John Bean Technologies Corporation

My name is Audra, and I will be your conference operator today. As a reminder, today's call is being recorded. At this time, all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star key followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. I will now turn the call over to JBT's Vice President of Corporate Development and Investor Relations, Kendrick Meredith, to begin today's conference.

Thank you, Audra. Good morning, everyone, and welcome to our year-end 2023 conference call. With me on the call is our Chief Executive Officer, Brian Deck, and Chief Financial Officer, Matt Meister. In today's call, we will use forward-looking statements that are subject to the Safe Harbor language in yesterday's press release and 8-K filing. JBT's periodic SEC filings also contain information regarding risk factors that may have an impact on our results. These documents are available in the investor relations section of our website. Also, our discussion today includes references to certain non-GAAP measures. A reconciliation of these measures to the most comparable GAAP measure can be found in the investor relations section of our website. Now I'll turn the call over to Brian.

Thanks, Kedrick, and good morning, everyone. A lot has occurred since our last call a few months ago, so let me dive in. As you know, JVT announced its intention to pursue a merger with Merrell. We believe this merger would be transformative for our customers and shareholders, bringing together two exceptional providers of food and beverage solutions with synergistic products, great technology, and globally recognized brands. I'll provide more color on that, but first about our financial performance. We are very pleased with JBT's strong results in 2023. On a 5% increase in full-year revenue, adjusted EBITDA increased 20%. We also generated strong free cash flow with a conversion well over 100%. Moreover, we introduced financial guidance for 2024, which reflects further revenue growth and continued margin expansion. With that, I'll turn the call over to Matt who will walk you through our 2023 performance and our guidance for 2024.