Financial Data and Key Metrics Changes - Fourth quarter net revenue was $802 million, down 10% year-over-year from $896 million in the prior year, with core revenue declining 8% primarily due to lower volume [14][17] - Adjusted EBITDA for the quarter was $15 million, or 1.8% of sales, compared to $40 million, or 4.5% of sales in the fourth quarter of last year, reflecting unfavorable operating leverage and ongoing price and cost pressure [14][18] - For the full year, sales totaled $3.2 billion and Adjusted EBITDA was $120 million, which was at the high end of guidance but below initial expectations [8][12] Business Line Data and Key Metrics Changes - In North America, fourth quarter revenue was $522 million, down from $640 million in the prior year, with Adjusted EBITDA declining to $14 million from $42 million [19] - In Europe, revenue increased to $280 million from $256 million in the prior year, primarily due to a weaker US dollar, but volumes and mix were lower year-over-year [19][20] Market Data and Key Metrics Changes - The overall market for windows and doors in North America is expected to decline low- to mid-single digits, with new single-family construction down low single digits and repair and remodel activity down mid-single digits [22] - The Canadian market is anticipated to see high single-digit declines due to ongoing economic slowdown and weaker housing activity [22] - In Europe, volumes are expected to be broadly flat year-over-year, indicating stabilization without material improvements [22] Company Strategy and Development Direction - The company is focused on controlling costs and improving service levels while preparing for a potential market recovery [10][34] - A strategic review of the European business is ongoing, with potential actions to improve liquidity and strengthen the balance sheet [10][11] - The company is implementing a new A3 Operating System across its manufacturing network to enhance problem-solving and operational efficiency [31][32] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment remained soft, with no meaningful improvement in demand expected in the near term [4][10] - The company is prioritizing pricing discipline and managing costs to navigate the challenging market conditions [24][25] - Future guidance reflects continued uncertainty, with expectations for net revenue between $2.95 billion and $3.1 billion and Adjusted EBITDA in the range of $100 million to $150 million [24][25] Other Important Information - The company completed a sale-leaseback of its Coral Springs facility, generating approximately $38 million in net proceeds, which improved liquidity [7][15] - At year-end, the company had approximately $136 million in cash and about $350 million available on its revolver, with no debt maturities until December 2027 [11] Q&A Session Summary Question: Price versus volume dynamic - Management indicated that pricing actions are largely implemented and expect slight headwinds from price-cost dynamics due to inflation [42][43] Question: Implementation of operational improvements - Management reported that they are approximately 85% through the implementation of the new operating model across all sites, focusing on shop floor improvements and problem-solving [47][48] Question: Future productivity and efficiency projects - Management acknowledged that while productivity opportunities exist, current volume reductions are limiting the ability to realize those benefits [48][50]

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