Arcosa, Inc.

Good morning, ladies and gentlemen, and welcome to ARCOSA Inc.' 's third quarter 2021 earnings conference call. My name is Corliss, and I will be your conference call coordinator today. As a reminder, today's call is being recorded. Now, I would like to turn the call over to your host, Aaron Drabeck, Director of Investor Relations for ARCOSA. Ms. Drabeck, you may begin.

Good morning, everyone, and thank you for joining ARCOSA's third quarter 2021 earnings call. With me today are Antonio Carrillo, President and CEO, and Gail Peck, CFO. A question and answer session will follow their prepared remarks. A copy of yesterday's press release and the slide presentation for this morning's call are posted on our Investor Relations website, www.ir.arcosa.com. A replay of today's call will be available for the next two weeks. Instructions for accessing the replay number are included in the press release. A replay of the webcast will be available for one year on our website under the News and Events tab. Today's comments and presentation slides contain financial measures that have not been prepared in accordance with GAAP. Reconciliations of non-GAAP financial measures to the closest GAAP measure are included in the appendix of the slide presentation. In addition, today's conference call contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Please refer to the company's SEC filings for more information on these risks and uncertainties, including the press release we filed yesterday and our Form 10-Q, expected to be filed later today. I would now like to turn the call over to Antonio.

Thank you, Erin. Good morning, and thank you for joining today's call. Starting on slide four, having just passed our third anniversary as an independent public company, We are pleased to report strong third quarter results, which reflect the success of the efforts we have undertaken to build our business in attractive markets. Barcosa generated double-digit growth in third quarter revenue and adjusted EBITDA, led by gains in both our construction products and engineer structure segments, more than offsetting lower year-over-year results in transportation products. Now, we'll discuss several key takes away from our third quarter. The evolution and transformation of our portfolio toward faster growth, higher margin businesses is evident in our record third quarter results, and I'll provide additional context on the following slides. Construction Products continues to experience healthy market fundamentals supported by contributions from both organic initiatives and recent acquisitions. Order activity within our utility structures and related product lines was healthy during the quarter, and we were pleased to receive approximately 175 million of wind tower orders. We continue to manage inflationary pressures, mitigating the impact through proactive price adjustments in most of our businesses. High steel prices remain a headwind to order volumes in our barge business and to a lesser extent in our wind tower business. As we look to the fourth quarter of 2021 and into 2022, we continue to see favorable market drivers in our construction and engineering structure businesses supporting our outlook. At the same time, our wind tower and barge business continue to face short-term headwinds. Please turn to slide seven. Since becoming an independent public company, we have generated strong revenue increases and margin expansion through the successful execution of our strategy. We have been able to grow even when some of our larger and more cyclical businesses are navigating at the bottom of their cycles. Over this timeframe, our third quarter adjusted EBITDA has increased at a 21% compounded annual growth rate, while we have improved our margin by 240 basis points, or nearly 20%. We have achieved this through the evolution of our portfolio toward faster growth and higher margin businesses, and by improving operational efficiencies. Please turn to slide eight. Today, Arcosa is a fundamentally stronger, more focused, and more resilient company. In just three years, our construction product business has expanded organically and through acquisitions to represent nearly 60% of our adjusted EBITDA in the third quarter. Equally important, construction product represents our highest margin business, elevating Arcosa's overall margin potential. We also have successfully expanded our engineer structures business, and reduce our reliance on wind towers via operational improvements and the expansion into adjacent products with positive market fundamentals. Together, the investments we have made in the engineering structures and construction businesses have produced a more resilient company focused on attractive infrastructure markets. Turning to slide nine, I would like to remind you of our long-term strategy. I am proud of the substantial progress we have made as an organization in advancing our long-term vision in these three years. We have been able to make significant progress despite some of our more cyclical businesses being near at the bottom of their cycles. The acquisitions we have made have created a stronger, less cyclical company with much higher growth potential. As we discussed on our last call, having completed two sizable acquisitions already this year, Stone Point and Southwest Rock, we intend to focus our near-term efforts on integrating these great businesses, executing on organic opportunities, and simplifying our overall portfolio to reduce the complexity of our COSA. We look forward to sharing some additional progress on future calls. I will now turn over the call to Gail to discuss our segment performance, and then I will return to update you on the outlook of the business.