Certain information set forth herein includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and, therefore, are, or may be deemed to be, “forward-looking statements.” These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, competition, strategies and the industriesparticular markets in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, those described in Item 1A “Risk Factors.” Those factors should not be construed as exhaustive and should be read with the other cautionary statements in Item 1A “Risk Factors.”herein. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity and the development of the industriesparticular markets in which we operate may differ materially from those made in or suggested by the forward-looking statements contained herein. In addition, even if our results of operations, financial condition and liquidity and the development of the industriesparticular markets in which we operate are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements that we make herein speak only as of the date of those statements, and we undertake no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

The Company operates and reports its results in the following threefour reporting segments:

The following table summarizes the primary products, applications, and end markets for each segment:

The Company’s operating businesses have established leadershipstrong positions in attractive end markets by building core capabilities in innovation, new products and services, manufacturing and field operations, business systems, quality performance, along with a healthy balance sheet and the strength of our people. WeThe Company will continue ourits focus of time, talent, and energy on strengthening ourits position in each market we serve.it serves.

During the fourthfirst quarter of 2020,2022, the Company committed to a plan to disposesell its IndustrialProcessing business, a business within the Company's Agtech reportable segment, as a resultpart of its portfolio management strategy in order to focus its resources on participation inthe higher valuegrowth and fastermore profitable growing markets.business within the Agtech segment. The IndustrialProcessing business previously reported in the Company's Industrial and Infrastructure Products segment, has beenwas classified as held for sale.

OurThe Company's products are primarily distributed to ourits customers using common carriers. We maintain distribution centers that complement ourThe Company generally ships directly from its manufacturing plants from which we ship products andto ensure on-time delivery while maintaining efficiency within our distribution system. Our customersefficiency. Customers and product offerings by segment are described below.

An integral part of solar racking and greenhouse projects is the design, engineering, and fabrication of specifically designed metalunique structures for highly-engineered applications including: racking and foundation for ground-mounted solar arrays on any typeelectrical balance of terrain; single-axis solar tracker solutions; carports that integrate solar PV panels;systems, as well as commercial-scale greenhousesthe field installation of both whether applied to a ground-mounted or carport system. The Company provides both fixed tilt and other glass structures. Both the solartracker racking and greenhouse projects involve securing glass and plastic to metal and use the same raw materials including steel and aluminum.systems along with either a screw or pile driven foundation systems. Most of ourthe Company's production is completed using computer numerical control machines, roll forming machines, laser cutters and other fabrication tools. The structural metal components are designed, engineered, fabricated and installed in accordance with applicable building codes.

Our roof and foundation ventilation products and accessories include solar powered units. Our centralizedThe Company's mail and electronic package solutions include single mailboxes, cluster style mail and parcel boxes for single and multi-family housing, and electronic package locker systems. OurThe Company's remaining residential product offerings consist of roof edging and flashing, soffits and trim, drywall corner bead, metal roofing and accessories, rain dispersion products, including gutters and accessories, and exterior retractable awnings. Each of these product offerings can be sold separately or as part of a system solution.

The Company strives to improve our product/solutionits product-solution offerings by introducing new products, enhancing existing products,while adapting to local and regional building code and regulatory changes, and providing new and innovative solutions to homeowners and contractors. New products recently introduced in recent years include electronic parcel lockers, roof top safety kits, chimney caps, heat trace coils, exterior, remote-controlled

Within our manufacturing facilities, we leverage significantThe Company leverages its production capabilities which allow usand supply chain across the U.S. while maintaining the capability to both assemblesupport the many local and processregional customer requirements. The production facilities and processes are designed to provide a widebroad, but locally focused product range of metalsresidential products, and plastics for our residential products. Most of our production is completed using automaticincludes automated roll forming machines, stamping presses, welding, paint lines, and injection molding, equipment. We maintain ourwelding, stamping, and finished painting. The Company maintains its equipment according tothrough daily maintenance and a thorough preventive maintenance program allowing us to meet the demanding quality and delivery requirements of our customers.program. In some cases, the Company sources products from third-party vendors to optimize cost and quality in order to provide the very best and affordable solution for our customers.

We strive to improve our offerings of infrastructure products by introducing new products, enhancing existing products, adjusting product specifications to respond to regulatory changes, and providing additional solutions to contractors. New products have been introduced in recent years by extending our transportationextend the infrastructure products into new markets. For example, our long-lastingits engineered pavement sealants for roadways are now being installed on airport runways, internationally, ourits structural bearings for elevated highways and bridges have been installed on an offshore oil production platform,platforms, and ourits corrosion-protection products for cable-suspension bridges are now marketed and sold internationally.

The primary raw materials we purchasethe Company purchases are flat-rolled, structural and plate steel, aluminum coil and extrusions, and resins. We purchaseThe Company purchases flat-rolled and plate steel and aluminum at regular intervals on an as-needed basis, primarily from the major North American mills, as well as, a limited amount from domestic service

centers and foreign steel importers. Substantially all of ourits resins are purchased from domestic vendors, primarily through distributors, with a small amount purchased directly from manufacturers. Supply has historically been adequate from these sources to fulfill our needs. Because of our strategy to develop longstanding relationships in our supply chain, we have been able to

We purchaseThe Company purchases natural gas and electricity from suppliers in proximity to ourits operations.

OurIn 2021, the Company began to expand and upgrade its Customer Relationship Management (CRM) system, which work continued into 2022, thus improving its visibility into sales staff works with certain retail customers to optimize shelf space for our products which is expected to increase sales at these locations. Our retail customers are provided with point-of-sale marketing aids to encourage consumer spending on our products in their stores. We focus on providing our customers with industry leading customer service. We are able to meet our customers’ demand requirements due to our efficient manufacturing processesaccount status and extensive distribution network.enabling cross-sell and up-sell opportunities. The CRM also provides important aggregate market data.

While the majority of ourthe Company's products have short lead time order cycles, we hadthe Company has aggregated approximately $297$299 million of backlog from continuing operations at December 31, 20202022 compared to $198$344 million at December 31, 2019.2021. The backlog primarily relates to certain business units in our Renewable Energythe Company's Renewables, Agtech, and Conservation and our Infrastructure segments. We believeThe Company believes that the performance obligations related to the majority of ourits backlog will be shipped, completedsatisfied and installedrelated revenue recognized during 2021.2023.

OurThe Company's operations are also governed by many other laws and regulations covering ourits labor relationships, the import and export of goods, the zoning of ourits facilities, taxes, ourits general business practices, and other matters. We believeThe Company believes that we areit is in material compliance with these laws and regulations and dodoes not believe that future compliance with such laws and regulations will have a material adverse effect on ourits financial condition or results of operations.

OurThe Company's "Best Place to Work" initiative is built onengages the following six tenets, and involves our entire organization:

WeThe Company employed 2,3192,117 full-time employees and 1820 part-time employees as of December 31, 2020.2022. Of our 2,337the Company's 2,137 total employees, 939876 were classified as salary and 1,3981,261 classified as hourly. WeThe Company also employed approximately 619329 full-time equivalent temporary agency employees. Approximately 6% of the Company's U.S. workforce was represented by unions through two collective bargaining agreements ("CBAs") as of December 31, 2022. Both of the Company's CBAs will expire and are expected to be renegotiated in 2024. The Company considers its employee relations to be good.

The Company has continued to invest in the Company's safety organization, and review our safety results continuously in each location.

Each of our annual budgetthe Company's businesses have a safety team that assesses all recordable incidents and capital planning process, ournear misses to identify mitigating actions to prevent accidents in the future. The Company's businesses also identify additional safety investments required for training, education, equipment, and processes.processes as part of the Company's annual budget and capital planning procedure.

The development of our organization starts with consistent educationCompany is continuously evolving its crisis management plans as the Company gains experience, reviews industry best practices, and training. At the core of this effort is making sure our people have a foundation based in Ethics and Compliance, which is summarized as follows:

BelowKey demographics for the Company's employees are key demographicsshown below. While the figures below are in total, the Company evaluates its organization against the diversity of our workforce.the communities that the Company operates in, with a goal of being representative at the community level.

In 2020, over 50% of our employees hired were classified as diverse. We areThe Company believes in building a team withthat includes people who bring diversity of thought, experience, and perspective to ourits organization. We recognize ourThe Company recognizes that its organization and the communities we operate in which the Company operates will continue to evolve and grow, which will require wethat the Company remain focused on the following initiatives:

The Gibraltar Leadership Program core curriculum, launched to 194 leaders in 2022, is a two-day program with modules on servant leadership, skilled collaboration, accountability at work, taking control of conflict, emotional intelligence, and communicating as a manager. In 2023, the entire Gibraltar team are committed to improving and positively impacting the global environment, social development, and business governance. We believe in doing business the right and most responsible way is foundational in executing and accelerating our vision and strategy. Our effortsCompany will continue to focus on our People, our Communities,offer this program to both new and the World.

The cultivation, processing and distribution of cannabis in states where it has been legalized is subject to significant regulatory requirements. If ourthe Company's customers who purchase greenhouses and extraction and processing equipment are unable to obtain and maintain the licenses, permits, authorizations or accreditations required to comply with state and local regulations, wethe Company may experience the aforementioned adverse effects on ourthe Company's business and results of operations.

Consolidated net sales increased from 2021 by $134.3$50.2 million, or 15.0%3.7%, to $1.4 billion for 20202022 compared to 2019.2021. The 15.0%3.7% increase in revenue was driven by a 2.7% or $36.2 million increase from organic revenue, the Renewable Energyresult of an 11% increase in pricing to customers partially offset by a net volume decline of 10%, and Conservation and Residential Products segments. Salesa 2.0% or $26.4 million increase generated from our 2020 acquisitions of Thermo, Delta Separations and Architectural Mailboxes, and the priorcurrent year acquisition of Apeks, contributed 10.0%QAP in the Residential segment. Partially offsetting these increases was a decline of 0.9% or $89.9$12.5 million to the growth from the prior year. OrganicCompany's processing business which was reclassified as held-for-sale as of March 31, 2022; the results of which will continue to be reported in the Company's consolidated operating results from continuing operations until the sale of the business is completed.

The organic revenue growth of 4.9%, or $44.4 million was a result of increased volume in ourthe Residential Products segment, whichlargely driven by price management and participation gains, and the Infrastructure segment revenue growth more than offset the organic volume declines in both our Renewable Energythe Renewables and Conservation and our Infrastructure Products segments.Agtech segments, which were primarily impacted by project delays. Consolidated backlog decreased 12% to $301 million down from $344 million at the end of the prior year.

Net sales in our Renewable Energy and Conservationthe Renewables segment increased 20.0%decreased 12.6%, or $74.5$54.5 million, to $447.6$377.6 million in 20202022 compared to $373.0$432.1 million in 2019. Sales generated2021. Revenue decreased by 12.6% from the prior year as the market demand for solar panel installation continues to be impacted by the current year acquisitions of Thermo and Delta Separations,UFLPA, which was implemented in June 2022, along with the prior year acquisitionimpact of Apeks, contributed $84.6 million, or 22.7%, to the increase inDepartment of Commerce's preliminary ruling on its solar panel AD/CVD anti-circumvention investigation, which has impacted scheduling of projects. As a result, backlog decreased 17% from the current year. Organic revenue decline of $10.1 million partially offset this increase, the result of continued weakness in cannabis and hemp markets more than offsetting participation gains in our renewable energy related business. Backlog improved 22% year overprior year for this segment, driven by strength inhowever, given the fruitcurrent conversations with the Company's customers and vegetable market and strong end market demand in renewable energy.

Net sales in the Agtech segment decreased 15.2%, or $30.3 million, to $168.9 million in 2022 compared to $199.2 million in 2021. Excluding the impact of the processing equipment business which has been classified as held-for-sale as of March 31, 2022, revenue declined $17.8 million due to project delays in the Company's produce and remodel market, participation gains across our various distribution channelscannabis businesses, the result of continued rescheduling and re-scoping of projects. Partially offsetting the decrease was growth in the Company's commercial greenhouse business. While quote activity remains robust, order backlog was also impacted by continued rescheduling and re-scoping of projects and decreased 13% year over year.

The Company's consolidated gross margin increased to 22.9% for 2022 compared to 21.6% for 2021. This increase was primarily the result of favorable price/cost management along with $5.3 million of sales generated by our 2020 acquisition of Architectural Mailboxes.

Net salesgains in our Infrastructure Products segment decreased 2.2%, or $1.4 million, to $62.2 millionthe Residential segment. These actions more than offset the impacts of supply chain challenges and severe weather which the Company experienced in 2020 compared to $63.6 millionthe early part of 2022, that resulted in 2019, Volume declined as the pandemic continued to impact existing and new project schedules, especially in segments like airport runway maintenance, where customers have delayed spending. The volume decline was partially offset by an increase in pricing to customers. Ending backlog improved slightly from the prior year.

Selling, general, and administrative ("SG&A") expenses increased by $10.1$3.9 million, or 7.2%2.1%, to $149.2$188.6 million for 20202022 from $139.1$184.7 million for 2019.2021. The $10.1$3.9 million increase was primarily due to $13.8 million of incremental SG&A expenses recorded year over year for ourthe recent acquisitions and transaction costs to complete those acquisitions closed during the year,acquisition of QAP along with higher expenses associated with investments in the development of ourCompany's organization to drive performance, including investing in the Company's ERP systems to simplify and safety of our teamdigitize its businesses. This increase was partially offset by reallocating SG&A spending, primarily travel related expenditures. Partially offsetting theselower performance-based compensation expense for equity-based awards in the Company's deferred compensation plan that are valued based on its 200-day average stock price, as compared to the prior year. Despite the above increases, was decreased spending for exit activity costs of approximately $4.0 million. SG&A expenses as a percentage of net sales decreased to 14.4%13.5% for 20202022 compared to 15.5%13.8% for 2019.2021.

The following table sets forth the Company’s income from operations and income from operations as a percentage of net sales by reportable segment for the years ended December 31 (in thousands):

The Renewable Energy and ConservationRenewables segment generated an operating margin of 9.1%6.7% in 20202022 compared to 12.7%4.7% in 2019. The decrease in operating margin was the net result of expected lower margins generated by our recent acquisitions as we continue to integrate them operationally, offset by favorable product and services mix and strong execution in our renewable energy business, as well as the absence of incremental costs incurred during the prior year for design refinement and field improvements for our solar tracking solution.

Unallocated corporate expenses decreased $1.0$3.5 million, or 2.8%9.3%, for 20202022 from $36.2$37.0 million for 20192021 to $35.2$33.5 million for 2020.2022. The decrease in expense was largely the result of lower performance-based compensation expenses partially offset by transaction costs to complete those acquisitions closed during the year.

The Company recorded other expense of $14.6 million in 2022, compared to other income of $1.3$4.2 million in 2020 and other expense of $0.4 million in 2019, respectively. The change from2021. In 2022, the prior year wasCompany recorded a $14.0 valuation allowance related to the resultwrite-down of the $1.9processing business to estimated fair market value, which has been classified as held-for-sale as of March 31, 2022. In 2021, the Company recognized a $4.7 million pre-tax gain on the sale of securities received from the Company's self-guided apartment tour application business withinsellers of Thermo Energy Systems, Inc. to settle indemnification claims recorded in the Residential Products segment.prior year.

WeThe Company recognized a provision for income taxes of $24.5$29.1 million, an effective tax rate of 22.7%26.1%, for 20202022 compared with a provision for income taxes of $18.2$25.0 million, an effective tax rate of 23.2%25.2%, for 2019.2021. The effective tax rates for 20202022 and 20192021 exceeded the U.S. federal statutory rate of 21% due to state taxes and nondeductible permanent differences partially offset by favorable discrete items.an excess tax benefit on stock-based compensation.

In May 2022, the Company's Board of Directors authorized a share repurchase program of up to $200 million of the Company's issued and outstanding common stock. The program has a duration of three years, ending May 2, 2025. Repurchases may be sufficientmade, from time to fund working capital needstime, in amounts and growth initiatives.

During 2020, wethe Company opted to defer remittance of the employer portion of Social Security tax as provided in the Coronavirus, Aid, Relief and Economic Security Act ("CARES Act"), which allowed usthe Company to retain $4.4 million in cash during 2020 that would have otherwise been remitted to the federal government. The deferred tax payments willwere required to be repaid equallyin two installments occurring near the end of each year 2021 and 2022, of which $1.9 million was repaid in 2021 and the remaining $2.5 million was repaid in 2022. The CARES Act, along with other foreign government initiatives, also provides for job retention programs, which have allowed some of our businesses to receive payroll tax credits or subsidies during 2020.

Over the long-term, we expectthe Company expects that future investments, including strategic business opportunities such as acquisitions, may be financed through a number of sources, including internally available cash, availability under our revolving credit facility,the Credit Agreement, new debt financing, the issuance of equity securities, or any combination of the above.aforementioned. The $52.1 million preliminary purchase price for the acquisition of QAP was financed primarily through borrowing on the Company's revolving credit facility. Additional cash payments may be required for customary adjustments as provided for in the membership interest purchase agreement. All potential acquisitions are evaluated based on ourthe Company's acquisition strategy, which includes the enhancement of ourthe Company's existing products, operations, and/or capabilities, as well as expanding ourthe Company's access to new products, markets, and customers, with the goal of creating compounding and sustainable shareholderstockholder value.

These expectations are forward-looking statements based upon currently available information and may change if conditions in the credit and equity markets deteriorate or other circumstances change. To the extent that operating cash flows are lower than current levels, or sources of financing are not available or not available at acceptable terms, ourthe Company's future liquidity may be adversely affected.

Net cash provided by operating activities of continuing operations for 2021 of $25.1 million consisted of income from continuing operations of $74.5 million, non-cash net charges totaling $54.6 million, which include depreciation, amortization, intangible asset impairment, stock compensation, and other non-cash charges, offset by a net investment in working capital and other net assets of $43.7$104.0 million. The investment in working capital and other net assets was largely by an investmentdue to increases in inventory and accounts payable due to higher inventory input costs, such as raw materials and freight, and provisioning for potential supply chain disruptions, along with increases in accounts receivable due to the timing of $42.4 million in Thermo, one of our recent acquisitions, which was undercapitalized at purchase, along withinvoicing project-based customers, partially offset by a decrease in accrued expenses and other non-current liabilities correlated to the timing of customer billings and payments.

Net cash provided by investing activities of continuing operations for 2021 of $24.7 million partially offset byconsisted of net proceeds of $2.0$38.1 million from the sale of the Company's Industrial business in the first quarter of 2021, $4.1 million from the receipt of a business withinfinal working capital settlement from the Residential Products segmentprior year acquisition of TerraSmart, and proceeds of $0.1$0.2 million from the sale of property and equipment.

Net cash used in financing activities for 20192021 of $217.1$66.6 million was primarily driven by the $212.0consisted of $120.6 million repaymentin payments on long-term debt and $6.5 million of our 6.25% Notes and other debt, as well as the $4.3 million purchase of treasurycommon stock repurchases related to the net settlement of tax obligations for participants in the Company's equity incentive plans, and the $1.2 million payment of debt issuance costs, all which were slightly offset by $0.5$59.5 million in net proceeds from borrowing on the Company's long-term credit facility and $1.0 million from the issuance of common stock from stock option exercises.