Apogee Enterprises, Inc.

Q4 2021 Earnings Conference Call

4/8/2021

spk_2: Ladies and gentlemen, thank you for standing by and welcome to the Q 4 2021 Apple G Enterprise in earnings conference call at this time. All participants on the listen only mode After the speaker's presentation, there will be a question and answer session to ask the question. During this session, you will need to press star them one on your telephone. If you require any further assistance, please first start in zero. I would now like to hand the conference over to your speaker for today. Mr Jeff Gibson, you may begin.
spk_1: Thank you Towanda. Good morning and welcome to Apogee Enterprises fiscal 2021. 4th quarter earnings call with me today are tied silver Horn, Apogee chief executive officer and the sheep Gupta Chief financial officer. I'd like to remind everyone that there are slides to accompanies today to accompany today's remarks which are available in the investor relations section of Afridi's website. During this call, we will reference certain non gap financial measures, definitions of these non gap measures and the reconciliation to the nearest gap measures is provided in the earnings release we issued this morning, which is available on our website. I'd also like to remind everyone that our call will contain forward looking statements reflecting management's expectations, which are based on currently available information. Actual results may differ materially more information about factors that could affect japanese business and financial results can be found in our sec filings. And with that, I'll turn the call over to you type.
spk_0: Thank you Jeff and thanks everyone for joining us this morning. It's great to be with you in my first earnings cause Apogee Ceo and I'd like to thank the Apogee board for putting their trust in me to lead this company. I'd also like to thank my predecessor joe pushes for his leadership of Apogee over the past decade as we wish him all the best. Well, it's been a busy first three months for me, as you might expect. I spent time getting to know the business and building relationships with our team, gaining a deeper understanding of our markets and customers and assessing the opportunities and challenges in front of us. I've learned a lot about the company these past 90 days, not the least of which is the knowledge and passion our team has for this business We have work to do. But apogee has tremendous long term potential and an opportunity to build on its 70 plus year history. Now, prior to joining apogee, I led several businesses through strategic realignments and reshaping while also finding ways to deliver performance improvements in the near term. This has given me invaluable experience and I've also developed a passion for shaping long term sustainable growth strategies while also driving stronger operational execution. This is what led me to apogee. I saw a company with a decades long, successful track record of transforming its business as market shift and I saw the opportunity to help reset the overall growth strategy to build the next chapter in the company's history. I see significant potential for apogee to grow in the future while also delivering improved returns as we move ahead. So I'm very excited to collaborate with Japanese leadership team and our employees to build that future together, one that delivers for our customers, shareholders and employees as we position for stronger, more profitable and sustainable growth. Let's now turn to our results for fiscal year 2021, which are summarized on page four of our presentation, There's no question this was a challenging year for our business and for the broader nonresidential construction industry. However, effigies team rose to the challenge protecting the health and safety of our employees was a focus from the outset of the pandemic and remains our number one priority. We adapted our business operations so we could continue to serve customers while keeping our employees safe. We paid down debt and strengthened our financial position, giving us more flexibility going forward. And we took short term cost actions starting the long term work to improve our overall cost structure, which allowed us to deliver solid earnings and cash flow. Despite significant revenue declines, I want to acknowledge the efforts of all our employees and helping the company managed through the past year. We intend to build on that foundation of work as we start our new fiscal year. Now looking ahead to fiscal 22, the data suggests that non residential construction has entered a down cycle. It's unclear at this point how long this will last and what the
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