Cooper-Standard Holdings Inc.

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 for replay later today. I would now like to turn the call over to Roger Hendrickson, Director of Investor Relations.

Thanks, Lara, and good morning, everyone. We appreciate your continued interest in Cooper Standard and thank you for taking the time to participate in our call 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. 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. I'll turn the call now over to Jeff Edwards.

Thanks, Roger, and good morning, everyone. We appreciate the opportunity to review our fourth quarter and full year 2023 results and provide an update on our outlook for 2024 and beyond. To begin on slide five, I'd like to highlight some key data points that we believe are reflective of our strong commitment to operational excellence and our core company values. In 2023, we continue to deliver world-class results in terms of product quality, program launches, and service for our customers. This is reflected by our 98% green product quality scorecards and 97% green program launch scorecards. Even more importantly, we had our best year ever in terms of employee safety. For the full year 2023, our safety incident rate was just 0.32 per 200,000 hours worked, surpassing our previous best for 2022 and well below the world-class benchmark of 0.57. We're especially proud of our 24 plants that completed the year with a perfect safety record of zero reportable incidents. The dedicated teams in these plants continue to affirm that our long-term goal of zero safety incidents is achievable. We also delivered strong revenue growth in 2023 through a combination of new program launches and successful implementation of sustainable pricing. Overall, our total sales increased by 12%, significantly outpacing industry production. I want to thank our commercial team for their achievements during the year as they worked closely with our customers to ensure we receive fair value for the products and services we provide. In addition to the top-line growth, we had another solid year in improving operating efficiencies. Our manufacturing and purchasing teams combined to deliver $56 million in cost savings through defined lean programs and initiatives. Combining increased operating efficiencies with our enhanced commercial agreements, we were able to more than offset continuing inflation headwinds and deliver over 500 basis points of improvement in gross margin for the year. Importantly, the margin expansion is continuing in all of our operating segments. And for the first time, all four segments were profitable at the EBITDA level for the full year. We've made a lot of progress over the past two years, but we recognize we have more work to do. We expect to build on the successes of 2023 to drive further value for all of our stakeholders in 2024. Turning to page six, complementing our focus on manufacturing efficiency and customer service excellence is our commitment to doing business the right way. with uncompromised honesty, transparency, and integrity. This is one of our core values, is an important component of our overall company culture. It's who we are. Several weeks ago, we were pleased to once again be named to Newsweek's list of America's most responsible companies. We see this type of recognition as an external acknowledgement of the quality of our company culture and how we conduct ourselves every day. We believe our culture is key to recruiting and retaining the best talent in our industry. And further, when combined with world-class technology and customer service, it's an important factor in winning and retaining business from our customers around the world. Now let me turn the call over to John to review the financial details of the quarter.