Patrick Industries, Inc.

Good morning, ladies and gentlemen, and welcome to Patrick Industries' first quarter 2022 earnings conference call. My name is Robert, and I'll be your operator for today's call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I would now like to turn the call over to your host, Ms. Julianne Kutowski. From Investor Relations, Ms. Gutowski, you may begin.

Good morning, everyone, and welcome to our call this morning. I am joined on the call today by Andy Nemeth, CEO, Jeff Rodino, President, and Jake Pekovic, CFO. Certain statements made in today's conference call regarding Patrick Industries and its operations may be considered forward-looking statements under the securities laws. There are a number of factors, many of which are beyond the company's control, which could cause the actual results and events to differ materially from those described in the forward-looking statement. These factors are identified in our press releases, our Form 10-K for the year ended 2021, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to update these statements to reflect circumstances or events that occur after the date the forward-looking statements are made. I would now like to turn the call over to Andy Nemitz.

Thank you, Julianne. Good morning, ladies and gentlemen. Thank you for joining us on the call today. We're excited to report our first quarter results, which mark the continuation of strength across all four of our primary markets. Traction was gained from several areas, which we'll talk about, including acquisitions completed in 2021, our automation initiatives implemented over the past 21 months, efficiencies as a result of improved consistency of material flow through procurement, better visibility into customer production scheduling with longer runs, and our team's tireless commitment to taking care of our customers. In addition to our strongest financial performance to date and aligned with our disciplined capital allocation strategy, we strategically expanded our premium audio and aftermarket platform in the first quarter, exemplified by the acquisition of Rockford Fosgate. We are continuing to grow our presence in the power sports and leisure lifestyle enthusiasts, OEM, and aftermarkets, providing an extension of our strategic diversification initiatives while also creating margin expansion opportunities. We are very excited about this addition to our family and look forward to how this will continue to accelerate our strategic growth. While supply chain consistency and visibility continue to present challenges and resonate across our markets, our team and brands have worked together to leverage our combined global purchasing resources and value streams to drive as many synergies as possible. Dealer inventory recalibration and restocking has been taking place in our RV market, which represents approximately 61% of our revenue. Alternatively, marine dealer and housing inventory levels continue to be limited, providing a strong baseline of visibility and foundation in our other three primary markets to continue to drive our business model and capital allocation initiatives. Inflation and commodity pricing continues to remain elevated in our markets. However, consumers in general are also in a strong position to further drive strong leisure lifestyle and housing demand, as personal income levels are at the highest we've seen in the last 10 years. and the ratio of debt service to personal income is at one of the lowest levels dating back to 1980. From a financial perspective, our first quarter revenues increased 58% to $1.3 billion, and our net income increased 137% to approximately $113 million, or $4.54 per diluted share. Adjusting for the impact of the accounting treatment for our convertible notes, our adjusted diluted per share was $4.93. I'll now turn the call over to Jeff, who will provide additional detail on our business and end markets.