Spirit Aerosystems Holdings, Inc.

submit a question and to do so please press star followed by the number one on your telephone keypad. We do ask that you please limit yourself to one question today and I now would like to hand the presentation over to Ryan Avey, Senior Director of Investor Relations and FP&A. Please, please go ahead.

Thank you, 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 Suchinsky. 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 of non-GAAP measures we use when discussing our results. With that, I would like to turn the call over to Pat.

Thank you, Ryan, and good morning, everyone. Today I will update you on how we are running the business at Spirit. Most of my remarks will focus on the steps we took after the January 5th accident. Mark will address the financials in his comments. My mandate when I came here was to put our operations and financials back on solid footing. In my estimation, we achieved significant progress toward that goal in the fourth quarter. However, the accident on January 5th demanded a different focus by our team. Consistent with our protocols, our response team was activated within hours. Since that moment, Spirit's focus was on supporting Boeing, its airline customers, the NTSB, the FAA, and our people. The immediate response was taking a hard look at our processes and incorporating any findings into action. Within days, we enacted countermeasures to include adding inline and ship-in-place inspections with Boeing that replicated those performed by the airlines to return to service, leveraging the FAA's safety management system to conduct a product safety risk assessment, incorporation of detailed review and observation with Boeing of the mid-entry door plug assembly and installation process to include both Spirit and Boeing operations. Concurrent with those immediate actions, we have initiated a second wave of actions centered on addressing human factors, nonconformities, product safety, and expanded inspections across 737 manufacturing. People are at the heart of the company in our manufacturing processes. A significant portion of the 737 fuselage build is manually performed by our skilled teammates. Repeatability, reliability, and capability in manufacturing is required to produce high-quality conforming products. The human condition and human factors must be accounted for in any improvement efforts. And through that lens, we are focusing additional actions. The four main levers to mitigate human factors that we are pulling include proficiency of our mechanics and inspectors, compliance to our quality management system, mistake proofing, and observation. We will do more testing and training. We will drive greater discipline to the QMS. We will enable our teammates with better tools, techniques, and technology that is available today. The goal of any world-class manufacturing company is perfection or zero defects. We aspire to achieve perfection. Detecting, correcting, and ultimately preventing defects, otherwise known as nonconformities, is the basis for continuous improvement. We are expanding our efforts to integrate more with Boeing's QMS, realigning organizationally to accelerate redesign and process reengineering, and utilizing more advanced data analytics. We are also increasing the number of Spirit-performed inspections and Boeing-performed inspections. And soon, we will integrate these efforts with those of the FAA and customers who have joined us here in Wichita. That is a brief summary of some of the systemic improvements in our second wave of collective actions. There are additional actions we are taking as well. The point is we are mobilized for implementation with detailed plans and fully aligned with Boeing. Our next wave of improvement will be the deployment of automation and automation for sections of the airplane that remain highly manual. That is the fundamental solution to zero defects and zero escapes. On the 737 fuselage, the front and back sections have the most complex physical geometries and are the most confined workspaces. The build is largely manual. Our eye is toward finding the right balance of using human-assisted technology and automated technology. There is a path to deployment. Broadly speaking, full-scale robotics is impractical. In our research labs, we have significant human-assisted technology that is manufacturing readiness level six. that we look to accelerate. I have recently reviewed this technology with the team and will ensure it receives the appropriate resources and investments. I am very proud of how our team has responded to this accident. They have been calm, focused, and moving with urgency. I have a lot of confidence in this team. At this point, the art form is to integrate broad actions with our ongoing operations and not as a one-off project. Our teams across manufacturing and engineering are fully aligned and will implement changes seamlessly. I believe we will move quickly because of our shift in governance away from being top down. The mindset shift is to understand that the airplane is the boss. The airplane tells us what to do. Our mechanics, sealers, engineers, and inspectors are like surgeons. They tell us in management what they need to perform their operations. Our goal is to give them what they need when they need it and resolve issues or make improvements. Receptivity from our teammates across our facilities, shop floors, and offices has been positive. I also appreciate their candor in telling me what's on their minds. I've heard from every corner of the factory in Wichita and from every shift. Lots of energy, lots of ideas. This does not surprise me. Our workforce at Spirit has a clear understanding of the importance of their work. That commitment is rooted in a long legacy we have in this industry. In the coming weeks, we will learn more from the regulators, from their formal reporting, and we'll respond with urgency and transparency. Now I'll shift to a couple other topics I think you have on your mind as well. We made significant progress in the fourth quarter in stabilizing the 737 production line. We briefly paused the line to stabilize, which ultimately allowed us to deliver 104 fuselages, the highest quarterly total in four years. We made investments during the quarter to recover schedule and buffer the production system, which enabled us to start the year with a balanced factory. Second, We recognize additional forward losses on the A350 and A220 programs this quarter, which Mark will address in a moment. That said, we are working to not only improve these programs in our day-to-day operations, but also are engaged in discussions with Airbus to address the long-term financials. The negotiations with Airbus continue and have been productive. We hope to conclude by February, but we need to ensure all items are addressed. We are converging on operational and financial solutions. I appreciate the partnership and engagement by their leadership. This remains an important near-term priority for me. I'll now turn the call over to Mark to review with you our financial results.