Apogee Enterprises, Inc. · NASDAQ:APOG
Apogee Enterprises — Q1 2022 Earnings Presentation
14 slides from Apogee Enterprises's earnings presentation, Jun 25, 2021
Slide 1: Fiscal 2022 First Quarter Earnings Call
Apogee Enterprises, Inc. Fiscal 2022 First Quarter Earnings Call June 25, 2021 Dan Dipert Career and Technical Center | Arlington, TX Photo by Chad M. Davis
Slide 2: Non-GAAP measures & forward-looking statements
Non-GAAP measures & forward-looking statements This presentation contains non-GAAP financial measures which the company uses to evaluate historical and prospective financial performance, measure operational profitability on a consistent basis, and provide enhanced transparency to the investment comm
Slide 3: Agenda
Agenda Introductory remarks Ty Silberhorn Chief Executive Officer Financial results and outlook Nisheet Gupta Executive Vice President and Chief Financial Officer Q&A 330 Madison Avenue | New York | LEED Gold Q1 FY2022 Earnings | June 25, 2021 Apogee Enterprises, Inc. 3
Slide 4: FY2022 first quarter highlights
FY2022 first quarter highlights • Strong recovery from COVID-related impacts in prior year Net sales $326 M +13% year-over-year • Year-over-year revenue growth in all segments • Earnings improved to $0.42 per diluted share Adjusted operating 4.9% +220 bps year-over-year • Returned $18 million of cas
Slide 5: FY2022 priorities
FY2022 priorities • Health and safety of our employees People • Talent management and development Operational • Rigor, focus and urgency on the vital few execution • Drive simplification and standardization Enterprise • Continue to build a more competitive cost model transformation • Strengthen core
Slide 6: First quarter FY2022 results
First quarter FY2022 results Consolidated Results Segment Results $ in millions, except EPS Q1 FY22 Q1 FY21 Change Operating Revenue margin Net sales $326 $289 13% Architectural Framing Systems $152 5.3% Year-over-year change 1% 40 bps Gross margin 20.8% 20.8% – Adjusted operating income* $16.0 $7.8
Slide 7: Cash flow and balance sheet
Cash flow and balance sheet $ in millions Q1 Q1 FY22 FY21 Highlights Cash flow from operations $6.9 $24.0 • Lower Q1 cash flow due to working capital to support growth Capital expenditures $4.7 $8.6 Free cash flow* $2.2 $15.4 • Returned $17.6 million of cash to shareholders • No significant debt mat
Slide 8: FY2022 outlook
FY2022 outlook Key Planning Assumptions • Continued softness in architectural end markets • Backlog supports growth in Architectural Services • LSO demand continues to rebound Earnings $2.20 to $2.40 • Continued progress on cost and productivity initiatives per share • Headwind vs. FY21 from reversa
Slide 9: Concluding remarks
Concluding remarks • Solid start to our fiscal year • Revenue growth in all four segments • Significantly improved earnings compared to Q1 last year • Strong financial position and returning cash to shareholders • Good progress on strategic initiatives • Increasing full-year guidance Wolf Point East
Slide 10: Q&A
Q&A Q1 FY2022 Earnings | June 25, 2021 Apogee Enterprises, Inc. 10
Slide 11: Backlog trend
Backlog trend Segment backlog at period end ($M) 700 600 500 400 Architectural Services 300 Framing Systems 200 100 0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Q1 FY22 Q1 FY2022 Earnings | June 25, 2021 Apogee Enterprises, Inc. 11
Slide 12: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Adjusted net earnings and adjusted earnings per diluted common share (Unaudited) Three Months Ended Three Months Ended In thousands May 29, 2021 May 30, 2020 Net earnings $ 10,817 $ 2,876 COVID-19 (1) — 1,380 Income tax impact on above adjustments (2) —
Slide 13: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Adjusted operating income and adjusted operating margin (Unaudited) Thirteen Weeks Ended May 29, 2021 Corporate Consolidated In thousands Operating loss Operating income Operating margin Operating (loss) income $ (4,530) $ 16,042 4.9% Thirteen Weeks Ende
Slide 14: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures EBITDA and Adjusted EBITDA (Unaudited) Three Months Ended Three Months Ended In thousands May 29, 2021 May 30, 2020 Net (loss) earnings $ 10,817 $ 2,876 Income tax (benefit) expense 3,672 1,130 Interest expense, net 1,238 1,414 Depreciation and amortizat