Q3 2022 Earnings Presentation
Q3 2022 Key Takeaways
All around record results in Q3'22 revenues, gross profit, operating income,
net income, Adj. EBITDA, and Adj. Net Income
Q3'22 revenue growth entirely organic, up 53% to $201.8 mm led by strong
U.S. residential and commercial activity
Continued rapid growth in the U.S. single-family residential, with Q3'22 sales
up 44.3% to $85.8 mm, through dealership expansion, geographic
diversification and innovative products. Accelerated recovery in multi-family
and commercial construction, up 61% YoY
Gross profit increased 104% to $105.3 mm, with gross margin of 52.2%,
attributable to operating leverage, favorable pricing and inventory efficiencies
✓ Adj. EBITDA of $78.5 mm, up 104.0% YoY, with margins up 970 bps to 38.9%
✓ Adjusted net income increased 125.9% to $48.0 mm, or $1.01 per diluted
share
Substantial cash generation with operating cash flow of $29.1 mm driven by
higher profitability YoY and enhanced working capital management
Continued deleveraging, with net debt / LTM adj. EBITDA at record low 0.4x
Record backlog of $696.9 mm, up ~21% YoY, representing ~1.9x LTM multi
family and commercial revenues
Sales By Geography
4%
Total
Revenues
Q3'22
■ U.S.
LatAm/Other
96%
U.S. End Market Mix
57%
Total U.S.
Revenues
Q3'22
43%
SF Residential
Gross Margin
■Multi-Family/
Commercial
52.2%
Adj. EBITDA¹ Margin
Operating Cash Flow
Net Leverage
38.9%
$29.1 mm
0.4x
Notes:
1.
Adjusted EBITDA excludes non-recurring and non-cash expenses mainly associated with our bond issuance and respective extinguishment of former debt, withholding taxes associated with payments to
bondholders, acquisition related costs and other non-recurring items
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