Bel Fuse Inc.

Good morning and welcome to Belfu's fourth quarter and full year 2023 earnings call. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference call is being recorded. I would now like to turn the call over to Jean Marie Young with three part advisors. Please go ahead, Jean.

that will be considered forward-looking statements under federal securities laws, such as statements regarding the company's expected operating and financial performance for future periods, including guidance for future periods in 2024. These statements are based on the company's current expectations and reflect the company's views only as of today and should not be considered representative of the company's views as of any subsequent date. The company disclaims any obligation to update any forward-looking statements or outlets Actual results for future periods may differ materially from those protected by these forward-looking statements due to a number of risks, uncertainties, and other factors. These material risks are summarized in the press release we issued after market closed yesterday. Additional information about the material risks and other important factors that could potentially impact our financial performance and cause actual results to differ materially from our expectations is discussed in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K for the fiscal year ended December 31, 2022, and our quarterly reports and other documents that we have filed or may file 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, Crude2Week CFO, and Lynn Hecting, Vice President of Financial Reporting and Investor Relations. With that, I'd like to turn the call over to Dan. Dan?

Thank you, Jean, and good morning, and thank you for joining our call on Q4 and 2023 year end. Last month, Bell celebrated its 75th year of being in business. This is no easy feat in the electronic component business and a testament to the generation of great associates, customers, and partners that we have the privilege of working with. Over the years, we have instilled the four principles of our father's stylists when they first started the company in 1949. We work closely with our customer product development teams. The benefit is collaboration. We enable the company to stay relevant and on the cutting edge of technology. Two, establish and maintain relationship with quality suppliers. Three, provide value to our shareholders. This is always central in our priorities and made possible for building and operating successful businesses. And finally, attract and retain talented associates. Bell has successfully navigated the challenges faced over the years and has stood the test of time by relying on these four principles. 2023, on many accounts, was a challenging year for our industry. Bell was able to perform better than most due to diversity in our end markets and our unrelenting dedication to continuous improvement by our global teams. It was also a transformative year for us as we consolidated four manufacturing sites, sold on a non-core check operation, and divested our former headquarter building and focused on optimizing production and business processes. We finished 2023 with a non-GAAP adjustable net sales, which excluded expedited fees slightly up from 2022 levels, which significantly improved profitability. It was also a year of record cash flow generation. This enabled us to explore a variety of ways to invest in the business and return capital to our shareholders. As announced in our morning release, the Board of Directors had authorized a new program where we purchased up to $25 million of the company's outstanding shares in the open market. Privately negotiated or block transactions otherwise in accordance with applicable laws and regulations of the SEC, including rule 10B-18 of the Exchange Act. Additional details regarding the stock repurchase program are contained in the 8K that was filed yesterday. Despite the many wins of 2023, we're not able to be as inquisitive as we were given the limited availability of viable targets. As we look to 2024, I'm excited about the road ahead. While it's expected that the year will be off to a slow start, as consistent with the broader segment throughout our industry, we do believe the second half of the year looks promising, assuming inventory levels in the channel normalize. With our previously announced facility consolidations behind us, we enter 2024 with a much more efficient core structure, which will serve us well, especially with the current sales level of our magnetic business. Turning to the management team, we announced last month that Steve Dawson was taking the helm of our power group upon Dennis Atkins' retirement in July. Steve came to Bell through his acquisition of Power One Business from ABB in 2014 as an integral part of our turnaround story over the power segment in recent years. I've worked side-by-side with Dennis and the team for the past decade, coupled with his technical background and industry experience. Steve brings the right mix of continuity and fresh perspective to the role. I'm very excited to have him stepping up this summer as part of our going forward executive team. After that, I turn over the call to Lynn to give us a financial update. Lynn?