Spirit Aerosystems Holdings, Inc.

Good morning everyone and welcome to the Spirit Aerosystems Holdings Inc third quarter 2023 earnings conference call. My name is Seb and I'll be the coordinator today. If you would like to register a question on today's call you can do so by pressing star 1 on your telephone keypad or press star 2 to withdraw your question. I would now like to turn the presentation over to Ryan Avey, Senior Director of Investor Relations and FP&A. Please proceed.

Thank you, Seb, and good morning, everyone. I'm Ryan Avey, and with me today are SPIRITS President and Chief Executive Officer Pat Shanahan and Senior Vice President and Chief Financial Officer Mark Suchinski. Before we begin, I need to remind you that any projections or goals we may include in our discussion today are likely to involve risks, including those detailed in our earnings release, in our SEC filings, and in the forward-looking statement at the end of this web presentation. In addition, We refer you to our earnings release and presentation for disclosures and reconciliation and non-GAAP measures we use when discussing our results. With that, I'd like to turn the call over to our Chief Executive Officer, Pat Shanahan.

Great. Thank you, Ryan. And good morning, everyone. Welcome to SPIRIT's third quarter earnings call. It is a privilege to be here with you today representing SPIRIT Aerosystems and our global team. I want to thank the board for entrusting me with this responsibility while we search for a permanent CEO. On behalf of the entire board, we thank Tom Gentile for his seven years of dedication and service with Spirit. I'm very familiar with Spirit and its operations from my time at Boeing and as a board member for the past two years. My trips to Wichita go back to the 90s, where we tackled new programs and production rate increases together. Now, I am the supplier, not the customer. But the dynamics are the same. Over the past several years, SPIRIT has expanded its portfolio of commercial and defense businesses. However, the core of the business, designing and building large-scale aerostructures, has not changed. I've been in the role for about 30 days now. To borrow a military acronym, my approach since the first day has been TAKAMO, take charge and move out, meaning I'm with the SPIRIT team at all levels, deep into program and production rate plans, and engaging with all our major customers. My initial impressions are that we have a strong team and tremendous capabilities, but we need better precision in our plans, better performance, and the right schedule. We are manufacturing a product we've produced in large quantity at high rates before, as opposed to being in the throes of complex commercial development while concurrently ramping up production. My focus is simultaneously stabilizing operations, delivering on our customer commitments, and strengthening spirit financially. I want 100% alignment with our commercial and defense customers. I'm driving performance every day. And most importantly, building cohesive teams that view working together as the most effective way to perform and win. The recent agreement with Boeing was an important step in the right direction. The strengthened partnership will support our shared goals of both companies to execute the increasing production rates. Also, I'm devoting increased attention to our other major OEM commercial partnership. Let me touch briefly on our strategy. I do not intend to wait for my replacement before moving forward. Regarding diversification, I will narrow the aperture. I don't have an appetite for next square adjacencies. We Spirit will build on our core defense and aftermarket success. My principal goal is to be cash flow positive as soon as possible. Executing on programs, increasing deliveries is the most crucial lever to achieve that goal. However, we have other cash levers to pull to accelerate many of the activities previously developed along with new ones we are covering every day. Shifting the discussion to market demand, it's incredible what a difference a couple of years make. We're witnessing unprecedented demand. I'm encouraged by the unbelievable organic growth in our course segment with a $42 billion backlog. The demand comes with challenges that we must mitigate as part of a new world that is less stable. I recognize we have disappointed our stakeholders. We want to restore confidence in the company. I'm passionate about this industry, our customers, and spirit. I'm in Kansas most days because this is where most of the action is. The people here and, quite frankly, at all our operations have been warm and welcoming. I'd like to provide you guidance for 2024, but I'm not prepared to at this time. My plan is to give guidance at our next earnings call consistent with previous practices. I'll now turn the call over to Mark to review with you our third quarter financial results.