Rubric Capital Management Responds to Xperi Inc.’s Amended Investor Presentation

Rubric Capital Management LP (“Rubric”), an investment advisor whose managed funds and accounts collectively own approximately 9.0% of the outstanding shares of common stock of Xperi Inc. (NYSE: XPER) (“Xperi” or the “Company”), today issued the following statement in response to Xperi’s recently updated investor presentation in connection with its 2024 Annual Meeting of Stockholders.

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Rubric Analysis of Dilution (Source: Regulatory filings of Xperi and its predecessor)

As longtime stockholders of Xperi (and its predecessor company led by the same directors), we have tolerated many things. Years of underperformance. Poor transparency. Excessive compensation. Wanton spending on ‘science projects.’ But we cannot tolerate the twisting of financial realities to present falsified versions of share performance and dilution to investors. That is a bridge too far.

Fairytale Performance

In Xperi’s latest investor materials, the Company and its Board of Directors (the “Board”) present a version of share performance which would be utterly alien to any long-term Xperi stockholder. Instead of cutting the data in creative ways, let Rubric lay the TSR analysis out plainly for all investors to judge:

			Since Joining Board				3 Year TSR
			Predecessor	SpinCo	Combined		Predecessor	SpinCo	Combined
			XPER	XPER	TSR		XPER	XPER	TSR
			A	B	A + B		A	B	A + B
Darcy Antonellis			-10.6%	-33.5%	-40.6%		-33.7%	-33.5%	-56.0%
Underperformance vs Russell 3000			-58.3%	-73.7%	-153.0%		-18.1%	-73.7%	-77.2%
David Habiger			-57.4%