Good day, everyone. Thank you for standing by. And welcome to the Xperi 4th Quarter and Full Year 2024 Earnings Conference Call. During today's presentation, all parties will be in listen-only mode. Following the presentation, the call will be open for the questions. I would now like to turn the call over to Catherine Moyari from Xperi's Marketing and External Communications Department. Catherine, please go ahead.

Good afternoon, and thank you for joining us as Xperia reports its fourth quarter and full year 2024 financial results. I'm filling in today for Mike Iberg, Xperia's Head of Investor Relations, who is unable to be with us today. With me on today's call are John Kirshner, Chief Executive Officer, and Robert Anderson, Chief Financial Officer. In addition to today's earnings release, there is an earnings presentation which you can access, along with this webcast, on our Investor Relations website at Investor.Experry.com. Before we begin, I would like to provide a few reminders. First, I would like to note that unless otherwise stated, all comparisons are to the same period in the prior year. Second, today's discussion contains forward-looking statements about our anticipated business and financial performance 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 factors and MD&A sections in our SEC filings, including our most recent Form 10-K and 10-Q, and our Form 10-K for the year ended December 31, 2024, to be filed with the SEC. 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. Third, we refer to certain non-GAAP financial measures, which are detailed in the earnings release and accompanied by reconciliation 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 Xperia CEO, John Kirchner.

Thank you, Catherine, and thank you everyone for joining us on our fourth quarter and full year 2024 earnings call. We closed the 24 fiscal year on a strong operational note, making significant strides in our independent media platform strategy across the media platform, pay TV, and connected car markets. From a financial standpoint, we're pleased with the progress of our business transformation and its impact on profitability as we navigate a challenging market environment across our core business. Robert will walk you through the details in just a moment, but let me first touch on a few financial highlights. Revenue in the quarter was $122 million, up 2% from the prior year after adjusting for the divestitures of AutoSense and Perceive. Adjusted EBITDA was $23 million for the quarter, or 19% of revenue, compared to $13 million in the prior year quarter. This growth continues to demonstrate the progress of our business transformation efforts, which for the full year yielded an adjusted EBITDA margin of 15%, more than doubling year over year. From a balance sheet perspective, we finished the year with $131 million of cash and equivalents, which we believe provides solid operating liquidity as we look ahead. Also, we recently completed the refinancing of our $50 million of outstanding debt due this July through a new three-year facility. Looking forward, we remain focused on our three growth solutions where we see strong potential and differentiation. differentiation. These are connected TV advertising, where we offer our TiVo One monetization platform that monetizes ad-supported viewing, viewership data, and home page engagement across smart TVs powered by TiVo and TiVo video over broadband devices. In-cabin entertainment, where DTS Auto Stage combines radio, internet metadata, and video to enhance the automotive experience while enabling long-term monetization through licensing fees, upselling features, advertising, and data. And TiVo Video Over Broadband, where we offer an industry-leading content-first streaming platform for our customers' IPTV linear video households, as well as broadband-only households, where revenue is primarily generated by monthly subscriptions. We expect each of these markets to continue to grow rapidly over the next several years. As evidenced by our progress during this past year, we believe we are increasingly well-positioned to grow our revenue as our footprint in these markets expands over time. Consistent with past communications, our multi-year goal is to drive meaningful revenue growth from over 20 million monetizable endpoints in home and in the car. We've now updated this slide to reflect progress through 2024. for. Breaking this down in terms of monetization, in homes across Europe and North America, our goal is a monetizable footprint of at least 7 million active devices, generating 170 million or more of revenue. Additionally, we increased our goal to over 3.2 million IPTV households, contributing over 120 million dollars of revenue. Lastly, we've increased our footprint goal on DTS Auto stage to over 15 million cars, producing over 20 million in revenue. In summary, we expect that achieving these monetizable endpoint goals, along with building out our monetization platform, would enable Xperia to generate significant growth in 26 and beyond from these categories relative to 2024. Now let me walk you through some of our recent achievements that reflect our progress, as well as outlining what steps we expect to take in 2025. For TiVo OS, we've now exceeded our goal of over 2 million activated devices across Europe with deployments in each of the five major countries of UK, France, Italy, Germany, and Spain. Importantly, our partner Sharp Home Electronics Company of America started shipping TiVo-powered TVs into the U.S. market at the end of 2024, and these TVs are now available at certain U.S. retailers. As an example, Sharp's QLED 4K 55-inch TV powered by TiVo can be found at certain retailers priced as low as $299. We also finished the year with eight TV partners, with Thompson now named as our latest partner, exceeding the year's goal of at least six. Notably, several of our partners are top 10 global TV manufacturers. We began to deploy our TiVo One ad platform during the quarter, which is our cross-screen ad platform for maximizing engagement and monetization on TiVo's independent media platforms, whether in the home or in the car. TiVo One is relevant not only on smart TVs powered by TiVo, but also on TiVo IPTV-based video-over-broadband boxes which are connected to and power the user interface of smart TVs. The two platforms are built on a common TiVo best-in-class experience and further offer the benefit to advertisers of being reachable through a common ad platform. This advances our goals of providing an extraordinary end-user experience on smart TVs along with a highly scalable platform for our advertising and monetization partners as they look to engage with unique audience segments across our footprint, drive viewership, expand, reach, and seek flexible advertising solutions. Taken together, the combination of our footprint growth and harmonization of our smart TV and video over broadband footprint through the TiVo One ad platform is expected to set the foundation for monetization growth as we move through 2025. One important ad unit that delivers unique reach and brings a valuable presence is the homepage across connected TVs. Advertising clients recognize that the homepage is a key, common, and frequent touchpoint in the consumer entertainment journey as they seek to find, watch, and enjoy the content they love. Overall, it was a positive quarter of execution for our independent media platform strategy and we look forward to beginning to turn the corner on monetization growth as we progress through the year. Our connected car business saw continued footprint momentum during the quarter. For DTS Auto Stage, we now have a footprint of over 10 million vehicles, which exceeds our original goal of 7 million. Additionally, by adding a Japanese automotive brand in the quarter, we met our goal of three incremental DTS Autostage design wins, including one that included video service powered by TiVo. Several new models of Autostage launched in the quarter from six brands, including BMW, Hyundai, Mercedes, and Nissan. In our HD radio business, our technology is now implemented in more than 110 million vehicles, with penetration approaching 60% of new vehicles in North America. In the quarter, more than 15 automotive brands launched new model lineups with HD radio, including Mercedes-Benz, Aston Martin, Hyundai, Toyota, Honda, Audi, and Tesla. Additionally, during the quarter, we signed several DTS Audio multi-year minimum guarantee agreements, ensuring the use of our technology over the next several years. Within the pay TV business, our video over broadband, or IPTV solution, continues to make steady progress. ending 2024 with 2.6 million IPTV subscriber households, exceeding our year-end goal of 2.4 million. We signed seven new TiVo broadband customers in the fourth quarter of 2024, exceeding our goal for the year and bringing the total number of operators committed to our broadband-only solution to 20. This growth in IPTV subscribers and its related revenue helped to offset the secular decline from our core pay tv solutions turning to consumer electronics we closed several long-term dts renewals with our customers including harman and yamaha these illustrate the durability of our core audio technologies even in an environment where there is meaningful macro uncertainty additionally at ces 2025 dts clear dialogue won three technology and innovation awards from industry-leading publications. We are well underway with commercialization efforts with OEMs while building the IC ecosystem to support the rollout of the product. We've accomplished a lot over the past year in terms of building critical footprint across our growth segments, either meeting or exceeding all key platform growth milestones communicated at the beginning of the year. We believe these milestones are validation of our independent media platform's value proposition to our customers, and further demonstrate how Xperia is working to enhance the way people discover, watch, and enjoy their favorite content in the home and on the go. In addition to driving footprint growth, our focus going forward will be to activate TiVo1, our connected monetization platform across smart TVs, video over broadband devices and connected cars. As we turn to 25, let me provide a few business metrics we'll be using to gauge our progress this year. Thus far, our focus has been on gaining critical mass in terms of initial footprint, and hence we've provided the number of activated devices to find its new users initiating first use of the platform. Going forward, our focus will turn to monetizing this footprint, so we will soon start reporting active users connected to our TiVo1 advertising solution defined as users that have been active by engaging at least once with our platform over the trailing 30-day period. With this background, we aim to achieve the following goals as we exit 2025. In media platform, we have three primary goals. Drive more than 5 million active TiVo 1 devices across Europe and North America. Exit the year with an average ARPU above $10 and sign at least two additional smart TV partners bringing our total to 10. In PayTV our goals are to activate TiVo 1 across the North America video over broadband footprint and exit the year with at least 3 million IPTV subscriber households. In Connected Car, We target to exit the year with a DTS auto stage footprint of over 13 million vehicles and to initiate monetization on certain auto stage vehicle platforms in North America. By delivering on these goals, we expect to generate meaningful revenue growth for media platforms, connected car, and IPTV in 2025. For this year, we anticipate this growth will be offset by declines in our core business. However, due to continued business transformation efforts, we expect improved profitability and cash flow. As we turn the corner on our expected larger monetization footprint exiting 2025, we anticipate media platform growth to outpace core business declines, resulting in meaningful top-line revenue growth, continued margin expansion, and increased cash flow. With that, I'll turn the call over to Robert to discuss our financials. Robert? Thanks, John.

I'll be covering two main areas during this call. First, I'll go through the financial results for the quarter and the year, including commentary on the results. Second, I'll provide financial outlook and commentary for fiscal 2025. Beginning with the quarter's results, total revenue for the fourth quarter was $122 million, dollars, down 11 percent from last year's $137 million, but up 2 percent when adjusting for the auto cents and perceived divestitures. PTV, our largest revenue category, was down 8 percent as strong growth in IPTV, which was up 35 percent, was more than offset by a decline in our core PTV business, partly due to the timing of certain revenue in the prior year's fourth quarter. Consumer Electronics was up 2% when excluding the Perceive and Autosense divestitures. This growth was due, in part, to year-over-year strength in unit volumes for game consoles. Connected Car was up 9% as reported and up 42% when excluding the divested Autosense business from the numbers. This significant underlying growth was due to certain minimum guarantee deals for the legacy audio technologies that were closed in the quarter, for which the company recognizes most of the revenue up front. Media Platform was down 15% due to a year-over-year decline in a large linear ad campaign buy from a repeat customer whose budgets changed due to market conditions, as well as certain minimum guarantee deals associated with our middleware products in the prior year period for the full year 2024 revenue was down five percent as reported but essentially flat year-over-year when excluding the auto sense divestiture looking at the year-over-year trends in pay tv we saw overall growth of six percent due to continued expansion in iptv as expected coupled with better than expected revenue and core pay TV from several multi-year agreements signed during the year for which revenue was recognized upfront. Some of these agreements relate to certain segments of our historical guides business where the opportunity existed to lock in meaningful value and certainty. Consumer Electronics was down 27% excluding the AutoSense and related imaging divestiture. This decline was in line with expectations due to the revenue recognition of certain multi-year minimum guarantee renewals that occurred in 2023. Connected Car was up 29%, excluding AutoSense, due to several multi-year DTS audio agreements during the year, along with growth in the HD radio business. Media Platform was down 17% year-over-year, primarily due to a decline in linear TV advertising revenue from a unique initial ad buy-in, as well as middleware revenue from minimum guarantee agreements, both of which occurred in 2023. Further, Media Platform received little benefit from monetization revenue during the year due to partner delays that impacted our footprint in 2024. Late in the year, these issues were eventually addressed, and we now have achieved our goal of 2 million activated devices. Before proceeding to the income statement, I'd like to take a moment and provide a revenue view of 2024 that accounts for the divestiture of Perceive, which occurred at the very beginning of the fourth quarter. In the accompanying presentation, the top table shows our revenue by market as reported. the bottom table shows numbers that remove the perceived revenue of approximately $5 million that was recorded within the consumer electronics category. These adjustments create a baseline for 2024 revenue of $488 million, which we will use for relative comparison purposes as we post revenue numbers during 2025. Turning now to the income statement, our non-GAAP adjusted operating expense for the quarter, excluding cost of revenue, was $78 million, down 20 million, or 20%, from the prior year, primarily due to personnel savings from business optimization efforts, and also from cost reductions from the divestitures. Our adjusted EBITDA was $23 million, resulting in an adjusted EBITDA margin of 19%. After accounting for tax and interest expense, our non-GAAP earnings per share was $0.39. Non-GAAP tax in the quarter was $1 million, which was lower than planned due to a valuation allowance reversal during the quarter at one of our European subsidiaries. For the full year, adjusted EBITDA was $74 million, or 15% of revenue, more than doubling last year's adjusted EBITDA margin. Turning to the balance sheet, the company ended the year with $131 million of cash and cash equivalent, with the $58 million cash increase in the quarter being driven by $68 million of proceeds from the sale of Perceive in October, balanced by $10 million of common stock repurchases that were executed in the quarter. For the full year, the company repurchased $20 million worth of common stock for 2.2 million shares at an average price of $9.23. As John noted earlier, we recently completed a financing arrangement with PNC Bank for a $55 million line of credit backed by our accounts receivable assets. This line has a three-year term, with our borrowing rate is currently one month SOFR plus 190 basis points. Assuming all borrowings accrue interest at the current SOFR rate, along with the amortization of upfront costs related to setting up the arrangement, we currently expect our all-in borrowing rate of approximately 7.5 percent. With the completion of the financing, we paid down our existing 50 million of debt with 10 million of cash and 40 million from the new receivables backed line looking at operating cash flow for the year we had a usage of 55 million dollars consistent with our updated guide for the year moving now to our outlook for 2025 we are providing the following information and commentary we expect full year revenue to be in the range of 480 to 500 million dollars at the midpoint this represents level to possibly modest growth over a normalized 2024. Revenue is expected to have a slightly heavier weighting toward the back half of the year relative to 2024, with Q1 being the lowest quarter of the year. Within the markets we serve, we expect significant growth in media platform from an increase in advertising revenue from the expanding Teva OS and connected TV We expect consumer electronics and connected car to be relatively consistent with 2024 due to broader macroeconomic uncertainty. Lastly, we expect a year-over-year decline in pay TV revenue as growth in IPTV is expected to be more than offset by poor pay TV revenue decline due to industry declines and the impact of multi-year classic guide to minimum guarantee arrangements that occurred in 2024. For adjusted EBITDA margin outlook, we expect a range of 16 to 18 percent, up from 2024 due to cost transformation work and the positive impact of divestitures that were completed during 2024. For the year, we expect operating cash flow to be slightly positive. On other items, we expect non-GAAP tax expense to be approximately $20 million and capital investments of approximately $20 million. Also, from a GAAP perspective, we expect stock-based compensation expense for the year to be approximately $50 million, down meaningfully from 2024. for. Basic and diluted share count is expected to be approximately $46 million. That concludes our prepared remarks. Let's now open the call for questions. Operator?

Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star 1 on your telephone keypad to raise your hand and join the queue and if you would like to withdraw your question simply press the star one again if you are called upon to ask a question and listening by loud speaker on your device please pick up your handset and ensure that your phone is not on mute when asking your question again please press star one to join the queue your first question comes from the line of Jason Crayer of Craig College. Your line is now open.

Great. Thank you. This is Cal on for Jason. Maybe to start, good to see you guys hitting some of the footprint goals that you had laid out. So I guess just looking ahead, how do you think about with TiVo OS in particular, how do you think about balancing adding new OEM partners versus growing more volume and getting more activated devices with your existing partners?

I think we certainly intend to do both uh cal the first um you know the first couple of quarters of experience with these partners is that they're getting good feedback uh on the units from a customer satisfaction and use perspective and so you know i think you know we'll continue to work to you know expand let's call a chair of production you know with our partners but at the same time we still have a pipeline of others that we're we are working with that have an interest in potentially joining the platform, and I think that'll be just, you know, incrementally positive as we look to ramp, particularly over the next year or two, to an even bigger and broader footprint.

Great. And then maybe to follow up, you know, just kind of looking at the TiVo1 platform that you guys are talking about in the rollout, just kind of wanted to get some high-level thoughts on how you're thinking about ARPU, how you're thinking about the trends that you're seeing early on in North America versus Europe and, you know, getting to that greater than $10 in ARPU figure, you know, how much of that is dependent on scaling more North American devices that likely have a higher ARPU profile versus some of the European footprint that you already have in the market?

Fair question. I think, you know, naturally will be a combination of both. I think we start out the year, you know, at lower ARPU numbers, and I think it'll ramp through the year is, as we said, looking to exit north of $10. I think one of the things to appreciate about the TiVo One ad platform is it, you know, it's a common platform. And as we have begun to roll out that backbone onto our video broadband devices, you know, you instantly have a U.S. footprint that is actually tied into the same network. So a way to think about the universe of addressable units to drive ultimately ad monetization is it's a combination of TVs with TiVo OS, which at this point are heavily Europe-centric, coupled with video-over-broadband based boxes connected to TVs that are also powered by that TiVo One interface. And one of the things we know about our various video-over-broadband customers is that they watch naturally a lot of TV, so there's going to be, you know, there's going to be a fair amount of use. And I think it's the combination of those two things that actually, you know, allow us to not only have confidence as the footprint grows, but to be able to benefit from, you know, let's call it the more robust ad market in the U.S., coupled with what is emerging and growing, of course, in Europe and different territories.

Thank you, Cal.

Your next question comes from the line of Stephen Frankel of Rosenblatt. Your line is not open.

Good afternoon, John. Last quarter, you spoke about some TiVo OS smart TVs where the launches were delayed, pushed into 2025 from the end of last year.

Could you update us on your insights into the timing of those shipments now? i think we're uh we've we've certainly made up some ground steve some of what we expected to happen let's call it in late summer and early fall you know began to happen uh more robustly right you know as we approach the end of the year and so as we sit here today i think we've got a fairly clear line of sight on a number of partners uh ramping up into the spring and of course starting here in the u.s with with sharp uh where they actually began some shipping to the u.s in December, but those units effectively became available here in the U.S. in February.

Okay, and then I appreciate the year-end growth or goals that set up some accelerated growth in 2026, but what's most important for us to watch as we go through the year? Is it that the ability for TiVo One to drive growth to the media platform business? Is that the critical variable of your success?

Absolutely. I think, you know, over the coming quarters, you know, and it will, there's no doubt it's back half-weighted, but you'll see it start to emerge as well as I think you can, you know, begin to look at active users on the platform because it's the combination of how that number ultimately translates to viewership hours, which, you know, in turn takes you towards the monetization path and our ability over time to continue to work to optimize that. You know, there is a fair amount of optimization that will occur, you know, even on an existing platform of 2 million over time as you're working, you know, working things out to drive the most and best possible experience balanced with monetization. But I think those two things are, you know, continued footprint slash active user growth, as well as beginning to see, you know, that monetization emerge, I think, are the key things, because I think it'll demonstrate that, you know, it's taken a ton of work to get where we are with a footprint in an ecosystem, et cetera, that can begin to turn the crank on monetization, and, you know, it will begin to show here as we work our way through the year.

Yeah, Steve, maybe to put an additional point on that, we expect, you know, with active users, as John described, and the ARPU numbers that we've laid out, we expect each of those metrics to go sequentially quarter over quarter, and our goal is to exit 2025 with more than 5 million active users, and as we mentioned on the call, an average ARPU of over $10. Great.

And the IPTV base today, is this only being monetized in the traditional way with things like local ad breaks?

Or are some of your customers using maybe other ad networks or other vendors to monetize these eyeballs today? uh i would say only in more of a traditional um context steve and i think we've been able to you know and part of what we have designed with our video over broadband solutions is the notion that it would ultimately connect into a common you know ad platform that would give us more flexibility around streaming and home page based um advertising and so i think as we as we're updating, you know, operators and units in the field, that installation base in the U.S. is coming online, and that allows us to begin to, you know, to leverage the benefit of the TiVo1 ad platform.

And is the rev share there between you and the operator similar to what you're doing with the TV manufacturer, or do you have a different set of economics in this market?

I would say there, I mean, certainly there are some differences, Steve, but I think big picture You know, they're not material, as one thinks about, you know, our ability to generate meaningful amounts of U.S.-based ARPU, you know, off these respective, or with these, making it worth their while as well.

Okay, thank you so much. I'll jump back into the queue.

Your next question comes from the line of Hamid Korsad of BWS Financial. Your line is now open.

Hi. I was just wondering, last time, last earnings call, your tone was about negative end markets and not so great clarity. You don't have that commentary today. How much has the market changed for you? How much clarity do you have now that your commentary is a lot much different?

Well, I think some of the uncertainty that existed before still existed. Let's just say it's more evenly distributed, you know, in terms of awareness, you know, things like tariffs, you know, some of the geopolitical. That being said, I think we've moderated our, you know, guidance range as we think about 25. So, you know, no need to continue to, you know, I think as always, right, we learn a little more as we get through Q4, you know, and we, you know, talk to our partners about plans for 25. And as we've gotten, you know, not only more of that information, but I think we've made more progress. I think we've landed at least in a world of, you know, handicapping the risks as well as coming up with a guidance range and what we think is achievable. Obviously, you know, we will see how things go in that uncertainty, whether the environment further improves in ways that, you know, that benefit our customers primarily because that's, you know, where the revenue is flowing from. or if it, you know, or if it just stays, let's call it neutral to where it is today or gets worse, in which case we'll, you know, some of that we've accounted for as we think about the range of outcomes. And, you know, we'll take it one step at a time. But obviously we're all trying to both understand and navigate as best we possibly can.

Looking out to 25, the goal of adding two more TV OEMs or partners, how far along are you on those? So is that a possibility of becoming a source of new revenue, or is that purely just the timing of adding new partners?

I think we are – I think it's fair to say we've got a pipeline in various stages, some of which is pretty well advanced. And for the stuff that's more advanced, if it gets worked out, it's certainly conceivable that it would have some footprint impact in the course of, you know, the back half of 25. um you know but but again the pipeline is more than just stuff towards the end of that we've got other discussions that are earlier stage so and stuff tends to you know to move around as people see our progress i think one of the things i can say you know quite definitively is we have we have both made and demonstrated significant progress now across a wide base of partners um and that you know gets helps others have not only more confidence but ultimately potentially look to us as a, you know, a very viable and attractive alternative in the marketplace as they look to continue to build better business models and ultimately bring the best possible solution to their customers.

Okay. And then Robert, is 2025 going to be a free cashflow positive year? And are you willing to provide any metrics?

Well, what we guided specifically on the call is slightly positive operating cash flow. I think if we finish at maybe the top end of our expectation or have a good year from a cash flow perspective, that could turn free cash flow positive. But I wasn't at the comfort level to guide that specifically.

Your next question comes from the line of Matthew Galingo of Maxim Group. Your line is not open.

Hi, good afternoon. Thanks for taking my questions. Um, can you talk about, um, maybe the steps to roll out TiVo1? Um, is there, you know, uh, significant, you know, negotiation that has to happen with the existing OEMs? Um, or is there execution on pushing, you know, new software to the, um, existing TVs? Just, You know, maybe talk operationally about what that entails.

Well, I would say first that, you know, it's something we have been working on now for, you know, with a vision of how to, if you will, connect together various endpoint devices across home and car. So, you know, the advent of the vision around the platform and how it could be used to address it. I think that, of course, will continue to evolve like all software as we look to make it more real. We are in the process in different ways of deploying it, and depending on where, let's say, smart TVs were in their original release point, you may have some TVs that went out before some of the updates were available for this, and so they're being updated as we speak. And I think we have a lot of experience with working with our partners to get those updates done. And similarly, in some of the IPTV video over broadband areas, there are updates happening there as well to ensure that we can tie into the various trying to do monetization-wise. So I would say it's a fairly ordinary course, in our world anyway, of building software and ultimately getting it updated. Yes, it requires action beyond just our own, obviously, working with partners, but I think we have a pretty well-defined process that's technically really robust on how to get it done across the different categories of products over time.

Got it. Thank you. And then can you – do you have any maybe just updated thoughts on what the competitive environment is in media platform as you're looking to onboard new OEMs? You know, what are you seeing?

Well, I think, you know, the environment remains quite competitive in part because the size of the prize is extremely valuable. And so, you know, I don't think we're seeing, you know, any less competition. I think, you know, there are significant barriers of entry to new entrants. I think we have crossed those barriers, I think, quite clearly at this point with a number of not only partners, but demonstrating the quality of the UX platform, search and discovery, all of the things that we've brought to the game because of decades of experience in the business. So, you know, I think the competitive landscape will continue to play out, but I think the combination of our product with our business model, which is about, you know, highlighting our customers' TV brands, allowing them to participate in the long tail of revenue, having a direct customer relationship, being content first and neutral from an independent media platform perspective, all those things will continue to resonate. Um, so, you know, does that mean it's easy? No, of course, it's very difficult. We're dealing with very large, you know, competitors, but I think, um, I think the strategy that we laid out a few years ago, um, as well as our confidence that we ultimately could, you know, uh, run, run this, you know, uh, broader play, uh, is in fact working, you know, well. And, and I think the most exciting part of it for us is that, you know, you can't begin to see monetization revenue until you start to have footprint in the rest and we accomplished a lot in 24 and we'll begin to see that you know that wheel turn in 25 and as the the concentration if you will or the the size of the installed active user base grows I think it only creates more opportunity through that you know scaling and network effect so you know more to you know obviously more to more to to follow and observe about how the competitive landscape may evolve, but I think, you know, at the current time, I don't think we see a lot of difference in it.

That concludes our Q&A session. I will now turn the conference back over to John Kruchner for closing remarks.

Thanks, Operator, and thanks, everyone, for joining today's call. We're excited about the growth potential for our independent media platform business across home and car over the longer term and are pleased with the improving profitability performance of our business as we navigate the current environment. I'd like to thank our employees for their continued commitment to our business transformation and hard work toward realizing our strategic goals. We look forward to reviewing our Q1 results with you in May. And operator, this concludes today's call.

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