Jeld-wen Holding, Inc. · NYSE:JELD
Jeld-wen — Q4 2021 Earnings Presentation
18 slides from Jeld-wen's earnings presentation, Feb 22, 2022
Slide 1: Fourth Quarter 2021 Results
Fourth Quarter 2021 Results February 22, 2022
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, including statements by our CEO and statements regarding our business strategies and ability to execute on our plans, ma
Slide 3: Introduction
Introduction Gary S. Michel Chair, President and CEO
Slide 4: Q4 Highlights
Q4 Highlights • Core revenue growth of 12%, with each segment contributing positive core growth • Sixth consecutive quarter of core revenue growth • North America core revenue growth of 15% • Price offset material and freight inflation • Adjusted EBITDA increased 4% to $120.1 million • Australasia a
Slide 5: Revenue Growth: Product Innovation, Channel Initiatives and Productivity Gains
Revenue Growth: Product Innovation, Channel Initiatives and Productivity Gains VPI Multi Family Windows Energy Efficient and Expansion Composite Window Innovations Smart Door Connected Systems Customer Experience Innovation Sustainable Eco Door Options C A PA C I T Y A N D T H R O U G H P U T E X PA
Slide 6: Financial Review
Financial Review John Linker Executive Vice President and CFO
Slide 7: Q4 2021 Financial Summary
Q4 2021 Financial Summary USD in millions Net Revenue Adjusted EBITDA Adjusted EBITDA Margin Core Core Core 12% 3% (80 bps) $1,286.9 $120.1 10.0% $1,151.3 $115.4 9.3% Q4 20 Q4 21 Q4 20 Q4 21 Q4 20 Q4 21 Strong revenue growth from pricing and volume; EBITDA margin compressed by inflation 7 “Core reve
Slide 8: Q4 2021 Net Revenue Walk
Q4 2021 Net Revenue Walk JELD-WEN North America Europe Australasia Q4 2021 Pricing 11% 14% 10% 2% Volume/Mix 1% 1% 0% 4% Core Revenue Growth 12% 15% 10% 6% Acquisitions 0% 0% 0% 0% FX 0% 0% (2%) 0% Total 11.8% 15.1% 7.7% 5.9% FY 2021 Pricing 7% 10% 5% 2% Volume/Mix 3% 2% 4% 3% Core Revenue Growth 10
Slide 9: 2021 Price/Cost Progression
2021 Price/Cost Progression Q1 21 Q2 21 Q3 21 Q4 21 Price Realization Material/Freight Inflation Price offset material and freight inflation for full year; ~75% of inflation hit in 2H 2021 9 |
Slide 10: Q4 2021 Segment Performance
Q4 2021 Segment Performance Adj. EBITDA Margin bps Net Revenue vs. PY Adj. EBITDA vs. PY vs. PY 15.1% 13.5% 7.7% As Reported 5.9% 100 (3.1%) (190) 15% (21.9%) 10% (370) 6% Core (ex. FX & MA) 14% 110 (3%) (190) (18%) (350) North Europe Australasia North Europe Australasia North Europe Australasia Ame
Slide 11: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow USD in millions Balance Sheet December 31, 2021 December 31, 2020 Total Debt $1,706.3 $1,768.0 Cash $395.6 $735.8 Total Net Debt $1,310.7 $1,032.2 Net Debt / Adjusted EBITDA 2.8x 2.3x Cash Flow 2021 2020 Adjusted Operating Cash Flow $288.4 $373.1 Capital Expenditure (1) (
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: Record housing activity following multi- • Underbuilt residential new home • Growth returns to trendline in low year housing recession: construction market
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 Year Ended December 31, December 31, December 31, December 31, (amounts in millions) 2021 2020 2021 2020 Net income $ 42.1 $ 43.2 $ 168.8 $ 91.6 Income tax expense 5.8 (2.5) 35.5 25.1 Depreciation and amortization 33.9 34.9 1
Slide 17: NON-GAAP Reconciliation: Adjusted Net Income
NON-GAAP Reconciliation Adjusted Net Income USD in millions Three Months Ended Year Ended December December December December (amounts in millions, except share and per share data) 31, 2021 31, 2020 31, 2021 31, 2020 Net income $ 42.1 $ 43.2 $ 168.8 $ 91.6 Legal costs and professional expenses 4.1 5
Slide 18: NON-GAAP Reconciliation: Adjusted Free Cash Flow and Net Debt Leverage
NON-GAAP Reconciliation Adjusted Free Cash Flow and Net Debt Leverage USD in millions Year Ended December 31, December 31, 2021 2020 Net cash provided by operating activities $ 175.7 $ 355.7 Plus legacy legal settlements 111.4 17.5 Plus adjustments for secondary offering expenses 1.3 — Adjusted oper