Good morning, ladies and gentlemen, and welcome to Advanced Drainage Systems' Q3 fiscal 2022 results conference call. My name is Katrina, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. If you have a question at this time, please press star and then the number one key on your touchtone telephone. I would now like to turn the presentation over to your host for today's call, Mr. Mike Higgins, Vice President of Corporate Strategy and Investor Relations. Sir, you may begin. Good morning, everyone. I'm here today with Scott Barbour, our President and CEO, and Scott Cottrill, our CFO. I would also like to remind you that we will discuss forward-looking statements. Actual results may differ materially from those forward-looking statements because of the various factors, including those discussed in our press release and the risk factors identified in our Form 10-K filed with the SEC. While we may update forward-looking statements in the future, we disclaim any obligation to do so. You should not place undue reliance on these forward-looking statements, all of which speak only as of today. Lastly, the press release we issued earlier this morning is posted on the investor relations section of our website. A copy of the release has also been included in an 8-K submitted to the SEC. We will make a replay of this conference call available via webcast on the company website. With that, I'll turn the call over to Scott Barbour. Thank you, Mike, and good morning, and thank you all for joining us on today's call. We achieved a record $715 million in sales in this Q3, an increase of 47% compared to the same period last year. Sales growth was driven by both pricing and volume at ADS and Infiltrator. Construction market pipe volume increased double-digit in the Q3, with particular strength in the non-residential, new residential, and infrastructure end markets. Agriculture sales were down just slightly, driven by the strategic decision we made earlier this year to service commercial markets in areas where we experienced material and labor shortages. This came at the expense of growth in the agriculture market, but importantly, we achieved favorable pricing in this market. The material availability issues are now behind us, and we can again begin to start the work of growing our agriculture market share as we successfully did in FY 2020 and FY 2021. Infiltrator sales increased 51%, primarily due to favorable pricing, as well as a slight volume increase with strong growth in the southeast and southern regions of the U.S. Roy Moore and an entire team at Infiltrator are doing a great job managing record levels of demand, working through material price and availability issues while achieving record production levels in their factories, installing new capacity, and executing the Jet Polymer acquisition this past quarter. Additionally, international sales increased 23% this quarter with growth in each of the businesses, Canada, Mexico, and exports. Not only were we able to execute price and volume gains in these markets, but we also began importing large volumes of pipe products into the Northeast from Canada and into Texas from Mexico to improve service levels to customers and reduce our backlog levels. This past year is the first time ADS has meaningfully used these international facilities at scale to supplement domestic production for U.S. customers. This is a competitive advantage for ADS and demonstrates the scale and capacity we can bring to our distribution partners and customers. I wanna take this opportunity to also thank the ADS and Infiltrator employees for their outstanding work in a really challenging environment. The majority of our employees are in manufacturing, transportation, and sales roles. I cannot say enough to give credit to these folks executing at a high level in this environment of dynamic price situations, high production rates, and high rates of transporting our goods while dealing with all kinds of disruptions and labor shortages. Our backlog and pace of orders remains favorable, as well as our ability to capture price in the market, which gives us confidence in the updated sales targets we issued today. Overall, the demand environment remains very favorable, and our leading indicators point to continued strength for the foreseeable future. To that end, we have continued to invest in expanding our capabilities with capacity coming online at both ADS and Infiltrator this Q4. The new equipment will modestly benefit production in the Q4 with a larger impact that will be realized in FY 2023. The Infiltrator capacity comes online, will have a more significant immediate impact, and these investments will allow us to bring down the high levels of backlog, build back inventory levels, and service the strong demand we see in our end markets, particularly in the key growth regions like the Southeastern United States. Moving to profitability, our adjusted EBITDA increased 27% this quarter. We realized the full benefit from price increases implemented over the last several quarters, covering inflationary pressure costs on materials, transportation, and labor. This quarter, we faced many of these same challenges around labor shortages and elevated transportation costs. I wanna note that the second half plan for increased profitability over prior year that we shared in November is right on track with what we communicated. The price levels have caught up with the inflationary pressures, and we have line of sight on the year as we have consistently communicated and reflected in our guidance ranges. We took actions this past summer to simplify the production processes, reduce our SKUs, decrease changeovers, all to increase our production rates, and these programs are working as we anticipated. Compared to previous quarters, availability of raw materials has normalized, though material costs remain a little elevated overall. We are beginning to see some modest relief in material pricing as resin supplier inventories rise and availability is robust. However, within the manufacturing organization, we were unable to consistently operate all our production lines we wanted to run due to open production positions and absenteeism. This trend continued in January, though we did see modest incremental improvement as we went through the month. I want to turn to some other recent announcements that we've made. In January, we issued our third annual sustainability report. Sustainability is a core part of ADS. Our reason is water. We protect and manage water, the world's most precious resource, safeguarding our environment and communities. As the second-largest recycling company in North America, we are committed to sustainable solutions to water management challenges. This year's report includes ten-year company-wide sustainability goals, including our commitment to Science Based Targets to reduce our greenhouse gas emissions. In this report, we furthered our commitment to reducing our environmental impact, enhancing the safety of our people, creating a diverse, inclusive, and equitable workforce, and improving the communities we touch. Through these new goals, we will reduce our absolute greenhouse gas emissions by over 40% from our baseline year, while simultaneously increasing our use of recycled plastics by nearly 100% over the same time period. Additionally, in December, we announced the acquisition of Jet Polymer Recycling, further demonstrating our commitment to recycling and strategic M&A. Jet Polymer Recycling is the largest supplier of recycled polypropylene to the Infiltrator business. Through this acquisition, we will gain access to more recycled material to support the growing business in the southeast, plus diversify and gain scale in the polypropylene materials for the company. Finally, today we made 2 additional really important announcements. First, this week our board of directors passed a resolution that will ultimately lead to the final allocation of the remaining ESOP shares to the participants. The company contributed $325,000 to the ESOP to enable the ESOP to repay the remainder of the loan one year ahead of the ESOP expiration date in March of 2023. Scott Cottrill will discuss some additional information on the ESOP in a moment, but to me, there are three key takeaways. Preferred shares in the ESOP will convert to approximately 12 million common shares in April. After this event, participants will be able to diversify and manage their retirement accounts more like a typical 401 plan. Third, this transaction does not impact our adjusted EBITDA or free cash flow and is accretive to the EPS beginning next year in FY 2023. Second, today we announced that the board approved a new $1 billion open market multiyear stock repurchase program. This is the largest repurchase authorization we announced to date. Recall that we executed a $292 million share repurchase in the May to August timeframe this year, and we plan to execute this program over time without hindering our ability to allocate capital to our top two strategic priorities, investing organically in the business to drive growth, productivity, safety, and automation, as well as to make strategic acquisitions. The strength of our balance sheet, our operational excellence initiatives, and cash generation profile of both ADS and Infiltrator give us confidence in executing our capital deployment priorities. This year, we nearly doubled our capital spending to $130 million-$150 million, executed on the acquisition of Jet Polymer Recycling, increased the dividend by 22%, and executed $292 million of share repurchases. Before I turn the call over to Scott, I'd also like to announce we're hosting an Investor Day on March 10 in New York. The event is available in person and virtually. We will issue new three-year targets, do a deep dive on the Infiltrator business, and give updates on our sustainability, sales, and operations programs. If you have any questions about the event, please reach out to us through our investor relations team. With that, I'll turn it over to Scott to further discuss the financial results. Thanks, Scott. On slide five, we present our Q2 fiscal 2022 financial performance. From a top-line perspective, we generated 47% growth year-over-year, driven by price and volume at both ADS and Infiltrator. Legacy ADS pipe products grew 53%. Allied product sales grew 33%, and Infiltrator sales increased 51%, with double-digit sales growth in both tanks and leach field products. We continue to demonstrate our pricing power with significant year-to-date price increases across each of our segments. In addition, our pipe segment experienced double-digit volume growth in the construction markets this quarter. Our consolidated adjusted EBITDA increased 27% to $176 million, resulting in an adjusted EBITDA margin of 24.6% in the quarter. Importantly, we hit the full run rate of our previously announced pricing actions in the Q3, and not only covered resin increases year-over-year, but also covered incremental labor, manufacturing and transportation costs, as noted on slide five of our Q3 earnings presentation. It is important to note that our manufacturing and transportation costs remain at elevated levels. I want to reiterate Scott's comments. Our employees continue to work hard and do a great job despite the day-to-day labor shortages we are facing. Moving to slide six. We generated $94 million of free cash flow year-to-date. In addition to the growth-oriented capital investments we're making, working capital was a significant use of cash year-to-date as we purchased raw materials and built inventory at a much higher cost compared to last year in order to support the demand we are experiencing. While we spend a lot of time talking to investments in CapEx to support growth, productivity, and drive improved service levels, it is important to highlight that we view our investments in working capital this year the same way. From a capital deployment perspective, we are committed to efficient and disciplined capital allocation to drive shareholder value. Our first priority for capital deployment remains investing organically in the growth of our business as we view this as the highest return and lowest risk use of our available capital. For the full year, we continue to expect between $130 million and $150 million in capital expenditures, with the largest investments focused on future growth, followed by our productivity and automation initiatives. In addition, we continue to work on an active M&A pipeline. We are pleased with the recent acquisition of Jet Polymer Recycling, a recycling company located in the Southeastern United States. We will remain focused on staying close to our core, including regional pipe capacity, allied products that fit our solutions package, and recycling capacity to support the growth of the business. Beyond our first two priorities, the share repurchase authorization announced today demonstrates our commitment to a balanced capital allocation strategy and an efficient use of our balance sheet. Finally, today's ESOP announcement is another way to show appreciation to our employees for the great work they have done. This will allow our employees to have full control over their shares one year ahead of our original plan. This transaction will result in a non-cash charge of approximately $30 million-$35 million in the Q4 of this year to reflect the additional grant of ESOP shares to our employees. There is no impact to adjusted EBITDA or free cash flow in fiscal year 2022. Beginning in fiscal 2023, next year, we will replace the current ESOP compensation expense with an employer 401(k) match program. The 401(k) match program will result in approximately $8 million-$10 million of annual compensation expense. It is important to point out that despite the conversion of the ESOP preferred shares to common shares, this transaction will actually be accretive to our earnings per share calculation. We plan to issue pro forma financial statements illustrating such later today after we file our Form 10-Q. Finally, on slide seven, we have updated our fiscal 2022 guidance. Based on our performance and pricing actions taken to date, order activity, backlog, and current market trends, we currently expect net sales to be in the range of $2.675 billion-$2.725 billion, representing growth of 35%-37% over the prior year. Our adjusted EBITDA guidance is unchanged at a range of $635 million-$665 million, representing growth of 12%-17% over last year. With that, I'll open the call for questions. Operator, please open the line. Thank you. As a reminder, if you have a question at this time, please press the star and then the number one key on your touchtone telephone. If your question has been answered or you wish to remove yourself from the queue, please press the pound key. We'll pause for just a moment to compile the Q&A roster. Our first question is from Matthew Bouley with Barclays. Your line is open. Hey, good morning. This is Ashley Kim on for Matt today. Just first with the capacity plans that you have coming on, how do you plan to maximize utilization on that new capacity, just given, you know, one, the shortages in manufacturing labor, and then, you know, two, if you can get the product made, getting the transportation capacity to deliver it? Well, I think good morning. This is Scott Barbour. So that's a good question. I think the you know job one will be to the staffing. You're right, you know, you bring in new capacity, you gotta have people to run that. We have been recruiting ahead of that equipment. I would say that is coming on fastest at Infiltrator because some of the investments we've made there come on first. Those machines are up and running now and staffed. Some cases, Ashley, you might move people from older, less productive equipment to newer, more productive equipment. Net-net, we're adding people there. Same is happening in a couple of the ADS pipe plants. We're a little fortunate in that the first two machines we're bringing in, which are going into Florida, labor is a bit more available there than in some of our other areas. Once you get that done, you push the bottleneck to the transportation. You know, I think the transportation it kind of works itself out. You know, on any given day, you could probably be shipping more if you could get a few more trucks, but I think it kind of tends to even out a bit. It just comes at a cost, an inflated cost versus prior years, which is what is the most painful. Great. Thanks for that color. Just for my follow-up, on your longer-term view with your plan to grow recycling, just appreciating that target for 1 billion pounds of recycled material that you kind of put out there in that ESG report. Could you just help us bridge the gap to getting there? You know, what would it take between scaling up material sourcing or any kind of regulatory hurdles, and then maybe just some color around the eventual margin impact that you could see there? We'll talk a lot about this at the Investor Day, but it's really gonna come from three different things in our program that we think about. One is, you know, you gotta get the supply of the raw materials and expanding relationships with the MRFs, expanding the material you'll go after to kind of bring into that input stream. The Jet Polymer acquisition is a great example of an acquisition that was driven by a company that had a really nice supply of material that we knew we could grow. Roy and the team at Infiltrator knew they could grow that source of supply. You know, I think over the last year, we've sent our people out much more aggressively looking for that supply. That's number one, is you gotta increase it a lot. That's feet on the street, it's acquisitions, it's a lot of stuff. Number two is you gotta add capacity. That capacity is gonna come through acquisitions like Jet Polymer or probably new facilities that we'll have to do. Similar to what we do in Pennsylvania and Iowa, we have one smaller one in Ohio, a smaller one in Georgia, that do the processing of this material for us and then feed into the pipe plants. Number three is in the existing places where we do recycle, Pennsylvania, Iowa, Ohio, and Georgia, we'll do add-on capacity debottlenecking of those operations to try to incrementally add to capacity. You add that all up, and that's how you get to the extra 500 million lbs. That's the logic that we're using. Great. Thanks. Looking forward to more color at the Investor Day. I'll leave it there. Okay. Thank you. Our next question is from John Lovallo with Leidar. Yeah, good morning, everyone. Hopping on for Ramon this morning. So first question here. I guess just I'll give you the opportunity to expand a little bit on the forward-looking comments, specifically on underlying demand. Just an update on, you know, what you're hearing on the ground, you know, are new projects continuing to come in? Are conversations getting a little more tense around inflation and price points and things like that? Any amount of color there would be helpful. Okay. Well, I would say that let's just talk about the commercial, you know, and what we would call the non-residential. We see a pace of, you know, quotes and orders coming in that are on par, if not maybe slightly better than what we saw over the past six months. I mean, it's really, you know, quite robust in that area. I would say new residential for both pipe and Infiltrator remain very strong. Now, we continue to work off backlog that was pretty high for that. The incoming orders in that again remain good. Recall that on the pipe side, we're at the very front end on land development. On the back end side, we're kind of at the home completion, which I saw some stuff from the Infiltrator guys the other day where that's lengthened out due to labor shortages. It used to be kinda home completions occurred six-nine months. Now, that's kinda 9-14 or 16 months. We feel pretty good about, you know, that demand and working off that backlog. As the previous question was, you know, it's a matter of being able to run your lines and get all those positions filled, and absenteeism has not been easy. Here, as the COVID variant has hit us, transportation, you know, can be a bottleneck. We tend to be able to work our way through that. The color for the demand side, I would say is pretty good. If not a little bit better than what it was. You know, the agriculture business has seen horrible weather, cold in our regions. You know it's kinda shut down now. We made some choices last year not to grow that business at the rate it had been growing. We think we've got material and capacity to kind of reignite that this year, so that team is very anxious to get out there and as is our Infiltrator team with some really good initiatives around some new territories and sales things, particularly in some of their active on-site septic products like the Presby product line in particular. We feel good about that. Great. That was very helpful. Thanks, Scott. Secondarily, maybe just to level set us a little bit, you know, obviously now we're at, you know, realizing kind of the full rate of price increases that came in. Sounds like the expectations for incremental capacity start coming online, at the start of your fiscal 2023. In theory, does that mean maybe we see some, in terms of your top line, some added seasonality relative to the normal just because those things are gonna lay in, you're gonna start to catch up on your backlog a little bit? Am I thinking about that the right way? Q4 is a little bit difficult, right, to kinda make that assumption. Directionally, you're thinking about it the right way. I would say more as we round the corner into the construction season in kinda that March, April, turning into Q1 of next year, you'll kinda see that, bullishness come in, and we'll talk a little bit more about that in Investor Day as well. You're thinking about it the right way as we progress. Yeah. The way we're thinking about it. This is Scott Barbour. That was Scott Cottrill. The way we're thinking about it is, we gotta. You know, the way we discuss it right now is, you know, Q4 has a lot of variability in it for us. We're really pleased with the third. We got line of sight. You know, we say we can lose the game in January, February, we can't win it. We gotta win it in March. Yep. We believe that thing is gonna really kinda take off as we get into late March and April from all the activity we've been seeing. You know, our normal seasonal and shipping and all, and profitability stuff is a little wacky now. We think it'll kind of return more normal next year. Yeah. Perhaps. But I just think we had to deal with what the cards we were dealt this year and getting that pricing up, you know, in this first six months, experiencing this inflation, figuring out programs to combat it, and we got on top of it in the third, and we'll be on top of it in the fourth. Understood. I'll drop off in the queue. Our next question is from Garik Shmois with UBS. Hey, guys. Good morning. Thank you for the questions and nice results. Maybe just starting, you know, on the first question from the prior analyst, you know, when you guys are building out your revenue assumptions for next year and fully appreciating that you haven't given that out yet, but I guess I would expect probably somewhere in the mid- to high-single-digit range, but I don't wanna take those words out of your mouth. You know, I guess what percentage of top line growth for next year would you expect to be from pricing versus volume? You know, how does that compare to quote-unquote "normal time" for you? If raw materials come down as we hope they do you expect to be able to hold on to most of your pricing? I'll talk. Scott, this is Scott Cottrill. I'll talk to the last part first. Yes. It's more than resin and input costs, right? There's a whole paradigm around the value that we provide. It's also when you look at labor, manufacturing, transportation. We don't expect these inflationary cost pressures to go away. We're gonna continue to provide outstanding service to our customers, and get a good return there. Will there be some run rate benefit from the price increases we've got this year, next year? Absolutely. Will there be some volume increases next year as well due to capacity, demand, backlog? Absolutely. We'll get into more of that here as we move forward and talk to how things are lining up for next year. You're absolutely correct, and we'll provide you more guidance with that at the Investor Day, as well as when we provide our guidance for next year. Directionally, you're absolutely spot on. Okay, that makes sense. Maybe for my follow-up question. You know, EBITDA margins were obviously pretty challenged this year just by inflation and supply chain disruptions and whatnot. Also, you know, 2021, or fiscal year 2021 was a really remarkable year for you guys. You know, I guess the question is, how are you guys thinking about the path to getting back to sort of those high 20% EBITDA margins? Would you expect to see the largest improvement in margins next year? You know, I guess, what's sort of the glide path there? Yeah. The way I'd talk to that as well. This year was about dollars, right? We've talked about that. As you saw in Q3, our pricing got in front of resin, labor, manufacturing, transportation like we've been talking about it. Very happy with that. When you look at our Q4 guidance and you look at that implied Q4 performance to get to the midpoint of our ranges, you also see the margin story and expansion coming in on a year-over-year basis, again, like we've been talking about it. Is there the opportunity to expand margins at a clip that would be greater than the 100 basis points we normally talk to? Absolutely. Is that next year? Is it the year after that? Don't know and don't wanna pigeonhole it there. Again, a lot of hard work from our employees, a lot of strategies that have been effectively implemented, and a lot of things still coming our way that are lining up. We expect next year to be a good year. Yes, there could be a year or a period of time where we have some really nice margin expansion coming. Thanks. Good luck. Thank you. That concludes the Q&A session. I would now like to turn it back to Mr. Scott Barbour. All right. Thank you. We appreciate the people participating today and the questions. It's probably not great weather where a lot of folks are today. I know we're kind of watching our phones and stuff. We got a couple of plants that won't have great shipments today because of the weather and a couple of distribution yards, but we'll find our way through that. We do appreciate your participation. Many of you we look forward to talking to over the next couple of hours. We're now preparing for our Investor Day in March. Again, we're very excited about doing this again. We thought the one we did in FY 2018 or late 2018 was really good for us as a company and good for our investor base, and I think there's a lot of things that we've built on since that time and a lot of things that we'll be talking about that I think are relatively new to the company. Honestly, we had a lot of work over the last couple of days with our board to kind of you know not only report some good results and confidence in our year, but the wind down of the ESOP and the billion-dollar share buyback, which I'm surprised no one asked us about. We'll execute that over several years. We do appreciate it. We look forward to talking to you here in the future, and stay well. Thank you, presenters. This concludes today's conference call. Thank you again for participating and have a wonderful day. You may all disconnect.