BorgWarner Inc. (BWA) Q2 2023 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning. My name is Chelsea, and I will be your conference facilitator. At this time, I would like to welcome everyone to the BorgWarner 2023 Second Quarter Results Conference Call. [Operator Instructions]

I would now like to turn the call over to Patrick Nolan, Vice President of Investor Relations. Mr. Nolan, you may begin your conference.

Patrick Nolan

Thank you, Chelsea. Good morning, everyone. Thank you for joining us today. We issued our earnings release earlier this morning. It's posted on our website, borgwarner.com, on our homepage and on our Investor Relations home page. With regard to our Investor Relations calendar, we will be attending multiple conferences between now and our next earnings release. Please see the Events section of our IR page for a full list.

Before we begin to inform you that during this call, we may make forward-looking statements, which involve risks and uncertainties as detailed in our 10-K. Our actual results may differ significantly from the matters discussed today. During today's presentation, we'll highlight certain non-GAAP measures in order to provide a clearer picture of how the core business performed and for comparison purposes with prior periods. When you hear us say on a comparable basis, that means excluding the impact of FX, net M&A and other non-comparable items. When you hear us say adjusted, that means excluding non-comparable items. When you hear us say organic, that means excluding the impact of FX and net M&A.

We will also refer to our growth compared to our market. When you hear us say market, that means the change in light and commercial vehicle production weighted for our geographic exposure. Lastly, starting in the third quarter of 2023, BorgWarner will no longer consolidate its Fuel Systems and Aftermarket segments. Results of those segments for all periods prior to the PHINIA's spin-off reflected as discontinued operations. Our guidance relates to our continuing operations and our commentary on today's call will focus on those continuing operations, which includes looking at some results on a pro forma basis to reflect the spin-off. We will not answer questions related to the performance of the Fuel Systems and Aftermarket segments. Please direct them to PHINIA who will conduct their earnings call on Monday, August 7. Please note that we've posted today's earnings call presentation to the IR page of our website. We encourage you to follow along with these slides during the discussion.