Jeld-wen Holding, Inc. · NYSE:JELD
Jeld-wen — Q2 2020 Earnings Presentation
16 slides from Jeld-wen's earnings presentation, Aug 4, 2020
Slide 1: Second-Quarter 2020 Results Presentation
SECOND-QUARTER 2020 RESULTS PRESENTATION August 4, 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: Q2 Key Takeaways
Q2 KEY TAKEAWAYS ▪ Delivered Q2 2020 financial performance ahead of expectations in an uncertain market environment ▪ Achieved price realization and profitable share gain in target products and markets partially offset headwinds caused by COVID-19, resulting in Q2 revenues down only 11% vs. PY ▪ Q2
Slide 5: Market Updates
MARKET UPDATES North America Europe Australasia • Housing starts and permits showed • Residential construction demand • Housing recovery delayed due to sequential strength in June varies by country; relative strength COVID-19 impact; new construction • Residential new construction in Scandinavia and
Slide 6: Commitment to Our Values and Business Operating System
COMMITMENT TO OUR VALUES AND BUSINESS OPERATING SYSTEM Safety for our Associates Business Continuity for our Customers Build Business Invest Inspire Customer Deliver on our Improve Ethically & Safely in People Through Innovation Promises Every Day Caring for our Communities North America Europe Aust
Slide 7: Financial Review
FINANCIAL REVIEW John Linker, Executive Vice President and CFO |
Slide 8: Q2 2020 Financial Summary
Q2 2020 FINANCIAL SUMMARY USD in millions NET REVENUE Adj. EBITDA Adj. EBITDA Margin Core Core Core (10%) 1% 140 bps (11.3%) (1.5%) 130 bps $1,119.0 12.7% $127.6 11.4% $992.3 $125.7 2Q19 2Q20 2Q19 2Q20 2Q19 2Q20 SIGNIFICANT MARGIN EXPANSION ON LOWER REVENUE Core excludes impact of FX and acquisition
Slide 9: Q2 2020 Net Revenue Walk
Q2 2020 NET REVENUE WALK JELD-WEN North America Europe Australasia Q2 2020 Pricing 3% 5% 0% (1%) Volume/Mix (13%) (14%) (11%) (11%) Core Growth (10%) (9%) (11%) (12%) Acquisitions 0% 0% 0% 0% FX (1%) 0% (2%) (6%) Total (11.3%) (9.0%) (12.9%) (18.3%) SEQUENTIAL IMPROVEMENT IN PRICE REALIZATION PARTIA
Slide 10: Q2 2020 Segment Performance
Q2 2020 SEGMENT PERFORMANCE Adj. EBITDA Margin bps NET REVENUE vs. PY Adj. EBITDA vs. PY vs. PY 190 As Reported 120 4.1% (2.2%) (9.0%) (12.9%) (170) (18.3%) (28.3%) North America Europe Australasia North America Europe Australasia North America Europe Australasia 190 Core (ex. FX & MA) 140 4.4% 2.7%
Slide 11: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW USD in millions Balance Sheet June 27, 2020 December 31, 2019 Total Debt $1,761.9 $1,517.4 Cash $457.7 $226.0 Total Net Debt $1,304.2 $1,291.4 Net Debt / Adjusted EBITDA 3.3x 3.1x Cash Flow YTD 2020 YTD 2019 Cash Flow From Operations $38.3 $42.6 Capital Expenditures (1) (
Slide 12: Global Liquidity Profile
GLOBAL LIQUIDITY PROFILE USD in millions $900 $809 $800 $700 $600 $554 $500 $450 $431 $400 $380 $334 $355 $330 $300 $282 $200 $183 $100 $ Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Revolver Availability Cash Liquidity includes cash and availability from undrawn r
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Slide 14: Appendix
APPENDIX (po! JELDWEN
Slide 15: Non-GAAP Reconciliation: Adjusted EBITDA
NON-GAAP RECONCILIATION ADJUSTED EBITDA ( USD in millions ) Three Months Ended Six Months Ended June 27, June 29, June 27, June 29, (amounts in millions) 2020 2019 2020 2019 Net income $ 23.1 $ 22.4 $ 22.9 $ 38.1 Income tax expense 10.4 12.2 11.6 22.5 Depreciation and amortization 32.8 33.9 66.2 64.
Slide 16: Non-GAAP Reconciliation: Adjusted Net Income and Free Cash Flow
NON-GAAP RECONCILIATION ADJUSTED NET INCOME AND FREE CASH FLOW ( USD in millions) Three Months Ended Six Months Ended (amounts in millions, except share and per share data) June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Net income $ 23.1 $ 22.4 $ 22.9 $ 38.1 Legal costs and professional exp