The AZEK Company Inc. (NYSE:AZEK) Q4 2023 Earnings Conference Call November 28, 2023 5:00 PM ET

Company Participants

Eric Robinson - IR

Jesse Singh - CEO

Peter Clifford - CFO

Conference Call Participants

Tim Wojs - Baird

Keith Hughes - Truist

Matthew Bouley - Barclays

Phil Ng - Jefferies

Michael Rehaut - JPMorgan

John Lovallo - UBS

Susan Maklari - Goldman Sachs

Mike Dahl - RBC Capital Markets

Rafe Jadrosich - Bank of America

Noah Merkousko - Stephens

Operator

Welcome to The AZEK Company's Fourth Quarter Fiscal 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. Please be advised that today's conference is being recorded.

I'd now like to hand the conference over to Eric Robinson, please go ahead. Eric.

Eric Robinson

Thank you, and good afternoon, everyone. We issued our earnings press release and a supplemental earnings presentation this afternoon to the Investor Relations portion of our website at investors.azekco.com. The earnings press release was also furnished via 8-K on the SEC's website. I am joined today by Jesse Singh, our Chief Executive Officer; and Peter Clifford, our Chief Operating Officer and Chief Financial Officer.

I would like to remind everyone that during this call, we may make certain statements that constitute forward-looking statements within the meaning of the federal securities laws, including remarks about future expectations, beliefs, estimates, forecasts, plans, and prospects. Such statements are subject to a variety of risks and uncertainties as described in our periodic reports filed with the Securities and Exchange Commission that could cause actual results to differ materially. We do not undertake any duty to update such forward-looking statements.

Additionally, during today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating our performance. These non-GAAP measures should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations of such non-GAAP measures can be found in our earnings press release which is posted on our website.

Now, let me turn the call over to AZEK's CEO, Jesse Singh.

Jesse Singh

Good afternoon, and thank you for joining us. The AZEK team once again delivered strong results this quarter, including a 27.6% net sales growth year-over-year, a net profit margin of 11%, and a record fourth quarter adjusted EBITDA margin of 27.4%. Our Residential business grew 37.6% in the fourth quarter and approximately 5% year-over-year, delivering an eighth straight year of net sales growth.