Press release

American Woodmark Corporation announces third quarter results

February 24, 2022

WINCHESTER, Va.--(BUSINESS WIRE)-- American Woodmark Corporation (NASDAQ: AMWD) (the "Company") today announced results for its third quarter of fiscal 2022 which ended January 31, 2022.

Net sales for the third quarter of fiscal 2022 increased $27.8 million, or 6.4%, to $459.7 million compared with the same quarter of the prior fiscal year. The Company experienced growth in all sales channels during the third quarter of fiscal 2022 versus the prior year period. Net sales for the first nine months of the current fiscal year increased 6.7% to $1,355.5 million from the comparable period of the prior fiscal year.

Net loss was $49.3 million ($2.97 per diluted share) for the third quarter of fiscal 2022 compared with net income of $18.4 million ($1.08 per diluted share) in the same quarter of the prior fiscal year. Net income for the third quarter of fiscal 2022 decreased $67.7 million primarily due to onetime pension settlement charges of $69.5 million related to the termination of the Company's pension plan, while the Company also experienced continued pressures in the supply chain and continued labor challenges. Net loss for the first nine months of the current fiscal year was $44.2 million ($2.67 per diluted share) compared with net income of $57.6 million ($3.38 per diluted share) for the same period of the prior fiscal year. Net income percentage was (10.7)% for the third quarter of fiscal 2022 compared to 4.3% for the same period in the prior fiscal year and (3.3)% for the first nine months of the current fiscal year compared with 4.5% for the same period of the prior fiscal year. Adjusted EPS per diluted share was $0.60 for the third quarter of fiscal 2022 compared with $1.57 in the same quarter of the prior fiscal year and $1.92 for the first nine months of the current fiscal year compared with $5.22 for the same period of the prior fiscal year.

Adjusted EBITDA for the third quarter of fiscal 2022 decreased $25.2 million, or 45.2%, to $30.6 million, or 6.6% of net sales, compared to $55.7 million, or 12.9% of net sales, for the same quarter of the prior fiscal year. Adjusted EBITDA for the first nine months of fiscal 2022 decreased $84.8 million, or 47.6%, to $93.5 million, or 6.9% of net sales, compared to $178.3 million, or 14.0% of net sales, for the same period of the prior fiscal year.

As previously disclosed, during the third quarter of fiscal 2021, the Company filed an application with the IRS to terminate its pension plan. The plan was terminated in a standard termination and benefits were distributed in the third quarter of fiscal 2022 resulting in the one-time pension settlement charges disclosed above.

"Our teams delivered sales growth across all channels for the fiscal third quarter. Adjusted EBITDA margins of 6.6% for the fiscal third quarter were below expectations as sales were negatively impacted by labor absenteeism as COVID cases increased due to the Omicron variant along with supply chain shortages in the later part of December and early January. Our current quarter results include $30 million plus of pricing impacts that we realized in the third quarter of fiscal 2022. We are in process or have completed, depending upon the channel, an additional set of pricing actions that will further offset inflationary impacts beginning in April. Assuming our current sales level, we expect the impact of confirmed pricing actions to increase in the fourth fiscal quarter of 2022 by an additional $25 million versus the third quarter's realized pricing actions, to over approximately $55 million per quarter," said Scott Culbreth, President and CEO. "Staffing levels continue to improve and we have started a new made-to-order assembly line in our Gas City facility in February which will result in incremental production capacity to reduce our backlog. Despite all the challenges our team has faced, we remain excited about the long-term potential for the business and expect significant Adjusted EBITDA margin improvement versus current levels as price realization better matches inflationary impacts, we improve costs through productivity initiatives, and increase our production levels as staffing improves."

Cash used by operating activities for the first nine months of fiscal 2022 was $13.1 million and free cash flow totaled $(48.8) million. Cash flows were negatively impacted by the decrease in net income, higher inventory levels, and lower accounts payable and accrued compensation expenses. As of January 31, 2022, the Company had $0.9 million of cash on hand with no term loan debt maturities until July 2023 plus access to $227.0 million of additional availability under its revolving facility. The Company paid down a net of $15.3 million of its debt and repurchased shares valued at $25.0 million during the first nine months of the current fiscal year.

Effective May 1, 2021, the Company changed its accounting method for inventory costing for inventories which previously utilized a last-in, first-out ("LIFO") basis to a first-in, first-out ("FIFO") basis. All prior periods presented have been retrospectively adjusted to apply the effects of the change.

About Us

American Woodmark celebrates the creativity in all of us. With over 10,000 employees and more than a dozen brands, we’re one of the nation’s largest cabinet manufacturers. From inspiration to installation, we help people find their unique style and turn their home into a space for self-expression. By partnering with major home centers, builders, and independent dealers and distributors, we spark the imagination of homeowners and designers and bring their vision to life. Across our service and distribution centers, our corporate office, and manufacturing facilities, you’ll always find the same commitment to customer satisfaction, integrity, teamwork, and excellence. Visit americanwoodmark.com to learn more and start building something distinctly your own.

Use of Non-GAAP Financial Measures


We have presented certain financial measures in this press release which have not been prepared in accordance with U.S. generally accepted accounting principles (GAAP). Definitions of our non-GAAP financial measures and a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP are provided below following the financial highlights under the heading "Non-GAAP Financial Measures."

Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K. The Company does not undertake to publicly update or revise its forward looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

AMERICAN WOODMARK CORPORATION

 

Unaudited Financial Highlights

(in thousands, except share data)

Operating Results

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

January 31,

 

January 31,

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

Net sales

 

$

459,736

 

 

$

431,954

 

 

$

1,355,480

 

 

$

1,270,624

 

Cost of sales & distribution

 

 

407,916

 

 

 

354,458

 

 

 

1,198,523

 

 

 

1,022,889

 

Gross profit

 

 

51,820

 

 

 

77,496

 

 

 

156,957

 

 

 

247,735

 

Sales & marketing expense

 

 

23,453

 

 

 

21,862

 

 

 

68,008

 

 

 

63,368

 

General & administrative expense

 

 

23,270

 

 

 

26,202

 

 

 

71,553

 

 

 

86,414

 

Restructuring charges, net

 

 

(127

)

 

 

(847

)

 

 

183

 

 

 

5,404

 

Operating income

 

 

5,224

 

 

 

30,279

 

 

 

17,213

 

 

 

92,549

 

Interest expense, net

 

 

2,668

 

 

 

5,746

 

 

 

7,201

 

 

 

17,757

 

Pension settlement

 

 

69,452

 

 

 

 

 

 

69,452

 

 

 

 

Other (income) expense, net

 

 

(329

)

 

 

(259

)

 

 

607

 

 

 

(2,928

)

Income tax expense (benefit)

 

 

(17,310

)

 

 

6,347

 

 

 

(15,801

)

 

 

20,094

 

Net income (loss)

 

$

(49,257

)

 

$

18,445

 

 

$

(44,246

)

 

$

57,626

 

 

 

 

 

 

 

 

 

 

Earnings Per Share:

 

 

 

 

 

 

 

 

Weighted average shares outstanding - diluted

 

 

16,569,881

 

 

 

17,047,211

 

 

 

16,599,369

 

 

 

17,036,586

 

 

 

 

 

 

 

 

 

 

Net income (loss) per diluted share

 

$

(2.97

)

 

$

1.08

 

 

$

(2.67

)

 

$

3.38

 

 

Condensed Consolidated Balance Sheet

(Unaudited)

 

 

January 31,

 

April 30,

 

 

2022

 

2021

 

 

 

 

 

Cash & cash equivalents

 

$

871

 

$

91,071

Customer receivables

 

 

151,121

 

 

146,866

Inventories

 

 

204,234

 

 

158,167

Income taxes receivable

 

 

8,349

 

 

Other current assets

 

 

19,388

 

 

13,861

Total current assets

 

 

383,963

 

 

409,965

Property, plant and equipment, net

 

 

208,728

 

 

204,002

Operating lease assets, net

 

 

112,874

 

 

123,118

Customer relationship intangibles, net

 

 

87,528

 

 

121,778

Goodwill

 

 

767,612

 

 

767,612

Other assets

 

 

30,980

 

 

27,924

Total assets

 

$

1,591,685

 

$

1,654,399

 

 

 

 

 

Current portion - long-term debt

 

$

2,250

 

$

8,322

Short-term operating lease liabilities

 

 

22,303

 

 

19,994

Accounts payable & accrued expenses

 

 

168,397

 

 

192,131

Total current liabilities

 

 

192,950

 

 

220,447

Long-term debt

 

 

506,490

 

 

513,450

Deferred income taxes

 

 

39,330

 

 

42,891

Long-term operating lease liabilities

 

 

99,553

 

 

109,628

Other liabilities

 

 

2,409

 

 

11,745

Total liabilities

 

 

840,732

 

 

898,161

Stockholders' equity

 

 

750,953

 

 

756,238

Total liabilities & stockholders' equity

 

$

1,591,685

 

$

1,654,399

 

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

Nine Months Ended

 

 

January 31,

 

 

2022

 

2021

 

 

 

 

 

Net cash (used) provided by operating activities

 

$

(13,051

)

 

$

107,509

 

Net cash used by investing activities

 

 

(35,766

)

 

 

(29,364

)

Net cash used by financing activities

 

 

(41,383

)

 

 

(83,412

)

Net decrease in cash and cash equivalents

 

 

(90,200

)

 

 

(5,267

)

Cash and cash equivalents, beginning of period

 

 

91,071

 

 

 

97,059

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

871

 

 

$

91,792

 

 

Non-GAAP Financial Measures

We have reported our financial results in accordance with U.S. generally accepted accounting principles (GAAP). In addition, we have discussed our financial results using the non-GAAP measures described below.

Management believes all of these non-GAAP financial measures provide an additional means of analyzing the current period's results against the corresponding prior period's results. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the Company's reported results prepared in accordance with GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin

We use EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin in evaluating the performance of our business, and we use each in the preparation of our annual operating budgets and as indicators of business performance and profitability. We believe EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin allow us to readily view operating trends, perform analytical comparisons and identify strategies to improve operating performance.

We define Adjusted EBITDA as net income adjusted to exclude (1) income tax expense, (2) interest expense, net, (3) depreciation and amortization expense, (4) amortization of customer relationship intangibles and trademarks, (5) expenses related to the acquisition of RSI Home Products, Inc. ("RSI acquisition") and the subsequent restructuring charges that the Company incurred related to the acquisition, (6) non-recurring restructuring charges, (7) stock-based compensation expense, (8) gain/loss on asset disposals, (9) change in fair value of foreign exchange forward contracts, (10) net gain/loss on debt forgiveness and modification, and (11) pension settlement charges. We believe Adjusted EBITDA, when presented in conjunction with comparable GAAP measures, is useful for investors because management uses Adjusted EBITDA in evaluating the performance of our business.

We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net sales.

Adjusted EPS per diluted share

We use Adjusted EPS per diluted share in evaluating the performance of our business and profitability. Management believes that this measure provides useful information to investors by offering additional ways of viewing the Company's results by providing an indication of performance and profitability excluding the impact of unusual and/or non-cash items. We define Adjusted EPS per diluted share as diluted earnings per share excluding the per share impact of (1) expenses related to the RSI acquisition and the subsequent restructuring charges that the Company incurred related to the RSI acquisition, (2) non-recurring restructuring charges, (3) the amortization of customer relationship intangibles and trademarks, (4) net loss on debt forgiveness and modification, (5) pension settlement charges, and (6) the tax benefit of RSI acquisition expenses and subsequent restructuring charges, the net gain on debt forgiveness and modification and the amortization of customer relationship intangibles and trademarks. The amortization of intangible assets is driven by the RSI acquisition and will recur in future periods. Management has determined that excluding amortization of intangible assets from our definition of Adjusted EPS per diluted share will better help it evaluate the performance of our business and profitability and we have also received similar feedback from some of our investors.

Free cash flow

To better understand trends in our business, we believe that it is helpful to subtract amounts for capital expenditures consisting of cash payments for property, plant and equipment and cash payments for investments in displays from cash flows from continuing operations which is how we define free cash flow. Management believes this measure gives investors an additional perspective on cash flow from operating activities in excess of amounts required for reinvestment. It also provides a measure of our ability to repay our debt obligations.

Net leverage

Net leverage is a performance measure that we believe provides investors a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents that eventually could be used to repay outstanding debt.

We define net leverage as net debt (total debt less cash and cash equivalents) divided by the trailing 12 months Adjusted EBITDA.

A reconciliation of these non-GAAP financial measures and the most directly comparable measures calculated and presented in accordance with GAAP are set forth on the following tables:

Reconciliation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

January 31,

 

January 31,

(in thousands)

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

Net income (loss) (GAAP)

 

$

(49,257

)

 

$

18,445

 

 

$

(44,246

)

 

$

57,626

 

Add back:

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

(17,310

)

 

 

6,347

 

 

 

(15,801

)

 

 

20,094

 

Interest expense, net

 

 

2,668

 

 

 

5,746

 

 

 

7,201

 

 

 

17,757

 

Depreciation and amortization expense

 

 

12,507

 

 

 

12,732

 

 

 

38,453

 

 

 

38,710

 

Amortization of customer relationship intangibles and trademarks

 

 

11,416

 

 

 

11,972

 

 

 

34,250

 

 

 

36,472

 

EBITDA (Non-GAAP)

 

$

(39,976

)

 

$

55,242

 

 

$

19,857

 

 

$

170,659

 

Add back:

 

 

 

 

 

 

 

 

Acquisition and restructuring related expenses (1)

 

 

20

 

 

 

33

 

 

 

60

 

 

 

154

 

Non-recurring restructuring charges, net (2)

 

 

(127

)

 

 

(847

)

 

 

183

 

 

 

5,404

 

Pension settlement

 

 

69,452

 

 

 

 

 

 

69,452

 

 

 

 

Change in fair value of foreign exchange forward contracts (3)

 

 

(177

)

 

 

101

 

 

 

(7

)

 

 

(1,720

)

Stock-based compensation expense

 

 

1,006

 

 

 

1,316

 

 

 

3,399

 

 

 

3,543

 

(Gain) loss on asset disposal

 

 

365

 

 

 

(97

)

 

 

516

 

 

 

235

 

Adjusted EBITDA (Non-GAAP)

 

$

30,563

 

 

$

55,748

 

 

$

93,460

 

 

$

178,275

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

459,736

 

 

$

431,954

 

 

$

1,355,480

 

 

$

1,270,624

 

Net income margin (GAAP)

 

 

(10.7

)%

 

 

4.3

%

 

 

(3.3

)%

 

 

4.5

%

Adjusted EBITDA margin (Non-GAAP)

 

 

6.6

%

 

 

12.9

%

 

 

6.9

%

 

 

14.0

%


(1) Acquisition and restructuring related expenses are comprised of expenses related to the RSI acquisition and the subsequent restructuring charges that the Company incurred related to the acquisition.

(2) Non-recurring restructuring charges are comprised of expenses incurred related to the permanent layoffs due to COVID-19 and the closure of the manufacturing plant in Humboldt, Tennessee. The nine months ended January 31, 2021 includes accelerated depreciation expense of $1.3 million related to Humboldt. The three- and nine-months ended January 31, 2021 includes gain on assets disposal of $2.5 million and $2.2 million, respectively, related to Humboldt.

(3) In the normal course of business the Company is subject to risk from adverse fluctuations in foreign exchange rates. The Company manages these risks through the use of foreign exchange forward contracts. The changes in the fair value of the forward contracts are recorded in other (income) expense, net in the operating results.

Reconciliation of Net Income to Adjusted Net Income

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

January 31,

 

January 31,

(in thousands, except share data)

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

Net income (loss) (GAAP)

 

$

(49,257

)

 

$

18,445

 

 

$

(44,246

)

 

$

57,626

 

Add back:

 

 

 

 

 

 

 

 

Acquisition and restructuring related expenses

 

 

20

 

 

 

33

 

 

 

60

 

 

 

154

 

Non-recurring restructuring charges, net

 

 

(127

)

 

 

(847

)

 

 

183

 

 

 

5,404

 

Pension settlement

 

 

69,452

 

 

 

 

 

 

69,452

 

 

 

 

Amortization of customer relationship intangibles and trademarks

 

 

11,416

 

 

 

11,972

 

 

 

34,250

 

 

 

36,472

 

Tax benefit of add backs

 

 

(21,586

)

 

 

(2,815

)

 

 

(27,753

)

 

 

(10,718

)

Adjusted net income (Non-GAAP)

 

$

9,918

 

 

$

26,788

 

 

$

31,946

 

 

$

88,938

 

 

 

 

 

 

 

 

 

 

Weighted average diluted shares (GAAP)

 

 

16,569,881

 

 

 

17,047,211

 

 

 

16,599,369

 

 

 

17,036,586

 

Add back: potentially anti-dilutive shares (1)

 

 

40,973

 

 

 

 

 

 

47,878

 

 

 

 

Weighted average diluted shares (Non-GAAP)

 

 

16,610,854

 

 

 

17,047,211

 

 

 

16,647,247

 

 

 

17,036,586

 

 

 

 

 

 

 

 

 

 

EPS per diluted share (GAAP)

 

$

(2.97

)

 

$

1.08

 

 

$

(2.67

)

 

$

3.38

 

Adjusted EPS per diluted share (Non-GAAP)

 

$

0.60

 

 

$

1.57

 

 

$

1.92

 

 

$

5.22

 

(1) Potentially dilutive securities for the three- and nine-month periods ended January 31, 2022, respectively, have not been considered in the GAAP calculation of net loss per share as the effect would be anti-dilutive.

Free Cash Flow

 

 

Nine Months Ended

 

 

January 31,

 

 

2022

 

2021

 

 

 

 

 

Cash (used) provided by operating activities

 

$

(13,051

)

 

$

107,509

Less: Capital expenditures (1)

 

 

35,771

 

 

 

33,236

Free cash flow

 

$

(48,822

)

 

$

74,273

(1) Capital expenditures consist of cash payments for property, plant and equipment and cash payments for investments in displays.

Net Leverage

 

 

Twelve Months
Ended

 

 

January 31,

(in thousands)

 

2022

 

 

 

Net loss (GAAP)

 

$

(41,420

)

Add back:

 

 

Income tax expense

 

 

(16,647

)

Interest expense, net

 

 

12,571

 

Depreciation and amortization expense

 

 

50,842

 

Amortization of customer relationship intangibles and trademarks

 

 

45,668

 

EBITDA (Non-GAAP)

 

$

51,014

 

Add back:

 

 

Acquisition and restructuring related expenses (1)

 

 

627

 

Non-recurring restructuring charges, net (2)

 

 

80

 

Pension settlement

 

 

69,452

 

Change in fair value of foreign exchange forward contracts (3)

 

 

611

 

Stock-based compensation expense

 

 

4,454

 

Loss on asset disposal

 

 

664

 

Net loss on debt forgiveness and modification

 

 

13,792

 

Adjusted EBITDA (Non-GAAP)

 

$

140,694

 

 

 

 

 

 

As of

 

 

January 31,

 

 

2022

Current maturities of long-term debt

 

$

2,250

 

Long-term debt, less current maturities

 

 

506,490

 

Total debt

 

 

508,740

 

Less: cash and cash equivalents

 

 

(871

)

Net debt

 

$

507,869

 

 

 

 

Net leverage (4)

 

 

3.61

 

(1) Acquisition and restructuring related expenses are comprised of expenses related to the RSI acquisition and the subsequent restructuring charges that the Company incurred related to the acquisition.

(2) Non-recurring restructuring charges are comprised of expenses incurred related to the permanent layoffs due to COVID-19 and the closure of the manufacturing plant in Humboldt, Tennessee.

(3) In the normal course of business the Company is subject to risk from adverse fluctuations in foreign exchange rates. The Company manages these risks through the use of foreign exchange forward contracts. The changes in the fair value of the forward contracts are recorded in other (income) expense, net in the operating results.

(4) Net debt divided by Adjusted EBITDA for the twelve months ended January 31, 2022.

 
View source version on businesswire.com: https://www.businesswire.com/news/home/20220224005298/en/

Kevin Dunnigan
Treasury Director
540-665-9100

Source: American Woodmark Corporation

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