Slides
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Fourth Quarter 2024 Results February 18, 2025
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Speakers Samantha Stoddard CFO Bill Christensen CEO
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Disclosures 3 Certain statements in this presentation, including our guidance and business strategies, are forward- looking statements that involve risk, uncertainty and assumptions, and are based on information as of February 18, 2025. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review our Annual Report on Form 10-K, Form 10-Qs filed in 2024 and our other filings with the U.S. Securities and Exchange Commission. During this presentation, we will discuss 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. A reconciliation of non-GAAP financial measures to their nearest comparable GAAP financial measures is available at the end of this presentation and our earnings release. Due to rounding, numbers presented throughout this presentation may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures.
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Fourth Quarter 2024 Highlights ▪ Sales of $896 million ▪ Adjusted EBITDA of $40 million ❑ 4.5% of Sales ▪ Transformation journey measures on track ▪ Continuing to optimize footprint Fourth Quarter 2024 MARKET HEADWINDS INCREASED THROUGHOUT THE QUARTER 4
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Q4 2024 Financial Results
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MACROECONOMIC HEADWINDS PERSIST Q4 2024 Financial Summary USD in Millions Net Revenue Core Revenue down (12%) driven by lower volume / mix Adjusted EBITDA Adjusted EBITDA Margin Volume / mix challenges driving lower earnings 6 $1,021 $896 Q4 2023 Q4 2024 -12% $87 $40 Q4 2023 Q4 2024 -54% 8.5% Q4 2023 4.5% Q4 2024 -400 bps
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Q4 2023 Price Volume / Mix Foreign Exchange Q4 2024 $1,021 $2 ($126) $896 ($1) LOWER VOLUME / MIX FROM PERSISTING MARKET HEADWINDS Q4 2024 Revenue Bridge 7 USD in Millions Core Revenue (12%)
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LOWER VOLUME/MIX MORE THAN OFFSETS TRANSFORMATION SAVINGS Q4 2024 Adjusted EBITDA Bridge 8 USD in Millions Q4 2023 Price / Cost Volume / Mix Productivity SG&A / Other Income Q4 2024 $87 ($9) ($34) $1 ($4) $40 Adj. Margin 8.5% Adj. Margin 4.5% Note: Amounts do not foot due to rounding
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Q4 2024 Segment Results USD in Millions Segment Highlights ▪ Lower volume / mix - North America down (14%) • ~60% mix, ~40% volume - Europe down (7%) • Mainly driven by volume North America Q4 2024 Q4 2023 (Prior Year) Q3 2024 (Previous Quarter) Net Revenue $640 $748 $678 Adjusted EBITDA $42 $94 $75 Adjusted EBITDA margin 6.6% 12.6% 11.0% Europe Q4 2024 Q4 2023 (Prior Year) Q3 2024 (Previous Quarter) Net Revenue $256 $273 $257 Adjusted EBITDA $17 $16 $16 Adjusted EBITDA margin 6.5% 5.7% 6.3% 9
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MACROECONOMIC HEADWINDS PERSIST Full Year 2024 Financial Summary USD in Millions Net Revenue Core Revenue down (12%) driven by lower volume / mix Adjusted EBITDA Adjusted EBITDA Margin Volume / mix challenges driving lower earnings 10 $4,304 $3,776 2023 2024 -12% $380 $275 2023 2024 -28% 8.8% 2023 7.3% 2024 -150 bps
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2025 Drivers
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Market Outlook North America Europe Mid Single-Digit Volume Decline Mid Single-Digit Volume Decline Low Single-Digit Volume Declines Low Single-Digit Volume Declines New single-family construction Down low-to-mid single-digits Repair & Remodel Down low-to-mid single-digits Multi-family & Canada Down 10%+ Residential construction Down mid single-digits Commercial projects Down slightly MIX EXPECTED TO REMAIN AT ENTRY LEVEL PRICE POINT 12
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STRENGTHENING OPERATIONS WITH A STREAMLINED NETWORK Strategic Optimization of North American Network Developing JELD-WEN’s Network of the Future Further Footprint Optimization ▪ Aligning network to support forward looking commercial plans ▪ Accelerating automation <$10 Million EBITDA impact in 2025 >$60 Million Annual EBITDA improvement by 2028 <$10 Million EBITDA impact in 2025 >$60 Million Annual EBITDA improvement by 2028 13
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TARGETING PRODUCTIVITY AND MARKET ADJUSTMENTS Planned Actions to Mitigate Market Headwinds ▪ Right-sizing factories ▪ Adjusting salaried workforce ▪ Shifting supply chain Expect ~$50 Million In 2025 Expect ~$50 Million In 2025 14 Near-Term Focus Areas
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2025 Guidance
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EXPECTING CONTINUED VOLUME WEAKNESS 2025 Guidance Net Revenue $3.2B to $3.4B Core Revenue* Down (4%) to (9%) Adjusted EBITDA $215M to $265M Net Revenue $3.2B to $3.4B Core Revenue* Down (4%) to (9%) Adjusted EBITDA $215M to $265M 16 Operating Cash Flow ~$15M Cap Ex ~$150M Free Cash Flow ~($135M) Operating Cash Flow ~$15M Cap Ex ~$150M Free Cash Flow ~($135M) *Core Revenue excludes divestitures, including the court-ordered divestiture of Towanda
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TRANSFORMATION EXPECTED TO OFFSET VOLUME HEADWINDS Guidance Bridge 17 Adjusted EBITDA; USD in Millions $275 $240 $240 $50 $100 2024 EBITDA Towanda 2024 EBITDA Without Towanda Market Volume / Mix Pruning / Share Loss from ’24 Headwind Mitigation Transformation Variable Comp / One Time Reversals Other / FX 2025 EBITDA Guidance Midpoint ($35) ($57) ($45) ($38) ($10)
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SIGNIFICANT SELF -HELP OPPORTUNITIES Transformation Guidance 18 2025 Transformation Impact ✓ $100 million of additional Adjusted EBITDA from Transformation Projects ✓ Capital investments of approximately $150 million ✓ Expanded footprint actions to right-size network Mid-Term Transformation Impact ✓ Expect similar Transformation impacts in out years ✓ 25% to 30% incremental margin as market volumes improve
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Segment Guidance Market declining Pruning / Share Loss Transformation / Productivity Price / Cost Slightly softer market Transformation / Productivity Price / Cost North America Europe EXPECTING EBITDA SOFTNESS IN NORTH AMERICA; IMPROVEMENT IN EUROP E 19 – – + +/– – + +/–
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ENTERING THE NEXT PHASE OF OUR TRANSFORMATION JELD-WEN In 2025 20 Service Level Improvement Service Level Improvement Optimizing Our Network Optimizing Our Network Investing to Reduce Costs Investing to Reduce Costs
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Appendix
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Q4 2024 Net Revenue Walk 22 Q4 2024 JELD-WEN North America Europe Price -% -% 1% Volume / Mix (12%) (14%) (7%) Core Revenue Growth (12%) (14%) (6%) FX -% -% -% Total (12.3%) (14.4%) (6.4%)
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Full Year 2024 Net Revenue Walk 23 Full Year 2024 JELD-WEN North America Europe Price -% -% 1% Volume / Mix (12%) (13%) (11%) Core Revenue Growth (12%) (13%) (10%) FX -% -% -% Total (12.3%) (13.3%) (9.7%)
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Key Assumptions for 2025 Key Assumption 2025 Estimate Depreciation and Amortization ~$105 Interest Expense, net $65 to $70 Tax Rate (Adjusted Earnings) ~33% Diluted Share Count ~88 million USD in Millions ✓ Full-year EBITDA split ~35% in 1H ✓ Price / Cost ~roughly flat versus 2024 ✓ Expect foreign exchange translation headwinds due to stronger US Dollar ✓ No share repurchases, acquisitions or divestitures included in outlook 24
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Balance Sheet and Cash Flow USD in Millions 25 Cash Flow(1) Q4 2024 Q4 2023 Net cash provided by operating activities $106 $345 Capital Expenditures(2) ($174) ($111) Free Cash Flow(3) ($68) $234 Balance Sheet(4) December 31, 2024 December 31, 2023 Total Debt $1,183 $1,226 Cash $150 $288 Net Debt(5) $1,033 $938 Divided by trailing twelve months Adjusted EBITDA(6) $275 $380 Net Debt Leverage(5) 3.8x 2.5x Liquidity(7) $567 $751 (1) Cash flow information is inclusive of cash flows from the Australasia segment through the divestiture date of July 2, 2023. (2) Includes purchases of property, equipment and intangible assets. (3) 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 the Q4 2024 earnings release. (4) All amounts exclude Australasia divestiture. (5) 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 the earnings press release. (6) 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 the earnings press release. (7) Liquidity includes cash and cash equivalents and availability from undrawn committed credit facilities.
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LOWER VOLUME / MIX REFLECTS MARKET HEADWINDS Full Year 2024 Revenue Bridge 26 USD in Millions Core Revenue (12%) 2023 Price Volume / Mix Foreign Exchange 2024 $4,304 $3 ($534) $2 $3,776 Note: Amounts do not foot due to rounding
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PRODUCTIVITY / SG&A PARTIALLY MITIGATES LOWER VOLUME / MIX Full Year 2024 Adjusted EBITDA Bridge 27 USD in Millions 2023 Price / Cost Volume / Mix Productivity SG&A / Other Income 2024 $380 ($40) ($157) $46 $46 $275 Adj. Margin 8.8% Adj. Margin 7.3%
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Adjusted Net Income Reconciliation 28 (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. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. USD in Millions 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 Three Months Ended Year Ended
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Adjusted Net Income Per Share Reconciliation 29 (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 current period presentation, certain amounts in prior period information have been reclassified. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 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 Year EndedThree Months Ended
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Adjusted EBITDA From Continuing Operations Reconciliation 30 USD in Millions (1) Income tax expense in the three and twelve months ended December 31, 2023, includes an increase in valuation allowance ag ainst foreign net operating loss carryforwards of $30.0 million. (2) Depreciation and amortization expense in the year ended Decemb er 31, 2024, includes accelerated amortization of $14.1 million and in the three months and year ended December 31, 2023, includes accelerated amortiz ation of $10.6 million and $14.1 million, respectively, in Corporate and unallocated costs for an ERP that we are no longer util izing 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 jo urney 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 engagem ent 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 settlement s 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, elimi nate 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 equi pment primarily relates to the sale of properties in the United Kingdom, Australia, and Klamath Falls, Oregon in the year ended December 31, 2023.Loss on ex tinguishment 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. (9) 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 adju stments of foreign currency derivatives and revaluation of balances denominated in foreign currencies. (13) Other special ite ms 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 ende d 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 relate d to the closure of certain facility in our Europe segment. To conform with current period presentation, certain amounts in prior period information have been reclassified. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. 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 Three Months Ended Year Ended
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Q4 2024 QTD Segment Adjusted EBITDA Reconciliation 31 (1) Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed above. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. USD 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 Three Months Ended December 31, 2024
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Q4 2023 QTD Segment Adjusted EBITDA Reconciliation 32 (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 current period presentation, certain amounts in prior period information have been reclassified. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. USD 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 of business, 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 Three Months Ended December 31, 2023
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Q3 2024 Segment Adjusted EBITDA Reconciliation 33 USD in Millions (1) Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed above. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. North America Europe Corporate and Unallocated Costs Total Consolidated Income (loss) from continuing operations, net of tax $ 35.8 $ (66.7) $ (42.1) $ (73.0) Income tax expense (benefit) 6.5 2.6 (1.8) 7.3 Depreciation and amortization 18.1 7.9 1.8 27.9 Interest expense, net 0.8 - 15.5 16.3 Special items:(1) Net legal and professional expenses and settlements 0.6 1.0 10.7 12.3 Goodwill impairment - 63.4 - 63.4 Restructuring and asset-related charges 17.1 7.8 0.6 25.5 M&A related costs - - 3.0 3.0 Net (gain) loss on sale of business, property, and equipment (5.3) - (0.2) (5.4) Loss on extinguishment and refinancing of debt - - 0.5 0.5 Share-based compensation expense 0.3 0.3 1.8 2.5 Non-cash foreign exchange transaction/translation loss (gain) 0.1 (0.5) 0.1 (0.4) Other special items 0.7 0.3 0.7 1.7 Adjusted EBITDA from continuing operations $ 74.8 $ 16.3 $ (9.4) $ 81.6 Three Months Ended September 28, 2024
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Q4 2024 YTD Segment Adjusted EBITDA Reconciliation 34 (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. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. USD 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 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 Year Ended December 31, 2024
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Q4 2023 YTD Segment Adjusted EBITDA Reconciliation 35 (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 current period presentation, certain amounts in prior period information have been reclassified. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. USD 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 Year Ended December 31, 2023