Xperi Publishes Investor Presentation Describing the Company’s Multi-Year Business Transformation and Focused Growth Strategy

Xperi Inc. (NYSE: XPER) (the “Company” or “Xperi”), an entertainment technology company that invents, develops and delivers technologies that enable extraordinary experiences, today released an investor presentation describing Xperi’s multi-year transformation into a standalone product-focused technology company that is well positioned to drive long-term value for stockholders.

The presentation details why the Xperi Board of Directors (the “Board”) encourages stockholders to vote “FOR” all five of Xperi’s highly qualified nominees using the BLUE proxy card at the upcoming 2024 annual meeting of stockholders, which is scheduled to be held on May 24, 2024 (the “Annual Meeting”). One of the Company’s shareholders, Rubric Capital Master Fund LP (“Rubric Capital”), has nominated two alternative candidates to the Board.

The presentation can be viewed by visiting 2024 XPER Proxy Presentation. The presentation and other important information relating to the Annual Meeting can also be found at https://investor.xperi.com.

Key highlights from the presentation include:

• Xperi’s Board has transformed, reconfigured and repositioned the Company for long-term success. The Board took decisive action to execute a multi-year business transformation from Tessera – a business that was highly dependent on semiconductor IP licensing – to a consumer entertainment technology-focused company, including by acquiring and growing new businesses, separating from the legacy IP licensing business and divesting non-core assets.
• Xperi’s strategy is driving growth and strong performance. Since the separation from Adeia in 2022, the Company has delivered five consecutive quarters of year-over-year revenue growth through December 31, 2023, culminating in the Company’s highest ever Adjusted EBITDA and Adjusted EBITDA margin¹ in the fourth quarter of 2023. Xperi’s total stockholder returns have outperformed its peers and valuation multiples have increased as the market has recognized the progress being made since the fourth quarter of 2022. Continued revenue growth and margin expansion is expected in 2024 as the business transformation gains further momentum.
• Xperi has the right Board to oversee its strategy. Xperi’s incumbent directors are dedicated and experienced, with expertise in critical growth areas, including content monetization, consumer and media technology, automotive software, subscription-based business models, streaming media and product development. Furthermore, the Board has been thoughtful about strengthening its own capabilities. In fact, the Board conducted a comprehensive search and selection process and had already identified two new diverse and independent director candidates it intended to nominate this year before Rubric Capital abruptly submitted its notice of director nominations.
• Rubric Capital’s director nominees will not add value to Xperi’s Board and, if elected, will displace directors with critical skills and industry knowledge. Rubric is seeking to replace half of Xperi’s independent directors – including the Chair of the Board and the Chair of the Nominating and Corporate Governance Committee – with its two director candidates: a retired semiconductor executive (who served as CEO of one of Xperi’s predecessor companies, overseeing businesses that are not part of the Company today) and his close friend whose experience is primarily in healthcare marketing and corporate public relations and branding. The election of Rubric’s candidates would remove two accomplished directors with relevant experience and would substantially weaken the Board.

The Board encourages stockholders to vote “FOR” all five of Xperi’s nominees, and “WITHHOLD” on Rubric’s two candidates, on the BLUE proxy card in connection with the upcoming Annual Meeting.