Skyline Champion Corporation (NYSE:SKY) Q4 2023 Earnings Conference Call May 30, 2023 9:00 AM ET

Company Participants

Mark Yost - President and Chief Executive Officer

Laurie Hough - Executive Vice President and Chief Financial Officer

Conference Call Participants

Greg Palm - Craig-Hallum Capital Group

Daniel Moore - CJS Securities, Inc.

Matthew Bouley - Barclays

Philip Ng - Jefferies

Christopher Kalata - RBC Capital Markets

Jay McCanless - Wedbush Securities

Operator

Good morning and welcome to Skyline Champion Corporation's Fourth Quarter and Full Year Fiscal 2023 Earnings Call. The company issued an earnings press release this morning. I would like to remind everyone that today's press release and statements made during this call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

These statements are subject to risks and uncertainties that could cause actual results to differ materially from the company's expectations and projections. Such risks and uncertainties include the factors set forth in the earnings release and in the company's filings with the Securities and Exchange Commission.

Additionally, during today's call, the company will discuss non-GAAP measures, which it believes can be useful in evaluating its performance. A reconciliation of these measures can be found in the earnings release.

I would now like to turn the call over to Mark Yost, Skyline Champion's President and Chief Executive Officer. Please go ahead.

Mark Yost

Thank you for joining our earnings call, and good morning, everyone. I'm pleased to be joined on this call by Laurie Hough, EVP and CFO. Today, I will briefly talk about our full year and fourth quarter highlights and then provide an update on activities so far in our first quarter of fiscal 2024 and conclude with thoughts about the balance of the year.

I'm pleased with the results of Skyline Champion achieved in fiscal 2023 as we continue to grow our top line while expanding our profitability and expanding our capacity and capabilities to better serve our customers. Our performance during the year reflects our innovative product offerings, affordable price points, strategic positioning, and the success of our core initiatives.

For the year, we were able to provide 25,910 customers and families with a place to call home. Over the past two years, we've delivered more than 50,000 homes, growing net sales by 83% and adjusted EBITDA by over 300%.

Our results were driven by the need for affordable housing and our ability to increase output at higher profitability levels while continuing to invest in our business to deliver future growth. From an industry standpoint, end consumer demand remains healthy as supply side housing shortages, a growing base of home buyers, and higher interest rate pressures increase the need for attainable housing solutions.