American Woodmark Corp. (NASDAQ:AMWD) Q1 2021 Earnings Conference Call - Final Transcript

Aug 25, 2020 • 11:00 am ET


American Woodmark Corp. (NASDAQ:AMWD) Q1 2021 Earnings Conference Call - Final Transcript


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Good day, and welcome to the American Woodmark Corporation First Quarter 2021 Conference Call. Today's call is being recorded, August 25, 2020. During this call, the Company may discuss certain non-GAAP financial measures included in our earnings release, such as adjusted net income, adjusted EBITDA, adjusted EBITDA margin, free cash flow, net leverage and adjusted EPS per diluted share.

The earnings release, which can be found on our website, includes definitions of each of these non-GAAP financial measures, the Company's rationale for their usage and a reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures. We also use our website to publish other information that may be important to investors, such as investor presentations.

We will begin the call by reading the Company's safe harbor statement under the Private Securities Litigation Reform Act of 1995. All forward-looking statements made by the Company involve material risks and uncertainties, and are subject to change based on factors that may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission and the annual report to shareholders.

The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

I would now like to turn the call over to Paul Joachimczyk [Phonetic], Vice President and CFO. Please go ahead, sir.

Paul Joachimczyk

Good morning, ladies and gentlemen. Welcome to American Woodmark's first fiscal quarter conference call. Thank you for taking the time to participate. Joining me today is Scott Culbreth, President and CEO. Scott will begin with a review of the quarter and I will add additional details regarding our financial performance.

After our comments, we'll be happy to answer your questions. Scott?

M. Scott Culbreth

Thank you, Paul, and thanks to everyone for joining us today for our first fiscal quarter earnings call. My hope would be that you and all of your loved ones have remained safe during these unprecedented times. Our teams did an exceptional job of delivering results in the quarter, that were ahead of our expectations.

Before I get into the details of our performance, I want to first thank our extraordinary group of employees, who have allowed American Woodmark to operate through this period as an essential supplier. Thank you all for making it happen.

As a reminder, during the month of April, we experienced a two-week disruption in our Mexico operations. This ultimately led to disruptions in our stock kitchen and bath supply chains, and we continue to focus on recovering those segments of our business.

Our first quarter sales were down 8.7%, which was significantly better than what we imagined at the start of the quarter and in alignment with our revised outlook issued in the Company's 10-K. Within