Astec Industries, Inc. · NASDAQ:ASTE
Astec Industries — Investor Day (December 2020)
93 slides from Astec Industries's investor day presentation, Dec 10, 2020
Slide 1: Astec Inaugural Investor Day
Astec Inaugural Investor Day December 10, 2020
Slide 2: Safe Harbor
Safe Harbor Forward-Looking Statements Certain statements contained in this press release relate to future events and expectations and are “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding the future performance of the Company. Words
Slide 3: Agenda
Agenda 9:00 am Welcome and Opening Remarks 10:35 am Break Steve Anderson SVP of Administration & IR 10:40 am Infrastructure Solutions Jaco van der Merwe Company Overview and Strategic Direction Group President Barry Ruffalo President & CEO Financial Overview and Outlook Becky Weyenberg New Codified
Slide 4: Company Overview and Strategic Direction
Company Overview and Strategic Direction Barry Ruffalo | President & CEO 2020 Virtual Investor Day |
Slide 5: Today's Key Themes
Today’s Key Themes Leadership positions within attractive niche markets in industries benefitting from 01 long-term secular trends including population growth, urbanization, and aging infrastructure Industry-leading reputation for innovation, high-quality products and superior 02 customer service Re
Slide 6: Astec at a Glance
Astec at a Glance (NASDAQ: ASTE) Built to Connect People, Processes and Products, Advancing Innovative Solutions from Rock to RoadTM as OneASTEC Key Statistics1 1972 Chattanooga, TN 3,582 $1.25B 100+ Founded Headquarters Employees Market-cap Product Categories 2019 Revenue Mix: $1.15B2 23% 35% Infra
Slide 7: Rock to Road | Simplification of Our Business Segments
Rock to RoadTM | Simplification of Our Business Segments Materials Solutions Key Products Crushing and Screening • Washing and Classifying • Material Handling • Rock Breaker Technology • Plants and Systems Leading Brands Infrastructure Solutions Key Products Roadbuilding • Paving • Forestry • Recycl
Slide 8: Leverage Actions Taken to Further Simplify the Business
Leverage Actions Taken to Further Simplify the Business Our Current Global Footprint Ongoing Strategic Simplification Efforts 1 Omagh, NI ü Reduced organizational structure complexity through new business 1 Prairie du Chien, WI segment structure from three to two Yankton, SD 1 1 Burlington, WI for m
Slide 9: Our Sustainable Competitive Advantages
Our Sustainable Competitive Advantages Deep, Long-standing Strong Customer Market Leader Customer Service Adding (#1 to #3 Position) with Relationships Stability and Reduced First-mover Agility Risk to Business Model Strong Management More Complete Customer-centric Team with International Solutions
Slide 10: New and Energized Management Team with Diverse Set of Experiences
New and Energized Management Team with Diverse Set of Experiences Barry Ruffalo Becky Weyenberg Matt Litchfield Scott Barker Reuben Srinivasan Greg Oswald President & CEO Chief Financial Officer Chief Information Officer SVP, Innovation SVP, Human Resources SVP, Operational Joined: 2019 2019 2019 20
Slide 11: Engaged and Accountable Board of Directors
Engaged and Accountable Board of Directors Barry Ruffalo William Dorey Mary Howell Daniel Frierson Brad Southern William D. Gehl President & CEO, Former CEO & President, Founder and CEO, Chairman and CEO, CEO, Chairman of the Board Astec Industries Inc. Granite Construction, Inc. Howell Strategy Gro
Slide 12: Strong Depth and Breadth of Experience to Support Long-term Strategy
Strong Depth and Breadth of Experience to Support Long-term Strategy Board Skills Matrix Public Company Executive Experience 91% Finance 91% Industry Experience 82% M&A 82% Strategy 73% Board Attributes Human Resources / Compensation 64% Focused on Refreshing and Optimizing Talent Accounting / Audit
Slide 13: Transformation Journey Continues with Significant Execution Thus Far
Transformation Journey Continues with Significant Execution Thus Far Changed from subsidiary structure to Disciplined and strategic M&A Barry Ruffalo joins Astec Industries align by product groups Increase Board diversity as President & CEO 1Q20 re-segmentation to two segment reporting structure Glo
Slide 14: Our Profitable Growth Strategy Remains Consistent
Our Profitable Growth Strategy Remains Consistent SIMPLIFY FOCUS GROW Leverage Actions Taken to Further Utilize OneASTEC Business Model to Drive Growth through Organic and Inorganic Simplify the Business Enhance Efficiency across the Organization Opportunities (Rock to Road Continuum) • Leverage glo
Slide 15: Company-wide Product Simplification Example
Company-wide Product Simplification Example Simplified Materials Solutions Offerings from Overlapping Subsidiary Companies to Six Product Families Product Families with Additional Innovations Underway Crushers Screening Washing & Classifying Material Handling Rock Breaker Plants & Systems Technology
Slide 16: Introducing the OneASTEC Business Model
Introducing the OneASTEC Business Model Market Leadership • Leadership positions within attractive niche markets • Agility to execute in all market conditions • Prepared for expansion of future markets due to: – Population growth – Emerging markets – Urbanization – Aging infrastructure Financial Sta
Slide 17: Driving Growth through Our Rock to Road Continuum
Driving Growth through Our Rock to Road Continuum ü Reinvigorate innovation with new product development approach to increase our vitality index over time ü Leverage technology and digital connectivity to enhance customer experience ü Capitalize on global growth opportunities ü Continued focus on gr
Slide 18: Strategic M&A Approach Aligns to Our Growth Strategy
Strategic M&A Approach Aligns to Our Growth Strategy Value Chain Gaps Close to Core Attractive Financial Criteria with Deeper Markets / Aligns Penetration to Macro Trends Strategic EPS Accretion in First Full Year Acquisition Filters Recurring #1 or #2 Market Meet or Exceed Leadership Revenue Positi
Slide 19: Early Stages of Our ESG Journey
Early Stages of Our ESG Journey Environmental Social Governance • Continued respect for the environment • Safety-first culture with stringent internal • Compensation of management and board ‒ Solar project in Johannesburg, SA processes and procedures in place aligned with shareholder interests ‒ Goa
Slide 20: Progressing to Our Long-term Goals through Simplify, Focus, Grow Strategy
Progressing to Our Long-term Goals through Simplify, Focus, Grow Strategy LONG-TERM GOALS 5% - 10% > 12% > 10% > 100% > 14% REVENUE GROWTH EBITDA MARGIN EPS GROWTH Net Income ROIC FCF CONVERSION1 Create Value for Shareholders Alignment to Incentive Plan Stand through Cycles THE OneASTEC BUSINESS MOD
Slide 21: New Codified Operational Excellence Model
New Codified Operational Excellence Model Greg Oswald | SVP, Operational Excellence 2020 Virtual Investor Day |
Slide 22: Key Messages | Operational Excellence
Key Messages | Operational Excellence The OneASTEC Business Model is a competitive advantage deeply rooted in our 01 culture and an operating model for continuous improvement Leveraging a strong foundation to drive sustainable profitable growth while 02 constructing repeatable processes for future s
Slide 23: The OneASTEC Business Model
The OneASTEC Business Model Market Leadership • Leadership positions within attractive niche markets • Agility to execute in all market conditions • Prepared for expansion of future markets due to: – Population growth – Emerging markets – Urbanization – Aging infrastructure Financial Stability • Str
Slide 24: Operational Excellence Strategic Priorities
Operational Excellence Strategic Priorities Safety and Sustainability Cost Reduction Manufacturing Utilization and Planning • Focus on the quality leading indicators • Procurement initiatives • Implement a robust S&OP company-wide process for consistent demand planning • Complete ownership of enviro
Slide 25: Further Strengthening Our Model through Core Operating Tools
Further Strengthening Our Model through Core Operating Tools Strategic Deployment Kaizen Daily Management (KPIs) Process (SDP) ü Customer focused strategic ü Lean Roadmap ü Bi-weekly transformation office breakthrough process (TO) meetings improvements ü 358+ events occurring yearly ü Intense focus
Slide 26: Astec Lean Roadmap for Idea Generation
Leveraging Initiative Funnel to Drive Strong Results Across Our Organization End of Bottom-up Value Identification Planning Value Capture Astec Lean Roadmap for Idea Generation L0:Idea L1: Identified L2: Validated L3:Planned L4:Executed L5: Realized % of Target 150% 130% 110% ~100% ~100% • Creativit
Slide 27: Kaizen Case Study | Improving OEE with OneASTEC
Kaizen Case Study | Improving OEE with OneASTEC Background • In 2020, began implementation of capacity utilization initiatives • Several goals identified included maximizing OEE of burn tables; maximizing burn table performance resulted in a cost avoidance of ~$500K across the organization Our New A
Slide 28: Kaizen Case Study | Value Stream Mapping – Counterflow Drum
Kaizen Case Study | Value Stream Mapping – Counterflow Drum Background • Formal Value Stream Mapping (VSM) Kaizen event completed including charter, current state map, Kaizen bursts, future state map, with Kaizen projects and immediate opportunities identified Event Highlights Outcomes • Kanban syst
Slide 29: Sustainability | Examples of Energy Efficiency Initiatives
Sustainability | Examples of Energy Efficiency Initiatives LED Lighting Upgrades Completed at Several Sites Solar PV 400kWp Project for Completion in 2021 Annual Energy Savings Generated: 4,436,792 kWh Annual Energy Savings Generated: 664,145 kWh Annual Savings: $417,665 Annual Savings: $69,000 Inst
Slide 30: Organizational Focus on Procurement
Organizational Focus on Procurement People, Culture Best-in-Class Supplier Quality Cost Out Complexity Reduction Data, Tools, Processes and Organization Supply Strategy and Performance and Cash In and Risk Mitigation and Compliance Aligned and center- Agile category Select suppliers Drive cost down
Slide 31: Key Takeaways
Key Takeaways 01 The OneASTEC Business Model is a competitive advantage deeply rooted in our culture and an operating model for continuous improvement 02 Leveraging a strong foundation to drive sustainable profitable growth while constructing repeatable processes for future success 03 Focusing on ke
Slide 32: Innovation as a Competitive Advantage
Innovation as a Competitive Advantage Scott Barker | SVP, Innovation 2020 Virtual Investor Day |
Slide 33: Key Messages | Innovation as a Competitive Advantage
Key Messages | Innovation as a Competitive Advantage 01 Reinvigorating innovation and leveraging technology to unlock value 02 Leveraging leading-edge technologies to enhance customer experience Increasing our competitive advantages through talent and new product 03 offerings and solutions Accelerat
Slide 34: Our Strategic Approach to Innovation
Our Strategic Approach to Innovation Leveraging Industry-leading Talent and Expertise at Every Stage STAGE 0 STAGE 1 STAGE 2 Ideate Validate Plan Customer-driven Get financial data, Cross-functional product development go-to-market strategy; analysis and input confirm customer need addressed STAGE 3
Slide 35: Effectively Use Simulation to Reduce Costs
Effectively Use Simulation to Reduce Costs Digital Twin Process Virtual Model CONNECT Physical Asset • Begin with load cases used in design (e.g., static / dynamic loads and vibration profiles) Model Inputs/Validation Data Acquisition • Increase accuracy utilizing in situ measurement Data Analytics
Slide 36: Enhancing Our Expertise in Controls and Automation through Telematics
Enhancing Our Expertise in Controls and Automation through Telematics Strategic Focus Areas ü Industrial IoT: provide customers a one-stop platform to view status of all equipment ü Utilize control systems to create more efficient processes through automation ü Leverage data from mobile equipment an
Slide 37: Enhancing Customer Experience through OneASTEC Platforms
Enhancing Customer Experience through OneASTEC Platforms Unique Ability to Drive Complete Process for Customers Phase III Partner with Customers on Phase II Next Generation Solutions and Capabilities Introduce New Features; • Automation Phase I Allow Customers to Manage • Cloud IT Solutions their Or
Slide 38: Case Study | Connecting Innovation to the OneASTEC Business Model
Case Study | Connecting Innovation to the OneASTEC Business Model Background Our Unique Approach and Innovative Solution Outcomes • Provide customers with data to OneASTEC Telematics manage their crews and jobsite 90% • Roadtec Telematics System: two-way communication platform for Reduction in Repai
Slide 39: Key Takeaways
Key Takeaways 01 Reinvigorating innovation and leveraging technology to unlock value 02 Leveraging leading-edge technologies to enhance customer experience 03 Increasing our competitive advantages through talent and new product offerings and solutions 04 Accelerating our innovation journey with a fo
Slide 40: Materials Solutions Overview
Materials Solutions Overview Tim Averkamp | Group President 2020 Virtual Investor Day |
Slide 41: Key Messages | Materials Solutions
Key Messages | Materials Solutions Comprehensive product and systems solutions developed, delivered, and supported 01 by strong dealer distribution partners 02 Transforming from decentralized business units to Product Centers of Excellence Building on our foundation of operational excellence with th
Slide 42: Materials Solutions Snapshot
Materials Solutions Snapshot Background Key Statistics (YTD 2020) Our Global Footprint • Comprehensive solutions for Net Sales $250.0M aggregate, material handling, Omagh, NI construction, recycling, demolition, and mining industries Adj. Gross Profit1 $62.9M Yankton, SD Eugene, OR Thornbury, ON Ste
Slide 43: Sustainable Competitive Advantages
Sustainable Competitive Advantages Rock to Road Intimate Customer Complete Systems Product Portfolio Relationships Offering Strong Dealer Industry-leading Deeply Innovative Distribution Talent and Mindset and Support Expertise Network WELL POSITIONED WITH OUR DIFFERENTIATED AND SUSTAINABLE VALUE PRO
Slide 44: Materials Solutions | Well Positioned to Capture Future Market Demand
Materials Solutions | Well Positioned to Capture Future Market Demand Market Drivers International Expansion • Construction/Housing Starts • Infrastructure Creation/Renewal Adjacent Markets ~$8B Total Areas of • Global Urbanization New Solutions Opportunity • Emerging Markets Focus Areas Inorganic G
Slide 45: Materials Solutions Profitable Growth Strategy
Materials Solutions Profitable Growth Strategy SIMPLIFY FOCUS GROW 2020 Virtual Investor Day | 45
Slide 46: Significant Progress Made with Further Simplification Opportunities
Significant Progress Made with Further Simplification Opportunities Accomplished Future Simplification Opportunities + Rationalize product lines to drive operational ü OneASTEC transformation and financial benefits ü Restructured leadership team + Strengthen dealer network leveraging • Functional gr
Slide 47: Materials Solutions | Transforming Our Business to Meet Customer Needs
Materials Solutions | Transforming Our Business to Meet Customer Needs Relentless Focus on Customer Customer Intimacy, Product Development, Total Solutions, Partner Strong Leadership Industry and Application Expertise, Best Practice Identification and Implementation Operational Excellence via OneAST
Slide 48: Shifting to a Global Mindset
Shifting to a Global Mindset Strategic Growth in International Markets • Improve Astec brand recognition through OneASTEC approach • Build a strong distribution network • Tailor NPD for international markets and customer needs Aftermarket Sales Growth • Focus on higher capture rates to improve margi
Slide 49: Case Study | Agility to Deliver a Complete Integrated Solution
Case Study | Agility to Deliver a Complete Integrated Solution Background Our Unique Approach and Innovative Solution • Tight timeline to design and install • Supplied all products: crushers, feeders, screens, conveyors new rock-crushing plant and sand screws • Total integrated systems solution • Te
Slide 50: Key Takeaways
Key Takeaways 01 Comprehensive product and systems solutions developed, delivered, and supported by strong dealer distribution partners 02 Transforming from decentralized business units to Product Centers of Excellence 03 Building on our foundation of operational excellence with the OneASTEC Busines
Slide 51: Q&A Session
Q&A Session 2020 Virtual Investor Day |
Slide 52: Break
BREAK 2020 Virtual Investor Day |
Slide 53: Infrastructure Solutions
Infrastructure Solutions Jaco van der Merwe | Group President 2020 Virtual Investor Day |
Slide 54: Key Messages | Infrastructure Solutions
Key Messages | Infrastructure Solutions Well positioned for compelling industry trends supporting growth across our portfolio of 01 innovative solutions with connectivity and telematics 02 Deepening relationships through customer-centric mentality Driving growth through both organic and inorganic op
Slide 55: Infrastructure Solutions Snapshot
Infrastructure Solutions Snapshot Background Key Statistics (YTD 9/30/2020) Our Global Footprint • Design, manufacture and install the Net Sales $535.6M most comprehensive line of equipment solutions for the asphalt Audubon, IA Burlington, WI and concrete industries within Rock Adj. Gross Profit1 $1
Slide 56: Sustainable Competitive Advantages
Sustainable Competitive Advantages Intimate Customer Broad Range of Specialty Connections Innovative Engineering Equipment Services Solutions Aftermarket Sales Total Cost of Durability of Our Capabilities Ownership Business Model Mentality WELL POSITIONED WITH OUR DIFFERENTIATED AND SUSTAINABLE VALU
Slide 57: OneASTEC Approach from Rock to Road
OneASTEC Approach from Rock to Road INFRASTRUCTURE SOLUTIONS MATERIALS SOLUTIONS CONSTRUCTION MACHINERY ASPHALT & CONCRETE PROCESSING CRUSHING & SCREENING FOR RAW MATERIALS 2020 Virtual Investor Day | 57
Slide 58: Infrastructure Solutions | Well Positioned to Capture Future Market Demand
Infrastructure Solutions | Well Positioned to Capture Future Market Demand Market Drivers International Expansion • Infrastructure Investment • International Urbanization Adjacent Markets ~$5B Total Areas of • Increasing Demand for New Solutions Opportunity Connectivity and Real-time Information Foc
Slide 59: Infrastructure Solutions Profitable Growth Strategy
Infrastructure Solutions Profitable Growth Strategy SIMPLIFY FOCUS GROW 2020 Virtual Investor Day | 59
Slide 60: Significant Progress Made with Further Simplification Opportunities
Significant Progress Made with Further Simplification Opportunities Accomplished Future Simplification Opportunities + Manufacturing operations, supply chain and ü Commonality – OneASTEC transformation procurement to be modern and lean • Manufacturing supply chain simplification + Brands and go-to-m
Slide 61: Infrastructure Solutions | Transforming Our Business to Meet Customer Needs
Infrastructure Solutions | Transforming Our Business to Meet Customer Needs Strong Leadership Blending Experiences, OneASTEC Sales Leadership and Commercial Excellence Operational Excellence via OneASTEC Business Model SQDC, Best Practices and World-class Manufacturing Product Management Capabilitie
Slide 62: Case Study | Connecting Innovation to the OneASTEC Business Model
Case Study | Connecting Innovation to the OneASTEC Business Model Background Our Unique Approach and Innovative Solution Outcomes • Product gap identified in • Use market feedback and voice-of-customer from Astec international international portfolio for Latin sales team to design a high-quality pro
Slide 63: Case Study | Connecting Innovation to the OneASTEC Business Model
Case Study | Connecting Innovation to the OneASTEC Business Model Background Our Unique Approach and Innovative Solution Outcomes • Compaction of asphalt • Roadtec SB-3000 Shuttle Buggy® Material Transfer Vehicle $100K pavement is the number one Savings with factor affecting service life • Shuttle B
Slide 64: Global Mindset with Integrated Salesforce to Present OneASTEC Solutions
Global Mindset with Integrated Salesforce to Present OneASTEC Solutions Unlock Future Value with Commercial Excellence GO-TO-MARKET STRATEGY OFFERING Improve Financing OneASTEC Channel Optimize Customer Service Globally Optimize • Increase access to customers who use financing Management Marketing M
Slide 65: Expanding Capabilities through Recent Acquisitions
Expanding Capabilities through Recent Acquisitions Recent Acquisitions Strengthen Infrastructure Portfolio 2019 Product Revenue Mix by Company 25% 31% 35% 40% + 53% + 49% 13% 40% 7% 7% Central Mix Dry Batch Mix Parts & Service Other 1 • New complementary brands and products lines from CON-E-CO and B
Slide 66: Key Takeaways
Key Takeaways 01 Well positioned for compelling industry trends supporting growth across our portfolio of innovative solutions with connectivity and telematics 02 Deepening relationships through customer-centric mentality 03 Driving growth through both organic and inorganic opportunities, including
Slide 67: Financial Overview and Outlook
Financial Overview and Outlook Becky Weyenberg | CFO 2020 Virtual Investor Day |
Slide 68: Financial Organization Overview
Financial Organization Overview Key Observations as New CFO Refreshed Our Purpose and Goals • Strong foundation with opportunities to enhance accountability and financial discipline ü Board and ELT focused on OneASTEC • First priority was to hire necessary talent to implement remediation plan to add
Slide 69: Key Messages | Financial Overview and Outlook
Key Messages | Financial Overview and Outlook New finance leadership proactively preparing for upside and downside scenarios; 01 controlling the controllable and continue to realize cost savings initiatives Leveraging OneASTEC Business Model for operational excellence with 02 continuous improvement
Slide 70: Historical Financial Performance
Historical Financial Performance ($M, except per share data) ADJ. REVENUES1 ADJ. EBITDA & MARGIN1 ADJ. EPS1 FCF2 & CONVERSION (%) $92 $ 1 0 0 .0 $ 1 4 0 .0 2 5 .0 % $2.94 $89 5 5 0 % $1,246 $ 8 0 .0 399% $1,177 $116 $1,150 $114 $66 $ 1 2 0 .0 $2.49 293% 3 5 0 % 2 0 . % $ 6 0 .0 163% $ 1 0 0 .0 95% 1
Slide 71: Strategic Transformation Has Driven Significant Margin Improvement
Strategic Transformation Has Driven Significant Margin Improvement Commentary EBITDA Margin Bridge • New leadership team focused on operational and commercial 175 - 215 bps 10 - 12%+ excellence to drive stronger ROIC 9.7% • Driving margin improvement in 2020 120 - 150 bps despite a challenging macro
Slide 72: Strategic Milestones
Strategic Milestones Commentary Implementation Process • Process and system improvements Phase 1: Next 12 Months Phase 2: 12+ Months remain a top priority to facilitate Driving Additional Efficiencies through Our ERP Implementation effective resource deployment Operating Collapse Engineering Process
Slide 73: Continue to Maintain Strong, Flexible Balance Sheet with Ample Liquidity
Continue to Maintain Strong, Flexible Balance Sheet with Ample Liquidity SUMMARY BALANCE SHEET ($M) 9/30/20 ($M) 9/30/20 Cash and Cash Equivalents $ 108.5 Cash and Cash Equivalents $ 108.5 Total Current Assets $ 533.2 Available Credit $ 151.5 Total Assets $ 819.7 Total Available Liquidity $ 260.0 To
Slide 74: Disciplined Capital Deployment Framework
Disciplined Capital Deployment Framework Use of Cash Over Last 3 Years Adjustments Given ~$175M Current Environment 14% Plant, Property & • Internal investments meeting return Continue to target >14% Equipment objectives of >14% ROIC ROIC for new investments 38% 17% Continue to focus on strategic •
Slide 75: Strategic M&A Approach Aligns to Our Growth Strategy
Strategic M&A Approach Aligns to Our Growth Strategy Value Chain Gaps Close to Core Attractive Financial Criteria with Deeper Markets / Aligns Penetration to Macro Trends Strategic EPS Accretion in First Full Year Acquisition Filters Recurring #1 or #2 Market Meet or Exceed Leadership Revenue Positi
Slide 76: Progressing to Our Long-term Goals through Simplify, Focus, Grow Strategy
Progressing to Our Long-term Goals through Simplify, Focus, Grow Strategy LONG-TERM GOALS 5% - 10% > 12% > 10% > 100% > 14% REVENUE GROWTH EBITDA MARGIN EPS GROWTH Net Income ROIC FCF CONVERSION1 Create Value for Shareholders Alignment to Incentive Plan Stand through Cycles THE OneASTEC BUSINESS MOD
Slide 77: Key Takeaways
Key Takeaways 01 New finance leadership proactively preparing for upside and downside scenarios; controlling the controllable and continue to realize cost savings initiatives 02 Leveraging OneASTEC Business Model for operational excellence with continuous improvement mindset to drive higher profitab
Slide 78: Closing Remarks
Closing Remarks Barry Ruffalo | President & CEO 2020 Virtual Investor Day |
Slide 79: Invest with Us
Invest with Us Leadership positions within attractive niche markets in 01 industries benefitting from long-term secular trends including population growth, urbanization, and aging infrastructure 02 Industry-leading reputation for innovation, high-quality products and superior customer service 03 Rec
Slide 80: Q&A Session
Q&A Session 2020 Virtual Investor Day |
Slide 81: Appendix
Appendix 2020 Virtual Investor Day |
Slide 82: Income Statement
Income Statement Nine Months Ended September 30, (In millions, except shares in thousands and per share amounts; unaudited) 2020 2019 Net sales $ 785.6 $ 886.4 Cost of sales 601.5 674.4 Gross profit 184.1 212.0 Operating expenses: Selling, general and administrative 147.8 158.6 Restructuring and ass
Slide 83: Balance Sheet
Balance Sheet (In millions; unaudited) September 30, 2020 December 31, 2019 Assets Current assets: Cash and cash equivalents $ 108.5 $ 48.9 Investments 3.8 1.5 Receivables, net 131.5 124.9 Inventories, net 261.5 294.5 Other current assets 27.9 36.5 Total current assets 533.2 506.3 Property, plant an
Slide 84: Cash Flow Statement
Cash Flow Statement 2020 Virtual Investor Day | 84
Slide 85: GAAP to Non-GAAP Reconciliation Table
GAAP to Non-GAAP Reconciliation Table Nine Months Ended September 30, 2020 As Reported Restructuring and As Adjusted (In millions, except per share amounts; unaudited) (GAAP) Unusual Charges (Non-GAAP) Consolidated Net Sales $ 785.6 $ - $ 785.6 Gross Profit 184.1 4.4 188.5 Gross Profit Percentage 23
Slide 86: GAAP to Non-GAAP Reconciliation Table
GAAP to Non-GAAP Reconciliation Table Year Ended December 31, 2019 As Reported Restructuring and As Adjusted (In millions, except per share amounts; unaudited) (GAAP) Unusual Charges (Non-GAAP) Consolidated Net Sales $ 1,169.6 $ (20.0) $ 1,149.6 Gross Profit 246.5 6.5 253.0 Gross Profit Percentage 2
Slide 87: GAAP to Non-GAAP EBITDA and Adjusted EBITDA Reconciliation
GAAP to Non-GAAP EBITDA and Adjusted EBITDA Reconciliation Nine Months Ended September 30, Year Ended December 31, (In millions; unaudited) 2020 2019 2019 2018 2017 Net income (loss) attributable to controlling interest $ 31.6 $ 40.7 $ 21.5 $ (60.4) $ 37.8 Interest (income) expense (0.4) 0.2 (0.2) (
Slide 88: GAAP to Non-GAAP Adj. EPS Reconciliation
GAAP to Non-GAAP Adj. EPS Reconciliation Nine Months Ended September 30, Year Ended December 31, (In millions, except per share amounts; unaudited) 2020 2019 2019 2018 2017 Net income (loss) attributable to controlling interest $ 31.6 $ 40.7 $ 22.3 $ (60.4) $ 37.8 Plus: Restructuring and other 12.8
Slide 89: GAAP to Non-GAAP Reconciliation Table
GAAP to Non-GAAP Reconciliation Table Nine Months Ended September 30, Year Ended December 31, (In millions; unaudited) 2020 2019 2019 2018 2017 Net cash provided (used) by operating activities $ 103.3 $ 84.2 $ 112.4 $ (29.8) $ 41.9 Expenditures for property and equipment (10.9) (17.9) (23.4) (27.4)
Slide 90: Presenter Biographies
Presenter Biographies Barry Ruffalo has served as President and CEO of Astec Industries since August 2019. Prior to joining Astec Industries, he was employed by Valmont Industries, a publicly-traded global producer of highly-engineered fabricated metal products, where he had served from 2015 to 2016
Slide 91: Presenter Biographies
Presenter Biographies Scott Barker has served as SVP, Innovation since November 2019. He previously served as Group President- Energy from January 2019 to November 2019 and as President of GEFCO, Inc. from April 2017 to January 2019. Before joining Astec Industries, he held several leadership roles
Slide 92: Presenter Biographies
Presenter Biographies Tim Averkamp has served as Group President since November 2019. Prior to joining Astec Industries, he worked for Deere & Company for 22 years in various leadership positions. His positions included President of the Transaxle Manufacturing of America Joint Venture (JV) business
Slide 93: Contact Us
Contact Us Steve Anderson SVP of Administration & IR Phone: 423-553-5934 Email: sanderson@astecindustries.com 2020 Virtual Investor Day | 93