JELD-WEN Announces Third Quarter Results; Updates 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 September 30, 2017, and updated its 2017 annual outlook.
Highlights:
-
Net revenues for the third quarter increased 6.3%, bringing the
year-to-date total increase in net revenues to 3.5%
-
Net income for the third quarter amounted to $51.3 million and
adjusted EBITDA amounted to $128.2 million
-
Adjusted EBITDA for the third quarter increased 8.7%, and adjusted
EBITDA margins expanded 20 basis points
-
Diluted earnings per share ("EPS") for the third quarter amounted to
$0.47 and adjusted EPS amounted to $0.55
-
Cash flow from operations improved $63.9 million in the first nine
months of 2017 and free cash flow improved $94.0 million
-
Full year outlook for net revenue growth increased to 2.0% to 4.0% and
adjusted EBITDA outlook range narrowed to $440 million to $450 million
“We are pleased to deliver core revenue growth in all three reporting
segments and we are encouraged with the overall demand environment in
our markets. Additionally, we delivered another consecutive quarter of
earnings growth and margin expansion, while overcoming the impact of
operational headwinds in specific product lines,” said Mark Beck,
president and chief executive officer. “We are enthusiastic about our
recent acquisitions, which align to our strategy and are financially
accretive.”
Third Quarter 2017 Results
Net revenues for the three months ended September 30, 2017 increased
$58.9 million, or 6.3%, to $991.4 million, compared to $932.5 million
for the same period last year. The increase was driven by growth in core
revenues of 2%, the favorable impact of foreign exchange of 2%, and 3%
from the contribution of recent acquisitions. The company defines core
revenues to exclude the revenue impact of foreign exchange and
acquisitions completed in the last twelve months. Core revenues
increased in all three geographic reporting segments. Gross margin
increased $22.5 million, or 11.0%, to $228.2 million, compared to $205.7
million for the same period last year. The increase in gross margin was
due to profitable core growth, the contribution from recent
acquisitions, and a non-recurring charge to material costs incurred in
the same period last year, partially offset by operational headwinds
from specific product lines. Selling, general, and administrative
("SG&A") expense increased $12.8 million, or 9.9%, to $142.6 million,
compared to $129.8 million for the same period last year. SG&A expense
as a percentage of net revenues was 14.4% compared to 13.9% for the same
period a year ago. The increase in SG&A expense was due to higher legal
costs and the impact of recent acquisitions. Other income decreased
$10.6 million, resulting in other expense of $2.9 million, due to
non-recurring legal settlement income recognized in the same period last
year. Net income increased $5.2 million, or 11.3%, to $51.3 million,
compared to $46.1 million in the same quarter last year. Adjusted EBITDA
increased $10.2 million, or 8.7%, to $128.2 million, compared to $118.0
million in the same quarter last year. Adjusted EBITDA margins expanded
20 basis points in the quarter to 12.9%, from 12.7% in the same quarter
a year ago.
EPS for the third quarter was $0.47 and adjusted EPS was $0.55. 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.
On a segment basis for the third quarter of 2017, compared to the same
period last year:
- North America - Net revenues increased $19.7 million, or 3.6%,
to $572.0 million, due to an increase in core revenues of 2% and a 2%
contribution from recent acquisitions. The core revenue growth was
primarily due to favorable pricing. Excluding the volume impact of the
previously announced business rationalization in Florida, the company
estimates that North America core revenues would have increased
approximately 4%. Adjusted EBITDA increased $3.8 million, or 4.8%, to
$82.5 million. Adjusted EBITDA margin expanded by 10 basis points to
14.4%. Margin improvement from profitable core growth was partially
offset by operating inefficiencies in the North American windows
business.
- Europe - Net revenues increased $18.2 million, or 7.4%, to
$265.1 million, primarily due to a 4% favorable impact from foreign
exchange, 2% from the contribution of recent acquisitions, and 1% from
core growth. Adjusted EBITDA increased $1.9 million, or 6.2%, to $33.4
million. Adjusted EBITDA margin decreased by 10 basis points to 12.6%.
The decrease in adjusted EBITDA margins was primarily due to a timing
difference in the U.K. of pricing initiatives lagging material cost
inflation.
- Australasia - Net revenues increased $21.0 million, or 15.7%,
to $154.3 million, primarily due to the contribution from recent
acquisitions of 8%, core growth of 4%, and 4% from the favorable
impact of foreign exchange. Adjusted EBITDA increased $5.1 million, or
28.4%, to $22.9 million. Adjusted EBITDA margin expanded by 140 basis
points to 14.8%.
Year-to-Date 2017 Results
Net revenues for the nine months ended September 30, 2017 increased
$94.3 million, or 3.5%, to $2.788 billion, compared to $2.694 billion
for the same period last year. The increase was primarily driven by core
revenue growth of 2% and the contribution from recent acquisitions of
2%. Gross margin increased $73.6 million, or 12.9%, to $642.5 million,
compared to $568.9 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 $14.5 million, or 12.2%, to $104.5
million, compared to $119.0 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 $26.3 million in
the third 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 $42.6 million, or 14.6%, to $334.5 million,
compared to $291.9 million in the same period last year. Adjusted EBITDA
margins expanded 120 basis points to 12.0%, from 10.8% in the same
period a year ago.
Balance Sheet and Cash Flow
Cash and cash equivalents as of September 30, 2017 were $219.5 million,
compared to $102.7 million as of December 31, 2016. Total debt as of
September 30, 2017 was $1.251 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 $63.9 million in the first nine
months of 2017 to $174.1 million, from $110.2 million in the same period
last year. Free cash flow improved $94.0 million in the first nine
months of 2017 to $141.7 million, from $47.7 million in the same period
last year. Additionally, during the first nine months of 2017, the
company invested a total of $123.7 million in recently closed
acquisitions.
Updated Annual Outlook for 2017
For full year 2017 compared to full year 2016, the company now expects
net revenue growth of 2.0% to 4.0%, compared to the previous range of
1.5% to 3.5%. The revised outlook for net revenue growth reflects
recently closed acquisitions and is based on an assumption of continued
favorable demand drivers in the company's key geographic end markets.
The company's outlook for 2017 adjusted EBITDA is now $440 million to
$450 million, compared to the previous range of $440 million to $460
million, and 2016 actual adjusted EBITDA of $393.7 million. The revised
outlook for adjusted EBITDA reflects the expected contribution from
recent acquisitions, offset by the impact of the operational headwinds
described above, as well as investments expected in the fourth quarter
of 2017 in preparation for incremental new North American retail
business expected to begin in early 2018.
Capital expenditures are now expected to be in the range of $60 million
to $70 million, reduced from the previous range of $80 million to $90
million.
“Looking forward into 2018, we expect that our revenue growth will be
supported by constructive end market demand and our recent
acquisitions," stated Beck. "We are confident that our JEM initiatives
will continue to drive annual margin improvement of 100 to 150 basis
points from both cost savings initiatives and core growth. We will also
remain disciplined as we continue to pursue our healthy pipeline of M&A
opportunities."
Conference Call Information
JELD-WEN management will host a conference call today, November 7, 2017,
at 8 a.m. EST, 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
13672179. The replay will be available until 11:59 p.m. EST on November
21, 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, founded in 1960, is one of the world’s largest door and window
manufacturers, operating over 120 manufacturing facilities in 19
countries located primarily in North America, Europe and Australia.
Headquartered in Charlotte, N.C., 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. JELD-WEN is a recognized leader in
manufacturing energy-efficient products and has been an ENERGY STAR®
Partner since 1998. 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 Reports on Form
10-Q, 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; favorable interest
expense due to the recent debt reduction; and our future business plans.
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. While
management is not able to specifically quantify the reconciliation items
for forward-looking non-GAAP measures without unreasonable effort,
management bases the estimated ranges of non-GAAP measures for future
periods on its reasonable estimates of such factors as assumed effective
tax rate, assumed interest expense, and other assumptions about capital
requirements for future periods.
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 26.9%.
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.
Adjustments to Previously Reported Financial Information
During the third quarter ended September 30, 2017, we identified and
corrected errors related to the allocation of certain expenses between
cost of sales and selling, general and administrative expenses that
occurred in previous periods. The amounts are not material to the
periods impacted, and we have elected to revise our previously issued
consolidated financial statements in our upcoming filings to correct the
prior periods. The cumulative impact of the corrections for the three
and nine months ended September 24, 2016 was an increase in cost of
sales and a decrease in selling, general and administrative expenses
of $5.1 million and $12.1 million, respectively. The corrections had no
impact on operating income, net income, cash flows or adjusted EBITDA.
In addition, the financial information for three and nine months ended
September 24, 2016 presented below has been corrected as previously
disclosed. Please refer to our Form 10-Q for the three and nine month
periods ended September 30, 2017 for additional details.
|
|
| JELD-WEN Holding, Inc. |
|
|
| Consolidated Statements of Operations (Unaudited) |
| (In millions) |
|
|
|
| Three Months Ended |
| |
| | September 30,
2017 |
| September 24,
2016 | | % Variance |
|
Net revenues
| |
$
|
991.4
| |
$
|
932.5
| |
6.3%
|
|
Cost of sales
| |
763.2
| |
726.8
| |
5.0%
|
|
Gross margin
| |
228.2
| |
205.7
| |
11.0%
|
|
Selling, general and administrative
| |
142.6
| |
129.8
| |
9.9%
|
|
Impairment and restructuring charges
| |
2.3
| |
3.9
| |
(42.7)%
|
|
Operating income
| |
83.3
| |
71.9
| |
15.9%
|
|
Interest expense, net
| |
17.2
| |
18.5
| |
(7.3)%
|
|
Other expense (income)
| |
2.9
| |
(7.7)
| |
NM
|
|
Income before taxes, equity earnings and discontinued operations
| |
63.2
| |
61.1
| |
3.5%
|
|
Income tax expense
| |
13.0
| |
13.5
| |
(3.2)%
|
|
Income from continuing operations, net of tax
| |
50.2
| |
47.6
| |
5.4%
|
|
Equity earnings of non-consolidated entities
| |
1.1
| |
1.2
| |
(10.3)%
|
|
Loss from discontinued operations, net of tax
| |
—
| |
(2.7)
| |
NM
|
|
Net income
| |
$
|
51.3
| |
$
|
46.1
| |
11.3%
|
| Other financial data: | | | | | | |
|
Adjusted EBITDA(1) | |
$
|
128.2
| |
$
|
118.0
| |
8.7%
|
|
Adjusted EBITDA Margin
| |
12.9%
| |
12.7%
| | |
| | | | | |
|
(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) |
|
|
|
| Nine Months Ended |
| |
| | September 30,
2017 |
| September 24,
2016 | | % Variance |
|
Net revenues
| |
$
|
2,787.9
| |
$
|
2,693.6
| |
3.5%
|
|
Cost of sales
| |
2,145.4
| |
2,124.7
| |
1.0%
|
|
Gross margin
| |
642.5
| |
568.9
| |
12.9%
|
|
Selling, general and administrative
| |
433.7
| |
395.9
| |
9.6%
|
|
Impairment and restructuring charges
| |
4.0
| |
9.0
| |
(55.6)%
|
|
Operating income
| |
204.7
| |
164.0
| |
24.8%
|
|
Interest expense, net
| |
61.6
| |
53.7
| |
14.7%
|
|
Other expense (income)
| |
8.3
| |
(9.0)
| |
NM
|
|
Income before taxes, equity earnings and discontinued operations
| |
134.8
| |
119.3
| |
13.1%
|
|
Income tax expense (benefit)
| |
33.0
| |
(0.1)
| |
NM
|
|
Income from continuing operations, net of tax
| |
101.9
| |
119.4
| |
(14.7)%
|
|
Equity earnings of non-consolidated entities
| |
2.6
| |
2.5
| |
7.3%
|
|
Loss from discontinued operations, net of tax
| |
—
| |
(2.8)
| |
NM
|
|
Net income
| |
$
|
104.5
| |
$
|
119.0
| |
(12.2)%
|
| Other financial data: | | | | | | |
|
Adjusted EBITDA(1) | |
$
|
334.5
| |
$
|
291.9
| |
14.6%
|
|
Adjusted EBITDA Margin
| |
12.0%
| |
10.8%
| | |
| | | | | |
|
|
|
| JELD-WEN Holding, Inc. |
|
|
| Selected Financial Data (Unaudited) |
| (In millions) |
|
|
|
| September 30,
2017 |
| December 31,
2016 |
| Consolidated balance sheet data:
| | | | |
|
Cash, cash equivalents
| |
$
|
219.5
| |
$
|
102.7
|
|
Accounts receivable, net
| |
529.4
| |
407.2
|
|
Inventories
| |
398.5
| |
334.6
|
|
Total current assets
| |
1,180.1
| |
875.4
|
|
Total assets
| |
2,965.3
| |
2,530.1
|
|
Accounts payable
| |
264.1
| |
188.9
|
|
Total current liabilities
| |
610.6
| |
512.8
|
|
Total debt
| |
1,251.2
| |
1,620.0
|
|
Redeemable convertible preferred stock
| |
—
| |
151.0
|
|
Total shareholders’ equity
| |
884.7
| |
56.0
|
| | | |
|
| | Nine Months Ended |
| Statement of cash flows data: | | September 30,
2017 | | September 24,
2016 |
|
Net cash flow (used in) provided by:
| | | | |
|
Operating activities
| |
$
|
174.1
| |
$
|
110.2
|
|
Investing activities
| |
(153.5)
| |
(141.6)
|
|
Financing activities
| |
85.8
| |
(17.4)
|
| | | |
|
|
|
| JELD-WEN Holding, Inc. |
|
|
| Reconciliation of Non-GAAP Financial Measures (Unaudited) |
| (In millions) |
|
|
|
| Three Months Ended |
| Nine Months Ended |
| | September
30, 2017 |
| September
24, 2016 | | September
30, 2017 |
| September
24, 2016 |
|
Net income
| |
$
|
51.3
| | |
$
|
46.1
| | |
$
|
104.5
| | |
$
|
119.0
| |
|
Income from discontinued operations, net of tax
| |
—
| | |
2.7
| | |
—
| | |
2.8
| |
|
Equity earnings of non-consolidated entities
| |
(1.1
|
)
| |
(1.2
|
)
| |
(2.6
|
)
| |
(2.5
|
)
|
|
Income tax expense (benefit)
| |
13.0
| | |
13.5
| | |
33.0
| | |
(0.1
|
)
|
|
Depreciation and intangible amortization
| |
27.6
| | |
25.5
| | |
80.6
| | |
77.5
| |
|
Interest expense, net(1) | |
17.2
| | |
18.5
| | |
61.6
| | |
53.7
| |
|
Impairment and restructuring charges
| |
2.3
| | |
3.9
| | |
4.0
| | |
12.1
| |
|
(Gain) loss on sale of property and equipment
| |
(0.1
|
)
| |
0.1
| | |
(0.2
|
)
| |
(3.3
|
)
|
|
Stock-based compensation expense
| |
5.1
| | |
5.1
| | |
15.8
| | |
15.8
| |
|
Non-cash foreign exchange transaction/translation loss
| |
(1.8
|
)
| |
0.4
| | |
5.3
| | |
7.2
| |
|
Other non-cash items(2) | |
0.5
| | |
0.1
| | |
0.5
| | |
3.1
| |
|
Other items(3) | |
14.3
| | |
3.3
| | |
31.6
| | |
6.5
| |
|
Costs relating to debt restructuring and refinancing
| |
—
|
| |
—
|
| |
0.3
|
| |
—
|
|
|
Adjusted EBITDA(4) | |
$
|
128.2
|
| |
$
|
118.0
|
| |
$
|
334.5
|
| |
$
|
291.9
|
|
| | | | | | | | | | | | | | | |
|
(1) |
|
For the nine months ended September 30, 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 and nine months ended
September 30, 2017, charges of $0.4 million for Mattiovi PPA
inventory valuation adjustment; and (ii) in the nine months ended
September 24, 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 September 30, 2017, (1) $9.1 million in legal costs,
(2) $2.7 million in realized loss on hedges (3) $1.4 million in
acquisition costs and (4) $0.3 million in secondary offering costs;
(ii) in the three months ended September 24, 2016, (1) $2.1 million
professional fees related to the IPO process, (2) $0.5 million in
acquisition costs and (3) $0.2 million in legal costs associated
with disposal of non-core properties in Europe; (iii) in the nine
months ended September 30, 2017, (1) $24.9 million in legal costs,
(2)$2.7 million in realized loss on hedges, (3) $1.4 million in
acquisition costs, (4) $1.3 million secondary offering costs, (5)
$0.8 million in legal entity consolidation costs, (6) $0.3 million
in IPO costs and (7) $(2.2) million gain on settlement of contract
escrow; (iv) in the nine months ended September 24, 2016, (1) $2.4
million of professional fees related to IPO process, (2) $1.5
million in acquisition costs, (3) $0.4 million in Dooria plant
closure costs, (4) $0.3 million related to a legal settlement
accrual for CMI, and (5) $0.2 million in legal costs associated with
disposal of non-core properties in Europe.
|
| |
|
(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) | | September 30,
2017 |
|
Net income
| |
$
|
51.3
|
|
Legal and professional fees
| |
7.9
|
|
Non-cash foreign exchange transactions/translation loss
| |
(1.3)
|
|
Impairment and restructuring charges
| |
1.7
|
|
Adjusted net income
| |
$
|
59.6
|
| |
|
|
Diluted net income per share
| |
$
|
0.47
|
|
Legal and professional fees
| |
0.07
|
|
Non-cash foreign exchange transactions/translation loss
| |
(0.01)
|
|
Impairment and restructuring charges
| |
0.02
|
|
Adjusted net income per share
| |
$
|
0.55
|
| |
|
|
Diluted shares
| |
108,962,240
|
NOTE:All adjustments to net income and net income per share are
tax-effected at our estimated annual effective tax rate of approximately
26.9%
|
| |
| | Nine Months Ended |
| | September 30,
2017 |
| September 24,
2016 |
|
Net cash provided by operating activities
| |
$
|
174.1
| |
$
|
110.2
|
|
Less capital expenditures
| |
32.4
| |
62.5
|
|
Free cash flow
| |
$
|
141.7
| |
$
|
47.7
|
| | | | | |
|
|
|
| JELD-WEN Holding, Inc. |
|
|
| Segment Results (Unaudited) |
| (In millions) |
|
|
|
| Three Months Ended |
| |
| | September 30,
2017 |
| September 24,
2016 | | |
|
Net revenues from external customers
| | | | | | % Variance |
| North America | |
$
|
572.0
| |
$
|
552.2
| |
3.6%
|
| Europe | |
265.1
| |
246.9
| |
7.4%
|
| Australasia | |
154.3
| |
133.4
| |
15.7%
|
|
Total Consolidated
| |
$
|
991.4
| |
$
|
932.5
| |
6.3%
|
|
Adjusted EBITDA(1) | | | | | | |
| North America | |
$
|
82.5
| |
$
|
78.7
| |
4.8%
|
| Europe | |
33.4
| |
31.4
| |
6.2%
|
| Australasia | |
22.9
| |
17.8
| |
28.4%
|
|
Corporate and unallocated costs
| |
(10.6)
| |
(10.0)
| |
5.9%
|
|
Total Consolidated
| |
$
|
128.2
| |
$
|
118.0
| |
8.7%
|
| | | | | | | |
|
(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. |
|
|
| Segment Results (Unaudited) |
| (In millions) |
|
|
|
| Nine Months Ended |
| |
| | September 30,
2017 |
| September 24,
2016 | | |
|
Net revenues from external customers
| | | | | | % Variance |
| North America | |
$
|
1,607.7
| |
$
|
1,579.9
| |
1.8%
|
| Europe | |
766.3
| |
752.2
| |
1.9%
|
| Australasia | |
413.9
| |
361.5
| |
14.5%
|
|
Total Consolidated
| |
$
|
2,787.9
| |
$
|
2,693.6
| |
3.5%
|
|
Adjusted EBITDA(1) | | | | | | |
| North America | |
$
|
212.5
| |
$
|
186.2
| |
14.1%
|
| Europe | |
97.6
| |
90.4
| |
8.0%
|
| Australasia | |
53.5
| |
41.0
| |
30.5%
|
|
Corporate and unallocated costs
| |
(29.1)
| |
(25.7)
| |
13.4%
|
|
Total Consolidated
| |
$
|
334.5
| |
$
|
291.9
| |
14.6%
|
| | | | | | | |
|
(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/20171107005628/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.