Magna International, Inc.

Ladies and gentlemen, please stand by. Your conference call begins shortly. We thank you for your patience. We'll be right on line. Your call begins soon. Greetings and welcome to the first quarter 2020 results. During the presentation, our participants will be in a listen-only mode. After this, we will conduct a question-and-answer session. At that time, if you have a question, please press the 1 or by the 4 on your telephone. If at any time the conference needs to reach an operator, please press the start or by the 0. As a reminder, today's call has been recorded Thursday, May 7, 2020. Now, I would like to turn the conference over to Louis Tonelli, Vice President, Investor Relations. Please go right ahead.

Thanks, Tommy. Hello, everyone, and welcome to our first quarter 2020 conference call. We will have formal comments today from Don Walker, Swami Kotagiri, and Vince Galissi. Joining us today are Eric Goldstein and Jim Floros from Magnus IR team. Yesterday, our board of directors met and approved our financial results for the first quarter ended March 31, 2020. We issued a press release this morning for the quarter. You'll find the press release, today's conference call webcast, the slide presentation to go along with the call, and our updated quarterly financial review all in the investor relations section of our website at magna.com. Before we get started, just as a reminder, the discussion today may contain forward-looking information or forward-looking statements within the meaning of applicable securities legislation. Such statements involve certain risks, assumptions, and uncertainties which may cause the company's actual or future results and performance to be materially different from those expressed or implied in these statements. Please refer to today's press release for a complete description of our safe harbor disclaimer. As we review financial information today, please note that all figures discussed are in U.S. dollars unless otherwise noted. We have included in the appendix reconciliations of certain key financial statement lines for Q1 2019 between reported results and results excluding unusual items. Our quarterly earnings discussion today excludes the impact of unusual items in Q1-19. Please note that when we use the term organic in the context of sales movements, we mean excluding the impact of foreign exchange acquisitions and divestitures. And now I will pass the call over to Don.

Thanks, Louis. Good morning. I hope everyone is staying safe and healthy wherever you are today. I will address Magna's response to the COVID-19 pandemic and touch on Magna's position in the mid to long term. Swami will discuss the restart of production for the industry in Magna, and Vince will take you through the corridor, our liquidity, balance sheet strategy, and capital allocation. Before I start, I want to acknowledge the extraordinary efforts and commitment of all Magna employees around the world, particularly Over the past four months, we have faced unprecedented times and challenges. Magnet is in good hands, not only because of our strong financial and market positions, but because we have a culture that breeds problem solvers and an ownership mentality. I want to make it clear that the health and safety of our employees remains our top priority. As COVID-19 spread, we took a number of steps to protect employees. We developed protocols, assessment tools and guidance documents to assist all of our plants and offices. We have also disseminated health screening tools and isolation guides for our employees, instituted contact tracing for any known cases within our employee population, and instituted decontamination procedures. In addition, we installed personal protective equipment and supplied personal protective gear for employees. Throughout this crisis, our medical and health and safety staff have worked in cooperation with public health authorities, coordinated with the medical directors of our customers to share best practices, as well as to promote employees' safety and confidence for return to work. Swami will discuss this later, but we have consolidated our return to work protocols in a Smart Start Playbook. This has been shared with our customers and suppliers In light of the suspension of production, temporary layoffs on employees have been inevitable. However, we have taken a number of steps to minimize the impact felt by our employees. These include maintaining employee benefits coverage throughout layoff periods, maintaining the number of days at full compensation during the layoff period during the through the utilization of vacation days, engaging emergency wage protection programs and providing top-ups to maintain full compensation levels for a certain period, and providing regular communication to employees, including with respect to company programs, to support their physical and mental health. We are fortunate at Magna to have an experienced senior management team. Many members of the team managed through the Great Recession in 2008 and 2009, as well as other downturns. The experience gives us confidence in our ability to manage through these challenging times and to prepare for various potential outcomes. While the causes of the downturn this time are different, we have dusted off the playbook from the Great Recession. Our response as a company has been highly coordinated with multiple work streams across different disciplines and geographies with many stakeholders to consider. We've been able to take quick action and share information and best practices globally. It makes me proud to be involved with such a strong team. Of course, at Magna, much of the action is at the operating level. Our business model is resilient. Our entrepreneurial culture drives an ownership mentality and a motivated, proactive, and agile response to challenging times. Operating management has been working hard to quickly flex our cost structure and capital needs to address this sudden and sharp decline in production levels. This is being done while continuing to support our customers and prepare for a production restart. Once the work streams were established and operating effectively, executive management was able to take a step back and focus on the big picture and long-term vision for Magna. I would like to share with you some of the activities we are involved with to support the fight against the COVID-19 pandemic. We have a number of facilities that are producing much needed masks, face shields, gowns, and ventilator components. We've been able to support masks or to source masks from China and donate them to various hospitals in North America and Europe. And divisions and employees around the world are donating gloves to hospitals, meals to healthcare and hygiene kits to shelters. To all those divisions and employees, we cannot thank you enough. I would like to comment on something I am personally very proud of. Fortune magazine has named Magna to its world's most admired companies list for 2020. This is the fourth straight year Magna has won this award. Despite the unprecedented challenges we're currently facing, I'm confident that the industry will recover from the crisis. I believe we remain well positioned for the long term. Our value creation framework remains intact. We have a successful entrepreneurial culture, leading market positions and global capabilities. We continue to invest for the future, both in terms of new program launches and R&D activities, and this has been enabled by our strong balance sheet. The industry trends are largely unchanged, even if the timelines may shift a little bit. And our positioning vis-a-vis these trends, which we highlighted at our Investor Day in late February, which now seems like a long time ago, is strong. Just last week, Magna won an Automotive News PACE Award for our composite space frame liftgate reinforcement, a lightweight solution that debuted on the 2020 Toyota Supra. The space frame is the first composite application of its kind for an automotive liftgate and achieves a 10% mass savings over a steel version. We highlighted this at our investor day. Plastic liftgates is a fast-growing market globally, and we expect significant growth in this market going forward. With that, I'll pass the call over to Swami for his remarks. Swami?