Cooper-Standard Holdings Inc.

Good morning, ladies and gentlemen, and welcome to the Cooper Standard Fourth Quarter and Full Year 2024 Earnings Conference Call. During the presentation, all participants will be in 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 star followed by 1. 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 conference call over to Roger Hendrickson, Director of Investor Relations.

Thanks, Jenny, and good morning, everyone. We appreciate your continued interest in Cooper Standard, and we 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. 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 3 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.

Thanks, Roger. And good morning, everyone. We certainly appreciate the opportunity to review our fourth quarter and full year results this morning and we'll provide an update on our outlook for 2025 and beyond. So I'm going to begin here on slide five, just to highlight some key data points that we believe are reflective of our continued strong commitment to operational excellence and driving increasing value for all of our shareholders. In 2024, we continue to deliver world-class results in terms of product quality, program launch, and service for our customers. This is reflected by our 97% green product quality scorecards and 97% green program launch scorecards. And as you know, even more importantly, we've had our best year ever in terms of employee safety. For the full year 2024, our safety incident rate was just .30 per 200,000 hours worked, surpassing our previous best from 2023 and well below the world-class benchmark of .47. We're especially proud of our 22 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. And as always, just a personal shout-out from me to all of our plant managers. I mean, you guys really rock, and I appreciate your leadership. And again, I know that most of you know that I love our plant managers, but just in case anybody missed that, they continue to do an amazing job for us. And we're also proud of the 22 plants that achieved the coveted diamond status in our internal plant performance recognition program. This program recognizes the teams and operations that meet the highest standards of operating excellence and achievement of established goals across a range of performance measures, including safety, customer scorecards for quality and launch, success, workforce efficiency, and margin enhancement in cash generation. This is the first time we've had 22 plants achieve diamond status, and there were many others were close at gold status. The achievements are evident in our financial results. And again, I'd like to personally thank each and every one of our plant managers and the teams that work for them. Keep in mind about 85% of our 21,000 employees work directly for our plant managers. So This result isn't by accident. We really appreciate their leadership. The combined efficiency improvements in our plants and lead initiatives in our supply chain also generated $76 million in cost savings during the year. In addition, we realized $24 million in savings related to the jobs reduction action we implemented in the second quarter. As a result of the increases in operating efficiency and cost savings, we achieved a solid 52% improvement in operating income for the year, despite continued headwinds from lower production volumes, inflation, and unfavorable foreign exchange. The streamlined product-based organization structure we put in place at the beginning of the year has accelerated our operating improvements and cost reduction achievements. Again, after just one year, there are still more efficiencies to be gained. We expect to build on the successes of 2024 to drive further margin expansion and value for our stakeholders in 2025. So let's go to page six. None of these achievements I just mentioned would be possible without a world-class culture and commitment to doing business the right way with uncompromised honesty, transparency, and integrity. We're pleased in 2024 to receive numerous awards for our excellence in product quality and customer service, as well as broad recognition for our continued achievements in culture and sustainability. I could not be more proud of our global workforce and their joint commitment to a culture of achievement, excellence, and integrity. I want to thank all of our employees for the continued hard work and accomplishments in 2024 and most importantly for setting the stage for an even more successful 2025. Now let me turn the call over to John to review the financial details of the quarter.