Armstrong World Industries, Inc. (NYSE:AWI) Q1 2020 Earnings Conference Call April 27, 2020 11:00 AM ET Company Participants Tom Waters - Vice President, Corporate Finance Vic Grizzle - Chief Executive Officer Brian MacNeal - Chief Financial Officer Conference Call Participants Keith Hughes - SunTrust John Lovallo - Bank of America Ken Zener - KeyBanc Kathryn Thompson - Thompson Research Group Susan Maklari - Goldman Sachs Michael Wood - Nomura Instinet Stephen Kim - Evercore ISI Philip Ng - Jeffries Garik ...

UNITEDSTATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 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 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 March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission ...

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 Securities registered pursuant to Section 12(g) of the Act: None 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, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EX ...

Financial Data and Key Metrics Changes - In Q4 2019, sales grew by 3% to $247 million, adjusted EBITDA increased by 14%, and adjusted EPS rose by 40% to $1.11, driven by increased earnings and a lower tax rate [6][17][12] - For the full year, total company sales were up 6% to over $1 billion, adjusted EBITDA increased by 14% to $403 million, and margins expanded by 270 basis points [12][22] - Adjusted free cash flow declined by 19% year-over-year, but was up 13% when excluding the special WAVE dividend from 2018 [18][12] Business Line Data and Key Metrics Changes - In the Mineral Fiber segment, average unit value (AUV) increased by over 5%, while volume was down 2% due to softness in the lower end of the product range [6][8] - The Architectural Specialty segment saw sales increase by 5% in Q4, despite a supply disruption from a key vendor [9][10] - Adjusted EBITDA margins in the Mineral Fiber segment expanded by 430 basis points, while the Architectural Specialty segment's adjusted EBITDA was up 2% [9][22] Market Data and Key Metrics Changes - Commercial activity in the U.S. remains favorable, with positive bid activity and backlogs, while Canada and the big box channel showed continued softness [8][15] - The company expects a mixed demand environment across various verticals in 2020, with growth anticipated in office, education, and transportation markets, but a soft year expected for retail [15][12] Company Strategy and Development Direction - The company plans to continue focusing on innovation and new product development, with expectations for high-single-digit sales growth and double-digit adjusted EBITDA growth in 2020 [30][32] - The company aims to close one to three acquisitions in 2020 to enhance its Architectural Specialties capabilities [11][22] - A significant pension obligation transfer agreement was made to reduce balance sheet risk, which is expected to result in a non-cash expense of $350 million to $400 million in Q1 2020 [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the year ahead, citing strong backlog and custom product growth, despite a slower start due to supply chain issues [35][36] - The company anticipates a stable market environment similar to 2019, with continued focus on productivity improvements and digital initiatives [15][14] - Management highlighted the importance of maintaining a strong balance sheet and generating robust free cash flow for future investments and shareholder returns [27][30] Other Important Information - The company celebrated the 20-year anniversary of its recycling program, which has recycled over 200 million square feet of ceiling panels [29] - The company repurchased $50 million of stock in the quarter, with a remaining $138 million under its share repurchase program [19][12] Q&A Session Summary Question: Impact of supply chain issues on Architectural Specialties - Management acknowledged a supply disruption due to a quality issue with a vendor, which temporarily affected sales but has since been resolved [10][69] Question: Outlook for manufacturing productivity - Management expressed confidence in ongoing productivity improvements driven by digital initiatives and strong leadership in manufacturing [40][41] Question: Dynamics of smaller project spending - Management noted that smaller projects are often discretionary and can be delayed based on market conditions, but improvements in education sector budgets are expected to support growth [42][43] Question: Revenue growth expectations from price versus volume - Management expects continued AUV growth in the Mineral Fiber segment, with a flat to slightly positive volume outlook for 2020 [51] Question: Capital allocation strategy - Management emphasized reinvesting in the business as the top priority, followed by acquisitions and returning cash to shareholders [54][55] Question: Impact of Coronavirus on supply chain - Management confirmed that there has been virtually no impact from the Coronavirus on the supply chain [56] Question: Demand drivers for Architectural Specialties versus Mineral Fiber - Management indicated that growth in Architectural Specialties is driven by new construction and market penetration, while Mineral Fiber growth is supported by high-end product innovations [58][60]

Armstrong World Industries, Inc. (NYSE:AWI) Q3 2019 Earnings Conference Call October 28, 2019 11:00 AM ET Company Participants Tom Waters - Vice President of Corporate Finance Vic Grizzle - Chief Executive Officer Brian MacNeal - Chief Financial Officer Conference Call Participants Keith Hughes - SunTrust Stephen Kim - Evercore ISI John Lovallo - Bank of America. Michael Wood - Nomura Instinet Kathryn Thompson - Thompson Research Ken Zener - KeyBanc Phil Ng - Jefferies Garik Shmois - Longbow Research Justin ...

UNITEDSTATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 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 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, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commis ...

Armstrong World Industries, Inc. (NYSE:AWI) Q2 2019 Earnings Conference Call July 29, 2019 11:00 AM ET Company Participants Tom Waters - Vice President of Corporate Finance Vic Grizzle - Chief Executive Officer Brian MacNeal - Chief Financial Officer Conference Call Participants John Lovallo - Bank of America. Kathryn Thompson - Thompson Research Ken Zener - KeyBanc Garik Shmois - Longbow Research Keith Hughes - SunTrust Stephen Kim - Evercore ISI Phil Ng - Jefferies Justin Speer - Zelman & Associates Opera ...