Janus International Group, Inc.

please stand by, your program is about to begin. Hello, and welcome to the Janus International Fourth Quarter and Full Year 2024 Earnings Conference Call. Currently, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, you may press star, then zero on your telephone keypad. As a reminder, this conference is being recorded. I would like to now turn the call over to your host, Ms. Sarah Mae Seok, Senior Director of Investor Relations for Janus. Thank you. You may begin, Ms. Mae Seok.

Thank you, Operator, and thank you all for joining our earnings conference call. I am joined today by our Chief Executive Officer, Ramey Jackson, and our Chief Financial Officer, Ansem Wong. We hope that you have seen our earnings release issued this morning. We have also posted a presentation in support of this call, which can be found in the Investors section of our website, at janiceintl.com. Before we begin, I would like to remind you that today's call includes forward-looking statements. Any statements made describing our beliefs, plans, expectations, projections, and assumptions are forward-looking statements. The company's actual results may differ from those anticipated by such forward-looking statements for a variety of reasons, many of which are beyond our control. Please see our recent filings with the Securities and Exchange Commission which identify the principal risks and uncertainties that could affect our business, prospects, and future results. We assume no obligation to update publicly any forward-looking statements, and any forward-looking statement made by us during this call is based only on information currently available to us and speaks only as of the date when it was made. We will be discussing or providing certain non-GAAP financial measures today, including adjusted EBITDA, adjusted EBIT to margin, adjusted net income, and adjusted EPS. Please see our release and filings for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measure. On today's call, Ramey will provide an overview of our business. Ansem will continue with a discussion of our financial results and introduce our 2025 guidance before Ramey shares some closing thoughts and we open up the call for your questions. At this point, I will turn the call over to Ramey.

Thank you, Sarah. I'd like to kick off my comments today by thanking the entire Janus team for their hard work and professionalism, which has allowed us to showcase the resilience of our business model against a difficult backdrop. 2024 proved to be a challenging year for the business as macroeconomic concerns, sustained high interest rates impacting liquidity caused many of our customers to adjust project timing beginning late in the second quarter. Through it all, we have remained focused on what we can control which is the safety of our employees and the reliability, quality, and service that sets Janus apart with our customers. We had a busy year in 2024 with a number of milestones, new offerings, and expansions of the Janus footprint. On the self-storage side, we introduced both the Nokia ION and Inside the Door magnetic hardwired smart locking system that is next generation of our Nokia Smart Entry solution and the NS Door series, which includes two new roll-up door solutions engineered to provide a heightened level of safety and security for self-storage facilities. At our ASTA division, we introduced two new high-performance door systems engineered for durability, security, and seamless, fast-moving operation. We acquired the assets of TMC, a premier provider of terminal maintenance services and solutions for the LTL trucking industry, primarily in the southeastern United States, and it's already contributing favorably to our results. Additionally, we opened two new distribution centers, one in Mount Airy, North Carolina, and one in Ontario, Canada. During 2024, we voluntarily paid down $21.9 million of our first lien term loan, then successfully repriced the term loan to SOFR plus 250, an improvement of 50 basis points. We received upgrades of our credit ratings from both S&P and Moody's, and repurchased 7.1 million shares under our $100 million share repurchase program, leaving $21.3 million of authorization remaining at year end. As outlined on our last call, we have taken proactive steps to better align the business with near-term market realities. This includes a structural cost reduction plan that involves streamlining the labor force, rationalizing our real estate holdings, and reducing SG&A expenses. The plan is on track, We have already begun seeing the benefits. We now expect to realize $10 to $12 million of annual pre-tax cost savings. ANTS will get into the details of the quarter in a moment, but first I'd like to make a few high-level comments on our full-year results. For full-year 2024, on a combined basis, self-storage was down 9.3% as a 5.4% increase in our new construction sales channel, was more than offset by the 26.6% decline in R3. While new construction was particularly strong in the first quarter of 2024, the delays that began during the second quarter impacted the full year. R3 continues to be impacted by declines in retail to storage conversion activity, as well as delays that have impacted self-storage activity. Commercial and other was off 10.3% for the year, Results reflected weakness in demand for carports and sheds, partially offset by the acquisition of TMC in May. Nokia, our innovative suite of remote access solutions, ended the year at 365,000 installed units, an increase of 32% from 2023. The rollout of Nokia ION in the early fourth quarter was met with enthusiasm from our customers And with its unique and flexible customization capabilities and updated pricing structure, we anticipate continued demand for Nokia ION in 2025 and beyond. Despite a challenging macroeconomic backdrop, we maintain a strong balance sheet with leverage in our target range while also generating outstanding free cash flow conversion to adjusted net income. As a result, we have the balance sheet strength to grow both organically and acquisitively as the market normalizes. As the industry leader in self-storage solutions, we are well positioned to capitalize on opportunities as the macro environment improves and create long-term value for all of our stakeholders in 2025 and beyond. With that, I'll turn the call over to Ansem for a further overview of the fourth quarter results along with our initial 2025 guidance. Ansem?