Armstrong World Industries Inc · NYSE:AWI
Armstrong World Industries — Q1 2020 Earnings Presentation
15 slides from Armstrong World Industries's earnings presentation, Apr 27, 2020
Slide 1: Earnings Call Presentation 1st Quarter 2020
Earnings Call Presentation 1st Quarter 2020 April 27, 2020 Exhibit 99.2
Slide 2: Safe Harbor Statement
Our disclosures in this presentation, including without limitation, those relating to future financial results market conditions and guidance, and in our other public documents and comments contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Those s
Slide 3: Basis of Presentation
All figures throughout the presentation are in $ millions unless otherwise noted. Figures may not add due to rounding. When reporting our financial results within this presentation, we make several adjustments. Management uses these non-GAAP measures in managing the business and believes the adjustm
Slide 4: Consolidated Company Key Metrics - First Quarter 2020
Consolidated Company Key Metrics-First Quarter 2020 As reported EPS: ($4.64) in 2020 and $0.73 in 2019. Leverage as calculated for compliance under our credit agreement May not sum due to rounding Normalized(3) $0 2020 2019 Variance Net Sales $248.7 $0 $242.1 2.7261462205700138E-2 Adj. EBITDA $96.60
Slide 5: Adjusted EBITDA Bridge – First Quarter 2020 vs. PY
Adjusted EBITDA Bridge – First Quarter 2020 vs. PY $4 ($4) $0 $2 $3 $1 Volume growth coupled with manufacturing productivity drive adjusted EBITDA up 5% Normalized(1) May not sum due to rounding
Slide 6: Adjusted Free Cash Flow Bridge - First Quarter 2020 vs. PY
Adjusted Free Cash Flow Bridge - First Quarter 2020 vs. PY $3 Strong operating cash flow drove adjusted free cash flow up $18M $10 $4 $4 (2) NOTE: Adjustments include cash used or proceeds received for acquisitions and divestures, legacy environmental matters and litigation May not sum due to roundi
Slide 7: Mineral Fiber First Quarter Results
Positive volume despite late quarter pressure from COVID-19 disruptions Manufacturing gains driven by productivity WAVE equity earnings increased 3% driven by favorable input costs Mineral Fiber First Quarter Results EBITDA driven by manufacturing performance and cost management Key Highlights Q1 20
Slide 8: Architectural Specialties First Quarter Results
Sales up 12% driven by acquisitions, partially offset due to unfavorable project timing as outlooked Architectural Specialties First Quarter Results Solid topline, continued investment in selling/design capacities Key Highlights Q1 2019 Adjusted EBITDA $10 Current Quarter Comments Sales 4 Sales grow
Slide 9: 2020 Guidance (Withdrawn)
2020 Guidance (Withdrawn) Adjusted EBITDA Adjusted EPS Adjusted Free Cash Flow Revenue Suspended Prioritizing safety of stakeholders…employees, communities, customers, and suppliers Positive healthcare activity offset by project delays in other end-markets Continue to achieve price > inflation… posi
Slide 10: Stability Through the Cycle: Historical Indexed Adj. Cash Conversion
Historical Indexed Adj. Cash Conversion (2006 = 100) Stability Through the Cycle *Peer index includes ALLE, AOS, APOG, AYI, DOOR, FBHS, JHX, LII, MAS, MHK, NCS, OC, SHW, SSD, & TILE. Represents growth in Adjusted Cash Conversion (Adjusted EBITDA – Capex) of peers applied to index value from previous
Slide 11: Appendix
Appendix = @mstrong WORLD INDUSTRIES
Slide 12: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation U.S. pension expense represents only the service cost related to the U.S. pension plan that is recorded within Operating Income. For all periods presented, we were not required and did not make cash contributions to our U.S. Retirement Income Plan. CONSOLIDATED For the
Slide 13: Adjusted Diluted Earnings Per Share Reconciliation
Adjusted Diluted Earnings Per Share Reconciliation RIP expense (credit) represents the entire actuarial net periodic pension (credit) cost recorded as a component of earnings from continuing operations. For all periods presented, we were not required and did not make cash contributions to our RIP. A
Slide 14: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash(1) Flow Reconciliation Adjusted free cash flow is defined as cash from operations and dividends received from the WAVE joint venture, less expenditures for property and equipment, and is adjusted to remove the impact of cash used or proceeds received for acquisitions and divestitu
Slide 15: Segment Reported Operating Income (Loss) to Adjusted EBITDA
Segment Reported Operating Income (Loss) to Adjusted EBITDA RIP expense represents only the service cost related to the U.S. pension plan that is recorded within Operating Income. For all periods presented, we were not required and did not make cash contributions to our RIP. MINERAL FIBER ARCHITECTU
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