Ladies and gentlemen, and welcome to the Lifetime Brands Third Quarter 2021 Earnings Conference Call and Webcast. [Operator Instructions]. I'd now like to introduce your host for today's conference, Andrew Squire. Mr. Squire, you may begin.

Thank you. Good morning, and thank you for joining Lifetime Brands Third Quarter 2021 Earnings Call. With us today from management are Rob Kay, Chief Executive Officer; and Larry Winoker, Chief Financial Officer. Before we begin the call, I'd like to remind you that our remarks this morning may contain forward-looking statements that relate to the future performance of the company. And these statements are intended to qualify for the safe harbor protection from liability established by the Private Securities Litigation Reform Act. Any such statements are not guarantees of future performance. And factors that could influence our results are highlighted in today's press release and others are contained in our filings with the Securities and Exchange Commission. Such statements are based upon information available to the company as of the date hereof and are subject to change for future developments. Except as required by law, the company does not undertake any obligation to update such statements. Our remarks this morning and today's press release also contain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Included in such release is a reconciliation of these non-GAAP financial measures to the comparable financial measures calculated in accordance with GAAP. With that introduction, I'd like to turn the call over to Rob Kay. Please go ahead, Rob.

Thank you. Good morning, everyone, and thank you for joining us today to discuss Lifetime Brands Third Quarter 2021 Financial Results. On today's call, I'd like to cover our third quarter financial results and also discuss our revised long-term financial objectives, which we disclosed in this morning's press release and have posted in detail on our corporate Investor Relations site. Beginning with our results. We are pleased with our strong performance in the third quarter, which marks another quarter of growth. We continue to see robust demand for our products across categories. Our growth has been achieved as a result of the Lifetime 2.0 strategy we implemented over the past 2-plus years to create top line growth and improve profitability. Further, the mitigating actions we have taken to offset inflationary and supply chain disruption also contributed to our results. Our trailing 12-month adjusted EBITDA increased by more than 25% compared to the end of 2020 and even greater when compared to the year ago period, which demonstrates the continued momentum that Lifetime has created and reinforces the impact from our significant progress in accelerating our long-term growth trajectory. Our supply chain mitigation efforts, coupled with disciplined operations, enabled us to deliver a gross margin dollar increase of roughly $4 million or 5.5%, as we managed cost pressures throughout our business. As a result, we are well positioned to meet customer demand and continue to benefit from increased market share. In our core U.S. business, we continued to see strong performance across most of our product categories. Home Solutions produced strong results this quarter, while we saw a moderate growth in tableware. As we highlighted last quarter, one area of incremental growth is coming from the launch of new product and brand initiatives such as the launch of Beautiful at Walmart,…

Thanks, Rob. As we reported this morning, net income for the third quarter of 2021 was $12.6 million or $0.57 per share versus $13.9 million or $0.65 per share in the third quarter of 2020. The decline in net income was due to a higher income tax rate in the current quarter. Income before income taxes increased to $18 million in the current quarter from $17.5 million in the 2020 quarter. Adjusted net income was $13.4 million for the 2021 quarter or $0.61 per share as compared to $13.9 million or $0.65 per share in 2020. The table reconciling this non-GAAP measure to reported results was included in this morning's release. Adjusted EBITDA, a non-GAAP measure that is reconciled to our GAAP results in the release, was $96.7 million for both the trailing 12-month period ended September 30, 2021 and June 30, 2021. As Rob mentioned, this represents a 25.1% increase over the $77.3 million achieved for the full year 2020. Net sales were $224.8 million for both the '21 and '20 quarters. U.S. segment sales were down slightly by $3.8 million to $197.7 million. The decrease was primarily driven by lower sales due to supply chain constraints, which primarily impacted sales of Kitchenware products, partially offset by higher selling prices. Further, the comparable 2020 period experienced a very strong level of sales as the economy began to reopen. International segment sales were $3.9 million, up $3.9 million to $27.1 million on a reported basis, $2.5 million in constant U.S. dollars. Sales increased in e-commerce. Continued recovery in brick-and-mortar. Retailers of economies began to reopen, and higher selling prices. The global trading business in Asia also contributed to the growth in net sales. Gross margin for the 2021 quarter was 37% and for the 2020 quarter 35.1% on a reported…

[Operator Instructions]. Speakers, it appears we have no questions at this time. I'll return the floor to you for any additional remarks.

Thank you, Keith. As always, thanks, everyone, for interest in Lifetime Brands and our disclosures and calls. We look forward to speaking everyone -- to everyone in the future and to continue our strong performance. Thank you.

And this does conclude today's program. Thanks for your participation. You may now disconnect, and have a great day. End of Q&A: