Entertainment technology company Xperi, which owns the TiVo brand, announced revenue of $136 million during the fourth quarter, up 9% from the year-ago period, and full year 2022 revenue of $502 million, up 3% from 2021.
For the fourth quarter (ended Dec. 31, 2022), Xperi announced a GAAP net loss of $297 million and non-GAAP net income of $4 million. Adjusted EBITDA was $4 million for the fourth quarter, resulting in an adjusted EBITDA margin of 3%, Xperi announced.
The company booked a non-cash charge of $258 million in the fourth quarter for goodwill impairment and real estate restructuring in connection with its year-end review.
Full-year results include the Xperi product business on a carve-out basis for the first nine months, during which time it was part of Xperi Holding Corp., now known as Adeia.
“Our first quarter as an independent company was underscored by substantial market progress, notable design wins, and strong financial performance,” Jon Kirchner, CEO of Xperi, said in a statement. “Consumers are demanding higher-quality digital experiences and our customers and partners are increasingly selecting our independent media platforms to meet that demand. We are intensely focused on expanding our platform adoption and our recent design wins in smart TV and connected car are a testament to the ongoing success of our growth strategy.”
TiVo IPTV continued its double-digit subscriber growth in the quarter and finished 2022 with subscribers up 80% and revenue more than doubling compared to 2021, according to Xperi.
TiVo’s partner Vestel, the first smart-TV OEM to incorporate the TiVo Operating System (TiVo OS), announced the brand lineup for their smart-TVs Powered by TiVo will be Vestel, Hitachi, JVC, Daewoo, Regal and Telefunken. These TVs will feature chipsets from MediaTek. TiVo OS will be integrated onto Amlogic’s 4K and 2K chipsets designed for smart TVs, significantly reducing cost and time-to-market for TV OEMs looking to roll out TiVo’s independent media platform, according to Xperi.
DTS:X, Xperi’s immersive audio technology, will be integrated in LG’s new line of OLED and premium LCD TVs, expected to be in the market in the first half of 2023. The company announced that Sony Pictures Entertainment, Imax Corp. and DTS have extended their agreement to distribute multiple new titles in the Imax Enhanced format, featuring DTS’s premium audio technology. Xperi announced DTS:X is expected to launch on Disney+ in 2023.
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Xperi was awarded its first design win for TiVo’s video platform in connected car with a major European automobile manufacturer, with vehicles expected to ship in late 2023, the company pointed out. DTS AutoStage is now in production with five car brands and being deployed in more than 100 models across 140 countries. The company was awarded a new design win for DTS AutoSense, Xperi’s Driver Monitoring System (DMS) and Occupant Monitoring System (OMS), with a major Asian automotive OEM, which will significantly expand Xperi’s DMS and OMS footprint beginning in 2024, according to the company. Xperi ended 2022 with committed business in connected car, consisting of HD Radio, DTS AutoStage, and DTS AutoSense, totaling more than $300 million.