Atkore Inc. · NYSE:ATKR
Atkore — Q2 2023 Earnings Presentation
17 slides from Atkore's earnings presentation, May 9, 2023
Slide 1: Second Quarter 2023 Earnings Presentation and Business Update
Second Quarter 2023 Earnings Presentation and Business Update May 9, 2023 © Atkore
Slide 2: Cautionary Statements
Cautionary Statements This presentation is provided for general informational purposes only and it does not include every item which may be of interest, nor does it purport to present full and fair disclosure with respect to Atkore Inc. (the “Company” or “Atkore”) or its operational and financial in
Slide 3: Solid Results in Q2 2023
Solid Results in Q2 2023 Net Sales Net Income Adjusted EBITDA1 Diluted EPS Adjusted Diluted EPS1 $M $M $M $/share $/share +7.4% +5.6% +4.6% +2.6% 982.6 233.5 +0.4% 346.2 5.08 5.39 895.9 833.8 4.20 4.31 4.61 4.87 173.5 174.2 263.8 276.0 639.5 124.9 193.4 2.58 2.79 455.7 87.0 39.2 0.80 0.99 Q2 Q2 Q2 Q
Slide 4: Q2 Income Statement Summary
Q2 Income Statement Summary ($’s in millions) Y/Y Y/Y % Q2 2023 Q2 2022 Change Change Net Sales $895.9 $982.6 ($86.6) (8.8%) Operating Income $239.9 $318.8 ($78.9) (24.7%) Net Income $174.2 $233.5 ($59.3) (25.4%) Adjusted EBITDA1 $276.0 $346.2 ($70.1) (20.3%) Adjusted EBITDA Margin2 30.8% 35.2% (440
Slide 5: Consolidated Atkore Bridges
Consolidated Atkore Bridges Q2 Net Sales Bridge Net Sales % Change 2023 $41 $983M $50 $896M Volume/Mix +4.2% $169 $9 Price (17.1%) Acquisitions +5.0% F/X / Other (0.9%) Total (8.8%) 2022 Volume/Mix Price M&A F/X / Other 2023 Adjusted EBITDA Bridge1 Adjusted Diluted EPS Bridge1 $346M $5.39 $0.57 $0.0
Slide 6: Segment Results
Segment Results Electrical Safety & Infrastructure ($’s in millions) Y/Y ($’s in millions) Y/Y Q2 2023 Q2 2022 Q2 2023 Q2 2022 Change Change Net Sales $681.0 $759.9 (10.4%) Net Sales $215.1 $224.3 (4.1%) Adjusted EBITDA $256.9 $331.0 (22.4%) Adjusted EBITDA $33.2 $28.9 14.8% Adjusted EBITDA Margin 3
Slide 7: Cash Flow Summary
Cash Flow Summary Cash Flow from Operating Activities FY23 YTD Cash Bridge $403M +150% $403M $73M $83M $389M $354M $269M $13M $161M FY22 YTD FY23 YTD FY22 YE Cash Flow Capital M&A Stock Net Other FY23 YTD Cash Balance From Operating Expenditures Repurchases Uses of Cash Cash Balance Cash flow from O
Slide 8: Executing Our Conduits of Growth
Executing Our Conduits of Growth M&A Pipeline Category Expansion Focused Product Category Initiatives Growth & Innovation Funnel of targets remains Strong growth in solar related Product Vitality Index robust products in Q2 reached 9% of Net Sales in Q2 2023 Maintaining disciplined Capital investmen
Slide 9: Updated FY2023 Outlook
Updated FY2023 Outlook Outlook Summary Outlook Items for Q3 2023 FY2023 Notes / Updates to FY2023 Consolidated Atkore Outlook Outlook Outlook Net Sales Down 10% – 15% vs. PY Down 5% – 10% vs. PY Adjusted EBITDA1 $240M – $260M $1,015M – $1,065M Midpoint increased to $1,040M Adjusted Diluted EPS1 $3.9
Slide 10: Appendix
Appendix © Atkore 10
Slide 11: Segment Information
Segment Information Three months ended March 31, 2023 March 25, 2022 Adjusted Adjusted Adjusted EBITDA Adjusted EBITDA (in thousands) Net sales EBITDA Margin Net sales EBITDA Margin Electrical $ 680,965 $ 256,883 37.7 % $ 759,877 $ 330,970 43.6 % Safety & Infrastructure 215,054 33,194 15.4 % 224,285
Slide 12: Adjusted Diluted EPS Reconciliation
Adjusted Diluted EPS Reconciliation (Adjusted Net Income Per Diluted Share) Consolidated Atkore Inc. Three months ended March 31, December March 25, March 26, March 27, (in thousands, except per share data) 2023 30, 2022 2022 2021 2020 Net income $ 174,194 $ 173,492 $ 233,477 $ 124,933 $ 39,193 Stoc
Slide 13: Net Income to Adjusted EBITDA Reconciliation
Net Income to Adjusted EBITDA Reconciliation Consolidated Atkore Inc. Three months ended March 31, December March 25, March 26, March 27, (in thousands) 2023 30, 2022 2022 2021 2020 Net income $ 174,194 $ 173,492 $ 233,477 $ 124,933 $ 39,193 Interest expense, net 8,475 9,488 7,514 8,416 10,564 Incom
Slide 14: Trailing Twelve Month Adjusted EBITDA
Trailing Twelve Month Adjusted EBITDA Consolidated Atkore Inc. TTM Three months ended March 31, March 31, December 30, September June 24, 2022 (in thousands) 2023 2023 2022 30, 2022 Net income $ 822,801 $ 174,194 $ 173,492 $ 220,802 $ 254,313 Interest expense, net 34,206 8,475 9,488 9,000 7,243 Inco
Slide 15: Net Debt to Total Debt
Net Debt to Total Debt Consolidated Atkore Inc. March 31, December 30, September March 25, December 24, June 24, 2022 (in thousands) 2023 2022 30, 2022 2022 2021 Long-term debt 761,612 761,074 760,537 759,999 759,461 758,924 Total debt 761,612 761,074 760,537 759,999 759,461 758,924 Less cash and ca
Slide 16: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation Consolidated Atkore Inc. Six months ended March 31, March 25, (in thousands) 2023 2022 Net cash provided by operating activities $ 403,396 $ 161,159 Capital expenditures (72,690) (25,343) Free Cash Flow: $ 330,706 $ 135,816 © Atkore 16
Slide 17: atkore.com
atkore.com © Atkore © Atkore 17