Jeld-wen Holding, Inc. · NYSE:JELD
Jeld-wen — Q2 2021 Earnings Presentation
20 slides from Jeld-wen's earnings presentation, Aug 2, 2021
Slide 1: Second-Quarter 2021 Results Presentation
SECOND-QUARTER 2021 RESULTS PRESENTATION August 2, 2021
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 ab
Slide 3: Introduction
INTRODUCTION Gary S. Michel, President and CEO |
Slide 4: JELD-WEN's Strategic Growth Drivers
JELD-WEN’S STRATEGIC GROWTH DRIVERS World-Class Financial Performance and Shareholder Returns Operational Cash Flow Accelerate Premier Performing Excellence and and Disciplined Organic Growth Culture Margin Expansion Capital Allocation MARKET LEADER | STRONG BRANDS | UNRIVALED PRODUCT BREADTH | GLOB
Slide 5: Q2 Highlights
Q2 HIGHLIGHTS ▪ Achieved core revenue growth of 19%; strong performance across all three segments ▪ Pricing and volume improved sequentially from Q1 2021 ▪ Gross margin expansion of 140 basis points ▪ 11th consecutive quarter of favorable price / cost realization ▪ Footprint rationalization and mode
Slide 6: JEM Enables Growth and Margin Expansion
JEM ENABLES GROWTH AND MARGIN EXPANSION EVOLUTION OF LEAN CULTURE Strategy and Leadership and LEADING Growth Focus Growth Excellence Commercial and LIVING System Focus Operational Excellence Continuous Improvement DOING Tool Focus Culture JEM DELIVERS MULTIPLE GROWTH LEVERS 6 |
Slide 7: Strategy for Growth Aligned with Core Values
STRATEGY FOR GROWTH ALIGNED WITH CORE VALUES “Universal Strategy for Growth” – Investor Day May 2021 ESG Report – May 2021 ESG STRATEGY SUPPORTS FOUNDATION OF UNIVERSAL STRATEGY FOR GROWTH 7 |
Slide 8: Positive Fundamentals for End Market Demand
POSITIVE FUNDAMENTALS FOR END MARKET DEMAND North America Europe Australasia Strong intermediate and long-term Core end markets supportive of growth: Record housing activity expected housing fundamentals driven by: • Replace and remodel market following multi-year housing recession: • Underbuilt res
Slide 9: Financial Review
FINANCIAL REVIEW John Linker, Executive Vice President and CFO |
Slide 10: Q2 2021 Financial Summary
Q2 2021 FINANCIAL SUMMARY USD in millions Net Revenue Adj. EBITDA Adj. EBITDA Margin Core Core Core 19% 15% (40 bps) CONTINUED TO DELIVER ORGANIC REVENUE AND EBITDA GROWTH “Core revenue” and “core adjusted EBITDA” exclude the impact of FX and acquisitions completed in the last 12 months. 10 | “Core
Slide 11: Q2 2021 Net Revenue Walk
Q2 2021 NET REVENUE WALK JELD-WEN North America Europe Australasia Q2 2021 Pricing 6% 8% 3% 1% Volume/Mix 13% 13% 18% 8% Core Revenue Growth 19% 21% 21% 9% Acquisitions 0% 0% 0% 0% FX 6% 1% 13% 18% Total 25.5% 21.7% 33.7% 27.1% 2021 YTD Pricing 5% 7% 2% 1% Volume/Mix 8% 8% 9% 5% Core Revenue Growth
Slide 12: Q2 2021 Segment Performance
Q2 2021 SEGMENT PERFORMANCE Adj. EBITDA Margin bps Net Revenue vs. PY Adj. EBITDA vs. PY vs. PY As Reported (90) North Europe Australasia North Europe Australasia North Europe Australasia America America America Core (ex. FX & MA) (90) North Europe Australasia North Europe Australasia North Europe A
Slide 13: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW USD in millions Balance Sheet June 26, 2021 December 31, 2020 Total Debt $1,719.6 $1,768.0 Cash $618.3 $735.8 Total Net Debt $1,101.3 $1,032.2 Net Debt / Adjusted EBITDA 2.2x 2.3x Cash Flow YTD 2021 YTD 2020 Cash Flow From Operations $40.7 $38.3 Capital Expenditures (1) (
Slide 14: 2021 Outlook
2021 OUTLOOK |
Slide 15: 2021 Outlook
2021 OUTLOOK USD in millions Previous Revised Net Revenue growth vs. prior year 8.0% - 11.0% 12.0% - 14.0% Adjusted EBITDA $505 - $535 $510 - $535 Capital Expenditures $130 - $140 $130 - $140 CATALYSTS DRIVE REVENUE GROWTH AND MARGIN EXPANSION THROUGH JEM IN 2021 15 |
Slide 16: Why JELD-WEN
WHY JELD-WEN ▪ Multi-faceted growth story with a successful track record of earnings growth, compounding cash flow, and capital deployment ▪ Well-defined strategy and business operating system that will drive transformation and deliver profitable organic growth ▪ Leading market positions, attractive
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Slide 18: Appendix
APPENDIX PP" JELP WEN
Slide 19: Non-GAAP Reconciliation: Adjusted EBITDA
NON-GAAP RECONCILIATION ADJUSTED EBITDA (USD in millions) 1. Impairment and restructuring charges consist of (i) impairment and restructuring charges that are included in our accompanying unaudited consolidated statements of operations plus (ii) additional charges relating to inventory and/or manufa
Slide 20: Non-GAAP Reconciliation: Adjusted Net Income and Free Cash Flow
NON-GAAP RECONCILIATION ADJUSTED NET INCOME AND FREE CASH FLOW (USD in millions) 1. Except as otherwise noted, adjustments to net income and net income per share are tax-effected at an adjusted tax rate of 25.3% for the three months and six months ended June 26, 2021; and 25.7% for the three months