Jeld-wen Holding, Inc. · NYSE:JELD
Jeld-wen — Q3 2020 Earnings Presentation
17 slides from Jeld-wen's earnings presentation, Nov 3, 2020
Slide 1: Third-Quarter 2020 Results Presentation
THIRD-QUARTER 2020 RESULTS PRESENTATION November 3, 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 S. Michel, President and CEO |
Slide 4: Key Messages
KEY MESSAGES ▪ Revenue growth and margin expansion demonstrate solid execution in a challenging environment ▪ Disciplined adherence to our playbook resulted in share gains, new customer acquisitions, productivity, and price realization ▪ JEM (JELD-WEN Excellence Model) provides the foundation for co
Slide 5: Q3 Highlights
Q3 HIGHLIGHTS ▪ Delivered Q3 2020 financial performance ahead of expectations ▪ Strong housing demand, price, and share gain drove sequential revenue improvement ▪ Adjusted EBITDA growth of 20% on revenue growth of 1.9% ▪ Price, productivity and share gain deliver 200 bps of core margin expansion vs
Slide 6: Footprint Modernization and Rationalization
FOOTPRINT MODERNIZATION AND RATIONALIZATION OBJECTIVES RATIONALIZATION PLAN ▪ Leverage acquired assets and JEM (square feet in millions) tools to reduce global facility footprint and increase efficiency ▪ Reduce complexity ▪ Increase capacity ▪ Improve service and customer satisfaction ▪ Reduce cost
Slide 7: Celebrating 60 Years
CELEBRATING 60 YEARS HONORING OUR LEGACY AND INSPIRING OUR FUTURE 7 |
Slide 8: Financial Review
FINANCIAL REVIEW John Linker, Executive Vice President and CFO |
Slide 9: Q3 2020 Financial Summary
Q3 2020 FINANCIAL SUMMARY USD in millions NET REVENUE Adj. EBITDA Adj. EBITDA Margin Core Core Core 0.2% 20.6% 200 bps $1,092.0 $1,112.9 $108.9 $130.7 10.0% 11.7% 3Q19 3Q20 3Q19 3Q20 3Q19 3Q20 DELIVERED SIGNIFICANT EARNINGS GROWTH AND MARGIN EXPANSION “Core revenue” and “core adjusted EBITDA” exclud
Slide 10: Q3 2020 Net Revenue Walk
Q3 2020 NET REVENUE WALK JELD-WEN North America Europe Australasia Q3 2020 Pricing 3% 6% 1% (1%) Volume/Mix (3%) (5%) 2% (7%) Core Growth (0%) 1% 3% (8%) Acquisitions 0% 0% 0% 0% FX 2% 0% 5% 3% Total 1.9% 0.6% 8.1% (4.5%) STRONG PRICE REALIZATION PARTIALLY OFFSET BY VOLUME HEADWINDS “Core revenue” a
Slide 11: Q3 2020 Segment Performance
Q3 2020 SEGMENT PERFORMANCE Adj. EBITDA Margin bps NET REVENUE vs. PY Adj. EBITDA vs. PY vs. PY 38.6% 380 32.4% As Reported 240 8.1% 0.6% (4.5%) (9.1%) (70) North America Europe Australasia North America Europe Australasia North America Europe Australasia Core (ex. FX & MA) 38.9% 380 25.7% 230 3.1%
Slide 12: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW USD in millions Balance Sheet September 26, 2020 December 31, 2019 Total Debt $1,767.4 $1,517.4 Cash $605.8 $226.0 Total Net Debt $1,161.6 $1,291.4 Net Debt / Adjusted EBITDA 2.8x 3.1x Cash Flow YTD 2020 YTD 2019 Cash Flow From Operations $210.6 $164.9 Capital Expenditure
Slide 13: Global Liquidity Profile
GLOBAL LIQUIDITY PROFILE USD in millions Liquidity includes cash and availability from undrawn revolving credit facilities. RECORD HIGH LIQUIDITY POSITION PROVIDES STRENGTH AND FLEXIBILITY 13 |
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Slide 15: Appendix
APPENDIX (po! JELDWEN
Slide 16: Non-GAAP Reconciliation: Adjusted EBITDA
NON-GAAP RECONCILIATION ADJUSTED EBITDA ( USD in millions ) Three Months Ended Nine Months Ended September September September September (amounts in millions) 26, 2020 28, 2019 26, 2020 28, 2019 Net income $ 25.5 $ 17.0 $ 48.3 $ 55.2 Income tax expense 16.0 22.5 27.6 45.0 Depreciation and amortizati
Slide 17: 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 Nine Months Ended September September September September (amounts in millions, except share and per share data) 26, 2020 28, 2019 26, 2020 28, 2019 Net income $ 25.5 $ 17.0 $ 48.3 $ 55.2 Legal costs