JELD-WEN Announces Second Quarter Results; Affirms Outlook for 2017 Revenue and Adjusted EBITDA
CHARLOTTE, N.C.--(BUSINESS WIRE)--
JELD-WEN Holding, Inc. (NYSE:JELD) today announced results for the three
months ended July 1, 2017, and updated its 2017 annual outlook.
Highlights:
-
Net income for the second quarter amounted to $46.8 million and
adjusted EBITDA amounted to $125.3 million
-
Adjusted EBITDA for the second quarter increased 11.2%, and adjusted
EBITDA margins expanded 150 basis points
-
Diluted earnings per share ("EPS") for the second quarter amounted to
$0.43 and adjusted EPS amounted to $0.51
-
Net revenues for the second quarter decreased 1.6%, bringing the
year-to-date total increase in net revenues to 2.0%
-
Cash flow from operations improved $53.6 million in the first six
months of 2017 and free cash flow improved $77.0 million
-
Full year outlook for net revenue growth and adjusted EBITDA unchanged
at 1.5 - 3.5% and $440 - $460 million, respectively
“We continue to execute on all aspects of our JELD-WEN Excellence Model
and are pleased to deliver another quarter of EBITDA margin improvement
at the top end of our target range of 100 - 150 basis points. Our
pipeline of operational cost savings initiatives continues to grow and
we are making investments in organic growth and strategic M&A as shown
by the recent acquisition of Mattiovi,” said Mark Beck, president and
chief executive officer. “Despite some growth headwinds in the second
quarter, we are on-track to achieve our 2017 financial plan and remain
confident in our full year guidance.”
Second Quarter 2017 Results
Net revenues for the three months ended July 1, 2017 decreased $15.9
million, or 1.6%, to $948.7 million, compared to $964.6 million for the
same period last year. The decrease was driven by a reduction in core
revenues of 1% and the unfavorable impact of foreign exchange. The
company defines core revenues to exclude the revenue impact of foreign
exchange and acquisitions completed in the last twelve months. Core
revenues decreased primarily as a result of a 2% decrease in North
America core revenues, largely driven by activity in the retail channel,
which was partially offset by core revenue growth in Europe and
Australasia. Gross margin increased $23.6 million, or 11.1%, to $235.7
million, compared to $212.2 million for the same period last year. The
increase in gross margin was due to favorable pricing, cost savings
initiatives, improved mix, and the contribution from recent
acquisitions. Selling, general, and administrative (SG&A) expense
increased $10.4 million, or 7.4%, to $151.5 million, compared to $141.1
million for the same period last year. SG&A expense as a percentage of
net revenues was 16.0% compared to 14.6% for the same period a year ago.
The increases in SG&A expense and SG&A expense percentage were primarily
due to higher legal costs as well as fees related to the company's
secondary equity offering. Net income decreased $20.1 million, or 30.1%,
to $46.8 million, compared to $66.9 million in the same quarter last
year. The decrease in net income was primarily due to the recognition of
a tax benefit associated with a net valuation allowance release of
approximately $22.8 million in the second quarter of 2016, as well as
increased legal costs in the second quarter of 2017. Adjusted EBITDA
increased $12.6 million, or 11.2%, to $125.3 million, compared to $112.7
million in the same quarter last year. Adjusted EBITDA margins expanded
150 basis points in the quarter to 13.2%, from 11.7% in the same quarter
a year ago.
EPS for the second quarter was $0.43 and adjusted EPS was $0.51. A
comparison of EPS to the same period last year would not be meaningful
because of the material change in the company’s capital structure that
resulted from its February 2017 initial public offering ("IPO"), as well
as the dilutive impact of the primary shares issued in the IPO. The
three months ended July 1, 2017 represent the first full quarter with
the company's post-IPO capitalization.
On a segment basis for the second quarter of 2017, compared to the same
period last year:
- North America - Net revenues decreased $15.8 million, or 2.8%,
to $551.7 million, primarily due to a decrease in core revenues of
2.0%. The decrease in core revenues was comprised of a 4% decrease in
volume/mix, partially offset by a 2% increase in pricing. The decrease
in volume/mix was primarily driven by activity in the retail channel,
including the impact of the previously announced business line
rationalization in Florida. The rationalization was consistent with
JELD-WEN's overall strategic focus on profitable growth and has
positioned the company to pursue more attractive business in the
region. Adjusted EBITDA increased $4.0 million, or 5.3%, to $79.8
million. Adjusted EBITDA margin expanded by 110 basis points to 14.5%.
- Europe - Net revenues decreased $7.9 million, or 3.0%, to
$258.9 million, primarily due to the unfavorable impact of foreign
exchange of 4%, partially offset by core revenue growth of 1%.
Adjusted EBITDA increased $2.8 million, or 8.1%, to $37.1 million.
Adjusted EBITDA margin expanded by 140 basis points to 14.3%.
- Australasia - Net revenues increased $7.8 million, or 6.0%, to
$138.2 million, primarily due to a 5% contribution from the recent
acquisition of Breezway and core growth of 1%. Adjusted EBITDA
increased $3.1 million, or 21.7%, to $17.3 million. Adjusted EBITDA
margin expanded by 160 basis points to 12.5%.
Year-to-Date 2017 Results
Net revenues for the six months ended July 1, 2017 increased $35.4
million, or 2.0%, to $1.797 billion, compared to $1.761 billion for the
same period last year. The increase was primarily driven by core revenue
growth of 2%. Gross margin increased $51.4 million, or 13.9%, to $421.7
million, compared to $370.3 million for the same period last year. The
increase in gross margin was due to profitable core growth and cost
savings initiatives. Net income decreased $19.7 million, or 27.1%, to
$53.2 million, compared to $72.9 million in the same period last year.
The decrease in net income was primarily due to the tax benefit
associated with a net valuation allowance release of approximately $22.8
million in the second quarter of 2016, increased legal costs in 2017,
and the write-off of deferred financing fees in the first quarter of
2017. Adjusted EBITDA increased $32.4 million, or 18.6%, to $206.3
million, compared to $173.9 million in the same period last year.
Adjusted EBITDA margins expanded 160 basis points to 11.5%, from 9.9% in
the same period a year ago.
Balance Sheet and Cash Flow
Cash and cash equivalents as of July 1, 2017 were $227.7 million,
compared to $102.7 million as of December 31, 2016. Total debt as of
July 1, 2017 was $1.246 billion, compared to $1.620 billion as of
December 31, 2016. On February 1, 2017, the company received net
proceeds from its IPO of $472.4 million and used a portion of these
proceeds to repay $375.0 million of debt. In conjunction with the debt
repayment in the first quarter, the company wrote off $7.0 million of
original issue discount and deferred financing fees.
Cash flow from operations improved $53.6 million in the first six months
of 2017 to $66.2 million, from $12.6 million in the same period last
year. Free cash flow improved $77.0 million in the first six months of
2017 to $46.3 million, from $(30.7) million in the same period last year.
Updated Annual Outlook for 2017
For full year 2017 compared to full year 2016, the company continues to
project an increase in net revenues of 1.5% to 3.5%. The increase in net
revenues is expected to be driven by positive core growth and a small
benefit from recent acquisitions, partially offset by unfavorable
foreign exchange impact.
The company's outlook for 2017 adjusted EBITDA is unchanged at $440
million to $460 million, compared to adjusted EBITDA of $393.7 million
for 2016. Capital expenditures are now expected to be in the range $80
million to $90 million, reduced from the previous range of $90 million
to $100 million.
“For the second half of 2017, the fundamental demand drivers across our
global end markets look constructive and we have confidence in our
ability to achieve margin improvement through our JEM initiatives,”
stated Beck. “For these reasons, we are re-affirming our 2017 outlook
for revenue and adjusted EBITDA. To enhance our performance, we continue
investing in profitable growth initiatives and are making progress on
our healthy pipeline of acquisition opportunities."
Conference Call Information
JELD-WEN management will host a conference call today, August 8, 2017,
at 8 a.m. EDT, to discuss the company’s financial results. The
conference call can be accessed by dialing (877) 407-9208 (domestic) or
(201) 493-6784 (international). A telephonic replay will be available
approximately two hours after the call by dialing (844) 512-2921, or for
international callers, (412) 317-6671. The passcode for the replay is
13665969. The replay will be available until 11:59 p.m. EDT on August
22, 2017.
Interested investors and other parties can also listen to a webcast of
the live conference call by logging onto the Investor Relations section
of the company’s website at http://investors.jeld-wen.com.
The online replay will be available for 30 days on the same website
immediately following the call. A slide presentation highlighting the
company’s results will also be available on the Investor Relations
section of the company’s website.
To learn more about JELD-WEN, please visit the company’s website at http://investors.jeld-wen.com.
About JELD-WEN
JELD-WEN (NYSE listed), founded in 1960, is one of the world’s largest
door and window manufacturers, operating 117 manufacturing facilities in
19 countries located primarily in North America, Europe and Australia.
Headquartered in Charlotte, North Carolina, JELD-WEN designs, produces
and distributes an extensive range of interior and exterior doors, wood,
vinyl and aluminum windows and related products for use in the new
construction and repair and remodeling of residential homes and
non-residential buildings. Our products are marketed globally under the
JELD-WEN® brand, along with several market-leading regional brands such
as Swedoor® and DANA® in Europe and Corinthian®, Stegbar®, and Trend® in
Australia.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
regarding business strategies, market potential, future financial
performance, the potential of our categories and brands, our outlook for
2017, and our expectations, beliefs, plans, objectives, prospects,
assumptions, or other future events. Forward-looking statements are
generally identified by our use of forward-looking terminology such as
“anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”,
“intend”, “may”, “might”, “plan”, “potential”, “predict”, “seek”, or
“should”, or the negative thereof or other variations thereon or
comparable terminology. Where, in any forward-looking statement, we
express an expectation or belief as to future results or events, such
expectation or belief is based on the current plans, expectations,
assumptions, estimates, and projections of our management. Although we
believe that these statements are based on reasonable expectations,
assumptions, estimates and projections, they are only predictions and
involve known and unknown risks, many of which are beyond our control
that could cause actual outcomes and results to be materially different
from those indicated in such statements.
Our actual results could differ materially from the results contemplated
by these forward-looking statements due to a number of factors,
including the factors discussed in our Annual Report on Form 10-K for
the year ended December 31, 2016, and our Quarterly Report on Form 10-Q
for the quarter ended April 1, 2017, both filed with the Securities and
Exchange Commission.
The assumptions underlying the guidance provided for 2017 include the
achievement of anticipated improvements in end markets, competitive
position, and product portfolio; stable macroeconomic factors; no
changes in foreign currency exchange and tax rates; and favorable
interest expense due to the recent debt reduction. The forward-looking
statements included in this release are made as of the date hereof, and
except as required by law, we undertake no obligation to update, amend
or clarify any forward-looking statements to reflect events, new
information or circumstances occurring after the date of this release.
Non-GAAP Financial Information
This press release presents certain “non-GAAP” financial measures. The
components of these non-GAAP measures are computed by using amounts that
are determined in accordance with accounting principles generally
accepted in the United States of America (“GAAP”). A reconciliation of
non-GAAP financial measures used in this press release to their nearest
comparable GAAP financial measures is included in the tables at the end
of this press release. The company provides certain guidance solely on a
non-GAAP basis because the company cannot predict certain elements that
are included in certain reported GAAP results, including the variables
and individual adjustments necessary for a reconciliation to GAAP.
We use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, and
Adjusted EPS because we believe they assist investors and analysts in
comparing our operating performance across reporting periods on a
consistent basis by excluding items that we do not believe are
indicative of our core operating performance. Management believes
Adjusted EBITDA and Adjusted EBITDA margin are helpful in highlighting
trends because they exclude the results of decisions that are outside
the control of management, while other measures can differ significantly
depending on long-term strategic decisions regarding capital structure,
the tax jurisdictions in which we operate, and capital investments. We
use Adjusted EBITDA and Adjusted EBITDA margin to measure our financial
performance and also to report our results to our board of directors.
Further, our executive incentive compensation is based in part on
Adjusted EBITDA. In addition, we use Adjusted EBITDA as calculated
herein for purposes of calculating compliance with our debt covenants in
certain of our debt facilities. Adjusted EBITDA should not be considered
as an alternative to net income as a measure of financial performance or
to cash flows from operations as a liquidity measure.
We define Adjusted EBITDA as net income, eliminating the impact of the
following items: loss from discontinued operations, net of tax; gain
(loss) on sale of discontinued operations, net of tax; equity (earnings)
loss of non-consolidated entities; income tax; depreciation and
amortization; interest expense, net; impairment and restructuring
charges; gain on sale of property and equipment; share-based
compensation expense; non-cash foreign exchange transaction/translation
income (loss); other non-cash items; other items; and costs related to
debt restructuring, debt refinancing, and the Onex investment. Adjusted
EBITDA margin is defined as Adjusted EBITDA divided by net revenues.
We present free cash flow because we believe it assists investors and
analysts in determining the quality of our earnings. We also use free
cash flow to measure our financial performance and to report to our
board of directors. In addition, our executive incentive compensation is
based in part on free cash flow. We define free cash flow as cash flow
from operations less capital expenditures (including purchases of
intangible assets). Free cash flow should not be considered as an
alternative to cash flows from operations as a liquidity measure.
Adjusted net income represents net income adjusted for the after-tax
impact of i) non-cash foreign currency (gains) losses, ii) impairment
and restructuring charges, and iii) other non-recurring expenses
associated with certain matters such as our initial public offering,
secondary offering, mergers, and litigation. Adjusted EPS represents net
income per diluted share adjusted to exclude the estimated per share
impact of the same specifically identified items used to calculate
adjusted net income as described above. All such items are tax-effected
at our estimated annual effective tax rate of approximately 29.8%.
Other companies may compute these measures differently. No non-GAAP
metric should be considered as an alternative to any other measure
derived in accordance with GAAP.
Due to rounding, numbers presented throughout this document may not sum
precisely to the totals provided and percentages may not precisely
reflect the absolute figures.
|
|
| JELD-WEN Holding, Inc. |
|
|
| Consolidated Statements of Operations (Unaudited) |
| (In millions) |
|
|
|
| Three Months Ended |
| |
| | July 1, 2017 |
| June 25, 2016 | | % Variance |
|
Net revenues
| |
$
|
948.7
| | |
$
|
964.6
| | |
(1.6)%
|
|
Cost of sales
| |
713.0
|
| |
752.5
|
| |
(5.2)%
|
|
Gross margin
| |
235.7
| | |
212.2
| | |
11.1%
|
|
Selling, general and administrative
| |
151.5
| | |
141.1
| | |
7.4%
|
|
Impairment and restructuring charges
| |
0.6
|
| |
2.1
|
| |
(73.9)%
|
|
Operating income
| |
83.7
| | |
69.0
| | |
21.4%
|
|
Interest expense, net
| |
(17.5
|
)
| |
(18.2
|
)
| |
(3.4)%
|
|
Other (expense) income
| |
(2.8
|
)
| |
0.5
|
| |
NM
|
|
Income before taxes, equity earnings and discontinued operations
| |
63.4
| | |
51.3
| | |
23.6%
|
|
Income tax (expense) benefit
| |
(17.7
|
)
| |
15.7
|
| |
(212.7)%
|
|
Income from continuing operations, net of tax
| |
45.7
| | |
67.0
| | |
(31.8)%
|
|
Equity earnings of non-consolidated entities
| |
1.1
| | |
0.5
| | |
120.3%
|
|
Loss from discontinued operations, net of tax
| |
—
|
| |
(0.6
|
)
| |
NM
|
|
Net income
| |
$
|
46.8
|
| |
$
|
66.9
|
| |
(30.1)%
|
| Other financial data: | | | | | | |
|
Adjusted EBITDA(1) | |
$
|
125.3
| | |
$
|
112.7
| | |
11.2%
|
|
Adjusted EBITDA Margin
| |
13.2
|
%
| |
11.7
|
%
| | |
| | | | | | | |
|
| (1) |
|
Adjusted EBITDA is a financial measure that is not calculated in
accordance with GAAP. For a discussion of our presentation of
Adjusted EBITDA, see above under the heading “Non-GAAP Financial
Information”.
|
| |
|
|
|
| JELD-WEN Holding, Inc. |
|
|
| Consolidated Statements of Operations (Unaudited) |
| (In millions) |
|
|
|
| Six Months Ended |
| |
| | July 1, 2017 |
| June 25, 2016 | | % Variance |
|
Net revenues
| |
$
|
1,796.5
| | |
$
|
1,761.2
| | |
2.0%
|
|
Cost of sales
| |
1,374.8
|
| |
1,390.9
|
| |
(1.2)%
|
|
Gross margin
| |
421.7
| | |
370.3
| | |
13.9%
|
|
Selling, general and administrative
| |
298.5
| | |
273.1
| | |
9.3%
|
|
Impairment and restructuring charges
| |
1.8
|
| |
5.1
|
| |
(65.6)%
|
|
Operating income
| |
121.4
| | |
92.1
| | |
31.8%
|
|
Interest expense, net
| |
(44.4
|
)
| |
(35.2
|
)
| |
26.3%
|
|
Other (expense) income
| |
(5.4
|
)
| |
1.2
|
| |
NM
|
|
Income before taxes, equity earnings and discontinued operations
| |
71.6
| | |
58.2
| | |
23.1%
|
|
Income tax (expense) benefit
| |
(20.0
|
)
| |
13.6
|
| |
(246.6)%
|
|
Income from continuing operations, net of tax
| |
51.7
| | |
71.8
| | |
(28.0)%
|
|
Equity earnings of non-consolidated entities
| |
1.6
| | |
1.3
| | |
24.1%
|
|
Loss from discontinued operations, net of tax
| |
—
|
| |
(0.1
|
)
| |
NM
|
|
Net income
| |
$
|
53.2
|
| |
$
|
72.9
|
| |
(27.1)%
|
| Other financial data: | | | | | | |
|
Adjusted EBITDA(1) | |
$
|
206.3
| | |
$
|
173.9
| | |
18.6%
|
|
Adjusted EBITDA Margin
| |
11.5
|
%
| |
9.9
|
%
| | |
| | | | | | | |
|
|
|
| JELD-WEN Holding, Inc. |
|
|
| Selected Financial Data (Unaudited) |
| (In millions) |
|
|
|
| July 1, 2017 |
| December 31, 2016 |
| Consolidated balance sheet data:
| | | | |
|
Cash, cash equivalents
| |
$
|
227.7
| | |
$
|
102.7
| |
|
Accounts receivable, net
| |
491.4
| | |
407.2
| |
|
Inventories
| |
375.5
| | |
334.6
| |
|
Total current assets
| |
1,123.2
| | |
875.4
| |
|
Total assets
| |
2,824.4
| | |
2,530.1
| |
|
Accounts payable
| |
231.8
| | |
188.9
| |
|
Total current liabilities
| |
562.1
| | |
512.8
| |
|
Total debt
| |
1,245.8
| | |
1,620.0
| |
|
Redeemable convertible preferred stock
| |
—
| | |
151.0
| |
|
Total shareholders’ equity
| |
803.2
| | |
56.0
| |
| | | |
|
| | Six Months Ended |
| Statement of cash flows data: | | July 1, 2017 | | June 25, 2016 |
|
Net cash flow (used in) provided by:
| | | | |
|
Operating activities
| |
$
|
66.2
| | |
$
|
12.6
| |
|
Investing activities
| |
(38.8
|
)
| |
(63.9
|
)
|
|
Financing activities
| |
90.6
| | |
(6.0
|
)
|
| | | | | |
|
|
|
| JELD-WEN Holding, Inc. |
|
|
| Reconciliation of Non-GAAP Financial Measures (Unaudited) |
| (In millions) |
|
|
|
| Three Months Ended |
| Six Months Ended |
| | July 1,
2017 |
| June 25,
2016 |
| July 1,
2017 |
| June 25,
2016 |
|
Net income
| |
$
|
46.8
| | |
$
|
66.9
| |
|
$
|
53.2
| |
|
$
|
72.9
| |
|
Income from discontinued operations, net of tax
| |
—
| | |
0.6
| | |
—
| | |
0.1
| |
|
Equity earnings of non-consolidated entities
| |
(1.1
|
)
| |
(0.5
|
)
| |
(1.6
|
)
| |
(1.3
|
)
|
|
Income tax expense (benefit)
| |
17.7
| | |
(15.7
|
)
| |
20.0
| | |
(13.6
|
)
|
|
Depreciation and intangible amortization
| |
26.0
| | |
26.4
| | |
53.1
| | |
52.0
| |
|
Interest expense, net(1) | |
17.5
| | |
18.2
| | |
44.4
| | |
35.2
| |
|
Impairment and restructuring charges
| |
0.6
| | |
5.3
| | |
1.8
| | |
8.2
| |
|
(Gain) loss on sale of property and equipment
| |
—
| | |
0.3
| | |
(0.1
|
)
| |
(3.3
|
)
|
|
Stock-based compensation expense
| |
5.3
| | |
5.5
| | |
10.8
| | |
10.6
| |
|
Non-cash foreign exchange transaction/translation loss
| |
2.8
| | |
1.8
| | |
7.1
| | |
6.8
| |
|
Other non-cash items(2) | |
—
| | |
2.6
| | |
—
| | |
3.0
| |
|
Other items(3) | |
9.8
| | |
1.4
| | |
17.3
| | |
3.2
| |
|
Costs relating to debt restructuring and refinancing
| |
—
|
| |
—
|
|
|
0.3
|
|
|
—
|
|
|
Adjusted EBITDA(4) | |
$
|
125.3
|
| |
$
|
112.7
|
|
|
$
|
206.3
|
|
|
$
|
173.9
|
|
| | | | | | | | | | | | | | | |
|
| (1) |
|
For the six-months ended July 1, 2017, interest expense includes the
write-off of $7.0 million of original issue discount and deferred
financing fees related to the repayment of debt.
|
| (2) | |
Other non-cash items include: (i) in the three months ended June 25,
2016, (1) $2.6 million out-of-period charge for European warranty
liability adjustment; and (ii) in the six months ended June 25,
2016, (1) $2.6 million out-of-period charge for European warranty
liability adjustment, and (2) charges of $0.4 million for Trend PPA
inventory valuation adjustment.
|
| (3) | |
Other items not core to business activity include: (i) in the three
months ended July 1, 2017, (1) $7.8 million in legal costs, (2) $1.0
million in secondary offering costs, and (3) $0.7 million in legal
entity consolidation costs; (ii) in the three months ended June 25,
2016, (1) $0.4 million in professional fees related to the IPO
process, (2) $0.3 million related to a legal settlement accrual for
CMI, (3) $0.2 million of non-recurring audit fees, and (4) $0.2
million in acquisition costs; (iii) in the six months ended July 1,
2017, (1) $15.8 million in legal costs, (2) $(2.2) million gain on
settlement of contract escrow, (3) $1.0 million secondary offering
costs, (4) $0.8 million in legal entity consolidation costs, (5)
$0.6 million in facility shut down costs, and (6) $0.3 million in
IPO costs; and (iv) in the six months ended June 25, 2016, (1) $1.0
million in acquisition costs, (2) $0.4 million of professional fees
related to IPO process, (3) $0.3 million in Dooria plant closure
costs, (4) $0.3 million related to a legal settlement accrual for
CMI, (5) $0.2 million of tax consulting costs in Europe, and (6)
$0.2 million of non-recurring audit fees.
|
| (4) | |
Adjusted EBITDA is a financial measure that is not calculated in
accordance with GAAP. For a discussion of our presentation of
Adjusted EBITDA, see above under the heading “Non-GAAP Financial
Information”.
|
| |
|
|
| Three Months Ended |
(amounts in millions, except share and
per share data) | | July 1, 2017 |
|
Net income
| |
$
|
46.8
|
|
Legal and professional fees
| |
6.2
|
|
Non-cash foreign exchange transactions/translation loss
| |
1.9
|
|
Impairment and restructuring charges
| |
0.4
|
|
Adjusted net income
| |
$
|
55.3
|
| |
|
|
Diluted net income per share
| |
$
|
0.43
|
|
Legal and professional fees
| |
0.06
|
|
Non-cash foreign exchange transactions/translation loss
| |
0.02
|
|
Impairment and restructuring charges
| |
—
|
|
Adjusted net income per share
| |
$
|
0.51
|
| |
|
|
Diluted shares
| |
109,086,129
|
| |
|
NOTE:All adjustments to net income and net income per share are
tax-effected at our estimated annual effective tax rate of approximately
29.8%
|
| |
| | Six Months Ended |
| | July 1, 2017 |
| June 25, 2016 |
|
Net cash used in operating activities
| |
$
|
66.2
| | |
$
|
12.6
| |
|
Less capital expenditures
| |
19.8
|
| |
43.3
|
|
|
Free cash flow
| |
$
|
46.3
|
| |
$
|
(30.7
|
)
|
| | | | | | | |
|
|
|
| JELD-WEN Holding, Inc. |
|
|
| Segment Results (Unaudited) |
| (In millions) |
|
|
|
| Three Months Ended |
| |
| | July 1, 2017 |
| June 25, 2016 | | |
|
Net revenues from external customers
| | | | | | % Variance |
| North America | |
$
|
551.7
| | |
$
|
567.4
| | |
(2.8)%
|
| Europe | |
258.9
| | |
266.8
| | |
(3.0)%
|
| Australasia | |
138.2
|
| |
130.4
|
| |
6.0%
|
|
Total Consolidated
| |
$
|
948.7
|
| |
$
|
964.6
|
| |
(1.6)%
|
|
Adjusted EBITDA(1) | | | | | | |
| North America | |
$
|
79.8
| | |
$
|
75.8
| | |
5.3%
|
| Europe | |
37.1
| | |
34.3
| | |
8.1%
|
| Australasia | |
17.3
| | |
14.2
| | |
21.7%
|
|
Corporate and unallocated costs
| |
(8.9
|
)
| |
(11.6
|
)
| |
(23.0)%
|
|
Total Consolidated
| |
$
|
125.3
|
| |
$
|
112.7
|
| |
11.2%
|
| | | | | | | | | |
|
| (1) |
|
Adjusted EBITDA is a financial measure that is not calculated in
accordance with GAAP. For a discussion of our presentation of
Adjusted EBITDA, see above under the heading “Non-GAAP Financial
Information”.
|
| |
|
|
|
| JELD-WEN Holding, Inc. |
|
|
| Segment Results (Unaudited) |
| (In millions) |
|
|
|
| Six Months Ended |
| |
| | July 1, 2017 |
| June 25, 2016 | | |
|
Net revenues from external customers
| | | | | | % Variance |
| North America | |
$
|
1,035.8
| | |
$
|
1,027.7
| | |
0.8%
|
| Europe | |
501.2
| | |
505.3
| | |
(0.8)%
|
| Australasia | |
259.5
|
| |
228.2
|
| |
13.7%
|
|
Total Consolidated
| |
$
|
1,796.5
|
| |
$
|
1,761.2
|
| |
2.0%
|
|
Adjusted EBITDA(1) | | | | | | |
| North America | |
$
|
130.0
| | |
$
|
107.5
| | |
21.0%
|
| Europe | |
64.3
| | |
59.0
| | |
9.0%
|
| Australasia | |
30.6
| | |
23.2
| | |
32.1%
|
|
Corporate and unallocated costs
| |
(18.6
|
)
| |
(15.7
|
)
| |
18.1%
|
|
Total Consolidated
| |
$
|
206.3
|
| |
$
|
173.9
|
| |
18.6%
|
| | | | | | | | | |
|
| (1) |
|
Adjusted EBITDA is a financial measure that is not calculated in
accordance with GAAP. For a discussion of our presentation of
Adjusted EBITDA, see above under the heading “Non-GAAP Financial
Information”.
|
| |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170808005441/en/
Investor Relations:
JELD-WEN Holding, Inc.
John Linker,
704-378-7007
SVP, Corporate Development and Investor Relations
investors@jeldwen.com
Source: JELD-WEN Holding, Inc.