Press release

American Woodmark Corporation announces third quarter results

February 28, 2023

WINCHESTER, Va.-- American Woodmark Corporation (NASDAQ: AMWD) (the "Company") today announced results for its third quarter of fiscal 2023 which ended January 31, 2023.

Net sales for the third quarter of fiscal 2023 increased $21.0 million, or 4.6%, to $480.7 million compared with the same quarter of the prior fiscal year. Net sales for the first nine months of the current fiscal year increased 16.9% to $1,585.1 million from the comparable period of the prior fiscal year. The Company experienced growth in the builder and independent dealers and distributors sales channels during the third quarter and growth in all sales channels during the first nine months of fiscal 2023 versus the comparable prior year periods.

Net income was $14.7 million ($0.88 per diluted share) for the third quarter of fiscal 2023 compared with a net loss of $49.3 million ($2.97 per diluted share) in the same quarter of the prior fiscal year. Net income for the third quarter of fiscal 2023 increased due to the absence of onetime pension settlement charges of $69.5 million related to the termination of the Company's pension plan in the prior year third quarter and an increase in net sales largely as a result of price increases and increased efficiencies. Net income for the first nine months of the current fiscal year was $63.6 million ($3.82 per diluted share) compared with a net loss of $44.2 million ($2.67 per diluted share) for the same period of the prior fiscal year. Net income margin was 3.1% for the third quarter of fiscal 2023 compared to (10.7)% for the same period in the prior fiscal year and 4.0% for the first nine months of the current fiscal year compared with (3.3)% for the same period of the prior fiscal year. Adjusted EPS per diluted share was $1.46 for the third quarter of fiscal 2023 compared with $0.60 in the same quarter of the prior fiscal year and $5.40 for the first nine months of the current fiscal year compared with $1.92 for the same period of the prior fiscal year.

Adjusted EBITDA for the third quarter of fiscal 2023 increased $20.4 million, or 66.8%, to $51.0 million, or 10.6% of net sales, compared to $30.6 million, or 6.6% of net sales, for the same quarter of the prior fiscal year. Adjusted EBITDA for the first nine months of fiscal 2023 increased $81.6 million, or 87.4%, to $175.1 million, or 11.0% of net sales, compared to $93.5 million, or 6.9% of net sales, for the same period of the prior fiscal year.

Cash provided by operating activities for the first nine months of fiscal 2023 was $110.8 million and free cash flow totaled $91.5 million. The $140.3 million increase in free cash flows versus the first nine months of fiscal 2022 was primarily due to changes in our operating cash flows, specifically, higher net income, and lower customer receivables and, lower capital spending. As of January 31, 2023, the Company had $45.8 million of cash and cash equivalents on hand with no term loan debt maturities until July 2024 plus access to $277.6 million of additional availability under its revolving facility. The Company paid down $67.3 million of its debt during the first nine months of the current fiscal year.

"During the third quarter of fiscal 2023, our teams delivered sales growth of 4.6% and improved Adjusted EBITDA by 66.8% to $51.0 million," said Scott Culbreth, President and CEO. "As stated in previous quarters, we committed to improving our results as price realization better matched inflationary impacts and we improved our costs through operating efficiency initiatives. Our team has delivered on this commitment during the first nine months of the fiscal year and I thank each of them for their efforts. Demand trends did slow during the third fiscal quarter, but we are maintaining our full year outlook for net sales growth of low double digits along with Adjusted EBITDA margins of low double digits."

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,

 

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 

Net sales

 

$

480,713

 

 

$

459,736

 

 

$

1,585,105

 

 

$

1,355,480

 

Cost of sales & distribution

 

 

405,373

 

 

 

407,981

 

 

 

1,324,284

 

 

 

1,198,765

 

Gross profit

 

 

75,340

 

 

 

51,755

 

 

 

260,821

 

 

 

156,715

 

Sales & marketing expense

 

 

21,364

 

 

 

23,383

 

 

 

71,781

 

 

 

67,755

 

General & administrative expense

 

 

28,848

 

 

 

23,281

 

 

 

91,129

 

 

 

71,638

 

Restructuring charges, net

 

 

1,310

 

 

 

(127

)

 

 

1,310

 

 

 

183

 

Operating income

 

 

23,818

 

 

 

5,218

 

 

 

96,601

 

 

 

17,139

 

Interest expense, net

 

 

4,303

 

 

 

2,668

 

 

 

12,778

 

 

 

7,201

 

Pension settlement, net

 

 

293

 

 

 

69,452

 

 

 

48

 

 

 

69,452

 

Other (income) expense, net

 

 

(411

)

 

 

(335

)

 

 

(1,082

)

 

 

533

 

Income tax expense (benefit)

 

 

4,905

 

 

 

(17,310

)

 

 

21,275

 

 

 

(15,801

)

Net income (loss)

 

$

14,728

 

 

$

(49,257

)

 

$

63,582

 

 

$

(44,246

)

 

 

 

 

 

 

 

 

 

Earnings Per Share:

 

 

 

 

 

 

 

 

Weighted average shares outstanding - diluted

 

 

16,695,714

 

 

 

16,569,881

 

 

 

16,661,234

 

 

 

16,599,369

 

 

 

 

 

 

 

 

 

 

Net income (loss) per diluted share

 

$

0.88

 

 

$

(2.97

)

 

$

3.82

 

 

$

(2.67

)

 

Condensed Consolidated Balance Sheet

(Unaudited)

 

 

January 31,

 

April 30,

 

 

2023

 

2022

 

 

 

 

 

Cash & cash equivalents

 

$

45,817

 

$

22,325

Customer receivables

 

 

117,742

 

 

156,961

Inventories

 

 

224,763

 

 

228,259

Income taxes receivable

 

 

 

 

Other current assets

 

 

23,136

 

 

21,112

Total current assets

 

 

411,458

 

 

428,657

Property, plant and equipment, net

 

 

203,509

 

 

213,808

Operating lease assets, net

 

 

98,766

 

 

108,055

Customer relationship intangibles, net

 

 

41,861

 

 

76,111

Goodwill

 

 

767,612

 

 

767,612

Other assets

 

 

41,167

 

 

38,253

Total assets

 

$

1,564,373

 

$

1,632,496

 

 

 

 

 

Current portion - long-term debt

 

$

2,546

 

$

2,264

Short-term operating lease liabilities

 

 

22,515

 

 

21,985

Accounts payable & accrued expenses

 

 

143,059

 

 

191,979

Total current liabilities

 

 

168,120

 

 

216,228

Long-term debt

 

 

440,684

 

 

506,732

Deferred income taxes

 

 

26,901

 

 

38,340

Long-term operating lease liabilities

 

 

83,052

 

 

95,084

Other liabilities

 

 

2,476

 

 

3,229

Total liabilities

 

 

721,233

 

 

859,613

Stockholders' equity

 

 

843,140

 

 

772,883

Total liabilities & stockholders' equity

 

$

1,564,373

 

$

1,632,496

 

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

Nine Months Ended

 

 

January 31,

 

 

2023

 

2022

 

 

 

 

 

Net cash provided (used) by operating activities

 

$

110,803

 

 

$

(13,051

)

Net cash used by investing activities

 

 

(19,260

)

 

 

(35,766

)

Net cash used by financing activities

 

 

(68,051

)

 

 

(41,383

)

Net increase (decrease) in cash and cash equivalents

 

 

23,492

 

 

 

(90,200

)

Cash and cash equivalents, beginning of period

 

 

22,325

 

 

 

91,071

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

45,817

 

 

$

871

 

 

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, (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, and (10) 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, (4) pension settlement charges, and (5) 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)

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 


Net income (loss) (GAAP)

 

$

14,728

 

 

$

(49,257

)

 

$

63,582

 

 

$

(44,246

)

Add back:

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

4,905

 

 

 

(17,310

)

 

 

21,275

 

 

 

(15,801

)

Interest expense, net

 

 

4,303

 

 

 

2,668

 

 

 

12,778

 

 

 

7,201

 

Depreciation and amortization expense

 

 

11,814

 

 

 

12,507

 

 

 

36,578

 

 

 

38,453

 

Amortization of customer relationship intangibles

 

 

11,416

 

 

 

11,416

 

 

 

34,250

 

 

 

34,250

 

EBITDA (Non-GAAP)

 

$

47,166

 

 

$

(39,976

)

 

$

168,463

 

 

$

19,857

 

Add back:

 

 

 

 

 

 

 

 

Acquisition and restructuring related expenses (1)

 

 

20

 

 

 

20

 

 

 

60

 

 

 

60

 

Non-recurring restructuring charges, net (2)

 

 

1,310

 

 

 

(127

)

 

 

1,310

 

 

 

183

 

Pension settlement, net

 

 

293

 

 

 

69,452

 

 

 

48

 

 

 

69,452

 

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

 

 

(324

)

 

 

(177

)

 

 

(904

)

 

 

(7

)

Stock-based compensation expense

 

 

1,859

 

 

 

1,006

 

 

 

5,249

 

 

 

3,399

 

Loss on asset disposal

 

 

666

 

 

 

365

 

 

 

879

 

 

 

516

 

Adjusted EBITDA (Non-GAAP)

 

$

50,990

 

 

$

30,563

 

 

$

175,105

 

 

$

93,460

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

480,713

 

 

$

459,736

 

 

$

1,585,105

 

 

$

1,355,480

 

Net income margin (GAAP)

 

 

3.1

%

 

 

(10.7

)%

 

 

4.0

%

 

 

(3.3

)%

Adjusted EBITDA margin (Non-GAAP)

 

 

10.6

%

 

 

6.6

%

 

 

11.0

%

 

 

6.9

%

(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 that occurred during January 2023 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.

Reconciliation of Net Income to Adjusted Net Income

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

January 31,

 

January 31,

(in thousands, except share data)

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 

Net income (loss) (GAAP)

 

$

14,728

 

 

$

(49,257

)

 

$

63,582

 

 

$

(44,246

)

Add back:

 

 

 

 

 

 

 

 

Acquisition and restructuring related expenses

 

 

20

 

 

 

20

 

 

 

60

 

 

 

60

 

Non-recurring restructuring charges, net

 

 

1,310

 

 

 

(127

)

 

 

1,310

 

 

 

183

 

Pension settlement, net

 

 

293

 

 

 

69,452

 

 

 

48

 

 

 

69,452

 

Amortization of customer relationship intangibles and trademarks

 

 

11,416

 

 

 

11,416

 

 

 

34,250

 

 

 

34,250

 

Tax benefit of add backs

 

 

(3,341

)

 

 

(21,586

)

 

 

(9,202

)

 

 

(27,753

)

Adjusted net income (Non-GAAP)

 

$

24,426

 

 

$

9,918

 

 

$

90,048

 

 

$

31,946

 

 

 

 

 

 

 

 

 

 

Weighted average diluted shares (GAAP)

 

 

16,695,714

 

 

 

16,569,881

 

 

 

16,661,234

 

 

 

16,599,369

 

Add back: potentially anti-dilutive shares (1)

 

 

 

 

 

40,973

 

 

 

 

 

 

47,878

 

Weighted average diluted shares (Non-GAAP)

 

 

16,695,714

 

 

 

16,610,854

 

 

 

16,661,234

 

 

 

16,647,247

 

EPS per diluted share (GAAP)

 

$

0.88

 

 

$

(2.97

)

 

$

3.82

 

 

$

(2.67

)

Adjusted EPS per diluted share (Non-GAAP)

 

$

1.46

 

 

$

0.60

 

 

$

5.40

 

 

$

1.92

 

(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,

 

 

 

2023

 

2022

 

 

 

 

 

 

 

Net cash provided (used) by operating activities

 

$

110,803

 

 

$

(13,051

)

Less: Capital expenditures (1)

 

 

19,283

 

 

 

35,771

 

Free cash flow

 

$

91,520

 

 

$

(48,822 )

 

(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)

 

2023

 

 

 

Net income (GAAP)

 

$

78,106

 

Add back:

 

 

Income tax expense

 

 

23,820

 

Interest expense, net

 

 

15,768

 

Depreciation and amortization expense

 

 

49,064

 

Amortization of customer relationship intangibles

 

 

45,666

 

EBITDA (Non-GAAP)

 

$

212,424

 

Add back:

 

 

Acquisition and restructuring related expenses (1)

 

 

80

 

Non-recurring restructuring charges, net (2)

 

 

1,310

 

Pension settlement

 

 

(931

)

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

 

 

(897

)

Stock-based compensation expense

 

 

6,559

 

Loss on asset disposal

 

 

1,060

 

Adjusted EBITDA (Non-GAAP)

 

$

219,605

 

 

 

 

 

 

As of

 

 

January 31,

 

 

2023

Current maturities of long-term debt

 

$

2,546

 

Long-term debt, less current maturities

 

 

440,684

 

Total debt

 

 

443,230

 

Less: cash and cash equivalents

 

 

(45,817

)

Net debt

 

$

397,413

 

 

 

 

Net leverage (4)

 

 

1.81

 

 

(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 that occurred during January 2023.

(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, 2023. 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005337/en/American-Woodmark-Corporation-Announces-Third-Quarter-Results

Kevin Dunnigan
VP & Treasury Director
540-665-9100

Source: American Woodmark Corporation

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