- Net sales of $895.9 million, down 8.8% versus prior year
- Net income per diluted share decreased by $0.77 versus prior
year to $4.31; Adjusted net income per diluted share decreased by
$0.52 versus prior year to $4.87
- Net income decreased by $59.3 million versus prior year to
$174.2 million; Adjusted EBITDA decreased by $70.1 million versus
prior year to $276.0 million
- Full-year Adjusted EBITDA outlook increased to $1,015 - $1,065
million; Full-year Adjusted net income per diluted share outlook
increased to $17.45 - $18.35
Atkore Inc. (the “Company” or “Atkore”) (NYSE: ATKR) announced
earnings for its fiscal 2023 second quarter ended March 31,
2023.
“Atkore delivered solid results in the second quarter,
highlighted by a significant increase in cash flow from operating
activities versus the prior year,” said Bill Waltz, Atkore
President and Chief Executive Officer. ”Our mid single-digit volume
growth, which is in line with our full year expectations, reflects
the resilience of our business model, diversification of our
portfolio and efforts of our team. Strong performance of our solar
related products contributed to the 20% volume growth of our Safety
and Infrastructure segment. With the performance we’ve achieved in
the first half of the year and the positive trends we are
experiencing, we are increasing and narrowing our outlook for
Adjusted EBITDA and Adjusted EPS for Fiscal Year 2023.”
Waltz continued, “We continue to execute our capital deployment
model by investing in our business and returning capital to
shareholders. We repurchased $119 million in stock during Q2 and an
additional $103 million already in Q3. Our strong cash flow
generation, robust financial profile and continued execution of our
proven strategy give us confidence in our ability to build on our
success to drive growth well into the future.”
2023 Second Quarter Results
Three months ended
(in
thousands)
March 31, 2023
March 25, 2022
Change
% Change
Net sales
Electrical
$
680,965
$
759,877
$
(78,912
)
(10.4
)%
Safety & Infrastructure
215,054
224,285
(9,231
)
(4.1
)%
Eliminations
(85
)
(1,589
)
1,504
(94.7
)%
Consolidated operations
$
895,934
$
982,573
$
(86,639
)
(8.8
)%
Net income
$
174,194
$
233,477
$
(59,283
)
(25.4
)%
Adjusted EBITDA
Electrical
$
256,883
$
330,970
$
(74,087
)
(22.4
)%
Safety & Infrastructure
33,194
28,917
4,277
14.8
%
Unallocated
(14,036
)
(13,721
)
(315
)
2.3
%
Consolidated operations
$
276,041
$
346,166
$
(70,125
)
(20.3
)%
Net sales decreased by $86.6 million, or 8.8%, to $895.9 million
for the three months ended March 31, 2023, compared to $982.6
million for the three months ended March 25, 2022. The decrease in
net sales is primarily attributed to decreased average selling
prices across the Company’s products of $168.7 million as a result
of expected pricing normalization. This decrease was partially
offset by increased net sales of $49.5 million from companies
acquired during fiscal 2022 and fiscal 2023 and increased sales
volume of $40.9 million.
Gross profit decreased by $63.5 million, or 15.3%, to $352.9
million for the three months ended March 31, 2023, as compared to
$416.4 million for the prior-year period. Gross margin decreased to
39.4% for the three months ended March 31, 2023, as compared to
42.4% for the prior-year period. Gross profit decreased primarily
due to declines in average selling prices of $168.7 million
partially offset by slower declines in the costs of steel, copper
and PVC resin of $91.8 million, and companies acquired during
fiscal 2022 and 2023 of $11.7 million.
Net income decreased by $59.3 million, or 25.4%, to $174.2
million for the three months ended March 31, 2023 compared to
$233.5 million for the prior-year period primarily due to lower
gross profit and higher selling, general and administrative costs,
intangible amortization and interest expense.
Adjusted EBITDA decreased by $70.1 million, or 20.3%, to $276.0
million for the three months ended March 31, 2023 compared to
$346.2 million for the three months ended March 25, 2022. The
decrease was primarily due to lower gross profit.
Net income per diluted share prepared in accordance with
accounting principles generally accepted in the United States of
America (“GAAP”) was $4.31 for the three months ended March 31,
2023, as compared to $5.08 in the prior-year period. Adjusted net
income per diluted share decreased by $0.52 to $4.87 for the three
months ended March 31, 2023, as compared to $5.39 in the prior year
period. The decrease in diluted earnings per share is primarily
attributed to lower net income.
Segment Results
Electrical
Net sales decreased by $78.9 million, or 10.4%, to $681.0
million for the three months ended March 31, 2023 compared to
$759.9 million for the three months ended March 25, 2022. The
decrease in net sales is primarily attributed to decreased average
selling prices of $115.0 million, decreased sales volume of $4.9
million and the unfavorable impact of foreign exchange rates of
$5.4 million. These decreases were partially offset by increased
net sales of $47.9 million from companies acquired during fiscal
2022 and fiscal 2023.
Adjusted EBITDA for the three months ended March 31, 2023
decreased by $74.1 million, or 22.4%, to $256.9 million from $331.0
million for the three months ended March 25, 2022. Adjusted EBITDA
margins decreased to 37.7% for the three months ended March 31,
2023 compared to 43.6% for the three months ended March 25, 2022.
The decrease in Adjusted EBITDA and Adjusted EBITDA margins was
largely due to lower average selling prices over input costs.
Safety &
Infrastructure
Net sales decreased by $9.2 million, or 4.1%, for the three
months ended March 31, 2023 to $215.1 million compared to $224.3
million for the three months ended March 25, 2022. The decrease is
primarily attributed to decreased average selling prices of $53.7
million driven by lower input costs of steel, partially offset by
higher volumes of $45.8 million, primarily in the mechanical tube,
construction and metal framing product lines, and increased net
sales of $1.6 million from companies acquired during fiscal
2022.
Adjusted EBITDA increased by $4.3 million, or 14.8%, to $33.2
million for the three months ended March 31, 2023 compared to $28.9
million for the three months ended March 25, 2022. Adjusted EBITDA
margins increased to 15.4% for the three months ended March 31,
2023 compared to 12.9% for the three months ended March 25, 2022.
The Adjusted EBITDA increase is primarily due to increased
volume.
Full-Year Outlook1
The Company is increasing its estimate for fiscal year 2023
Adjusted EBITDA and Adjusted net income per diluted share. The
Company estimates Adjusted EBITDA to be approximately $1,015
million to $1,065 million, and Adjusted net income per diluted
share to be in the range of $17.45 - $18.35.
The Company notes that this perspective may vary due to changes
in assumptions or market conditions and other factors described
under “Forward-Looking Statements.”
Conference Call Information
Atkore management will host a conference call today, May 9,
2023, at 8 a.m. Eastern time, to discuss the Company’s financial
results. The conference call may be accessed by dialing (888)
330-2446 (domestic) or (240) 789-2732 (international). The call
will be available for replay until May 23, 2023. The replay can be
accessed by dialing (800) 770-2030 for domestic callers, or for
international callers, (647) 362-9199. The passcode for the live
call and the replay is 5592214.
Interested investors and other parties can also listen to a
webcast of the live conference call by logging onto the Investor
Relations section of the Company’s website at
https://investors.atkore.com. The online replay will be available
on the same website immediately following the call.
To learn more about the Company, please visit the Company’s
website at https://investors.atkore.com.
_______________
1 Reconciliations of the forward-looking
full-year 2023 outlook for Adjusted EBITDA and Adjusted net income
per diluted share are not being provided as the Company does not
currently have sufficient data to accurately estimate the variables
and individual adjustments for such reconciliations. Accordingly,
we are relying on the exception provided by Item 10(e)(1)(i)(B) of
Regulation S-K to exclude these reconciliations.
About Atkore Inc.
Atkore is forging a future where our employees, customers,
suppliers, shareholders and communities are building better
together – a future focused on serving the customer and powering
and protecting the world. With a global network of manufacturing
and distribution facilities worldwide, Atkore is a leading provider
of electrical, safety and infrastructure solutions. To learn more,
please visit www.atkore.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Federal Private Securities Litigation Reform Act
of 1995. Forward-looking statements include, but are not limited
to, statements relating to financial outlook. Some of the
forward-looking statements can be identified by the use of
forward-looking terms such as “believes,” “expects,” “may,” “will,”
“shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,”
“is optimistic,” “intends,” “plans,” “estimates,” “anticipates” or
other comparable terms. Forward-looking statements include, without
limitation, all matters that are not historical facts.
Forward-looking statements are subject to known and unknown risks
and uncertainties, many of which may be beyond our control. We
caution you that forward-looking statements are not guarantees of
future performance or outcomes and that actual performance and
outcomes, including, without limitation, our actual results of
operations, financial condition and liquidity, and the development
of the market in which we operate, may differ materially from those
made in or suggested by the forward-looking statements contained in
this press release. In addition, even if our results of operations,
financial condition and cash flows, and the development of the
market in which we operate, are consistent with the forward-looking
statements contained in this press release, those results or
developments may not be indicative of results or developments in
subsequent periods.
A number of important factors, including, without limitation,
the risks and uncertainties disclosed in the Company’s filings with
the U.S. Securities and Exchange Commission including but not
limited to the Company’s most recent Annual Report on Form 10-K and
reports on Form 10-Q and Form 8-K could cause actual results and
outcomes to differ materially from those reflected in the
forward-looking statements. Additional factors that could cause
actual results and outcomes to differ from those reflected in
forward-looking statements include, without limitation: declines
in, and uncertainty regarding, the general business and economic
conditions in the United States and international markets in which
we operate; weakness or another downturn in the United States
non-residential construction industry; widespread outbreak of
diseases, changes in prices of raw materials; pricing pressure,
reduced profitability, or loss of market share due to intense
competition; availability and cost of third-party freight carriers
and energy; high levels of imports of products similar to those
manufactured by us; changes in federal, state, local and
international governmental regulations and trade policies; adverse
weather conditions; increased costs relating to future capital and
operating expenditures to maintain compliance with environmental,
health and safety laws; reduced spending by, deterioration in the
financial condition of, or other adverse developments, including
inability or unwillingness to pay our invoices on time, with
respect to one or more of our top customers; increases in our
working capital needs, which are substantial and fluctuate based on
economic activity and the market prices for our main raw materials,
including as a result of failure to collect, or delays in the
collection of, cash from the sale of manufactured products; work
stoppage or other interruptions of production at our facilities as
a result of disputes under existing collective bargaining
agreements with labor unions or in connection with negotiations of
new collective bargaining agreements, as a result of supplier
financial distress, or for other reasons; changes in our financial
obligations relating to pension plans that we maintain in the
United States; reduced production or distribution capacity due to
interruptions in the operations of our facilities or those of our
key suppliers; loss of a substantial number of our third-party
agents or distributors or a dramatic deviation from the amount of
sales they generate; security threats, attacks, or other
disruptions to our information systems, or failure to comply with
complex network security, data privacy and other legal obligations
or the failure to protect sensitive information; possible
impairment of goodwill or other long-lived assets as a result of
future triggering events, such as declines in our cash flow
projections or customer demand and changes in our business and
valuation assumptions; safety and labor risks associated with the
manufacture and in the testing of our products; product liability,
construction defect and warranty claims and litigation relating to
our various products, as well as government inquiries and
investigations, and consumer, employment, tort and other legal
proceedings; our ability to protect our intellectual property and
other material proprietary rights; risks inherent in doing business
internationally; changes in foreign laws and legal systems,
including as a result of Brexit; our inability to introduce new
products effectively or implement our innovation strategies; our
inability to continue importing raw materials, component parts
and/or finished goods; the incurrence of liabilities and the
issuance of additional debt or equity in connection with
acquisitions, joint ventures or divestitures and the failure of
indemnification provisions in our acquisition agreements to fully
protect us from unexpected liabilities; failure to manage
acquisitions successfully, including identifying, evaluating, and
valuing acquisition targets and integrating acquired companies,
businesses or assets; the incurrence of additional expenses,
increases in the complexity of our supply chain and potential
damage to our reputation with customers resulting from regulations
related to “conflict minerals”; disruptions or impediments to the
receipt of sufficient raw materials resulting from various
anti-terrorism security measures; restrictions contained in our
debt agreements; failure to generate cash sufficient to pay the
principal of, interest on, or other amounts due on our debt;
challenges attracting and retaining key personnel or high-quality
employees; future changes to tax legislation; failure to generate
sufficient cash flow from operations or to raise sufficient funds
in the capital markets to satisfy existing obligations and support
the development of our business; and other risks and factors
described from time to time in documents that we file with the SEC.
The Company assumes no obligation to update the information
contained herein, which speaks only as of the date hereof.
Non-GAAP Financial Information
This press release includes certain financial information, not
prepared in accordance with Generally Accepted Accounting
Principles in the United States (“GAAP”). Because not all companies
calculate non-GAAP financial information identically (or at all),
the presentations herein may not be comparable to other similarly
titled measures used by other companies. Further, these measures
should not be considered substitutes for the performance measures
derived in accordance with GAAP. See non-GAAP reconciliations below
in this press release for a reconciliation of these measures to the
most directly comparable GAAP financial measures.
Adjusted EBITDA and Adjusted EBITDA Margin
We use Adjusted EBITDA and Adjusted EBITDA Margin in evaluating
the performance of our business and in the preparation of our
annual operating budgets as indicators of business performance and
profitability. We believe Adjusted EBITDA and Adjusted EBITDA
Margin allow us to readily view operating trends, perform
analytical comparisons and identify strategies to improve operating
performance.
We define Adjusted EBITDA as net income (loss) before income
taxes, adjusted to exclude unallocated expenses, depreciation and
amortization, interest expense, net, stock-based compensation, loss
on extinguishment of debt, certain legal matters, and other items,
such as inventory reserves and adjustments, loss on disposal of
property, plant and equipment, insurance recovery related to
damages of property, plant and equipment, release of indemnified
uncertain tax positions, realized or unrealized gain (loss) on
foreign currency impacts of intercompany loans and related forward
currency derivatives, gain on purchase of business, loss on assets
held for sale, restructuring costs and transaction costs. We define
Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of Net
sales.
We believe Adjusted EBITDA and Adjusted EBITDA Margin, when
presented in conjunction with comparable GAAP measures, are useful
for investors because management uses Adjusted EBITDA and Adjusted
EBITDA Margin in evaluating the performance of our business.
Adjusted Net Income and Adjusted Net Income per Share
We use Adjusted net income and Adjusted net income per share in
evaluating the performance of our business and profitability.
Management believes that these measures provide useful information
to investors by offering additional ways of viewing the Company’s
results that, when reconciled to the corresponding GAAP measure
provide an indication of performance and profitability excluding
the impact of unusual and or non-cash items. We define Adjusted net
income as net income before stock-based compensation, loss on
extinguishment of debt, loss on assets held for sale, intangible
asset amortization, certain legal matters and other items, and the
income tax expense or benefit on the foregoing adjustments that are
subject to income tax. We define Adjusted net income per share as
basic and diluted net income per share excluding the per share
impact of stock-based compensation, intangible asset amortization,
certain legal matters and other items, and the income tax expense
or benefit on the foregoing adjustments that are subject to income
tax.
Free Cash Flow
We define free cash flow as net cash provided by (used in)
operating activities, less capital expenditures. We believe that
Free Cash Flow provides meaningful information regarding the
Company’s liquidity.
ATKORE INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended
Six months ended
(in thousands,
except per share data)
March 31, 2023
March 25, 2022
March 31, 2023
March 25, 2022
Net sales
$
895,934
$
982,573
$
1,729,755
$
1,823,374
Cost of sales
543,052
566,157
1,042,520
1,052,150
Gross profit
352,882
416,416
687,235
771,224
Selling, general and administrative
98,201
88,918
188,178
167,069
Intangible asset amortization
14,790
8,701
27,586
16,930
Operating income
239,891
318,797
471,471
587,225
Interest expense, net
8,475
7,514
17,963
14,432
Other (income) and expense, net
3,858
(807
)
3,899
(1,115
)
Income before income taxes
227,558
312,090
449,609
573,908
Income tax expense
53,364
78,613
101,923
135,588
Net income
$
174,194
$
233,477
$
347,686
$
438,320
Net income per share
Basic
$
4.37
$
5.14
$
8.63
$
9.51
Diluted
$
4.31
$
5.08
$
8.52
$
9.39
ATKORE INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(in thousands,
except share and per share data)
March 31, 2023
September 30, 2022
Assets
Current Assets:
Cash and cash equivalents
$
354,342
$
388,751
Accounts receivable, less allowance for
current and expected credit losses of $2,415 and $2,544,
respectively
533,712
528,904
Inventories, net
416,050
454,511
Prepaid expenses and other current
assets
95,379
80,654
Total current assets
1,399,483
1,452,820
Property, plant and equipment, net
443,291
390,220
Intangible assets, net
424,910
382,706
Goodwill
310,686
289,330
Right-of-use assets, net
95,950
71,035
Deferred tax assets
2,025
9,409
Other long-term assets
3,344
3,476
Total Assets
$
2,679,689
$
2,598,996
Liabilities and Equity
Current Liabilities:
Accounts payable
258,051
244,100
Income tax payable
4,760
5,521
Accrued compensation and employee
benefits
34,037
61,273
Customer liabilities
69,095
99,447
Lease obligations
14,566
13,789
Other current liabilities
87,396
77,781
Total current liabilities
467,905
501,911
Long-term debt
761,612
760,537
Long-term lease obligations
81,767
57,975
Deferred tax liabilities
16,283
15,640
Other long-term liabilities
13,327
13,146
Total Liabilities
1,340,894
1,349,209
Equity:
Common stock, $0.01 par value,
1,000,000,000 shares authorized, 38,937,691 and 41,351,350 shares
issued and outstanding, respectively
390
415
Treasury stock, held at cost, 260,900 and
260,900 shares, respectively
(2,580
)
(2,580
)
Additional paid-in capital
497,810
500,117
Retained earnings
879,334
801,981
Accumulated other comprehensive loss
(36,159
)
(50,146
)
Total Equity
1,338,795
1,249,787
Total Liabilities and Equity
$
2,679,689
$
2,598,996
ATKORE INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended
(in
thousands)
March 31, 2023
March 25, 2022
Operating activities:
Net income
$
347,686
$
438,320
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
54,566
40,040
Deferred income taxes
6,910
(4,270
)
Stock-based compensation
12,133
9,555
Amortization of right-of-use assets
8,234
6,489
Other non-cash adjustments to net
income
(4,562
)
7,474
Changes in operating assets and
liabilities, net of effects from acquisitions
Accounts receivable
(502
)
(95,016
)
Inventories
47,126
(127,790
)
Prepaid expenses and other current
assets
(8,961
)
(14,490
)
Accounts payable
(2,279
)
19,617
Accrued and other liabilities
(61,771
)
(37,972
)
Income taxes
5,860
(80,415
)
Other, net
(1,044
)
(383
)
Net cash provided by operating
activities
403,396
161,159
Investing activities:
Capital expenditures
(72,690
)
(25,343
)
Proceeds from sale of properties and
equipment
1
642
Acquisition of businesses, net of cash
acquired
(83,385
)
(36,098
)
Net cash used in investing activities
(156,074
)
(60,799
)
Financing activities:
Issuance of common stock, net of shares
withheld for tax
(14,434
)
(24,399
)
Repurchase of common stock
(269,168
)
(261,173
)
Finance lease payments
(660
)
—
Net cash used for financing activities
(284,262
)
(285,572
)
Effects of foreign exchange rate changes
on cash and cash equivalents
2,531
(678
)
Decrease in cash and cash equivalents
(34,409
)
(185,890
)
Cash and cash equivalents at beginning of
period
388,751
576,289
Cash and cash equivalents at end of
period
$
354,342
$
390,399
Six months ended
(in
thousands)
March 31, 2023
March 25, 2022
Supplementary Cash Flow information
Capital expenditures, not yet paid
$
8,129
$
4,815
Operating lease right-of-use assets
obtained in exchange for lease liabilities
$
30,430
$
1,148
Acquisitions of businesses, not yet
paid
$
14,125
$
2,864
Free Cash Flow:
Net cash provided by operating
activities
$
403,396
$
161,159
Capital expenditures
(72,690
)
(25,343
)
Free Cash Flow:
$
330,706
$
135,816
ATKORE INC.
ADJUSTED EBITDA
The following table presents
reconciliations of Adjusted EBITDA to net income for the periods
presented:
Three months ended
Six months ended
(in thousands)
March 31, 2023
March 25, 2022
March 31, 2023
March 25, 2022
Net income
$
174,194
$
233,477
$
347,686
$
438,320
Interest expense, net
8,475
7,514
17,963
14,432
Income tax expense
53,364
78,613
101,923
135,588
Depreciation and amortization
28,598
19,994
54,566
40,040
Stock-based compensation
6,863
6,128
12,133
9,555
Other (a)
4,547
440
5,616
1,241
Adjusted EBITDA
$
276,041
$
346,166
$
539,886
$
639,176
(a) Represents other items, such as
inventory reserves and adjustments, loss on disposal of property,
plant and equipment, release of indemnified uncertain tax
positions, gain on purchase of business, loss on assets held for
sale (includes loss on assets held for sale in Russia. See Note 11,
“Goodwill and Intangible Assets” in the form 10-Q filed May 9, 2023
for additional information.), realized or unrealized gain (loss) on
foreign currency impacts of intercompany loans and related forward
currency derivatives, transaction and restructuring costs.
ATKORE INC.
SEGMENT INFORMATION
The following table presents
reconciliations of Net sales and calculations of Adjusted EBITDA
Margin by segment for the periods presented:
Three months ended
March 31, 2023
March 25, 2022
(in
thousands)
Net sales
Adjusted EBITDA
Adjusted EBITDA Margin
Net sales
Adjusted EBITDA
Adjusted EBITDA Margin
Electrical
$
680,965
$
256,883
37.7
%
$
759,877
$
330,970
43.6
%
Safety & Infrastructure
215,054
33,194
15.4
%
224,285
28,917
12.9
%
Eliminations
(85
)
(1,589
)
Consolidated operations
$
895,934
$
982,573
Six months ended
March 31, 2023
March 25, 2022
(in
thousands)
Net sales
Adjusted EBITDA
Adjusted EBITDA Margin
Net sales
Adjusted EBITDA
Adjusted EBITDA Margin
Electrical
$
1,319,670
$
500,720
37.9
%
$
1,401,560
$
610,517
43.6
%
Safety & Infrastructure
410,313
66,597
16.2
%
424,795
56,349
13.3
%
Eliminations
(228
)
(2,981
)
Consolidated operations
$
1,729,755
$
1,823,374
ATKORE INC.
ADJUSTED NET INCOME PER
DILUTED SHARE
The following table presents
reconciliations of Adjusted net income to net income for the
periods presented:
Three months ended
Six months ended
(in thousands,
except per share data)
March 31, 2023
March 25, 2022
March 31, 2023
March 25, 2022
Net income
$
174,194
$
233,477
$
347,686
$
438,320
Stock-based compensation
6,863
6,128
12,133
9,555
Intangible asset amortization
14,790
8,701
27,586
16,930
Other (a)
4,276
(494
)
4,374
(921
)
Pre-tax adjustments to net income
25,929
14,335
44,093
25,564
Tax effect
(6,482
)
(3,584
)
(11,023
)
(6,391
)
Adjusted net income
$
193,641
$
244,228
$
380,756
$
457,493
Diluted weighted average common shares
outstanding
39,749
45,280
40,182
45,906
Net income per diluted share
$
4.31
$
5.08
$
8.52
$
9.39
Adjusted net income per diluted share
$
4.87
$
5.39
$
9.48
$
9.97
(a) Represents other items, such as
inventory reserves and adjustments, loss on disposal of property,
plant and equipment, insurance recovery related to damages of
property, plant and equipment, loss on assets held for sale
(includes loss on assets held for sale in Russia. See Note 11,
“Goodwill and Intangible Assets” in the form 10-Q filed May 9, 2023
for additional information.), release of indemnified uncertain tax
positions and realized or unrealized gain (loss) on foreign
currency impacts of intercompany loans and related forward currency
derivatives.
ATKORE INC.
NET DEBT
The following table presents
reconciliations of Net debt to Total debt for the periods
presented:
($ in
thousands)
March 31, 2023
December 30, 2022
September 30, 2022
June 24, 2022
March 25, 2022
December 24, 2021
Long-term debt
761,612
761,074
760,537
759,999
759,461
758,924
Total debt
761,612
761,074
760,537
759,999
759,461
758,924
Less cash and cash equivalents
354,342
307,827
388,751
186,650
390,399
498,959
Net debt
$
407,270
$
453,247
$
371,786
$
573,349
$
369,062
$
259,965
TTM Adjusted EBITDA (a)
$
1,242,501
$
1,312,626
$
1,341,790
$
1,309,637
$
1,206,371
$
1,053,570
(a) TTM Adjusted EBITDA is equal to the
sum of Adjusted EBITDA for the trailing four quarter period. The
reconciliation of Adjusted EBITDA for the quarter ended December
30, 2022 can be found in Exhibit 99.1 to form 8-K filed February 1,
2023 and is incorporated by reference herein. The reconciliation of
Adjusted EBITDA for the years ended September 30, 2022 and
September 30, 2021 can be found in Exhibit 99.1 to form 8-K filed
November 18, 2022 and is incorporated by reference herein. The
reconciliation of Adjusted EBITDA for the quarter ended June 24,
2022 can be found in Exhibit 99.1 to form 8-K filed August 2, 2022
and is incorporated by reference herein. The reconciliation of
Adjusted EBITDA for the quarter ended March 25, 2022 can be found
in Exhibit 99.1 to form 8-K filed May 3, 2022 and is incorporated
by reference herein. The reconciliation of Adjusted EBITDA for the
quarter ended December 24, 2021 can be found in Exhibit 99.1 to
form 8-K filed January 31, 2022 and is incorporated by reference
herein.
ATKORE INC.
TRAILING TWELVE MONTHS
ADJUSTED EBITDA
The following table presents a reconciliation of Adjusted EBITDA
for the trailing twelve months (TTM) ended March 31, 2023:
TTM
Three months ended
(in
thousands)
March 31, 2023
March 31, 2023
December 30, 2022
September 30, 2022
June 24, 2022
Net income
$
822,801
$
174,194
$
173,492
$
220,802
$
254,313
Interest expense, net
34,206
8,475
9,488
9,000
7,243
Income tax expense
256,521
53,364
48,559
66,557
88,041
Depreciation and amortization
98,940
28,598
25,967
23,947
20,428
Stock-based compensation
19,823
6,863
5,270
3,065
4,625
Other (a)
10,210
4,547
1,069
1,714
2,880
Adjusted EBITDA
$
1,242,501
$
276,041
$
263,845
$
325,085
$
377,530
(a) Represents other items, such as
inventory reserves and adjustments, loss on disposal of property,
plant and equipment, release of indemnified uncertain tax
positions, gain on purchase of business, loss on assets held for
sale (includes loss on assets held for sale in Russia. See Note 11,
“Goodwill and Intangible Assets” in the form 10-Q filed May 9, 2023
for additional information.), realized or unrealized gain (loss) on
foreign currency impacts of intercompany loans and related forward
currency derivatives, transaction and restructuring costs.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230509005356/en/
Media Contact: Lisa Winter Vice President -
Communications 708-225-2453 LWinter@atkore.com
Investor Contact: John Deitzer Vice President - Treasury
& Investor Relations 708-225-2124 JMDeitzer@atkore.com
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