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2015 First Quarter Earnings Presentation
NYSE: DOOR
May 5, 2015
Safe Harbor / Non-GAAP Financial Measure
SAFE HARBOR / FORWARD LOOKING STATEMENT
This investor presentation contains forward-looking information and other forward-looking statements within the meaning of applicable Canadian and/or U.S. securities laws, including our
discussion of improvements in the housing market and related markets and the effects of our pricing and other strategies. When used in this Investor Presentation, such forward-looking
statements may be identified by the use of such words as “may,” might, “could,” “will,” would,” “should,” “expect,” “believes,” “outlook,” “predict,” “forecast,” “objective,” “remain,”
“anticipate,” “estimate,” “potential,” “continue,” “plan,” “project,” “targeting,” or the negative of these terms or other similar terminology.
Forward-looking statements involve significant known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Masonite, or
industry results, to be materially different from any future plans, goals, targets, objectives, results, performance or achievements expressed or implied by such forward-looking statements.
As a result, such forward-looking statements should not be read as guarantees of future performance or results, should not be unduly relied upon, and will not necessarily be accurate
indications of whether or not such results will be achieved. Factors that could cause actual results to differ materially from the results discussed in the forward-looking statements include,
but are not limited to, general economic, market and business conditions; levels of residential new construction, residential repair, renovation and remodeling and non-residential building
construction activity; competition; our ability to successfully implement our business strategy; our ability to manage our operations including integrating our recent acquisitions and
companies or assets we acquire in the future; our ability to generate sufficient cash flows to fund our capital expenditure requirements and to meet our debt service obligations, including
our obligations under our senior notes and our senior secured asset-backed credit facility; labor relations (i.e., disruptions, strikes or work stoppages), labor costs, and availability of labor;
increases in the costs of raw materials or any shortage in supplies; our ability to keep pace with technological developments; the actions by, and the continued success of, certain key
customers; our ability to maintain relationships with certain customers; new contractual commitments; our ability to generate the benefits of our restructuring activities; retention of key
management personnel; environmental and other government regulations; limitations on operating our business as a result of covenant restrictions under our existing and future
indebtedness, including our senior notes and senior secured asset-based credit facility; and other factors publicly disclosed by the company from time to time.
NON-GAAP FINANCIAL MEASURE
Adjusted EBITDA is a measure used by management to measure operating performance. Beginning in the first quarter of 2015, we revised our calculation of Adjusted EBITDA to
separately exclude loss on extinguishment of debt, which would be a component of other expense (income), net, but is separately stated due to its magnitude. The revision to this
definition had no impact on our reported Adjusted EBITDA for the three months ended March 30, 2014. As revised, Adjusted EBITDA is defined as net income (loss) attributable to
Masonite plus depreciation, amortization, restructuring costs, loss (gain) on sale of property, plant and equipment, asset impairment, registration and listing fees, interest expense, net,
loss from extinguishment of debt, other expense (income), net, income tax expense (benefit), loss (income) from discontinued operations, net of tax, net income attributable to noncontrolling interest and share based compensation expense. Adjusted EBITDA is not a measure of financial condition or profitability under GAAP, and should not be considered as an
alternative to (i) net income (loss) or net income (loss) attributable to Masonite determined in accordance with GAAP or (ii) operating cash flow determined in accordance with GAAP.
Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not include certain cash requirements such as interest
payments, tax payments and debt service requirements. We believe that the inclusion of Adjusted EBITDA in this press release is appropriate to provide additional information to investors
about our operating performance. Not all companies use identical calculations, and as a result, this presentation of Adjusted EBITDA may not be comparable to other similarly titled
measures of other companies. Moreover, Adjusted EBITDA as presented for financial reporting purposes herein, although similar, is not the same as similar terms in the applicable
covenants in our ABL Facility or our senior notes. Adjusted EBITDA, as calculated under our ABL Facility or senior notes would also include, among other things, additional add-backs for
amounts related to: cost savings projected by us in good faith to be realized as a result of actions taken or expected to be taken prior to or during the relevant period; fees and expenses
in connection with certain plant closures and layoffs; and the amount of any restructuring charges, integration costs or other business optimization expenses or reserve deducted in the
relevant period in computing consolidated net income, including any one-time costs incurred in connection with acquisitions. The table below sets forth a reconciliation of Adjusted
EBITDA to net income (loss) attributable to Masonite for the periods indicated.
2
① Company / Industry Update
② Q1’15 Financial Review
③ Summary / Q&A
Company / Industry Update
Growth in U.S. Single Family Housing Starts and Completions
Single Family Starts (Jan 14 – March 15)
800
Avg. = 602
700
600
583 589
635 649 634
593
652 641 663
716
674
725
Avg. = 636
698
592

The U.S. housing market in Q1’15 registered only modest
improvement despite a favorable base period comparison.

Q1’2015 Single family starts and completions increased
5.6% and 1.8%, respectively, compared to Q1’2014.

Single family starts continue to trend slightly below their
historic average of 72% compared to multi family starts.
618
500
400
300
200

100
Q1’2015: 66.7% SF / 33.3% MF
0
Single Family Completions (Jan 14 – March 15)
800
700
Avg. = 613
609 617 614 606 628 591 631 611 627 614 613
600
Avg. = 624
Single Family vs. Multi Family Starts Splits
100%
90%
667 674
597 602
80%
70%
60%
500
50%
400
40%
30%
300
20%
200
10%
100
0%
0
Single Family
Multi Family
Growth In Single Family Housing Starts and Completions Was Modest During Q1’15
Source: U.S. Census Bureau
4
Company / Industry Update
Masonite’s NA Segment Volume Growth Driven by Wholesale Business
Growth in the Wholesale Channel Closely Tracks Residential New Housing
Wholesale Doors
(in millions)
Retail Doors
Architectural
(in millions)
(in millions)
5.0
4.7
5.0
5.0
4.0
4.0
4.0
3.0
3.0
3.0
2.0
2.0
1.0
1.0
4.4
1.7
1.7
1.0
0.0
0.0
Q1'14
Q1’14
Q1'15
Q1’15
+7%
2.0
0.3
0.3
Q1'14
Q1’14
Q1'15
Q1’15
0.0
Q1'14
Q1’14
Q1'15
Q1’15
0%
0%
NA Wholesale Volume Growth (+7%) Exceeded U.S. Housing Completions (+1.8%)
5
Company / Industry Update
NA Average Unit Price, Foreign Exchange & Europe / Rest of World Segment
Foreign Exchange
NA Average Unit Price Growth
8.0%

6.0%
FX reduced Q1 2015 Net Sales by 5%.
4.0%

($8.9 million) impact on NA Net Sales
2.0%

($11.0 million) impact on EUR/ROW Net Sales
0.0%

($1.0 million) impact on South Africa Net Sales
-2.0%

FX reduced Q1 2015 Adjusted EBITDA by 6%.
-4.0%
-6.0%
Q1'15
Q4'14
Q3'14
Q2'14
Q1'14
Q4'13
Q3'13
Q2'13
Q1'13
Q4'12
Q3'12
Q2'12
Q1'12
Q4'11
Q3'11
Q2'11
Q1'11

Average unit price growth in our NA business
continues to improve as we focus on increasing the
value proposition for our customers by driving:

Product Line Leadership

Electronic Enablement

Sales and Marketing Excellence
Europe / Rest of World Segment


Total door volume down ~5% on the quarter:

United Kingdom increased 7%

France down 17%
Total Adjusted EBITDA nearly tripled in the quarter:

Door Stop & housing strength in the UK

Exit of Israel business
Adjusted EBITDA Increased 92% in Q1 2015 vs. YA With Our Balanced Approach
6
Company / Industry Update
Five Focus Areas Designed to Accelerate Growth
Product Line Leadership
Electronic Enablement
Sales and Marketing Excellence
Automation
Portfolio Optimization
Goal: Grow Share & Expand Margins Beyond the Macroeconomic Recovery.
7
① Company / Industry Update
② Q1’15 Financial Review
③ Summary / Q&A
2015 First Quarter Financial Results
Door Volume, Net Sales and Adjusted EBITDA
Door Volume^
Net Sales
(in millions)
Adjusted EBITDA*
(millions of USD)
(millions of USD)
$600.0
15.0
$45.0
$40.0
$37.8
$500.0
$422.5
$434.5
$400.0
10.0
7.8
$35.0
$30.0
8.1
$25.0
$300.0
$20.0
$200.0
5.0
Q1'14
Q1’14
Q1'15
Q1’15
+4%
(^) – Does not include Africa segment.
(*) – See appendix for non-GAAP reconciliations.
Q1’14
Q1'14
Excluding impact of F(x):
Q1’15
Q1'15
+3%
$19.7
$15.0
Q1’14
Q1'14
Q1’15
Q1'15
+92%
+8%
Masonite’s Results Continue to Improve Despite an Uneven Recovery in U.S. Housing
9
2015 First Quarter Financial Results
Consolidated P&L Information
Q1’15
Q1’14
Change
Net Sales
$434.5
$422.5
+2.8%
Gross Profit
$73.3
$53.0
+38.3%
Gross Profit %
16.9%
12.5%
+440 bps.
SG&A
$58.2
$57.8
+0.7%
SG&A %
13.4%
13.7%
-30 bps.
Adj. EBITDA*
$37.8
$19.7
+91.9%
Adj. EBITDA %
8.7%
4.7%
+400 bps.
(Millions of USD)
(*) – See appendix for non-GAAP reconciliations
Gross Profit and Adjusted EBITDA Margins Both Expanded by 400+ Basis Points
10
2015 First Quarter Financial Results
Net Sales and Adjusted EBITDA by Reportable Business Segment
Europe / ROW
($7.4M) Net Sales
+$3.6M excl. FX^
+$5.8M Adj. EBITDA*
(shown below)
$29.0
$19.0
$9.0
-$1.0
Q1'14
Q1'15
North America
+$21.6M Net Sales
+$30.5M excl. FX^
South Africa
+$13.6M Adj. EBITDA*
($2.2M) Net Sales
($1.2M) excl. FX^
(shown below)
($1.3M) Adj. EBITDA*
$29.0
(shown below)
$19.0
$9.0
$29.0
-$1.0
Q1'14
Q1'15
$19.0
$9.0
-$1.0
Q1'14
Q1'15
NA and Europe / Rest of World Both Posted Strong Adjusted EBITDA Growth vs. YA
(* & ^) – See appendix for non-GAAP reconciliations
11
2015 First Quarter Financial Results
Foreign Exchange
Foreign Exchange Headwinds to Net Sales Have Been Significant*
25,000
($20.9M)
($23.6M)
($15.7M)
($38.4M)
US Dollars – In Thousands
20,000
15,000
10,000
5,000
0
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
Since 2012, We Have Absorbed ~$100 Million of Foreign Exchange Headwinds
(*) – Represents the impact on Net Sales
12
2015 First Quarter Financial Results
Adjusted EBITDA by Quarter
Adjusted EBITDA Growth by Quarter Shows Strong TTM Adj. EBITDA Improvement
(in millions)
$50.0
+31.6%
$45.0
$40.0
+111.8%
+91.9%
+25.4%
$35.0
$30.0
$25.0
$20.0
$15.0
$10.0
$5.0
$0.0
Q2'13
Q2'14
Q3'13
Q3'14
Q4'13
Q4'14
Q1'14
Q1'15
Q1’15 Trailing Twelve Month Adjusted EBITDA Increased 56% to $155 Million Over Q1’14
(*) – See appendix for non-GAAP reconciliations.
13
2015 First Quarter Financial Results
Liquidity, Credit and Debt Profile
Liquidity at March 29, 2015 (millions of USD)
Unrestricted Cash
Financing Activities
$90.1
Total Available Liquidity

Replaced $500 million senior unsecured 8.25%
2021 notes with $475 million of senior unsecured
5.625% 2023 notes creating $14.5 million of
expected annual cash interest savings.

Subsequent to quarter end, increased the size of
the ABL to $150 million from $125 million,
lowered interest rate 75bps and extended the
maturity date to 2020 from 2016.
$225.7
TTM Adj. EBITDA^
$155.2
TTM Interest Expense
$43.3
Total Debt
$475.0
Net Debt
$384.9
Leverage Ratios
Coverage Ratios
6.0
4.0
5.0
3.0
4.0
2.0
3.0
2.0
1.0
1.0
0.0
0.0
Q1'14
Q2'14
Q3'14
Total Debt
Net Debt
Q4'14
Q1'15*
Q1'14
Q2'14
Adj. EBITDA / Interest
Q3'14
Q4'14
Q1'15
(Adj. EBITDA - Capex) / Interest
8.25% Senior Unsecured Notes due 2021
Masonite’s Balance Sheet and Liquidity Position Remains Strong
(*) – Net debt increase due primarily to cash used for make whole provision & early interest payment on bond redemption of approximately $52 million.
(^) – See appendix for non-GAAP reconciliations.
14
① Company / Industry Update
② Q1’15 Financial Review
③ Summary / Q&A
Summary
Masonite’s Balanced Growth Strategy Is Working
Masonite’s Results Continue to Improve Despite an Uneven Recovery
 U.S. new housing market’s recovery continues to be choppy
 Single family housing starts and completions growth remained modest in Q1’15
 Multi family housing starts as a percent of total continue to trend above the historic average
 Non-residential channel showing some early signs of improvement
 Strong Q1’15 financial results
 Net Sales, excluding foreign exchange, increased 8%.
 Adjusted EBITDA increased 92%.
 Adjusted EBITDA margin and gross margin increased 400 and 440 basis points, respectively.
Five Key Focus Areas Designed to Accelerate Growth





Product Line Leadership
Electronic Enablement
Sales & Marketing Excellence
Automation
Portfolio Optimization
Upcoming Events
 Analyst & Investor Day @ NYSE on June 19, 2015 (details to follow)
16
Questions & Answers
Appendix
Reconciliation of Adjusted EBITDA to Net Income
(loss) Attributable to Masonite
(In thousands)
March 29,
2015
Twelve Months Ended
December 28,
September 28,
2014
2014
Adjusted EBITDA
$
$
155,157
137,087
$
117,172
June 29,
2014
$
March 30,
2014
110,007
$
99,418
Less (plus):
Depreciation
60,482
60,622
60,222
59,885
61,000
Amortization
21,042
21,722
20,348
19,736
18,479
9,701
9,605
9,335
8,921
8,205
2,673
3,816
2,394
(614)
(797)
423
2,421
2,421
17,357
8,709
9,911
Share based compensation expense
Loss (gain) on disposal of property, plant and
equipment
—
Registration and listing fees
—
Restructuring costs
12,772
11,137
Asset impairment
18,202
18,202
Interest expense (income), net
43,285
41,525
Loss on extinguishment of debt
28,046
Other expense (income), net
(1,952)
(587)
4,175
4,324
(949)
7,778
4,533
(10,259)
(18,535)
(22,308)
717
630
838
776
649
4,217
3,222
1,425
2,005
2,166
(51,806) $
(37,340) $
(28,562) $
(14,980) $
(16,235)
Income tax expense (benefit)
Loss (income) from discontinued operations, net
of tax
Net income (loss) attributable to non-controlling
interest
Net income (loss) attributable to Masonite
$
—
—
39,476
—
1,903
37,359
—
34,973
—
—
Three Months Ended
(In thousands)
March 29,
2015
December 28, September 28,
2014
2014
Adjusted EBITDA
$
$
37,788
37,722
$
35,597
June 29,
2014
$
44,050
March 30,
2014
December 29,
2013
$
$
19,718
17,807
September 29,
2013
$
28,432
June 30,
2013
$
33,461
Less (plus):
Depreciation
15,306
14,798
15,842
14,536
15,446
14,398
15,505
15,651
Amortization
5,011
5,549
4,889
5,593
5,691
4,175
4,277
4,336
Share based compensation expense
Loss (gain) on disposal of property, plant and
equipment
2,379
2,270
2,255
2,797
2,283
2,000
1,841
2,081
(56)
1,457
236
1,036
1,087
852
—
Registration and listing fees
Restructuring costs
2,356
—
Asset impairment
—
(57)
18,202
9,913
—
—
560
721
—
—
1,998
6,163
1,265
—
—
1,904
Other expense (income), net
(1,184)
(1,670)
(404)
1,306
181
3,092
(255)
(363)
3,264
1,131
2,004
1,379
19
(13,661)
(6,272)
(408)
229
194
124
170
142
402
62
44
1,736
1,724
258
499
741
(73)
838
605
(31,052) $
(16,367) $
(9,967) $
5,580
—
—
8,442
—
1,762
28,046
Net income (loss) attributable to Masonite
9,993
(2,772)
Loss on extinguishment of debt
—
10,594
35
423
11,753
—
10,447
—
Interest expense (income), net
Income tax expense (benefit)
Loss (income) from discontinued operations, net
of tax
Net income (loss) attributable to non-controlling
interest
10,491
—
—
8,330
8,208
—
—
19
$
$
(16,586) $
(7,589) $
3,615
$
(1,211)
Reconciliation of Net Sales, Excluding Foreign
Exchange
North
America
First quarter 2014 net sales
Volume*
$
314.4
11.5
Average unit price
Other
Foreign exchange
First quarter 2015 net sales
$
Africa
$
13.5
(0.7)
Total
$
422.5
9.1
2.2 %
6.0
(0.5)
24.0
5.7 %
0.5
(0.7)
—
(0.2)
—%
(8.9)
(11.0)
(1.0)
(20.9)
(4.9 )%
$
434.5
2.8 %
$
6.9 %
87.2
$
(7.8 )%
11.3
(16.3 )%
First quarter 2014 Adjusted EBITDA
$
16.0
$
3.0
$
0.7
$
19.7
First quarter 2015 Adjusted EBITDA
$
29.6
$
8.8
$
(0.6)
$
37.8
Year over year growth, Adjusted EBITDA
% Change
18.5
336.0
Year over year growth, net sales
Europe,
Asia and
Latin
America
$
94.6
(1.7)
85.0 %
193.3 %
91.9 %
(185.7 )%
(*) Includes the incremental impact of 2014 acquisitions.
20