Allison Transmission Holdings, Inc.

Good morning, ladies and gentlemen, thank you for standing by welcome to allison transmission second quarter 2021 earnings conference call. My name is Maria and i'll be your conference call operator today at this time all participants are in a listen only mode. After the prepared remarks management team from allison transmission will conduct a question answer session and conference call participants will be given instruction at that time. As a reminder, this conference call is being recorded. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. I would now like to turn the conference call over to Mr. Ray Posadas, the company's managing director of investor relations. Please go ahead, sir.

Thank you, Maria. Good morning, and thank you for joining us for our second quarter 2021 earnings conference call. With me this morning are Dave Graziosi, our chairman and chief executive officer, and Fred Boley, our senior vice president, chief financial officer, and treasurer. As a reminder, this conference call, webcast, and this morning's presentation are available on the investor relations section of our website, allisontransmission.com. A replay of this call will be available through August 5th. As noted on slide two of the presentation, many of our remarks today contain forward-looking statements based on current expectations. These forward-looking statements are subject to known and unknown risks, including those set forth in our second quarter 2021 earnings press release, In our annual report on Form 10-K for the year ended December 31, 2020, uncertainties related to the COVID-19 pandemic and related responses by governments, customers, and suppliers, and other factors, as well as general economic conditions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those that we expressed today. In addition, as noted on slide three of the presentation, some of our remarks today contain non-GAAP financial measures as defined by the SEC. You can find reconciliations of the non-GAAP financial measures to the most comparable GAAP measures attached as an appendix to the presentation and to our second quarter 2021 earnings press release. Today's call is set to end at 8.45 a.m. Eastern Time. In order to maximize participation opportunities on the call, we'll take one question from each analyst. Please turn to slide four of the presentation for the call agenda. During today's call, Dave Graziosi will provide you with a brief operational update. Fred Boley will then review our second quarter financial performance and reaffirm full year 2021 guidance. Finally, Dave will conclude the prepared remarks prior to commencing the Q&A. Now I'll turn the call over to Dave Graziosi.

Thank you, Ray. Good morning and thank you for joining us. I would like to begin by acknowledging the remarkable progress that has been made in combating an unprecedented global crisis. At this time last year, the pandemic was in the early stages of disrupting populations and economies around the world. Previously, inconceivable measures were being taken to protect the health and well-being of our families and our communities. In the midst of the global pandemic, it was difficult to foresee what the next 12 months held in store. Today, much progress has been made, and we are all eager to return to practical and predictable operating conditions. However, meaningful risks with the potential to disrupt the current recovery are very real. With this in mind, we continue to encourage everyone to remain vigilant and, if eligible, get vaccinated. Turning to the quarter, Allison's second quarter 2021 results reflect an unprecedented recovery in global markets. Customer demand is quickly nearing pre-pandemic levels, and despite broad challenges to global supply chains, industry production is recovering. Global supply chain constraints remain the most significant challenge for the industry, and these constraints are unlikely to be resolved in 2021. Limited availability of raw materials, global shortages of electronic components across all industries, logistics challenges, including air and ocean freight and port delays, and labor availability issues are all limiting the industry's ability to align with the acceleration in customer demand. Despite these industry headwinds, I'm extremely proud of the resilience and dedication demonstrated by the Allison team and extended family throughout this critical time. As we have done since the beginning of the global pandemic, we will continue extensive and visible coordination with our suppliers, customers, and industry participants to ensure the uninterrupted delivery of the Allison brand promise. Finally, during the second quarter, we settled $130 million of share repurchases representing 3% of outstanding shares and paid a quarterly dividend of 19 cents per share. Notably, Allison has repurchased over 50% of outstanding shares since its 2012 initial public offering. This milestone is the direct result of Allison's disciplined and well-defined approach to capital structure and allocation and profitable operations. Thank you, and I'll now turn the call over to Fred.