8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): May 2, 2019

PGT Innovations, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

001-3797120-0634715

 (Commission File Number)             (IRS Employer Identification No.)

1070 Technology Drive, North Venice, Florida 34275

(Address of Principal Executive Offices, Including Zip Code)

(941) 480-1600

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (section 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (section 240.12b-2 of this chapter).

Emerging growth company [  ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	PGTI	New York Stock Exchange, Inc.

ITEM 2.02. Results of Operations and Financial Condition

On May 2, 2019, PGT Innovations, Inc. (the "Company") issued a press release announcing its financial results for the first quarter ended March 30, 2019.

On the same date, the Company posted an earnings presentation on its investor relations website at http://ir.pgtinnovations.com. The earnings presentation is being made available in connection with the Company's earnings conference call and audio webcast on May 2, 2019 at 10:30 a.m. E.T. The press release and the earnings presentation are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are hereby incorporated herein by reference.

ITEM 7.01. Regulation FD Disclosure

The information set forth above under Item 2.02 is hereby incorporated herein by reference.

The information contained in this paragraph, as well as Exhibit 99.1 and Exhibit 99.2 referenced herein, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit No.	Description
99.1	Press release of PGT Innovations, Inc., dated May 2, 2019
99.2	Earnings presentation dated May 2, 2019

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PGT INNOVATIONS, INC.

By: /s/   Sherri Baker          

       Name:  Sherri Baker

       Title:  Senior Vice President, and Chief Financial

      Officer

    Dated:  May 2, 2019

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of PGT Innovations, Inc. dated May 2, 2019
99.2	Earnings presentation of PGT Innovations, Inc. dated May 2, 2019

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EX-99.1

EXHIBIT 99.1

NEWS RELEASE

PGTI Reports 2019 First Quarter Results

First Quarter Sales Growth of $33 Million Driven by Inclusion of Western Window Systems and Growth in Legacy New Construction Channel

VENICE, Fla., May 2, 2019 – PGT Innovations, Inc. (NYSE: PGTI), a national leader in premium windows and doors, including impact-resistant products and products designed to unify indoor/outdoor living spaces, today announced financial results for its first quarter ended March 30, 2019.

Financial Highlights for First Quarter 2019 versus First Quarter 2018

● Net sales for the first quarter increased 24 percent, to $174 million, including $32 million from Western Window Systems

● Gross profit grew 37 percent, to $61.3 million

● Net income for the quarter grew 13 percent, to $8.3 million

● Net income per diluted share was flat at $0.14, and adjusted net income per diluted share of $0.16, decreased $0.03 from the prior year; both affected by the higher number of shares outstanding, resulting from the 2018 equity offering

● Adjusted EBITDA grew 30 percent, to $28.3 million

"In the first quarter, PGT Innovations' significant growth in sales and EBITDA was driven by the inclusion of Western Window Systems and the strength in our new construction channel.  In our legacy markets, our corporate builder program grew significantly versus the prior year quarter as adoption of our impact products continues to accelerate," stated Jeff Jackson, President and Chief Executive Officer of PGT Innovations.

"First quarter sales for Western Window Systems grew versus the prior-year quarter as its penetration continued to increase in the indoor/outdoor living market. Integration continues to remain on track, as expected cost synergies began to be realized in the first quarter and meaningful progress was achieved in building the infrastructure to begin selling Western products in our legacy markets," added Jackson.

"Despite the slight decline in the repair and remodel market overlapping significant growth in the prior year period, we were able to deliver solid results in the first quarter of 2019, including the growth of Western Window Systems' sales and EBITDA compared to its pre-acquisition prior year period.  As we enter hurricane season, we are reaffirming full year guidance for 2019," stated Sherri Baker, Senior Vice President and Chief Financial Officer of PGT Innovations. "Our balance sheet remained strong at the end of the first quarter, with cash of $45 million and a net debt-to-adjusted EBITDA ratio, adjusted for the Western Window Systems acquisition, of 2.2 times," concluded Baker.

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Conference Call

PGT Innovations will host a conference call on Thursday, May 2, 2019, at 10:30 a.m. The conference call will be available at the same time through the Investor Relations section of the PGT Innovations, Inc. website, http://ir.pgtinnovations.com/events.cfm.

To participate in the teleconference, kindly dial into the call a few minutes before the start time: 888-205-6786 (U.S. and Canada) and 786-789-4840 (U.S.). The conference ID is 987008. Please note that these are new dial-in phone numbers. A replay of the call will be available within approximately two hours after the scheduled end of the call on May 2, 2019, through 1:30 p.m. on May 9, 2019. To access the replay, dial 888-203-1112 (U.S. and Canada) and 719-457-0820 (U.S.) and refer to pass code 2132984.

You may also join the conference online by using the following link:

https://services.choruscall.com/links/pgti190502D1RN8jkQ.html.

The webcast will also be available through the Investors section of the PGT Innovations, Inc. website: http://ir.pgtinnovations.com/events.cfm.

About PGT Innovations, Inc.

PGT Innovations manufactures and supplies premium windows and doors. Its highly-engineered and technically-advanced products can withstand some of the toughest weather conditions on earth and unify indoor/outdoor living spaces.

PGT Innovations creates value through deep customer relationships, understanding the unstated needs of the markets it serves and a drive to develop category-defining products. PGT Innovations is also the nation's largest manufacturer of impact-resistant windows and doors, holds the leadership position in its primary markets, and is part of the S&P SmallCap 400 Index.

The PGT Innovations' family of brands include CGI®, PGT® Custom Windows & Doors, WinDoor®, Western Window Systems®, CGI Commercial® and Eze-Breeze®. The Company's brands, in their respective markets, are a preferred choice of architects, builders, and homeowners throughout North America and the Caribbean. The Company's high-quality products are available in custom and standard sizes with multiple dimensions that allow for greater design possibilities in residential, multi-family, and commercial projects. For additional information, visit www.pgtinnovations.com.

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Forward-Looking Statements

Statements in this press release regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may," "expect," "expectations," "outlook," "forecast," "guidance," "intend," "believe," "could," "project," "estimate," "anticipate," "should," "plan" and similar terminology. These risks and uncertainties include factors such as:

• adverse changes in new home starts and home repair and remodeling trends, especially in the state of Florida, where the substantial portion of our sales are currently generated, and in the western United States, where the substantial portion of the sales of Western Window Systems' operations are generated, and in the U.S. generally;

• macroeconomic conditions in Florida, where the substantial portion of our sales are generated, and in California, Texas, Arizona, Nevada, Colorado, Oregon, Washington and Hawaii, where the substantial portion of the sales of Western Window Systems are currently generated, and in the U.S. generally;

• our level of indebtedness, which increased in connection with our acquisition of Western Window Systems;

• the effects of increased expenses or unanticipated liabilities incurred as a result of, or due to activities related to, the Western Window Systems acquisition;

• the risk that the anticipated cost savings, synergies, revenue enhancement strategies and other benefits expected from the Western Window Systems acquisition may not be fully realized or may take longer to realize than expected or that our actual integration costs may exceed our estimates;

• raw material prices, especially for aluminum, glass and vinyl, including, price increases due to the implementation of tariffs and other trade-related restrictions;

• our dependence on a limited number of suppliers for certain of our key materials;

• sales fluctuations to and changes in our relationships with key customers;

• increases in bad debt owed to us by our customers in the event of a downturn in the home repair and remodeling or new home construction channels in our core markets and our inabiloity to collect such debt;

• in addition to the Western Window Systems acquisition, our ability to successfully integrate businesses we may acquire, or that any business we acquire may not perform as we expected at the time we acquired it;

• increases in transportation costs, including due to increases in fuel prices;

• our dependence on our impact-resistant product lines and contemporary indoor/outdoor window and door systems, and on consumer preferences for those types and styles of products;

• product liability and warranty claims brought against us;

• federal, state and local laws and regulations, including unfavorable changes in local building codes and environmental and energy code regulations;

• our dependence on our limited number of geographically concentrated manufacturing facilities;

• risks associated with our information technology systems, including cybersecurity-related risks, such as unauthorized intrusions into our systems by "hackers" and theft of data and information from our systems, and the risks that our information technology systems do not function as intended or experience temporary or long-term failures to perform as intended; and

• the risks and uncertainties discussed under Part I, Item 1A, "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 29, 2018.

Statements in this press release that are forward-looking statements include, without limitation, our expectations regarding: (1) demand for our products going forward, including the demand for our impact-resistant products and the products of Western Window Systems; (2) our ability to gain market share in 2019 and beyond; (3) the Company's ability to continue to grow its sales and earnings in 2019 and going forward; (4) our ability to position ourselves as a national leader in the premium window and door market, and our performance in that market; (5) our integration of Western Window Systems and achievement of synergies related thereto; and (6) our financial and operational performance for our 2019 fiscal year, including our 2019 fiscal year outlook reaffirmed and set forth in this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances from the date of this press release.

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Use of Non-GAAP Financial Measures

This press release and the financial schedules include financial measures and terms not calculated in accordance with U.S. generally accepted accounting principles (GAAP). We believe that presentation of non-GAAP measures such as adjusted net income, adjusted net income per share, and adjusted EBITDA provides investors and analysts with an alternative method for assessing our operating results in a manner that enables investors and analysts to more thoroughly evaluate our current performance compared to past performance. We also believe these non-GAAP measures provide investors with a better baseline for assessing our future earnings potential. The non-GAAP measures included in this press release are provided to give investors access to types of measures that we use in analyzing our results.

Adjusted net income consists of GAAP net income adjusted for the items included in the accompanying reconciliation. Adjusted net income per share consists of GAAP net income per share adjusted for the items included in the accompanying reconciliation. We believe these measures enable investors and analysts to more thoroughly evaluate our current performance as compared to the past performance and provide a better baseline for assessing the Company's future earnings potential. However, these measures do not provide a complete picture of our operations.

Adjusted EBITDA consists of net income, adjusted for the items included in the accompanying reconciliation. We believe that adjusted EBITDA provides useful information to investors and analysts about the Company's performance because they eliminate the effects of period-to-period changes in taxes, costs associated with capital investments and interest expense. Adjusted EBITDA does not give effect to the cash the Company must use to service its debt or pay its income taxes and thus does not reflect the actual funds generated from operations or available for capital investments.

Our calculation of adjusted net income, adjusted net income per share, and adjusted EBITDA are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP measures. Schedules that reconcile adjusted net income, adjusted net income per share, and adjusted EBITDA to GAAP net income are included in the financial schedules accompanying this release.

Adjusted EBITDA as used in the calculation of the net debt-to-Adjusted EBITDA ratio, consists of our adjusted EBITDA as described above, but for the trailing twelve-month period, adjusted pursuant to the covenants contained in the 2016 Credit Agreement due 2022 for the acquisition of Western Window Systems.

SOURCE: PGT Innovations, Inc.

PGT Innovations Contacts:

Investor Relations:

Sherri Baker, 941-480-1600

Senior Vice President and CFO

SBaker@PGTInnovations.com

Media Relations:

Brent Boydston, 941-480-1600

Senior Vice President, Corporate Sales and Marketing

BBoydston@PGTInnovations.com

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PGT INNOVATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited - in thousands, except per share amounts)
	Three Months Ended
	March 30,		March 31,
	2019		2018
Net sales	$	173,737	$	140,253
Cost of sales		112,467		95,480
Gross profit		61,270		44,773
Selling, general and administrative expenses		44,014		28,657
Income from operations		17,256		16,116
Interest expense, net		6,714		4,043
Debt extinguishment costs		-		3,079
Income before income taxes		10,542		8,994
Income tax expense		2,285		1,654
Net income	$	8,257	$	7,340
Basic net income per common share	$	0.14	$	0.15
Diluted net income per common share	$	0.14	$	0.14
Weighted average common shares outstanding:
Basic		58,134		49,858
Diluted		59,220		51,998

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PGT INNOVATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited - in thousands)
	March 30,		December 29,
	2019		2018
ASSETS
Current assets:
Cash and cash equivalents	$	44,936	$	52,650
Accounts receivable, net		76,035		80,717
Inventories		47,962		44,666
Contract assets, net		9,375		6,757
Prepaid expenses and other current assets		15,812		10,771
Total current assets		194,120		195,561
Property, plant and equipment, net		120,238		115,707
Operating lease right-of-use asset, net		29,568		-
Intangible assets, net		267,803		271,818
Goodwill		277,827		277,827
Other assets, net		1,192		1,240
Total assets	$	890,748	$	862,153
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	56,963	$	68,557
Current portion of long-term debt		87		163
Current portion of operating lease liability		7,016		-
Total current liabilities		64,066		68,720
Long-term debt, less current portion		367,041		366,614
Operating lease liability, less current portion		25,510		-
Deferred income taxes, net		23,144		22,758
Other liabilities		15,139		18,517
Total liabilities		494,900		476,609
Total shareholders' equity		395,848		385,544
Total liabilities and shareholders' equity	$	890,748	$	862,153

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PGT INNOVATIONS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO THEIR GAAP EQUIVALENTS
(unaudited - in thousands, except per share amounts and percentages)
	Three Months Ended
	March 30,			March 31,
	2019			2018
Reconciliation to Adjusted Net Income and
Adjusted Net Income per share (1):
Net income	$	8,257		$	7,340
Reconciling items:
Product line transition costs (2)		641			-
Acquisition costs (3)		650			-
Debt extinguishment costs (4)		-			3,079
Facility and equipment relocation costs (5)		-			435
Tax effect of reconciling items		(332	)		(906	)
Adjusted net income	$	9,216		$	9,948
Weighted-average diluted shares		59,220			51,998
Adjusted net income per share - diluted		$0.16			$0.19
Reconciliation to Adjusted EBITDA (1):
Depreciation and amortization expense	$	8,512		$	4,620
Interest expense, net		6,714			4,043
Income tax expense		2,285			1,654
Reversal of tax effect of reconciling items for
adjusted net income above		332			906
Stock-based compensation expense		1,198			514
Adjusted EBITDA	$	28,257		$	21,685
Adjusted EBITDA as percentage of net sales		16.3%			15.5%
Net debt-to-Adjusted EBITDA ratio, as adjusted for Western Window Systems (6)		2.2x

(1)  The Company's non-GAAP financial measures were explained in its Form 8-K filed May 2, 2019.

(2) Represents costs relating to product line transitions, classified within cost of sales for the three months ended March 30, 2019.

(3) Represents costs relating to the Western Window Systems acquisition, classified within selling, general and administrative expenses for the three months ended March 30, 2019.

(4) Represents debt extinguishment costs for the three months ended March 31, 2018, relating to the Company's March 16, 2018 refinancing and second amendment of the 2016 Credit Agreement due 2022.

(5) Represents costs associated with planned relocation of the CGI Windows & Doors manufacturing operations to its new facility in Miami, FL, and costs associated with machinery and equipment relocations within our glass plant operations in Venice, FL as the result of our planned disposal of certain glass manufacturing assets to Cardinal Glass Industries. Of the $435 thousand, $416 thousand is classified within cost of sales during the three months ended March 31, 2018, with the remainder classified within selling, general and administrative expenses.

 (6) Calculated in accordance with the covenants pursuant to the 2016 Credit Agreement due 2022 for the acquisition of Western Window Systems.

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EX-99.2

EXHIBIT 99.2

 PGT Innovations  Q1 2019 Financial results  May 2, 2019 

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 FORWARD LOOKING STATEMENTS  Statements in this presentation regarding our business that are not historical facts are “forward-looking statements” that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as “may,” “expect,” “expectations,” “outlook,” “forecast,” “guidance,” “intend,” “believe,” “could,” “project,” “estimate,” “anticipate,” “should,” “plan” and similar terminology. These risks and uncertainties include factors such as:adverse changes in new home starts and home repair and remodeling trends, especially in the state of Florida, where the substantial portion of our sales are currently generated, and in the western United States, where the substantial portion of the sales of Western Window Systems’ operations are generated, and in the U.S. generally;macroeconomic conditions in Florida, where the substantial portion of our sales are generated, and in California, Texas, Arizona, Nevada, Colorado, Oregon, Washington and Hawaii, where the substantial portion of the sales of Western Window Systems are currently generated, and in the U.S. generally;our level of indebtedness, which increased in connection with our acquisition of Western Window Systems;the effects of increased expenses or unanticipated liabilities incurred as a result of, or due to activities related to, the Western Window Systems acquisition;the risk that the anticipated cost savings, synergies, revenue enhancement strategies and other benefits expected from the Western Window Systems acquisition may not be fully realized or may take longer to realize than expected or that our actual integration costs may exceed our estimates;raw material prices, especially for aluminum, glass and vinyl, including, price increases due to the implementation of tariffs and other trade-related restrictions;our dependence on a limited number of suppliers for certain of our key materials;sales fluctuations to and changes in our relationships with key customers;increases in bad debt owed to us by our customers in the event of a downturn in the home repair and remodeling or new home construction channels in our core markets and our inability to collect such debt;in addition to the Western Window Systems acquisition, our ability to successfully integrate businesses we may acquire, or that any business we acquire may not perform as we expected at the time we acquired it;increases in transportation costs, including due to increases in fuel prices;our dependence on our impact-resistant product lines and contemporary indoor/outdoor window and door systems, and on consumer preferences for those types and styles of products;product liability and warranty claims brought against us;federal, state and local laws and regulations, including unfavorable changes in local building codes and environmental and energy code regulations;our dependence on our limited number of geographically concentrated manufacturing facilities;risks associated with our information technology systems, including cybersecurity-related risks, such as unauthorized intrusions into our systems by “hackers” and theft of data and information from our systems, and the risks that our information technology systems do not function as intended or experience temporary or long-term failures to perform as intended; andthe risks and uncertainties discussed under Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 29, 2018.Statements in this presentation that are forward-looking statements include, without limitation, our expectations regarding: (1) demand for our products going forward, including the demand for our impact-resistant products and the products of Western Window Systems; (2) our ability to gain market share in 2019 and beyond; (3) the Company’s ability to continue to grow its sales and earnings in 2019 and going forward; (4) our ability to position ourselves as a national leader in the premium window and door market, and our performance in that market; (5) our integration of Western Window Systems and achievement of synergies related thereto; and (6) our financial and operational performance for our 2019 fiscal year, including our 2019 fiscal year outlook reaffirmed and set forth in this presentation.  2 

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 Use of Non-GAAP Financial Measures  This presentation and the financial schedules include financial measures and terms not calculated in accordance with U.S. generally accepted accounting principles (GAAP). We believe that presentation of non-GAAP measures such as adjusted net income, adjusted net income per share, and adjusted EBITDA provides investors and analysts with an alternative method for assessing our operating results in a manner that enables investors and analysts to more thoroughly evaluate our current performance compared to past performance. We also believe these non-GAAP measures provide investors with a better baseline for assessing our future earnings potential. The non-GAAP measures included in this release are provided to give investors access to types of measures that we use in analyzing our results.Adjusted net income consists of GAAP net income adjusted for the items included in the accompanying reconciliation. Adjusted net income per share consists of GAAP net income per share adjusted for the items included in the accompanying reconciliation. We believe these measures enable investors and analysts to more thoroughly evaluate our current performance as compared to the past performance and provide a better baseline for assessing the Company's future earnings potential. However, these measures do not provide a complete picture of our operations.Adjusted EBITDA consists of net income, adjusted for the items included in the accompanying reconciliation. We believe that adjusted EBITDA provides useful information to investors and analysts about the Company's performance because they eliminate the effects of period-to-period changes in taxes, costs associated with capital investments and interest expense. Adjusted EBITDA does not give effect to the cash the Company must use to service its debt or pay its income taxes and thus does not reflect the actual funds generated from operations or available for capital investments.Our calculations of adjusted net income, adjusted net income per share, and adjusted EBITDA are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP measures. Schedules that reconcile adjusted net income, adjusted net income per share, and adjusted EBITDA to GAAP net income are included in the financial schedules accompanying this release.Adjusted EBITDA as used in the calculation of the net debt-to-Adjusted EBITDA ratio, consists of our adjusted EBITDA as described above, but for the trailing twelve-month period, adjusted pursuant to the covenants contained in the 2016 Credit Agreement due 2022 for the acquisition of Western Window Systems.  3 

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 Executing 4 Strategic Pillars expected to Create Long-Term Customer and Shareholder Value   4  Customer-centric focus to drive brand recognition, loyalty and growth  Attracting and retaining talented, dedicated leaders to drive our business  Investing in our business and scaling our operations to meet increasing demand  Strategically allocating capital generated from our free cash flow to support our growth                                                 

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 5  Supportive Industry Tailwinds  Florida – Single Family Housing Starts (000s) – Moody’s Forecast    ’12-’18 CAGR: 14.1%  Core market of Florida with 73% of Company salesFlorida single-family housing starts CAGR of 14% from 2012-2018 outpaced national averageMoody’s forecasts Florida single-family housing starts CAGR from 2018-2022 to be 15%PGTI expects 2019 single-family housing starts of 105K vs. Moody’s forecast of 107KWe expect to drive continued growth in corporate builder channel as adoption of impact products continues to accelerate  ’18-’22 CAGR: 15.1% 

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 6  Significant Growth Potential Remaining in Florida Market1  >50% of Florida homes DO NOT have impact-resistant protection  18% of Florida homes have storm shutters (indirect competition to us)   18% of Florida homes have impact-resistant windows  13% of Florida homes have impact-resistant doors   Impact-Resistant and indoor/outdoor living products are in High Demand  1. Data as of 2017; Source: Industry data and Company estimates; 2. Total addressable market (TAM) for high-end homes with home values greater than $750k and have a multi-sliding doors in back wall.   ~$7B Total Addressable Market of New High-End Homes with Multi-sliding Doors in Back Wall  ~11% 2012-2017 CAGR2   ~$2B Total Addressable Market for New Homes with Contemporary Design  ~24% 2012-2017 CAGR2  $8-9B Growing Market  Impact-Resistant  indoor/outdoor living 

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 Q1 2019  vs. Q1 2018  $174MNet Sales   24%   35.3%Gross Margins  3.4%  $0.14Diluted EPS    $0.16Adjusted Diluted EPS1  $0.03  $28.3MAdjusted EBITDA1  30%   Delivering solid Q1 RESULTS    HighlightsSales, gross margin and adjusted EBITDA growth driven by Western Window Systems acquisition.Despite the slight decline in repair and remodel market overlapping significant growth in 2018, we drove double-digit growth in our legacy new construction channel.Western Window Systems integration is on track with expected cost synergies beginning to be realized in the first quarter and meaningful progress achieved in building infrastructure for expected selling synergies.Diluted EPS flat despite 7 million additional shares versus prior year period  7  1. Refer to reconciliation to GAAP           

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 Capital Allocation priorities  8  Internal Investment  Debt Reduction  Acquisitions  1  2  3  Strategic growth projects expected to drive margin improvementAdvertising and marketing investments expected to continue to benefit our growth  Expect to maintain a strong balance sheet and conservative capital structurePaid off $160 million of existing credit facility during second half of 2018  Strategic acquisitions are expected to grow shareholder valueExpansion into new geographies and other niche building products with attractive margins 

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 Reaffirming Full-Year 2019 Guidance  9          Full-Year 2018 Results  2019 Guidance as of 2/27/19  2019 Guidance vs. Full-Year 2018  Net Sales$698M  Net Sales$775M-$800M    11% – 15%  Adjusted EBITDA1$127M  Adjusted EBITDA$143M – $152M    13% – 20%  Net Income / Diluted Share$1.00  Net Income / Diluted Share$0.93 – $1.05              1. Refer to reconciliation to GAAP 

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 Why Invest in PGT Innovations  10            National leader in growing premium impact-resistant and indoor/outdoor window and door category  Expect to continue investing in talent and R&D to remain an industry leader in innovation and product development  Continued focus on operational efficiencies expected to drive additional margin expansion  Execution of our strategy expected to create long-term customer and shareholder value  Well positioned with diversified product portfolio to capture profitable growth in new construction and repair and remodel channels           

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 Q&A  11   

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 Creating National leader in premium windows & doors  12  Positioned to Drive Profitable, Sustained Growth and Value for Customers and Shareholders          Expect to have continued leadership in innovation and product development, marketing and sales  Broadened geographic platform with niche category leadership   Geographic, channel, customer and product diversity   Customer first, innovative product portfolio to build our family of brands           Shared culture of continuous improvement expected to drive continued top-line growth and operational efficiencies  Dynamic and experienced management team striving to improve all key performance-based metrics  Positioned to leverage flexible manufacturing capabilities to meet customer needs  Plan to strategically allocate capital from expected strong free cash flow and improved margin profiles 

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 Appendix  13  Reconciliation to Adjusted Net Income, Adjusted Net Income per Share-diluted, and Adjusted EBITDA  

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 Reconciliation of GAAP to NON-gaap MEASURES(unaudited - in thousands, except per share amounts)THREE MONTHS ENDED MARCH 30, 2019 AND March 31, 2018  14      Three Months Ended          3/30/2019    3/31/2018                                                                                                                                                                                                                                                                                                            

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 15    Reconciliation of GAAP to NON-gaap MEASURES(unaudited - in thousands, except per share amounts)Three Months ended march 30, 2019 and march 31, 2018 

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 Reconciliation of GAAP to NON-gaap MEASURES(unaudited - in thousands, except per share amounts)YEAR ENDED DECEMBER 29, 2018  16        Year Ended              12/29/2018        Reconciliation to Adjusted Net Income and Adjusted Net Income per share (1):                   Net income         $ 53,933           Reconciling items:                   Debt extinguishment costs (2)         3,375           Facility and equipment relocation costs (3)         833           Gains on sales of assets under Cardinal APA (4)         (2,551)          Transaction-related costs and effects (5)         4,144           Management reorganization and other corporate costs (6)         1,560           Write-offs of deferred lenders fees and discount relating to debt prepayments (7)        5,557           Tax effect of Tax Cuts and Jobs Act (8)         231           Tax effect of reconciling items         (3,271)          Adjusted net income        $ 63,811          Weighted-average diluted shares         54,106           Adjusted net income per share – diluted        $1.18          Reconciliation to Adjusted EBITDA (1):                   Depreciation and amortization expense         $ 24,450           Interest expense, net         26,529           Income tax expense (benefit)         11,272           Reversal of tax effect of reconciling items for adjusted net income above         3,271           Reconciling item included in interest expense, net         (5,557)          Tax effect of Tax Cuts and Jobs Act (8)         (231)          Stock-based compensation expense (9)         3,383           Adjusted EBITDA         $ 126,928          Adjusted EBITDA as percentage of net sales        18.2%        

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 Reconciliation of GAAP to NON-gaap MEASURES(unaudited - in thousands, except per share amounts)year ended December 29, 2018    17  The Company's non-GAAP financial measures were explained in its Form 8-K filed February 27, 2019. Represents debt extinguishment costs of $3.1 million recognized in the first quarter of 2018 relating to the Company's second refinancing and second amendment of the 2016 Credit Agreement on March 16, 2018, and $296 thousand in the third quarter relating to changes in lender positions under the revolving credit portion of the 2016 Credit Agreement. Represents costs associated with planned relocations of certain equipment and product lines, including the manufacturing operations of CGI Windows & Doors into its new facility in Hialeah, FL, costs associated with machinery and equipment relocations within our glass plant operations in North Venice, FL as the result of our planned disposal of certain glass manufacturing assets to Cardinal Glass Industries, and relocation of our EZ Breeze porch enclosures product line to our Orlando manufacturing facility. Of the $833 thousand, $814 thousand is classified within cost of sales during 2018, with the remainder classified within selling, general and administrative expenses. Represents gains from sales of assets to Cardinal LG Company (Cardinal) under an Asset Purchase Agreement (APA) dated September 22, 2017. Pursuant to the terms of the APA, which required us to transfer assets to Cardinal in phases, during the second quarter of 2018, we made transfers of assets to Cardinal which had a net book value totaling $3.2 million and fair value totaling $5.8 million, resulting in the recognition of gains totaling $2.6 million, classified as gains on sales of assets in the year ended December 29, 2018. Represents costs and other effects relating to our acquisition of Western Window Systems, which we announced on July 24, 2018, and completed on August 13, 2018. Of the $4.1 million in the year ended December 29, 2018, $3.8 million relates to transaction-related costs classified within selling, general and administrative expenses. The remaining $392 thousand relates to an opening balance sheet inventory valuation adjustment which is classified within cost of sales in the year ended December 29, 2018. Represents certain costs incurred relating to a fourth quarter legal settlement and regulatory actions, as well as costs relating to a unique warranty issue. Represents non-cash charges from write-offs of deferred lenders fees and discount relating to prepayments of borrowings outstanding under the term loan portion of the 2016 Credit Agreement totaling $160.0 million, of which $152.0 million was in the 2018 third quarter using proceeds from the issuance of 7 million shares of Company common stock in the 2018 Equity Issuance, and $8.0 million was in the 2018 fourth quarter using cash on hand, included in interest expense, net, in the three months and year ended December 29, 2018. Represents the 2018 adjustment to a discrete non-cash tax benefit recognized in 2017, relating to accounting for the decrease in our net deferred tax liability due to the reduction in the Federal corporate income tax rate under the Tax Cuts and Jobs Act legislation enacted on December 22, 2017. Beginning in 2018, we updated our reporting of adjusted EBITDA to exclude non-cash stock-based compensation expense.  

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