Overall, many of our brands delivered solid performance despite the uncertain environment of higher pricing and pandemic normalization. The exception was the Green Giant business across frozen and canned vegetables, which was down significantly versus last year. Excluding Green Giant and Crisco, the remaining businesses increased net sales plus 4.7% versus third quarter of last year. Some more detail on the business performance across brands and categories. Spices and seasonings; the high margin spices and seasonings portfolio increased net sales plus 6.1% versus last year. Trends were particularly strong on the food service and members mark, Sam's labelled business, which largely serve out-of-home and small business customers. The core retail branded trends, Dash, Weber, Spice Islands, etcetera, were mixed, impacted by temporary service and production issues in our Ankeny, Spices and Seasonings factory, which have now been resolved.

We also launched new seasoning and grilling blends under the Buffalo Trace, Fireball, and Southern Comfort brands and select customers, which are performing very well in initial distribution. Crisco; the Crisco net sales decline resulted from a 15% list price reduction in August, consistent with our commodity pricing model on the brand. Soybean oil costs are down significantly, about $0.20 per pound versus Q3 last year, which we passed through to consumers while maintaining gross profit dollars. Crisco oil key bottle size unit price is now largely below the key $5 and $6 thresholds in market, and we are seeing healthy unit volume increases in recent week scanner data. Green Giant; Green Giant canned and frozen vegetable trends were the weakest in the portfolio during Q3.

Canned vegetables price promotion activity has increased with excess industry-wide supply prior to the new season pack, and we have increased trade spend to remain competitive. The frozen vegetable category has been impacted by a compression of price differential between frozen and fresh vegetables as the result of improved fresh supply and cost. Further, although the Green Giant frozen portfolio has improved product margins and mix, the rice vegetable skews face increased competition and price pressure from private label entrants. Supply and service; on a company-wide basis, customer service and fill rates continue to improve, averaging 97% during the quarter. The one exception was spices and seasonings with some temporary disruption. We are on track to deliver 97% to 98% CFR, our long-term target, before year-end.

Inventory; turning to inventory, as of the end of the third quarter, compared to the end of the third quarter of last year, total inventory decreased by $79 million to $726 million before the impact of the reclassification to assets held for sale and partial impairment of Green Giant U.S. shelf-stable inventory. We are well on track to deliver lower inventory year-on-year at the end of Q4. The major drivers are unit efficiencies, lower soybean oil costs, and a smaller seasonal pack on the Le Sueur shelf-stable versus last fall. Cash flow; cash generation continues to be strong in Q3. Net cash from operations was $23.3 million in Q3, increasing from negative $59.5 million or a use of cash last year, with year-to-date net cash from operations of $155.7 million.

Pro forma adjusted net leverage was 6.52 times, down from 6.74 times at the end of Q2. We are on track to continue to reduce our leverage ratio by the end of 2023, driven by adjusted EBITDA recovery, lower working capital inventory needs, and debt reduction from available cash flow. Year-to-date, we have reduced net debt by over $210 million. For the full year, we remain on track to deliver within the previously communicated guidance range of adjusted EBITDA between $310 million to $330 million, inclusive of the divestiture of the Green Giant U.S. canned product line. For fiscal year net sales, we are revising guidance to remove November to December Green Giant U.S. canned sales, recognize lower Crisco oil pricing, as well as reflect a slower recovery on the Green Giant frozen business.

Bruce will provide more specifics on sales guidance. Finally, pertaining to Green Giant, we announced the sale and divestiture of the U.S. Green Giant canned vegetable product line to Seneca Foods earlier today. The sale does not include Green Giant Frozen, Green Giant Canada, or the Le Sueur brand, and we are retaining the Green Giant trademarks, which we will license to Seneca for use with the divested product line. This divestiture is a critical step in our efforts to focus the portfolio on categories and brands where we can drive valuation growth, consistent with our choices, resources and capabilities. Canned vegetables are a mature category with high working capital needs. The seasonal crop inventory is packed and held for the entire year.

The canned business requires us to increase debt to finance seasonal inventory build with almost no synergies with the Green Giant frozen portfolio. We expect that the Green Giant U.S. canned vegetable divestiture will modestly increase overall margins and modestly reduce leverage. Beyond this transaction, we continue to evaluate existing businesses that have lower margin and cash flow, higher working capital complexity, or do not fit with our core capabilities and business unit structure. The divestitures of Back to Nature and Green Giant U.S. canned vegetables are critical steps on that journey. We have a target list being actively worked to reshape and focus the portfolio with the expectation that the proceeds from any divestitures would primarily be used to reduce long-term debt.

Thank you and I will now turn the call over to Bruce for more detail on the quarterly performance and outlook for the year.

Bruce Wacha: Thank you, Casey. Good afternoon, everyone. Thank you for joining us on our third quarter 2023 earnings call. As you can see, we had another strong quarter; actually our fourth consecutive quarter of increased year-over-year adjusted EBITDA and adjusted EBITDA as a percentage of net sales when compared to the prior year quarter. As we told you when we began the year, we expected to see large year-over-year increase in adjusted EBITDA and adjusted EBITDA as a percentage of net sales in the first two quarters of this year, followed by a more modest increase in adjusted EBITDA and adjusted EBITDA as a percentage of net sales in the third quarter and that is pretty much where we stand today through the first nine months of the year.

In the third quarter of 2023, we generated $502.7 million of net sales, $80.4 million in adjusted EBITDA. Adjusted EBITDA is a percentage of net sales of 16% and adjusted diluted earnings per share of $0.27. Base business net sales, which excludes the Back-to-Nature brand, decreased by approximately $15.6 million, or 3% in the third quarter of 2023 compared to the year ago period. Base business net sales, excluding Crisco, where we have lowered price due to decreases in soybean oil costs, were up $0.6 million, or 0.2%. Our base business net sales remain robust despite the year-over-year declines, and we are essentially flat to the third quarter of 2021. We have now lapped many of the larger price increases while also reducing price on our Crisco vegetable oil and shortening products, and increasing trade spend on Green Giant and Le Sueur canned vegetable products.

As a result, the impact of pricing was a reduction to net sales of $1.1 million. FX added another $1.3 million reduction, and volumes contributed to the remaining $13.2 million of the decrease. Our pricing strategy for both Crisco and Green Giant shelf-stable appears to be working, as both of the businesses saw increased volumes in the back half of the quarter. Driven in large part by our previously executed pricing initiatives and a moderation in the pace of inflation, our third quarter 2023 adjusted EBITDA as a percentage of net sales increased by approximately 80 basis points to 16%, compared to 15.2% in the prior year period. Adjusted EBITDA increased slightly to $80.4 million in the third quarter of 2023, from $80.2 million in the prior year period.

Net sales were mixed across the portfolio. Clabber Girl has continued its strong showing this year, as we head into the baking system, with some really incredible momentum. Clabber Girl increased net sales by approximately $8.1 million, or 31.5%, in the third quarter of 2023, compared to the prior year period. New York Style is continuing to have an excellent year, and was up by $1.2 million, or 18.5%, in the third quarter of 2023, compared to the prior year period. Our spices and seasonings business is off to a strong start in the second half of the year, and was up $5.3 million, or 6.1%, in the third quarter of 2023, compared to the year ago period. Improving fill rates and strong demand have been drivers of performance in our spices and seasonings business, and we have now lapped some of the noise in the early portion of this year.

We are back to basics in our core spice business, with strong execution across the portfolio, while also generating some real excitement in the category throughout our new licensed brand launches, such as Einstein's Avocado Toast, Texas Roadhouse, Sazerac Weber Flavors, Buffalo Trace, Fireball and Southern Comfort. Stay tuned as we look to build off this momentum with additional launches in 2024. Victoria had a strong second quarter in a row, and increased net sales by $0.6 million, or 4.7%, in the third quarter of 2023, compared to the prior year period. Net sales of Maple Grove Farms were up by approximately $0.5 million, or 2.4%, in the third quarter, compared to the prior year period. Net sales of Cream of Wheat were down $0.6 million, or 3.5% in the third quarter, compared to the prior year period, but were up $2.5 million, or 16.1%, compared to the third quarter of 2021.

Ortega was down $1.7 million, or 4.3%, in the third quarter of 2023, compared to last year, after being up in the first half of the year. Ortega is one of our marquee brands, and we expect better for this business. Net sales of Crisco were down $16.1 million, or 16.4%, in the third quarter, compared to the prior year, but were up $11.2 million, or 15.7%, compared to the third quarter of 2021. As a reminder, extreme input cost increases led to large price increases for Crisco during 2022. Although this led to increased sales for Crisco during the first three quarters of 2022, including a 38.3% increase in net sales for Crisco during the third quarter of last year, those large price increases eventually led to decreases in net sales for Crisco beginning earlier this year.

However, we were able to reduce prices for Crisco during the back half of the third quarter, which led to increased volumes in the month of September for Crisco. More importantly, despite the decrease in net sales, Crisco remained on pace to achieve prior year and target profitability, which is really what this business is all about. Net sales of Green Giant were down $13.2 million, or 10.7% in the third quarter, compared to the prior year. Increased promotions for the holidays led to improved volumes for our Shelf Stable, Green Giant, and Le Sueur businesses, with just a $1.5 million decrease in net sales compared to the prior year period. Meanwhile, the frozen vegetable set continues to be a challenge for our Green Giant frozen business as well as our competitors.

Base business net sales of all other brands in the aggregate increased by $0.5 million, or 0.6%, for the third quarter of 2023 as compared to the third quarter of 2022. Gross profit was $113.8 million for the third quarter of 2023, or 22.6% of net sales. Excluding the negative impact of $0.3 million of acquisition divestiture-related expenses and non-recurring expenses included in cost of goods sold during the third quarter of 2023, the company's gross profit would have been $114.1 million, or 22.7% of net sales. Gross profit was $105.8 million for the third quarter of 2022, or 20% of net sales. Excluding the negative impact of $2.2 million of acquisition divestiture-related expenses and non-recurring expenses included in cost of goods sold during the third quarter of 2022, the company's gross profit would have been $108 million, or 20.4% of net sales.

Gross profit as a percentage of net sales, excluding the impact of acquisition divestiture-related and non-recurring expenses, was up by approximately 230 basis points in the third quarter of 2023 compared to last year's third quarter. The improved margins were largely driven by a moderation in input costs and logistics inflation represented a continued turnaround compared to the first half of fiscal 2022, where we suffered from the severe input cost inflation that was seen industry-wide and which led to declines in our gross profit and margins. Selling, general and administrative expenses, increased $0.7 million, or 1.4%, to $48.2 million for the third quarter of 2023, from $47.5 million for the third quarter of 2022. The increase was composed of increases in general and administrative expenses of $3.2 million and consumer to marketing expenses of $0.3 million, partially offset by decreases in warehousing expenses of $1.3 million, acquisition divestiture-related and non-recurring expenses of $1.2 million, and selling expenses of $0.3 million.

Expressed as a percentage of net sales; selling, general and administrative expenses increased by 60 basis points to 9.6% for the third quarter of 2023, as compared to 9% for the third quarter of 2022. As I mentioned earlier, we generated $80.4 million in adjusted EBITDA in the third quarter of 2023, compared to $80.2 million in the third quarter of 2022. The increase in adjusted EBITDA is primarily attributable to a moderation in industry-wide input cost inflation and logistics inflation that began in the fourth quarter of 2021. Adjusted EBITDA as a percentage of net sales was 16% in the third quarter of 2023, compared to 15.2% in the third quarter of 2022, an increase of approximately 80 basis points. Net interest expense was $35.9 million in the third quarter of 2023, compared to $31.9 million in the third quarter of 2022.

The increase was primarily attributable to higher interest rates on our variable rate borrowings, partially offset by a reduction in our average debt outstanding, and a $0.6 million gain on extinguishment of debt as a result of the senior note repurchases. Interest expense was $35.8 million in the second quarter of 2023. Depreciation and amortization was $17.3 million in the third quarter of 2023, compared to $20.8 million in the third quarter of last year. We generated $0.27 in adjusted diluted earnings per share in the third quarter of 2023, compared to $0.31 last year. We remain very encouraged by the progress we have made over the past year in terms of restoring our P&L. And in addition to our P&L improvements, we are also continuing to make progress in the improvement of our cash flows and our balance sheet.

We generated $23.3 million in net cash from operations in the third quarter of 2023, and $155.7 million in net cash from operations during the first three quarters of 2023, compared to net cash used in operations of $69.5 million in the third quarter of 2022, and net cash used in operations of $48.4 million in the first three quarters of 2022. Increased operating profits, improved margins and more favorable working capital were the primary drivers of the improved cash from operations performance, which was offset in part by increased interest expense. As a reminder, the third quarter is typically a seasonal drag in third quarter cash from operations as we build inventory in the PAC season ahead of the baking and dry suit businesses, for example.

So we are very happy with the net cash from operations so far this year, and especially in the third quarter. We have also reduced net debt by $67.3 million during the third quarter and by $212.5 million in the first nine months of the year to $2.1 billion. We reduced our pro forma adjusted net leverage ratio as defined by our credit agreement to approximately 6.5 times at the end of the third quarter 2023, compared to 7.6 times at the end of fiscal 2022, and 7.8 times at the end of the third quarter 2022. We expect to continue to reduce our net leverage and our pro forma adjusted net leverage ratio throughout the remainder of the year as we work toward achieving our long-term target of 4.5 times to 5.5 times. During the third quarter, we completed two important financing transactions.

The first was the issuance and sale of approximately $75 million of equity before fees and expenses to our ATM program at an average price of $11.90 per share. The second was the issuance of $550 million principal amount of senior secured notes due 2028 at a coupon of 8%. The equity issuance funded the repurchase of approximately $20 million of our senior unsecured notes due 2025 in open market during the quarter at an average price of 96.9% of face value, and was also used to reduce other long-term debt. Subsequent to the close of the quarter, we redeemed approximately $555 million of our senior unsecured notes due 2025, which leaves a remaining balance of $300 million of the 2025 notes and now with just one quarter remaining in the year, we feel very good about the progress that we've made in terms of improving our P&L, our margin profile, and our capital structure.

We have reduced our net debt and our pro forma adjusted net leverage ratio, despite many industry-wide challenges that we are facing. Our reaffirmed adjusted EBITDA guidance and revised net sales and adjusted diluted earnings per share guidance include the impact of the sale of the U.S. Green Giant canned vegetable product line. The U.S. Green Giant canned product line was on pace to generate approximately $75 million to $85 million in net sales for 2023. We have adjusted our net sales target to $2.05 billion to $2.07 billion for fiscal 2023. Through nine months, our base business net sales are down approximately 1.4%. Our updated guidance reflects base business, which excludes Back to Nature in the final two months of the year, or about $23.5 million of U.S. Green Giant canned vegetable net sales.

Excluding the impact of divestitures, we expect fourth quarter net sales to be between flat and down 4% compared to the fourth quarter of last year and as a reminder, the recently divested Back to Nature brand contributed approximately $10.2 million of net sales in the third quarter of 2022, and $11.9 million of net sales in the fourth quarter of 2022. Meanwhile, we are reaffirming our adjusted EBITDA guidance of $310 million to $330 million. Adjusted diluted earnings per share is somewhat dependent on movements and interest rates, and we are adjusting our fiscal year guidance for the adjusted diluted earnings per share range of $0.93 cents to $1.13, largely driven by the equity issuance described earlier. The majority of the heavy lifting in our adjusted EBITDA margin and dollar recovery has already happened this year and as we mentioned on our previous calls, we expect improvements in the fourth quarter of the year to be somewhat more modest.

For full year fiscal 2023, we also expect interest expense of $145 million to $150 million, including cash interest of $138 million to $143 million, depreciation expense of $47.5 million to $52.5 million, amortization expense of $20 million to $22 million, an effective tax rate of 26.5% to 27.5%, and CapEx of approximately $35 million to $40 million. Now I'll turn the call back over to Casey for further remarks.

Casey Keller: Thank you, Bruce. In closing, Q3 results demonstrated strong year-over-year improvement with pricing, covering inflationary costs, improved margins and a reduction in leverage. We remain on track to achieve fiscal year '23 guidance of adjusted EBITDA. We've also made significant progress against reshaping the portfolio with today's announced divestiture of Green Giant U.S. canned vegetables. This concludes our remarks, and now we would like to begin the Q&A portion of our call. Operator?

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