Good morning, and welcome to JBT Corporation's third-quarter 2022 earnings conference call. My name is Colby, 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 speakers' remarks, there will be a question-and-answer session. If you would like to ask a question during this time, press star one on your telephone keypad. I will now turn the call over to JBT's Vice President of Corporate Development and Investor Relations, Kedric Meredith, to begin today's conference. Thank you, Colby. Good morning, everyone, and welcome to our third-quarter 2022 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 impact 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, Kedric, and good morning, everyone. In the third quarter of 2022, JBT achieved its guidance for bottom-line growth and had a few high points, including posting record adjusted EBITDA at FoodTech, even without the impact of this year's acquisitions and despite FX, with considerable progress in price-cost realization. We completed two attractive acquisitions that enhanced FoodTech's competitive position. AeroTech is well on its path to recovery. However, we continue to operate in a dynamic and challenging environment, which is being further pressed by macroeconomic forces. Regarding FoodTech demand, in Europe, our customers continued to grapple with high energy and input costs, impacting their profitability and delaying investment decisions. In the third quarter, we experienced some of that same pressure in North America. That said, our customer engagement and pipeline opportunities remain quite strong as our core technology and solutions provide critical support for our customers' ongoing focus on improving yield and uptime, as well as advancing their automation and sustainability objectives. Moreover, our solutions help enhance customers' margins at a time when it's most crucial as they tackle rapidly rising input costs and labor constraints. Although we remain cautious in the face of macro-driven uncertainty, we're optimistic about our current position at FoodTech. Given the more stable market associated with food and beverage demand, along with our proven resilient recurring revenue model, I believe we are well situated to weather a broader economic downturn should that materialize. Meanwhile, we are actively managing our cost structure. In the third quarter, we took a modest restructuring charge to reduce overhead in Europe, and we are tightening our discretionary spend globally. Additionally, we're identifying further actions, including more structural considerations as necessary. Separately, at AeroTech, we remain on track toward a full demand recovery. With that, I'll turn the call over to Matt to provide details about the third quarter and walk you through the changes to our full-year guidance, which now includes the acquired Bevcorp business. Thanks, Brian. JBT posted double-digit year-over-year revenue growth of 16% in the third quarter of 2022. At FoodTech, revenue increased 11% year-over-year, comprising 11% organic growth and 7% from acquisitions, offset by a negative foreign exchange impact of 7%. Organic growth fell slightly below guidance, primarily due to a pullback in shorter-cycle products in Europe. At the same time, FoodTech delivered adjusted EBITDA margins of 19.3%. We are encouraged by the progress we've made in margins, as demonstrated by the improvement of 60 basis points year-over-year and 210 basis points sequentially, primarily due to better price realization. FoodTech orders of $349 million decreased 9% year-over-year, which included a negative $21 million impact from foreign exchange. As Brian mentioned, we saw continued softness in European demand as customers dealt with high input costs. Beginning in the third quarter, slower conversion rates in North America materialized as our customers delayed investment decisions for equipment. At AeroTech, revenue increased 32%, which exceeded our guidance, primarily due to the timing of mobile equipment shipments. Adjusted EBITDA margins of 8.2% improved 60 basis points sequentially. However, margins fell short of our guidance due to ongoing input cost inflation, as well as supply chain and labor constraints. We do expect margin progression to continue for AeroTech in the fourth quarter. AeroTech orders were $113 million and, as expected, declined year-over-year due to the timing of some large projects. However, the pipeline of infrastructure projects and demand for mobile equipment remains strong, and we expect solid orders in the fourth quarter. Corporate costs, excluding LIFO and M&A, were as expected, including a year-over-year increase of about $4 million in costs associated with our digital strategy. LIFO expense was higher than expected due to persistent inflation on materials. Interest expense for the quarter increased primarily due to the higher debt balance associated with the acquisition of Bevcorp. With that, we posted GAAP earnings per share of $0.07, compared with $0.91 in the prior year, and adjusted EPS was $0.27 versus $0.02. A discrete tax benefit added $0.02 per share, while FX negatively impacted EPS by $0.10 per share. Year to date, operating cash flow was $75 million, while free cash flow was $13 million, which includes a $30 million CapEx investment in our digital strategy. Cash flow was below our expectations due to lower customer deposits and elevated inventory levels as a result of ongoing parts availability issues with our vendors. As the supply chain normalizes, we expect to reduce inventory levels. However, supporting our customers and delivering on backlog remains our priority. For the full year, we now anticipate free cash flow conversion of about 70%. As of the third quarter, our net leverage ratio is 3.4 times, which is currently above our target range due to the acquisitions of Bevcorp and Alco. We anticipate that our net leverage ratio will be approximately 3 times by the end of the year due to a combination of improved profitability and lower debt. As I mentioned earlier, the higher-than-expected negative FX impact from the strong US dollar weighed heavily on our third-quarter results, and we expect that to continue through the end of the year. For the full year, this equates to a negative impact of approximately $85 million on revenue, $15 million on EBITDA, and $0.27 on EPS. Now, with regard to guidance, for the fourth quarter, which includes Bevcorp, we expect FoodTech year-over-year revenue growth of 18%-19.75%. That breaks down to 17%-18% organic growth, 9%-10% from acquisitions, offset by an 8% foreign exchange impact. At AeroTech, we expect revenue growth of 23.5%-25.5%. For margins, we expect a FoodTech operating margin of 13.75%-14.5%. The adjusted EBITDA margin is 19.75%. For AeroTech, we anticipate an operating profit margin of 11%-12% and an adjusted EBITDA margin of 11.75%-12.75%. Our fourth-quarter GAAP EPS guidance is $1.15-$1.30. The adjusted EPS is $1.35-$1.50. Considering our third-quarter results and fourth-quarter estimates, we have revised and narrowed our full-year guidance ranges, which were provided in yesterday's press release and earnings presentation. We now estimate full-year GAAP EPS of $4.05-$4.20 and adjusted EPS at $4.65-$4.80. Now let me turn the call back to Brian. Thanks, Matt. We are particularly pleased with FoodTech's margin progression in the quarter as we approach pre-pandemic levels, although we have more work to do in this regard. On the supply chain side, while lead times and deliveries for critical components are still long, overall constraints are starting to ease, and our pricing efforts continue to close the price-cost gap. These better dynamics, along with good revenue growth, showed FoodTech's margin gains in the third quarter. That said, FoodTech orders softened in the third quarter. Under normal circumstances, we would not place too much weight on any one quarter of volatility, but in the context of broader macroeconomic headwinds, it does raise the level of cautiousness regarding our 2023 outlook. We expect to provide full-year 2023 guidance with our fourth-quarter earnings call per our standard practice. In the meantime, here are a few thoughts on how we look at things as we turn the corner into next year. We should be entering 2023 with a backlog of almost $1 billion across FoodTech and AeroTech, a backlog that embeds better price-cost dynamics. Our FoodTech equipment order pipeline remains near record levels as our customers continue to be capacity and margin-constrained with a fundamental need to invest. Recurring revenue, which represents nearly half of the total for FoodTech, has historically held steady in downturns. As a reminder, in 2020, FoodTech recurring revenue was about flat year-over-year organically. At AeroTech, in 2023, we expect to deliver top-line growth in the high single digits. We foresee continued health in the cargo and infrastructure markets and improving dynamics for defense equipment. At the same time, robust growth in the commercial airline industry is translating to strong recovery and demand for our mobile ground support products. For the fourth quarter, our primary focus is debt reduction and cost management, while we continue to deliver on our backlog and support our customers' needs. Let me pivot to some thoughts on how JBT is enhancing our customers' sustainability journey. As you may have seen in a recent news release, we expanded our leadership to include a dedicated function focused on partnering with customer support to support their sustainability goals and advance the development of products and solutions that help reduce their environmental footprint. Through water reuse systems, automated cleansing systems, and other technologies, we help customers conserve water and reduce waste. Our environmentally friendly packaging solutions reduce the use of plastic and promote the use of recyclable or biodegradable materials. We reduce food waste by improving yield and extending food shelf life. We are committed to reducing the use of precious energy resources across our product portfolio with lower power-consuming motors, energy-saving refrigeration and freezing designs, heat recovery systems, and low-emission technologies. With OmniBlu’s digital tools, we monitor machine health and performance in real time, enhancing our customers' ability to improve yield and manage energy and water usage. On the M&A front, on September 21, we completed the previously announced acquisition of Bevcorp, which provides blending, filling, and closing systems for our beverage customers. As discussed, more than 60% of Bevcorp's revenue is recurring and accretive to margins, and it has come out of the gate strong. Bevcorp serves the resilient and expanding end market for soft drinks, alcoholic beverages and blends, seltzers and sparkling waters—categories that have fared well in this inflationary environment. In terms of JBT's portfolio strategy regarding AeroTech, we still expect to communicate a defined path during the first half of 2023. As I said at the top of the call, the current economic environment creates uncertainties. However, we believe JBT's position as a global leader in sales to the less economically sensitive food and beverage industries, combined with the high level of current recurring revenue, makes us a resilient organization. As always, I'd like to thank our global teams whose dedication and commitment to serving our customers is the foundation of JBT's growth and success. With that, let's open the call to questions. Operator? At this time, I would like to remind everyone that in order to ask a question, press star, then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Mircea Dobre from Baird. Your line is open. Okay. Good morning, guys. Can you hear me okay? Yes. Good morning, Mircea. Excellent. I want to start with a free cash flow question. You've obviously had to deal with a lot of supply chain issues this year. It sounds like things are getting better. How do we think about converting working capital to cash in 2023? Is it fair for folks to expect conversion north of 100% of net income next year? Yeah, I think, Mircea, this is Matt. I think that is a fair assumption for 2023. I mean, quite honestly, even in 2022, some of our cash flow conversion percentage is down just because of our increased investment from a CapEx perspective on our digital strategy. I think we're pretty confident that in 2023, we'll be able to convert back to our normal 100%+ net income going forward. As far as deleveraging goes, right, I mean, the macro is clearly more complicated. Interest rates are going up and, you know, that's starting to pressure your EPS as well. Can you talk a little bit about how you kind of view the next 12-18 months? Should we expect M&A to sort of take a back seat here and see more robust debt reduction in the near term? Yeah, maybe I'll start, and then I'm sure Brian will have some comments as well. I mean, I think, you know, in the short term, I think we're focused on getting our leverage ratio back to the 2-3 times, which is our target range. I feel pretty confident that in pretty short order we'll be at that 3 times or below here just through cash flow and improved profitability. Just as a reminder, I mean, a majority of our current outstanding debt is at a relatively fixed rate. We're in a pretty good spot from a debt perspective. Right. Then more broadly speaking, certainly we're very pleased that we completed the Bevcorp and Alco acquisitions. We're going to take our time to absorb that both financially and operationally. However, as you know, M&A is still core to our strategy from a growth perspective. As we get our leverage back where it needs to be, we'll be active. We continue to be active in the marketplace because it's an always-on process. As you know, it sometimes takes a year or longer for these opportunities to gestate. So we'll keep active on that, but certainly we're going to be very cognizant of the broader macroeconomic environment, our leverage, and where we think growth is going for any target opportunity. So here in the short term, I think you're going to see us focused on that debt reduction. Okay, I guess one final question for me is on FoodTech orders. Look, candidly speaking, I think your commentary as far as the broader macro impacting demand is maybe a little bit different than what I've been hearing on earnings calls from other companies. You're more cautious, and I'm kind of curious to get your perspective. Outside of Europe, your North American customers, what are you seeing from them? You know, is this a sort of near-term hesitancy, or do you think that this is something that lingers into 2023 and could actually impact the investment cycle? Again, I'm talking about your North American customers, not about Europe specifically. Thank you. Sure. Not surprisingly, we've seen this in the past when there have been big macroeconomic shocks or impacts. We often see our customers take a pause for a quarter, maybe even two. We certainly saw that, literally, decision-making delays as they tried to get final signatures on orders and whatnot. I will say this, as I mentioned, our pipeline of opportunities is very strong. The conversations with our customers are telling us that they want to invest, they need to invest, and we have the products and services that support that growth and opportunities for them. In fact, I was at the PACK EXPO show here in Chicago just this week, and it was a very busy show. Our booth was busy; all the booths around were busy. I had conversations with customers, reiterating what I just said. That said, we're trying not to be obtuse to, you know, broader economic concerns. In that light, we're going to continue to position our expenses just in case things get worse from here. You know, thinking about it macroeconomically, cyclically, and secularly for us, we're extraordinarily well-positioned. I could tell you, Mircea, while it's too early to give specific guidance on 2023, we'll have some feel for that in the next couple of months. We're not capitulating on growth for 2023. Okay. Appreciate it. Thank you. Again, if you would like to ask a question, press star then 1 on your telephone keypad. Your next question comes from the line of Lawrence DeMaria from William Blair. Your line is open. Thanks. Good morning, everybody. A couple of questions. First off, on the digital strategy and sales, I guess most of those investments have been made. How's the engagement going so far, and is it leading to any commercial opportunities yet? Yeah, thanks for asking. Yeah, we're super excited about OmniBlu. The engagement with customers has been very good. They are recognizing the value proposition both from an uptime perspective. We do have great solutions that they're recognizing increased uptime as well as margin enhancement capabilities. So engagement has been great. We have signed several contracts at this point, and it will lead to revenue for next year. It's a little bit tougher environment with the economic concerns. That said, the value proposition is there. They're very engaged. We're extraordinarily busy pitching that product at this point. Thanks. Maybe another quick one here. The AeroTech strategic actions, I know it's early, and that's a next year event, if it happens, presumably it does. Is there a multiple range that you are thinking about? I know that multiples are moving around and a little bit down now. Is there a range that we are thinking about now that, you know, is acceptable at this point? Yeah, it's honestly too early to tell, Larry. What I will tell you is that AeroTech is going to be in high demand. It is in high demand. We're getting calls, obviously. It's a platform business in an early-stage recovery. It's going to be a highly sought-after asset, in our opinion. We're excited about that. We're going to let the markets do what the markets do, and let's let that play out here as we get to sometime in early 2023 as we make some defined path decisions. Okay, fair enough. Then I'll ask one more since I think I was the last person. As it relates to North American food and the incremental weakness, delayed order closure, et cetera, you know, I also was at PACK EXPO this week, and it was, you know, very strong, and we heard about a lot of orders being closed. Does this lead me to be concerned, or is this partially portfolio-driven? You know, is it the lack of deboning, which is a problem, or is it the, you know, production problems, the long lead times, et cetera, that's forcing customers to maybe look elsewhere for products? I'm wondering how much of this is just market-driven and how much of this is, you know, let's say, more JBT-driven, supply chain-driven, et cetera. Sure. Well, as you know, Larry, our portfolio is extraordinarily broad, probably the broadest in the industry. No one product represents any meaningful part, perhaps with the exception of freezers, which is our biggest product line. But honestly, it's really what I talked about. Like we've seen in the past when there have been economic concerns or shocks, people tend to put orders on delay for a period of time until they kind of sort things out in their own heads. Frankly, as I mentioned, we're quoting. We have a very active pipeline. I don't know if you visited our booth or not, but our booth was very busy. So again, the pipeline is strong. I'd just like to be recognizing that we're just gonna be smart about it as we go from here. Okay. Thank you. Thank you. Your next question comes from the line of Mircea Dobre from Baird. Your line is open. All right. I figured I'd come in for some follow-ups. I didn't want you guys to get off this call so quickly. Extend the pain here. I guess what I wanted to kind of ask about are lead times in your food tech business. Obviously, you have a protein business, there's a liquids business, there's a packaging business. I understand that you have various components to it, but I'm curious as to how those lead times have changed over the past, call it 3-6 months, and where are you relative to competitors in that regard? Sure. Depending on our product line, we have short-cycle businesses, but moreover, most of our business is a little bit, you know, what I'll call medium to longer cycle on the FoodTech side. I would say historically 6-9 months would be the average. Over the last year, that's extended to 9-12 months. Everything that we hear is that we're consistent with the overall marketplace in terms of lead times. As of now, looking at demand, I'm curious what your reaction is to this. If we're looking at your order intake in 2021, that was quite strong. This is where a lot of your backlog was built. Mm-hmm. Is it possible that what we saw in 2021 was just customers reacting to elongated lead times and essentially maybe ordering a little earlier in a project, ordering ahead, maybe double ordering in some cases, and now we're just starting to see that effect sort of waning or essentially becoming a headwind for you? It's certainly not double ordering, I can tell you that. People don't invest in, you know, $2 million systems and, you know, order two of them. Again, this is a highly engaged sales cycle. They are meeting their demand. It's truly the need for the capacity and the margin improvements that they have and the labor constraints that they have. Those have not abated. That's not a particular concern that the macroeconomics for them or the microeconomics for them are such that they do need to continue to invest. So that's crystal clear. As you know, Mircea, we've enjoyed pretty consistent order flow for the last, call it, five or six quarters prior to this. It's historically a pretty normal pattern for us to kind of go up and down. I'm not going to overreact to any one data point, right? If there's a trend, we'll see next quarter. I'm honestly not overreacting to the single data point, especially considering the nature of the conversations with our customers and their express need for investment. Okay, fair enough. Lastly, the investment you're making in OmniBlu, which, if my memory serves me, a lot of it is kind of flowing through corporate expense. Can you remind us of its size for this year and how we should be thinking about that into 2023? Sure. From a CapEx perspective, Mircea Dobre, this year it's about $40-$45 million, which we would expect to not be anything close to that next year. It's going to be a lot less next year, quite honestly, probably closer to zero than closer to 40. From an expense perspective, I think this year it's close to $10-$15 million in expenses. Next year, we would expect in the corporate area that's going to be closer to probably in a range of $5-$10 million, probably closer to $5 million, with the majority of the expense flowing through the businesses to line up with the revenue. Got it. All right. Thank you guys. Thank you. Again, if you would like to ask a question, press star, then the number one on your telephone keypad. There are no further questions at this time. I will now turn the call back over to Mr. Brian Deck for closing remarks. Thank you all for joining us this morning. As always, Kedric and Marlee will be available if you have any follow-up questions. Thank you. This concludes today's conference call. You may now disconnect.