Good day, everyone. Thank you for standing by. Welcome to the Xperi Q4 and Full Year 2022 Earnings Conference C all. During today's presentation, all participants will be in a listen-only mode. Following the presentation, the call will be open for questions. I would now like to turn the call over to Mike Iburg, Xperi Head of Investor Relations. Mike, please go ahead. Good afternoon. Thank you for joining us as Xperi reports its Q4 and full year 2022 financial results. With me on today's call are Jon Kirchner, Chief Executive Officer, and Robert Andersen, Chief Financial Officer. In addition to today's earnings release, there is an earnings presentation which can be accessed along with this webcast on our investor relations website at investor.xperi.com. Before we begin, I'd like to provide a few reminders. First, I would like to note that our full year 2022 financial results include results presented on a carve-out basis for the periods prior to Xperi's separation from Xperi Holding Corporation on October 1, 2022. Xperi Holding Corporation is now known as Adeia. Second, today's discussion contains forward-looking statements that are predictions, projections, and other statements about future events, which are based on management's current expectations and beliefs and therefore subject to risks, uncertainties, and changes in circumstances. For more information on the risks and uncertainties that could cause our actual results to differ materially from what we discuss today, please refer to the Risk Factors and MD&A sections of our SEC filings, including our registration statement on Form 10. Please note that the company does not intend to update or alter these forward-looking statements to reflect events or circumstances arising after this call. We refer to certain non-GAAP financial measures, which are detailed in the earnings release and accompanied by reconciliations to their most directly comparable GAAP measures, which can be found in the Investor Relations section of our website. Lastly, a replay of this conference call will be available on our website shortly after the conclusion of this call. I will now turn the call over to Xperi CEO, Jon Kirchner. Thank you, Mike, and thank you everyone for joining us on our Q4 and full year 2022 earnings call. We're excited to announce strong financial results for our first quarter as an independent company. Revenue in the quarter was $136 million, an increase of 9% from the prior year. For the full year of 2022, total revenue was $502 million, representing a 3% increase from the prior year. Robert will provide a more detailed review of our financial performance in just a moment. We are making material progress in our key growth areas with incremental traction in media platform, IPTV, and connected car. Recent announcements such as Amlogic integrating our TiVo OS and related technologies into their smart TV chipsets and our latest design win for DTS AutoStage, which has been expanded to include TiVo's video platform in the connected car infotainment experience, are prime examples of our increased momentum. As discussed at last fall's Investor Day, we offer a wide range of solutions designed to create extraordinary entertainment experiences for end users, as well as to improve safety, comfort, and convenience in the car. Four of our solutions are in markets that are expected to expand rapidly over the next several years, while other solutions are in markets that are more mature and relatively stable over the longer-term horizon. We refer to these areas as growth and core, respectively. Our strategy is focused on driving revenue growth in four key areas: connected TV advertising, IPTV, in-vehicle infotainment, and in-cabin monitoring. With decades of experience, we have brought to market independent media platforms that are differentiated, unbiased, and tailored to provide a personalized consumer experience. We believe these attributes will allow us to capture share and drive revenue growth through a combination of license fees and monetization. The connected TV advertising market is expected to more than double over the next five years as advertisers shift their marketing investments toward the growing trend in video streaming. The IPTV market is also expected to more than double over the next five years as broadband into the home continues to increase. More than 80% of household broadband consumption is for video, a trend that is expected to continue. With over 70% of new vehicles projected to be capable of broadband connectivity by 2025, the in-vehicle infotainment market is expected to rapidly expand as more vehicles connect to the internet and a wider variety of content is consumed. Lastly, the in-vehicle driver and occupant monitoring markets are expanding quickly as the industry and regulators aim to make the vehicle a safer place. Diving a little deeper into each of these markets, our strategy in connected TV advertising is to work with smart TV OEMs to bring TVs to market incorporating our TiVo OS. With our platform as the conduit for consuming content, we'll be able to capture a portion of the ad revenue generated by consumers as they view ad-supported content over the life of the TV. As you may have heard, we impressed at CES with live demos of the first Vestel TVs Powered by TiVo. It was exciting to see these smart TVs, which are expected to begin shipping later this year, running the TiVo platform in a production environment at full scale. The TiVo OS has several key advantages for TV OEMs. We offer a truly independent media platform with unbiased search and discovery that is not influenced by a particular content provider or advertiser. Our unique business model enables smart TV OEMs to brand the experience, retain customer ownership, and participate in usage-based economics over the life of the product. These aren't TiVo TVs. They are OEM branded TVs Powered by TiVo. As smart TVs with TiVo OS begin to ship, the path to monetization is relatively straightforward. By sharing a portion of the ad revenue with the TV manufacturers, we believe we can build stronger OEM relationships to drive higher volumes over time. We expect to have a footprint of at least 7 million TVs Powered by TiVo within 3 years, which would yield an annualized revenue run rate of approximately $140 million while delivering meaningful margin expansion over time. Our IPTV offering sits within our pay TV business and has seen rapid success. We offer a best-in-class cloud-based entertainment platform for video and broadband service providers. Our content agnostic approach, where we bring all entertainment together to find, watch, and enjoy, provides consumers with a personalized engagement experience that is superior to alternative offerings. We continue to expand our IPTV subscriber base through new service providers across the Americas and ended the year with 1.2 million subscriber households. IPTV growth was strong in the Q4, offsetting modest declines in the larger, more mature pay TV markets, resulting in total pay TV revenue being modestly higher year-over-year. Over the next 3 years, we expect IPTV revenue to grow from approximately $40 million to over $100 million. Within our connected car business, we have 2 significant growth opportunities, namely in-vehicle infotainment and in-cabin monitoring. We address these opportunities with our DTS AutoStage infotainment and DTS AutoSense solutions. The automotive industry is making extensive investments in connected car as Internet connectivity is turning the cabin into a personal entertainment space. We have long-standing relationships with automotive manufacturers who have adopted our HD Radio solution deployed in over 95 million vehicles, and now we are leveraging our media platform solutions incorporating metadata, our legendary search and discovery, and TiVo's video capabilities to provide a vastly improved in-cabin entertainment experience. As anyone familiar with automotive excuse me. As anyone familiar with the automotive market understands, these contracts take a long time to win and are long-term in nature. As we look at our committed business in connected car at year-end, we have over $300 million of revenue to be recognized over the next several years. To put that in perspective, that's more than $300 million on a business that posted $84 million in revenue last year. Importantly, our pipeline of new automotive opportunities continues to grow. During the quarter, we were awarded our first design win incorporating video into our DTS AutoStage in-car infotainment platform. This offering, which goes into production later this year, will bring TiVo's video platform into the center console. Also in connected car, we continue to be awarded design wins for DTS AutoSense. Our in-car driver and occupant monitoring systems, most recently winning a major program with a large Asian automotive OEM. Together, these wins continue to set the stage for meaningful long-term connected car revenue growth. We expect these four key growth areas to represent over 40% of our total revenue in three years, a significant increase from approximately 20% today. Our existing monetization business, which includes licensing our viewership data, advertising on our program guides, and licensing the recently acquired Vewd technologies, generates about $40 million of revenue annually. By launching smart TVs Powered by TiVo and participating in the monetization of ad-supported content, we expect this business to more than quadruple to over $190 million annually in a three-year timeframe. Next, having exceeded 1.2 million paid subscriber households, our TiVo IPTV platform is currently generating approximately $40 million of revenue annually, primarily from recurring subscriber fees. Over the next three years, we expect annual revenue to more than double to over $100 million due to subscriber growth and increased revenue per household. Our DTS AutoStage and DTS AutoSense platforms continue to win new contracts for future model years, and we expect accelerating revenue growth as these contracts go into production. In addition, we plan to incorporate ad monetization into the DTS AutoStage platform, which will create another opportunity for revenue growth downstream. As previously discussed, this is a long-term play where we expect revenue to grow from $4 million to approximately $40 million annually in 3 years. With more substantial revenue coming in the 5 to 7 year range. Altogether, we expect our key growth areas of connected car, monetization, and IPTV to grow from approximately $84 million to over $330 million in 3 years, contributing $246 million of high margin net new revenue. Lastly, turning to Perceive, we expect first revenue to occur in 2023, though due to some uncertainty around timing and amount, there is no Perceive revenue included in our annual guidance. We continue to believe Perceive represents a significant option for value creation as machine learning use cases move to the edge. For example, there's increasing awareness in the industry of the power of large machine learning models, such as large language models, that are delivering impressive results. We continue to provide tools and software applications for prospective customers as they evaluate and scope features based on the implementation of large networks on their edge devices. Notably, at CES, we demonstrated a large language model running on our platform, sparking significant customer interest. We believe that our approach is distinctive and represents a clear value proposition of running large data center class networks at the edge at lower power than anyone in the industry. Thus, we intend to continue to invest prudently as we evaluate how best to generate the highest return on our investment and navigate what we believe will be a significant move to the edge over the longer run. With that, I'll turn the call over to Robert to discuss our financials. Robert? Thanks, Jon. As Jon mentioned earlier, our Q4 earnings represent our first quarter as a fully independent company. Before I walk through the financials, I'd like to mention that all comparisons are against the same quarter in the prior year. Total revenue for the Q4 was $136 million, an increase of 9%. This increase was primarily driven by our media platform and consumer electronics businesses. Media platform, although only 14% of total revenue, was up 57%, driven primarily by monetization and the Vewd acquisition, which occurred last summer. Consumer electronics, at 20% of total revenue, was up 11%, driven by growth in mobile as we extend our audio and video enhancement technologies into more mobile and PC devices, as well as from incremental license fees from a large mobile customer. Similar to prior quarters, pay TV represented approximately half of our total revenue and was essentially flat as strong growth in IPTV offset modest declines in our core pay TV product lines, such as classic guides and consumer DVR hardware. Connected car represented 17% of total revenue and was up 4% due primarily to progress we've made in AutoStage and AutoSense, in addition to automotive head unit production that includes our audio solutions. For the full year of 2022, consumer electronics increased 29%, primarily driven by incremental license fees from a large mobile customer and by stronger mobile and PC penetration. Media platform increased 13% due to the Vewd acquisition and growth in monetization. Pay TV declined 5% as declines in the more mature classic guides business were mostly offset by strong growth in IPTV. Connected car declined 5%, primarily due to lower automobile production volumes that impacted HD Radio revenue. Our non-GAAP gross margin for the quarter was $99 million, or 73%. non-GAAP operating expense for the quarter was $104 million, and adjusted EBITDA was $3.6 million. non-GAAP earnings per share was $0.08, favorably impacted by a strong expense management and by a year-end tax true-up that created an income tax benefit in the quarter. Moving to the balance sheet, the company ended the quarter with $160 million of cash and cash equivalents. As part of our year-end review of goodwill and fixed assets, we booked a non-cash charge of $251 million for goodwill impairment and an additional $8 million related to closing a redundant office building as we seek to optimize our facilities footprint. Looking forward, we expect to incur additional real estate-related charges as part of our business optimization goals. Our cash flow from operations in the quarter was a negative $17 million due to $5 million of one-time expenses associated with the business separation and changes in working capital, mostly driven by an increase in unbilled receivables of approximately $11 million. In terms of our 2023 financial outlook, we are providing the following ranges and commentary. We expect full year revenue to be in the range of $510 to 540 million, in line with the gross estimate we provided at our Investor Day in September. We expect this growth to come primarily from our media platform and connected car businesses. In terms of quarterly cadence, we expect fiscal 23 revenue to follow a similar seasonal pattern to fiscal 22, with each quarter showing a comparable% increase from the prior year quarter. Full year adjusted EBITDA margin is expected to be in the range of 6% to 10%. This range accounts for incremental investments in DTS AutoStage, Auto Sense and TiVo OS due to accelerated business momentum and recent design wins set in the midpoints slightly lower than the estimate we provided in September. We estimate cash taxes and non-GAAP tax for the year to be in the range of $20 to 25 million. Note that our tax expense is affected by two recently implemented U.S. tax law changes. First, we are required to capitalize certain R&D costs over 5 or more years, which has the impact of increasing our U.S. taxable income. It is unclear whether this requirement will be repealed during the course of 2023. Second, we can no longer deduct withholding taxes incurred in various countries with which the U.S. does not have a tax treaty. At the middle of our revenue and adjusted EBITDA guidance ranges, we expect operating cash flow to be approximately break even for the year. Basic share count is expected to average 43 million for the year, and fully diluted share count is expected to average approximately 49 million for the year. That concludes our prepared remarks. Let's now open the call to your questions. Operator. At this time, I would like to remind everyone, in order to ask a question, please press star followed by one on your telephone keypad. Your first question comes from the line of Nick Zangler with Stephens. Your line is open. Yeah. Hey, guys. Congrats on all the great news this quarter. I guess I'll start with this connected car win. Just, you know, can you frame up, I guess, what the TiVo OS looks like on a connected car? Does it look similar to the TiVo OS that's on a TV, just kind of reformatted to the car, or are there significant differences there? Just as well, maybe like, you know, does the OEM get to keep the branding like you do on the TV side as well? If you'll share the economics, software economics there, just like you do with the TVs, maybe just any early thoughts on the ARPU potential that you see there. Sure. I think it's early stages. Nick, I think what I'm gonna be able to respond to here is to kind of give you a bigger picture. We do expect the business opportunity to create, you know, nearer term license fees, if you will, you know, on a subscribership basis as well as monetization, you know, over the longer run. Secondly, I think from a design perspective, obviously the automaker has a great deal of, you know, input on how they would like the video services to appear in the vehicle. I would say that it will not be identical to what you see in the living room. At the core, what's behind it, you know, TiVo's legendary search and recommendation, metadata usage, et cetera, et cetera, and all the things that really create a unique and personalized engagement experience, all those elements are all there. I think uniquely deployed, given that, you know, the car is not the living room, despite the fact I think you're gonna see this increasing amount of content consumed in vehicles. Particularly as people look at electric vehicles, where, you know, you have some slightly different use cases as you think about, you know, longer stays while cars are being charged. You know, you have front seat entertainment all of a sudden becoming more relevant in that context, and you also, you know, have the longer run, you know, kind of semi-autonomous or autonomous vehicle, you know, driving that will lead to an increase in entertainment consumption. You know, in short, early days, super excited about the win. I think it shows the power of the platform, you know, as we think about what we're doing, you know, in not only the living room, but ultimately in car and on mobile, bringing together that entertainment experience that we've been working towards for a number of years. I think we'll have a lot more to say about the economics of this long term as, you know, we begin to do more business, you know, in the space where we can put a little more shape around it in a way that doesn't strategically compromise, you know, ongoing discussions with a number of folks. Right. I know, that's fair. Not sure if you're aware, but also on the Roku call the other day, TiVo got a shout out. I gotta ask just, you know, given all the dynamics that are happening within the TV OEM industry, you know, Roku now is building out their own branded TV. It effectively will compete with their TV OEM partners as it currently stands. Curious what impact, you know, maybe this has had on your engagement with potential TV OEM partners and their interest in utilizing TiVo, your Powered by TiVo option, which you know, seems to be a little bit more TV OEM friendly? I think, first and foremost, I think that announcement underscores the need for an independent media platform. I think, we've had quite robust engagement prior to that announcement, I would say that announcement further has created some interest as people look to engage around independent platforms. Our model, our business model, sharing revenue with TV partners long term, as well as our best-in-class interface and search and rec and whatnot really helps drive where there's interest in what we're doing. The other question that was brought up in context or in and around that, was a question around scale. I think the fascinating thing on the scale question is that, you know, we already power more than 30 million households, you know, today with video-based services. We are uniquely positioned, you know, as being a company that already has a very large video service business, you know, doing business all over the world, you know, over decades, to be able to serve up an independent media platform. I think that, you know, therein lies part of the key, is that we're seen as a credible partner by TV OEMs. I think people are recognizing the independence of the model in a way for us all to win where, you know, they get to own the brand, they get to own the customer. You know, we obviously share, you know, share data, and they get to participate in the long tail of the economics. Right. Okay. Just final one for me on the fundamentals here in the quarter. You know, it was a broad-based beat on the expense side, just relative to the expectations that you guys kind of laid out on the last call, and it drove, you know, significant adjusted EBITDA upside relative to your prior expectations. Just curious, it looks like it's broad-based, but relative to what you guys had alluded to at first, you know, what type of expense mitigation efforts took place in the quarter? Is there any pushout into next year potentially? Or just thoughts on the spread, I guess, and where, you know, we expected expenses to roll in and where they actually did? Thanks. I would say generally speaking, our expense management in the quarter, even as I noted on the call, was very good, and we are making good progress toward optimizing the cost structure of the company. I would expect that to continue into 2023. I think we made good progress even during the quarter. I think our numbers supported that, which is actually a positive adjusted EBITDA. You know, we expect expense management and optimization efforts to continue as we go forward. Appreciate it, guys. Thanks and good luck. Thanks, Nick. Again, if you would like to ask a question, press star followed by one on your telephone keypad. Your next question comes from Hamed Khorsand with BWS Financial. Your line is open. Hi. Could you just expand on the mobile customer that you re-generate revenue from? Is this related to the imaging revenue that you talked about a couple of quarters ago? Is this recurring in nature at all, and what's the possibility of adding more mobile customers? The mobile customer that we referred to on the call is, and as this occurred early during 2022, is settling a dispute with that customer and also entering into a longer-term arrangement, with that customer. It was, we'll say sort of the best of both worlds. We, we still see and, from our products, a considerable opportunity for us in mobile, through our CE products. A, a good growth outlook there, in the future. Okay. About the ad monetization, how are you building the inventory available, and what kind of response are you getting from advertisers for your platform? I think people are very interested in, you know, the insights we have into, you know, the audiences we currently have across our various TV products that are in household. They're certainly interested in what we're going to be able to bring to table in conjunction with that as it relates to connected TV. You know, you know, we already. You know, one of the other questions we sometimes get is, you know, as you're building towards a monetization model, what about the monetization platform and engine that has to plug into these TVs, even if you got the TiVo OS, you know, embedded? The answer is, we already have that monetization platform. We have teams working on it today that work with advertisers directly. We have infrastructure plugged into, you know, all your major demand side and supply side platforms. You know, in short, we're ready to continue to, you know, to scale that as we get more footprint. CTV has, of course, been our primary focus 'cause it's the place where we can have the biggest impact, you know, on the size and scope of the footprint to really turn on the monetization model over time. The last question I had was related to connected car. You've been talking about a lot more models lately for AutoStage. You know, where would you stand as far as generating revenue from nearly all of those models that you talked about in your press release, those 100 models? Is this a 2023 event, a 2024 event? I think you're gonna see certainly some vehicles come online in 2023, more in 2024, and even more again in 2025. You know, these deals, you know, commonly, you know, involve engineering that has front end time, but then they begin to roll usually, you know, on some models and then get expanded, you know, into a larger base of models, you know, under a particular broader manufacturer umbrella. You know, it's building, and that's one of the things, right? We've highlighted and we've recognized, you know, we are doing fantastically well at winning business. You know, one of the things the world can't fully see yet is how that business will ramp over the next, you know, 3, 5, 7 years. I think, you know, one of the steps we took today was to try to provide more insight into that, indicating that our, you know, committed business, you know, pipeline over the next couple of years is in excess of, you know, $300+ million. I think that begins to give you a feel that we're, you know, very confident and have won quite a bit of business in connection with these programs as we move through the next couple of years. What percentage of those models is, you know, displacement of HD Radio and what percentage is brand new as far as you're concerned as an opportunity? Well, you know, we do business with all the automotive brands sold in the United States. You know, 40 plus brands. We're not really displacing with AutoStage those opportunities. Rather, it is a layer on top of, you know, HD Radio in the United States, or it is a new tranche of business for those manufacturers who are shipping units into other geographies where they're not licensing HD Radio because HD Radio is not the standard, let's say, in Europe for example. In those cases, the AutoStage revenue and the deployment of AutoStage is brand new in those markets. It's a combination of being an adder in the U.S. and an extender, if you will, of additional business and net new revenue as you look outside the United States and more broadly in North America. Okay. Okay. Thank you. Your next question is from the line of Matthew Galinko with the Maxim Group. Your line is open. Thanks for taking my question and congrats on, you know, the strong 2022. I Perceive it sounds like there's still a little volatility on, you know, how much and exactly when it starts in 2023. I'm curious if that's just the result of work that has to happen internally, or is that your customers', you know, own internal work and, you know, go to market that leads to that question on when and how much? You know, I think it's fair to characterize it, Matt, as a little bit of both. You know, I think one of the things that this interest in larger models has done is in some cases it's caused people to assess where they are, you know, and in some cases expand their ambitions, you know, which invariably starts a cycle. I think it also bears noting that the nature of kind of the, you know, challenges in the broader CE space, you know, and the competition at retail, you know, has driven a real concern over cost at the lower end of functionality. I think it's causing people to reassess, you know, part of what, you know, they're thinking about building and where it fits, and that leads to, you know, some uncertainty around timing and deployment. There's also been asks of us to enable either more functionality or assist people with, you know, with different sorts of implementations. I think we're working through all that. You know, remain highly convicted around the technical differentiation of the platform. You know, the interest remains, you know, very strong. I think, you know, getting that perfect market fit and taking it forward and exactly when and what that's gonna look like is gonna depend on how a few things fall here, you know, as we look over the course of the coming quarters. Thanks. I guess just a follow-up to that is with some of the, you know, I think increased engagement that you talked about, you know, does the pipeline of opportunities sort of fall into the general, you know, kind of consumer electronics, you know, market that you've previously been brushing up against? Or is there a different, you know, exploration or use case that, you know, sort of has the potential to emerge, you know, as the first or second or, you know, stronger thrust of Perceive adoption? Yes, is the general answer. You know, there certainly CE is where a lot of this stuff shows up. As we think about industrial, automotive and other use cases, I think, you know, having various discussions that, you know, I think are gonna lead to productive outcomes. I think the big question as always is just, you know, timing, you know, and road to what that looks like. Great. Thank you. Again, if you would like to ask a question, press star followed by the number one on your telephone keypad. There are no further questions at this time. I will turn the call back over to the company for closing remarks. Thanks, operator. Thanks everyone for joining today's call. We're excited about our growth prospects and the continuing momentum we see in our business. I'd like to thank our employees, customers, and partners for helping us achieve these strong results. We look forward to reviewing our Q1 results with you in early May, and I'm sure we'll see a few of you in between now and then. Thanks so much. Have a good day. Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.