Cooper-Standard Holdings Inc.

All participants will be in listen-only mode. Following the company's prepared remarks, we will conduct a question and answer session. At that time, if you have a question, you will need to press star 1 on your telephone to join the queue. 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 Investment Relations. Please go ahead.

Thanks Rocco and good morning everyone. Thank you for spending some time with us this morning. The members of our leadership team who will be speaking with you on the call this morning are Jeff Edwards, Chairman and Chief Executive Officer, and John Banas, Executive Vice President and Chief Financial Officer. 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. Good morning, everyone. We appreciate the opportunity to review our second quarter results and provide an update on our business and outlook going forward. To begin on slide five, we provide some highlights or key indicators of how our operations performed in the second quarter. We've maintained our focus and dedication to delivering quality products and exceptional service to our customers and to keeping our employees safe in our workplaces around the world. In terms of product quality, 98% of our customer scorecards were green in the quarter. We also had 98% green scorecards for new program launches. We continue to achieve outstanding performance from our operations, delivering value to our customers. In addition, the safety performance of our plants continues to be outstanding. During the second quarter and through the first six months of the year, we had a total incident rate of just 0.33 reportable incidents per 200,000 hours worked, well below the world-class benchmark of 0.57. Leading this outstanding safety performance were the 37 plants that have maintained a perfect safety record of zero reported incidents through the first six months of the year. I want to recognize the teams at these plants for their ongoing commitment and leadership as we continue to strive for the ultimate safety goal of zero incidents for the company overall. I could not be more proud of our global team for their continued commitment and world-class achievements in this most important KPI. As market conditions and production volumes are improving, we're not letting up on our efforts and commitment to maximize operational efficiency and become as lean as possible. During the second quarter, our manufacturing and purchasing teams delivered $16 million in savings through lean initiatives and improving efficiencies. We're also maintaining our focus on non-manufacturing fixed costs and keeping them as low as possible. And when you consider SGA and e-expense, we were pleased to see more than a full percentage point decline as a percentage of sale. Finally, we're continuing to win new business awards, especially on electric vehicle programs. These wins are a result of our strong customer relationships and the value we provide through our advanced engineering and design capabilities, innovative technical solutions, and world-class service. In the second quarter, our customers awarded us $84.9 million in net new business awards. including $36.4 million on their upcoming electric vehicle platforms. So we're very pleased to see our hard work drive meaningful improvement in our financial results. The combination of a leaner cost structure in our enhanced commercial agreements, leveraged across increasing production volumes, is powerful. I will now turn the call over to John to give you the financial details for the quarter.