Welcome, and thank you for standing by. At this time, all participants are in a listen-only mode. During the question-and-answer session, please press star one on your phone. Today's conference is being recorded. If you have any objections, you may disconnect. I will now turn the conference over to Mark Heifler. Thank you. You may begin. Thank you, Denise. Good morning, everyone, and thank you for joining us. The press release and presentation slides for our call today have been posted to the investor section of our website at adient.com. This morning, I'm joined by Jerome Dorlack, Adient's President and Chief Executive Officer, and Mark Oswald, our Executive Vice President and Chief Financial Officer. On today's call, Jerome will provide an update on the business. Mark will then review our Q1 financial results and provide insights on our outlook for the rest of FY 2025. After our prepared remarks, we will open the call to your questions. Before I turn the call over to Jerome and Mark, there are a few items I'd like to cover. First, today's conference call will include forward-looking statements. These statements are based on the environment as we see it today and therefore involve risks and uncertainties. I would caution you that our actual results could differ materially from those forward-looking statements made on the call. Please refer to slide two of the presentation for our complete safe harbor statement. In addition to the financial results presented on a GAAP basis, we will be discussing non-GAAP information that we believe is useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures to the closest GAAP equivalent can be found in the appendix of our full earnings release. And with that, it's my pleasure to turn the call over to Jerome. Thanks, Mark. Good morning, everyone, and thank you for joining us today. Today, we will review our Q1 results and share additional insights into the industry landscape and how we see FY 2025 shaping up. In addition, we will give you a high-level overview of current business developments and then turn it over to Mark to review the financials on our full year outlook. Turning now to slide four, we're off to a solid start in FY 2025 with improved business performance versus a year ago, allowing us to mitigate ongoing customer volume and mix headwinds. As a result, we were able to contain decremental margins to approximately 12% below our typical 18% on a 5% year-over-year decline in revenue. We achieved $196 million of Adjusted EBITDA and generated $45 million in Free Cash Flow. As we signaled on our Q4 call, we anticipated significant headwinds in our fiscal Q1, owing to inventory destocking at our major Detroit-based customers in the Americas and ongoing European customer production mix headwinds. In Asia, we experienced soft demand from our core customer base in China, including luxury and Japanese OEMs. In this market, we also saw a promising new startup cease operations. I'll discuss the industry dynamics in China in the next two slides. All things considered, the quarter was in line with our internal expectations. We also continued to allocate capital in a disciplined manner and bought back another $25 million of stock in Q1, bringing total share repurchases so far in FY 2025 and FY2024 to $300 million. Our balance sheet remained strong with ample liquidity, including $860 million of cash on hand at the end of Q1. I'm also proud to share that we have released our 2024 sustainability report, where we have highlighted several notable accomplishments, which I will go over shortly. We have received excellent customer feedback from many of our investors and our customers on our ongoing sustainability focus. Moving to slide five, let me walk you through some of the regional dynamics we have been observing and navigating through. First, in the Americas, as expected, we saw customers successfully reduce inventories, particularly in the full-size pickup truck segment. The industry is in a far better position entering calendar year 2025 with an improving SAAR and healthier stock levels. In fact, December auto sales of 16.8 million were the highest seasonally adjusted annual pace since May of 2021. With normalized inventories, current selling rates appear to support forecasted production schedules in calendar year 2025. As we mentioned last quarter, key customer launches that were slow to ramp during most of FY 2024 have been producing at full run rates, giving us a tailwind this year. Last point on the Americas, we continue to evaluate potential tariffs and have been developing plans to mitigate impacts if imposed. Turning now to EMEA, industry conditions remain challenging with strong production headwinds and program delays from economic and political uncertainty around electrification policies, lower exports, and increasing competition from Chinese imports in entry-level segments despite new tariffs. Our multi-year restructuring plan in Europe remains on track with activities ongoing. As a reminder, we expect savings from these actions to continue to ramp up through 2027, and we anticipate about a third of these savings to be realized in FY 2025. Lastly, we continue to monitor customer restructuring developments and will align our production and capacity accordingly. We are actively shaping our European footprint for a smaller market and future localization of new players. Looking at Asia, macro conditions remain challenging. Despite a tough backdrop, the region continues to generate double-digit margins and strong free cash flow. In the quarter, our China sales underperformed the overall market. I will get into more details on that in the next slide. Although sales were softer, our China operating performance remained strong, and the team was mostly able to offset lower contribution margins. Additionally, in Asia outside of China, we significantly outperformed the overall market due to new program launches ramping up. Turning to the next slide, let's dive deeper into what's going on in China. Based on current outlook, we see China revenue flat to slightly declining in FY 2025, primarily driven from unfavorable production mix from increasing export and local OEM volume. Challenging market conditions that emerged in late calendar year 2024 have continued into calendar year 2025, with underlying auto demand continuing to soften outside of short-term scrappage schemes. Government stimulus has been modestly effective, but mostly in entry-level segments where Adient has minimal content. Additionally, competitive pressures have intensified, leading our traditional European luxury and Japanese-based customers to reduce their FY 2025 production targets. We have seen several OEMs cancel programs, and one of our t argeted new entrants has ceased operations, potentially signaling the early stages of industry consolidation. Market share gains by BYD and growth of exports have bolstered the overall China production outlook. S&P's China production forecast for calendar year 2025 calls for 3% year-on-year growth. However, digging a bit deeper into that, excluding BYD and exports where we have less consolidated entity content, production is expected to be down about 5%. It is worth noting, however, that we have significant component business with BYD through our Keiper joint venture. We are also supplying components for BYD in Thailand, and our commercial teams are bidding on significant new business with BYD in China and elsewhere throughout the world. While near-term macro headwinds and customer mix pressures exist, Adient remains a supplier of choice with both domestic and Western OEs. We are continuing to leverage our technical capabilities, leading product innovations, and high-content expertise, coupled with our domestic and global footprint and local knowledge to win new business with local OEMs, driving profitable growth in the next two to three years. As a proof point, in FY 2024, we won new and replacement business with about $1 billion of annual revenue. 90% of this business is with local OEMs, much of which launches in FY 2026 and FY2027. Approximately half of this is all new revenue. In addition, given the challenging backdrop this year, the Adient business model is proving resilient, and the team is mitigating lost contribution margin on lower consolidated sales by executing profit improvement actions such as cost reductions and commercial initiatives. Bottom line is that we are taking actions to grow rapidly with local China OEMs. Even with pressure from declining foreign OEM customers, our China business remains highly profitable and cash-generative. Our Asia segment, of which China is a key market, achieved greater than 14% adjusted EBITDA margins in Q1. Moving on now to slide seven, we are prioritizing winning the right business and executing successful launches. Our business awards this quarter demonstrate further growth with China local OEMs and enhancements to our global customer relationships. It is worth highlighting the new business with Mercedes on the E-Class platform. We were successfully able to conquest this business from a global incumbent. It includes the front seat and rear seat JIT, rear seat frames, armrests, headrests, foam, trim, and other functional parts. An excellent win for our China team. In Asia, we are launching a high level of new programs. In Q1 alone, we had 16 programs launched in the region, and we have more than 70 programs launching in the balance of the year. We have a healthy flow of upcoming launches beyond FY 2025. We see strong momentum in the region, which results in, in part, from our innovative capabilities to drive an outstanding customer experience while also maintaining a competitive business case. As you can see on the chart, these wins are vertically integrated complete seat systems that are comprised of JIT, trim, foam, and in some cases, metals, which are accretive to the business case. This is the key enabler to improving margins. Underpinning our new business wins is our high level of execution on multiple launches. We continue to perform on safety, quality, and on-time metrics for our customers. Moving on now to slide eight, we are focused on driving sustainable growth into our business and reducing our impact on climate change. We strive for responsible use of natural resources by improving energy efficiency in our operations and reducing the carbon footprint of our finished products and developing processes that protect our planet's natural resources. Adient is pursuing the use of sustainable materials, products, and circular economy by identifying materials and manufacturing methods that minimize our environmental impact and promote a circular approach to product development. I want to recognize the Adient team for their accomplishments in 2024, including a 38% reduction in Scope 1 and Scope 2 greenhouse gas emissions from our base year, 29% utilization of renewable electricity, and a strong commitment to a diverse supply base and an inclusive workplace. Finally, now moving on to our key takeaways on slide nine. The company continues to drive higher levels and improved business performance, which has helped to mitigate some of the macro pressures. The Adient operating model is enabling the company to maintain its earnings and free cash flow guidance, which Mark will get to in a minute, despite incremental FX headwinds and softer customer production volumes in China and EMEA. The Americas continues to expand margins. The Asia region continues to have strong margins and free cash flow and continues to win new business with local China OEMs, while EMEA continues to execute on its multi-year restructuring plan, and finally, management is committed to generating cash and creating value for Adient's stakeholders. Now I'd like to turn it over to Mark to take you through our financials and outlook. Thanks, Jerome. Let's jump into the financials on slide 11. Adhering to our typical format, the page shows our reported results on the left side and our adjusted results on the right side. We will focus our commentary on the adjusted results, which excludes special items that we view as either one-time in nature or otherwise skew important trends in underlying performance. Details of all adjustments for the quarter are in the appendix of the presentation. High level for the quarter, adjusted EBITDA was $196 million, down 9% year-on-year. Our decremental performance on $165 million decrease in revenue from a year ago was about 12%, which reflects our resilience and ability to drive business performance to mitigate external pressures. Worth noting that our underlying equity income remains quite strong despite this quarter's results being impacted by a one-time $12 million retroactive change to our Keiper JV agreement. Adient reported adjusted net income of $23 million or $0.27 per share. I'll cover the next slides rather quickly since details of the results are included on the slides. This should ensure we have adequate time for Q&A. Starting with revenue on slide 12, we reported consolidated sales of approximately $3.5 billion, a decrease of $165 million compared with Q1 FY 2024. The primary driver of the year-on-year decrease was lower volumes and pricing of $160 million, resulting from lower customer production. FX was a slight headwind, call it $5 million in the quarter. Focusing on the right-hand side of the slide, Adient's consolidated sales were lower in Americas and EMEA, while sales in Asia were flat year-on-year. In the Americas, lower sales, mostly in line with the market, were driven by lower volumes from inventory destocking actions at certain U.S.-based customers, particularly in the key full-size truck programs. In Europe, we were negatively impacted by overall weaker market demand. Sales were in line with the market. And in our APAC region, sales in China underperformed the industry production, primarily due to key customers' platforms not benefiting from scrappage or trade-in incentives aimed at the low entry-level products, growth in exports, where we have little to no content, and resulting production declines from our traditional European luxury and Japanese OEM customers. Asia outside of China was 1,600 basis points better than the overall market due to growth with customers mainly in Japan and Korea, resulting from new program launches ramping up. Regarding Adient's unconsolidated seating revenue, year-on-year results were slightly down, call it 2% adjusted for FX. Results were affected by lower production volumes in the Americas and Asia regions. Moving to slide 13, we provided a bridge of adjusted EBITDA to show the performance of our segments between the periods. Adjusted EBITDA, as mentioned, was down 9% at $196 million. The primary drivers of the year-on-year comparison are detailed on the page. The Adient team drove improved business performance of $28 million, primarily resulting from better net material margin and reduced operating costs, including lower launch costs. The improved business performance partially offset volume and mix, which was a $39 million headwind driven by lower customer vehicle production in EMEA and unfavorable product mix in Asia. We incurred a net commodity headwind of about $8 million in Q1, primarily resulting from the timing of recoveries. As in past quarters, we provided our detailed segment performance slides in the appendix of the presentation. High level for the Americas, improved business performance of $8 million in Q1 was primarily driven by favorable freight costs and lower launch costs. Volume and mix swung to a tailwind this quarter of $5 million, benefiting from stronger production of high-content profitable programs such as the GM Traverse, Acadia, and Enclave during the quarter, despite the stocking activity at large pickup trucks. Commodities were a $9 million headwind driven by the timing of contractual pass-throughs. In EMEA, year-over-year results were influenced by weak volume and mix, which negatively impacted the quarter by $26 million from lower customer production. Business performance, which was a positive $2 million in Q1, was driven by better net material margin and operating performance, including restructuring actions. As we have previously articulated, we are taking steps to adjust our costs in Europe. We continue to assess additional efficiency actions in the region. We continue to expect cash restructuring costs in the neighborhood of $100 million in FY 2025, primarily related to European restructuring charges taken in FY 2024. In the quarter, we incurred $35 million of cash restructuring. In EMEA, as previously mentioned, we are focused on driving additional operating efficiencies, restructuring, and executing on our plan, which includes the roll-off of lower-performing metals business and the start of production of better-margin new business, which we believe will inflect positively in 2026. Moving on to Asia, we generated positive business performance of $14 million from improved net material margin and lower launch costs. Volume and mix negatively impacted the quarter by $18 million. In summary, the company continues to drive improved business performance across all regions, which we expect to continue throughout 2025. Let me now shift to our cash, liquidity, and capital structure on slides 14 and 15. Starting with cash on slide 14, for the quarter, free cash flow, defined as operating cash flow less CapEx, was $45 million. Key drivers of the year-on-year comparison included the benefits associated with typical month-to-month working capital movements and timing associated with capitalized engineering recoveries. These benefits were partially offset by increased cash restructuring and lower earnings. We continue to expect solid free cash conversion in FY 2025. One last point, and it's called out on the slide, Adient continues to utilize various factoring programs as a low-cost source of liquidity. At December 31st, 2024, we had $172 million of factored receivables versus $170 million at Fiscal year-end 2024. Flipping to slide 15, as noted on the right-hand side of the slide, the company returned $25 million to shareholders in Q1 through share repurchases. Adient is committed to being good stewards of capital while maintaining a strong balance sheet, ensuring efficient allocation of resources and ample liquidity. Turning to our balance sheet, Adient's debt and net debt position totaled about $2.4 billion and $1.5 billion, respectively, at December 31st, 2024. The company's net leverage at December 31st was 1.8 times, within the targeted range of one and a half to two times. Total liquidity for the company was approximately $1.7 billion at December 31st, comprised of $860 million of cash and $875 million of undrawn capacity under Adient's revolving line of credit. Moving to slide 16, let's review our current expectations around our FY 2025 outlook. For the full year, we now expect sales to be approximately $13.9 billion, down from our previous expectations. The largest driver of this revision is FX translation, owing to a stronger U.S. dollar. This is about $200 million incremental headwind on the top line, and roughly $15 million impact to EBITDA and free cash flow. We also are incorporating lower production levels in Asia and EMEA, approximately $150 million in lower sales. We expect to be able to mitigate these macro headwinds and offset decremental margin on lower volume through strong business performance. Consequently, we are holding our guidance, expecting adjusted EBITDA to be near the low end of our guidance range of approximately $850 million. We do anticipate our free cash flow to be closer to $180 million as a result of translational FX impacts. We remain laser-focused on cash generation, including driving additional efficiencies in capital spending and working capital. With regard to tax expense for the year, for modeling purposes, you can assume around $115 million of adjusted tax expense for the fiscal year. One last point with regard to our outlook. We continue to expect our overall earnings will be weighted towards H2 versus H1. Although we don't provide quarterly guidance, I think it's a good reminder that our Q2 results are seasonally impacted by the Chinese New Year. In addition, certain of our customers have had their production schedules adversely impacted by severe weather across North America entering our Q2 Based on those factors, it's likely Adient's Q2 results will look a lot like Q1. To sum it up, we remain focused on managing the business controllable, such as delivering excellent results for our customers, lowering costs, and generating strong free cash flow for the owners of our business while maintaining a strong balance sheet with ample liquidity. With that, let's move to the question-and-answer portion of the call. Denise, can we please have our first question? Thank you. If you would like to ask a question, please press star one. If you need to withdraw your question, it's star two. Our first question comes from Dan Levy with Barclays. Your line is open. Hi, good morning. Thank you for taking the questions. First, maybe if we could just start with a bit of a housekeeping question. Perhaps you could just give us a sense of what you are assuming now on the different MRs. I know you trimmed your outlook on China and EMEA. Are you just in line with the third-party data forecasters? And maybe you could just comment a bit more on some of the customer mix dynamics within your guidance. Yeah, Dan, and good morning. Yes, I'd say that the current outlook does reflect the latest outlook for production based on S&P. Obviously, we do tweak it here and there based on what we know from the customers, but yes, all in all, I'd say it's generally in line. When I think about mix, and we mentioned mix over in China, for example, certain of the EVs that are coming to market tend to be at a lower margin versus the outgoing product. And so that's the negative mix that you're seeing over in that region. Yeah, only just maybe to build on what Mark said, given the nature of our business and the proximity to our customers, just in time aspect of it, we do run on, call it EDIs or customer releases for the nearest quarter. So we do build what would be kind of our quarter we're in right now, or our Q2 is basically EDI-based, and then Q3 and Q4 would be S&P-based from that standpoint. Got it. Thank you. As a follow-up, if we could maybe double-click on the business performance. And I know in the past you've sort of laid out a few different lines of items. So maybe just in the Q1, what was driving that? And I believe that was a bit more outsized in Asia. How much of this is just continuous improvement versus customer recoveries? And then what levers do you have to accelerate the business performance if some of the macro headwinds remain challenging? Yeah, so I'll start there. So when I think about business performance, Dan, and there's quite a few items within that bucket, right? But what we called out, obviously, for Q1, launch costs were down in certain of the regions. When I look at ops waste, freight costs, right, those are all contributors to positive business performance. Net Material Margin, our ability to basically get pricing for the customers, etc., right? Those are all things that I would say that are in that bucket that we basically are driving toward. And obviously, that offsets certain of the other, what I would say, headwinds that you may get, whether it's labor inflation, etc., right? So those are the buckets. When I think about our ability to pull things forward, we're continuously working with the customers. We're continuously looking to see what type of automation we could add to the plants to make it more efficient. So I'd say we've got the playbook. We'll continue to execute that. I think if you looked at our results in 2024 on the business performance line, and again, what we're expecting now for 2025, showing good results in terms of what the company is going to be able to do in terms of driving that forward. Yeah, and just to build on what Mark said when you ask about our ability to accelerate, I think 2024 was a very good proof point of that. I mean, as we saw some of the macro headwinds really building, especially in the back half of the year, we saw in the Americas, in particular, a lot of the inventory destocking taking place. We saw a lot of the large pickup truck segments that we were on starting to face a lot of headwinds. I mean, you really saw us ramp up business performance. You saw us taking what would be a normal decremental for the company at the 17%-18% range. And we were really able to hold that throughout the back half of the year, closer to kind of that 11%-12%. And that's really through incremental business performance. And I mean, that's what we're able to do through additional, whether it be customer recoveries, whether it's through additional operational belt tightening. We drove a lot of, I'd call it, automation opportunities in the back half of last year, taking out both direct and indirect labor through operations. That's actually starting to pay benefits now in FY 2025, being able to hold some of those decrementals. So I mean, it is a resilient business model, the operating model we like to call it. That's what's allowing us to manage through some of these short-term macros that we see. Great. Thank you. Thanks, Dan. Thank you. The next question comes from James Picariello from BNP. Your line is open. Hey, guys. This is Jake on for James. So just first, can you help us think about the potential impact of any North America tariffs on your business, especially on some of your initiatives to move more of the value-add portion of your manufacturing component to Mexico? Thank you. Yeah, so what we would say is, I mean, we have, not unlike our competitors in the space or other tier ones, whether you go across the safety space, some of the electronic space, anyone in automotive, a significant Mexico footprint, certainly with our cut-and-sew operations. We've talked about that in the past. Certainly, some of our metal operations that we have localized down into Mexico as a result of the China tariffs, we move that into Mexico. We now ship some of that north of the border, so it's not an insignificant amount of business that then transits its way into the U.S. I think what's important is we have action plans established by each one of our customers. We have now begun engaging in meaningful dialogue with those customers. The customers have a level of understanding of what the impact is. We've made it clear to them that this is not at a 25% level or even at a 10% level, a burden that Adient is prepared to take onto our P&L on an ongoing basis, and there will be a need for recovery that has to then be passed through the value chain. There's defined timetables for us to move through these processes with them, and we'll manage through this depending on what the administration enacts come February 1st. And so we're working through that in a very timely and, I'd say, almost hourly basis in some cases. Thank you. And then I think we're all impressed with the 7% base decrementals on the lower volume in Asia and Europe. But how should we think about incrementals and decrementals for further shifts in production this year? Thank you. Yeah, I'd say that the typical incremental margin for us or decremental is, call it 17%-18%. As we showed in the Q1, we were able to minimize that and get that down quite low, call it 12% or so. If we have a line of sight in terms of when that production's coming out, it affords us and allows us to basically make some changes in the operating patterns, which allows us to basically take those costs out and to contain those. It's really when you get the sudden shifts in production or the short notices of production coming out that hampers our ability to basically minimize those. So as we go through the rest of this year, we'll continue to work hard to keep those decrementals lower. I think our guidance is predicated on the fact that we will be successful in doing that. So we'll continue to run the playbook that we demonstrated in 2024 as well as in Q1. Thanks, Jake. Thanks, Jake. Thank you. The next question comes from Colin Langan with Wells Fargo. Your line is open. Hey, guys. This is Kosta Tasoulis, filling in for Colin. I just wanted to build off the tariff playbook again. Would you be able to maybe describe how your tariff playbook is better today relative to how you guys handled it in 2017? I don't know, that's a question of if it's better or worse. I think if you look at 2017, I think we were very effective in 2017. I mean, we entered 2017 with, call it, somewhere between $40-$60 million of gross exposure. And we sit now today with something of a net exposure in single digits. So I think we were very, very effective in what we were able to do from the 232 and 301 tariffs. If you look at the magnitude of where these tariffs sit at a 25% or even a 10% range, it's a question of speed. And it took us, when those came in, somewhere in kind of a 12-16-month range to work through that. Obviously, given the magnitude of these, we would need to work through this in a much more expeditious manner. So I think the difference between 2017 and now is the time and the speed at which we would need to work through in terms of the efficacy of a solution. And so what 2017 did is it prepared us in terms of playbooks. I think it also prepared the industry and our customers in terms of how not only Adient, but also the entire supply base and the value chain would be approaching and working through these types of solutions. Cool. Thank you. And my second question is, I think your initial growth over market guidance in China was 6%. How is that shaping up in today's updated guidance? Yeah. So today's guidance, as we indicated, we would expect our sales to be flat to down versus last year, right? If you look at where the overall market is trending in China, as Jerome mentioned on his portion of his prepared remarks, the market's up, but it's really attributed to the growth in BYD and exports, right? If you strip those out, obviously, the market would be down. So again, I'd say that this year, slightly worse versus earlier expectations heading into 2025. But as Jerome also pointed out on the call, we did win $1 billion of new business last year that comes on board in 2026 and 2027, which then helps us drive growth in that region again as we get into 2026 and 2027. Great. Thanks for taking my questions. Thank you. Thank you. Thank you. As a reminder, if you'd like to ask a question, please press star one. I am currently showing no further questions. Hey, I want to thank everyone for your interest in Adient today. We will be available for the rest of the day. For For follow-up questions, feel free to reach out to me, Mark Heifler, investor relations at Adient. Thank you. That does conclude today's conference. We appreciate your participation. Have a great day, and you may disconnect.