XPER - Xperi +26% as it sharply raises guidance after Comcast license deal

Xperi Holding (XPER) is up 26.4% after its Q3 earnings were accompanied by news of a new 15-year patent license deal between its TiVo unit and Comcast, a frequent litigation opponent in recent years. Revenues rose 250% compared to the prior year period, when Xperi and TiVo had not yet merged. Cash flow from operations was $62.2M, with adjusted free cash flow of $66.4M. The company finished the quarter with $203M in cash/investments. And during the quarter it had bought back 2.8M shares at an average price of $12.39, to total $35M. Revenue breakout: Licensing, services and software, $195.3M (up 238%); Hardware, $7.5M (vs. previous $117,000). The new license also led to increased guidance for the second half: Revenues are now seen at $625M-$645M vs. a previous $390M-$410M, and it now forecasts operating cash flow of $330M-$350M vs. a previous $105M-$125M, and free cash flow of $335M-$355M vs. a prior

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Xperi +26% as it sharply raises guidance after Comcast license deal