Xperi Corporation (NASDAQ: XPER) reported Q1 billings for the quarter came in at $112.79 million versus the consensus estimate of $94.77 million.

GUIDANCE:

Xperi Corporation sees Q2 2020 revenue of $85-90 million, versus the consensus of $87.77 million.

Financial Guidance
Consequent with the introduction of the revenue accounting standard, ASC 606, the Company announced it would begin using billings as a key measure of business progress. As a result, the Company’s outlook is now based on billings rather than GAAP revenue. For additional information regarding the Company’s approach to guidance, please review the “ASC 606 Business Metrics and Guidance Approach” presentation given by the Company on January 25, 2018, at https://investor.xperi.com/events-and-presentations/event-details/2018/ASC-606-Business-Metrics--Guidance-Approach/default.aspx.

The Company’s Q2 2020 outlook for billings is $85-90 million. Given the uncertainties around the impact of COVID-19 on product licensing end markets, and the upcoming merger with TiVo, the Company is suspending its previously provided 2020 billings outlook.

For earnings history and earnings-related data on Xperi Corporation (XPER) click here.