Resideo Technologies, Inc.

Ladies and gentlemen, at this time, I'd like to welcome everyone to the Resideo third quarter 2024 earnings. Today's call is being recorded. All participants will be in a listen-only mode until the formal question and answer portion of the call. It is now my pleasure to turn today's call over to Mr. Jason Willey, Vice President of Investor Relations. Mr. Willey, you may now begin.

Good afternoon, everyone, and thank you for joining us for Residio's third quarter 2024 earnings call. On today's call will be Jake Geldmacher, Residio's chief executive officer, Mike Carlett, our chief financial officer, Rob Arns, president of Residio's ADI global distribution business, and Tom Saran, president of our products and solutions business. A copy of our earnings release and related presentation materials are available on the investor relations page of our website at investors.residio.com. We would like to remind you that this afternoon's presentation contains forward-looking statements. Statements other than historical facts made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Residio's filings with the Securities and Exchange Commission. The company assumes no obligation to update any such forward-looking statements. We identify the principal risks and uncertainties that affect our performance and our annual report on Form 10-K and other SEC filings. With that, I will turn the call over to Jay.

Thank you, Jason, and thanks to everyone for joining us today. I'm pleased to report strong third quarter results, including organic growth from both products and solutions and ADI. We execute well on our key strategic initiatives and new product introductions across the business. Both products and solutions and ADI generated mid-single-digit year-over-year organic revenue growth in the quarter, not including the impacts of the divestiture of Genesis and the acquisition of SnapOne. This is the first quarter both segments achieved year-over-year organic revenue growth since the second quarter of 2022. Our business achieved this growth in a mixed global macro backdrop. though there are a number of positive indicators, such as improving interest rate environment and an uptick in new home sales in the United States. There are still some market headwinds, such as continued softness in the existing home sales in the United States and weakness in the EMEA market. Total company gross margin expanded by almost 200 basis points year over year, driven by the continued gross margin expansion in products and solutions, and the positive contribution from Snap One within ADI. And we finished the quarter with total adjusted EBITDA of 190 million, up 29% year over year, delivering profitability above the high end of our outlook range. I am pleased with the team's efforts in the quarter. Before I hand it off to Tom and Rob to speak more about the underlying drivers in their businesses, I want to call out two items that I'm particularly excited about. First, The integration of SNAP-1 into ADI is advancing very nicely. We've made good progress on our synergy efforts with a focus on melding our cultures while reducing redundant expenses. We continue to target 75 million of annual run rate synergies exiting 2026 and are well on track to achieve 12 million of synergies in 2024. Second, we are seeing momentum with our new offerings from products and solutions in the market. starting with our Focus Pro series of thermostats. This is consistent with our ongoing focus to introduce a regular cadence of new products and drive future innovation in key categories. Let me now turn the call over to Tom, who will provide additional details on the third quarter and around exciting new product pipeline the products and solutions team is executing on.