Description of Apogee Enterprises Inc's Business Segments
Architectural Glass, Architectural Services and Architectural Framing Systems
Segments
Demand for the products and services offered by our Architectural segments is
affected by changes in the North American commercial construction industries,
as well as by changes in general economic conditions. As the Architectural Glass
segment also has an operation in Brazil, it is also impacted by the commercial
construction industry and general economic conditions in that region.
We look at several external indicators to analyze demand for our products and
services, such as U.S. job growth, office space vacancy rates, construction
starts, credit and interest rates available for commercial construction projects,
architectural billing statistics and material costs. We also utilize data on
U.S. non-residential construction market activity from Dodge Data & Analytics,
a leading independent provider of construction industry analysis, forecasts
and trends. We reference this information as independent data points specific
to the building types that we typically serve, adjusted to align with our fiscal
year and the lag that is required to account for when our products and services
typically are initiated in a construction project, which is approximately eight
months after project start.
We also rely on our own internal indicators to analyze demand. This includes
our sales pipeline, made up of contracts in review, projects awarded or committed,
and bidding and quoting activity. Our sales pipeline, together with ongoing
feedback, analysis and data from our customers, architects and building owners,
provide visibility into near- and medium-term future demand.
Our architectural products and services are used in a subset of the construction
industry that is differentiated by building type, level of customization required,
customers, geographic location and project size.
Building type - The construction industry is typically segmented into residential
construction and non-residential construction, which includes commercial, industrial
and institutional construction. Our products and services are primarily used
in commercial buildings (office towers, hotels and retail centers) and institutional
buildings (education facilities and dormitories, health care facilities and
government buildings), as well as in high-end multi-family residential buildings
(a subset of residential construction).
Level of customization - The large majority of our projects involve a high
degree of customization, as the product or service is based on customer-specified
requirements for aesthetics, performance and size, and is designed to satisfy
local building codes.
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