doc_id,source_dataset,current_company,ticker,title,publish_date,quarter,word_count,retrieved_evidence,_source_json
doc_0,,,APOG,,2019-04-11 10:00:00,2019Q2,7381,"{""relationship_chunks"": [{""chroma_id"": ""doc_0__chunk_8__8"", ""chunk_id"": 8, ""hybrid_score"": 0.332916, ""semantic_similarity"": 0.237221, ""keyword_count"": 9, ""matched_query_count"": 1, ""text"": ""determining how to best expand our presence with a new operating facility. This is a significant long-term opportunity for Apogee, which will begin to contribute meaningfully to Glass segment revenues and operating income in fiscal '21. We are very excited about this initiative, but at this point we are intentionally limiting our comments for competitive reasons. We will provide more details on this investment in the coming quarters. Overall, we believe our Glass segment is well positioned for growth and margin expansion in fiscal year 2020 and beyond. Turning to Framing Systems segment. I previously mentioned the opportunities we have to improve operations at EFCO. Aside from EFCO, we are also targeting numerous other opportunities for long-term growth and margin expansion. These include new product introductions, continued geographic expansion, core business unit synergies for both product and sales efforts and a continued ramp up of our building renovation initiative, which passed the $50 million revenue mark in the last fiscal year. Architectural Services segment has never been stronger. We are coming off an outstanding year in fiscal 2019. As a reminder, our services business is focused on a small number of large projects. This makes the business inherently lumpy due to the timing of projects in the pipeline. Not every year will look like the one just completed regardless of"", ""metadata"": {""doc_id"": ""doc_0"", ""ticker"": ""APOG"", ""company"": """", ""publish_date"": ""2019-04-11 10:00:00"", ""quarter"": ""2019Q2""}}, {""chroma_id"": ""doc_0__chunk_10__10"", ""chunk_id"": 10, ""hybrid_score"": 0.31456, ""semantic_similarity"": 0.292746, ""keyword_count"": 5, ""matched_query_count"": 1, ""text"": ""'21. We also have numerous attractive opportunity in our sales pipeline, and are continuing our disciplined approach to project selection to focus on those projects that have a best fit for Apogee. We believe our confidence is well founded and is supported by this segment's performance over the past several years. For example, looking back at fiscal year '18 results, they were negatively impacted by a similar project schedule related flow. But our backlogs gave us confidence that, that segment would turn around quickly, and we projected that, and as we projected, fiscal '19, we delivered tremendous results across the board. We believe this segment's historical performance and existing backlog justifies our enthusiasm for the future prospects of this business in this segment. Lastly, our financial condition remains quite solid, and we're deploying capital to drive shareholder value. We increased both the dividends and share buybacks in fiscal '19, returning over $60 million of capital to shareholders. And as I mentioned, we're investing internally to drive organic growth and margin expansion. We will continue this balanced capital deployment approach in fiscal 2020. With that, I'll pass the call over to Jim, who will provide details on the quarter and the outlook and the guidance before we take your questions. I'll return for a few additional comments. Thank you. Jim? James"", ""metadata"": {""doc_id"": ""doc_0"", ""ticker"": ""APOG"", ""company"": """", ""publish_date"": ""2019-04-11 10:00:00"", ""quarter"": ""2019Q2""}}, {""chroma_id"": ""doc_0__chunk_26__26"", ""chunk_id"": 26, ""hybrid_score"": 0.28518, ""semantic_similarity"": 0.293574, ""keyword_count"": 3, ""matched_query_count"": 1, ""text"": ""we go down a rat hole and unfortunately, we'd be forced to mislead by not talking about it. That said I believe by the end of the first quarter and certainly by some point in the second quarter, we'll be able to talk more thoroughly about this effort. It's been well thought out. It is organic. I don't want anyone to believe we have an acquisition and it is not. It is not related to further headcount adds in our existing facility. I thought it was important to highlight that, but beyond that Eric, I'm going to have to ask you to hold on. Eric Stine -- Craig-Hallum -- Analyst Yes. That's helpful. Okay, maybe last one for me. I'm interested, Joe, in your commentary you talked about a large slate of jobs set to enter backlog in the services business. And I know that you have that from time-to-time. But, maybe, if you could just talk about on top of the growth that you saw this quarter, how that large slate of jobs might compare to the typical quarter or maybe year-over-year some way to make a comparison there? Joseph F. Puishys -- Chief Executive Officer Yes. Our installation business has done an amazing job of project selection over the last several years. Actually their efforts in project selection"", ""metadata"": {""doc_id"": ""doc_0"", ""ticker"": ""APOG"", ""company"": """", ""publish_date"": ""2019-04-11 10:00:00"", ""quarter"": ""2019Q2""}}, {""chroma_id"": ""doc_0__chunk_3__3"", ""chunk_id"": 3, ""hybrid_score"": 0.275846, ""semantic_similarity"": 0.281128, ""keyword_count"": 3, ""matched_query_count"": 1, ""text"": ""in the fourth quarter operating margin which is 500 basis point improvement over the first half of the year. Fourth quarter operating margins would have been even stronger except for some severe winter storms, which interrupted production during the fourth quarter primarily in the month of February. We expect to realize further benefits from our productivity initiatives and we anticipate continued margin expansion in fiscal year '20. So, even though we had some challenges, we had a lot of positives during the year. Let me turn to EFCO-related charges. When I joined Apogee, one of the strategic priorities I laid out was to diversify our revenue base and make Apogee less dependent on more cyclical, large project segment of the construction market, where we were very heavily dependent. To that end, over this time, we have expanded Architectural Framing Systems into our largest segment through both organic growth and acquisitions. Given its strong market position and recent acquisitions, it is also our largest opportunity for long-term revenue growth and margin expansion. The EFCO acquisition has advanced our diversification strategy in Framing Systems. It provides increased scale, adding to our product offerings, and expanding the markets we serve. I remain very confident that EFCO is an important part of our future at Apogee in our future improvements. However, as we previously"", ""metadata"": {""doc_id"": ""doc_0"", ""ticker"": ""APOG"", ""company"": """", ""publish_date"": ""2019-04-11 10:00:00"", ""quarter"": ""2019Q2""}}, {""chroma_id"": ""doc_0__chunk_33__33"", ""chunk_id"": 33, ""hybrid_score"": 0.271077, ""semantic_similarity"": 0.19477, ""keyword_count"": 7, ""matched_query_count"": 1, ""text"": ""at that double digit operating margin level. Brent Thielman -- D.A. Davidson -- Analyst Got it. The installation business is great, I mean, it was really a great year. Joe, I want to get your thoughts, I know, you want to manage kind of how large that business gets a piece of the whole pie. But does this year's performance change at all kind of your threshold for how large you want the business to get? Joseph F. Puishys -- Chief Executive Officer Yes. We don't want this to be a $500 million part of our portfolio. As a public company, it is obviously a bit of a challenge. From my 7.5, almost 8 years I've been here, we've never operated differently just because we're a public company, but it's a headache clearly. The business has continued on an upward trajectory for all these eight years. I -- we still have room for growth. We're not going to add another, let's call it, shift of project managers and engineers because that would be problematic when a slowdown happens. So, we can continue to grow the business. I think the revenues of approximately $300 million or where I'd like to be at -- in the -- and as we approach the top of the cycle, and maybe low-200s, at the bottom"", ""metadata"": {""doc_id"": ""doc_0"", ""ticker"": ""APOG"", ""company"": """", ""publish_date"": ""2019-04-11 10:00:00"", ""quarter"": ""2019Q2""}}], ""supply_chain_chunks"": [{""chroma_id"": ""doc_0__chunk_15__15"", ""chunk_id"": 15, ""hybrid_score"": 0.469191, ""semantic_similarity"": 0.478922, ""keyword_count"": 6, ""matched_query_count"": 1, ""text"": ""over the past two years. Given the project schedules established by our customers, we expect roughly 50% of the services backlog will be converted to revenue in fiscal '20 with the balance scheduled for fiscal '21 or '22. As Joe mentioned, at this point, it looks like Architectural Services is set up for another very strong year in fiscal '21, and we have a good pipeline of opportunities that will add to backlog in the coming quarters. The Large-Scale Optical segment continued to deliver solid performance. Fourth quarter revenue grew 2% to $24 million. The segment operating margin was steady at 29.9% compared to 29.8% in last year's fourth quarter. Turning to slide 9. Full-year cash flow from operations came in at $96 million. Full-year CapEx was $61 million as we continued our investments to drive organic growth, add capabilities and increase productivity, including the investments at EFCO and in our Architectural Glass segment that Joe mentioned. Total debt stands at $246 million, with net debt of $229 million or roughly 1.4 times trailing 12 months adjusted EBITDA. During the fourth quarter, we repurchased 658,000 shares of stock for $20 million, bringing our full-year stock buybacks to nearly 1.3 million shares, more than 4% of shares that were outstanding at the beginning of the fiscal year. With that let me"", ""metadata"": {""doc_id"": ""doc_0"", ""ticker"": ""APOG"", ""company"": """", ""publish_date"": ""2019-04-11 10:00:00"", ""quarter"": ""2019Q2""}}, {""chroma_id"": ""doc_0__chunk_38__38"", ""chunk_id"": 38, ""hybrid_score"": 0.411017, ""semantic_similarity"": 0.421356, ""keyword_count"": 5, ""matched_query_count"": 1, ""text"": ""It tends to be anti-cyclical at times. I want to point out that $50 million were awards or orders, the revenue stream follows that. I still believe we can get to $100 million that I -- as an annual impact. We have added to the team. We are working on it further expanding our footprint across the geography of the US with this initiative. We've hired energy engineers and sales people for this. They collaborate with our Framing Systems businesses and it usually involves pulling through our own glass. It's typically not the installation target market for us. So, we're usually using regional installers, but it does use our glass, our window and wall system, our finishing capability, and I'll continue to push this initiative going forward. And as I said I hope that see $100 million a year before I retire. Julio Romero -- Sidoti & Company -- Analyst Okay. Very good. And just on the CapEx, $60 million to $65 million. How much of that would be maintenance versus growth? James S. Porter -- Executive Vice President and Chief Financial Officer About $25 million kind of roughly $25 million is maintenance capital. Julio Romero -- Sidoti & Company -- Analyst Okay. Very good. I'll hop back in queue. Thanks very much. Joseph F. Puishys -- Chief Executive Officer"", ""metadata"": {""doc_id"": ""doc_0"", ""ticker"": ""APOG"", ""company"": """", ""publish_date"": ""2019-04-11 10:00:00"", ""quarter"": ""2019Q2""}}, {""chroma_id"": ""doc_0__chunk_31__31"", ""chunk_id"": 31, ""hybrid_score"": 0.370999, ""semantic_similarity"": 0.367999, ""keyword_count"": 5, ""matched_query_count"": 1, ""text"": ""I think we had about 14 shifts of production that we lost. Because it happened in February I didn't have a chance to make it up later in the quarter that was the end of the quarter. It impacted our Large-Scale Optical factory as well. We don't call it out because the business is much smaller, but it impacted that business as well. So, it was real. The basis points impact or the earnings per share impact, I'll let Jim talk about it. James S. Porter -- Executive Vice President and Chief Financial Officer Yes, Joe, I'll take that. I mean specifically, Brent, related to Architectural Glass, we estimate that in the quarter we have over 100 basis point drag on operating margins of that segment. And as Joe described it, I mean, it was probably kind of split between a little bit a loss of revenue, which really wasn't material, but not just the plant shutdowns, but having many days where we had staffing shortages because employees couldn't get to the factory just led to productivity challenges in the business, but surely in the quarter, as I said, it was a little over 100 basis points and that should -- that goes away. Brent Thielman -- D.A. Davidson -- Analyst Yes. Okay, and then you guys are projecting 7%"", ""metadata"": {""doc_id"": ""doc_0"", ""ticker"": ""APOG"", ""company"": """", ""publish_date"": ""2019-04-11 10:00:00"", ""quarter"": ""2019Q2""}}, {""chroma_id"": ""doc_0__chunk_16__16"", ""chunk_id"": 16, ""hybrid_score"": 0.368527, ""semantic_similarity"": 0.344703, ""keyword_count"": 6, ""matched_query_count"": 1, ""text"": ""fourth quarter, we repurchased 658,000 shares of stock for $20 million, bringing our full-year stock buybacks to nearly 1.3 million shares, more than 4% of shares that were outstanding at the beginning of the fiscal year. With that let me turn to our guidance for fiscal 2020. Slide 10 and 11 present details on our outlook. We expect continued top line growth with revenue up 1% to 3%, driven by growth in three of our segments; Architectural Glass, Architectural Framing Systems and Large-Scale Optical, offset by a decline in Architectural Services due to the execution schedules of projects in backlog. We expect total Company margins between 8.2% to 8.6%. We anticipate full year margin gains in Architectural Glass and Architectural Framing Systems, which will be offset by lower margins in Architectural Services due to negative leverage on lower volumes and less favorable project maturity. The leverage impact is significant, as we cannot aggressively cut overhead costs, key resources such as engineering and project management that are needed to execute the segment's robust backlog in project pipeline scheduled to flow in fiscal '21 and '22. Company operating margins will also be impacted by $4 million to $5 million of start-up costs for the new Architectural Glass growth initiative and we anticipate increased corporate cost from higher legal and other advisory expenses."", ""metadata"": {""doc_id"": ""doc_0"", ""ticker"": ""APOG"", ""company"": """", ""publish_date"": ""2019-04-11 10:00:00"", ""quarter"": ""2019Q2""}}, {""chroma_id"": ""doc_0__chunk_2__2"", ""chunk_id"": 2, ""hybrid_score"": 0.34577, ""semantic_similarity"": 0.274361, ""keyword_count"": 8, ""matched_query_count"": 1, ""text"": ""solid demand for Apogee's products and services, reflecting healthy end markets and the strength of Apogee's portfolio in the markets we serve. Full year orders for the entire Company were up 12% compared to fiscal year '18. We ended the year with higher backlogs, driven by the long lead time parts of our business. In particular, our Architectural Services segment which is our large curtainwall installation business known as Harmon continued to show great strength. Full year revenue grew 33%. Strong operating leverage, disciplined project selection and impressive execution at the site led to record profitability, and we finished the year with a record backlog, and a large slate of jobs about to enter backlog. In Architectural Glass, we made significant progress toward overcoming the challenges we faced earlier in the fiscal year. We saw order growth and began to recover some share in large projects. We hired and trained nearly 400 net new production employees during the year, an increase of over 20% in very tight labor markets. And we made strong progress to restore productivity, which is reflected in the fourth quarter operating margin which is 500 basis point improvement over the first half of the year. Fourth quarter operating margins would have been even stronger except for some severe winter storms, which interrupted production during the fourth"", ""metadata"": {""doc_id"": ""doc_0"", ""ticker"": ""APOG"", ""company"": """", ""publish_date"": ""2019-04-11 10:00:00"", ""quarter"": ""2019Q2""}}], ""expectation_chunks"": [{""chroma_id"": ""doc_0__chunk_15__15"", ""chunk_id"": 15, ""hybrid_score"": 0.568292, ""semantic_similarity"": 0.531057, ""keyword_count"": 21, ""matched_query_count"": 1, ""text"": ""over the past two years. Given the project schedules established by our customers, we expect roughly 50% of the services backlog will be converted to revenue in fiscal '20 with the balance scheduled for fiscal '21 or '22. As Joe mentioned, at this point, it looks like Architectural Services is set up for another very strong year in fiscal '21, and we have a good pipeline of opportunities that will add to backlog in the coming quarters. The Large-Scale Optical segment continued to deliver solid performance. Fourth quarter revenue grew 2% to $24 million. The segment operating margin was steady at 29.9% compared to 29.8% in last year's fourth quarter. Turning to slide 9. Full-year cash flow from operations came in at $96 million. Full-year CapEx was $61 million as we continued our investments to drive organic growth, add capabilities and increase productivity, including the investments at EFCO and in our Architectural Glass segment that Joe mentioned. Total debt stands at $246 million, with net debt of $229 million or roughly 1.4 times trailing 12 months adjusted EBITDA. During the fourth quarter, we repurchased 658,000 shares of stock for $20 million, bringing our full-year stock buybacks to nearly 1.3 million shares, more than 4% of shares that were outstanding at the beginning of the fiscal year. With that let me"", ""metadata"": {""doc_id"": ""doc_0"", ""ticker"": ""APOG"", ""company"": """", ""publish_date"": ""2019-04-11 10:00:00"", ""quarter"": ""2019Q2""}}, {""chroma_id"": ""doc_0__chunk_38__38"", ""chunk_id"": 38, ""hybrid_score"": 0.509484, ""semantic_similarity"": 0.452646, ""keyword_count"": 12, ""matched_query_count"": 1, ""text"": ""It tends to be anti-cyclical at times. I want to point out that $50 million were awards or orders, the revenue stream follows that. I still believe we can get to $100 million that I -- as an annual impact. We have added to the team. We are working on it further expanding our footprint across the geography of the US with this initiative. We've hired energy engineers and sales people for this. They collaborate with our Framing Systems businesses and it usually involves pulling through our own glass. It's typically not the installation target market for us. So, we're usually using regional installers, but it does use our glass, our window and wall system, our finishing capability, and I'll continue to push this initiative going forward. And as I said I hope that see $100 million a year before I retire. Julio Romero -- Sidoti & Company -- Analyst Okay. Very good. And just on the CapEx, $60 million to $65 million. How much of that would be maintenance versus growth? James S. Porter -- Executive Vice President and Chief Financial Officer About $25 million kind of roughly $25 million is maintenance capital. Julio Romero -- Sidoti & Company -- Analyst Okay. Very good. I'll hop back in queue. Thanks very much. Joseph F. Puishys -- Chief Executive Officer"", ""metadata"": {""doc_id"": ""doc_0"", ""ticker"": ""APOG"", ""company"": """", ""publish_date"": ""2019-04-11 10:00:00"", ""quarter"": ""2019Q2""}}, {""chroma_id"": ""doc_0__chunk_18__18"", ""chunk_id"": 18, ""hybrid_score"": 0.495627, ""semantic_similarity"": 0.434169, ""keyword_count"": 21, ""matched_query_count"": 1, ""text"": ""margin improvements will be weighted to the back half of the fiscal year, as we work through some remaining less favorable mix along with initiatives we have under way at EFCO generate positive contributions. In Architectural Glass, revenue growth is expected of approximately 10% and operating margins of approximately 7%. We expect the segment to make further progress toward restoring its productivity levels, which will benefit both revenue and profitability. These segment margins are impacted by 100 basis points to 150 basis points of start-up costs related to the new growth initiative. We currently expect these start-up costs will have the greatest impact in the second and third quarters and that we'll begin to generate limited revenue in the fourth quarter. At Architectural Services, we expect revenues to be down approximately 15% due to the timing of project schedules with operating margins between 6% to 7%, a negative leverage from lower volumes and less favorable project maturity as we are at the early execution stage on a number of projects. Based on current project schedules, services revenue will likely be -- roughly balanced throughout the year. At Large-Scale Optical we expect mid single-digit growth as we make progress on our initiatives to extend into adjacent market opportunities. Segment margins are expected to be approximately 25%, just slightly below the fiscal"", ""metadata"": {""doc_id"": ""doc_0"", ""ticker"": ""APOG"", ""company"": """", ""publish_date"": ""2019-04-11 10:00:00"", ""quarter"": ""2019Q2""}}, {""chroma_id"": ""doc_0__chunk_17__17"", ""chunk_id"": 17, ""hybrid_score"": 0.488277, ""semantic_similarity"": 0.424369, ""keyword_count"": 34, ""matched_query_count"": 1, ""text"": ""fiscal '21 and '22. Company operating margins will also be impacted by $4 million to $5 million of start-up costs for the new Architectural Glass growth initiative and we anticipate increased corporate cost from higher legal and other advisory expenses. We expect the tax rate of approximately 24.5% and full-year interest expense slightly above fiscal 2019's level. Depreciation and amortization is projected to be approximately $50 million. Putting in all together, we expect earning per share in the range of $3.00 to $3.20. As in past years, we expect the first quarter will be our seasonally weakest quarter with progression through the year similar to what we've seen in the past couple of fiscal years. Going into fiscal 2020, the amortization of short-lived acquired intangibles that we've excluded from our adjusted EPS the past few years will be complete. As a result, we are not presenting adjusted earnings per share guidance for fiscal 2020. Looking at our segments, we expect the following. Architectural Framing Systems, we expect mid-single-digit growth with operating margins between 8% to 8.5%. We expect growth in margin improvements will be weighted to the back half of the fiscal year, as we work through some remaining less favorable mix along with initiatives we have under way at EFCO generate positive contributions. In Architectural Glass, revenue growth is"", ""metadata"": {""doc_id"": ""doc_0"", ""ticker"": ""APOG"", ""company"": """", ""publish_date"": ""2019-04-11 10:00:00"", ""quarter"": ""2019Q2""}}, {""chroma_id"": ""doc_0__chunk_10__10"", ""chunk_id"": 10, ""hybrid_score"": 0.485236, ""semantic_similarity"": 0.420314, ""keyword_count"": 24, ""matched_query_count"": 1, ""text"": ""'21. We also have numerous attractive opportunity in our sales pipeline, and are continuing our disciplined approach to project selection to focus on those projects that have a best fit for Apogee. We believe our confidence is well founded and is supported by this segment's performance over the past several years. For example, looking back at fiscal year '18 results, they were negatively impacted by a similar project schedule related flow. But our backlogs gave us confidence that, that segment would turn around quickly, and we projected that, and as we projected, fiscal '19, we delivered tremendous results across the board. We believe this segment's historical performance and existing backlog justifies our enthusiasm for the future prospects of this business in this segment. Lastly, our financial condition remains quite solid, and we're deploying capital to drive shareholder value. We increased both the dividends and share buybacks in fiscal '19, returning over $60 million of capital to shareholders. And as I mentioned, we're investing internally to drive organic growth and margin expansion. We will continue this balanced capital deployment approach in fiscal 2020. With that, I'll pass the call over to Jim, who will provide details on the quarter and the outlook and the guidance before we take your questions. I'll return for a few additional comments. Thank you. Jim? James"", ""metadata"": {""doc_id"": ""doc_0"", ""ticker"": ""APOG"", ""company"": """", ""publish_date"": ""2019-04-11 10:00:00"", ""quarter"": ""2019Q2""}}]}",rag_chroma_output\sample_agent_input_full_gpu_direct.json