Thank you. I would now like to turn the call over to Sarah Cook. Please go ahead. Thank you, and welcome to our Q1 2024 earnings call. I'm Sarah Cook, Vice President of Investor Relations, and presenting with me today are Jeffrey Niew, our President and CEO, and John Anderson, our Senior Vice President and CFO. Our call today will include remarks about future expectations, plans, and prospects for Knowles, which constitute forward-looking statements for purposes of the safe harbor provisions under applicable federal securities laws. Forward-looking statements in this call will include comments about demand for company products, anticipated trends in company sales, expenses, and profits, and involve a number of risks and uncertainties that could cause actual results to differ materially from current expectations. The company urges investors to review the risks and uncertainties in the company's SEC filings, including, but not limited to, the annual report on Form 10-K for the fiscal year ended December 31st, 2023, periodic reports filed from time to time with the SEC, and the risks and uncertainties identified in today's earnings release. All forward-looking statements are made as of the date of this call, and Knowles disclaims any duty to update such statements except as required by law. In addition, pursuant to Reg G, any non-GAAP financial measures referenced during today's conference call can be found in our press release posted on our website at knowles.com, and in our current report on Form 8-K, filed today with the SEC, including a reconciliation to the most directly comparable GAAP measure. All financial references on this call will be made on a non-GAAP continuing operations basis, unless otherwise indicated. We've made selected financial information available in webcast slides, which can be found in the Investor Relations section of our website. With that, let me turn the call over to Jeff, who will provide details on our results. Jeff? Thanks, Sarah, and thanks to all of you for joining us today. I'm very pleased with the start of 2024, as our first quarter results showed the potential of our businesses to expand EBIT margins and drive strong free cash flow. We are continuing to our transformation to focus on high growth end markets, where we have differentiated solutions, and our Q1 financial performance is evidence that our strategy is working. In the first quarter, we delivered revenue of $196 million, above the midpoint of our guided range, EPS of $0.20 at the high end of our guided range, and cash from operations of $17 million, which exceeded the high end of our guided range. Turning to segment results, MedTech and Specialty Audio revenue was up 26%, with over 90% adjusted EBIT growth versus the same period a year ago. The end markets for our hearing health products remain robust, as market dynamics such as aging populations, expansion of middle class globally, and improved hearing aid penetration all remain favorable. Second, our operational excellence continues to produce strong margin performance. This, coupled with our success in new product adoption, is driving revenue growth with expanding EBIT margins and cash flow for 2024. Precision Devices revenue was up 38% from a year ago, driven by the acquisition of Cornell. As we expected, the end market challenges we experienced in the back half of 2023 continued into the first half of 2024, as inventory levels within distribution and the industrial end markets remain high. We remain focused on design activity, which continues to be robust in defense, life sciences, industrial, and EV, and positions us well for future growth. We continue to be excited about the performance, synergistic opportunities, and total available market expansion Cornell brings to the PD segment. With the beginning of an anticipated recovery in the second half of the year and the addition of Cornell, we expect to see double-digit revenue and adjusted EBIT growth within this segment in 2024. Before moving to the results for the Consumer MEMS Microphone business, I will provide some brief commentary on the status of the strategic alternatives process that we announced last year. We are taking into consideration all the stakeholders, from customers to suppliers and shareholders to employees, and I believe we are progressing to a conclusion. From an operational standpoint, CMM's financial results in the quarter were solid. Revenue was up 44% from the same period a year ago, as the business has returned to more stabilized levels. We've expanded our mobile and ear share and are expecting to continue to see revenue growth in the second quarter and for the full year of 2024 as compared to 2023 levels. In closing, we expect to continue to generate robust cash from operations in Q2 and the remainder of 2024, despite excess channel inventory negatively impacting demand within our PD segment. Our cash generation and strong balance sheet will allow us to explore acquisition opportunities, buy back shares, and keep our debt at manageable levels. I am pleased with the financial performance to date in 2024, and I am excited about the opportunities we have ahead of us. We are confident in our ability to deliver shareholder value as we continue to drive operational excellence, execute on design wins in all three segments, and expand our share across our businesses. Now, let me turn the call over to John to detail our quarterly results and provide Q2 guidance. Thanks, Jeff. We reported first quarter revenues of $196 million, above the midpoint of guidance and up 36% from the year ago period, driven by double-digit growth in all three segments. EPS was $0.20 in the quarter, at the high end of our guidance range, and $0.15 above the year ago period, driven by increased gross profit associated with higher shipment volume, partially offset by higher interest expense. In the MedTech and Specialty Audio segment, revenue was $57 million, up 26% versus the first quarter of 2023, on increased demand in the hearing health market as customer inventories have returned to normal levels. Gross margins were 54.8%, up 1,130 basis points versus the prior year, driven by improved factory performance and favorable product mix. The Precision Devices segment delivered revenues of $74 million, up 38% from the year ago period, driven by the acquisition of Cornell, partially offset by lower shipments into the distribution and industrial end markets, as channel and customer inventory levels remain elevated. Gross margins were 36.1%, down 1,100 basis points from prior year levels due to lower factory capacity utilization and the acquisition of Cornell. Consumer MEMS Microphone revenues of $65 million were up 44% versus the year ago period, due to increased consumer demand and share gains in mobile, ear, and compute markets. Gross margins were 26.2%, 450 basis points above Q1 2023, on improved factory capacity utilization, partially offset by lower pricing. On a total company basis, R&D expense in the quarter was $16.7 million, flat compared to the prior year. SG&A expenses were $32 million, $5 million higher than prior year levels, driven by the acquisition of Cornell, partially offset by the benefits of prior year restructuring actions taken in both the Precision Devices and CMM segments. Interest expense was up $4 million versus the prior year due to the acquisition of Cornell in the fourth quarter of 2023. Now I'll turn to our balance sheet and cash flow. In the first quarter, we generated $17 million in cash from operating activities above the high end of our guidance, driven by higher customer collections and lower than expected inventory levels. Capital spending was $3 million. We ended the quarter with cash and cash equivalents of $122 million. We exited the first quarter of 2024 with $293 million of debt, which includes $180 million of borrowings under our revolving credit facility and an interest-free seller note, which was issued in connection with the Cornell acquisition. Lastly, our net leverage ratio, based on trailing 12-month EBITDA, was 1.1 times. Moving to our guidance. For the second quarter of 2024, revenues are expected to be between $199 million and $209 million, up 18% versus the year ago period, driven primarily by the acquisition of Cornell. R&D expenses are expected to be between $16 million and $18 million, and selling and administrative expenses are expected to be within the range of $29 million-$31 million, up from prior year due to the Cornell acquisition. We're projecting adjusted EBIT margin for the quarter to be within a range of 14%-16%. We're forecasting interest expense in Q2 to be approximately $5 million, which includes $2 million of non-cash imputed interest. We expect an effective tax rate of 14%-16% for both the quarter and full year 2024. We're projecting EPS to be within a range of $0.22-$0.26 per share. This assumes weighted average shares outstanding during the quarter of 93 million on a fully diluted basis. We're projecting cash from operations to be within a range of $20 million-$30 million, and capital spending is expected to be $5 million. I will now turn the call back over to the operator for the questions and answer portion of the call. Operator? Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you are called upon to ask your question and are listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. Again, press star one to join the queue. Your first question comes from the line of Christopher Rolland of Susquehanna. Your line is now open. Thanks for the question. I guess, for my first one, if you guys could dig into the profile of that back half recovery, like, what kind of sequential should we be expecting? You know, the double digit variety or kind of the single digit variety? And yeah, like, any other color, you know, by segment, would. You know, for, of course, Q2, but, you know, the profile for the rest of the year would be great as well, if you can give that. Yeah. Chris, thanks for the question, a good question. So let me just kind of break it out by segment, and then I'll kind of summarize at the end. But first, in the PD segment, and I think what we're expecting now is, you know, we had Q1 to Q2, we are seeing sequential growth in the PD segment. We expect to see sequential growth again in Q3 and in Q4 right now. We expect that. And just to put a little color around that, you know, I think we're probably a little bit more, I would say, cautious now on industrial and distribution in the rate of arising. It's still going up sequentially, but not quite as much. I would say more of our OEM customers, you know, bigger OEM customers, med and defense. We see more growth there. And so, you know, overall, for PD, again, we're gonna see, you know, I would say, pretty decent sequential growth in the back half of the year, but probably more heavily weighted towards the fourth quarter. Second, in MSA, you know, I think, you know, they're hitting on all cylinders. They're doing very well. The market's very strong. Our execution, our new products, you know, we're doing very well in this market. And, you know, I just would remind you is, Q4 is typically our largest quarter. There's a big hearing aid launch of products in Q3, which kind of drives revenue in Q4. So, we would expect that, you know, while we'll see, you know, some sequential growth, you know, going forward in this, it's really gonna come in Q4. And then, you know, lastly, you know, I'd say CMM, you know, not only is it seasonally higher in the back half than the front half, I would say we're, you know, cautiously more optimistic about the back half than we were three months ago. And so, you know, I think, you know, overall, you know, I think, you know, when I look at this, you know, I'd say, you know, again, probably a little bit more heavily weighted toward the fourth quarter, but we do expect to have, you know, nice sequential growth from Q2 to Q3, and then, you know, even a little bit more from Q3 to Q4. Thank you so much, Jeff. That, that's so helpful. The second one is around the appetite for the CMM business or progress there, and then any update, more broadly, you might have on M&A. Sure. Let me take the first. The second question first. You know, I think, you know, if you look at our leverage ratio, John mentioned, it's one. Touch over one. Just a touch over one. You know, if you look out the full year with the cash we're expected to generate, you know, I think we'll probably be, you know, something south of 0.8 leverage ratio by the end of the year. And so, you know, with that kind of leverage ratio, we're looking in the marketplace. Of course, we're gonna be super disciplined in what we do, kind of like how we. You know, again, I bring up Cornell. We are very pleased with this acquisition. You know, I continue to feel very good that, you know, despite some of the challenges in industrial and distribution, it's still performing to the levels that we kind of announced when the deal was announced. And so, you know, I think we're very excited to look for other acquisition opportunities, and hopefully, they'll, you know, the ones will come along that make sense, you know, relative to, you know, advancing kind of our strategic positioning. Yep. If you. Chris, if I could just add, too. I mean, Jeff mentioned, yeah, we do expect our leverage to come down a bit over 2024. In addition, we expect to continue to repurchase shares. You know, we think our stock price is undervalued, so it'll be a combination of share buybacks and pay down of debt. Yep. As far as. Yeah. Sorry, go ahead. As far as CMM, you know, I think, you know, I don't have too much more to say, you know. Maybe I'll just kind of, like, say it in my own non-scripted words. But, you know, there's a lot of stakeholders in place here, and I think, you know, we've kind of been very clear that, you know, obviously, post whatever happens with CMM, you know, we do still have our MSA business, which we'll be selling MEMS Microphones. And so, you know, I think as I kind of said to.. And our employees—I'm saying to our shareholders. I say to our suppliers, you know. I think it's, you know, it's—we're taking a little bit more time than probably people would have thought, but I think we're being very thoughtful about what we do. But I do think we're getting closer to a conclusion. We are progressing towards a conclusion. So, you know, I think you could take for that what that means, but I think, you know, we're kind of narrowing in on what the direction we're gonna go. Great update. Thanks, guys. Your next question comes from the line of Bob Labick of CJS Securities. Your line is open. Yes, hi, it's Pete Lucas for Bob. You covered a lot and answered a lot of my questions. Just one here for you. Just an update on the integration and synergies of CD, and how is pricing power, and do you still think margins can be increased? Yeah, that's a good question. Very good question. You know, I think, you know, when we announced the deal, you know, we really focused in on cost synergies that we were gonna do, and we're on track to deliver those cost synergies that we had kind of laid out at the beginning- You said $4 million annual cost synergies by the end of year three. Yes. And we're, and we're on track to deliver those. We're on track to deliver those. I would sit there and say, you know, beyond that, you know, there are gonna be what we call revenue synergies, you know, but not revenue synergies, just going out and getting more sales. But we did think there was a pricing opportunity. I would say we are running ahead of what we expected with really this starting to take hold more in the back half of the year than in the front half. You know, with contracts and inventory, you know, some of these times, you give price increases, and it takes a quarter or two to actually start delivering a product at those new price levels. But we are, you know, expecting that, that we have quite nice pricing increases. you know, our expectations is, you know, that when we bought this business, we were pretty clear it was in the low 30s in terms of gross margin, that we think that, you know, we'll be, you know, approaching, like, over 35, probably approaching 40% exiting the year. and so, you know, it's a combination of cost synergies as well as pricing. you know, I think as we looked at 25, you know, obviously, we didn't get all the pricing in this year because, obviously, it rolled through the year. There's, you know, even with not doing another price increase, some of this will roll over into future price increases, you know, in the first two, three quarters of next year. So, I think, you know, we're pretty excited about the opportunities in terms of synergy. synergy. Lastly, I just want for one more piece on Cornell. I think, you know, we're really starting to understand a little bit better about, you know, some of the things that they do that are very unique in terms of products. So there's gonna be some opportunities. I think we'll probably talk about it at Investor Day later this year in some of the new markets that we probably will go after. But I would also say is, the strength that they have in distribution, you know, with our distribution partners like Arrow and TTI, it is a great opportunity for our legacy PD business to start getting more business and distribution. So, you know, obviously, that's not a short-term thing like this year, but, but I think overall, I think, you know, I think we couldn't be, you know, quite frankly, more pleased with this, save the kinda industrial distribution inventory issues that, you know, most people have been dealing with. Very helpful. Thanks. Your next question comes from the line of Anthony Stoss from Craig -Hallum Capital Group. Your line is open. Good afternoon, guys and gals. Nice execution, Jeff. I'm curious if you wouldn't mind sharing your view on either changes in your competitors in terms of their go-to-market or pricing within each of the segments. And also, you know, it's nice to see PD up, expected to be up each quarter sequentially. Can the same be said for the MedTech group? Well, I, you know, again, you know, I would sit there and say, for the full year, MSA will, will be up, for the full year, you know, and, and growing in kind of that, that rate that we've kind of talked about in that, you know, 3%-5% range, you know? And so it does tend to be, you know, as I kind of said, in an earlier question, a little bit more heavily weighted in terms of seasonally to Q4. But, you know, I don't have any, you know, big issues on this because, you know, we see this every year. You could see Q4 always being the heaviest year within the MSA segment, driven by the product launches of our customers. So, that's what I'd say about MSA. As far as the competitive environment, you know, let me cover it by segment. You know, in the PD segment, no big changes, really. You know, I think, you know, we have a, you know, a lot of sole source positions. You know, I would just say the one thing obviously people are hearing is, you know, EV is slower than probably we'd hope for. But as we kinda see a recovery, I think the one thing I'm very encouraged about in the PD is that we're seeing increasing gross margins throughout the year, which is, you know, showing that, you know, that we don't have to get back to 2022 levels in order to really, like, get back to gross margins we saw back then. And so, you know, I think there's some pricing in there, there's some productivity, there's obviously revenue growth, and where we get the revenue growth helps us with with capacity utilization. MSA, you know, I'd say the pricing environment is stable. That's what I would just say. You know, there really hasn't been any change in the competitive environment, you know, over the last year or so. You know, and I think, you know, in the CMM business, I think, you know, the thing that we just keep saying, which is kind of like to the last couple of quarters, which is, you know, mobile is a tough business, you know, and we are trying to kind of reduce our exposure over time to mobile. You know, I think, you know, over the years, at one point, our, you know, our company was 35% mobile. Last year was around 15%. You know, I would say, you know, we would expect it to be, you know, you know, sub 15% this year, as we, you know, continue to try to diversify the total company revenue, you know, kind of away from the mobile environment. Got it. Thanks for that, Jeff, and you, you guys are definitely outperforming your other mobile peers in chip land, so congrats on that. That's all my questions. Thank you. Thanks. Thanks, Tony. Again, if you would like to ask a question, press star one on your telephone keypad. Your next question comes from Tristan Gerra of Baird. Your line is now open. Hi, good afternoon. You've mentioned that most of the year-over-year growth embedded in your Q2 revenue guidance would be coming from Cornell. So I'm guessing high 20s, maybe $30 million in revenue in the quarter. Can you remind us of the seasonality of that business? You know, how does this tie to a full year revenue number? I'm guessing that we're probably going to be below the $140 million plus that you've talked about, you know, before, given the macro headwind for Cornell, but just wanted to kind of get an update on that. Yeah. I wouldn't say there's a tremendous amount of seasonality, Tristan, in this business, but we are... you know, based on bookings, we are expecting to see sequential growth in Q3 and then sequential growth in Q4 again. You know, and so, you know, what I would say is, you know, we had said $140 million in revenue and $26 million in EBITDA. We're probably gonna be a touch short of the 140. I would say, you know, right now, if you would ask me, between 135 and 140, probably for the year. But I think, at that level, lower revenue will still hit the EBITDA number based on the synergies we've recognized. So, you know, I think we feel pretty good about that business. The other thing I'd add, Tristan, in terms of the Cornell, we really are excited about the cash flow generation offering ability of that business, where it's even at, as Jeff said, slightly lower revenue plan for 2024, the business is gonna generate more cash flow than we envisioned in our model. That's great. And then, you, you talked about, the positive pricing that you see in, precision devices. Help us reconcile this with, you know, the overall environment, you know, that, we're seeing, you know, pricing, stabilizing, meaning kind of returning to kind of low single digit declines. We see that in, in analog. You know, we're seeing more pressure in MCUs. So what's driving the, the pricing that you're able to implement, you know, in, in PD? And then if you could talk about, you know, lead times and, and supply-demand, dynamics that you see in that space, industry-wide, actually, so we kind of get a sense of what the, the landscape is, you know, with pricing going forward. Yeah. So here's how I kind of describe it. If you think about the markets that we really, in Precision Devices, are focused on, you know, MedTech, defense, industrial and distribution. Let me break those out. In MedTech, though, in defense, we have a lot of sole source positions where we have unique offering, and this has kind of been the strategy all along, where we're trying to move in a direction where we can provide differentiated products into these places and then have, you know, some amount of pricing power going forward. And so, you know, we feel pretty good about those end markets. Now, distribution's a little bit different of an animal, as I described, but here's what I'd say: you know, I think we've brought this up about Cornell. Cornell shipped in 20. Twelve months prior to us owning it, they shipped to 30,000 unique customers, and a lot of those are through distribution. A lot of them are customers that are sub-$50,000. We kind of see that as an opportunity when we bought the business to say, you know, I'm just making these numbers up now, but if you raise prices by, you know, 5% on a $50,000-a-year customer, you're raising prices by $2,500. And so we see the value of that distribution market, because what happens typically, as I've seen in distribution, is if we raise prices to these smaller customers through distribution, the distributor just passes those on. You know, and so, you know, the underlying demand is gonna be what it's gonna be, right? Obviously, there's some challenges with underlying demand, and when it comes back, you know, you know, we'll be better for it. And so, you know, overall, when I see the pricing environment for us, because of our position in MedTech and defense, coupled with distribution, we're not facing quite the kind of the things that some of the things people are more commoditized products are. Okay, that's great. So it sounds like the pricing optimization opportunity is really on the Cornell side. Outside of that, would you say that pricing is stable in the rest of your Precision Devices business? No, I would say that prices are probably still gonna be up in the rest of Precision Devices, but here's the differences. What we've done in Cornell in terms of pricing this year, you know, under the ownership, you know, we did we went through the same thing three, four years ago in overall Precision Devices. So the amount we're getting in any given year with the legacy PD is not gonna be as large as the first, what we saw in the Cornell opportunity. So, you know, I think, you know, from our perspective is we're still getting some price this year in the legacy PD, but the Cornell, it was an untapped opportunity that we're we have figured out and we're taking advantage of. Great. Thank you very much. Once again, if you'd like to ask a question, press star one on your telephone keypad. There are no further questions at this time. This concludes today's call. Thank you all for joining. You may now disconnect.