Louisiana-pacific Corporation · NYSE:LPX
Louisiana-pacific — Q1 2021 Earnings Presentation
17 slides from Louisiana-pacific's earnings presentation, May 4, 2021
Slide 1: Q1 2021 Earnings Presentation
Q1 2021 EARNINGS PRESENTATION May 4, 2021
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. Factors that could cause actual results to d
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 2021 Highlights
Q1 2021 HIGHLIGHTS • LP® SmartSide® sales increased by 49% • Volume of Smooth, ExpertFinish and Shakes more than doubled • OSB sales increased by $319M to $539M on 7% lower volumes • OSB Structural Solutions mix increased to 47% • LPSA net sales increased by 47%, Adjusted EBITDA by $14M PAGE 5
Slide 6: Q1 2021 Financial Results
Q1 2021 FINANCIAL RESULTS Increasing CapEx $1.0B $461M $314M $3.01 investments to meet growing demand Declared dividend of Net Sales Adj. EBITDA Op. CF Adj. EPS $0.16 per share +74% 5x +$323M +$2.67 $32M remaining under $300M buyback authority as of May 3, 2021 49% +$333M $122M $17M Additional buyba
Slide 7: Q1 2021 vs Q1 2020 Summary
Q1 2021 VS Q1 2020 SUMMARY ($ in millions) Revenue Adj. EBITDA Q1 2020 Actual $ 585 $ 83 OSB price +165% YoY 333 333 SmartSide growth +49% YoY 93 51 All other 6 (6) Q1 2021 Actual $1,017 $ 461 PAGE 7
Slide 8: Transformation
TRANSFORMATION SmartSide Growth (TTM) 2021 Q1 vs 2020 Q1 U.S. Single Family SmartSide Housing Starts 1 Segment Revenue ($M) Growth Efficiency Total +13% +26% 1,033 Siding $53 $1 $54 910 OSB $1 $(4) $(3) LPSA & Corporate 2 $14 $0 $14 Total Q1 Adj. EBITDA Impact $68 $(3) $65 Q1 2020 Q1 2021 Q1 2020 Q1
Slide 9: Transformation: SmartSide Growth
TRANSFORMATION: SMARTSIDE GROWTH Compared to Single-Family Starts Growth of ExpertFinish, Smooth & Shakes U.S. Single Family SmartSide Housing Starts 1 Revenue ($M) +49% +21% Q1-20 Volume Q1-21 Volume 257 212 8.1% 4.7% Panel Lap, Trim, Soffit ExpertFinish, Smooth, Shakes Q1 2020 Q1 2021 Q1 2020 Q1 2
Slide 10: Siding – Q1 2021 vs Q1 2020
SIDING – Q1 2021 VS Q1 2020 ($ in millions) $48 $3 $1 ($5) $90 ($2) $51 OEE 90% vs 89% PY Fixed cost leverage $42 $(3)M due to Fiber volume 32% Sourcing inventory build PYQ (37) mmsf savings $1M 20% Freight $(3)M Volume up 39% Net ASP up 7% Raw material $1M 2020 SmartSide Sales Sales & Marketing Eff
Slide 11: OSB – Q1 2021 vs Q1 2020
OSB – Q1 2021 VS Q1 2020 ($ in millions) $319 $(1) $0 $(4) $(3) $333 $(5) $354 $35 OEE 82% vs 88% PY, Volume 13 mmsf, Volume up includes $(8)M 51 mmsf Conversion costs or 2%, excluding 5 mmsf from resin (15 mmsf vs PY) $(4)M (79) mmsf from substitution 16% resin substitution Mix 47% vs 43% Freight $
Slide 12: 2021 Capex Guidance; Q2 2021 Revenue & Adj. EBITDA
2021 CAPEX GUIDANCE Full-Year Capital Investment $230M - $250M Houlton Conversion $90 - $95M Other Strategic Growth Capital $40 - $45M Sustaining Maintenance Capital $100M - $110M Q2 2021 REVENUE & Adj. EBITDA SmartSide YoY Revenue Growth >30% OSB Revenue Compared to Q1 2021 >30% Increase LP Consoli
Slide 13: Appendix
APPENDIX
Slide 14: Revenue and Adjusted EBITDA by Segment
REVENUE AND ADJUSTED EBITDA BY SEGMENT ($ in millions) PAGE 14
Slide 15: Cash Flow
CASH FLOW ($ in millions) PAGE 15
Slide 16: Reconciliation of Net Income to Adjusted EBITDA
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA ($ in millions) PAGE 16
Slide 17: Reconciliation of Net Income to Adjusted Income
RECONCILIATION OF NET INCOME TO ADJUSTED INCOME ($ in millions) PAGE 17