Louisiana-pacific Corporation · NYSE:LPX
Louisiana-pacific — Q1 2023 Earnings Presentation
19 slides from Louisiana-pacific's earnings presentation, May 3, 2023
Slide 1: Q1 2023 Results
BUILDING LP Ree Q1 2023 RESULTS
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains statements concerning Louisiana-Pacific Corporation's (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon the beliefs
Slide 3: Statement Relating to the Use of Non-GAAP Financial Measures
STATEMENT RELATING TO THE USE OF NON-GAAP FINANCIAL MEASURES During the course of this presentation, certain non-GAAP financial measures will be presented. Non-GAAP financial measures should be considered only as a supplement to, and not as superior to, financial measures prepared in accordance with
Slide 4: Highlights
HIGHLIGHTS
Slide 5: Q1 2023 Financial Results
Other Key Points Q1 2023 FINANCIAL RESULTS Ending Liquidity ~$675M $584M $66M -$119M $0.34 Net Sales Adj. EBITDA1 Op. CF Adj. EPS1 First Board at Sagola (50)% (89)% $(544)M $(4.41) RM Price Inflation $(19)M YoY Flat -$470M $17M $114M (OSB & Siding) Siding & OSB OEE Siding Solutions OSB Price Return
Slide 6: Siding Growth and Innovation
SIDING GROWTH AND INNOVATION Growth (TTM) Q1 Innovation Mix Q1 2022 Volume Q1 2023 Volume 10% 11% 90% 89% ExpertFinish, BuilderSeries, Shakes, and ArchForm Lap, Panel, Trim, Soffit 1 Actual U.S. housing starts data from U.S. Census Bureau as Total Volume Change = (9)% reported on April 18, 2023 Inno
Slide 7: Normalized TTM Siding vs. Single-Family Starts
NORMALIZED TTM SIDING VS. SINGLE-FAMILY STARTS Strand Revenue1 350% 18% CAGR 300% 250% Strand Volume1 12% CAGR 200% 150% SF Starts2 3% CAGR 100% 50% Q1-16 Q1-17 Q1-18 Q1-19 Q1-20 Q1-21 Q1-22 Q1-23 1 Volume and Revenue are for Strand Siding only and excludes discontinued Fiber products 2 Actual U.S.
Slide 8: Siding Capacity Update
SIDING CAPACITY UPDATE LP Sagola Pressed first SmartSide board on March 15 LP Sagola’s 330 MMSF brings total capacity to ~2.3 BSF LP Wawa – Next Siding Mill Acquired Wawa OSB facility from Forex for $80M Transaction closed May 2 ~400 MMSF of capacity will bring total to ~2.7 BSF Future Exp
Slide 9: Siding – Q1 2023 vs. Q1 2022
SIDING – Q1 2023 VS. Q1 2022 ($ in millions) Overall 10% Overall (9)% Sales & Raw materials OEE 76% marketing $(3)M $(14)M (+2ppts) Mill conversions Freight $(2)M and ramp $(6)M 2022 Siding Solutions Siding Solutions Investment Inflationary Other 2023 EBITDA1 Price Volume Costs Costs Costs EBITDA 1
Slide 10: OSB – Q1 2023 vs. Q1 2022
OSB – Q1 2023 VS. Q1 2022 ($ in millions) $(501) $505 Overall (13)% Overall (29)% Raw materials Sagola fixed $(5)M overhead Production: Production: $6M Curtailment (30)% Curtailment (29)% Labor $(1)M Sagola (13)% Sagola (8)% $(470) OEE Impact 8% Mix 46%,(8)ppts $(3) $(29) $5 $(7) $8 68% 2% 2022 ASP
Slide 11: Cash Flow and Liquidity
CASH FLOW Liquidity ($ in millions) Ending Cash $126M Revolving Line of Credit $550M – undrawn Total Liquidity ~$675M Long-Term Debt $350 @ 3.625%, 2029 1 This is a non-GAAP financial measure. See “Statement Relating to the Use of Non-GAAP Financial Measures” and “Reconciliation of Net Income to Non
Slide 12: Guidance
GUIDANCE Q2 2023 REVENUE & ADJUSTED EBITDA1 Siding Solutions Q2 YoY Revenue Change Flat to 5% Decrease OSB Revenue Compared to Q1 20231 ~20% Increase LP Consolidated Adjusted EBITDA1, 2 >$80M 2023 CAPEX GUIDANCE Full-Year CAPEX, excluding Wawa acquisition $330M-$370M Siding Mill Conversions $140M-$
Slide 13: Appendix
APPENDIX
Slide 14: Q1 2023 vs. Q1 2022 Summary
Q1 2023 VS. Q1 2022 SUMMARY ($ in millions) Q1 2023 vs Q1 2022 Revenue Adj. EBITDA 1 Q1 2022 Actual $ 1,167 $ 598 North America OSB price, excluding freight (470) (470) OSB market curtailment & Sagola (101) (40) Siding Solutions growth, incl S&M (1) 12 Structural Solutions growth (2) $21 1 OSB commo
Slide 15: Financial Performance
FINANCIAL PERFORMANCE ($ in millions, except per share amounts) PAGE 15
Slide 16: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA ($ in millions) PAGE 16
Slide 17: Reconciliation of Net Income to Non-GAAP Adjusted Income and Adjusted Diluted EPS
RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED INCOME AND ADJUSTED DILUTED EPS ($ in millions, except per share amounts) PAGE 17
Slide 18: Revenue and Adjusted EBITDA by Segment
REVENUE AND ADJUSTED EBITDA BY SEGMENT ($ in millions) PAGE 18
Slide 19: Reconciliation of Income from Discontinued Operations to Non-GAAP Adjusted EBITDA
RECONCILIATION OF INCOME FROM DISCONTINUED OPERATIONS TO NON-GAAP ADJUSTED EBITDA FROM DISCONTINUED OPERATIONS ($ in millions) PAGE 19