CHARLOTTE, N.C., Nov. 6, 2023
/PRNewswire/ -- JELD-WEN Holding, Inc. (NYSE: JELD) ("JELD-WEN" or
the "Company") today announced results for the three and nine
months ended September 30, 2023. The
Company is raising its full-year guidance for continuing operations
to reflect its solid third quarter results. Comparability is to the
same period in the prior year and all periods presented reflect the
Company's Australasia segment as a discontinued operation, as
appropriate and unless otherwise noted.
Third Quarter Highlights
- Net revenues from continuing operations of $1,077.0 million decreased (5.5%) in the third
quarter driven by a (7%) decline in Core Revenue. The Core Revenue
decline was a (10%) lower volume/mix partially offset by a 3%
increase in price realization.
- Net income from continuing operations was $16.9 million or $0.20 per share, compared to a net loss from
continuing operations of ($45.1)
million or ($0.53) per share
during the same quarter a year ago. Operating income margin was
4.5% and (1.5%) for the quarters ended September 30, 2023 and September 24, 2022, respectively.
- Adjusted EPS from continuing operations was $0.53, compared to Adjusted EPS of $0.37 in the same quarter a year ago. Adjusted
EPS includes net after-tax charges of $28.7
million or $0.33 per share,
compared to net after-tax charges of $76.9
million or $0.90 per share
during the same quarter a year ago.
- Adjusted EBITDA from continuing operations was $105.7 million, compared to $94.5 million during the same quarter a year ago.
Adjusted EBITDA Margin from continuing operations increased by 150
basis points year-over-year to 9.8%.
- On July 2, 2023, the Company
completed the sale of its Australasia segment (previously announced
on April 17, 2023) for approximately
$446 million in net proceeds and
recognized an after tax gain on sale of $26.1 million. On August
3, 2023, the Company repaid $450
million of senior notes funded by the divestiture
proceeds.
"In the third quarter, our team continued to take actions to
strengthen the foundation of our business which generated
year-over-year increased profitability and strong cash flows,
despite challenging macroeconomic conditions," said Chief Executive
Officer William J. Christensen. "We
are taking the next steps to continue improving and sustaining our
performance to unlock significant value for JELD-WEN
shareholders."
Christensen continued, "In the fourth quarter of 2023, we
anticipate that the current uncertain operating environment will
continue but expect to mitigate the impact from weaker demand with
benefits from our ongoing cost reductions. As our third quarter
results were above our expectations, we are raising the midpoint of
our 2023 Adjusted EBITDA guidance."
Third Quarter 2023 Results
Net revenue for the three months ended September 30, 2023 decreased ($63.0) million, or (5.5%), to $1,077.0 million, compared to $1,140.0 million for the same period last year.
The decrease in net revenue was driven by a (7%) Core Revenue
decline composed of lower volume/mix (10%) partially offset by
higher price realization of 3%.
Net income from continuing operations was $16.9 million in the third quarter, compared to a
($45.1) million net loss in the same
period last year, an increase of $62.0
million. The increase was driven by a non-recurring
goodwill impairment in the prior year period and higher operating
income. Adjusted Net Income from continuing operations for the
third quarter increased $13.8 million, to $45.6 million, compared to $31.8 million in the same period last
year.
Earnings per share ("EPS") for the third quarter was $0.20,
compared to ($0.53) for the same
quarter last year. Adjusted EPS from continuing operations
for the third quarter was $0.53
compared to Adjusted EPS of $0.37 in
the same quarter last year.
Adjusted EBITDA from continuing operations increased
$11.2 million, to $105.7 million, compared to the same quarter last
year. Adjusted EBITDA Margin from continuing operations increased
150 basis points to 9.8%, as positive price/cost and productivity
improvements were partially offset by lower volume/mix.
On a segment basis for the third quarter of 2023, compared to
the same period last year:
- North America - Net
revenue decreased ($44.8) million, or
(5.4%), to $790.3 million, driven by
a (5%) decline in Core Revenue which was due to lower volume/mix
(7%) partially offset by increased price realization of 2%. Net
income from continuing operations decreased ($40.5) million to $40.5
million. Operating income margin was 8.8% for the quarter
ended September 30, 2023 and 9.8% for
the prior year's third quarter. Adjusted EBITDA from continuing
operations decreased ($5.3) million
to $100.0 million, while Adjusted
EBITDA Margin from continuing operations was unchanged at
12.6%.
- Europe - Net revenue
decreased ($18.2) million, or (6.0%),
to $286.7 million, due to an (11%)
decline in Core Revenue. Core Revenue declined due to lower
volume/mix (17%) partially offset by higher price realization of
6%. Net income from continuing operations increased $64.4 million to $10.7
million. Operating income margin was 6.0% for the quarter
ended September 30, 2023 and (18.4%)
for the prior year's third quarter. Adjusted EBITDA from continuing
operations increased $6.4 million to
$24.5 million, while Adjusted EBITDA
Margin from continuing operations increased by 260 basis points to
8.5%.
Cash Flow(1)
Net cash flow provided by operations was $273.0 million during the first nine months of
2023, a $346.4 million improvement
compared to net cash flow used in operations of ($73.4) million during the same period a year
ago. The primary driver to the increased operating cash flow was a
$374.7 million improvement in cash
flow from working capital. Net working capital generated
$55.0 million of cash flow in the
first nine months of 2023 compared to a use of cash of ($319.7) million in the prior year period.
Capital expenditures in the first nine months of 2023 increased
by $22.9 million to $80.4
million, up from $57.5 million
in the first nine months of 2022.
Free Cash Flow provided in the first nine months of 2023 was
$192.6 million, compared to Free Cash
Flow used in the first nine months of 2022 of ($130.9) million. This $323.5 million improvement is primarily due to
higher net cash flow from operations.
(1)
Cash flow includes the Australasia segment through the divestiture
date of July 2, 2023.
Updated Full Year 2023 Guidance
JELD-WEN is raising its guidance to reflect the solid third
quarter performance.
The Company now expects 2023 net revenue of $4.25 to $4.35
billion which reflects a low double digit decline in
volume/mix across its portfolio of products and geographies in
North America and Europe. Core Revenues are forecasted to be
down 4% to 6% as price realization partially offsets lower market
demand.
Further, the Company now expects 2023 Adjusted EBITDA from
continuing operations to be within the range of $365 to $375
million driven by solid price/cost results and ongoing cost
reductions partially offset by lower year-over-year volumes and a
reduction in other income.
|
Revenue
|
Adjusted EBITDA
from
continuing operations
|
Core Revenue
Decline
|
August 2023
Guidance
|
$4.2B to
$4.4B
|
$350M to
$370M
|
(4%) to (8%)
|
Updated
Guidance
|
$4.25B to
$4.35B
|
$365M to
$375M
|
(4%) to (6%)
|
Although the Company believes the assumptions reflected in the
range of guidance are reasonable, actual results could vary
substantially given the uncertainty regarding the future
performance of the global economy, ongoing global conflicts, new
COVID-19 lockdowns or restrictions, disruptions in global supply
chains, and changes in raw material prices and other costs as well
as other risks and uncertainties, including those described below.
In addition, the guidance ranges provided for 2023 do not include
the impact of potential acquisitions or divestitures, except the
divestiture of the Australasia business.
Conference Call Information
JELD-WEN management will host a conference call on November 7, 2023, at 8
a.m. ET, to discuss the Company's financial results.
Interested investors and other parties can access the call either
via webcast by visiting the Investor Relations section of the
Company's website at https://investors.jeld-wen.com, or by dialing
888-330-2446 from the United
States or +1-240-789-2732 internationally and using ID
1285715. A slide presentation highlighting the Company's results is
available on the Investor Relations section of the Company's
website.
For those unable to listen to the live event, a webcast replay
will be available approximately two hours following completion of
the call. To learn more about JELD-WEN, please visit the Company's
website at https://investors.jeld-wen.com.
About JELD-WEN Holding, Inc.
JELD-WEN is a leading global designer, manufacturer and
distributor of high-performance interior and exterior doors,
windows, and related building products serving the new construction
and repair and remodeling sectors. Headquartered in Charlotte, N.C., the company operates
facilities in 16 countries in North
America and Europe and
employs approximately 18,000 people. Since 1960, the JELD-WEN team
has been committed to making quality products that create safe and
sustainable environments for customers, associates and local
communities. The JELD-WEN family of brands includes JELD-WEN®
worldwide; LaCantina™ and VPI™ in North
America; and Swedoor® and DANA® in Europe. For more information, visit
www.jeld-wen.com.
Investor Relations Contact:
James Armstrong
Vice President, Investor Relations
704-378-5731
jarmstrong@jeldwen.com
Media Contact:
Colleen
Penhall
Vice President, Corporate Communications
980-322-2681
cpenhall@jeldwen.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are generally identified by
the use of forward-looking terminology, including the terms
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "likely," "may," "plan," "possible," "potential,"
"predict," "project," "should," "target," "will," "would" and, in
each case, their negative or other various or comparable
terminology. All statements other than statements of historical
facts are forward-looking statements, including statements
regarding our business strategies and ability to execute on our
plans, market potential, future financial performance, customer
demand, the potential of our categories, brands and innovations,
the impact of our footprint rationalization and modernization
initiatives, the impact of acquisitions and divestitures on our
business and our ability to maximize value and integrate
operations, our pipeline of productivity projects, the estimated
impact of tax reform on our results, litigation outcomes, and our
expectations, beliefs, plans, objectives, prospects, assumptions,
or other future events, all of which involve risks and
uncertainties that could cause actual results to differ materially.
For a discussion of these risks and uncertainties, please refer to
our Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Reports on Form 10-Q
filed in 2023 and our other filings with the U.S. Securities and
Exchange Commission.
The forward-looking statements included in this release are made
as of the date hereof, and we undertake no obligation to update any
forward-looking statements, except as required by law.
Non-GAAP Financial Information
This press release presents certain "non-GAAP" financial
measures, including Adjusted EBITDA from continuing operations,
Adjusted EBITDA Margin from continuing operations, Adjusted Net
Income from continuing operations, Adjusted EPS from continuing
operations, Free Cash Flow, and Net Debt Leverage. 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. While
management is not able to provide a reconciliation of 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 certain items such as
assumed effective tax rate, assumed interest expense, and other
assumptions about capital requirements for future periods. The
variability of these items may have a significant impact on our
future GAAP results.
Other companies may compute these measures differently. The
non-U.S. GAAP information has limitations as an analytical tool and
should not be considered in isolation from or as a substitute
for U.S. GAAP information. It does not purport to represent any
similarly titled U.S. GAAP information and is not an indicator of
our performance under U.S. GAAP.
We use Adjusted EBITDA from continuing operations, Adjusted
EBITDA Margin from continuing operations, Adjusted Net Income from
continuing operations, 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 from
continuing operations and Adjusted EBITDA Margin from continuing
operations are helpful in highlighting trends because they exclude
certain items 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
from continuing operations and Adjusted EBITDA Margin from
continuing operations to measure our financial performance in
reporting our results to our Board of Directors. Further, our
executive incentive compensation is based in part on Adjusted
EBITDA from continuing operations. Adjusted EBITDA from continuing
operations 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 from continuing operations as income
(loss) from continuing operations, net of tax, adjusted for the
following items: income tax expense (benefit); depreciation and
amortization; interest expense, net; and certain special items
consisting of non-recurring legal and professional expenses and
settlements; goodwill impairment; restructuring and asset related
charges; other facility closure, consolidation, and other related
costs and adjustments; M&A related costs; loss on
extinguishment of debt; share-based compensation expense; non-cash
foreign exchange transaction/translation (income) loss; and other
special items.
Adjusted Net Income from continuing operations represents net
income from continuing operations adjusted for the after-tax impact
of certain special items used to calculate Adjusted EBITDA from
continuing operations as described above. Where applicable, the
specifically identified items are tax effected at the applicable
jurisdictional tax rate and tax expense is adjusted to remove the
effect of discrete tax items.
Adjusted EPS from continuing operations represents net income
from continuing operations per diluted share adjusted to exclude
the estimated per share impact of the same specifically identified
items used to calculate Adjusted Net Income from continuing
operations as described above.
Adjusted EBITDA Margin from continuing operations represents
Adjusted EBITDA from continuing operations as a percentage of net
revenues.
We present several financial metrics in "Core" terms, which
exclude the impact of foreign exchange, acquisitions and
divestitures completed in the last twelve months. We define Core
Revenue as net revenue excluding the impact of foreign exchange,
and acquisitions and divestitures completed in the last twelve
months. The use of "Core" metrics assists management, investors,
and analysts in understanding the organic performance of the
operations.
We present Free Cash Flow because we believe this metric assists
investors and analysts in determining the quality of our earnings.
Free Cash Flow is defined as net cash (used in) provided by
operating activities less capital expenditures (including purchases
of intangible assets). Free Cash Flow should not be considered as
an alternative to net cash (used in) provided by operating
activities as a liquidity measure. We also present Net Debt
Leverage because it is a key financial metric that is used by
management to assess the balance sheet risk of the Company. We
define Net Debt Leverage as Net Debt (total principal debt
outstanding less unrestricted cash) divided by Adjusted EBITDA from
continuing operations for the last twelve month period.
Due to rounding, numbers presented throughout this release 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, except
share and per share data)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
September 30,
2023
|
|
September 24,
2022
|
|
% Variance
|
Net
revenues
|
|
$
1,077.0
|
|
$
1,140.0
|
|
(5.5) %
|
Cost of
sales
|
|
853.4
|
|
933.6
|
|
(8.6) %
|
Gross margin
|
|
223.6
|
|
206.4
|
|
8.3 %
|
Selling, general and
administrative
|
|
162.8
|
|
162.2
|
|
0.4 %
|
Goodwill
impairment
|
|
—
|
|
54.9
|
|
NM
|
Restructuring and
asset related charges
|
|
12.7
|
|
6.6
|
|
93.8 %
|
Operating income
(loss)
|
|
48.1
|
|
(17.3)
|
|
(378.6) %
|
Interest expense,
net
|
|
16.7
|
|
21.3
|
|
(21.3) %
|
Loss on extinguishment
of debt
|
|
6.5
|
|
—
|
|
NM
|
Other income,
net
|
|
(9.5)
|
|
(5.2)
|
|
82.5 %
|
Income (loss) from
continuing operations before taxes
|
|
34.3
|
|
(33.3)
|
|
(202.9) %
|
Income tax
expense
|
|
17.4
|
|
11.7
|
|
48.5 %
|
Income (loss) from
continuing operations, net of tax
|
|
16.9
|
|
(45.1)
|
|
(137.5) %
|
Gain on sale of
discontinued operations, net of tax
|
|
26.1
|
|
—
|
|
NM
|
Income from
discontinued operations, net of tax
|
|
0.8
|
|
11.9
|
|
(93.3) %
|
Net income
(loss)
|
|
$
43.8
|
|
$
(33.2)
|
|
(231.9) %
|
Diluted Net income
(loss) per share from continuing operations
|
|
$
0.20
|
|
$
(0.53)
|
|
|
Diluted Net income per
share from discontinued operations
|
|
0.31
|
|
0.14
|
|
|
Diluted Net income
(loss) per share
|
|
$
0.51
|
|
$
(0.39)
|
|
|
Diluted
Shares
|
|
86,349,840
|
|
84,519,095
|
|
|
Other financial
data:
|
|
|
|
|
|
|
Operating income (loss)
margin
|
|
4.5 %
|
|
(1.5) %
|
|
|
Adjusted EBITDA from
continuing operations (1)
|
|
$
105.7
|
|
$
94.5
|
|
11.9 %
|
Adjusted EBITDA Margin
from continuing operations (1)
|
|
9.8 %
|
|
8.3 %
|
|
|
|
(1)
|
Adjusted EBITDA from
continuing operations and Adjusted EBITDA Margin from continuing
operations are financial measures that are not calculated in
accordance with GAAP. For a discussion of our presentation of
Adjusted EBITDA from continuing operations and Adjusted EBITDA
Margin from continuing operations, see above under the heading
"Non-GAAP Financial Information."
|
JELD-WEN Holding,
Inc.
Consolidated
Statements of Operations (Unaudited)
(In millions, except
share and per share data)
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
September 30,
2023
|
|
September 24,
2022
|
|
% Variance
|
Net
revenues
|
|
$
3,283.3
|
|
$
3,364.8
|
|
(2.4) %
|
Cost of
sales
|
|
2,642.3
|
|
2,780.1
|
|
(5.0) %
|
Gross margin
|
|
640.9
|
|
584.7
|
|
9.6 %
|
Selling, general and
administrative
|
|
478.1
|
|
482.2
|
|
(0.9) %
|
Goodwill
impairment
|
|
—
|
|
54.9
|
|
NM
|
Restructuring and
asset related charges, net
|
|
28.8
|
|
11.8
|
|
143.9 %
|
Operating
income
|
|
134.1
|
|
35.7
|
|
275.2 %
|
Interest expense,
net
|
|
59.1
|
|
59.8
|
|
(1.2) %
|
Loss on extinguishment
of debt
|
|
6.5
|
|
—
|
|
NM
|
Other income,
net
|
|
(11.0)
|
|
(31.3)
|
|
(65.0) %
|
Income from continuing
operations before taxes
|
|
79.5
|
|
7.3
|
|
992.4 %
|
Income tax
expense
|
|
31.6
|
|
21.0
|
|
50.9 %
|
Income (loss) from
continuing operations, net of tax
|
|
47.9
|
|
(13.7)
|
|
(449.9) %
|
Gain on sale of
discontinued operations, net of tax
|
|
26.1
|
|
—
|
|
NM
|
Income from
discontinued operations, net of tax
|
|
23.2
|
|
25.8
|
|
(9.8) %
|
Net income
|
|
$
97.2
|
|
$
12.1
|
|
702.9 %
|
Diluted Net income
(loss) per share from continuing operations
|
|
$
0.56
|
|
$
(0.16)
|
|
|
Diluted Net income per
share from discontinued operations
|
|
0.58
|
|
0.29
|
|
|
Diluted Net income per
share
|
|
$
1.13
|
|
$
0.14
|
|
|
Diluted
Shares
|
|
85,729,136
|
|
88,016,849
|
|
|
Other financial
data:
|
|
|
|
|
|
|
Operating income
margin
|
|
4.1 %
|
|
1.1 %
|
|
|
Adjusted EBITDA from
continuing operations(1)
|
|
$
293.9
|
|
$
270.8
|
|
8.5 %
|
Adjusted EBITDA Margin
from continuing operations (1)
|
|
9.0 %
|
|
8.0 %
|
|
|
|
|
|
|
|
|
|
(1)
|
Adjusted EBITDA from
continuing operations and Adjusted EBITDA Margin from continuing
operations are financial measures that are not calculated in
accordance with GAAP. For a discussion of our presentation of
Adjusted EBITDA from continuing operations and Adjusted EBITDA
Margin from continuing operations, see above under the heading
"Non-GAAP Financial Information."
|
JELD-WEN Holding,
Inc.
Consolidated Balance
Sheets (Unaudited)
(In millions, except
share and per share data)
|
|
|
|
|
|
September 30,
2023
|
|
December 31,
2022
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
239.2
|
|
$
164.5
|
Restricted
cash
|
0.7
|
|
1.5
|
Accounts receivable,
net
|
567.7
|
|
531.2
|
Inventories
|
518.4
|
|
594.5
|
Other current
assets
|
69.8
|
|
73.5
|
Assets held for
sale
|
134.2
|
|
125.7
|
Current assets of
discontinued operations
|
—
|
|
204.7
|
Total current
assets
|
1,530.0
|
|
1,695.6
|
Property and
equipment, net
|
628.0
|
|
642.0
|
Deferred tax
assets
|
185.2
|
|
182.2
|
Goodwill
|
378.9
|
|
382.0
|
Intangible assets,
net
|
136.3
|
|
148.1
|
Operating lease
assets, net
|
121.9
|
|
129.0
|
Other
assets
|
28.1
|
|
25.8
|
Non-current assets of
discontinued operations
|
—
|
|
296.8
|
Total
assets
|
$
3,008.3
|
|
$
3,501.4
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
313.2
|
|
$
287.0
|
Accrued payroll and
benefits
|
119.1
|
|
107.0
|
Accrued expenses and
other current liabilities
|
255.3
|
|
247.9
|
Current maturities of
long-term debt
|
40.5
|
|
34.1
|
Liabilities held for
sale
|
8.2
|
|
6.0
|
Current liabilities of
discontinued operations
|
—
|
|
104.6
|
Total current
liabilities
|
736.3
|
|
786.6
|
Long-term
debt
|
1,193.3
|
|
1,712.8
|
Unfunded pension
liability
|
35.1
|
|
31.1
|
Operating lease
liability
|
97.9
|
|
105.1
|
Deferred credits and
other liabilities
|
101.0
|
|
95.9
|
Deferred tax
liabilities
|
7.6
|
|
7.9
|
Non-current
liabilities of discontinued operations
|
—
|
|
38.4
|
Total
liabilities
|
2,171.2
|
|
2,777.8
|
Shareholders'
equity
|
|
|
|
Preferred Stock, par
value $0.01 per share, 90,000,000 shares authorized; no
shares issued and outstanding
|
—
|
|
—
|
Common Stock:
900,000,000 shares authorized, par value $0.01 per share,
85,214,451 and 84,347,712 shares issued and
outstanding as of September 30,
2023 and December 31, 2022,
respectively.
|
0.9
|
|
0.8
|
Additional paid-in
capital
|
746.6
|
|
734.9
|
Retained
earnings
|
227.7
|
|
130.5
|
Accumulated other
comprehensive loss
|
(138.0)
|
|
(142.6)
|
Total shareholders'
equity
|
837.2
|
|
723.5
|
Total liabilities and
shareholders' equity
|
$
3,008.3
|
|
$
3,501.4
|
JELD-WEN Holding,
Inc.
Consolidated
Statements of Cash Flows (Unaudited)
(In
millions)
|
|
|
|
|
|
Nine Months
Ended
|
|
|
September 30,
2023
|
|
September 24,
2022
|
OPERATING
ACTIVITIES
|
|
|
|
|
Net income
|
|
$
97.2
|
|
$
12.1
|
Adjustments to
reconcile net income to cash provided by (used in) operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
102.7
|
|
97.6
|
Deferred income
taxes
|
|
8.8
|
|
9.6
|
Net (gain) loss on
disposition of assets
|
|
(3.9)
|
|
0.4
|
Goodwill
impairment
|
|
—
|
|
54.9
|
Adjustment to carrying
value of assets
|
|
4.8
|
|
0.5
|
Amortization of
deferred financing costs
|
|
2.1
|
|
2.3
|
Loss on extinguishment
of debt
|
|
6.5
|
|
—
|
Gain on sale of
discontinued operations, net of tax
|
|
(26.1)
|
|
—
|
Stock-based
compensation
|
|
13.2
|
|
10.9
|
Amortization of U.S.
pension expense
|
|
0.4
|
|
1.1
|
Recovery of cost from
interest received on impaired notes
|
|
(3.0)
|
|
(14.0)
|
Other items,
net
|
|
(10.7)
|
|
41.9
|
Net change in
operating assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
|
(50.2)
|
|
(166.6)
|
Inventories
|
|
74.8
|
|
(147.0)
|
Other
assets
|
|
22.1
|
|
(31.1)
|
Accounts payable and
accrued expenses
|
|
45.5
|
|
67.1
|
Change in short-term
and long-term tax liabilities
|
|
(11.2)
|
|
(13.2)
|
Net cash provided by
(used in) operating activities
|
|
273.0
|
|
(73.4)
|
INVESTING
ACTIVITIES
|
|
|
|
|
Purchases of property
and equipment
|
|
(69.6)
|
|
(53.1)
|
Proceeds from sale of
property and equipment
|
|
6.3
|
|
1.2
|
Purchase of intangible
assets
|
|
(10.7)
|
|
(4.4)
|
Proceeds (payments)
related to the sale of our Australasia segment
|
|
367.5
|
|
—
|
Recovery of cost from
interest received on impaired notes
|
|
3.0
|
|
14.0
|
Cash received for
notes receivable
|
|
0.1
|
|
0.1
|
Cash received from
insurance proceeds
|
|
3.2
|
|
—
|
Change in securities
for deferred compensation plan
|
|
(0.9)
|
|
(0.5)
|
Net cash provided by
(used in) investing activities
|
|
298.8
|
|
(42.7)
|
FINANCING
ACTIVITIES
|
|
|
|
|
Change in long-term
debt and payments of debt extinguishment costs
|
|
(549.3)
|
|
84.8
|
Common stock issued
for exercise of options
|
|
0.2
|
|
2.0
|
Common stock
repurchased
|
|
—
|
|
(132.0)
|
Payments to tax
authorities for employee share-based compensation
|
|
(1.6)
|
|
(2.7)
|
Net cash used in
financing activities
|
|
(550.8)
|
|
(47.9)
|
Effect of foreign
currency exchange rates on cash
|
|
(2.0)
|
|
(31.7)
|
Net increase (decrease)
in cash and cash equivalents
|
|
19.0
|
|
(195.7)
|
Cash, cash equivalents
and restricted cash, beginning
|
|
220.9
|
|
396.9
|
Cash, cash equivalents
and restricted cash, ending
|
|
$
239.9
|
|
$
201.1
|
Balances included in
the Consolidated Balance Sheets:
|
|
|
|
|
Cash, cash
equivalents, and restricted cash
|
|
$
239.9
|
|
$
156.4
|
Cash and cash
equivalents included in current assets of discontinued
operations
|
|
—
|
|
44.8
|
Cash and cash
equivalents at end of period
|
|
$
239.9
|
|
$
201.1
|
Cash flow information
is inclusive of cash flows from the Australasia segment through the
divestiture date of July 2, 2023.
|
|
|
JELD-WEN Holding,
Inc.
Reconciliation of
Non-GAAP Financial Measures (Unaudited)
(In
millions)
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30, 2023
|
|
September
24, 2022
|
|
September
30, 2023
|
|
September
24, 2022
|
Income (loss) from
continuing operations, net of tax
|
$
16.9
|
|
$
(45.1)
|
|
$
47.9
|
|
$
(13.7)
|
Income tax
expense
|
17.4
|
|
11.7
|
|
31.6
|
|
21.0
|
Depreciation and
amortization(1)
|
31.0
|
|
27.9
|
|
97.5
|
|
83.3
|
Interest expense,
net
|
16.7
|
|
21.3
|
|
59.1
|
|
59.8
|
Special
items:
|
|
|
|
|
|
|
|
Legal and professional
expenses and settlements(2)
|
7.4
|
|
2.5
|
|
13.6
|
|
5.0
|
Goodwill
impairment(3)
|
—
|
|
54.9
|
|
—
|
|
54.9
|
Restructuring and
asset related charges(4)
|
12.7
|
|
6.6
|
|
28.8
|
|
11.8
|
Other facility
closure, consolidation, and related costs and
adjustments(5)
|
0.1
|
|
9.1
|
|
2.7
|
|
14.3
|
M&A related
costs(6)
|
1.2
|
|
3.0
|
|
5.2
|
|
8.7
|
Net (gain) loss on
sale of property and equipment(7)
|
(4.0)
|
|
0.1
|
|
(4.0)
|
|
0.3
|
Loss on extinguishment
of debt(8)
|
6.5
|
|
—
|
|
6.5
|
|
—
|
Share-based
compensation expense (income)(9)
|
3.4
|
|
(0.8)
|
|
12.3
|
|
9.8
|
Non-cash foreign
exchange transaction/translation loss
(income)(10)
|
0.3
|
|
2.8
|
|
(0.9)
|
|
9.7
|
Other special items
(11)
|
(3.7)
|
|
0.6
|
|
(6.3)
|
|
6.0
|
Adjusted EBITDA from
continuing operations
|
$
105.7
|
|
$
94.5
|
|
$
293.9
|
|
$
270.8
|
|
(1)
|
Depreciation and
amortization expense in the three and nine months ended September
30, 2023 includes accelerated amortization of $3.5 million for an
ERP system that we intend to not utilize upon completion of the
Australasia segment Transition Services Agreement period. In
addition, the nine months ended September 30, 2023 includes
accelerated depreciation of $9.1 million in North America from
reviews of equipment capacity optimization.
|
(2)
|
Legal and professional
expenses and settlements include strategic transformation expenses
of $7.1 million and $12.0 million in the three and nine months
ended September 30, 2023, respectively, and $1.4 million in the
three and nine months ended September 24, 2022. The residual
amounts primarily relate to litigation.
|
(3)
|
Goodwill impairment
consists of goodwill impairment charges associated with our Europe
reporting unit.
|
(4)
|
Represents severance,
accelerated depreciation, equipment relocation and other expenses
directly incurred as a result of restructuring events. The
restructuring charges primarily relate to charges incurred to close
certain manufacturing facilities in our North America
segment.
|
(5)
|
Other facility closure,
consolidation, and other related costs and adjustments primarily
related to winding down certain facilities scheduled to close in
2023 as well as certain facilities closed in 2022 that do not meet
the U.S. GAAP definition of restructuring.
|
(6)
|
M&A related costs
consists primarily of legal and professional expenses related to
the planned disposition of Towanda.
|
(7)
|
Gain on sale of
property and equipment in the three and nine months ended September
30, 2023 primarily relates to the sale of a building in Melton,
UK.
|
(8)
|
Loss on extinguishment
of debt of $6.5 million is related to the redemption of $250.0
million of our 6.25% Senior Secured Notes and $200.0 million of our
4.63% Senior Notes.
|
(9)
|
Represents non-cash
equity-based compensation expense related to the issuance of
share-based awards.
|
(10)
|
Non-cash foreign
exchange transaction/translation loss (income) primarily consists
of losses (gains) associated with fair value adjustments of foreign
currency derivatives and revaluation of intercompany
balances.
|
(11)
|
Other special items not
core to ongoing business activity include: (i) in the three months
ended September 30, 2023 ($3.1) million in income from short-term
investments and forward contracts related to the divestiture of our
Australasia segment; (ii) in the three months ended September 24,
2022, $3.2 million relating primarily to exit costs for executives
and ($2.9) million in adjustments related to fire damage and
downtime at one of our facilities in North America; (iii) in the
nine months ended September 30, 2023, ($3.1) million in income from
short-term investments and forward contracts related to the
divestiture of our Australasia segment and ($2.8) million in
adjustments to compensation and non-income taxes associated with
exercises of legacy equity awards; and (iv) in the nine months
ended September 24, 2022, $3.2 million relating primarily to exit
costs for executives and $1.9 million compensation and non-income
taxes associated with exercises of legacy equity awards.
|
To conform with current
period presentation, certain amounts in prior period information
have been reclassified.
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(amounts in
millions, except share and per share data)
|
|
September
30, 2023
|
|
September
24, 2022
|
|
September
30, 2023
|
|
September
24, 2022
|
Income (loss) from
continuing operations, net of tax
|
|
$
16.9
|
|
$
(45.1)
|
|
$
47.9
|
|
$
(13.7)
|
Special
items:(1)
|
|
|
|
|
|
|
|
|
Legal and professional
expenses and settlements
|
|
7.4
|
|
2.5
|
|
13.6
|
|
5.0
|
Goodwill
impairment
|
|
—
|
|
54.9
|
|
—
|
|
54.9
|
Restructuring and
asset related charges
|
|
12.7
|
|
6.6
|
|
28.8
|
|
11.8
|
Other facility
closure, consolidation, and other related costs and
adjustments
|
|
0.1
|
|
9.1
|
|
2.7
|
|
14.3
|
M&A related
costs
|
|
1.2
|
|
3.0
|
|
5.2
|
|
8.7
|
Net (gain) loss on
sale of property and equipment
|
|
(4.0)
|
|
0.1
|
|
(4.0)
|
|
0.3
|
Loss on extinguishment
of debt
|
|
6.5
|
|
—
|
|
6.5
|
|
—
|
Share-based
compensation expense (income)
|
|
3.4
|
|
(0.8)
|
|
12.3
|
|
9.8
|
Non-cash foreign
exchange transactions/translation loss (income)
|
|
0.3
|
|
2.8
|
|
(0.9)
|
|
9.7
|
Accelerated
amortization of an ERP system(2)
|
|
3.5
|
|
—
|
|
3.5
|
|
—
|
Other special
items
|
|
(3.7)
|
|
0.6
|
|
(6.3)
|
|
6.0
|
Tax impact of special
items(3)
|
|
(5.0)
|
|
(3.7)
|
|
(13.8)
|
|
(15.2)
|
Tax special
items
|
|
6.4
|
|
1.9
|
|
9.6
|
|
(4.5)
|
Adjusted Net
Income from continuing operations
|
|
$
45.6
|
|
$
31.8
|
|
$
105.0
|
|
$
87.0
|
|
|
|
|
|
|
|
|
|
Diluted income
per share from continuing operations
|
|
$
0.20
|
|
$
(0.53)
|
|
$
0.56
|
|
$
(0.16)
|
Special
items:(1)
|
|
|
|
|
|
|
|
|
Legal and professional
expenses and settlements
|
|
0.09
|
|
0.03
|
|
0.16
|
|
0.06
|
Goodwill
impairment
|
|
—
|
|
0.65
|
|
—
|
|
0.62
|
Restructuring and
asset related charges
|
|
0.15
|
|
0.08
|
|
0.34
|
|
0.13
|
Other facility
closure, consolidation, and other related costs and
adjustments
|
|
—
|
|
0.11
|
|
0.03
|
|
0.16
|
M&A related
costs
|
|
0.01
|
|
0.03
|
|
0.06
|
|
0.10
|
Net gain on sale of
property of equipment
|
|
(0.05)
|
|
—
|
|
(0.05)
|
|
—
|
Loss on extinguishment
of debt
|
|
0.08
|
|
—
|
|
0.08
|
|
—
|
Share-based
compensation expense (income)
|
|
0.04
|
|
(0.01)
|
|
0.14
|
|
0.11
|
Non-cash foreign
exchange transactions/translation loss (income)
|
|
—
|
|
0.03
|
|
(0.01)
|
|
0.11
|
Accelerated
amortization of an ERP system(2)
|
|
0.04
|
|
—
|
|
0.04
|
|
—
|
Other special
items
|
|
(0.04)
|
|
0.01
|
|
(0.07)
|
|
0.07
|
Tax impact of special
items (3)
|
|
(0.06)
|
|
(0.04)
|
|
(0.16)
|
|
(0.17)
|
Tax special
items
|
|
0.07
|
|
0.02
|
|
0.11
|
|
(0.05)
|
Adjusted Net
Income per share from continuing operations
|
|
$
0.53
|
|
$
0.37
|
|
$
1.22
|
|
$
0.99
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares used in adjusted EPS
calculation represent the fully dilutive shares for the three
and nine months ended September 30, 2023 and
September 24, 2022, respectively.
|
|
86,349,840
|
|
85,040,645
|
|
85,729,136
|
|
88,016,849
|
Adjusted net income
from continuing operations per share may not sum due to
rounding.
|
(1)
|
Refer to the
calculation of Adjusted EBITDA from continuing operations for the
definitions of the Special items listed above.
|
(2)
|
Accelerated
amortization of an ERP system that we intend to not utilize upon
completion of the Australasia Transition Services Agreement
period.
|
(3)
|
Except as otherwise
noted, adjustments to net income and net income per share are
tax-effected at the jurisdictional statutory tax rate.
|
To conform with current
period presentation, certain amounts in prior period information
have been reclassified.
|
|
|
Three Months Ended
September 30, 2023
|
(amounts in
millions)
|
|
North
America
|
|
Europe
|
|
Total
Operating
Segments
|
|
Corporate
and
Unallocated
Costs
|
|
Total
Consolidated
|
Income (loss) from
continuing operations, net of tax
|
|
$
40.5
|
|
$
10.7
|
|
$
51.1
|
|
$
(34.2)
|
|
$
16.9
|
Income tax expense
(benefit)
|
|
27.4
|
|
6.0
|
|
33.4
|
|
(16.0)
|
|
17.4
|
Depreciation and
amortization
|
|
17.1
|
|
7.5
|
|
24.6
|
|
6.3
|
|
31.0
|
Interest expense,
net
|
|
0.6
|
|
0.1
|
|
0.8
|
|
16.0
|
|
16.7
|
Special
items:(1)
|
|
|
|
|
|
|
|
|
|
|
Legal and professional
expenses and settlements
|
|
0.8
|
|
1.3
|
|
2.1
|
|
5.3
|
|
7.4
|
Restructuring and
asset related charges
|
|
11.9
|
|
0.8
|
|
12.7
|
|
—
|
|
12.7
|
Other facility
closure, consolidation, and related costs and
adjustments
|
|
—
|
|
0.1
|
|
0.1
|
|
—
|
|
0.1
|
M&A related
costs
|
|
0.1
|
|
—
|
|
0.1
|
|
1.1
|
|
1.2
|
Net loss (gain) on
sale of property and equipment
|
|
0.7
|
|
(4.8)
|
|
(4.0)
|
|
—
|
|
(4.0)
|
Loss on extinguishment
of debt
|
|
—
|
|
—
|
|
—
|
|
6.5
|
|
6.5
|
Share-based
compensation expense
|
|
0.9
|
|
0.5
|
|
1.4
|
|
2.0
|
|
3.4
|
Non-cash foreign
exchange transaction/translation loss (income)
|
|
0.1
|
|
2.3
|
|
2.5
|
|
(2.2)
|
|
0.3
|
Other special
items
|
|
(0.2)
|
|
—
|
|
(0.2)
|
|
(3.5)
|
|
(3.7)
|
Adjusted EBITDA from
continuing operations
|
|
$
100.0
|
|
$
24.5
|
|
$
124.4
|
|
$
(18.7)
|
|
$
105.7
|
(1)
Refer to the calculation of Adjusted EBITDA from continuing
operations for the definitions of the Special items listed
above.
|
|
|
Three Months Ended
September 24, 2022
|
(amounts in
millions)
|
|
North
America
|
|
Europe
|
|
Total
Operating
Segments
|
|
Corporate
and
Unallocated
Costs
|
|
Total
Consolidated
|
Income (loss) from
continuing operations, net of tax
|
|
$
81.0
|
|
$
(53.7)
|
|
$
27.3
|
|
$
(72.4)
|
|
$
(45.1)
|
Income tax expense
(benefit)(1)
|
|
1.6
|
|
(5.9)
|
|
(4.2)
|
|
15.9
|
|
11.7
|
Depreciation and
amortization
|
|
17.6
|
|
7.2
|
|
24.8
|
|
3.2
|
|
27.9
|
Interest expense,
net
|
|
1.2
|
|
1.7
|
|
2.8
|
|
18.5
|
|
21.3
|
Special
items:(2)
|
|
|
|
|
|
|
|
|
|
|
Legal and professional
expenses and settlements
|
|
—
|
|
0.6
|
|
0.6
|
|
1.9
|
|
2.5
|
Goodwill
impairment
|
|
—
|
|
54.9
|
|
54.9
|
|
—
|
|
54.9
|
Restructuring and
asset related charges
|
|
0.8
|
|
3.4
|
|
4.2
|
|
2.3
|
|
6.6
|
Other facility
closure, consolidation, and related costs and
adjustments
|
|
2.4
|
|
6.7
|
|
9.1
|
|
—
|
|
9.1
|
M&A related
costs
|
|
0.1
|
|
—
|
|
0.1
|
|
2.8
|
|
3.0
|
Net loss on sale of
property and equipment
|
|
0.1
|
|
—
|
|
0.1
|
|
—
|
|
0.1
|
Share-based
compensation expense (income)
|
|
1.0
|
|
0.6
|
|
1.7
|
|
(2.4)
|
|
(0.8)
|
Non-cash foreign
exchange transaction/translation (income) loss
|
|
(0.1)
|
|
6.3
|
|
6.2
|
|
(3.4)
|
|
2.8
|
Other special
items
|
|
(0.5)
|
|
(3.7)
|
|
(4.1)
|
|
4.7
|
|
0.6
|
Adjusted EBITDA from
continuing operations
|
|
$
105.3
|
|
$
18.1
|
|
$
123.4
|
|
$
(28.9)
|
|
$
94.5
|
(1)
Income tax expense in Corporate and unallocated
costs includes the tax impact of US Operations.
(2)
Refer to the calculation of Adjusted EBITDA
from continuing operations for the definitions of the Special items
listed above.
To conform with
current period presentation, certain amounts in prior period
information have been reclassified.
|
|
|
Nine Months Ended
September 30, 2023
|
(amounts in
millions)
|
|
North
America
|
|
Europe
|
|
Total
Operating
Segments
|
|
Corporate
and
Unallocated
Costs
|
|
Total
Consolidated
|
Income (loss) from
continuing operations, net of tax
|
|
$
127.0
|
|
$
28.6
|
|
$
155.6
|
|
$
(107.7)
|
|
$
47.9
|
Income tax expense
(benefit)
|
|
63.1
|
|
10.5
|
|
73.5
|
|
(41.9)
|
|
31.6
|
Depreciation and
amortization
|
|
62.6
|
|
22.4
|
|
85.0
|
|
12.5
|
|
97.5
|
Interest expense,
net
|
|
4.2
|
|
0.7
|
|
4.9
|
|
54.2
|
|
59.1
|
Special
items:(1)
|
|
|
|
|
|
|
|
|
|
|
Legal and professional
expenses and settlements
|
|
0.8
|
|
3.7
|
|
4.5
|
|
9.1
|
|
13.6
|
Restructuring and
asset-related charges
|
|
25.4
|
|
2.6
|
|
28.0
|
|
0.8
|
|
28.8
|
Other facility
closure, consolidation, and other related costs and
adjustments
|
|
—
|
|
2.7
|
|
2.7
|
|
—
|
|
2.7
|
M&A related
costs
|
|
0.7
|
|
—
|
|
0.7
|
|
4.5
|
|
5.2
|
Net loss (gain) on
sale of property and equipment
|
|
1.1
|
|
(5.1)
|
|
(4.0)
|
|
—
|
|
(4.0)
|
Loss on extinguishment
of debt
|
|
—
|
|
—
|
|
—
|
|
6.5
|
|
6.5
|
Share-based
compensation expense
|
|
3.4
|
|
1.4
|
|
4.8
|
|
7.5
|
|
12.3
|
Non-cash foreign
exchange transaction/translation (income) loss
|
|
(0.2)
|
|
1.2
|
|
1.0
|
|
(1.9)
|
|
(0.9)
|
Other special
items
|
|
—
|
|
(2.8)
|
|
(2.9)
|
|
(3.5)
|
|
(6.3)
|
Adjusted EBITDA from
continuing operations
|
|
$
288.0
|
|
$
66.0
|
|
$
353.9
|
|
$
(60.0)
|
|
$
293.9
|
(1) Refer to the
calculation of Adjusted EBITDA from continuing operations for the
definitions of the Special items listed above.
|
|
|
Nine Months Ended
September 24, 2022
|
(amounts in
millions)
|
|
North
America
|
|
Europe
|
|
Total
Operating
Segments
|
|
Corporate
and
Unallocated
Costs
|
|
Total
Consolidated
|
Income (loss) from
continuing operations, net of tax
|
|
$
188.9
|
|
$
(51.2)
|
|
$
137.7
|
|
$
(151.4)
|
|
$
(13.7)
|
Income tax expense
(benefit)(1)
|
|
4.6
|
|
(1.3)
|
|
3.3
|
|
17.7
|
|
21.0
|
Depreciation and
amortization
|
|
51.1
|
|
22.7
|
|
73.8
|
|
9.4
|
|
83.3
|
Interest expense,
net
|
|
3.1
|
|
5.5
|
|
8.6
|
|
51.2
|
|
59.8
|
Special
items:(2)
|
|
|
|
|
|
|
|
|
|
|
Legal and professional
expenses and settlements
|
|
—
|
|
0.6
|
|
0.6
|
|
4.4
|
|
5.0
|
Goodwill
impairment
|
|
—
|
|
54.9
|
|
54.9
|
|
—
|
|
54.9
|
Restructuring and
asset-related charges
|
|
5.6
|
|
3.9
|
|
9.5
|
|
2.3
|
|
11.8
|
Other facility
closure, consolidation, and other related costs and
adjustments
|
|
2.4
|
|
11.9
|
|
14.3
|
|
—
|
|
14.3
|
M&A related
costs
|
|
0.4
|
|
—
|
|
0.4
|
|
8.3
|
|
8.7
|
Net loss on sale of
property and equipment
|
|
0.2
|
|
0.1
|
|
0.3
|
|
—
|
|
0.3
|
Share-based
compensation expense
|
|
3.1
|
|
1.9
|
|
5.0
|
|
4.7
|
|
9.8
|
Non-cash foreign
exchange transaction/translation loss
|
|
0.3
|
|
2.1
|
|
2.4
|
|
7.3
|
|
9.7
|
Other special
items
|
|
6.1
|
|
1.8
|
|
7.8
|
|
(1.8)
|
|
6.0
|
Adjusted EBITDA from
continuing operations
|
|
$
265.8
|
|
$
52.8
|
|
$
318.7
|
|
$
(47.9)
|
|
$
270.8
|
(1) Income tax
expense in Corporate and unallocated costs includes the tax impact
of US Operations.
(2) Refer to the
calculation of Adjusted EBITDA from continuing operations for the
definitions of the Special items listed above.
|
|
|
Nine Months
Ended
|
|
|
September 30,
2023
|
|
September 24,
2022
|
Net cash provided by
(used in) operating activities (1)
|
|
$
273.0
|
|
$
(73.4)
|
Less capital
expenditures (1)
|
|
80.4
|
|
57.5
|
Free Cash Flow
(1)(2)
|
|
$
192.6
|
|
$
(130.9)
|
|
(1)
|
Cash flow information
is inclusive of cash flows from the Australasia segment through the
divestiture date of July 2, 2023.
|
(2)
|
Free Cash Flow is a
financial measure that is not calculated in accordance with GAAP.
For a discussion of our presentation of Free Cash Flow, see above
under the heading "Non-GAAP Financial Information."
|
|
|
|
|
|
September 30,
2023
|
|
December 31,
2022
|
Total debt
|
|
$
1,233.8
|
|
$
1,746.9
|
Less cash and cash
equivalents
|
|
239.2
|
|
164.5
|
Net Debt
(1)
|
|
$
994.6
|
|
$
1,582.4
|
Divided by trailing
twelve months Adjusted EBITDA from continuing operations
(2)
|
|
372.0
|
|
348.8
|
Net Debt Leverage
(1)
|
|
2.7x
|
|
4.5x
|
|
(1)
|
Net Debt and Net Debt
Leverage are financial measures that are not calculated in
accordance with GAAP. For a discussion of our presentation of Net
Debt Leverage, see above under the heading "Non-GAAP Financial
Information."
|
(2)
|
Trailing twelve months
Adjusted EBITDA from continuing operations for both periods.
Adjusted EBITDA from continuing operations is a financial measure
that is not calculated in accordance with GAAP. For a discussion of
our presentation of Adjusted EBITDA from continuing operations, see
above under the heading "Non-GAAP Financial
Information."
|
Segment Results
(Unaudited)
(In
millions)
|
|
|
|
Three Months
Ended
|
|
|
|
|
September 30,
2023
|
|
September 24,
2022
|
|
|
Net revenues from
external customers
|
|
|
|
|
|
% Variance
|
North
America
|
|
$
790.3
|
|
$
835.1
|
|
(5.4) %
|
Europe
|
|
286.7
|
|
304.9
|
|
(6.0) %
|
Total
Consolidated
|
|
$
1,077.0
|
|
$
1,140.0
|
|
(5.5) %
|
Adjusted EBITDA from
continuing operations (1)
|
|
|
|
|
|
|
North
America
|
|
$
100.0
|
|
$
105.3
|
|
(5.1) %
|
Europe
|
|
24.5
|
|
18.1
|
|
35.2 %
|
Corporate and
unallocated costs
|
|
(18.7)
|
|
(28.9)
|
|
(35.3) %
|
Total
Consolidated
|
|
$
105.7
|
|
$
94.5
|
|
11.9 %
|
|
(1)
|
Adjusted EBITDA from
continuing operations is a financial measure that is not calculated
in accordance with GAAP. For a discussion of our presentation of
Adjusted EBITDA from continuing operations, see above under the
heading "Non-GAAP Financial Information."
|
|
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
2023
|
|
September
24,
2022
|
|
|
Net revenues from
external customers
|
|
|
|
|
|
% Variance
|
North
America
|
|
$
2,375.4
|
|
$
2,396.6
|
|
(0.9) %
|
Europe
|
|
907.8
|
|
968.2
|
|
(6.2) %
|
Total
Consolidated
|
|
$
3,283.3
|
|
$
3,364.8
|
|
(2.4) %
|
Adjusted EBITDA from
continuing operations (1)
|
|
|
|
|
|
|
North
America
|
|
$
288.0
|
|
$
265.8
|
|
8.3 %
|
Europe
|
|
66.0
|
|
52.8
|
|
24.8 %
|
Corporate and
unallocated costs
|
|
(60.0)
|
|
(47.9)
|
|
25.4 %
|
Total
Consolidated
|
|
$
293.9
|
|
$
270.8
|
|
8.5 %
|
(1)
|
Adjusted EBITDA from
continuing operations is a financial measure that is not calculated
in accordance with GAAP. For a discussion of our presentation of
Adjusted EBITDA from continuing operations, see above under the
heading "Non-GAAP Financial Information."
|
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SOURCE JELD-WEN Holding, Inc.