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Stockholders' Equity And Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Stock Option Activity | The following table provides the Company’s stock option activity from the Separation Date to December 31, 2023 (in thousands, except per share amounts):
|  | Number of Shares Subject to Stock Options |  |  | Weighted Average Exercise Price Per Share |  |  | Weighted Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value |
Balance at December 31, 2022 |  |  | 146 |  |  | $ | 25.48 |  |  |  | 1.89 |  |  | $ | — |
Options canceled / forfeited / expired |  |  | (40 | ) |  | $ | 21.76 |  |  |  |  |  |  |
Balance at December 31, 2023 (1) |  |  | 106 |  |  | $ | 26.87 |  |  |  | 1.69 |  |  | $ | — |
(1) The ending balance at December 31, 2023 represents stock options that were fully vested and exercisable.
Summary of Restricted Stock Awards and Units | Information with respect to outstanding RSUs (including both time-based vesting and performance-based vesting) as of December 31, 2023 is as follows (in thousands, except per share amounts):
|  | Number of Shares Subject to Time- based Vesting |  |  | Number of Shares Subject to Performance- based Vesting |  |  | Total Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Balance at December 31, 2022 |  |  | 3,713 |  |  |  | 891 |  |  |  | 4,604 |  |  | $ | 20.35 |
Granted |  |  | 3,204 |  |  |  | 1,009 |  |  |  | 4,213 |  |  | $ | 11.64 |
Vested / released |  |  | (1,231 | ) |  |  | (15 | ) |  |  | (1,246 | ) |  | $ | 18.44 |
Canceled / forfeited |  |  | (290 | ) |  |  | (214 | ) |  |  | (504 | ) |  | $ | 20.20 |
Balance at December 31, 2023 |  |  | 5,396 |  |  |  | 1,671 |  |  |  | 7,067 |  |  | $ | 15.51 |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Cost of revenue, excluding depreciation and amortization of intangible assets |  | $ | 3,466 |  |  | $ | 2,906 |  |  | $ | 1,972 |
Research and development |  |  | 25,276 |  |  |  | 21,561 |  |  |  | 17,914 |
Selling, general and administrative |  |  | 40,789 |  |  |  | 20,836 |  |  |  | 13,623 |
Total stock-based compensation expense |  | $ | 69,531 |  |  | $ | 45,303 |  |  | $ | 33,509 |
Stock-Based Compensation Expense Categorized by Award Type | Stock-based compensation expense categorized by award type for the years ended December 31, 2023, 2022 and 2021 is summarized in the table below (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Restricted stock awards and units |  | $ | 64,179 |  |  | $ | 42,208 |  |  | $ | 30,015 |
Stock options |  |  | — |  |  |  | 368 |  |  |  | 66 |
ESPP |  |  | 5,352 |  |  |  | 2,727 |  |  |  | 3,428 |
Total stock-based compensation expense |  | $ | 69,531 |  |  | $ | 45,303 |  |  | $ | 33,509 |
Summary of Unrecognized Stock-based Compensation Expense | As of December 31, 2023, unrecognized stock-based compensation expense related to unvested stock-based awards is as follows (amounts in thousands):
|  | December 31, 2023 |
|  | Unrecognized Stock-Based Compensation |  |  | Weighted-Average Period to Recognize Expense (in years) |
RSUs and PSUs |  | $ | 88,151 |  |  |  | 2.1 |
ESPP |  |  | 5,532 |  |  |  | 0.9 |
Total unrecognized stock-based compensation expense |  | $ | 93,683 |  |  |  |
Employee Stock Purchase Plan |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Schedule of Valuation Assumptions Used in Estimating Fair Value and Awards Granted | The following table summarizes the valuation assumptions used in estimating the fair value of the 2022 ESPP for the offering periods in effect using the Black-Scholes option pricing model:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Expected life (years) |  | 0.5 — 2.0 |  |  |  | 2.0 |
Risk-free interest rate |  | 4.33% — 5.44% |  |  |  | 4.3 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Expected volatility |  | 44.11% — 51.19% |  |  |  | 42.9 | %
Prior to the Separation, the valuation assumptions were determined by the Former Parent. The following assumptions were used to value the Former Parent’s ESPP shares granted to employees specifically identifiable to Xperi in the years ended December 31, 2022 and 2021:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Expected life (years) |  |  | 2.0 |  |  |  | 2.0 |
Risk-free interest rate |  |  | 1.3 | % |  | 0.1% - 0.2% |
Dividend yield |  |  | 1.1 | % |  | 0.9% - 1.2% |
Expected volatility |  |  | 48.5 | % |  |  | 52.0 | %
Market-Based Performance Stock Units |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Schedule of Valuation Assumptions Used in Estimating Fair Value and Awards Granted | The following assumptions were used to value the market-based PSUs granted during the period:
|  | Year Ended December 31, |
|  | 2023 |  | 2022 |  |  | 2021 |
Expected life (years) |  | 1.5 — 2.8 |  |  | 3.0 |  |  |  | 3.0 |
Risk-free interest rate |  | 4.54% — 4.96% |  | 2.8% |  |  | 0.3% |
Dividend yield |  | 0.00% |  | 1.2% |  |  | 1.0% |
Expected volatility |  | 44.11% — 51.19% |  | 40.9% |  |  | 47.9% |

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