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- **Revenue Decline**: Core revenue expected to drop 10-13% YoY due to market softness and operational challenges.
- **Cost Actions**: 11% headcount reduction in North America and strategic European review to address $45 million annual tariff impact.
- **Financial Pressure**: Q3 EBITDA of $44 million (-46% YoY) reflects volume declines and price/cost headwinds, with full-year EBITDA guidance lowered to $105-120 million.
- **Liquidity Management**: Maintaining strong cash position ($500 million total liquidity) despite negative free cash flow, with no immediate debt concerns.

**【CEO Summary Section】**
- **Market Challenges**: Q3 2025 saw further softening in North America and Europe, with weaker demand and operational inefficiencies leading to a 10-13% year-over-year decline in core revenue.
- **Strategic Actions**: Announced an 11% reduction in North America and corporate headcount, and initiated a strategic review of the European business to address debt maturities and improve balance sheet flexibility.
- **Tariff Impact**: Estimated annualized tariff impact of $45 million, with $17 million expected in 2025. Despite successful surcharge pass-through to most customers, larger accounts are resisting price increases.
- **Liquidity**: Maintained strong liquidity with $100 million cash and $400 million revolver availability, no debt maturities until 2027.

**【CFO Financial Commentary】**
- **Revenue and EBITDA**: Q3 revenue of $809 million (-10% YoY), Adjusted EBITDA of $44 million (5.5% of sales), down 46% YoY due to volume declines and price/cost headwinds.
- **Segment Performance**: North America revenue down 19% YoY, Europe flat YoY. Europe's EBITDA remained stable at $16 million due to cost actions offsetting volume loss.
- **Cash Flow**: Negative free cash flow in Q3 due to earnings pressure and transformation investments. Full-year free cash flow use expected at $45 million, including $15 million restructuring costs.
- **Leverage**: Net debt leverage increased to 7.4x, with a focus on reducing leverage through strategic asset reviews.

**【Q&A Highlights】**
- **Share Loss**: Driven by base effects from 2024 Midwest retailer loss, regional pricing competition, and portfolio simplification efforts. Q4 volumes expected to remain soft with no significant recovery.
- **Productivity Savings**: $150 million in headwind mitigation and transformation savings (e.g., plant closures, automation) offsetting $100 million in base productivity headwinds. Full-year savings expected to roll into 2026.
- **Tariff Resistance**: Larger customers pushing back on tariff surcharges, contributing to $50 million price/cost headwind in 2025. Cost inflation in materials, freight, and labor accelerating.
- **Liquidity Strategy**: Evaluating sale-leaseback transactions and smaller asset divestitures to generate liquidity, with no immediate revolver draw plans.

JELD-WEN Holding, Inc. (JELD) Q3 2025 Earnings Call Transcript

- **Revenue decline**: Q2 revenue $824M (-16% YoY), driven by 13% core volume decline and 3% Towanda impact.
- **EBITDA pressure**: Adjusted EBITDA $39M (-53% YoY), margin 4.7%, due to lower volumes and cost pressures.
- **Leverage challenge**: Net debt leverage 5.7x, targeting $100M+ transformation benefits to reduce leverage.
- **Tariff mitigation**: $40M annual tariff impact, with $17M in 2025; surcharges recovering most costs.
- **Strategic actions**: Exploring asset sales, slowing network consolidation, and investing in automation to improve efficiency.

**【CEO Summary Section】**
- Delivered Q2 results at the high end of internal expectations, driven by cost discipline and fixed cost reductions.
- Reinstated full-year guidance: Revenue $3.2-3.4B (core down 4-9%), EBITDA $170-200M.
- Focused on service level improvements, network optimization, and automation investments (e.g., Garland door facility).
- Tariff impact estimated at $40M annually, with $17M in 2025; surcharges recovering most costs.
- Leverage ratio at 5.7x, prioritizing debt reduction through asset sales or capital structure changes.

**【CFO Financial Commentary】**
- Q2 revenue $824M (-16% YoY), driven by 13% core volume decline and 3% Towanda impact.
- Adjusted EBITDA $39M (-53% YoY), margin 4.7%, due to lower volumes and cost pressures.
- Net debt leverage 5.7x, up from 4.3x YoY; targeting $100M+ transformation benefits.
- Europe revenue stable (-2.7% YoY), North America down 22% YoY; both regions face volume headwinds.
- Free cash flow use of $150M for 2025, with $130M+ cash and $500M revolver for liquidity.

**【Q&A Highlights】**
- **Network Optimization**: Slowing consolidation to preserve capital, expecting $100M+ transformation benefits by end-2026.
- **Pricing Challenges**: Negative price/cost dynamics (-$46M EBITDA impact), selective customer surcharges mitigating $17M tariff costs.
- **Leverage Reduction**: Exploring asset sales (e.g., North America distribution, European operations) to address $400M 2027 debt maturity.
- **Volume Outlook**: North America core volumes down 4-9% YoY, Europe low single-digit decline; rate of decline slowing in both regions.
- **Tariff Strategy**: 13% supplier exposure, <1% direct China sourcing; agile pricing to balance affordability and cost recovery.

JELD-WEN Holding (JELD)-6 Aug 25-2025 Q2 Earnings call transcript

- **Revenue decline driven by volume**: Q1 revenue down 19% YoY, 15% from core volume, 4% from Towanda divestiture.
- **Tariff impact mitigation**: $30M 2025 tariff costs expected to be passed through to customers.
- **Cost savings acceleration**: $100M transformation savings on track, with 40% realized in H1.
- **Q2 outlook cautious**: EBITDA expected to edge up from Q1, but off a low base due to weak demand.
- **Macro risks elevated**: High interest rates, consumer confidence decline, and tariff uncertainty weighing on housing market.

**【CEO Opening Remarks】**
- Q1 revenue declined 19% YoY to $776M, driven by 15% core volume drop and 4% impact from Towanda divestiture.
- Adjusted EBITDA fell 47% to $22M, reflecting lower volumes, cost inflation, and operational inefficiencies.
- Network adjustments (Grinnell, Chiloquin) and headcount reductions implemented, but productivity challenges persist.
- 2025 transformation initiatives target $100M savings, with $50M from short-term actions, 40% realized in H1.

**【CFO Financial Breakdown】**
- GAAP net loss of $22M vs. $69M profit last year; Non-GAAP EPS impacted by $110M Towanda proceeds.
- Free cash flow use of $125M, driven by lower EBITDA and working capital headwinds.
- Tariff exposure: $55M annualized ($30M 2025 impact), with plans to pass through to customers.
- Net debt leverage at 4.6x, exceeding target range; cost reduction a priority.

**【CEO Market Outlook】**
- Macro challenges (high rates, consumer confidence) weigh on new construction and remodels.
- Q2 EBITDA expected to be slightly higher than Q1, off a low base.
- Focused on cash flow preservation, transformation execution, and demand resilience.
- $150M capex maintained for automation and network optimization.

**【Q&A Key Takeaways】**
- **Tariff Pass-Through**: Actively negotiating with customers to recover $30M tariff costs; long-term reshoring initiatives underway.
- **Q2 EBITDA Guidance**: Modest sequential improvement, but volumes remain weak.
- **Cost Savings Progress**: $100M transformation savings on track, with H2 acceleration; $50M short-term savings already materializing.
- **Market Share Growth**: Targeting new builder relationships to expand low market share position.
- **Liquidity Management**: Undrawn $500M revolver provides flexibility; exploring asset sales to strengthen balance sheet.

JELD-WEN Holding (JELD)-6 May 25-2025 Q1 Earnings call transcript

- **2024 Performance**: Delivered $115M transformation benefits but faced $200M headwinds from market softness, ending with EBITDA down 28% YoY.
- **2025 Outlook**: Revenue expected to decline 4-9%, EBITDA $215-265M. $50M cost savings and $60M+ long-term network benefits to offset volume declines.
- **Key Risks**: Elevated leverage (3.8x), $50M inflationary cost headwinds, and weak North America housing market.
- **Strategic Focus**: Automating factories, regaining share via service improvements, and preparing for potential tariff impacts.

**【CEO Opening Remarks】**
- The company faced a challenging 2024 with softer demand, but delivered $115 million in transformation benefits. North America and Europe saw volume declines due to consumer trade-downs and housing market weakness. Interior door business remained stable, gaining share despite overall market softness.

**【CFO Financial Highlights】**
- Q4 2024 revenue: $896 million (-12% YoY), driven by volume/mix decline and mix shift to lower-priced products. Adjusted EBITDA: $40 million (-53% YoY), margin: 4.5%. Free cash flow: -$28 million (use), net debt leverage: 3.8x (above target range of 2-2.5x).
- Full year 2024: Revenue -$12% YoY, adjusted EBITDA -$28% YoY. Transformation initiatives offset ~$80 million of $200 million headwinds.

**【2025 Outlook & Strategy】**
- Revenue guidance: $3.2-3.4 billion (-4% to -9% YoY). EBITDA: $215-265 million. Key drivers:
  - North America: Core revenue -4% to -9% YoY, EBITDA decline at 30% decremental rate.
  - Europe: Volumes expected to decline, but productivity gains may offset.
- Near-term actions: $50 million cost savings (rightsizing factories, reducing shifts), $60 million+ long-term benefits from network optimization.
- Capital expenditures: $150 million (4.5% of sales), focused on automation and network efficiency.

**【Q&A Key Takeaways】**
- **Tariff Impact**: $50 million cost headwinds from inflation (freight, labor, materials), not including potential tariffs. Price/cost expected neutral in 2025.
- **Share Regain Efforts**: Focused on improving service levels and pipeline conversion, targeting interior doors and Southeast U.S. remodel market.
- **Europe Recovery**: Expect 2026 recovery; 2025 focus on productivity gains and picking up volumes from distressed competitors.
- **Corporate Costs**: $15-20 million headwind from reinstated variable compensation.
- **Q1 2025 Guidance**: Sales $750-775 million, EBITDA $20 million (challenging due to share loss and market weakness). Expect improvement in Q2+ from seasonal demand and cost actions.

JELD-WEN Holding (JELD)-18 Feb 25-2024 Q4 Earnings call transcript

JELD-WEN Holding (JELD)-5 Nov 24-2024 Q3 Earnings call transcript

JELD-WEN Holding (JELD)-6 Aug 24-2024 Q2 Earnings call transcript

JELD-WEN Holding (JELD)-7 May 24-2024 Q1 Earnings call transcript

JELD-WEN Holding (JELD)-20 Feb 24-2023 Q4 Earnings call transcript

JELD-WEN Holding (JELD)-7 Nov 23-2023 Q3 Earnings call transcript

JELD-WEN Holding (JELD)-8 Aug 23-2023 Q2 Earnings call transcript

JELD-WEN Holding (JELD)-9 May 23-2023 Q1 Earnings call transcript

JELD-WEN Holding (JELD)-21 Feb 23-2022 Q4 Earnings call transcript

JELD-WEN Holding (JELD)-31 Oct 22-2022 Q3 Earnings call transcript

JELD-WEN Holding (JELD)-1 Aug 22-2022 Q2 Earnings call transcript

JELD-WEN Holding (JELD)-2 May 22-2022 Q1 Earnings call transcript

JELD-WEN Holding (JELD)-22 Feb 22-2021 Q4 Earnings call transcript

JELD-WEN Holding (JELD)-1 Nov 21-2021 Q3 Earnings call transcript

JELD-WEN Holding (JELD)-2 Aug 21-2021 Q2 Earnings call transcript

JELD-WEN Holding (JELD)-1 May 21-2021 Q1 Earnings call transcript

JELD-WEN Holding (JELD)-16 Feb 21-2020 Q4 Earnings call transcript

JELD-WEN Holding (JELD)-3 Nov 20-2020 Q3 Earnings call transcript

JELD-WEN Holding (JELD)-8 Aug 20-2020 Q2 Earnings call transcript

JELD-WEN Holding (JELD)-9 May 20-2020 Q1 Earnings call transcript

JELD-WEN Holding (JELD)-18 Feb 20-2019 Q4 Earnings call transcript

JELD-WEN Holding (JELD)-8 Nov 19-2019 Q3 Earnings call transcript

JELD-WEN Holding (JELD)-12 Aug 19-2019 Q2 Earnings call transcript

JELD-WEN Holding (JELD)-10 May 19-2019 Q1 Earnings call transcript

JELD-WEN Holding (JELD)-19 Feb 19-2018 Q4 Earnings call transcript

JELD-WEN Holding (JELD)-10 Nov 18-2018 Q3 Earnings call transcript

JELD-WEN Holding (JELD)-10 Aug 18-2018 Q2 Earnings call transcript

JELD-WEN Holding (JELD)-12 May 18-2018 Q1 Earnings call transcript

JELD-WEN Holding (JELD)-21 Feb 18-2017 Q4 Earnings call transcript

JELD-WEN Holding (JELD)-7 Nov 17-2017 Q3 Earnings call transcript

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