Myers Industries, Inc.

Hello everyone and welcome to the Myers Industries 2021 fourth quarter earnings call. My name is Victoria and I'll be calling to your call today. If you'd like to ask a question during the presentation, you may do so by pressing star 1 on your telephone keypad. If you wish to withdraw your question, please press star 2. If you have joined us online, please press the red flag icon. When preparing to ask your question, please ensure that your line is unmuted locally. I'll now pass over to your host, Monica Vinay, to begin. Please go ahead.

Thank you. Good morning, and thank you for joining us. I'm Monica Vinay, Vice President of Investor Relations and Treasurer at Myers Industries. Joining me today are Mike McGaugh, President and Chief Executive Officer, and Sonal Robinson, Executive Vice President and Chief Financial Officer. Earlier this morning, we issued a news release outlining the financial results for the fourth quarter and full year of 2021. If you've not yet received a copy of the release, you can access it on our website at www.myersindustries.com under the Investor Relations tab. This call is also being webcast on our website and will be archived along with the transcript of the call shortly after this event. Before I turn the call over to Mike, I would like to remind you that we may make some forward-looking statements during this call. These comments are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and involve risks, uncertainties, and other factors which may cause results to differ materially from those expressed or implied in these statements. Further information concerning these risks, uncertainties, and other factors is set forth in the company's periodic SEC filings and may be found in the company's 10-K and 10-Q filings. I am now pleased to turn the call over to Mike McGaugh.

Thank you, Monica. Good morning, everyone, and welcome to our fourth quarter and full year 2021 earnings call. 2021 was an important year for Meyers. We made meaningful progress against our Horizon One goals, and we continue to build the foundation to ensure we execute against our long-term Three Horizons strategy. Specifically this past year, we revitalized our sales, marketing, and operational capabilities by adding a significant amount of new talent. We implemented new processes and systems across the board that are helping the company become great. We announced another acquisition in our material handling business, Trilogy Plastics, which has already had a positive impact to both our top and bottom lines. I couldn't be prouder to lead this revitalized company and rejuvenated organization. I want to thank the entire Meyers team for their great work in 2021. Please reference slides three and four as I share with you details of our performance in 2021. I'm excited to report that we had a record setting year for top line growth with revenue coming in at $761 million representing a $251 million or 49% increase over 2020. This growth is a testament to the team we've assembled at Meyers and the demand for our high-quality products across all of our end markets. Excluding our two recent acquisitions, Elkhart and Trilogy, our organic net sales increased 25% compared to 2020. In addition to the top line performance, our bottom line improved as well. Adjusted EBITDA increased $6 million or 9% versus the prior year. We generated $45 million of cash flow from continuing operations or $27 million of free cash flow for the year. We continue to have the financial capacity and flexibility to invest in and grow the company both organically and through M&A. We continue to execute we continue to make the company stronger and better. Demand for our products is robust. In 2021, we demonstrated that we have the operational capability to deliver against this demand and exceed our customer expectations. When our competitors struggled to get raw material supplied or to meet customer orders, Meyers was able to prevail and deliver for our customers. We fortified our reputation as a supplier that our customers could count on. While we run our plants hard and deliver against robust customer demand, we also ensure that we price our products for the value they deliver. In 2021, we built an in-house pricing excellence group that helps our commercial teams identify opportunities to improve price in a way that's constructive with our customers. We focus on creating value with our customers and then sharing in that value created. Everyone wins in this approach. I'm now entering my third year as CEO at Meyers, and quite frankly, everything is right on schedule. In my first year, 2020, we put in place some key people and started to get the foundation of the company reoriented towards growth. In my second year, these key senior leaders continued to build out their teams with excellent talent in the mid-levels of the company. and we continue to install commercial and operational processes borrowed from larger, world-class companies. I expect that in my third year, we will hit stride, and all the great things we did in 2020 and 2021 will begin to deliver remarkable results. The key takeaway that I ask you to consider is that in spite of significant headwinds on labor and on raw material cost and scarcity, Myers prevailed. We had a great year on revenue growth, We secured raw materials at a competitive cost, and we worked our pricing. We turned the corner in fourth quarter on margin as we reduced the amount of compression we experienced in prior quarters. I'm excited about the momentum we're bringing to 2022. Before I update you on the execution of our strategy, I will turn the call over to Sonal Robinson, our Chief Financial Officer, to provide details on our fourth quarter financial results and full 2022 outlook.