Atkore Inc. (NYSE:ATKR) Q3 2022 Earnings Conference Call August 2, 2022 8:00 AM ET Company Participants John Deitzer - Vice President-Treasure and Investor Relations Bill Waltz - President and Chief Executive Officer David Johnson - Chief Financial Officer Conference Call Participants Chris Moore - CJS Securities Deane Dray - RBC Capital Markets Andy Kaplowitz - Citigroup Victor Khong - Credit Suisse Operator Good morning. My name is Rob, and I will be your conference operator today. At this time, I would l ...

Atkore Inc. (NYSE:ATKR) Q2 2022 Earnings Conference Call May 3, 2022 8:00 AM ET Company Participants John Deitzer – Vice President-Treasure and Investor Relations Bill Waltz – President and Chief Executive Officer David Johnson – Chief Financial Officer Conference Call Participants Deane Dray – RBC Andy Kaplowitz – Citigroup Chris Moore – CJS Securities Victor Khong – Credit Suisse Operator Good morning. My name is Brent and I will be your conference operator today. At this time I would like to welcome ever ...

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents the unaudited condensed consolidated financial statements for the quarterly period ended March 25, 2022, including statements of operations, balance sheets, cash flows, and related notes on accounting policies and key events Condensed Consolidated Statements of Operations Highlights (in thousands) | Indicator | Three Months Ended Mar 25, 2022 | Three Months Ended Mar 26, 2021 | Six Months Ended Mar 25, 2022 | Six Months Ended Mar 26, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $982,573 | $639,543 | $1,823,374 | $1,150,625 | | **Gross profit** | $416,416 | $239,849 | $771,224 | $429,040 | | **Operating income** | $318,797 | $164,413 | $587,225 | $284,266 | | **Net income** | $233,477 | $124,933 | $438,320 | $209,999 | | **Diluted EPS** | $5.08 | $2.58 | $9.39 | $4.33 | Condensed Consolidated Balance Sheets Highlights (in thousands) | Account | March 25, 2022 | September 30, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $390,399 | $576,289 | | Total current assets | $1,490,040 | $1,421,452 | | **Total Assets** | **$2,304,120** | **$2,210,099** | | Total current liabilities | $458,276 | $524,936 | | Long-term debt | $759,461 | $758,386 | | **Total Liabilities** | **$1,280,846** | **$1,345,363** | | **Total Equity** | **$1,023,274** | **$864,736** | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Six Months Ended Mar 25, 2022 | Six Months Ended Mar 26, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $161,159 | $153,246 | | Net cash used in investing activities | ($60,799) | ($60,935) | | Net cash used for financing activities | ($285,572) | ($75,404) | | **Decrease in cash and cash equivalents** | **($185,890)** | **$19,998** | - In fiscal 2022, the company acquired Four Star Industries for **$23.2 million** and Sasco Tubes & Roll Forming Inc. for **$15.8 million** to expand its HDPE conduit and metal framing product offerings[35](index=35&type=chunk)[36](index=36&type=chunk) - Subsequent to the quarter end, on April 26, 2022, the board of directors increased the company's share repurchase program authorization from **$400 million** to a total of **$800 million**[97](index=97&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant financial performance improvements in Q2 and H1 FY2022, driven by increased selling prices, covering operational results, segment performance, liquidity, and capital resources, while acknowledging market uncertainties [Results of Operations (Three Months Ended March 25, 2022)](index=25&type=section&id=Results%20of%20Operations%20(Three%20Months%20Ended%20March%2025%2C%202022)) Net sales surged **53.6%** to **$982.6 million** for the three months ended March 25, 2022, driven by a **52.9%** increase in average selling prices, leading to an **86.9%** rise in net income to **$233.5 million** Q2 FY2022 vs Q2 FY2021 Performance (in thousands) | Metric | Q2 2022 | Q2 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net sales | $982,573 | $639,543 | $343,030 | 53.6% | | Gross profit | $416,416 | $239,849 | $176,567 | 73.6% | | Operating income | $318,797 | $164,413 | $154,384 | 93.9% | | Net income | $233,477 | $124,933 | $108,544 | 86.9% | - The **53.6%** increase in net sales was primarily driven by a **52.9%** increase in average selling prices, while sales volume saw a slight decrease of **1.3%**. Acquisitions contributed **2.3%** to the sales growth[104](index=104&type=chunk) [Results of Operations (Six Months Ended March 25, 2022)](index=28&type=section&id=Results%20of%20Operations%20(Six%20Months%20Ended%20March%2025%2C%202022)) Net sales increased **58.5%** to **$1.82 billion** for the six months ended March 25, 2022, primarily due to a **61.5%** rise in average selling prices, resulting in a **108.7%** increase in net income to **$438.3 million** Six Months FY2022 vs FY2021 Performance (in thousands) | Metric | Six Months 2022 | Six Months 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net sales | $1,823,374 | $1,150,625 | $672,749 | 58.5% | | Gross profit | $771,224 | $429,040 | $342,184 | 79.8% | | Operating income | $587,225 | $284,266 | $302,959 | 106.6% | | Net income | $438,320 | $209,999 | $228,321 | 108.7% | - The **58.5%** increase in net sales for the six-month period was attributed to a **61.5%** increase in average selling prices, partially offset by a **5.1%** decrease in sales volume[121](index=121&type=chunk) [Segment Results](index=27&type=section&id=Segment%20Results) Both Electrical and Safety & Infrastructure segments reported strong Q2 2022 growth, driven by higher average selling prices, with Electrical net sales up **55.9%** to **$759.9 million** and Safety & Infrastructure net sales up **46.9%** to **$224.3 million** Q2 FY2022 Segment Performance (in thousands) | Segment | Net Sales | % Change | Adjusted EBITDA | % Change | Adjusted EBITDA Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Electrical | $759,877 | 55.9% | $330,970 | 75.3% | 43.6% | | Safety & Infrastructure | $224,285 | 46.9% | $28,917 | 78.6% | 12.9% | Six Months FY2022 Segment Performance (in thousands) | Segment | Net Sales | % Change | Adjusted EBITDA | % Change | Adjusted EBITDA Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Electrical | $1,401,560 | 60.2% | $610,517 | 89.5% | 43.6% | | Safety & Infrastructure | $424,795 | 53.1% | $56,349 | 85.1% | 13.3% | [Liquidity and Capital Resources](index=31&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company maintains a strong liquidity position with **$390.4 million** in cash and **$312.9 million** available under its ABL Credit Facility, with operating activities providing **$161.2 million** in cash for the first six months of fiscal 2022 - As of March 25, 2022, the company had **$390.4 million** in cash and cash equivalents and approximately **$312.9 million** available under its ABL Credit Facility[134](index=134&type=chunk)[135](index=135&type=chunk) - Cash used in financing activities increased significantly to **$285.6 million** in the first six months of FY2022 from **$75.4 million** in the prior-year period, primarily due to a **$226.1 million** increase in common stock repurchases[145](index=145&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes have occurred in the quantitative and qualitative disclosures about market risk since the last Annual Report on Form 10-K filing - There have been no material changes to the quantitative and qualitative disclosures about market risk from the company's Annual Report on Form 10-K[151](index=151&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 25, 2022, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[152](index=152&type=chunk) - No changes to internal control over financial reporting occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, these controls[153](index=153&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to Note 14 for legal matters, highlighting ongoing "Special Products Claims" for which it is indemnified by Johnson Controls, Inc., and does not expect material adverse effects from current disputes - The company is involved in lawsuits referred to as "Special Products Claims" but is contractually indemnified by Johnson Controls, Inc. (formerly Tyco) for all related claims[79](index=79&type=chunk)[155](index=155&type=chunk) - Management does not believe that existing legal proceedings will have a **material adverse effect** on the company's business, financial condition, or results of operations[80](index=80&type=chunk)[81](index=81&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K - There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K[155](index=155&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details the company's share repurchase activities, including a **$400.0 million** program approved in November 2021, subsequently increased to **$800.0 million** in April 2022, with **1,539 thousand** shares repurchased during the quarter - On November 16, 2021, the board approved a **$400.0 million** share repurchase program. This was subsequently amended on April 26, 2022, increasing the total repurchase authorization to **$800.0 million**[155](index=155&type=chunk)[97](index=97&type=chunk) Issuer Purchases of Equity Securities (Q2 FY2022) | Period | Total Shares Purchased (thousands) | Avg Price Paid Per Share | | :--- | :--- | :--- | | Dec 25, 2021 to Jan 21, 2022 | 271 | $107.27 | | Jan 22, 2022 to Feb 25, 2022 | 729 | $100.57 | | Feb 26, 2022 to Mar 25, 2022 | 539 | $100.49 | | **Total** | **1,539** | **N/A** | [Defaults Upon Senior Securities](index=37&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable for the reporting period - Not applicable[157](index=157&type=chunk) [Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable for the reporting period - Not applicable[158](index=158&type=chunk) [Other Information](index=37&type=section&id=Item%205.%20Other%20Information) No other information to report for this period - None[158](index=158&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the Form 10-Q, including CEO and CFO certifications under Sarbanes-Oxley Act Sections 302 and 906, and XBRL data files - The exhibits filed with this report include CEO and CFO certifications under Sarbanes-Oxley Act Sections 302 and 906, and XBRL Instance Documents[159](index=159&type=chunk)

Atkore Inc. (NYSE:ATKR) Q1 2022 Earnings Conference Call January 31, 2022 8:00 AM ET Company Participants John Deitzer - Vice President, Treasury and Investor Relations Bill Waltz - President and Chief Executive Officer David Johnson - Chief Financial Officer Conference Call Participants Andy Kaplowitz - Citigroup Deane Dray - RBC Capital Markets Chris Moore - CJS Securities John Walsh - Credit Suisse Operator Good morning. My name is Rene and I will be your conference operator today. At this time, I would ...

Atkore Inc. (NYSE:ATKR) Q4 2021 Results Earnings Conference Call November 18, 2021 8:00 AM ET Company Participants John Deitzer - Vice President, Treasury and Investor Relations William Waltz - President and Chief Executive Officer David Johnson - Chief Financial Officer Conference Call Participants John Walsh - Credit Suisse Chris Moore - CJS Securities Andrew Kaplowitz - Citigroup Deane Dray - RBC Capital Markets Operator Good morning. My name is Jeroen and I'll your conference operator today. At this ti ...