Hope everybody's doing well. I think you can hear me now. Perfect. All right, well, we'll go ahead and get started. Good morning again, and welcome to Visteon's 2023 Investor Day. I'm Kris Doyle, Vice President of Investor Relations and Treasurer. Really excited to have all of you joining us here today, both in person as well as on the webcast. Materials for today's presentation are available on our website at investors.visteon.com. Before we begin today, I'd just like to remind everybody that this presentation contains forward-looking information. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks, factors, and uncertainties that could cause our results to differ materially from those expressed in these statements. Please refer to the page entitled Forward-Looking Information, as well as our SEC filings. To kick off our presentation today, we have Sachin Lawande, our President and Chief Executive Officer, who will discuss our outlook for the key secular trends in the industry and how our company is set up for success. You'll also hear from several of our business and technology leaders as we dive deeper into topics such as cockpit domain controllers, displays, electrification, and manufacturing excellence. You'll hear from Jerome Rouquet, our Senior Vice President and Chief Financial Officer, to discuss our financial outlook as well as our capital allocation plans. We do have two Q&A sessions scheduled throughout the day. Please submit your questions via the link that was provided to you during event registration or with the QR codes that you have scattered throughout the room. If for any reason you're having any technical issues, please contact us at investor@visteon.com. Without further ado, I would like to invite Sachin to the stage. Thank you, Kris, and good morning, everyone. Welcome to our 2023 Investor Day. As you know, the automotive industry has been going through a significant transformation, one that is probably going to last for a few more years. Now, Visteon has done a very good job of aligning our product portfolio to some of the key trends and positioning the company for growth. In today's presentation, you'll hear about our recent transformation journey and how that has positioned the company for growth over the next few years. We'll also discuss our midterm targets for sales and profitability, as well as our plans for long-term growth. Before I talk about our transformation journey, I would like to share a little background on Visteon for those of you that might be new to our story. Visteon is a Tier 1 supplier of cockpit and electrification electronics to the global automotive industry. We are about 10,000 people globally, of which about 4,000 are engineers, and mostly in software. We operate in 18 different countries, pretty much everywhere cars are built, and we have a great manufacturing footprint with 13 plants globally. In addition to expanding our product portfolio, which I'll talk about more in a few minutes, we also added several new customers over the last few years. Today, we serve about 30 global car makers, almost all of the top 20 largest car makers in the world, and we manufacture about half a million electronics products each week that we ship to about 800 customer locations worldwide. You are all very familiar with the challenges that automotive has gone through the last several years. The industry was starting to come into a decline for many years of an upcycle sometime in 2018, 2019, and then COVID hit. After COVID, we had these challenges of supply chain, semiconductors in particular. Visteon, however, has executed very well despite all these industry challenges. In 2022, we performed really well and delivered $3.75 billion in sales. If you look at the last 3 years, going back to 2019, we grew our adjusted EBITDA by over 50% and generated over $200 million of adjusted free cash flow. The reason why we were able to do this is the products that we have been working on over the last few years that are now very well-positioned to address the emerging trends in the industry. Let me share with you a little bit about that product transformation journey. This slide tries to capture what we have accomplished over the last several years. When I started with Visteon in 2015, most of our revenues came from what you would call as traditional cockpit products, analog and small display clusters, AM/FM radios, basic embedded infotainment systems. The industry at the time was shifting towards more digital products for the cockpit. Car makers were responding to consumer demand for features that were quickly getting popular, such as CarPlay and Android Auto, ADAS, connected infotainment. In response, we built new digital cluster and Android-based connected infotainment platforms, bringing all of the key software content in-house to reduce cost. That's key. We also invested in and built display expertise, which is very critical for these products to be successful. Today, as a result of all of that, we are the global market share leaders when it comes to digital clusters with almost all large global OEMs as customers. We have also emerged as a leading supplier of Android-based infotainment with over 30 customer programs to date. Remember, Visteon was not known for its infotainment capabilities. In 2018, we launched the first cockpit domain controller in the industry, SmartCore, with Daimler. Since then, cockpit domain controllers have become a very fast-growing trend, and with 12 customers already for SmartCore, we are the leading supplier of this product to the industry. In 2018, anticipating the demand for larger displays, we doubled down on investments in display product development and in manufacturing. Since then, we've won about $3.5 billion in displays business, and we believe displays, after many years of flattish performance, are gonna start to grow again and will become, in the coming years, a growth leader for Visteon. As the slide shows, in 2019, we won our first wireless BMS business with GM for their Ultium batteries. Since then, we've added two more customers and won about $3 billion of BMS business. As a result of all these activities, today, Visteon has the strongest product portfolio for the cockpit as well as BMS, two of the fast evolving and growing domains of automotive. This page also highlights what sets us apart from the competition. We are much more nimble and innovative when it comes to product and technology development, especially, you know, when it comes to new technologies. In this area, in this industry, which is evolving very quickly in these two domains, that's a very critical capability to have. Not only did we launch these new products, these products were actually quite successful in the marketplace. Sales of our digital product grown steadily even while vehicle production was declining. As shown on the slide, the orange line is the sales of our new digital products. Even in 2020, when vehicle production fell to its lowest level in over a decade on account of COVID, sales of our new digital products continued to grow, and they continued to grow in 2021 and 2022 despite semiconductor shortages. We hit an inflection point, as we have indicated here, in 2021, with sales of our new digital products overtaking the sales of our older products. In 2022, that sales growth accelerated as SmartCore and multi-display systems, you'll see some of those, on our demo area here, if you get the time. Sales of those products accelerated on account of the new launches that we had on new vehicles. As a result of these, new products and the performance that we had in 2022, Visteon had the fastest revenue growth amongst our Tier 1 supplier peer group that year. The reason was this product transformation and the fit of these products to the key trends that are impacting the industry. Looking forward, we expect these digital cockpit products to continue to grow as car OEMs will continue to emphasize user experience as a key selling feature of their vehicles. We have launched nearly 150 new products over the last 3 years, which provides a very solid foundation for continued growth in the coming years. Our largest product line, digital clusters, still has a long runway ahead of it for growth, as even in 2022, just about 1/3 of all new cars built came with a digital cluster. Going forward, SmartCore, larger displays, and BMS are going to drive the next phase of revenue growth for Visteon. I'm very proud of what this team at Visteon has accomplished with this product transformation that has driven the growth that we have seen recently, especially because a lot of this transformation was done in an industry environment that wasn't easy. Today, we have a business model that we believe will drive sustainable growth, which I'm going to discuss on the next slide. Our strategy is based on product and technology innovation in two domains of automotive that are evolving quickly, the cockpit and the electric powertrain. As we have seen, we have a great track record of anticipating technology changes and then creating incremental revenue from new products. We also have the unique capability to build these new products organically without the need for major M&A. The automotive industry is going to continue to evolve with new trends that are emerging on the horizon, and we intend to apply this playbook to continue to grow our product portfolio, such as in power electronics that you see on the wall up here, for long-term growth. At the same time, we have to acknowledge that automotive is a very challenging industry, and it's not good enough just to have great technology. You also have to be a cost leader. We have addressed our cost structure fundamentally by completely changing how and where we build these products. Our platform-based product development approach, our engineering and manufacturing footprint are best in class. Our focus on execution is very good, as you have seen from our recent performance. Operational excellence is key to driving margins in this industry, and I'm going to share with you some more insights into our lean and efficient operational structure, which I believe is a competitive advantage for Visteon. As a Tier 1 supplier of electronics products to the industry, engineering and manufacturing are two key parts of our operations, and we have spent the last few years optimizing both areas. The traditional approach in this industry to building electronics products is to use what's known as a custom development model, where the product is built to spec in a bespoke manner. This model doesn't scale with complexity, and neither does it fit the ever-shrinking product development cycles of the industry. At Visteon, we have what we call as a platform-based product development model, where the customer product is built using technology platforms that are themselves continuously evolving. With every new customer product that we build, it evolves the platform further, which reduces the effort required to build the next customer product. This model enables us to scale more efficiently because it encourages reuse of hardware and software, reduces product development time, and also cost. Our engineering footprint is already well optimized with greater than 85% of our engineering resources in best cost locations. We do not believe that there's any competitor that has a better profile in terms of the footprint as well as capabilities when it comes to engineering in our industry. As technology leaders, we're often required to build products that are very new for the industry. Manufacturing expertise is key to our ability to industrialize these products and to launch them successfully. Our plants have evolved to use a very high level of automation and are continuously evolving in their use of lean manufacturing practices. You'll see later on some interesting videos about our automated manufacturing later on when my colleague Joao Paulo is gonna present to you. These are the capabilities why we are able to launch the high number of new products that we have been launching, 40 to 50 each year successfully, while keeping costs under control. Our lean and efficient operational structure, I believe, as I said earlier, is a competitive advantage because this isn't easy to copy. It's taken us years of a lot of hard work to get to this point, and we will keep driving this in more optimal and more capable and scalable fashion as we go forward. Visteon is a global company, as I mentioned earlier, with a difference in the sense that most of our people are located outside the U.S. Gender diversity and inclusion is a big part of our ESG initiative at the company. It's also key to our ability to grow our talent pool in a sustainable manner. We have been making steady progress on this front. Today, about 39% of our total workforce is female, and it is trending higher with new hires. Our business is also pretty low on carbon footprint, just the nature of the products that we do. The company also has a long track record of reducing usage of energy, water, waste, et cetera. This has been part of Visteon for a long time, before sustainability became what it has now become. Last year, we made a commitment to reduce Scope 1 and Scope 2 greenhouse gas emissions by 45% by 2030 compared to 2019, which is our baseline, and also Scope 3 greenhouse gas emissions by 25% over 2021. As you can see from the slide, we're currently ahead of our plans in achieving our 2030 goals. That kind of gives you a little bit of a perspective of what we have accomplished. Just to recap, the product transformation that we did, our operational structure and transformation there, including platform-based product development, our footprint that has addressed the cost side of the equation and put us in a position to be able to execute a high number of new product launches. Those are the reasons why we have grown over the last few years, and that growth was most visible in 2022 on account of all the factors that I mentioned previously, and were prior to that, a little bit masked by the reduction in vehicle production. As now the industry is starting to look at growth in vehicle production again, this is going to serve us very well in terms of driving outsized performance. What I would like to now focus on is a little bit of a discussion about the longer term. What are the trends that we are seeing on the horizon, and what are our plans to try to take advantage of them? Remember, the whole sort of thesis of Visteon has been based on anticipating these trends, developing those products, taking advantage of the opportunities that present themselves to us. We believe this story is going to continue on account of some of the trends that I'm going to discuss here shortly. As I mentioned earlier, just to make sure that this point is clear, our current product portfolio with the transformation that we've done, puts us in a great position to continue to grow for the next few years. In fact, our expectation is that by the midterm that we'll talk about up to 2026, our existing product portfolio is going to be the vast majority of all of our revenues until then. What I'm going to talk about now is beyond 2026, because the world doesn't end there, right? We want to put this company in a position where we grow sustainably beyond 2026 and into the long term. We believe that the auto industry is going to continue to evolve in the cockpit and electrification. Let me try to explain our thoughts there. For the OEMs, the ultimate objective for the cockpit is to deliver a user experience that matches that of the smartphone. Seamless, connected with features and functions that are continuously evolving. You know what I'm talking about. That is the vision behind the so-called software-defined vehicle trend that is being discussed in the industry. We'll talk about later on how we intend to take advantage of that and what are the opportunities that might present themselves to us. On the other side, electrification, there's no debate that the industry has done a good job and has put out electric vehicles. Nobody is doubting their viability anymore. We have to recognize that there are still some challenges that we need to address, such as range, charge time, and others before EVs can fully replace ICE vehicles. These two themes, software-defined vehicle and next-gen electrification, are going to drive many of the technology trends in the industry for many more years to come. We believe those trends are going to be favorable for Visteon. Let me share with you a little bit about how we think about the software-defined vehicle and what could Visteon do about it. For the software-defined vehicle of the future, car makers need a software platform that goes beyond Android and covers all functions of the cockpit. Android wasn't designed for the car, it was designed for the phone. We have adopted it and adapted it to make it work for the car. It's not complete. It doesn't do everything that the car makers want it to do. The cockpit OS will need to be fully cloud-enabled, OTA app store, that's a given. Otherwise, you cannot have the kind of functionality that we need to deliver. Ultimately, it will have to deliver features and functions that go beyond current cluster and infotainment. The cockpit of the future will also need cost-effective, larger displays, and cost-effective is the key term there, to be able to show all this information. Now, Visteon is in a great position to help car OEMs achieve this vision. Our SmartCore platform, their software, is already as well-established as the leading cockpit domain controller software platform for the industry. Now, with some extensions to it, notably vehicle APIs so that third-party apps can be written, SmartCore offers a great base for the industries to start to evolve towards a fully software-defined vehicle. We already offer an app store and OTA cloud service pre-integrated with SmartCore. As you'll hear from my colleague later on, we are developing some new features that leverage investments we've made in our ADAS software, DriveCore, to bring vision processing-based features to SmartCore. This is what I mean by going over and beyond current cluster and infotainment capabilities. Longer term, we believe that the cockpit and ADAS can be integrated to drive the next level of innovations in the user experience, but also to simplify vehicle architecture. This is a key message today that you are hearing from us. We haven't talked about it more broadly before, that the future points to an integrated cockpit and ADAS. The next piece of information that also might be somewhat new is that the first silicon that can actually enable that is now just about coming on the horizon. It's not in our hands yet. We should get it pretty soon. Now, imagine the silicon that can offer the horsepower that you need to run the full cockpit with AI, with all these new capabilities that I'm talking about, but can also run ADAS at least Level 1 and Level 2 with the safety functions maintained so that you can integrate it, deliver better user experience, and reduce total cost of ownership for the car manufacturers. Now, let's talk about electrification. Car makers face a number of challenges as they all race to build new EV models in response to this trend in the industry. Consumers want longer range, but they also want shorter charging times. They kind of go against each other. Safety is a top priority for everyone. That goes without saying. Also very importantly, the supply chain issues. The supply and availability of battery cells is limited, and therefore, you need a BMS technology that is not only very good in terms of the measurements and the speed and the reliability of those, but is also battery cell agnostic so that you can allow OEMs to expand their supply chain. I'm sure you've all read about various efforts that OEMs are taking to secure battery capacity. The BMS system of the future will also need to evolve to support higher voltages. Most of the vehicles, EV vehicles out there use what's referred to as a 400-V architecture. We are now starting to see them evolve to higher voltages. 800 V is where most of them will settle on to. Brings a lot of benefits. Also has additional challenges that the BMS system has to address. Visteon is already working on many of these capabilities. You'll hear later from my colleague, Bob Vallance, about our product roadmap plans for electrification. As I mentioned earlier, we're also looking at extending our product line in this area from BMS into power electronics. You might wonder why Visteon in power. Aren't there others that are doing this today? Yes, they are. There's a big change happening with respect to technology that will bring greater benefits through integration that can deliver more efficiency, greater power density, and the point is that the BMS system, even today, is tightly integrated. It has a lot of oversight of these components. We believe by bringing those things together, certain parts of the powertrain, not all of the power electronics, but the ones that make sense, we can actually bring value to the car OEMs. Think of BMS today as where we were with clusters and standalone infotainment prior to 2015. They were all standalone devices, all built by separate suppliers. There was a group of suppliers that did clusters, another group that did infotainment, and so on. What happened? The power of integration, right? What I'm now referring to as, you know, innovation through integration. That trend collapsed that industry with products like SmartCore that integrate cluster infotainment, driver monitoring, and other features. We believe that the same thing is gonna happen with the electrification electronics. We believe there is another play that we can make on that side which creates bigger opportunities for the company. That brings me now to a discussion about our midterm 2026 sales targets. I'm very pleased to announce that we are forecasting $5.5 billion in sales, as compared to the $3.26 billion that we achieved in 2022, a CAGR of 14%. It again highlights our best-in-class sales performance in terms of growth, and we believe that's gonna continue for the next few years. If you think about the recent past, clusters have been the main driver of growth for the company. As we look forward here, we believe clusters will continue to provide a very stable foundation as we drive further growth. SmartCore has been one of the more recent drivers of growth, and that is expected to grow even faster as more car OEMs start to transition to that integrated cockpit domain controller. Displays is gonna be the next wave of growth following SmartCore. I mentioned earlier, displays were not necessarily a growth product at the company. With the industry shift towards larger displays, which my colleague, Qais Sharif, is gonna talk about more later, we believe displays are gonna be a very interesting growth product line for the company as well. On top of that, we have electrification, which just started to generate revenue in 2022, very minimal. With more vehicles coming online, with us launching this BMS product on the three OEMs vehicle models, we expect that to continue to drive really healthy growth for us as we have shown. All the way to 2026. The growth doesn't stop there, obviously. This is going to continue. As we have talked about earlier, there are trends that are coming on the horizon that we believe can also give us additional opportunities. In summary, we believe, I believe this is a great time to invest in Visteon. We have a strong product portfolio that is very aligned with the key trends of automotive. Our product portfolio, as I've said, has never been in a better state to address the key trends than it is now. We do not believe that there is anyone else in our peer group that has a competitive product portfolio as much as we do. With the business that we have won, the products that we have launched, the 150 that I mentioned over the last 3 years, and the ones that are scheduled to launch in the coming quarters, we're exceptionally well positioned to continue to grow much faster than the market in the midterm. On account of the work that we have done on the cost structure, we have a best-in-class cost structure that's gonna drive margin expansion with the growth in sales. That's also gonna drive higher cash flow. That is the end of my section of the presentation, but I believe we have lined up even more exciting speakers than me that will follow. Let me briefly introduce them. We have Beyza Sarioglu, who heads Digital Cockpit at Visteon, and she's gonna talk to you about our vision for SmartCore technology and the roadmap. Followed by Qais Sharif. Qais leads our displays product line at Visteon, and he's gonna talk about what do we see in displays and what makes us different, why do we win, and what have we done recently in the business that we have booked. Bob Vallance will give you a deeper insight into electrification, both BMS as well as our thoughts on power electronics products outside of BMS. Joao Paulo Ribeiro heads manufacturing and supply chain. Not something that maybe most companies talk about on their investor day, we deeply believe that manufacturing is critical for our success. If you can't build it, you cannot book that revenue. We are always driving technology advances, you have seen us be really good and differentiated in this regard as compared to the competition. Finally, our CFO, Jerome Rouquet, will discuss our recent financials as well as the outlook, we'll open it up for questions. There are gonna be breaks in between for questions as we go through the rest of the day here. Hopefully, you have received a little bit of a overview from me, we'll go into the product technology discussions, roadmaps, et cetera. We'll discuss financials, we'll open it up as I mentioned earlier. Thank you very much. With that, I would like to hand it over to Beyza. Good morning, everyone. Thank you, Sachin. My name is Beyza Sarioglu, Vice President, Digital Cockpit and Connected Services. My background is in automotive software. I joined Visteon about a year ago. Before Visteon, I had worked for other automotive companies like Continental for many years. I am responsible for product strategy and the technology roadmaps for the digital cockpit products at Visteon. In today's presentation, I'm gonna share our vision for the emerging technologies for digital cockpit. Nowadays, consumers are expecting improved user experiences inside the vehicles. The cockpit domain controller is the industry's answer to these new expectations. Visteon is very well positioned, as Sachin mentioned earlier, to take advantage of this trend with our SmartCore solution. I will talk about how we plan to keep SmartCore competitive in the market midterm and long term. We said consumers want smartphone-like digital and connected experiences in the cockpit these days. Car makers have been upgrading their cockpits with more digital content such as larger displays and digital clusters and infotainment systems to meet those expectations. User experience and cockpit systems are becoming key selling points and differentiators for car makers. This is driving a strong interest for adding more processing power as well as more software capabilities to the cockpit. The trend for cockpit domain controllers has just started to gain momentum. CDC brings Android-based infotainment with cloud services such as app store and OTA to the cockpit. Cockpit domain controllers, we believe, will continue to gain popularity. Visteon is in a very strong position to benefit from this trend with our SmartCore solution. As we look into the future beyond 2025, we believe that the vehicle cockpit will resemble more of a smartphone. Industry started to call this a software-defined vehicle. In software-defined vehicle of the future, all the cockpit features and functions will be primarily delivered by software and continuously updated. The cockpit essentially becomes a software platform similar to a smartphone with defined interfaces and a toolkit so that third parties can write apps for them. SmartCore gives us a great foundation to enable software-defined vehicles. Sachin alluded to this a little bit that Visteon's first version of SmartCore was launched in 2018 with Daimler, and it integrated digital cluster and embedded infotainment system on a single chip. It was the first cockpit domain controller in the industry. Visteon had to develop most of the key technologies in-house, such as the hypervisor, and because of that, this experience was invaluable for us. We built critical expertise in this space with that first program, and the programs followed that. In 2020, I wanna highlight that we launched our first Android-based CDC, which helped grow our expertise even more. The SmartCore software was built as a platform. It's a modular, scalable, configurable platform which enables us to reuse it across multiple customers. Each SmartCore system includes significant amount of code. It's 10 million lines of code, more than 10 million lines of code, in fact, and hundreds of features, so it takes a large team of experienced software developers to put such a system together. It's not practical to develop a complex system like this in a custom development manner for each and every customer. That's why we emphasize reuse a lot. In 2021, we launched Android-based CDC with integrated cloud services such as app store and OTA. The other interesting and exciting thing is that the artificial intelligence, more specifically machine learning, has the potential to improve that user experience inside the vehicle even more. This is usually, this technology is entering the cockpit as of today with digital assistants, smart voice assistants, as well as driver identification technology. The latest customer programs that we are developing are introducing machine learning-based features targeting market introduction after 2025 timeframe. As you can see, with every customer program, SmartCore is evolving and extending its capabilities with more features and functions, and it is truly a solid foundation and a great platform for us to continue to address the emerging needs of the market. Here I would like to talk a little bit about one of our recent wins with SmartCore. This was a European luxury car OEM, and this was for their EV platform, and it was their first cockpit domain controller. They wanted to work with someone that had deep understanding of the technical challenges of such a product. They needed a supplier with experience and capability to develop such a complex system while meeting their very aggressive launch timeline. Another key requirement from this particular OEM was to ability to use silicon from different suppliers and having multiple options. Using SmartCore, Visteon was able to show the OEM how we could address their concerns and meet their key objectives. Our plan moving forward is to continue to enhance SmartCore and bring innovative features into SmartCore. I will describe here two of the key features, because these features leverage the prior investments we've made developing expertise in the ADAS space as well as the cloud services, which is relatively new. The first feature is what we call Scout. You can think of it as a remote monitoring service. Cars have multiple cameras already installed outside, and also they have driver monitoring cameras inside. With this feature, you can remotely see what's around your vehicle. SmartCore can also detect if someone is getting too close to the vehicle and take a picture and upload it to the cloud. As you can see, it takes integration of camera processing, object detection, cloud service creation, and finally, the smartphone integration to make this feature happen. The other feature I wanna highlight is an augmented reality technology feature. What we do is we can overlay the image captured from the front of the cameras on the car onto the navigation information and display that on the infotainment display you have in the car. It just makes driving easier and more convenient. You can get turn-by-turn guidance. We can also do pedestrian detection. We can do traffic sign detection, like stop signs, which is one of my favorite features. You know, what's important to mention here is that Visteon is one of the few cockpit domain controller suppliers in the industry that have integrated capabilities in areas of ADAS, cockpit, and now cloud services to make all of this happen. We can even stream the augmented reality view onto this remote phone for human-guided navigation by integrating this feature into Scout. These are some of the exciting and advanced capabilities I wanted to highlight that are possible with the combination of high-performance silicon, SmartCore software, ADAS, and cloud services from Visteon. Now I'd like to talk a little bit about our addressable market. Digital cockpit market is growing in all vehicle segments. Our addressable market in the light vehicle segment is about $18.5 billion as of today, and it's increasing to $23 billion in 2026. $7 billion of that market belongs to cockpit domain controllers today. Our product portfolio is an excellent fit for this market, and we can serve all end markets and capitalize on the growth opportunities. Cockpit domain controllers entered the market in luxury and premium segments first in the light vehicle space, and mass market adoption is starting to happen now. We are currently in production with our light vehicle platform as well as our commercial vehicle platform, and our two-wheeler platform is going into production later this year. As you can see, we have a great market position already, and we will continue to grow. Let's take a look at that growth. Our incremental innovation strategy has delivered outstanding growth for SmartCore. We have secured $2.5 billion new business wins since 2019 with 12 different customers. Our SmartCore sales are expected to grow from $400 million today to about $1 billion at 30% CAGR by 2026. We secured most of that growth that you see on the screen for 2026, and beyond 2026, we expect additional growth with software-defined vehicles. Let me tell you a little bit more about software-defined vehicles. Cockpit domain controllers were a big step forward for the automotive industry in delivering a user experience which was comparable to a smartphone. The Android-based infotainment system running on high-performance silicon, integrated app store, and OTA, these are all very good foundations for improved user experience. However, there are still some gaps. For example, the current CDCs are closed systems, closed devices, and third parties are not able to write apps for them. As you know, as I mentioned before, cars already come with cameras installed inside and outside, and they have also many sensors. The vehicles generate a lot of data, and most of that data is not even utilized as it should be. The cockpits have multiple controls like seats and windows, and they offer interfaces that can be used to enhance the driver and passenger experience even more. All these sensors and interfaces will need to be made available for programming through application programming interfaces offered by the cockpit domain controller of the future. The API will need to be packaged with a software delivery kit, which we call SDK. An SDK enables a software developer to write apps using the APIs without needing a car to test it, this is a key point. This is how apps for smartphones are written. Apps could be written by a supplier like Visteon, OEMs, or another third-party provider. The combination of API and SDK together with the app store and OTA will finally make the car a true software platform, a platform that can deliver experiences that consumers want. This slide shows our roadmap for SmartCore. Silicon technology is evolving rapidly, providing more processing capability and support for new technologies such as artificial intelligence. We will use these new technologies and capabilities and enhance SmartCore and bring new features and functions to the car makers, like Scout and augmented reality that I had mentioned. We believe these new features and capabilities will keep SmartCore as the leading CDC platform in the industry. In parallel, we are working on the evolution of SmartCore for software-defined vehicles. It requires a change to our software architecture. We need to turn it into more of a service-oriented architecture, plus we need to develop the APIs and the SDK for app development. It is a fairly big change. It's almost like creating a new mobile platform, but leveraging Android whenever possible. We believe that Level 1 and Level 2 ADAS will become integrated with cockpit features. This will be possible as the new and more powerful silicon solutions become available. With our DriveCore ADAS software, we are in an ideal position to integrate the cockpit with ADAS, which can also lower the cost for both of these systems significantly. We're targeting to have a proof of concept of the integrated cockpit and ADAS system by early 2024. Market introduction is targeted sometime after 2026. Like with SmartCore in 2018, we are confident that we will be ready for this big industry shift faster than our competition. As you've heard, we have a great journey ahead of us. I'm very excited about the future of digital cockpit and SmartCore. I'm looking forward to completing SmartCore software-defined vehicle version, the ultimate user experience development and delivery platform. Thank you very much. Now I would like to turn it over to my colleague, Qais, to talk about the display products. Thank you, Beyza. Good morning. My name is Qais Sharif. I lead the display product line for Visteon. I also have responsibility for the Americas region. I have over 30 years experience in display products. I started in consumer products, working with PCs and mobile phones. I have over 20 years experience in the automotive industry. Today, I would like to talk to you about the automotive display industry, the transformation that we are driving, the challenges and the opportunities. Nowadays, the car is more than a transportation mode. It is an extension of our home and mobile devices. It is a computer on wheels, as you heard from my friend Beyza. I'm excited to be part of this transformation. However, it creates unique challenges for the automotive industry. Solutions are not available from off-the-shelf or a single supplier. The advancement in software-defined vehicle is driving the need for larger and higher resolution displays. Also, drivers are expecting beautiful, attractive displays with similar performance as they have in their personal devices. Displays are a key selling feature. New car buyers are asking about connectivity and the size of displays. The challenge is to design cost-competitive, high perceptual quality displays with low power and light weight. Additionally, the introduction of passenger display for entertainment also creates a new challenge. The passenger display needs to be viewable by all passengers when the car is parked. However, the challenge is to minimize the distraction to the driver when it's in the driving mode. This is a safety issue. Before we talk about the solutions, let me share with you the market trends. Displays are the window to the new digital world in the car. It is a competitive advantage and a brand differentiator for OEMs. The digital cockpit is here. We have seen how quickly OEMs made the transition from small displays to large multi-displays. Today, you can see a multi-display in a luxury vehicle and a mass market vehicle. Large displays are quickly becoming the centerpiece of the future cockpit design. To accommodate the amount of data coming from the software-defined vehicles and differentiate their brands, OEMs are expected to increase the number of displays in their cockpits. We at Visteon anticipated the large multi-display trend. This is why we set our strategy to focus on larger multi-display products a few years ago. I'm glad to see how quickly the multi-display market is growing. Let me share with you what we see next. Luxury and premium OEMs are going to build competitive advantage through product innovation and brand identification. They will focus on incorporating large, curved, high perceptual displays. Ultimately, some OEMs will build a pillar-to-pillar cockpit with an optional passenger display for entertainment. Some OEMs will also incorporate OLED technology to further differentiate their products. However, automotive OLED is still expensive and has limited capacity. LCD technology will continue to be the technology of choice for most of the automotive market. That also fits well into our strategy because we can modify and improve the display technology with Visteon differentiated solutions. I will share with you more about Visteon solutions in a later slide. The good news is there is a significant growth in the multi-display market. As you also can see, some of the intro vehicles will also incorporate multi-display products. This is why we set our strategy to focus on multi-display products. As you can see, the market is expected to grow from $9 billion in 2022 to over $16 billion in 2026. That is a 16% CAGR. The multi-display market is expected to be $5 billion in 2026, and the display-only cluster and discrete displays are expected to be over $11 billion of market. We already have successful business in both of these categories. We also expect additional growth from two-wheeler and commercial truck markets. We are also engaged in these markets. Now you're probably wondering what differentiates Visteon from other Tier 1s. We are vertically integrated. We focus on resolving automotive-specific challenges at the most effective cost. We have developed deep expertise in all related technologies required to design and manufacture displays. Displays are a complex product and require know-how in many disciplines such as lens, bonding, LCD, illumination, and structural design, just to mention a few. We also built extensive knowledge of the cost structure of the subcomponents such as the LCD, the lens, and the mechanical parts. We design and manufacture the complete system. Our automated manufacturing capabilities provide us with a competitive advantage, as you will hear from my colleague, Joao Paulo, later on. In comparison, other Tier 1s rely on Tier 2 and Tier 3 for some of these technologies. In some cases, they purchase kitted assembly. This will not yield cost-competitive solution. As I mentioned, we have developed significant know-how with related display technologies. Our utilization of our vertical integration allows us to bring to market industry-first product features. In 2019, for example, we introduced the industry-first curved display. Building on that experience, in 2021, we introduced the industry-first 32-in S multi-curved cockpit. Now, we are designing a multi-display curved with variable angles for one of our luxury German OEMs. Simply, we have technology leadership. This is not just my opinion. It is actually our customers' judgment. We recently met with one of our German OEMs, and they told us they rate Visteon as the number one display company out of their all Tier 1s. This is a great testimony why we win. We are also able to do all of that and be cost competitive. That's why we win. With the interior design of the cockpit is changing and the displays are getting larger, the automotive market is facing unique challenges. These challenges become more significant as the displays become larger, and they have larger surfaces to reflect images from the surrounding environment. We at Visteon developed several unique technologies with lower power and are cost competitive. The solutions required extensive knowledge of the LCD structure, the optics, the illumination, and software and hardware expertise. To improve the high perceptual quality, we developed microZone and full-array local dimming solutions. These concepts are not new to the industry. They've existed for a long time. The challenge is to design high-performance quality products with low power consumption. That's what differentiates Visteon's product and solutions. Most of us have had the experience, if not all, driving into the sun or the sun is shining into the car and you cannot read your displays. That's a safety issue. Our True Color solution can enhance the image on the display with keeping the HMI color integrity and without increasing the power consumption. OEMs invest significant amount of money and resources to create on-screen HMI experience unique to their brands. These colors cannot be altered. That is the challenge in designing and developing an image enhancement solution. Cost competitiveness, low power consumption, what differentiates Visteon's solution from others. We have all these technologies here today. We invite you to come take a look at them and talk to you in more details about their capabilities and feature. Large displays and automotive-specific challenges are now recognized by the industry. The Consumer Electronics Show now has an in-vehicle entertainment and safety specific award. I am proud to say our digital cockpit with our differentiating technologies won two of these awards this year. We also have them here for you to take a look at them. Let's talk about our business growth. We have been successful in winning and growing our business. We have more than $3.5 billion in new design wins, more than 40% of which we won last year. We won more than 20 large multi-display projects worth more than $1.5 billion. Last year, our revenue from displays was about $500 million. We are well on our way to achieve our target of $1 billion by 2026. In summary, we have been successful in anticipating the multi-display market trends. We set the right strategy to take advantage of this market. We build extensive expertise in the technical and critical technologies that allows us to develop Visteon unique solutions to improve user experience. We are vertically integrated, which allows us to design and manufacture products end to end, and we are cost competitive, as you can see from our business growth. I'm very excited to be part of the team that's driving this transformation in the automotive industry. Thank you very much for the opportunity to present to you today. Now I'd like to invite my colleague, Bob Vallance, to talk to you about the electrification business. Thank you, Qais. Good morning, everyone. It's a pleasure to be here with you today to talk about the electrification part of the Visteon story. Sachin has provided the context for how electrification fits within the Visteon business and our vision for the future, and I will build on that framework in this presentation, just as Beyza has done for digital cockpits and Qais has done for displays. Let me start with an introduction. I'm Bob Vallance, and I lead the global customer and product groups at Visteon. I'm also responsible for the Visteon business in the Asia region. I've been at Visteon for over 20 years. I was there at the beginning for the opening bell, and I've been in the automotive industry for over 30 years, so I've seen a thing or two. Let me tell you, there has never been a more exciting time to be part of the automotive business, or perhaps better put, to be in the technology business driving the future of mobility. Today, I'd like to provide you an overview of the electrification business at Visteon, and hopefully, I can convey some of this excitement. I'll discuss why we've been successful in achieving an industry leadership position in battery management systems. I'll talk about some of the what we see in terms of industry trends and challenges with EVs, and I'll outline our strategy and why we are confident we can expand our electrification product portfolio to be a great growth pillar for us, not only for the midterm, but for the longer term as well. Let's start by taking a look at how EVs have evolved over the last decade. Battery electric vehicles have been in the market for well over a decade, with Tesla leading the way. Traditional OEMs have followed, developing their own EVs off existing vehicle platforms for their 1st-generation designs, which meant that battery pack designs had to be configured to each vehicle model. The battery management systems for these 1st-generation designs were bespoke as well, with wired controls adding incremental wiring and many connectors, bringing challenges with packaging costs and reliability. Importantly, these designs were not flexible or scalable across vehicle models. In fact, the exact opposite of what you want in automotive. Visteon has been in the battery management business for more than a decade as well, developing experience and deep expertise in this space. In 2019, we began development of a truly novel wireless approach to battery management systems, working together with GM and Analog Devices. This innovative wireless battery management system was first launched on the 2022 GM Hummer. This industry-first solution addressed the many challenges with wired battery management systems. It actually lowered total system cost while improving reliability. It represented, very importantly, a breakthrough in enabling flexibility and scalability of battery pack designs across vehicle models. This has positioned Visteon very well to build on our success with the 2nd generation of EVs as OEMs design dedicated EV platforms with 800-V systems. Now, let's take a closer look at what is enabling the evolution of this 2nd-generation design. 2nd-generation EV designs are underway with OEMs around the world. Key challenges facing all OEMs include accommodating battery cell technology advancements by multiple suppliers, flexibility and scalability of battery pack design, as we've mentioned, system performance and safety improvements, charging time reduction and range increase and reliability improvements, as Sachin had mentioned, to name a few. These challenges are driving the following four key industry trends. Number one, most OEMs are now moving to 800-V designs, which is also opening up the opportunity for up integration of key components to achieve greater power density and reduce cost. These changes are also causing some retiming as OEMs drive to get this next step right. Leading OEMs have already decided to move to a wireless battery management system to address the challenges with wired systems, with other OEMs also looking at this as we speak, and you can imagine many of them are talking to us about this. All OEMs want battery management systems with features to improve system performance and safety, and that are battery cell technology agnostic. The reason for that last point is that OEMs are working with multiple battery cell technology providers and taking various approaches to gain more control over this key part of the value chain, and most OEMs want to work with more than one partner in this area. Number four, OEMs are designing dedicated EV architecture which will allow them to standardize battery pack design. Let's focus first on the battery management system and to mention this emerging market opportunity. I don't need to tell you about the ramp-up of EVs in the market. Last year, EVs represented about 10% of the global market, even by conservative estimates, this figure should grow to 20% by 2026 and 30% by 2030. As the EV market grows, so does the opportunity for battery management systems. We estimate our addressable market to grow 5 x from 2022 - 2026. The vehicle volume growth is only one part of the story. The other part that I really wanna get across is, has to do with increasing requirements placed on battery management systems as OEMs strive for system performance and safety advances in 400-V systems, and these requirements only increase further for 800-V systems. The content per vehicle for BMS is significant today, and the clear trend is for OEMs to continue to add and integrate additional features to the battery management system going forward. Think of it as an EV domain controller for the electrified propulsion system. Let's now look at Visteon's growth projection within this addressable market. Since 2019, Visteon has won approximately $3 billion of new business in the electrification space. We are currently in production with GM, as previously mentioned, and we'll see many more launches to come on their Ultium platform. We were able to leverage this position with GM to gain two additional customers, as we've reported before, and we are currently in the development phase now with launches planned for 2024. This momentum will drive our growth in electrification to greater than 10 x from 2022 - 2026, enabling us to gain share in our addressable market as well. In addition, we are engaged with other leading OEMs in this space and expect to see incremental growth on top of what we've already won. Finally, we are driving our battery management technology roadmap to deliver features that will be required of higher voltage systems, which I'll talk about a little later, and that will extend our growth past 2026. Let's talk now about Visteon's electrification strategy in a little more detail. The best way to set the context for Visteon's strategy and opportunity in the EV space is to think of the EV battery system in two parts. First, you have the grid-to-cell part, which charges the high voltage battery cells from the grid, manages the cells to optimize their performance and life, and provides 12 V power to vehicle components on the low voltage system. Secondly, you have the cell-to-motion part, which delivers the power to drive the vehicle. The battery management system serves a vital role to both parts. You can think of it as the brains of the electrified propulsion system. At one point, the Visteon electrification story was only about battery management. Today, I would like to describe to you, as Sachin has alluded to earlier, how we are thinking about the grid-to-cell space and what we're doing to develop system solutions there, which can be closely coupled with advances in the battery management system. Let's take a closer look at the Visteon battery management system developments. I'll start by saying that we haven't been sitting still since developing the first wireless battery management system. The 2nd- generation EV designs are requiring more and more from the battery management system. It's not only about wireless. OEMs need advances in monitoring as well as sensing accuracy and response time to improve system performance and enhance safety. They need this monitoring to be always on. They need access to the data. They want all of this to work across multiple battery cell technologies. Visteon has developed an innovative solution we call EdgeAware, which can monitor the battery cells directly at the cell, even when the master controller is turned off. It's always on, 24/7. It can wake up the system if required. The data we're collecting can be processed locally, or it can be transmitted to the cloud for more advanced battery predictive algorithms. Finally, the software in our EdgeAware battery management system can be upgraded over the air. Visteon is also working with leading silicon suppliers to develop best-in-class measurement accuracy, sensing response and redundancy, and packaging efficiency to further optimize system performance and support highly scalable solutions. The next-generation battery management system will be agnostic to battery cell technologies, of course. Now let's take a look at Visteon's developments within the cell-to-grid subsystem. Here you might be thinking, why Visteon? Let me start by recalling the three key trends that are changing virtually everything in this subsystem. Number one, as OEMs go from 400 V to 800 V, this entire subsystem needs to be redesigned, and the main challenges have to do with power density and cost. For all the benefits an 800- V system brings, it also adds significant cost to this subsystem, which is simply not sustainable and must be addressed from the beginning. Number two. In addition, there is a clear trend in this space to move from electromechanical products to electronic products with solid-state semiconductor technology, including advancements in wide-bandgap silicon to reduce energy loss and increase energy conversion efficiency. The third key trend is one of up integration of discrete components, such as the onboard charger and the DC-to-DC converter, which directly addresses the challenges of cost, weight, and power density. Why Visteon? Our view is that this 2nd-generation grid-to-cell devices will look nothing like the 1st-generation electromechanical devices. They will be electronic devices that require electronic know-how. With these electronic devices, there's also an opportunity to take a much more integrated approach with battery management system to drive real breakthrough solutions. Now let's take a quick look at the market opportunity in this area. Here we've combined the grid-to-cell market with the battery management system market we showed earlier. This combined market will quadruple from 2022 - 2026. What's most interesting about this market has to do with the underlying dynamics. Recall what we said about the three trends driving this market. The move to 800 V is driving a complete reset in this market. The move to electronic devices is upending the current value chain. And three, the move toward an integrated approach is gaining traction to the point where discrete components will no longer be competitive in this subsystem. In addition, we believe that a system approach closely coupled with advancements in the battery management system will drive breakthrough solutions. After looking at this space closely, we have put together an expert team in this area, pulling from industry-leading companies, and we've integrated this team with our battery management team to develop system solutions in this space. This is not unlike the approach we took with SmartCore early on, as Sachin also mentioned, when it was not clear that a cluster supplier could deliver infotainment, much less start a new market with cockpit domain controllers and then become a recognized leader in that space. We've seen this type of dynamic before. Sachin called it innovation through integration. Let's move to a recap then of our electrification. I'll wrap this up with four key points I'd just like you to take away. Number one, Visteon has deep expertise in battery management systems. Our technology innovation has positioned us as one of the market leaders today. Second, Visteon's new business wins with our wireless battery management system have generated momentum which will fuel significant growth in the next 3 to 4 years. Third, Visteon is driving our battery management technology roadmap to deliver new features for 2nd-generation OE EVs, such as our EdgeAware 24/7 battery monitoring, along with other features required for improved accuracy and response. We are designing our next-generation battery management system to be battery cell agnostic, as I mentioned. Finally, we see a real opportunity for innovation in the grid-to-cell subsystem driven by the move to 800-V systems and the corresponding transition to electronic products. Our up-integrated power conversion and connection solutions are being developed to enable step function improvements in power density, cost reduction, and the advancement of safety features with solid-state power connection. I'll make one point here. The smart junction box, we have a property on display here, has been designed for completely, fully automated manufacturing. That sets it apart from anything that's out there today. Joao Paulo Ribeiro will talk a bit later about our state-of-the-art manufacturing capabilities that we are developing. We're focused on driving these system solutions. We're deeply engaged with leading OEMs for the design of their 2nd-generation EVs. I would like to thank you for your time today and ask Kris Doyle, as well as Sachin, Beyza, and Qais to come up for Q&A. Gonna leave that somewhere. Yeah. Check Check that out. Okay. All right. Just while we're getting set up here, maybe just a couple logistical topics. We'll do Q&A for about 20 to 25 minutes. We will have a quick break after that before we start the second half. Just a reminder, you can submit your questions on the webinar.net portal. We've had a few questions come in already, but highly encourage everybody to ask your questions. As you'll see, the panelists is the team that's presented so far to date throughout the morning. We'll keep the questions primarily focused on products. We'll have a separate session later this afternoon or later this morning to talk about both operations as well as finance. We can go ahead and get started with the questions. We actually have two similar questions that came in. I'll focus on one of them. The cockpit seems to be emerging as a key differentiator for car buying decisions. OEMs are becoming more vocal about enhancing their software capabilities to build out a full software stack themselves. How does this impact Visteon and your SmartCore offering? You wanna take that, Beyza? Sure. Thank you for the question. As I mentioned in my presentation, cockpit domain controller is a very complex product. In our SmartCore offering, we have more than 10 million lines of code. We have a large software team actually developing and creating these features continuously. It's clearly the complexity that will be the first hurdle. The technology doesn't sit still, and obviously we don't sit still, so as the technology advances, we continue to add new features and functions to our SmartCore platform. This will be a second hurdle for an OEM that would like to do this perhaps in-house. The other point I wanna make is that we already have a great baseline with SmartCore, so it's highly configurable, reusable, and modular, as I mentioned. I believe, it's much smarter for an OEM to work with Visteon and take our SmartCore as a solid baseline and build on it. Okay. Okay, next question coming in. You mentioned ADAS. What ADAS technologies does Visteon expect to deliver for the integrated cockpit and ADAS solutions versus what do you plan to buy from suppliers? Let me address that. I think since this is probably first time you're hearing this from us, it's appropriate to put some context. Of late, many jurisdictions are starting to mandate certain ADAS features for vehicles to qualify for 5-star safety rating. For example, Euro NCAP, which is the European organization, has mandated automated emergency braking, lane keep assist as required features for the future. I think it comes into effect next year onwards, for them to give you your vehicle that 5-star rating. These features are what you would call as Level 1, Level 2 features at best, right? They are, they've been around for some time. Visteon with our DriveCore stack has built this technology. It is pretty competitive. Those types of features we are in a position to integrate with DriveCore and SmartCore today. That's the first thing that we will focus on because it is a new integration strategy. The bigger challenge isn't the features, actually. The bigger challenge is to deliver the same level of functional safety that ADAS requires in an integrated product. What that requires is actually support in the silicon. Up till now, that was not there. If you wanted to use a certain silicon for ADAS, you had to pick one that had that capability, and that often did not have the computing power and resources to deliver the cockpit features. As I mentioned earlier, we are now starting to see first silicon emerge that are able to deliver us the cockpit level of performance plus functional safety and the ADAS specific requirements. We have the technology. SmartCore and DriveCore, we are in a unique position, as we mentioned earlier, to be able to introduce. The missing piece has been the silicon, and we have always believed that this was the vision for us in the back when we started to actually invest in DriveCore. There was no point in being the seventh or the eighth supplier of commodity low, by now low value ADAS systems. Level 1 and Level 2 ADAS are no longer high tech. They used to be, but no longer, right? There's no point in us chasing that. The whole idea was to integrate it into software, reduce the total cost of ownership, but more importantly, deliver use cases and experiences that are not possible when the systems are different, much like how we now witness SmartCore it will be able to do. Go back in time when we used to talk about SmartCore, all of the discussion was about cost. Can it take cost out? What transpired in reality? In reality, what happened was we were able to deliver more features and functions, and the selling price of the combined SmartCore product is actually much higher than the price of the discrete products that it integrated. We believe the same dynamic is gonna happen. The total cost is still very favorable to the OEM in this case. We'll be able to bring new features and functions, but we'll start with a very pragmatic approach. The first step is to get Euro NCAP level features integrated. Then we will see how the technology evolves from there to what level of ADAS features we can deliver. Second point, you may have seen certain silicon suppliers like Qualcomm have also decided that they want to package ADAS software with their silicon. We are totally agnostic to that. If we can use their stack, if it is, you know, delivers the functionality and the cost that we would like, we would be very happy to use their stack or ours. In fact, we have announced at CES a joint collaboration with Qualcomm. We will be delivering the first integrated proof of concept that Beyza mentioned in her presentation with Qualcomm early 2024. Next question relates to displays. In one of the slides you mentioned the four different markets. Which markets do you intend to play in, and what is the difference in ASP between the different product sets? Maybe, Qais, you want to take that? Sure. As we mentioned this, there are different categories, and the demand for the larger displays starts mostly in the luxury vehicles. The expectation, large displays are not cheap, first of all, and you will see them have adopted in the luxury market and then go into the mass market and others. We wanna drive that cost also down. For example, we have one of our Japanese OEM that designed almost a 30-in multi-display into one of their cockpit, and we're introducing a smaller solution into their mass market. You can expect it'll start in a larger market and will transition into the smaller market as we continue to work on cost, because large displays are not inexpensive solution. Okay. We have two questions related to BMS. I'll start with the first one. Can you talk a little bit about the competitors? A lot of other Tier 1s talk about BMS as an offering. What is your competitive advantage of your offering versus others? Bob, do you want to take that? Sure. I'll go ahead. You know, for BMS, first of all, this is a rapidly developing area. You don't have to go too far back in time to find battery cell manufacturers providing the BMS, which was a very basic function and far different than what the market needs today. I use two terms when I talk about BMS. I talk about it as the brains of the electrified propulsion system, and I talked about it as a domain controller of the electrified propulsion system, and that's where things are headed. Visteon, we are the only ones in production today with wireless BMS. We have a very good technology roadmap with advanced features. We are engaged with the leading OEMs, not only on wireless, but also on these other features. This is a market where there's not a lot of incumbency and a lot, not a lot of entrenched, positions. We feel very good about where we are and what separates us from the others in this space. Next question. Can you go into a little detail on 2026 electrification revenue target? Looks like it's around $500 million of the $5.5 billion. How much of this is estimated to be the Ultium platform? Right. Right. GM is our largest customer to date. In fact, since we might have talked to you a while back, they've actually added more vehicle models as well. They're keeping us very busy in planning all these launches. We also have two other customers that are gonna ship in that timeframe. It's gonna be these three customers that will drive majority, all of it, in fact. GM is gonna be the larger portion of it. A lot of questions related to cockpit domain controller, so I'll come back to that. Can you provide an update on infotainment? Slide 14 shows that, through 2026, that's numbers actually falling. Yeah. Are you exiting this market? No, we are not. Let me share with you what's happening with infotainment. What that was meant to indicate is kind of the standalone infotainment discrete products. What we feel is that the industry, the majority of the mass and above are gonna go into cockpit domain controllers for competitive reasons. They need to deliver those user experiences that I talk about that they won't be simply able to offer with standalone. However, it comes at a price that not all of the vehicle models will be able to afford. Think of mass market and lower as still needing discrete systems, clusters, infotainment, and we wanna be present in those markets. If you think about the opportunities that are available to us, we wanna put our firepower, our resources where we believe the opportunities are bigger, and it also leads to future growth. That lower end of the market isn't gonna lead to future growth as much as us focusing on SmartCore and the integration. Let's be very clear. Software-defined vehicle is where we are headed, right? For that, we need to carve out a space. We have a great real estate with SmartCore. That's our biggest thing. See, here's what the company was able to do. Our biggest valuable, most valuable real estate was the cluster. A device that you needed to have. It was a safety critical device. We have successfully converted that into a presence in this cockpit domain controller. Not to be underestimated. That's a huge leap that we have accomplished. We need to do the same with the emerging software-defined vehicle, because the software-defined vehicle, the path to that goes through the cockpit domain controller, not around. Therefore, we need to really make sure that we have the best and the industry's leading solution for cockpit domain controllers, right? That should be a key takeaway from today. Another Tier 1 supplier recently said that they expect 75% ECU reduction for the vehicle of the future. What is the opportunity for SmartCore in the event of ECU consolidation reduction as we move to centralized computer architectures? Again, I mean, when we talk about SmartCore and cockpit domain controllers, it's just another term for ECU reduction, right? You are starting to see it in the cockpit. Traditionally, the cockpit had anywhere between three to seven to eight ECUs that made up all of the electronics. All of that is gonna be reduced down to maybe one or two, and the two being ADAS, right? Plus the cockpit. Eventually, we see that over time integrating into one. That doesn't mean just yet that the rest of the vehicle will also be integrated into one device. We believe that the powertrain, the body, cockpit are the three domains that will have substantial electronics. The cockpit will go from this five or six to maybe two, and then eventually one, right? Powertrain, especially, electric, is going to go from this fairly large number of collection of devices today into its own journey of reduction and consolidation. That's going to take a little bit longer because now we're integrating two different technologies: control electronics and power electronics, right? That has to go through that process. Very likely that the body electronics is also going to be integrated into the powertrain electronics. Ultimately, the two plays that we have, cockpit plus ADAS and BMS plus power electronics, those are the two most strategic things that we are doing here that can actually expand our market pretty significantly. Back to electrification. You are now more than one year into wireless BMS product launch. Are there any learnings you would like to highlight since you have launched? What have been the benefits of having a product in the market with respect to winning new and/or existing business? Yeah. I think first of all, lots of learning is the first message here, right? As we have launched our BMS products and the learnings that we have gained from that, the first and the most important one is that what we started out thinking in terms of the processing power it would need and the capabilities that it would have, I think collectively, us and our customers, our expectations were in the end proven to be lower than what the reality is. No different than what we see happen in other electronics. We thought we had enough processing power. With all the new features that we're being asked to integrate, the requirements are going higher, which is, I think, a theme that we are gonna see everywhere. That's the first thing. In fact, with some of our existing customers, we have had to redesign the BMS to step up in the processing power to be able to deliver the features that they want. They're also learning as they're going along. I would also share with you an interesting discussion we are having with another large OEM in Asia. Haven't signed the deal yet, but we're discussing with them on a BMS, and their view is, look, they don't have wireless today, but they would like to go to wireless. They're saying, "Yeah, wireless is great, but won't it be table stakes by the time we get to 2025, 2026?" They're right. They want to work with us to figure out what more can we bring capability-wise on top of wireless. How can we drive better, you know, efficiency, range, safety, et cetera. That's where the new sort of mindset is at. 2 years ago, 3 years ago, we were struggling to explain to the world, can wireless work? Isn't it secure enough? Is it stable enough? What about, you know, hacking attacks? Nobody's asking those questions now because that is kind of understood, that's proven. Now what more can you do on top of wireless? We have these challenges that Bob discussed. How do we address them? That's where the learning is in the recent, few, you know, quarters. Okay, this next question relates to our sales growth. Much of your growth is coming from displays and electrification, but there are already suppliers trying to capture the secular growth here. Are you forecasting your growth consistent with the market, below market, or are you assuming you gain market share? I think it's a simple answer. If you look at all of the market CAGRs versus our CAGRs, our CAGRs are faster than or higher than the market. We clearly would be taking market share in what we have forecasted. Back to cockpit domain controllers. You have won sizable awards in cockpit domain controllers, but as the vehicle evolves, we have seen interest in up integrating the cockpit into central controllers beyond 2025. It does not look like VC is playing in this area. Any thoughts? Absolutely. The first thing I would like to set as a clear understanding is there's no such thing as a single computer in that timeframe. If anyone is telling you that's not reality. We don't have the capability as an industry to do it. There may be people talking about it, but don't let that mislead you into thinking that's possible. What we're talking about in the 2025-2030 timeframe is still a cockpit domain controller with the software-defined vehicle architecture. Those are still the focus of the industry. Beyond 2030, okay, we'll figure out what happens there. It's time to think about it. The reality is the step that industry is gonna take first is to go from discrete to integrated cockpit, not integrated car. Nobody's talking about building the whole car with one computer. That will take a lot longer than most people realize. It's cockpit domain controller, then integrated cockpit with ADAS, and then we might get to the point where we are talking about an integrated computer for the car. Next question, on the slide, targeting CPV, cost per vehicle of $700-$1,200 in electrification. OEMs are under significant cost pressure given elevated battery cost. How do you address OEM push to reduce costs in other areas to make room for elevated cost of batteries? That's a great question. Content per vehicle or cost per vehicle, clearly is a issue for OEMs, right? You might have heard about Tesla's intentions of what they see as a potential. There is no doubt that the current costs of many of the components that we talk about on the electrification side, whether it's BMS or the junction box or the DC-to-DC converters, all of them today cost more than OEMs can afford. That's the reason why we talk about innovation through integration. Okay? We have to bring new technologies in. We have to integrate because the cost that we are currently seeing and the prices that we're seeing are not sustainable for the industry. Okay? We believe that we have that opportunity because of our integration capability. If you are just building one device, you have limited capabilities. We are looking at it as a system. This is why we call our focus, this EMC² that we talk about, the grid-to-cell. We have to look at that whole system because there are themes that are common across them. We are not going to look at the propulsion side of it. Someone else has to be able to do that, the inverters and the motors and so on. Our focus is on the DC-to-DC converter, the junction box, BMS, and integrated and lower cost. At the end of the day, if it turns into largely semiconductors, you can see a path to where the cost can be taken down. Initial cost may be high. Silicon carbide, gallium nitride are relatively new technologies. Supply is limited, so initial cost is gonna be high. Once it's semiconductor, we know one thing, the cost is gonna go down, right? It may take a little bit of time, but if you stay the way they are today, there's no option. The cost will remain what it is. That's the strategy that the industry is taking, and we are hoping to drive some of it with the actions we're taking. Okay. It looks like we have time for one, maybe two more questions. Okay. How should we think about SmartCore generation 1-4 content per vehicle ramp? Can you walk us through expectations on engineering to support gen 4 ramp? First of all, I'll answer the last question first. We, as I mentioned, have a platform approach. Yes, there is gonna be an increase in engineering required to deliver the higher level of functionality, but we are also uniquely able to spread it across more volume and more customers. Overall, we'll be able to manage our engineering within the ranges that we have been working at as a% of revenue. We don't see that as a challenge. The other thing that I would like to share with you is we are working in a very focused manner to become the best-in-class in software development in automotive. There is the misconception that software is software, right? In reality, software is different. Enterprise software, cloud software, mobile software, very different from each other. You cannot just think of them as interchangeable. Is automotive software. The things that we do require different capabilities, different expertise. Our strategy is something you need to understand which differentiates us, is we want to be the best automotive software developers in the world. That's our mission, right? We have changed our processes, our thinking to achieve that objective. What is the problem here? The problem is scalability. You cannot hire enough engineers. By the way, it works somewhat in an inverse relationship. The more engineers you hire, the more problems you create, right? What you need to do instead is to have a platform approach. You need to have a scalability approach so that you can build all these products. If you do this every time for a new customer from the ground up, there's just no way you can get there. The whole process is to be rethought. This is where we're spending a lot of our time and energy, and that's what helps us control cost. On the content per vehicle, we have a different dynamic. As we saw, the features are growing rapidly. This is a challenge, by the way, in all fairness to the OEMs. They want all these features. We're discussing with a European OEM on their next -generation cockpit domain controller. They want all these features that they want to introduce that just raises the cost of the system higher and higher. Today, by their own admission, they're 50% above what they would like to pay, which is already higher than what they're paying for electronics in their current cockpits. We can help them reduce that, but it won't be what they have been paying so far. It's still gonna be a step up. That may be okay because what are gonna be the competitive battles of the future in that industry, it's gonna be the experience that you deliver in the cockpit. Do you want to be that OEM that has a underpowered system that is not able to be competitive? Because you cannot afford to do these things over and over again. Once you are committing to it. The business and the challenges are so big that we have to live with it for some time, right? What will happen as a result is that the content per vehicle on that side will continue to go up. Even what we have assumed in the business is relatively low because most of that business was one already that is reflected in our 2026 numbers. As the industry goes forward, that will creep faster than anything else in terms of the increase, including the vehicle production. That should be good for us. For the OEMs, that is a challenge, but it's a challenge that they have to take to be competitive, and they will have to figure out where they can adjust their cost elsewhere to absorb that cost. Okay. All right. I think to keep us on time, we're gonna end it there. We're gonna take a quick 10-minute break. We'll be back here at 10:55. All right. Very good. There's coffee over here. Yeah, bathroom's behind us. Yeah. Thank you. Thanks. Hello. Yeah. If you can hear me, we're gonna start in about a minute or two. What? I said 10:55. All right. I think we're gonna go ahead and get started. If everybody can make their way back to their seats. All right. We're gonna go ahead and get started with the second half of our presentation. To get us started, we'll, I'd like to invite Joao Paulo Ribeiro, Senior Vice President of Operations and Supply Chain. Joao Paulo. Thank you, Kris. Good morning, everyone. My name is Joao Paulo Ribeiro. I'm the Senior Vice President for Operations, Supply Chain, and Procurement. It's a great pleasure to be here, and it's exciting to be here talking about manufacturing excellence. As you know, automotive has always been very challenging, in today's presentation, I want to share our vision and our manufacturing strategy and technology that's enabled us to deliver continued operation performance and prepare Visteon for future growth. At Visteon, we have 13 plants strategically positioned to serve our customers. We deliver to 800 customer locations, we have 2,000 supplier pickup points, we consume around 200 million components every day. Let me now focus on what distinguishes Visteon manufacturing system. You should know that Visteon manufacturing locations are fully supported by central manufacturing technology innovation groups. This is very important. Let me describe the four steps of industrialization strategy. A significant advantage to Visteon operations is to leverage the internal prototyping capabilities we have to influence designs at the right phase and adjust product design for optimal manufacturing processes. With the correct design, we can actually develop the ideal manufacturing system. We also have the internal ability to design smart automation. Actually, we can design equipments for key manufacturing processes. Visteon-developed equipment is designed to be more flexible, faster, and more cost efficient. Actually, we are designing it such it offers opportunities for reuse in future programs. Once we develop and proven the concepts, we partner with a selective group of equipment suppliers to deploy globally these standardized solutions. We actually have a great opportunity to leverage scale for investments. I'm sure you saw the displays. You had time to look at it, I hope with that you can now appreciate the next four slides, where I'm going to show a few examples of our advanced technologies for manufacturing. The first important, very important process for manufacturing is board assembly. In Visteon, we designed our lines such they are continuous. We call it actually continuous flow. This configuration enables us to run at much higher speeds of manufacturing with improved quality, and mostly important, with minimum labor impact. The line's geometry as it stands in Visteon, they are very challenging to maintain at high levels of performance. Once we get it there, it enables much faster production rates, we don't need intermediate buffers in the middle of the production, and we actually minimize to close to zero the need for manipulation or parts handling. Visteon lines are able to populate up to 300,000 components per hour with 99.8% quality levels. In the next slide, let me show innovation in final assembly. Over the last few years, Visteon has succeeded in developing a fully automated robotized cell to deliver perfect quality and ideal throughput. We call it VRAC. VRAC stands for Visteon Robotized Assembly Cell. It's customer recognized as leading-edge technology for manufacturing. Visteon robotized cells have been proliferating across the globe in Visteon plants. Enables us to bring higher efficiencies, higher quality levels for more complex products as you saw on those displays. One of the biggest advantage, and I'm sure you can see that in the video, is we were able to reduce significantly the labor required to manufacture our products. Skill dependencies, operator skill dependencies have been greatly reduced. Now, primarily focused on getting material into the robotized cell. Automation then executes the complex assembly, leading to improved cycle times, capacity and quality. These lines have been designed with the latest level of product traceability. We can actually check every process step and quality check before shipping any product to the customers. These robotized cells, as you see in this video, are typically 3x faster than a traditional cell, and are designed to be flexible and reused in future programs. Let me talk a little bit about display bonding. Another technology that I think we are on the competitive edge of technology development. As previously mentioned by my colleague, Qais, market trends are driving to complex geometries and sizes on displays, and that actually led us to develop our own bonding solution. Visteon smart automation is capable of producing complex designs and geometries with very challenging tolerances, up to 200 microns. The equipment is also easy to set up and maintain, and that enables us to propagate this and proliferate this technology across our plants in the globe. Typically, this process is the ABF bonding process is actually able to run at 2% scrap of parts. The Visteon bonding system is able to deliver 0.5% of scrap. Because the displays are so expensive, this is a fantastic competitive advantage that we have when presenting this level of performance. Testimony of our customers has confirmed the process leadership and capabilities that this industrialization provides to Visteon. Lastly, let me talk a little bit about electrification. For electrification, we are industrializing a new process capable of producing with zero defects, with embedded cloud-based vision controls and 100% traceability, as you can see in this impressive video. As described by Bob Vallance, with the expansion of the electric vehicle market, we are seeing exponential volume increases in some programs. We have integrated in these cells very complex technologies, such as laser welding and laser soldering, running at very fast cycle times, very close to 20 seconds per part. These systems, as you see, are modular, scalable as demand grows for electric cars. This ensures to us optimized capital expenditures aligned with revenue growth. As you can see in the video, this innovative process also supports 100% automatized material flow. I hope by now you have a good picture of our advanced technologies and innovation. In the next slide, I will focus on a few important elements of supply chain. With COVID and global semiconductor shortages, we have taken that experience and developed the more resilient strategies to mitigate future challenges. There's three main topics I want to describe today. Where possible, we are moving from global to regional supply chains in an attempt to mitigate geopolitical potential disturbances and to ensure complex products are protected from logistics disruptions. In addition, for technologies and expertise currently existing in Visteon, we are maximizing vertical integration and insourcing as possible, mainly plastic parts and magnesium injected parts. Lastly, our supply chain team is being augmented with the latest supply chain planning software to optimize material planning transparency, as well as effectiveness of the same planning. In the next slide, I'm trying to show you some examples of sustainability projects that we are working on. At Visteon, we have a high social and environmental conscience, we are backing up with specific initiatives on energy efficiency, greenhouse gases emission, and renewable electricity. We completed on-site solar panel projects in several of our plants, we signed contracts to use green renewable energy in Portugal, Slovakia, Mexico, India and China. Our ESG targets, as described by Sachin, include Scope 1 and Scope 2 emissions from Visteon activities, we are now engaging with our supply base to deliver reduction measures and reductions on Scope 3 emissions. In 2022, our CDP climate score was B -grade, which compares favorably to an industry average of C -grade. Let's look at how innovation and process leadership has helped Visteon performance. All that you've seen so far has positively impacted our ability to produce complex products while improving company's competitiveness. The investment in automation and manufacturing tools has enabled us to deliver new programs with increased customer satisfaction and quality feedback. Every new program and process is benefiting quite a bit from our accumulated knowledge and experience in lean methodologies and lean practices. The impressive levels of automation and engineering capabilities recognized by our customers have enabled us to mitigate labor inflation and drive down our operational costs year-over-year. As we look into the future, the imminent growth for Visteon, we are already establishing a footprint required for delivery, and I'm going to give you three examples. The significant growth in electrification in all regions is actually driving the expansion of the footprint in North America. We are expanding our Chihuahua plant on about 6,000 sq ft. In addition, our business plan is showing significant growth in India for optical bonded displays. We are again first to the market there. We are launching the bonding technology with our in our Chennai plant. Our expanded Chennai plant in 2 months will act as a showcase in the region for this technology. Lastly, in Tunisia, we are with our experienced high-quality workforce, we are building a green site facility, state-of-the-art, to deliver to the European customers from the lowest cost footprint. In the next slides, let me summarize what we've seen so far. We optimized our global footprint, which is well-balanced to serve our customers from the lowest and most cost-competitive locations in the globe. We have been able to develop extremely competitive manufacturing processes to be deployed globally and ensure the highest levels of performance in every location. I would like to finish reinforcing that our footprint, technologies, and people are ready for Visteon future growth. Thank you very much for your time, and let me hand over to Jerome so we can discuss financial performance. Thank you. Visteon. [audio distortion] Be excited about the future. We have an issue with your pack. Okay. Sorry. One of the key item we hope you take from today is the fact that Visteon is uniquely positioned to win in this market and be successful. Our product lines align very well with industry trends, our operational execution has been very, very strong, and it shows in our financial results for the last 3 years. Over the last 3 years, we've been able to grow sales by 10% despite the industry declining 8%. At the same time, our adjusted EBITDA grew approximately 50%. Beyond our sales growth, the success comes from the cost actions that we took very early on in 2020, combined with the cost discipline and what I would call the cost innovation culture that we display today. Finally, our business has generated over $200 million in the last 3 years of adjusted free cash flow. In 2022, we recorded our highest sales since 2015, both from a reported but as well from a base sales perspective, which is excluding the impact of customer recoveries. As you have heard from Sachin today, our product portfolio transformation started a few years ago. We have led the transition from analog to digital in the cockpit, as well as to an electric product offering. This has translated into significant new business wins, product launches, as well as ultimately sales growth. In addition to that, we have taken a very proactive set of action to supply chain management. We have been able to mitigate the impact from the semiconductor shortages by actively embarking on product redesigns, as well as sourcing a significant amount of parts on the open market. Finally, we have been working with our customers to recover the elevated cost from these proactive actions that has resulted in $500 million of cost recoveries in 2022. All these actions have allowed us to generate a growth of a market of approximately 21% in 2022. Our growth of a market has in fact accelerated over the last few years. A very simple way to measure it is to look at our sales versus industry production. Since 2017, industry production volumes have declined 14%. However, in the meantime, our base sales have increased 4%. This is due to strong demands for our products, a robust number of product launches, over 185 since 2019, nimble semiconductor sourcing actions. This has resulted in significant growth of a market over the last few years. In fact, in Q4 of 2022, we achieved our 15th consecutive quarter of growth of a market. Over the last few years, we have leveraged our sales growth, and we have been able to increase our adjusted EBITDA margins by 280 basis points since 2019, when excluding the margin dilution from customer recoveries. What are the key factors that contributed to this margin performance? First, in 2020, we accelerated the redesign of our footprint, we continued to invest in manufacturing as well as engineering centers located in best cost countries such as Mexico, Eastern Europe, India, and Southeast Asia. Today, 85% of our salaried employees are located in best cost countries. Second, we have implemented an engineering platform approach, as discussed throughout the day, that allowed us to optimize our engineering spend. Third, we have been relentless on operational and efficiency improvements, we have continued to invest in state-of-the-art manufacturing equipment, but as well processes. Fourth, we have maintained a strong cost discipline and what I would call a cost-innovative culture. Finally, we've been successful in offsetting a large portion of the elevated supply chain costs that we've incurred over the last few years. We have today one of the best balance sheets in the industry. During the last 3 years, we have taken many actions to generate cash and protected our balance sheet. It has given us a lot of flexibility to invest in the business. In fact, we were one of the few companies that need not have to raise additional capital in 2020. At the end of 2022, our net cash position was approximately $175 million, and our liquidity was over $900 million in a form of cash and undrawn revolver capacity. Finally, in 2022, we extended the maturity of our debt to 2027 while locking a large percentage of our interests. A few weeks ago, we've discussed our 2023 guidance and how we expect to continue our growth momentum. I'd like now to spend some time talking about how we continue to create value in 2023 and beyond. As you've heard today, we have growth opportunity in each of our key product lines. Putting all this together, we anticipate that sales will be approximately $5.5 billion in 2026. On base sales, this represents a low double-digit growth of a market. This outlook is the results of our recent product line launches, a strong customer demand, as well as the growth of our electrical business. This outlook is based as well on the assumption that we will win approximately $6 billion of new business in 2023, and that number will increase slightly as we go forward. We are also assuming a modest industry growth through to 2026, with a CAGR of 3% and annual production volumes to reach approximately 92 million units in 2026. In summary, we believe that our competitive position in the market will generate significant growth on an ongoing basis. At $5.5 billion in sales in 2026, we anticipate that adjusted EBITDA margins will expand to approximately 13.5%. Over the last few years, we have demonstrated our ability to expand margins through scale, operational improvements, cost discipline and innovation. We see a path to extend margin by another 300 basis points from the 10.5% that we have guided in 2023 at the midpoint of our guidance. This will equate ultimately to incremental margins on base sales of approximately 20% as we continue to leverage our best-in-class cost structure while investing in the business. Let me spend a bit of time diving into our margin expansions. First, removing our customer recoveries, which dilute margin by approximately 80 basis points in 2023. We're starting from a more normalized margin level of slightly over 11%. From there, we're forecasting another 220 basis point improvement between 2023 and 2026. Let me give you a little bit of color on how we plan to achieve this. Operational efficiencies first. Our footprint will allow us to scale without adding a significant amount of cost, especially as we continue to automate our plans. In addition, Visteon is getting larger, this will give us more opportunities to find cost savings throughout the supply chain, especially as supply and demand normalizes. The same applies for engineering footprint. Our best-in-class footprint as well as our platform approach will allow us to be more cost efficient. OEMs are also moving to larger programs as they leverage solutions across various models. This will be a positive trend for Visteon as we will be able to leverage our engineering spend over higher sales. Finally, on the SG&A side, we will continue to make investments wisely so that we can scale efficiently and continue to reduce SG&A as a percentage of sales. Even though we are only providing targets up to 2026, we do think there is additional room for margin expansion after 2026. We would expect first more margin potential simply from our existing cost structure as we continue to innovate and increase our scale. There is potential upside in some adjacent markets, with commercial vehicles being a good example. Finally, the transition to a software-defined vehicle presents an opportunity to provide services with margins that expand beyond the traditional auto type margins. Visteon is structurally set to generate cash, and we're forecasting that we will convert between 35% and 40% of our adjusted EBITDA into adjusted free cash flow between 2024 and 2026. The two factors that will drive cash flow generation are EBITDA growth and CapEx optimization. With the significant EBITDA growth that we have and the fact that our business is not capital-intensive, we are forecasting that we will generate over $800 million of adjusted free cash flow over the next 4 years. Let me give you a little bit of context on the other items impacting cash flow. CapEx first should remain in the low 3% range, similar to 2023. This will allow us to keep on investing in capacity and capabilities. Working capital should be a slight outflow as we continue to grow sales. We expect that inventory levels will remain pretty stable as supply and demand normalizes. Cash taxes are expected to remain at or below 20% of PBT as we continue to optimize tax planning and use our various tax attributes. Finally, interest payments will remain low given our low debt level and our interest rates. We anticipate we'll generate over $800 million of adjusted free cash flow over the next 4 years. How do we think about capital allocation going forward? First, we will continue to maintain a strong balance sheet and invest in organic opportunities. With best-in-class returns on invested capital, there are a lot of reasons for us to continue to invest in the business supporting our growth. In addition, we do think that there are opportunities for bolt-on acquisitions that incrementally improve our technology capabilities. Finally, we plan on deploying excess cash to shareholders. As a result, we are announcing today that our board of directors has approved a new share repurchase authorization of $300 million that expires at the end of 2026. Given the current environment and the continued supply chain shortages, we expect that the size of the quarterly share repurchases will be modest to start with until we have better visibility into the supply and demand dynamics impacting the automotive industry. We will continue to make prudent and disciplined decisions. We want to ensure that we continue to create value for our shareholders. In summary, Visteon remains a compelling investment opportunity. You have heard today that we are very well aligned with the industry megatrends. We have a track record of sustainable growth and operational execution. We have a clear path to expand profitability and generate cash, which we will deploy efficiently to drive shareholder value. Thank you for your time today. I would like to hand over the presentation now to Kris for our Q&A session. Thank you. Okay. While we're getting set up here, again, just a reminder, you can submit your questions via the online portal. We already have a few coming in. I believe we're scheduled for 20 minutes for the Q&A. Okay. All right, we'll go ahead and get started. The first question is a two-part question, so I'll ask it in separate parts. The guidance through 2026 implies around 20% incremental margins, which is in line with your historical guidance. However, giving increasingly complex software in your products such as SmartCore and growth in BMS, which also has high software complexity, should incrementals improve as these products scale? Let me take that one. 2023 to 2026, we are planning to increase our EBITDA quite substantially. In fact, we are at $348 million of EBITDA in 2022, and we'll be at $5.5 billion in 2026 with 13.5% of EBITDA. That is $740 million of EBITDA in 2026. I just wanted to put back in perspective the fact that we are talking about doubling our EBITDA in the next 4 years. That is approximately a 20% incremental, 19% to be precise. This considers obviously the incremental sales and margins that we'll get from the additional business that we'll be getting. We have as well planned for investments in, especially in engineering, but as well a little bit in SG&A. All this contemplates the investments that we have in the business and will give us overall a 20% incremental margin going forward. Second part of the question, 35%-40% free cash flow conversion is pretty similar to current levels, even as you are guiding to better CapEx leverage. Can you discuss some of the drivers? Yes. No, that's a good question. We've been able to achieve about 30% in the last 3 years. We guided to 33% in 2023, and we're giving a range of about 35%-40%. For us, it's really about the EBITDA growth. Our business is not very capital intensive, and therefore, we are able to leverage the infrastructure that we have on the CapEx side, and able to flow through more cash as we grow EBITDA. We have a pretty, as you know, low debt structure, so not a lot of interest payments. We do have as well, fairly good tax attributes, which we'll be able to use throughout the years. Overall, 35%-40% is a pretty significant number. It will allow us to generate $800 million of cash in the next 4 years. We feel pretty good about that. Can you please expand on the profile of potential bolt-on acquisitions Visteon would consider? Maybe I'll take that. You heard from us our product strategy, right? It's focused around software-defined vehicles, displays, and on electrification. The core themes are pretty well set for us. We are looking and continue to look, you know, at opportunities that can help accelerate some of the innovation that we see, whether it is in some of the software, embedded software areas or cloud. Cloud is gonna be one of the topics that we are gonna continue to invest in. We have today OTA, and we have the app store. We believe that as we go forward, especially on even electrification side, the benefits of the data that we collect, then be able to send it to the cloud for predictive diagnostics, is gonna be a big value to the OEMs. We are, at the same time as we are building EdgeAware, which already has this capability, it has the ability to store historical data, we are building the capability, you can think of it as, you know, digital twin in the cloud. Those are the kind of applications that we are looking at to see if there are technology providers that can help accelerate our learning like we did a while ago now with AllGo. That's the kind of model that we have in mind. If we can get a technology acquisition that can quickly accelerate, we'll definitely be interested in. If it takes a long time, we have the ability to recruit the talent, get that talent on board, and then do it ourselves organically. We are constantly weighing, you know, the make versus buy, in a sense. Stay tuned. Hopefully, we'll find something. We would like to. We believe there are opportunities. We'd like to deploy our, you know, resources that we have and make faster progress, but we're very disciplined about what we look at. It's very easy to make acquisitions that don't pay, very hard to make acquisitions that pay very well. That's the focus that we will always have. Yes, I would add that we absolutely want to be very disciplined about the process. We are always looking at a pipeline, but are very, very, let's say, thorough in terms of the analysis of the potential targets. All right, operational question? What is driving CapEx performance over the last few years? Is the lower CapEx as a percentage of sales indicating that you are under-investing in this area? Okay, I'll take that one. No, absolutely not. Actually, over the past few years, we brought to Visteon more innovation than ever. Let me answer in two folds. We have simply a different way of investing. What we are doing right now, first of all, we developed mechanisms of planning capacity utilization for the future, which made us see what we are going to be the assets, the requirements for the upcoming years, and we became very agile on moving equipment from country to country, from plant to plant when required. The second thing that helped us quite a bit to reduce investment is the fact that we are developing our automation with the flexibility enough to accommodate future programs. We have, you saw on the video, some of the robotized cells. The original ones, they are already in the 3rd generation of product assembly. That minimizes quite a bit the need for CapEx. We are investing, as you saw on the video, on the latest innovation that is available in the market to make sure that our lines are fully equipped with the best of the best technology. Great. Please discuss the opportunity for software revenues in your product set through 2026 and beyond. Yeah. I think first of all, just to set expectations, it's more likely a situation of beyond 2026 than on this side of 2026, but let me explain what we are looking at. Every one of the SmartCore opportunities that we are engaging in are already thinking about how to maintain their software through over-the-air updates. Right? As they are thinking about it, they have to work with us to provide them with those updates. The traditional model, which by the way, even today with the first wins and first engagements for SmartCore, still operates under that old model, is that they're not really able to contemplate the full requirement of software updates to really give us that visibility into the revenue potential, but we know it's there. The current model is you build a box, you ship it, and you only really address issues if there are problems, right? Defects. As we go to this new model of cockpit domain controller, software-defined vehicles, it is the expectation that the vehicles get regular software updates. Tesla, as you may know, has an update at the frequency of 1 every 4 weeks. I was talking to somebody yesterday, and they said that they were looking at a vehicle, and the supplier said very proudly that they are able to offer an update every 6 months. The person I was talking to was taken aback saying, "6 months? That's not frequent enough. Mm. The point being, it's already now entered into consumers' consciousness that you need those updates to come more regularly. 6 months is not good enough, right? We are preparing ourselves for a future where we have to support them with regular updates. Those regular updates will come with it a software services business model, which as you know, has a higher margin profile than the traditional automotive business. We haven't really built into our 2026 outlook any expectations of help from that side of the business. We believe if anything, it's gonna be modest and it will grow steadily from there. We are very excited, by the way, about the long-term potential of that. That's why we are focusing, doubling down on software competence. I mentioned earlier that we are really setting ourselves up for software excellence in automotive and scaling up. The scaling up will be required because we will no longer be able to do the business of the past, which is we hand over the box to you and say, "good luck," and then we move the team to work on the next program. That won't be good enough anymore. The team will have to stay with the program because they will have to issue software updates. We need a different model because we can't scale to this level that we would like to scale to with the traditional model that depends on hiring more and more engineers. That's the interesting, you know, point in time that we are at. Want you to know that we are thinking about it and addressing it. We think there is a really interesting opportunity beyond this that maybe at the next Investor Day, we might be able to give you more specifics on how that might look like. Can you talk a little bit more about inventory expectations? Do you plan to hold buffer stock of components longer term in light of the recent supply chain disruptions? Has your view on inventory structurally changed since the disruptions? Let me start, and I'll invite my colleagues to join in because they are both deeply involved in all matters of importance to supply chain. The bigger question is: What is our expectation about the semiconductor supply and how will that play its play out? As you know by now, I think we have all become semiconductor experts, by the way, in some ways. You know by now that not all chips are made alike. There are some that we have plenty of supply of, and there are others that we do not have enough supply of. The way it works is that when it comes to certain kinds of chips that have to deal with power, so higher current typically, they cannot use a nanometer that is below a certain level. The chips need to be built with older technologies. Think of like the 40-nm process node as the dividing line. On the less than 40 nm, we live in a surplus era. On greater than 40 nm, we are in a constrained environment, and that constraint will only gradually get better. It won't be solved. The reason it won't be solved very quickly is because there isn't enough investment that has gone in or going in into that, because that's a very narrow portion of the overall semiconductors. When we talk about these fancy chips that are high performance and so on, they're all less than 40 nm, and there's plenty of capacity there. The industry needs to do two things: Number one, move away from the current model of sprinkling the car with ECUs. The more ECUs you have in the car, the more you use of those chips that are in short supply, okay? It takes the same power circuitry to drive a cluster, then you have another power circuitry to drive infotainment, yet another to do a head-up display, and so on, versus one circuitry that drives all of the features and functions. The model that we've used in the past made matters worse. If you go to an integrated model, which is cockpit domain controller, you'll use less of those power chips or analog chips, right? That's the first thing we need to do as an industry. Number two, this is something that I've talked about before on earnings calls as well, we need to learn how to design hardware smarter. The power chips, there's one advantage that they have that actually allows you to take this approach, which is to design the hardware such that you can take supply from multiple providers and have one universal design, because it actually uses less software. The software runs on the chips that are in plenty of supply, right? That's the approach Visteon has taken. We have talked about it extensively in earnings calls that we have done redesigns, and that's how we are protecting ourselves out of this situation. The shortage is going to be there. Investments are not going to be coming anytime soon. We think we are in a, in a good shape. As far as the broader industry is concerned, we'll see how that, you know, plays itself out. It's not a relief to us that we are safe because we still need someone to ship the cars, right? It doesn't help if there's one component missing, the golden screw, and therefore we can't ship our products. We want the industry to move along, we've been very vocal about the practices that we have talked about. I think from a Visteon perspective, by the, I would say, end of Q2, most of the crisis for us will be behind. I don't know whether that means the industry is going to be there. That should help on the other side with our inventory management. Any thoughts, more to add to that? No, it's... Thanks, Sachin, for the detail. On the inventory side, we are. Obviously, the crisis has taught us that we've got to hold a little bit more inventory level. As soon as the supply and demand stabilizes a little bit, we think that we'll be able to keep the levels that we have. Ideally would like to have 30 days. When we started, I think in 2020, we were closer to 20 days, so we've definitely put a little bit more inventory through the pipeline. And we're looking at ways to reduce the risk as well. For example, not only redesigns, but as well localization is another area that Joao Paulo and his team is working on, if you want maybe to elaborate on that. Yeah. Definitely, localization is globally one of the important strategies that we have nowadays, as I said before, to mitigate some of the geopolitical issues that might be surfacing. Definitely one of the big advantages we are finding is developing local suppliers, finding new partners, helping them to grow to automotive capabilities and become competitive in the marketplace. Localization is significantly a significant strategy that we have. Obviously with the situation of supply shortages, what we end up doing is finding ways to become more sophisticated on the way that we are looking at inventory. Hopefully, and it's our true belief that once the supply situation stabilizes, we are going to be able to perform very well on inventory. What are the upper boundaries of spend on M&A? Oh, that's a interesting question. Upper boundaries is obviously going to be how much, you know, cash is available to us. The real question is what would we deploy it towards, right? I wanna be very clear. We are not really interested in any, you know, major transformative type of activities because of one reason. If you think about what we shared here today, the industry is moving at a pace where you have to really run fast to keep up. Many of the people that might be potential targets of that type of a M&A, what do you think you might get? You may not get what you would like to get, right? We will be saddled with older technologies, older processes, and we have a tremendous runway ahead of us, and we don't want to take our eyes off this ball to fix something that. Look, I spent 5, 7 years fixing this. I don't want to do it one more time with some other business, right? I would rather take this and grow it further, which I think is a much more attractive opportunity than something like a, you know, redux of what we have done in the last 5 to 7 years. Anything more to add? No, I was about to say bolt-on is the word that we're using all the time. It's really... AllGo is a great example. What can we bring to the party so that it's complementary to what we're doing today without transforming the entire business? We do think that the transformation is coming mostly from inside, not from the outside. Can you please discuss the margin dynamics by product set? Is there an impact of mix as the sales grow? Yeah. Let me start, and maybe Jerome, you can jump in there as well. I want to also share with you how we look at the business, right? We want to be focused on driving a certain level of EBITDA that we have committed the company to. That means that we cannot go after any and all opportunities, because there are different products with different dynamics. What we have tried to do, as we tried to communicate today, is to be in areas of business where on account of the technology dynamics, there is enough content there that we can drive to the corporate overall level of adjusted EBITDA target. That doesn't mean that the cost structure and the margin stack for those products themselves are all alike. A display is very different from a SmartCore- type of a product. Very heavy on software on one side, entirely different on the other side, right? But overall, we want to have those products because they're all big. Every one of our product lines are going to be billion dollar plus product lines. We can't afford to have a structure where we have a margin leader and a laggard. That doesn't really work. You are subject to, you know, the mix situation. We try to push a model where the EBITDA margin is what we believe we can independently achieve for each one of these products. They may be off by, you know, 100 or 200 basis points, but not widely apart. Thanks, Sachin. We are very disciplined as well in the way we look at quotes. Both Sachin and I are very involved in this. There's not a lot of mix as Sachin said going forward, which is good. Overall, all these products will be accretive to our margins. Today, if you include the customer recoveries and the dilution it brings, we're at +11%, and we'll be at 13.5%. Definitely accretive products, but in the same way I would say generally. It does look like we're actually up on time. Before I hand it over to Sachin, just a couple comments. We do have a takeaway lunch for everybody who's in the room today. We'll also have the product demos going on throughout the next half hour or so. Feel free to stick around and grab lunch and check out the products. With that I'll hand it over to Sachin, and if you have any closing remarks. Sure. Sure. Thank you, Kris. First of all, I would like to thank all of you for your participation today. Hopefully you would walk away from this presentation with a better understanding of what we have accomplished over the last few years and the opportunities that are ahead of us. Just again, to recap, we spent the last few years undertaking a product transformation journey to align the products to the key industry trends, and that has put us in a great position to now reap the benefits of the growth that we will experience. Combined with our proven track record of execution, right? That really puts us in a position to drive sustainable growth in terms of sales as well as margins. That's the message that I would leave back with you. Thank the investment community for your support along this journey. It has been a few years. It has not been an overnight success. Appreciate your support along the way. Also, I would like to take the opportunity to thank the 10,000 Visteon employees all around the world that are working very hard to deliver consistently good results. Without their effort, I wouldn't be sitting here today. I would like to make sure that I thank them. Thank you. Have a great rest of the day. Thank you. Thank you.