American Woodmark (AMWD)2024-11-26 13:39Financial Performance - Net sales for Q2 FY2025 were 21.4 million or 4.5% compared to the same quarter last fiscal year[5]. - Net income for Q2 FY2025 was 30.3 million or 6.4% of net sales in the same quarter last year[5]. - Adjusted EBITDA for Q2 FY2025 decreased by 60.2 million, which is 13.3% of net sales[5]. - For the first six months of FY2025, net sales totaled 60.5 million or 6.2% year-over-year[6]. - Adjusted EPS for Q2 FY2025 was 2.50 in the same quarter last fiscal year[5]. - Adjusted EBITDA for the second quarter of fiscal 2025 was 72,329 thousand in the same quarter of 2024, reflecting a decline of approximately 16.8%[33]. - Net sales for the second quarter of fiscal 2025 were 473,867 thousand in the same quarter of 2024, a decrease of about 4.4%[33]. - Adjusted EPS per diluted share for the second quarter of fiscal 2025 was 2.50 in the same quarter of 2024, a decline of approximately 16.8%[34]. - Net income margin (GAAP) for the second quarter of fiscal 2025 was 6.1%, slightly down from 6.4% in the same quarter of 2024[33]. Cash Flow and Liquidity - As of October 31, 2024, the company had 313.2 million under its revolving credit facility[9]. - Net cash provided by operating activities decreased to 143,722 thousand in 2023, representing a decline of approximately 63.3%[22]. - Free cash flow for the six months ended October 2024 was 109,880 thousand in the same period of 2023, a decrease of about 72.6%[35]. - Cash and cash equivalents at the end of the period were 96,381 thousand in 2023, a decrease of approximately 41.2%[22]. Debt and Financing - The company refinanced its senior secured debt facility, establishing a 200 million term loan facility[9]. - Current maturities of long-term debt amount to 367,981 million[38]. - Total debt stands at 319,095 million[38]. - Net leverage as of October 31, 2024, was calculated based on net debt divided by trailing 12 months Adjusted EBITDA, providing insight into the company's leverage position[31]. - Net leverage ratio is 1.40[38]. Shareholder Actions - The company repurchased 348,877 shares for 56.5 million in the first six months of FY2025[11]. - The board authorized an additional stock repurchase program of up to 364 thousand for the second quarter of fiscal 2025, indicating ongoing financial adjustments[34]. - The company incurred restructuring charges of $1,133 thousand in the second quarter of fiscal 2025, reflecting costs associated with workforce reductions[34]. - Restructuring charges are related to workforce reductions in fiscal 2023 and 2025[38]. Foreign Exchange and Acquisitions - The company manages foreign exchange risks through forward contracts[38]. - Acquisition-related expenses include costs from the RSI acquisition[38].