Bunge Global SA

Good day and welcome to the Bungie Limited second 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 telephone keypad. To withdraw your question, please press star then two. Please note, today's event is being recorded. I would now like to turn the conference over to Ruthann Leisner. Please go ahead.

Thank you, Rocco, and thank you for joining us this morning for our second quarter earnings call. Before we get started, I want to let you know that we have slides to accompany our discussion. These can be found in the investor section of our website at bungie.com under events and presentations. Reconciliations of non-GAAP measures to the most directly comparable GAAP financial measure are posted on our website as well. I'd like to direct you to slide two and remind you that today's presentation includes forward-looking statements that reflect Bungie's current view with respect to future events, financial performance, and industry conditions. These forward-looking statements are subject to various risks and uncertainties. Bungie has provided additional information in its reports on file with the SEC concerning factors that could cause actual results to differ materially from those contained in this presentation, and we encourage you to review these factors. On the call this morning are Greg Heckman, Bungie's Chief Executive Officer, and John Neffel, Chief Financial Officer. I'll now turn the call over to Greg.

Thank you, Ruthann. Good morning, everyone. I want to start by thanking the team for their dedication and focus throughout the quarter. Our performance proves that we can execute on big strategic moves, like entering into our business combination agreement with Viterra, while continuing to keep our eye on the ball operationally. We clearly had a lot going on over the past several quarters, and this team stayed sharp in our day-to-day business, delivering outstanding results and continuing to serve our customers at both ends of the value chain. At the same time, we capitalized on this unique opportunity to enhance the Bungie franchise for the future. John and I, along with the entire leadership team, are extremely proud of this work. We continue to make progress on our combination with Viterra and filed our preliminary proxy statement in connection with the proposed transaction last week. We're excited to bring our teams and assets together to create a premier agribusiness solutions company. built to address some of the most pressing needs of the 21st century across food, feed, and fuel. Turning to the second quarter, it was a dynamic environment and our team showed agility. They did a great job of managing against the downside and being smart with the opportunities that were available. In particular, we were able to use our footprint and value chain connectivity to optimize margins as market conditions changed later in the quarter. While volatility can provide opportunities, it's difficult to predict the timing and where within the value chain those opportunities for upside will appear. However, our ability to execute in rapidly changing environments gives us confidence that we can create value over the long term. We also saw benefits from our investments in maintenance and productivity with improved reliability and reduced the amount of unplanned downtime across our platform. Looking ahead to the remainder of the year, and based on the forward curves today and on the market environment, which from a macro and geopolitical, which is one that from a macro environment and is as geopolitically complex as we've ever seen, we're increasing our full year adjusted EPS outlook to at least $11.75 per share. I'll hand the call over to John now to walk through our financial results and outlook in more detail, and we'll then close with some additional thoughts.