Apogee Enterprises, Inc. · NASDAQ:APOG
Apogee Enterprises — Q3 2021 Earnings Presentation
15 slides from Apogee Enterprises's earnings presentation, Dec 18, 2020
Slide 1: Fiscal 2021 Third Quarter Earnings Call
APOGEE ENTERPRISES, INC. Apogee Enterprises, Inc. Fiscal 2021 Third Quarter Earnings Call December 18, 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 and outlook Nisheet Gupta Executive Vice President and CFO Q&A 330 Madison Avenue Q3 FY2021 Earnings | December 18, 2020 | Apogee Enterprises, Inc. New York, NY
Slide 4: FY2021 Third Quarter Highlights
FY2021 Third Quarter Highlights • GAAP earnings increase to $1.42; adjusted earnings grow to $0.90 • Continued impact from COVID-related project delays and soft market conditions • Margins and earnings supported by effective cost management and strong execution • On-track to achieve cost savings tar
Slide 5: FY2021 Q3 Consolidated Results
FY2021 Q3 Consolidated Results 3rd Quarter 3rd Quarter Year-to-date Year-to-date All numbers in $M, except per share amounts and percentages FY21 FY20 FY21 FY20 Net sales $313.6 $337.9 $922.2 $1,050.3 Operating income 49.8 21.6 79.4 72.2 Adjusted operating income* 31.8 21.7 65.2 72.4 Operating margi
Slide 6: FY2021 Q3 Segment Results
FY2021 Q3 Segment Results 3rd Quarter 3rd Quarter Year-to-date Year-to-date All numbers in $M, except percentages FY21 FY20 FY21 FY20 Revenues Architectural Framing Systems $136.7 $165.5 $439.8 $533.4 Architectural Glass 84.8 89.4 248.3 288.9 Architectural Services 76.7 69.0 213.9 195.8 Large-Scale
Slide 7: Backlog Trend
Backlog Trend Segment Backlog at Period End 700 600 500 400 300 200 100 0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 YTD FY21 Architectural Services Framing Systems Apogee Enterprises, Inc. 7 Q3 FY2021 Earnings | December 18, 2020 | Apogee Enterprises, Inc.
Slide 8: Update on cost actions
Update on cost actions • Procurement savings initiative & Framing Systems improvements - Expect current-year savings of over $20 million - Expect ~$40 million run-rate savings by end of FY22 On-track to deliver $40M+ savings in current year • Temporary actions in response to COVID - Delivered curren
Slide 9: Cash Flow and Balance Sheet
Cash Flow and Balance Sheet Thirty-Nine Thirty-Nine All numbers in $M Weeks Ended Weeks Ended Nov 28, 2020 Nov 30, 2019 Cash flow from operations $120.5 $53.6 Capital expenditures 17.1 41.2 Free cash flow* 103.4 12.4 Share repurchases 20.7 20.0 Dividends paid 14.5 13.8 Cash and cash equivalents 55.4
Slide 10: Concluding Remarks
Concluding Remarks • Managing what we can control in a challenging environment • Strong execution and cost control offset Q3 revenue decline • On-track to achieve cost savings goals • Strong cash flow, significantly above prior year • Well positioned to manage through the current situation • Confide
Slide 11: OApoge
* OApoge 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 Thirty-Nine Thirty-Nine Weeks Ended Weeks Ended Weeks Ended Weeks Ended In thousands November 28, 2020 November 30, 2019 November 28, 2020 November 30, 201
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 November 28, 2020 Large-Scale Optical Segment Corporate Consolidated Operating Operating Operating Operating In thousands income margin Operating loss income margin
Slide 14: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Operating Income and Adjusted Operating Margin (Unaudited) Thirty-Nine Weeks Ended November 28, 2020 Large-Scale Optical Segment Corporate Consolidated Operating Operating Operating Operating In thousands income margin Operating loss income marg
Slide 15: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA (Unaudited) Thirteen Thirteen Thirty-Nine Thirty-Nine Weeks Ended Weeks Ended Weeks Ended Weeks Ended In thousands November 28, 2020 November 30, 2019 November 28, 2020 November 30, 2019 Net earnings $ 37,273 $ 15,234 $ 57,807