Jeld-wen Holding, Inc. · NYSE:JELD
Jeld-wen — Q4 2020 Earnings Presentation
21 slides from Jeld-wen's earnings presentation, Feb 16, 2021
Slide 1: Fourth-Quarter 2020 Results Presentation
FOURTH-QUARTER 2020 RESULTS PRESENTATION February 16, 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 | GL
Slide 5: Q4 Highlights
Q4 HIGHLIGHTS ▪ Delivered Q4 revenue growth and margin expansion ▪ Revenue growth accelerated driven by strong housing demand, price, and share gain ▪ Core revenue increased 5% vs. PY, the strongest quarter of core growth since 2017 ▪ Core adjusted EBITDA margins increased 190 bps vs. PY ▪ Adjusted
Slide 6: North America Summary and 2021 Catalysts
NORTH AMERICA SUMMARY AND 2021 CATALYSTS 2021 Market Outlook • Single family new housing starts expected to increase Residential New Construction • Completions likely to lag starts due to COVID-19 disruptions • Overall R&R demand low single digits Residential Repair and Remodel • Pro-related categor
Slide 7: Europe Summary and 2021 Catalysts
EUROPE SUMMARY AND 2021 CATALYSTS 2021 Market Outlook • Near term demand is healthy for 1H 2021 Residential New Construction • Risk of demand moderation in 2H 2021 Non-Residential Construction • Mixed dynamics across multiple markets net to flat demand 2021 JELD-WEN Catalysts • Pricing expected to a
Slide 8: Australasia Summary and 2021 Catalysts
AUSTRALASIA SUMMARY AND 2021 CATALYSTS 2021 Market Outlook • Government stimulus to benefit 1H 2021 demand activity Residential New Construction • COVID-19 immigration restrictions are headwind for housing demand • Near-term R&R benefits from government stimulus Residential Repair and Remodel • Unce
Slide 9: Financial Review
FINANCIAL REVIEW John Linker, Executive Vice President and CFO |
Slide 10: Q4 2020 Financial Summary
Q4 2020 FINANCIAL SUMMARY USD in millions NET REVENUE Adj. EBITDA Adj. EBITDA Margin Core Core Core 5% 29% 190 bps DELIVERED SIGNIFICANT 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 | “Cor
Slide 11: Q4 & FY 2020 Net Revenue Walk
Q4 & FY 2020 NET REVENUE WALK JELD-WEN North America Europe Australasia Q4 2020 Pricing 4% 6% 2% (1%) Volume/Mix 1% (1%) 6% 3% Core Revenue Growth 5% 5% 8% 2% Acquisitions 0% 0% 0% 0% FX 3% 0% 7% 6% Total 7.7% 4.5% 14.9% 7.6% FY 2020 Pricing 3% 5% 1% (1%) Volume/Mix (5%) (6%) (2%) (8%) Core Revenue
Slide 12: Q4 2020 Segment Performance
Q4 2020 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: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW USD in millions Balance Sheet December 31, 2020 December 31, 2019 Total Debt $1,768.0 $1,517.4 Cash $735.8 $226.0 Total Net Debt $1,032.2 $1,291.4 Net Debt / Adjusted EBITDA 2.3x 3.1x Cash Flow 2020 2019 Cash Flow From Operations $355.7 $302.7 Capital Expenditures (1) ($9
Slide 14: Strong Cash Flow and Healthy Balance Sheet
STRONG CASH FLOW AND HEALTHY BALANCE SHEET USD in millions Free Cash Flow Net Debt to Adjusted EBITDA 2020 FREE CASH FLOW EXPANDED 55% OVER 2019; NET DEBT LEVERAGE AT LOWEST LEVEL POST-IPO 14 |
Slide 15: 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 15 |
Slide 16: 2021 Outlook
2021 OUTLOOK |
Slide 17: 2021 Outlook
2021 OUTLOOK USD in millions 2020 2021 Net Revenue growth vs. prior year (1.3%) 4.0% - 7.0% Adjusted EBITDA $446.4 $480 - $520 Capital Expenditures $96.9 $135 - $145 CATALYSTS DRIVE REVENUE GROWTH AND MARGIN EXPANSION THROUGH JEM IN 2021 17 |
Slide 18: ® |
® 18 |
Slide 19: Appendix
APPENDIX PP" JELP WEN
Slide 20: 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) 2020 2019 2020 2019 Net income $ 43.2 $ 7.8 $ 91.6 $ 63.0 Income tax expense (benefit) (2.5) 12.0 25.1 57.1 Depreciation and amortization
Slide 21: 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 Year Ended December 31, December 31, December 31, December 31, (amounts in millions, except share and per share data) 2020 2019 2020 2019 Net income $ 43.2 $ 7.8 $ 91.6 $ 63.0 Legal costs and professi