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v3.22.4

Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Acquisition [Line Items] |
Summary of Consolidated Statement of Operations, Balance Sheet and Cash flows of Discontinued Operation | The financial results of Xperi Inc. through September 30, 2022 are presented as net loss from discontinued operations, net of tax, on the Consolidated Statements of Operations. The following table presents financial results of Xperi Inc. (in thousands):
|  | 2022 (1) |  |  | 2021 |  |  | 2020 |
Revenue |  | $ | 366,730 |  |  | $ | 486,484 |  |  | $ | 376,101 |
Operating expenses: |  |  |  |  |  |  |  |  |
Cost of revenue |  |  | 85,689 |  |  |  | 125,627 |  |  |  | 77,788 |
Research and development |  |  | 158,708 |  |  |  | 194,869 |  |  |  | 161,630 |
Selling, general and administrative |  |  | 123,764 |  |  |  | 137,745 |  |  |  | 109,188 |
Depreciation expense |  |  | 15,702 |  |  |  | 21,777 |  |  |  | 16,298 |
Amortization expense |  |  | 46,166 |  |  |  | 105,311 |  |  |  | 98,209 |
Litigation expense |  |  | 921 |  |  |  | 6,371 |  |  |  | 2,815 |
Goodwill impairment |  |  | 354,000 |  |  |  | — |  |  |  | — |
Total operating expenses |  |  | 784,950 |  |  |  | 591,700 |  |  |  | 465,928 |
Operating loss |  |  | (418,220 | ) |  |  | (105,216 | ) |  |  | (89,827 | )
Interest expense |  |  | (754 | ) |  |  | — |  |  |  | — |
Other income and expense, net |  |  | 62 |  |  |  | 1,870 |  |  |  | 1,242 |
Loss before taxes |  |  | (418,912 | ) |  |  | (103,346 | ) |  |  | (88,585 | )
Provision for income taxes |  |  | 18,066 |  |  |  | 23,550 |  |  |  | 7,425 |
Net loss from discontinued operations, net of tax |  | $ | (436,978 | ) |  | $ | (126,896 | ) |  | $ | (96,010 | )
Less: net loss attributable to noncontrolling interest |  |  | (2,706 | ) |  |  | (3,456 | ) |  |  | (2,966 | )
Net loss attributable to discontinued operations |  | $ | (434,272 | ) |  | $ | (123,440 | ) |  | $ | (93,044 | )
(1) Represents nine months of Xperi Inc.'s operations in 2022, as compared to a full year of Xperi Inc.'s operations in 2021 and 2020. Assets and Liabilities of Discontinued Operations The following table presents the aggregate carrying amounts of the major classes of assets and liabilities of discontinued operations (in thousands):
|  | 2021 |
Assets |  |  |
Current assets: |  |  |
Cash and cash equivalents |  | $ | 120,695 |
Accounts receivable, net of allowance for credit losses |  |  | 79,494 |
Unbilled contracts receivable, net |  |  | 50,962 |
Other current assets |  |  | 25,969 |
Total current assets of discontinued operations |  |  | 277,120 |
Long-term unbilled contracts receivable |  |  | 3,825 |
Property and equipment, net |  |  | 56,038 |
Operating lease right-of-use assets |  |  | 61,858 |
Intangible assets, net |  |  | 270,934 |
Goodwill |  |  | 536,512 |
Other long-term assets |  |  | 20,260 |
Total assets of discontinued operations |  | $ | 1,226,547 |
Liabilities |  |  |
Current liabilities: |  |  |
Accounts payable |  | $ | 7,362 |
Accrued legal fees |  |  | 2,210 |
Accrued liabilities |  |  | 81,764 |
Deferred revenue |  |  | 28,161 |
Total current liabilities of discontinued operations |  |  | 119,497 |
Deferred revenue, less current portion |  |  | 23,663 |
Long-term deferred tax liabilities |  |  | 12,771 |
Noncurrent operating lease liabilities |  |  | 49,017 |
Other long-term liabilities |  |  | 3,606 |
Total liabilities of discontinued operations |  | $ | 208,554 |
The following table presents selected financial information related to cash flows from discontinued operations:
|  | 2022 (1) |  |  | 2021 |  |  | 2020 |
Net cash from operating activities |  | $ | 2,308 |  |  | $ | 24,395 |  |  | $ | 29,207 |
Net cash from investing activities |  | $ | (61,097 | ) |  | $ | (21,479 | ) |  | $ | 26,527 |
(1) Represents nine months of Xperi Inc.'s operations in 2022, as compared to a full year of Xperi Inc.'s operations in 2021 and 2020.
MobiTV |
Business Acquisition [Line Items] |
Schedule of Purchase Price Allocation Reflective of Measurement Period Adjustments | The following table sets forth the final purchase price allocation (in thousands):
|  | Estimated Useful Life (years) |  |  |  |  | Final Fair Value |
Other current assets |  |  |  |  |  |  | $ | 390 |
Property and equipment |  |  |  |  |  |  |  | 9,223 |
Operating lease right-of-use assets |  |  |  |  |  |  |  | 1,186 |
Identifiable intangible assets: |  |  |  |  |  |  |  |
Patents |  | 10 |  |  | 5,000 |  |  |  |
Technology |  | 6 |  |  | 3,260 |  |  |  |
Total identifiable intangible assets |  |  |  |  |  |  |  | 8,260 |
Goodwill |  |  |  |  |  |  |  | 4,059 |
Other long-term assets |  |  |  |  |  |  |  | 115 |
Accrued liabilities |  |  |  |  |  |  |  | (5,288 | )
Noncurrent operating lease liabilities |  |  |  |  |  |  |  | (545 | )
Total purchase price |  |  |  |  |  |  | $ | 17,400 |
Schedule of Unaudited Pro Forma Financial Information | The following table presents the pro forma operating results as if the acquired operations of MobiTV had been included in the Company's Condensed Consolidated Statements of Operations as of January 1, 2020 (unaudited, in thousands):
|  | Years Ended December 31, |
|  | 2021 |  |  | 2020 |
Net loss attributable to discontinued operations |  | $ | (71,169 | ) |  | $ | 105,793 |
Vewd Acquisition |
Business Acquisition [Line Items] |
Schedule of Purchase Price Allocation Reflective of Measurement Period Adjustments | The following table presents the allocation of the purchase price to the identifiable assets acquired and liabilities assumed based on the fair values at the acquisition date (in thousands):
|  | Estimated Useful Life (years) |  |  |  |  |  | Estimated Fair Value |
Cash and cash equivalents |  |  |  |  |  |  |  | $ | 2,684 |
Accounts receivable |  |  |  |  |  |  |  |  | 3,341 |
Unbilled contracts receivable |  |  |  |  |  |  |  |  | 2,335 |
Other current assets |  |  |  |  |  |  |  |  | 1,208 |
Property and equipment |  |  |  |  |  |  |  |  | 443 |
Operating lease right-of-use assets |  |  |  |  |  |  |  |  | 2,020 |
Identifiable intangible assets: |  |  |  |  |  |  |  |  |
Technology |  | 7 |  |  |  | 28,050 |  |  |  |
Customer relationships - large |  | 7 |  |  |  | 4,900 |  |  |  |
Customer relationships - small |  | 4 |  |  |  | 3,500 |  |  |  |
Non-compete agreements |  | 2 |  |  |  | 870 |  |  |  |
Trade name |  |  | 5 |  |  |  | 830 |  |  |  |
Total identifiable intangible assets |  |  |  |  |  |  |  |  | 38,150 |
Goodwill |  |  |  |  |  |  |  |  | 68,115 |
Other long-term assets |  |  |  |  |  |  |  |  | 977 |
Current liabilities |  |  |  |  |  |  |  |  | (6,566 | )
Long-term deferred tax liabilities |  |  |  |  |  |  |  |  | (8,393 | )
Noncurrent operating lease liabilities |  |  |  |  |  |  |  |  | (1,094 | )
Other long-term liabilities |  |  |  |  |  |  |  |  | (307 | )
Total purchase price |  |  |  |  |  |  |  | $ | 102,913 |
Schedule of Unaudited Pro Forma Financial Information | The following table presents the pro forma operating results as if the acquired operations of Vewd had been included in the Company's Consolidated Statements of Operations as of January 1, 2021 (unaudited, in thousands):
| Nine Months Ended September 30, |
| 2022 |  |  | 2021 |
Net loss attributable to discontinued operations | $ | (377,614 | ) |  | $ | (62,976 | )

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