Cognex Corporation

Greetings and welcome to the Cognac's first quarter 2025 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, please press star zero on your telephone keypad. It is now my pleasure to introduce your host, Gria Aviv of Investor Relations. Thank you. You may begin.

Thank you, operator. Good morning, everyone, and thank you for joining us. Our earnings release was published yesterday after market closed, and our 10Q was filed this morning. On today's call, we will refer to materials available on our investor relations website. We are joined here today by Rob Willett, our CEO, Matt Moschner, our president and COO, and Dennis Baer, our CFO. Today, we plan to share several key messages with you, including the CEO transition announced yesterday, our new five-year strategic objective, our performance in the first quarter, and our expectations for the second quarter. After prepared remarks, we'll open the lines for Q&A. Both our published materials and the call today will reference non-GAAP measures. You can find a reconciliation of certain items from GAAP to non-GAAP in our press release and earnings presentation. Today's earnings materials will contain forward-looking statements including statements regarding our expectations. Our actual results may differ from our projections due to the risks and uncertainties that are described in our SBC filings, including our most recent form, NK. With that, I'll turn the call over to Rob.

Thanks, Greer. Hello, everyone, and thank you for joining us. I am pleased to announce that Matt Mosher, President and COO will succeed me as CEO effective June 27th. While this may seem fast, I can assure you this transition is the culmination of a thoughtful multi-year succession planning process with our board of directors. Over the past five years, we have focused on developing and preparing a number of leadership candidates. And it's very clear to me and the board that Matt is absolutely the right leader to see Cognizant through its next phase of growth. As you can see on page three of the earnings presentation, Matt has been a Cognoid since 2017. Throughout that time, Matt has successfully navigated a range of challenges and growth opportunities, which proved his readiness to assume the CEO role, including successfully leading our engineering organization, overseeing our logistics growth strategy, and managing the successful global integration of Moritech, the largest acquisition in company history. Matt also led our supply chain recovery efforts in 2021 and 2022, addressing formidable challenges including COVID disruptions, chip shortages, and a fire at our key contract manufacturer. I am honored to have served Cognix and our shareholders as only the second CEO in our company's 44-year history. Since I joined, we have grown revenue from $175 million in 2009 to over $900 million in 2024, while supporting a strong culture of innovation. This is the right time for me to retire from my successful tenure as CEO, and I look forward to continuing my role on our board and advising Matt in his new position. Let me now turn the call over to Matt. to give you a preview of our new five-year strategic objectives.