Cooper-Standard Holdings Inc.

Ladies and gentlemen, and welcome to the Cooper Standard first quarter 2020 earnings conference call. During the presentation, all participants will be in a listen-only mode. Following company-prepared comments, we will conduct a question-and-answer session. At that time, if you have a question, you will need to press the star followed by the one key. As a reminder, this conference call is being recorded, and the webcast will be available on the Cooper Standard website for replay later today. I would now like to turn the call over to Roger Hendrickson, Director of Investor Relations.

Thanks, Andrew, and good morning, everyone. We appreciate you spending some time with us today. The members of our leadership team who will be speaking with you on this call this morning are Jeff Edwards, Chairman and Chief Executive Officer, and John Banas, Executive Vice President and Chief Financial Officer. In alignment with continuing stay-at-home guidelines in the state of Michigan, we're all calling in from different locations this morning. So we ask that you bear with us in the event that we should experience any minor delays or inconsistency due to phone line or network latency. Before we begin, I need to remind you that this presentation contains forward-looking statements. While they are made based on current factual information and certain assumptions and plans that management currently believes to be reasonable, These statements do involve risks and uncertainties. For more information on forward-looking statements, we ask that you refer to slide three of this presentation and the company's statements included in periodic filings with the Securities and Exchange Commission. This presentation also contains non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to their most directly comparable GAAP measures are included in the appendix to the presentation. With those formalities out of the way, I'll turn the call over to Jeff Edwards.

Thanks, Roger, and good morning, everyone. Let's start on slide five. It goes without saying that the COVID-19 pandemic has had a major impact on our business. What started out as a strong operating quarter quickly became a test of our emergency response, capabilities, flexibility, responsiveness, and resilience. Despite disappointing financial results, we're certainly proud of the way our global teams have handled this adversity. They continue to find ways to become more efficient in our operations, driving $16 million in savings so far this year. And with the aggressive actions we implemented last year, we reduced SGA&E by $16 million. We also achieved another great quarter in launches and product quality. which resulted in record high green customer scorecards for the company. And most importantly, our world-class safety performance continues to outperform benchmarks. In fact, the first quarter marks our best safety performance in our company's history for total incident rate. Moving to slide six, The company continues to aggressively manage our COVID action plan, and we have aligned our global team around three key priorities, protecting the health and safety of our employees, preserving liquidity, and continued execution of our long-term strategic initiatives. Our emergency response teams were activated around the world and quickly implemented health and safety guidelines to help ensure we were adopting best practices at all of our global locations. In China, where the programs were implemented first, we've had no cases of COVID-19 infection among our employees, even as the plants reopened and operations restarted. Our second priority is preserving liquidity. We were fortunate to begin this quarter with a very solid balance sheet. As customer operations began to shut down as a result of the COVID-19, we took immediate action to reduce capital spending, intensify our focus on working capital, and reduce costs wherever possible. John will provide more details in a few minutes, but we're pleased with the results of the cost-saving initiatives and our current liquidity position. Finally, it is important for us to remain focused on our longer-term strategic initiatives despite the challenges and distractions in our current environment, and we have. We continue to right-size our business and are improving our cost structure globally. One of the two plant closures planned for 2020 is now complete, and the second one is on track to finalize later this year. In addition, as we announced last week, we've reached an agreement that will enable us to exit some underperforming businesses consistent with the strategy we've been discussing with you the past few quarters. Let me stop there and hand the call to John to review the financial details of the quarter. After John's comments, I'll come back on to discuss our operations and outlook. John?