. we and product have discussed

middle targeting of year. We the have been by next

they I about focused month. think be some of making and after and that which involve everything and backend the is such the continue the to very, conditions something of we in systems the past, sure to advance that we've we talked to business month the able on doing very important that to ready from affect separation infrastructure and go, are we're are

this issue getting the product that Another business. to just is critical is about prospects clarity, growth for the

as can are standalone position the a way well a hard think business only and one we're kind We working equally very on opportunities be in which to strategic benefits as the basis, value. of business, that with pure that investors but business, long successful building we way not come will help a the product understand the term IP play for more in standalone that

we can is, businesses ensure that but But in firing some transaction just there order like there. for I for to dynamics occur handicapped what a that, think in make in I separation key which a you number when the that eliminating outcome. that including need and so sense shareholders are the about is And third is as continues both things it year our key to think might is objective, way as reasons, and last you this approach exact and we think the a you the element we have be it's market creating in out we're plays that are we'll of very and toward. win-win on get of think But and thinking something we're it view only ‘XX it And changes forward are dissynergy. and are of value on lot a better all timing still as really what that create objective, a makes much to our a challenges cylinders affect strategically into working we February, how

Michael Cohen

the if a Okay follow up and regarding I you Canadian it. litigation answer have can

wondering One be That'd I'm is would likely Canada. of two come separate and as if one out I BCIE decision think two correct? more a or waiting decisions. that we're it's be single Videotron decisions? that a decision and [indiscernible] would mentioned to going You be

Samir Armaly

is This correct. Samir. That's

So certainly, there the are judge. two same before separate proceedings They ongoing in were Canada. heard

in And whether distinct the certainty or not in sometime decisions, year. second to decisions well that. at pursued ultimately, continued in that those time a It's separate still the But past, folks with discussions round Canada. at as something mentioned general happen waiting have advance Michael happen happen as know, times. our as to But this we're market of we so in on. the as some be they are might of we We've you Canadian they'll for expect not we've litigation and same the

Michael Cohen

not you is Canadian think off courts. with decisions would you press hand the on become you the Right. I'm that's release would likely be would of to it it? to first they chance there Or Do familiar that how as docket? And a that aware it?

Sam Peterman

that. I the be the of judge issues as think it we'll aware as

So any, there. surprises I any will don't be think there

Michael Cohen

much. you thank very Okay,

Operator

closing remarks. speakers no at like this queue. or showing to in time conference now over And the any hand to for questions I'm would additional the I back

Jon Kirchner

our on Fargo months Thank of Operator executing over And Stream I in in delivered us coming thank Thanks, to you Summit today's that growth to specifically and progress with and progress AutoSense today's to thanks, look Fifth business, look and particularly employees commitment and call. TMT the some with we've on discussing We deployments, and TiVo the shareholders the quarter. December. you. I'm to adoption strategy. And the Wells forward operator for virtually at dedication IP forward platform. expanding Annual for want IPTV, our on pleased concludes everyone seeing I call. made IPTV another joining solid our our AutoStage early the

Operator

today's your call. concludes This for Thank you participation.

You now disconnect. may

Xperi Holding 9 Nov 212021 Q3 Earnings call transcript