Afternoon, welcome to the McLaren Q3 call. As you just heard, I've got Steve in the room with me this afternoon, who I believe most of you know well, and a couple of others from the McLaren team. Hopefully, you have got access to the presentation via the website. I thought I'd just pick out a few key highlights from those slides, and then as usual, we can open up to some Q&A. If we move on to the presentation, slide one. You can see key highlights there, of course, would be strong revenue growth, so up 60% at GBP 495 million. And that's, as I say, a strong rebound versus this time last year. EBITDA GBP 39.4 million. Again, good improvement on this time last year. You'll all be aware, I hope, that we completed during this quarter the refinancing of the group, so we brought in GBP 550 million of equity. We also refinanced the RCF and our bonds. The only other point to mention there is, of course, you'll be aware that Mike departed during the quarter, but we're very confident that we've got a very strong leadership team behind us. Of course, we have Paul Walsh, our executive chairman, and indeed, Michael Macht, who recently joined the board, and he has a wealth of automotive experience and of course, myself working alongside them. Key highlights within the automotive business. As you're aware, we launched the Artura to the market, and that was highly successful. In terms of deliveries to customers, we're now actually expecting that early in 2022, so that is a small delay versus when we all last met. I suppose in tune with many other of our competitors, you know, we are experiencing some ongoing delays given the pandemic and certain supply chain issues, but we are certainly confident in the launch early next year. As you will have seen, it is a fantastic vehicle, and we're very much looking forward to that launch. As I've just flagged, and we've put a bullet in there, we are seeing some supply chain issues, you know, we're not immune to the chip shortage, albeit I would say given our size, we are probably better able to manage that given others, but we're actively monitoring that situation, and we'll continue to update you. Q3, strong wholesales, up 79%, so 1,605. Again, you know, almost double what you would have seen Q3 year to date last year. The order book as well looking very healthy, as of September, and you know, again, good mix in the supercars, GTs, and some ultimates in there as well. If I move you on to the next slide, I think we've covered most of the highlights there. I think the only other bit that I'd pull out from this page would be net debt, obviously significantly lower versus this time last year, so GBP 339 million, and also a much improved liquidity situation post-refinancing. Total liquidity, including our undrawn RCF of GBP 171.3 million. Looking now to the next slide, an operational update that I've just flagged. Good revenue, you know, strengthening wholesales versus the prior year. Good mix of products, and that does include, in fact, pretty good contributions from our Ultimate, the Elva. Of course, you know, strong mention must go to the 765LT. That was, you know, despite it was successfully launched in July 2021, all of those units are now fully allocated. We've seen huge demand for that product, and I'm sure some of the fantastic reviews there won't have gone unnoticed, so really pleased with that launch. As I said, we've got a good order book for the Artura, certainly seeing increased customer demand there. Although, as I say, timing slipped a little bit, but we are, you know, very confident in a good launch for that in 2022. In terms of COVID, you know, as for everyone, I guess the pandemic has gone on for kind of longer and deeper than we would have expected. You know, we've really got a very limited number of suppliers seeing COVID-related issues at this point. You know, the impact, I would say at this stage is minimal. As I've just flagged, I think really the big issue for most people is in fact the semiconductor piece. As I've just flagged, you know, we are not immune, but we are probably more adaptable than many others. Moving on now to the next slide, production, wholesale, and retail. We were delighted actually to celebrate recently our tenth anniversary as a supercar manufacturer. Over that period, we've made over 25,000 McLarens. This year alone, we've produced almost 1,800 cars, so that's year- to- date. As you can see, that's given the pandemic, that's more than double the cars built in the total of 2020. As I flagged, good mix of cars in there. I've mentioned the 765LT. Just turning quickly to the Elva, that's very much on track for the deliveries that we planned in 2021, and the final cars built in that series will be delivered early in 2022. Very good retail volumes. We continue to see robust retail volumes, so over 2,000 cars retailed year- to- date. I think finally, if we move on to the slide on wholesale. If we look across the globe, wholesale volumes are up in every region. However, as I have just flagged, we're now expecting the Artura to commence delivery in early 2022. You know, the key message here has got to be strong retail performance supporting the wholesale volumes, and very much as we talked to you before, you know, we've seen a real shift now to a demand-led strategy, which is certainly paying off. Flicking through the financials on Slide eight, we've got a recap here of the refinancing that we completed in July. As I've flagged on that highlights slide, GBP 550 million raised via new preference shares and some convertible preference shares. We obviously used that. We repaid the GBP 150 million outstanding loan. We redeemed our existing bonds. We secured a new RCF, and of course, issued some new bonds, extending our tenure, so we've got five-year tenure at 7.5%. Actually, just at this point, probably a recap for those of you that might be new to the call, just a reminder that racing, of course, as you can see in that diagram, sits outside the restricted group. We are obviously very much focused on the automotive group for this call. Slide nine, you can see there the key metrics for the automotive group. As you'd expect, strong year-on-year rebound in revenue. You can then see that flowing through to the reported EBITDA, indeed automotive now showing a profit there. Of course, all of this as we just talked through, driven by the stronger wholesale volumes, certainly since Q4 2020. Liquidity again improved position year- on- year given the refinancing. I think it's fair to say, you know, we are consuming working capital given the upcoming Artura launch, obviously building stock, ready for that, which we know will be a successful launch, and therefore that position will certainly reverse, once we start to ship those vehicles to customers. Net debt, so the RCF, as I've just flagged, remains undrawn, net debt considerably lower than this time a year ago at GBP 339 million. Finally, just on CapEx, again, the real focus area for the group, you can see lower levels of CapEx versus a year ago, so GBP 45 million lower than at this stage last year. We've provided on slide 10 an EBITDA bridge so that takes you obviously from Q3 2020 up to end of September 2021. Clearly the demand and the model mix driving better contribution from automotive versus the prior period. I guess the only other big blocks to pull out there would be the gain on the sale and leaseback that we've now talked about on several calls, so hopefully you're well aware of that. Then, of course, we did dispose of our Applied division, so you can see there that that bucket is predominantly disposal of the applied net assets. Moving on to slide 11, the Automotive Group cash flow. Key highlights here or key pieces to pull out, we have a working capital outflow, albeit much lower than this time last year, but still an outflow, and, you know, as I've just highlighted, this is obviously driven by the fact that we are increasing our stock ahead of the Artura launch. Clearly those cars are completed but not yet wholesaled. Lower creditors as a result of less trade finance. Actually, you know, we continue to make good strides in our debt collection. You can see a reduction in debtors there as well. I've just flagged the lower CapEx. So again, you know, ongoing focus there, reducing our investment, which you can see coming through the cash flow. Then of course, proceeds from the sale and leaseback, which we completed in the first half. And then the financing is, you know, net cash inflow in automotive from all the refinancing activities that we completed during the quarter, and that you saw on the previous slide. Finally, if we can share a bit more detail on liquidity, as I've just flagged, so it's liquidity of GBP 171 million at the end of Q3. I've mentioned, obviously, the $620 million of new bonds. We've got the RCF, and you can very clearly see there the material improvement in net debt year-over-year with net leverage now at 2.4x. I think before we move on to Q&A, as a kind of recap of all of that and where we sit today, you know, we're pleased to have completed the financial restructuring, so stronger balance sheet, and certainly positions us now for long-term success. We've obviously completed the sale and leaseback. We've completed the sale of McLaren Applied, which was non-core, so really very much focused on the automotive business now. And actually on that topic, as a reminder, McLaren Racing is now fully funded through to 2023. As I say, which really the group can very much focus on the automotive piece as the lead profit driver. You know, we feel confident as we emerge from COVID that we will see a good recovery, particularly once we launch the Artura. I think, you know, without further ado, I will hand over back to Robin and open up for any questions you might have. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad now. If you change your mind and would like to withdraw your question, please press star followed by two. For those who have joined online, please press the flag icon on your web browser. When preparing to ask your question, please ensure your phone is unmuted locally. We kindly ask that you limit questions to two at a time. If you have any further questions, please rejoin the queue. Thank you. Our first question comes from Stephanie Vincent from J.P. Morgan. Stephanie, please go ahead. Your line is now open. Hi. Thank you so much for taking my questions. Just first on these Audi headlines, et cetera, is there anything further that you can talk about on the call in terms of your interest in partnering up with someone and, you know, when you get indications of interest like this, you know, what do you think their key focus is in approaching you for this type of partnership? My second question is just on the supply chain issues. I've got to admit, I'm a little bit surprised given the size, in terms of you pointing to the chip shortage. I've heard from a competitor that steel is also an issue. It would be great to get some further color on where that chip shortage is coming from. Is it from Malaysia? Is it due to the Renesas fire? Just some color there because it's something the industry is looking at quite closely. Then finally, just on cash burn, just very quickly excluding interest, I'm literally just doing cash flow from operations less CapEx. I get that you burnt about GBP 100 million this quarter. What is, in your view, your expectation on cash generation or burn in Q4? That would be super helpful. Thank you. Thank you, Stephanie. I think let's start with your first question on the press headlines. Look, I think it's not the first time that we've had this kind of speculation. I think it's fair to say, you know, my view is we're a pretty successful brand now, both in F1 and automotive, so I'm not surprised, you know, like so many other companies in our shoes that inevitably, particularly post an F1 where we do seem to get quite a lot of press. I think we've always been pretty open, and particularly so during refinancing, that our technology strategy always involves some form of discussion and collaboration, be it with partners, with suppliers, including other OEMs. I would expect that to continue. But I think, you know, outside of that, I think nothing... I think you saw the statement that we put out, which certainly confirms no change in ownership, and I think that that's probably as much as I can say. On the second one, steel, I have to admit, I think we are well-supplied on steel. I'm not really picking up anything I really need to flag to you there. On the chips piece, I think that we use a really wide variety of suppliers, and the situation changes on a daily basis. I think, again, I'm not sure. You know, I wouldn't really discuss individual suppliers as such. I think it's really just to flag that, you know, we are not immune in the current situation in the market. We've been managing it well. I think as I said in my comments, the fact that we are small, we can be a little more nimble. I think, you know, I felt that I should at least flag it as a potential risk. Finally, your question on the cash burn. Yes. I mean, look, if you look at our pro forma cash situation as at Q2 when we last met, you know, CapEx-wise, you know, it's broadly evenly spaced throughout each quarter. Yes, CapEx continue to spend. I've talked through the working capital outflow, which you'd expect given that we are preparing for a major launch in the Artura. Therefore, we have had a, you know, as we put it, a cash burn during Q3. In terms of outlook, given that we are now, and it is just purely timing, we are moving obviously the Artura launch from Q4 into 2022, you would expect the volume that we originally forecast in Q4 to move into Q1. Clearly therefore, we would continue to expect not quite a significant working capital outflow, but we will have an outflow. We will continue to see some outflow obviously from spending on CapEx as well. I think while year-over-year net debt liquidity will obviously be much better year-over-year, I would expect to still see an outflow through Q4. Okay. Thank you so much for the color. Thank you. Our next question comes from Alex Field from Oak Hill Advisors. Alex, please go ahead. Your line is now open. Hi. Good afternoon. Just a couple from me. First, I just wanted to ask about the departure of the CEO and his reasons for leaving. If you could just provide some color around there, that'd be helpful. Then on the Artura, I just want to understand better the reason for the delay. I think this is the second time it's been delayed. I want to understand if that's kind of more of a technical issue that you're trying to overcome with the car or if it's actually, you know, a shortage of parts, and if it is more of a technical issue, which is what it sounds like sort of reading between the lines on the slides, what is it that's leading to the delays? Those are my two questions. Thanks. Okay, thank you. Firstly on Mike. Look, you know, Mike had been with McLaren, as I'm sure you're aware, for nine years. As I said in my opening remarks, you know, we recently celebrated the 10-year anniversary of McLaren. He's really seen the company through some extraordinary growth and expansion. I think fair to say that we're now moving into the next phase for McLaren, you know, very much focused on the next 10 years, thinking about EV strategy, and I think he felt that it was probably, you know, the right time to step off and hand over the reins. We've got a search ongoing. We'll update you on that as soon as we can. I think fair to say in the meantime, you know, we've got really strong bench strength, particularly with Mike and with Paul. On the Artura. Look, I think, you know, we are in the final stages of some software validation. I mean, you know, the car development itself is pretty much complete. So, you know, I think you're right. It's really, which I think we've flagged, more to do with software than anything else. However, I would say that the backdrop, which is what we said before, of the global pandemic and some of the supply chain issues clearly has not been helpful and has probably added to the delay. Just also on the departure of the CEO, thanks for that. Can you just also provide an update on sort of the process to find somebody to replace him? That'd be helpful. Thanks. Yeah. I mean, as you would expect, we've got a kind of search ongoing with one of the usual professionals. I probably won't tell you who, but that is, you know, progressing well. Okay. Thank you. Thank you, Alex. As a reminder, to ask any further questions, please press star followed by one on your telephone keypad now or the flag icon on your web browser. Our next question comes from Antonio Casari from Northlight. Antonio, please go ahead. Your line is now open. Hi. Good afternoon. Couple of questions. Looking at potential cooperation in the Artura, it was mentioned in I think in an FT article that some components are sourced from BMW. Can you give us a little bit more detail on that? Regarding your Formula One, if I understand correctly, the engine is a Mercedes engine. I was wondering if you can disclose how long the contract is with Mercedes. Is it... If overall these two things can create issues in terms of having cooperation with other OEMs as rumored in the press. The second question is regarding EBITDA. It seems from the calculation, even taking out the different components that impacted the year, that Q3 was negative from an EBITDA perspective. Year- to- date, I calculate GBP 5 million EBITDA from the first three quarters. I was wondering what level of EBITDA can we realistically achieve in 2021, considering also the delay in the Artura? During the roadshow, it was discussed the idea of free cash flow breakeven from 2023. Is that still something that you expect to achieve? Thank you. Thank you for that. I'm sorry to disappoint you on the first question. There's probably not a great deal I can say. As you'd expect, you know, in terms of the different suppliers to the Artura, we don't tend to give a great deal of detail about exactly who's supplying what parts. Yes, you know, our battery technology is with BMW. Aside from that's probably about it. Absolutely, you're right. Mercedes-Benz obviously providing our engine on the F1 side, but again, I probably can't give specifics on the agreement that we have with them. On your second question, yes, absolutely. Your EBITDA figures are correct. I think as I just flagged really that if you take on the fact that we will, you know, we'd assumed a certain, you know, reasonably healthy volume of Artura in Q4, that will now move into 2022. So with that will go obviously some revenue, EBITDA, and cash. But I think as I flagged before, which really leads into your question about the 2023 free cash flow, you know, this is very much a timing piece. If you look over, as I said at the beginning, and you've seen the reviews, the Artura is a fantastic car. We have got huge demand for it. Everyone's desperate to get their hands on it. So I think in terms of the life cycle of that car, nothing really changes. It is just a timing piece that says, look, we were hoping to launch in November. That will now end up being early next year. The most important thing is that that car is absolutely right. But so I think it's more of a timing piece than anything. We are very much in terms of the way we talked about free cash flows, all of those targets very much remain the same. I think we're confident really in 2022, which really is the year where we see, I hope, fingers crossed, the kind of really the tail end of the pandemic, you know, a good rebound in demand, which is what we're already seeing. More importantly, we will have the product there to meet that demand. Perfect. Thank you very much. Thank you, Antonio. We now have a follow-up question from Alex Field from Oak Hill Advisors. Alex, please go ahead. Your line is now open. Yeah, I just had a couple of questions just on the backlog and your volume target. On the backlog, I noticed that it hasn't been disclosed. I was wondering if you're able to give us the backlog in terms of units and any sort of thoughts on whether the delays to Artura have caused issues being able to put sort of cars into the backlog. That's the first question. I was just wondering if you're able to give sort of an updated view on volumes for the year given the sort of change in outlook. Thank you. Sure. Backlog, presumably what you're getting at is, you know, we've given a, you know, i.e., how much volume are we essentially shifting from Q4 into next year. I think, you know, we originally guided just north of 3,000 units wholesale for this year. I think fair to say, we would have assumed probably around 500-600, and most of those Artura in Q4. You can imagine that will most likely shift into 2022. Okay. Because of the delays, have you been able to put Artura into the backlog in terms of units or is it sort of mainly, you're still just taking interest but not able to take sort of guarantees? I'm sorry, just to be clear, using that backlog, you mean order book, are you? You're saying kind of how is this affecting- Yeah. The order book. Exactly. Yeah. Sure. As I said, without putting too many numbers on it, we've got, you know, the order book is strongly up. Actually, even though we have delayed the Artura, we haven't seen, you know, all of those orders are still in the book. Those customers are keen, and that continues to build. You know, I think we kind of sit in just a strong position as we did before. I think the question will be, you know, let's see, once that car actually starts to ship, we would expect through the year that book to further strengthen. Okay, thanks. Just one more. In terms of mix, for 2022, if the Artura, you know, goes as planned, how much of the mix should that car end up being roughly? I don't think we normally. Again, I think Stephen on this call is longer than me. We wouldn't normally give mix. No, no. Specifically. No, we don't provide the mix. Just coming back to your previous question, the order book at the end of Q3, we're up circa 30% versus H1. We are seeing a strong uplift in the order book going through the year. Okay, thank you. Thank you, Alex. Our next question comes from Anthony Sheed from CrossOcean Partners. Anthony, please go ahead. Your line is now open. Hi. Thanks for taking my call. My question relates to how we should think about the difference in average sale price for this quarter versus the same quarter last year, given revenues were mostly in line, but it seems volumes were significantly higher for this quarter. Yes. I think the thing to remember, last year, obviously, we had, in fact, I can't think how many in the mix. I'm not sure we give that. We had obviously the Speedtail in the same period last year, which is what would have obviously skewed the average sale price versus this year. Thank you. Thank you, Anthony. Our next question comes from Peter Jurik from Tresidor. Oh, no, Peter has now just withdrawn his question. As a reminder to ask any further questions, please press star followed by one on your telephone keypad now or the flag icon on your web browser. Our next question comes from Peter Jurik from Tresidor. Peter, please go ahead. Your line is now open. Hey, guys. Sorry about the back and forth on getting in the queue. I guess just a simple question. In terms of if you think about your order book as lead time to get a car, how has that progressed? As in, you know, on average, if I were to go to a McLaren dealer now and how long would I have to wait to get whatever car I wish to get on average versus perhaps how it would have been earlier in the year and versus what it would have looked like in a pre-COVID year. How is that developing? Just to get a sense of demand, underlying demand. Yeah. I mean, I think the lead time typically we're, you know, kind of where we would have been pre-pandemic, really at two to three months. Notwithstanding, as I say, clearly the Artura is, you know, we've been quite clear that we launched on that, and our customers who put orders into that are aware of the wait there. Typically we work two to three months. Okay. That's reasonably unchanged? Yes. You know, bigger picture, if you think about where you stand now and what you can see forward. I mean, clearly you're not looking to give us a ton of guidance about what you see forward, but surely internally you're either starting a budgeting process or you're consistently thinking about the near-term future. You know, if I compare your performance as a luxury automotive company versus your peers that we can see Ferrari and Aston, I'd say recently you've fallen a little bit behind. When you look forward, order book, margins, ASPs, everything that goes into this to then be able to get to a position of cash flow breakeven or cash flow positive, how... What is your level of confidence, and how do you feel about the progress that you expect to get? Do you feel that you're falling behind and that, you know, constantly one thing comes and then another does, you know, I don't think many of us expected the CEO change. Just give us a little bit of a feeling of where your head's at and degree of confidence. Sure. I mean, I think it's fair to say that for the vehicles that we have had out in the market, demand has been incredibly strong. You know, I used the example of the 765LT that is, you know, completely sold out. You know, I was talking to some of our dealers last week, actually, they get several calls a week, you know, asking for more. That's the same fact, as I say, thinking of our Ultimate, the Elva, very much where we hoped it would be for 2021, and indeed some of those also going through into 2022. Of course, you know, the Artura, I guess, and the timing of that is what in the short term might have held us back on a relative basis. The key is that, as I say, the demand in the market is strong, we've got every confidence in that, in it being a, you know, a fantastic car. You know, demand is strong. Order book continues to build, ASPs, you know, likewise. You know, there is a huge opportunity. I look at 2022, yes, with a reasonable, you know, or pretty good, level of confidence. Then the last question I'll ask, if I could, is you mentioned in your response to the earlier question on the CEO change, you mentioned, you know, next 10 years, you mentioned electrification. During the bond roadshow, I think you guys were talking about your first full electric vehicle, probably more towards 2030 rather than 2025. I think that was at least the impression that I got. I'm just wondering if your thoughts on that are developing and changing and, you know, maybe that's also where the cooperation conversations are kicking in. But should we still be thinking 2030? All your peers are saying 2025. That's why I'm asking the question. Yeah. I think our messaging on that hasn't really changed. I think, you know, we're expecting our first EV on the market probably, you know, between 2025 and 2030, very much as we said on the roadshow. You know, you're right, you know, the conversations that we are having as everybody else is really exploring what our technology strategy might look like. That could well involve, you know, collaboration with a variety of partners, but we will continue to update you on that. Okay, great. Thank you very much. That's it from me. Thank you. Thank you, Peter. Our next question comes from Chris Telfer from ING. Chris, please go ahead. Your line is now open. Hi. I just wanted to ask, with the delays in Artura, is that going to push back the 720S replacement? Also, can you clarify, is the Elva and the 720S GT3X both sold out? Thanks. On the delays of the Artura, no. I mean, I think, you know, while we probably are not discussing the specific program timings for obvious competitive reasons, but no, I think you should see everything else very much running as planned. As I say, the delay in the Artura, you know, it's just a matter of months versus what we originally expected. I think on the... You asked on the Elva, the allocation actually for that vehicle is almost full. I think you also asked if the 720, the GTS, I think we still have GT3X. Sorry. We still have a handful available. Thank you, Chris. As a reminder to ask any further questions, please press star followed by one on your telephone keypad now or the flag icon on your web browser. Thank you. This now concludes our Q&A session. I will now hand over to Kate for any closing comments. Thanks, Robin. Look, thank you again for joining, and for the questions. Obviously if you do think of any more post the call, you know where we are. All right, bye.