American Woodmark Corporation (NASDAQ:AMWD) Q1 2023 Earnings Conference Call August 30, 2022 11:00 AM ET
Company Participants
Paul Joachimczyk - Senior Vice President and CFO
Scott Culbreth - President and CEO
Conference Call Participants
Adam Baumgarten - Zelman
Steven Ramsey - Thompson Research Group
Collin Verron - Jefferies
Tim Wojs - Baird
Garik Shmois - Loop Capital
Operator
Good day. And welcome to the American Woodmark Corporation First Fiscal Quarter 2023 Conference Call. Today’s call is being recorded, August 30, 2022.
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, americanwoodmark.com, 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 may -- make it clear that any projected results expressed or implied therein will not be realized.
I would now like to turn the conference over to Paul Joachimczyk, Senior Vice President and CFO. Please go ahead.
Paul Joachimczyk
Good morning, ladies and gentlemen. And welcome to American Woodmark’s first fiscal quarter conference call. Thank you for taking the time today 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 will be happy to answer your questions. Scott?
Scott Culbreth
Thank you, Paul. And thanks to everyone for joining us today for our first fiscal quarter earnings call. Our team delivered net sales of $542.9 million or growth of 22.7%. Our made-to-order backlog, represented by day’s production decreased in the quarter as production levels improved and exceeded our incoming order rate. We expect our backlog to normalize by the end of the calendar year.