Gibraltar Industries(ROCK) - 2022 Q4 - Annual Report

Financial Performance - The Company reported a liquidity of $322.1 million as of December 31, 2022, including$17.6 million in cash and $304.5 million available under its revolving credit facility[28]. - The Company has a share repurchase program authorized for up to$200 million, with $85.9 million spent to repurchase 1,997,366 shares as of December 31, 2022[31]. - The Company reported a backlog of approximately$299 million as of December 31, 2022, compared to $344 million in the previous year, primarily related to the Renewables, Agtech, and Infrastructure segments[54]. - In 2022, approximately 45$52.1 million, enhancing its Residential segment[30]. - The Company plans to divest its non-core Processing business within the Agtech segment to focus on higher growth opportunities[32]. - The Company classified its Processing business as held for sale as of March 31, 2022, to focus on higher growth areas within the Agtech segment[32]. Operational Strategy - The Company operates 33 facilities, including 25 manufacturing plants, across 15 states, Canada, China, and Japan[20]. - The Company’s portfolio management strategy includes optimizing its business in higher growth markets and divesting non-core segments[16]. - The Company has implemented enterprise resource planning systems to manage inventory and forecast customer orders effectively[46]. - The Company has integrated its Renewables segment under the brand name Terrasmart and Agtech segment under Prospiant to enhance brand strategy[51]. Product Development and Innovation - The Company introduced new products including screw-based racking and foundation solutions, operating software for solar energy investments, and single-axis tracker systems, enhancing installation efficiency and reducing costs[37]. - New products introduced include screw-based racking solutions and operating software for optimizing solar energy investments, enhancing project design capabilities[37]. - The Company has expanded its product offerings in the Infrastructure segment, including engineered pavement sealants for airport runways and corrosion-protection products for cable-suspension bridges, targeting new markets[44]. Employee and Workforce Management - The Company employs 2,137 total employees, with 41% classified as salary and 59% as hourly, reflecting a diverse workforce structure[61]. - The total workforce composition includes 2,137 employees, with 29.1% female and 70.8% male[68]. - Among the employees, 41.0% are salaried and 59.0% are hourly workers[69]. - The ethnic background of employees shows 62.1% White, 13.8% Hispanic or Latino, and 12.6% Black or African American[70]. - The Gibraltar Leadership Program was launched to 194 leaders in 2022, focusing on various leadership skills[73]. - The company emphasizes ongoing education and development, including quarterly ethics training for all employees[73]. Safety and Quality Commitment - The Company maintains a focus on safety, with a disciplined management process and monthly reviews of safety performance by the CEO, aiming for a zero incidents work environment[63]. - The Company’s commitment to quality is reflected in its management systems designed to meet customer and regulatory expectations[27]. Market Presence and Customer Engagement - The Company serves customers primarily in North America, with one home improvement retailer accounting for 14% of consolidated net sales in 2022[33]. - The Company has implemented a Customer Relationship Management (CRM) system to improve sales visibility and enable cross-sell and up-sell opportunities, enhancing market data aggregation[52].