Skyline Champion Announces Fourth Quarter and Full Year Fiscal 2024 Results; Announces New $100 Million Share Repurchase Program

21.05.24 22:10 Uhr

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Skyline Champion Corporation (NYSE: SKY) ("Skyline Champion”) today announced financial results for its fourth quarter and full year ended March 30, 2024 ("fiscal 2024”).

Fourth Quarter Fiscal 2024 Highlights (compared to Fourth Quarter Fiscal 2023)1

  • Net sales increased 9.1% to $536.4 million
  • U.S. homes sold increased 15.3% to 5,652
  • Total backlog increased 8.7% to $315.8 million from the sequential third quarter
  • Average selling price ("ASP”) per U.S. home sold decreased 3.1% to $89,800
  • Gross profit margin contracted by 1,040 basis points to 18.3%
  • Recorded $34.5 million of estimated remediation costs for water intrusion issues
  • Adjusted gross profit margin contracted by 390 basis points to 24.8%
  • Net income of $2.8 million
  • Adjusted net income decreased 37.7% to $36.0 million
  • Adjusted Earnings per share ("Adjusted EPS”) decreased 38.6% to $0.62
  • Adjusted EBITDA decreased 30.2% to $53.1 million
  • Adjusted EBITDA margin contracted by 560 basis points to 9.9%

1. This release includes references to non-GAAP financial measures. Refer to "Non-GAAP Financial Measures” later in this release for the definitions of the non-GAAP financial measures presented and a reconciliation of these measures to their closest comparable GAAP measures.

Full Year Fiscal 2024 Highlights (compared to Full Year Fiscal 2023)

  • Net sales decreased 22.3% to $2.0 billion
  • Gross profit margin contracted by 740 basis points to 24.0%
  • Earnings per share ("EPS”) decreased 63.9% to $2.53
  • Adjusted EBITDA decreased 55.0% to $245.3 million
  • Adjusted EBITDA margin contracted by 880 basis points to 12.1%
  • Net cash generated by operating activities of $222.7 million during the year

"Fiscal 2024 was a transformative year for our organization, marked by strategic investments and expanding our market presence," said Mark Yost, Skyline Champion’s President and Chief Executive Officer. "Despite facing some significant market headwinds, including the prolonged destocking by our channel partners and considerable regional variability, we made substantial progress. We initiated the integration of our strategic investments, which broaden our retail and financing capabilities. We also took decisive actions to address production efficiencies while serving the expanding builder developer demand. As we move into fiscal 2025, we are better equipped with enhanced capabilities to capitalize on growth opportunities and deliver increased value to our customers and shareholders.”

Fourth Quarter Fiscal 2024 Results

Net sales for the fourth quarter fiscal 2024 increased 9.1% to $536.4 million compared to the prior-year period. The number of U.S. homes sold in the fourth quarter fiscal 2024 increased 15.3% to 5,652 driven by net sales of $108.1 million from the Regional Homes acquisition. The ASP per U.S. home sold decreased 3.1% to $89,800 due to changes in product mix and the decrease in material surcharges compared to the prior year. The number of Canadian factory-built homes sold in the quarter decreased to 189 homes compared to 246 homes in the prior-year period due to softer demand given the higher interest rate environment. Total backlog for Skyline Champion was $315.8 million as of March 30, 2024, compared to $290.4 million at the end of the third quarter, reflecting increased order volume.

Gross profit decreased by 30.3% to $98.4 million in the fourth quarter fiscal 2024 compared to the prior-year period. Gross profit margin was 18.3% of net sales, a 1,040-basis point contraction compared to 28.7% in the fourth quarter fiscal 2023. The change in gross profit and gross profit margin reflects the impact of an estimated liability of $34.5 million recorded in the fourth quarter of fiscal 2024 related to remediation costs for water intrusion issues in homes sold from one of our plants prior to fiscal 2022. Adjusted gross profit decreased by 5.9% to $132.9 million and was 24.8% of net sales, a 390-basis point contraction compared to 28.7% in the prior year period. Adjusted gross profit margin compared to the prior year period reflects lower ASPs, a shift in product mix, the ramping of previously idled facilities, and the impact of the Regional Homes acquisition.

Selling, general, and administrative expenses ("SG&A”) in the fourth quarter fiscal 2024 increased to $90.6 million from $72.4 million in the same period last year. SG&A as a percentage of net sales was 16.9%, a 220-basis point increase from prior year levels. The higher SG&A expense during the quarter was primarily due to the Regional Homes acquisition.

Net income decreased by 95.2% to $2.8 million for the fourth quarter fiscal 2024 compared to the prior-year period. The decrease in net income was primarily driven by the impact of the $34.5 million water intrusion accrual, lower gross profit margins, an equity in net loss of affiliate of $7.0 million and increased SG&A spend.

Adjusted EBITDA for the fourth quarter fiscal 2024 decreased by 30.2% to $53.1 million compared to the fourth quarter fiscal 2023. Adjusted EBITDA margin contracted by 560 basis points to 9.9%.

Full Year Fiscal 2024 Financial Highlights

For fiscal 2024, net sales were $2.0 billion which represents a decrease of 22.3%, or $581.7 million, compared to fiscal 2023. The decrease in net sales was primarily driven by lower home sales and the absence of $200 million in FEMA-related sales that was recorded in the first half of fiscal 2023, partially offset by net sales from the acquisition of Regional Homes.

Gross profit decreased $332.9 million or 40.7% to $485.8 million in fiscal 2024, compared to $818.7 million in the prior year period. Gross profit margin contracted by 740 basis points to 24.0% of net sales for fiscal 2024, compared to fiscal 2023, reflecting the impact of the $34.5 million water intrusion accrual, lower home sales, the absence of FEMA-related sales, ramping of new plant operations and the acquisition of Regional Homes.

SG&A increased 3.4% to $310.6 million for fiscal 2024, compared to $300.4 million in the prior year period primarily due investments in new capacity and the Regional Homes acquisition. As a percentage of sales, SG&A increased 380 basis points to 15.3% compared to the prior year period.

Net income for fiscal 2024 was $146.7 million compared to net income of $401.8 million for fiscal 2023, a decrease of $255.1 million or 63.5% due to lower gross profit, an equity in net loss of affiliate of $7.0 million and increased SG&A spend.

Adjusted EBITDA for fiscal 2024 decreased 55.0% to $245.3 million, compared to $545.0 million for fiscal 2023. Adjusted EBITDA margin contracted 880 basis points to 12.1% in fiscal 2024.

As of March 30, 2024, Skyline Champion had $495.1 million of cash and cash equivalents, a decrease of $252.4 million as compared to prior fiscal year end, primarily the result of the acquisition of Regional Homes in fiscal 2024.

Share Repurchase Program

On May 16, 2024, Skyline Champion’s Board of Directors approved a new share repurchase program for up to $100 million of the Company’s common stock. Under this share repurchase program, the number of shares ultimately purchased, and the timing of purchases are at the discretion of management and subject to compliance with applicable laws and regulations. This share repurchase program may be amended, suspended or terminated by the Board of Directors at any time. The Company expects to fund the program from existing cash and future cash generation.

"We are excited to launch our inaugural share repurchase program, underscoring our dedication to enhancing shareholder value through our robust financial position,” said Mark Yost. "This initiative allows us to distribute capital to our shareholders, while continuing to prioritize the financial health of the organization and supporting ongoing investments and strategic growth opportunities. This balanced capital allocation strategy affirms our commitment to both returning capital to shareholders and fueling our future expansion.”

Conference Call and Webcast Information:

Skyline Champion management will host a conference call tomorrow, May 22, 2024, at 9:00 a.m. Eastern Time, to discuss Skyline Champion’s financial results and an update on current operations.

Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of Skyline Champion’s website at skylinechampion.com. The online replay will be available on the same website immediately following the call.

The conference call can also be accessed by dialing (877) 407-4018 (domestic) or (201) 689-8471 (international). A telephonic replay will be available approximately two hours after the call by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the live call and the replay is 13745547. The replay will be available until 11:59 P.M. Eastern Time on June 5, 2024.

About Skyline Champion Corporation:

Skyline Champion Corporation (NYSE: SKY) is a leading producer of factory-built housing in North America and employs approximately 8,600 people. With more than 70 years of homebuilding experience and 48 manufacturing facilities throughout the United States and western Canada, Skyline Champion is well positioned with an innovative portfolio of manufactured and modular homes, ADUs, park-models and modular buildings for the single and multi-family housing markets.

In addition to its core home building business, Skyline Champion provides construction services to install and set-up factory-built homes, operates a factory-direct retail business with 74 retail locations across the United States, and operates Star Fleet Trucking, providing transportation services to the manufactured housing and other industries from several dispatch locations across the United States.

Skyline Champion builds homes under some of the most well-known brand names in the factory-built housing industry including Skyline Homes, Champion Homes, Genesis Homes, Regional Homes, Athens Park, Dutch Housing, Atlantic Homes, Excel Homes, Homes of Merit, All American Homes, New Era, Redman Homes, ScotBilt Homes, Shore Park, Silvercrest, and Titan Homes in the U.S., and Moduline and SRI Homes in western Canada.

Presentation of Non-GAAP Financial Measures

In addition to the results provided in accordance with U.S. generally accepted accounting principles ("U.S. GAAP”) throughout this press release, Skyline Champion has provided non-GAAP financial measures, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS, which present operating results on a basis adjusted for certain items. Skyline Champion uses these non-GAAP financial measures for business planning purposes and in measuring its performance relative to that of its competitors. Skyline Champion believes that these non-GAAP financial measures are useful financial metrics to assess its operating performance from period-to-period by excluding certain items that Skyline Champion believes are not representative of its core business. These non-GAAP financial measures are not intended to replace, and should not be considered superior to, the presentation of Skyline Champion’s financial results in accordance with U.S. GAAP.

Skyline Champion defines Adjusted Gross Profit as gross profit or loss plus expenses or minus income for charges related to the remediation of the water intrusion product liability. Adjusted Gross Profit Margin is calculated as Adjusted Gross Profit as a percentage of net sales. Adjusted Gross Profit and Adjusted Gross Profit Margin are not a measure of earnings calculated in accordance with U.S. GAAP, and should not be considered an alternative to, or more meaningful than, gross profit, net income or loss, net sales or operating income prepared on a U.S. GAAP basis. Adjusted Gross Profit and Adjusted Gross Profit Margin do not purport to represent cash flow provided by, or used in, operating activities as defined by U.S. GAAP. Adjusted Gross Profit and Adjusted Gross Profit Margin is reconciled from the respective measure under U.S. GAAP in the tables below.

Skyline Champion defines Adjusted EBITDA as net income or loss plus expenses or minus income, (a) the provision for income taxes, (b) interest income or expense, net, (c) depreciation and amortization, (d) gain or loss from discontinued operations, (e) non-cash restructuring charges and impairment of assets, (f) equity in net earnings or losses of affiliates, (g) charges related to the remediation of the water intrusion product liability, and (h) other non-operating income or expense including but not limited to those costs for the acquisition and integration or disposition of businesses and idle facilities. Adjusted EBITDA is not a measure of earnings calculated in accordance with U.S. GAAP, and should not be considered an alternative to, or more meaningful than, net income or loss, net sales, operating income or earnings per share prepared on a U.S. GAAP basis. Adjusted EBITDA does not purport to represent cash flow provided by, or used in, operating activities as defined by U.S. GAAP. Skyline Champion believes that Adjusted EBITDA is commonly used by investors to evaluate its performance and that of its competitors. However, Skyline Champion’s use of Adjusted EBITDA may vary from that of others in its industry. Adjusted EBITDA is reconciled from the respective measure under U.S. GAAP in the tables below. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net sales reported in the income statements.

Skyline Champion defines Adjusted EPS as net income or loss plus expenses or minus income (net of tax), (a) gain or loss from discontinued operations, (b) non-cash restructuring charges and impairment of assets, (c) equity in net earnings or losses of affiliates, (d) charges related to the remediation of estimated water intrusion product liability, and (e) other non-operating income or expense including but not limited to those costs for the acquisition and integration or disposition of businesses and idle facilities. Adjusted EPS is not a measure of earnings calculated in accordance with U.S. GAAP, and should not be considered an alternative to, or more meaningful than, net income or loss, net sales, operating income or earnings per share prepared on a U.S. GAAP basis. Adjusted EPS does not purport to represent cash flow provided by, or used in, operating activities as defined by U.S. GAAP. Skyline Champion believes that Adjusted EPS is commonly used by investors to evaluate its performance and that of its competitors. However, Skyline Champion’s use of Adjusted EPS may vary from that of others in its industry. Adjusted EPS is reconciled from the respective measure under U.S. GAAP in the tables below.

Forward-Looking Statements

Statements in this press release, including certain statements regarding Skyline Champion’s strategic initiatives, and future market demand are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of words such as "believe," "expect," "future," "anticipate," "intend," "plan," "foresee," "may," "could," "should," "will," "potential," "continue," or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Skyline Champion. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include regional, national and international economic, financial, public health and labor conditions, and the following: supply-related issues, including prices and availability of materials; labor-related issues; inflationary pressures in the North American economy; the cyclicality and seasonality of the housing industry and its sensitivity to changes in general economic or other business conditions; demand fluctuations in the housing industry, including as a result of actual or anticipated increases in homeowner borrowing rates; the possible unavailability of additional capital when needed; competition and competitive pressures; changes in consumer preferences for our products or our failure to gauge those preferences; quality problems, including the quality of parts sourced from suppliers and related liability and reputational issues; data security breaches, cybersecurity attacks, and other information technology disruptions; the potential disruption of operations caused by the conversion to new information systems; the extensive regulation affecting the production and sale of factory-built housing and the effects of possible changes in laws with which we must comply; the potential impact of natural disasters on sales and raw material costs; the risks associated with mergers and acquisitions, including integration of operations and information systems; periodic inventory adjustments by, and changes to relationships with, independent retailers; changes in interest and foreign exchange rates; insurance coverage and cost issues; the possibility that all or part of our intangible assets, including goodwill, might become impaired; the possibility that all or part of our investment in ECN Capital Corp. ("ECN") might become impaired; the possibility that our risk management practices may leave us exposed to unidentified or unanticipated risks; the potential disruption to our business caused by public health issues, such as an epidemic or pandemic, and resulting government actions; and other risks set forth in the "Risk Factors” section, the "Legal Proceedings” section, the "Management's Discussion and Analysis of Financial Condition and Results of Operations” section, and other sections, as applicable, in our Annual Reports on Form 10-K, including our Annual Report on Form 10-K for the fiscal year ended April 1, 2023 previously filed with the Securities and Exchange Commission ("SEC”), as well as in our Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed with or furnished to the SEC.

If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, then the developments and future events concerning Skyline Champion set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this release. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. Skyline Champion assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

SKYLINE CHAMPION CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited, dollars and shares in thousands)

 

 

 

March 30,
2024

 

 

April 1,
2023

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

495,063

 

 

$

747,453

 

Trade accounts receivable, net

 

 

64,632

 

 

 

67,296

 

Inventories, net

 

 

318,737

 

 

 

202,238

 

Other current assets

 

 

39,870

 

 

 

26,479

 

Total current assets

 

 

918,302

 

 

 

1,043,466

 

Long-term assets:

 

 

 

 

 

 

Property, plant, and equipment, net

 

 

290,930

 

 

 

177,125

 

Goodwill

 

 

357,973

 

 

 

196,574

 

Amortizable intangible assets, net

 

 

76,369

 

 

 

45,343

 

Deferred tax assets

 

 

26,878

 

 

 

17,422

 

Other noncurrent assets

 

 

252,889

 

 

 

82,794

 

Total assets

 

$

1,923,341

 

 

$

1,562,724

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Floor plan payable

 

$

91,286

 

 

$

-

 

Accounts payable

 

 

50,820

 

 

 

44,702

 

Other current liabilities

 

 

247,495

 

 

 

204,215

 

Total current liabilities

 

 

389,601

 

 

 

248,917

 

Long-term liabilities:

 

 

 

 

 

 

Long-term debt

 

 

24,669

 

 

 

12,430

 

Deferred tax liabilities

 

 

6,905

 

 

 

5,964

 

Other liabilities

 

 

79,796

 

 

 

62,412

 

Total long-term liabilities

 

 

111,370

 

 

 

80,806

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

Common stock

 

 

1,605

 

 

 

1,585

 

Additional paid-in capital

 

 

568,203

 

 

 

519,479

 

Retained earnings

 

 

866,485

 

 

 

725,672

 

Accumulated other comprehensive loss

 

 

(13,923

)

 

 

(13,735

)

Total stockholders’ equity

 

 

1,422,370

 

 

 

1,233,001

 

Total liabilities and stockholders' equity

 

$

1,923,341

 

 

$

1,562,724

 

SKYLINE CHAMPION CORPORATION

CONSOLIDATED INCOME STATEMENTS

(Unaudited, dollars and shares in thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

March 30,
2024

 

 

April 1,
2023

 

 

March 30,
2024

 

 

April 1,
2023

 

 

 

 

 

 

 

 

Net sales

 

$

536,363

 

 

$

491,532

 

 

$

2,024,823

 

 

$

2,606,560

 

Cost of sales

 

 

438,003

 

 

 

350,381

 

 

 

1,539,029

 

 

 

1,787,879

 

Gross profit

 

 

98,360

 

 

 

141,151

 

 

 

485,794

 

 

 

818,681

 

Selling, general, and administrative expenses

 

 

90,605

 

 

 

72,380

 

 

 

310,589

 

 

 

300,396

 

Operating income

 

 

7,755

 

 

 

68,771

 

 

 

175,205

 

 

 

518,285

 

Interest (income), net

 

 

(4,164

)

 

 

(7,684

)

 

 

(28,254

)

 

 

(14,977

)

Other (income) expense

 

 

(217

)

 

 

 

 

 

2,604

 

 

 

(634

)

Income before income taxes

 

 

12,136

 

 

 

76,455

 

 

 

200,855

 

 

 

533,896

 

Income tax expense

 

 

2,325

 

 

 

18,709

 

 

 

47,136

 

 

 

132,094

 

Net income before equity in net loss of affiliate

 

 

9,811

 

 

 

57,746

 

 

 

153,719

 

 

 

401,802

 

Equity in net loss of affiliate

 

 

7,023

 

 

 

 

 

 

7,023

 

 

 

 

Net income

 

$

2,788

 

 

$

57,746

 

 

$

146,696

 

 

$

401,802

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.05

 

 

$

1.01

 

 

$

2.55

 

 

$

7.05

 

Diluted

 

$

0.05

 

 

$

1.00

 

 

$

2.53

 

 

$

7.00

 

SKYLINE CHAMPION CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, dollars in thousand)

 

 

 

Year Ended

 

 

 

March 30,
2024

 

 

April 1,
2023

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

146,696

 

 

$

401,802

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

34,910

 

 

 

26,726

 

Equity-based compensation

 

 

19,560

 

 

 

14,160

 

Deferred taxes

 

 

(6,448

)

 

 

1,127

 

Amortization of deferred financing fees

 

 

348

 

 

 

357

 

Loss (gain) on disposal of property, plant, and equipment

 

 

205

 

 

 

(129

)

Foreign currency transaction loss

 

 

297

 

 

 

828

 

Equity in net loss of affiliate

 

 

7,023

 

 

 

 

Change in assets and liabilities, net of businesses acquired:

 

 

 

 

 

 

Accounts receivable

 

 

18,910

 

 

 

23,090

 

Floor plan receivables

 

 

(15,391

)

 

 

 

Inventories

 

 

22,424

 

 

 

49,196

 

Other assets

 

 

(14,579

)

 

 

(11,930

)

Accounts payable

 

 

(7,950

)

 

 

(49,082

)

Accrued expenses and other current liabilities

 

 

16,699

 

 

 

(39,920

)

Net cash provided by operating activities

 

 

222,704

 

 

 

416,225

 

Cash flows from investing activities

 

 

 

 

 

 

Additions to property, plant, and equipment

 

 

(52,915

)

 

 

(52,244

)

Cash paid for acquisitions, net of cash acquired

 

 

(283,189

)

 

 

(6,810

)

Cash paid for equity method investment

 

 

(4,100

)

 

 

(2,500

)

Cash paid for investment in ECN common stock

 

 

(78,858

)

 

 

 

Cash paid for investment in ECN preferred stock

 

 

(64,520

)

 

 

 

Investment in floor plan loans

 

 

(18,466

)

 

 

 

Proceeds from floor plan loans

 

 

15,721

 

 

 

 

Proceeds from disposal of property, plant, and equipment

 

 

649

 

 

 

375

 

Net cash used in investing activities

 

 

(485,678

)

 

 

(61,179

)

Cash flows from financing activities

 

 

 

 

 

 

Changes in floor plan financing, net

 

 

15,368

 

 

 

(35,460

)

Payments on long term debt

 

 

(77

)

 

 

 

Stock option exercises

 

 

1,456

 

 

 

2,473

 

Tax payments for equity-based compensation

 

 

(5,883

)

 

 

(4,032

)

Net cash provided by (used in) financing activities

 

 

10,864

 

 

 

(37,019

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

 

(280

)

 

 

(5,987

)

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

 

(252,390

)

 

 

312,040

 

Cash, cash equivalents, and restricted cash at beginning of period

 

 

747,453

 

 

 

435,413

 

Cash, cash equivalents, and restricted cash at end of period

 

$

495,063

 

 

$

747,453

 

SKYLINE CHAMPION CORPORATION

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

(Unaudited, dollars in thousand)

 

 

 

Three months ended

Twelve Months Ended

 

 

 

March 30,
2024

 

 

April 1,
2023

 

 

March 30,
2024

 

 

April 1,
2023

 

Reconciliation of Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

2,788

 

 

$

57,746

 

 

$

146,696

 

 

$

401,802

 

Income tax expense

 

 

2,325

 

 

 

18,709

 

 

 

47,136

 

 

 

132,094

 

Interest (income), net

 

 

(4,164

)

 

 

(7,684

)

 

 

(28,254

)

 

 

(14,977

)

Depreciation and amortization

 

 

10,893

 

 

 

7,386

 

 

 

34,910

 

 

 

26,726

 

EBITDA

 

 

11,842

 

 

 

76,157

 

 

 

200,488

 

 

 

545,645

 

Transaction costs

 

 

 

 

 

 

 

 

3,253

 

 

 

338

 

Equity in net loss of affiliate

 

 

7,023

 

 

 

 

 

 

7,023

 

 

 

 

Product liability - water intrusion

 

 

34,500

 

 

 

 

 

 

34,500

 

 

 

 

Other (income)

 

 

(217

)

 

 

 

 

 

 

 

 

(972

)

Adjusted EBITDA

 

$

53,148

 

 

$

76,157

 

 

$

245,264

 

 

$

545,011

 

SKYLINE CHAMPION CORPORATION

RECONCILIATION OF NET INCOME TO ADJUSTED EARNINGS PER SHARE

(Unaudited, dollars and shares in thousands, except per share amounts)

(Certain amounts shown net of tax, as applicable)

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

March 30,
2024

 

 

April 1,
2023

 

 

March 30,
2024

 

 

April 1,
2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

2,788

 

 

$

57,746

 

 

$

146,696

 

 

$

401,802

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Transaction costs

 

 

 

 

 

 

 

 

2,489

 

 

 

255

 

Equity in net loss of affiliate

 

 

7,023

 

 

 

 

 

 

7,023

 

 

 

 

Product liability - water intrusion

 

 

26,393

 

 

 

 

 

 

26,393

 

 

 

 

Other (income)

 

 

(217

)

 

 

 

 

 

 

 

 

(732

)

Adjusted net income attributable to the
Company's common shareholders

 

$

35,987

 

 

$

57,746

 

 

$

182,601

 

 

$

401,325

 

Adjusted basic net income per share

 

$

0.62

 

 

$

1.01

 

 

$

3.18

 

 

$

7.04

 

Adjusted diluted net income per share

 

$

0.62

 

 

$

1.01

 

 

$

3.15

 

 

$

6.99

 

Average basic shares outstanding

 

 

57,835

 

 

 

57,109

 

 

 

57,492

 

 

 

56,987

 

Average diluted shares outstanding

 

 

58,342

 

 

 

57,250

 

 

 

57,978

 

 

 

57,395

 

SKYLINE CHAMPION CORPORATION

RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT

(Unaudited, dollars in thousand)

 

 

 

Three months ended

Twelve Months Ended

 

 

March 30,
2024

 

 

April 1,
2023

 

 

March 30,
2024

 

 

April 1,
2023

 

Reconciliation of Adjusted Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

$

98,360

 

 

$

141,151

 

 

$

485,794

 

 

$

818,681

 

Product liability - water intrusion

 

 

34,500

 

 

 

 

 

 

34,500

 

 

 

 

Adjusted Gross Profit

 

$

132,860

 

 

$

141,151

 

 

$

520,294

 

 

$

818,681

 

 

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DatumRatingAnalyst
02.10.2018Skyline OverweightBarclays Capital
DatumRatingAnalyst
02.10.2018Skyline OverweightBarclays Capital
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