At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. I would now like to turn the conference over to your host, Jandy Tomy, Vice President of Finance and Investor Relations. With me today on the call are Robert Apatoff, President and Chief Executive Officer; and Becky Sheehan, Executive Vice President and Chief Financial Officer. Before we begin, please remember that, during the course of this call, management may make forward-looking statements within the meaning of the Federal Securities Laws that address the Company's expected future business, financial performance, and financial condition. These forward-looking statements involve risks and uncertainties that could cause actual results to be materially different than those expressed in our forward-looking statements. In addition to the Company's reports filed with the Securities and Exchange Commission, please refer to the text in the Company's press release issued today for a discussion of the risks and uncertainties associated with such forward-looking statements. Also, please note that, on today's call, management will refer to certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income, and free cash flow. The Company believes these non-GAAP financial measures provide useful information for investors. Please refer to today's press release for definitions and calculations of these non-GAAP performance measures, as well as reconciliations of the non-GAAP performance measures to the Company's GAAP financial results. Now, I'd like to turn the call over to Robert Apatoff, President and Chief Executive Officer. Good afternoon, everyone, and thank you for joining us today. I will provide a brief overview of our business highlights, integration efforts, and strategic and operating initiatives. Following my comments, our CFO Becky Sheehan will review our financial results and outlook for 2016 in more detail. Finally, I will provide a few closing remarks, and then we'll open up the call to take your questions.

Expedia is the most recognisable brand in the world of online travel and owns several others, including Hotels.com and Trivago. Its companies operate more than 100 branded points of sale in over 60 countries. As a parent company, Expedia has made a steady flow of acquisitions over the past 15 years, and last year stepped up its M&A strategy with the takeovers of online travel agencies Travelocity and Orbitz, and holiday rental website HomeAway. A major goal in this M&A activity is to control and maintain Expedia's market-leading position in an increasingly competitive market for online travel booking, and is reflective of a general industry trend towards consolidation. Expedia was the first online travel giant and has been at the forefront of the transition in the way people book holidays, but that counts for little in the disruptive world of digital.

Today, eBay announced it has agreed to acquire Sweden-based Expertmaker, which specializes in providing intelligent solutions powered by artificial intelligence (AI), machine learning and big data analytics. Expertmaker has been a partner of eBay's since 2010, most recently helping with eBay's structured data initiative. Financial terms of the acquisition were not disclosed. Upon the close of the transaction, Expertmaker's employees will join eBay's structured data product and technology team. Expertmaker's Founder and CEO, Lars Hard, will join as Director, Data Science reporting into Amit Menipaz's organization.

Last year, he told Wall Street analysts that eBay looks at the world through listings, which unlike the catalog approach (used by Amazon, for example), are transient. They come and go and don't have "link equity," he said, "and they're hard to attach content to." One eBay executive referred to the initiative as "make or break" for eBay. Expertmaker founder and CEO Lars Hard will join as Director of Data Science and will report to Menipaz. Prior to founding Expertmaker, Hard was involved in founding a variety of startups with a focus in advanced AI, machine learning, math and big data, including Lytics.ai and Dragonfire Research.

Currently at this time, all participants are in a listen-only mode. Later, we will conduct the question-and-answer session and instructions will follow at that time. Also, as a reminder, this conference call is being recorded. I would now like to turn the call over to your host to Richard Morin. Thank you, and good evening, everyone. Earlier today, we issued a news release announcing Cognex's earnings for the first quarter of 2016, and we've also filed our quarterly report on Form 10-Q. For those of you who have not yet seen these materials, both are available on our website at www.cognex.com. They contain highly detailed information about our financial results. During tonight's call, we may use a non-GAAP financial measure, if we believe it is useful to investors, or if we believe it will help investors better understand our results or business trends. For your reference, you can see a reconciliation of certain items from GAAP to non-GAAP in Exhibit 2 of the earnings release. I'd like to emphasize that any forward-looking statements we made in the earnings release or any that we may make during this call are based upon information that we believe to be true as of today. Things often change and actual results may differ materially from those projected or anticipated. You should refer to the company's SEC filings, including our most recent Form 10-K, for a detailed list of these risk factors. Now, I'll turn the call over to Cognex's Chairman, Dr. Bob Shillman.

Warren Buffett isn't known for blown calls. But the billionaire investment guru and head of the holding company Berkshire Hathaway has become increasingly touchy around one of his top positions: International Business Machines. "We feel fine or we won't own it. We've never sold a share of IBM," Buffett told CNBC in an interview Monday. The fact that shares in the computing giant have fallen some 15 percent since he first started building his stake in the company in early 2011 hasn't phased him.

Tesla CEO Elon Musk introduces the Model X. I think we should be very careful about artificial intelligence. If I had to guess at what our biggest existential threat is, it's probably that. So we need to be very careful with artificial intelligence...With artificial intelligence, we're summoning the demon. You know those stories where there's the guy with the pentagram, and the holy water, and he's like -- Yeah, he's sure he can control the demon?

Once your business is no longer the innovative upstart and you become the establishment entity, how do you maintain an entrepreneurial and disruptive spirit that gets results? That's the question Apple had to ask itself this week, following an iffy earnings report. This week, Apple posted the earnings results for the second quarter of 2016, and reported a year-over-year decline in quarterly revenue for the first time in 13 years. The company took in 50.6 billion in quarterly revenue and 10.5 billion in quarterly net income. On a call with investors, CEO Tim Cook characterized that 13 percent dip in revenue as a "pause in our growth," that had stemmed from "ongoing macroeconomic headwinds in much of the world." Despite the break in the company's decade plus streak of "record" growth, it's unlikely that the tech giant's standing as one of most valuable and authentic brands in the world will be dinged in any significant way.

Apply now to be an Enterpreneur360 company and let us tell the world your success story. Once your business is no longer the innovative upstart and you become the establishment entity, how do you maintain an entrepreneurial and disruptive spirit that gets results? That's the question Apple had to ask itself this week, following an iffy earnings report. This week, Apple posted the earnings results for the second quarter of 2016, and reported a year-over-year decline in quarterly revenue for the first time in 13 years. The company took in 50.6 billion in quarterly revenue and 10.5 billion in quarterly net income. On a call with investors, CEO Tim Cook characterized that 13 percent dip in revenue as a "pause in our growth," that had stemmed from "ongoing macroeconomic headwinds in much of the world."

Amazon said that a review of its entire U.S. staff found that women's compensation in 2015 was 99.9% of men's in equivalent jobs. Further, minorities make 100.1% of what white workers earn. SAN FRANCISCO -- Hear an echo? Amazon's first quarter results are likely to recall the themes of previous quarters, including the march of Prime and its cloud services business. Last year was an excellent one for the Seattle-based retailer.