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Rubric Capital Management, owning 9% of Xperi's common stock, issued an open letter addressing the preliminary results of Xperi's 2024 Annual Meeting. Disappointed by the results, Rubric highlighted that less than 50% of shares voted for the contested nominees, indicating stockholder dissatisfaction.
Rubric's engagement led to several commitments from Xperi's Board, including initiating a strategic alternatives process for Perceive, expanding the Board with new directors in 2024, and eliminating supermajority voting requirements.
Additionally, Xperi promised to achieve $500-$530 million in revenue and 12-14% EBITDA margins in 2024, reaffirm 3-5 year revenue CAGR of 12-15%, and execute a stock repurchase plan. Rubric emphasized the necessity for Xperi to follow through on these commitments.
Institutional Shareholder Services warned that failure to meet these promises could lead to increased activist interventions in the next annual meeting.
Xperi announced preliminary results of its 2024 Annual Meeting of Stockholders, showing that all five incumbent directors have been re-elected: Darcy Antonellis, Laura J. Durr, David C. Habiger, Jon E. Kirchner, and Christopher Seams. The company emphasized the significance of stockholder engagement and commitment to delivering sustainable growth. All other proposals at the meeting were also approved, with final results pending certification. Xperi expressed confidence in its strategy to enhance long-term shareholder value. Legal and financial advisories were provided by Latham & Watkins LLP and Spotlight Advisors , respectively.
TiVo, a subsidiary of Xperi, has launched the TiVo One cross-screen ad platform designed to integrate ad inventory across home and car entertainment systems. This platform aims to optimize branded campaigns with advanced targeting and measurement capabilities. The launch coincides with an expansion of TiVo-powered smart TVs by brands such as Bush, Telefunken, JVC, and Panasonic across Europe, in time for summer sports events. TiVo One's features include enhanced targeting based on user behaviors, advanced measurement tools, and a 'Homepage Ad' unit for targeted, data-driven advertising. This development aligns with Xperi's strategy to enhance audience engagement and monetization.
Xperi's Board of Directors issued a letter urging shareholders to vote for all five incumbent directors at the upcoming Annual Meeting on May 24, 2024. The Board emphasized the company's progress since becoming an independent entity in October 2022, highlighting a revenue growth target of 12-15% CAGR and adjusted EBITDA margins of 25-30% within three to five years from September 2022. Xperi completed the divestiture of its AutoSense business in January 2024 and is considering strategic alternatives for its AI business, Perceive. Proxy advisory firms ISS and Glass Lewis have recommended supporting the incumbent Board members. The Board also plans to expand its membership and align executive compensation with shareholder interests.
Rubric Capital Management, owning 9.0% of Xperi's shares, urges stockholders to vote against incumbent directors David Habiger and Darcy Antonellis at the May 24, 2024, Annual Meeting. Rubric, citing poor stock performance and mismanagement, proposes new board members, Thomas A. Lacey and Deborah S. Conrad, to drive value creation. Rubric's plan includes restoring accountability, evaluating projects, cutting costs, and aligning executive pay with performance. They claim this could increase Xperi's share price by $5.25 to $19.01. Rubric emphasizes the need for new leadership to avoid further value destruction.
Xperi Inc. reported its first quarter 2024 financial results, showing solid growth in connected car, media platform, and video-over-broadband despite a decline in revenue due to divestitures. The company expects significant long-term revenue growth and margin expansion driven by TiVo OS, video-over-broadband, and connected car deployments. Financial highlights include a GAAP operating loss and net loss, while non-GAAP metrics show a slight operating loss and positive adjusted EBITDA. Recent achievements include new partnerships for smart TVs, increased penetration of HD Radio in vehicles, and continued growth in video-over-broadband subscribers. The company remains focused on its strategic initiatives and expects to achieve its multi-year targets. The financial outlook for fiscal year 2024 reaffirms revenue guidance and adjusted EBITDA margin expectations.
Rubric Capital Management sent a letter to Xperi Inc. stockholders advocating for the replacement of current directors with their nominees, citing poor total shareholder return and ineffective oversight. Rubric's nominees, Thomas A. Lacey and Deborah S. Conrad, are highlighted for their qualifications and commitment to driving stockholder value.
Xperi Inc. (NYSE: XPER) faces opposition from activist stockholder Rubric Capital at the 2024 Annual Meeting. Director Christopher Seams supports targeted directors Darcy Antonellis and David Habiger, highlighting their contributions to Xperi's transformation. Seams contrasts their expertise with Rubric's nominees lacking experience. Xperi emphasizes its growth, revenue increase, and share repurchase plan.
Rubric Capital Management responds to Xperi Inc.'s amended investor presentation, highlighting the company's falsified version of performance and dilution issues, urging stockholders to vote for Rubric's nominees. Rubric criticizes Xperi's board members for presiding over significant losses and exemplifies the company's aggressive stock-based compensation practices. Rubric aims to restore accountability and performance culture through its director nominees.
Rubric Capital Management issues an open letter to Xperi Inc. stockholders, criticizing the company's misleading investor presentation. The letter addresses Xperi's underperformance, share repurchase program, dilution claims, executive compensation, Perceive expense characterization, director ownership, missed targets, and negotiation behavior. Rubric urges stockholders to vote for its nominees to restore accountability and alignment on the Xperi Board.
