Good morning. Welcome to the 27th Annual Needham Growth Conference. We'll continue our morning schedule with the next presentation from iRobot, iRobot who's well-known. Roomba robotic vacuums really helped establish the RVC category. I think in the process putting what, about 50 million of these units into the homes of consumers around the world. We're pleased to have the company's CEO, Gary Cohen, and CFO, Karian Wong, here for the presentation. My name, by the way, is Jim Ricchiuti, Senior Analyst in the Equity Research Department at Needham. Gary? Good morning, everyone. And Jim, thank you so much for hosting us. I've been CEO at iRobot for nine months now. My background is consumer products. I've got over 35 years of consumer brand building at many iconic brands and significant turnaround experience as well. And I'm really excited to be part of this journey to help turn the iRobot brand around. And joining me is Karian Wong. Good morning, everyone. I'm happy to be here today and share our story. I've been with iRobot since 2017 and most recently assumed the CFO responsibility starting in December. Obviously, the forward-looking statements, which I won't read. I joined iRobot for several reasons. We created the category, as Jim said. It has a global, iconic brand, and that is so important to our turnaround story. The company itself has a significant history of innovation and still a lot of strength in innovation, which was a key element of me joining. Interestingly and importantly, the category is primed for growth, and I'll talk about that in a minute. So we have some tailwinds in terms of category growth. And I joined also because of the passionate team, folks like Karian that want to be part of this turnaround story. Quick history, and you can see on the left side our most recent market cap and enterprise value. We actually did a pre-release the other day, and we communicated that we overachieved in terms of our cash target. We ended the year at $134 million in cash. The company was founded in 1990 by a group of MIT colleagues. Roomba, the brand itself started in 2002, and the company became a full-fledged consumer products company in 2016. In 2024, last year, in January, post the Amazon acquisition breakup, I was hired as the first outside CEO in the company's history. When we started, we embarked on this turnaround story called iRobot Elevate that I will take you through now. iRobot Elevate is about creating shareholder value in everything that we do. There's a five-point plan. It's about getting our financial house in order, reducing the operating losses that we've had over the last several years, improving our gross margins, which is going to be key to this turnaround story, and reducing our cash burn. And we've made significant progress in that area, and Karian will take you through the most recent results. It's all about building the brand, focusing on consumer insights. That's what I've done my entire career, and building upon this great iconic brand that we have that really is a global platform. Using those insights, it's about getting consumer innovation to the market both better and faster. And that's a big part of our story as well. We've made significant reductions in cost. There's still a lot of opportunities ahead, so focus on cost control and cost optimization is key to getting gross margin expansion and reinvesting in our growth drivers, which are R&D and marketing. And we've reduced the size of the company in half in one year. And so a big part of our focus is retaining the folks that want to be part of this turnaround, retaining, developing them, and giving them a culture that they really want to be proud of. And I'm so excited to have such a strong, talented employee base that is part of this journey with us. Quickly, in terms of what is the iRobot turnaround story, we're taking the company from to. And from is a company that had lost its focus on consumer insights and maybe lost its focus on being close to the market in terms of certain market trends, a very high fixed cost R&D infrastructure that was focused on a lot of non-core category ideas that was built up during the COVID run-up of revenue, and significant high cost of products that in some cases were over-engineered, partly because we were first to the category. We're taking that high fixed cost, high product cost infrastructure and moving it to an asset-light consumer marketing-driven business, focusing on consumer insights in everything we do, reducing high fixed cost, high cost ways of making the product, and focusing on more relationships and holding our joint development partners and OEs more accountable for developing the products. That's got us significant gross margins as we ended 2024 and is a big part of our growth story in 2025 and beyond. It really is reducing a lot of the overhead costs and sales and marketing costs to industry benchmarks, very consistent with a lot of other consumer products companies. We have line of sight of that, and Karian will take you through that. It's all about focusing on the consumer and having the consumer at the forefront of everything that we do. We developed this focus area called Why Will iRobot Win Again. It's great for investors. It's also great for our employees. We call it the reason to believe. I've got a page on each of these items. But again, it is a lot about focusing on the brand, taking this high fixed cost, high cost of goods model, and making it an asset-light, very fast-to-market model, and really taking advantage of the consumer insights and the proprietary data set that we have as a company, so first, it's all about the brand. We have a leading global iconic brand with iRobot Roomba. As Jim said, we've sold over 50 million robots. We have strengthened market share in many of our countries. We're strong in Japan. We're strong in the U.S. We have a presence in Europe that we've been there for many years. When you add it all up, we are strong in all of our markets. Importantly, despite competition that has impacted us specifically in Europe, we continue to get strong, favorable ratings in both awareness, favorability, consideration, and trust as a brand. Very important as we start to build the brand for this turnaround story. And then obviously other reasons to believe, which are very important. We see and expect category growth in the future. And what are the evidences of that? Well, first of all, in Europe, the category is growing at double digits, and it's been growing at double digits for a couple of years. What's fueling that growth is what we call multifunctional cleaning devices. The early days of this product category were vacuums. And then they became vacuums and mop combinations that started in Europe as early adopters. Now you have products that clean the mop pads. They wash the mop pads. They air dry the mop pads, and some of the more expensive versions heat dry the mop pads, all for effortless cleaning. Consumers have a lot of autonomy. These products sell over $1,000, and they are fueling the growth in our EMEA markets. Those products are now starting to come to the United States. We launched our first in the fourth quarter of 2024. Some of our competitors started launching those products in 2024, and that will lead to growth in the United States this year. Second, we had a strong run-up in this category during the COVID period. A lot of people were home. A lot of people were buying robots. The online business took off, in some cases twice the index of other home cleaning products. We all know what happened to a lot of home goods products post-pandemic. We had that really downturn when people started spending money on other things, more like travel and restaurants, so we've had three, at least three years of double-digit declines in the category. That is now starting to get back to normalized growth, which is great, and then finally, it is still a relatively low household penetration category, less than 20% in many of our markets, so we know as the category grows, as we get more premium products in the marketplace that delight consumers, as iRobot joins these product segments that we have not been participating in for the last several years, that we will be able to grow the category with our new product launches and the tailwinds from the category growth. Another asset for iRobot is our extensive global distribution network. You see the nameplates at the bottom, particularly in the U.S. You can find our products everywhere. We have premium merchandising visibility in most of our accounts. Our accounts have held a lot of shelf space for us for our new products. We have great relationships with them. We also have dedicated merchandising representatives in many of our markets to be able to set our new merchandising fixtures, but also to help recommend products to consumers. And that's just not in the U.S. That includes Japan as well as Europe. So we have very strong retail partnerships. We're strong in D2C. We're strong in e-commerce. Our D2C business has doubled since 2022. So we have a full omnichannel presence, and we advertise in all those channels to grow our brand. Third, we have a very highly valued intellectual property portfolio. We have strong patents in many areas, not just in vacuums, but in mops, in other categories, and also in software technology and vision technology. We protect this portfolio greatly. You saw from our third quarter results that we had a negotiated settlement on one of our patents, and we will continue to do so. It's a big part of our asset-light model. We will develop IP. We will bring those technologies to our partners to help develop products. A big part of this asset-light model is improving gross margins. Karian will show you the results. But as we started to get into the second half of 2024, we launched a few products under this new model that started to increase the gross margins for our business. It started showing up in our P&L, and it's a big part of our future going forward. It's all about reducing the fixed high-cost R&D and supply chain costs under the old model, and it's also about reducing the product costs as well that were very costly to make. This will allow us to not only get new innovation, but allow us to get innovation faster to market. We've reduced the cycle time of innovation in half. A lot of the products that we're going to be launching next year started when I joined the company. We've forged new supply agreements. We've consolidated some of our suppliers, but we've also leveraged the strength that they have, and importantly, all products that are coming to the U.S. are not coming from our China facilities, and that's been in place already, so something that's already baked into our business. These are three examples of products that were launched at the end of 2024 under the new model that helped us improve our gross margins. You can see the product on the right. We call that a multifunctional cleaning device that washes the mop pads when the product comes back to its docking station. It's all about new products. Consumer companies at the lifeblood is new product innovation. We've established the best and the brightest in our Bedford, Massachusetts headquarters. We call it iRobot Labs. These are the best software engineers, the best hardware engineers. These folks are going to develop, invent, create IP, and then we will bring those ideas to our joint development partners, lower-cost markets to be able to execute faster. And that is allowing us to revamp our entire product lineup in 2025 with these higher gross margins, as well as closing a lot of technology gaps that we've had in the marketplace over the last couple of years. And it's all about having a consumer-centric approach in everything that we do, getting consumer insights, making sure that we close the technology gaps that we have, and delighting the consumers based on good research and good insight. I say this as a consumer marketer. I would have loved to have had the proprietary data set that we have on our consumers. To get the best experience of using our product, you have to use an app. The minute you connect with that app and the product, we know how the consumer uses the product, how often they use it, where they clean, how they clean, whether they're happy or not. It also allows us to have an interaction with those consumers so we can do cross-sell. We can introduce new products. We can also sell accessories. So it's a great benefit to have, and it also gives us good learning. And for our most premium products, we have machine learning on some of these products. So we can actually tell a consumer, "Your kitchen is dirty. You've been cleaning that kitchen a lot. Let's do that first on your mapping run." Or in many cases where we have cameras, we'll ask the consumer, "Is this a permanent or temporary obstacle?" Whether it's a sock or a dog's toy, we can avoid it, but we can also get that information back to the computer for the next journey. So it's great to have this proprietary data set, and we'll leverage that continuously as we develop new products. Then finally, I talked about just the great team that we have. Turnarounds are tough. Turnarounds take time. You need dedicated employees that want to be part of it, and I think that's what's been so great about this journey for me is we've had people that have raised their hand and said, "Yeah, I believe in this brand. I believe in this company," and it's not just employees. It's also our retailers and our distribution partners. They're all rooting for us, which is a great feeling to have when you're trying to do a turnaround, so Elevate, as I said, that five-point plan is all about getting our financial house in order, innovating, and taking our business to the next level through consumer-driven innovation. It's all about this roadmap that we're working on and really reprioritizing and focusing on the core business over the next couple of years. And it's about driving operational improvements and operational discipline in everything we do. We've set up governance to make sure that we hold people accountable and that we can get the results we're looking for. Karian is going to show you the results of our Elevate turnaround in a very short period of time. You don't do that unless you have discipline, focus, and make sure that you hold people accountable. And that is allowing us to get back to profitability, reduce our cash flow losses. And as we'll talk, we expect to get to revenue growth and operating income growth in the second half of 2025 with this new model, launching these new products and with all the discipline that we've put in the business. So with that, I'm going to turn it over to Karian, and she will give us a financial update. Thank you, Gary. As Gary said, iRobot Elevate, one of the top priorities, is to get the financials in order, and we have made significant progress during 2024 to stabilize our business and make sure that we can be on a path back to profitability, revenue growth, and also create shareholder value. So early in 2024, after the termination of Amazon merger agreement late in January, we announced a very aggressive but necessary cost reduction plan, just given during the COVID period a lot of overhead growth, and we really need to readjust and re-architect our operating expenses to align with our current size of the business. Earlier in 2024, we set targets to reduce our headcount by 30%, and in 2024, we reduce our headcount by half through continuations of streamlining business, changing the way that we do things, and also improve efficiency. On the sales and marketing front, ending 2023, our sales and marketing expense was about 22% of revenue, a lot higher than the industry benchmark for our size of a business. And we set a very aggressive target to reduce our sales and marketing expenses by $40 million early in 2024. And through Q3 year to date, we have reduced our sales and marketing expenses by $38 million, representing roughly about 19% of revenue. And how do we do that? We really focus on making sure our marketing spend is efficient, putting those investments in geographic that matters, market that matters, platform that matters, and also improving and consolidating our marketing organization to improve efficiency. Now, on the R&D front, Gary talks a lot about the new model that we've been working on in 2024. R&D in 2023 was about 15% of revenue, a lot higher than the industry market that we saw. So early in 2024, we set target to reduce our R&D expense by $25 million. As you can see through Q3 year to date, we have already exceeded the target and reduced our expense by $33 million, aligning our R&D expense as a percent of revenue to more industry standard. In Q3, it was about 10%. Again, how do we do that? We did that through the Elevate strategy that Gary talks about, leveraging our partner, changing the way we work with our CM. We streamline our R&D organizations and also relocating non-core, non-essential engineering supply chain activities to lower-cost regions that allow us to really focus on innovations, iRobot Lab that Gary talks about, and as well as reducing development time and focusing on commercializations. On the gross margin, in Q3, we expand our gross margin by 590 basis points. And how do we do that? Once again, focusing on the new relationship that we have with our contract manufacturer, leveraging their partner expertise, and also focusing on improving costs on our products. Now, managing balance sheets, improving our capital is one of the top priorities for iRobot. As Gary mentioned, we expect to end 2024 with about $134 million, inclusive of restricted cash that we got of about $40 million, which we discussed in our Q3 earnings call in November. We continue to make progress on making sure we're working capital efficient, continue to manage our inventory to the size of the level that matches up with our seasonality as well as our business. Now, with the new launches of the product that is coming in 2025, along with the expectations of the overall market performance next year, and also the benefit of lower cost, reduced R&D and development time, we expect to return to top-line growth in 2025, enhance our gross margin under the new model with our new products, and improve profitability. With the second half of 2025 being stronger than the first half of 2025, and Q1 of 2025 this year will continue to represent a transitional period for the quarter as we ramp up our product. With that, let me give it to Gary to close. Thanks, so with our iRobot Elevate strategy, the reasons to believe, iRobot is positioned for success. It's all about being a market leader, leveraging this iconic brand, and innovating and developing new products, and we'll do that in everything we do. Advanced technologies, software is a great point of difference for us in leveraging this proprietary data set that we have. The near-term plan, as I mentioned, it's all about operating improvements, getting our gross margins up, cutting costs, and keeping our overheads in line so that we can then develop and invest in our growth drivers, and it's about transforming our go-to-market strategy with this omnichannel presence that we have, making sure that we spend marketing in the right way. Turnarounds take time, but I'm incredibly pleased with the progress we've made in such a short period of time. The way I explain it to people is we are in a four-stage turnaround. Stage one, getting our financial house in order, improving our gross margins, reducing our operating losses, reducing our cash flow losses. We are still in phase one. When I started back in May, we were three quarters away. We're one quarter away now. So we've made a lot of progress. Phase two, launching our new products in 2025, closing the technology gaps that we have, and making sure that these products replace old products at better gross margins. That's phase two. That's 2025. It's great to say we're in 2025. Phase three, taking all those new products with our new model, improving upon them, and having a three-year roadmap of new products that we're already working on. Phase four, we have a brand that has stretch that can play in a lot of different segments. It's getting back to adjacent growth and taking advantage of certain market opportunities, leveraging this great brand that we have. That's phase four. We're not there. We're focused on the core. So we have a lot of work in front of us. And that's what I've been trying to communicate both to our employees and investors. We're in phase one, but we're almost in phase two, and that's great. So thank you very much for your time this morning. We'll open it up for questions. Can I just ask about market share evolution, whether the company was a share gainer or a loser prior to the Amazon acquisition, and then where the market share stands today versus when Amazon did? Sure. The question is about market share. What have our trends been pre-Amazon and where we are now? Obviously, it varies by market. Europe's been a very challenging market because of China competition. The brand is very strong in Japan. We have strong market share leadership there. In the U.S., we've maintained our leadership. And as we've talked about in our release, despite the gaps that we have in technology and the fact that we've had some challenges in the marketplace, when we do promotions on Amazon at any given time, we have four of the five top best-selling SKUs. It speaks to the power of the brand. So we know that as we launch these products in 2025, that close technology gaps that delight consumers, that we'll get market share back in many of our markets. Obviously, where we've lost the most, we will gain the most. Can you quantify that though? Like how? I'm not going to give projections on market share. Just where it was, where it is. Like I said, to do that, I'd have to tell you where we're going to be going. We expect to get market share and category growth in 2025, a combination of both. Taking advantage of the category, the tailwinds from that, as well as market share gains. How are you all ensuring that the cuts to R&D for players are still going to be? Yeah, it's a great question, and Karian touched on that a little bit, so what we've done is we've kept the best and the brightest for our Bedford, Massachusetts, and we're calling that iRobot Labs. We've also taken a lot of headcount and moved it to lower-cost markets, so we have employees in Asia that are doing software and engineering development. But also, as part of our model, we're holding our CMs more accountable for actually engineering and developing, and so it's baked into the piece prices that we have. But our products going forward are going to be much easier to produce because our products historically, while very good when they first started, were over-engineered. And so that's a big part of the cost savings that we're going to get: lower-cost software and engineer folks that are internal to our company, but also lower-cost software and engineering folks that are part of our CM. Jim. Gary, is there any way to think about the new product cadence? And I know you can't talk about important launch dates, but in the past, iRobot's seasonality associated with Mother's Day, Father's Day, Prime Day. Is it reasonable to assume that you want to clear out a lot of the older product early in the year in preparation for these launches? Is there any help you could give us on those lines? Yeah, it's a great question, and Jim asked, what is the seasonality of the business and how are we prepared for new products in the short term and long term? Let me talk to the long term first. We're very aware of the seasonality of our business. We're very much second half loaded. Even Prime Day is a second half event, if you think of it that way, but then you have Prime Big Deal Day and you have Black Friday and you have holiday, so very much second half loaded in terms of the business, so obviously, you want to get your products in the market before that to be able to take up the ramp of that buildup, and we're very much focused on that, so hopefully that gives you some indication. And as Karian said, we're still clearing the decks for Q4 and Q1 because we have to really make sure that the market is ready for these new products. Obviously, it also depends on when retailers do their reset days, right? So you look at some of the major retailers when they do their reset dates, and we will be in advance of that. So I think hopefully that gives you a little bit of a flavor. I think as we look at our new product roadmap and our innovation pipeline, we're very well aware. I've managed seasonal businesses before, and you've got to get the products well in place before your second half run-up. This is another reason why in our release, we said that we expect top-line growth with the launches of our new product, with second half much stronger than the first half, just given the fact that we need to ramp up the product as well as the seasonality of our business. Can you speak to retail phasing? Just because during the process when Amazon was looking to acquire iRobot, it appeared that there was some concern on the part of the traditional retail customers. Have you been able to go back to those customers? And you mentioned they're rooting for iRobot. What can you say about the kind of shelf allocation space you're getting from some of these traditional retailers? Yeah, good question. So the question is, what's our relationship with retailers? What's our presence? And what's the evidence that we have? So I'll give you a couple of things. And I just came back from Europe in December, meeting with all our distributors and retailers. And that's how I can speak to the flavor of people that are rooting for us. They want the brand to be successful. I won't call out specific retailers, but if you go to the U.S., we've got a couple of electronics retailers that it looks like a company store. Part of it is our partnership, and part of it is that we invest in premium merchandising. And with our new products, we'll make sure that these new products are launched. So we'll be replacing old products with pretty much the same shelf facings and SKUs that we have. We've talked about this in our earnings call. We lost three retailers as part of the Amazon transition. The minute the deal fell apart, we came right back and established commercial relationships with them. The relationship was always good. They just didn't want to compete with Amazon. So we immediately got back to online relationships with them. We got back to promotional relationships with them, and we're in their line reviews right now. So that's the best thing I can speak to. But I can tell you the relationships are strong, and we expect to have the same relationships once these new products launch that we did before the Amazon breakup. Any other questions? All right. Well, thank you for listening to our iRobot Elevate story. We're very pleased with the turnaround. We've made a lot of progress, and it's all about leveraging this great.