Myers Industries, Inc.

Hello, everyone, and welcome to the Myers Industries Fourth Quarter 2022 earnings call. My name is Bruno, and I'll be operating your call today. During the presentation, you can register to ask a question by pressing star followed by one on your telephone keypad. I will now hand over to your host, Monica Vinay. Please go ahead.

Good morning, and thank you for joining us. I'm Monica Vinay, Interim Chief Financial Officer and Vice President of Investor Relations and Treasurer at Myers Industries. Joining me today is Mike McGaugh, our President and Chief Executive Officer. Earlier this morning, we issued a press release outlining the financial results for the fourth quarter and full year of 2022. We have also posted a PowerPoint presentation to accompany today's prepared remarks. If you've not yet received a copy of either the press release or the PowerPoint, You can access it on our website at www.myersindustries.com under the investor relations tab. This call is also being webcasted on our website and will be archived along with the transcript of the call shortly after this event. Please turn to slide two of the PowerPoint presentation for our safe harbor disclosures. 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. Also, please be advised that certain non-GAAP financial measures, such as adjusted gross profit, adjusted operating income, adjusted EBITDA, and adjusted EPS may be discussed on this call. 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. Please turn to slide three of our presentation. I'm 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 2022 earnings call. I'm excited to report another consecutive quarter of record top and bottom line results, making 2022 a record year for Meyers. This included annual revenue growth of 18% or 10% on an organic basis, adjusted EBITDA growth of 51%, and adjusted EPS growth of 73%. Our team executed at a high level throughout the year and delivered on our promises. I'm proud of our team and believe that we have only just begun on our journey towards becoming a world-class enterprise. Over the past few years, we've made remarkable progress on our transformation. This is a direct result of our entire team's commitment to our Three Horizons strategy. This strategy has brought a clear sense of direction and a common purpose and will continue to serve as the foundation for company-wide growth and operational excellence. We're approaching the completion of Horizon One and our goals of reaching $1 billion in revenue and a run rate of 15% EBITDA margins remain in focus. In 2022, we made good progress against these goals as we saw strong sales across the majority of our product lines and business units. Additionally, we continue to benefit from the numerous self-help initiatives taken over the past two and a half years, which included developing our pricing excellence team to ensure we capture the true value of our high quality products. and optimizing our supply chains and manufacturing plants to improve productivity and output while becoming more competitive on our cost. What I feel good about is we did this while implementing a culture of servant leadership along with a culture of aggressive goal setting and execution. We can be excellent servant leaders while we drive aggressive performance improvement. Please turn to slide four where we have a more detailed outline of the full year results. We achieved net sales of $900 million, which was an 18% increase compared to the prior year. Adjusted gross profit was $284.1 million, up 34% compared to 2021. And our adjusted gross margin expanded by 370 basis points during the year. In spite of a choppy macroeconomic backdrop, which included strained supply chains, elevated raw material costs, and a difficult labor market, Our strong results in Q4 and in 2022 are clear proof points that our strategy is working. Now, I'll turn the call over to Monica for a review of our fourth quarter financial results and full year 2023 outlook. Monica?