[Part I - Financial Information](index=8&type=section&id=Part%20I%20-%20Financial%20Information) [Unaudited Financial Statements](index=8&type=section&id=Item%201.%20Unaudited%20Financial%20Statements) The unaudited consolidated financial statements for JELD-WEN Holding, Inc. for Q3 2023 are presented, with the Australasia business reclassified as discontinued operations - The financial statements adhere to GAAP for interim reporting, noting that Q3 2023 results may not indicate full-year performance[45](index=45&type=chunk) - The sale of the Australasia business (JW Australia) was completed on July 2, 2023, with its net assets and operations now reported as discontinued operations[46](index=46&type=chunk) [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported net income of $43.8 million in Q3 2023, a turnaround from a prior-year loss, driven by improved gross margins and the absence of a goodwill impairment charge, despite a 5.5% decline in net revenues Q3 & Nine Months 2023 vs 2022 Performance (Continuing Operations) | Metric (in thousands) | Q3 2023 | Q3 2022 | 9 Months 2023 | 9 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | $1,076,980 | $1,140,025 | $3,283,269 | $3,364,794 | | **Gross Margin** | $223,596 | $206,389 | $640,938 | $584,669 | | **Operating Income (Loss)** | $48,078 | $(17,256) | $134,102 | $35,739 | | **Income (Loss) from Continuing Operations** | $16,908 | $(45,064) | $47,875 | $(13,681) | | **Net Income (Loss)** | $43,785 | $(33,192) | $97,200 | $12,106 | | **Diluted EPS from Continuing Operations** | $0.20 | $(0.53) | $0.56 | $(0.16) | - A significant factor in the prior year's Q3 loss was a **$54.9 million goodwill impairment charge**, which did not recur in Q3 2023[27](index=27&type=chunk) - The company recognized a **$26.1 million gain** on the sale of discontinued operations in Q3 2023, significantly contributing to net income[27](index=27&type=chunk) [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2023, total assets decreased to $3.01 billion and total debt reduced to $1.23 billion due to the Australasia divestiture, while total shareholders' equity increased to $837.2 million Balance Sheet Comparison (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $1,529,998 | $1,695,606 | | **Total Assets** | $3,008,317 | $3,501,361 | | **Total Current Liabilities** | $736,309 | $786,626 | | **Long-Term Debt** | $1,193,252 | $1,712,790 | | **Total Liabilities** | $2,171,159 | $2,777,813 | | **Total Shareholders' Equity** | $837,158 | $723,548 | - Assets and liabilities of discontinued operations, which were **$204.7 million** and **$104.6 million** respectively at year-end 2022, are no longer on the balance sheet as of September 30, 2023, following the sale[32](index=32&type=chunk) [Consolidated Statements of Cash Flows](index=13&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly improved to $273.0 million for the nine months ended September 30, 2023, with investing activities providing $298.8 million from the Australasia sale, while financing activities used $550.8 million for debt repayment Cash Flow Summary (Nine Months Ended, in thousands) | Activity | Sep 30, 2023 | Sep 24, 2022 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $272,983 | $(73,426) | | **Net Cash from Investing Activities** | $298,843 | $(42,726) | | **Net Cash from Financing Activities** | $(550,753) | $(47,858) | | **Net Change in Cash** | $19,038 | $(195,742) | - The significant cash inflow from investing activities is attributed to the sale of JW Australia, which provided net proceeds of **$367.5 million**[40](index=40&type=chunk)[41](index=41&type=chunk) - The company used cash from operations and the divestiture to make net debt repayments of **$549.3 million**, contrasting with net borrowings of **$84.8 million** and **$132.0 million** in common stock repurchases in the prior year[40](index=40&type=chunk)[231](index=231&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes detail the financial statements, covering the Australasia divestiture, debt structure changes, segment performance, restructuring, assets held for sale, and legal contingencies - **Discontinued Operations:** The sale of the Australasia business (JW Australia) was completed on July 2, 2023, for approximately **AUD $688 million**, resulting in net cash proceeds of about **$446 million** and a net gain on sale of **$26.1 million**[53](index=53&type=chunk) - **Debt Repayment:** On August 3, 2023, the company redeemed all **$250.0 million** of its 6.25% Senior Secured Notes and **$200.0 million** of its 4.63% Senior Notes, recognizing a pre-tax loss on extinguishment of **$6.5 million**[78](index=78&type=chunk) - **Restructuring:** The company announced plans to close two manufacturing facilities in Tijuana, Mexico, and Vista, California, expecting pre-tax restructuring costs of **$15.9 million to $19.7 million**[114](index=114&type=chunk) - **Assets Held for Sale:** The Towanda, PA operations remain classified as held for sale with total assets of **$134.2 million** as of September 30, 2023, as required by a legal settlement[116](index=116&type=chunk)[118](index=118&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2023 financial results, noting a 5.5% decrease in net revenues, improved gross margin to 20.8%, and enhanced liquidity of $692.6 million with significant operating cash flow improvement Q3 2023 vs Q3 2022 Consolidated Results | Metric (in thousands) | Q3 2023 | Q3 2022 | % Change | | :--- | :--- | :--- | :--- | | **Net Revenues** | $1,076,980 | $1,140,025 | (5.5)% | | **Gross Margin** | $223,596 | $206,389 | 8.3% | | **Gross Margin %** | 20.8% | 18.1% | +270 bps | | **Operating Income (Loss)** | $48,078 | $(17,256) | N/A | - The decrease in Q3 net revenues was driven by a **10% reduction** in volume/mix, partially offset by a **3% benefit** from price realization[173](index=173&type=chunk) - Total liquidity stood at **$692.6 million** as of September 30, 2023, comprising **$239.2 million** in cash and **$453.4 million** available under the ABL Facility[221](index=221&type=chunk) [Segment Results](index=44&type=section&id=Segment%20Results) In Q3 2023, North America net revenues decreased 5.4% with a flat Adjusted EBITDA margin of 12.6%, while Europe's net revenues fell 6.0% but its Adjusted EBITDA margin significantly improved to 8.5% Q3 2023 Segment Performance | Segment | Net Revenues (in millions) | % Change YoY | Adjusted EBITDA (in millions) | Adj. EBITDA Margin | | :--- | :--- | :--- | :--- | :--- | | **North America** | $790.3 | (5.4)% | $100.0 | 12.6% | | **Europe** | $286.7 | (6.0)% | $24.5 | 8.5% | - North America's Adjusted EBITDA decreased by **5.1%** to **$100.0 million**, impacted by lower volume and higher expenses, offset by favorable pricing[210](index=210&type=chunk) - Europe's Adjusted EBITDA increased by **35.2%** to **$24.5 million**, as productivity and pricing benefits more than offset the significant drop in volume[212](index=212&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity of $692.6 million, with operating cash flow significantly improving to $273.0 million for the first nine months of 2023, primarily due to working capital management and debt reduction from the JW Australia divestiture - The company's working capital management improved, leading to a **$374.7 million** favorable change in cash flow from operating assets and liabilities compared to the prior year[229](index=229&type=chunk) - Cash flow from financing activities was a use of **$550.8 million**, primarily due to net debt repayments of **$549.3 million**, contrasting with net borrowings in the prior year[231](index=231&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to market risks including foreign currency, interest rate, and commodity price fluctuations, with no significant changes reported since the last Annual Report on Form 10-K - The company's primary market risks are foreign currency exchange rates, interest rates, and commodity prices[236](index=236&type=chunk) - No material changes to the company's market risks were reported for the period[236](index=236&type=chunk) [Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting identified - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2023[238](index=238&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[239](index=239&type=chunk) [Part II - Other Information](index=52&type=section&id=Part%20II%20-%20Other%20Information) [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 21 for detailed legal proceedings, including the Towanda, PA facility divestiture related to Steves & Sons litigation and the settlement of Canadian antitrust litigation - Information regarding legal proceedings is detailed in Note 21 - Commitments and Contingencies[240](index=240&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2022, were reported - No material changes to risk factors were reported since the last Form 10-K filing[241](index=241&type=chunk) [Other Information](index=52&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the third quarter of 2023 - No director or officer adopted or terminated a Rule 10b5-1 trading plan during the third quarter[242](index=242&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer, and XBRL data files - Exhibits filed include CEO and CFO certifications pursuant to Rule 13a-14(a) and Section 1350, as well as Inline XBRL documents[243](index=243&type=chunk)

Matthew Bouley - Barclays Tim Wojs - Baird Operator Thank you for standing by. My name is Maria, and I will be your conference operator today. At this time, I would like to welcome everyone to the JELD-WEN Holding, Inc.'s Second Quarter 2023 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Mr. James Armstrong, Vice President of Investor Relations. Mr. Armstrong, please go ahead. James Armstrong Thank you, and good morning. We issued our second quarter 2023 earnings ...

Long Term Profitable Growth People, Performance & Strategy 5 Sale of Australasia Business to Platinum Equity - Transaction expected to close in Q3 2023 ▪ Intend to use majority of proceeds to repay debt - Reduces Net Leverage Ratio to near-term goal of <3.0x (pro forma YE 2023) Completed Strategic Review Executing on Near-Term Strategy ▪ Simplifying JELD ▪ Strengthening the balance sheet - Focus on two largest segments, North America and Europe ▪ Provides focused growth capital for Australasia business Exec ...

JELD-WEN Holding, Inc. (NYSE:JELD) Q4 2022 Results Earnings Conference Call February 21, 2023 8:00 AM ET Company Participants James Armstrong - Vice President of Investor Relations William Christensen - Chief Executive Officer Julie Albrecht - Executive Vice President and Chief Financial Officer Conference Call Participants Susan Maklari - Goldman Sachs Keith Hughes - Truist Securities John Lovallo - UBS Matthew Bouley - Barclays Capital Philip Ng - Jefferies Michael Dahl - RBC Capital Markets Michael Rehau ...

Julie Albrecht CFO Disclosures For a discussion of these risks and uncertainties, you should review our Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. 3 | --- | --- | |-------|-------| | | | | | | | | | Near-Term Performance Improvement Actions Focus on improving JELD-WEN's competitive position Fourth Quarter 2022 Results February 21, 2023 Bill Christensen CEO Certain statements in this presentation, including our guidance and business strategies, are forwardlo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-K __________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-38000 __________________________________ JELD-WEN Holding, In ...

Financial Data and Key Metrics Changes - The company reported revenue of $1.3 billion and adjusted EBITDA of $116.5 million, representing year-over-year increases of 13% and 18% respectively [22][41] - Adjusted EBITDA margin improved by 40 basis points to 9% due to favorable price cost, improved operating leverage, and positive productivity [41][42] - GAAP net loss for the quarter was $33.2 million, compared to net income of $40.5 million in the same period last year, primarily due to a $55 million non-cash goodwill impairment charge in the Europe segment [42] Business Line Data and Key Metrics Changes - North America led with a 23% increase in core revenue, driven by strong price realization and positive volume mix [23][46] - Europe experienced a 5.5% decrease in net revenue, impacted by foreign exchange headwinds, despite a 10% core revenue growth [48] - Australasia revenue increased almost 6%, with a 14% increase in core revenue, although negatively impacted by foreign exchange [50] Market Data and Key Metrics Changes - North America showed strong demand in windows, exterior doors, and company-owned distribution, while Europe faced deteriorating macroeconomic conditions due to the war in Ukraine and rising inflation [48][56] - The company anticipates a continued slowdown in the housing market across North America and Europe, with repair and remodel activity expected to fare better than new residential construction [56][58] Company Strategy and Development Direction - The company is focused on streamlining operations and improving financial performance, including a strategic review of its Australasia business [14][29] - Management aims to enhance execution and performance while preparing for the new CEO to lead the company effectively [18][21] - The company is committed to investing in projects that exceed internal return hurdles and reducing financial leverage [54][55] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the near term due to persistent inflation and a softening housing market, but remains optimistic about long-term demand potential [20][24] - The company is taking decisive actions to improve results and ensure that the fundamental strength of the business translates into shareholder value creation [21][65] - Management reaffirmed full-year core revenue guidance of 10% growth but revised adjusted EBITDA expectations to between $400 million and $420 million due to inflation pressures [62][64] Other Important Information - The company ended the quarter with total cash of $200 million and liquidity of $560 million, with net debt leverage decreasing to 3.6 times [53] - The company is focused on improving working capital and expects to generate positive free cash flow in the fourth quarter [52] Q&A Session Summary Question: What drove the elevated SG&A and overall corporate expense in the quarter? - Higher SG&A expenses were driven by timing and amounts related to incentive compensation and increased medical claim expenses, with expectations for normalization in Q4 [68][70] Question: Are you looking for individuals with building products or industrial experience in your CEO search? - While building products experience is advantageous, the right level of broad experience and leadership capabilities is also considered [71][72] Question: Can you break out the magnitude dollar amount based on higher inflation and reduced expectations for productivity savings? - The inflation impact in the second half is expected to be more negative, with energy prices contributing significantly to the increase [76][78] Question: What are your expectations for North America volume in Q4? - North America volumes are expected to decline in the low to mid-single-digit range, reflecting a slowdown in residential construction [90][91] Question: How do you expect raw materials inflation to impact the P&L next year? - The company is not prepared to comment on detailed outlooks for next year as they are currently working through the budgeting process [99] Question: Which categories within the distribution channel do you think have excess inventory? - Excess inventory is noted in categories such as exterior and interior doors, with efforts to balance inventory levels with customer demand [105] Question: How do you think about the mix shift between custom versus stock products? - The mix is dynamic, with a focus on the Pro custom segment, but no specific trends were identified [116] Question: What are your plans for managing productivity and optimizing your footprint? - The company is focused on driving accountability within regions and plants, with plans to provide stronger updates on productivity management in future quarters [120][121]

JELD-WEN Holding, Inc. (NYSE:JELD) Q2 2022 Earnings Conference Call August 1, 2022 8:00 AM ET Company Participants Christopher Teachout - Director of Investor Relations Gary Michel - Chief Executive Officer David Guernsey - Executive Vice President Conference Call Participants John Lovallo - UBS Matthew Bouley - Barclays Michael Rehaut - JPMorgan Stanley Elliott - Stifel Deepa Raghavan - Wells Fargo Securities Susan Maklari - Goldman Sachs Mike Dahl - RBC Capital Markets Josh Chan - Baird Phil Ng - Jefferie ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-K __________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-38000 __________________________________ 2645 Silver Crescent ...

JELD-WEN Holding, Inc. (NYSE:JELD) Q3 2021 Results Earnings Conference Call November 1, 2021 8:00 AM ET Company Participants Chris Teachout - Director of Investor Relations Gary Michel - Chairman, President and Chief Executive Officer John Linker - Executive Vice President and Chief Financial Officer Conference Call Participants Deepa Raghavan - Wells Fargo Securities Truman Patterson - Wolfe Research Matthew Bouley - Barclays Susan Maklari - Goldman Sachs Steven Ramsey - Thompson Research Group Philip Ng - ...