Caesarstone Ltd.

Greetings and welcome to the Caesarstone First Quarter 2019 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 conference over to your host, Brad Cray, Investor Relations.

Thank you, operator, and good morning to everyone. I am joined by Yuval Dagim, Caesar Stone's Chief Executive Officer, and Ophir Yakovian, Caesar Stone's Chief Financial Officer. Certain statements in today's conference call and responses to various questions may constitute forward-looking statements. We caution you that such statements reflect only the company's current expectations and that actual events or results may differ materially. For more information, please refer to the risk factors contained in the company's most recent annual report on Form 20F and subsequent filings with the Securities and Exchange Commission. In addition, on this call, the company will make reference to certain non-GAAP financial measures, including adjusted net income, adjusted net income per share, adjusted gross profit, and adjusted EBITDA. The reconciliation of these non-GAAP measures to the most directly comparable GAAP measures can be found in the company's first quarter 2019 earnings release, which is posted on the company's investor relations website. Thank you and I would now like to turn the call over to Yuval. Please go ahead.

Thank you Brad and good morning to everyone. We are excited to share with you today the news about our Global Growth Acceleration Plan. The intention of this plan is to oversee an improved allocation of our resources while positioning ourselves more efficiently for sustainable accelerated growth. In the last decade, We have grown at a fast pace thanks to passionate and energetic teams. This was a truly remarkable achievement for us. With much larger business today, we have set out to optimize our global structure to operate more efficiently and improve scalability for new growth opportunities. We anticipate that the initiatives and actions taken through our Global Growth Acceleration Plan will empower us to achieve our 2019 goals and we expect to see further contributions from this multi-year plan over time. The actions include expansion of our sales force in the U.S. while significantly improving our logistics distribution network, technological infrastructure and processes. Cost rationalizations including headcount reduction announced today that will enable a redirection of resources to be invested back into the business. Investments in product innovation to enhance our portfolio of premium product offerings and more efficient management of our go-to-market, supply chain, and production processes. Globally, we will reduce our headcount by approximately 7% across all business units and functions, mostly in the U.S. Our headcount reduction measures are intended to move and Silverstone towards a more efficient, lean and agile organization. Also, as part of these headcount reductions, we are temporarily reducing the effective capacity of our U.S. manufacturing facility by 50%, which should provide for increased production efficiency and reduce inventory levels. We are confident that this facility will have meaningful contribution to our business over the long term. In line with our focus to bring the best talents to our team, we have announced global leadership changes to strengthen our company's marketing efforts and drive technological transformation. These include the appointment of new Global Chief Marketing Officer and Chief Information Officer, who are both expected to join our company in the next couple of months. Technological and digital investments will be geared towards operational enhancements such as inventory management and production along with improvement of our go-to-market tools. One of our forward initiatives will be to expand our U.S. sales force over the next months by approximately 15-20% or 20-30 people. The emphasis will primarily target large metropolitan areas where our presence has been underrepresented in the past. Beyond currently identified opportunities, we are actively pursuing additional avenues to accelerate growth and generate better results through this multi-year plan. While some of these actions will contribute to our 2019 results, we recognize the majority of actions will benefit results over the long term. These changes and enhancements should allow us to generate greater value for our shareholders in the coming years. I look forward to updating you further on our progress next quarter. With that, let me turn the call to Ofer, who will provide details on our results and outlook.