Apogee Enterprises, Inc. · NASDAQ:APOG
Apogee Enterprises — Q1 2020 Earnings Presentation
14 slides from Apogee Enterprises's earnings presentation, Jun 27, 2019
Slide 1: Fiscal 2020 First Quarter Earnings Call
APOGEE ENTERPRISES, INC. Apogee Enterprises, Inc. Fiscal 2020 First Quarter Earnings Call June 27, 2019
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 Joe Puishys Chief Executive Officer Results and outlook Jim Porter Executive Vice President and Chief Financial Officer Q&A Q1 FY2020 Earnings | June 27, 2019 | Apogee Enterprises, Inc. 3
Slide 4: Q1 Highlights
Q1 Highlights • Solid start to our fiscal year • Continued top-line growth; revenue up 6% • Healthy market conditions and continued backlog growth • Strong year-over-year improvement in Architectural Glass • Significant progress toward completing legacy EFCO projects • Reaffirming our full-year outl
Slide 5: FY2020 Q1 Consolidated Results
FY2020 Q1 Consolidated Results 1st Quarter 1st Quarter All numbers in $M, except per share and where noted FY20 FY19 Revenues $355.4 $336.5 Operating income 23.0 22.0 Adjusted operating income* 23.0 24.3 Operating margin 6.5% 6.5% Adjusted operating margin* 6.5% 7.2% Adjusted EBITDA* 34.1 35.5 Net i
Slide 6: FY2020 Q1 Segment Results
FY2020 Q1 Segment Results 1st Quarter 1st Quarter All numbers in $M, except where noted FY20 FY19 Revenues Architectural Framing Systems $180.5 $179.0 Architectural Glass 100.3 76.9 Architectural Services 65.1 70.7 Large-Scale Optical 21.3 20.8 Operating Margin Arch. Framing Systems 6.8% 6.9% Arch.
Slide 7: Backlog Trend
Backlog Trend Segment Backlog at Period End ($ in millions) 600 • Backlogs primarily tied to longer lead-time projects 500 • Roughly 40% of Architectural Services 400 backlog expected to revenue in FY20 – remainder in FY21 and beyond 300 • Roughly 60% of Framing Systems backlog 200 expected to reven
Slide 8: Cash Flow and Balance Sheet
Cash Flow and Balance Sheet All numbers in $M Q1 FY20 Q1 FY19 Cash flow from operations $(9.7) $25.3 Capital expenditures 11.2 9.3 Free cash flow* (20.9) 16.0 Share repurchases 20.0 0 Dividends paid 4.6 4.4 Long-term debt 293.3 214.5 *Free cash flow is defined as cash flow from operations less capit
Slide 9: Outlook
Outlook FY2020 Guidance • Reaffirming our previous guidance – Revenue growth of 1 to 3% – Operating margin between 8.2 to 8.6% – Diluted EPS in the range of $3.00 to $3.20 – Tax rate approximately 24.5% – Capital expenditures of $60 to $65 million Q1 FY2020 Earnings | June 27, 2019 | Apogee Enterpri
Slide 10: FY2020 Segment Guidance
FY2020 Segment Guidance Segment Revenue Growth Operating Margin Architectural Framing Systems Mid-single digit 8.0% to 8.5% Architectural Glass ~10% ~7% Architectural Services Down ~15% 6% to 7% Large-Scale Optical Mid-single digit ~25% Commentary • Expect continued productivity improvements in Arch
Slide 11: Apogee
* Apogee enrer;orises, INC.
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) Thirteen Thirteen Weeks Ended Weeks Ended In thousands June 1, 2019 June 2, 2018 Net earnings $ 15,443 $ 15,373 Amortization of short-lived acquired intangibles — 2,870 Acqu
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 June 1, 2019 Framing Systems Segment Corporate Consolidated Operating Operating Operating Operating Operating In thousands income margin income (loss) income margin
Slide 14: 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 June 1, 2019 June 2, 2018 Net earnings $ 15,443 $ 15,373 Income tax expense 4,987 4,881 Interest and other expense, net 2,611 1,741 Depreciation and amortizatio