Cognex Corporation

Greetings. Welcome to the Cognex first quarter 2020 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. Please note this conference is being recorded. I will now turn the conference over to your host, Susan Conway. You may begin.

Good evening, and thank you for joining us. I'm Susan Conway. Senior Director of Investor Relations. I hope everyone is faring well and staying healthy. Joining us today are Cognex's Chairman, Dr. Bob Shillman, President and CEO, Rob Willett, and Chief Financial Officer, Paul Todgen and his team. I'd like to point out that our earnings release and quarterly report on Form 10-Q are available on our Investor Relations website at www.investorrelations.com. Cargnex.com forward slash investor. 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. For a detailed list of risk factors, you should refer to our SEC filing, including our most recent Form 10-K and our Form 10-Q filed tonight for Q1. Now, I'd like to turn the call over to Dr. Bob.

Thanks, Sue, and hello, everyone. Welcome to our first quarter of 2020 earnings calls. Tonight, Cognix announced results for Q1 of 2020, which are pretty good. But one quarter doesn't tell the whole story. After a challenging year in 2019, we were looking forward to improved macroeconomic conditions in 2020, but all of that has changed in recent weeks. And like many other companies, we are now preparing for difficult days and perhaps months ahead due to the restrictions that governments around the world have placed on travel, and on their businesses and on their citizens. At a time like this, our strong balance sheet with 845 million in cash and investments and having no debt provides us with the breathing room and flexibility that many other companies just do not have. And because of that, we will be able to continue our long-term product development efforts, which should enable us to emerge from this crisis and even a stronger competitive position than we held in the past. Right now, we're all participating remotely on this call. For further details on the first quarter and for a high-level view of our plans in the current challenging environment, I'll turn the call over to my partner, our CEO, Rob Willett. Rob, the microphone is yours.