Skyline Champion Corporation (NYSE:SKY) Q4 2022 Earnings Conference Call May 24, 2022 9:00 AM ET
Company Participants
Mark Yost - President and CEO
Laurie Hough - Executive Vice President and CFO
Conference Call Participants
Greg Palm - Craig-Hallum Capital Group
Daniel Moore - CJS Securities
Matthew Bouley - Barclays
Mike Dahl - RBC Capital Markets
Operator
Good morning. And welcome to Skyline Champion Corporation’s Fourth Quarter and Full Year Fiscal 2022 Earnings Call. The company issued an earnings press release yesterday after close.
I would like to remind everyone that yesterday’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. Joining me on the call is Laurie Hough, EVP and CFO. Today, I will briefly talk about our full year and fourth quarter highlights. Then provide an update on activity so far in our first quarter of fiscal 2023 and wrap up with thoughts about the balance of the year.
I am pleased with the results Skyline Champion achieved in fiscal 2022, as we continue to make progress delivering topline growth and expanding our profitability, while improving our capacity and capabilities to better serve our customers.
For the year, we were able to provide 26,165 customers and families a place to call home, as we grew net sales by 55% and adjusted EBITDA by 163%, expanding margins by 650 basis points. Our results were driven by the rising demand for affordable housing and our ability to increase output at higher profitability levels, despite ongoing supply chain headwinds and inflationary pressures.
From an industry standpoint, demand remains strong as supply side housing shortages, a growing base of homebuyers and higher interest rates and inflationary pressures are converging greatly raising the need for affordable housing solutions.