Good day, and welcome to the iAccess Alpha Buyside Best Ideas Fall Conference 2024. The next presenting company is inTEST Corporation. If you would like to ask a question during the webcast, you may do so at any point during the presentation by clicking on the Ask Question button on the left of your screen. Type your question into the box and hit the Send button to submit your question. I'd now like to turn the floor over to today's host, Mr. Nick Grant, President and CEO of inTEST Corporation. Sir, the floor is yours. Thank you, Avi, and thank you all for your interest in inTEST Corporation. I'd like to share our story with you today, and as we do, we will include some forward-looking statements and reference some non-GAAP financial measures. Please see slide two as well as our website for additional information regarding these measures. So, as Avi mentioned, I'm Nick Grant, President and CEO, and with me today is Duncan Gilmour, our Chief Financial Officer and Treasurer of the company. And both been with inTEST, I've been four years, Duncan with a little over 3.5, and we're excited on the journey we're taking this company, and that is to be the supplier of choice for innovative test and process technology solutions. inTEST has been around since the early 1980s and lots of industry knowledge, know-how, expertise, and we're looking to leverage that to really drive sustainable growth going forward and scaling this business to better serve our customers. We operate through three divisions, our Process Technologies Division, Environmental Technologies Division, and our Electronic Test Division, and I'll go into more detail in all three of those shortly. As mentioned, we joined the company back in 2020, and Duncan in 2021. I had the pleasure of working with Duncan in my previous career at ABB. I've worked with large multinational industrial conglomerates throughout my career, driving growth, innovation, and profitable growth for the organizations, and excited to be doing that here at inTEST. Coming in to take this company that had been public since the late 1990s, 1970s timeframe, but really taking it to the next level, transforming inTEST, focusing on diversifying markets, and the targeted markets with strong secular tailwinds for us, expanding our SAM so we can rapidly drive growth, getting the right organization structure, bringing in the right talent, and really unlocking the potential of the company and driving successful M&A activities across the group here to expand our blue-chip customer base. I've been on this journey now for years, and really making some good strides. When I came into the company, as you, if you shift to slide four here, it had a good foundation. The company was known for highly engineered, customer-driven solutions. As I mentioned, industry expertise, know-how is really what differentiate in developing solutions that add tremendous value for our customers. We have worked to diversify the company into targeted markets. Semi is where the heritage of the company initiated for many years, and over time have made good progress penetrating additional markets like industrial, automotive, defense, aero, life sciences, and security end markets there. We have a blue-chip global customer base, a few of them shown there. In 2023, we were top line $123 million with truly a global dispersion of our products, with about 40% in the Americas, a little over 30% in Asia, and the balance in Europe. Shifting to the next slide here. The transformation really centers around the five-point strategy that we've been driving. Nothing too revolutionary here, but really doing the basics and blocking and tackling needed to take this business to the next level, and that's really focused on global and market expansion. This is better serving our customers around the globe, increasing our customer base, and broadening our penetration in the account. Driving innovation is something I pride myself on throughout my career, and really pleased with the progress we're making here at inTEST. Key focus is having robust roadmaps of new product launches that add value, but really technical technology that differentiates from the competition. Service and support, an area that we've made some progress, but more to do in this area, and that's really ensuring we have a customer for life, enhancing our pre-sales as well as after-sale service and support, providing a broader portfolio of aftermarket solutions for our customers, and the teams are working diligently on this. The strategy around talent and culture is where I've spent a lot of time and effort the last four years, and that's moving this business to a performance-driven growth-oriented company, driving accountability and rewarding, you know, the right behaviors throughout the organizations, to really drive this culture of performance. And pleased with the progress we're making. Have brought in a number of key talent individuals across the organization, to fill key roles and to help drive our five-point strategy forward here. And then last but not least in our strategy is strategic acquisitions and partnerships. Pleased with the progress we're making here. We've completed three acquisitions and a product line acquisition since I've joined over the last four years, really building up our capabilities, expanding our footprint globally, and helping to provide better solutions for our customers, and it's an area we'll continue to drive as we move the business forward. The last acquisition we completed was in March of this year, a company called Alphamation, which really a great fit for us, expands our Electronic Test capability. The company is located in Milan, Italy, about 130 employees, and really providing test solutions, Electronic Test solutions for automotive, consumer electronic, and life sciences applications, but predominantly automotive. A big area is in the display, automotive displays, automotive lighting, automotive onboard computing testing solutions for the electronic Tier 1 OEM out there. A great company, very similar to us, an engineering organization, and bringing some great talent into us. Nice growth path they've been on, and they are well positioned within the Tier 1 automotive electronic suppliers out there. So the customer base that we look to do more with our broader solutions across inTEST. So Alphamation really complement inTEST in many ways, fits consistently across our five-point strategy. It's strategic fit from our expanding our Electronic Test and automation capability and expanding the footprint in Europe, deepens our reach into our targeted auto, EV, life sciences markets there. Provides some great engineering talent for us, and is a business that we believe we can scale with the right investments going forward, so those are the kind of companies we look for, and real excited about having these folks be part of inTEST here for the coming up on two quarters now, and what they've also done is helped to expand our serviceable addressable market here, and as you can see right now, we estimated a little over $2 billion across our three divisions and businesses that we have. Breakdown by technology is shown there. And really opening up a bigger part of this market as we drive more configure-to- order solutions versus engineer- to order solutions, more standardization, more common components, broader automated solutions capabilities, all expanding our addressable market here. So pleased with where we are on being able to drive growth across our end markets with the right technology. As we look at our end markets, you can see a breakdown, a concentrated effort we've made to diversify the company. When I started in 2020, over 2/3 of the business was exposed to primarily back-end semi test. Over time, we've, we've grown our semi business, but we've also drive greater diversification in these key target markets I mentioned, both organically and through acquisition, to lessen our dependency on the semi market. You can see we're, we're expecting semi to still be, you know, 40%-45% of our overall sales, but larger presence in defense, aero, automotive, and industrial markets are, are key to our growth path. Looking specifically into our, our divisions, Electronic Test is where the heritage of the company resides. This is in the back-end semi test space, providing the interface and docking solutions, as well as manipulators for moving test heads into production lines and out of production lines, really driving optimization for changeover processes in that back-end semi test in the analog mixed signal side of things, predominantly. Through acquisitions, we've expanded our Electronic Test to do integrated circuit testing, as well as battery testing, both in electric vehicles, as well as a wide variety of battery testing for more industrial applications like industrial robots and drones, et cetera. Likewise, with the latest acquisition, with the Alphamation business, we added the Electronic Test of dashboard components and onboard computing systems for vehicles. So continuing to expand and broaden our solutions in the Electronic Test space. The shifting to the Environmental Technologies Division, today is very much focused on thermal solutions, and this includes thermal test systems. You know, they will tightly control temperature ranges from -185 degrees Celsius to 500 degrees Celsius, to test robustness of electronics and components and sub-assemblies. Process chillers is another solution for us in this space, and then we acquired a product line of ultra-low temperature chiller freezers and storage devices for the biomedical market there. As we look to expand in this space, we'll be looking to add additional capabilities beyond thermal to broaden our solutions in our environmental tech space. Shifting to our Process Technologies, this is centered around really two core technologies, our induction heating solutions, which was part of an acquisition done in 2017. And these solutions are used in a wide variety of end markets, in a wide variety of applications. Anywhere a flame, a furnace, a torch, an oven is being used, we can do it with most likely with induction heating in a more tightly controlled environment, cleaner environment, a greener solution as there's no gas outgassing, et cetera, out there. And really driving the applications is the key focus across a wide variety of end markets. And then in 2021, we acquired an image camera solutions company to broaden our process portfolio here. Image solutions, you know, in numerous end markets, including life sciences, security, and defense/auto or defense/aerospace. And we will continue to drive M&A. As I mentioned, it's one of our core strategies, and will remain so as we trying to make this more of a core competency for the company to continue to scale, broaden our solutions, expand our footprint in underserved markets, and really pleased with the progress we're making out there. Some of the key target areas we're looking at as we focus our M&A efforts, it's expanding our Electronic Test and additional test capabilities. Diversifying further outside of semi, as well as expanding within semi, but really getting the right footprint for us out there. On the environmental side, I mentioned moving beyond thermal. We went to looking at vibration, humidity, stress test solutions to broaden our offering for our customers. And then on the process side, expanding our RF capabilities as well as image capture vision solutions out there to better serve our automation and markets there. With that, now let me turn it over to Duncan before he'll run through the financials, and then we'll open it up for Q&A. Thanks, Nick, and thanks to everyone who's attending this morning. So financials. Let me start looking at our recent order activity. Our most recent quarter, Q2, orders were down 17% year-over-year. The most notable point to highlight is the decline in our semi markets. You know, just under $4 million of the quarter over quarter, Q2 over Q2 drop coming from that market. On a sequential basis, our orders were up 15%. We did see some improvement in our back-end semi business, which did more than offset what we saw as a significant, fairly significant decline in our front end, the front-end piece of our semi business. Alphamation was acquired at the end of March. We had a full quarter in Q2, and there was about $3.2 million in orders that were attributable to our consolidated Q2 number. From a backlog perspective, we ended Q2 with a backlog of just under $50 million. We inherited just over $20 million with the Alphamation acquisition in March of this year. If we move on to the revenue picture, in Q2, we did score record revenues, $34 million, up $1.4 million in absolute terms. That does include a full quarter of Alphamation, which did have a large revenue quarter, just under $10 million. Not the run rate we're gonna see from that business. We did inherit, as I mentioned on the last slide, a large $22 million backlog from that business. So nice to see that contribution, but we'd expect more about $25 million-$30 million per annum run rate from that business. But nice to see that contribution from the Alphamation business. That helped offset what was a very large decline in our semi business, just under $9 million of a Q2 over Q2 drop in, you know, in the semi business for us. The diversification that Nick touched on with Alphamation, adding, you know, to that, the semi business has historically been a very large portion of inTEST overall business. In Q2, the trailing twelve months for Q2, that, you know, that dropped to just over 40% with that softer semi business. Without that, without that additional diversification work, then, you know, that drop in semi that we've seen and been absorbing would have had an even bigger impact on our overall performance. Sequentially, good to see revenue increasing just over $4 million. Again, Alphamation, a large driver of that with a just under $7 million contribution to that sequential quarterly performance. If we look at how that then flows down through to gross profit, Q2 gross margin of 40.6%, it was significantly lower than we saw in prior periods. A lot of that driven by unfavorable product mix. Great contribution from the Alphamation business from absolute revenue terms, as I've talked about. The margins there were, you know, are a little bit lower and were a little bit lower than we anticipated, and that really kind of drove that margin percentage down. We also saw our highest margin piece of our business traditionally is that back-end semi business. That was at a particular low point from a revenue perspective. The combination of those two things driving that consolidated margin for Q2 down somewhat versus where we've seen that running. We do expect that to pick back up, which I'll touch on in connection with our guidance. Operating expenses. Q2 saw a full quarter of operating expenses from the Alphamation business, so in absolute terms, those numbers are up. If we back out the full quarter of operating expenses, we did see a drop in our spending, both sequentially as well as year-over-year, as we have, you know, looked to reduce costs, cost containment actions and so on, as we have seen that semi business soften a little bit. But in Q2, about $2.4 million of incremental operating expenses directly attributable to Alphamation. That includes about $400,000 of amortization. On a sequential basis, about $2 million impact in Q2, you know, versus Q1. Backing that out, as I said, we do see a drop in the base business, the organic business, selling and SG&A expenses, as I mentioned. That then translates into EPS and EBITDA numbers as presented here. That slightly softer top line with that semi drop I've touched on, that deleverage does impact the bottom line. Q2 of 2024, then, top left, looking at EPS. EPS of $0.02, adjusted EPS, we add back intangible amortization for that adjusted EPS number. $0.08 adjusted, $0.02 on a GAAP basis for Q2 there. Trailing twelve months, $0.55, $0.38, as presented, bottom left, and from an EBITDA perspective, you know, just over $2 million of adjusted EBITDA, you know, in Q2 of 2022. Our adjusted EBITDA metric, the only thing that we add back there versus a traditional EBITDA metric is we also add back our stock compensation expense. From a capital structure and cash flow perspective, you know, slide 22, you know, just summarizing where we are there. Basically, net cash, relatively neutral, just over $20 million of debt, around $20 million of cash at the end of Q2. We continue to pay down the debt on our balance sheet at, you know, just over $1 million a quarter up through kind of Q2. Our leverage ratio, looking at it in terms of total debt versus trailing twelve-month EBITDA, just over two. A little bit higher with that trailing twelve-month EBITDA number dropping a little bit, but still under the two and a half that we've talked about as being where we would like to go as a max. So a little bit of additional borrowing capacity, but a little bit lower than we have been running. We do have a fair amount of borrowing capacity available to us. We have an additional $30 million under our delayed draw term loan facility for acquisitions, as well as $10 million available to us under a revolving line of credit. So we do have the borrowing facilities there. As I said, our borrowing capacity a little bit lower as that profitability has dropped a little bit in the last couple of quarters. From a capital allocation standpoint, I mean, our priorities haven't really changed. We still are focused on growth, primarily. CapEx in this business is not particularly high. We're typically running in the kind of 1% of sales range, and we'll continue to invest there as needed. And then we do consider return of capital via share repurchases, depending on where prices are and cash positions, et cetera, et cetera. But for the most part, we are trying to focus on driving growth. When it comes to guidance, our most recent guidance is laid out here on the slide, on slide 24. For Q2, Q3, we're projecting revenues to be slightly down from what we saw in Q2, but our margins improved. Overall, really a kind of similar EPS, adjusted EPS result to what we saw in Q2 is where we were projecting to kind of net out. From a full year perspective, that softness, especially in the front-end, back-end semi business, we had seen as being soft. Front-end semi did take us by surprise a little bit, did cause us to take down our full year guidance to the $128 million-$123 million range, from $140 million-$150 million, a little bit drop in gross margin as a result of that volume drop. But on the flip side, also, you know, we have taken some actions, given that softer top line, and have sort of looked to take some expenses and spending out as we look to close out the year. With that, I will hand it back to Nick to close out the presentation component here. Great. Thanks, Duncan. So as we communicate here, we are managing some headwinds in our key markets here. Front-end semi taking a bit of a pause here, which somewhat unexpected, and the decline that we've seen in that front end, which has led to the overall full year guidance reduction. Back-end semi following, I would say, the typical cycles and starting to show signs of coming out. The diversification we've been driving has certainly positioned us better during these market cycles here, and we're focusing teams on driving the growth where the opportunities are. And, yeah, with that, why don't we open it up for a few minutes of Q&A here. Deb? Yes, thank you, Nick. We do have some questions from the audience. One is, can you provide an update on the Alphamation integration, maybe by talking to what inning you're in and how it's going? Sure, absolutely. As I mentioned, excited to have Alphamation part of the team here at inTEST. The integration is going extremely well. I'd say, you know, to plan here. In fact, some of the synergies that we're identifying were some that we had not really seen as we put together our models and our plan. So the teams are really embracing the new business, identifying some opportunities, such as technology sharing across the portfolio, the customer base. In fact, on that technology sharing, we have an order and others being quoted out there with the Alphamation software on our Acculogic test and integrated circuit board testing solutions out there. So great to see the teams just embracing the new business and technology and expanding the customer base out there in that. From an innings, it's very early. Things typically take, you know, at a minimum, at least a year to get through the integration systems, you know, processes, aligning, et cetera, et cetera, but progressing nicely. Great. We just have one quick minute left, but maybe you can talk to the delivery pushouts that we talked about on our Q2 call, saying that they were going into Q4, but we hadn't yet seen them and into 2025. Can we talk about, you know, the delivery pipeline, what we're seeing in our markets, and where we're at? Sure. Sure. Yeah, at the time of our Q2 announcement there, I talked about customers pushing deliveries out, and at that time, we were still keeping it within the 2024 here, so late in Q4. I would say as they kind of get their arms around demand planning on from their end markets, et cetera, that customers are asking to push deliveries into 2025 for certain front-end semi customers there. Obviously, we're working with them to minimize the impact on us, but also support them on their needs as well. So, certainly a slowdown in that silicon carbide, gallium nitride space out there, but it's still a market that everyone believes in, and will be a great place to be in. The technologies lend themselves for you know differentiation and many applications, and it'll be a nice growth engine down the road for us. We just got to get through this. I'd say it's first cycle in that front-end semi, silicon carbide, gallium nitride space there. So, but we are seeing that customers there slow and not needing equipment until you know first part of 2025. Excellent. I believe this ends our presentation. Thank you very much. Thank you all for your interest in inTEST. Have a great day.