Good day, everyone. Thank you for standing by. Welcome to Adeia Inc.’s first quarter 2026 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. I would now like to turn the call over to Chris Chaney, Vice President, Investor Relations for Adeia Inc. Chris, please go ahead.

Good afternoon, everyone. Thank you for joining us as we share details of our quarterly financial results. With me on the call today are Paul Davis, our President and CEO, and Keith Jones, our CFO. Paul will share general observations regarding the quarter, then Keith will provide further details on our financial results and guidance. We will then conclude with a question-and-answer period. In addition to today’s earnings release, there is an earnings presentation which you can access along with the webcast on the Investor Relations portion of our website at adeia.com. Before turning the call over to Paul, I would like to provide a few 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 are 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 section in our SEC filings, including our Annual Report on Form 10-K and our Quarterly Report on Form 10-Q. 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. To enhance investors’ understanding of our ongoing economic performance, we will discuss non-GAAP information during this call. We use non-GAAP financial measures internally to evaluate and manage our operations. We have therefore chosen to provide this information to enable you to perform comparisons of our operating results as we do internally. We have provided reconciliations of these non-GAAP measures to the most directly comparable GAAP measures in the earnings release, the earnings presentation, and on the Investor Relations section of our website. A recording of this conference call will be made available on the Investor Relations website at adeia.com. Now I would like to turn the call over to our CEO, Paul Davis.

Thank you, Chris, and thank you, everyone, for joining us today. I am pleased to be here to share our results for 2026. After last year’s strong finish, including our license agreement with Disney, we entered 2026 with significant momentum which continued into the first quarter. We signed foundational agreements with both AMD and Microsoft, along with additional deal activity across multiple verticals. Our strong execution is demonstrated in our first quarter results. We delivered revenue of $105 million with an adjusted EBITDA margin of 60% and $58 million in operating cash flow. We also continue to execute on all four pillars of our balanced capital allocation strategy: paying down our debt, which is now less than $400 million; returning capital to shareholders through dividends and share repurchases; and investing in our portfolios through five strategic tuck-in acquisitions. The eight license agreements we closed during the first quarter were highlighted by AMD and Microsoft, which were among our three new customers. We closed five renewals with customers across a diverse set of verticals, including pay TV, consumer electronics, semiconductors, and OTT. I am very pleased that in early March, we resolved our dispute and signed a seminal multiyear license agreement with AMD for access to our semiconductor portfolio, which includes our hybrid bonding technology. The agreement was reached within four months of filing litigation, underscoring the strength of our semiconductor portfolio and the effectiveness of our approach. It also represents an important milestone for our semiconductor business and provides further momentum as we pursue additional semiconductor opportunities in both logic and memory that will be driven by continued adoption of hybrid bonding. The significance of our agreement with AMD cannot be overstated. AMD is a highly respected innovator and a leader in advanced semiconductor design. Their early adoption of chiplet architecture with hybrid bonding highlights the relevance of our technology in next-generation computing. While AMD was an early adopter, hybrid bonding is now becoming more broadly adopted across the semiconductor industry. We are seeing increased adoption in both logic and memory, supported by significant investment in next-generation architectures and increasing use in advanced semiconductors for high-volume consumer electronic devices. This adoption is being driven by AI and high-performance computing, which are fundamentally increasing power density and interconnect demands. As traditional Moore’s law scaling reaches its limits, our hybrid bonding and thermal management technologies have become essential to enabling continued performance gains. We believe our portfolio is well positioned to deliver value across both logic and memory markets as the industry pushes beyond the limits of traditional scaling. The AI-driven growth in semiconductors is remarkable, with the total semiconductor market anticipated to exceed $1 trillion annually by 2026. In addition to AMD, we also added Microsoft as a new customer in the first quarter with a multiyear license agreement for access to our media portfolio. Our media portfolio has broad applicability across Microsoft’s products and services, including its consumer electronics and social media businesses, such as Xbox and LinkedIn. In recent weeks, we also expanded our presence in e-commerce with a new license agreement with L’Oréal, adding another global brand to our expanding customer base in e-commerce. While e-commerce remains a relatively small portion of our revenue to date, our growing momentum and robust pipeline in this market give us confidence that it could be much more significant in the future. We continue to make steady progress toward reaching our long-term goal of $500 million in annual licensing revenue. Our strong start to 2026 reinforces our confidence in that trajectory. A key driver of this progress is our ability to add new high-value customers such as AMD and Microsoft—agreements that provide sustainable, recurring revenue streams. These new deals are contributing to the continued diversification of our business. In the first quarter, non–pay TV recurring revenue grew 28% year-over-year, reflecting further expansion into growth markets. Our most significant growth market is semiconductors. The rapid evolution of AI and high-performance computing is driving fundamental changes in chip design, including the broad adoption of chiplet architectures with hybrid bonding. Our agreement with AMD is an important validation of our position in this space. Other leading logic and memory companies are following similar paths, and we believe hybrid bonding will play an increasingly central role across both logic and memory applications for years to come. In addition, demand for high-performance memory continues to grow rapidly, particularly in NAND and high-bandwidth memory. We are already seeing contributions from earlier agreements with NAND manufacturers, and we expect further adoption as production volumes scale. We are also beginning to see early indications that these technologies are expanding beyond data centers into consumer devices, which represents an additional long-term, high-volume opportunity. Importantly, as AI and high-performance computing workloads continue to scale, thermal management becomes a critical constraint. Our RapidCool technology is designed to address these challenges, and we continue to make meaningful progress. Through further development, we have improved its cooling capability to approximately 5 watts per square millimeter, up from 3 watts less than a year ago, and interest from potential partners continues to grow. Our IP portfolio remains the foundation of our business. Since the beginning of 2023, we have grown our portfolio from approximately 10 thousand to over 13.75 thousand patent assets. While we have delivered strong double-digit growth in recent years, we expect portfolio growth to moderate over time. We believe our portfolio today is well positioned to support multiple licensing cycles in both our core and growth markets, and our innovation engine is primed to continue to refresh these licensing cycles well into the future. We continue to invest strategically in both organic R&D and targeted tuck-in acquisitions to ensure we maintain and enhance the value of our portfolio over time. In the first quarter, we increased our M&A activity, closing five tuck-in IP portfolio acquisitions across a wide spectrum of technologies focused on growth areas. We are very proud of these accomplishments. We continue to focus on expanding our customer base, which includes our history of developing long-term relationships. This has been a primary objective as we invest heavily in our portfolio development to support the ever-evolving technology solutions that help drive our customers’ products and services. Despite our tremendous track record of renewals, we occasionally find ourselves in customer disputes on the value of our portfolios. To that end, we are disappointed we could not reach acceptable terms for a renewal with DISH Network after their agreement expired at the end of March. DISH and their predecessor companies have been customers for decades, and throughout many renewals over the years, they have enjoyed the use of our IP. Since the last renewal, we have continued to innovate, add to our portfolio, and strengthen our relevance within the pay TV industry. In the past few years, we have successfully signed agreements with Hulu + Live TV, Optimum (formerly Altice), Verizon, and Frontier. Even through litigation, we keep the channels of communication open for the purpose of reaching terms on a license agreement, which is our ultimate goal. Leveraging our success with recent similar situations with Optimum, Disney, and AMD—each of which was resolved efficiently and relatively quickly—we are confident we will reach successful outcomes with DISH and DIRECTV. Our technologists remain at the forefront in their fields and are often panelists or speakers at industry conferences. We are recognized as market leaders and innovators and are actively engaged in the ecosystems in which we operate. I am proud we were named one of the Top 100 Global Innovators by LexisNexis Intellectual Property Solutions. We earned this recognition based on the quality and strength of our portfolios and the measurable improvements we have made in our innovation impact over the past two years. Unlike rankings based solely on patent volume, this award highlights companies driving meaningful advances in technology, and that is exactly what our teams do every day. We had a strong first quarter, and we have built meaningful momentum to start 2026. I am particularly pleased with the addition of AMD and Microsoft as new customers—both multiyear agreements that expand our presence in key growth markets and strengthen our recurring revenue base. Our strong financial performance supports continued investment in our portfolio and ongoing balance sheet improvement, and with a growing and diversified pipeline, we believe we have multiple paths to achieve our objectives for the year. Before I turn the call over to Keith, I would like to address the other news we announced today. As noted in the press release, after much consideration and consultation with my family, I have informed the Board of my intent to step down as CEO later this year to focus on my health and other personal pursuits. As I reflect on my last four years leading Adeia Inc., including through its separation from Xperi, I could not be more proud of what the company has accomplished. Our exceptional leadership team has transitioned the company from being primarily reliant on the pay TV market to one with robust and diversified revenue streams supported by our evolving and growing IP portfolios and technology leadership. Our balance sheet is strong, having cut our debt nearly in half since separation, and we are positioned well for continued growth. I have committed to the Board that I will continue in my current role until a successor has been identified and appointed, and through any necessary transition period. During this period, it will be business as usual, as I remain focused on driving the team toward achieving our goals for 2026 and setting us up for continued long-term success. Our goal is to find the next leader for Adeia Inc. by the fourth quarter. The Board has engaged a nationally recognized search firm, and I am confident we will find a leader that will continue the successes we have built and drive the next phase of growth for the company. I want to thank my family, the executive leadership team, and the Board for helping me through this difficult decision. I also want to thank the dedicated Adeia Inc. employees that are at the heart of all of our success. I will now turn the call over to my friend and our CFO, Keith, to cover our financial results.

Thank you, Paul. I am pleased to be speaking with you today to share details of our first quarter 2026 financial results. During the first quarter, we delivered strong financial results within our expectations. Revenue of $104.8 million was driven by the execution of eight deals across a diverse mix of customers, including semiconductors, consumer electronics, pay TV, and OTT. During the quarter, we signed three new license agreements, highlighted by AMD and Microsoft. Our recurring revenue during Q1 was $66.3 million as compared to $94.5 million in the prior quarter. The decrease in our recurring revenue was due to both subscriber declines and the timing of renewals with certain pay TV customers. Additionally, we were impacted by the timing of revenue as a result of the structure of our license agreements with both SanDisk and Kioxia, which contributed no revenue in Q1 but will contribute meaningful revenue in the following quarters. We expect our quarterly recurring revenue to grow over the course of the year, reaching approximately $90 million at the end of the year. Now I would like to discuss our operating expenses, for which I will be referring to non-GAAP numbers only. During the first quarter, operating expenses were $42.9 million, a decrease of $6.3 million, or 13%, from the prior quarter. The decrease was primarily due to lower variable compensation as a result of exceeding certain performance targets in last year’s fourth quarter. Research and development expenses decreased $1.2 million, or 7%, from the prior quarter. The decrease is primarily due to lower variable compensation and outside service costs, which was partially offset by seasonal personnel costs. Selling, general and administrative expenses decreased $4.6 million, or 18%, from the prior quarter, primarily due to lower variable compensation costs and lower spending on outside services, which was also partially offset by an increase in seasonal personnel costs. Litigation expense was $6 million, a decrease of $513 thousand, or 8%, compared to the prior quarter, primarily due to lower spending on Disney due to the resolution of the litigation in the prior quarter, partially offset by new litigation matters. Interest expense during the first quarter was $8.5 million, a decrease of $894 thousand, primarily attributable to our continued debt payments and to lower variable interest rates during the period. Our current effective interest rate, which includes amortization of debt issuance costs, is 7.3%. Other income was $1.7 million. It was primarily related to interest earned on our cash and investment portfolio and to interest income recognized on revenue agreements with long-term billing structures under ASC 606. Our adjusted EBITDA for the first quarter was $62.3 million, reflecting an adjusted EBITDA margin of 60%. Depreciation expense for the first quarter was $492 thousand. Our non-GAAP income tax rate was 21% for the quarter. Our income tax expense consists primarily of federal and state domestic taxes as well as Korean withholding taxes. Now for a few details on the balance sheet. We ended the first quarter with $115.8 million in cash, cash equivalents, and marketable securities, and we generated $58.5 million in cash from operations. As demonstrated by our results, the first quarter has historically been a very strong cash generation period for us. This strong financial performance allowed us to execute on all four pillars of our balanced capital allocation approach. This includes paying down our debt, repurchasing shares, paying our dividend, and making five tuck-in portfolio acquisitions. We made $28.1 million in principal payments on our debt in the first quarter and ended the quarter with a term loan balance of $398.6 million. I am also happy to announce that, based on our strong financial performance, Standard & Poor’s has upgraded our credit rating to BB from BB-. In the first quarter, we repurchased approximately 446 thousand shares of our common stock for $10 million, bringing the remaining amount available for future repurchases to $150 million under our current stock repurchase program. We paid a cash dividend of 5 cents per share of common stock. Our Board also approved a payment of another 5 cents per share dividend to be paid on June 15 to shareholders of record as of May 26. Now I will go over our guidance for the full year 2026. We are reiterating our prior guidance. Our 2026 revenue guidance range is $395 million to $435 million. As we mentioned in our previous call, our sales pipeline was, and continues to be, very strong. Overall, we continue to see the first half of the year and the second half of the year being relatively equal in terms of revenue contribution, with the second quarter being modestly lower than the first quarter. Operating expenses are expected to be in the range of $184 million to $192 million. We expect interest expense to be in the range of $34 million to $36 million. We expect other income to be in the range of $5.5 million to $6.5 million. We expect a resulting adjusted EBITDA margin of approximately 55%. We expect a non-GAAP tax rate to be 21% for the full year. We also expect capital expenditures to be approximately $2 million for the full year. As I conclude my remarks, I want to say this is obviously a challenging day full of emotions for me and the company. On a personal level, Paul is not only an incredible leader and boss, but also a dear friend that I cherish. Knowing Paul, this decision was very difficult for him and his family. Paul should take great pride in having helped to cultivate a legacy that will further propel Adeia Inc. to a great and promising future. As we look across the semiconductor and media landscapes, we continue to see broad adoption of our foundational technologies. We find ourselves at the right place at the right time. Speaking on behalf of all our employees, we take pride in this success. It is driven by the tireless and dedicated efforts of our entire team. The culture we have created will continue to thrive. Our future is bright, and I cannot be more excited about the opportunities that lie ahead of us in the coming years. We will now open the call for questions. Operator?

We request that you limit yourself to one question and one follow-up. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Kevin Cassidy with Rosenblatt Securities. Your line is open.

Thank you. Congratulations on the great results, and congratulations, Paul, on making this decision. I hope it is a gradual departure, and thank you for leading the company. My question is around the AMD license: how much of it was retroactive royalties—things that we would not see reoccurring in future years? Can you give a percentage of what the upside was?

Hey, Kevin. In terms of AMD, we are not in a position to get into the granular breakout of the revenue in detail. But the AMD agreement is not only significant for us in terms of being one of our first licensees in the logic space, it will also be a meaningful revenue contributor going forward. For some color, they will be, in this quarter, a greater-than-10% customer, and that does include a retroactive amount that we recognized. More importantly, as we look ahead, they will most likely find themselves in a position where they would be greater than 10% for us going forward. It is very meaningful for us.

Kevin, just to be clear, they will not be a 10% customer going forward. And thank you for the kind remarks; I appreciate it.

Thanks. And my follow-up is around the tuck-in technology acquisitions. Were any scientists or employees included with those, or were they only patents?

Hey, Kevin. We are focused primarily on portfolios that can be really helpful to our growth areas, and that is what these were. We do evaluate opportunities that are broader than that, but for the most part, what we have been acquiring has been primarily patent portfolios. In this case, it is very consistent with what we have done over the last couple of years. We did five relatively small tuck-in acquisitions individually, but they start to add up, and they are in growth areas. For instance, e-commerce and automotive were focus areas this past quarter. We look across all of our growth areas, including semiconductors and OTT, as we have done before with a number of acquisitions over the last couple of years. We do explore other types of acquisitions as well.

Great. I will get back in the queue.

Thanks, Kevin.

Your next question comes from the line of Hamed Khorsand with BWS Financial. Your line is open.

Hey, thanks for taking the question. Could you talk about the IP licensing funnel that balances out Q2 through Q4, and how you are looking at that given the big announcements you had in Q1?

Thanks, Hamed. When we look at our pipeline, as Keith mentioned, it is quite robust, and we have multiple paths to get to our guidance range. It really comes from a number of areas, including core markets—pay TV, where we still have opportunities—and then e-commerce opportunities, as well as electronics, social media, and OTT. And then semiconductors, of course. It will be a mix of both renewals and new deals, but new deals are still important for us to hit our goals for the year, and we are entirely focused on that, as we were last year as well. Those new deals are important because they continue to diversify our revenue and add new streams that offset some of the known declines we have. If you look at our growth in non–pay TV recurring revenue, it continues to be very robust—28% year-over-year this quarter—which continues a trend over the last four or five quarters. We are really proud of that.

Okay. Thank you.

Thanks, Hamed.

Your next question comes from the line of Matthew Galinko with Maxim Group. Your line is open.

Thanks for taking my questions. You touched on moderating the rate of growth of the portfolio, although five tuck-in acquisitions would be on the high end of what you have done to date. Can you help us balance whether this reflects a shift in strategy to be more focused on external portfolios at this point, or is it just how things fell? And as a follow-up on capital structure, given the continued reduction in debt balance and the upgrade to your credit rating, does anything change in your plans for cash levels you want to keep on hand or your leverage ratios?

I would say it continues to be a mix, but one that is heavily weighted toward internal innovation. That is where we see the most value, and that is what our customers focus on as well. We have had an 85/15 split—85% internal and 15% external—for quite some time. It is a metric we like to maintain. We are not religious about it, and it can vary from time to time. On the strategic acquisition side, we look for things that can round out our portfolio, so activity can swing in a given quarter and lead to that number being a little higher at any given time. Over a longer period, that 85/15 split is something we would like to maintain. We are still doing a ton of internal innovation and have been since separation. You are seeing that on both the semiconductor and the media side of our business.

Hey, Matt. Thanks for the question on capital structure. We find ourselves in a great spot, and I could not be more proud of how we have operated. We have talked before about a certain amount of debt we are comfortable carrying as a company—historically between $300 million to $400 million. Through hard work and disciplined efforts, we find ourselves in that threshold right now. A nice tailwind is the upgrade from Standard & Poor’s to a BB rating, which will be advantageous to us. That said, the timing in the market to refinance right now is not optimal. Since the war broke out, interest rates have been more on the rise, and we would like to see things settle before we refinance our debt. Our timing is to be active and to have new debt in place at least 12 months before our debt matures in June 2028. We are actively looking and thinking about fixed structures that can increase cash flow back into the business to do more tuck-in acquisitions and return more capital to shareholders. We have a very defined plan, which comes on the heels of tremendous execution deleveraging our balance sheet. We are right where we want to be.

I will now turn the call back over to Paul Davis for closing remarks.

Thank you, operator. Once again, I would like to thank our employees for their hard work and dedication, and also our shareholders, partners, and customers for their ongoing support. Thanks to everyone for being with us today.

Ladies and gentlemen, that concludes today’s call. Thank you all for joining. You may now disconnect.