4th Quarter & Full Year 2022 Earnings Presentation February 21, 2023 Safe Harbor Statement 2 Disclosures in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, those relating to future financial and operational results, expected savings from cost management initiatives, the performance of our WAVE(1) joint venture, market and broader economic conditions and guidance and the impacts of COVID-19 on our busine ...

Armstrong World Industries, Inc. (NYSE:AWI) Q4 2022 Earnings Conference Call February 21, 2023 10:00 AM ET Company Participants Theresa Womble - Vice President, Investor Relations Vic Grizzle - Chief Executive Officer Chris Calzaretta - Chief Financial Officer Conference Call Participants Susan Maklari - Goldman Sachs Keith Hughes - Truist Garik Shmois - Loop Capital Phil Ng - Jefferies Adam Baumgarten - Zelman & Associates Rafe Jadrosich - Bank of America Joe Ahlersmeyer - Deutsche Bank John Lovallo - UBS ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ 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 1-2116 ARMSTRONG WORLD INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Pennsylvania (State or other jur ...

Financial Performance - Net sales for the three months ended March 31, 2022, were $282.6 million, an increase of 12.8% compared to $251.9 million for the same period in 2021[19] - Gross profit for the three months ended March 31, 2022, was $102.2 million, representing a gross margin of 36.2%, up from $87.5 million and a margin of 34.7% in the prior year[19] - Operating income increased to $63.2 million for the three months ended March 31, 2022, compared to $54.1 million in the same period of 2021, reflecting a growth of 16.8%[19] - Net earnings for the three months ended March 31, 2022, were $44.4 million, compared to $35.4 million in the same period of 2021, marking a 25.4% increase[19] - Earnings per share (EPS) for continuing operations was $0.94 for the three months ended March 31, 2022, compared to $0.78 for the same period in 2021, an increase of 20.5%[19] Assets and Liabilities - Total assets as of March 31, 2022, were $1,708.1 million, slightly down from $1,710.0 million as of December 31, 2021[22] - Total liabilities decreased to $1,170.5 million as of March 31, 2022, from $1,179.3 million as of December 31, 2021[22] - Shareholders' equity increased to $537.6 million as of March 31, 2022, compared to $519.7 million as of December 31, 2021[22] - The company reported a decrease in cash and cash equivalents to $76.1 million as of March 31, 2022, from $98.1 million as of December 31, 2021[22] Segment Performance - The Mineral Fiber segment reported operating income of $57.6 million for the first quarter of 2022, compared to $60.6 million in the same period of 2021, indicating a decrease of 4.9%[37] - The Architectural Specialties segment achieved an operating income of $6.5 million in Q1 2022, a significant improvement from an operating loss of $4.9 million in Q1 2021[37] - Total net sales for the Mineral Fiber segment reached $203.2 million in Q1 2022, up from $188.7 million in Q1 2021, indicating a 7.9% increase[43] - Architectural Specialties segment net sales increased to $79.4 million in Q1 2022 from $63.2 million in Q1 2021, marking a 25.6% rise[43] Cash Flow and Dividends - Cash and cash equivalents at the end of the first quarter of 2022 were $76.1 million, down from $121.6 million at the end of Q1 2021, marking a decrease of 37.4%[27] - The company paid cash dividends of $10.9 million during the first quarter of 2022, compared to $10.1 million in the same period of 2021[27] - Net cash provided by operating activities for Q1 2022 was $16.7 million, a decrease from $19.6 million in Q1 2021[27] Share Repurchase and Stock - The company acquired treasury stock amounting to $30.0 million in the first quarter of 2022, compared to $10.0 million in the same period of 2021[27] - The company repurchased 0.3 million shares for a total cost of $30.0 million during the three months ended March 31, 2022, with an average price of $99.67 per share[81] - As of March 31, 2022, the company had $483.8 million remaining under its share repurchase authorization of up to $1,200.0 million[80] - Since the inception of the share repurchase program, the company has repurchased 10.8 million shares for a total cost of $716.2 million[81] Debt and Financing - The company's long-term debt includes a $1,000.0 million variable rate senior credit facility, with a Term Loan A principal balance of $462.5 million as of March 31, 2022[56] - Borrowings under the revolving credit facility were $180.0 million as of March 31, 2022, compared to $165.0 million as of December 31, 2021[56] - As of March 31, 2022, total borrowings under the senior credit facility were $642.5 million, with $462.5 million under Term Loan A and $180.0 million under the revolving credit facility[143] Tax and Regulatory - The effective tax rate for Q1 2022 was 25.3%, up from 24.6% in Q1 2021, primarily due to a reduced benefit from share-based compensation[54] - The company did not record any asset impairments or material bad debt reserves related to COVID-19 during the first quarter of 2022[110] Environmental and Joint Ventures - The company has a 50% equity interest in the Worthington Armstrong Venture (WAVE), which produces suspension system products[108] - The joint venture WAVE reported net sales of $110.4 million for the three months ended March 31, 2022, compared to $98.6 million in the same period of 2021, a 12.1% increase[51] - The estimated future liability for environmental remediation remains uncertain, with costs potentially material to future quarterly or annual results[99] Operational Insights - The company operates 16 manufacturing plants across two countries, with 14 located in the U.S. and two in Canada[111] - The Architectural Specialties segment's revenues are primarily project-driven, leading to potentially volatile sales patterns due to project scheduling uncertainty[115] - The company continues to monitor macroeconomic trends affecting construction market activity, including GDP and office vacancy rates[117]

Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value per share AWI New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to _________ Co ...

Armstrong World Industries, Inc. (NYSE:AWI) Q3 2021 Earnings Conference Call October 26, 2021 10:00 AM ET Company Participants Theresa Womble - Director Investor Relations Vic Grizzle - Chief Executive Officer Brian MacNeal - Chief Financial Officer Conference Call Participants Keith Hughes - Truist Garik Shmois - Loop Capital Susan Maklari - Goldman Sachs Brian Barros - Thompson Research Adam Baumgarten - Zelman Yves Bromehead - Exane BNP Paribas Ken Zener - KeyBanc Stephen Kim - Evercore ISI Operator Good ...

UNITEDSTATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ 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: 1-2116 ARMSTRONG WORLD INDUSTRIES, INC. (Exact Name of Registrant as Specified in its Charter) Pennsylvania 23-0366390 (State or o ...