Cerence Inc.

Good day and thank you for standing by. Welcome to the CERN's first quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advising you that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker, Rich Yerganian, Senior Vice President of Investor Relations. Please go ahead.

Thank you, Michelle. Welcome to CERNS' first quarter of fiscal year 2024 conference call. Before we begin, I would like to remind you that this call may involve certain forward-looking statements. Any statements that are not statements of historical fact, including statements related to our expectations, estimates, assumptions, strategy, goals, targets, and plans should be considered to be forward-looking statements. CERN makes no representations to update those statements after today. These statements are subject to the risks and uncertainties which may cause actual results to differ materially from such statements as described in our SEC filings, including the Form 8K with the press release preceding today's call and our Form 10K filed on November 29, 2023. In addition, The company may refer to certain non-GAAP measures, key performance indicators, and pro forma financial information during this call. Please refer to today's press release for further details of the definitions, limitations, and uses of those measures, and reconciliations of non-GAAP measures to the closest GAAP equivalent. The press release is available in the IR section of our website. Joining me on today's call are Stefan Ortmans, CEO of Serence, and Tom Bowden, CFO of Serence, As a reminder, the only authorized spokespeople for the company are Stefan, Tom, and me. Before handing the call over to Stefan, I would like to mention that we will be presenting at the Baird 2024 Vehicle Technology and Mobility Conference on February 29th and the Raymond James 45th Annual Institutional Investors Conference and the Morgan Stanley Technology Conference the week of March 4th.

Now on to the call. Stefan? Thank you, Rich. Welcome, everyone, and thank you for joining us to discuss Cirenc's first quarter results. Over the next few minutes, I will update you on the highlights from our first quarter and provide an update on our AI product strategy and the exciting interest we received from OEMs, partners, and press at CES. But first, a review of our Q1 highlights. As we have briefed you on previous calls, the R&D and product teams at CIRNS have been working at full speed, integrating the latest developments in generative AI and large language models into our automotive and adjacent transportation focused solutions. We believe our enhanced products and future roadmap represent an industry leading inflection point for the in-cabin experience for drivers and passengers. Not only are existing customers showing interest in deploying our new solutions as quickly as possible, but we have also seen interest in deploying our new innovations from OEMs that had previously chosen alternative solutions. Discussions with these OEMs and customers gain momentum during Q1 and post CES, resulting in a greater pipeline of business opportunities as we progress through the fiscal year. Notably, we made steady progress during the quarter in aligning our product strategy with key partners. We announced major engagements with NVIDIA and Microsoft leading up to CES. The hardware and toolchains available to us through these partnerships are important contributors to fulfilling our vision of creating the ultimate AI-based immersive in-cabin experience. In December, we introduced the CIRNS automotive large language model called CAN. CAN is an automotive-specific large language model leveraging NVIDIA's computing and hardware capabilities for the training of generic and OEM-specific models. CIRNS is working with NVIDIA to solve several key challenges, including shortening time to deployment by moving at true AI innovation speed. The collaboration with Microsoft focusing on the evolving in-cabin user experience and the future of connected mobility. We are combining our deep expertise and comprehensive AI-powered in-car assistance portfolio with the innovative technology and intelligence of... ...produce videos showing the new CERN's power capabilities in action in the ID.7 while providing very positive commentary. industry. As we look to Q2 and beyond, we have a number of priorities we are keenly focused on. First and foremost is to capitalize on the positive momentum generated from CES. Our objective is to secure new business with existing customers and aggressively target the potential win back opportunities. Second, We need to continue to hit our delivery targets for both existing and new projects, especially ones that are cloud-based and provide us the opportunity to generate revenue in a shorter period of time. However, OEMs control the final timeline of their start of production or software updates. And finally, execute on CERN's next-gen computing platform, facilitating a truly immersive in-cabin experience. Now I will turn it over to Tom to share our financial results. Tom? Thank you, Stephan.