Jeld-wen Holding, Inc. · NYSE:JELD
Jeld-wen — Q3 2022 Earnings Presentation
18 slides from Jeld-wen's earnings presentation, Oct 31, 2022
Slide 1: Third Quarter 2022 Results
Third Quarter 2022 Results October 31, 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: Today's Speakers
Today’s Speakers David Nord Kevin Lilly Julie Albrecht Chair of the Board Interim CEO EVP & CFO 3
Slide 4: Q3 Highlights
Q3 Highlights • All segments contributing to 18% core revenue growth • Price +15% • Volume/mix +3% • North America core revenue growth of 23% • Adjusted EBITDA increased 18% • Adjusted EBITDA margins expanded 40 bps to 9% 4
Slide 5: Taking Actions to Drive Profitability
Taking Actions to Drive Profitability Reduced management layers and driving local accountability End-to-end supply chain optimization Streamlining focus on core assets and product lines Positioning organization to accelerate profitability and growth 5 |
Slide 6: Financial Review
Financial Review Julie Albrecht EVP and CFO
Slide 7: CFO Near-Term Priorities
CFO Near-Term Priorities Cost Structure Improvement Data Availability, Quality & Analysis Increased Rigor & Alignment in Capital Expenditures Culture of Engagement & Accountability 7
Slide 8: Q3 2022 Financial Summary
Q3 2022 Financial Summary USD in millions Net Revenue Adjusted EBITDA Adjusted EBITDA Margin Strong revenue & margin growth from pricing and volume 8 |
Slide 9: Q3 2022 Net Revenue Walks
Q3 2022 Net Revenue Walks JELD-WEN North America Europe Australasia Q3 2022 Pricing 15% 17% 13% 10% Volume/Mix 3% 6% (3%) 4% Core Revenue Growth 18% 23% 10% 14% Acquisitions 0% 0% 0% 0% FX (5%) 0% (15%) (8%) Total 13.0% 23.4% (5.5%) 5.8% YTD 2022 Pricing 13% 15% 11% 8% Volume/Mix 0% 2% (2%) (2%) Cor
Slide 10: Q3 2022 Segment Analysis
Q3 2022 Segment Analysis USD in millions Net Sales Adjusted EBITDA Q3'22 Q3'21 % Chg Q3'22 Q3'21 % Chg North America $ 835 $ 677 23.4% $ 105 $ 77 36.9% Europe $ 305 $ 323 (5.5%) $ 18 $ 24 (23.9%) Australasia $ 156 $ 147 5.8% $ 20 $ 18 13.5% Head Office $ - $ - - $ (27) $ (19) 38.4% Total Jeld-Wen $
Slide 11: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow USD in millions Cash Flow Q3 2022 YTD 2022 Q3 2021 YTD 2021 Operating Cash Flow $92 ($73) $95 $135 Capital Expenditures (1) ($23) ($58) ($29) ($74) Free Cash Flow $70 ($131) $66 $62 Balance Sheet September 24, 2022 December 31, 2021 Total Debt $1,814 $1,706 Cash $200 $396
Slide 12: Market Outlook
Market Outlook North America Europe Australasia Rapidly rising interest rates and Economic conditions challenged Demand expected to remain solid continued inflation driving lower largely due to widespread inflation through at least the first half of housing activity in the near-term: from the confli
Slide 13: 2022 Outlook
2022 Outlook USD in millions Revenue Adjusted Capital Growth EBITDA Expenditures Revised 4% to 6% $400 to $420 $85 to $95 Previous 4% to 6% $430 to $450 $90 to $110 Adj EBITDA $430 - $450 Adj EBITDA $400 - $420 Previous EBITDA Price/Cost Productivity SG&A / FX / All Other Updated EBITDA Guidance Gui
Slide 14: JEM Video
JEM Video 14
Slide 15: Quarterly Price/Cost Progression
Quarterly Price/Cost Progression Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 (1) Price Total Inflation (1) Total inflation includes material, freight, labor, and other 15 |
Slide 16: NON-GAAP Reconciliation Adjusted EBITDA
NON-GAAP Reconciliation Adjusted EBITDA USD in millions Three Months Ended Nine Months Ended September September September September (amounts in millions) 24, 2022 25, 2021 24, 2022 25, 2021 Net income (loss) $ (33.2) $ 40.5 $ 12.1 $ 126.7 Income tax expense (benefit) 16.7 (2.9) 31.7 29.8 Depreciati
Slide 17: NON-GAAP Reconciliation Adjusted Net Income
NON-GAAP Reconciliation Adjusted Net Income USD in millions Three Months Ended Nine Months Ended September September September September (amounts in millions, except share and per share data) 24, 2022 25, 2021 24, 2022 25, 2021 Net income (loss) $ (33.2) $ 40.5 $ 12.1 $ 126.7 Legal costs and profess
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 Nine Months Ended September 24, September 25, 2022 2021 Net cash (used in) provided by operating activities $ (73.4) $ 135.3 Less capital expenditures 57.5 73.7 Free cash flow(1) $ (130.9) $ 61.6 (1) Free cash flow is a fin