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Subsequent Event | 12 Months Ended
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Dec. 31, 2024
Subsequent Events [Abstract] |
Subsequent Event | NOTE 18 - SUBSEQUENT EVENT Receivables Financing Agreement On February 21, 2025, the Company and Xperi SPV LLC (“Xperi SPV”), a wholly-owned special purpose subsidiary, entered into a Receivables Financing Agreement (the “RFA”) with PNC Bank, National Association (“PNC”), and PNC Capital Markets LLC, and a Sale and Contribution Agreement (the “SCA,” and, together with the RFA, the “RF Agreements”) among the Company, Xperi SPV and certain other wholly-owned subsidiaries of the Company (collectively, the “Originators”) to establish an accounts receivable securitization program (the “AR Facility”). The Company controls Xperi SPV and will consolidate it in its consolidated financial statements. Under the AR Facility, the Originators have agreed to periodically transfer and sell current and future accounts receivable and all related rights to Xperi SPV through the SCA. In turn, Xperi SPV may borrow funds from PNC from time to time, secured by liens on the receivables and other assets of Xperi SPV. The maximum amount potentially available to borrow, based on the eligibility of the receivables, is $55.0 million. Interest on the outstanding balance is accrued at the sum of (i) either a monthly term secured overnight financing rate (“SOFR”) or, for any day, the SOFR rate for a one-month period, as published by PNC, at the election of the Company, and (ii) 1.90%. Additional interest of 0.50% is accrued on the unused borrowing limit. Interest is payable on a monthly basis. The AR Facility matures on February 21, 2028, unless terminated earlier pursuant to its terms. Repayment of the outstanding principal is due at maturity; however, the Company may prepay all of the outstanding principal at any time, plus accrued and unpaid interest, without any premium or penalty. If, at any time, the aggregate outstanding principal exceeds the eligibility limit of the receivables, the Company is required to repay the excess amount borrowed immediately. Subject in some cases to cure periods, amounts outstanding under the RFA may be accelerated for customary events of default including, but not limited to, the failure to make payments or deposits when due, borrowing base deficiencies, and the failure to observe or comply with any covenant. Upon entering into the RFA on February 21, 2025, the Company borrowed $40.0 million under the AR Facility. Repayment on Senior Unsecured Promissory Note On February 21, 2025, the Company voluntarily repaid the full $50.0 million outstanding balance of its Promissory Note (as described in Note 9—Debt) along with accrued interest, with $40.0 million borrowed from the AR Facility with PNC (as described above) and the remainder with cash on hand.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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