JELD-WEN Holding, Inc. Files 2023 Annual Report on Form 10-K

Ticker: JELD · Form: 10-K · Filed: Feb 20, 2024 · CIK: 1674335

Jeld-Wen Holding, Inc. 10-K Filing Summary
FieldDetail
CompanyJeld-Wen Holding, Inc. (JELD)
Form Type10-K
Filed DateFeb 20, 2024
Risk Level
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $500 million, $800.0 million, $400.0 million, $200.0
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Annual Report, JELD-WEN, Manufacturing, Financials

TL;DR

<b>JELD-WEN Holding, Inc. has submitted its 2023 annual report detailing financial performance and business operations.</b>

AI Summary

JELD-WEN Holding, Inc. (JELD) filed a Annual Report (10-K) with the SEC on February 20, 2024. JELD-WEN Holding, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 2645 Silver Crescent Drive, Charlotte, NC 28273. JELD-WEN Holding, Inc. is classified under Standard Industrial Classification 2430: MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS. The filing includes financial information for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking JELD-WEN Holding, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of JELD-WEN's financial health, operational performance, and strategic initiatives for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and risk factors disclosed in the report are essential for stakeholders to understand the company's exposure to market, operational, and financial risks, and to make informed investment decisions.

Risk Assessment

Risk Level: — JELD-WEN Holding, Inc. shows moderate risk based on this filing. The company operates in the manufacturing sector, which can be subject to cyclical demand, raw material price volatility, and competitive pressures, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand JELD-WEN's performance and potential challenges in the manufacturing sector.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Reporting period)
  • 2024-02-20 — Filing Date (Date of submission)
  • 2430 — SIC Code (Industry classification)

Key Players & Entities

  • JELD-WEN Holding, Inc. (company) — Filer name
  • 2645 Silver Crescent Drive, Charlotte, NC 28273 (company) — Business address
  • 2430 (regulator) — Standard Industrial Classification
  • 2023-12-31 (date) — Fiscal year end
  • 2024-02-20 (date) — Filing date

FAQ

When did JELD-WEN Holding, Inc. file this 10-K?

JELD-WEN Holding, Inc. filed this Annual Report (10-K) with the SEC on February 20, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by JELD-WEN Holding, Inc. (JELD).

Where can I read the original 10-K filing from JELD-WEN Holding, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by JELD-WEN Holding, Inc..

What are the key takeaways from JELD-WEN Holding, Inc.'s 10-K?

JELD-WEN Holding, Inc. filed this 10-K on February 20, 2024. Key takeaways: JELD-WEN Holding, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal executive offices are located at 2645 Silver Crescent Drive, Charlotte, NC 28273..

Is JELD-WEN Holding, Inc. a risky investment based on this filing?

Based on this 10-K, JELD-WEN Holding, Inc. presents a moderate-risk profile. The company operates in the manufacturing sector, which can be subject to cyclical demand, raw material price volatility, and competitive pressures, as indicated by its SIC code and the nature of its business.

What should investors do after reading JELD-WEN Holding, Inc.'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand JELD-WEN's performance and potential challenges in the manufacturing sector. The overall sentiment from this filing is neutral.

How does JELD-WEN Holding, Inc. compare to its industry peers?

JELD-WEN operates in the manufacturing sector, specifically within the MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS industry (SIC 2430). This sector is sensitive to housing market trends and construction activity.

Are there regulatory concerns for JELD-WEN Holding, Inc.?

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

Industry Context

JELD-WEN operates in the manufacturing sector, specifically within the MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS industry (SIC 2430). This sector is sensitive to housing market trends and construction activity.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

  1. Review JELD-WEN's financial statements for the fiscal years 2023, 2022, and 2021.
  2. Analyze the risk factors section to understand potential challenges and uncertainties.
  3. Examine any disclosed operational or strategic updates within the business overview.

Key Dates

  • 2024-02-20: 10-K Filing — Annual report submission for fiscal year 2023

Year-Over-Year Comparison

This filing represents the company's annual disclosure for the fiscal year 2023, following previous filings which would have covered prior periods.

Filing Stats: 4,430 words · 18 min read · ~15 pages · Grade level 15 · Accepted 2024-02-20 15:49:02

Key Financial Figures

  • $0.01 — ich registered Common Stock (par value $0.01 per share) JELD New York Stock Exchange
  • $500 million — ed December 31, 2023 ABL Facility Our $500 million asset-based loan revolving credit facil
  • $800.0 million — s Act of 1933, as amended Senior Notes $800.0 million of unsecured notes issued in December 2
  • $400.0 million — in a private placement in two tranches: $400.0 million bearing interest at 4.625% and maturing
  • $200.0 — t 4.625% and maturing in December 2025 ($200.0 of which were redeemed in August 2023)
  • $250.0 million — in December 2027. Senior Secured Notes $250.0 million of senior secured notes issued in May 2
  • $4,304 million — illustrated below: 2023 Net Revenues $4,304 million Channel Geography Construction Applic

Filing Documents

Risk Factors

Item 1A. Risk Factors 18

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 31

Cybersecurity 31

Item 1C. Cybersecurity 31

Properties

Item 2. Properties 33

Legal Proceedings

Item 3. Legal Proceedings 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34 Part II.

Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 35

Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 35

[Reserved]

Item 6. [Reserved] 36

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 56

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 57

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 57

Controls and Procedures

Item 9A. Controls and Procedures 57

Other Information

Item 9B. Other Information 58

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 58

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 58 Part III.

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 59

Executive Compensation

Item 11. Executive Compensation 59

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 59

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 59

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 59

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 59 Part IV.

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 60

Form 10-K Summary 63

Item 16. Form 10-K Summary 63

Signatures

Signatures 64 Consolidated Financial Statements F - 4 2 Back to top Glossary of Terms When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below: Form 10-K Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ABL Facility Our $500 million asset-based loan revolving credit facility, dated as of October 15, 2014 and as amended from time to time, with JWI (as hereinafter defined) and JELD-WEN of Canada, Ltd., as borrowers, the guarantors party thereto, a syndicate of lenders, and Wells Fargo Bank, N.A., as administrative agent ABS JWI d/b/a American Building Supply, Inc. Adjusted EBITDA from continuing operations A supplemental non-GAAP financial measure of operating performance not based on a standardized methodology prescribed by GAAP that we define as Adjusted EBITDA from continuing operations as income (loss) from continuing operations, net of tax, adjusted for the following items: income tax expense (benefit); depreciation and amortization; interest expense, net ; and certain special items consisting of non-recurring net legal and professional expenses and settlements; goodwill impairment; restructuring and asset related charges; other facility closure, consolidation, and related costs and adjustments; M&A related costs; net (gain) loss on sale of property and equipment; loss on extinguishment of debt; share-based compensation expense; pension settlement charges; non-cash foreign exchange transaction/translation (income) loss; and other special items. ASC Accounting Standards Codification ASU Accounting Standards Update AUD Australian Dollar CAP Cleanup Action Plan CARES Act Coronavirus Aid, Relief, and Economic Security Act enacted on March 27, 2020 CEO Chief Executive Officer CFO Chief Financial Officer CIO Chief Digital and Information Officer CISO Chief Information Security Officer Charter Amended and Restated Certificate of Incorporation of JELD-WEN H

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS In addition to historical information, this Form 10-K contains "forward-looking statements" within the meaning of Section 27A of the federal Securities Act and Section 21E of the Exchange Act, which are subject to the "safe harbor" created by those sections. All statements, other than statements of historical facts, included in this Annual Report on Form 10-K are forward-looking statements. Forward-looking statements are generally identified by our use of forward-looking terminology, including the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "seek," or "should," and, in each case, their negative or other various or comparable terminology. In particular, statements about the markets in which we operate, including growth of our various markets, and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, or future events or performance under Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations and Item 1 - Business are forward-looking statements. In addition, statements regarding the potential outcome and impact of pending litigation are forward-looking statements. We have based these forward-looking statements on our current expectations, assumptions, estimates, and projections. While we believe these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the headings Item 1A - Risk Factors in this Form 10-K may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Some of the factors that could cause actual results to differ materia

- Business

Item 1 - Business. Our Company We are a leading global designer, manufacturer, and distributor of high-performance interior and exterior doors, windows, and related building products, serving the new construction and R&R sectors. The JELD-WEN family of brands includes JELD-WEN worldwide; LaCantina and VPI in North America; and Swedoor, DANA, and Kellpex in Europe. Our customers include wholesale distributors and retailers as well as individual contractors and consumers. Our business is highly diversified by distribution channel, geography, and construction application as illustrated below: 2023 Net Revenues $4,304 million Channel Geography Construction Application (1) (1) Percentage of net revenues by construction application is management's estimate based on the end markets into which our customers sell. As a leading global manufacturer of interior and exterior building products, we have invested significant capital to build a business platform that we believe is unique among our competitors. We operate 84 manufacturing and distribution facilities in 15 countries located primarily in North America and Europe. We are focused on optimizing our global footprint to enhance performance and improve profit margins. On July 2, 2023, we completed the sale of our Australasia business ("JW Australia"). The net assets and operations of the disposal group met the criteria to be classified as "discontinued operations" and are reported as such in all periods. Unless otherwise indicated, the description of our business provided in Part I pertains to continuing operations only (see Note 1 - Description of Company and Summary of Significant Accounting Policies and Note 2 - Discontinued Operations to our consolidated financial statements for further information) . For many product lines, our manufacturing processes are vertically integrated, enhancing our range of capabilities, our ability to innovate, and our quality control, as well as providing us with supply chain, tra

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