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FLOORING, INC.
First Quarter 2016 Results
May 9, 2016
Item Adjustments
Comparable
Dollars
Other
Adjustments
Net Sales
Yes
No
Gross Profit
Yes
Yes
SG&A Expense
Yes
Yes
Operating Income
Yes
Yes
Cash Flow
No
No
EBITDA
Yes
Yes
2016
2015
Variance
$285
$257
11%
($2)
($7)
nm
(1%)
(3%)
200 bps
10
>100%
3%
1%
235 bps
% of Sales
Adjusted EBITDA (3)
% of Sales
Unit volume growth of 12% driven by Americas Resilient +6% and Wood +23%
Adjusted EBITDA improvement due to volume increase, partially offset by expenses for luxury vinyl tile (LVT) plant ramp up
LVT plant operating, but at lower than expected throughput
(1)
(2)
(3)
TRANSFORMATION UNDERWAY
Initiatives Starting to Show Results
FOCUS AREAS
Product
Completed
Capital
Investments
People
+4%
+20%
Q1 2016
TOTAL UNIT
VOLUME
ENGINEERED
WOOD VOLUME
+12%
+32%
+34%
LVT VOLUME
+42%
+10%
ADJUSTED EBITDA
>100%
Note: Q4 2015 and Q1 2016 comparisons versus the same quarter in the prior year
Q4 2015
Key Highlights
$259
$121
$103
$164
$157
2015
Resilient
Wood
$3M
12
(7)
(1)
4
(1)
$10M
RESILIENT SEGMENT
Reported Net Sales ($M)
Key Highlights
$164
2016
2015
Resilient
$4M
4
(2)
1
(3)
1
$4M
WOOD SEGMENT
Reported Net Sales ($M)
Key Highlights
Net sales increased 18% on a constant currency basis
$121
$103
2015
Wood
($2M)
8
(5)
(2)
8
(2)
$5M
2016
2015
EBITDA Adjusted
$10
$3
(11)
(9)
($2)
($7)
(0)
US Pension Expense
(2)
(3)
(1)
($5)
($3)
Interest/Other (Expense)
(0)
Tax (Expense)
(1)
($4)
($4)
43
($3)
$39
11
December 31,
2015
--
--
$100
$72
Inventory
$240
$243
$433
$434
Other Assets
$109
$114
$882
$863
$145
$161
--
$10
Other Liabilities
$74
$74
AWI Equity
$663
$618
$882
$863
(Dollars in Millions)
Total Assets
12
2016 OUTLOOK
ADJ. NET SALES
2015
2016
$1,183 million(1)
ADJ. EBITDA
$61million(1)
CAPITAL EXPENDITURES
$62 million
Negative
Positive
(1) Based on 2016 budgeted exchange rates; see appendix for reconciliation
(2) Free cash flow is defined as net cash from operating activities less net cash from investing activities
14
Appendix
15
2015 - Q1
2015 - Q2
2015 - Q3
2015 - Q4
257
2
324
3
322
1
280
-
1,183
6
280
$ 1,189
(1)
259
327
323
2015 - Q1
2015 - Q2
2015 - Q3
2015 - Q4
155
2
198
2
191
1
165
(1)
2015 - Q1
2015 - Q2
2015 - Q3
2015 - Q4
102
1
126
-
130
-
116
-
157
103
200
127
192
130
164
116
(1) Reflects net sales on carve-out basis consistent with Form 10 for 2015; 2016 sales as reported in the 10-Q for the period ending March 31, 2016
Note: rows and columns may not sum due to rounding
16
2015
2015
2016 - Q1
285
(1)
$
2016 - Q1
709
4
$
713
2015
164
(1)
$
475
164
2016 - Q1
474
1
$
284
121
(0)
$
121
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Resilient Segment
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Wood Segment
Q1 2015
Q2 2015
Q3 2015
Q4 2015
17
3
(9)
1
(3)
9
(5)
1
(3)
4
(6)
1
(3)
6
(3)
1
-
(2)
(3)
3
(2)
(4)
28
(9)
(4)
(2)
10
(9)
1
15
22
(6)
(2)
7
(7)
1
15
6
(3)
(4)
3
(3)
1
-
24
(10)
(4)
10
(9)
1
12
16
(7)
(1)
(3)
7
(6)
(1)
5
11
(3)
(1)
3
(3)
7
6
(10)
(1)
(4)
11
(8)
1
(5)
(2)
(7)
(3)
7
(4)
(9)
7
(3)
4
(4)
4
2015
$
61
(38)
(4)
(12)
40
(32)
3
18
2015
40
(26)
(10)
27
(21)
1
11
2015
21
(12)
(4)
(1)
13
(12)
2
7
2016 - Q1
$
10
(11)
(2)
na
(1)
(5)
2016 - Q1
$
4
(8)
(2)
na
1
(5)
2016 - Q1
$
5
(3)
na
1