Cognex Corporation

Greetings and welcome to Cognex's second quarter 2019 earnings conference call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Susan Conway, Cognex's second senior director of investor relations. Thank you, Ms. Conway. You may begin.

Thank you and good evening, everyone. With us today are Cognex's chairman, Dr. Bob Shillman, president and CEO, Rob Willett, Vice President and Corporate Controller, Laura MacDonald, and Cognex's Treasurer, Chris Stagna. I'd like to point out that our earnings release and quarterly report on Form 10-Q are available on the investor information section of our website at www.cognex.com. Both contain highly detailed information about our financial results. During the call, we may use a non-GAAP financial measure if we believe it is useful to investors or if we believe it will help investors better understand our results or business trends. You can see a reconciliation of certain items from GAAP to non-GAAP in Exhibit 2 of the earnings release. Any forward-looking statements we made in the earnings release or any that we may make during this call are based upon information that we believe to be true as of today. Things often change, however, and actual results may differ materially from those projected or anticipated. You should refer to our SEC filings, including our most recent Form 10-K, for a detailed list of these risk factors. With that, I'd like to turn the call over to Dr. Bob Shillman.

Thanks Sue and hi everybody. Thanks for joining us. Overall, our Q2 results were in line with our expectations and we were highly profitable. However, it's very frustrating to report a year-over-year decline in both revenue and profits as a result of the current downturn in both consumer electronics and automotive markets. Even so, we're confident about the future of Cognex and the role of machine vision and automation, and it turns out that distribution remains strong, logistics. Right now, I'm in San Diego, and everyone else is at our Natick headquarters, so for more details, I'll turn the call over to my partner, Rob Willett, and I'll remain on the call for any questions you may have of me. Rob, the microphone is yours.