Financial Data and Key Metrics Changes - Total revenue decreased by 8% compared to the previous year's fourth quarter, primarily due to softness in non-residential construction markets and project delays [14][15] - Adjusted operating margin improved to 7.1%, a 190 basis point increase from last year's fourth quarter, driven by cost savings initiatives [16] - Adjusted EBITDA rose to $36.2 million from $29.9 million in the previous year's fourth quarter, reflecting improved execution and cost actions [16] - GAAP loss was $1.65 per share, while adjusted EPS grew by 26% to $0.63 per diluted share [17] Business Line Data and Key Metrics Changes - Architectural Framing Systems experienced a 14% revenue decline in the quarter and a 17% decline for the full year, with an adjusted operating margin of 2.7% [17][18] - Architectural Glass revenue was $82 million, down from $98 million in the previous year's fourth quarter, with an adjusted operating margin of 4.4% [18] - Architectural Services revenue increased by 12% to $82 million, with operating income growing by 26% to $10.7 million and a margin improvement to 13.1% [18][19] - Large-Scale Optical revenue remained flat at $22 million, with operating margins of 28.1% [19] Market Data and Key Metrics Changes - The non-residential construction market is entering a downcycle, with uncertainty regarding the duration and nature of the rebound [9][25] - Architectural Services is positioned for growth, executing on projects from its substantial backlog [25] - The company anticipates continued pressure on operating margins in the Architectural Glass segment due to lower demand and higher fixed costs [25] Company Strategy and Development Direction - The company aims to drive near-term cost and operational improvements while positioning for long-term sustainable growth [10][12] - Focus will be on talent management, operational execution, and transforming the enterprise to enhance competitiveness [11][12] - A new enterprise strategy will be developed to identify high-potential markets and improve returns on investment [12][29] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by the pandemic and the current downturn in non-residential construction, but sees it as an opportunity for transformation [9][44] - There are positive signs in leading indicators, suggesting potential recovery in fiscal '23, but near-term pressures remain [42][43] - The company plans to invest in its enterprise strategy and core processes to better position itself for future growth [25][29] Other Important Information - The company achieved record free cash flow of $116 million, more than double the previous year's level, and paid down $53 million of debt [22][23] - A 7% increase in dividends was announced, with $52.5 million returned to shareholders through dividends and share repurchases [24] Q&A Session Summary Question: How do different areas of Apogee align with the non-residential cycle? - Management indicated that the Services business is strong, while Glass and short lead time Framing are softer, suggesting Services may lag in recovery [31][32] Question: Will shorter lead time Framing recover quickly? - There is expected to be a lag in recovery for shorter lead time projects, with continued pressure across all businesses [34] Question: What is the impact of raw material inflation? - Management acknowledged raw material inflation as a challenge but emphasized strong procurement efforts to offset these pressures [40][58] Question: What is the outlook for the Services business? - The Services business is expected to face some revenue pressure in fiscal '23 and '24, but management is confident in their ability to book new orders [82][84] Question: Are there supply chain issues affecting the business? - Limited disruptions have been observed, with a focus on North America for supply chains, minimizing significant challenges [78] Question: What is the status of the EFCO business? - EFCO is part of the Architectural Framing Systems segment and is making progress as part of an integrated strategy [76] Question: What are the expectations for the high velocity glass plant? - The plant is facing challenges in reaching breakeven volumes, and management is assessing its future as part of the strategic planning process [88]

Apogee Enterprises, Inc. (NASDAQ:APOG) Q3 2021 Earnings Conference Call December 18, 2020 9:00 AM ET Company Participants Jeff Huebschen - VP, IR & Communications Joe Puishys - CEO, President & Director Nisheet Gupta - EVP & CFO Conference Call Participants Chris Moore - CJS Securities Brent Thielman - DA Davidson Bill Dezellem - Tieton Capital Eric Stine - Craig-Hallum Julio Romero - Sidoti & Company Operator Ladies and gentlemen, thank you for standing by and welcome to Apogee's Fiscal 2021 Third Quarte ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________ FORM 10-Q _________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 29, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-6365 _________________________________ APOGEE ENTERPRISES, INC. (Exact nam ...

Apogee Enterprises, Inc. (NASDAQ:APOG) Q2 2021 Results Conference Call September 17, 2020 9:00 AM ET Company Participants Jeff Huebschen - VP, IR & Communications Joe Puishys - CEO, President & Director Nisheet Gupta - EVP & CFO Conference Call Participants Chris Moore - CJS Securities Eric Stine - Craig-Hallum Brent Thielman - D.A. Davidson Julio Romero - Sidoti & Company Bill Dezellem - Tieton Capital Operator Ladies and gentlemen, thank you for standing by and welcome to the Apogee Enterprises Second Qua ...

Financial Performance - Apogee's Q2 FY21 revenue was $319.5 million, compared to $357.1 million in Q2 FY20[13] - Year-to-date revenue was $608.6 million, down from $712.4 million in the prior year[13] - Q2 FY21 operating income was $23.2 million, compared to $27.6 million in Q2 FY20[13] - Year-to-date cash flow reached $85 million, exceeding the previous year's performance[9, 21] Cost Management - The company is on track to deliver over $40 million in cost savings in the current year[19] - Year-to-date procurement savings and Framing Systems improvements have yielded over $10 million in benefits[19] - Temporary cost actions in response to COVID-19 achieved $14 million in savings year-to-date[19] Debt and Liquidity - Debt was reduced by $43 million in Q2, bringing the total debt reduction to $105 million lower than the previous year[9, 11] - Total debt stood at $167.7 million, a decrease from $272.8 million in the prior year[21] Segment Performance - Architectural Framing Systems revenue was $152.9 million in Q2 FY21, compared to $187.4 million in Q2 FY20[15] - Architectural Glass revenue was $86.6 million, down from $99.1 million in the same quarter last year[15] - Architectural Services revenue increased to $73.7 million from $61.6 million[15] - Large-Scale Optical revenue was $16.9 million, compared to $20.8 million in the prior year[15]

Part I: Financial Information [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company reported net sales of $289.1 million and net earnings of $2.9 million for Q1 FY2021, with total assets at $1.07 billion and positive operating cash flow of $24.0 million [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Items | May 30, 2020 | February 29, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$1,071,624** | **$1,128,991** | | Total current assets | $330,693 | $381,910 | | Goodwill | $190,544 | $185,516 | | **Total Liabilities** | **$567,480** | **$612,213** | | Total current liabilities | $379,530 | $276,857 | | Long-term debt | $55,500 | $212,500 | | **Total Shareholders' Equity** | **$504,144** | **$516,778** | [Consolidated Results of Operations](index=5&type=section&id=Consolidated%20Results%20of%20Operations) Quarterly Results of Operations (in thousands, except per share data) | Metric | Three Months Ended May 30, 2020 | Three Months Ended June 1, 2019 | | :--- | :--- | :--- | | Net sales | $289,095 | $355,365 | | Gross profit | $60,251 | $80,967 | | Operating income | $6,469 | $23,041 | | Net earnings | $2,876 | $15,443 | | Diluted EPS | $0.11 | $0.58 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Quarterly Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended May 30, 2020 | Three Months Ended June 1, 2019 | | :--- | :--- | :--- | | Net cash provided (used) by operating activities | $23,976 | $(9,742) | | Net cash used by investing activities | $(9,688) | $(12,022) | | Net cash (used) provided by financing activities | $(17,334) | $21,622 | | Decrease in cash and cash equivalents | $(3,046) | $(142) | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail COVID-19 impacts, $995.9 million in unsatisfied performance obligations, no goodwill impairment, $210.9 million total debt, and significant segment revenue declines - The COVID-19 pandemic caused project delays, slowed orders in Architectural Glass and Framing, and led to temporary factory shutdowns in the LSO segment due to retail closures[18](index=18&type=chunk) - As of May 30, 2020, the company had approximately **$995.9 million** in unsatisfied performance obligations (backlog), with **$434.1 million** expected to be recognized as revenue within one year[29](index=29&type=chunk)[30](index=30&type=chunk) - Due to a significant decline in stock price and COVID-19 concerns, an interim quantitative goodwill impairment test was performed on four reporting units, with no impairment recorded as fair value exceeded carrying value[49](index=49&type=chunk)[52](index=52&type=chunk) Segment Net Sales and Operating Income (in thousands) | Segment | Net Sales (Q1 FY21) | Net Sales (Q1 FY20) | Operating Income (Loss) (Q1 FY21) | Operating Income (Loss) (Q1 FY20) | | :--- | :--- | :--- | :--- | :--- | | Architectural Framing Systems | $150,164 | $180,522 | $7,296 | $12,273 | | Architectural Glass | $76,911 | $100,291 | $(494) | $6,399 | | Architectural Services | $63,551 | $65,147 | $5,343 | $4,573 | | Large-Scale Optical | $6,312 | $21,259 | $(3,132) | $4,177 | [Management's Discussion and Analysis (MD&A)](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Consolidated net sales decreased **18.6%** to **$289.1 million** due to COVID-19, with gross margin at **20.8%**, while operating cash flow significantly improved to **$24.0 million** - Consolidated net sales decreased by **18.6%** to **$289.1 million** in Q1 FY2021 compared to the prior year, primarily due to COVID-19 related volume declines in all segments[94](index=94&type=chunk) - Gross margin decreased to **20.8%** from **22.8%** year-over-year, largely due to lower volumes from COVID-19 related project delays[96](index=96&type=chunk) - Operating cash flow was a source of **$24.0 million**, a **$33.7 million** improvement from the prior-year period, mainly due to strong working capital management[105](index=105&type=chunk) - The company temporarily suspended its share repurchase program in response to the economic uncertainty caused by the pandemic[108](index=108&type=chunk) [Segment Analysis](index=24&type=section&id=Segment%20Analysis) All segments experienced sales declines due to COVID-19, with Architectural Framing Systems down **16.8%**, Architectural Glass down **23.3%**, Architectural Services down **2.4%**, and LSO plummeting **70.3%** - Architectural Framing Systems: Net sales declined **16.8%** due to COVID-19 project delays, with segment backlog approximately **$421 million**[99](index=99&type=chunk) - Architectural Glass: Net sales decreased **23.3%** due to project timing, delays, and significant production disruptions, leading to an operating loss of **$0.5 million**[100](index=100&type=chunk) - Architectural Services: Net sales declined **2.4%**, but operating margin improved to **8.4%** from **7.0%** due to strong project execution, with segment backlog increasing to approximately **$685 million**[101](index=101&type=chunk)[103](index=103&type=chunk) - Large-Scale Optical (LSO): Net sales fell **70.3%** as retail customers closed, resulting in an operating loss of **$3.1 million** due to factory shutdowns[104](index=104&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with **$24.0 million** cash from operations, **$210.9 million** total debt, extended a **$150 million** term loan, and believes liquidity is sufficient for the next 12 months - The company extended the maturity of its **$150 million** term loan to April 2021 and was in compliance with all financial covenants as of May 30, 2020[107](index=107&type=chunk) - Dividends paid totaled **$4.9 million**, while **$4.7 million** was spent on share repurchases before the program was temporarily suspended[108](index=108&type=chunk) - Total contractual cash obligations for the remainder of fiscal 2021 amount to **$161.5 million**, primarily for purchase obligations[110](index=110&type=chunk) - Despite the pandemic's impact, management believes existing liquidity sources are adequate to fund operations, capital expenditures, and dividends for at least the next 12 months[114](index=114&type=chunk)[115](index=115&type=chunk) [Critical Accounting Policies](index=27&type=section&id=Critical%20Accounting%20Policies) An interim goodwill impairment test was performed with no impairment recorded, but EFCO and Sotawall units face future impairment risk if performance deteriorates or discount rates increase by **100 basis points** - An interim goodwill impairment analysis was performed due to qualitative indicators like a declining stock price and COVID-19 concerns, with no impairment recognized[118](index=118&type=chunk) - The fair value of two reporting units, EFCO (**$90.4 million** goodwill) and Sotawall (**$26.7 million** goodwill), did not significantly exceed their carrying values, posing a risk of future impairment[119](index=119&type=chunk) - A **100 basis point** increase in the discount rates for EFCO (**11.0%**) and Sotawall (**10.4%**) would cause their fair values to fall below carrying values, indicating goodwill impairment[119](index=119&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes were reported regarding the company's quantitative and qualitative market risk disclosures from the prior fiscal year's Annual Report - There were no material changes to the company's market risk disclosures during the quarter[122](index=122&type=chunk) [Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of the evaluation date, the company's disclosure controls and procedures were effective[123](index=123&type=chunk) - No changes occurred during the fiscal quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[124](index=124&type=chunk) Part II: Other Information [Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) Two significant legal matters, the Murray Mayer securities class action and Justin Buley shareholder derivative lawsuits, were dismissed and are now considered closed - The securities class action lawsuit filed by Murray Mayer was dismissed by the District Court on March 25, 2020, and the company now considers the matter closed[125](index=125&type=chunk) - The shareholder derivative lawsuit filed by Justin Buley was dismissed by joint stipulation on May 29, 2020, and is also considered closed[126](index=126&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) Key risks include the uncertain impact of the COVID-19 pandemic on operations and demand, and the potential for future goodwill and intangible asset impairment, particularly for EFCO and Sotawall units - The COVID-19 pandemic poses a significant risk, with potential impacts including continued project delays, supply chain disruptions, reduced demand due to economic downturn, and increased costs, with the full extent unpredictable[129](index=129&type=chunk)[132](index=132&type=chunk) - A significant risk of goodwill impairment exists for the EFCO and Sotawall reporting units, as their fair values did not substantially exceed carrying values in the recent test, and future declines could trigger impairment[135](index=135&type=chunk) - Indefinite-lived intangible assets also face impairment risk if future revenue falls below forecasts or market conditions decline, potentially exacerbated by the COVID-19 pandemic[136](index=136&type=chunk)[138](index=138&type=chunk) [Share Repurchases and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 FY2021, the company repurchased **256,995 shares** at an average of **$20.86** per share, with **2,063,596 shares** remaining authorized for repurchase under the temporarily suspended program Share Repurchases in Q1 Fiscal 2021 | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | | :--- | :--- | :--- | :--- | | Mar 1 - Mar 28, 2020 | 234,272 | $21.72 | 231,492 | | Mar 29 - Apr 25, 2020 | 2,590 | $18.83 | — | | Apr 26 - May 30, 2020 | 20,133 | $20.48 | — | | **Total** | **256,995** | **$20.86** | **231,492** | - As of the end of the quarter, **2,063,596 shares** remained authorized for repurchase under the company's program[139](index=139&type=chunk)

Apogee Enterprises, Inc. (NASDAQ:APOG) Q1 2021 Earnings Conference Call June 26, 2020 9:00 AM ET Company Participants Jeff Huebschen - VP, IR & Communications Joseph Puishys - CEO, President & Director Nisheet Gupta - EVP & CFO Conference Call Participants Christopher Moore - CJS Securities Eric Stine - Craig-Hallum Julio Romero - Sidoti & Company William Dezellem - Tieton Capital Operator Ladies and gentlemen, thank you for standing by, and welcome to the Apogee Fiscal 2021 First Quarter Earnings Conferenc ...