Xperi Inc. has recently released its 10-K report, providing insights into its financial performance and operations. The company, headquartered in San Jose, California, offers software and services in the United States. Xperi operates in one reportable business segment and groups its business into four categories: Pay-TV, Consumer Electronics, Connected Car, and Media Platform.
In the 10-K report, Xperi discusses its divestiture, where it entered into a definitive agreement with Tobii AB to sell its AutoSense in-cabin safety business and related imaging solutions. The divestiture was completed in January 2024 and is expected to impact 2024 revenue by approximately $30.0 million.
Additionally, the report mentions the Spin-Off Transaction that occurred in October 2022, through which Xperi became an independent, publicly traded company listed on the New York Stock Exchange under the symbol “XPER.”
In terms of financial performance, Xperi reported a 4% increase in revenue for the year ended December 31, 2023, compared to the prior year. This increase was primarily driven by growth in Connected Car revenue, Media Platform revenue, and Consumer Electronics revenue, partially offset by a decrease in Pay-TV revenue.
The company's net cash from operating activities also saw a significant increase of $28.5 million, primarily benefiting from higher cash collections, strong working capital management, and a decrease in Separation-related transaction costs and severance and retention payments in 2023.
If you want to know more, read the company's complete 10-K report here.
