Welcome to AZEK Company's third quarter 2021 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to Amanda Cimaglia, Vice President, ESG. Please go ahead. Thank you. Good morning, everyone. We issued our earnings press release this morning to the investor relations portion of our website at investors.azekco.com, as well as via 8-K on the SEC's website. I am joined today by Jesse Singh, our Chief Executive Officer, Ralph Nicoletti, our Chief Financial Officer, Peter Clifford, our incoming Chief Financial Officer, Jon Skelly, our Senior Vice President of Customer Experience, and Greg Jorgensen, our Chief Accounting Officer. Before we begin, I would like to remind everyone that during this call, AZEK management may make certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include remarks about future expectations, anticipation, beliefs, estimates, forecasts, plans, and prospects. Such statements are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from those indicated or implied by such statements. Such risks and other factors are set forth in the company's earnings release posted on the website and will be provided in our Form 10-Q for our third quarter of fiscal 2021, as filed with the Securities and Exchange Commission. The company does not undertake any duty to update such forward-looking statements. Additionally, during today's call, the company 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. Reconciliations of adjusted EBITDA to net income calculated under GAAP and adjusted gross profit to gross profit calculated under GAAP, as well as reconciliations for other non-GAAP measures discussed on this call, can be found in our earnings release, which is posted on our website and will be included in our Form 10-Q for our third quarter of fiscal year 2021. I would like to now turn the call over to Jesse Singh. Good morning, everyone, and thanks for joining us today. Before we begin, I'd like to officially welcome Peter Clifford, our incoming CFO, to the call. Peter was most recently CFO and then President and COO of Cantel Medical. We're fortunate to have an overlap in both Peter and Ralph's time with the company, which is sure to facilitate a smooth transition. Peter, thank you for joining us, and I look forward to working with you for many years to come. I'll start by recognizing the impressive efforts of our team, which delivered strong revenue and EBITDA growth in the fiscal third quarter. This builds upon the momentum of our business as seen over the last several years. Since completing our IPO just over a year ago, we believe we have demonstrated the flexibility of our differentiated business model, the agility of our team, and our commitment to investing for growth and delivering against our long-term sales and margin expansion goals. We believe that the breadth of our portfolio and the strength of our market presence allows us to uniquely benefit from secular growth and material conversion opportunities. We are not only growing and expanding in decking, railing, and accessories, but are seeing strong growth and market conversion in our exteriors portfolio. This includes a broad mix of complementary products that are benefiting from wood conversion. More specifically to today's update, we continue to experience favorable end market demand in our residential segment, and we have started to see improving sales trends in the commercial segment. We continue to execute and invest against our strategic initiatives to deliver long-term growth and margin expansion while managing through near-term supply chain and inflationary pressures. We remain confident in our outlook for the remainder of the year and are once again raising our fiscal 2021 guidance. We believe that we are well-positioned to continue to grow in fiscal year 2022 and are well-positioned to achieve and exceed our long-term growth and margin objectives. During the quarter, we saw strong growth across the residential portfolio. As market demand remained strong, additional capacity came online, and we modestly improved our inventory position at our dealer base. Our SG&A returned to more normalized levels and included additional public company costs and strategic investments. We made additional investments to ensure labor, transportation, and raw material availability to meet strong customer demand and saw increasing raw material and inflationary pressures as we progressed through the quarter. We have taken additional pricing and productivity actions that we expect to fully offset these headwinds in early 2022. Given recent investments in capacity in our exteriors business, combined with strong sourcing and operational execution, we've been able to provide strong service levels and support to our customers in meeting increased demand. We also improved our service levels to our contractors and dealers for our decking products. However, our distribution channel continues to operate at below normal stocking levels. We continue to make progress on key initiatives that will drive long-term value creation through growth and margin expansion. As a reminder, these initiatives include, first, drive above-market growth and accelerate material conversion by investing in new product innovation and expanding our downstream-focused sales and marketing teams. Ongoing product innovation supports our core and adjacency market expansion. Our new Landmark and Reserve decking lines, wood replacement trim, panelized aluminum rail, and Canvas Series tongue and groove products all performed well and position us for ongoing future growth and wood conversion. Second, expand our margins through the use of recycled materials in our manufacturing processes and through our continuous improvement programs. We continue to expand our recycling capacity and develop strategic partnerships with various OEMs. We are finding new sources of otherwise hard-to-recycle materials that we are uniquely positioned to recycle into our products. We have recently expanded our use of a certain type of PVC product, which has historically been landfilled, providing us with lower-cost sources of PVC and reducing environmental impacts. Third, positively impact the world through our commitment to ESG stewardship. In recognition of our ESG leadership within the vinyl industry, we recently achieved +Vantage Vinyl certification by the Vinyl Sustainability Council. The +Vantage Vinyl certification underscores and validates our strong efforts to be a leader in the recycle of PVC materials. Diversity, equity, and inclusion continues to remain a key focus of our Full-C ircle ESG strategy. In June, we formalized and communicated our DE&I commitment statement, which serves as the foundation upon which we build out our DE&I framework. In short, we are committed to providing a diverse, equitable, and inclusive workplace where diversity of all kinds is sought out, valued, respected, and appreciated. We believe this fuels our innovation, drives operational excellence, and is a source of our competitive differentiation. Fourth, invest in our core strengths, which include brand, material science, integrated manufacturing, and customer connection. During the quarter, we successfully brought on phase II of our $230 million multi-phase capacity expansion program, increasing our total decking capacity by 40% compared to the end of 2019. Our previously announced upsized investments in capacity are on track to deliver an incremental 15% more decking capacity by the end of the calendar year. Our third phase, the opening of our new facility in Boise, is expected to be fully operational during fiscal 2022, adding approximately 30% more decking capacity for a total of an 85% increase in decking capacity versus a baseline of 2019. We are making these investments against a backdrop of expanding market opportunity. We recently conducted a proprietary consumer market research study, which showed that nearly half of consumers in the market for wood decking would consider our types of high-performance, low-maintenance materials. This leads to a non-wood market that we believe over time could reach a conversion level of nearly 50% of the total decking market versus today's approximately 22%. We believe this favorable material conversion opportunity exists in all of the outdoor living markets in which we play, including our railing and exteriors markets. This research strengthens our confidence in the long-term secular growth opportunities ahead, enabled by our leadership in innovation and investment in our key strategic initiatives. Turning to our third quarter results. We delivered strong sales and adjusted EBITDA growth. The growth environment remains robust, and we were able to incrementally ship more product as new capacity came online during the quarter. We are also lapping an unusual Q3 2020, where we saw modest growth and lower spending constrained by the pandemic. The combination of spend normalization, additional investments, and public company costs, combined with the previously discussed inflation versus price lag, led to an EBITDA margin compression within the quarter. We are appropriately focused on meeting customer demand and improving service, and we prioritize manufacturing output and product delivery. We are operating in an unusual environment with material, labor, and transportation, where incremental volume can lead to an increased rather than decreased cost and lower volume leverage. We view this margin compression as transitory and have taken pricing actions to offset these headwinds beginning in Q4 and continuing as we move through fiscal Q1. For our residential business, we exited the quarter with improved service but have meaningfully lower levels of inventory in our distribution channel than historical norms. While overall web traffic has returned to typical seasonal patterns. We saw higher quality digital engagement activity on our website and an approximately 25% increase in leads. Contractor backlogs remain extended and above historic levels. Repair and remodel activity strengthened during the third quarter, and housing inventory remains near record lows. With elevated buyer demand, we expect a continued tailwind resulting from homeowners investing in and renovating their homes and outdoor spaces. We also continue to see strong sentiment from dealers and contractors as people continue to invest in larger repair and remodel projects. As previously indicated, the strategic actions we took within our commercial segment, coupled with an improvement in certain end market conditions, started to show through in the quarter. Net sales in our commercial segment increased by approximately 17% year-over-year as we are starting to see some demand returning. We've also seen nice margin recovery in this business throughout the fiscal year, driven by our team's focused execution on productivity and pricing action. As a reminder, this business tends to track more closely to GDP and the broader economy, which continues to improve. Turning to our outlook for the full year of fiscal 2021. We are raising our consolidated net sales outlook and increasing the midpoint of the range for our full year adjusted EBITDA guidance. This increased guidance underscores our conviction in the underlying demand we are seeing across outdoor living and exteriors markets. While we saw additional inflation during Q3, we also executed additional price and productivity actions to cover the increased costs. As we look at current inflation and supply chain dynamics, we expect pricing actions to offset inflation as we exit fiscal Q1 2022. We feel that we have and will continue to manage through this unique period by prioritizing customer service while maintaining our focus on delivering against our long-term growth and margin expansion objectives. To sum up, demand in our markets remains strong with a long runway to capture the expected growth in our markets. We continue to invest in our core strengths of brand, manufacturing, R&D and customer connection, supported by the best team and underpinned by our commitment to ESG leadership. We have confidence in our differentiated business model, operational execution, and strategic positioning in large and growing markets that we expect will allow us to deliver sustainable, above-market growth and achieve our long-term margin expansion goals. With that, I'd like to turn the call over to Ralph, who will discuss our financial results and outlook in greater detail. Thank you, Jesse. As I discuss our results, all comparisons made will be on a year-over-year basis compared to the same period ending June 30th of 2020. For the third quarter of 2021, we delivered net sales growth of 46% year-over-year to $327.5 million, with strong growth in both our Residential and Commercial segments. Gross profits for the third quarter of fiscal 2021 increased by $31.7 million or approximately 42% to $106.9 million. The increase in gross profit was primarily driven by the strong sales results in the Residential and Commercial segments. Pricing and manufacturing productivity partially offset by higher raw material and manufacturing costs. Gross profit margin decreased to 32.6% for the three months ended June 30th of 2021, compared to 33.6% for the three months ended June 30th of 2020. As expected, adjusted gross profit margin decreased 290 basis points to 37.9%, compared to 40.8% for the prior year period. As we have discussed on our last two earnings calls, we have been experiencing significant inflation as well as disruption in our supply chain, both driving up the cost to service these strong demand levels. During the third quarter, cost increases intensified and have reduced the progress we were expecting on incremental margins in our fourth quarter as we prioritize servicing customers. We implemented an additional price increase on August 1st, which will take effect October 1st. Cumulatively, our pricing actions this year represent a mid-teens increase. Selling, General & Administrative expenses increased by $5.1 million to $70.3 million, or 21.5% of net sales for the third quarter. Excluding the effect of lower stock-based compensation expense, SG&A increased by approximately $18 million. The increase was primarily driven by higher personnel costs, public company costs, professional fees supporting strategic research, and marketing expenses. As a reminder, last year in Q3, we significantly pulled back on marketing and travel with the onset of the COVID-19 pandemic. Net income increased by $73.9 million to $21.8 million for the quarter, compared to a net loss of $52.1 million for the same period last year. Primarily due to strong operating results and a decrease in interest expense resulting from the reduced principal amount outstanding under our term loan agreement, and an absence of the $37 million loss on debt extinguishment of our formerly outstanding senior notes. Adjusted net income was $40.5 million or $0.26 a share for the third quarter, compared to adjusted net income of $6.2 million or $0.05 a share a year ago. Adjusted EBITDA for the quarter increased by $14.9 million, approximately 26%, to $72.7 million. The increase was mainly driven by higher sales growth in both our residential and commercial segments and higher gross profit. As expected, adjusted EBITDA margin declined 350 basis points to 22.2% from 25.8% last year, given the mismatch of pricing relative to cost increases and SG&A expenses. Turning to our segment results. Residential segment net sales for the quarter increased by $98.6 million or 51% to $291.2 million. The strong increase was primarily attributable to higher net sales in both our deck, rail, and accessories and exteriors businesses, which grew at comparable levels. Our year-over-year sales growth benefited from strong underlying demand, a lapping of pandemic-related headwinds experienced during the same quarter of last year, and pricing, as well as a modest increase in channel inventory at the dealer level. Inventory at the distributor level remains significantly below historical levels, and given the demand pattern, it could be another quarter or more before inventory levels get healthier in the channel. Residential segment adjusted EBITDA for the quarter increased by $20.2 million or approximately 32% to $82.5 million. The increase was primarily driven by higher sales and manufacturing productivity, partially offset by higher raw material and manufacturing costs in Selling and General Administrative Expenses. Commercial segment net sales for the quarter increased by $5.1 million or 16.5% to $36.2 million. The increase was primarily driven by higher net sales in our Vycom business, partially offset by decreased net sales in our Scranton Products business. We are seeing solid demand from outdoor living, marine, and semiconductor end markets, and also starting to see modest recovery with trade show customers. Commercial segment adjusted EBITDA for the quarter was $6.3 million. The $1.3 million increase year-over-year was primarily driven by sales performance in the Vycom business and net manufacturing productivity. Looking at our balance sheet and cash flow as of June 30, 2021, we had cash and cash equivalents of $220.5 million and approximately $145.6 million available for future borrowings under our revolving credit facility. Total debt as of June 30, 2021 was $467.7 million, and we have not drawn on a revolving credit facility. Our net leverage ratio stood at 1x at the end of fiscal Q3. Net cash provided by operating activities was $118.7 million for the nine months ending June 2021 versus $11.3 million for the nine months ended June 30, 2020. Turning to our outlook. For fiscal Q4, we expect total company net sales growth to be in the range of 22%-27% year-over-year, with the residential segment growing in the mid-to-high 20s range and the commercial segment growing in the low-to-mid single-digit range. We expect adjusted EBITDA growth in the 19%-25% range. I would like to provide some additional color regarding margin progression as we exit fiscal 2021 and into 2022. As I discussed earlier in my remarks, the combination of inflation and supply chain disruption has significantly increased our cost to service continuing strong demand. In fact, we have seen over $10 million of additional costs since our last earnings call, with a portion impacting Q4 incremental margins. Importantly, as we saw costs escalating, we took action and in August implemented another price increase effective in October in order to offset our higher costs and position us well for fiscal 2022. Given our pricing actions and productivity programs with the current raw material and supply conditions, we expect incremental EBITDA margins to improve from the low 20% range in Q4 to about the mid-to-high 20% range as we exit Q1, excluding the anticipated startup costs we project primarily for the new factory in Boise. These costs are expected to be in the $3 million-$4 million range in the first quarter. Importantly, we believe that we have covered the dollar cost of this current high-cost environment and are well positioned to expand margins during 2022. Turning to the full year of fiscal 2021, we now expect total company net sales to increase 28%-30% year-over-year and have raised our outlook on adjusted EBITDA growth guidance to be in the 27%-29% range year-over-year. From a segment perspective, we expect full year Residential segment net sales growth in the low to mid-30s percent range year-over-year. In the Commercial segment, we are starting to see some economic stability in certain end markets with our projection of net sales declining at a low single-digit rate year-over-year, an improvement compared to our previous outlook of a mid-single-digits decline. To assist in modeling, we continue to expect approximately $175 million-$185 million in capital expenditures and $21 million-$22 million in interest expense for the full year of 2021. Our tax rate for 2021 is now estimated to be approximately 27% as a result of higher nondeductible compensation expenses. Our full-year weighted average diluted share count is unchanged at approximately 157 million shares. I will now turn the call back to Jesse for some closing remarks. Thanks, Ralph. As you near your well-deserved retirement, I want to personally thank you for your leadership, hard work, and dedication. You've been an instrumental part of the team, helping to ensure our organization is set up for success, especially now as a public company. You've been a terrific business partner, and I'm proud to have worked alongside you for these last several years. While we're going to miss you, we are excited to welcome Peter Clifford to the team and are looking forward to more formally introducing Peter to our shareholders in the weeks and months ahead. Thank you, Jesse. I am grateful to have worked alongside of you for several years and look forward to following the next phase of AZEK's growth under yours and Peter's leadership. Thanks, Ralph. I'd also like to take a moment to thank our entire AZEK team and our partners for their agility and unwavering dedication to our customers, especially during such a challenging and unprecedented time. As we recently celebrated the one-year anniversary of our IPO, revolutionizing the industry to create a more sustainable future is only possible with their continued focus and dedication. In closing, we are investing in the future, investing in our brand, in our capacity, in our recycling, and continuous improvement initiatives. When you combine this with the long-term trends underpinning our end market growth, including material conversion opportunities, R&R trends, and demographic shifts, our conviction to deliver on strong growth and margin improvement is high going into fiscal year 2022 and beyond. We continue to remain excited about the opportunity that's in front of us. With that, operator, please open the line for questions. Okay. Ladies and gentlemen, as a reminder, to ask a question, you will need to press star followed by one on your telephone keypad. Again, that's star one to ask a question. We have our first question with Tim Wojs with Baird. Your line is open. Hey, guys. Thanks. Good morning, and nice job on the results. Ralph, best wishes, and Peter, welcome. Yeah. Thanks. Appreciate it. I guess maybe just first on the pricing side of things. Ralph, you talked about mid-teens price increases from the actions that you've taken this year. I was just hoping if you could kind of break down what's actually being realized in sales in fiscal 2021 for pricing and how much of that flows through actually into 2022 at this point. Yeah. Tim, the mid-teens pricing is what we have in place by the end of the year. As we mentioned in the remarks, we added more incrementally that's going to take effect in Q1. That positions us very well for 2022 is going to benefit from that. We'll share more about 2022 as we guide 2022. This year, with the pricing actions that we've taken cumulatively, we're exiting the year at the mid-teens level. Again, well-positioned for 2022. Okay. That's good to hear. I guess just on a capture basis historically, I know each cycle can be different, but could you just remind us about your ability to hang on to pricing if you would see a more deflationary environment on the raw materials side at some point? Yeah. If you just look back at our recent history, and we've been taking pricing over the last several years. Those prices hold in the market. Obviously, again, we're not guiding to 2022, but particularly on deck, rail, and accessories, but also to some degree on exteriors, we're pricing to value, and we also, I think importantly, and you heard this a little bit in our remarks, we're pretty analytical about this in terms of our approach. We actually even invested in some pricing analytics work. We're comfortable with the pricing we have in the market and how we're positioned on value across our product lines. Okay. That's good. Well, good luck on the next chapter, Ralph, and I'll hop back in queue. Thanks, guys. Thanks, Tim. Thanks, Tim. Next question, we have Matthew Bouley with Barclays. Everyone, thank you for taking the questions. Again, echo congratulations to Ralph and welcome, Peter. Jesse, you gave the stat around that market study you did that non-wood materials can reach 50% of the market one day, if I heard you correctly. I'm just curious if there's any more detail or context you could give there. Maybe if there's any way to glean from that study how consumers' perceptions have changed over time. Even on the 50% that presumably just wants wood, could you tell kind of what's holding them back? Thank you. Thanks, Matt. Just to give a perspective, we did a really in-depth study of the wood buyers, and we had done a study three years ago. I think one thing to consider is the number of folks that are generally buying wood has declined. I think when we did the study a few years back, what you saw was high teens, people identifying themselves as composite buyers. That has progressed into the low 20s, which I think is a reflection of what we're seeing borne out in the market. To call someone a wood buyer, I think is a bit of a misnomer, right? What it is people in various points of how they consider the attributes. As we look at that totality, in general, much of that, even above 50%, is still an opportunity. I think where we're focusing is where we can see the greatest opportunity. That 50% is really made up of folks that are positively inclined. There's a portion of that that are positively inclined, but there's some kind of a barrier, right? That barrier might be a perception of composites being plasticky. That might be related to a perception of where we are in the environmental journey. A portion of that are. What was great in the research is a portion of the wood buyers are positively inclined. They just need to be educated. I think that there's another portion of that 50% we're talking about that kind of defaults to wood, but fit the right characteristics and demographics of someone that should be buying composites. Once again, I'll come back to it's an education process. What's interesting in the research is we're not including the price buyers only in that 50%. I think it's important when we look at wood conversion, we're really looking at it in its totality based on the combination of aesthetics, value, education, and that's really where we're defining that 50%. There's another portion of that not 50% that's effectively a price buyer, and that's someone who just wants to price right at the beginning. That's not included in that 50%. What's interesting for us is really the opportunity here with new product development and messaging to continue to educate and aggressively convert the market. Wonderful. That's a very helpful color there. Thank you for that, Jesse. Second one to zoom in a little on the margins. You spoke to conviction to margin improvement in 2022. It sounds like you mentioned some pressure from the startup costs in the early part of next year. Just giving you good daylight, that sort of expectations or expansion on a full year basis, and correct me if I didn't hear that correctly, but what's kind of the visibility to, I guess, the pace of incremental margins as you go through on a quarterly basis next year? Yeah. Matt, just think about the year and first, where we are in the cost environment. We've seen a lot of inflation, as we've talked about. In fact, seen a lot of inflation even since the last earnings call which we took action and addressed on. That leads, though, to the first couple quarters of fiscal 2022 has a lot of the peak of what we're seeing right now, still flowing through it. Again, we've positioned ourselves well from a price standpoint to address that. You have in the first couple quarters of the year, the combination of still elevated costs. As we've talked about before, we've worked through startup costs all during 2021. We've added 40% capacity, and there were startup costs associated with that. We've worked through that with offsets. Boise is a new facility. We're starting it up in our first fiscal quarter. That's why we thought it was important to kind of highlight that a little bit more for you, because we're expecting it to be a more significant startup. Again, all contemplated on our outlooks and the discussions we've had. The first half, because Boise startup is going to be really in the first half of fiscal 2022. The first half will be weighed a little bit more than the second half in terms of the margin progression. Matt, if I could just add one additional comment on top of that. I think it's important as we look out into 2022, the dynamics we're dealing with now and the way in which we're offsetting it, we believe structurally puts us in a stronger position against our long-term margin goals. I think as we look at things over as we progress through 2022, moving forward, the dynamics that we're seeing in the short term will lead to really long-term favorability, we believe structurally. Got it. Well, thank you for that, Jesse, and best of luck, Ralph. Thanks, Matt. Okay, next question. We have Mike Dahl with RBC Capital Markets. Morning. Thanks for taking my questions. Jesse, Ralph, just to pick up on the last point about margins, kind of thinking longer term, but also specific to 2022. Given the pricing that's put in place and some of the carryover benefits, I understand that there's still some cost pressures impacting the first half of the year, but if I exclude startup costs, let's treat those differently. Historically, you've done something that's more in the 30s on incremental EBITDA margins, and would've thought coming off the base that you're coming off of that was more impacted by a price cost lag, that that would've been more of a reasonable, if not conservative, benchmark for the incremental margin performance next year. It sounds like at least in the first half, you might be talking to something that's a little bit lower than that. I guess just a little more clarity on, again, excluding the startup costs, why shouldn't incremental margins be even stronger going forward in 2022 based on the pricing actions you've taken? Yeah, Mike. Let me address your question in a couple different ways. First, we clearly see, and Jesse's remarks kind of highlighted it, the line of sight to our long-term margin goals. We clearly see that with the 500 basis points of EBITDA margin improvement. We always said quarter to quarter, there's going to be some lumpiness, particularly when you're kind of working through startup and things like that. You're highlighting that. We're not in a position to give 2022 outlook just yet. To your point, we've been in the mid-30s on incremental margins, and we still have a lot of runway on productivity and principally in recycle, but other areas of productivity still way ahead of us. We're well positioned from a price cost standpoint entering 2022, which we feel right now this cost environment is pretty extraordinary and transitory, frankly. We think we're well positioned there. We'll invest behind the business selectively. Over an arc, we'll get SG&A leverage over time as well. That all leads us to we could get ourselves back into the mid-30s with a very clear path. With our outlook long term, we see our incremental margins going above the mid-30s. Okay. Yeah, that helps and that makes sense. It sounds like it'll be a good ramp. I guess the second question, and sorry, this also ventures into the 2022 realm, but I think Jesse, you made the comment that you're now expecting the 85% cumulative capacity increase in decking versus a baseline of 2019. I think in the press release, there's a comment that refers to the expansion plan as $230 million. I wanted to just clarify, the $230 million, does that represent the 85% capacity increase? When you think about the incremental, since you've been in this multi-phase approach, in terms of what the number is in fiscal 2022 versus 2021, since your second phase at least hasn't fully ramped in 2021. Any way to think about how much will be incremental in 2022 versus 2021?