Jeld-wen Holding, Inc. · NYSE:JELD
Jeld-wen — Q1 2020 Earnings Presentation
19 slides from Jeld-wen's earnings presentation, May 5, 2020
Slide 1: First-Quarter 2020 Results Presentation
FIRST-QUARTER 2020 RESULTS PRESENTATION May 5, 2020
Slide 2: Disclosures
DISCLOSURES Forward-Looking Statements This presentation contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements by our CEO and CFO and statements regarding our business strategies and abi
Slide 3: Introduction
INTRODUCTION Gary Michel, President and CEO |
Slide 4: Q1 Key Takeaways
Q1 KEY TAKEAWAYS ▪ Delivered Q1 Adjusted EBITDA margin of 7.6%, ahead of previous outlook – Third consecutive quarter of core margin expansion in Europe – Sixth consecutive quarter of price vs. cost inflation ▪ Q1 revenue declined 3% vs. prior year – Core revenue growth in North America offset by ma
Slide 5: COVID-19 Response
COVID-19 RESPONSE Safety Business Continuity • Our priority is the heath and safety of our • Supporting all our customers’ needs is our priority associates, partners and customers • Following guidance of health organizations and • Building safety stock inventory where appropriate governments • Manuf
Slide 6: Segment Updates
SEGMENT UPDATES North America Europe Australasia Current Status Current Status Current Status • Residential new construction • COVID-19 pushes flat to low growth • Construction markets remain open, continues in most markets, builder markets into a decline for the region demand down from continuation
Slide 7: Financial Review
FINANCIAL REVIEW John Linker, Executive Vice President and CFO |
Slide 8: Q1 2020 Financial Summary
Q1 2020 FINANCIAL SUMMARY USD in millions NET REVENUES Adj. EBITDA Adj. EBITDA Margin Core Core Core (3%) (17%) (120 bps) (120 bps) (3.1%) (16.5%) $1,010.3 $979.2 8.8% $89.3 7.6% $74.5 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 REVENUE GROWTH IN NORTH AMERICA NOT SUFFICIENT TO OFFSET HEADWINDS IN EUROPE AND AUST
Slide 9: Q1 2020 Net Revenues Walk
Q1 2020 NET REVENUES WALK JELD-WEN North America Europe Australasia Q1 2020 Pricing 2% 3% 1% (2%) Volume/Mix (5%) (2%) (4%) (16%) Core Growth (3%) 1% (3%) (18%) Acquisitions 2% 3% 0% 0% FX (2%) 0% (3%) (6%) Total (3.1%) 3.8% (6.2%) (23.6%) SIXTH CONSECUTIVE QUARTER OF POSITIVE PRICE/COST REALIZATION
Slide 10: Q1 2020 Segment Performance
Q1 2020 SEGMENT PERFORMANCE Adj. EBITDA Margin bps NET REVENUES vs. PY Adj. EBITDA vs. PY vs. PY 3.8% As Reported (7.2%) (6.2%) (100) (90) (15.6%) (23.6%) (46.7%) (340) North America Europe Australasia North America Europe Australasia North America Europe Australasia Core (ex. FX & MA) 0.5% 20 (3.0%
Slide 11: Balance Sheet and Liquidity Overview
BALANCE SHEET AND LIQUIDITY OVERVIEW |
Slide 12: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW USD in millions Balance Sheet March 28, 2020 December 31, 2019 Total Debt $1,611.9 $1,517.4 Cash $214.3 $226.0 Total Net Debt $1,397.6 $1,291.4 Net Debt / Adjusted EBITDA 3.5x 3.1x Cash Flow YTD 2020 YTD 2019 Cash Flow From Operations ($76.5) ($28.0) Capital Expenditures
Slide 13: Global Liquidity Profile
GLOBAL LIQUIDITY PROFILE USD in millions $800 $700 $696 $600 $554 $500 $450 $431 $400 $380 $355 $334 $330 $300 $282 $200 $183 $100 $ Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q1 pro forma (1) Revolver Availability Cash Liquidity includes cash and availability from undra
Slide 14: Long-Term Debt Maturity Timeline
LONG-TERM DEBT MATURITY TIMELINE USD in millions Debt Maturities by Year 2020 Australian Credit Facilities (AUD 35 million Interchangeable 2021 Facility and AUD 30 million Supplemental Liquidity Facility) Asset Based Revolver (1) ($400 million): Springing maintenance financial covenant 2022 that app
Slide 15: COVID-19 Response – Austerity Measures
COVID-19 RESPONSE – AUSTERITY MEASURES Summary of Cost and Cash Actions Implemented • Senior management and Board of Directors compensation reductions • Furloughs and/or usage of accrued leave to reduce salary costs across all regions • Delay in annual merit salary increases • Temporary closure of c
Slide 16: Outlook
OUTLOOK ▪ Completed sensitivity analysis for multiple scenarios of demand impact from COVID-19 ▪ Cost reduction and liquidity actions are in place; additional levers identified and can be implemented depending on future conditions ▪ Near-term decremental margins benefit from cost reduction actions a
Slide 17: Appendix
APPENDIX (po! JELDWEN
Slide 18: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION ADJUSTED EBITDA ( USD in millions ) Three Months Ended March 28, March 30, 2020 2019 Net income (loss) $ (0.2) $ 15.8 Income tax expense 1.2 10.3 Depreciation and amortization 33.5 30.9 Interest expense, net 16.6 17.7 Impairment and restructuring charges (1) 6.7 4.1 Loss (gai
Slide 19: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION ADJUSTED NET INCOME AND FREE CASH FLOW ( USD in millions) Three Months Ended March 28, March 30, (amounts in millions, except share and per share data) 2020 2019 Net income (loss) $ (0.2) $ 15.8 Legal costs and professional expenses 11.7 1.6 Non-cash foreign exchange transact