Jeld-wen Holding, Inc. · NYSE:JELD
Jeld-wen — Q1 2022 Earnings Presentation
18 slides from Jeld-wen's earnings presentation, May 2, 2022
Slide 1: First Quarter 2022 Results
First Quarter 2022 Results May 02, 2022
Slide 2: Disclosures
Disclosures Forward-Looking Statements Certain statements in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements by our CEO and statements regarding our business strategies and ability to execute on our pla
Slide 3: Introduction
Introduction Gary S. Michel Chair and CEO
Slide 4: Q1 Highlights
Q1 Highlights • All segments contributing to 10% core revenue growth • Seventh consecutive quarter of core revenue growth • Price offset material and freight inflation • North America core revenue growth of 13% • Strong demand driving order growth and backlogs • Repurchased $40.2 million of our stoc
Slide 5: Driving Profitable Growth & Margin Expansion
Driving Profitable Growth & Margin Expansion Process Energy Efficient and Transformation Composite Window Innovations Customer Experience VPI Multi Family Windows Innovation Expansion J E M C A PA C I T Y E X PA N S I O N A N D O P T I M I Z AT I O N 5 |
Slide 6: Financial Review
Financial Review David Guernsey Executive Vice President and Acting CFO
Slide 7: Q1 2022 Financial Summary
Q1 2022 Financial Summary USD in millions Net Revenue Adjusted EBITDA Adjusted EBITDA Margin Core Core Core 10% (23%) (270 bps) Strong revenue growth from pricing; EBITDA margin compressed by inflation “Core revenue” and “core adjusted EBITDA” exclude the impact of FX and acquisitions completed in t
Slide 8: Q1 2022 Net Revenue Walks
Q1 2022 Net Revenue Walks JELD-WEN North America Europe Australasia Q1 2022 Pricing 12% 14% 11% 6% Volume/Mix (2%) (1%) (3%) (5%) Core Revenue Growth 10% 13% 8% 1% Acquisitions 0% 0% 0% 0% FX (3%) 0% (7%) (6%) Total 7.2% 12.9% 0.9% (5.2%) Seventh consecutive quarter of core revenue growth “Core reve
Slide 9: Quarterly Price/Cost Progression
Quarterly Price/Cost Progression Q2 21 Q3 21 Q4 21 Q1 22 Price Material/Freight Inflation Price continues to offset inflation 9 |
Slide 10: Q1 2022 Segment Performance
Q1 2022 Segment Performance Adj. EBITDA Margin bps Net Revenue vs. PY Adj. EBITDA vs. PY vs. PY 12.9% As Reported 0.9% (5.2%) (15.9%) (21.4%) (170) 13% (320) 8% (49.0%) Core (ex. FX & MA) (450) 1% (16%) (16)% (170) (320) (46%) (450) North Europe Australasia North Europe Australasia North Europe Aust
Slide 11: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow USD in millions Balance Sheet March 26, 2022 December 31, 2021 Total Debt $1,819.4 $1,706.3 Cash $265.6 $395.6 Total Net Debt $1,553.8 $1,310.7 Net Debt / Adjusted EBITDA 3.5x 2.8x Cash Flow YTD 2022 YTD 2021 Cash Flow From Operations ($186.9) ($64.9) Capital Expenditures
Slide 12: Outlook
Outlook
Slide 13: Positive Fundamentals For End Market Demand
Positive Fundamentals For End Market Demand North America Europe Australasia Strong housing fundamentals: Core end markets supportive of growth: Robust housing activity following multi- • Solid demand for both R&R and • Near term uncertainty caused from year housing recession: residential new constr
Slide 14: 2022 Outlook
2022 Outlook USD in millions REVENUE ADJUSTED CAPITAL GROW TH EBITDA EXPENDITURES 7% to 10% $520 to $565 $130 to $150 Outlook driven by healthy demand and margin expansion 1414
Slide 15: JEM Video
JEM Video 15
Slide 16: NON-GAAP Reconciliation: Adjusted EBITDA
NON-GAAP Reconciliation Adjusted EBITDA USD in millions Three Months Ended March 26, March 27, (amounts in millions) 2022 2021 Net (loss) income $ (0.5) $ 25.5 Income tax (benefit) expense (0.2) 10.4 Depreciation and amortization 32.6 34.2 Interest expense, net 18.4 18.5 Impairment and restructuring
Slide 17: NON-GAAP Reconciliation: Adjusted Net Income
NON-GAAP Reconciliation Adjusted Net Income USD in millions Three Months Ended March 26, March 27, (amounts in millions, except share and per share data) 2022 2021 Net (loss) income $ (0.5) $ 25.5 Legal costs and professional expenses 5.0 13.8 Non-cash foreign exchange transactions/translation loss
Slide 18: NON-GAAP Reconciliation: Free Cash Flow and Net Debt Leverage
NON-GAAP Reconciliation Free Cash Flow and Net Debt Leverage USD in millions Three Months Ended March 26, March 27, 2022 2021 Net cash provided by operating activities $ (186.9) $ (64.9) Less capital expenditures 16.4 21.0 Free cash flow (1) $ (203.2) $ (85.9) (1) Free cash flow is a financial measu