Pgem q4 2016 earnings slides final
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Transcript of Pgem q4 2016 earnings slides final
Fourth Quarter and Full Year Results
GaryE.RobinetteChairman&ChiefExecutiveOfficer
ShawnK.PoeChiefFinancialOfficer
PlyGem.com2
• Fourth Quarter Review Gary Robinette
• Financial Results by Segment Shawn Poe
• Acquisition Synergies and Cost Savings Shawn Poe
• Margin and Growth Initiatives Gary Robinette
• Economic Outlook Gary Robinette
• Questions and Answers Gary Robinette & Shawn Poe
• Closing Remarks Gary Robinette
Agenda
PlyGem.com3
These slides and the accompanying oral discussion may contain “forward-looking statements” within the meaning of the Private SecuritiesLitigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause theactual results of Ply Gem Holdings, Inc. (the “Company”) to differ materially from the results expressed or implied, including: downturns ornegative trends in the home repair and remodeling or the new construction end markets, or the U.S. and Canadian economies or theavailability of consumer credit; competition from other building products manufacturers and alternative building materials; inability tosuccessfully develop new products or improve existing products; changes in the costs and availability of raw materials; consolidation andfurther growth of our customers; loss of, or a reduction in orders from, any of our significant customers; inclement weather conditions;increases in union organizing activity and work stoppages at our facilities or the facilities of our suppliers; our ability to employ, train andretain qualified personnel at a competitive cost; claims arising from the operations of our various businesses prior to our acquisitions;product liability claims, including class action claims and warranties, relating to the products we manufacture; litigation outside of productliability claims; loss of certain key personnel; interruptions in deliveries of raw materials or finished goods; changes in building codes andstandards could increase the cost of our products, lower the demand for our products, or otherwise adversely affect our business;environmental costs and liabilities; manufacturing or assembly realignments; threats to, or impairments of, our intellectual property rights;increases in transportation, freight and fuel costs; changes in foreign currency exchange and interest rates; material non-cash impairmentcharges; our significant amount of indebtedness; covenants in the ABL Facility, the credit agreement governing our Senior Secured TermLoan Facility and the indenture governing the 6.50% Senior Notes; limitations on our net operating losses and payments under the taxreceivable agreement to our stockholders; failure to successfully consummate and integrate acquisitions; actual or perceived securityvulnerabilities or cyberattacks on our networks; failure to effectively manage labor inefficiencies associated with increased production andnew employees added to the Company; failure to generate sufficient cash to service all of our indebtedness and make capitalexpenditures; control by the CI Partnerships; and the risks set forth in the Company’s filings with the Securities and ExchangeCommission. Consequently such forward-looking statements should be regarded as the Company’s current plans, estimates and beliefs.Except as required by law, the Company does not undertake and specifically declines any obligation to publicly release the results of anyrevisions to these forward-looking statements that may be made to reflect any future events or circumstances after the date of suchstatements or to reflect the occurrence of anticipated or unanticipated events.
In addition, these slides and the accompanying oral discussion reference financial information determined by methods other than inaccordance with accounting principles generally accepted in the United States of America (“GAAP”), such as adjusted EBITDA. TheCompany’s management uses these non-GAAP measures in its analysis of the Company’s performance. The Company believes that thepresentation of certain non-GAAP measures provides useful supplemental information that is essential to a proper understanding of theoperating results of the Company’s core business. These non-GAAP measures should not be viewed as a substitute for operating resultsdetermined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presentedby other companies. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure isprovided in the appendix to the slides and is included in our press release issued on March 10, 2017 and posted on www.plygem.com.
Legal Disclaimer
PlyGem.com4
Ply Gem Overview
• Leading Manufacturer of Exterior Building Products • Comprehensive Product Portfolio with Strong Brand Recognition• Multi-Channel Distribution Network Servicing a Broad Customer Base• Balanced End Market Exposure Driven by Diversified Product Mix• Highly Efficient, Low Cost Operating Platform• Proven Track Record of Acquisition Integration & Cost Savings
Realization• Strong Management Team with Significant Ownership
Platform Built for Growth and Operating Leverage
Repair and Remodel
Leverage to New Housing Starts
New Products and Innovation Drive
Share GainsM&A Opportunities
US90%
Canada10%
Siding46%Windows
54%
PlyGem.com5
Fourth Quarter 2016 Highlights($ in Millions) Q4 2016 Q4 2015
Net SalesY-O-Y Change
$462.37.4%
$430.5
Gross ProfitGross Profit %
$103.522.4%
$99.923.2%
Operating EarningsY-O-Y Change
$28.7(0.7%)
$28.9
Adj. EBITDAAs % of Net Sales
$44.99.7%
$43.210.0%
End Market Exposure
New Construction
52%
Home Repair & Remodel
48%
Key Highlights
• Sales increased $31.8M during the quarter. Our U.S. businesses experienced an organic growth rate of 8.2% which was primarily driven by increased demand for our products within our Siding, Fencing and Stone segment and our new construction windows and doors. For the total Company, favorable price and product mix provided a sales increase of $4.0M within our segments and 1 additional shipping day in the quarter compared to 2015 due to the timing of the Company’s fiscal calendar favorably impacted sales by $5.5M. These favorable sales drivers were partially offset by weaker market conditions in Canada, primarily in Western Canada, which negatively impacted sales, partially offset by favorable foreign currency exchange rates which impacted sales by $0.6M.
• Gross margin contracted 80 basis points primarily driven by lower average selling prices and unfavorable commodity costs relative to Q4 2015, primarily PVC resin and aluminum, in our Siding, Fencing & Stone segment, partially offset by higher average selling prices in our Windows and Doors segment and realized synergies from acquisitions.
• Eleventh consecutive year-over-year quarterly adjusted EBITDA improvement. Incremental year-over-year quarterly adjusted EBITDA growth of 3.8%.
Note: Certain amounts in this presentation have been subject to rounding adjustments. Accordingly, amounts shown as total may not be the arithmetic aggregation of the individual amounts that comprise or precede them.
PlyGem.com6
Fourth Quarter 2016 HighlightsFourth Quarter Net Sales Performance Bridge ($ in Millions)
$462.33.1
$430.5
25.45.5
4.0
$400.0
$415.0
$430.0
$445.0
$460.0
$475.0
Q42015NetSales U.S.Volume ImpactofShippingDays
Price/Mix CADVolume&F/X
Q42016NetSales
NetSales
Fourth Quarter Adjusted EBITDA Performance Bridge ($ in Millions)
$44.95.1
2.92.6$43.2
7.24.0 1.1
$20.0
$30.0
$40.0
$50.0
$60.0
Q42015AdjEBITDA
U.S.Volume Price/Mix ImpactofShippingDays
Conversion /FixedCosts
SG&A/Other CADVolume&F/X
Q42016AdjEBITDA
Adj.EB
ITDA
PlyGem.com7
2016 Full Year Highlights
($ in Millions) 2016 2015
Net SalesY-O-Y Change
$1,911.83.9%
$1,839.7
Gross ProfitGross Profit %
$462.324.2%
$419.722.8%
Operating EarningsY-O-Y Change
$168.537.5%
$122.5
Adj. EBITDAAs % of Net Sales
$229.012.0%
$184.610.0%
End Market Exposure
New Construction
54%
Home Repair & Remodel
46%
Key Highlights
• Sales increase of $72.1M was primarily due to organic growth in our U.S. businesses. U.S. organic growth of $96.9M was mainly driven by an increase in lag effected U.S. single-family housing starts in 2016 including $11.7M in incremental sales from our Canyon Stone acquisition. These favorable sales drivers were partially offset by lower sales in Canada of $24.7M due to the declining macro-economic conditions in Western Canada and the related foreign currency exchange rates of $6.9M. The sales increase was also attributed to a net favorable price and product mix of $3.1M primarily related to selling price increases in our Windows and Doors segment partially offset by unfavorable pricing of metal accessory products within our Siding, Fencing and Stone segment.
• Gross margin expansion of 140 basis points primarily driven by increased average selling prices in our Windows and Doors segment, favorable material costs and realized synergies from acquisitions, partially offset by lower average selling prices in our Siding, Fencing and Stone segment, decreased operating leverage in Western Canada and an unfavorable foreign currency impact.
• Adjusted EBITDA increase of $44.4M resulting from the execution of margin improvement initiatives, higher sales of 3.9%, improved operating performance initiatives and maintaining our cost discipline.
• Record annual adjusted EBITDA of $229.0M.
PlyGem.com8
2016 Full Year Highlights2016 Full Year Net Sales Performance Bridge ($ in Millions)
$1,911.8
31.1
$1,839.7
88.411.7 3.1
$1,800.0
$1,850.0
$1,900.0
$1,950.0
2015NetSales
U.S.Volume Acquisitions Price/Mix CADVolume&F/X
2016NetSales
NetSales
2016 Full Year Adjusted EBITDA Performance Bridge ($ in Millions)
$229.013.96.8 5.1
$184.6
42.3
23.8 3.1 1.0
$150.0
$175.0
$200.0
$225.0
$250.0
$275.0
2015Adj.EBITDA
MaterialCosts
U.S.Volume
Price/Mix Acquisitions CADVolume&F/X
SG&A/Other
Conversion /FixedCosts
2016Adj.EBITDA
Adj.EB
ITDA
PlyGem.com9
($ in Millions) 2011 2012 2013 2014 2015 2016Senior Notes $950.0 $1,000.0 $852.0 $650.0 $650.0 $650.0
Term Loan Facility - - - 426.8 422.5 258.2
ABL 55.0 15.0 - - - -
Total Debt $1,005.0 $1,015.0 $852.0 $1,076.8 $1,072.5 $908.2
Cash 11.7 27.2 69.8 33.2 109.4 52.0
Net Debt $993.3 $987.8 $782.2 $1,043.6 $963.1 $856.2
Adj. EBITDA $112.2 $126.8 $117.5 $124.2 $184.6 $229.0
Interest Coverage 1.2 1.3 1.4 1.9 3.1 3.9
Leverage Ratio 8.9 7.8 6.7 8.4 5.2 3.7
Historical Leverage Ratio
8.9
7.8
6.7
8.4
5.2
3.7
-
2.0
4.0
6.0
8.0
10.0
2011 2012 2013 2014 2015 2016
LeverageRatio
1.5TurnImprovement
SignificantDe-Leveraging
PlyGem.com10
Window & Doors (W&D) Segment – Fourth QuarterFourthQuarterResults($inMillions)
$229.2 $215.6
$26.0 $24.8
Q42016 Q42015
NetSales
U.S. Canada
$240.4$255.2
Q42016 Q42015U.S. 18.5% 18.5%
Canada 24.3% 18.6%
W&DSegment 19.1% 18.5%
GrossMargin%
KeyHighlights• Saleswerefavorableby$14.7Mor6.1%primarily drivenby$6.9M
ofpriceandproduct mix,$6.9Mofincreased volumewithin ourU.S.businesses,andafavorable$3.3Mrelatedto1additionalshippingdayinthequarter compared to2015duetotimingoftheCompany’sfiscalcalendar,partially offsetbyweakermarketconditions inWesternCanada.
• Grossmarginexpansion by60basispoints primarilydrivenbyimprovedpricing andproduct mixforourU.S.andCanadianbusinessesandrealized synergiesfromtheSimontonacquisition,partiallyoffsetbyincreasedlabor andconversion costs,andunfavorableforeigncurrency.
• SG&Aexpenseasapercent ofsalesincreasedfrom14.6%to14.8%oraincreaseof$2.7M.Theincreaseisprimarilyduetoapproximately $2.5Moflegalandsettlementcosts.Adjustingforthelegalandsettlementcosts, SG&Aexpenseasapercentofsaleswouldhavedecreasedto13.8%.
EndMarketExposure (*)
Newconstructio
n63%
Homerepair&remodel37%
(*) ForthethreemonthsendedDecember31,2016
PlyGem.com11
W&D Segment Gross Margin – Fourth Quarter
18.5% 19.1% 1.…
0.9%
2.7%
15.0%
17.0%
19.0%
21.0%
23.0%
25.0%
Q42015GrossMargin
SellingPrice/ProductMix
Labor,Conversion&FreightCosts
UnfavorableFX/Other Q42016GrossMargin
QuarterlyGrossMarginPerformance • Sellingprice/productmixreflectfavorableproductmixandimpactofsellingpriceincreasesimplementedin2016fortheU.S.andCanada.
• Short-termunfavorablelabor,conversionandfreight costsprimarilyduetotransitionfromcaptivedeliverytruckstodedicatedthirdpartylogisticspartnerandrelatedinefficiencies.
PlyGem.com12
W&D Segment – Full Year
2016FullYearResults($inMillions)
$930.1 $885.3
$94.9 $114.3
2016 2015
NetSales
U.S. Canada
$999.6$1,025.0
GrossMargin%
2016 2015U.S. 19.7% 18.1%
Canada 20.4% 18.3%
W&DSegment 19.8% 18.1%
KeyHighlights• Salesincreaseof$25.4Mor2.5%,primarilyduetotheorganicgrowthofour
U.S.businessesandfavorablepriceandproductmixwithinthesegment.OverallU.S.newconstructionandrepair&remodelproductgrowth,includingpriceandproductmix,increasedsalesby$44.8M.ThissalesgrowthwaspartiallyoffsetbyweakermarketconditionsinWesternCanadaandtherelatedforeigncurrencyexchangerateswhichcombinedreducedsalesby$19.4M.
• Grossmarginimprovedby170basispointsprimarilydrivenbyimprovedpricingandproductmixinbothourU.S.andCanadianbusinesses,realizedsynergiesfromtheSimontonacquisition,andimprovedoperatingleverageatourU.S.businessesbasedonhighervolumes,partiallyoffsetbyunfavorableforeigncurrencyanddecreasedoperatingleverageinWesternCanada.
• SG&Aexpenseasapercentofsalesdecreasedfrom15.1%to14.3%oradecreaseof$3.9M.ThedecreaseisprimarilyduetoleveragingthefixedcomponentofSG&Aexpense,lowerpersonnelcostsandseverancecostsassociatedwiththeintegrationofvariousgeneralandadministrativefunctionswithinSimontonandlowerWesternCanadianrestructuringandintegrationcostsduetotheconsolidationofmanufacturinglocationsin2014/2015,partiallyoffsetbyincreasedlegalandsettlementcostsofapproximately$2.8Min2016.
EndMarketExposure
Newconstructio
n68%
Homerepair&remodel32%
PlyGem.com13
W&D Segment Gross Margin – Full Year
18.1%
19.8% 1.4% 1.1%
3.… 0.…
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
24.0%
2015GrossMargin
SellingPrice/ProductMix
Commodity Costs Labor,Conversion&FreightCosts
UnfavorableFX/Other
2016GrossMargin
2016GrossMarginPerformance • Sellingprice/product mixreflectfavorableproduct mixand impactofsellingpriceincreasesimplemented in2016for theU.S.andCanada.
• Commoditycostfavorabilityduemainlytoaluminumcostsandsynergiesrealized through theSimontonacquisition, partiallyoffsetbyrisingPVCresincosts.
• Unfavorable labor, conversion&freightcosts.
20.9%15.4% 14.0% 15.4% 13.1% 13.8% 9.7% 12.9%
18.1% 19.8%
1,046
622445 471 431
535618 648 715 782
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
HistoricalGrossMarginPerformance
AnnualGrossProfit % U.S.SFHS- inthousands(*)Note:Includes Simontonfromdateofacquisition
PlyGem.com14
Siding, Fencing & Stone (SFS) Segment – Fourth Quarter
FourthQuarterResults($inMillions)
$184.1 $166.4
$23.0$23.6
Q42016 Q42015
NetSales
U.S. Canada
$190.0$207.1
GrossMargin%
Q42016 Q42015U.S. 26.3% 29.7%
Canada 27.4% 25.4%
SFSSegment 26.4% 29.2%
(*) ForthethreemonthsendedDecember31,2016
KeyHighlights
• Salesincreaseof$17.1Mor9.0%primarilydrivenbyorganicunitgrowthof12.6%intheU.S.business.Thequarterlysegmentsalesgrowthwaspartiallyoffsetbyloweraveragesellingpricesof$5.0Mduetolowerrawmaterialcosts,weakermarketconditionsinCanadawhichimpacteddemandforvinylsidingproductsandaccessories.
• Grossmargincontracted by280basispoints,primarilydrivenbyloweraveragesellingprices,decreasedoperatingleverageinCanadaandunfavorableforeigncurrency,partiallyoffsetbyfavorableoperatingleverageintheU.S.business.
• SG&Aexpensedecreased$2.1MduetoleveragingthefixedcomponentofSG&Aexpense.SG&Aexpenseasapercentofsalesdecreasedfrom12.4%to10.4%.
EndMarketExposure (*)
Newconstruction
38%
Homerepair&remodel
62%
PlyGem.com15
SFS Segment Gross Margin – Fourth Quarter
29.2%
26.… 1.4%
0.7% 0.7%
24.0%
28.0%
32.0%
Q42015GrossMargin
SellingPrice/ProductMix
Commodity Costs&Mfg.Leverage
UnfavorableFX/Other Q42016GrossMargin
QuarterlyGrossMarginPerformance • Unfavorable commoditycostsduemainlyfromPVCresinandaluminum, partiallyoffsetbyfavorable manufacturingleveragedue toa12.6% increaseinunits sold.
• Sellingprice/product mixreflectsahigherproportion ofmetalproducts soldduring thequartercompared to theprior yearwhichcarryalowergrossmargin.
PlyGem.com16
SFS Segment – Full Year
2016FullYearResults($inMillions)
$783.2 $731.1
$103.7 $109.0
2016 2015
NetSales
U.S. Canada
$840.1$886.9
GrossMargin%
2016 2015U.S. 29.6% 28.2%
Canada 27.0% 29.6%
SFSSegment 29.3% 28.4%
KeyHighlights• Salesincreaseof$46.7Mor5.6%primarilydrivenbyorganicunit
growthof10.6%intheU.S.businessandtheincrementalsalesfromourCanyonStoneacquisitionwhichaccountedfor$11.7Mofsalesgrowth.ThesalesgrowthwaspartiallyoffsetbyloweraveragesellingpricesduetolowerrawmaterialcostsandweakermarketconditionsinCanadawhichimpacteddemandforvinylsidingproductsandaccessoriesandunfavorableforeigncurrencyexchangerates.
• Grossmarginexpandedby90basispoints, primarilydrivenbyfavorableleverageonadditional salesvolume,lowercommoditycostsandfreightexpense,partiallyoffsetbyloweraveragesellingprices,decreasedoperatingleverageinCanadaandunfavorableforeigncurrency.
• SG&Aexpensedecreased$1.1Mduetoinitiativeswhichloweredsalesandmarketingexpensesby$3.6M,partiallyoffsetby$2.6MassociatedwiththeCanyonStoneacquisition.SG&Aexpenseasapercentofsalesdecreasedfrom10.8%to10.1%.
EndMarketExposure
Newconstruction
37%
Homerepair&remodel
63%
PlyGem.com17
SFS Segment Gross Margin – Full Year
28.4% 29.3%
3.… 0.3%
4.6%
20.0%
25.0%
30.0%
35.0%
2015GrossMargin
Commodity Costs/Mfg.Leverage
SellingPrice/ProductMix
UnfavorableFX/Other 2016GrossMargin
2016GrossMarginPerformance • CommoditycostfavorabilityduemainlyfromaluminumandPVCresincosts.
• Improvedmanufacturingleverageduetoincreaseisunitssoldduring2016.
• Sellingprice/productmixreflectsahigherproportionofmetalproductssoldduring2016comparedtotheprioryearwhichcarryalowergrossmargin.
20.4% 18.4% 25.9% 25.7% 24.8% 27.4% 26.8% 26.1% 28.4% 29.3%
.5208.6200
.5288
.6458.6971 .6975 .7134 .7534
.7250.7617
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
HistoricalGrossMarginPerformance
AnnualGrossProfit % PVCResin Price/lbs(*)
PlyGem.com18
Acquisition Synergies and Cost Savings
$23.5
$9.0
$14.5
$-
$5.0
$10.0
$15.0
$20.0
$25.0
2015RealizedAcq.Synergies 2016Acq.SynergiesRealized CumulativeAcq.SynergiesRealized
• Simonton–$22.5MofsynergiesandcostsavingsfromSimontonacquisitionidentifiedthroughrawmaterialsourcing,manufacturingefficiencies,insourcingproductsandSG&A
• CanyonStone–$1MofsynergiesandcostsavingsfromCanyonStoneacquisitionidentifiedthroughmanufacturingefficienciesandrawmaterialsourcing
• During2016,acquisitionsynergiesof$14.5Mhavebeenrealized,bringingthetotalacquisitionsynergiesrelatedtotheSimontonandCanyonStoneacquisitionsto$23.5M.
PlyGem.com19
Margin Enhancements & Growth Initiatives
SellingPriceIncreasesü W&DQ12017priceincreaseswereannounced inOctober2016.Sellingpriceincreasesrange
from6%to8%
ü SFSDecember2016priceincreaseshavebeenannounced inNovember2016fortheU.S.siding productsduetorisingmaterialcosts.Sellingpriceincreasesrangefrom6%to8%
GrowthInitiativesü Cross SellingOpportunities – Continue tointegrateourextensiveproductcategoriesacross
ourlegacycustomerbaseandacquiredSimonton customerbase
ü ExpandmarketpenetrationofPlyGem’sadjacentproducts suchasPVCtrim,engineeredroofingandengineeredstone
ü Continuednewproductinnovation throughthePlyGemInsightCenterandFoundation Labs
PlyGem.com20
Economic Outlook & Guidance
ExpectContinuedSteadyGrowthinU.S.HousingStarts
ü Expectoverallmoderategrowthof5%to10%inU.S.housingrecovery in2017
ü ExpectanoverallmoderategrowthrateforbigticketR&Rspendofapproximately3%to5%in2017
ü OverallCanadianhousingstartsexpected toberelatively flatcomparedto2016
2017EBITDAGuidanceü BasedontheforecastedgrowthoftheU.S.housingmarketandR&Rspend,theimpact
ofourenactedsellingprice increasesandothermarginenhancinginitiatives,weexpectouradjustedEBITDA2017tobeintherangeof$250Mto$265M
PlyGem.com21
AppendixNon-GAAP Adjusted EBITDA Reconciliation
PlyGem.com22
Fourth Quarter Adjusted EBITDA Reconciliation
(amounts in thousands)For the three
months ended December 31, 2016
For the three months ended
December 31, 2015
Net income $6,663 $9,064Interest expense, net 17,670 18,234
Provision (benefit) for income taxes (3,398) 1,074
Depreciation and amortization 13,937 14,092
EBITDA $34,872 $42,464Non cash loss in foreign currency transactions 429 1,065
Acquisition costs - 9
Customer inventory buybacks 410 266
Restructuring/integration expense (80) (57)
Litigation – class action charges, net 1,875 -
Tax receivable agreement liability adjustment 268 (520)
Loss on modification or extinguishment of debt 7,097 -
Adjusted EBITDA $44,871 $43,227
PlyGem.com23
Full Year Adjusted EBITDA Reconciliation
(amounts in thousands) For the year ended December 31, 2016
For the year ended December 31, 2015
Net income $75,487 $32,288Interest expense, net 72,682 74,819
Benefit for income taxes (51,995) (688)
Depreciation and amortization 56,403 58,400
EBITDA $152,577 $164,819Non cash loss (gain) in foreign currency transactions (299) 3,166
Acquisition costs - 656
Customer inventory buybacks 1,811 957
Restructuring/integration expense 433 3,221
Non cash charge of purchase price allocated to inventories - 54
Litigation – class action charges, net 1,875 (1,194)
Tax receivable agreement liability adjustment 60,874 12,947
Loss on modification or extinguishment of debt 11,747 -
Adjusted EBITDA $229,018 $184,626
PlyGem.com24
Fourth Quarter EBITDA Adjustments By Segment (*)
(amounts in thousands) For the three months ended December 31, 2016
For the three months ended December 31, 2015
SFS Segment
W&D Segment Total SFS
SegmentW&D
Segment Total
Non cash loss on foreign current transactions $57 $372 $429 $162 $903 $1,065
Acquisition costs - - - 9 - 9
Customer inventory buybacks 410 - 410 194 72 266
Restructuring/integration expense - (80) (80) (4) (53) (57)
Litigation – class action charges, net - 1,875 1,875 - - -
$467 $2,167 $2,634 $361 $922 $1,283
(*) DoesnotreflectunallocatedandcorporateEBITDAadjustments
PlyGem.com25
Full Year EBITDA Adjustments By Segment (*)
(amounts in thousands) For the year ended December 31, 2016
For the year ended December 31, 2015
SFS Segment
W&D Segment Total SFS
SegmentW&D
Segment Total
Non cash loss (gain) on foreign current transactions ($204) ($95) ($299) $954 $2,212 $3,166
Acquisition costs - - - 397 259 656
Customer inventory buybacks 1,824 (13) 1,811 447 510 957
Restructuring/integration expense 190 243 433 482 2,739 3,221
Non cash charge of purchase price allocated to inventories - - - 54 - 54
Litigation – class action charges, net - 1,875 1,875 - (1,194) (1,194)
$1,810 $2,010 $3,820 $2,334 $4,526 $6,860
(*) DoesnotreflectunallocatedandcorporateEBITDAadjustments