Bel Fuse Inc.

Good morning, ladies and gentlemen. Welcome to the Belfu's second quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to Jean Marie Young with three-part advisors. Please go ahead, Jean.

Thank you, Bikram, and good morning, everyone. Before we begin, I'd like to remind everyone that this conference call contains certain forward-looking statements regarding the company's expected operating and financial performance for future periods. These statements are based on the company's current expectations. Actual results may differ materially from those expressed or implied by these forward-looking statements, due to a number of risks and other factors. Additional information about factors that could potentially impact our financial results is included in yesterday's press release and is discussed in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and our subsequent quarterly reports and other filings with the SEC from time to time. We may also discuss non-GAAP results during this call and reconciliations of our GAAP results to non-GAAP results have been included in our press release. Our press release and our SEC filings are all available at the IR section of our website. Joining me on the call today is Dan Bernstein, President and CEO, Fruit2Week CFO, and Lynn Hutkin, Director of Financial Reporting. With that, I'd like to turn the call over to Dan. Dan?

Thank you, Jean, and thank everyone for joining our call today. I'm delighted to report we achieved record-breaking results for the second quarter in many categories. Revenue, adjusted EBITDA, bookings, and backlog were all at the highest level in Bell's history. And we would have to look back to 2015 to see comparative adjusted EBITDA results. This new milestone for Bell was delivered by our entire team and all three of our product groups. Commercial aerospace continued to rebound with $7.8 million in sales, up 43% for the same period last year, and up 26% sequentially. The EV and market sales were up 6.7 million, or 89% from the same period last year, and up 13% substantially. Power and Mennonetics continued to perform well, and with margin improvement due to the strategic initiatives we implemented over the past year, revenue generated from our distributor partners grew 10.8 million, or 23% over the same period last year. Connectivity margins are currently compressed due to the initial costs associated with ramping commercial error. Additionally, we had $9 million of revenue related to raw material expedite fees this quarter, where the overwhelming majority came from through our power segment. Although this is largely a pass-through with minimum administrative markup, this does have a negative impact on our margin. While this is an unusual source of revenue, we do expect this to continue in the near term until supply issues are stabilized. The supply chain continues to be constrained, impacting raw material availability, freight, and logistics, but that seems to be the new normal that every business is having to deal with. I'm very proud of our team and the contributions that drove this record-breaking performance, and I'm confident that we will continue our momentum throughout the remainder of the year. I would like now to turn the call over to Lynn to provide full financial update. Lynn?