Good morning and welcome to the Fourth Quarter and Fiscal Year 2021 Pilgrim's Pride Earnings Conference Call and Webcast. All participants will be in listen-only mode. [Operator Instructions] Please note that the slides referenced during today's call are available for download from the company's investor website at ir.pilgrams.com in the Events and Presentations section. As a reminder, today's conference is being recorded. I would now like to turn the conference over to Pilgrim's Pride Chief Financial Officer, Matt Galvanoni. Please go ahead, sir.

Good morning and thank you for joining us today as we review our operating and financial results for the fourth quarter and fiscal year ended December 26, 2021. Yesterday afternoon, we issued a press release providing an overview of our financial performance for the quarter, including a reconciliation of any non-GAAP measures we may discuss. A copy of the release is available on our website at ir.pilgrims.com, along with slides for reference. These items also have been filed with Form 8-Ks and are available online at sec.gov. Fabio Sandri, President and Chief Executive Officer, and I will present on today's call. Before we begin our prepared remarks, I would like to remind everyone of our safe harbor disclaimer. Today's call may contain certain forward-looking statements that represent our outlook and current expectations as of the date of this release. Other additional factors not anticipated by management may cause actual results to differ materially from those projected in these forward-looking statements. Further information concerning those factors has been provided in today's press release, our Form 10-K and in our regular filings with the SEC. I will now turn the call over to Fabio.

Thank you, Matt. Good morning everyone and thank you for joining us today. For the fourth quarter of 2021, we reported net revenues of $4 billion, a 30% increase over the same quarter last year, being 20.6% organic growth and 9.4% of sales contribution from the acquisition of Pilgrim's Food Masters. We had adjusted EBITDA of $317 million, up 54% versus Q4 last year and up 96% compared to Q4 2019. Our adjusted EBITDA margin was 7.8% compared to 6.6% a year ago and 5.3% in Q4 2019. Adjusted EPS was $0.56 versus $0.25 in the fourth quarter of 2020 and $0.14 in Q4 2019. For the 2021 fiscal year, net revenues were $14.8 billion, a 22% increase over last year and adjusted EBITDA of $1.3 billion was up 64% compared to the previous year. Adjusted EBITDA margin was 8.7% compared to 6.5% for 2020 and 8.5% in 2019. Adjusted EPS was $2.28 in 2021 and $1.02 in 2020 and $1.62 in 2019. We're pleased with our overall performance in the fourth quarter of the year. Our U.S. and Mexico business have shown strength throughout the year with robust demand driving growth market pricing. Our European business was severely challenged in the second half of the year, while battling inflationary headwinds and labor shortages. We welcome Pilgrim's Food Masters in late September and are excited to have them as part of the Pilgrim's family, improving our portfolio and generating strong profitability in the fourth quarter. With the addition of the branded prepared foods in Europe with our presence and differentiated portfolios in the U.S. and Mexico, we have an excellent base with the synergies and scale for further growth in the future. We are proud of the successful execution of our strategy to have a diverse portfolio of products across…

Thank you, Fabio. For the fourth quarter of 2021, net revenues were $4.0 billion versus $3.1 billion a year ago, with an adjusted EBITDA of $316.7 million and a 7.8% margin, compared to $205.4 million and 6.6% margin in Q4 last year. We achieved $138 million of adjusted net income compared to $60.4 million in Q4 2020. In the quarter, we reported GAAP net income of $36.8 million versus being essentially flat in 2020. The most significant adjustment in the current quarter was related to an additional $132 million accrual related to legal settlements. For the fiscal year, net revenues were $14.8 billion versus $12.1 billion in fiscal 2020 with adjusted EBITDA of $1.3 billion and an 8% – 8.7% margin compared to $788 million and a 6.5% margin last year. We achieved $557.4 million of adjusted net income this year. For the year, we reported GAAP net income of $31 million versus GAAP net income of $94.8 million in 2020. Adjusted EBITDA margin for the quarter were 11% in the U.S., 6.3% in Mexico and 2% in Europe. For the fiscal year, adjusted EBITDA margins were 9.8% in the U.S., 14.8% in Mexico and 3.5% in Europe. Adjusted EBITDA in the U.S. in Q4 was $265 million compared to $74.9 million a year ago and $115.9 million in 2019. Sales were up due to increased pricing supported by strong consumer demand. Gross profit margins were higher compared to both 2020 and 2019. In Mexico, adjusted EBITDA in Q4 was $27 million versus $77.7 million a year ago and $6.7 million in 2019. Net sales were up due to higher volumes at relatively flat year-over-year pricing. However, margins were negatively impacted due to elevated input costs, primarily grain. In Europe, adjusted EBITDA in Q4 was $24.7 million versus $52.8 million…

Thank you, Matt. As we conclude the call, I'd like to speak to the devastating tornadoes in December. As the largest employer in the Greece County, Kentucky, which suffer overwhelming loss of life, we have committed $1 million in relief and instituted a $4.5 million annualized wage increase for the team members at our Mayfield production facility. We did this to show our support for and commitment to this community, which we are so proud to be part of it. We stand with Mayfield and its entire community in our tops and in our prayers during this time of recovery and healing. Finally, I would like to thank all of our global team members for everything they do for the Pilgrim's family every day. Your dedication and support in this very challenging environment, the past two years has not gone unnoticed. We thank you and commend you for continuing to provide high-quality products to our consumers. That concludes our remarks today. Thank you for your interest in Pilgrim's.

Thank you. And as the company will not be taking questions today, the conference is now concluded. We thank you for attending in today’s presentation. You may now disconnect your lines.