Ladies and gentlemen, at this time, I would like to welcome everyone to the Resideo Technologies second quarter 2023 earnings conference call. Today's call is being recorded. All participants will be in a listen-only mode until the formal question-and-answer portion of the call. At that time, if you would like to ask a question, press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, again, press star 1. Thank you. It is now my pleasure to turn today's call over to Mr. Jason Willey, Vice President of our Investor Relations. Mr. Willey, you may now begin. Good afternoon, everyone, and thank you for joining us for Resideo's second quarter 2023 earnings call. On today's call will be Jay Geldmacher, Resideo's Chief Executive Officer, and Tony Trunzo, our Chief Financial Officer. A copy of our earnings release and related presentation materials are available on the Investor Relations page of our website at investors.resideo.com. We would like to remind you that this afternoon's presentation contains forward-looking statements. Statements other than historical facts made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Resideo's filings with the Securities and Exchange Commission. The company assumes no obligation to update any such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our annual report on Form 10-K and other SEC filings. With that, I will turn the call over to Jay. Thank you, Jason, and good afternoon, everyone. We reported Q2 revenue and operating profit within our original range despite the ongoing challenging residential market. We continue to make progress on important long-term value drivers. Our pace of new product introductions is accelerating. In the first half of this year, we introduced new products, enhancing our video capabilities and security, expanding our connected water leak portfolio, and growing our presence in the European heat pump market. We are continuing to reduce our cost structure and have further actions identified for the second half of 2023 that, combined with our Q4 2022 program, are expected to generate at least $115 million of annualized savings. Cash flow improved substantially in Q2. We expect continued improvements as 2023 progresses. Soft end market demand and excess channel inventory levels in a number of our markets impacted the second quarter results, and we expect these headwinds to continue in the second half of 2023. In response to slower demand, we are taking additional actions to cut costs with a focus on structural improvements that are designed to create leverage when market conditions improve. At the same time, we are progressing on additional portfolio and factory optimization actions within Products & Solutions. I look forward to sharing more details on several of these actions before year-end. We also announced today that our board of directors has approved a $150 million share repurchase authorization. Both management and the board see substantial opportunity for value creation at Resideo through continued operational transformation and the ability to deliver strong and consistent cash generation. We do not believe our current share price reflects these dynamics or our unique relationship with the pro and the long-term opportunity to leverage this across the markets we serve. We see share repurchases as an important part of a balanced capital allocation plan that includes organic and inorganic investment in the business. Our current liquidity position is strong, and our current leverage level is consistent with our long-term target. Turning to the businesses. Products & Solutions. General market conditions remained challenging during the second quarter, with slower retail traffic, continued excess inventory in our HVAC distribution channel, and reduced new and existing home sales impacted by higher interest rates. These dynamics negatively impacted both volumes and mix. Demand in the HVAC market was further impacted by cool spring weather across much of the U.S. Our price realization remains strong, and while slowing demand likely means incremental price opportunity will be more limited, to date, we have good success at holding price across most categories. While U.S. residential new construction activity is down double digits compared with 2022, we are adding content in this important market. In Q2, our average product dollar content for new home grew by over 15% year-over-year, driven by increased penetration of our smoke and CO detector portfolio into the home builder channel. This is a great example of execution on the value creation opportunities of bringing First Alert under the Resideo umbrella. First Alert had a solid Q2, with total sales up sequentially year-over-year. We continue to see progress on supply chain and sourcing fronts, with much lower broker buy activity compared to last year. We also realized $13 million of year-over-year freight savings and have aggressively managed our variable labor costs at our factories. Our new product introductions are going well. We have more in the pipeline. The First Alert video doorbell and First Alert branded Wi-Fi water leak detection and shutoff valve have established themselves in the market and garnered positive initial market feedback. In the second half, our plans include the introduction of a new outdoor security camera, adding to our First Alert water leak detection offering, and continuing our work with a number of heat pump OEMs. Additionally, we'll be launching new First Alert smoke and fire alarm products compliant with the upcoming UL 8th Edition release. ADI's second-quarter revenue was essentially flat compared with Q2 2022. ADI continues to execute on expanding its e-commerce and touchless sales. ADI saw continued softness in residential AV and security categories, while commercial categories showed more stability, led by continued strong growth in access control. With that, I will turn the call over to Tony to discuss second quarter performance and 2023 outlook in more detail. Thank you, Jay, and good afternoon, everyone. We reported consolidated second quarter revenue of $1.6 billion, a decline of 5% compared to the record levels experienced in Q2 last year. Compared with Q2 2021, revenue is up 8% and has grown at a 7% compound annual rate since the second quarter of 2019. Operating income for the quarter was $153 million, compared to $186 million last year. Fully diluted earnings per share were $0.34, compared with $0.63 last year, and adjusted EBITDA was $149 million, compared to $180 million a year earlier. Q2 cash from operations was strong at $121 million, compared with $35 million last Q2. We expect improvements in working capital will enable us to generate at least $280 million of cash from operations for the full year 2023. Over time, we expect inventory turns to be the largest driver of improved working capital. The pace of progress on inventory should accelerate in 2024 as we manage through committed inventory related to agreements signed during a tighter supply environment. Ultimately, we expect Products & Solutions to reduce their inventory days from the current level in the low 90s to a target of around 70 days, which, if successful, would generate approximately $150 million in cash. We expect cash from operations in 2023 to be affected by approximately $25 million of cash restructuring charges. Products & Solutions second quarter revenue of $677 million was down 11% compared with record second quarter 2022 performance. Compared with Q2 2021, revenue is up 13% and has grown at a 6% compound rate over the past four years. Price realization added approximately $30 million to revenue year-over-year, but was more than offset by a 15% decline in unit volumes. Slowing retail traffic, accelerating efforts by our HVAC distribution customers to reduce inventory levels, and weak OEM volumes for furnace and boiler components all contributed to the unit volume drop. Also impacting Q2 performance was less favorable weather across major markets in the U.S. and continued challenges in our traditional security markets. Sequentially, Products & Solutions revenue was up 3%, primarily driven by the growth of smoke and carbon monoxide detector products. Products & Solutions gross margin in Q2 was 38.3%, up 100 basis points from last Q2. The increase reflects more favorable freight, raw material, and component costs, partially offset by the impacts of reduced volumes on fixed cost absorption, lower air product sales, and unfavorable mix within energy products. Total operating expenses for Products & Solutions were flat year-over-year, as cost reduction efforts offset labor and services inflation and continued investment in software development. Products & Solutions operating profit was $128 million, or 18.9% of sales, compared with $154 million, or 20.2% of sales last year. ADI Q2 revenue was $925 million, essentially flat to the prior year. ADI revenue has grown at a 7% compound rate over the past four years. Growth in North America of 2% was offset by declines in EMEA, as well as the sale of our India operations in late 2022. We saw strength in the access control category and continued softness in residential intrusion and AV categories. ADI gross margin in the second quarter was 19.2%, compared with 20% last year, when we saw the peak impact of transitory inflationary pricing benefits. We believe the margin levels we have seen over the past three quarters are sustainable, driven by pricing optimization, exclusive brands, and growth in touchless sales. ADI operating profit of $79 million was down 8% compared with record performance in the prior year. During the second quarter, ADI initiated restructuring activities, including targeted headcount reductions and slowing investment spending. This resulted in a $2 million charge to our Q2 results. Second quarter corporate costs were $54 million, flat with the prior year second quarter. Consistent with external forecasts and indicators, we expect residential market conditions to remain soft through the remainder of 2023, with continued year-on-year volume declines creating both revenue and margin headwinds in our Products & Solutions business. As a result, we are taking additional aggressive action to reduce costs. We anticipate taking a restructuring charge of at least $25 million in Q3, with actions across the company that are expected to generate additional in-year savings of at least $15 million and $45 million on an annualized basis. For the full year, we now expect revenue to be in the range of $6.19 billion-$6.29 billion, implying revenue down 2% at the midpoint. Consolidated gross margin is expected to be in the range of 26.2%-27.2%, operating profit is expected to be in the range of $530 million-$570 million, including $29 million of restructuring charges. We expect GAAP earnings per share to be in the range of $1.15-$1.35, and non-GAAP EPS to be in the range of $1.29-$1.49. Adjusted EBITDA is expected to be in the range of $538 million-$578 million for 2023. For the third quarter, we expect revenue to be in the range of $1.515 billion-$1.565 billion. Consolidated gross margin in the range of 26.1%-27.1%, and GAAP operating profit in the range of $105 million-$125 million, including $25 million of restructuring costs. We expect GAAP earnings per share of between $0.14 and $0.24, and non-GAAP earnings per share of $0.27-$0.37. Adjusted EBITDA is expected to be $124 million-$144 million. In February, when we provided our annual outlook, we noted that 2023 presented unusual market factors that made revenue forecasts challenging, and that we would respond to market dynamics by managing costs to preserve margin while continuing our focus on new product initiatives and overall business transformation. The cost actions we took late last year, combined with our planned Q3 actions, are in response to this dynamic. In aggregate, we expect these programs to generate at least $115 million in annual cost savings. We are also focused on achieving greater functional efficiency and anticipate further savings beginning later this year as part of that process. As Jay noted, we are also pursuing larger projects around portfolio optimization and manufacturing efficiency. While the timing of any individual project is difficult to predict, we hope to have further news on both fronts during Q3. Additionally, as a component of our budgeting and strategic planning work this fall, we anticipate being able to provide updated long-term margin frameworks for both of our businesses. I will now turn the call back to Jay for a few concluding remarks before we take questions. Thanks, Tony. We responded to challenging market conditions by cutting costs, improving cash flow, and continuing to focus on new products and building strong relationships with customers and partners. We believe these activities will have a meaningful impact on performance and margins as market conditions improve. We remain focused on our long-term vision of helping create a world where homes and buildings are good for the planet and where technology works to simplify everyday life. To accomplish this and drive value for our stakeholders, we will continue to leverage our unique position with professional contractors, our unsurpassed residential product breadth, and our leading ADI distribution platform. Thank you to the entire Resideo team for their continued focus and commitment to delivering for our customers. This concludes our prepared remarks. Operator, we are now ready for questions. At this time, I would like to remind everyone, in order to ask a question, press star, followed by the number 1 on your telephone keypad. We'll pause for a moment to compile a Q&A roster. Your first question is from Erik Woodring with Morgan Stanley. Your line is open. Hi, thank you. This is Maya on for Erik Woodring. Just my first question, how should we think about kind of the timing and cadence of the inventory, the channel inventory work down? I know you mentioned, like, those challenges should persist until year-end. Is this something that you kind of think will be back to normalized levels by year-end? Hi, Maya, it's, it's Tony. Thanks for the question. We're, we're, our target for inventory levels in the Products & Solutions business is 70 days. We're currently running in the low 90s, and to get from where we are to that, to that target is gonna, is gonna take some time for a couple of reasons. The first is during the supply chain challenges, to secure supply of certain components, we entered into some agreements that will continue on through this year and, and into next year with, with firm commitments. We're going to have an inflow of some of that inventory that we've committed to. It's all going to be good inventory because these are long-lived products and we'll eventually, we'll eventually use it. We're gonna have inventory flowing in at the same time that we're seeing volumes decline. The recovery to that, and, and improvement to that target of 70 days is gonna carry us. It's hard to say exactly how long, because it's gonna be dependent on how quickly our volumes rebound, but it'll be well into 2024 before we get to those, to those kind of levels. Yeah, and I would add, and Tony has said it already, that, the target of 70 that we laid out there, I think is very doable. at this time, is it's hard for a lot of people to predict exactly, in terms of some of the market recovery. But we have, you, specific teams on this, to manage this, to manage this down, and, and feel good that, we, we can move the ball forward to that target that we've laid out. Just to give a little more clarity in terms of what Tony said, in, in, in most companies that were buying electronic components during the, the very severe supply chain problems, had to enter into a variety of agreements to guarantee supply. As you guys have heard in our past earnings call, I think we did a very, very good job of being able to do that as we were moving through, probably one of the worst supply chain periods that anybody's experienced in 50 years. We know what it is. I think we know how to manage it, which it is tied to our managing that, as well as the market beginning to recover. I guess one other thing I should say, since I've focused the answer on P&S and we should address it globally. ADI runs inventory in the low 60-day range. It did spike up in Q1 of this year. It's since kind of come back down pretty close to where we ultimately expect it to be in the low 60s. That's a balance for a distributor between how much inventory they want to carry, the commitments they want to make in terms of on-time delivery, and that sort of thing to their customers. We've spent a fair bit of time talking about where we want inventory levels to be, vis-a-vis our service levels and our objectives with our customers. That, that level, which we're getting close to today, is pretty much where we're gonna where we think we're gonna stay. They, 've solved also for not all, but most of their supply chain issues with some of their primary suppliers. They saw a few lingering ones, but it's much better than it was. we feel like there's potential $150 million of cash that can be released from P&S inventory as we get down to that 70-day level. Exactly. Great, thank you. Then just one quick follow-up question. I know we're seeing the benefit of the pricing actions taken in prior quarters, and you guys talked about some further cost actions as we look through the rest of the year. How should we think about additional pricing power as we look into the back half of the year? Is there any room there, or do you kind of expect these levels to hold? Well, I guess, I guess the good news, the good news is we have seen pricing hold by and large, which we expected, but that's definitely been the case. In terms of additional pricing actions, it's gonna be pretty limited. Obviously, we have soft volumes. the market dynamics of the inflationary pressure that drove a lot of price increases have abated. Our outlook doesn't contemplate meaningful additional price action at this point. Great, thank you. Thanks, Maya. Thanks, Maya. Your next question comes from line of Brett Kearney with Gabelli Funds. Your line is open. Hi, guys. Thanks for taking the question. Of course. The First Alert was a strong point in the quarter. Just curious, you can provide more color on some of the initiatives you've been executing there, deeper penetration of the builder channel, and also maybe potential for broader pull-through other parts of the Resideo portfolio into that channel over time? That's a, that's a great question, and you're right. We've had some really nice wins with, in the RNC channel with, with First Alert. We've added several exclusive agreements with pretty meaningful home builders, and that's added to our content. In RNC, went up about 15% in the quarter, and there's real momentum there. There's definitely more to go with respect to First Alert. But your question about pull-through is, is super important because those, those First Alert products gave us entree, and sort of a, a right to engage with the home building community in a, in a broader and deeper way. I would say we are just underway with, some of the momentum that would, that, that would be related to that. It's, it's given us an entree, much in the same way as it has in retail, where we were present in retail. We were pretty good, we thought, at retail, but they were at a different level. It's really been a benefit. I would agree. I'd add a couple of things, and that's increased our content with the, that addition, and the fact of our brand. You've heard us talk about our Brand Ambassador Program, that deals a lot with the RNC market, as well as other places, but the RNC in particular. When new wins have been able to be generated there with the expansion of First Alert products with that. It's, it's really got some great pull-through, as well as we, as we continue to expand our total ecosystem and what we can offer as part of the content. We can tie, tie things in with smoke and CO, and then it gives us other, from a technology standpoint, other opportunities of what we can add to products as we move forward. Operator if I may, apparently, we answered an unasked question by Maya when we were talking about our inventory levels. Let's see, I think the question was really on channel inventory, and when we would see the channel inventory, levels begin to normalize. I would tell you that our, that our outlook, similar to what I said with respect to our, to our own inventory, our outlook for- our expectation is that channel inventory does not go down meaningfully in, in Q3. It's a little hard to tell what's gonna happen in Q4, but you've, you've had meaningful declines in sell-through, which has, even though, even though dollar inventories may be coming down a little bit, the, the days are going up because the, the sell-through and the volumes are still negative. It's gonna take a point for that to turn before we're gonna see, we'll have to see the sell-through go positive and then, then sort of work down to inventory levels that they feel that they want to target before we actually start to see our sell-through, our sell-in improve. Back on with Frank. Frank, did we fully answer your question there about First Alert? Maybe Frank dropped the camera. There are no further questions at this time. I will now turn the call back to Mr. Jason Willey. Thank everyone for their participation today, and we look forward to speaking with you in the coming days and months. Have a good rest of your day. Thank you very much. Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.