Xperi Corporation (NASDAQ:XPER) Q2 2020 Earnings Conference Call - Final Transcript

Aug 10, 2020 • 05:00 pm ET

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Xperi Corporation (NASDAQ:XPER) Q2 2020 Earnings Conference Call - Final Transcript

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Operator
Operator

Good day ladies and gentlemen. Thank you for standing by. Welcome to the Xperi Second Quarter Fiscal Year 2020 Earnings Conference Call.

[Operator Instructions]

This call is being recorded Monday, August 10, 2020.

I would now like to turn the call over to Geri Weinfeld, Vice President of Investor Relations of Xperi. Geri, please go ahead.

Executive
Geri Weinfeld

Good afternoon everyone. Thanks for joining us as we report our second quarter fiscal year 2020 financial results.

With me on the call today are Jon Kirchner, CEO, and Robert Andersen CFO. Also on the call is Samir Armaly, President of IP Licensing, who will be available along with Jon and Robert to answer questions during the Q&A portion of the call.

Before we begin, I'd 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 Form 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 merger and acquisition-related expenses, integration and separation expenses acquired intangible asset amortization, charges for acquired in-process research and development, stock-based compensation expense, realized gains or losses on equity securities and gains or losses on debt extinguishment.

We have provided reconciliation 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.

Executive
Jon Kirchner

Thanks, Geri and thanks everyone for joining us.

Let me start by saying that this is an exciting time for our company. This is our first earnings call, since we closed the merger between Xperi and TiVo and over the past few months, we've made tremendous gross toward unlocking the value of this transformative combination including progress around our planned separation of the IP and Product businesses. These efforts involve working jointly to sell technology across our combined customer channels, advancing product road maps and leveraging our respective IP strengths across the larger combined patent portfolio. As part of these efforts, we are making significant progress towards executing on our forecasted expense synergies and remain highly confident in our ability to realize at least $50 million in annualized cost synergies by the end of '21.

We also continue to successfully execute on our underlying business including signing new licensing agreements in the