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Company Overview - MasterBrand is the largest manufacturer of residential cabinets in North America, with reported net sales in 2022[169]. - The company completed its separation from Fortune Brands on December 14, 2022, issuing 128.0 million shares of common stock[172]. - The fiscal year 2023 ended on December 31, 2023, covering a 53-week period, compared to the 52-week period ending December 25, 2022[170]. - The consolidated financial statements reflect the company’s operations as a standalone entity following the separation from Fortune Brands on December 14, 2022[260]. Financial Performance - Net sales for fiscal 2023 were $2,726.2 million, a decrease of $549.3 million or 16.8% compared to $3,275.5 million in fiscal 2022, primarily due to a decrease in sales unit volume[182]. - Operating income increased by $103.0 million or 50.7% to $306.3 million in 2023, driven by lower costs and the non-recurrence of asset impairment charges from 2022[187]. - Net income rose to $182.0 million in 2023, an increase of $26.6 million or 17.1% from $155.4 million in 2022, primarily due to higher operating income offset by increased interest expenses[194]. - The average diluted earnings per share for 2023 was $1.40, compared to $1.20 in 2022[243]. - Gross profit for 2023 was $901.4 million, compared to $940.5 million in 2022[243]. Expenses and Costs - Total expenses allocated to MasterBrand for fiscal years 2022 and 2021 were $92.5 million and $62.0 million, respectively, with significant portions not previously allocated[175]. - Selling, general and administrative expenses decreased by $78.8 million or 12.2% to $569.7 million, accounting for 20.9% of net sales in 2023, down from 19.8% in 2022[184]. - Interest expense surged to $65.2 million in 2023 from $2.2 million in 2022, reflecting the indebtedness incurred during the Separation from Fortune Brands[189]. - The company recognized $2.4 million and $15.4 million in costs related to the separation from Fortune Brands for the years ended December 31, 2023, and December 25, 2022, respectively[264]. Cash Flow and Liquidity - Cash provided by operating activities increased to $405.6 million in 2023, compared to $235.6 million in 2022, indicating improved operational efficiency[202]. - The company had $707.8 million in outstanding third-party borrowings as of December 31, 2023, and expects to remain compliant with all financial covenants[200]. - Net cash provided by operating activities increased significantly from $235.6 million in 2022 to $405.6 million in 2023, a growth of 72.0%[252]. - The company had $480.2 million of availability under its revolving credit facility as of December 31, 2023, with no outstanding balance compared to $235.0 million at December 25, 2022[353]. Inventory and Receivables - Accounts receivable generated $88.1 million of cash in 2023, significantly higher than $13.5 million in 2022, due to improved collection processes[203]. - Inventory movement was $123.6 million favorable in 2023, contrasting with an unfavorable movement of $70.1 million in 2022, reflecting better inventory management[203]. - Total inventories decreased to $249.8 million as of December 31, 2023, down from $373.1 million in 2022, reflecting a significant reduction in raw materials and supplies[331]. - The allowance for doubtful accounts decreased to $4.6 million in 2023 from $11.6 million in 2022, indicating a significant reduction in estimated uncollectible accounts[327]. Debt and Financing - The company implemented a 5-year, $1.25 billion credit agreement, with initial proceeds of $955.0 million used primarily for a cash dividend payment to Fortune Brands[197]. - The total debt as of December 31, 2023, was $707.8 million, a decrease from $978.0 million on December 25, 2022, after accounting for unamortized debt issuance costs[353]. - Future debt payments are projected at $18.8 million in 2024, $37.5 million in 2025, $37.5 million in 2026, and $618.7 million in 2027[358]. - The net leverage ratio as of December 31, 2023, was required to be no greater than 3.75 to 1.0, with a minimum interest coverage ratio of 3.0 to 1.0[356]. Strategic Initiatives - MasterBrand aims to enhance its competitive advantages through technology and data to improve consumer experience from visualization to delivery[169]. - The company is focused on strategic growth opportunities and operational effectiveness following its separation, allowing for better capital structure management[173]. - The company anticipates that the separation will provide distinct investment opportunities and better insight into its value drivers[178]. - The company believes it has access to additional funds from capital markets to support strategic initiatives[206]. Impairments and Restructuring - In Q4 2022, the company recognized an impairment charge of $12.8 million related to an indefinite-lived tradename due to a significant decrease in sales driven by inflation and economic uncertainty[227]. - The company incurred an additional impairment charge of $7.6 million in Q4 2022 for another indefinite-lived tradename, primarily due to a shift in customer demand towards lower-priced products[228]. - The company recorded a $4.6 million impairment charge related to certain long-lived assets due to a restructuring action[293]. - Restructuring charges in 2023 totaled $10.1 million, primarily related to severance costs and an asset impairment charge from the closure of the Newton, Kansas manufacturing facility[359]. Tax and Regulatory Matters - The effective tax rate for 2023 was 23.8%, down from 27.2% in 2022, primarily due to changes in state and local income taxes and the nonrecurrence of IRS audit adjustments[192]. - The company’s income tax payable to Fortune Brands was recorded at $32.6 million as of December 25, 2022, and settled in 2023[265]. - The company is currently evaluating the impact of new accounting standards on its consolidated financial statements, including segment reporting and income tax disclosures[317][318].

Financial Performance - Fourth quarter 2023 net sales were $677.1 million, a decrease of 14% year-over-year from $784.4 million in Q4 2022[4] - Full year 2023 net sales totaled $2.7 billion, down 16.8% from $3.3 billion in 2022[8] - Fourth quarter gross profit increased to $223.1 million, with a gross profit margin of 32.9%, up 550 basis points year-over-year[4] - Full year net income rose to $182.0 million, a 17.1% increase compared to $155.4 million in 2022[9] - Operating income for the 14 weeks ended December 31, 2023, was $61.0 million, significantly higher than $15.1 million for the same period last year[29] - Net income for the 14 weeks ended December 31, 2023, was $36.1 million, compared to $15.4 million for the 13 weeks ended December 25, 2022, representing a 134.4% increase[29][31] - The company reported an adjusted net income of $193.6 million for the 53 weeks ended December 31, 2023, compared to $260.4 million for the prior year[33] EBITDA and Margins - Adjusted EBITDA for Q4 2023 was $85.8 million, with an adjusted EBITDA margin of 12.7%, up 20 basis points from the previous year[6] - Full year adjusted EBITDA was $383.4 million, with an adjusted EBITDA margin of 14.1%, an increase of 150 basis points year-over-year[10] - Adjusted EBITDA for the 14 weeks ended December 31, 2023, was $85.8 million, while the adjusted EBITDA margin was 12.7%[31] - Adjusted EBITDA for the full fiscal year was $383.4 million in 2023, down from $411.4 million in 2022, a decline of about 6.8%[44] Cash Flow and Debt - Operating cash flow for 2023 was $405.6 million, significantly up from $235.6 million in the prior year[10] - Net cash provided by operating activities rose significantly to $405.6 million in 2023, compared to $235.6 million in 2022, an increase of approximately 72.0%[45] - Free cash flow improved to $348.3 million in 2023, up from $179.7 million in 2022, marking a growth of about 93.9%[45] - Net debt decreased from $877.9 million in 2022 to $559.1 million in 2023, a reduction of approximately 36.3%[44] - The net debt to adjusted EBITDA ratio improved from 2.1x in 2022 to 1.5x in 2023, indicating better leverage[44] - Long-term debt decreased significantly from $961.5 million in 2022 to $690.2 million in 2023, a decline of about 28.2%[44] Assets and Liabilities - Total assets decreased from $2,529.4 million in 2022 to $2,381.7 million in 2023, a decline of approximately 5.8%[44] - Current liabilities decreased from $411.1 million in 2022 to $349.4 million in 2023, a reduction of approximately 15.0%[44] - Cash and cash equivalents increased from $101.1 million at the beginning of the period to $148.7 million at the end of the period in 2023[45] Future Outlook - For 2024, the company expects adjusted EBITDA in the range of $370 million to $400 million, with adjusted EBITDA margins of approximately 14.0% to 14.5%[13] - New products and channel-specific packages were launched to capture market share in growth areas[15] Earnings Per Share and Tax Rate - Diluted earnings per share (EPS) for the 14 weeks ended December 31, 2023, was $0.28, up from $0.12 in the same period last year[31] - The effective income tax rate for the 14 weeks ended December 31, 2023, was 16.4%, down from 20.6% in the prior year[42] Restructuring Charges - The company incurred restructuring charges of $6.0 million for the 14 weeks ended December 31, 2023, compared to $14.2 million for the same period last year[29][31]

MasterBrand Inc. (NYSE:MBC) Q3 2023 Earnings Conference Call November 7, 2023 4:30 PM ET Company Participants Andrea H. Simon - Executive VP & CFO Farand Pawlak - VP of IR & External Communications R. David Banyard - CEO, President & Director Conference Call Participants Adam Michael Baumgarten - MD, Zelman & Associates Alex Hantman - Executive Officer, Sidoti & Company Garik Simha Shmois - MD, Loop Capital Markets Thomas Mcnally Mahoney - Research Associate, Cleveland Research Operator Welcome to the Maste ...

Q3 2023 Investor Presentation This presentation includes forward-looking statements. Each forward-looking statement contained in this presentation is based on current expectations and market outlook; and is subject to certain risks and uncertainties that may cause actual results to differ materially from those currently anticipated. More information about risks can be found in our filings with the Securities and Exchange Commission, including under the heading "Risk Factors" in our full year 2022 Form 10-K ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q MasterBrand, Inc. (Exact name of registrant as specified in its charter) Delaware 88-3479920 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) One MasterBrand Cabinets Dr. Jasper, Indiana 47547 x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 24, 2023 OR o TRANSITION REPORT PURSU ...

Financial Data and Key Metrics Changes - Net sales in Q2 2023 were $695.1 million, an 18.8% decline from $855.6 million in Q2 2022, aligning with expectations [24] - Adjusted EBITDA was flat year-over-year at $106.3 million compared to $106.8 million in Q2 2022, with adjusted EBITDA margin expanding by 281 basis points to 15.3% [8][29] - Free cash flow increased by 82% to $123.4 million in Q2 2023, up from the previous year [10][33] - Net income rose to $51.2 million, a 25.2% increase from $40.9 million in the same period last year [28] Business Line Data and Key Metrics Changes - The new construction market showed sequential demand increase, benefiting from a pause in interest rate hikes, while the repair and remodel market experienced a slight decline in point-of-sale activity [11][12] - The U.S. retail channel was largely in line with expectations, but dealer customers reported consumers being more budget-conscious and seeking multiple quotes [13][57] - Canadian market performance was below expectations, with anticipated weakness continuing into the second half of 2023 [14] Market Data and Key Metrics Changes - The new construction market is trending better, while the repair and remodel market is expected to remain soft for the remainder of 2023 [15][35] - The company noted that consumer spending is shifting towards vacations, impacting remodeling project decisions [56] Company Strategy and Development Direction - The company is focused on strategic initiatives such as Align to Grow, Lead Through Lean, and Tech Enabled to drive operational excellence and future growth [10][15] - Investments in technology and supply chain optimization are expected to enhance efficiency and support growth initiatives [17][20] - The company plans to increase investment spending for 2023, raising the adjusted EBITDA outlook to $345 million to $365 million [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to maintain or expand adjusted EBITDA margins year-over-year despite a softer demand environment [36] - The company anticipates mid-teens year-over-year decline in net sales for the second half of 2023, with expectations of normal seasonality [35] - Management highlighted the importance of preparing for future growth during the current softer demand period [21][39] Other Important Information - The company published its inaugural environmental, social, and governance (ESG) report and was recognized as one of America's Safest Companies [22][23] - The company has initiated a stock repurchase program, repurchasing 404,858 shares at a cost of approximately $4.4 million [34] Q&A Session Summary Question: Impact of pricing in the back half of the year - Management indicated a return to a normal pricing environment without the need for price increases, utilizing a breadth of product offerings to meet customer needs [42][43] Question: Trade down impact on top line declines - Management acknowledged trade downs as a factor but stated it was in line with expectations and not materially impactful [45] Question: ERP system modernization - Management noted that there are about 5 to 6 more facilities that require modernization to improve data clarity and efficiency [46][47] Question: Margin walk for the second half of the year - Management highlighted expected revenue declines and increased investments, with historical patterns indicating lower profitability in the fourth quarter [52][54] Question: Changes in project size or cancellations - Management reported no significant cancellations but noted consumers are more selective and may be delaying projects [56][58] Question: Lag between housing starts and sales - Management indicated that the lag continues to decrease, with a normalized pace expected by the end of the year [61] Question: Input cost quantification and inventory flow - Management stated that material costs represent about 50% of cost of sales, with inventory costs aligning with new incoming inventory [63][66] Question: Growth relative to the market - Management believes growth will be on par with the market, with ongoing investments aimed at accelerating growth in 2024 [67][70]

Part I - Financial Information [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) Unaudited Q2 2023 financials reflect decreased net sales, increased operating income from non-recurring charges, and improved operating cash flow post-separation [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q2 2023 net sales decreased to $695.1 million, while net income rose to $51.2 million, driven by higher operating income offsetting new interest expenses | Metric (in millions) | 13 Weeks Ended June 25, 2023 | 13 Weeks Ended June 26, 2022 | 26 Weeks Ended June 25, 2023 | 26 Weeks Ended June 26, 2022 | | :--- | :--- | :--- | :--- | :--- | | **NET SALES** | $695.1 | $855.6 | $1,371.8 | $1,632.7 | | **GROSS PROFIT** | $236.2 | $249.6 | $440.8 | $460.6 | | **OPERATING INCOME** | $87.4 | $51.9 | $153.1 | $113.4 | | **NET INCOME** | $51.2 | $40.9 | $86.2 | $87.9 | | **Diluted EPS** | $0.39 | $0.32 | $0.66 | $0.69 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 25, 2023, total assets decreased to $2,424.0 million, total liabilities decreased, and total equity increased | Balance Sheet Item (in millions) | June 25, 2023 | December 25, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $110.2 | $101.1 | | Accounts receivable, net | $235.7 | $289.6 | | Inventories | $319.6 | $373.1 | | **TOTAL ASSETS** | **$2,424.0** | **$2,529.4** | | Accounts payable | $182.2 | $219.2 | | Long-term debt | $788.3 | $961.5 | | **TOTAL LIABILITIES** | **$1,316.4** | **$1,520.2** | | **TOTAL EQUITY** | **$1,107.6** | **$1,009.2** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2023 net cash from operating activities significantly increased to $194.0 million, primarily due to working capital improvements, funding debt repayments | Cash Flow Activity (in millions) | 26 Weeks Ended June 25, 2023 | 26 Weeks Ended June 26, 2022 | | :--- | :--- | :--- | | NET CASH PROVIDED BY OPERATING ACTIVITIES | $194.0 | $76.1 | | NET CASH USED IN INVESTING ACTIVITIES | ($11.2) | ($22.1) | | NET CASH USED IN FINANCING ACTIVITIES | ($172.0) | ($69.6) | | Net increase (decrease) in cash | $9.1 | ($15.6) | [Notes To Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20To%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's separation from Fortune Brands, revenue channels, debt structure, and a $50 million stock repurchase program - MasterBrand completed its separation from Fortune Brands on **December 14, 2022**, becoming an independent, publicly-traded company. Historical financial statements prior to this date were prepared on a carve-out basis and include expense allocations from Fortune Brands[22](index=22&type=chunk)[24](index=24&type=chunk) - A tornado on **January 12, 2023**, damaged the Jackson, GA production facility. In Q1 2023, the company incurred **$9.4 million** in related expenses. In Q2 2023, it received **$2.2 million** in insurance proceeds. Both amounts are recorded in cost of products sold[33](index=33&type=chunk) Revenue by Channel (in millions) | Revenue by Channel (in millions) | 26 Weeks Ended June 25, 2023 | 26 Weeks Ended June 26, 2022 | | :--- | :--- | :--- | | Dealers | $686.3 | $833.6 | | Retailers | $463.6 | $540.0 | | Builders | $149.8 | $160.0 | | International | $72.1 | $99.1 | | **Total Net Sales** | **$1,371.8** | **$1,632.7** | - In November 2022, the company entered into a **$1.25 billion** credit agreement, consisting of a **$750 million** term loan and a **$500 million** revolving credit facility. As of June 25, 2023, total debt outstanding was **$815.2 million**, net of issuance costs[64](index=64&type=chunk)[160](index=160&type=chunk) - A stock repurchase program was authorized on **May 9, 2023**, for up to **$50.0 million**. During the quarter, **404,858 shares** were repurchased for approximately **$4.4 million**[99](index=99&type=chunk)[100](index=100&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q2 2023 net sales decrease to lower volume, operating income increase to non-recurring charges, and strong liquidity [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Q2 2023 net sales fell 18.8% due to lower volume, while operating income increased 68.4% from non-recurring charges and cost savings - **Q2 2023 vs Q2 2022:** - Net sales decreased by **$160.5 million** (**18.8%**) due to lower sales unit volume, partially offset by favorable pricing[121](index=121&type=chunk) - Gross profit margin improved from **29.2%** to **34.0%** - Operating income increased by **$35.5 million** (**68.4%**), mainly due to the non-recurrence of a **$26.0 million** asset impairment charge from Q2 2022 and cost savings[122](index=122&type=chunk)[129](index=129&type=chunk) - **H1 2023 vs H1 2022:** - Net sales decreased by **$260.9 million** (**16.0%**) due to lower sales volume[140](index=140&type=chunk) - Operating income increased by **$39.7 million** (**35.0%**), despite **$7.2 million** in net costs from the Jackson, GA tornado[141](index=141&type=chunk)[146](index=146&type=chunk) - Net income decreased slightly by **$1.7 million** (**1.9%**), as the growth in operating income was offset by **$34.6 million** in new interest expense[154](index=154&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is strong, with H1 2023 net cash from operations increasing to $194.0 million, used for debt repayments and stock repurchases - Net cash from operating activities increased to **$194.0 million** in H1 2023 from **$76.1 million** in H1 2022, primarily due to a **$54.0 million** favorable change in inventory and a **$58.6 million** favorable change in accounts receivable[162](index=162&type=chunk)[163](index=163&type=chunk) - Net cash used in financing activities was **$172.0 million** in H1 2023, which included **$164.4 million** in net debt repayments and **$4.1 million** in stock repurchases[165](index=165&type=chunk) - The company entered into a **$1.25 billion** credit agreement in November 2022, consisting of a **$750.0 million** term loan and a **$500.0 million** revolving credit facility. The company believes it was in compliance with all financial covenants as of **June 25, 2023**[157](index=157&type=chunk)[159](index=159&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes were reported regarding the company's market risk exposures since December 25, 2022 - No material changes were reported regarding market risk from the information provided in the Annual Report on Form 10-K for the fiscal year ended **December 25, 2022**[169](index=169&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 25, 2023, with no material changes to internal controls - The Chief Executive Officer and Chief Financial Officer concluded that as of **June 25, 2023**, the company's disclosure controls and procedures were effective[170](index=170&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[171](index=171&type=chunk) [Other Information](index=50&type=section&id=Item%205.%20Other%20Information) On August 7, 2023, the company filed a Corrected Amended and Restated Certificate of Incorporation to correct an officer exculpation error - The company filed a Corrected Amended and Restated Certificate of Incorporation on **August 7, 2023**, to correct an error regarding officer exculpation provisions[172](index=172&type=chunk) Part II - Other Information [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine litigation incidental to its business, which management believes will not have a material adverse effect - The company is a defendant in routine litigation incidental to its business and does not believe these actions will have a material adverse effect on its financial condition or results[176](index=176&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the 2022 Form 10-K and Q1 2023 Form 10-Q disclosures - No material changes to risk factors were reported since the previous disclosures in the **2022 Form 10-K** and **Q1 2023 Form 10-Q**[178](index=178&type=chunk) [Issuer Purchases of Equity Securities](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2023, the company repurchased 404,858 shares at an average price of $10.89, with $45.6 million remaining in the program - On **May 9, 2023**, a stock repurchase program was authorized for up to **$50.0 million** of common stock over a twenty-four month period[179](index=179&type=chunk) Issuer Purchases of Equity Securities (in millions) | Period | Total Shares Purchased | Average Price Paid Per Share | Approx. Value Remaining (in millions) | | :--- | :--- | :--- | :--- | | April 24 - May 21, 2023 | 60,000 | $10.75 | $49.4 | | May 22 - June 25, 2023 | 344,858 | $10.91 | $45.6 | | **Total** | **404,858** | **$10.89** | **$45.6** | [Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Corrected Amended and Restated Certificate of Incorporation and SOX certifications - Key exhibits filed include the Corrected Amended and Restated Certificate of Incorporation and Sarbanes-Oxley Act certifications from the CEO and CFO[180](index=180&type=chunk)

MasterBrand, Inc. (NYSE:MBC) Q1 2023 Earnings Conference Call May 9, 2023 4:30 AM ET Company Participants Farand Pawlak - Vice President of Investor Relations & Corporate Communication Dave Banyard - President & Chief Executive Officer Andi Simon - Executive Vice President & Chief Financial Officer Conference Call Participants Adam Baumgarten - Zelman Garik Shmois - Loop Capital Markets Operator Welcome to MasterBrand's First Quarter 2023 Earnings Conference Call. During the company's prepared remarks, all ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 26, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-41545 MasterBrand, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Emplo ...