Core Natural Resources, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Cornerstone Building Brands Third Quarter 2021 Financial Results Conference Call. At this time, all participants are in 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. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to Tina Beskett, Vice President of Finance and Investor Relations. Thank you. Please go ahead.

Thank you. Good morning, and thank you for your interest in Cornerstone Building Brands. Our prepared remarks include comments from Jim Metcalf, Executive Chairman, Rose Lee, President and Chief Executive Officer, and Jeff Lee, Executive Vice President and Chief Financial Officer, and were recorded in advance of the call. Unfortunately, Rose is not feeling well and is not with us this morning, so Jim and Jeff will take your questions at the end of the prepared remarks. Please be reminded that comments regarding the company's results and projections may include forward-looking statements that are subject to risks and uncertainty. These risks are described in detail in the company's SEC filings, earnings release, and our investor presentation. The company's actual results may differ materially from the anticipated performance or results expressed or implied by these forward-looking statements. Throughout this presentation, management may also refer to pro forma financial results. Such pro forma results give effect to completed acquisitions and divestitures as if such transactions were consummated prior to the periods presented. Finally, management will refer to certain non-GAAP financial measures. You will find a reconciliation of these non-GAAP financial measures and other related information in the earnings release and investor presentation located in the investor section of our website. Please note, we will be referencing our investor presentation throughout today's call. Today's call is copyrighted by Cornerstone Building Brands. We prohibit any use, recording, or transmission of any portion of the call without our express advance written consent. With that, I would like to turn the call over to Jim.

Thank you, Tina. Good morning, and thank you for joining us. Before we review our results for the quarter, I'd like to welcome Rosalie to our call. Rose joined us as President and Chief Executive Officer and has an impressive broad-based career with extensive experience in building materials. Her deep knowledge of the industry and proven leadership make her the right person to execute our long-term strategy. Rose and I are aligned on our strategy to deliver long-term profitable growth and value creation for our stakeholders. As executive chairman, I look forward to working with Rose, our leadership team, and the board in our continuing commitment to driving returns for our shareholders. Now let's turn to the third quarter results on slide three. The third quarter was another strong quarter for Cornerstone Building Brands as we navigated the headwinds from rising commodity costs, freight challenges, and labor disruptions. In response to this dynamic inflationary environment, our team's discipline price actions drove record sales for the second consecutive quarter. Pro forma net sales grew approximately 20% over the prior year and were up 15% compared to a strong 2019. These results represent our third consecutive quarter of year-over-year double-digit net sales growth. Third quarter pro forma adjusted EBITDA of $182 million increased 4% and 8% over 2020 and 2019, respectively. Raw material and labor shortages persist, driving up the cost to serve our customers and limiting shipments. We are navigating these challenges and remain focused on our service value proposition, solidifying our customers' position as a partner of choice. In the quarter, we completed the divestitures of the insulated metal panels and roll-up door businesses, as well as the acquisition of cascade windows. These strategic actions resulted in a more focused business portfolio, strengthened our residential market position, improved our financial flexibility, and fueled value creation. As a result, we reduced our net debt leverage ratio to 3.7 times, approximately one and a quarter turn better than the third quarter of last year. We remain disciplined on balancing our capital deployment and advancement towards our delivering goal of two to two and a half times. As I wrap up my comments, I want to thank the Cornerstone Building Brands team for many different backgrounds and experiences serving our customers every day. It continues to be a privilege to serve this company and its shareholders, and I'm grateful to have the opportunity to work with such talented people. I'm so proud of the tremendous accomplishments we are making as a company. Now I'd like to turn the call over to Rose.