Hi jbeckman524, Welcome!
Yes indeed, that is the Split Leaf Philodendron, a/k/a Tree Philodendron (Thaumatophyllum bipinnatifidum)
. Scientists just recently moved it from the genus Philodendron, to genus Thaumatophyllum. The common names are "Split Leaf Philodendron", "Tree Philodendron", etc. If your plant has been there a long while, I'm not sure why it hasn't produced a stem/trunk. They are common landscape plants here in Florida, we have them in a few places in our yard. We had lots of them growing in the yard at our old house but only one really grew with a somewhat straight trunk; the usual habit is for them to scramble across the ground and they will sometimes put out aerial roots and climb trees. This is the only one I've ever had that grew in a more upright manner and I removed the lower leaves along the stem to give it a Palm like appearance.
I sometimes remove the lower leaves, especially any that are laying flat on the ground. All of my plants have the lower growth habit where the stem/trunks are laying on the ground and I still remove lower leaves of the ones alongside the house, to tidy them up a bit but I won't venture into the area where they are growing on the other side of the fence because I worry about snakes being in there.
The protrusion you are seeing on your plant might be the sheath of a new leaf that has yet to unfurl or it could possibly be the bloom, which is the green and white spathe that encloses the white spadix. Here are photos of a new leaf unfurling in photo on left and the bloom (which consists of the green spathe and white spadix):
If you click the blue link I provided, it will take you to the plant in our database where you will find growing information many more photos.