Apogee Enterprises, Inc. · NASDAQ:APOG
Apogee Enterprises — Q1 2021 Earnings Presentation
13 slides from Apogee Enterprises's earnings presentation, Jun 26, 2020
Slide 1: Fiscal 2021 First Quarter Earnings Call
APOGEE ENTERPRISES, INC. Apogee Enterprises, Inc. Fiscal 2021 First Quarter Earnings Call June 26, 2020
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 and business update Joe Puishys Chief Executive Officer Financial results Nisheet Gupta Executive Vice President and CFO Q&A 330 Madison Avenue Q1 FY2021 Earnings | June 26, 2020 | Apogee Enterprises, Inc. New York, NY
Slide 4: FY2021 First Quarter Highlights
FY2021 First Quarter Highlights • Significant COVID-19 related headwinds impacted revenue and costs across our business • Despite headwinds, our business remained profitable, with strong cash flow & backlog growth – Effectively managed costs and capacity in the face of substantial volume declines –
Slide 5: FY2021 Q1 Consolidated Results
FY2021 Q1 Consolidated Results 1st Quarter 1st Quarter All numbers in $M, except per share and where noted FY21 FY20 Revenues $289.1 $355.4 Operating income 6.5 23.0 Adjusted operating income* 7.8 23.0 Operating margin 2.2% 6.5% Adjusted operating margin* 2.7% 6.5% Adjusted EBITDA* 20.4 34.1 Interes
Slide 6: FY2021 Q1 Segment Results
FY2021 Q1 Segment Results 1st Quarter 1st Quarter All numbers in $M, except where noted FY21 FY20 Revenues Architectural Framing Systems $150.2 $180.5 Architectural Glass 76.9 100.3 Architectural Services 63.6 65.1 Large-Scale Optical 6.3 21.3 Operating Margin Arch. Framing Systems 4.9% 6.8% Archite
Slide 7: Backlog Trend
Backlog Trend Segment Backlog at Period End 800 700 600 500 400 300 200 100 0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Q1 FY21 Architectural Services Framing Systems 7 Q1 FY2021 Earnings | June 26, 2020 | Apogee Enterprises, Inc.
Slide 8: Cash Flow and Balance Sheet
Cash Flow and Balance Sheet All numbers in $M Q1 FY21 Q1 FY20 Cash flow from operations $24.0 $(9.7) Capital expenditures 8.6 11.2 Free cash flow* 15.4 (20.9) Share repurchases 4.7 20.0 Dividends paid 4.9 4.6 Total debt 210.9 293.3 *Free cash flow is defined as cash flow from operations less capital
Slide 9: Concluding Remarks
Concluding Remarks • Significant COVID-19 related headwinds impacted Q1 • Health & safety of our employees remains top priority • Strong cash flow and financial position • Substantial backlog in long lead-time businesses • Seeing signs of improving economic conditions – optimistic in path to improve
Slide 10: Apogee
* Apogee enrer;orises, INC.
Slide 11: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Net Earnings and Adjusted Earnings per Diluted Common Share (Unaudited) Thirteen Thirteen Weeks Ended Weeks Ended In thousands May 30, 2020 June 1, 2019 Net earnings $ 2,876 $ 15,443 COVID-19 (1) 1,380 — Income tax impact on above adjustments (3
Slide 12: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Operating Income and Adjusted Operating Margin (Unaudited) Thirteen Weeks Ended May 30, 2020 Corporate Consolidated Operating Operating In thousands Operating loss income margin Operating income (loss) $ (2,544) $ 6,469 2.2% COVID-19 (1) 1,380 1
Slide 13: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA (Unaudited) Thirteen Thirteen Weeks Ended Weeks Ended In thousands May 30, 2020 June 1, 2019 Net earnings $ 2,876 $ 15,443 Income tax expense (benefit) 1,130 4,987 Interest and other expense, net 2,463 2,611 Depreciation and am