Apogee Enterprises Files 10-Q for Period Ending June 1, 2024

TL;DR

APOG 10-Q filed for Q1 2025. Financials and ops details inside.

AI Summary

Apogee Enterprises, Inc. filed its 10-Q for the period ending June 1, 2024. The company reported its financial results and provided updates on its business operations. Key financial figures and operational details for the quarter are detailed within the filing.

Why It Matters

This filing provides investors and stakeholders with a detailed look at Apogee Enterprises' financial health and operational performance during the specified quarter, influencing investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial performance and forward-looking statements within can carry inherent business risks.

Key Players & Entities

• APOGEE ENTERPRISES, INC. (company) — Filer
• 0000006845-24-000222 (filing_id) — Accession Number
• 20240601 (date) — Period of Report
• 20240709 (date) — Filing Date

FAQ

Key Financial Figures

• $0.33 — ich registered Common stock, par value $0.33 1/3 per share APOG The Nasdaq Stock Mar

Filing Documents

• apog-20240601.htm (10-Q) — 889KB
• apog-ex311_20240601.htm (EX-31.1) — 9KB
• apog-ex312_20240601.htm (EX-31.2) — 9KB
• apog-ex321_20240601.htm (EX-32.1) — 4KB
• apog-ex322_20240601.htm (EX-32.2) — 4KB
• 0000006845-24-000222.txt ( ) — 5315KB
• apog-20240601.xsd (EX-101.SCH) — 39KB
• apog-20240601_cal.xml (EX-101.CAL) — 55KB
• apog-20240601_def.xml (EX-101.DEF) — 142KB
• apog-20240601_lab.xml (EX-101.LAB) — 530KB
• apog-20240601_pre.xml (EX-101.PRE) — 351KB
• apog-20240601_htm.xml (XML) — 627KB

Financial Information

PART I Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Consolidated Balance Sheets 4 Consolidated Results of Operations 5 Consolidated Statements of Comprehensive Earnings 6 Consolidated Statements of Cash Flows 7 Consolidated Statements of Shareholders' Equity 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 25

Other Information

PART II Other Information

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 26

Signatures

Signatures 27 3 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except stock data) June 1, 2024 March 2, 2024 Assets Current assets Cash and cash equivalents $ 30,363 $ 37,216 Receivables, net 183,270 173,557 Inventories, net 80,495 69,240 Contract assets 43,957 49,502 Other current assets 34,417 29,124 Total current assets 372,502 358,639 Property, plant and equipment, net of accumulated depreciation of $ 452,711 and $ 445,017 242,292 244,216 Operating lease right-of-use assets 38,726 40,221 Goodwill 129,042 129,182 Intangible assets, net 64,981 66,114 Other non-current assets 41,436 45,692 Total assets $ 888,979 $ 884,064 Liabilities and Shareholders' Equity Current liabilities Accounts payable $ 82,841 $ 84,755 Accrued compensation and benefits 28,900 53,801 Contract liabilities 36,377 34,755 Operating lease liabilities 12,090 12,286 Other current liabilities 66,895 59,108 Total current liabilities 227,103 244,705 Long-term debt 77,000 62,000 Non-current operating lease liabilities 30,462 31,907 Non-current self-insurance reserves 30,859 30,552 Other non-current liabilities 43,600 43,875 Commitments and contingent liabilities (Note 6) Shareholders' equity Junior preferred stock of $ 1.00 par value; authorized 200,000 shares; zero issued and outstanding — — Common stock of $ 0.33 -1/3 par value; authorized 50,000,000 shares; issued and outstanding 21,936,674 and 22,089,265 , respectively 7,312 7,363 Additional paid-in capital 153,002 152,818 Retained earnings 348,651 340,375 Accumulated other comprehensive loss ( 29,010 ) ( 29,531 ) Total shareholders' equity 479,955 471,025 Total liabilities and shareholders' equity $ 888,979 $ 884,064 See accompanying notes to consolidated financial statements. 4 Table of Contents CONSOLIDATED RESULTS OF OPERATIONS (Unaudited) Three Months Ended (In thousands, except per share data) June 1, 2024 May 27, 2023 Net sales $ 331,516 $ 361,713 Cost of s

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Summary of Significant Accounting Policies Basis of presentation The consolidated financial statements of Apogee Enterprises, Inc. (we, us, our or the Company) have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The information included in this Form 10-Q should be read in conjunction with the Company's Form 10-K for the year ended March 2, 2024. We use the same accounting policies in preparing quarterly and annual financial statements. All adjustments necessary for a fair presentation of quarterly and year to date operating results are reflected herein and are of a normal, recurring nature. The results of operations for the three-month period ended June 1, 2024 are not necessarily indicative of the results to be expected for the full year. New accounting standards In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which expands the required disclosure for reportable segments. This guidance requires entities to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all segment disclosures which are currently required annually. This ASU additionally requires entities to disclose the title and position of the individual or the name of the group or committee identified as its chief operating decision-maker. Such guidance, which is required to be applied retrospectively, is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, although early adoption is permitted. While the adoption of this ASU will not have an impact on our financial position and/or results of operations, we are currently evaluating the impact to our segment disclosures for the year ended March 1, 2025 and future interim periods. In December

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