<SEC-DOCUMENT>0001193125-21-333225.txt : 20211118
<SEC-HEADER>0001193125-21-333225.hdr.sgml : 20211118
<ACCEPTANCE-DATETIME>20211118080538
ACCESSION NUMBER:		0001193125-21-333225
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20211108
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20211118
DATE AS OF CHANGE:		20211118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TREX CO INC
		CENTRAL INDEX KEY:			0001069878
		STANDARD INDUSTRIAL CLASSIFICATION:	LUMBER & WOOD PRODUCTS (NO FURNITURE) [2400]
		IRS NUMBER:				541910453
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14649
		FILM NUMBER:		211422649

	BUSINESS ADDRESS:	
		STREET 1:		160 EXETER DRIVE
		CITY:			WINCHESTER
		STATE:			VA
		ZIP:			22603-8605
		BUSINESS PHONE:		5405426300

	MAIL ADDRESS:	
		STREET 1:		160 EXETER DRIVE
		CITY:			WINCHESTER
		STATE:			VA
		ZIP:			22603-8605
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
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<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2021-11-08_to_2021-11-08">Common stock</ix:nonNumeric></span></td>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<div style="text-align:center"><div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Explanatory Note </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><ix:nonNumeric name="dei:AmendmentDescription" contextRef="duration_2021-11-08_to_2021-11-08">This Amendment No.&#160;1 to Trex Company, Inc.&#8217;s Current Report on Form <span style="white-space:nowrap">8-K</span> is furnished to include a transcript of the earnings conference call held on November&#160;8, 2021.</ix:nonNumeric> </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;2.02</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Results of Operations and Financial Condition </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&#160;8, 2021, Trex Company, Inc. (Company) issued a press release announcing its financial results for the quarterly period ended September&#160;30, 2021, as previously furnished. Also, on November&#160;8, 2021, the Company held a conference call to discuss financial and operating results. A transcript of the conference call is attached hereto as Exhibit 99.2. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;9.01</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Financial Statements and Exhibits. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Trex Company, Inc. herewith furnishes the following exhibits: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Description of Exhibit</p></td></tr>


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<td style="vertical-align:top"><a href="d265801dex992.htm">Transcript of the Trex Company, Inc. conference call held on November&#160;8, 2021, to discuss financial and operating results for the quarterly period ended September&#160;30, 2021. </a></td></tr>
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<td style="vertical-align:top">Cover page Interactive Data File (embedded within the Inline XBRL document).</td></tr>
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<td style="vertical-align:top">Date: November&#160;18, 2021</td>
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<td style="vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Dennis C. Schemm</p></td></tr>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trex Company, Inc. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Third Quarter 2021 Earnings Conference Call
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Monday, November 08, 2021, 5:00 PM Eastern </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CORPORATE
PARTICIPANTS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks</B>&#151;<I>President, Chief Executive Officer</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm</B>&#151;<I>Senior Vice President, Chief Financial Officer</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bill Gupp</B>&#151;<I>Senior Vice President, General Counsel, </I>Secretary </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Viktoriia Nakhla</B>&#151;<I>Investor Relations</I> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRESENTATION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good afternoon, and welcome to the Trex Company
Third Quarter 2021 Earnings Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the &#147;*&#148; key followed by &#147;0.&#148; After today&#146;s
presentation, there will be an opportunity to ask questions. To ask a question, you may press &#147;*&#148; then &#147;1&#148; on your telephone keypad, to withdraw your question, please press &#147;*&#148; then &#147;2.&#148; Please note, this
event is being recorded. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I would now like to turn the conference over to Viktoriia Nakhla. Please go ahead. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Viktoriia Nakhla </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you all for joining us today.
With us on the call are Bryan Fairbanks, President and Chief Executive Officer, and Dennis Schemm, Senior Vice President and Chief Financial Officer. Joining Bryan and Dennis is Bill Gupp, Senior Vice President, General Counsel and Secretary as well
as other members of Trex management. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The company issued a press release today after market close containing financial results for the third quarter 2021.
This release is available on the company&#146;s website. This conference call is also being webcast and will be available on the Investor Relations page of the company&#146;s website for 30 days. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I would now like to turn the call over to Bill Gupp. Bill&#133; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bill Gupp </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Viktoriia. Before we begin, let me
remind everyone that statements on this call regarding the company&#146;s expected future performance and conditions constitute forward-looking statements within the meaning of federal securities laws. These statements are subject to certain risks
and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. For a discussion of such risks and uncertainties, please see our most recent Form
<FONT STYLE="white-space:nowrap">10-K</FONT> and Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> as well as our 1933 and other 1934 Act filings with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures will be referenced in this call. A reconciliation of these measures to the
comparable GAAP financial measure can be found in our earnings press release at trex.com. The company expressly disclaims any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future
events or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With that introduction, I will turn the call over to Bryan Fairbanks. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Bill, and good evening,
everyone. Thank you for joining us today to review Trex Company&#146;s third quarter results and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date</FONT></FONT> performance, along with our business outlook. This was
another great quarter for Trex. Robust demand, fueled by the unmet strength of the Trex brand, along with our increased manufacturing capacity, combined to drive 45% year-over-year sales growth to a record $336&nbsp;million. Dennis will provide more
detail around our financial results. </P>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But I want to highlight that despite considerable inflationary headwinds, Trex reported a strong EBITDA
margin of over 32%, and an increase in net earnings of 73% from the prior year period and a record $0.64 per share. Thank you to all of our Trex team members, our distribution team, our partners of both the Pro and DIY channels, as well as our
contractor community for making this strong growth and performance possible. Trex continues to successfully execute on our long-term strategy of gaining market share from wood within an expanding decking market. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Outdoor Living remains one of the fastest growing categories within the repair and remodel sector, and the strength of the Trex brand coupled with our
expanded manufacturing capacity, our key competitive advantages, helping us to effectively unlock potential market share and drive long term growth. We continue to benefit from increasing consumer interest in our environmentally friendly, low
maintenance product portfolio that transforms and enhances the Outdoor Living experience. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With the strong momentum in the category and our success to
date in converting share from the wood decking market, our analysis suggests an acceleration in market share gains from wood. It is estimated that gains from wood are now approximately 2 percentage points in market share per year, up from 1
percentage point, with composites accounting for approximately 24% to 25% of the overall decking market volume in North America. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Last week, we had the
pleasure of hosting our channel partners at our Annual Distributor Meeting in California, where it was great to be <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">face-to-face</FONT></FONT> for the first time since the start of the
pandemic. Our distributors are the best in the business, and are poised to execute growth to convert wood, and continue the success in growing composite decking and railing market. Across the board, there was universal agreement that we are early in
the wood conversion opportunity, and we will all need to invest for growth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We continue to track our website activity as a proven indicator of consumer
demand. Traffic to Trex websites remains robust with high levels of dealer and contractor searches in the third quarter. Trex.com and decks.com together continue to account for nearly 70% of the category website traffic, reflecting the
company&#146;s unparalleled strength in capturing consumer interest in Outdoor Living. As consumer decisions are increasingly driven by digital content, we continue to strengthen and enhance our digital footprint to support long term sales growth.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We remain focused on ensuring the capacity to service our channel partners is aligned with both current demand and expected future growth. Having
recently completed a $200&nbsp;million manufacturing capacity expansion at our Virginia and Nevada facilities, our engineering team is currently installing incremental decking lines within our new Virginia facility that will further expand our
production capability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, we recently announced plans to develop a third US based manufacturing facilities on approximately 300 acres in
Little Rock, Arkansas. When this plant opens in 2024, Trex will have the strategic advantage of unmatched geographical coverage with sites servicing the East Coast, West Coast and Central regions that will provide our customers with better access to
Trex Residential Products when and where they need them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The new site represents a strategic investment in our company&#146;s future and the success of
our value channel partners. Little Rock emerge as the best fit for our future needs, as it offers proximity to a center of raw materials, a strong pool of qualified and skilled labor, proximity to key growth regions for wood conversion and adjacency
for major transportation hubs that can optimize freight costs. </P>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trex plans to invest approximately $400&nbsp;million over five years, funded primarily through ongoing cash
generation. With the potential to become our largest manufacturing facility over time, the Arkansas manufacturing campus will eventually include buildings dedicated to decking and railing production, plastic film recycling and processing, reclaimed
wood storage, warehousing, and administrative offices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Construction is slated to begin early next year with a modular development approach calibrated in
alignment with demand trends. We expect initial production output to begin in 2024 and over time, the facility will employ approximately 500 people. These expansion activities provide Trex with additional capacity to flex with demand by adding
capacity as needed, while providing bandwidth to pursue opportunities to expand domestically and internationally, as we continue to drive wood conversion and capture incremental market share from the strength of Trex products and the brand. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While focused on capacity expansion and strategic initiatives that support future growth opportunities, we remain committed to operating for the good of our
employees, communities, and the planet, consistent with our heritage of advancing environmental and social responsibility. We continually strive to minimize the environmental impact of Trex operations even as our company grows, and we remain one of
the largest recyclers of polyethylene in the US, diverting 850&nbsp;million pounds of plastic and reclaimed wood from landfills annually. We remain mindful of the need for Trex employees and partners to be respected and empowered to perform at their
best and we continue to support the communities where we work by giving back through community-based organizations and programs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I will now turn the call
over to Dennis Schemm for details on our third quarter and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date</FONT></FONT> financial performance and our business outlook. Dennis&#133; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Bryan. I&#146;m pleased to
report on Trex&#146; strong third quarter results and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date</FONT></FONT> performance as well as our expectations for the rest of the year. During the 2021 third quarter, we
experienced impressive sales growth of 45% to a record $336&nbsp;million in total net sales. Trex Residential sales increased 46% to $319&nbsp;million, primarily led by strong volume growth, limited channel inventory and a small benefit from our
recent price increase that aided September results. Trex Commercial Products contributed $17&nbsp;million to net sales, up 28% from the 2020 third quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the third quarter, topline was constrained due to labor availability, but we were able to manage through labor shortages, service our customers and
deliver strong performance. Consolidated gross margin for the third quarter was 38.2%, reflecting the benefit of higher sales and manufacturing volumes, offset by continued inflationary pressures on raw materials, higher transportation costs and
labor constraints. This compares to gross margin of 36.7% in the year ago quarter, which included the impact of the $6.5&nbsp;million Trex Residential warranty reserve charge. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Excluding this charge, third quarter 2020 consolidated gross margin was 39.5%. Inflation and higher transportation costs impacted gross margins by 750 basis
points in the quarter. We expect improvement in gross margin in the fourth quarter benefiting primarily from our recent price increase and increased production efficiencies. Third quarter 2021 gross margins for Trex Residential and Trex Commercial
were 38.9% and 24%, respectively. </P>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SG&amp;A expense was $30&nbsp;million, compared to $28&nbsp;million in the same period last year. SG&amp;A
in the third quarter includes a gain on insurance proceeds of $3.7&nbsp;million related to the fire at the Virginia facility that occurred in March of this year. Excluding this gain, SG&amp;A was $34&nbsp;million for the 2021 quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a percentage of net sales, excluding the insurance recovery, third quarter SG&amp;A was 10.1% of sales, demonstrating the positive operating leverage
inherent in our business model. Strong sales growth amid disciplined SG&amp;A spending resulted in significant operating leverage in the third quarter, even as we continue to experience inflationary pressures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bolstered by strong topline growth, 2021 third quarter net income grew 73% to $74&nbsp;million or $0.64 per diluted share from net income of $43&nbsp;million
or $0.37 per diluted share in the 2020 third quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EBITDA increased 76% to $108&nbsp;million and EBITDA margin expanded to 32.2%, compared to EBITDA
of $61&nbsp;million and EBITDA margin of 26.6% in the 2020 third quarter. Excluding the warranty charge, third quarter 2020 net income was $48&nbsp;million or $0.41 per share and EBITDA and EBITDA margin were $68&nbsp;million and 29.4% respectively.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now moving forward to our financial performance <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date.</FONT></FONT>
Consolidated net sales increased 37% to $893&nbsp;million compared to the same period last year. Higher net sales were primarily driven by a 39% growth in Trex Residential sales to $851&nbsp;million compared to the same period last year. The growth
in Trex Residential sales was substantially all due to volume growth as our capacity expansion program was fully operational as of the end of May, enabling us to capture additional growth. The increase in net sales of Trex Residential included a
small impact from our price increase realized in September. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trex Commercial contributed an additional $42&nbsp;million to net sales. Net income <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date</FONT></FONT> increased to $184&nbsp;million or $1.59 per diluted share compared to $132&nbsp;million or $1.14 per diluted share during the same period in 2020. EBITDA
increased 44% to $271&nbsp;million and EBITDA margin improved to 30.3%, compared to EBITDA of $188&nbsp;million and EBITDA margin of 28.8% in the same period in 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Excluding the warranty charge, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date</FONT></FONT> 2020 net income was
$137&nbsp;million or $1.18 per diluted share and EBITDA and EBITDA margin were $194&nbsp;million and 29.8% respectively. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Year-to-date</FONT></FONT> capital expenditures were
$124&nbsp;million, with the majority of this investment supporting the capacity expansion program completed in May. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date,</FONT></FONT> we repurchased 576,714 shares of Trex outstanding common stock under our stock repurchase program at an average price of $90.68 per share. We have
8.2&nbsp;million shares remaining to be repurchased under the current program. Also, since the end of the third quarter, we have been active with share repurchases under the same program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Looking ahead, we expect the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Fourth quarter consolidated net sales to range from $295&nbsp;million to $305&nbsp;million, representing <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-on-year</FONT></FONT> growth of 31% at the midpoint and reflecting strong consumer demand and further infill to low channel inventories. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In addition, we anticipate incremental EBITDA margin for the fourth quarter exclusively to be between 35% and
40%. </P></TD></TR></TABLE>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Our full-year 2021 tax rate will be approximately 25%. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Depreciation will range from $30&nbsp;million to $35&nbsp;million. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Full-year spending on CAPEX is expected to be in the range of $135&nbsp;million to $155&nbsp;million, which
includes the installation of additional decking production lines to further boost our capacity in existing facilities. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now, I will turn
the call back to Bryan, for his closing remarks. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Dennis. Based on our strong performance <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date</FONT></FONT> and indications
for continued healthy demand going forward, we are on track to deliver double-digit revenue growth for the full year 2021 and into &#145;22. As we mentioned last quarter, we continue to focus on cost reduction projects and identifying continuous
improvement opportunities to enhance our margins. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Specifically, our efforts are primarily centered on increased automation, modernization, enhanced
energy efficiency and improvements to raw material processing. At the same time, we intend to expand our marketing campaigns, highlighting the advantages of Trex decking over wood as well as a focus on innovation and new product development that
further strengthens our consumer brand and distribution advantages. These initiatives should help drive continued robust topline and profit growth and accelerated market share conversion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator, we can now take questions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>QUESTION AND ANSWER
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will now begin the question and
answer session. To ask a question, you may press &#147;*&#148; then &#147;1&#148; on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys, to withdraw your question, please press &#147;*&#148;
then &#147;2.&#148; Please limit your questions to one with a single <FONT STYLE="white-space:nowrap">follow-up.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our first question is from
Stanley Elliott with Stifel. Please go ahead. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Stanley Elliott </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hey, Bryan, Dennis. Thank you, guys, for taking the call and congratulations. Curious on the conversations that you&#146;re having within the channel and some
of the research you&#146;re doing online and what not. The improvement that you see in the conversion on the wood opportunity at 2% has been pretty spectacular. Would you guys hesitate to guess kind of where you think ultimately this market could
end up getting in terms of the conversion opportunity? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, thanks, Stanley. Thanks for being on this evening. We continue to hear really great feedback from the marketplace and people&#146;s understanding of the
opportunity with composites, with the product lines that we have, we can enhance at the entry level and of course our higher end products. Here is a product for every segment of consumer and unlike five, seven years ago, consumers know more about
composites today. So, when we look out over the long term that 45% to 50% of the overall marketplace, we are definitely capable of getting to those type of numbers and share. </P>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Stanley Elliott </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Great, guys. Thank you very much and best of luck. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan
Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question is from Ryan Merkel with William Blair. Please go ahead. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ryan Merkel </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hey guys, nice quarter. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good evening. Thanks. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ryan Merkel </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, Bryan, can you unpack the labor shortage
comment that you made. How impactful is that in the quarter and then are you making progress in 4Q? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, I think one of the things&#133;we forget about this internally as we work through adding all of this capacity, we needed to be able to staff up to support
that additional 70% capacity. And we did a pretty good job of that moving through the end of last year and into the beginning of this year. Some of those other labor shortages we had were offset because we were bringing people on ahead of time for
that new capacity. It did start to catch up with us as we got into the second quarter and all of that capacity was available and definitely into the third quarter. Things are improving at this point. I wouldn&#146;t say it&#146;s where I want it to
be today, but it looks much better than it did 90 days ago. And we have had to make changes to some of our compensation schemes, incentives, higher on bonus stay for six months, things like that we&#146;ve had to put in place. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ryan Merkel </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Got it, okay. And then on gross margin. I
missed it. How much did supply chain hurt in the third quarter and then more importantly in the fourth quarter, do you expect to make progress on gross margins since you&#146;re going to be capturing more price? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, so we came in at 38.2% from a gross
margin perspective, we&#146;re up 150 basis points. It was a really good quarter for us. I think the headline is, we overcame 750 basis points of inflation and raw materials and labor and transportation. And so, to me that&#146;s the real news there
and I think that&#146;s pretty remarkable, and we did that through a combination of better absorption, we had a little bit better pricing in there as well and then our cost management and SG&amp;A discipline. So, we did a really nice job. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ryan Merkel </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And then just sequentially, are you going to
make progress in 4Q on gross margin? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, we expect to see some progress there basically because of, we&#146;ll have a full three months&#146; worth of our price increase in place. </P>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also have a price increase coming in beginning of November as well too. So, we will have two months of that price increase come through. Inflation
unfortunately has not abated at this point. When we talked last quarter, we had expected things to soften somewhat during the third quarter, it didn&#146;t. So, we are still working to catch up and I&#146;m confident that we will. And we&#146;ve
taken more price increases this year than last time with a major price increase was all the way back in 2012. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ryan Merkel </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks for the color, guys. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question is from Matthew Bouley with Barclays. Please go ahead. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Matthew Bouley </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hey, good evening, everyone. Congrats on
the results and a pretty dynamic environment here. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Matthew Bouley </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Same topic, on the gross margin side. I think you said last quarter, maybe, Dennis, you were talking to early &#145;22, I think you kind of termed it getting
back to the Trex gross margins that we&#146;re used to. Just any kind of update on how to think about the cadence of gross margin recovery beyond Q4 here? Thank you. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, I do think sequentially we will see a
step up from Q3 to Q4 as we start rounding into the New Year, you would also expect us to see gross margins north of 40%. It&#146;s going to be based on&#133;continue to look at pricing, our pricing situation as well as the cost out opportunities
that Bryan talked about. So, we&#146;ll continue to focus on continuous improvement, automation, raw material formulations, those will be our big focus areas going forward that will help us. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Matthew Bouley </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wonderful. Great. Thank you for that
Dennis. And second one on the Little Rock capacity. I guess number one, just if there is any quantification, I guess on how much capacity you may be adding when this is fully ramped. That&#146;s part one and part two is, I&#146;m just curious as you
picked the Little Rock area for this capacity, I&#146;m curious if you can get into any color around the conversion opportunity from composite or from wood to composite in kind of the surrounding regions there? Thank you. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sure. We see the Southern region as an
excellent area where we can convert more of the pressure treated Southern pine marketplace to Trex composite. So that&#146;s one of the things that energizes us about the location around of being able to service some of those markets. From a size
perspective, in essence, what we will be building is, buildings just like we just put here in Winchester. Engineering is done. We understand what the performance is. We&#146;ve got all the drawings. We know how to build them along the way. So, as I
mentioned in my comments, it will be modular. We have the ability to add multiple buildings like this and this will give us the long-term capability to grow. So, we haven&#146;t put a specific number on it, because it really carries us out over the
next 10 years with the organization. </P>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Matthew Bouley </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Got it. Well, thank you, Bryan and thanks, Dennis. Good luck, guys. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question is from Trey Grooms with
Stephens Inc. Please go ahead. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Trey Grooms </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hey,
good afternoon, everyone, and well done with another great quarter. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Trey. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Trey Grooms </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I&#146;m kind of going to <FONT STYLE="white-space:nowrap">follow-up</FONT> on this Little Rock expansion. You mentioned that this was to address long term
demand trends and pursue new growth opportunities. One, I didn&#146;t know if there was anything you could expand on as far as new growth opportunities you mentioned? And secondly, going through kind of that conversion, kind of outlook that you were
talking about to answer another question, where you&#146;re seeing it could possibly go from 24% or 25% of the market to 50% of the market? And Bryan to your last comment that this could give you some capacity to handle the next 10 years, possibly,
is that to say that if we were to see this wood to composite transition continue for the long term, do you feel like what you have kind of planned out here at Little Rock is sufficient to get you to that kind of range for getting closer to that 40%
or 50% type conversion range or will there be more behind it? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I haven&#146;t put those numbers together yet, but we have a lot of property down in Little Rock, and we can add a lot of lines down there to be able to
service that demand. There is also beyond the property that we acquired, there is a significant amount of space to be able to expand within that same industrial yard. As we look at the growth opportunities, I think there are three of them that are
meaningful. We&#146;ve talked a lot about international. We are back to growing international more quickly than what we&#146;ve been growing in North America. I expect that will continue next year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;ve talked in the past, a little bit about new builder programs. And while we don&#146;t have enough capacity right now to really take that on
full-hearted, we are starting to have those discussions, and with the announcement of Little Rock coming onboard, these take time to build out and come to the appropriate agreements. So, we are starting with that effort. We&#146;ve got a few people
on the ground and we are engaging with the national homebuilders. And then the last one is cladding. Cladding has been a popular product mostly on the West Coast, but we&#146;re starting to see that look come more east. And it&#146;s been a product
that we&#146;ve had in the market. It&#146;s the same as our existing Transcend deck board. It&#146;s been in the market for some time, but </P>
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<TD VALIGN="top" ALIGN="center">8</TD>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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we&#146;ve not been able to fully market that due to the capacity constraints. And we see a great opportunity to add incremental volume through that cladding opportunity, and these are people
that would be using probably a different type of sighting [ph] for a different design look on the outside of their business. So, it is a <FONT STYLE="white-space:nowrap">sub-segment</FONT> of the overall sighting industry, and we&#146;ll do some
more work to try to better quantify what that opportunity is over time. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Trey Grooms </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Awesome. Thanks for that. And then as a <FONT STYLE="white-space:nowrap">follow-up,</FONT> with these long term growth plans you&#146;re describing and as you
think about the raw material side of things, clearly, you guys have been in the recycled or scrap polyethylene game for a long time, but with an outlook for strong growth in this, would the composite conversion and other products that
[indiscernible] like what you&#146;re talking with the cladding, at what point does the raw material availability become an issue or is there plenty out there to provide for the kind of growth we could see over the next several years once this
expansion has rolled out, and the growth that&#146;s ahead? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, with the growth that we&#146;ve had this year, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date</FONT></FONT> 37%, growing
much more quickly than what the market for recycled is right now, there is some challenge in the short term. Normally, this business has been growing in the teens up to 20%. And we&#146;ve been able to add to our sourcing capability in excess of
those amounts every year along the way. This year, the growth has been so much higher, we&#146;ve really had to look at every location possible. Our inventories are a little bit lower. We&#146;ve added people onto our sourcing team, and we see the
ability to be able to continue growing that and service the marketplace. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Trey Grooms </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Alright, thanks guys. I appreciate taking the questions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question is from Tim Wojs with Baird.
Please go ahead. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tim Wojs </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hi guys. Good afternoon.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hey Tim, good evening. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tim Wojs </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Maybe just to start on the growth commentary
for &#145;22. Just trying to think about the pieces. Any sense for what pricing contribution and maybe channel inventory kind of normalization might be for &#145;22 as you look at next year? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There is still discussions going on as
to where we will be on pricing. So, I don&#146;t want to jump into that, but it will be meaningful on a year-over-year basis. Dennis may be able to jump in on how much pricing comes through and what we&#146;ve already taken. </P>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, I mean basically what we&#146;re trying to do with our pricing philosophy is to offset the inflationary aspects. And so, from a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date</FONT></FONT> perspective, we&#146;ve probably seen about 5%, 6% inflation on our raw materials as a percent of sales. From a price perspective, we&#146;re pretty much right
there, covering that almost from a dollar perspective. And then from there what we continue to do is look for the cost-outs to help us with our margins and so forth. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tim Wojs </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. And then as you think about kind of the
margin composition going forward, how would you think about kind of gross profit margin leverage from here and SG&amp;A leverage over the next couple of years? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think the key focus here will continue
to be on EBITDA margin, and even with the pressures we&#146;ve seen at the gross margin level, we&#146;ve been able to continue to improve that EBITDA. So, we&#146;ll look to leverage both at the gross margin level, as well as, at the SG&amp;A
level. And remember our entry level product line doesn&#146;t carry the same level of branding. We will be increasing our branding spend next year back to more of a normalized, probably in the 5% to 6% type range of sales. But when you sell an
enhanced basic deck board it doesn&#146;t carry that same level of spending along the way. So, we still see that opportunity to be able to leverage. Now, next year there will be some of those costs coming back in again. You&#146;ll get back to a
full year of normalized travel from the sales team, as well as the rest of the overall Trex organization. Get back to doing shows like The Builder Show, regular meetings, those sort of things and marketing along the way. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tim Wojs </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. Okay, great. Good luck and I will see you
again. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question is from Jeff Stevenson with
Loop Capital. Please go ahead. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jeff Stevenson </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hi.
Thanks for taking my questions today, and congrats on the strong quarter. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Jeff. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jeff Stevenson </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So my first question is just on how much of the volume growth at the midpoint of your fourth quarter sales guidance is inventory channel filled with new
industry capacity up and running, and you can just update us where channel inventory levels are currently and when we might expect them to return closer to normalized levels? </P>
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<TD VALIGN="top" ALIGN="center">10</TD>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, so a good <FONT STYLE="white-space:nowrap">follow-up.</FONT> Tim asked about that as well too. So, we do see inventory build inclusive of the fourth
quarter number along the way. Coming out of the third quarter, inventories were built at the retail level, both at DIY, as well as, in the pro channel. So, you can get the product, especially at the larger dealers that were out in the marketplace,
as well as, virtually any DIY store. If we now look at the fourth quarter, we see that, I don&#146;t think inventory will get all the way back to a completely healthy level, but we are starting to see that inventory build now. Usually, you see
fourth quarter come down quite a bit sequentially from the third quarter. This is still an extremely strong fourth quarter for us. The growth is quite strong and so there will be inventory build along the way. I can&#146;t really give you a number
of that right now, because it depends upon that underlying market strength. But as we get into the end of the year call, we&#146;ll definitely update the market on where we stand inventory wise and how much of that is a <FONT
STYLE="white-space:nowrap">one-time</FONT> inventory build versus underlying market growth. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jeff Stevenson </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay, great. No, that&#146;s very helpful. And I just wanted to ask about kind of high level of CAPEX priorities. In 2022, obviously you&#146;re doing a number
of <FONT STYLE="white-space:nowrap">cost-out</FONT> projects now, and in the past, you&#146;ve talked about a long runway of those and then you&#146;re beginning you&#146;re Little Rock facility in early 2022. So how should we think about the
progression of cost out projects next year and CAPEX in general? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. That&#146;s a great question. So, we&#146;ll certainly have more detail for you come to Q1 of 2022 when we go through the earnings cycle there with you.
However, I think this year, we plan on spending roughly between $135&nbsp;million and $155&nbsp;million in 2021. 2022 will clearly be less than this year as 2021 was mainly the finalization of the $200&nbsp;million in capacity expansion. So, I would
look at 2022 as being a transition year between this capacity expansion and then Little Rock, because as we move into 2023, you&#146;ll start to see investment in Little Rock pick up more significantly. So, what&#146;s left in 2022 then is really
debottlenecking, automation, other type of cost out projects to make us more effective and more efficient. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jeff Stevenson </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. That&#146;s helpful. Thanks again. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question is from Keith Hughes with Truist. Please go ahead. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Keith Hughes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. You had said in the fourth
quarter EBITDA contribution margin will be between 35% and 40%, that puts in the <FONT STYLE="white-space:nowrap">low-30s</FONT> for the year. Obviously, you have a lot of challenges there. What do you think that the kind of average contribution
margin over a longer period of time looks like at this point? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, I think we&#146;re clearly over time going to demonstrate leverage on the EBITDA line. As SG&amp;A today is low, we&#146;ll continue to see more and more
leverage there even though as Bryan mentioned that we&#146;ll see some brands spend pick up in 2022, but as basics becomes a bigger part of the portfolio over time it does not require that same level of advertising and branding spend. In addition,
we&#146;re not going to be adding people at the same rate which we&#146;re growing as well. So, I clearly see that EBITDA margin improving and expanding over time. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Keith Hughes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. One other question. As you look at
your production schedules, you sort of talked what your inventory was, do you see the beginning of &#145;22 as a period where you&#146;re still catching up on or getting inventory in the channel, or do you think you&#146;ll be able to finish that by
the end of the year? </P>
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<TD VALIGN="top" ALIGN="center">11</TD>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think we&#146;ll still be putting some inventory in the channel in the first quarter of next year. The question is going to be how much? One of the things
that I mentioned to our distributor partners last week is that given the size of this market today, it&#146;s important that we have inventory at all levels of the channel and make sure that our yard has what we need, their yards as well as the
dealer yards, so that we&#146;re always able to have the product necessary to serve customers as we continue to convert that share. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Keith Hughes
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay, thank you. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question is from Michael Rehaut with JP Morgan. Please go ahead. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael Rehaut </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, good afternoon, everyone, and
thanks for taking my questions. Firstly, I just wanted to circle back to the gross margins for a moment and just wanted to make sure I&#146;m hearing you correctly and thinking about things in the right context. You said that you&#146;re expecting
some improvement sequentially in the fourth quarter, but that for next year, you would expect to be above 40%. So, I would presume that means that you&#146;re not kind of getting above 40% yet in the fourth quarter itself. And then when we talk
about 2022, any reason why you can&#146;t get back to like you did 41.1% in 2019, 41.5% in 2020. Any reason you can&#146;t get back fully to that type of a level, given all the different margin improvement initiatives that you&#146;ve been talking
about? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, right now, we are
looking to step up from Q3 to Q4 and again we&#146;ll have that full impact of the pricing increase with the three months, the additional that Bryan talked about as well, that&#146;s going to help us take a step up. In addition to that, we&#146;re
going to continue to make progress now on our <FONT STYLE="white-space:nowrap">cost-out</FONT> initiatives as we move forward into 2022. And so, we should start to see better absorption as well as we have the full capacity to play out as well for
us. So, I would expect us to be north of 40% and we&#146;ll have more clarification moving forward. I think the more important line to be looking at too though is on that EBITDA margin line, right. And we&#146;re going to continue to see expansion
there. In my opinion, there is no reason why we couldn&#146;t be up at that 35% to 40% incremental over the longer term. It just makes sense that we could see that sort of expansion on incremental. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael Rehaut </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. I appreciate that. I guess,
secondly, on the SG&amp;A, you talked about expanding some marketing campaigns may be T&amp;E starting to normalize. Obviously, it depends on, still your rate of topline growth, but presuming something that&#146;s at least 15%, 20% year-over-year
growth, which seems like with all the capacity expansion and price increases you&#146;d be on track to do, would you expect further leverage in &#145;22 on SG&amp;A in spite of some of those higher dollar cost, but on a percent of sales, expect
maybe some further improvement in terms of the SG&amp;A ratio? </P>
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<TD VALIGN="top" ALIGN="center">12</TD>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, we&#146;re going to have a lot more information for you on SG&amp;A in the coming year. I think what we&#146;re trying to get across today is that we
still expect to be very disciplined in our spend on SG&amp;A. We do expect to have a leverage model. So, Bryan has been talking about, yes, we&#146;re going to be spending more on branding going forward, but we&#146;re still going to see a lot of
leverage because Basics will become a greater part of the overall portfolio, not requiring the same level of branding spend. We&#146;re not going to be adding people at the same rate as...which we&#146;re growing too. So, while it may tick up in
absolute dollars, I&#146;m not so sure that we&#146;re going to continue to be running this at a pretty low and mean level here for the foreseeable future. It will allow us to continue to expand margins. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael Rehaut </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Can I sneak one more in, if possible?
Just on price increases. I think you mentioned that you were able to implement 5% to 6% of sales this year. I thought it was something a little bit higher than that. I just wanted to make sure I heard that right. What I&#146;m trying to get at is,
you&#146;ve raised prices I think at least 2 or 3 times now if you&#146;re including November. Just trying to get a sense of magnitude of each of those increases and kind of where we are again cumulatively if I did hear you right? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You did hear correctly. And so those price
increases were on most of our products. So, they were not on all of those. So those were <FONT STYLE="white-space:nowrap">mid-single-digit</FONT> price increases on most products. And so, what I&#146;m giving you now is more of a cumulative number
across the portfolio. So, you heard correctly at 5%. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael Rehaut </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. Great, thank you. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question is from Phil Ng with Jefferies. Please go ahead. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Phil Ng </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hey guys. Congrats on a really strong quarter,
just given all the headwinds you&#146;re seeing right now. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks Phil. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Phil Ng </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It would be helpful to kind of give us a sense how full your lines are running currently, Bryan? Just want to get a better hand on your bandwidth to kind of
support that strong double-digit growth? And will you be constrained until new capacity effectively comes on in 2024 at the Arkansas? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, I see continued opportunities. As we look at the first quarter, we were bringing lines up. Second quarter we were continuing to bring lines up.
So, we can run those at full capacity next year depending upon what the market needs from us along the way. We haven&#146;t gotten into exactly where our utilization is at this point. We are working to increase it as we try to fill that channel
inventory at this point, but we did lose some revenue in the quarter, we said the same thing last quarter, and we&#146;re not exactly where we want to be for the fourth quarter. We do have improvement opportunities off of our legacy lines replacing
some of the equipment, which will allow us to have further growth, and these are all proven return projects that we know how to do to get more out of our existing capacity. </P>
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<TD VALIGN="top" ALIGN="center">13</TD>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Phil Ng </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. That&#146;s helpful. And then sorry to kind of beat a dead horse. From an inflation standpoint, should we expect to be fully caught up with the November
price increase as you exit the year. And then if there was any disconnect on just getting incrementals back to a more normalized level in the fourth quarter, was it all price cost or is there something else we got to fully appreciate? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;ve been running behind all year
long, and we&#146;ve continued to take price increases to be able to catch up with that. I&#146;d love to tell you that I&#146;m going to be there right at the end of the year. We still got 45 days left of the quarter here and pricing is&#133;on a
lot of things it&#146;s continuing to go up, not at the same level that we saw in late second quarter, into the third quarter along the way. But it&#146;s sure is our intent to get caught up. At the same time, getting caught up within 30 days,
probably isn&#146;t the most important thing either. Having a confidence that we can take price in the marketplace, we can drive the margins that we expect, that our investors expect is important and we&#146;ve been able to show that we can do that.
But just going out to the market and saying I&#146;m taking x percent tomorrow because my numbers aren&#146;t there, it doesn&#146;t help the market either. So, we&#146;ve given enough time for our channel to get ready for those prices and put them
through and part of that is the relationship that we have in our channel and that&#146;s put us a little bit behind where we would prefer to be. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Phil
Ng </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay, super. Thank you. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question is from Ketan Mamtora with BMO Capital. Please go ahead. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ketan Mamtora </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, and congrats on another strong
quarter. Maybe <FONT STYLE="white-space:nowrap">start-off,</FONT> on the demand side, I&#146;m just curious if you&#146;re seeing more strength on the entry level product or is the demand growth more broad-based across your different product
categories? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, we&#146;re seeing
that demand growth across all of our portfolio and pretty much in line with where we expected that to be. So, we&#146;re really pleased to be having this product line up with different pricing points. It really is appealing to our large customer
base. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ketan Mamtora </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Got it. That&#146;s helpful.
And then just switching to the Arkansas facility and not trying to put too final line on it, I recognize that there is kind of a long-term plan here. But is there a way to think about how much you envision to add in
<FONT STYLE="white-space:nowrap">&#145;24-&#145;25</FONT> in terms of capacity and in terms of your first sort of buildup? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, I think analytically, I&#146;ll give you the keys to the analytical equation here. 70% capacity increase cost us about $200&nbsp;million. We&#146;re saying
about $400&nbsp;million over a five-year timeframe. I think the only difference there is that we need to build out the infrastructure at that plant. There will be a lot of utility. There&#146;ll be a lot of paving. There&#146;ll be a lot of dirt
moving that we didn&#146;t have to do for that existing capacity along the way. </P>
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<TD VALIGN="top" ALIGN="center">14</TD>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ketan Mamtora </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Got it. That&#146;s very helpful. I&#146;ll turn it over. Good luck. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question is from Reuben Garner with
The Benchmark Company. Please go ahead. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Reuben Garner </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks. Good evening and congrats guys on the quarter and Arkansas announcement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Reuben Garner </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Most of my questions have been answered,
but I do have one kind of longer term one, I wanted to sneak in. When you guys had the capacity announcements before a lot of effort and time spent by the team to do those projects in your existing facilities, and I think some of the focus with you
guys being so tight was taken away from some of your continuous improvement initiatives. Would you envision this being different in a couple of years as you&#146;re kind of getting to that stage where you&#146;re able to do both, because it&#146;s a
third facility or has your existing team used enough for the capacity additions that it may take away from those in the near term as you&#146;re building out that facility? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We can do both. The key thing there is
getting the engineering team to full staffing. We&#146;ve got a plan there to what we need to do to get it, where back where we want it to be support the new capacity. Of course, the 200&nbsp;million capacity is coming off the plate at this point.
The last couple of lines are going in Winchester, but we do need to beef up that group and we can do both. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Reuben Garner </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Great. Thanks guys, and congrats again. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question is from Kurt Yinger with DA Davidson. Also, if you would like to ask a question please press &#147;*&#148; then &#147;1.&#148;
Mr.&nbsp;Yinger, please go ahead. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kurt Yinger </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Great, thanks, and good afternoon, Bryan and Dennis. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis
Schemm </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good afternoon. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kurt Yinger </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I just wanted to start off on the dynamics between composites and wood recently. I mean there&#146;s just been a lot of commentary from the lumber guys around
sky high pricing in the middle of the year taking its toll on demand and as prices have moderated, it seems like the interest from the DIY consumers come back pretty strong. I&#146;m just curious whether you&#146;ve seen any of that, I guess, play
out in terms of your own demand trends? And as you kind of step back and think about the two points of conversion versus one point annually in the past, what are kind of the big factors that, I guess, might make you optimistic that this new higher
rate of conversion is sustainable? </P>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think the first important point is the futures market that we all refer to as lumber is builder quality lumber, and customers are going out buying pressure
treated lumber, which the chemicals that go into it, the labor that goes into it is more expensive now. So, there is some price increase that&#146;s permanent in that type of lumber. But those prices have come back down again. It&#146;s a much more
important part of the story and the strategy is that we&#146;re able to educate those buyers that there are affordable composite products, and it&#146;s not just about selling an Enhance Basics Board, it&#146;s showing them for an extra couple of
hundred dollars, you could move to a composite product and then being able to move them up the spectrum of the Trex product line to give them the aesthetic and the performance that they&#146;re looking for. So, the company started down this path of
converting against wood, back in about 2017. We started advertising directly against wood. We launched Enhance in 2019 and we started to see that conversion start to pick up. And we&#146;ve gone, of course, through the pandemic, elevated demand
people staying at home. But over the long term, the strategy that we put together back in the <FONT STYLE="white-space:nowrap">&#145;17-&#145;18</FONT> timeframe is unchanged and those consumers are learning more about composites today and are
enticed to purchase them. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kurt Yinger </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Got it, okay.
That&#146;s helpful. And then just my second on recycled film pricing, I think, last quarter you talked about that being up maybe <FONT STYLE="white-space:nowrap">mid-teens</FONT> year-over-year. Could you update us on how that&#146;s been trending
in the last few months and relative to maybe lagging the virgin market by a couple of quarters. Are you expecting any incremental cost pressures there as we get into 2022? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, I do expect to continue to see some
cost pressure around that. We did see that expand let&#146;s call it into the high teens in the third quarter. So those prices are still going up. And, like I said, they tend to lag by about nine months and we&#146;re still in that nine-month lag
period. So, we&#146;ll continue to see that move a little bit more. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kurt Yinger </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. I appreciate the color, Bryan. Good luck in Q4 here guys. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question is from Alex Rygiel with B
Riley. Please go ahead. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alex Rygiel </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. Very
nice quarter gentlemen, a couple of quick questions here. First, can you try to quantify the capacity that you are adding in the fourth quarter? </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center">16</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dennis Schemm </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We talked about there being an opportunity to improve by about 15%. So that would bring us from that 70% over 2019 to 85% over 2019 levels by the end of the
year. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alex Rygiel </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It&#146;s helpful. And then as it
relates to the Arkansas facility. Could this become your <FONT STYLE="white-space:nowrap">low-cost</FONT> manufacturing facility? And if so, approximately when? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We see the opportunity with Arkansas the
proximity to some of our raw materials is more optimized than our other locations. We will have some opportunity with the scale of the operations. It will eclipse at some point our Winchester facility and so we will have some scale opportunities
there. It will be the newest technology that we have for running our products, which does give us a better cost along the way. So, I think that&#146;s a fair way to look at it. Offset, I mean, we think with labor, we will have a higher labor cost
across all of our facilities. So, we also are looking at automation opportunities. And I don&#146;t see this automation opportunity as taking away anybody&#146;s job. With the growth that we have, there will be plenty of opportunities for our
existing Trex employees. But as we build new capacity out, we may not need as many people to run those lines. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alex Rygiel </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very helpful. Thank you. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Great. Thanks, Alex. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This concludes our question and answer session. I would like to turn the conference back over to Bryan Fairbanks for any closing remarks. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONCLUSION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Fairbanks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks everybody for your questions and attendance in today&#146;s conference call. We look forward to speaking with many of you during the quarter at
conferences and other events. Thank you and have a great evening. Bye. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The conference has now concluded. Thank you for attending today&#146;s presentation. You may now disconnect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Trex Company, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Monday,&nbsp;November&nbsp;08,&nbsp;2021,&nbsp;5:00&nbsp;PM&nbsp;Eastern</P></TD></TR></TABLE>

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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>trex-20211108_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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    <dei:CityAreaCode contextRef="duration_2021-11-08_to_2021-11-08">(540)</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="duration_2021-11-08_to_2021-11-08">542-6300</dei:LocalPhoneNumber>
    <dei:Security12bTitle contextRef="duration_2021-11-08_to_2021-11-08">Common stock</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="duration_2021-11-08_to_2021-11-08">TREX</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="duration_2021-11-08_to_2021-11-08">NYSE</dei:SecurityExchangeName>
    <dei:WrittenCommunications contextRef="duration_2021-11-08_to_2021-11-08">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="duration_2021-11-08_to_2021-11-08">false</dei:SolicitingMaterial>
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    <dei:EntityEmergingGrowthCompany contextRef="duration_2021-11-08_to_2021-11-08">false</dei:EntityEmergingGrowthCompany>
    <dei:AmendmentDescription contextRef="duration_2021-11-08_to_2021-11-08">This Amendment No.&#160;1 to Trex Company, Inc.&#x2019;s Current Report on Form 8-K is furnished to include a transcript of the earnings conference call held on November&#160;8, 2021.</dei:AmendmentDescription>
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<head>
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<span style="display: none;">v3.21.2</span><table class="report" border="0" cellspacing="2" id="idm140647888481608">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Nov. 08, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">TREX CO INC<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001069878<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K/A<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov.  08,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-14649<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">54-1910453<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">160 Exeter Drive<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Winchester<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">VA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">22603-8605<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(540)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">542-6300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">TREX<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentDescription', window );">Amendment Description</a></td>
<td class="text">This Amendment No.&#160;1 to Trex Company, Inc.&#8217;s Current Report on Form 8-K is furnished to include a transcript of the earnings conference call held on November&#160;8, 2021.<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of changes contained within amended document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
