Safe Harbor Statement NYSE: CVO
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- Gertrude Hunt
- 6 years ago
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2 Safe Harbor Statement In addition to results presented in accordance with accounting principles generally accepted in the U.S. ("GAAP"), we use certain non-gaap financial measures, including Adjusted EBITDA, non-gaap income (loss) from continuing operations, non-gaap operating income, non-gaap operating income margin, and adjusted free cash flow. Non-GAAP operating income is defined as operating income excluding integration, acquisition and other charges, stock-based compensation provision, and restructuring and other charges. Non-GAAP operating income margin is calculated by dividing non-gaap operating income into net sales. Non-GAAP income (loss) from continuing operations excludes integration, acquisition and other charges, stock-based compensation provision, impairment of intangible assets, restructuring and other charges, (gain) loss on early extinguishment of debt, net, and an adjustment to income taxes to reflect an estimated cash tax rate. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, integration, acquisition and other charges, stock-based compensation provision, restructuring and other charges, impairment of intangible assets, gain on bargain purchase, (gain) loss on early extinguishment of debt, net, and (loss) income from discontinued operations, net of taxes. Adjusted free cash flow is defined as Adjusted EBITDA less cash interest, cash taxes, and capital expenditures, net of proceeds from the sale of plant, property and equipment. These are non-gaap financial measures, as defined herein, and should be read in conjunction with GAAP financial measures. A reconciliation of income (loss) from continuing operations to non-gaap income (loss) from continuing operations, operating income to non-gaap operating income, and net income (loss) to Adjusted EBITDA is included as a part hereof. These non-gaap financial measures are not presented as an alternative to cash flows from continuing operations, as a measure of our liquidity or as an alternative to reported net loss as an indicator of our operating performance. The non-gaap financial measures as used herein may not be comparable to similarly titled measures reported by competitors. We believe the use of Adjusted EBITDA, non-gaap income (loss) from continuing operations, non-gaap operating income, non-gaap operating income margin and adjusted free cash flow along with GAAP financial measures enhances the understanding of our operating results and may be useful to investors in comparing our operating performance with that of our competitors and estimating our enterprise value. Adjusted EBITDA is also a useful tool in evaluating the core operating results of the Company given the significant variation that can result from, for example, the timing of capital expenditures, the amount of intangible assets recorded or the differences in assets lives. We also use Adjusted EBITDA internally to evaluate the operating performance of our segments, to allocate resources and capital to such segments, to measure performance for incentive compensation programs, and to evaluate future growth opportunities. The non-gaap financial measures included in this presentation are reconciled to their most directly comparable GAAP financial measures in the tables included as part hereof. Statements made in this presentation, other than those concerning historical financial information, may be considered "forward-looking statements," examples of which include statements relating to our 2017 outlook and future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. These forwardlooking statements are based upon current expectations and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from such forwardlooking statements. In view of such uncertainties, investors should not place undue reliance on our forward-looking statements. Such statements speak only as of the date of this presentation, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Factors which could cause actual results to differ materially from management s expectations include, without limitation: (i) our substantial level of indebtedness could materially adversely affect our financial condition, liquidity and ability to service or refinance our debt, and prevent us from fulfilling our business obligations; (ii) our ability to pay the principal of, or to reduce or refinance, our outstanding indebtedness; (iii) the terms of our indebtedness imposing significant restrictions on our operating and financial flexibility; (iv) additional borrowings available to us could further exacerbate our risk exposure from debt; (v) United States and global economic conditions have adversely affected us and could continue to adversely affect us; (vi) our ability to successfully integrate acquired businesses with our business; (vii) a decline in our consolidated profitability or profitability within one of our individual reporting units could result in the impairment of our assets, including goodwill and other long-lived assets; (viii) the industries in which we operate our business are highly competitive and extremely fragmented; (ix) a general absence of long-term customer agreements in our industry, subjecting our business to quarterly and cyclical fluctuations; (x) factors affecting the United States postal services impacting demand for our products; (xi) the availability of the Internet and other electronic media adversely affecting our business; (xii) increases in paper costs and decreases in the availability of raw materials; (xiii) increases in energy and transportation costs; (xiv) our labor relations; (xv) our compliance with environmental laws; (xvi) our dependence on key management personnel; and (xvii) any failure, interruption or security lapse of our information technology systems. This list of factors is not exhaustive, and new factors may emerge or changes to the foregoing factors may occur that would impact our business. Additional information regarding these and other factors can be found in Cenveo, Inc. s periodic filings with the SEC, which are available at 2
3 Who We Are Cenveo is the largest North American envelope manufacturer ~55 billion envelopes produced annually We are one of the largest producers of pharmacy chain prescription and custom pressure sensitive labels Improving Adjusted EBITDA/Margin ($ in millions) Sales $1,762 Adj. EBITDA $1,742 $1,660 One of the largest commercial printers in the U.S. $1,589 $158 Our customers are highly diverse individual consumers to Fortune 500 Meaningful free cash flow will drive debt reduction $145 $144 $
4 Business Overview Related Sales ($ in millions) YE 2016 Print Label Print Label $865 (52%) Labels Print $493 (30%) Print Label $302 (18%) Direct mail envelopes Advertising materials Custom labels Office and merchant Corporate identity Prescription labels Statement, billing and remittance Journals and specialty magazines Content management Digital print services Specialty and prime labels Traditional long-run labels Point of sale roll receipts 4
5 Overview Largest envelope manufacturer in North America 6x larger than next competitor Segment Sales & Adj. EBITDA ($M) YE production facilities in the U.S. Nationwide manufacturing reduces customer cost and risk $2.5B North American market CVO holds a 40% share Competitors Supremex ( $150M of envelope sales) Print Sales Label $865 Adj. EBITDA Label Print $72* Tension ( $120M) Double ( $100M) United ( $100M) Mackay (~$85M) Key performance driver = Direct Mail Strong volume growth coupled with increased package sophistication New demand from small businesses USPS promoting discounts for tactile mail Our size drives economies of scale * ~10% Adjusted EBITDA margin less fully allocated corporate expenses 5
6 Print Overview 3 rd largest commercial printer in North America 9 production facilities Our national platform enables highly customized solutions in a timely manner Segment Sales & Adj. EBITDA ($M) YE 2016 Sales Adj. EBITDA $158B U.S. printing market We compete in short-run, high color commercial printing We do not print newspaper, magazine, directories or books Print, $493 Label Label Print, $31 Competition RRD Sheridan Press Multiple regional commercial printers Key performance drivers Regional consolidation plans ongoing Content and publisher service investments Digital equipment investments 6
7 Label Overview #1 in prescription labels to retail pharmacy chains #1 in custom pressure sensitive labels through resale markets ( 30K distributors) This is our quick-turn, highest margin segment Segment Sales & Adj. EBITDA ($M) YE 2016 Sales Adj. EBITDA $20B U.S. Label Industry Main Products Custom labels bumper stickers, small count labels, etc. Long run labels overnight shipping, deli-shelf labels, etc. Print Label, $301 Label, $41 Print POS roll receipts Competition Label Art ( $40M) Stouse ( $40M) RRD/Multi-Color Key performance drivers New presses are driving production efficiencies E-commerce investments given electronic sales channel Exited coating operation to focus on best performing segments/products 7
8 Trusted Partner to a Diverse Customer Base Top 20 customers = 35% of sales Fortune 500 corporations, small companies serving niche markets and individual consumers Serve nearly every industry: Financial services Retail Pharmaceuticals Telecommunications Healthcare Travel & leisure Automotive Consumer products 8
9 Broad Geographic Reach Growth objectives can be serviced with existing platform Extensive platform reduces our cost and risk to customers We have the flexibility to redeploy our equipment to maximize efficiency Geographic diversity mitigates impact of region-specific fluctuations NEW DELHI CITY OF INDUSTRY Cenveo HQ LOS ANGELES KENT CLACKAMAS Labels Digital Print Publisher/Content Services s Print Fulfillment and Distribution ST. GEORGE DENVER AMARILLO CHICOPEE BERESFORD OMAHA CHICAGO CONKLIN CLEVELAND ALTOONA STAMFORD JERSEY CITY KIRKSVILLE INDIANAPOLIS FT. WASHINGTON MT. LANCASTER DANVILLE PLEASANT PIKESVILLE ST. LOUIS RICHMOND NEW ALBANY COLUMBIA HURLOCK ENNIS SAN ANTONIO DALLAS JOPLIN JEFFERSON CITY SMYRNA LONGWOOD WILLIAMSBURG MUMBAI CHENNAI KAPOLEI LONDON BANGALORE 9
10 Financial Overview
11 2017 Guidance Highlights Revenues of approximately $1.6B and Adjusted EBITDA of $150M Adjusted EBITDA margin of 9.4%, a 70 bps improvement over 2016 Adjusted Free Cash Flow of at least $40M, excluding working capital initiatives Cash paid for interest of ~$70M Cash paid for restructuring & integration of ~$12M Cash paid for pension & post retirement of ~$8M Net capital expenditures of ~$20M Announced $50M cost savings & profitability improvement plan Identified ~$40M of $50M, of which 30% has been enacted to date Expect to realize ~$25M in 2017, annual run rate of $50M in 2018 Other key assumptions: Continued softness in office product envelope through first six months Continued direct mail trends in the mid-single digits Operating improvements from capital investments 11
12 Profitability Improvement Plan Facility Rationalization Two announced (Portland & Buffalo) 2017 Profitability Improvement Plan by Quarter ($ in millions) Considering additional rationalizations Selling Expenses Pricing initiatives Reduced Travel and Entertainment Headcount Reductions Over 100 employees, multiple areas Exclusive of facility rationalizations $4 $5 $ $ $7 $8 $6 $4 Q1 Q2 Q3 Q Profitability Improvement Plan by Category ($ in millions) Operational Efficiencies Overtime & Temp Labor reductions Prompt pay discounts $25M realization in 2017 & %+ of $50M already executed $4 $2 $1 Facility Rationalization $6 $2 $10 $7 $8 Selling Expense Headcount Operational Efficiencies $15 $25 Totals
13 2016 to 2017 Adjusted EBITDA Bridge ($ in millions) $10 $ $144 $9 $ Actual Continuing Operations Non-Recurring 2017 Profitability Plan 2017 Guidance* *Does not include remaining portion of $50MM plan to be implemented throughout
14 Current Capitalization ($ in millions) Issue 12/31/2016 Maturity Coupon New ABL ($190M in total commitments) 1 $107.7 Jun-21 L+250 New 4.0% Term Note ( FILO Note) $50.0 Dec % 6.00% Senior Secured First Lien Notes 2 $540.0 Aug % Equipment Loans $10.8 Total First Lien Secured Debt $708.5 Capitalization Highlights Next debt maturity is Aug (6.0% 1 st lien notes) Cash interest reduced by $20M in % Senior Secured Second Lien Notes 3 $241.0 Sep % Total Secured Debt $949.5 New 6.0% Unsecured Notes 4 $104.5 May % Total Debt $1,054.0 Wgt Avg 6.25% Cash and ABL Availability $65.0 Debt carries no restrictive financial covenants (incurrencebased only) Entering 2017 with ~$220M in net operating carry forward losses 1) Reflects pro forma outstanding amount after 2017 extinguishment of remaining 7% and 11.5% Notes 2) Five year non call life. The notes can be called at par starting six months prior to maturity. 3) Callable on 9/15/2017 at $ , on 9/15/2018 at $ , on 9/15/2019 at $ , and on 9/15/2020 at par. 4) Four year non call. Callable at 5/15/2020 at $103.00, on 5/15/2021 at $101.50, and on 5/15/2022 at par. 14
15 Debt Reduction is a High Priority $180M+ of Debt Reduction in 2016 Debt Cash Interest $1,244M $1,234M $1,196M $1,054M $103M $95M $92M $79M ~$70M cash interest Leverage Ratio 8.2x 9.0x 7.8x 7.3x ~5.5x 15
16 Investment Highlights Market Leader Largest envelope producer in North America Leader in several label products Third largest commercial printer Diversified Sales Mix ~50% envelope, ~30% print, ~20% label Variable Cost Structure ~75% of our costs are variable Broad Geographic Reach ~35 operating plants can service 90% of the U.S. population within 2-3 business days High Insider Ownership ~30% of company stock held by management and board of directors Strong Free Cash Flow Meaningful free cash flow provides runway to pay down debt and pursue strategic alternatives 16
17 Contact Us Company Contacts Ayman Zameli, Executive Vice President Cenveo, Inc. 200 First Stamford Pl Stamford, CT Investor Relations Cody Slach Liolios
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