JELD-WEN Holding, Inc.

Thank you and good morning. We issued our fourth quarter and full year 2023 earnings release last night and posted a slide presentation to the investor relations portion of our website, which can be found at investor.jeldwin.com. We will be referencing this presentation during our call. Today, I'm joined by Bill Christensen, Chief Executive Officer, and Julie Albrecht, Chief Financial Officer. Before I turn it over to Bill, I would like to remind everyone that during this call, we will make certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties, including those set forth in our earnings release and provided in our Forms 10-K and 10-Q filed with the SEC. GELDWIN does not undertake any duty to update forward-looking statements, including the guidance that we are providing, Additionally, during today's call, we will discuss non-GAAP measures which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to their most directly comparable financial measures calculated under GAAP can be found in our earnings release and in the appendix of our earnings presentation. With that, I'd like to now turn the call over to Bill.

Thank you, James, and thank you everyone for joining our call today. I'm pleased to report that our fourth quarter earnings were better than we expected, and we are making great progress on strengthening the foundation of GELDWIN. I want to thank all of our employees for their continued dedication as we work together to plan and execute our performance improvement activities. Today, I'll start by giving a brief overview of fourth quarter results and discuss some of the actions we've taken to improve our financial performance. I'll then introduce several of our new leaders before handing over to Julie to discuss the financial results in more detail. I'll then return to discuss our transformation journey before providing 2024 financial guidance and taking your questions. I'll begin with our fourth quarter highlights on slide four. While sales were in line with our expectations, Earnings were above the top end of our guidance, primarily due to solid execution of our ongoing productivity actions. As a result, margins significantly improved year over year. We continue to generate strong cash flows driven by improved earnings and reduced working capital balances. Lastly, I'm pleased to report that we achieved our 2023 cost savings goals as we continue to remove fixed costs, including site closures, and implement additional performance improvements across the business. At the beginning of 2023, we committed to improving our business, and as I look back at what our team accomplished last year, I'm proud of what we achieved. On slide five, you see some of the important actions that are driving our improved results. We are focused on streamlining our business and took important steps in 2023, such as initiating our transformation journey as well as selling the Australasia business. Next, we prioritized strengthening our balance sheet and using the Australasia divestiture proceeds, we repaid $450 million of long-term debt. We also made significant working capital reductions that were an important part of our strong cash flow generation. All of this delivered a net leverage of 2.5 times down from 3.6 times at the prior year end. Finally, we have taken significant steps to reduce our cost base, including closing or announcing the closure of five sites. And as I mentioned earlier, we delivered our targeted 100 million of cost savings. As you can see, we take our commitment seriously and we are delivering on what we said we would do. In the fourth quarter, we continue to strengthen our foundation, a key initial phase of our transformation journey. On slide six, we outline some of the major actions in our key focus areas of people and performance. As part of our culture and capabilities work stream, we finalize the key leadership behaviors that we believe will support achieving our goals. We're starting a broad training program about these behaviors in the coming weeks targeting 1,600 global leaders. Another important action was launching our Change Agent Network. This network consists of approximately 300 associates within the organization who are both trusted and recognized by their peers as leaders at all levels. The Change Agent Network will allow us to more effectively share information gather insights, and provide support for the many projects we have underway. Switching to performance, we completed an extensive bottom-up planning process that engaged thousands of our associates to generate ideas, followed by a business case and a project plan for each initiative. We have now sequenced these initiatives and are using a disciplined approach to track our implementation progress. Our expectation is that these projects will lead to significant long-term profitability improvements. Finally, we announced or completed the closure of four facilities in North America and Europe. Combined, these closures are expected to drive more than 13 million of annual EBITDA improvement that will phase in over the next 12 months. As part of our transformation journey, It is important that we have the right people to execute the significant changes we are planning. As you see on slide seven, and as announced on February 7th, we recently added several new executives to our senior leadership team. First, Gustavo Viana was appointed as EVP and President of Europe. He brings over three decades of experience from various multinational companies. His experience includes operational and commercial transformations, as well as promoting cultural change. Second, Dan Valenti was appointed as EVP, North America Doors and Distribution. Dan joined us from Whirlpool Corporation, where he spent nearly 13 years in leadership roles, most recently as SVP and General Manager, KitchenAid Small Appliances. Dan possesses significant commercial product development, and supply chain experience. His expertise in understanding market dynamics, identifying growth opportunities, and making informed strategic decisions will be extremely valuable to our team. Finally, Matt Meyer has joined us as EVP, Chief Digital and Information Officer. Matt has helped multiple companies advance their digital transformations. His most recent position was EVP, Chief Digital and Data Officer at Driven Brand Holdings, where he was responsible for data technology outcomes for the largest automotive aftermarket services provider in North America. We are confident that these new leaders will be important catalysts in helping us achieve our goals, and I look forward to their insights and expertise. I'll now turn it over to Julie to discuss the financial results.

Thanks, Bill. Looking at slide 9, our fourth quarter revenues were approximately $1 billion, down 13% from the prior year. This decrease was driven by a reduction in our core revenues due to market-driven volume declines in both North America and Europe. Despite the lower sales, our adjusted EBITDA was $87 million in the fourth quarter, up 11% year-over-year, leading to an adjusted EBITDA margin of 8.5%. This strong year-over-year margin improvement of 190 basis points reflects solid execution of our productivity actions in areas such as site closures, headcount reductions, freight management, and sourcing optimization. On slide 10, you see that our full year 2023 results tell a similar story as the fourth quarter. Our full year revenue was $4.3 billion, down 5% year over year. This decrease was driven by our core revenues as volume mix was lower by 10%, with a partial offset from 5% of higher price realization. Our full year 2023 adjusted EBITDA increased by 9% to $380 million and margins expanded by 110 basis points to 8.8%. Our full year EBITDA growth was driven by operating cost reductions and positive price cost results that were partially offset by the impact from lower volumes. As Bill mentioned earlier, in 2023, we significantly increased our cash flow and reduced our leverage. Turning to slide 11, you see that we generated $345 million of operating cash flow, a $315 million improvement year over year, as we had strong operational performance and significantly reduced our working capital balances. We also substantially improved our balance sheet. Using proceeds from the sale of the Australasia business and our strong cash flow, we reduced our net leverage ratio by more than a full turn to 2.5 times at the end of 2023. Our leverage is now within our midterm target range of 2.0 to 2.5 times. As you can see on slide 12, Our fourth quarter revenue decline was driven by lower volume mix of 16%, which was slightly offset by 1% of price realization and a 1% positive foreign exchange translation impact. I'll provide additional comments about our North America and Europe volume trends shortly. Additionally, you'll find a revenue walk including segment details for the fourth quarter and the full year in the appendix of our earnings presentation. On slide 13, you see that our adjusted EBITDA increased by $9 million year over year. Despite significant volume mix headwinds, we generated solid profit contributions from improved productivity, lower SG&A expenses, and favorable price cost. Regarding price cost, We remain focused on pricing discipline as we do continue to see inflation in costs such as labor and insurance. Moving to our segment results on slide 14. In the fourth quarter, our North America segment generated $748 million in sales, which was a decline of 13% from year-ago levels. This was driven by a core revenue decline of 13% due to lower volume mix of 14%. However, North America's adjusted EBITDA improved to $94 million, which was up 8% year over year, while margins improved by 250 basis points to 12.6%. This was due to positive price relative to inflation and strong productivity, which more than offset the negative impact of lower volume mix, In Europe, we generated $273 million in revenue and $16 million in adjusted EBITDA. Core revenues decreased by 18% in the fourth quarter, driven by lower volume mix of 20%. Adjusted EBITDA declined by $6 million from last year, leading to 110 basis points of lower margin. This decline was due to continued weak demand that was partially offset by improved productivity. Now turning to the market outlook on slide 15 and starting with North America. We expect North America volumes to be down by low single digits in 2024. We anticipate that new single-family home construction will be flat to up slightly during the year. the outlook for repair and remodel activity remains uncertain, and we currently expect R&R activity to be down by low to mid single digits. In the U.S., high interest rates continue to weigh on consumer confidence and create an affordability challenge. Existing home sales remain at relatively low levels as people with low interest rate mortgages are reluctant to move. However, this dynamic creates an opportunity for increased new housing starts. The European market is expected to continue experiencing demand weakness due to the ongoing macroeconomic and geopolitical challenges. Overall, we anticipate volumes in the region to be down by high single digits. Residential construction markets remain soft across Europe and we anticipate that these volumes will be down by high single digits. Additionally, commercial project volumes are slowing in Europe, and this demand is expected to decline by mid single digits. I'll now turn it back to Bill to talk about our transformation journey.