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PGTI Reports Record Third Quarter 2023 Results

PGT Innovations, Inc. (NYSE: PGTI), a national leader in premium windows and doors, including impact-resistant products, garage doors, and products designed to unify indoor/outdoor living spaces, today announced financial results for its third quarter ended September 30, 2023.

Financial Highlights for Third Quarter 2023

(All results reflect comparison to prior-year period; Cash on hand is compared to prior-year end)

  • Net sales totaled $400 million, an increase of 4 percent.
  • Net income was $39 million, an increase of 29 percent.
  • Adjusted net income* was $39 million, an increase of 16 percent.
  • Adjusted EBITDA* was $78 million, an increase of 15 percent.
  • Net income per common share attributable to common shareholders, diluted, was $0.67, an increase of 34 percent.
  • Adjusted net income per diluted share* was $0.66, an increase of 20 percent.
  • Total liquidity* at the end of the third quarter was $214 million, including cash of $38 million and revolver availability of $176 million.

Fourth Quarter 2023 Guidance

  • Net sales in the range of $325 million to $350 million.
  • Adjusted EBITDA* in the range of $51 million to $57 million

* Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA, and Liquidity are non-GAAP measures. Please see “Use of Non-GAAP Financial Measures” below for more information.

"PGT Innovations delivered a record third quarter in spite of a continuing dynamic macro environment. Net sales were $400 million, four percent above the prior year quarter. The Company is executing on all cylinders, resulting in an Adjusted EBITDA margin of 19.6 percent,” said Jeff Jackson, President and Chief Executive Officer. “The Company continues to execute on operational performance objectives while maintaining strong cost management discipline.”

“Our organic third quarter net sales increased one percent from the prior year quarter, driven by a two percent impact from price increases, partially offset by a unit volume decline. Our unit volume growth rate increased from the second quarter, driven by our southeast segment in both repair and remodel and new construction channels,” added Jackson. “We continue to see lower growth rates in the west, as the business is more heavily weighted to new construction.”

“In the third quarter, we delivered record operating cash flow of $80 million, which enabled a reduction in our revolver borrowings of $39 million,” said Craig Henderson, Interim Chief Financial Officer. "Additionally, we returned nearly $30 million of capital to our shareholders through share repurchases, for total year-to-date repurchases of $75 million."

"We expect fourth quarter 2023 performance for net sales in the range of $325 million to $350 million, and Adjusted EBITDA in the range of $51 million to $57 million. Strong operational execution should continue into the fourth quarter and help us deliver solid profits in this dynamic market," concluded Henderson.

Conference Call

PGT Innovations will host a conference call today at 10:30 a.m. The conference call will be available at the same time through the Investor Relations section of the PGT Innovations, Inc. website, http://ir.pgtinnovations.com/events.cfm.

To participate in the teleconference, kindly dial into the call about 10 minutes before the start time: 833-316-0547 (U.S. toll-free) and 412-317-5728 (International). A replay of the call will be available within approximately one hour after the scheduled end of the call today, through approximately 12:30 p.m. on November 9, 2023. To access the replay, dial 877-344-7529 (U.S. Only toll-free), 855-669-9658 (Canada Only toll-free) and 412-317-0088 (International) and refer to pass code 3330517. Other international replay dial-in numbers can be obtained at: https://services.choruscall.com/ccforms/replay.html

You may join the conference online by using the following link:

https://event.choruscall.com/mediaframe/webcast.html?webcastid=E5RSqlGu.

About PGT Innovations, Inc.

PGT Innovations manufactures and supplies premium windows, doors, and garage doors. Its highly engineered and technically advanced products can withstand some of the toughest weather conditions on Earth and are revolutionizing the way people live by unifying indoor and outdoor living spaces.

PGT Innovations creates value through deep customer relationships, understanding the unstated needs of the markets it serves, and a drive to develop category-defining products. Through its brands, PGT Innovations is also the nation’s largest manufacturer of impact-resistant windows and doors and holds the leadership position in its primary market.

The PGT Innovations’ family of brands include CGI®, PGT® Custom Windows and Doors, WinDoor®, Western Window Systems, Anlin Windows & Doors, Eze-Breeze®, Eco Window Systems®, NewSouth Window Solutions® and Martin Door®. The company’s brands, in their respective markets, are a preferred choice of architects, builders, and homeowners throughout North America and the Caribbean. Their high-quality products are available in custom and standard sizes with massive dimensions that allow for unlimited design possibilities in residential, multi-family, and commercial projects. For additional information, visit https://pgtinnovations.com/.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "assume," "believe," "could," "estimate," "expect," "guidance," "intend," "many," "positioned," "potential," "project," "think," "should," "target," "will," "would" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the recovery of the new construction market and our net sales and Adjusted EBITDA guidance.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

  • unpredictable weather and macroeconomic factors that may negatively impact the repair and remodel and new construction markets and the construction industry generally, especially in the state of Florida and the western United States, where the substantial portion of our sales are currently generated, and in the U.S. generally;
  • changes in raw material prices, especially for aluminum, glass, vinyl, and steel, including, price increases due to the implementation of tariffs and other trade-related restrictions, Pandemic-related supply chain interruptions, or interruptions from the conflict in Ukraine;
  • our dependence on a limited number of suppliers for certain of our key materials;
  • our dependence on our impact-resistant product lines, which increased with the acquisition of Eco Enterprises, LLC ("Eco"), and contemporary indoor/outdoor window and door systems, and on consumer preferences for those types and styles of products;
  • the effects of increased expenses or unanticipated liabilities incurred as a result of, or due to activities related to, our recent acquisitions, including our acquisitions of Martin Door Holdings, Inc. ("Martin") and Anlin Windows & Doors ("Anlin");
  • our level of indebtedness, which increased in connection with our recent acquisitions, including our acquisitions of Martin and Anlin;
  • increases in credit losses from obligations owed to us by our customers in the event of a downturn in the home repair and remodel or new home construction channels in our core markets and our inability to collect such obligations from such customers;
  • the risks that the anticipated cost savings, synergies, revenue enhancement strategies and other benefits expected from our acquisitions of Martin and Anlin may not be fully realized or may take longer to realize than expected or that our actual integration costs may exceed our estimates;
  • increases in transportation costs, including increases in fuel prices;
  • our dependence on our limited number of geographically concentrated manufacturing facilities, which increased further due to our acquisition of Eco;
  • sales fluctuations to and changes in our relationships with key customers;
  • federal, state and local laws and regulations, including unfavorable changes in local building codes and environmental and energy code regulations;
  • risks associated with our information technology systems, including cybersecurity-related risks, such as unauthorized intrusions into our systems by "hackers" and theft of data and information from our systems, and the risks that our information technology systems do not function as intended or experience temporary or long-term failures to perform as intended;
  • product liability and warranty claims brought against us;
  • in addition to our acquisitions of Martin and Anlin, our ability to successfully integrate businesses we may acquire in the future, or that any business we acquire may not perform as we expected when we acquired it; and
  • the other risks and uncertainties discussed under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022, and our other filings with the Securities and Exchange Commission.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Use of Non-GAAP Financial Measures

This press release and the financial schedules include financial measures and terms not calculated in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that presentation of non-GAAP measures such as Adjusted net income, Adjusted net income per share, and Adjusted EBITDA provides investors and analysts with an alternative method for assessing our operating results in a manner that enables investors and analysts to more thoroughly evaluate our current performance compared to past performance. However, these measures do not provide a complete picture of our operations. Management also believes these non-GAAP measures provide investors with a better baseline for assessing our future earnings potential. The non-GAAP measures included in this press release are provided to give investors access to types of measures that we use in analyzing our results, and for internal planning and forecasting purposes.

Adjusted net income consists of GAAP net income adjusted for the items included in the accompanying reconciliation. Adjusted net income per share consists of GAAP net income per share adjusted for the items included in the accompanying reconciliation.

Adjusted EBITDA consists of net income, adjusted for the items included in the accompanying reconciliation. We believe that Adjusted EBITDA provides useful information to investors and analysts about the Company's performance because they eliminate the effects of period-to-period changes in taxes, costs associated with capital investments and interest expense. Adjusted EBITDA does not give effect to the cash the Company must use to service its debt or pay its income taxes and thus does not reflect the actual funds generated from operations or available for capital investments.

Liquidity consists of net revolver capacity plus cash and cash equivalents. Net revolver capacity is calculated as total revolver capacity, less revolver borrowings and off-balance-sheet outstanding letter-of-credit commitments.

Our calculations of Adjusted net income and Adjusted net income per share, Adjusted EBITDA and Liquidity are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP measures. Schedules that reconcile Adjusted net income, Adjusted net income per share, Adjusted EBITDA and Liquidity to GAAP net income are included in the financial schedules accompanying this release.

We are not able to provide a reconciliation of projected Adjusted EBITDA to the most directly comparable expected GAAP results due to the unknown effect, timing and potential significance of the effects of legal matters, tax considerations, and income and expense from changes in fair value of contingent consideration from acquisitions. Expenses associated with legal matters, tax consequences, and income and expense from changes in fair value of contingent consideration from acquisitions have in the past, and may in the future, significantly affect GAAP results in a particular period.

PGT INNOVATIONS, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

(unaudited - in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

Sept. 30,

 

 

Oct. 1,

 

 

Sept. 30,

 

 

Oct. 1,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

399,931

 

 

$

385,837

 

 

$

1,161,694

 

 

$

1,151,020

 

Cost of sales

 

 

238,159

 

 

 

236,035

 

 

 

696,740

 

 

 

701,495

 

Gross profit

 

 

161,772

 

 

 

149,802

 

 

 

464,954

 

 

 

449,525

 

Selling, general and administrative expenses

 

 

101,872

 

 

 

102,399

 

 

 

297,790

 

 

 

307,786

 

Restructuring costs and charges, net

 

 

(794

)

 

 

 

 

 

1,722

 

 

 

 

Income from operations

 

 

60,694

 

 

 

47,403

 

 

 

165,442

 

 

 

141,739

 

Interest expense, net

 

 

7,772

 

 

 

6,889

 

 

 

23,642

 

 

 

21,124

 

Income before income taxes

 

 

52,922

 

 

 

40,514

 

 

 

141,800

 

 

 

120,615

 

Income tax expense

 

 

13,715

 

 

 

10,100

 

 

 

36,412

 

 

 

29,910

 

Net income

 

 

39,207

 

 

 

30,414

 

 

 

105,388

 

 

 

90,705

 

Less: Net income attributable to redeemable

non-controlling interest

 

 

 

 

 

(373

)

 

 

(1,101

)

 

 

(1,334

)

Net income attributable to the Company

 

$

39,207

 

 

$

30,041

 

 

$

104,287

 

 

$

89,371

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of net income per common share

attributable to PGT Innovations, Inc.

common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to the Company

 

$

39,207

 

 

$

30,041

 

 

$

104,287

 

 

$

89,371

 

Decrease (increase) in redemption value of

redeemable non-controlling interest

 

 

 

 

 

271

 

 

 

(1,637

)

 

 

(1,514

)

Net income attributable to PGT Innovations,

Inc. common shareholders

 

$

39,207

 

 

$

30,312

 

 

$

102,650

 

 

$

87,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share attributable to

PGT Innovations, Inc. common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.68

 

 

$

0.51

 

 

$

1.75

 

 

$

1.47

 

Diluted

 

$

0.67

 

 

$

0.50

 

 

$

1.74

 

 

$

1.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

58,012

 

 

 

59,964

 

 

 

58,796

 

 

 

59,908

 

Diluted

 

 

58,291

 

 

 

60,402

 

 

 

59,092

 

 

 

60,201

 

PGT INNOVATIONS, INC.

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(unaudited - in thousands)

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

37,675

 

 

$

66,548

 

Accounts receivable, net

 

149,288

 

 

 

160,107

 

Inventories

 

117,942

 

 

 

112,672

 

Contract assets, net

 

53,948

 

 

 

47,919

 

Prepaid expenses and other current assets

 

30,537

 

 

 

28,295

 

Total current assets

 

389,390

 

 

 

415,541

 

Property, plant and equipment, net

 

216,466

 

 

 

208,354

 

Operating lease right-of-use asset, net

 

103,087

 

 

 

104,121

 

Intangible assets, net

 

427,250

 

 

 

447,052

 

Goodwill

 

462,630

 

 

 

460,415

 

Other assets, net

 

9,839

 

 

 

4,766

 

Total assets

$

1,608,662

 

 

$

1,640,249

 

 

 

 

 

 

 

LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST,

 

 

 

 

 

AND SHAREHOLDERS' EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable and accrued expenses

$

150,428

 

 

$

168,961

 

Current portion of operating lease liability

 

18,108

 

 

 

16,393

 

Total current liabilities

 

168,536

 

 

 

185,354

 

Long-term debt

 

631,768

 

 

 

642,134

 

Operating lease liability, less current portion

 

93,414

 

 

 

95,159

 

Deferred income taxes, net

 

47,438

 

 

 

47,407

 

Other liabilities

 

6,135

 

 

 

7,459

 

Total liabilities

 

947,291

 

 

 

977,513

 

Commitments and contingencies

 

 

 

 

 

Redeemable non-controlling interest

 

 

 

 

34,721

 

Total shareholders' equity

 

661,371

 

 

 

628,015

 

Total liabilities, redeemable non-controlling interest

and shareholders' equity

$

1,608,662

 

 

$

1,640,249

 

PGT INNOVATIONS, INC.

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

 

(unaudited - in thousands)

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

Sept. 30,

 

 

Oct. 1,

 

 

2023

 

 

2022

 

 

(unaudited)

 

Cash flows from operating activities:

 

 

 

 

 

Net income

$

105,388

 

 

$

90,705

 

Adjustments to reconcile net income to net cash

 

 

 

 

 

provided by operating activities:

 

 

 

 

 

Depreciation

 

26,607

 

 

 

25,359

 

Amortization

 

19,802

 

 

 

19,725

 

Provision for credit losses

 

2,213

 

 

 

7,395

 

Stock-based compensation

 

9,054

 

 

 

7,638

 

Amortization of deferred financing costs

 

986

 

 

 

921

 

Asset impairment charges

 

 

 

 

2,131

 

Non-cash portion of restructuring costs and charges, net

 

1,679

 

 

 

 

Loss (gain) on sales of assets

 

84

 

 

 

(166

)

Change in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

1,005

 

 

 

(35,166

)

Inventories

 

(5,635

)

 

 

(21,145

)

Contract assets, net, prepaid expenses, other current and other assets

 

6,970

 

 

 

6,213

 

Accounts payable, accrued and other liabilities

 

(28,322

)

 

 

48,531

 

Net cash provided by operating activities

 

139,831

 

 

 

152,141

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Purchases of property, plant and equipment

 

(38,205

)

 

 

(24,741

)

Business combinations

 

(744

)

 

 

(787

)

Proceeds from sales of assets

 

1,171

 

 

 

41

 

Net cash used in investing activities

 

(37,778

)

 

 

(25,487

)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Payment of fair value of contingent consideration in Anlin Acquisition

 

(4,348

)

 

 

(2,362

)

Redemption of redeemable non-controlling interest

 

(37,459

)

 

 

 

Proceeds of amounts drawn from revolving credit facility

 

50,000

 

 

 

 

Payments of borrowing under revolving credit facility

 

(61,352

)

 

 

 

Purchases of treasury stock under repurchase program

 

(75,131

)

 

 

 

Income taxes paid from stock withheld relating to vesting of equity awards

 

(3,362

)

 

 

(1,888

)

Proceeds from issuance of common stock under ESPP

 

726

 

 

 

291

 

Net cash used in financing activities

 

(130,926

)

 

 

(3,959

)

Net (decrease) increase in cash and cash equivalents

 

(28,873

)

 

 

122,695

 

Cash and cash equivalents at beginning of period

 

66,548

 

 

 

96,146

 

Cash and cash equivalents at end of period

$

37,675

 

 

$

218,841

 

PGT INNOVATIONS, INC.

 

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO THEIR

 

MOST DIRECTLY COMPARABLE GAAP EQUIVALENTS

 

(unaudited - in thousands, except per share amounts and percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

Sept. 30,

 

 

Oct. 1,

 

 

Sept. 30,

 

 

Oct. 1,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Reconciliation to Adjusted Net Income and

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income per share - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

39,207

 

 

$

30,414

 

 

$

105,388

 

 

$

90,705

 

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

Insurance recovery of business wind-down costs (1)

 

 

-

 

 

 

-

 

 

 

(2,897

)

 

 

-

 

Restructuring costs and charges, net (2)

 

 

(794

)

 

 

-

 

 

 

1,722

 

 

 

-

 

Acquisition-related costs (3)

 

 

-

 

 

 

1,250

 

 

 

1,051

 

 

 

1,250

 

Executive severance costs (4)

 

 

-

 

 

 

-

 

 

 

942

 

 

 

-

 

Cyberattack recovery costs (5)

 

 

-

 

 

 

-

 

 

 

206

 

 

 

-

 

Asset impairment charges (6)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,131

 

Adjustments to contingent consideration (7)

 

 

-

 

 

 

297

 

 

 

-

 

 

 

5,051

 

Hurricane Ian-related costs (8)

 

 

-

 

 

 

1,848

 

 

 

-

 

 

 

1,848

 

Tax gross-up payment (9)

 

 

-

 

 

 

427

 

 

 

-

 

 

 

427

 

CGI Commercial relocation costs (10)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

277

 

Tax effect of reconciling items

 

 

209

 

 

 

(1,012

)

 

 

(270

)

 

 

(2,855

)

Adjusted net income

 

$

38,622

 

 

$

33,224

 

 

$

106,142

 

 

$

98,834

 

Weighted-average diluted shares

 

 

58,291

 

 

 

60,402

 

 

 

59,092

 

 

 

60,201

 

Adjusted net income per share - diluted

 

$

0.66

 

 

$

0.55

 

 

$

1.80

 

 

$

1.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

$

15,369

 

 

$

14,096

 

 

$

46,409

 

 

$

45,084

 

Interest expense, net

 

 

7,772

 

 

 

6,889

 

 

 

23,642

 

 

 

21,124

 

Income tax expense

 

 

13,715

 

 

 

10,100

 

 

 

36,412

 

 

 

29,910

 

Reversal of tax effect of reconciling items for

adjusted net income above

 

 

(209

)

 

 

1,012

 

 

 

270

 

 

 

2,855

 

Stock-based compensation expense

 

 

3,085

 

 

 

2,729

 

 

 

9,054

 

 

 

7,638

 

Adjusted EBITDA

 

$

78,354

 

 

$

68,050

 

 

$

221,929

 

 

$

205,445

 

Adjusted EBITDA as percentage of net sales

 

19.6%

 

 

17.6%

 

 

19.1%

 

 

17.8%

 

(1) Represents an insurance recovery gain relating to the wind-down of the commercial portion of our New South acquisition. Proceeds from the insurance recovery totaled $5.0 million. We previously recorded an other receivable of $2.1 million, representing the low end of our range of estimated recovery amounts, resulting in a gain of $2.9 million, classified within selling, general and administrative expenses in the accompanying condensed consolidated statement of operations for the nine months ended September 30, 2023.

 

 

 

 

 

 

 

 

 

(2) Represents net costs and charges relating to our management-approved plan to exit the North Carolina market relating to our NewSouth brand. As a result, we determined to close our NewSouth showrooms in Raleigh-Durham and Charlotte, North Carolina, which resulted in net restructuring costs and charges, net, totaling $1.7 million, including $2.5 million in the second quarter of 2023, partially offset by a gain of $0.8 million in the third quarter of 2023 relating to the forgiveness of a portion of the operating lease liability by the landlord of the Charlotte, NC location, which we satisfied in the third quarter of 2023. Of the $2.5 million in restructuring costs and charges in the second quarter of 2023, $2.0 million represents the total impairments of the right-of-use assets of the leases of the Raleigh-Durham and Charlotte, North Carolina showroom facilities, and $0.4 relates to write-offs of the related leasehold improvements. The remainder represents personnel-related costs, which were paid by the end of the 2023 second quarter.

 

 

 

 

 

 

 

 

 

(3) In 2023, represents acquisition-related costs, including transfer taxes assessed to the Company in 2023 relating to the Anlin acquisition in the first quarter of 2023, and costs relating to the redemption of the 25% non-controlling interest in Eco, classified within selling, general and administrative expenses in the accompanying condensed consolidated statement of operations for the nine months ended September 30, 2023. In 2022, represents costs relating to the Martin acquisition.

 

 

 

 

 

 

 

 

 

(4) Represents severance costs relating to the termination of the employment of our former Chief Financial Officer, which was effective close of business February 27, 2023. These costs were paid in and are classified as selling, general and administrative expenses in the condensed consolidated statement of operations for the nine months ended September 30, 2023.

 

 

 

 

 

 

 

 

 

(5) Represents additional cyberattack recovery costs incurred in the second quarter of 2023, classified as selling, general and administrative expense in the accompanying condensed statement of operations for the nine months ended September 30, 2023. We previously disclosed this event by Current Report on Form 8-K, filed with the SEC on November 7, 2022.

 

 

 

 

 

 

 

 

 

(6) Represents write-offs of property and equipment, classified as selling, general and administrative expense in the accompanying condensed statement of operations for the nine months ended October 1, 2022.

 

 

 

 

 

 

 

 

 

(7) Represents fair value adjustment to contingent consideration associated with our Anlin Acquisition, classified as selling, general and administrative expenses in the accompanying consolidated statement of operations for the three and nine months ended October 1, 2022.

 

 

 

 

 

 

 

 

 

(8) Represents disruption and recovery costs caused by Hurricane Ian in late-September 2022, of which $1.1 million is classified within cost of sales, and $747 thousand is classified within selling, general and administrative expenses in the three and nine months ended October 1, 2022.

 

 

 

 

 

 

 

 

 

(9) Represents tax gross-up payment required to be made to the non-controlling interest relating to our acquisition of Eco, which we initially estimated to be $1.5 million, but which was ultimately determined to be $1.9 million, a difference of $427 thousand, which is classified within selling, general and administrative expenses in the three and nine months ended October 1, 2022.

 

 

 

 

 

 

 

 

 

(10) Represents additional costs relating to the relocation of our CGI Commercial business to a new location in the Miami, FL area, being shared with our Eco Enterprises entity, classified as cost of sales in the accompanying consolidated statement of operations for the nine months ended October 1, 2022.

 

 

 

 

 

 

 

 

 

 

Contacts

PGT Innovations Contacts:

Investor Relations:

Craig Henderson, 941-480-1600

Interim CFO

CHenderson@PGTInnovations.com

Media Relations:

Stephanie Cz, 941-480-1600

Corporate Communications Manager

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