AdvanSix Inc.

Good morning and welcome to the Advanced VI Third Quarter 2020 Earnings Conference Call. All participants will be in a listen-only mode. Should you need assistance, please email a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded I would now like to turn the conference over to Adam Kressel, Director of Investor Relations. Please go ahead.

Thank you, Danielle. Good morning and welcome to Advance 6's third quarter 2020 earnings conference call. With me here today are President and CEO Aaron Kane and Senior Vice President and CFO Michael Preston. This call and webcast, including any non-GAAP reconciliations, are available on our website at investors.advance6.com. Note that elements of this presentation contain forward-looking statements that are based on our best view of the world and of our business as we see it today. Those elements can change, and the actual results could differ materially from those projected, and we ask that you consider them in that light. We refer you to the forward-looking statements included in our press release and earnings presentation. In addition, we identify the principal risks and uncertainties that affect our performance in our SEC filings, including our annual report on Form 10-K, as further updated in subsequent filings with the SEC. This morning, we'll review our financial results for the third quarter of 2020 and share our outlook for our key product lines and end markets. Finally, we'll leave time for your questions at the end. So with that, I'll turn the call over to Advance Six's President and CEO, Erin Kane.

Thanks, Adam, and good morning, everyone. Thank you for joining us and for your continued interest in Advancix. I hope that everyone listening today, as well as their families and coworkers, are remaining healthy and staying safe. As you saw in our press release, our diverse product portfolio and low-cost Caprolactam competitive advantage continue to serve us well as we navigate through the current environment. We remain focused on delivering for our customers while executing our business continuity plans with a vigilant focus on health and safety. In the third quarter, we successfully completed our planned plant turnaround, which was originally scheduled for the second quarter. We continue to be very pleased with the results that our practices and protocols are delivering, while also managing the hundreds of contractors that came onto our site to support those turnaround activities. Mike will detail our third quarter financials in a moment, where we believe our results reflect the resilience and strength of our business model. Notably, we've seen nylon sales volume returning to pre-COVID levels, which is an encouraging sign as we monitor the pace of global and regional recovery. In addition, we generated higher cash flow in the quarter through working capital improvement, cost management, and reduction of capital expenditures. We continue to take a disciplined approach to cost management and expect $20 to $25 million of cost savings for the full year compared to 2019. And this is in addition to the benefits associated with our natural gas boiler investment. As we look ahead from a product line perspective, we are targeting strong caprolactam plant utilization at Hopewell, while optimizing our nylon mix across end uses, applications, and geographies to position the business for success. In ammonium sulfate, we expect a stable environment through the 2020-2021 planting season. And in chemical intermediates, we expect the favorable acetone industry supply and demand balance to continue, while also benefiting from ongoing investments for differentiated product growth within this portfolio. We also remain confident in our financial position. At the end of the third quarter, we had approximately $128 million in available liquidity between cash on hand and the additional capacity under a revolving credit facility. We continue to expect robust cash flow generation in the fourth quarter, supported by a lower run rate of capital expenditures, further anticipated working capital improvements, and receipt of cash tax benefits associated with the CARES Act, resulting in a reduction of leverage levels and positive free cash flow for the full year. Now, in October, we hit our four-year mark as a public company. And while I'm very proud of all the accomplishments this organization has made since our spinoff, I'm even more excited about the opportunities that lie ahead. As we work to complete our planning for 2021, some aspects of which we'll share this morning, we are continuing to take a prudent approach of planning conservatively from a macro perspective. Our priorities will focus on continued operational excellence and improving through-cycle profitability, enhancing our portfolio resiliency through differentiated product growth and mix optimization, and being strong and disciplined stewards of capital. With that, I'll turn it over to Mike to discuss the details of the quarter.