Allison Transmission Holdings, Inc.

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

Thank you, Paul. Good evening, and thank you for joining us for our third quarter 2021 earnings conference call. With me this evening 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 evening's presentation are available on the investor relations section of our website, allisontransmission.com. A replay of this call will be available through November 3rd. 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 third quarter 2021 earnings press release and 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 third quarter 2021 earnings press release. Today's call is set to end at 5.45 p.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 third quarter financial performance and update 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 evening, and thank you for joining us. I'd like to begin by thanking Allison's employees, suppliers, customers, and partners for their continued dedication and tireless efforts. Since the beginning of the pandemic, the Allison team has consistently demonstrated its unwavering commitment to supporting essential workers and critical infrastructure, as well as delivering the Allison brand promise. Today, despite broad and ongoing challenges to global supply chains, Allison remains positioned to meet customer demand. Turning to the quarter, Allison's third quarter 2021 results reflect the ongoing recovery in the global economic activity. Customer demand remains robust, and despite global supply chain issues that are tempering commercial vehicle industry production, global demand is approaching pre-pandemic levels. Looking ahead, as the global economy emerges from the pandemic, supply chains will continue to face broad challenges. The availability and utilization of labor Global shortages of electronic components across all industries, logistics disruptions including air and ocean freight and port delays, as well as the limited availability of raw materials will all continue to impact the industry's ability to align with accelerating customer demand for the foreseeable future. Finally, I'm pleased to report that Allison's well-defined approach to capital allocation and prudent balance sheet management remains intact, During the third quarter, we settled $100 million of share repurchases, representing over 2% of outstanding shares, and paid a quarterly dividend of 19 cents per share. As of September 30th, Allison had repurchased over 7% of its outstanding shares in 2021. And notably, Allison received credit rating upgrades from both Moody's and Fitch during the third quarter. Thank you, and I'll turn the call over to Fred.