Atkore Inc.

Thank you for standing by and welcome to the ATCOR International first quarter fiscal 2021 earnings conference 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. To ask a question during the session, you will need to press star 1 on your telephone keypad. Please be advised this conference is being recorded. Thank you. I'd now like to hand the conference over to John Deitzer, Vice President of Treasury and Investor Relations.

Mr. Deitzer, please go ahead. Thank you, and good morning, everyone. I'm joined today by Bill Waltz, President and CEO, as well as David Johnson, Chief Financial Officer. We will take your questions after comments by Bill and David. I would like to remind everyone that during this call, we may make projections or forward-looking statements regarding future events or financial performance of the company. Such statements involve risk and uncertainty such that actual results may differ materially. please refer to our SEC filings and today's press release, which identify important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. In addition, any reference in our discussion today to EBITDA means adjusted EBITDA. With that, I'll turn it over to Bill.

Thanks, John, and good morning, everybody. Starting on slide three, thanks to our operational focus and culture of teamwork, Accor continued to deliver strong financial performance across our businesses, resulting in another record quarter. As just one example, adjusted EBITDA was $137 million in the quarter, up 76% from the prior year. We had strong performance across the business from metal conduit to solid execution and volume recovery in our international markets. In particular, we saw better than expected results in our PVC conduit business, driven by favorable pricing dynamics due to increased demand and industry supply constraints. This was a key enabler for us to achieve 27% adjusted EBITDA margins in the quarter. It is important to remember that our PBC condo story is not one that began in the past quarter or even in the past year. Rather, we recognized early on that this market had the potential to be a major growth category. Over the last decade, through a combination of organic and inorganic investments, we built out this product line and expanded our national footprint, becoming the leader in the market. This positioned us very well to support and supply the strong residential, data center, and utility markets we are seeing. In addition to delivering exceptional results across the business, we continue to prudently deploy capital in the quarter. Specifically, we repaid $40 million in debt and bought back $35 million in stock. You'll also recall that we completed our previously announced acquisition of Queen City Plastics in October. Turning to slide four, We have a few other recent events and key business updates to share. You'll see in our earnings material, we're now reporting our two segments as electrical and safety and infrastructure. We made this decision to rename and reorganize our two segments to better reflect each segment's value proposition and go-to-market approach. We are also very pleased to announce that our board recently approved a new two-year, $100 million stock repurchase authorization. This new authorization underscores our confidence in our ability to continue to grow earnings and generate strong cash flows, and ultimately demonstrates the strength and sustainability of Accor as a long-term franchise. In addition, I want to highlight the launch of our first sustainability report. In this report, which you can find on our website, we share all of the activities that we are doing across the company in terms of health and safety, diversity and inclusion, and energy management. This is an area that is very important to us, and we are glad to be showcasing our sustainability initiatives through this inaugural report. Finally, as I said, the team delivered outstanding results in Q1, underpinned by the Accor business system and a customer-first mentality. Based on the strength of our business and our ability to deliver results, we are increasing our estimate for fiscal year 2021 adjusted EBITDA by $100 million. With that, I'll turn the call over to David, who will walk us through the quarter in more detail.