Xperi Corporation (NASDAQ:XPER) Q1 2020 Earnings Conference Call - Final Transcript

May 06, 2020 • 05:00 pm ET


Xperi Corporation (NASDAQ:XPER) Q1 2020 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Xperi first quarter 2020 earnings conference call. [Operator Instructions] I'd now like to turn the call over to Geri Weinfeld, Vice President of Investor Relations for Xperi. Geri, please go ahead.

Geri Weinfeld

Good afternoon, everyone. Thanks for joining us as we report our first quarter fiscal year 2020 financial results. With me on the call today are Jon Kirchner, CEO, and Robert Andersen, CFO.

Before we begin, I would like to provide two reminders. First, today's discussion contains forward-looking statements that are predictions, projections or other statements about future events which are based on management's current expectations and beliefs and therefore subject to risks, uncertainties and changes in circumstances. Please refer to the Risk Factors section in our SEC filings, including our most recent Forms 10-K and 10-Q, for more information on the risks and uncertainties that could cause our actual results to differ materially from what we discuss today, including but not limited to risks associated with the TiVo transaction, the development and launch of new products and any potential impact of the coronavirus. Please note that the company does not intend to update or alter these forward-looking statements to reflect events or circumstances arising after this call.

Second, we refer to certain non-GAAP financial measures, which exclude restructuring and other exit costs, merger and acquisition-related expenses, acquired intangible asset amortization, charges for acquired in-process research and development, stock-based compensation expense, interest income associated with ASC 606 and realized and unrealized gains or losses on equity securities. We have provided reconciliations of these non-GAAP measures to the most directly comparable GAAP measures in the earnings release and on the Investor Relations section of our website.

A recording of this conference call will be available on our Investor Relations website at www.xperi.com.

I'll now turn the call over to Jon Kirchner.

Jon E. Kirchner

Thanks, Geri, and thanks, everyone, for joining us. Xperi delivered a strong first quarter, with billings above the high end of the increased outlook range we provided on March 10. While we feel good about the results we are reporting today, I want to start today's call by emphasizing that our top priority remains the safety of our employees, partners and customers during this global pandemic. We're all going through a challenging time, and I want to express our sincere hope that you and your families are safe and well.

I would also like to thank all of our employees for their dedication and support during this time. Given that we have a globally distributed workforce, we have been doing a great deal of our work virtually for many years now. As a result, our employees have been able to effectively move from working at the office to working from home. Despite the circumstances, we continue to work creatively and ended the quarter closing several key deals, even while learning different ways to engage and work with one another and our customers.

Our teams continue to drive