We reported revenue of $267 million during the first quarter of 2022, which represents an increase of 16%, compared to $230.1 million during the first quarter of 2021.
More specifically, we realized net sales growth of 14.5% in our North American fenestration segment, 15.5% in our North American cabinet components segment, and 18.6% in our European fenestration segment, excluding the foreign exchange impact.
We reported net income of $11.2 million or $0.34 per diluted share for the three months ended January 31st, 2022, compared to $7.9 million or $0.24 per diluted share during the three months ended January 31st, 2021.
On an adjusted basis, net income increased by 25.9% to $11.3 million or $0.34 per diluted share during the first quarter of 2022, compared to $9 million or $0.27 per diluted share during the first quarter of 2021.
On an adjusted basis, EBITDA for the quarter was essentially flat year over year at $24.4 million, compared to $24.3 million during the same period of last year.
Cash used for operating activities was $21.7 million for the quarter, compared to $3.4 million for the same period of last year.
Our liquidity position is solid, and our leverage ratio of net debt to last 12 months adjusted EBITDA was at 0.4 times as of January 31st, 2022.
Net sales of $1.13 billion to $1.15 billion, adjusted EBITDA of $135 million to $140 million; depreciation of approximately $31 million, amortization of approximately $15 million; SG&A of $115 million to $120 million, interest expense of $2 million to $2.5 million, tax rate of 28%, capex of $30 million to $35 million; and free cash flow of $55 million to $60 million.
Volume growth in our fenestration segments and higher prices in all segments, mostly related to the pass-through of raw material cost inflation resulted in revenue growth of 16% year over year.
On a consolidated basis, we estimate that revenue growth for the quarter was weighted approximately 10% due to an increase in volume and approximately 90% due to an increase in price.
The rate of raw material cost inflation remains a challenge, as we typically see a 30 to 90-day time lag in passing these increases through to our customers.
This segment generated revenue of $146.6 million in Q1, which was $18.5 million or 14.5% higher than prior year Q1.
We estimate that revenue growth in this segment was weighted approximately 45% due to an increase in volume and approximately 55% due to an increase in price.
Adjusted EBITDA of $16.3 million in this segment was essentially flat versus prior year Q1.
The improved pricing, volume-related efficiency gains, and productivity-related improvements were more than offset by inflationary pressures on raw materials, which caused margin erosion of approximately 170 basis points for the quarter.
Our European fenestration segment generated revenue of $58.9 million in the first quarter, which was $9.8 million or 20% higher than prior year.
Excluding foreign exchange impact, this would equate to an increase of 18.6%.
We estimate that revenue growth in this segment was weighted approximately 20% due to an increase in volume and approximately 80% due to an increase in price.
As such, adjusted EBITDA came in at $10.4 million for the quarter, which was $300,000 less than prior year and yielded margin compression of approximately 420 basis points.
Our North American cabinet components segment reported net sales of $62.4 million in Q1, which was $8.4 million or 15.5% higher than prior year.
Adjusted EBITDA was $2 million for the quarter, which was $1.2 million less than prior year and resulted in margin compression of approximately 280 basis points.
Again, we expect to generate revenue of $1.13 billion to $1.15 billion and adjusted EBITDA of $135 million to $140 million.

Summary:
We reported revenue of $267 million during the first quarter of 2022, which represents an increase of 16%, compared to $230.1 million during the first quarter of 2021.
We reported net income of $11.2 million or $0.34 per diluted share for the three months ended January 31st, 2022, compared to $7.9 million or $0.24 per diluted share during the three months ended January 31st, 2021.
On an adjusted basis, net income increased by 25.9% to $11.3 million or $0.34 per diluted share during the first quarter of 2022, compared to $9 million or $0.27 per diluted share during the first quarter of 2021.
Net sales of $1.13 billion to $1.15 billion, adjusted EBITDA of $135 million to $140 million; depreciation of approximately $31 million, amortization of approximately $15 million; SG&A of $115 million to $120 million, interest expense of $2 million to $2.5 million, tax rate of 28%, capex of $30 million to $35 million; and free cash flow of $55 million to $60 million.
Again, we expect to generate revenue of $1.13 billion to $1.15 billion and adjusted EBITDA of $135 million to $140 million.