Despite a net use of cash in the quarter, our net leverage ratio remained strong at 1.8 times. We also continue driving new business wins, recording approximately $45 million in new wins so far this year on a fully ramped basis. Consistent with our strategy, these wins continue to be focused within our electrical system segment and support the product ramp up at our two new plants and additional Morocco facility, which are focused on meeting the demand growth in electrical systems. Turning to Slide 4, I'd like to take this opportunity to highlight some recent strategic actions we've taken, which all serve as a reminder of our continued goal to align cost and improve margins at CVG. First, we continue to make significant strides in our organizational efficiency improvements.

As our restructuring actions to reduce costs and align resources with our growth product lines remain underway. In line with that, we announced last quarter the consolidation of products manufactured in our facility in Chillicothe, Ohio. We now have a signed purchase agreement for the sale of the Chillicothe facility, with the transaction expected to close in Q3. Second, our operational excellence emphasis supports our ongoing cost out program, which focuses on productivity, materials, and conversion costs. Finally, we are persistent in our efforts to increase engagement by prioritizing customer satisfaction across the organization. Our collaboration across business segments will help introduce new products, foster stronger customer relationships, and help us manage inflationary price recoveries.

Collectively, these efforts are targeted to improve profitability, increase enterprise wide efficiency, and support our outlook for the full year 2024. Now, moving to Slide 5, I'd like to highlight the expansion of our new UNITY Seat product line within our vehicle solution segment. The UNITY Seat line has many product features that are helping us win business globally, including powered full seat tilt and lever recline, decreased free play, and performance above market requirements. Importantly, the UNITY line has achieved safety compliance across all our strategic regions and market segments. This expansion is a strong example of how we are strengthening our core vehicle solutions business through customer focus, solutions, and technology.

We look forward to growing our UNITY sales globally and sharing our successes with you in future quarters. With that, I'd like to turn the call back to Andy for a more detailed review of our financial results.

Andy Cheung: Thank you, James, and good morning, everyone. If you are following along in the presentation, please turn to Slide 6. Consolidated first quarter 2024 revenues was $232 million as compared to $263 million in the prior year period. The decrease in revenues is due primarily to a softening in customer demand globally. The anticipated wind down of certain programs in our vehicle solution segment, and a decline in our aftermarket and industrial automation segments, which more than offset an increase in electrical systems revenues. Adjusted EBITDA was $12.7 million for the first quarter compared to $19.8 million in the prior year. Adjusted EBITDA margins were 5.5%, down 200 basis points as compared to adjusted EBITDA margins of 7.5% in the first quarter of 2023, driven primarily by lower volumes and inflationary impacts, partially offset by lower SG&A expenses.

Interest expense was $2.3 million as compared to $2.9 million in the first quarter of 2023. The decrease in interest expense was primarily related to lower average debt balances during the respective periods. Net income for the quarter was $2.9 million or $0.09 per diluted share as compared to a net income of $8.7 million or $0.26 per diluted share in the prior year. Adjusted net income for the quarter was $4.4 million or $0.13 per diluted share as compared to $9.2 million or $0.28 per diluted share in the prior year. Moving to the segment results beginning Slide 7. Our electrical system segment achieved revenues of $55.8 million, an increase of 1.9% as compared to the year-ago quarter. With the increase resulting primarily from increased pricing, sales volume with legacy customers saw a slight decline as a result of softening construction and agriculture end markets.

Recent comments from OEMs in these end markets have indicated weakening demand and we will continue to proactively adjust our cost structure as these trends continue. We have also seen customer delays in the ramp-up of new business wins, resulting in total sales volume being largely flat year-over-year. Adjusted operating income was $3.1 million, a decrease of $3 million compared to the first quarter of 2023. Operating income was negatively impacted at our Mexico facilities by the strengthening of the peso and the government-mandated wage increases that took effect on January 1st. We are continuing to work with our customers to offset these headwinds. However, negotiations remain ongoing. Construction on our second Morocco facility remains on track and is expected to be complete by the fourth quarter of 2024.

We will remain focused on driving operational improvements and optimizing margins even as additional new wins flow through. Turning to Slide 8, our vehicle solutions segment's first quarter revenues decreased 14% to $137.9 million compared to the year-ago quarter, due primarily to lower customer demand, including the impact of supply shortages at a key customer that negatively impacted our schedules. Additionally, the anticipated wind-down of certain unfavorable programs in the segment weighed on revenues in the quarter. Adjusted operating income for the first quarter was $10.9 million, a decrease of $2.6 million compared to the prior year period, as lower market demand was partially offset by operational improvements and lower SG&A. We remain focused on strengthening our core business in vehicle solutions, and this segment remains a key focus for our team in terms of reducing costs, driving further operational improvements, as well as winning business on new platforms, all with the goal of driving improved margins.

Moving to Slide 9, our aftermarket and accessory segment's revenues in the first quarter decreased 9.5% to $34.1 million compared to the year-ago quarter, primarily resulting from decreased sales volume on lower customer demand and the drawdown of backlog in the prior year period. Adjusted operating income for the first quarter was $4.6 million, a decrease of $1 million compared to the prior year period. The decrease is primarily attributable to lower sales volumes. On a sequential basis, results in this segment increased in terms of revenue and adjusted operating income as our operational improvements elicited by effort. Turning to Slide 10, our Industrial Automation segment produced first quarter revenues of $4.3 million, a decrease of 56% as compared to $9.7 million in the first quarter of 2023 due to ongoing challenging market conditions and reduced demand from legacy customers.

Adjusted operating income was a loss of $1.9 million compared to a loss of $0.2 million in the prior year period. We continue to take actions to right-size this business. We are focused on strengthening our both commercial excellence and operational execution to improve order intake. In parallel with these activities, we are actively exploring new end markets and developing new highly engineered products. An example of this is the development of a new product named Stack, which was showcased at the MODEX Trade Show in March. This concludes my financial overview. I will now turn the call back over to James to discuss our updated 2024 outlook.

James Ray: Thank you, Andy. Turning to Slide 11, I'll share several thoughts on our outlook for 2024. Following the introduction of our quantitative annual guidance at the revenue and adjusted EBITDA level in March 2024, we are reaffirming our previously announced guidance ranges for both metrics. Industry forecasts currently project a decline in North American Class A truck bills of approximately 10% for the year, a slightly positive revision from the previous estimate of a 16% decline. This favorable revised Class A outlook is being offset by weakening in the construction and agriculture end markets, which we expect to be flat to down 10% in 2024. Notwithstanding these market changes, we are reaffirming our guidance range of $915 million to $1.015 billion in full year 2024 revenues.

We believe our business will continue to be resilient as we benefit from the diversification strategy and forward-looking resource allocation. Given the aforementioned truck bill estimates, construction and agriculture market outlooks, and the expectation for further electrical system segment growth, we expect adjusted EBITDA to be solidly in the previously provided guidance range of $60 million to $73 million for 2024. We believe that the actions being taken to consolidate operations, rescale our labor force, together with continued discussions with our customers to manage headwinds, will serve to underpin the guidance. We continue to expect that we will generate positive free cash flow, providing us with optionality to pursue either debt pay down or inorganic growth efforts should we find an attractive opportunity.

We continue to see multiple opportunities to improve profitability through operational cost efficiency and making strategic sourcing decisions, and expect all of this to lead to improved working capital management and increased cash generation. Collectively, our business transformation is expected to drive a stronger business mix and make CVG a stronger and more profitable company in the coming years. With that, I will now turn the call back over to the operator to open the line up for questions. Operator?

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