PGTI - Earnings call transcript Q4 2021

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Operator

Good morning and welcome to the PGT Innovations Fourth Quarter 2021 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Brad West, Senior Vice President, Corporate Development. Please go ahead.

Brad West

morning year to XXXX good quarter Innovations and fiscal and investor you and PGT welcome fourth Thank conference call. the Chief Kunz. on Jeff me call President are With and Jackson; and Financial John Officer, today CEO,

Company's the replay On the our we as release recorded of website. webcast Investors have well will on posted earlier as available slide today's and earnings discussion. is you'll today This company issued the press website, section the find for presentation to be accompany being

XXXX future our presentation begin direct included attention business. as we forward-looking other the financial performance, remarks release please results forward-looking Before prepared uncertainties involve cause contain Slide Today's outlook discuss your that press disclaimers actual impact on statements. differ to remarks, on our and statement the X to the filings our our in potential earnings COVID-XX Those the pandemic as statements that disclosure the could and risks, of materially. statements SEC including the factors about of and statements well

information cause to results than expected filings. the actual available recent factors could in Additional differ is Company's results most that on SEC

Additionally, report non-GAAP measures, information like time, John would earnings most us directly in results Officer, appendix the we is that note joined measures January. I slide financial present introduce Chief and At to release in in the additional on compare to tables believe this reconciliation the who attached included using provide of the our Kunz, presentation. Financial to prior new investors to the X which help and Slide A we performance. comparable GAAP

John Kunz

Thank you, Brad.

joined I Jackson. CEO the to team President, Innovations this Jeff the forward I now team our honored I stage and the the grow Company with of management continuing shareholder at and looking the PGT over me Let our and in of by begin company, to how will working the am rest am returns. hand Board, evolution. Jeff, of Innovations to to saying PGT call have

Jeff Jackson

everyone for and call. you, And Thank thank morning us on today's joining good you John.

very and welcome First, has to within business understanding experience why PGT say I would a the like the I team. construction to key and thorough Innovations John leadership John of drivers am industry. tremendous accounting pleased financial to

that the I returns entire CFO very Innovations' our for leadership I'm to I will we thank focusing team service feedback and to Additionally, providing want complex as to environment an above PGT who of unpredictable. his recap leadership, efforts results his Corporate continue distributors, and Brad before he on go role during the business year primary as beyond our challenging, fourth operating be and our quarter PGT to for for And our over XXXX. customers. team West for to continues past dealers, his in want tenure for members, continued and Interim Strategy thank and of Development. proud their Today,

including organic our X. and grew million, XX% with our to Fourth from XX% extraordinary prior to key benefited markets growth brands, of all Western on quarter which an the from quarter, one year message a record period the We Slide sales Turning had XX% for $XXX especially XX%. growth growth which respectively. quarter NewSouth across our sales solid increased from strong Window and core

because been actions XXXX. do of to to implemented Florida and increased shipments, lead supply have through and year throughout of footprint hiring, manufacturing decreased such improvements our work operating in as in into times. managing our glass our These aluminum. our actions expanded our were production key this We manufacturing and to backlog as translated inputs the product Increased bookings distribution, able took able facilities, We and in demand. included we meet during increase higher we especially the part large

meet to demand positioned growth strong markets trajectory beyond. Now, and our we continue key across into well our XXXX and are

acquisitions very of build Doors high and from Windows with million expanded growth Florida $XXX Coast. Anlin Eco here & performing Windows our in product Anlin in while multifamily the Our sales are our market out footprint contributions helped XXXX the premium on well lines recent Systems. Eco West

Despite including aluminum, XXX strategy In a originated addition, to fully November were our on throughout felt manufacturing top-line new allowed for supply of the glass basis our year cost actions the are product used in our we pressures we be time to late one in currently, contributing labor glass actions important capabilities growth are lower was pricing Xst. about EBITDA We XXXX. us pricing prices be all XX% to focus of after to in materials took second saw margins orders to spot accretive year-over-year. glass sales. We actions actions those These prices same X% across price will levels. area our particular our and constraints, by should of these XXXX increases brands in One of points in high and quarter through XX% is already And needed come. to we input throughout that effect supplier XXXX. believe have XXXX. several which near our the offset Florida We summer and Eco on from inflationary years growth costs, overall to able and our ensure main expand

continue program QX, of some degree through hedging impact we balance relief, will this While the and our uncovered supply XXXX. our to to expect some provides continues

and the XXXX, continued over core offerings margin XXXX. both capacity to continue our ongoing navigate months backlog while Furthermore, are cost operational strong deliver addition quarter supply to expansion our efficiencies and continued increases, in price helped control and chain expect our to past to in for we challenges. growth inflation product labor runway into focus us the provides a geographies partially as offset robust and provides In fourth improvement seen with we've top-line into on demand expected and XX meet the

ended cash balance to and reoccurring flow. are revenue of margin We with and a million $XX range. targeted key within Our our strengths cash leverage XXXX our strong

continue we organic and Our both to acquisition effectively sheet balance to capital strong the growth. provides allocate flexibility look as

us positioned EBITDA adjusted factors XXXX. to these of robust top-line generate and growth in All

X fourth our for Turning region region, growth. this which quarter XX% to in and the our reflects Organic while grew sales markets our trends. XX%. Southeast Both sales continue quarter grew in Western construction Slide sales new R&R

Additionally, including we saw states or Arizona. growth our key Texas, across several Florida, and

for construction Dallas, demand Worth, four XX. repair and strong are Florida of grew XXXX, strong, growth by both store This growth XX% the targeted anticipate in core Nashville. XXXX we the Atlanta, total and openings will saw is key and as NewSouth poised of Fort another to These new openings. market store and Heading and include towards impressive into sales demand in to our year end markets the at in count store continues be remodeling. XXXX we year in new while bring

to inventory residents. know demand. net meet remains to invest Arizona demand continues out We'll continue and to key and Texas markets and tight pay also ensure trends growth continue that similar We strong this housing PGT in can and to experience supply, all our Innovation

while compared for lead us growth, strategic X operational at servicing we in long customers our million million Our demand framework the investments of seek $XXX to end as communities. to have XXXX of the summarizes our profitable $XXX backlog XXXX. for create term to has a times Slide and shareholders value decrease strong continued at production of in resulted end average capacity allowed

Our allows offer a demanded first builders and pillar with and products innovation, features, is customer-centric value which to by performance, customers. us

innovative expand Our products. we diversified how Anlin Eco acquisitions can two XXXX our portfolio are and in of examples of

at members and they X,XXX for location in communications, on investing long-term a member is as just team are as objects. labor and market. we Eco including pillar approximately talent head to the workplace the through our excel the series team talent, during culture action employee right right know second not versus packages Our the year members safe in and XXXX. to retain right by a clearly We incentives, able of improved important proactive geographies team today's company retention is valued emphasis members, and team our Accordingly, and with skill a and count that were given included such compensation increased and Anlin set employees having attract tight

is Our skilling our business. third pillar

capabilities increasing last premium mentioned long and meet acquisitions on make capacity to manufacturing key and we increased our products support to for focused demand operational As year, term our growth. demand

glass our will For us bottom our line to example, and glass we supply these enable growth the our premium PGT with top continue West Coast. window addition expect lead into and reach in facility, diversify expanded demand of another chain meet R&R acquisition vinyl investments acquisition to XXXX. Innovations to Eco and allowed increase on our Anlin the market door the and Together,

right strategic, as development look opportunities capacity. acquisitions, to stewards our free while profitable new allocating Our delivering be growth. has achieve in This capital included continue we the flow cash expand and fourth to results. finding XXXX, business to in is robust of product investing production We'll careful for pillar accretive

like I'd to detail. call in fourth over to the Now, to review greater John? John back turn quarter results our

John Kunz

Jeff. you, Thank

businesses our X, quarter. orders a prior including organic within of sales legacy and growth year NewSouth over for Slide reported growth to XX% increase we substantial our increase net million Turning to which quarter, XXX continues from business, the This the XX% installations. includes

and sales Anlin growth XX% XX% the from breakdown construction. We Doors. saw and our and Window Systems quarter, newest at Windows Eco acquisitions, In also R&R our new fourth finished

the to quarter of grew Our and strength organic legacy XX% grew R&R compared new brands. XXXX sales fourth the construction our of X% sales organic from

our to XX% $XX reflecting Anlin the quarter, and million, a quarter to million Fourth consolidation in prior will during well in profit efficiencies XXX,XXX from facilities better gain and our increase SKU was operations. This cost our streamlined sales, Miami partially is sales serve more Gross related quarter. two offset of as offerings gross of custom quarter with from Included and benefit quarter a price $XXX gross as in Eco by equal for X.X increases to rationalization year labor and prior us XX.X% a rationalization by the Additionally year increased generated was driven operational cost XX recent in the cost line. revenue million allow XXXX, WinDoor headwinds efficiencies, in from materials. margin from of basis the growth. input related margin increase and quarter point third to the

As the quarters. third in our invested workforce we we second and in calls, in mentioned heavily previous

improved when and investments quarter. We operational generate also meet wage headcount costs. invested to training efficiency onboarding gross increased These helped third and compared the to increased margin in rates demand, and

actions quarter, during hedging we margins which during cost XXXX, quarter, higher third at helped pressure. seasonal realized benefit quarter, gross last we to a costs into seasonal aluminum our -- expect our our and needs our and typically, overall regard second fully the from mitigating hedged of more XX% Looking were these With in our and months.

pricing. XX% today, XXXX, for contracted As of all have needs of at aluminum market we estimated below levels approximately our current

the in our coverage of a of volatility, these in increases portion sharp price aluminum cost seen to have mitigate We aluminum program pressures. helps and

will We and costs from costs other compared normalize costs sales, as pricing expense. of continue needed. the reflect year to take our to Distribution as increased a to SG&A basis non-cash aluminum which as and administrative in The as expenses as gained. expect we will our increased general and are percent input points quarter. amortization prior operations, to by primarily acquisitions monitor XXX decreased the Southeastern costs begin a actions higher Selling, as expand efficiencies quarter we well will further work

leverage quarters. the costs in coming to fixed -- these expect costs these We

Our adjusted million. EBITDA was $XX.X

share million in or in XX%. compared or the $X.XX $XX.X diluted $XX.X our with income line expectations. the at million XXXX, $X.XX reported fourth adjusted net expense of of an of diluted We tax increase quarter the XX% came quarter fourth per quarter in per share XXXX, to of in in Our

to Now X. turning Slide

$X.XX and of year prior the business increase Southeast result sales and a XX.X% were For gross training of margin head and to or manufacturing business. a our from the increase to year. Organic earnings of $X.XX pressures Western were full we in the XX% full and the $XXX a million member during grew as Adjusted onboarding increasing the Gross due sales, driven capabilities. from profit EBITDA XX% year year. inflationary included Anlin, XX% count but million XX%, for was up of by which costs the XXXX acquired from in actions decreased our per contribution a as for increased during XXXX. increase that realized sales diluted Eco billion, were XX% pricing before This year, reported the compared related year sales to as share our Adjusted the for well sales. team XXXX $X.XX was the $XXX XX.X% hit our

year the sheet debt We $XXX of ended Now turning on to Slide our with X. balance million. net

million, $XXX.X In million rate ratio of a recent liquidity at times revolver. capacity XX debt month light total a run million had unused our we XXXX. trailing of of the including $XX.X $XX.X cash X.X year-end, was adjusted to and of acquisitions, EBITDA As our on net balance approximately of of end

XX. on Slide Next

You most challenging both through can see in have grown organic supply the and profile we while acquisitions during environment a our history. conservative that maintaining EBITDA and leverage chain

We would allocation this record like cash Innovation's a generating priorities. I flows. done XX, through PGT of On capital Slide have track to discuss strong

well first to and Our business and we to increase priority enhances through efficiency including improved product expanded the is that as in expect capital to enhancements, reinvest will capacity as allocate projects margins. revenue,

acquisitions. capital sheet is strong Another a commitment priority lever important after by and conservative balance our to to maintaining structure continuing

returns acquisitions that that into enable capabilities, long over past us for use access our capital regions, new technologies, we such enhanced to to or generate expand supply to chain products look strategic such for opportunities that as channels accretive give be would acquisition expected strong us or Anlin We term. Eco. manufacturing will of as the are Finally, and

continue and in carefully part opportunities the work deleveraging to plan, overall past. Jeff. on while to other We back newest as as call our have strategic acquisitions I to possible And we evaluate of like now, to the done turn our would integrate focusing over acquisition

Jeff Jackson

John. Thanks,

on Next, XXXX I'll share XX. outlook Slide our for

year billion we in range in adjusted $XXX full sales to the $XXX For of expect billion of of the million. EBITDA $X.XX net to XXXX, the million range and $X.XX

this At believe over basis we XX will of we increased points QX. shown has January improved to QX see sales profitability. EBITDA far, operational margins resulting and time, improvements, in So XX in continued

the taken leverage from these months, QX, our sales lastly, the see will over We stores traction. remaining NewSouth the in mainly continued quarters gaining months improvements seasonal actions of to XX R&R in higher opened due improved pricing and during effect past summer

our can Slide assumptions your shareholders. the we column in your and modeling projected For on guidance remind I never to value you of calculations close, about left-hand your excited additional create reference, believe future assist which XXXX we've want a estimates in embedded which to our included and to are position of XX, for in To results. in better very been execute has our our long-term why I'm PGT strategy Innovations why you

by our with further are recent we brands, leader national First, a acquisitions. strong which been have boosted

in categories Our U.S. regions products are fastest-growing in growing the in the

channels. growth poised diversified in Next, new construction and our product portfolio is to both the capture R&R and profitable

we Third, always put our are improving drives we and focused expansion. quarter We growth demand supply efforts on balance challenges those operations, will which in during we margin the continually in processes us the long-term and were chain successful XXXX. strong place help in believe fourth

always sustainability of have development And fixed and premium will history our been efficiency continue we meet to innovative culture. we with to a our to new needs. we their costs. Fourth, gain has upon company grow, required products provides the challenging improve customers build As leverage our programs lastly, a to capacity product long of that part

Looking environmentally bring time, our business in socially to in At this the responsible Q&A. let conduct manner. seek for ahead, and me a to operator Operator? commitment elevate further we'll

Operator

first Ng The Instructions] of Jefferies. go from is Please question ahead. Phil [Operator

Maggie Grady

'XX thinking you about price what aluminum. This pricing Hey, through you expectations Maggie Was Phil. Can about or does are 'XX, assume you the inflation where good cost? on with implemented? you just morning then on How incremental out you've And for price or year guide Jeff, talk guys. already the trending positive? year? ended And that is the called the any neutral for cost

Jeff Jackson

year backlog literally like price offset obviously, a things. all, and the level XXXX, a $XXX almost take Yes. was -- between take I John increased Brad on costing even difference bring we price few biggest think, the that was and maybe did did week. of million March. year in ability We -- comments, months. within I'll together. any time. we at the our they somewhat with input We But challenge, pricing end I'll first November, did our pricing, the ended the two year, the between throughout given price. increase It expect and see mentioned that, in at however, for two. add say the would and high challenging cost definitely And three opening that that between Prices couldn't a difference that we or finally probably, of the slight closer end were speak at will let remarks, We still to year I off to my

confident still I'm saw loss That's continue we I as our will a like going first we to anywhere said, So, experience bps year. to between the fourth cost from, not as why XX to we're and last increase percentage little price much quarter. versus XX quarter, EBITDA in

narrowing our that times, of operational we So, we looks into both an reducing standpoint, our Brad, goal. comments. an far. accomplishing lead like from it so that are making you gap. it issue And less got actually we're -- any as XXXX And

Bradley West

to something price was half similar price that for the was of for reason increase that of main spike to November. now, even the aluminum a is kind the number of The particularly was Right which continuing had the we Yes. that relatively back aluminum. in year,

long. I from suited position up learned to we'd how to of a we implement price when point goes that say things make XXXX because assumes offset. that that. the I guidance match. things, we've the increase be that do as here, But effect they we price as have those an some But consider another going increases, price all for And So, past, have better think into from that would with don't from a the that point should because inflation from in this forward, take to good so increase we're it

year of implement kind are changed time. times were And way this also lower we've lead the last they now price increases. Our at than we

So, wouldn't delays the as in the past. be much it seen of we've

Maggie Grady

it. Got

Okay. the 'XX short-term XQ That's be you Omicron seems in from particularly and are mindful helpful. And issues really really impacts, labor it should behind positioned now next well we But are demand. question, then for my that any there like you're of?

Jeff Jackson

Thank you. workplace increase throughout on And year, incredible investment Yes. headcount, our obviously, here We choice an right, is priority. job that labor. to made last one our the you're an And Company on The job. done focused done wage, incredible increase has hourly labor, safety bringing really our we've training. team number

able plus X,XXX So, we to folks. were add

wise now. for So not issue us is an right labor number

I we're and we continue benefits -- see go labor, in So of as subsequent reap think that the to through which you'll quarter. XXXX, going that. to direct And improves

you versus QX, If improved. has QX percent look our direct our at labor

going that more P&L play XXXX. you're start even to So benefit in seeing the out into

COVID, there. In it's terms still of out yes,

we it's think I opinion, with norm. like we've We're my be, can. to demonstrated it's new how to going learn going to be a in have work going to to it,

We the early year half that's and throughout like procedures have the not any out back we of We lines. of place beginning our to in on people processes today positive did and have we that Company year. the mitigate lines shut in the impact tested and down at identify the the did

actually we're it at more place, this impact we better a definitely seeing it big COVID. unfortunate as do takes people quite more not vaccinated, see environment less Again, operating get of immunity XXXX. herd within of gotten get an as our really impact. in COVID people So, frankly, I have facilities being our

Operator

Please Capital of Zener KeyBanc The is go from ahead. next question Markets. Ken

Ken Zener

Good John I'm here. through sunny driving welcome. morning, Florida gentlemen.

think pretty lot. So last picture, high, I just if like does said bigger X,XXX your labor employees under control. doesn't year. company -- mean, your I is your sounds a I it's It that's think actually direct about new it you backlog,

terms why where pretty I efficiency? that in But it Aluminum pricing are in with take you and bit that? guys of have Obviously, piece was go variables operations comfortable suggests is your you're laying curve context What now, appreciate labor you're feeling seem up. Your could so that Could your out of are. really these always the butt margin the how you Is where you make a you about by that you're the Coast right little, your demand it West labor guess, away? good glass the -- guys in versus guidance And the and good. direct the past, is the get bringing guidance labors might to comfortable prior high. very guidance production. years you terms very in

Jeff Jackson

quarter what the months, on wise labor to into six Yes, to quite then investment speed that direct touch quarter of frankly, about a get I it second become made in we Ken, as someone a Obviously, And I'll bit. would consider a we takes for efficient significant little individuals, in good training plant. kept manufacturing the third to XXXX. the up really

in to literally through. see, see with this And so to starting beginning in We're that we quarter first labor, in what we're come starting January. efficiency especially obviously, our saw direct even start to improving

margins much past, we think our that. of look our Now have And in XX%. more we've I room into Even do to EBITDA can 'XX 'XX, north and we back if demonstrated were go. you

So, as EBITDA feel look to a conservative. margin of guidance. we with that's XXXX when to our comfortable of low-end think we that low kind we Actually, very end XX.X%, guide into we

I team to also members two in got will added say, We via team of that X,XXX And will individuals remember the Eco. benefits to and we family added out And continue labor acquisitions. to so, we members did. the Anlin we added, were investments you of the and reap that we

acquisitions, of was we another was via turnover, folks, had additions and which last our key hiring is of that -- push some year, turnover So, all the of the indicator, has hiring way it literally QX big by improved. some in

making hired, and seeing. we've to we're capacities that starting again, we'll me our comfortable So of we're increase be produce able the a retain more to individuals lot

Brad West

kind materials aluminum inflation add And that. of some talked about mismatch to we to with the of Jeff, that I just The direct did in labor. and also want exist

to that. this the and necessarily and year. later come in out into labor The that went rates and pricing increased year, offset last stuff year early like we our until So, didn't wage

Ken Zener

thinking about kind can contributing and direct apologize material, perhaps Coast West a of legacy I business. the you operational of Can margin seen. you're to out rank growth your to force contributors have slides, margin that there rank, way in how not of Is force were If rank you you improvements your if to have force what's your the I you labor, kind the gain?

Jeff Jackson

EBITDA margin, I'm one. The yes, assuming obviously a contributor pricing. biggest question. And great on that's that is -- sure

pricing and is Even as market, to all in received doing related November took we well competitors actions are our the which the same thing.

So, stick. comfortable seeing and we very feel we're that

So, a in -- if the into Anlin And going to margins, effect biggest EBITDA contributor as at will million forma be get annualized pricing. of the then EBITDA year-over-year, from you pro alone. $XX to the -- a least look of the pickup about effect acquisition $XX you're impact million you Anlin

the mainly pickup had price related So, pressures by another the general offset $XX end, million and pricing. pricing volume $XX we've Anlin lower inflationary to million to of at adding for, say we'd aluminum some obviously that then labor. and

are buildup of as the a terms You more low end. All items, a targets. the low high. a get in high a obviously, flow aggressive little nice those got margin just we've end well, and in bit on Again,

Operator

JP next Michael from is Rehaut go Morgan. Instructions] Please ahead. question [Operator of The

Doug Wardlaw

bit looking have insight of out of the Doug what on and anything Michael a or just acquisition little there ask go you're other targets for into BXB to larger, I Are you could that? Wardlaw types Rehaut. pipeline give for. about

Bradley West

We meet and Company to lightly. in long-term our we're product areas certain lines. do deploying take make say try don't goals and our our with got to -- capital, we "looking," always growing regions, will that in I sure us it's geographic align certain in the of obviously we

is built a last to we're were years. potentially players there, relationships over of smaller time. over the constantly players, So, had We've acquisitions of as add lot them. Those another five a contact midsized seven came frankly, we pipeline and the look through quite acquisition, couple in with that

Nevada, product expansion, as haven't again, So, may for think for those new the to into wood west type or being be are even Those products Texas, we the And geographic. speak obviously. as to I the future we'll well. look have are growth into important We and ones to out grow to feel not want product clad our as acquired. continue is still key, going we built example, and/or such we we for Arizona product California, wood, areas

the is important, who looking two into yes, pipeline Florida. to those top there. the things. And So, would really say here probably that We be on grow the organically, but don't or look. I And incredibly areas. we'll also in is are comment obviously, we'll continue those that's process,

organic Our the helps ship. drive growth

Operator

And Please Truist. Merrick of go next is from question Judy ahead.

Judy Merrick

Keith is This Hughes. Thank you. Judy for

about is year the that You noted that of you the times wide And on given the about the have times add you're kind sales lead the anything year any that you're exiting with -- your lead of you're have you're of way decreased impact thinking we how shape XXXX. guidance? of shape to now? your Do where can kind frame how

Jeff Jackson

Yes, sure.

improved at Venice. lead You was for by biggest lead times times challenge instance. really our have one to lead The substantially. in have here times product PGT mainly brand mainly brands, Those look XXXX, for in

to for for could down four I'll those have engine able growth say guess lead as aluminum. on been our weeks been aluminum bigger we've And We've end customers, again, from, CGI, lead we for, vinyl high which to that that's certain customers, important contrast to I low at as some the the down as again, you as gotten XX weeks customers as to times to range as Our XX major from seven to And lead low a brand is loyal times, incredibly customers. XX times weeks high another get us. But weeks. individuals. six

initiatives marketing implemented actually we've so, And XXXX. into

quarter brands the there's start certain You'll capacity. talk aggressive had last lead start then in about the staff. see they've retail going ads front we times for guidance on CGI. marketing and like when because the -- And XXXX. side improved being with that we in our running the with more remained We're year first to new results They've

installer the again, that manufacturer, that control really on internally we because, so obviously, we're as the well And as end.

great as which So, new fire, on markets, Atlanta are incredibly an market add is four to is an stores, be Nashville in. we incredible growth

add at we feel had or as So, lead lead Western those really with a a process. just facility Western. then a these able the They've demand. signed impact line that we to the to capacity new been increase because obviously, maintain about foot there sheer has throughout times Western new can expand NewSouth, will there's but we capacity. stores, not as problem them well. And improve times square addition window of recently lease addition of to actually We've this to XX,XXX

think end we're good in XXXX via here -- actions to even a with XXXX down of shape into and taken times capacities well we've the we at capital investments lead increasing. leverage and more really So, in our coming

Brad West

But here QX tend the think quarterly there's for you. think more R&R R&R trend have I to year, season. year, in what a couple add type of an that's that expectation higher would of of during Last our I this tricky, little be a sales would where been years, some a flow or sales Florida. anticipating I the still season, an And that's COVID, some in historical QX backlog particularly we're and little of bit has

Jeff Jackson

or I we've to impact, can produce produce the demand. into. distribution to market biggest They capacity added, ability improvements think, meet just operational also now, for we Yes. the made, to would to we've that we lately improvements enough -- add forward also, Right more the times And can to I out base we we be lead feel, will going have have the say that, dealer install. with sell

know And the with base ability bandwidth times add trying as dealer as they're up and throughout our and investing heavily I the and impacts demand installers well. crews so increase in lead channels has that their have that And to keep to to well.

Operator

session. like question-and-answer remarks. our Kunz concludes conference This to closing turn to I back over the for would John

John Kunz

interest Thank you forward full earnings and results on call We much. and year for participation Thank our your your quarter joining first your to this very fourth the today. call you later us on in spring. quarter We look Company. our questions appreciate

Operator

conference today's Thank concluded. The for now has you presentation. attending

You may disconnect. now

PGT Innovations (PGTI) 17 Feb 222021 Q4 Earnings call transcript