Apogee Enterprises Reports Fiscal 2024 Second Quarter Results
-
Net sales of
$354 million and diluted EPS of$1.52 - Operating margin reaches 11.5%, up from 8.6% in last year’s second quarter
-
Adjusted diluted EPS grows 28% to an all-time quarterly record
$1.36 -
Year-to-date cash flow from operations of
$63 million , an improvement of$65 million compared to the same period of last year -
Increasing full-year adjusted diluted EPS outlook to a range of
$4.35 to$4.65
|
|
Three Months Ended |
|
|
|||||||
($ in thousands, except per share amounts) |
|
|
|
|
|
% Change |
|||||
|
|
$ |
353,675 |
|
|
$ |
372,109 |
|
|
(5.0 |
)% |
Operating income |
|
$ |
40,553 |
|
|
$ |
32,072 |
|
|
26.4 |
% |
Operating margin % |
|
|
11.5 |
% |
|
|
8.6 |
% |
|
33.7 |
% |
Diluted earnings per share |
|
$ |
1.52 |
|
|
$ |
1.68 |
|
|
(9.5 |
)% |
Additional Non-GAAP Measures1 |
|
|
|
|
|
|
|||||
Adjusted diluted earnings per share |
|
$ |
1.36 |
|
|
$ |
1.06 |
|
|
28.3 |
% |
Adjusted EBITDA |
|
|
51,145 |
|
|
|
42,498 |
|
|
20.3 |
% |
“We delivered another quarter of strong margin expansion and adjusted earnings growth,” said
Consolidated Results (Second Quarter Fiscal 2024 Compared to Second Quarter Fiscal 2023)
-
Net sales were
$353.7 million compared to$372.1 million , primarily reflecting lower volumes in Architectural Services and Architectural Framing Systems, partially offset by strong growth in Architectural Glass. -
Gross profit increased
$10.4 million , or 12.3%, and gross margin increased to 27.0% compared to 22.8%. The improvement in gross margin was primarily driven by higher gross margins in both Architectural Framing Systems and Architectural Glass and the increased mix of Architectural Glass in the consolidated results. This was partially offset by lower margins in the Large-Scale Optical segment. -
Selling, general and administrative expenses increased
$2.0 million to 15.5% of net sales compared to 14.2%. The increase was primarily due to increased compensation related expenses and higher consulting costs. -
Operating income grew 26.4% to
$40.6 million , and operating margin increased 290 basis points to 11.5%, primarily driven by improved operating margin in Architectural Glass as well as the Architectural Glass segment comprising a higher mix of the consolidated results. -
Net interest expense was
$2.2 million , compared to$1.7 million , reflecting a higher average interest rate, partially offset by a lower average debt level. -
Other income included a
$4.7 million pre-tax gain related to a New Markets Tax Credit. -
Income tax expense was
$9.9 million , compared to a tax benefit of$7.2 million in last year’s second quarter, which included a$13.7 million tax deduction for worthless stock and other related discrete tax benefits. -
Diluted earnings per share (“EPS”) were
$1.52 compared to$1.68 . -
Adjusted diluted EPS grew 28% to a record
$1.36 .
Segment Results (Second Quarter Fiscal 2024 Compared to Second Quarter Fiscal 2023)
Architectural Framing Systems
Architectural Framing Systems net sales were
Architectural Glass
Architectural Glass net sales grew 21.6%, to
Architectural Services
Architectural Services net sales were
Large-Scale Optical
Large-Scale Optical net sales were
Corporate and Other
Corporate and other expense was
Financial Condition
Net cash provided by operating activities in the quarter was
During the quarter, the Company executed share repurchases for
Quarter-end total long-term debt was
Updated Outlook
The Company most recently provided an outlook for full-year GAAP diluted EPS in the range of
Conference Call Information
The Company will host a conference call today at
About
Use of Non-GAAP Financial Measures
Management uses non-GAAP measures to evaluate the Company’s historical and prospective financial performance, measure operational profitability on a consistent basis, and provide enhanced transparency to the investment community. Non-GAAP measures should be viewed in addition to, and not as a substitute for, the reported financial results of the Company prepared in accordance with GAAP. Other companies may calculate these measures differently, limiting the usefulness of the measures for comparison with other companies. This release and other financial communications may contain the following non-GAAP measures:
- Adjusted operating income, adjusted operating margin, adjusted net earnings, and adjusted diluted earnings per share (or “adjusted diluted EPS”) are used by the Company to provide meaningful supplemental information about its operating performance by excluding amounts that are not considered part of core operating results to enhance comparability of results from period to period.
- Adjusted EBITDA represents adjusted net earnings before interest, taxes, depreciation, and amortization. The Company believes this metric provides useful information to investors and analysts about the Company's core operating performance.
- Free cash flow is defined as net cash provided by operating activities, minus capital expenditures. The Company considers this measure an indication of its financial strength. However, free cash flow does not fully reflect the Company’s ability to freely deploy generated cash, as it does not reflect, for example, required payments on indebtedness and other fixed obligations.
- Net debt is a non-GAAP measure defined as total debt (current debt plus long-term debt) on our consolidated balance sheet, less cash and cash equivalents. The Company considers this measure helpful to evaluate our capital structure and financial leverage, and our ability to fund investing and financing activities.
- Net leverage ratio is a non-GAAP ratio defined as net debt divided by trailing twelve months adjusted EBITDA. The Company considers this measure helpful to evaluate our capital structure and financial leverage, and our ability to fund investing and financing activities.
Backlog is an operating measure used by management to assess future potential sales revenue. Backlog is defined as the dollar amount of signed contracts or firm orders, generally as a result of a competitive bidding process, which is expected to be recognized as revenue. Backlog is not a term defined under
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should” and similar expressions are intended to identify “forward-looking statements”. These statements reflect Apogee management’s expectations or beliefs as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified by factors that may affect the results, performance, financial condition, prospects and opportunities of the Company , including the following: (A)
______________________
|
2 Backlog is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information. |
3 Net leverage ratio is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information. |
4 See reconciliation of Fiscal 2024 estimated adjusted diluted earnings per share to GAAP diluted earnings per share later in this press release. |
|
||||||||||||||||||||||
Consolidated Condensed Statements of Income |
||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
||||||||||||||
(In thousands, except per share amounts) |
|
|
|
|
|
% Change |
|
|
|
|
|
% Change |
||||||||||
Net sales |
|
$ |
353,675 |
|
|
$ |
372,109 |
|
|
(5.0 |
)% |
|
$ |
715,388 |
|
|
$ |
728,744 |
|
(1.8 |
)% |
|
Cost of sales |
|
|
258,304 |
|
|
|
287,173 |
|
|
(10.1 |
)% |
|
|
527,031 |
|
|
|
558,191 |
|
(5.6 |
)% |
|
Gross profit |
|
|
95,371 |
|
|
|
84,936 |
|
|
12.3 |
% |
|
|
188,357 |
|
|
|
170,553 |
|
10.4 |
% |
|
Selling, general and administrative expenses |
|
|
54,818 |
|
|
|
52,864 |
|
|
3.7 |
% |
|
|
114,037 |
|
|
|
105,265 |
|
8.3 |
% |
|
Operating income |
|
|
40,553 |
|
|
|
32,072 |
|
|
26.4 |
% |
|
|
74,320 |
|
|
|
65,288 |
|
13.8 |
% |
|
Interest expense, net |
|
|
2,230 |
|
|
|
1,698 |
|
|
31.3 |
% |
|
|
4,266 |
|
|
|
2,904 |
|
46.9 |
% |
|
Other (income) expense, net |
|
|
(4,900 |
) |
|
|
173 |
|
|
N/M |
|
|
|
(4,612 |
) |
|
|
1,483 |
|
N/M |
|
|
Earnings before income taxes |
|
|
43,223 |
|
|
|
30,201 |
|
|
43.1 |
% |
|
|
74,666 |
|
|
|
60,901 |
|
22.6 |
% |
|
Income tax expense (benefit) |
|
|
9,896 |
|
|
|
(7,188 |
) |
|
N/M |
|
|
|
17,763 |
|
|
|
781 |
|
2,174.4 |
% |
|
Net earnings |
|
$ |
33,327 |
|
|
$ |
37,389 |
|
|
(10.9 |
)% |
|
$ |
56,903 |
|
|
$ |
60,120 |
|
(5.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share |
|
$ |
1.54 |
|
|
$ |
1.71 |
|
|
(9.9 |
)% |
|
$ |
2.61 |
|
|
$ |
2.72 |
|
(4.0 |
)% |
|
Diluted earnings per share |
|
$ |
1.52 |
|
|
$ |
1.68 |
|
|
(9.5 |
)% |
|
$ |
2.57 |
|
|
$ |
2.66 |
|
(3.4 |
)% |
|
Weighted average basic shares outstanding |
|
|
21,708 |
|
|
|
21,860 |
|
|
(0.7 |
)% |
|
|
21,813 |
|
|
|
22,129 |
|
(1.4 |
)% |
|
Weighted average diluted shares outstanding |
|
|
21,962 |
|
|
|
22,245 |
|
|
(1.3 |
)% |
|
|
22,105 |
|
|
|
22,563 |
|
(2.0 |
)% |
|
Cash dividends per common share |
|
$ |
0.2400 |
|
|
$ |
0.2200 |
|
|
9.1 |
% |
|
$ |
0.4800 |
|
|
$ |
0.4400 |
|
9.1 |
% |
|
||||||||||||||||||||||
Business Segment Information |
||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||
|
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
||||||||||||||
(In thousands) |
|
|
|
|
|
% Change |
|
|
|
|
|
% change |
||||||||||
Segment net sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Architectural Framing Systems |
|
$ |
158,801 |
|
|
$ |
172,867 |
|
|
(8.1 |
)% |
|
$ |
322,963 |
|
|
$ |
336,159 |
|
|
(3.9 |
)% |
Architectural Glass |
|
|
94,096 |
|
|
|
77,352 |
|
|
21.6 |
% |
|
|
191,298 |
|
|
|
153,617 |
|
|
24.5 |
% |
Architectural Services |
|
|
88,064 |
|
|
|
106,732 |
|
|
(17.5 |
)% |
|
|
177,482 |
|
|
|
210,120 |
|
|
(15.5 |
)% |
Large-Scale Optical |
|
|
23,645 |
|
|
|
25,166 |
|
|
(6.0 |
)% |
|
|
46,101 |
|
|
|
50,328 |
|
|
(8.4 |
)% |
Intersegment eliminations |
|
|
(10,931 |
) |
|
|
(10,008 |
) |
|
9.2 |
% |
|
|
(22,456 |
) |
|
|
(21,480 |
) |
|
4.5 |
% |
Net sales |
|
$ |
353,675 |
|
|
$ |
372,109 |
|
|
(5.0 |
)% |
|
$ |
715,388 |
|
|
$ |
728,744 |
|
|
(1.8 |
)% |
Segment operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Architectural Framing Systems |
|
$ |
21,060 |
|
|
$ |
20,512 |
|
|
2.7 |
% |
|
$ |
41,005 |
|
|
$ |
44,177 |
|
|
(7.2 |
)% |
Architectural Glass |
|
|
17,434 |
|
|
|
6,457 |
|
|
170.0 |
% |
|
|
33,955 |
|
|
|
11,626 |
|
|
192.1 |
% |
Architectural Services |
|
|
3,519 |
|
|
|
5,490 |
|
|
(35.9 |
)% |
|
|
2,923 |
|
|
|
8,417 |
|
|
(65.3 |
)% |
Large-Scale Optical |
|
|
4,663 |
|
|
|
5,991 |
|
|
(22.2 |
)% |
|
|
10,188 |
|
|
|
12,489 |
|
|
(18.4 |
)% |
Corporate and other |
|
|
(6,123 |
) |
|
|
(6,378 |
) |
|
(4.0 |
)% |
|
|
(13,751 |
) |
|
|
(11,421 |
) |
|
20.4 |
% |
Operating income |
|
$ |
40,553 |
|
|
$ |
32,072 |
|
|
26.4 |
% |
|
$ |
74,320 |
|
|
$ |
65,288 |
|
|
13.8 |
% |
Segment operating margin |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Architectural Framing Systems |
|
|
13.3 |
% |
|
|
11.9 |
% |
|
|
|
|
12.7 |
% |
|
|
13.1 |
% |
|
|
||
Architectural Glass |
|
|
18.5 |
% |
|
|
8.3 |
% |
|
|
|
|
17.7 |
% |
|
|
7.6 |
% |
|
|
||
Architectural Services |
|
|
4.0 |
% |
|
|
5.1 |
% |
|
|
|
|
1.6 |
% |
|
|
4.0 |
% |
|
|
||
Large-Scale Optical |
|
|
19.7 |
% |
|
|
23.8 |
% |
|
|
|
|
22.1 |
% |
|
|
24.8 |
% |
|
|
||
Corporate and other |
|
|
N/M |
|
|
|
N/M |
|
|
|
|
|
N/M |
|
|
|
N/M |
|
|
|
||
Operating margin |
|
|
11.5 |
% |
|
|
8.6 |
% |
|
|
|
|
10.4 |
% |
|
|
9.0 |
% |
|
|
||
|
|
||||||||
Consolidated Condensed Balance Sheets |
||||||||
(Unaudited) |
||||||||
(In thousands) |
|
|
|
|
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
18,423 |
|
$ |
19,924 |
||
Restricted cash |
|
|
— |
|
|
1,549 |
||
Receivables, net |
|
|
205,720 |
|
|
197,267 |
||
Inventories |
|
|
72,775 |
|
|
78,441 |
||
Contract assets |
|
|
50,360 |
|
|
59,403 |
||
Other current assets |
|
|
29,036 |
|
|
26,517 |
||
Total current assets |
|
|
376,314 |
|
|
383,101 |
||
Property, plant and equipment, net |
|
|
245,541 |
|
|
248,867 |
||
Operating lease right-of-use assets |
|
|
41,049 |
|
|
41,354 |
||
|
|
|
129,143 |
|
|
129,026 |
||
Intangible assets, net |
|
|
65,303 |
|
|
67,375 |
||
Other non-current assets |
|
|
51,229 |
|
|
45,642 |
||
Total assets |
|
$ |
908,579 |
|
$ |
915,365 |
||
Liabilities and shareholders' equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable |
|
|
78,323 |
|
|
86,549 |
||
Accrued compensation and benefits |
|
|
34,156 |
|
|
51,651 |
||
Contract liabilities |
|
|
32,498 |
|
|
28,011 |
||
Operating lease liabilities |
|
|
12,168 |
|
|
11,806 |
||
Other current liabilities |
|
|
67,141 |
|
|
64,532 |
||
Total current liabilities |
|
|
224,286 |
|
|
242,549 |
||
Long-term debt |
|
|
145,675 |
|
|
169,837 |
||
Non-current operating lease liabilities |
|
|
31,962 |
|
|
33,072 |
||
Non-current self-insurance reserves |
|
|
32,933 |
|
|
29,316 |
||
Other non-current liabilities |
|
|
41,405 |
|
|
44,183 |
||
Total shareholders’ equity |
|
|
432,318 |
|
|
396,408 |
||
Total liabilities and shareholders’ equity |
$ |
908,579 |
$ |
915,365 |
|
||||||||
Consolidated Statement of Cash Flows |
||||||||
(Unaudited) |
||||||||
|
|
Six Months Ended |
||||||
(In thousands) |
|
|
|
|
||||
Net earnings |
|
$ |
56,903 |
|
|
$ |
60,120 |
|
Depreciation and amortization |
|
|
20,661 |
|
|
|
21,448 |
|
Share-based compensation |
|
|
4,483 |
|
|
|
3,394 |
|
Deferred income taxes |
|
|
(4,281 |
) |
|
|
6,858 |
|
Gain on disposal of assets |
|
|
(62 |
) |
|
|
(695 |
) |
Proceeds from New Markets Tax Credit transaction, net of deferred costs |
|
|
— |
|
|
|
18,390 |
|
Settlement of New Markets Tax Credit transaction |
|
|
(4,687 |
) |
|
|
(19,523 |
) |
Noncash lease expense |
|
|
6,153 |
|
|
|
6,160 |
|
Other, net |
|
|
(1,121 |
) |
|
|
3,836 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Receivables |
|
|
(8,238 |
) |
|
|
(71,720 |
) |
Inventories |
|
|
5,841 |
|
|
|
(17,636 |
) |
Contract assets |
|
|
8,992 |
|
|
|
6,754 |
|
Accounts payable and accrued expenses |
|
|
(21,096 |
) |
|
|
(11,793 |
) |
Contract liabilities |
|
|
4,244 |
|
|
|
20,927 |
|
Refundable and accrued income taxes |
|
|
4,292 |
|
|
|
(20,486 |
) |
Operating lease liability |
|
|
(6,608 |
) |
|
|
(6,684 |
) |
Prepaid expenses and other current assets |
|
|
(2,912 |
) |
|
|
(1,993 |
) |
Net cash provided (used) by operating activities |
|
|
62,564 |
|
|
|
(2,643 |
) |
Capital expenditures |
|
|
(15,018 |
) |
|
|
(9,255 |
) |
Proceeds from sales of property, plant and equipment |
|
|
143 |
|
|
|
4,122 |
|
Purchases of marketable securities |
|
|
(969 |
) |
|
|
— |
|
Sales/maturities of marketable securities |
|
|
775 |
|
|
|
450 |
|
Net cash used by investing activities |
|
|
(15,069 |
) |
|
|
(4,683 |
) |
Borrowings on line of credit |
|
|
174,853 |
|
|
|
409,880 |
|
Repayment on debt |
|
|
— |
|
|
|
(151,000 |
) |
Payments on line of credit |
|
|
(199,000 |
) |
|
|
(171,000 |
) |
Payments on debt issuance costs |
|
|
— |
|
|
|
(687 |
) |
Repurchase and retirement of common stock |
|
|
(11,821 |
) |
|
|
(74,312 |
) |
Dividends paid |
|
|
(10,467 |
) |
|
|
(9,602 |
) |
Other, net |
|
|
(3,705 |
) |
|
|
(2,815 |
) |
Net cash (used) provided by financing activities |
|
|
(50,140 |
) |
|
|
464 |
|
Decrease in cash, cash equivalents and restricted cash |
|
|
(2,645 |
) |
|
|
(6,862 |
) |
Effect of exchange rates on cash |
|
|
(405 |
) |
|
|
28 |
|
Cash, cash equivalents and restricted cash at beginning of year |
|
|
21,473 |
|
|
|
37,583 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
18,423 |
|
|
$ |
30,749 |
|
|
||||||||||||||||
Reconciliation of Non-GAAP Financial Measures |
||||||||||||||||
Adjusted Net Earnings and Adjusted Diluted Earnings per Share |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(In thousands) |
|
|
|
|
|
|
|
|
||||||||
Net earnings |
|
$ |
33,327 |
|
|
$ |
37,389 |
|
|
$ |
56,903 |
|
|
$ |
60,120 |
|
NMTC settlement gain(1) |
|
|
(4,687 |
) |
|
|
— |
|
|
|
(4,687 |
) |
|
|
— |
|
Worthless stock deduction and related discrete tax benefits(2) |
|
|
— |
|
|
|
(13,702 |
) |
|
|
— |
|
|
|
(13,702 |
) |
Income tax impact on above adjustments |
|
|
1,148 |
|
|
|
— |
|
|
|
1,148 |
|
|
|
— |
|
Adjusted net earnings |
|
$ |
29,788 |
|
|
$ |
23,687 |
|
|
$ |
53,364 |
|
|
$ |
46,418 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share |
|
$ |
1.52 |
|
|
$ |
1.68 |
|
|
$ |
2.57 |
|
|
$ |
2.66 |
|
NMTC settlement gain(1) |
|
|
(0.21 |
) |
|
|
— |
|
|
|
(0.21 |
) |
|
|
— |
|
Worthless stock deduction and related discrete tax benefits(2) |
|
|
— |
|
|
|
(0.62 |
) |
|
|
— |
|
|
|
(0.61 |
) |
Income tax impact on above adjustments |
|
|
0.05 |
|
|
|
— |
|
|
|
0.05 |
|
|
|
— |
|
Adjusted diluted earnings per share |
|
$ |
1.36 |
|
|
$ |
1.06 |
|
|
$ |
2.41 |
|
|
$ |
2.06 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average diluted shares outstanding |
|
|
21,962 |
|
|
|
22,245 |
|
|
|
22,105 |
|
|
|
22,563 |
|
(1) |
Realization of a New Market Tax Credit (NMTC) benefit during the second quarter of fiscal 2024, which was recorded in other (income) expense, net. |
(2) |
Worthless stock deduction and related discrete income tax benefits from the impairment of the Sotawall business in fiscal 2023 which was recorded in income tax expense (benefit). |
|
||||||||||||||||
Reconciliation of Non-GAAP Measure - Adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(In thousands) |
|
|
|
|
|
|
|
|
||||||||
Net earnings |
|
$ |
33,327 |
|
|
$ |
37,389 |
|
|
$ |
56,903 |
|
|
$ |
60,120 |
|
Income tax expense (benefit) |
|
|
9,896 |
|
|
|
(7,188 |
) |
|
|
17,763 |
|
|
|
781 |
|
Interest expense, net |
|
|
2,230 |
|
|
|
1,698 |
|
|
|
4,266 |
|
|
|
2,904 |
|
Depreciation and amortization |
|
|
10,379 |
|
|
|
10,599 |
|
|
|
20,661 |
|
|
|
21,448 |
|
EBITDA |
|
$ |
55,832 |
|
|
$ |
42,498 |
|
|
$ |
99,593 |
|
|
$ |
85,253 |
|
NMTC settlement gain(1) |
|
|
(4,687 |
) |
|
|
— |
|
|
|
(4,687 |
) |
|
|
— |
|
Adjusted EBITDA |
|
$ |
51,145 |
|
|
$ |
42,498 |
|
|
$ |
94,906 |
|
|
$ |
85,253 |
(1) |
Realization of a New Market Tax Credit (NMTC) benefit during the second quarter of fiscal 2024, which was recorded in other (income) expense, net. |
|
||||||||
Reconciliation of Non-GAAP Measure - Net Leverage |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
||||
Net Debt (In thousands) |
|
|
|
|
||||
Total debt |
|
$ |
145,675 |
|
|
$ |
169,837 |
|
Less: Cash and cash equivalents |
|
|
18,423 |
|
|
|
19,924 |
|
Net Debt |
|
$ |
127,252 |
|
|
$ |
149,913 |
|
|
|
|
|
|
||||
|
|
Trailing twelve months ending |
||||||
Adjusted EBITDA |
|
|
|
|
||||
Net earnings |
|
|
100,890 |
|
|
|
104,107 |
|
Income tax expense |
|
|
29,496 |
|
|
|
12,514 |
|
Interest expense, net |
|
|
9,022 |
|
|
|
7,660 |
|
Depreciation and amortization |
|
|
41,616 |
|
|
|
42,403 |
|
EBITDA |
|
|
181,024 |
|
|
|
166,684 |
|
NMTC Settlement Gain(1) |
|
|
(4,687 |
) |
|
|
— |
|
Adjusted EBITDA |
|
|
176,337 |
|
|
|
166,684 |
|
|
|
|
|
|
||||
Net Leverage |
|
|
|
|
||||
Net Debt |
|
|
127,252 |
|
|
|
149,913 |
|
Adjusted EBITDA |
|
|
176,337 |
|
|
|
166,684 |
|
Net Leverage |
|
0.7 x |
|
|
0.9 x |
|||
|
|
|
|
|
(1) |
Realization of a New Market Tax Credit (NMTC) benefit during the second quarter of fiscal 2024, which was recorded in other (income) expense, net. |
|
||||||||
Fiscal 2024 Outlook |
||||||||
Reconciliation of Fiscal 2024 outlook of estimated Diluted Earnings per Share to Adjusted Diluted Earnings per Share |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
||||
|
|
Fiscal Year Ending |
||||||
|
|
|
|
|
||||
Diluted earnings per share |
|
$ |
4.51 |
|
|
$ |
4.81 |
|
NMTC settlement gain(1) |
|
|
(0.21 |
) |
|
|
(0.21 |
) |
Income tax impact on above adjustments |
|
|
0.05 |
|
|
|
0.05 |
|
Adjusted diluted earnings per share |
|
$ |
4.35 |
|
|
$ |
4.65 |
|
(1) |
Realization of a New Market Tax Credit (NMTC) benefit during the second quarter of fiscal 2024, which was recorded in other (income) expense, net. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230919516057/en/
Vice President, Investor Relations
952.487.7538
ir@apog.com
Source: