Garrett Motion Inc.

Hello, my name is Drew and I will be your operator this morning. I would like to welcome everyone to the Garrett Motion third quarter financial results conference call. This call is being recorded and a replay will be available later today. If you require operator assistance, please press star then zero. After the company's presentation, there will be a Q&A session. I would now like to hand over the call to Eric Burge, Garrett's Head of Investor Relations.

Thank you, Drew. Good day, everyone, and welcome. Thank you for attending the Garrett Motion Third Quarter Financial Results Conference Call. Before we begin, I would like to mention that today's presentation and press release are available in the IR section of Garrett's website at investors.garrettmotion.com. There you will also find links to our SEC filings along with other important information about our company. Turning to slide two, you will note that this presentation contains forward-looking statements within the meaning of the Securities and Exchange Act. We encourage you to read the risk factors contained within our filings with the SEC, become aware of the risks and uncertainties in our business, and understand that forward-looking statements are only estimates of future performance and should be taken as such. The forward-looking statements within our presentation represent management's expectations only as of today, and the company disclaims any obligation to update them. Today's presentation also includes non-GAAP measures to describe how we manage and operate our business. We reconcile each of these measures to the most directly comparable GAAP measure, and you are encouraged to examine those reconciliations in the appendix to the press release and the slide presentation. Also in today's presentation and comments, We may refer to light vehicle diesel and light vehicle gasoline in terms of diesel and gasoline only. With us on today's call is Olivier Rivier, Garrett's President and Chief Executive Officer, and Sean Deason, Garrett's Senior Vice President and Chief Financial Officer. I will now hand the call over to Olivier.

Thank you, Eric. And thanks, everyone, for joining Garrett's third quarter earnings conference call. I will begin my remarks on slide number three. I am very pleased with our performance in Q3 and would like to thank the entire Garrett team for delivering a solid quarter through the continued focus on operational excellence and execution. On top of our financial performance, we continued to build momentum with our differentiated technologies in core turbo and zero emission vehicle products. And last, we executed against our capital allocation priorities, allowing us to deliver and return value to shareholders. Adjusted EBITDA this quarter was 152 million versus 146 million in the same period of last year. Strong productivity and operational performance more than offset the unfavorable product mix, increasing our adjusted EBITDA margin of 15.8% up from 15.4% in Q3 of last year. We also generated adjusted free cash flow of 57 million down from 121 million in the same quarter the year prior, driven primarily by timing of working capital. Sean will share more details on our financial results in the coming slides. But since our last quarter's results, we have seen a significant change in foreign exchange outlook for the euro-dollar. While we continue to perform operationally in line with our prior outlook, the weaker euro is impacting our second half, and we are reflecting this in our updated 2023 outlook that Sean will take you through in more detail later in the presentation. We indeed continue to monitor the United Autoworker strike, but to date, there has been no impact on our operations. During the quarter, we repurchased $161 million of stock through our approved $250 million share repurchase program in line with our capital allocation priorities. We also executed an early repayment of $200 million of debt within the quarter, a strong step delivering towards our target net leverage ratio of 2.0 times consolidated EBITDA to net debt by the end of 2024. All of this contributed to Garrett being upgraded by Standard & Poor's to a BB- stable rating. Turning now to slide four, let's review together some significant updates to our product portfolio. Starting with our core turbo business, I am pleased to introduce Garrett's largest turbo ever, the GT80. This product allows us to better serve our industrial and off-highway customers with an expanded product range and reflects our strategy of continued investment in our industrial turbo business. Let me remind you one more time that the commercial vehicle, aftermarket and industrial businesses account for more than 30% of our sales and even more of our profits. We also continue to make progress on our zero-emission strategy. This quarter, we won two additional pre-development awards for our high-performance e-cooling compressor. We now have a total of five pre-development wins this year in our zero-emission business, proof that our technology-differentiated products address the evolving needs of our customers when it comes to developing new generations of electric vehicles. We remain, indeed, committed to our target of $1 billion of annual sales of products for zero-emissions vehicles by 2030 at the same or better margin profile than our financials. I will now turn things over to Sean to provide more insight into our financial results. Thanks, Olivier.