Louisiana-pacific Corporation · NYSE:LPX
Louisiana-pacific — Q2 2023 Earnings Presentation
17 slides from Louisiana-pacific's earnings presentation, Aug 2, 2023
Slide 1: Second Quarter 2023 Results
SECOND QUARTER 2023 RESULTS August 2, 2023
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: Q2 2023 Financial Results and Other Key Points
Other Key Points Q2 2023 FINANCIAL RESULTS Wawa Acquisition $611M $93M $88M $0.55 $80M Net Sales Adj. EBITDA1 Op. Cash Adj. EPS1 (46)% (81)% Flow $(3.64) Raw Material Price $(394)M Inflation YoY $(6)M or (3)% Named Safest Company -11% -$368M $17M $74M by APA – The Engineered Wood Association Siding
Slide 6: Siding Growth and Innovation
SIDING GROWTH AND INNOVATION Growth (TTM) Percent of Total Volume U.S. Single Siding Volume Siding Price Family Housing Starts1 Q2-22 Q2-23 +0% +11% -22% 7% 9% Q2-2022 Q2-2023 Q2-2022 Q2-2023 Q2-2022 Q2-2023 ExpertFinish 1 Actual U.S. housing starts data from U.S. Census Bureau as Primed SmartSide r
Slide 7: Siding – Q2 2023 vs. Q2 2022
SIDING – Q2 2023 VS. Q2 2022 ($ in millions) $(19) $78 $16 $(26) $(6) $(4) $59 $1 Overall Overall Mill Raw 6% (16)% conversions materials $(5)M $(6)M OEE 78%, +2ppts Sales & Labor $(2)M marketing Freight $4M $(1)M 2022 Siding Solutions Siding Solutions Investment Inflationary Other 2023 EBITDA1 Pric
Slide 8: OSB – Q2 2023 vs Q2 2022
OSB – Q2 2023 VS Q2 2022 ($ in millions) $(366) $403 Overall (12)% Overall (13)% Production costs $17M Production: Production: Curtailment (15)% Curtailment (15)% Sagola fixed Sagola (14)% Sagola (9)% overhead $6M OEE Impact +4ppts Mix 54%, +1ppt Net freight $4M $(368) $37 $(13) $32 $(15) $(1) 2022
Slide 9: Cash Flow Liquidity
CASH FLOW Liquidity ($ in millions) Ending Cash $71M Credit Facility Outstanding $30M Available $520M Total Liquidity ~$600M Long-Term Debt $350M @ 3.625%, 2029 1 This is a non-GAAP financial measure. See “Statement Relating to the Use of Non-GAAP Financial Measures” and “Reconciliation of Net Incom
Slide 10: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA ($ in millions) PAGE 10
Slide 11: Guidance
GUIDANCE REVENUE & ADJUSTED EBITDA1 Siding Solutions FY 2023 YoY Revenue Decrease ~10% OSB Q3 2023 Revenue Compared to Q2 20231 >50% Increase LP Q3 2023 Consolidated Adjusted EBITDA1,2 $160M-180M CAPEX GUIDANCE Full-Year CAPEX, excluding Wawa acquisition $290M-$310M Siding Mill Conversions $120M-$1
Slide 12: Appendix
APPENDIX
Slide 13: Q2 2023 vs. Q2 2022 Summary
Q2 2023 VS. Q2 2022 SUMMARY ($ in millions) Q2 2023 vs. Q2 2022 Revenue Adj. EBITDA 1 Q2 2022 Actual $ 1,130 $ 491 North America OSB price, excluding freight (368) (368) OSB market curtailment and Sagola siding conversion (61) (29) Siding Solutions growth, including sales and marketing (38) (10) Str
Slide 14: Financial Performance
FINANCIAL PERFORMANCE ($ in millions, except per share amounts) PAGE 14
Slide 15: 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 15
Slide 16: Revenue and Adjusted EBITDA by Segment
REVENUE AND ADJUSTED EBITDA BY SEGMENT ($ in millions) PAGE 16
Slide 17: 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 17