Please turn to Slide 4. Revenue of $862 million, was broadly in line with our expectations, including our ability to maintain pricing. We saw some encouraging signals in order rates and our book-to-bill was approximately one. Order rates in the Americas were flat to down overall with slower demand in telecom and broadband, as well as some rebalancing in motive power on normalization of supply, partially offset by strength in specialty with robust demand in transportation and A&D. We saw favorable trends from our international markets with stronger order rates for specialty in EMEA and Energy Systems in Asia. Adjusted gross margin in the quarter improved by 760 basis points over prior year, to 30.7% due to IRA benefits, as well as solid price retention and mix improvements.

Excluding the IRA benefits, adjusted gross margin was 23.9%, up 80 basis points year-over-year. Adjusted operating earnings of $130 million and adjusted EPS of $2.56, both represent significant increases over prior year. In Energy Systems, we saw continued strength in industrials and data center, particularly in the Americas, as the need for critical uninterrupted power solutions is fueling infrastructure upgrades, where we would normally see an increase in spending at the end of the year from telecom and broadband customers. Those expected spending months did not materialize, marking a deeper spending pause than we had expected when we started the quarter. This was in line with our revised guidance. We are working closely with network carriers on multiple projects and beginning to see some green shoots.

We are optimistic that demand will strengthen in the back half of the calendar year, and remain very bullish on our small cell revenue and margin expansion opportunities. In motive power, we saw continued healthy demand but experienced a modest decline in the top line, compared to a very strong prior year. Maintenance-free sales were once again a highlight, reaching a record 23% of the total sales in the quarter. We are encouraged by the progress we are making in customer conversions, including our lithium solutions, and are tracking well to our long-term plan, for maintenance-free product sales. We remain bullish on this business as our customers are expanding their production capacity, to meet their increasing customer demand, driven by automation and electrification initiatives.

We are seeing fuel cell conversions to batteries, and our own innovative product road map is driving growth opportunities for EnerSys. In specialty, we had near-record orders paced by our capacity limits. We are seeing strong market acceptance in fleets with higher vehicle electronic loads continuing to drive demand for higher-performing batteries. We are progressing well toward the aftermarket share targets, we laid out during our Investor Day. We are continuing our work to balance our production lines, for optimal output across our segments. We are advancing our leadership in aerospace with several space exploration projects in the pipeline. In our New Ventures line of business, we are progressing towards delivering our initial fast charge and storage systems, with enhanced energy storage, and dual charging capabilities.

Our sales pipeline is growing, and we are very excited to see this new line of business beginning to materialize. Please turn to Slide 5. The team is executing to deliver on our strategic priorities. Let me share some highlights from the third quarter. Starting with Innovate. We continue to make significant strides on our innovation road map. We have many exciting technologies in our pipeline, but I will just name a few. Last week, we announced the commercial launch of our NexSys AIR wireless chargers for AGVs, enabling our customers to truly automate their operations by eliminating physical charger connections and increasing safety for their workforce. I am particularly excited about the diverse capabilities of this technology, which is compatible with our traditional flooded, TPPL and lithium batteries.

This innovation is being enthusiastically received by our customers. In addition, our industry-leading lithium product offerings, are gaining traction with key customers. We were awarded a grant from the Defense Innovation Unit, DIU to prototype a high energy lithium 6T battery, leveraging our proven lithium technologies in space and our economies of scale to provide the Department of Defense with a high-quality domestic source of lithium cells. And last but not least, we are scheduled to begin trials of our 48-volt lithium batteries this quarter, to help telecom customers mitigate risk from grid instability. We continue to focus on optimizing the business. We are taking decisive actions to reduce costs. In Energy Systems, the exit of our residential renewables business, and closure of our Spokane production facility, are both substantially complete, and the scope of our restructuring actions has increased.

We are proud that our team was able to complete these initiatives in a very short time frame. We now have an optimized organization and footprint in energy systems and are positioned well to capitalize on the growth opportunities ahead when our communication networks customers resume normal spending patterns. In our Missouri factory, we are maturing our operations processes. The additional lost volume from the deeper telecom and broadband spending pause, along with longer lead time than originally expected for equipment and tooling to execute flexibility in these factories, has created additional pressure, which we are diligently working on. These efforts will have long-term benefits for the company, enabling us to more swiftly rebalance production lines, to optimize both growth and cost reduction opportunities, when demand fluctuates between lines of business and accelerating.

I am extremely pleased to say that we have received the first POs for our recently launched DPX, fault managed and Hyperboost power systems for 5G small cell and macro sites, respectively. We are encouraged with how quickly customer demos, have converted to orders for these innovative new products. In fast charge and storage, our team was able to integrate two energy storage systems into a single 1.2 megawatt hour system in as little as two months, demonstrating the modularity of this revolutionary system and our ability to deliver quickly on customer requests. We also continue to advance the planning efforts for our new lithium battery giga-factory in the U.S. We finalized our site selection, and we plan to announce more details about the location, state and local funding to support this investment next week.

We are pursuing additional investment at the federal level with DOE funding decisions, expected in late summer. Board approval to move forward will be dependent on an accretive internal rate of return. We continue to believe that the long-term market dynamics for lithium products strongly support the strategic importance of owning our own domestic supply of lithium cells, and we expect to produce our own lithium batteries, at a lower cost than we can source externally solely for EnerSys consumption. Please turn to Slide 6. Along with our strategic framework, we remain highly focused on our sustainability goals. In January, we published our second task force on climate-related financial disclosure report, with additional climate modeling and related analysis, which prepares us, for expected future climate legislation.

We recently approved our EcoVadis score, moving us into the top 14% of all companies retaining our Silver top 15% rating. This is a rigorous process respected and relied on, by our customers, to ensure their supply chains meet their sustainability requirements. I will now turn it over to Andy, to take you through our results and outlook in greater detail. Andy?

Andrea Funk: Thanks, Dave. Please turn to Slide 8. Third quarter net sales of $862 million were down from prior year, driven by a 7% decrease in volume, due primarily to temporary pauses and network investments, by our telecom and broadband customers and partially offset, by a 1% increase in price mix. During the quarter, we booked an IRA benefit of $59 million, as a reduction of cost of goods sold, including $29 million of retroactive credits attributable to our production in the first three calendar quarters of 2023 on expanded qualification of our domestic batteries. We achieved adjusted gross profit of $265 million, up $52 million. Excluding the IRA benefit, adjusted gross profit was $206 million, down $7 million on the lower sales volume, but up 80 basis points, as a percentage of revenue, compared to the prior year.

Our adjusted operating earnings were $130 million in the quarter, a $45 million improvement over prior year, resulting in adjusted operating margin of 15.1%. Excluding the IRA benefits, we achieved adjusted operating earnings of $71 million, down $14 million versus prior year, due entirely to the telecom broadband temporary spending pauses with - an adjusted operating margin of 8.3%, 90 basis points lower year-on-year. Adjusted EBITDA was $144 million and adjusted EBITDA margin was 16.7%, an increase of $46 million and up 600 basis points, respectively, versus prior year. Please turn to Slide 9. In line with our updated guidance, adjusted EPS was $2.56 per share, an increase of 102% over prior year, including IRA benefits of $1.44 per share in the quarter.

Adjusted EPS, excluding the IRA benefit, was $1.12, a 12% decrease over prior year's $1.27 adjusted EPS. In the third quarter, our effective tax rate was 3.2% on an as reported basis and 20% on an as adjusted basis, before the benefit of the IRA. Let me now provide details by segment. Please turn to Slide 10. In the third quarter, Energy Systems revenue declined 14% from prior year to $374 million, primarily driven by the lower volumes previously mentioned, partly offset by improvements in price mix. Services within Energy Systems continued to grow nicely with double-digit revenue growth in the Americas in the third quarter. Adjusted operating earnings of $14 million, were $12 million lower than prior year, and adjusted operating margin of 3.8%, decreased 230 basis points over the prior year.

As Dave mentioned, we are working closely with many of our customers and projects, for the coming quarters, and we are prepared for strong demand to return, in this very important end market. We are continuing our disciplined cost reduction efforts in Energy Systems, and we anticipate generating a combined annual savings of approximately $27 million per year, on an ongoing basis, from our Energy Systems cost and infrastructure optimization initiatives, which we will fully realize next year, with one-time costs of approximately $30 million, of which the bulk has already been recorded. Please turn to Slide 11. Motive power revenues decreased 2% to $355 million on lower volumes, partially offset by the positive impact of acquisitions. We continue to see a return, to normal ordering patterns, with variation quarter-to-quarter this year and last, as labor and supply challenges are overcome and we continue to benefit from our customers' growing enthusiasm, over our proprietary maintenance-free offering.

Motive power again reported strong adjusted operating earnings this quarter, contributing $53 million, up 12% over prior year. Adjusted operating margins were 14.8%, up 180 basis points over prior year. We remain bullish on our growth opportunities in this segment, due to the strong market appetite for automation and electrification, which our proprietary maintenance free and wireless charging solutions satisfy. Please turn to Slide 12. Specialty revenue increased 7% from prior year to $133 million, driven by a 6% increase in volume and a 1% positive impact from FX. Adjusted operating earnings of $7.5 million, while improving $2 million sequentially, were down $4 million from prior year, and adjusted operating margin of 5.7%, was down approximately 340 basis points.

While we're beginning to recognize cost benefits from the closing of our Sylmar plant, they are not yet visible, as we continue to experience plant loading issues, from transitioning energy storage capacity, from telecom and broadband to transportation, which pressured our fixed cost absorption. We are laser-focused on optimizing the flexibility and performance of our operations and returning to full productivity levels. Given the strength in transportation and aerospace and defense end markets, combined with the enhanced capacity flexibility, and expansion we anticipate in the coming quarters, we are very optimistic about our growth opportunities in specialty. Please turn to Slide 13. Our balance sheet remains strong and positions us to invest in growth, and navigate the current economic environment.

As of December 1, 2023, we had $333 million of cash and cash equivalents, and our net debt of $587 million represents a reduction of approximately $300 million from the prior year. Subsequent to the end of the quarter, we capitalized on favorable market conditions, to issue $300 million of senior notes at 6.625% due in 2032, using the majority of the proceeds to paydown term debt, resulting in overall net neutral interest expense. Our credit agreement leverage was 1.1 times EBITDA adding back our off-balance sheet asset securitization program, our leverage ratio was 1.3 times EBITDA, the lower target range of two to three times and an improvement of 0.4 times from the end of the second quarter of fiscal 2024. In the quarter, we achieved an adjusted free cash flow conversion rate of approximately 106%.

We reduced inventory by $21 million versus Q2, achieving our lowest inventory balance in seven quarters, driven by a targeted reduction in specific raw material, and product categories while maintaining inventory reserves in energy systems, to be prepared when a speedy telecom broadband recovery occurs. CapEx was $23 million in the third quarter and $59 million on a year-to-date basis. Please turn to Slide 14. Our capital allocation strategy remains focused and disciplined around investing in organic growth, complemented by strategic M&A, maintaining a net leverage ratio, at the lower end of our two to three times adjusted EBITDA target range, in the current interest rate environment and returning capital to shareholders, through dividends and share buybacks.

As part of our growth strategy, we are evaluating potential bolt-on acquisitions, which will be a strong strategic fit and, which will add value to our portfolio, as well as the investment in a domestic lithium plant. During the third quarter, we paid $9 million in dividends and repurchased $35 million in shares. We currently have $112 million remaining on our buyback authorization. Please turn to Slide 15. Based on proposed regulations issued by the U.S. Department of Treasury in December, we concluded that more of our battery sales than previously anticipated, qualified for the IRA tax credits. Now approximately 90% of our batteries produced in the United States. As a result, we expect our annual IRA benefit to be in the range of $120 million to $160 million through December 2032, when the program is scheduled to conclude.

The phase out in the last three years of the program. As mentioned previously, we booked an IRA benefit of $59 million as a reduction of cost of goods sold during the quarter, including $29 million of retroactive credits. For further breakdown, please refer to our posted slides. Our eligibility for these benefits underscores EnerSys' critical role in supporting the energy transition in the United States. In keeping with the intent of the IRA legislation, we intend to use the proceeds to invest in the development and production of our energy dense battery solutions in the U.S. Please turn to Slide 16. We remain optimistic about the trajectory of our business, and are particularly pleased with our continued ability to maintain pricing. While we are seeing healthy demand trends in the majority of our end markets, we are managing our business prudently, to navigate the temporary spending process by our telecom and broadband customers.

Based on this, we expect fiscal Q4, 2024 revenues to improve sequentially, but be down year-on-year versus a record fiscal Q4, 2023. Our fiscal fourth quarter 2024 guidance range is $1.98 to $2.08 adjusted diluted earnings per share, including the significant benefit of $0.80 to $0.90 per share from IRA benefits, but pressured by continued abnormal telco broadband spending pauses and incremental investments in fast charge and storage as we prepare for our sales launch in fiscal year '25. We anticipate realizing gross margins of 26% to 28%, including 350 to 410 basis points from the IRA benefit. Our CapEx expectation for the full year of fiscal 2024, is in the range of $80 million to $100 million, reduced from our prior range on equipment supplier delays.

We continue to methodically execute on our strategic growth plans. We remain highly confident in EnerSys' positioned, as a global leader in electrification and energy storage applications with demand driven, by critical global megatrends. With our industry-leading system solutions and strong customer relationships, we are well positioned for growth in our diverse end markets. With this, let's open it up for questions. Operator?

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