Carrier Global Corporation

Good morning, and welcome to Carrier's fourth quarter 2021 earnings conference call. This call is being carried live on the internet, and there is a presentation available to download from Carrier's website at ir.carrier.com. I would like to introduce your host for today's conference, Sam Perlstein, Vice President of Investor Relations. Please go ahead, sir.

Thank you, and good morning, and welcome to Carrier's fourth quarter 2021 earnings conference call. With me here today are David Gitlin, Chairman and Chief Executive Officer, and Patrick Orris, Chief Financial Officer. Except as otherwise noted, the company will be speaking to results from operations, excluding restructuring and other significant items of a non-recurring and or non-operational nature, often referred to by management as other significant items. The company reminds listeners that the sales, earnings, and cash flow expectations and any other forward-looking statements provided during the call are are subject to risks and uncertainties. CARES SEC filings, including Forms 10-K, 10-Q, and 8-K, provide details on important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. We'll leave time for questions at the end. Once the call is opened up for questions, we ask that you limit yourself to one question and one follow-up to give everyone the opportunity to participate. With that, I'd like to turn the call over to our Chairman and CEO, Dave Gitlin. Thank you, Sam, and good morning, everyone.

Before we get into our four key results, let me start on slide two. On Sunday, we announced that we reached a definitive agreement to acquire Toshiba's controlling stake in Toshiba Carrier Corporation, our longstanding HVAC joint venture. This is an important and compelling deal for us that we believe will create significant value for our customers, employees, and shareholders by enhancing our position in the fast-growing variable refrigerant flow in international light commercial markets. We established our minority JV with Toshiba in 1999. Carrier has had distribution responsibility with Toshiba having design and production responsibility. Together, we have successfully grown TCC to be a world leader with over $2 billion in sales. This acquisition will enable us to accelerate growth and profitability in this business by consolidating design, production, and distribution under one roof, realizing synergies, and leveraging our global scale to deliver even more differentiated products and solutions to customers globally. Before we talk more about the strategy behind this deal, let me have Patrick quickly discuss the financials.