- Net sales of $919.1 million, down 13.4% versus prior year
- Net income per diluted share decreased by $0.61 versus prior
year to $5.13; Adjusted net income per diluted share decreased by
$0.35 versus prior year to $5.72
- Net income decreased by $53.0 million versus prior year to
$201.3 million; Adjusted EBITDA decreased by $107.3 million versus
prior year to $270.3 million
- Solar tax credit accounting correction resulted in an $11.5
million decrease in net sales, a $17.5 million decrease in Adjusted
EBITDA and a $39.8 million benefit to income tax expense versus
prior year
- Full-year Adjusted EBITDA outlook updated and narrowed to
$1,020 - $1,040 million primarily due to the change in solar tax
credit accounting methodology; Full-year Adjusted net income per
diluted share outlook increased to $18.90 - $19.30
Atkore Inc. (the “Company” or “Atkore”) (NYSE: ATKR) announced
earnings for its fiscal 2023 third quarter ended June 30, 2023.
“Atkore delivered solid results in the third quarter that
surpassed our expectations,” said Bill Waltz, Atkore President and
Chief Executive Officer. “I am pleased to see the strong execution
and teamwork across the Company, which has allowed us to continue
to serve and support our customers. In addition, I believe the
third quarter results demonstrate the strength and stability of our
business model.”
Waltz continued, “We enter the last quarter of the fiscal year
in a position that is well-ahead of our initial projections. With
our strong cash flow, and disciplined approach to capital
deployment, we are increasing our full year outlook for Adjusted
Diluted EPS for Fiscal Year 2023. Although the accounting
methodology associated with the tax credits for our solar-related
products has created some variance to our projections for Adjusted
EBITDA in the fourth quarter and full year 2023, we are continuing
to deliver solid operational performance. We are very excited about
what the future holds for this business and Atkore overall, and we
believe that our growth initiatives and dedicated teams will enable
us to continue to strengthen our company and create value into the
future.”
2023 Third Quarter Results
Three months ended
(in thousands)
June 30, 2023
June 24, 2022
Change
% Change
Net sales
Electrical
$
705,617
$
821,566
$
(115,949
)
(14.1
)%
Safety & Infrastructure
213,606
241,909
(28,303
)
(11.7
)%
Eliminations
(106
)
(1,885
)
1,779
(94.4
)%
Consolidated operations
$
919,117
$
1,061,590
$
(142,473
)
(13.4
)%
Net income
$
201,288
$
254,313
$
(53,025
)
(20.9
)%
Adjusted EBITDA
Electrical
$
266,556
$
351,466
$
(84,910
)
(24.2
)%
Safety & Infrastructure
21,493
45,669
(24,176
)
(52.9
)%
Unallocated
(17,787
)
(19,605
)
1,818
(9.3
)%
Consolidated operations
$
270,262
$
377,530
$
(107,268
)
(28.4
)%
Net sales decreased by $142.5 million, or 13.4%, to $919.1
million for the three months ended June 30, 2023, compared to
$1,061.6 million for the three months ended June 24, 2022. The
decrease in net sales is primarily attributed to decreased average
selling prices across the Company’s products of $196.3 million as a
result of expected pricing normalization and the economic value of
solar tax credits to be transferred to certain customers of $11.5
million. This decrease was partially offset by increased net sales
of $47.7 million from companies acquired during fiscal 2022 and
fiscal 2023 and increased sales volume of $19.6 million.
Gross profit decreased by $103.5 million, or 22.8%, to $350.8
million for the three months ended June 30, 2023, as compared to
$454.3 million for the prior-year period. Gross margin decreased to
38.2% for the three months ended June 30, 2023, as compared to
42.8% for the prior-year period. Gross profit decreased primarily
due to declines in average selling prices of $196.3 million
partially offset by slower declines in the costs of steel, copper
and PVC resin of $91.7 million, and companies acquired during
fiscal 2022 and 2023 of $13.6 million.
Net income decreased by $53.0 million, or 20.9%, to $201.3
million for the three months ended June 30, 2023 compared to $254.3
million for the prior-year period primarily due to lower gross
profit and higher selling, general and administrative costs,
intangible amortization and interest expense, partially offset by a
$39.8 million benefit to income tax provision recognized in the
third quarter of fiscal 2023 related to solar tax credits.
Adjusted EBITDA decreased by $107.3 million, or 28.4%, to $270.3
million for the three months ended June 30, 2023 compared to $377.5
million for the three months ended June 24, 2022. The decrease was
primarily due to lower gross profit and the impacts of solar tax
credit accounting.
Net income per diluted share prepared in accordance with
accounting principles generally accepted in the United States of
America (“GAAP”) was $5.13 for the three months ended June 30,
2023, as compared to $5.74 in the prior-year period. Adjusted net
income per diluted share decreased by $0.35 to $5.72 for the three
months ended June 30, 2023, as compared to $6.07 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 $115.9 million, or 14.1%, to $705.6
million for the three months ended June 30, 2023 compared to $821.6
million for the three months ended June 24, 2022. The decrease in
net sales is primarily attributed to decreased average selling
prices of $160.9 million as a result of expected pricing
normalization, partially offset by increased net sales of $46.9
million from companies acquired during fiscal 2022 and fiscal 2023
and increased sales volume of $1.8 million.
Adjusted EBITDA for the three months ended June 30, 2023
decreased by $84.9 million, or 24.2%, to $266.6 million from $351.5
million for the three months ended June 24, 2022. Adjusted EBITDA
margins decreased to 37.8% for the three months ended June 30, 2023
compared to 42.8% for the three months ended June 24, 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 $28.3 million, or 11.7%, for the three
months ended June 30, 2023 to $213.6 million compared to $241.9
million for the three months ended June 24, 2022. The decrease is
primarily attributed to decreased average selling prices of $35.4
million driven by lower input costs of steel and the economic value
of solar tax credits to be transferred to certain customers of
$11.5 million, partially offset by higher volumes of $17.8 million,
primarily in the mechanical tube, construction and metal framing
product lines.
Adjusted EBITDA decreased by $24.2 million, or 52.9%, to $21.5
million for the three months ended June 30, 2023 compared to $45.7
million for the three months ended June 24, 2022. Adjusted EBITDA
margins decreased to 10.1% for the three months ended June 30, 2023
compared to 18.9% for the three months ended June 24, 2022. The
decrease in Adjusted EBITDA and Adjusted EBITDA margin was largely
due to lower average selling prices over input costs and the
impacts of solar tax credit accounting. The impacts of solar tax
credit accounting included an $11.5 million reduction of sales as
well as an increase of cost of sales of $6.0 million for tax
credits that had previously been recorded as a reduction of cost of
sales.
Full-Year Outlook1
The Company is updating and narrowing its estimate for fiscal
year 2023 Adjusted EBITDA to be approximately $1,020 million to
$1,040 million primarily due to the change in accounting
methodology related to solar credits, and increasing its estimate
for Adjusted net income per diluted share to be in the range of
$18.90 - $19.30.
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, August 8,
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 August 22, 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.
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.
_______________________
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.
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
Nine months ended
(in thousands, except per share
data)
June 30, 2023
June 24, 2022
June 30, 2023
June 24, 2022
Net sales
$
919,117
$
1,061,590
$
2,648,872
$
2,884,963
Cost of sales
568,316
607,267
1,610,836
1,659,416
Gross profit
350,801
454,323
1,038,036
1,225,547
Selling, general and administrative
103,019
95,952
291,198
263,020
Intangible asset amortization
15,192
8,624
42,778
25,554
Operating income
232,590
349,747
704,061
936,973
Interest expense, net
8,682
7,243
26,645
21,676
Other (income) and expense, net
3,689
150
7,588
(964
)
Income before income taxes
220,219
342,354
669,828
916,261
Income tax expense
18,931
88,041
120,854
223,630
Net income
$
201,288
$
254,313
$
548,974
$
692,631
Net income per share
Basic
$
5.20
$
5.81
$
13.81
$
15.30
Diluted
$
5.13
$
5.74
$
13.62
$
15.10
ATKORE INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(in thousands, except share and per
share data)
June 30, 2023
September 30, 2022
Assets
Current Assets:
Cash and cash equivalents
$
317,809
$
388,751
Accounts receivable, less allowance for
current and expected credit losses of $4,523 and $2,544,
respectively
566,946
528,904
Inventories, net
468,035
454,511
Prepaid expenses and other current
assets
130,522
80,654
Total current assets
1,483,312
1,452,820
Property, plant and equipment, net
481,714
390,220
Intangible assets, net
410,529
382,706
Goodwill
312,741
289,330
Right-of-use assets, net
95,147
71,035
Deferred tax assets
9,860
9,409
Other long-term assets
3,341
3,476
Total Assets
$
2,796,645
$
2,598,996
Liabilities and Equity
Current Liabilities:
Accounts payable
279,524
244,100
Income tax payable
3,864
5,521
Accrued compensation and employee
benefits
38,563
61,273
Customer liabilities
96,431
99,447
Lease obligations
14,587
13,789
Other current liabilities
88,404
77,781
Total current liabilities
521,372
501,911
Long-term debt
762,149
760,537
Long-term lease obligations
81,029
57,975
Deferred tax liabilities
16,335
15,640
Other long-term liabilities
13,653
13,146
Total Liabilities
1,394,538
1,349,209
Equity:
Common stock, $0.01 par value,
1,000,000,000 shares authorized, 37,771,723 and 41,351,350 shares
issued and outstanding, respectively
379
415
Treasury stock, held at cost, 260,900 and
260,900 shares, respectively
(2,580
)
(2,580
)
Additional paid-in capital
503,621
500,117
Retained earnings
932,310
801,981
Accumulated other comprehensive loss
(31,623
)
(50,146
)
Total Equity
1,402,107
1,249,787
Total Liabilities and Equity
$
2,796,645
$
2,598,996
ATKORE INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended
(in thousands)
June 30, 2023
June 24, 2022
Operating activities:
Net income
$
548,974
$
692,631
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
84,671
60,467
Deferred income taxes
(1,171
)
(12,649
)
Stock-based compensation
18,100
14,180
Amortization of right-of-use assets
14,713
9,868
Other non-cash adjustments to net
income
6,684
13,268
Changes in operating assets and
liabilities, net of effects from acquisitions
Accounts receivable
(33,501
)
(189,306
)
Inventories
(13,611
)
(152,705
)
Prepaid expenses and other current
assets
(6,986
)
(17,236
)
Accounts payable
16,051
15,598
Accrued and other liabilities
(11,580
)
13,063
Income taxes
(58,059
)
(76,996
)
Other, net
(536
)
1,592
Net cash provided by operating
activities
563,748
371,776
Investing activities:
Capital expenditures
(122,535
)
(81,990
)
Proceeds from sale of properties and
equipment
31
658
Acquisition of businesses, net of cash
acquired
(83,385
)
(255,361
)
Net cash used in investing activities
(205,890
)
(336,693
)
Financing activities:
Issuance of common stock, net of shares
withheld for tax
(14,589
)
(24,312
)
Repurchase of common stock
(416,023
)
(396,929
)
Finance lease payments
(990
)
—
Net cash used for financing activities
(431,603
)
(421,241
)
Effects of foreign exchange rate changes
on cash and cash equivalents
2,803
(3,481
)
Decrease in cash and cash equivalents
(70,942
)
(389,639
)
Cash and cash equivalents at beginning of
period
388,751
576,289
Cash and cash equivalents at end of
period
$
317,809
$
186,650
Nine months ended
(in thousands)
June 30, 2023
June 24, 2022
Supplementary Cash Flow information
Capital expenditures, not yet paid
$
10,593
$
5,212
Operating lease right-of-use assets
obtained in exchange for lease liabilities
$
33,677
$
2,919
Acquisitions of businesses, not yet
paid
$
14,125
$
3,266
Free Cash Flow:
Net cash provided by operating
activities
$
563,748
$
371,776
Capital expenditures
(122,535
)
(81,990
)
Free Cash Flow:
$
441,213
$
289,786
ATKORE INC.
ADJUSTED EBITDA
The following table presents
reconciliations of Adjusted EBITDA to net income for the periods
presented:
Three months ended
Nine months ended
(in thousands)
June 30, 2023
June 24, 2022
June 30, 2023
June 24, 2022
Net income
$
201,288
$
254,313
$
548,974
$
692,631
Interest expense, net
8,682
7,243
26,645
21,676
Income tax expense
18,931
88,041
120,854
223,630
Depreciation and amortization
30,105
20,428
84,671
60,467
Stock-based compensation
5,966
4,625
18,100
14,180
Other (a)
5,289
2,880
10,906
4,122
Adjusted EBITDA
$
270,262
$
377,530
$
810,149
$
1,016,706
(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 August 8,
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
June 30, 2023
June 24, 2022
(in thousands)
Net sales
Adjusted EBITDA
Adjusted EBITDA Margin
Net sales
Adjusted EBITDA
Adjusted EBITDA Margin
Electrical
$
705,617
$
266,556
37.8
%
$
821,566
$
351,466
42.8
%
Safety & Infrastructure
213,606
21,493
10.1
%
241,909
45,669
18.9
%
Eliminations
(106
)
(1,885
)
Consolidated operations
$
919,117
$
1,061,590
Nine months ended
June 30, 2023
June 24, 2022
(in thousands)
Net sales
Adjusted EBITDA
Adjusted EBITDA Margin
Net sales
Adjusted EBITDA
Adjusted EBITDA Margin
Electrical
$
2,025,287
$
767,276
37.9
%
$
2,220,482
$
961,983
43.3
%
Safety & Infrastructure
623,919
88,091
14.1
%
666,704
102,018
15.3
%
Eliminations
(334
)
(2,223
)
Consolidated operations
$
2,648,872
$
2,884,963
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
Nine months ended
(in thousands, except per share
data)
June 30, 2023
June 24, 2022
June 30, 2023
June 24, 2022
Net income
$
201,288
$
254,313
$
548,974
$
692,631
Stock-based compensation
5,966
4,625
18,100
14,180
Intangible asset amortization
15,192
8,624
42,778
25,554
Other (a)
5,358
1,028
9,734
108
Pre-tax adjustments to net income
26,516
14,277
70,612
39,842
Tax effect
(6,629
)
(3,569
)
(17,653
)
(9,960
)
Adjusted net income
$
221,175
$
265,021
$
601,933
$
722,513
Diluted weighted average common shares
outstanding
38,657
43,630
39,672
45,131
Net income per diluted share
$
5.13
$
5.74
$
13.62
$
15.10
Adjusted net income per diluted share
$
5.72
$
6.07
$
15.17
$
16.01
(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 August 8,
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)
June 30, 2023
March 31, 2023
December 30, 2022
September 30, 2022
June 24, 2022
March 25, 2022
Long-term debt
$
762,149
$
761,612
$
761,074
$
760,537
$
759,999
$
759,461
Total debt
762,149
761,612
761,074
760,537
759,999
759,461
Less cash and cash equivalents
317,809
354,342
307,827
388,751
186,650
390,399
Net debt
$
444,340
$
407,270
$
453,247
$
371,786
$
573,349
$
369,062
TTM Adjusted EBITDA (a)
$
1,135,233
$
1,242,501
$
1,312,626
$
1,341,790
$
1,309,637
$
1,206,371
(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 March 31,
2023 can be found in Exhibit 99.1 to form 8-K filed May 9, 2023 and
is incorporated by reference herein. 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
year ended September 30, 2022 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.
ATKORE INC.
TRAILING TWELVE MONTHS
ADJUSTED EBITDA
The following table presents a
reconciliation of Adjusted EBITDA for the trailing twelve months
(TTM) ended June 30, 2023:
TTM
Three months ended
(in thousands)
June 30, 2023
June 30, 2023
March 31, 2023
December 30, 2022
September 30,. 2022
Net income
$
769,776
$
201,288
$
174,194
$
173,492
$
220,802
Interest expense, net
35,645
8,682
8,475
9,488
9,000
Income tax expense
187,411
18,931
53,364
48,559
66,557
Depreciation and amortization
108,617
30,105
28,598
25,967
23,947
Stock-based compensation
21,164
5,966
6,863
5,270
3,065
Other (a)
12,619
5,289
4,547
1,069
1,714
Adjusted EBITDA
$
1,135,233
$
270,262
$
276,041
$
263,845
$
325,085
(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 August 8,
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/20230808365084/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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