Thank you and good afternoon, everyone. We issued our earnings press release and a supplemental earnings presentation this afternoon to the investor relations portion of our website at investors.azekco.com. The earnings press release was also furnished by an 8-K on the SEC's website. I'm joined today by Jesse Singh, our Chief Executive Officer, and Peter Clifford, our Chief Financial Officer. I would like to remind everyone that during this call, we may make certain statements that constitute forward-looking statements within the meaning of the federal securities laws, including remarks about future expectations, beliefs, estimates, forecasts, plans, and prospects. Such statements are subject to a variety of risks and uncertainties as described in our periodic reports filed with the Securities and Exchange Commission that could cause actual results to differ materially. We do not undertake any duty to update such forward-looking statements. Additionally, during today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating our performance. These non-GAAP measures should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations of such non-GAAP measures can be found in our earnings press release, which is posted on our website. Now, let me turn the call over to AZEK's CEO, Jesse Singh. Good afternoon. Thank you for joining us. The AZEK team delivered financial results modestly out of our guidance for the fiscal first quarter of 2023, driven by favorable sales combined with strong operational execution. As previously discussed, our results were impacted by the residential segment's channel inventory correction, primarily within our deck, rail, and accessories business. During the quarter, we saw steady pro and retail sell-through demand, and we achieved normalized levels of inventory in the channel, which are at or below historical average days on hand based on expected demand for 2023. As a reminder, our sell-through demand is typically the best indicator we have of actual end-use consumption of our products. Our teams have done a great job in an unusual environment, and we have had strong execution within the quarter from our operations and sales and marketing teams, enabling us to effectively navigate through the channel inventory correction. We are on track with our plans for 2023 and believe that our focus on the customer while aggressively getting short-term inventory adjustments behind us will put us in a strong position for the balance of 2023 and into next year. In the first quarter of 2023, we generated $216.3 million of net sales and $15.1 million of Adjusted EBITDA. We increased our cash from operating activities by approximately $37 million year-over-year to $6.4 million in the fiscal first quarter. As we progress through this year and into fiscal 2024, we see opportunities to increase our cash conversion through a reduction of working capital and a moderation of capital expenditures from a heavy investment period over the last couple of years. As a company, we continually monitor several internal and external data points to understand the health of the industry and our business in particular. The key digital metrics remain steady and continue to show interest in the category consistent with secular trends around outdoor living and wood material conversion. At a company level, AZEK continues to perform well with web traffic growth positive year-over-year, and more importantly, sample orders were up significantly over the same period last year. During the quarter, we once again conducted a survey evaluating the sentiment of our thousands of dealers and contractors to understand downstream demand. Dealers expressed cautious optimism that they could sustain growth in 2023. Our contractors also reported similar views with backlogs at approximately 8.5 weeks, roughly the same as last quarter and consistent with the same period in the year prior. Overall, our pro survey results are largely similar to slightly positive on their outlook for 2023 versus the October results, with the most common concern being the uncertain macroeconomic environment. These data points are consistent with what we experienced in the first quarter, with residential sell-through volumes coming in positive on a dollar basis and marginally better than our full year volume planning assumptions. While this is an encouraging trend to kick off the fiscal year, we are still several months away from the start of the primary outdoor living building season and recognize the continued economic and geopolitical uncertainty. These results and our execution against our strategic initiatives gives us increased confidence in the year, and we are reaffirming our 2023 planning assumptions. Turning to an update on our initiatives, we made significant progress in the quarter and continued to execute against our strategic growth initiatives, picking up incremental shelf space across both pro and retail channels. These wins will phase in over the next few quarters, positioning us well heading into the spring selling season this year and into 2024. From a branding perspective, we completed a refresh of TimberTech, AZEK Exteriors, and StruXure, connecting these brands together under consistent messaging to better serve our customers. Our upgraded branding and product positioning highlights our market-leading portfolio, which includes our TimberTech composite decking and our proprietary TimberTech advanced PVC decking with unique performance characteristics. We are excited by the brand refresh and look forward to continuing to build our strong outdoor living and exterior brands together in the future. Equally exciting, after previewing the 2023 new products late last fall at customer events during the TimberTech Championship, we are seeing strong customer receptivity to the new colors in our TimberTech decking portfolio, as well as our new TimberTech furniture Invite Collection. We also simplified and upgraded our railing portfolio and have announced two new high-performance PVC options, Statement Rail and Pinnacle Rail, adding a high-end PVC railing option to our already strong portfolio of aluminum and composite offerings. Our recent acquisition of INTEX, combined with our acquisition of StruXure last year, puts us in a terrific position to continue to drive core and adjacent growth in outdoor living. In exteriors, where we have seen particular resiliency to date, we continue to receive strong positive feedback from our Captivate prefinished trim and siding launch and are adding additional resources to increase capacity and take on incremental demand. Each of these new products in decking, railing, and exteriors highlights how brands under The AZEK Company can expand our total addressable market size, further advance material conversion, and inspire homeowners to create beautiful, low-maintenance, and sustainable outdoor living spaces. During the quarter, we also continued our progress on increasing the use of recycling in our products. An example of this is the ongoing increase of PVC recycling in our advanced PVC decking products, where we are now running more than 60% recycle in the core of our boards. In addition, we announced two new partnerships, one with online clothing reseller thredUP, in which we will collect thredUP's polyethylene plastic mailer bags as well as their post-industrial plastic film waste and transport them to AZEK's vertically integrated polyethylene recycling facility. The materials will be processed and incorporated into new TimberTech decking. Our Return Polymers business unit also announced a partnership with Trusscore to leverage our Full-Circle recycling program. As part of the partnership, we will collect, grind, and recycle Trusscore PVC material, helping to ensure that as much waste and scrap as possible is recycled and used to make new PVC products. Each of these partnerships highlights the unique ways in which we are executing against our goal of diverting 1 billion pounds of waste and scrap materials annually as we seek to create a more sustainable and circular future. We are also proud to announce a number of awards in the quarter. In the Real Leaders 2023 Impact Awards, AZEK ranked number 40 out of 300 public and private companies and ranked number 4 in the home and lifestyle category. This award recognizes a diverse group of companies from around the world that prove that businesses can both thrive and help build a better world. AZEK has been shortlisted on the inaugural World 50 I&D Impact Awards for the progress, transparency, and communication of our DE&I initiatives, with winners to be announced in March of 2023. JUST Capital ranked AZEK in the top 25% of the largest publicly traded companies addressing the issues Americans care most about, from wages to workforce retention to impact issues such as ethical leadership and carbon reduction and pollution control, among others. I would like to thank the entire AZEK team for their contributions to these awards, a testament to the company-wide commitment to our purpose of revolutionizing outdoor living to create a more sustainable future. AZEK has a broad portfolio, and as we discussed last quarter, it is overwhelmingly driven by repair and remodel spend. We estimate that within our residential segment, repair and remodel represents approximately 85% of net sales and that new home construction comprises approximately 15% of net sales. Recall that our planning assumption that we shared on the last call for the year assumes a 10% decline in residential sell-through volume in fiscal 2023. While our sell-through volume trends to date have been modestly better, we are not changing our assumptions or our view of fiscal year 2023. It is early in the season, and we continue to operate in an uncertain environment. Under the planning assumptions, we would expect to deliver $250 million-$265 million of Adjusted EBITDA in fiscal year 2023. As a reminder, we exited fiscal 2022 well-positioned to deliver against our margin expansion plan, including positive price carryover, recycle benefit, improving productivity, and a moderating raw material environment. Given our lower production levels in the first half of 2023 and the balance sheet lag, we would expect to see the benefit of our margin and sourcing programs in the second half of the year as we work through higher cost inventory and underutilization. Exiting fiscal Q1, we are now at normalized inventory levels with our channel partners where we are at or below historical average days on hand. In the quarter, we were once again able to secure additional shelf space and product placement as an outcome of our winter negotiations. Our focus on having the combination of the best products, the best sales team, and a broad portfolio combined with increased capacity puts us in a great position to continue to gain incremental shelf space in both the pro and retail channels. Our fiscal second quarter is traditionally a channel replenishment period for our industry ahead of the building season. We have improved our lead times, and given the current environment, we are working closely with our channel partners in a disciplined manner to maintain lower inventory levels coming into the season. We expect channel inventory replenishment to be meaningfully lower than Q2 2022, which we believe is prudent and better positions us for the second half of the year. If demand during the season comes in stronger, we are confident that our capacity, finished goods inventory, flexibility of our plants, and the overall health of the supply chain will enable us to service customer demand without an increase in lead times. As we communicated on the last call, we expect the majority of our revenue contraction will occur in the first half of the fiscal year with the combination of Q1 inventory, destocking in our channel, and more modest preseason build in Q2 compared to the prior year. As we move into the back half of fiscal 2023, we expect to have lower levels of inventory in the channel and will also be lapping the prior year's channel destocking in Q4. Our assumptions for the second half of the fiscal year also include the benefits from continued price realization, sourcing benefits that we are already experiencing, completed productivity gains, and our current recycle rates. Starting this quarter, we are also planning on lowering our internal balance sheet inventory levels as volumes seasonally adjust higher and we sustain production levels lower than demand levels. The second half tailwinds I just highlighted combined with company-specific strengths around new product innovation, portfolio breadth, and category leadership with best-in-class aesthetics gives us increased confidence in our ability to navigate the next few quarters, achieve the Adjusted EBITDA range outlined in our planning assumptions, and expand our margins in the back half of the year. I will now turn the call over to Pete to provide some additional context on our financial results and outlook. Thanks, Jesse. Good afternoon, everyone. As Eric highlighted up front, we have uploaded a supplemental earnings presentation on the investor relations portion of our website. Before we get into the first quarter results, I wanted to provide some color on the operating environment during the quarter. The demand environment has remained stable and consistent with the fourth quarter. Sell-through profile was positive on a dollar basis and down mid-single digits on a unit volume basis. This consistent demand environment allowed us to complete our targeted inventory reductions in the channel during 1Q23. Inventory days on hand are at or below pre-pandemic levels across the portfolio. From an operating perspective, the focal points for 1Q23 were around managing our conversion costs down to match the reduction in production levels without impacting service levels to our customers. Production levels in the quarter were down over 40%+ across most of our facilities year-over-year. On the commodities front, we saw the bulk of our purchase portfolio stabilize during the quarter at cost profiles to support our deflation assumptions. With the deflation we've seen, we continue to add to our carryover deflation benefit for fiscal 2024 based upon our current raw materials balance sheet lag. Note we do expect to gradually compress our current balance sheet lag of 5 months back closer to 4 months by year-end. For the first quarter of 2023, we saw net sales of $216 million, which was modestly above our guidance. Net sales declined 17% year-over-year, driven by the previously communicated channel inventory reduction. The sales bridge elements for the first quarter included a volume decline of approximately $85 million, partially offset by positive contributions from carryover pricing in the high single-digit range and $21 million from carryover M&A. 1Q23 gross profit decreased by $41 million or 46% year-over-year to $47.6 million. 1Q23 Adjusted gross profit decreased by $35 million or 33% year-over-year to $71.9 million. The Adjusted gross profit decline was in line with the decline in net sales and higher decremental margins from lower production levels. Note there is approximately a 2-month lag on our labor and overhead, which will push some of the lower production level cost pressure into fiscal 2Q23. Selling general and administrative expenses increased by $10.3 million to $73.4 million. The bulk of the year-over-year increase was driven by SG&A contribution from recent M&A and transaction-related expenses. Adjusted EBITDA for the quarter was $15.1 million, modestly above our guidance, and compares to $58.5 million in the prior year comparable period. The primary driver of the year-over-year change in Adjusted EBITDA was the significant volume reduction caused by our channel destocking efforts, which caused large declines in both production and net sales levels. Net income for the quarter was a loss of $25.8 million or -$0.17 per share, driven by the previously mentioned volume reductions given the channel inventory reduction. Adjusted net income for the quarter was a loss of $13.9 million or adjusted diluted EPS of -$0.09 per share. Now turning to our segment results. Residential segment net sales for the quarter were $179 million, down 18.8% year-over-year, driven by the previously mentioned channel inventory calibration impact, which was largely in our deck, rail, and accessories business. The Exteriors business saw positive growth year-over-year. Recent acquisitions contributed $21 million in the first quarter. Residential segment Adjusted EBITDA for the quarter came in at $26 million, which was down approximately 60% year-over-year. Commercial segment net sales for the quarter were $36.8 million, down 4.7% year-over-year. We saw similar performance in both our Vycom and Scranton Products businesses as end markets, including marine, graphics, and semiconductor, saw channel destocking in the December quarter. We expect that to continue in the near term. Commercial segment Adjusted EBITDA for the quarter came in at $5.2 million, an increase of $400,000 year-over-year. Segment Adjusted EBITDA margin expansion of 170 basis points year-over-year was driven by favorable price commodity performance. From a balance sheet and cash flow perspective, we ended the quarter with cash and cash equivalents of $86.9 million and approximately $147.2 million available for future borrowings under our revolving credit facility. Working capital defined as inventory plus AR minus AP was $340.6 million. We ended the quarter with gross debt of $677.7 million, which included approximately $79.2 million of finance leases. Net debt was $590.8 million. Our net leverage ratio stood at 2.3 times at the end of the first quarter. Net cash from operating activities was $6.4 million during the quarter versus negative net cash from operating activities of $30.6 million in the prior year period. Capital expenditures for the quarter were approximately $30 million, down $35 million versus the prior year period. During the quarter, we repurchased 353,000 shares of our common stock for approximately seven and a half million, or an average purchase price of $21.23. The remaining authorization under our share repurchase program is approximately $311 million. As we have communicated, we are mindful of our long-term net leverage ratio remaining in the 2 to 2.5 range. As a result, we will likely push our repurchase activity to later this fiscal year. As we turn to the outlook, let me provide some context and color on what we are seeing and assuming for the balance of the fiscal year. We are now one quarter into the fiscal year, and while the selling season is still a few months away, we are reaffirming our 2023 planning assumptions outlined last quarter. As a reminder, our planning assumptions from our last call were sales unit volume down approximately 10%, carryover pricing for the year in the 3%-5% range, with M&A adding approximately 2 points of growth. It is important to note that the bulk of our net volume reduction for the year is in the first half of 2023. We are expecting a 3% volume decline, which will be offset with positive volume growth in 4Q23 as we lap the prior-year channel destock. SG&A increasing approximately 2%-3% year-over-year, with the net increase primarily driven by the SG&A contribution from recent M&A and normalization of incentive compensation. Strong free cash flow generation driven by return to more traditional CapEx levels of $70 million-$80 million, as well as progress against our targeted working capital reductions in inventory. Under these planning assumptions, we expect Adjusted EBITDA in the $250 million-$265 million range for the full year fiscal 2023. From a segment expectations perspective, we believe our residential business performance and modestly better deflation will offset any softness in our commercial business, which has seen some channel inventory correction. Before we turn to our guide for the second quarter, I wanted to provide context for the operating environment we expect in fiscal 2Q 2023. Channel inventories are at normalized levels to start 2Q 2023. As a reminder, 2Q is historically a channel replenishment quarter for our industry ahead of the traditional building season. In fiscal 2023, with lower lead times, available capacity, coupled with our own finished goods inventory levels, and a sell-through demand assumption of volumes down 10% for the year. We are intentionally working with our partners to manage the amount of end inventory entering the channel ahead of the season in a very disciplined and measured way. If demand is stronger, we are confident that our capacity position, the flexibility of our plants, and the overall health of the supply chain will enable us to serve customer demand without an increase in lead times. Additional context in our 2Q 2023 guidance includes: sales volumes expected to decline in the approximate $55 million-$70 million range, partially offset by positive contribution from carryover pricing in the high single-digit range. Production levels will start to normalize in the back half of 2Q 2023. We expect production levels will be down approximately 30% year-over-year versus the 40%+ decline seen in 1Q 2023. By the end of the first half of 2023, the bulk of the underutilization will have fully flowed through for labor and overhead. AZEK inventory levels on our balance sheet will start to decline consistent with our previous commentary. For 2Q 2023, we expect consolidated net sales between $340 million to $365 million. We expect Adjusted EBITDA between $57 million to $63 million. In closing, it is important to highlight some of the key elements in our implied outlook for the balance of fiscal 2023 between 2Q and 4Q, which include: number one, the residential channel inventory normalization has been completed. Two, material input costs have settled at price points that support our 2023 deflation assumptions and will now carry over modestly more deflation into 2024. We expect to start seeing the benefit of lower raw material prices in 3Q 2023. Three, we expect production levels to normalize in the second half, positively impacting utilization and setting the stage for plant productivity. Four. We anticipate sales volumes will recover significantly from the 1Q 2023 seasonally low and channel destocking impacted profile. Five. We expect to hold price in our core markets. Lastly, six, with channel inventory reductions complete, we will start reducing inventory on our balance sheet and expect to finish the fiscal year with approximately $40 million lower inventory year-over-year. As a result of this reduction, we will see compression at our balance sheet lag on inventory, enabling raw material deflation to flow more quickly from the balance sheet to the income statement in fiscal 2024. With that, I'll now turn back to Jesse for some closing remarks. Thanks, Pete. I would like to take a moment to again recognize and thank our dedicated team members, channel and supplier partners, and contractors that support The AZEK Company. Thank you for your continued focus and dedication and your contribution to the results in the first quarter. Our execution in Q1, including our shelf space gains, combined with the continued progress we expect to make in Q2, increases our confidence in our ability to deliver above-market growth and margins in an uncertain environment. We are well-positioned to realize the benefits of our recycling and sourcing initiatives late in Q2 and through the balance of the year. The fundamentals of our business are strong, as is our confidence in our future. With the residential channel inventory normalization behind us, we are focused on our strategic growth and margin expansion initiatives that will enable us to deliver against the planning assumptions we laid out for 2023. We have a clear strategy and AZEK specific initiatives to drive above-market growth, and we believe that we are well-positioned to win and deliver on our long-term goals. With that, operator, please open the line for questions. At this time, please ask one question along with a follow-up. To ask a question, press star one on your telephone keypad. Our first question comes from Keith Hughes with Truist Securities. Thank you. Question on inventory. You talked a lot about the channel being in line, and I think towards the end of the prepared remarks, you talked about another $40 million, I guess, coming off your inventory, if I heard that right. Can you just talk about how your internal inventory should shape the next couple quarters with the kind of demand view that you've laid out? Keith, this is Peter. Roughly speaking, we expect to take about $30 million of inventory out of, our System here in the second quarter. Obviously, we built $20 million in the first quarter, so we'd be down net $10 million, which means over the third and fourth quarter, we'd be taking on an additional $30 million of inventory. That's the case. Okay ... we're striving to. One other inventory question on Exteriors. Exteriors was, I think that we said it was up in the quarter in terms of sales. How do you feel like your Exteriors inventory is and where distribution is at there? Yeah. Our exteriors business has been steady. As you consider the progression over the last really few quarters and over the last few years, we have had appropriate supply to be able to meet external demand. As such, it's been very consistent, and, you know, within normal ranges, you know, really over the last few quarters, and we continue to see that. Okay, great. I'll turn it over to others. Thank you. Our next question comes from Matthew Bouley with Barclays. Good evening, everyone. Thanks for taking the questions. Question on the volume outlook. You know, I know you said the bulk of the unit volume declines are in the first half, and I think you said that the expectation is that volumes should eventually turn positive in your fiscal fourth quarter. I'm just curious if you can expand a little on the confidence in that? What are the assumptions behind that? I guess, you know, for volume to be positive by then, does that assume sell-through also needs to be positive, or are you kind of taking a view on the progression of channel inventory through the year? Just any color on that kind of second half volume outlook? Thank you. Sure. Sure. Thanks, Matt. You know, at a high level, if you consider what we've said on our planning assumptions, which is that we expect sell-through volume to be down 10% for the year. Now, that's sell-through. That is not what we're talking about specifically relative to our sell-in. Obviously, the revenue we book is what we sell in into distribution. The way to think of it is we have, in the first half of the year, brought in Q1, brought our distribution and channel inventory down significantly. Then as we commented on Q2, we are not inflating the inventory as much as either last year or against, you know, a little on the low side compared to historical norms. That combined with the fact that we are not that we are lapping an inventory drawdown in Q4. If you do the math, the sell-through assumptions of minus 10% lead to revenue stability in the back half of the year. Gotcha. Okay. Thank you for that, Jesse. Second one, just, the growth initiatives. You know, you spoke about progress with shelf space with pro and retail. I'm just curious if you can get into, you know, how meaningful are those wins and kinda, you know, how those play into the volume guide. Thanks, everyone. Yeah. No, appreciate the question. As we've talked about our, we operate with a portfolio of initiatives. What we've said is the intent of our initiatives is to drive, you know, call it two-three points of growth on an annualized basis. That's new products, that's adjacencies, that's what we're doing downstream relative to increasing the number of contractors and consumers. It also includes the benefit of increasing shelf space, which potentially gives us access, and more ability to get after certain geographies and customer bases. The way to think of our initiatives is we are on track with, you know, what we've described in total, against that 2-3%. All right. Thanks, Jesse. Good luck. Appreciate it. Thanks, Matt. Our next question comes from Tim Wojs with Baird. Hey, good afternoon, guys. That's a new one. If, I guess just thinking about kind of the preseason, you know, kind of selling period, you know, being kind of below normal, is that kind of what you're hearing from your distributors or is that more intentional on your part? I can't tell. I, you know, as we, as we consider the dialogue, with our channel partners, both distributors and dealers, it's a bit of a push-pull. I would say it varies by channel partner. With certain channel partners, in particular, some of our dealers, there's an intent to be more cash efficient coming into the season. Our dialogue with our distribution base is, and will continue to be, what's the right inventory level to have in stock to be able to service your customers and our joint customers, and to make sure that we have incredibly high service levels. And also making sure that, you know, we are a bit more cautious than, you know, so we don't get into the same situation that we may have had in previous quarters. I would say it's a dialogue. I think if anything, we as a manufacturer are probably being a little bit more conservative than some of our channel partners as we make sure that we're trying to put the right inventory in at the right time. You know, I'll just reiterate, you know, what we see from an aggregate standpoint, from the marketplace is stable and pretty normalized, and we are lapping an elevated time period of inventory build, and we wanna make sure that we're appropriate, so that we really set ourselves up for a strong performance in the back half of the year. Okay. Okay, that's good. Just on the raw material kinda deflation timing, would you expect that to be positive for the full quarter in Q2? Is that more you'll turn positive as you kinda exit the quarter in Q2? Yeah. It'll be the latter, as we communicated on the last call with the business slowing a bit, our lags elongated a bit to closer to five months. We're highly confident we can see the deflation that we're putting onto the balance sheet here through the first four months of the year. you know, we expect to meet or exceed the $30 million of second half 2023 deflation that we articulated on the last call. candidly, we can already see some upside to carry over on 2024. I think that number was $50 million annualized before. Any sense of what it is now? I'd just say it's favorable to the $50 million and the bulk of it's carrying forward to 2024. Okay. Okay, good. Nice start to the year, guys. Appreciate it. Thanks, Tim. Our next question comes from Phil Ng with Jefferies. Hey, guys. Jess, you guys gave us a lot of different numbers here to kind of unpack how demand's kind of progressing. I think your guide is calling for a 10% decline in sell-through, but your channel partners, I think, are seeing mid-single-digit declines, and the survey implies the dealers are expecting maybe positive growth. Can you kind of help us unpack that? Does that kinda imply at least your base case assumptions, at least currently feel relatively conservative? Yeah. You know, first off, I'll just stress we are very early in the season. We're sitting here in February trying to assess, you know, where we will be as we exit September. I think what we're just trying to do is be prudent as we look at the market assumptions that we highlighted, which is really related to down, you know, high teens in new construction and down, you know, mid to high single digits in R&R. We are, you know, that rolls into our down 10% assumption. We think it's prudent to hold to that. You know, having said that, you know, what we're seeing as we work our way through the first three to four months is our channel partners modestly more optimistic than that from where we sit at this point. You know, through three months, our, you know, through some lower seasons, our sell-through is more positive than that. We just think it's really prudent to let the season play out and operate under the macro assumptions. You know, hopefully, that gives you a little bit of perspective on how we're seeing things. That's helpful color. I guess perhaps a question for Jesse. your 2Q guide implies decrementals in the 70% range. I mean, obviously, you're still curtailing production pretty heavily. by 3Q, should we assume decrementals are more normalized, and you're largely done curtailing inventory at your end? When we look at EBITDA on a year-over-year basis, will it be up year-over-year, or is it really more of a 4Q event where we see that year-over-year inflection? Yeah. Phil, this is Peter. You know, if you think about the cadence of the year from a production perspective, obviously, you know, we were down close to 47% actually in the first quarter on the core kind of production volume. Gets closer to down 30 in the second quarter, and really we're still down modestly in the third quarter, but we're up in the fourth. It's kinda a consistent story of our sales volume is kinda flat in the back half of the year, so is our production volume. Really what's different when you think about the back half of the year margins is a couple of things. One, first and foremost, the channel destocking is completely behind us, which was obviously causing a lot of churn on the manufacturing facilities and really a key driver of probably about $10 million a quarter of underutilized manufacturing costs in both the first and second quarter that don't reoccur in the back half of the year. As we had articulated on the call last quarter, the change in accounting was almost entirely a first half of the year nuance and mostly a first quarter. That is still on pace to be or was about $6 million in the first quarter. Likely wrap up the remainder of that, which will be about $2 million or $3 million in the second quarter. You've got about $28 million of costs that's sort of not recurring in the back half of the year. As we just stated on some of the commentary in previous questions, we're really confident in the $30 million of deflation that we committed to and hit in the second half of the year. It sounds like. Yeah, it. -enough- Sorry, Phil, if I could just add, you know, we have an intentionality to, as we talked about on the last call that within the first half of the year, to make sure that we are at an appropriate and appropriately conservative inventory position in the channel, which we feel we are, very much on track to do. Also that we start to make progress about bringing, against bringing our own inventory level down. There was an intentionality of having, for lack of a better word, the underutilization associated with that, be more and, you know, hopefully primarily concentrated in the first half of the year. You know, as you'll see improvement in the decrementals in Q2, partially because of volume, partially because, you know, some of what Pete just described as a little less. You know, the intent is to get that behind us and then be able to focus, you know, moving forward on real demand, and appropriate utilization, and then obviously getting the benefit of what Pete just highlighted. Got you. That's helpful. I mean, Pete, I don't wanna put words in your mouth, but I mean, you're talking about $30 million of deflation, $20 million cost that kinda goes away, and that's non-recurring. It does feel like 3Q, EBITDA could be up year-over-year or at least flat. Are we thinking about it correctly? I mean, I think the way you could think about it is everybody's doing their math and can kind of back into the back half of the year quality of earnings, you know, for the average of that. I think the third quarter will be modestly below that average, but above the prior year. Certainly in the fourth quarter, we're gonna be above that average and obviously well above the prior year. Okay. Super. Thank you. Our next question comes from Michael Rehaut with JP Morgan. Great. Thanks for taking my questions. You know, first, I just wanted to clarify, Jesse, and Pete, I mean, talk about your planning assumptions for the year and, having, you know, at one point, if you look on the slide, it kinda says net sales assumes down 10% unit volume, but you've also kind of referred to that as your outlook for the market itself and really sell through. You know, are we talking about the same thing here in terms of what you're expecting AZEK sales volumes to be that in effect, they're in line with the market sell-through outlook, or are there any other nuanced differences here? you know, part of what I'm getting at is also the propensity for any potential share gains in the market, you know, given some of the new products that you've described earlier. Yeah. The way, you know, I'll start with we're operating in an uncertain environment, and it's really important that we acknowledge the assumptions. Our assumption is, as you pointed out, that the market will be down 10% and that our sell through will be down 10%. The way to think of the initiatives that we described and some of the good things that we were doing relative to volume on the organic side is that those are elements that give us increased confidence that we can manage through any volatility against that 10%. You know, another way of saying that is if the market, you know, stays steady, and we have perfect internal execution from an organic standpoint, you know, in theory, we could be better than that 10%. There is a lot. You know, we're in the first quarter, and we happen to be in, you know, the time of an upcoming Super Bowl. You know, there's a lot of game left to play here. You know, we wanna make sure that we are providing appropriate assumptions and then our capability to deliver against those assumptions. I'll make one other minor point that 10% sell through is not inclusive of price and not inclusive of our acquisitions, which are modest. As Pete said in his prepared remarks, it's primarily a Q1 thing on the acquisitions, and that becomes very modest. As we move into the back half of the year, pricing year-over-year is no longer, you know, an additive element. Hopefully that gives you a perspective. You know, I'll reiterate, it's a planning assumption, and our intent is to execute against that planning assumption and make sure that we're in a good position to deliver with confidence. No, that's very helpful, Jesse. I understand, and see what you're saying there, so thank you for that. I guess secondly, you know, just trying to think about some of the benefits that you've highlighted that will hit much more so in the back half of 2023. I think this was hit on in an earlier question around, you know, the raw material benefit where I think initially you talked about $30 million of deflation hitting the back half and, you know, out of a $50 million annualized number. you know, that would point to maybe $20 million of additional incremental benefit to be realized in 2024. you know, now it sounds like there's a little bit of upside perhaps to both of those numbers. Correct me if I'm wrong, Pete. Also how to think about the sourcing benefit as well. You highlighted in the slide that it's $30 million benefit in the back half of 2023. Would that also be a similar type of... would you just kinda double that to get to an annualized and you could see a similar incremental dollar amount realized in 2024? Just trying to think about those two things. Yeah. I mean, the timing's going to shift, but I mean, again, I'm not going to monetize the and give guidance on 2024. I would say, look, we've got off to a good start. There's modest upside that's not irrelevant already carrying to 2024. There's probably a little bit into 2023. You know, some of that might be us being conservative in terms of a breakage in other places. We haven't seen any in the 1Q results, but I think it's still early. Hey, the one point I just wanna clarify and Mike on, just to make sure we're clean on the question. We use sourcing and deflation as, you know, they're the same thing. We happen, you know, depending on what you're reading in the text, you know, those. You should consider those two as the exact same thing. They're not additive, it's just a different way to describe. 'Cause we're getting some of the deflation because of some aggressive sourcing action. Those two are the same, and they're not additive. You may not have meant that, but I thought I'd at least clarify that. That's helpful. Thank you. One last quick one. Amortization expense for the year, can you give us any guidance on that? That'd be helpful. I'd say it's kinda flat to modestly up $2 million-$3 million from last year. Great. Thanks again. Our next question comes from Susan Maklari with Goldman Sachs. Thank you. Good afternoon, everyone. Good afternoon. My first question is, you mentioned in your comments that sample orders have been up meaningfully. Are you seeing that there's been any change in terms of demand or the end market interest as we've seen lumber prices move off of their low and perhaps continue to move higher through the spring? You know, I would say I don't know that I can correlate sample activity to lumber prices specifically. I think there, at times, have been a little bit of a lull in some of our digital activity. You know, what we've seen in general, as we pointed out, we've seen growth. We saw growth last year. We've continued to see growth on the sample side. It's really an outcome in our case of really two things. One, general interest in the category, and then, specific marketing capability and efforts on our part that have at times disproportionately benefited us versus the industry. You know, you should think of it as an indication of consumer engagement, between ourselves and, you know, the large mass of potential customers. Okay. All right. That's helpful. Then, following up, can you talk a little bit about the exteriors business and, you know, the strength that you've seen there in the winter and how you're thinking about the outlook for that as we get into the spring and the summer? Yeah. We don't break out outlook specifically for any of our businesses. You know, having said that, you know, a couple key characteristics on exteriors. As I answered in the previous question, one of the previous questions, the exteriors business has been nicely matched between supply and demand. It hasn't had that same kind of volatility. It's been, you know, make and sell within the quarter. There's much less inventory and has been much less inventory in the system. We have, with our initiatives, you know, pretty consistently been able to expand our position in the marketplace. You know, given our position, with two terrific businesses, in that sector, you know, we have, we've continued to secure, not only additional shelf space, but launch new products that allow us to incrementally access, more of the market. You know, the other element there, as we talked about, that business has and is exposed a bit more to new construction. In those areas, where we have, we have exposure to new construction, we have seen, those volumes come in. They've been offset, with really good performance in the rest of the core, driven by some of the elements we've talked about. I'll come back to, once again, in its entirety, we're assuming, you know, relatively, you know, we're assuming that down 10% across all of residential, even though as we've highlighted, we haven't yet seen it. Okay. Thank you, and good luck. Thank you. Our next question comes from Ketan Mamtora with BMO Capital Markets. Thank you. Jesse, first question. Can you talk a little bit about how the StruXure acquisition is going, especially as you You know, get the products out and the reception with the, you know, on the retail side and even sort of on the distributor side, if at all, that is kind of the plan. Really, I appreciate the question. For those of you that were at IBS, you would have seen that, you know, we combine both the TimberTech and StruXure presence just because they're quite natural there. If you take a look at StruXure's core business, it has, we've made meaningful progress since we've owned that business, as we talked about, when we bought it in debottlenecking manufacturing, upgrading manufacturing, and putting that business in a very high service level. We've unlocked a lot of capacity there. Within that core business, it has a steady and growing core, and it continues to penetrate both the commercial market with increased resources. Think of hotels, campuses, corporate campuses, and other opportunities there, restaurants, as people convert their outdoor living spaces from temporary spaces to more permanent spaces. That business continues to do quite well, in particular on the commercial side. What we've done in the last 2 months is launched a kind of a prefab standard pergola system that we are selling both through the StruXure channels, but also through the TimberTech channels. We continue to gain traction with those products being placed. It's still early with those products, both expanding within StruXure's core, but also selectively being placed into our dealer base that is selling outdoor living products. We've had really good reception, with both our contractors and our dealer base, and we would expect, that expansion of that product coming into our core channels to continue. Got it. That's it. I'll turn it over. Appreciate it. Thank you. Our next question comes from Mike Dahl with RBC Capital Markets. Hi, thanks for squeezing me in. A couple quick ones here. In terms of the second quarter price carryover high single digits, you know, I guess when we looked at it, we were thinking that you're lapping 1 price increase from last year that still was benefiting the fiscal first quarter. If price has been relatively stable, I guess, can you help us understand, you know, the carryover effect still being high single digits versus dropping down and just I know you've got the, you know, the guide for the year implies that it falls off through the year, but maybe just give us a little more color on that cadence? Yeah. We were actually lapping 2 price increases. One was kind of low single digits. Back in May, we basically had a, I'll call it mid-single digits price increase. Okay. Got it. Basically that May 1, you're saying the... That's when we. Got it. ... kinda lap. Yep. Okay. I got you. Thanks. There'll be a very small third quarter and then none in the fourth quarter. Right. Okay. Timing difference there in terms of kind of effectives and impacting P&L and things like that. I guess I wanna get your updated take on your portfolio. I mean, you've done a lot on the residential side. Your competitor, you know, obviously just divested the commercial business. Your commercial business has seen a decent rebound. How are you thinking about positioning for that business and the overall portfolio mix as it stands today? As you pointed out, I think our commercial business has done just a terrific job of navigating through the last two years of uncertainty. As you might recall, that business was meaningfully impacted early on in the pandemic and made some structural changes and has done a really nice job of getting its profitability up and also well-positioned. You know, for us, it's a core part of our business and has really been the founding of the company. You know, we'll continue to make sure that we manage the portfolio as a company appropriately and invest where it makes sense and make sure we do the right thing, not only for the business to continue to expand it, but also for the long-term health of our overall business. Okay. Thanks, Jesse. Our next question comes from John Lovallo. Hi, guys. Thank you for taking my question. The first one is, can you just help us with the magnitude of the Vycom channel destock in the first quarter? You know, maybe what you're thinking about for the second quarter, and how we should sort of think about margins from this segment going forward? Yeah. I think the way to think about the balance of the year is look, as we've kind of articulated a bit, look, we would hope to have a little bit of 2023, probably deflation upside and a little bit of strength in residential that any choppiness that we might see in the back half of the year on any channel destocking on the commercial side that we could handle and sustain that. Okay. Then, you know, I know it's certainly not your base case, but what would have to happen, in your opinion, for you not to be able to hold price in your key markets? You know, John, as we talked in the past, we price to value, and we feel really good about the value proposition we have in the marketplace, whether it's our deck rail and accessories business or our exteriors business. You know, we feel good about our ability to continue to manage our value in the marketplace and continue to be able to optimize our margins based on all the great work we've done on the sourcing and cost reduction side. You know, nothing specific other than to say, you know, in general, the way we operate is, you know, we sustain price and we make sure we focus on driving the value for that price. And I'd- Yeah. I'd just add, obviously it's one quarter only. Based upon performance metrics of 1Q, we didn't really see anything at all that would cause us to think about our planning assumptions for the rest of the year and pricing differently. Got it. Thank you, guys. Thank you. Our next question comes from Trey Grooms with Stephens Inc. Hey, good afternoon. you know, obviously it's early, but you mentioned earlier that the sell-through demand trends for residential have been modestly better than the planning assumptions. Is that pretty widespread across products, or if not, maybe what product lines are you seeing the better sell-through? Yeah, Trey, I'll answer it at a very high level. I, you know, it's pretty widespread. We've, you know, as we look at our data, you know, whether it's the pro channel or retail or, we look at, you know, our exteriors business or our deck rail and accessories business, it's, you know, in aggregate, you know, the business has, you know, has performed incrementally better as we've highlighted on the call. Yeah. Pretty widespread. Okay. I guess just following up on another question from earlier. You know, with the sample requests that you were talking about and, you know, just mostly driven by continued interest in the space, can you talk about maybe what these sample requests that you're seeing and what you're sending out, if they're suggesting any change in, you know, appetite as far as like high-end versus the more entry level or any expected trade down from the consumer to a more entry level product based on what you're seeing there? You know, as we look at our sample data, I don't exactly have the mix in front of us, so I'm operating a bit off of memory. Typically for the samples that we send out, they tend to skew higher end. They tend to be our advanced PVC products that, you know, have terrific aesthetics. In general, you know, historically and even more recently, the segment, you know, a lot of the segment that we're servicing with the samples, tends to skew a bit more premium. I think your underlying question might be, are there any leading indicators to really highlight any changes in mix? I think as we've looked at it, in general, all of our categories have continued to perform well. You know, we at times have, you know, we've been modestly under-indexed in, you know, in the good part of the category in certain parts of our decking business. You know, we've been incrementally been able to, you know, perform well there. In general, if you take a look at our core business, you know, it's operating within the same kinda price bands. There might be a little bit of movement between product A and product B, but if you're in a premium band, you stay within a premium band. If you're in a kind of an entry-level band, you stay within that entry-level band. Got it. That's super helpful, Jesse. Thanks for taking my question. Appreciate it. Thank you, Trey. Our next question comes from Adam Baumgarten with Zelman. Hey, everyone. Thanks for taking my question. I'm just curious on the trends maybe you're seeing in January, just because it sounds like there's a nice uplift in overall kind of housing related activity in the months. Just curious if that translated into better trends in your business. Yeah. We don't disclose any specifics, month to month. What I would say is, you know, what we're seeing now is pretty consistent with what we've seen really over the last, you know, three months in aggregate. There's, you know, there's not anything meaningfully different we're seeing in the data. You know, as we highlighted, you know, we felt incrementally better about Q1 and there's nothing really that we're seeing that's changing in the data right now. Okay. Got it. Thanks. I now turn the call over to Mr. Jesse Singh. Really appreciate, once again, all of you taking the time to join us this evening. We look forward to chatting with you further as necessary and look forward to meeting you again on the next call. Thanks, and have a great day.