105 0 Kommentare Leading Independent Proxy Advisory Firm ISS Recommends Xperi Stockholders Vote “FOR” All Company Nominees on the BLUE Proxy Card

Xperi Inc. (NYSE: XPER) (the “Company” or “Xperi”) today announced that leading proxy advisory firm Institutional Shareholder Services (“ISS”) has recommended that Xperi stockholders vote “FOR” all of the Company’s nominees on the BLUE proxy card ahead of the Company’s 2024 Annual Meeting of Stockholders (the “Annual Meeting”), to be held on May 24, 2024.

In its report, ISS concluded that “there does not appear to be a need for change at the board level at this time.” Specifically, ISS highlighted the fact that Xperi “appears to be executing on its long-term strategic plan” and that “the board appears receptive to shareholders, and appears to have engaged in good faith with [Rubric Capital].”

ISS noted that Xperi’s strong financial results have driven recent outperformance relative to peers, stating:

“Though it is less than two years since the spin-off transaction, there are multiple indications that the company is on pace to achieve its long-term plan presented in September 2022. The company has posted revenue growth and margin expansion over the last two years and appears on pace to hit multiple operating metrics in its key growth businesses.”

“There are… signs of building momentum from an operational performance standpoint, with multiple indicators that the company is on target for its long-term goals.”

“Over the year prior to the unaffected date, XPER shares outperformed peers, a trend that has continued to date.”

“The company's TSR indicates there is recent momentum in the stock after the sharp decline following the spin-off, with recent outperformance against its peers.”

ISS also pointed out the merit of Xperi’s recent capital allocation decisions, including the sale of AutoSense, the announcement of a strategic review process for Perceive, and the approval of a share repurchase program:

“The company's decision to sell AutoSense and explore a sale of Perceive appear to have strategic merit and refocus the company on its long-term strategic growth plan. There do not appear to be any concerns with the sale process of either business, while the AutoSense offer seems to have been the best available.”

“The company's announcement of a share repurchase program was met with a positive reaction and can be seen as an indication of the company's intention to only focus on its key businesses rather than invest in concepts out of its core competencies.”