Jeld-wen Holding, Inc. · NYSE:JELD
Jeld-wen — Q1 2021 Earnings Presentation
21 slides from Jeld-wen's earnings presentation, Apr 30, 2021
Slide 1: First-Quarter 2021 Results Presentation
FIRST-QUARTER 2021 RESULTS PRESENTATION April 30, 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 and Premier Accelerate Excellence and Disciplined Capital Performing Organic Growth Margin Expansion Allocation Culture MARKET LEADER | STRONG BRANDS | UNRIVALED PRODUCT BREADTH | GLOB
Slide 5: Delivering Growth and Margin Expansion
DELIVERING GROWTH AND MARGIN EXPANSION North America Windows Europe Smart Entrance System Growth Through Differentiated Service Growth Through Innovation ✓ Operational excellence ✓ Breakthrough Innovation ✓ Value stream mapping ✓ Integrated product systems ✓ Superior customer experience West Coast P
Slide 6: Q1 Highlights
Q1 HIGHLIGHTS ▪ Achieved core revenue growth of 6%; strong performance across all three segments ▪ Pricing and volume improved sequentially from Q4 2020 ▪ Adjusted EBITDA growth of 31.4% vs. prior year ▪ Fourth consecutive quarter of core adjusted EBITDA margin expansion ▪ Footprint rationalization
Slide 7: ESG Commitments Align with Strategy
ESG COMMITMENTS ALIGN WITH STRATEGY ▪ Energy efficiency ▪ Circular economies and sustainable product portfolios ▪ Research and innovation BUILDING ON OUR LEGACY OF SUSTAINABILITY AND COMMUNITY SUPPORT 7 |
Slide 8: Introducing New JELD-WEN Board Members
INTRODUCING NEW JELD-WEN BOARD MEMBERS Tracey Joubert Cynthia Marshall David Nord ▪ CFO of Molson Coors ▪ CEO of Dallas Mavericks ▪ Executive Chairman of Beverage Company Hubbell Incorporated ▪ Founded Marshalling ▪ Served in increasingly Resources, a consulting firm ▪ Previously served as responsib
Slide 9: Financial Review
FINANCIAL REVIEW John Linker, Executive Vice President and CFO |
Slide 10: Q1 2021 Financial Summary
Q1 2021 FINANCIAL SUMMARY USD in millions Net Revenue Adj. EBITDA Adj. EBITDA Margin Core Core Core 6% 29% 160 bps CONTINUED TO DELIVER EARNINGS GROWTH AND MARGIN EXPANSION “Core revenue” and “core adjusted EBITDA” exclude the impact of FX and acquisitions completed in the last 12 months. 10 | “Core
Slide 11: Q1 2021 Net Revenue Walk
Q1 2021 NET REVENUE WALK JELD-WEN North America Europe Australasia Q1 2021 Pricing 4% 6% 2% 0% Volume/Mix 2% 3% 2% 2% Core Revenue Growth 6% 9% 4% 2% Acquisitions 0% 0% 0% 0% FX 5% 0% 10% 17% Total 11.6% 9.0% 13.9% 19.2% Q1 STRONG PRICE REALIZATION AND VOLUME IMPROVEMENTS “Core revenue” and “core ad
Slide 12: Q1 2021 Segment Performance
Q1 2021 SEGMENT PERFORMANCE Adj. EBITDA Margin bps Net Revenue vs. PY Adj. EBITDA vs. PY vs. PY As Reported Core (ex. FX & MA) CORE REVENUE GROWTH AND MARGIN EXPANSION ACROSS ALL SEGMENTS “Core revenue” and “core adjusted EBITDA” exclude the impact of FX and acquisitions completed in the last 12 mon
Slide 13: 2021 Q1 Net Working Capital Improvement
2021 Q1 NET WORKING CAPITAL IMPROVEMENT Net Working Capital as a % of Net Sales (160 bps) (80 bps) (1) Net Working Capital = Accounts Receivable + Inventory - Accounts Payable - Accrued Expenses (2) Working Capital as a % of net sales is calculated on a trailing twelve month net sales value 13 |
Slide 14: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW USD in millions Balance Sheet March 27, 2021 December 31, 2020 Total Debt $1,759.4 $1,768.0 Cash $612.8 $735.8 Total Net Debt $1,146.6 $1,032.2 Net Debt / Adjusted EBITDA 2.4x 2.3x Cash Flow YTD 2021 YTD 2020 Cash Flow From Operations ($64.9) ($76.5) Capital Expenditures
Slide 15: 2021 Outlook
2021 OUTLOOK |
Slide 16: 2021 Outlook
2021 OUTLOOK USD in millions Full Year 2021 Outlook Assumptions 2020 Previous Revised Net Revenue growth vs. prior year (1.3%) 4.0% - 7.0% 8.0% - 11.0% Adjusted EBITDA $446.4 $480 - $520 $505 - $535 Capital Expenditures $96.9 $135 - $145 $130 - $140 CATALYSTS DRIVE REVENUE GROWTH AND MARGIN EXPANSIO
Slide 17: 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 19: Appendix
APPENDIX PP" JELP WEN
Slide 20: Non-GAAP Reconciliation
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 21: Non-GAAP Reconciliation
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% and 25.7% for the three months ended March 27, 2021 and March 28, 2020, respectively. 1.