Xperi Inc.

Good day, everyone. Thank you for standing by. Welcome to X Prairie Second Quarter 2022 Earnings Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the call will be open for questions. In order to ask a question, please press file 1 on your touch-tone telephone. I will now turn the call over to Jill Koval for X Prairie. Jill, please go ahead.

Good afternoon and thank you for joining us as Xperia reports its second quarter 2022 financial results. With me on the call today are Jon Kirchner, Chief Executive Officer, Robert Andersen, Chief Financial Officer, and Paul Davis, President of Audia. In addition to today's earnings release, there is also an earnings presentation which you can access along with a webcast on our investor relations website. Before we begin, I would like to provide two reminders. First, today's discussion contains forward-looking statements that are predictions, projections, or 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 discussed today, please refer to the risk factor section in our SEC filings including our annual report on Form 10-K. 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. Second, we refer to certain non-GAAP financial measures which exclude one-time or ongoing non-cash acquired intangible amortization charges Costs related to actual or planned business combinations, including transaction fees, integration costs, severance, facility closures, and retention bonuses, separation costs, stock-based compensation, loss on debt extinguishment, expense debt refinancing costs, and related tax effects. We have provided reconciliations of these non-GAAP measures to the most directly comparable GAAP measures in the earnings relief and on the investor relations The recording of the conference call will be available on our website at www.experi.com. I will now turn the call over to Xperi CEO, Jon Kirchner.

Thank you, Jill, and thank you, everyone, for joining us on our second quarter earnings call. During the quarter, we continued to focus on executing against our growth initiatives for both our product and IP businesses. As we continue to plan for our upcoming separation this fall, we made exciting progress that better positions each of these businesses to grow and compete in the long term as stand-alone entities. On the product side, we signed our first Smart TV customer for TiVo OS, with launch expected in mid-2023, validating our OS strategy with this landmark win. In addition, we announced our acquisition of Viewed, a leading global provider of OTT and hybrid TV solutions which accelerates and scales the deployment of TiVo OS for connected TVs and expands our video over broadband offerings. In automotive, we won a global program with a major European automaker for our single camera OMS solution across all of its vehicle platforms with the first launch expected in 2025. We successfully won this program against a large list of competitors further underscoring the value of our technology in the growing market for enhanced in-cabin safety technologies. On the IP side, we signed a significant long-term license agreement with a leading consumer electronics and OTT service provider covering both the media and semi-IP portfolios, once again demonstrating the longevity and applicability of Audia's IP. While the macroeconomic environment continued to be challenging throughout the second quarter due to supply chain challenges and broader inflationary trends, our financial results were good and demonstrate the strength of our business model and market positions, factors that will have a long-term positive impact as we move forward on an independent basis as separate product and IP companies. On a combined basis, our total revenue for the second quarter was $234 million, representing 5% growth from the year ago period. Our non-GAAP earnings per share was 52 cents. As we announced during the quarter, Paul Davis will become the CEO of Adia at Separation and is currently serving as Adia's president. Having worked with Paul for over five years, I'm confident he has the right experience and leadership skills to drive Adia's success as a standalone public company over the long term. We are pleased to have appointed Keith Jones as the CFO of Audient as we continue to round out the executive management team. With these appointments and other key hires, our executive teams are well positioned to take both companies forward post-separation. Let me now turn the call over to Paul to provide an update on our IP business. Paul?