JELD-WEN Holding, Inc.

full year 2024 earnings release last night and posted a slide presentation to the investor relations portion of our website, which can be found at investors.jeldwin.com. We will be referencing this presentation during our call. Today, I'm joined by Bill Christensen, Chief Executive Officer, and Samantha Stoddard, 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, with respect to certain expectations for future results. 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 financials measures calculated under GAAP can be found in our earnings release and in the appendix of our earnings presentation. With that, I would like to now turn the call over to Bill.

Thank you, James, and good morning, everyone. I'd like to start by recognizing the hard work and commitment of our team throughout what was a very challenging year. We have continued making meaningful progress in our transformation. strengthening our ability to navigate current conditions while positioning ourselves for long-term success. I also want to extend my appreciation to our customers listening today. We value your partnership and remain committed to being a stronger, more reliable partner in the years ahead. Today, I'll begin by providing an overview of the quarter, after which Samantha will walk through our quarterly and full-year financial performance. I'll then return to discuss our outlook for both the market and our business. Looking at our fourth quarter highlights on slide four, the softer demand environment we anticipated last quarter materialized largely as expected, and our adjusted EBITDA results came in within our guidance range. As promised, We delivered approximately $115 million of transformation benefits in 2024, and we continue to take the necessary actions to align our costs with current market conditions while ensuring we are all well positioned for future growth. In the fourth quarter, we faced continued pressure from weaker volume and mix across both North America and Europe. While our transformation initiatives provided some offset, they were not enough to fully counteract these headwinds. That said, we remain encouraged by the progress of our various initiatives, which are in our control. These initiatives are helping us navigate the environment while strengthening our company for future performance. Although we're pleased with the progress of our transformation, market conditions remain challenging. We continue to see consumers trading down and delaying larger-scale remodeling projects, which has impacted both our volume and mix. Additionally, while housing starts have remained stable, the sharp decline in multifamily and higher-end home construction has significantly affected our VPI and La Cantina businesses. On a positive note, while the overall market is soft, our interior door business has remained relatively stable as we picked up share. In response to the continued soft market conditions, we are implementing cost reduction initiatives to further improve efficiency and adapt to our ongoing market dynamics. For example, in January, we announced the idling of our windows plant in Grinnell, Iowa, following the loss of a major Midwest customer stocking business. With that, I'll turn it over to Samantha to walk through our financial results in more detail.

Thanks, Bill. Turning to slide six, fourth quarter revenue was $896 million, down 12% year over year. This decline was driven by lower core revenues reflecting the expected market-driven volume declines across North America and Europe, as well as a continued mixed shift in North America from higher price to more affordable options as customers prioritize cost savings. Adjusted EBITDA for the quarter was $40 million, a $47 million decline from the prior year, driven primarily by lower volume mix, resulting in an adjusted EBITDA margin of 4.5%. Free cash flow in the fourth quarter was a use of $28 million, including $56 million in capital investments. Given the impact of lower EBITDA and our continued investment in transformation initiatives, our net debt leverage ratio increased to 3.8 times above our target range of two to two and a half times. As we look ahead to 2025 and beyond, one of my top priorities will be to return to our targeted leverage range for EBITDA improvements and appropriate capital allocation. As shown on slide seven, Our fourth quarter revenue decline was primarily driven by a 12% decrease in volume and mix, with approximately half of the decline attributed to a shift from higher average selling price products to more affordable options. I'll provide additional insights into North America and Europe market trends shortly. As shown on slide 8, adjusted EBITDA declined by $47 million year-over-year, largely due to the sharp drop in volume and mix. As expected, cost pressures remained a headwind in the quarter, driven primarily by labor and material inflation in glass and other commodities, key factors contributing to negative price-cost dynamics. Additionally, lower volumes led to operational inefficiencies, limiting our ability to generate meaningful productivity gains. Moving to our segment results on slide nine, our North America segment generated $640 million in revenue for the fourth quarter, a 14% decline year over year. This was driven by a 14% reduction in core revenues, primarily due to lower volume and mix. The decline was more heavily weighted towards mix, as consumers continued to shift toward more affordable products. Additionally, earlier in the year, we exited certain higher-priced products with dilutive margins. North America's adjusted EBITDA declined to $42 million from $94 million in the prior year, reflecting the impact of lower volume and mix, as well as negative price-cost dynamics and productivity headwinds stemming from significantly lower volumes. In Europe, revenue for the fourth quarter was $256 million, with adjusted EBITDA of $17 million. Core revenues declined 6% year-over-year, driven by a 7% decrease in volume and mix, almost entirely attributable to volume. However, adjusted EBITDA improved by $1 million, resulting in a margin of 6.5%. The impact of lower volumes and slightly negative price cost was more than offset by strong productivity improvements. Turning to slide 10, full-year revenue declined 12% year over year. reflecting the ongoing impact of lower volumes and mix throughout the year. In addition, late in the year, our sales were affected by the loss of a major Midwest retail customer's window stock business, as well as the strategic pruning of unprofitable business. Adjusted EBITDA and margins were pressured by lower sales, with these impacts only partially offset by productivity gains from our transformation initiatives. For the year, we faced approximately $160 million in headwinds from lower volume and mix, along with an additional $40 million decline from negative price costs and productivity challenges stemming from sharp volume declines. However, our transformation efforts delivered meaningful results, allowing us to offset nearly half of these pressures in 2024. As a result, adjusted EBITDA declined 28% year over year with margins contracting by 150 basis points. I'll now hand it over to Bill to talk about the outlook into 2025.