AdvanSix Inc.

Good morning and welcome to the Advance 6 Third Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal 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 touch-tone phone. Please note, this event is being recorded. I would like now to turn the conference over to Mr. Adam Kressel, VP of Investor Relations and Treasurer. Please go ahead.

Thank you, Alan. Good morning and welcome to Advance 6's third quarter 2023 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 2023 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 Advance6's president and CEO, Erin Kane.

Thanks, Adam, and good morning, everyone. Thank you for joining us and for your continued interest in Advance6. As you saw in our press release, Advantix navigated continued challenging market conditions in nylon solutions in the third quarter, while executing our larger planned multi-site turnaround for the year as expected. These factors overshadowed resilient performance within our acetone portfolio and solid results from our plant nutrients business in the seasonally slowest quarter of the year and amid lower nitrogen nutrient values and raw material input costs. The nylon environment has been pressured by unfavorable global industry supply and demand conditions for several quarters now and has approached trough industry spreads. In a global macro environment like this, our advantaged integrated business model, efficiency, and diversification serve us well. We have a demonstrated playbook to navigate these dynamics while maintaining our focus on smart, disciplined investments and a healthy balance sheet, which we have established to weather these conditions as reflected in our ongoing repurchases and an increased dividend. This past quarter, we had three one-time transactions, as highlighted in our press release, supporting our portfolio simplification and execution of our long-term strategies. First, we accelerated our exit from the alliance with Oban, a third-party producer of films for the flexible packaging industry, under previously negotiated terms. This move provides both meaningful economic value and reduces business and operating model complexity, while enabling us to focus on our capabilities in resin production and sales. Second, we had a non-cash asset write-down associated with a licensee of certain legacy ammonium sulfate technology operated at their fertilizer manufacturing facility. The licensee announced its intent to close its entire facility no later than August 31, 2024. And lastly, we made the strategic decision to exit certain low-margin oxymes products, namely AAO and MECO, underscoring our focus on profitability and sustainability. We expect a net neutral impact to 2024 earnings as a result of this exit. Through these actions, we are reducing complexity to ensure our investments and resources are aligned with supporting our customer success in areas of highest impact. This is core to our strategic approach to focus on accelerating profitable growth. We've begun executing to our multi-year expansion in granular ammonium sulfate production through our SUSTAIN program. We also continue to progress on grant funding from the USDA through the Fertilizer Production Expansion Program, which is in the midst of a public comment period to partner with farmers on innovative domestic fertilizer production. We have a proven track record of performance through a multitude of environments. We remain focused on what is in our control, including driving superior operational and commercial performance to meet the evolving needs of our customers, building capabilities to strengthen our innovation and portfolio resiliency, and executing against a balanced and disciplined capital deployment framework. Our organization's collective efforts are centered around driving best possible outcomes in the current set of dynamics. We believe that the underlying improvements we have made and smart investments we continue to make support long-term sustainable performance and returns for Advancics and our key stakeholders. Now let me turn the call over to Mike.