Good morning, ladies and gentlemen, and welcome to the CVG Q2 2024 earnings conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star, then zero for the operator. I would now like to turn the conference over to Andy Cheung, CFO. Please go ahead. Thank you, operator, and welcome everyone to our conference call. Joining me on the call today is James Ray, President and CEO of CVG. This morning, we will provide a brief company update as well as commentary regarding our second quarter 2024 results. After which, we will open the call for questions. As a reminder, this conference call is being webcast and the Q2 2024 earnings call presentation, which we will refer to during this call, is available on our website. Both may contain forward-looking statements, including, but not limited to, expectations for future periods regarding market trends, cost-saving initiatives, and new product initiatives, among others. Actual results may differ from anticipated results because of certain risks and uncertainties. These risks and uncertainties may include, but are not limited to, economic conditions in the markets in which CVG operates, fluctuations in the product volumes of vehicles for which CVG is a supplier, financial governance, compliance, and liquidity, risks associated with conducting business in foreign countries and currencies, and other risks as detailed in our SEC filings. I will now turn the call over to James to provide a company update. Thank you, Andy. I'd like to turn your attention to the supplemental earnings presentation starting on slide three. Our second quarter results fell short of expectations, with year-over-year declines in revenue and profitability as multiple factors, both internal and external, impacted our performance. Specific to our Electrical Systems segment, construction and agriculture markets, a key driver of growth for that segment, have continued to soften. This is a continuation of the market weakness we experienced in the first quarter of this year, as higher interest rates and lower agricultural commodity prices continue to weigh on a majority of our key customers in this segment. Business margins continue to have FX headwinds and unrecovered economics from several major customers. Additionally, we have also experienced operational inefficiencies within our Vehicle Solutions segment, as we have incurred disruptions during the execution of a significant product launch with a large customer across multiple sites, coupled with activities to optimize our Cab Structures facility in Kings Mountain, North Carolina, as we progress through the sale process. I'll dive deeper into the actions we're taking to strengthen our Vehicle Solutions segment shortly. Despite the challenges we experienced in the second quarter, we took multiple corrective actions to stabilize the losses and position CVG for future success and advanced several key strategic initiatives. First, we executed an agreement for the profitable sale of our Cab Structures business in Kings Mountain, North Carolina. This transaction will serve to streamline and focus our product portfolio. I will cover this in more detail in a moment. We also made progress on our ongoing cost reduction and business optimization efforts. Year to date, we have deployed almost $7 million in restructuring expenses to optimize our cost structure, and we are reducing our headcount by more than 10%. We also continued to drive new business wins in the quarter with approximately $32 million in awards. This brings our year-to-date total to approximately $80 million across all segments. We are updating our 2024 guidance, which we will cover later in the presentation. Turning to slide four. I will highlight the recently announced agreement to sell our cab structures business in Kings Mountain, North Carolina. The sale of cab structures is strategic in nature and marks another milestone in our mission to evolve our business towards a higher growth products and markets in line with our ongoing strategic transformation plan, while simultaneously generating shareholder value. Of note, the sale price of $40 million will help further our debt paydown. In line with our long-term strategy, the sale of cab structures reduces our exposure to the cyclical Class 8 market, lowers our customer concentration, removes complexity from our business, and improves our overall return profile. We will continue to take the best actions to position CVG for future success. Now, moving to slide five. I'd like to highlight our key focus areas for 2024. As I mentioned previously, we are highly focused on proactively continuing to lower our cost structure and improving our operational execution as we navigate a lower demand environment. Our priorities for the remainder of this year are to enhance our electrical systems, operational efficiency, and cost profile, complete the strategic evaluation of our industrial automation segment, and strengthen our vehicle solutions segment, closing on the sale of our cab structures business, and by stabilizing and improving operational execution. As it relates to electrical systems, we are actively executing a restructuring program as our key end markets, particularly construction and agriculture, continue to soften. We have also experienced delayed and slower customer ramp volumes of new business originally scheduled for production launch in 2024.... This includes actions such as further reducing headcount and optimizing plant capacity utilization to stabilize margins and right-size our plant production to match current demand conditions. Our two new low-cost manufacturing sites in Aldama, Mexico, and Tangier, Morocco, provide options to lower our cost in electrical systems. Also, I would like to highlight our efforts within our Aftermarket segment. While we have been facing lower customer demand in recent quarters, we are working to refine our production processes to improve our seat delivery performance and reduce lead times to customers. These efforts should help CVG's wallet share with customers, as our Aftermarket segment remains a key focus area for the company. Finally, within Vehicle Solutions, we are focused on executing a smooth transition of our cab structures business and making required improvements as we prepare to finalize the transaction. We have increased oversight and resources to stabilize the Vehicle Solutions business and offset inefficiencies resulting from program launches, supply chain issues, and unexpected volume changes. To help address the issues in our Vehicle Solutions segment, our team has deployed multiple internal and external support teams to the affected facilities. While this was a significant expense in the quarter, we expect these actions to provide greater stability for the balance of this year as we appropriately position our cost structure for a market rebound in 2025 and beyond. Now, moving to slide six, I'd like to briefly highlight the Navistar Supplier Excellence Award, which CVG received in June of this year. Annually, Navistar recognizes four of its top-performing suppliers based on quality, delivery, cost, and continuous improvement. Navistar is a key CVG customer, and we are delighted to receive the award, and we'll continue to strive to retain this achievement. As a focal point of our customer value proposition, our focus remains on delivering operational excellence and growing together with our business partners and customers. Our team's passion for cultivating strong customer relationships creates an ongoing dividend that is reflected in our new program wins. With that, I'd like to turn the call back to Andy for a more detailed review of our financial results. Thank you, James, and good morning, everyone. If you are following along in the presentation, please turn to slide seven. Consolidated first quarter 2024 revenue was $230 million, as compared to $262 million in the prior year period. The decrease in revenues is due primarily to a softening in customer demand impacting all segments and the anticipated wind down of certain programs in our Vehicle Solutions segment. Adjusted EBITDA was $10 million for the second quarter, compared to $20.8 million in the prior year. Adjusted EBITDA margins were 4.3%, down 360 basis points as compared to adjusted EBITDA margins of 7.9% in the second quarter of 2023, driven primarily by lower volumes, inflationary impacts, and the operational inefficiencies we experienced in Vehicle Solutions. Interest expense was $2.5 million as compared to $2.8 million in the second quarter of 2023. The decrease in interest expense was primarily related to lower average debt balances, offset by higher interest rates on variable rate debt during the respective periods. Net loss for the quarter was $1.6 million, or $0.05 per diluted share, as compared to a net income of $10.1 million, or $0.30 per diluted share, in the prior year. Adjusted net income for the quarter was $2.1 million, or $0.06 per diluted share, as compared to $10.7 million, or $0.32 per diluted share, in the prior year. Moving to the segment results, beginning on slide eight. Our Electrical System segment achieved revenues of $50.2 million, a decrease of 21.2% as compared to the year-ago quarter, with the decrease resulting primarily from lower customer demand and the phaseout of lower-margin business that commenced in the second quarter. We maintain our goal of making Electrical Systems our largest segment and still hold our view of this segment as our area of focused growth. Commentary from OEMs in the end markets we sell into, primarily construction and agriculture, has remained sour as the construction and agriculture markets continue to forecast a steep decline globally for the full year. Still, we continue to achieve new business wins, putting the company in a position to capitalize when end market demand within construction and agriculture markets rebound. Adjusted operating income was $1.9 million, a decrease of $5.8 million compared to the second quarter of 2023. Operating income was negatively impacted by lower customer demand, restructuring costs, labor inflation, and unfavorable foreign exchange impacts. Turning to slide nine, our Vehicle Solutions segment second quarter revenues decreased 8% to $140.9 million compared to the year-ago quarter, due primarily to lower customer demand and the wind down of certain programs within the segment. In addition, we experienced elevated program launch costs for significant new products with a major customer that impacted multiple sites. We also saw throughput challenges in our Cab Structures business, increased freight costs, negative foreign exchange impacts, and labor inflation. As a result of these factors, adjusted operating income for the second quarter was $8.3 million, a decrease of $6.2 million compared to the prior year period. As James mentioned earlier, we have reached an agreement for the sale of our cab structure business, although preparing for the sale resulted in additional expense in the second quarter. We also expect the consolidation of our Chillicothe facility to be completed in the third quarter of this year. We continue to view Vehicle Solutions as a core business, and it remains a focus for our team as we continue to reduce costs, drive further operational improvements, and win new business at higher margins to strengthen our profile. Moving to slide 10. Our Aftermarket and Accessory segment revenues in the second quarter decreased 8.1% to $33.9 million compared to the year-ago quarter, primarily resulting from decreased sales volume on lower customer demand and the drawdown of backlog in the prior year period. Adjusted operating income for the second quarter was $4.7 million, a decrease of $0.8 million compared to the prior year period. The decrease is primarily attributable to lower sales volumes, product mix, and higher labor and benefit costs. On a sequential basis, results in this segment increased in terms of adjusted operating income for the second quarter in a row as we continue to apply our restructuring efforts in this business. Turning to slide 11, our Industrial Automation segment produced second quarter revenues of $5 million, a decrease of 45% as compared to $9 million in the second quarter of 2023, due to lower sales volume resulting from reduced customer demand. Adjusted operating income was a loss of $0.9 million, compared to a loss of $1.7 million in the prior year period. We are in the middle of due diligence process of evaluating strategic alternatives with multiple interested parties. As James already mentioned, we see this process culminating in the second half of 2024. We are quickly acting to balance ourselves through restructuring and headcount reduction efforts to improve our profitability in the face of end market and operational challenges. To date, we have invested $6.8 million in restructuring expenses and have a 10% lower headcount, coinciding with our progress in the strategic evaluation of our Industrial Automation segment. Through taking these efforts, we aim to become a more efficient, agile, and profitable company. On s lide 12, we have highlighted CVG's key end markets, as well as commentary related to the Class 8 heavy truck and Construction and Agriculture sectors, which, when combined, represent almost two-thirds of our company's revenues. Excluding our cab structures and Industrial Automation businesses, our end market exposures are ordered, with increased exposure to the construction and agriculture markets and decreased exposure to the Class 8 markets. Despite the near-term market dynamics, we believe that this exposure focuses on the point of our transformation strategy, which is to strengthen our core Vehicle Solutions business while focusing on a high-growth Electrical Systems business. Shifting now to our key market outlooks. As it relates to ACT's Class 8 Heavy Truck build forecast, 2024 estimates have remained relatively unchanged, with Class 8 truck orders estimated to be down 9%. We continue to expect modestly lower second half production for Class 8 trucks, in line with ACT projections, and expect an acceleration of growth in 2025 and 2026 as the industry is preparing for substantial 2027 emission regulations. On a six-month sequential basis, ACT is projecting double-digit percentage point growth in Class 8 builds each half year, from second half 2024 to second half 2025. Then, as it relates to construction and agriculture markets, our electrical systems business suffer from further deterioration, as a majority of our key customers in the space have seen declines ranging from 15%-20% compared to last year. As a result, the new business that we have won is ramping slower, with the majority of new programs delayed or running at a lower volume. Despite this weakness, we remain focused on pursuing new business and calibrating our current footprint to current conditions. Turning to slide 13, I'll share several thoughts on our updated outlook for 2024. Accounting for recent CVG developments and current market conditions, we are adjusting our quantitative annual guidance at the revenue and adjusted EBITDA level. Industry forecasts are still projecting a decline in North America Class 8 truck builds by approximately 9%. Better than the prior projection of a 16% decline, this positive revision is still offset by a weakening in our construction and agriculture end markets, which is consistent with the commentary we've seen from large OEMs in those industries. Given the confluence of end market demand pressures, we are adjusting our guidance range to $900 million-$960 million in full year 2024 revenues. We are also providing an adjusted guidance scenario, in which we exclude contributions from our cab structure business and the potential industrial automation transaction. A scenario in which we expect a range of $730 million-$780 million in full year 2024 revenues. We believe these strategic actions will position us to benefit as our end markets rebound and streamline our organization. Given the previously mentioned truck build and construction and agriculture market outlooks, combined with execution challenges, we have also ordered our Adjusted EBITDA guidance expectations to the range of $42 million-$52 million for 2024. Our adjusted EBITDA guidance range is $28 million-$36 million, assuming both transactions are finalized. We believe that the alignment of our organization and our internal efforts we have taken to reduce costs and increase efficiencies going forward, will allow us to achieve our revenue and adjusted EBITDA goals. This financial position will also allow us to manage our debt levels. We still maintain our goal of improving profitability through restructuring efforts to cut costs and heighten efficiency, while making other strategic decisions to streamline our organization and rightsize our businesses. We anticipate all of these actions will spur working capital improvements and increase free cash flow as we continue to execute our strategy. That concludes my financial overview and outlook commentary. I will now turn the call back over to James for some additional thoughts on the expected benefits of the key actions we are taking in 2024. Thank you, Andy. Turning to slide 14, I'll reiterate our short-term plan to simultaneously counteract our end market demand declines and improve our operating model. Within Vehicle Solutions, we're counteracting headwinds associated with the key customer product launch and operational inefficiencies that impacted multiple sites through several dedicated actions. These include the consolidation of our Chillicothe facility, which we expect to complete in Q3 of this year, the sale of our Cab Structures business, and deploying both internal and external teams to improve productivity going forward. These efforts should result in a streamlined Vehicle Solutions business, with increased operating leverage moving forward. Within Electrical Systems, the significant dislocation in construction and agriculture end markets, and corresponding slower ramp of new business wins, is being offset by our efforts to reduce headcount, rightsize production, and allocate utilization to our lower-cost facilities. These efforts should result in a new operating model that positions CVG as a beneficiary once these end markets recover. With improved economics as our new business wins ramp up with a lower cost structure than they would have had previously. Within aftermarket, as we mentioned earlier, we remain diligent in our actions to take steps that optimize our internal processes, including seat delivery, performance, and reduced lead times. Taking these productive actions ahead of an improved customer demand environment should prove to be fruitful, similar to actions taken across the company. Our collective efforts are poised to effectively transform our business through our strategic refocusing of our efforts toward our core vehicle business and our high-growth segment, electrical systems. We look forward to reshaping CVG to be a more profitable industry leader and a partner of choice for our customers. With that, I will now turn the call back over to the operator to open up the line for questions. Operator? Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press the star followed by the one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from John Franzreb with Sidoti. Good morning, everyone. Thanks for taking the questions. I'd actually like to start with the delays and deferred revenue that you're experiencing. Can you kind of put that in context, and when would you expect that to catch up? Yes, John, this is James. Thanks for the question, and thanks for calling in. Several customers that we both do business with modify their start of production days as well as their ramp schedules. As you may have noticed with several of the EV OEMs, they have significant delayed ramp-up schedules. You know, some of the major non-electrical vehicle OEMs that have electrical vehicle platforms, as well as electric vehicle OEMs in both light-duty, medium-duty, heavy-duty truck markets... and other delivery van and markets like that. So we don't know for sure when they will get to the original volume that they had telegraphed when we won the business, but we expect, as markets recover, that their ramp schedules will go up. But they don't give us any indication exactly what volumes we'll hit in what time period, post when we are awarded the business. They expect us to have capacity in place and be able to respond to the awarded quoted volume that we won the business at. So we make adjustments when their volumes don't materialize, or when they're delayed or slowed, with our cost structure, but we still have to be ready whenever they ramp up to a point where they're closer to the awarded volumes. Okay. And in a similar vein, you mentioned that there's program wind downs. How much- Yes In revenue was hurt by that process? And is that process completed, and if not, when will it be? Yeah. So each year, when we win new business, some of it is replacing business that's ending. Right. Also, we have programs that we have exited contracts with because it's a different configuration, or we didn't win the replacement business, or it was a non-profitable revenue stream for us. So we intentionally allow that program to end without continuing our work with our customers and OEMs to make sure that we have alignment on a reasonable and consistent exit strategy they're aligned with. We might be able to share a little more from Andy's perspective on quantifying the impact on that. Yeah. So, John, good morning, it's Andy. Right. So the one that I think you are asking about is what we noted in our Electrical Systems segment this quarter, as we indeed have one program related to passenger vehicles in Europe that, back a year ago, when we remember, we have a lot of price negotiation with our customers, and when we discussed that, when we saw business that's not profitable, we will walk away from them. So as you know, that the passenger vehicles tend to have lower profitability, and that's one program that we exited in Europe. It's not so big in terms of the overall company's revenues. It's a low single-digit $ million, but nevertheless, that's something that we committed not to maintain an unprofitable business. Thank you, Andy. And I got to say, guys, that slide about the bridge to the new guy and the old guy, it was very helpful. And I'm kind of curious about two things on that slide. One, were you talking about, and the slide before, you talked about the softening in the ag and the construction markets of 10% and 15%. Are Are you signaling to us that you expect your business to be down in lockstep with global market declines? Or will you be different from that because of new program wins? John, I would say overall, our legacy business will tend to follow our OEM schedules. So we saw them talking about 15%-20% declines in different subsegments of the overall construction and agriculture markets. We clearly have some offset with new programs, and as you can see, our end market exposures in electrical systems, we have the majority of our exposure to the construction and agriculture market, but we also started to have medium-duty trucks and other end markets as well. So those would be a little bit of an offset to the current dynamics. Okay. Okay, I was just trying to get a sense of that. And I don't want to hog this, but I mean, I am curious about how this changes your CapEx budget for the full year and what you're looking to spend for 2024. Yeah. So, as we look towards the next couple of quarters, as the company will remain a business portfolio with the cabs business and industrial automation, our previous forecast of 2%-3% CapEx of revenues will apply. So meaning that as the revenues come down, we'll also see our CapEx coming down in a similar fashion. Okay. Thank you, Andy. Thank you, James. I'll get back into queue. Thanks, John. Once again, if you would like to ask a question, please press star, then the number one on your touch tone phone. We do not have any questions at this time. I will turn the call back over to Mr. James Ray for closing comments. Thank you, operator, and I would like to thank you all for joining today's call. I want to thank the entire CVG team for their hard work and continued focus on executing our long-term growth strategy. We are working aggressively to position CVG as a more durable business. We look forward to executing our transformation strategy, and we are confident we can improve our operating model and sustain a profitable business in the future. Thank you very much. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.