Tennant Company

Good morning. My name is Kenzie and I will be your conference operator today. At this time, I would like to welcome everyone to Tenant Company's 2020 fourth quarter and full year earnings conference call. This call is being recorded. There will be time for Q&A at the end of the call. Please press star one if you would like to ask a question. After the Q&A, please stay on the line for closing remarks from management. If you have joined our call today via telephone and logged into the conference call presentation on your computer, please mute the audio on your computer to avoid potential quality issues during the call. Thank you for participating in Tenant Company's 2020 fourth quarter and full year earnings conference call. Beginning today's meeting is Mr. William Prate, Senior Director of Global Financial Planning and Analysis and Investor Relations for Tenant Company. Mr. Prate, you may begin.

Thank you, Kenzie. Good morning, everyone, and welcome to Tenant Company's fourth quarter 2020 earnings conference call. I'm William Preece, Senior Director of Global Financial Planning and Analysis and Investor Relations. Joining me today are Chris Killingsdad, Tenant's President and CEO, Tom Paulson, our Interim CFO, and Dave Hummel, our Chief Operating Officer. On today's call, we will update you regarding our fourth quarter and full year performance and our guidance for 2021. Chris will brief you on our operations, Dave will provide an update regarding our enterprise strategy, and Tom will cover the financials. After their remarks, we will open the call to questions. Please note a slide presentation accompanies this conference call and is available on our investor relations website at investors.tenantco.com. Before we begin, please be advised that our remarks this morning and our answers to questions may contain forward-looking statements regarding the company's expectations of future performance. Such statements are subject to risk and uncertainty, and our actual results may differ materially from those contained in the statements. These risks and uncertainties are described in today's news release and the documents we file with the Securities and Exchange Commission. We encourage you to review those documents, particularly our safe harbor statement, for a description of the risks and uncertainties that may affect our results. Additionally, on this conference call, we will discuss non-GAAP measures that include or exclude certain items. Our 2020 fourth quarter earnings release includes the comparable GAAP measures and a reconciliation of the non-GAAP measures to our GAAP results. Our earnings release was issued this morning via Business Wire and is also posted on our investor relations website at investors.tenneco.com. I'll now turn the call over to Chris.

Thank you, William, and thank you, everyone, for joining us today. We hope that you and your loved ones are continuing to stay safe. 2020 tested us all, and I'm extremely proud of the way the tenant team rose to the challenge. We did so by remaining true to our guiding principles while continuing to provide the solutions and service that our customers have always expected from tenants. Our full year 2020 results reflect our speed and effectiveness in responding to the pandemic, specifically in how we prioritize the health and safety of our employees, the measures we took to manage costs and ensure liquidity, and above all, the determination and dedication that our employees showed in meeting the needs of our customers. Their hard work helped minimize the overall operational and financial impact of the pandemic. While the business impact of the pandemic was significant across most of our markets, it had little effect on our strategic initiatives within the company. A year ago, I shared with you our enterprise growth strategy, which is based on three pillars, to win where we have competitive advantage, to reduce complexity and build scalable processes, and to innovate for profitable growth. We followed through with our plan in spite of the pandemic. In fact, our strategy was integral to everything we accomplished in 2020. For example, our recent launch of a range of new force groups reflects tenant commitment to innovation and our focus on winning where we have competitive advantage. Thanks to our unsurpassed engineering capabilities, we're able to use customer insights to solve real-world problems. with products that deliver quality, performance, and value. We've also made meaningful improvements to our operating model, as illustrated by our adjusted EBITDA as a percentage of sales, for which full year 2020 was in line with that of 2019, despite the decline in organic sales. As part of the ongoing implementation of our enterprise strategy, which Dave will speak to in greater detail in a moment, we've made the strategic investments needed to allow us to exit the pandemic in a strong position as markets continue to recover. We recognize that now more than ever, our customers are relying on us to help them maintain the safety and appearance of their facilities. while at the same time reducing their overall cost to claims. For more on our strategy, I will turn the call over to Dave.