CHARLOTTE, N.C., Feb. 17,
2025 /PRNewswire/ -- JELD-WEN Holding, Inc. (NYSE:
JELD) ("JELD-WEN" or the "Company") today announced results for the
quarter and year ended December 31,
2024. 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.
Fourth Quarter Highlights
- Net revenues from continuing operations of $895.7 million decreased (12.3%) in the fourth
quarter driven by a (12%) Core Revenue decline as a result of (12%)
lower volume/mix due to weak macro-economic conditions and a
continued demand shift to entry level products.
- Net loss from continuing operations was ($68.4) million or ($0.81) per share, compared to net loss from
continuing operations of ($22.6)
million, or ($0.27) per share,
during the same quarter a year ago. The net loss from continuing
operations includes a non-cash goodwill impairment charge in the
North America reporting unit
related to the court-ordered divestiture of our Towanda facility.
Operating (loss) income margin was (5.7%) and 0.7% for the quarters
ended December 31, 2024 and
December 31, 2023, respectively.
- Adjusted EBITDA from continuing operations was $40.1 million, a decrease of ($46.5) million compared to $86.5 million during the same quarter a year ago.
Adjusted EBITDA Margin from continuing operations was 4.5%, a
decrease of (400) basis points year-over-year as lower volume/mix
and higher costs in labor and materials was only partially offset
by lower SG&A expense and improved productivity as a result of
transformation benefits.
Full Year Highlights
- Net revenues from continuing operations of $3,775.6 million decreased (12.3%) in the full
year driven by a (12%) Core Revenue decline as a result of (12%)
lower volume/mix due to weak macro-economic conditions and a
continued demand shift to entry level products.
- Net loss from continuing operations was ($187.6) million or ($2.21) per share, compared to net income from
continuing operations of $25.2
million, or $0.29 per share,
in the prior year. The net loss from continuing operations includes
a non-cash goodwill impairment charge in the Europe reporting unit and a non-cash goodwill
impairment charge in the North
America reporting unit related to the court-ordered
divestiture of Towanda. Operating (loss) income margin was (3.3%)
and 3.3% for the years ended December 31,
2024 and December 31, 2023,
respectively.
- Adjusted EBITDA from continuing operations was $275.2 million, a decrease of ($105.2) million compared to $380.4 million a year ago. Adjusted EBITDA Margin
from continuing operations was 7.3%, a decrease of (150) basis
points year-over-year as lower volume/mix and higher costs in labor
and materials was only partially offset by lower SG&A expense
and improved productivity from our transformation activities.
"We made meaningful progress on our transformation in 2024,
despite facing challenging market conditions," said Chief Executive
Officer William J. Christensen. "As
we continue our transformation, we are committed to staying rooted
in what made JELD-WEN great historically ‒ delivering the right
product, on time, and with the quality our customers expect. Our
transformation is working, and the company is becoming stronger
every day. I am proud of the progress our associates have made, and
I am confident that as the market improves, we will be
well-positioned to capitalize on opportunities and partner with our
customers to drive mutual success."
Fourth Quarter 2024 Results
Net revenues from continuing operations for the three months
ended December 31, 2024, was
$895.7 million, a decrease of
($125.3) million, or (12.3%),
compared to $1,021.1 million for the
same period last year. The decrease in net revenues was driven by a
(12%) decline in Core Revenue as a result of (12%) lower volume/mix
due to weak macro-economic conditions and demand shifting to entry
level products.
Net loss from continuing operations was ($68.4) million in the fourth quarter, compared
to net loss from continuing operations of ($22.6) million in the same period last year, a
decrease of ($45.8) million. The
decrease was mostly driven by a $31.4 million impairment charge related to
the court-ordered divestiture of Towanda, lower volume/mix, and
increased costs to execute on JELD-WEN's transformation journey.
Adjusted Net Loss from continuing operations for the fourth quarter
was ($8.3) million, a decrease of
($40.0) million compared to Adjusted
Net Income of $31.7 million in the
same period last year.
Net loss per share from continuing operations for the fourth
quarter was ($0.81), compared to a
net loss per share of ($0.27) in the
same quarter last year. Adjusted EPS from continuing operations for
the fourth quarter was ($0.10)
compared to $0.37 in the same quarter
last year. Adjusted EPS for the quarter ended December 31, 2024, excludes net after-tax charges
of $60.1 million, or $0.70 per diluted share, associated mainly with
costs to execute on the Company's transformation journey and the
goodwill impairment from the court-ordered divestiture of our
Towanda facility. Adjusted EPS for the quarter ended December 31, 2023, excludes net after-tax charges
of $54.3 million or $0.64 per diluted share.
Adjusted EBITDA from continuing operations was $40.1 million, a decline of ($46.5) million compared to $86.5 million during the same quarter last year.
While we drove significant improvements from our transformation
activities, these benefits were more than offset by the impact of
lower sales and the associated loss of productivity. Adjusted
EBITDA Margin from continuing operations was 4.5%, a decline of
(400) basis points due to lower volume/mix and higher costs in
labor and material only partially offset by lower SG&A expense
and improved productivity as a result of transformation
benefits.
On a segment basis for the fourth quarter of 2024, compared to
the same period last year:
- North America - Net
revenue was $639.8 million, a decline
of ($107.8) million, or (14.4%),
driven by a (14%) decrease in Core Revenue. The decrease was
primarily due to (14%) unfavorable volume/mix driven by weaker
market demand and a shift to entry level products. Net income from
continuing operations was $0.1
million, a decline of ($48.9)
million year-over-year. Adjusted EBITDA was $42.4 million, a decline of ($51.8) million primarily due to unfavorable
volume mix, price/cost and productivity.
- Europe - Net revenue
was $255.9 million, a decline of
($17.5) million, or (6.4%), driven by
a (6%) decrease in Core Revenue. The decrease was primarily due to
(7%) unfavorable volume/mix driven by to market softness across the
region. Net income from continuing operations was $7.3 million, an increase of $39.3 million year-over-year as a large one-time
tax valuation allowance did not repeat in the comparable period.
Adjusted EBITDA was $16.5 million, an
increase of $1.0 million primarily
due to favorable productivity, partially offset by unfavorable
volume/mix.
Cash Flow (1)
Net cash provided by operating activities decreased ($239.0) million to $106.2
million in the year ended December
31, 2024, compared to $345.2
million in the year ended December
31, 2023. The decreased operating cash flow was primarily
due to an unfavorable change in earnings of ($251.5) million and a decline in accrued
expenses of ($39.1) million,
both of which were partially offset by a $9.4 million improvement in net cash provided by
our working capital accounts.
Capital expenditures in the year ended 2024 increased by
$62.8 million to $173.7 million, up from $110.9 million in 2023.
Free Cash Flow used in 2024 was ($67.5)
million, compared to Free Cash Flow provided in 2023 of
$234.3 million.
(1) Cash flow for the year ended
December 31, 2023, includes the
Australasia segment.
Full Year 2025 Guidance
JELD-WEN is introducing 2025 revenue guidance to a range of
$3.2 to $3.4
billion which reflects Core Revenues that are down (4%) to
(9%) compared to 2024. Further, the Company expects 2025 Adjusted
EBITDA to be within the range of $215
to $265 million.
|
Revenue
|
Adjusted
EBITDA
|
Core Revenue
Decline
|
|
2025
Guidance
|
$3.2 to $3.4
billion
|
$215 to $265
million
|
(4%) to (9%)
|
The Company expects 2025 operating cash flow to be approximately
$15 million.
Conference Call Information
JELD-WEN management will host a conference call on
February 18, 2025, 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 888-596-4144 from
the United States or
+1-646-968-2525 internationally and using ID 4434532. 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 Holding, Inc.
(NYSE: JELD) 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. Based in Charlotte, North Carolina, JELD-WEN operates
facilities in 14 countries in North
America and Europe and
employs approximately 16,000 associates dedicated to bringing
beauty and security to the spaces that touch our lives. 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 corporate.JELD-WEN.com or follow us on
LinkedIn.
Investor Relations Contact:
James Armstrong
Vice President, Investor Relations
704-378-5731
jarmstrong@jeldwen.com
Media Contact:
JELD-WEN Holding, Inc.
Melissa Farrington
Vice President, Enterprise Communications
262-350-6021
mfarrington@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 strategic transformation journey, footprint
rationalization, cost reduction 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, geopolitical and economic uncertainty, security breaches
and other cybersecurity incidents, impacts on our business from
weather and climate change, 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 and other
factors, please refer to our Annual Report on Form 10-K for the
year ended December 31, 2023,
Quarterly Reports on Form 10-Q filed in 2024 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. Although the Company believes the
assumptions reflected in the range of its 2025 guidance are
reasonable, actual results could vary substantially given the
uncertainty regarding the future performance of the global economy,
ongoing geopolitical conflicts, disruptions in 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 2025 do not include the
impact of potential acquisitions or divestitures. 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 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 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 (income), net; and certain special
items consisting of non-recurring net legal and professional
expenses and settlements; goodwill impairment; restructuring and
asset-related charges; M&A related costs; net (gain) loss on
sale of business, property, and equipment; loss on extinguishment
and refinancing of debt; share-based compensation expense; pension
settlement charges; non-cash foreign exchange
transaction/translation (gain) loss; and other special items. We
use Adjusted EBITDA from continuing operations because we believe
this measure assists 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.
Adjusted Net Income from continuing operations represents net
income (loss) from continuing operations adjusted for the after-tax
impact of (i) certain special items used to calculate Adjusted
EBITDA from continuing operations as described above and (ii)
accelerated amortization of an ERP that we are no longer utilizing
after we completed our related obligations under the JW Australia
Transition Services Agreement during the first quarter of 2024.
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
(loss) 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 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
|
|
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
% Variance
|
|
Net
revenues
|
|
$
895.7
|
|
$
1,021.1
|
|
(12.3) %
|
|
Cost of
sales
|
|
749.3
|
|
829.4
|
|
(9.7) %
|
|
Gross margin
|
|
146.5
|
|
191.7
|
|
(23.6) %
|
|
Selling, general and
administrative
|
|
158.0
|
|
177.2
|
|
(10.9) %
|
|
Goodwill
impairment
|
|
31.4
|
|
—
|
|
NM
|
|
Restructuring and
asset-related charges
|
|
8.0
|
|
7.0
|
|
15.5 %
|
|
Operating (loss)
income
|
|
(50.9)
|
|
7.5
|
|
(778.9) %
|
|
Interest expense,
net
|
|
18.7
|
|
13.2
|
|
41.6 %
|
|
Other income,
net
|
|
(4.5)
|
|
(14.7)
|
|
(69.1) %
|
|
(Loss) income from
continuing operations before taxes
|
|
(65.0)
|
|
9.1
|
|
(817.6) %
|
|
Income tax
expense
|
|
3.4
|
|
31.7
|
|
(89.3) %
|
|
Loss from continuing
operations, net of tax
|
|
(68.4)
|
|
(22.6)
|
|
202.1 %
|
|
Loss on sale of
discontinued operations, net of tax
|
|
—
|
|
(10.4)
|
|
NM
|
|
Loss from discontinued
operations, net of tax
|
|
—
|
|
(1.7)
|
|
NM
|
|
Net loss
|
|
$
(68.4)
|
|
$
(34.8)
|
|
96.8 %
|
|
Diluted Net loss per
share from continuing operations
|
|
$
(0.81)
|
|
$
(0.27)
|
|
|
|
Diluted Net loss per
share from discontinued operations
|
|
—
|
|
(0.14)
|
|
|
|
Diluted Net loss per
share
|
|
$
(0.81)
|
|
$
(0.41)
|
|
|
|
Diluted
Shares
|
|
84,627,951
|
|
85,232,894
|
|
|
|
Other financial
data:
|
|
|
|
|
|
|
|
Operating (loss) income
margin
|
|
(5.7) %
|
|
0.7 %
|
|
|
|
Adjusted EBITDA from
continuing operations (1)
|
|
$
40.1
|
|
$
86.5
|
|
(53.6) %
|
|
Adjusted EBITDA Margin
from continuing operations (1)
|
|
4.5 %
|
|
8.5 %
|
|
|
|
|
(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."
|
|
Consolidated
Statements of Operations (Unaudited)
(In millions, except
share and per share data)
|
|
|
|
Year
Ended
|
|
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
% Variance
|
|
Net
revenues
|
|
$
3,775.6
|
|
$
4,304.3
|
|
(12.3) %
|
|
Cost of
sales
|
|
3,086.6
|
|
3,471.7
|
|
(11.1) %
|
|
Gross margin
|
|
689.0
|
|
832.6
|
|
(17.3) %
|
|
Selling, general and
administrative
|
|
652.5
|
|
655.3
|
|
(0.4) %
|
|
Goodwill
impairment
|
|
94.8
|
|
—
|
|
NM
|
|
Restructuring and
asset-related charges
|
|
68.1
|
|
35.7
|
|
90.5 %
|
|
Operating (loss)
income
|
|
(126.4)
|
|
141.6
|
|
(189.3) %
|
|
Interest expense,
net
|
|
67.2
|
|
72.3
|
|
(6.9) %
|
|
Loss on extinguishment
and refinancing of debt
|
|
1.9
|
|
6.5
|
|
(70.6) %
|
|
Other income,
net
|
|
(24.8)
|
|
(25.7)
|
|
(3.7) %
|
|
(Loss) income from
continuing operations before taxes
|
|
(170.8)
|
|
88.6
|
|
(292.9) %
|
|
Income tax
expense
|
|
16.8
|
|
63.3
|
|
(73.5) %
|
|
(Loss) income from
continuing operations, net of tax
|
|
(187.6)
|
|
25.2
|
|
(843.3) %
|
|
(Loss) gain on sale of
discontinued operations, net of tax
|
|
(1.4)
|
|
15.7
|
|
(109.2) %
|
|
Income from
discontinued operations, net of tax
|
|
—
|
|
21.5
|
|
NM
|
|
Net (loss)
income
|
|
$
(189.0)
|
|
$
62.4
|
|
(402.7) %
|
|
Diluted Net (loss)
income per share from continuing operations
|
|
$
(2.21)
|
|
$
0.29
|
|
|
|
Diluted Net (loss)
income per share from discontinued operations
|
|
(0.02)
|
|
0.43
|
|
|
|
Diluted Net (loss)
income per share
|
|
$
(2.22)
|
|
$
0.73
|
|
|
|
Diluted
Shares
|
|
84,989,963
|
|
85,874,035
|
|
|
|
Other financial
data:
|
|
|
|
|
|
|
|
Operating (loss) income
margin
|
|
(3.3) %
|
|
3.3 %
|
|
|
|
Adjusted EBITDA from
continuing operations (1)
|
|
$
275.2
|
|
$
380.4
|
|
(27.7) %
|
|
Adjusted EBITDA Margin
from continuing operations (1)
|
|
7.3 %
|
|
8.8 %
|
|
|
|
|
(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)
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
$
150.3
|
|
$
288.3
|
|
Restricted
cash
|
0.7
|
|
0.8
|
|
Accounts receivable,
net
|
388.4
|
|
516.7
|
|
Inventories
|
460.1
|
|
481.5
|
|
Other current
assets
|
73.4
|
|
71.5
|
|
Assets held for
sale
|
126.9
|
|
135.6
|
|
Total current
assets
|
1,199.9
|
|
1,494.3
|
|
Property and
equipment, net
|
681.4
|
|
644.2
|
|
Deferred tax
assets
|
143.3
|
|
150.5
|
|
Goodwill
|
315.2
|
|
390.2
|
|
Intangible assets,
net
|
102.0
|
|
123.9
|
|
Operating lease
assets, net
|
126.3
|
|
146.9
|
|
Other
assets
|
52.1
|
|
30.1
|
|
Total
assets
|
$
2,620.2
|
|
$
2,980.1
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
$
264.9
|
|
$
269.3
|
|
Accrued payroll and
benefits
|
89.6
|
|
132.6
|
|
Accrued expenses and
other current liabilities
|
224.2
|
|
233.8
|
|
Current maturities of
long-term debt
|
30.9
|
|
36.2
|
|
Liabilities held for
sale
|
15.3
|
|
7.1
|
|
Total current
liabilities
|
625.0
|
|
678.9
|
|
Long-term
debt
|
1,152.4
|
|
1,190.1
|
|
Unfunded pension
liability
|
21.6
|
|
26.5
|
|
Operating lease
liability
|
105.5
|
|
122.0
|
|
Deferred credits and
other liabilities
|
89.9
|
|
104.8
|
|
Deferred tax
liabilities
|
5.7
|
|
7.2
|
|
Total
liabilities
|
2,000.1
|
|
2,129.5
|
|
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,
84,653,408 and 85,309,220 shares issued and
outstanding as of December 31,
2024 and December 31, 2023,
respectively.
|
0.8
|
|
0.9
|
|
Additional paid-in
capital
|
769.1
|
|
752.2
|
|
(Accumulated deficit)
retained earnings
|
(20.4)
|
|
192.9
|
|
Accumulated other
comprehensive loss
|
(129.5)
|
|
(95.3)
|
|
Total shareholders'
equity
|
620.1
|
|
850.6
|
|
Total liabilities and
shareholders' equity
|
$
2,620.2
|
|
$
2,980.1
|
|
JELD-WEN Holding,
Inc.
Consolidated
Statements of Cash Flows (Unaudited)
(In
millions)
|
|
|
|
Year
Ended
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
|
Net (loss)
income
|
|
$
(189.0)
|
|
$
62.4
|
|
Adjustments to
reconcile net income to cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
125.8
|
|
140.2
|
|
Deferred income
taxes
|
|
(17.0)
|
|
31.7
|
|
Net gain on sale of
business, property and equipment
|
|
(13.8)
|
|
(10.5)
|
|
Goodwill
impairment
|
|
94.8
|
|
—
|
|
Adjustment to carrying
value of assets
|
|
22.7
|
|
7.9
|
|
Amortization of
deferred financing costs
|
|
2.4
|
|
2.6
|
|
Loss on extinguishment
and refinancing of debt
|
|
1.2
|
|
6.5
|
|
Loss on foreign
currency translation adjustment related to the substantial
liquidation of a
foreign subsidiary
|
|
4.8
|
|
—
|
|
Gain on sale of
discontinued operations, net of tax
|
|
—
|
|
(24.0)
|
|
Share-based
compensation expense
|
|
15.5
|
|
18.4
|
|
Amortization of U.S.
pension expense
|
|
—
|
|
0.5
|
|
Recovery of cost from
receipts on impaired notes
|
|
(1.4)
|
|
(3.5)
|
|
Other items,
net
|
|
(5.3)
|
|
(7.4)
|
|
Net change in
operating assets and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
102.3
|
|
10.9
|
|
Inventories
|
|
9.4
|
|
119.6
|
|
Other
assets
|
|
(1.6)
|
|
11.6
|
|
Accounts payable and
accrued expenses
|
|
(32.5)
|
|
(21.5)
|
|
Change in short-term
and long-term tax liabilities
|
|
(12.2)
|
|
(0.1)
|
|
Net cash provided by
operating activities
|
|
106.2
|
|
345.2
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
|
Purchases of property
and equipment
|
|
(161.9)
|
|
(98.3)
|
|
Proceeds from sale of
business, property and equipment
|
|
20.7
|
|
16.8
|
|
Purchase of intangible
assets
|
|
(11.8)
|
|
(12.6)
|
|
Proceeds (payments)
related to the sale of our Australasia segment
|
|
—
|
|
365.6
|
|
Recovery of cost from
receipts on impaired notes
|
|
1.4
|
|
3.5
|
|
Cash received for
notes receivable
|
|
—
|
|
0.3
|
|
Cash received from
insurance proceeds
|
|
1.7
|
|
5.1
|
|
Purchase of securities
for deferred compensation plan
|
|
(3.4)
|
|
(1.1)
|
|
Net cash (used in)
provided by investing activities
|
|
(153.3)
|
|
279.2
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
|
Change in long-term
debt and payments of debt extinguishment costs
|
|
(55.2)
|
|
(561.3)
|
|
Common stock issued
for exercise of options
|
|
2.9
|
|
0.6
|
|
Common stock
repurchased
|
|
(24.3)
|
|
—
|
|
Payments to tax
authorities for employee share-based compensation
|
|
(1.4)
|
|
(1.6)
|
|
Payments related to
the sale of JW Australia
|
|
(2.6)
|
|
(0.7)
|
|
Net cash used in
financing activities
|
|
(80.6)
|
|
(563.2)
|
|
Effect of foreign
currency exchange rates on cash
|
|
(10.3)
|
|
7.1
|
|
Net (decrease) increase
in cash and cash equivalents
|
|
(138.1)
|
|
68.3
|
|
Cash, cash equivalents
and restricted cash, beginning
|
|
289.1
|
|
220.9
|
|
Cash, cash equivalents
and restricted cash, ending
|
|
$
151.0
|
|
$
289.1
|
|
Cash flow for the year
ended December 31, 2023, includes the Australasia
segment.
|
|
|
|
JELD-WEN Holding,
Inc.
Reconciliation of
Non-GAAP Financial Measures (Unaudited)
(In
millions)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December 31,
2024
|
|
December 31,
2023
|
|
December 31,
2024
|
|
December 31,
2023
|
|
(Loss) income from
continuing operations, net of tax
|
$
(68.4)
|
|
$
(22.6)
|
|
$
(187.6)
|
|
$
25.2
|
|
Income tax
expense(1)
|
3.4
|
|
31.7
|
|
16.8
|
|
63.3
|
|
Depreciation and
amortization(2)
|
28.2
|
|
37.5
|
|
125.8
|
|
135.0
|
|
Interest expense,
net
|
18.7
|
|
13.2
|
|
67.2
|
|
72.3
|
|
Special
items:
|
|
|
|
|
|
|
|
|
Net legal and
professional expenses and settlements(3)
|
12.9
|
|
14.6
|
|
62.7
|
|
28.2
|
|
Goodwill
impairment(4)
|
31.4
|
|
—
|
|
94.8
|
|
—
|
|
Restructuring and
asset-related charges(5)(6)
|
8.0
|
|
7.0
|
|
68.1
|
|
35.7
|
|
M&A related
costs(7)
|
6.1
|
|
1.4
|
|
15.3
|
|
6.6
|
|
Net gain on sale of
business, property, and equipment(8)
|
(5.6)
|
|
(6.6)
|
|
(13.8)
|
|
(10.5)
|
|
Loss on extinguishment
and refinancing of debt(9)
|
—
|
|
—
|
|
1.9
|
|
6.5
|
|
Share-based
compensation expense(10)
|
2.9
|
|
5.2
|
|
15.5
|
|
17.5
|
|
Pension settlement
charge(11)
|
—
|
|
4.3
|
|
—
|
|
4.3
|
|
Non-cash foreign
exchange transaction/translation loss
(gain)(12)
|
—
|
|
1.5
|
|
(3.1)
|
|
0.6
|
|
Other special
items(13)
|
2.5
|
|
(0.7)
|
|
11.6
|
|
(4.3)
|
|
Adjusted EBITDA from
continuing operations
|
$
40.1
|
|
$
86.5
|
|
$
275.2
|
|
$
380.4
|
|
|
(1)
|
Income tax expense in
the three and twelve months ended December 31, 2023, includes an
increase in valuation allowance against foreign net operating loss
carryforwards of $30.0 million.
|
|
(2)
|
Depreciation and
amortization expense in the year ended December 31, 2024, includes
accelerated amortization of $14.1 million and in the three months
and year ended December 31, 2023, includes accelerated amortization
of $10.6 million and $14.1 million, respectively, in Corporate and
unallocated costs for an ERP that we are no longer utilizing after
we completed our related obligations under the JW Australia
Transition Services Agreement during the first quarter of 2024. In
addition, depreciation and amortization expense in the year ended
December 31, 2023, includes accelerated depreciation of
$9.1 million in North America from reviews of equipment
capacity optimization.
|
|
(3)
|
Net legal and
professional expenses and settlements include non-recurring
transformation journey expenses of $12.6 million and $59.2 million
in the three months and year ended December 31, 2024, respectively,
and $14.1 million and $26.1 million in the three months and year
ended December 31, 2023, respectively. These expenses primarily
relate to the engagement of one transformation consultant for a
period spanning from the third quarter of 2023 through the end of
2024, for which we incurred $5.3 million and $40.7 million in the
three months and year ended December 31, 2024, respectively, and
$13.8 million and $20.0 million in the three months and year ended
December 31, 2023, respectively. Additionally, net legal and
professional expenses and settlements include amounts relating to
litigation of historic legal matters of $2.8 million in the year
ended December 31, 2024, and of $0.2 million and $1.8 million in
the three months and year ended December 31, 2023, respectively.
There was a nominal amount relating to litigation of historic legal
matters in the three months ended December 31, 2024.
|
|
(4)
|
Goodwill impairment
charges in the three months ended December 31, 2024, consist of
$31.4 million goodwill impairment charge in our North America
segment related to the court-ordered divestiture of Towanda.
Goodwill impairment charges in the year ended December 31, 2024,
consist of a $63.4 million goodwill impairment charge
associated with our Europe reporting unit, and a $31.4 million
goodwill impairment charge in our North America segment related to
the court-ordered divestiture of Towanda.
|
|
(5)
|
Represents severance,
accelerated depreciation and amortization, equipment relocation and
other expenses directly incurred as a result of restructuring
events. The restructuring charges primarily relate to charges
incurred to change the operating structure, eliminate certain
roles, and close certain manufacturing facilities in our North
America and Europe segments.
|
|
(6)
|
For the three months
ended December 31, 2024 and 2023, $4.0 million and $1.5 million,
respectively, and for the year ended December 31, 2024 and 2023,
$11.8 million and $1.5 million, respectively, of product and
inventory-related charges related to announced facility closures
that were detrimental to Adjusted EBITDA.
|
|
(7)
|
M&A related costs
consists primarily of legal and professional expenses related to
the court-ordered divestiture of Towanda.
|
|
(8)
|
Represents net gain on
sale of business, property, and equipment primarily relating to the
sale of our business in St. Kitts and properties in Chile, Mexico,
and Klamath Falls, Oregon in the year ended December 31, 2024. Net
gain on sale of business, property and equipment primarily relates
to the sale of properties in the United Kingdom, Australia, and
Klamath Falls, Oregon in the year ended December 31,
2023.
|
|
(9)
|
Loss on extinguishment
and refinancing of debt of $1.9 million in the year ended December
31, 2024, associated with an amendment of our Term Loan Facility
and redemption of the remaining $200.0 million of our 4.63% Senior
Notes. Loss on extinguishment and refinancing of debt of $6.5
million in the year ended December 31, 2023, 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.
|
|
(10)
|
Represents non-cash
equity-based compensation expense related to the issuance of
share-based awards.
|
|
(11)
|
Represents a settlement
loss associated with our U.S. defined benefit pension plan
resulting from a one-time lump sum payment offered to pension plan
participants.
|
|
(12)
|
Non-cash foreign
exchange transaction/translation gain primarily associated with
fair value adjustments of foreign currency derivatives and
revaluation of balances denominated in foreign
currencies.
|
|
(13)
|
Other special items not
core to ongoing business activity include: (i) in the year ended
December 31, 2024, a loss of $4.8 million of cumulative foreign
currency translation adjustments related to the substantial
liquidation of a foreign subsidiaries in Chile and Mexico in our
North America segment; (ii) in the year ended December 31, 2023,
($3.1) million in income from short-term investments and forward
contracts related to the JW Australia divestiture in Corporate and
unallocated costs, ($2.8) million in adjustments to
compensation and non-income taxes associated with exercises of
legacy equity awards in our Europe segment, and $2.2 million
in costs that do not meet the U.S. GAAP definition of
restructuring, primarily related to the closure of certain facility
in our Europe segment.
|
To conform with the current period presentation,
certain amounts in prior period information have been
reclassified.
|
|
Three Months
Ended
|
|
Year
Ended
|
|
(amounts in
millions, except share and per share data)
|
|
December 31,
2024
|
|
December 31,
2023
|
|
December 31,
2024
|
|
December 31,
2023
|
|
(Loss) income from
continuing operations, net of tax
|
|
$
(68.4)
|
|
$
(22.6)
|
|
$
(187.6)
|
|
$
25.2
|
|
Special
items:(1)
|
|
|
|
|
|
|
|
|
|
Net legal and
professional expenses and settlements
|
|
12.9
|
|
14.6
|
|
62.7
|
|
28.2
|
|
Goodwill
impairment
|
|
31.4
|
|
—
|
|
94.8
|
|
—
|
|
Restructuring and
asset-related charges
|
|
8.0
|
|
7.0
|
|
68.1
|
|
35.7
|
|
M&A related
costs
|
|
6.1
|
|
1.4
|
|
15.3
|
|
6.6
|
|
Net gain on sale of
business, property, and equipment
|
|
(5.6)
|
|
(6.6)
|
|
(13.8)
|
|
(10.5)
|
|
Loss on extinguishment
and refinancing of debt
|
|
—
|
|
—
|
|
1.9
|
|
6.5
|
|
Share-based
compensation expense
|
|
2.9
|
|
5.2
|
|
15.5
|
|
17.5
|
|
Pension settlement
charge
|
|
—
|
|
4.3
|
|
—
|
|
4.3
|
|
Non-cash foreign
exchange transaction/translation loss (gain)
|
|
—
|
|
1.5
|
|
(3.1)
|
|
0.6
|
|
Accelerated
amortization of an ERP system(2)
|
|
—
|
|
10.6
|
|
14.1
|
|
14.1
|
|
Other special
items
|
|
2.5
|
|
(0.7)
|
|
11.6
|
|
(4.3)
|
|
Tax impact of special
items(3)
|
|
(2.8)
|
|
(12.7)
|
|
(34.1)
|
|
(26.5)
|
|
Tax special
items(4)
|
|
4.7
|
|
29.6
|
|
21.5
|
|
39.1
|
|
Adjusted Net (Loss)
Income from continuing operations
|
|
$
(8.3)
|
|
$
31.7
|
|
$
67.0
|
|
$
136.7
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss) income
per share from continuing operations
|
|
$
(0.81)
|
|
$
(0.27)
|
|
$
(2.21)
|
|
$
0.29
|
|
Impact of additional
dilutive shares on the reported dilutive loss per share
|
|
—
|
|
—
|
|
0.05
|
|
—
|
|
Special
items:(1)
|
|
|
|
|
|
|
|
|
|
Net legal and
professional expenses and settlements
|
|
0.15
|
|
0.17
|
|
0.73
|
|
0.33
|
|
Goodwill
impairment
|
|
0.37
|
|
—
|
|
1.10
|
|
—
|
|
Restructuring and
asset-related charges
|
|
0.10
|
|
0.08
|
|
0.79
|
|
0.42
|
|
M&A related
costs
|
|
0.07
|
|
0.02
|
|
0.18
|
|
0.08
|
|
Net gain on sale of
business, property, and equipment
|
|
(0.07)
|
|
(0.08)
|
|
(0.16)
|
|
(0.12)
|
|
Loss on extinguishment
and refinancing of debt
|
|
—
|
|
—
|
|
0.02
|
|
0.08
|
|
Share-based
compensation expense
|
|
0.03
|
|
0.06
|
|
0.18
|
|
0.20
|
|
Pension settlement
charge
|
|
—
|
|
0.05
|
|
—
|
|
0.05
|
|
Non-cash foreign
exchange transaction/translation loss (gain)
|
|
—
|
|
0.02
|
|
(0.04)
|
|
0.01
|
|
Accelerated
amortization of an ERP system (2)
|
|
—
|
|
0.12
|
|
0.16
|
|
0.16
|
|
Other special
items
|
|
0.03
|
|
(0.01)
|
|
0.13
|
|
(0.05)
|
|
Tax impact of special
items (3)
|
|
(0.03)
|
|
(0.15)
|
|
(0.40)
|
|
(0.31)
|
|
Tax special items
(4)
|
|
0.06
|
|
0.35
|
|
0.25
|
|
0.46
|
|
Adjusted Net (Loss)
Income per share from continuing operations
|
|
$
(0.10)
|
|
$
0.37
|
|
$
0.78
|
|
$
1.59
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares
|
|
84,627,951
|
|
86,543,142
|
|
86,035,782
|
|
85,874,035
|
|
Less: Effect of
dilutive securities
|
|
—
|
|
1,310,248
|
|
1,045,819
|
|
878,520
|
|
Weighted average basic
shares
|
|
84,627,951
|
|
85,232,894
|
|
84,989,963
|
|
84,995,515
|
|
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 a
discussion of the Special items listed above.
|
|
(2)
|
Accelerated
amortization of an ERP that we are no longer utilizing after we
completed our related obligations under the JW Australia Transition
Services Agreement during the first quarter of 2024.
|
|
(3)
|
Except as otherwise
noted, adjustments to net income and net income per share are
tax-effected at the jurisdictional statutory tax rate.
|
|
(4)
|
Tax special items for
the three months and year ended December 31, 2024, was primarily
driven by tax expense on uncertain tax positions from audits dating
back to the year 2015 of ($0.1) million and $12.0 million,
respectively, and valuation expense recorded against our U.S. tax
attributes of $5.0 million and $9.2 million,
respectively.
|
To conform with the current period presentation,
certain amounts in prior period information have been
reclassified.
|
|
Three Months Ended
December 31, 2024
|
|
(amounts in
millions)
|
|
North
America
|
|
Europe
|
|
Corporate
and
Unallocated
Costs
|
|
Total
Consolidated
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
0.1
|
|
$
7.3
|
|
$
(75.8)
|
|
$
(68.4)
|
|
Income tax (benefit)
expense
|
|
(8.1)
|
|
(7.7)
|
|
19.2
|
|
3.4
|
|
Depreciation and
amortization
|
|
18.5
|
|
7.8
|
|
2.0
|
|
28.2
|
|
Interest expense,
net
|
|
0.5
|
|
1.2
|
|
17.0
|
|
18.7
|
|
Special
items:(1)
|
|
|
|
|
|
|
|
|
|
Net legal and
professional expenses and settlements
|
|
0.6
|
|
2.4
|
|
10.0
|
|
12.9
|
|
Goodwill
impairment
|
|
31.4
|
|
—
|
|
—
|
|
31.4
|
|
Restructuring and
asset-related charges
|
|
2.6
|
|
5.3
|
|
0.2
|
|
8.0
|
|
M&A related
costs
|
|
—
|
|
—
|
|
6.1
|
|
6.1
|
|
Net gain on sale of
business, property, and equipment
|
|
(5.6)
|
|
—
|
|
—
|
|
(5.6)
|
|
Share-based
compensation expense
|
|
0.5
|
|
0.3
|
|
2.1
|
|
2.9
|
|
Other special
items
|
|
2.1
|
|
—
|
|
0.4
|
|
2.5
|
|
Adjusted EBITDA from
continuing operations
|
|
$
42.4
|
|
$
16.5
|
|
$
(18.9)
|
|
$
40.1
|
|
|
(1)
|
Refer to the
calculation of Adjusted EBITDA from continuing operations for a
discussion of the Special items listed above.
|
|
|
Three Months Ended
December 31, 2023
|
|
(amounts in
millions)
|
|
North
America
|
|
Europe
|
|
Corporate
and
Unallocated
Costs
|
|
Total
Consolidated
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
49.0
|
|
$
(32.0)
|
|
$
(39.7)
|
|
$
(22.6)
|
|
Income tax expense
(benefit)(1)
|
|
16.1
|
|
33.6
|
|
(18.1)
|
|
31.7
|
|
Depreciation and
amortization(2)
|
|
17.3
|
|
7.8
|
|
12.4
|
|
37.5
|
|
Interest expense,
net
|
|
0.5
|
|
2.5
|
|
10.1
|
|
13.2
|
|
Special
items:(3)
|
|
|
|
|
|
|
|
|
|
Net legal and
professional expenses and settlements
|
|
0.1
|
|
—
|
|
14.4
|
|
14.6
|
|
Restructuring and
asset-related charges
|
|
3.8
|
|
3.1
|
|
—
|
|
7.0
|
|
M&A related
costs
|
|
0.1
|
|
—
|
|
1.3
|
|
1.4
|
|
Net loss (gain) on
sale property and equipment
|
|
0.1
|
|
—
|
|
(6.6)
|
|
(6.6)
|
|
Share-based
compensation expense
|
|
1.8
|
|
0.5
|
|
3.0
|
|
5.2
|
|
Pension settlement
charge
|
|
4.3
|
|
—
|
|
—
|
|
4.3
|
|
Non-cash foreign
exchange transaction/translation (gain) loss
|
|
(0.1)
|
|
0.4
|
|
1.1
|
|
1.5
|
|
Other special
items
|
|
1.1
|
|
(0.5)
|
|
(1.3)
|
|
(0.7)
|
|
Adjusted EBITDA from
continuing operations
|
|
$
94.2
|
|
$
15.5
|
|
$
(23.2)
|
|
$
86.5
|
|
|
(1)
|
Income tax expense in
our Europe segment includes an increase in valuation allowance
against our foreign net operating loss carryforwards of
$30.0 million.
|
|
(2)
|
Corporate and
unallocated depreciation and amortization expense includes software
accelerated amortization of $10.6 million for an ERP that we are no
longer utilizing after we completed our related obligations under
the JW Australia Transition Services Agreement during the first
quarter of 2024.
|
|
(3)
|
Refer to the
calculation of Adjusted EBITDA from continuing operations for a
discussion of the Special items listed above.
|
To conform with the current period presentation,
certain amounts in prior period information have been
reclassified.
|
|
Year Ended December
31, 2024
|
|
(amounts in
millions)
|
|
North
America
|
|
Europe
|
|
Corporate
and
Unallocated
Costs
|
|
Total
Consolidated
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
82.8
|
|
$
(64.3)
|
|
$
(206.1)
|
|
$
(187.6)
|
|
Income tax expense
(benefit)
|
|
18.7
|
|
8.1
|
|
(10.0)
|
|
16.8
|
|
Depreciation and
amortization(1)
|
|
73.5
|
|
30.7
|
|
21.6
|
|
125.8
|
|
Interest expense,
net
|
|
2.6
|
|
2.1
|
|
62.5
|
|
67.2
|
|
Special
items:(2)
|
|
|
|
|
|
|
|
|
|
Net legal and
professional expenses and settlements
|
|
2.9
|
|
4.7
|
|
55.1
|
|
62.7
|
|
Goodwill
impairment
|
|
31.4
|
|
63.4
|
|
—
|
|
94.8
|
|
Restructuring and
asset-related charges
|
|
42.8
|
|
23.7
|
|
1.5
|
|
68.1
|
|
M&A related
costs
|
|
—
|
|
—
|
|
15.3
|
|
15.3
|
|
Net gain on sale of
business, property, and equipment
|
|
(13.4)
|
|
(0.2)
|
|
(0.2)
|
|
(13.8)
|
|
Loss on extinguishment
and refinancing of debt
|
|
—
|
|
—
|
|
1.9
|
|
1.9
|
|
Share-based
compensation expense
|
|
3.1
|
|
1.3
|
|
11.1
|
|
15.5
|
|
Non-cash foreign
exchange transaction/translation loss (gain)
|
|
0.3
|
|
(3.8)
|
|
0.4
|
|
(3.1)
|
|
Other special
items
|
|
9.3
|
|
1.9
|
|
0.4
|
|
11.6
|
|
Adjusted EBITDA from
continuing operations
|
|
$
254.1
|
|
$
67.7
|
|
$
(46.5)
|
|
$
275.2
|
|
|
(1)
|
Corporate and
unallocated depreciation and amortization expense includes software
accelerated amortization of $14.1 million for an ERP that we are no
longer utilizing after we completed our related obligations under
the JW Australia Transition Services Agreement during the first
quarter of 2024.
|
|
(2)
|
Refer to the
calculation of Adjusted EBITDA from continuing operations for a
discussion of the Special items listed above.
|
|
|
Year Ended December
31, 2023
|
|
(amounts in
millions)
|
|
North
America
|
|
Europe
|
|
Corporate
and
Unallocated
Costs
|
|
Total
Consolidated
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
176.0
|
|
$
(3.3)
|
|
$
(147.4)
|
|
$
25.2
|
|
Income tax expense
(benefit)(1)
|
|
79.2
|
|
44.1
|
|
(60.0)
|
|
63.3
|
|
Depreciation and
amortization(2)
|
|
79.9
|
|
30.2
|
|
24.9
|
|
135.0
|
|
Interest expense,
net
|
|
4.7
|
|
3.2
|
|
64.3
|
|
72.3
|
|
Special
items:(3)
|
|
|
|
|
|
|
|
|
|
Net legal and
professional expenses and settlements
|
|
0.9
|
|
3.7
|
|
23.5
|
|
28.2
|
|
Restructuring and
asset-related charges
|
|
29.2
|
|
5.7
|
|
0.8
|
|
35.7
|
|
M&A related
costs
|
|
0.8
|
|
—
|
|
5.8
|
|
6.6
|
|
Net loss (gain) on
sale of property and equipment
|
|
1.2
|
|
(5.1)
|
|
(6.6)
|
|
(10.5)
|
|
Loss on extinguishment
and refinancing of debt
|
|
—
|
|
—
|
|
6.5
|
|
6.5
|
|
Share-based
compensation expense
|
|
5.1
|
|
1.9
|
|
10.5
|
|
17.5
|
|
Pension settlement
charge
|
|
4.3
|
|
—
|
|
—
|
|
4.3
|
|
Non-cash foreign
exchange transaction/translation (gain) loss
|
|
(0.3)
|
|
1.6
|
|
(0.8)
|
|
0.6
|
|
Other special
items
|
|
1.0
|
|
(0.6)
|
|
(4.7)
|
|
(4.3)
|
|
Adjusted EBITDA from
continuing operations
|
|
$
382.2
|
|
$
81.5
|
|
$
(83.2)
|
|
$
380.4
|
|
|
(1)
|
Income tax expense in
our Europe segment includes an increase in valuation allowance
against net operating loss carryforwards of
$30.0 million.
|
|
(2)
|
Corporate and
unallocated costs depreciation and amortization expense in the year
ended December 31, 2023, includes accelerated amortization of $14.1
million for an ERP system that we intend to not utilize upon
completion of the JW Australia Transition Services Agreement
period. North America depreciation and amortization expense in the
year ended December 31, 2023, includes accelerated depreciation of
$9.1 million from reviews of equipment capacity
optimization.
|
|
(3)
|
Refer to the
calculation of Adjusted EBITDA from continuing operations for a
discussion of the Special items listed above.
|
To conform with the current period presentation,
certain amounts in prior period information have been
reclassified.
|
|
Year
Ended
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Net cash provided in
operating activities(1)
|
|
$
106.2
|
|
$
345.2
|
|
Less capital
expenditures(1)
|
|
173.7
|
|
110.9
|
|
Free Cash
Flow(1)(2)
|
|
$
(67.5)
|
|
$
234.3
|
|
|
(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."
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Total debt
|
|
$
1,183.4
|
|
$
1,226.3
|
|
Less cash and cash
equivalents
|
|
150.3
|
|
288.3
|
|
Net
Debt(1)
|
|
$
1,033.1
|
|
$
938.0
|
|
Divided by trailing
twelve months Adjusted EBITDA from continuing
operations(2)
|
|
275.2
|
|
380.4
|
|
Net Debt
Leverage(1)
|
|
3.8x
|
|
2.5x
|
|
|
(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
|
|
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
% Variance
|
|
Net revenues from
external customers
|
|
|
|
|
|
|
|
North
America
|
|
$
639.8
|
|
$
747.6
|
|
(14.4) %
|
|
Europe
|
|
255.9
|
|
273.4
|
|
(6.4) %
|
|
Total
Consolidated
|
|
$
895.7
|
|
$
1,021.1
|
|
(12.3) %
|
|
Adjusted EBITDA from
continuing operations(1)
|
|
|
|
|
|
|
|
North
America
|
|
$
42.4
|
|
$
94.2
|
|
(54.9) %
|
|
Europe
|
|
16.5
|
|
15.5
|
|
6.6 %
|
|
Corporate and
unallocated costs
|
|
(18.9)
|
|
(23.2)
|
|
(18.5) %
|
|
Total
Consolidated
|
|
$
40.1
|
|
$
86.5
|
|
(53.7) %
|
|
|
(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."
|
|
|
Year
Ended
|
|
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
% Variance
|
|
Net revenues from
external customers
|
|
|
|
|
|
|
|
North
America
|
|
$
2,708.4
|
|
$
3,123.1
|
|
(13.3) %
|
|
Europe
|
|
1,067.2
|
|
1,181.3
|
|
(9.7) %
|
|
Total
Consolidated
|
|
$
3,775.6
|
|
$
4,304.3
|
|
(12.3) %
|
|
Adjusted EBITDA from
continuing operations(1)
|
|
|
|
|
|
|
|
North
America
|
|
$
254.1
|
|
$
382.2
|
|
(33.5) %
|
|
Europe
|
|
67.7
|
|
81.5
|
|
(16.9) %
|
|
Corporate and
unallocated costs
|
|
(46.5)
|
|
(83.2)
|
|
(44.1) %
|
|
Total
Consolidated
|
|
$
275.2
|
|
$
380.4
|
|
(27.6) %
|
|
|
|
|
(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."
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/jeld-wen-reports-fourth-quarter-and-full-year-2024-results-302378059.html
SOURCE JELD-WEN Holding, Inc.
