TransDigm Group (TDG) Q3 2023 Earnings Call Transcript

For the period ending July 1, 2023

August 8, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day! And thank you for standing by. Welcome to the TransDigm Group Incorporated Q3 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speaker's presentation there will be a question-and-answer session [Operator Instructions]. Please be advised that today’s conference is being recorded.

I would now like to hand the conference over to your speaker today, Jaimie. Please go ahead.

Jaimie Stemen

Thank you, and welcome to TransDigm's Fiscal 2023 third quarter earnings conference call. Presenting on the call this morning are TransDigm's President and Chief Executive Officer, Kevin Stein; Co-Chief Operating Officer, Joel Reiss; and Chief Financial Officer, Sarah Wynne. Also present for our call today is our Co-Chief Operating Officer, Mike Lisman. Please visit our website at transdigm.com to obtain a supplemental slide deck and call replay information.

Before we begin, the company would like to remind you that statements made during this call, which are not historical in fact are forward-looking statements. For further information about important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, please refer to the company's latest filings with the SEC available through the Investors section of our website or at sec.gov.

The company would also like to advise you that during the course of the call we will be referring to EBITDA, specifically EBITDA as defined, adjusted net income and adjusted earnings per share, all of which are non-GAAP financial measures. Please see the tables and related footnotes in the earnings release for a presentation of the most directly comparable GAAP measures and applicable reconciliations.

I will now turn the call over to Kevin.

Kevin Stein

Good morning. Thanks for calling in today. First I'll start off with the usual quick overview of our strategy, a few comments about the quarter and discuss our fiscal ‘23 outlook. Then Jorge and Sarah will give additional color on quarter.

As we previously announced on May 26, we made three significant organizational changes this quarter. Jorge Valladares will retire at the end of TransDigm's 2023 fiscal year. Jorge has served as TransDigm COO for the past four years. His prior roles include co-COO, Executive Vice President, and President of three TransDigm operating units. Jorge will aid in the transition of his role to the new co-COO's Mike Lisman and Joel Reiss until his retirement date. Jorge also joined TransDigm Board of Directors as of May of May 26. Jorge has been with the company more than 25 years and has been an integral part of the long-term value creation of TransDigm and a key player in the cultural preservation of the company. Jorge has done a truly outstanding job and we sincerely thank him for his dedication. We are happy to have Jorge continue contributing to the growth of TransDigm as a member of the company's board.