![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cornerstone Building Brands Inc | NYSE:CNR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.66 | 0 | 01:00:00 |
(Mark One) | |||||
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 76-0127701 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
5020 Weston Parkway | Suite 400 | Cary | NC | 27513 | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ý | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
PAGE | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. |
Successor | Predecessor | |||||||||||||||||||||||||||||||
Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from July 4, 2021 through October 2, 2021 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||||||||||||
Net sales | $ | 1,274,883 | $ | 365,445 | $ | 1,444,405 | $ | 3,736,084 | $ | 4,111,558 | ||||||||||||||||||||||
Cost of sales | 1,041,260 | 292,047 | 1,134,909 | 2,929,699 | 3,230,605 | |||||||||||||||||||||||||||
Gross profit | 233,623 | 73,398 | 309,496 | 806,385 | 880,953 | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 179,692 | 56,193 | 206,801 | 513,184 | 616,498 | |||||||||||||||||||||||||||
Restructuring and impairment charges, net | 2,399 | 975 | 971 | 92 | 7,461 | |||||||||||||||||||||||||||
Strategic development and acquisition related costs | 2,735 | 28,895 | 22,250 | 49,560 | 25,502 | |||||||||||||||||||||||||||
Loss (gain) on divestitures | 1,762 | — | (831,252) | (401,413) | (831,252) | |||||||||||||||||||||||||||
Gain on legal settlements | — | — | — | (76,575) | — | |||||||||||||||||||||||||||
Income (loss) from operations | 47,035 | (12,665) | 910,726 | 721,537 | 1,062,744 | |||||||||||||||||||||||||||
Interest expense | (65,813) | (11,401) | (43,731) | (101,078) | (147,688) | |||||||||||||||||||||||||||
Foreign exchange gain (loss) | 12,489 | (454) | (1,270) | 686 | (1,067) | |||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | — | 24,801 | — | 28,354 | (42,234) | |||||||||||||||||||||||||||
Other income, net | 172 | 114 | 408 | 101 | 1,378 | |||||||||||||||||||||||||||
Income (loss) before income taxes | (6,117) | 395 | 866,133 | 649,600 | 873,133 | |||||||||||||||||||||||||||
Income taxes | (1,672) | (1,049) | 245,598 | 165,814 | 245,326 | |||||||||||||||||||||||||||
Net income (loss) | (4,445) | 1,444 | 620,535 | 483,786 | 627,807 | |||||||||||||||||||||||||||
Net income allocated to participating securities | — | (11) | (8,380) | (3,575) | (7,837) | |||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | (4,445) | $ | 1,433 | $ | 612,155 | $ | 480,211 | $ | 619,970 | ||||||||||||||||||||||
Income (loss) per common share: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.01 | $ | 4.85 | $ | 3.77 | $ | 4.93 | ||||||||||||||||||||||||
Diluted | $ | 0.01 | $ | 4.82 | $ | 3.73 | $ | 4.90 | ||||||||||||||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | 127,544 | 126,159 | 127,316 | 125,840 | ||||||||||||||||||||||||||||
Diluted | 129,127 | 127,079 | 128,894 | 126,602 |
Successor | Predecessor | |||||||||||||||||||||||||||||||
Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from July 4, 2021 through October 2, 2021 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | (4,445) | $ | 1,444 | $ | 620,535 | $ | 483,786 | $ | 627,807 | ||||||||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||
Foreign exchange translation gains (losses) | (29,743) | 115 | (6,787) | (1,367) | 3,875 | |||||||||||||||||||||||||||
Unrealized gain (loss) on derivative instruments, net of income tax of $(14,890), $(472), $2,453, $(16,432) and $654 | 40,988 | (778) | 4,658 | 62,462 | 8,780 | |||||||||||||||||||||||||||
Amount reclassified from Accumulated other comprehensive income (loss) into earnings | — | 1,682 | 7,288 | 16,258 | 13,957 | |||||||||||||||||||||||||||
Changes in retirement related benefit plans | — | — | — | (1,122) | — | |||||||||||||||||||||||||||
Other comprehensive income | 11,245 | 1,019 | 5,159 | 76,231 | 26,612 | |||||||||||||||||||||||||||
Comprehensive income | $ | 6,800 | $ | 2,463 | $ | 625,694 | $ | 560,017 | $ | 654,419 |
Successor | Predecessor | |||||||||||||
October 1, 2022 | December 31, 2021 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 454,748 | $ | 394,447 | ||||||||||
Accounts receivable, net | 790,345 | 757,373 | ||||||||||||
Inventories | 651,237 | 748,732 | ||||||||||||
Other current assets | 96,311 | 86,528 | ||||||||||||
Total current assets | 1,992,641 | 1,987,080 | ||||||||||||
Property, plant and equipment, net | 576,625 | 612,295 | ||||||||||||
Lease right-of-use assets | 242,692 | 322,608 | ||||||||||||
Goodwill | 1,654,493 | 1,358,056 | ||||||||||||
Intangible assets, net | 2,566,033 | 1,524,635 | ||||||||||||
Other assets, net | 109,753 | 22,786 | ||||||||||||
Total assets | $ | 7,142,237 | $ | 5,827,460 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Current portion of long-term debt | $ | 28,250 | $ | 26,000 | ||||||||||
Current portion of lease liabilities | 44,155 | 73,150 | ||||||||||||
Accounts payable | 365,547 | 311,737 | ||||||||||||
Accrued income and other taxes | 25,857 | 22,768 | ||||||||||||
Employee-related liabilities | 192,630 | 102,171 | ||||||||||||
Rebates, warranties, and other customer-related liabilities | 165,986 | 174,872 | ||||||||||||
Other current liabilities | 145,074 | 144,737 | ||||||||||||
Total current liabilities | 967,499 | 855,435 | ||||||||||||
Long-term debt | 3,355,331 | 3,010,843 | ||||||||||||
Long-term lease liabilities | 196,143 | 251,061 | ||||||||||||
Deferred income tax liabilities | 604,610 | 252,173 | ||||||||||||
Other long-term liabilities | 256,413 | 281,609 | ||||||||||||
Total liabilities | 5,379,996 | 4,651,121 | ||||||||||||
Equity: | ||||||||||||||
Common stock, $0.01 par value; 1,000 shares authorized, issued and outstanding at October 1, 2022; 200,000,000 shares authorized, 126,992,107 issued and 126,971,036 outstanding at December 31, 2021 | — | 1,270 | ||||||||||||
Additional paid-in capital | 1,755,441 | 1,279,931 | ||||||||||||
Accumulated deficit | (4,445) | (98,826) | ||||||||||||
Accumulated other comprehensive income (loss), net | 11,245 | (5,612) | ||||||||||||
Treasury stock, at cost (21,071 shares at December 31, 2021) | — | (424) | ||||||||||||
Total equity | 1,762,241 | 1,176,339 | ||||||||||||
Total liabilities and equity | $ | 7,142,237 | $ | 5,827,460 |
CORNERSTONE BUILDING BRANDS, INC. | |||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except share data) | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Quarters | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance, July 2, 2022 (Predecessor) | 127,544,041 | $ | 1,275 | $ | 1,292,458 | $ | 383,516 | $ | 69,600 | — | $ | — | $ | 1,746,849 | |||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 1,019 | — | — | 1,019 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 937 | — | — | — | — | 937 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 1,444 | — | — | — | 1,444 | |||||||||||||||||||||||||||||||||||||||
Balance, July 24, 2022 (Predecessor) | 127,544,041 | $ | 1,275 | $ | 1,293,395 | $ | 384,960 | $ | 70,619 | — | $ | — | $ | 1,750,249 | |||||||||||||||||||||||||||||||||
Pushdown fair value adjustments | — | $ | — | $ | 1,978,011 | $ | (384,960) | $ | (70,619) | — | $ | — | $ | 1,522,432 | |||||||||||||||||||||||||||||||||
Payments to public shareholders | (65,413,135) | (654) | (1,611,780) | — | — | — | — | (1,612,434) | |||||||||||||||||||||||||||||||||||||||
Recapitalization of outstanding common stock | (62,129,906) | (621) | 621 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Contributions from Parent, net | — | — | 95,194 | — | — | — | — | 95,194 | |||||||||||||||||||||||||||||||||||||||
Balance, July 25, 2022 (Successor) | 1,000 | — | 1,755,441 | — | — | — | — | 1,755,441 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 11,245 | — | — | 11,245 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (4,445) | — | — | — | (4,445) | |||||||||||||||||||||||||||||||||||||||
Balance, October 1, 2022 (Successor) | 1,000 | $ | — | $ | 1,755,441 | $ | (4,445) | $ | 11,245 | — | $ | — | $ | 1,762,241 | |||||||||||||||||||||||||||||||||
Balance, July 3, 2021 (Predecessor) | 126,072,088 | $ | 1,261 | $ | 1,265,887 | $ | (757,413) | $ | (30,064) | (21,071) | $ | (424) | $ | 479,247 | |||||||||||||||||||||||||||||||||
Treasury stock purchases | — | — | — | — | — | (88,330) | (1,320) | (1,320) | |||||||||||||||||||||||||||||||||||||||
Retirement of treasury shares | (88,330) | (1) | (1,319) | — | — | 88,330 | 1,320 | — | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 238,329 | 2 | (2) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | 6,578 | 1 | 80 | — | — | — | — | 81 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 5,159 | — | — | 5,159 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 8,353 | — | — | — | — | 8,353 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 620,535 | — | — | — | 620,535 | |||||||||||||||||||||||||||||||||||||||
Balance, October 2, 2021 (Predecessor) | 126,228,665 | $ | 1,263 | $ | 1,272,999 | $ | (136,878) | $ | (24,905) | (21,071) | $ | (424) | $ | 1,112,055 |
CORNERSTONE BUILDING BRANDS, INC. | |||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF EQUITY (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except share data) | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year to Date Periods | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 (Predecessor) | 126,992,107 | $ | 1,270 | $ | 1,279,931 | $ | (98,826) | $ | (5,612) | (21,071) | $ | (424) | $ | 1,176,339 | |||||||||||||||||||||||||||||||||
Treasury stock purchases | — | — | — | — | — | (192,773) | (4,627) | (4,627) | |||||||||||||||||||||||||||||||||||||||
Retirement of treasury shares | (192,773) | (2) | (4,625) | — | — | 192,773 | 4,627 | — | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 611,178 | 6 | (6) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | 133,529 | 1 | 1,420 | — | — | — | — | 1,421 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 76,231 | — | — | 76,231 | |||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | — | (424) | — | — | 21,071 | 424 | — | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 17,099 | — | — | — | — | 17,099 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 483,786 | — | — | — | 483,786 | |||||||||||||||||||||||||||||||||||||||
Balance, July 24, 2022 (Predecessor) | 127,544,041 | $ | 1,275 | $ | 1,293,395 | $ | 384,960 | $ | 70,619 | — | $ | — | $ | 1,750,249 | |||||||||||||||||||||||||||||||||
Pushdown fair value adjustments | — | $ | — | $ | 1,978,011 | $ | (384,960) | $ | (70,619) | — | $ | — | $ | 1,522,432 | |||||||||||||||||||||||||||||||||
Payments to public shareholders | (65,413,135) | (654) | (1,611,780) | — | — | — | — | (1,612,434) | |||||||||||||||||||||||||||||||||||||||
Recapitalization of outstanding common stock | (62,129,906) | (621) | 621 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Contributions from Parent, net | — | — | 95,194 | — | — | — | — | 95,194 | |||||||||||||||||||||||||||||||||||||||
Balance, July 25, 2022 (Successor) | 1,000 | — | 1,755,441 | — | — | — | — | 1,755,441 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 11,245 | — | — | 11,245 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (4,445) | — | — | — | (4,445) | |||||||||||||||||||||||||||||||||||||||
Balance, October 1, 2022 (Successor) | 1,000 | $ | — | $ | 1,755,441 | $ | (4,445) | $ | 11,245 | — | $ | — | $ | 1,762,241 | |||||||||||||||||||||||||||||||||
Balance, December 31, 2020 (Predecessor) | 125,425,931 | $ | 1,255 | $ | 1,257,262 | $ | (764,685) | $ | (51,517) | (25,332) | $ | (510) | $ | 441,805 | |||||||||||||||||||||||||||||||||
Treasury stock purchases | — | — | — | — | — | (200,198) | (2,861) | (2,861) | |||||||||||||||||||||||||||||||||||||||
Retirement of treasury shares | (200,198) | (2) | (2,859) | — | — | 200,198 | 2,861 | — | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 835,259 | 8 | (8) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock for the Ply Gem merger | 15,220 | — | 185 | — | — | — | — | 185 | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | 152,453 | 2 | 1,559 | — | — | — | — | 1,561 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 26,612 | — | — | 26,612 | |||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | — | (86) | — | — | 4,261 | 86 | — | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 16,946 | — | — | — | — | 16,946 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 627,807 | — | — | — | 627,807 | |||||||||||||||||||||||||||||||||||||||
Balance, October 2, 2021 (Predecessor) | 126,228,665 | $ | 1,263 | $ | 1,272,999 | $ | (136,878) | $ | (24,905) | (21,071) | $ | (424) | $ | 1,112,055 |
CORNERSTONE BUILDING BRANDS, INC. | ||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
Period from July 25, 2022 through October 1, 2022 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | (4,445) | $ | 483,786 | $ | 627,807 | ||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | 56,260 | 166,177 | 216,956 | |||||||||||||||||
Amortization of debt issuance costs, debt discount, and fair values | 17,443 | 19,952 | 19,857 | |||||||||||||||||
Share-based compensation expense | 8,838 | 17,099 | 16,946 | |||||||||||||||||
Loss (gain) on extinguishment of debt | — | (28,354) | 42,234 | |||||||||||||||||
Asset impairment | — | 368 | 4,091 | |||||||||||||||||
Loss (gain) on divestiture | 1,762 | (401,413) | (831,252) | |||||||||||||||||
Gain on sale of assets | — | (2,670) | — | |||||||||||||||||
Amortization of inventory and other fair value step-ups | 30,317 | 1,238 | — | |||||||||||||||||
Provision for credit losses | 1,111 | 3,811 | 2,289 | |||||||||||||||||
Deferred income taxes | (34,609) | (26,688) | (23,441) | |||||||||||||||||
Changes in operating assets and liabilities, net of effect of acquisitions: | ||||||||||||||||||||
Accounts receivable | 921 | (101,937) | (137,424) | |||||||||||||||||
Inventories | 55,457 | (12,956) | (241,068) | |||||||||||||||||
Income taxes | (15,775) | 14,116 | 27,768 | |||||||||||||||||
Prepaid expenses and other | (6,199) | 31,367 | (41,355) | |||||||||||||||||
Accounts payable | 12,636 | 64,044 | 100,402 | |||||||||||||||||
Accrued expenses | (112,026) | 121,871 | 31,554 | |||||||||||||||||
Other, net | (43,482) | 854 | 996 | |||||||||||||||||
Net cash flows from operating activities | (31,791) | 350,665 | (183,640) | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisitions, net of cash acquired | — | 4,252 | (331,010) | |||||||||||||||||
Capital expenditures | (24,402) | (64,848) | (75,183) | |||||||||||||||||
Proceeds from divestiture, net of cash divested | — | 510,883 | 1,187,307 | |||||||||||||||||
Proceeds from sale of property, plant and equipment | — | 6,070 | 4,615 | |||||||||||||||||
Net cash flows from investing activities | (24,402) | 456,357 | 785,729 | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from ABL facility | — | — | 190,000 | |||||||||||||||||
Payments on ABL facility | — | — | (190,000) | |||||||||||||||||
Proceeds from term loans | 300,000 | — | 108,438 | |||||||||||||||||
Payments on term loans | (6,500) | (13,000) | (19,405) | |||||||||||||||||
Payments to public shareholders | (1,612,434) | — | — | |||||||||||||||||
Proceeds from senior notes | 710,000 | — | — | |||||||||||||||||
Repurchases of senior notes | — | (70,560) | (670,800) | |||||||||||||||||
Payments of financing costs | (84,686) | — | (13,187) | |||||||||||||||||
Contributions from Parent, net | 95,194 | — | — | |||||||||||||||||
Payments on derivative financing obligations | — | (7,321) | (6,131) | |||||||||||||||||
Other | — | (3,206) | (1,300) | |||||||||||||||||
Net cash flows from financing activities | (598,426) | (94,087) | (602,385) | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 240 | (5) | (784) | |||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (654,379) | 712,930 | (1,080) | |||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 1,109,588 | 396,658 | 680,478 | |||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 455,209 | $ | 1,109,588 | $ | 679,398 | ||||||||||||||
Successor | Predecessor | |||||||||||||
October 1, 2022 | December 31, 2021 | |||||||||||||
Cash and cash equivalents | $ | 454,748 | $ | 394,447 | ||||||||||
Other current assets - Restricted cash (1) | 461 | 2,211 | ||||||||||||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $ | 455,209 | $ | 396,658 |
Consideration | |||||
Common shares purchased | 65,613,349 | ||||
Common share closing price | $ | 24.65 | |||
Merger consideration, common shares purchased | $ | 1,617,369 | |||
Effective settlement of pre-existing relationships | 128,721 | ||||
Total merger consideration | 1,746,090 | ||||
Fair value of common shares previously held by CD&R and other adjustments(1) | 1,526,591 | ||||
Total equity value | $ | 3,272,681 |
Fair Value | |||||
Merger consideration | $ | 1,746,090 | |||
Fair value of common shares previously held by CD&R and other adjustments | 1,526,591 | ||||
Total equity value | $ | 3,272,681 | |||
Cash and cash equivalent | $ | 1,107,377 | |||
Accounts receivable | 794,341 | ||||
Inventories | 738,744 | ||||
Property, plant and equipment | 572,050 | ||||
Lease right-of-use assets | 252,262 | ||||
Goodwill | 1,660,488 | ||||
Intangible assets | 2,610,685 | ||||
Other assets | 121,255 | ||||
Total assets acquired | 7,857,202 | ||||
Accounts payable | 352,870 | ||||
Accrued liabilities | 622,995 | ||||
Long-term debt | 2,443,954 | ||||
Long-term lease liabilities | 252,262 | ||||
Deferred income tax liabilities | 626,904 | ||||
Other liabilities | 285,536 | ||||
Total liabilities assumed | 4,584,521 | ||||
Net assets acquired | $ | 3,272,681 |
Fair Value | Weighted Average Useful Life (in years) | ||||||||||
Customer relationships | $ | 2,088,548 | 13 | ||||||||
Trade names and other | 522,137 | 13 | |||||||||
Total | $ | 2,610,685 |
Fair Value | |||||
Cash | $ | 19,594 | |||
Accounts receivable | 20,515 | ||||
Inventories | 66,420 | ||||
Property, plant and equipment | 24,184 | ||||
Lease right of use assets | 37,964 | ||||
Trade name and customer relationship intangibles | 97,560 | ||||
Goodwill | 42,870 | ||||
Other assets | 1,466 | ||||
Total assets acquired | 310,573 | ||||
Accounts payable and other liabilities assumed | 57,163 | ||||
Lease liabilities | 37,964 | ||||
Deferred income taxes | 1,247 | ||||
Total liabilities assumed | 96,374 | ||||
Net assets acquired | $ | 214,199 |
Fair Value | |||||
Cash | $ | 2,838 | |||
Accounts receivable | 16,956 | ||||
Inventories | 15,392 | ||||
Property, plant and equipment | 18,300 | ||||
Lease right of use assets | 21,849 | ||||
Trade name and customer relationship intangibles | 137,660 | ||||
Goodwill | 110,417 | ||||
Other assets | 2,556 | ||||
Total assets acquired | 325,968 | ||||
Accounts payable and other liabilities assumed | 34,861 | ||||
Lease liabilities | 20,173 | ||||
Deferred income taxes | 33,221 | ||||
Total liabilities assumed | 88,255 | ||||
Net assets acquired | $ | 237,713 |
Period from July 4, 2021 through October 2, 2021 | Period from January 1, 2021 through October 2, 2021 | ||||||||||
Net sales | $ | 1,542,620 | $ | 4,444,531 | |||||||
Net income applicable to common shares | 613,978 | 631,856 | |||||||||
Net income per common share: | |||||||||||
Basic | $ | 4.87 | $ | 5.02 | |||||||
Diluted | $ | 4.83 | $ | 4.99 |
Successor | Predecessor | |||||||||||||
October 1, 2022 | December 31, 2021 | |||||||||||||
Raw materials | $ | 365,271 | $ | 485,642 | ||||||||||
Work in process and finished goods | 285,966 | 263,090 | ||||||||||||
Total inventories | $ | 651,237 | $ | 748,732 |
Aperture Solutions | Surface Solutions | Shelter Solutions | Total | ||||||||||||||||||||
Balance, December 31, 2021 (Predecessor) | $ | 541,196 | $ | 655,098 | $ | 161,762 | $ | 1,358,056 | |||||||||||||||
Currency translation | (750) | (561) | — | (1,311) | |||||||||||||||||||
Acquisition-related adjustments(1) | (366) | (10) | (97,474) | (97,850) | |||||||||||||||||||
Balance, July 24, 2022 (Predecessor) | $ | 540,080 | $ | 654,527 | $ | 64,288 | $ | 1,258,895 | |||||||||||||||
Balance, July 25, 2022 (Successor)(2) | $ | 612,368 | $ | 763,324 | $ | 284,796 | $ | 1,660,488 | |||||||||||||||
Currency translation | (3,429) | (2,566) | — | (5,995) | |||||||||||||||||||
Balance, October 1, 2022 (Successor) | $ | 608,939 | $ | 760,758 | $ | 284,796 | $ | 1,654,493 |
Range of Life (Years) | Weighted Average Amortization Period (Years) | Cost | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||||||||||
As of October 1, 2022 (Successor)(1) | ||||||||||||||||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||||||||||||||
Trademarks/Trade names/Other | 13 | 13 | $ | 522,137 | $ | (6,694) | $ | 515,443 | ||||||||||||||||||||||||
Customer lists and relationships | 13 | 13 | 2,088,548 | (37,958) | 2,050,590 | |||||||||||||||||||||||||||
Total intangible assets | $ | 2,610,685 | $ | (44,652) | $ | 2,566,033 | ||||||||||||||||||||||||||
As of December 31, 2021 (Predecessor) | ||||||||||||||||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||||||||||||||
Trademarks/Trade names/Other | 3 | – | 15 | 7 | $ | 241,727 | $ | (76,574) | $ | 165,153 | ||||||||||||||||||||||
Customer lists and relationships | 7 | – | 20 | 9 | 1,845,511 | (486,029) | 1,359,482 | |||||||||||||||||||||||||
Total intangible assets | $ | 2,087,238 | $ | (562,603) | $ | 1,524,635 |
Successor | Predecessor | |||||||||||||||||||
Period from July 25, 2022 through October 1, 2022 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||
Balance, beginning of period(1) | $ | 203,011 | $ | 218,356 | $ | 216,230 | ||||||||||||||
Acquisitions | — | 189 | 6,464 | |||||||||||||||||
Divestiture | — | (4,345) | (2,245) | |||||||||||||||||
Warranties sold | 369 | 1,052 | 1,597 | |||||||||||||||||
Revenue recognized | (510) | (1,383) | (2,043) | |||||||||||||||||
Expense | 8,191 | 26,910 | 22,856 | |||||||||||||||||
Settlements | (8,374) | (21,311) | (23,978) | |||||||||||||||||
Balance, end of period | $ | 202,687 | $ | 219,468 | $ | 218,881 | ||||||||||||||
Reflected as: | ||||||||||||||||||||
Current liabilities – Warranties | $ | 24,871 | $ | 26,888 | $ | 29,523 | ||||||||||||||
Noncurrent liabilities – Other long-term liabilities | 177,816 | 192,580 | 189,358 | |||||||||||||||||
Total product warranty liability | $ | 202,687 | $ | 219,468 | $ | 218,881 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||
October 1, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Effective Interest Rate | Principal Outstanding | Unamortized Fair Value Adjustment(1) | Unamortized Discount and Issuance Costs | Carrying Amount | Principal Outstanding | Unamortized Discount and Issuance Costs | Carrying Amount | |||||||||||||||||||||||||||||||||||||||||||
Term loan facility, due April 2028 | 8.76 | % | $ | 2,561,000 | $ | (381,158) | $ | — | $ | 2,179,842 | $ | 2,580,500 | $ | (37,811) | $ | 2,542,689 | ||||||||||||||||||||||||||||||||||
Term loan facility, due August 2028 | 9.69 | % | 300,000 | — | (22,295) | 277,705 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
6.125% Senior Notes, due January 2029 | 14.04 | % | 400,000 | (129,439) | — | 270,561 | 500,000 | (5,846) | 494,154 | |||||||||||||||||||||||||||||||||||||||||
8.750% Senior Secured Notes, due August 2028 | 10.61 | % | 710,000 | — | (54,527) | 655,473 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total long-term debt | $ | 3,971,000 | $ | (510,597) | $ | (76,822) | $ | 3,383,581 | $ | 3,080,500 | $ | (43,657) | $ | 3,036,843 | ||||||||||||||||||||||||||||||||||||
Reflected as: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities - Current portion of long-term debt | $ | 28,250 | $ | 26,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities - Long-term debt | 3,355,331 | 3,010,843 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt | $ | 3,383,581 | $ | 3,036,843 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value - Senior notes - Level 1 | $ | 812,523 | $ | 531,900 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value - Term loans - Level 2 | 2,358,715 | 2,570,823 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total fair value | $ | 3,171,238 | $ | 3,102,723 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
October 1, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Available | Borrowings | Letters of Credit and Priority Payables | Available | Borrowings | Letters of Credit and Priority Payables | |||||||||||||||||||||||||||||||||
Asset-based lending facility | $ | 850,000 | $ | — | $ | 48,000 | $ | 611,000 | $ | — | $ | 45,000 | ||||||||||||||||||||||||||
Cash flow revolver(1) | 115,000 | — | — | 115,000 | — | — | ||||||||||||||||||||||||||||||||
First-in-last-out tranche asset-based lending facility | 95,000 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 1,060,000 | $ | — | $ | 48,000 | $ | 726,000 | $ | — | $ | 45,000 |
May 2019 Swap(1) | April 2021 Swaps | ||||||||||
Notional amount | $ | 500,000 | $ | 1,000,000 | |||||||
Forecasted term loan interest payments being hedged | 1-month LIBOR | 1-month LIBOR | |||||||||
LIBOR floor (per annum - matches floor in hedged item) | 0 | % | 1 | % | |||||||
Fixed rate paid on $500,000 and $1,500,000 notional amounts | 2.1680 | % | 2.0340 | % | |||||||
Fixed rate received on $(500,000) notional amount | n/a | (2.1680) | % | ||||||||
Start date | July 12, 2019 | April 15, 2021 | |||||||||
Maturity - Fixed rate paid | July 12, 2023 | April 15, 2026 | |||||||||
Maturity - Fixed rate received | n/a | July 12, 2023 | |||||||||
Fair value at October 1, 2022 - Other current assets | $ | 8,084 | $ | — | |||||||
Fair value at October 1, 2022 - Other assets | $ | — | $ | 98,401 | |||||||
Fair value at October 1, 2022 - Other current liabilities | $ | — | $ | 8,084 | |||||||
Fair value at December 31, 2021 - Other assets, net | $ | 11,543 | $ | — | |||||||
Fair value at December 31, 2021 - Other current liabilities | $ | — | $ | 13,127 | |||||||
Fair value at December 31, 2021 - Other long-term liabilities | $ | 11,543 | $ | 28,279 | |||||||
Level in fair value hierarchy | Level 2 | Level 2 |
Successor | Predecessor | ||||||||||||||||||||||||||||||||||
Defined Benefit Plans | Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from July 4, 2021 through October 2, 2021 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||||||||||||||
Service cost | $ | — | $ | 3 | $ | 14 | $ | 25 | $ | 41 | |||||||||||||||||||||||||
Interest cost | 541 | 165 | 635 | 1,503 | 1,906 | ||||||||||||||||||||||||||||||
Expected return on assets | (568) | (285) | (1,360) | (2,601) | (4,079) | ||||||||||||||||||||||||||||||
Amortization of prior service cost | — | — | 17 | — | 49 | ||||||||||||||||||||||||||||||
Amortization of net actuarial loss | — | 12 | 104 | 112 | 312 | ||||||||||||||||||||||||||||||
Net periodic benefit income | $ | (27) | $ | (105) | $ | (590) | $ | (961) | $ | (1,771) | |||||||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||||||||||||||
OPEB Plan | Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from July 4, 2021 through October 2, 2021 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 4 | $ | 8 | $ | 13 | |||||||||||||||||||||||||
Interest cost | — | — | 44 | 89 | 133 | ||||||||||||||||||||||||||||||
Amortization of net actuarial loss | — | — | 18 | 27 | 53 | ||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | — | $ | — | $ | 66 | $ | 124 | $ | 199 |
Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Derivative Instruments | Unrecognized Gain (Loss) on Retirement Benefits | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Balance, December 31, 2021 (Predecessor) | $ | 22,741 | $ | (23,407) | $ | (4,946) | $ | (5,612) | |||||||||||||||
Other comprehensive income (loss) | (1,367) | 78,720 | (1,122) | 76,231 | |||||||||||||||||||
Balance, July 24, 2022 (Predecessor) | $ | 21,374 | $ | 55,313 | $ | (6,068) | $ | 70,619 | |||||||||||||||
Balance, July 25, 2022 (Successor) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Other comprehensive income (loss) | (29,743) | 40,988 | — | 11,245 | |||||||||||||||||||
Balance, October 1, 2022 (Successor) | $ | (29,743) | $ | 40,988 | $ | — | $ | 11,245 | |||||||||||||||
Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Derivative Instruments | Unrecognized Gain (Loss) on Retirement Benefits | Total Accumulated Other Comprehensive Gain (Loss) | ||||||||||||||||||||
Balance, December 31, 2020 (Predecessor) | $ | 16,147 | $ | (58,625) | $ | (9,039) | $ | (51,517) | |||||||||||||||
Other comprehensive income | 3,875 | 22,737 | — | 26,612 | |||||||||||||||||||
Balance, October 2, 2021 (Predecessor) | $ | 20,022 | $ | (35,888) | $ | (9,039) | $ | (24,905) |
Successor | Predecessor | |||||||||||||||||||||||||
Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from January 1, 2022 through July 24, 2022 | Costs Incurred to Date (Since Inception) | |||||||||||||||||||||||
Severance | $ | 1,526 | $ | 332 | $ | 1,465 | $ | 42,918 | ||||||||||||||||||
Asset impairments(1) | — | — | 368 | 30,446 | ||||||||||||||||||||||
Gain on sale of facilities, net | — | — | (2,624) | (3,922) | ||||||||||||||||||||||
Other restructuring costs | 873 | 643 | 883 | 11,633 | ||||||||||||||||||||||
Total restructuring costs | $ | 2,399 | $ | 975 | $ | 92 | $ | 81,075 |
Successor | Predecessor | |||||||||||||||||||
Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from January 1, 2022 through July 24, 2022 | ||||||||||||||||||
Aperture Solutions | $ | 1,320 | $ | 434 | $ | 1,141 | ||||||||||||||
Surface Solutions | 643 | 193 | 694 | |||||||||||||||||
Shelter Solutions | 92 | 334 | (1,983) | |||||||||||||||||
Corporate and Other | 344 | 14 | 240 | |||||||||||||||||
Total restructuring costs | $ | 2,399 | $ | 975 | $ | 92 |
Aperture Solutions | Surface Solutions | Shelter Solutions | Corporate | Total | |||||||||||||||||||||||||
Balance, December 31, 2021 (Predecessor) | $ | 15 | $ | 195 | $ | 1,522 | $ | 300 | $ | 2,032 | |||||||||||||||||||
Costs incurred | 766 | 486 | 133 | 80 | 1,465 | ||||||||||||||||||||||||
Cash payments | (702) | (495) | (1,658) | (380) | (3,235) | ||||||||||||||||||||||||
Balance, July 24, 2022 (Predecessor) | $ | 79 | $ | 186 | $ | (3) | $ | — | $ | 262 | |||||||||||||||||||
Balance, July 25, 2022 (Successor) | $ | 79 | $ | 186 | $ | (3) | $ | — | $ | 262 | |||||||||||||||||||
Costs incurred | 447 | 643 | 92 | 344 | 1,526 | ||||||||||||||||||||||||
Cash payments | (297) | (189) | (92) | (344) | (922) | ||||||||||||||||||||||||
Balance, October 1, 2022 (Successor) | $ | 229 | $ | 640 | $ | (3) | $ | — | $ | 866 |
Successor | Predecessor | |||||||||||||||||||||||||||||||
Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from July 4, 2021 through October 2, 2021 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||||||
Aperture Solutions | $ | 569,994 | $ | 164,039 | $ | 596,486 | $ | 1,643,619 | $ | 1,703,493 | ||||||||||||||||||||||
Surface Solutions | 288,080 | 85,034 | 357,870 | 839,130 | 1,036,448 | |||||||||||||||||||||||||||
Shelter Solutions | 416,809 | 116,372 | 490,049 | 1,253,335 | 1,371,617 | |||||||||||||||||||||||||||
Total net sales | $ | 1,274,883 | $ | 365,445 | $ | 1,444,405 | $ | 3,736,084 | $ | 4,111,558 | ||||||||||||||||||||||
Adjusted segment EBITDA: | ||||||||||||||||||||||||||||||||
Aperture Solutions | $ | 74,235 | $ | 15,045 | $ | 51,759 | $ | 202,682 | $ | 185,071 | ||||||||||||||||||||||
Surface Solutions | 32,978 | 8,576 | 75,230 | 143,880 | 211,789 | |||||||||||||||||||||||||||
Shelter Solutions | 70,736 | 21,219 | 89,550 | 209,156 | 210,474 | |||||||||||||||||||||||||||
Total Adjusted segment EBITDA | 177,949 | 44,840 | 216,539 | 555,718 | 607,334 | |||||||||||||||||||||||||||
Corporate and Other | (74,654) | (39,216) | 765,242 | 331,996 | 672,366 | |||||||||||||||||||||||||||
Depreciation and amortization | (56,260) | (18,289) | (71,055) | (166,177) | (216,956) | |||||||||||||||||||||||||||
Interest expense | (65,813) | (11,401) | (43,731) | (101,078) | (147,688) | |||||||||||||||||||||||||||
Foreign exchange gain (loss) | 12,489 | (454) | (1,270) | 686 | (1,067) | |||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | — | 24,801 | — | 28,354 | (42,234) | |||||||||||||||||||||||||||
Other income, net | 172 | 114 | 408 | 101 | 1,378 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | (6,117) | $ | 395 | $ | 866,133 | $ | 649,600 | $ | 873,133 | ||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||
Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from July 4, 2021 through October 2, 2021 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||||||||||||
Aperture Solutions Segment: | ||||||||||||||||||||||||||||||||
Vinyl windows(1) | $ | 538,447 | $ | 153,296 | $ | 562,097 | $ | 1,542,525 | $ | 1,607,704 | ||||||||||||||||||||||
Aluminum windows | 17,772 | 4,135 | 22,420 | 55,078 | 64,336 | |||||||||||||||||||||||||||
Other | 13,775 | 6,608 | 11,969 | 46,016 | 31,453 | |||||||||||||||||||||||||||
Total | $ | 569,994 | $ | 164,039 | $ | 596,486 | $ | 1,643,619 | $ | 1,703,493 | ||||||||||||||||||||||
Surface Solutions Segment: | ||||||||||||||||||||||||||||||||
Vinyl siding | $ | 139,459 | $ | 43,318 | $ | 182,019 | $ | 415,534 | $ | 508,121 | ||||||||||||||||||||||
Metal | 64,855 | 19,112 | 70,667 | 185,097 | 221,260 | |||||||||||||||||||||||||||
Injection molded | 12,405 | 3,650 | 19,131 | 41,841 | 58,420 | |||||||||||||||||||||||||||
Stone | 20,933 | 4,947 | 23,025 | 51,904 | 66,659 | |||||||||||||||||||||||||||
Stone veneer installation and other | 50,428 | 14,007 | 63,028 | 144,754 | 181,988 | |||||||||||||||||||||||||||
Total | $ | 288,080 | $ | 85,034 | $ | 357,870 | $ | 839,130 | $ | 1,036,448 | ||||||||||||||||||||||
Shelter Solutions Segment: | ||||||||||||||||||||||||||||||||
Metal building products(2) | $ | 416,809 | $ | 116,372 | $ | 395,869 | $ | 1,140,259 | $ | 1,014,663 | ||||||||||||||||||||||
Insulated metal panels(3) | — | — | 32,934 | — | 208,220 | |||||||||||||||||||||||||||
Metal coil coating(4) | — | — | 61,246 | 113,076 | 148,734 | |||||||||||||||||||||||||||
Total | $ | 416,809 | $ | 116,372 | $ | 490,049 | $ | 1,253,335 | $ | 1,371,617 | ||||||||||||||||||||||
Total net sales | $ | 1,274,883 | $ | 365,445 | $ | 1,444,405 | $ | 3,736,084 | $ | 4,111,558 |
Predecessor | ||||||||||||||||||||||||||
Period from July 3, 2022 through July 24, 2022 | Period from July 4, 2021 through October 2, 2021 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2021 through October 2, 2021 | |||||||||||||||||||||||
Numerator for Basic and Diluted Earnings Per Common Share | ||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | 1,433 | $ | 612,155 | $ | 480,211 | $ | 619,970 | ||||||||||||||||||
Denominator for Basic and Diluted Earnings Per Common Share | ||||||||||||||||||||||||||
Weighted average basic number of common shares outstanding | 127,544 | 126,159 | 127,316 | 125,840 | ||||||||||||||||||||||
Common stock equivalents: | ||||||||||||||||||||||||||
Employee stock options | 1,583 | 920 | 1,578 | 762 | ||||||||||||||||||||||
Weighted average diluted number of common shares outstanding | 129,127 | 127,079 | 128,894 | 126,602 | ||||||||||||||||||||||
Basic income (loss) per common share | $ | 0.01 | $ | 4.85 | $ | 3.77 | $ | 4.93 | ||||||||||||||||||
Diluted income (loss) per common share | $ | 0.01 | $ | 4.82 | $ | 3.73 | $ | 4.90 | ||||||||||||||||||
Incentive plan securities excluded from dilution(1) | — | 160 | 30 | 176 |
Successor | Predecessor | |||||||||||||||||||
Period from July 25, 2022 through October 1, 2022 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||
Supplemental cash flow information: | ||||||||||||||||||||
Interest paid, net of amounts capitalized | $ | 27,482 | $ | 103,074 | $ | 149,025 | ||||||||||||||
Income taxes paid, net | $ | 108,962 | $ | 56,243 | $ | 232,755 | ||||||||||||||
Supplemental non-cash investing and financing activities – | ||||||||||||||||||||
Pushdown fair value adjustments | $ | 1,522,432 | — | — |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Combined* | Predecessor | Successor | Predecessor | Combined* | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from July 3, 2022 through October 1, 2022 | Period from July 4, 2021 through October 2, 2021 | Period from July 25, 2022 through October 1, 2022 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2022 through October 1, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (4,445) | $ | 1,444 | $ | (3,001) | $ | 620,535 | $ | (4,445) | $ | 483,786 | $ | 479,341 | $ | 627,807 | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 56,260 | 18,289 | 74,549 | 71,055 | 56,260 | 166,177 | 222,437 | 216,956 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 65,813 | 11,401 | 77,214 | 43,731 | 65,813 | 101,078 | 166,891 | 147,688 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | (1,672) | (1,049) | (2,721) | 245,598 | (1,672) | 165,814 | 164,142 | 245,326 | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before interest, income taxes, depreciation and amortization | 115,956 | 30,085 | 146,041 | 980,919 | 115,956 | 916,855 | 1,032,811 | 1,237,777 | ||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges, net | 2,399 | 975 | 3,374 | 971 | 2,399 | 92 | 2,491 | 7,461 | ||||||||||||||||||||||||||||||||||||||||||||||||
Strategic development and acquisition related costs | 2,735 | 28,895 | 31,630 | 22,250 | 2,735 | 49,560 | 52,295 | 25,502 | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquired inventory step-up amortization | 30,317 | — | 30,317 | — | 30,317 | — | 30,317 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on divestitures | 1,762 | — | 1,762 | (831,252) | 1,762 | (401,413) | (399,651) | (831,252) | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on legal settlements | — | — | — | — | — | (76,575) | (76,575) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 8,837 | 937 | 9,774 | 8,353 | 8,837 | 17,099 | 25,936 | 16,946 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange loss (gain) | (12,489) | 454 | (12,035) | 1,270 | (12,489) | (686) | (13,175) | 1,067 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt | — | (24,801) | (24,801) | — | — | (28,354) | (28,354) | 42,234 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income, net | (172) | (114) | (286) | (408) | (172) | (101) | (273) | (1,378) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | 105 | 151 | 256 | 1,194 | 105 | 1,820 | 1,925 | 13,391 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 149,450 | $ | 36,582 | $ | 186,032 | $ | 183,297 | $ | 149,450 | $ | 478,297 | $ | 627,747 | $ | 511,748 | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA as a percentage of net sales | 11.7 | % | 10.0 | % | 11.3 | % | 12.7 | % | 11.7 | % | 12.8 | % | 12.5 | % | 12.4 | % | ||||||||||||||||||||||||||||||||||||||||
* Refer to Non-GAAP Financial Measures for further discussion. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Combined* | Predecessor | Successor | Predecessor | Combined* | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from July 3, 2022 through October 1, 2022 | Period from July 4, 2021 through October 2, 2021 | Period from July 25, 2022 through October 1, 2022 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2022 through October 1, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,274,883 | $ | 365,445 | $ | 1,640,328 | $ | 1,444,405 | $ | 1,274,883 | $ | 3,736,084 | $ | 5,010,967 | $ | 4,111,558 | ||||||||||||||||||||||||||||||||||||||||
Gross profit | 233,623 | 73,398 | $ | 307,021 | 309,496 | 233,623 | 806,385 | 1,040,008 | 880,953 | |||||||||||||||||||||||||||||||||||||||||||||||
% of net sales | 18.3 | % | 20.1 | % | 18.7 | % | 21.4 | % | 18.3 | % | 21.6 | % | 20.8 | % | 21.4 | % | ||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 179,692 | 56,193 | 235,885 | 206,801 | 179,692 | 513,184 | 692,876 | 616,498 | ||||||||||||||||||||||||||||||||||||||||||||||||
% of net sales | 14.1 | % | 15.4 | % | 14.4 | % | 14.3 | % | 14.1 | % | 13.7 | % | 13.8 | % | 15.0 | % | ||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges, net | 2,399 | 975 | 3,374 | 971 | 2,399 | 92 | 2,491 | 7,461 | ||||||||||||||||||||||||||||||||||||||||||||||||
Strategic development and acquisition related costs | 2,735 | 28,895 | 31,630 | 22,250 | 2,735 | 49,560 | 52,295 | 25,502 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on divestitures | 1,762 | — | 1,762 | (831,252) | 1,762 | (401,413) | (399,651) | (831,252) | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on legal settlements | — | — | — | — | — | (76,575) | (76,575) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from operations | 47,035 | (12,665) | 34,370 | 910,726 | 47,035 | 721,537 | 768,572 | 1,062,744 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (65,813) | (11,401) | (77,214) | (43,731) | (65,813) | (101,078) | (166,891) | (147,688) | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | — | 24,801 | 24,801 | — | — | 28,354 | 28,354 | (42,234) | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange gain (loss) | 12,489 | (454) | 12,035 | (1,270) | 12,489 | 686 | 13,175 | (1,067) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income, net | 172 | 114 | 286 | 408 | 172 | 101 | 273 | 1,378 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (6,117) | 395 | (5,722) | 866,133 | (6,117) | 649,600 | 643,483 | 873,133 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | (1,672) | (1,049) | (2,721) | 245,598 | (1,672) | 165,814 | 164,142 | 245,326 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (4,445) | $ | 1,444 | $ | (3,001) | $ | 620,535 | $ | (4,445) | $ | 483,786 | $ | 479,341 | $ | 627,807 | ||||||||||||||||||||||||||||||||||||||||
Non-GAAP financial measures*: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 149,450 | $ | 36,582 | $ | 186,032 | $ | 183,297 | $ | 149,450 | $ | 478,297 | $ | 627,747 | $ | 511,748 | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA as a percentage of net sales | 11.7 | % | 10.0 | % | 11.3 | % | 12.7 | % | 11.7 | % | 12.8 | % | 12.5 | % | 12.4 | % | ||||||||||||||||||||||||||||||||||||||||
* Refer to Non-GAAP Financial Measures for further discussion. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Combined* | Predecessor | Successor | Predecessor | Combined* | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from July 3, 2022 through October 1, 2022 | Period from July 4, 2021 through October 2, 2021 | Period from July 25, 2022 through October 1, 2022 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2022 through October 1, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aperture Solutions | $ | 569,994 | $ | 164,039 | $ | 734,033 | $ | 596,486 | $ | 569,994 | $ | 1,643,619 | $ | 2,213,613 | $ | 1,703,493 | ||||||||||||||||||||||||||||||||||||||||
Surface Solutions | 288,080 | 85,034 | 373,114 | 357,870 | 288,080 | 839,130 | 1,127,210 | 1,036,448 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shelter Solutions | 416,809 | 116,372 | 533,181 | 490,049 | 416,809 | 1,253,335 | 1,670,144 | 1,371,617 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total net sales | $ | 1,274,883 | $ | 365,445 | $ | 1,640,328 | $ | 1,444,405 | $ | 1,274,883 | $ | 3,736,084 | $ | 5,010,967 | $ | 4,111,558 | ||||||||||||||||||||||||||||||||||||||||
Adjusted segment EBITDA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aperture Solutions | $ | 74,235 | $ | 15,045 | $ | 89,280 | $ | 51,759 | $ | 74,235 | $ | 202,682 | $ | 276,917 | $ | 185,071 | ||||||||||||||||||||||||||||||||||||||||
Surface Solutions | 32,978 | 8,576 | 41,554 | 75,230 | 32,978 | 143,880 | 176,858 | 211,789 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shelter Solutions | 70,736 | 21,219 | 91,955 | 89,550 | 70,736 | 209,156 | 279,892 | 210,474 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate and Other | (74,654) | (39,216) | (113,870) | 765,242 | (74,654) | 331,996 | 257,342 | 672,366 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (56,260) | (18,289) | (74,549) | (71,055) | (56,260) | (166,177) | (222,437) | (216,956) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from operations | $ | 47,035 | $ | (12,665) | $ | 34,370 | $ | 910,726 | $ | 47,035 | $ | 721,537 | $ | 768,572 | $ | 1,062,744 | ||||||||||||||||||||||||||||||||||||||||
* Refer to Non-GAAP Financial Measures for further discussion. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Combined* | Predecessor | Successor | Predecessor | Combined* | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from July 3, 2022 through October 1, 2022 | Period from July 4, 2021 through October 2, 2021 | Period from July 25, 2022 through October 1, 2022 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2022 through October 1, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 569,994 | $ | 164,039 | $ | 734,033 | $ | 596,486 | $ | 569,994 | $ | 1,643,619 | $ | 2,213,613 | $ | 1,703,493 | ||||||||||||||||||||||||||||||||||||||||
Adjusted segment EBITDA | $ | 74,235 | $ | 15,045 | $ | 89,280 | $ | 51,759 | $ | 74,235 | $ | 202,682 | $ | 276,917 | $ | 185,071 | ||||||||||||||||||||||||||||||||||||||||
% of net sales | 13.0 | % | 9.2 | % | 12.2 | % | 8.7 | % | 13.0 | % | 12.3 | % | 12.5 | % | 10.9 | % | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 27,943 | $ | 8,305 | $ | 36,248 | $ | 34,876 | $ | 27,943 | $ | 79,816 | $ | 107,759 | $ | 97,848 | ||||||||||||||||||||||||||||||||||||||||
* Refer to Non-GAAP Financial Measures for further discussion |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Combined* | Predecessor | Successor | Predecessor | Combined* | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from July 3, 2022 through October 1, 2022 | Period from July 4, 2021 through October 2, 2021 | Period from July 25, 2022 through October 1, 2022 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2022 through October 1, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 288,080 | $ | 85,034 | $ | 373,114 | $ | 357,870 | $ | 288,080 | $ | 839,130 | $ | 1,127,210 | $ | 1,036,448 | ||||||||||||||||||||||||||||||||||||||||
Adjusted segment EBITDA | $ | 32,978 | $ | 8,576 | $ | 41,554 | $ | 75,230 | $ | 32,978 | $ | 143,880 | $ | 176,858 | $ | 211,789 | ||||||||||||||||||||||||||||||||||||||||
% of net sales | 11.4 | % | 10.1 | % | 11.1 | % | 21.0 | % | 11.4 | % | 17.1 | % | 15.7 | % | 20.4 | % | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 22,679 | $ | 8,041 | $ | 30,720 | $ | 29,084 | $ | 22,679 | $ | 65,225 | $ | 87,904 | $ | 87,441 | ||||||||||||||||||||||||||||||||||||||||
* Refer to Non-GAAP Financial Measures for further discussion. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Combined* | Predecessor | Successor | Predecessor | Combined* | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from July 3, 2022 through October 1, 2022 | Period from July 4, 2021 through October 2, 2021 | Period from July 25, 2022 through October 1, 2022 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2022 through October 1, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 416,809 | $ | 116,372 | $ | 533,181 | $ | 490,049 | $ | 416,809 | $ | 1,253,335 | $ | 1,670,144 | $ | 1,371,617 | ||||||||||||||||||||||||||||||||||||||||
Adjusted segment EBITDA | $ | 70,736 | $ | 21,219 | $ | 91,955 | $ | 89,550 | $ | 70,736 | $ | 209,156 | $ | 279,892 | $ | 210,474 | ||||||||||||||||||||||||||||||||||||||||
% of net sales | 17.0 | % | 18.2 | % | 17.2 | % | 18.3 | % | 17.0 | % | 16.7 | % | 16.8 | % | 15.3 | % | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 4,391 | $ | 1,552 | $ | 5,943 | $ | 7,012 | $ | 4,391 | $ | 18,016 | $ | 22,407 | $ | 29,015 | ||||||||||||||||||||||||||||||||||||||||
* Refer to Non-GAAP Financial Measures for further discussion. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Combined* | Predecessor | Successor | Predecessor | Combined* | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from July 3, 2022 through October 1, 2022 | Period from July 4, 2021 through October 2, 2021 | Period from July 25, 2022 through October 1, 2022 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2022 through October 1, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate costs | $ | 28,499 | $ | 8,258 | $ | 36,757 | $ | 33,242 | $ | 28,499 | $ | 77,421 | $ | 105,920 | $ | 95,586 | ||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges, net | 2,399 | 975 | 3,374 | 971 | 2,399 | 92 | 2,491 | 7,461 | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquired inventory step-up amortization | 30,317 | — | 30,317 | — | 30,317 | — | 30,317 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Strategic development and acquisition related costs | 2,735 | 28,895 | 31,630 | 22,250 | 2,735 | 49,560 | 52,295 | 25,502 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on divestitures | 1,762 | — | 1,762 | (831,252) | 1,762 | (401,413) | (399,651) | (831,252) | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on legal settlements | — | — | — | — | — | (76,575) | (76,575) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 8,837 | 937 | 9,774 | 8,353 | 8,837 | 17,099 | 25,936 | 16,946 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | 105 | 151 | 256 | 1,194 | 105 | 1,820 | 1,925 | 13,391 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Corporate and Other | $ | 74,654 | $ | 39,216 | $ | 113,870 | $ | (765,242) | $ | 74,654 | $ | (331,996) | $ | (257,342) | $ | (672,366) | ||||||||||||||||||||||||||||||||||||||||
* Refer to Non-GAAP Financial Measures for further discussion. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Combined* | Predecessor | Successor | Predecessor | Combined* | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Period from July 25, 2022 through October 1, 2022 | Period from July 3, 2022 through July 24, 2022 | Period from July 3, 2022 through October 1, 2022 | Period from July 4, 2021 through October 2, 2021 | Period from July 25, 2022 through October 1, 2022 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2022 through October 1, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total depreciation and amortization | $ | 56,260 | $ | 18,289 | $ | 74,549 | $ | 71,055 | $ | 56,260 | $ | 166,177 | $ | 222,437 | $ | 216,956 | ||||||||||||||||||||||||||||||||||||||||
* Refer to Non-GAAP Financial Measures for further discussion. |
(Amounts in thousands) | Amount | ||||
Cash and cash equivalents | $ | 454,748 | |||
Revolving credit facilities: | |||||
Asset-based lending facility | 850,000 | ||||
Cash flow revolving facility | 115,000 | ||||
First-in-last-out tranche asset-based lending facility | 95,000 | ||||
Total revolving credit facilities | 1,060,000 | ||||
Less: | |||||
Debt issued under the facilities | — | ||||
Letters of credit outstanding and priority payables | 48,000 | ||||
Net credit facility | 1,012,000 | ||||
Net liquidity | $ | 1,466,748 |
Successor | Predecessor | Combined* | Predecessor | |||||||||||||||||||||||
(Amounts in thousands) | Period from July 25, 2022 through October 1, 2022 | Period from January 1, 2022 through July 24, 2022 | Period from January 1, 2022 through October 1, 2022 | Period from January 1, 2021 through October 2, 2021 | ||||||||||||||||||||||
Net cash flows from operating activities | $ | (31,791) | $ | 350,665 | $ | 318,874 | $ | (183,640) | ||||||||||||||||||
Net cash flows from investing activities | (24,402) | 456,357 | 431,955 | 785,729 | ||||||||||||||||||||||
Net cash flows from financing activities | (598,426) | (94,087) | (692,513) | (602,385) | ||||||||||||||||||||||
* Refer to Non-GAAP Financial Measures for further discussion. |
Exhibit No. | Description | |||||||
*31.1 | ||||||||
*31.2 | ||||||||
**32.1 | ||||||||
**32.2 | ||||||||
*101.INS | Inline XBRL Instance Document | |||||||
*101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
*101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
*101.DEF | Inline XBRL Taxonomy Definition Linkbase Document | |||||||
*101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
*101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | Filed herewith | |||||||
** | Furnished herewith |
CORNERSTONE BUILDING BRANDS, INC. | ||||||||
Date: November 10, 2022 | By: | /s/ Rose Lee | ||||||
Rose Lee | ||||||||
President and Chief Executive Officer | ||||||||
Date: November 10, 2022 | By: | /s/ Wayne F. Irmiter | ||||||
Wayne F. Irmiter | ||||||||
Senior Vice President and Chief Accounting Officer |
1 Year Cornerstone Building Bra... Chart |
1 Month Cornerstone Building Bra... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions