EX-99.2
3
a20210809exh992.htm
EX-99.2
Document
Exhibit 99.2
Summary of Unaudited Pro Forma Financial Information
On August 9, 2021, Cornerstone Building Brands, Inc. (the "Company") closed the sale of its Insulated Metal Panels ("IMP") business to Nucor Insulated Panel Group, Inc. and Vulcraft Canada, Inc. (collectively, the "Purchasers") in a cash transaction for $1 billion, subject to customary adjustments. The sale included products sold under the Metl-Span and CENTRIA brands. The results of the IMP business were previously reported in the Commercial segment.
The unaudited pro forma consolidated statements of operations for the year ended December 31, 2020 and the six months ended July 3, 2021 give effect to the sale as if it had occurred on January 1, 2020. The unaudited pro forma consolidated balance sheet as of July 3, 2021 assumes the sale occurred on July 3, 2021.
The unaudited pro forma consolidated financial statements have been derived from historical financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and are presented based upon information currently available and certain assumptions the Company believes are reasonable. The unaudited pro forma consolidated financial statements are presented to comply with Article 11 of Regulation S-X and follow prescribed SEC regulations. The unaudited condensed consolidated pro forma financial statements do not purport to present what the Company's results would have been had the disposition actually occurred on the dates indicated or to project what the Company's results of operations or financial position would have been for any future period. The prescribed regulations limit pro forma adjustments to those that are directly attributable to the disposition on a factually supported basis. Consequently, the Company was not permitted within the pro forma consolidated financial statements to allocate to the IMP business any indirect corporate overhead or costs, such as administrative corporate functions. As a result, such costs are not reflected in the pro forma adjustments. The pro forma adjustments are described in the notes to the unaudited consolidated pro forma financial statements.
The unaudited condensed consolidated pro forma financial statements have been prepared for informational purposes and should be read together with the historical consolidated financial statements and related notes of Cornerstone Building Brands, Inc. included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and its Quarterly Report on Form 10-Q for the fiscal quarter ended July 3, 2021.
1
CORNERSTONE BUILDING BRANDS, INC.
PRO FORMA CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
July 3, 2021
Cornerstone Building Brands
Pro Forma Adjustments
Cornerstone Building Brands Pro Forma
ASSETS
Current assets:
Cash and cash equivalents
$
88,978
$
1,000,000
(a)
$
1,088,978
Restricted cash
6,224
-
6,224
Accounts receivable, net
613,193
-
613,193
Inventories, net
549,736
-
549,736
Income taxes receivable
46,358
-
46,358
Investments in debt and equity securities, at market
2,695
-
2,695
Prepaid expenses and other
88,942
-
88,942
Assets held for sale
390,025
(357,330)
(b)
32,695
Total current assets
1,786,151
642,670
2,428,821
Property, plant and equipment, net
568,901
-
568,901
Lease right-of-use assets
272,366
-
272,366
Goodwill
1,107,758
-
1,107,758
Intangible assets, net
1,488,426
-
1,488,426
Deferred income taxes
2,178
-
2,178
Other assets, net
28,283
-
28,283
Total assets
$
5,254,063
$
642,670
$
5,896,733
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt
$
26,000
$
-
$
26,000
Accounts payable
266,067
-
266,067
Accrued compensation and benefits
75,966
-
75,966
Accrued interest
21,406
-
21,406
Accrued income taxes
6,560
211,629
(d)
218,189
Current portion of lease liabilities
68,198
-
68,198
Other accrued expenses
280,236
14,084
(c)
294,320
Liabilities held for sale
75,927
(65,756)
(b)
10,171
Total current liabilities
820,360
159,957
980,317
Long-term debt
3,180,759
-
3,180,759
Deferred income taxes
233,602
-
233,602
Long-term lease liabilities
205,530
-
205,530
Other long-term liabilities
334,565
-
334,565
Total long-term liabilities
3,954,456
-
3,954,456
Stockholders' equity:
Common stock
1,261
-
1,261
Additional paid-in capital
1,265,887
-
1,265,887
Accumulated deficit
(757,413)
482,713
(d)
(274,700)
Accumulated other comprehensive loss, net
(30,064)
-
(30,064)
Treasury stock, at cost
(424)
-
(424)
Total stockholders' equity
479,247
482,713
961,960
Total liabilities and stockholders' equity
$
5,254,063
$
642,670
$
5,896,733
2
CORNERSTONE BUILDING BRANDS, INC.
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Six Months Ended July 3, 2021
Cornerstone Building Brands
Pro Forma Adjustments
Cornerstone Building Brands Pro Forma
Net sales
$
2,667,153
$
(155,287)
(e)
$
2,511,866
Cost of sales
2,095,696
(127,483)
(e)
1,968,213
Gross profit
571,457
(27,804)
543,653
Selling, general and administrative expenses
316,686
(20,310)
(e)
296,376
Intangible asset amortization
93,011
(3,220)
(e)
89,791
Restructuring and impairment charges, net
6,490
(193)
(e)
6,297
Strategic development and acquisition related costs
3,252
13,316
(c),(e)
16,568
Income from operations
152,018
(17,397)
134,621
Interest income
140
(48)
(e)
92
Interest expense
(103,957)
-
(103,957)
Foreign exchange gain (loss)
203
(427)
(e)
(224)
Loss on extinguishment of debt
(42,234)
-
(42,234)
Other income (expense), net
830
(241)
(e)
589
Income before taxes
7,000
(18,113)
(11,113)
Benefit for income taxes
(272)
(4,642)
(f)
(4,914)
Net income (loss)
7,272
(13,471)
(6,199)
Net income allocated to participating securities
(93)
-
-
Net income (loss) applicable to common shares
$
7,179
$
(13,471)
$
(6,199)
Income (loss) per common share:
Basic
$
0.06
$
(0.05)
Diluted
$
0.06
$
(0.05)
Weighted average number of common shares outstanding:
Basic
125,683
125,683
Diluted
126,469
126,469
3
CORNERSTONE BUILDING BRANDS, INC.
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Year Ended December 31, 2020
Cornerstone Building Brands
Pro Forma Adjustments
Cornerstone Building Brands Pro Forma
Net sales
$
4,617,369
$
(309,844)
(e)
$
4,307,525
Cost of sales
3,567,049
(211,678)
(e)
3,355,371
Gross profit
1,050,320
(98,166)
952,154
Selling, general and administrative expenses
579,200
(39,047)
(e)
540,153
Intangible asset amortization
180,994
(8,661)
(e)
172,333
Restructuring and impairment charges, net
34,120
(2,069)
(e)
32,051
Strategic development and acquisition related costs
19,341
416
(e)
19,757
Goodwill impairment
503,171
-
503,171
Income (loss) from operations
(266,506)
(48,805)
(315,311)
Interest income
1,364
(98)
(e)
1,266
Interest expense
(213,610)
(3)
(e)
(213,613)
Foreign exchange gain (loss)
1,068
(337)
(e)
731
Other income (expense), net
469
(594)
(e)
(125)
Income (loss) before income taxes
(477,215)
(49,837)
(527,052)
Provision (benefit) for income taxes
5,563
(12,725)
(f)
(7,162)
Net income (loss)
(482,778)
(37,112)
(519,890)
Net income allocated to participating securities
-
-
-
Net income (loss) applicable to common shares
$
(482,778)
$
(37,112)
$
(519,890)
Income (loss) per common share:
Basic
$
(3.84)
$
(4.14)
Diluted
$
(3.84)
$
(4.14)
Weighted average number of common shares outstanding:
Basic
125,562
125,562
Diluted
125,562
125,562
Notes to pro forma consolidated financial statements
(a)Reflects proceeds received upon closing of the IMP Sale.
(b)Reflects the disposition of the assets and liabilities of the IMP business (see the Assets and Liabilities Held for Sale schedule below).
(c)Reflects the fee payable for the advisory services that was contingent upon the close of the IMP Sale.
(d)Reflects the preliminary gain on the IMP Sale of approximately $708.4 million ($496.8 million, net of tax) less the advisory fee of approximately $14.1 million described in (c) above.
4
July 3, 2021
(in thousands)
Proceeds from sale of the IMP business
$
1,000,000
Net assets (see Assets and Liabilities Held for Sale schedule below)
(291,574)
Preliminary gain on sale
708,426
Accrued income taxes
(211,629)
Preliminary gain on sale, net of tax
496,797
Advisory fee
(14,084)
Amount recorded in accumulated deficit
$
482,713
(e)Reflects the elimination of revenues and expenses directly attributable to the IMP Sale.
(f)Reflects the estimated income tax effect of the pro forma adjustments using an annual effective tax rate of approximately 25.6% and 25.5% for the six months ended July 3, 2021 and fiscal year ended December 31, 2020, respectively.
Assets and Liabilities Held for Sale
July 3, 2021
(in thousands)
Carrying amounts of major classes of assets held for sale:
Accounts receivable, net
$
56,166
Inventories, net
52,995
Prepaid expenses and other
5,561
Total current assets
114,722
Property, plant and equipment, net
49,423
Lease right-of-use assets
9,841
Goodwill
121,464
Intangible assets, net
60,623
Other assets
1,257
Total assets held for sale
$
357,330
Carrying amounts of major classes of liabilities held for sale:
Accounts payable
$
15,955
Accrued compensation and benefits
6,138
Short-term lease liabilities
2,685
Other accrued expenses
16,416
Total current liabilities
41,194
Deferred income taxes
13,606
Long-term lease liabilities
8,490
Other long-term liabilities
2,466
Total non-current liabilities
24,562
Total liabilities held for sale
$
65,756
Net assets
$
291,574
5

EX - 99 . 2 3 a20210809exh992 . htm EX - 99 . 2 Document Exhibit 99 . 2 Summary of Unaudited Pro Forma Financial Information On August 9 , 2021 , Cornerstone Building Brands , Inc . ( the " Company " ) closed the sale of its Insulated Metal Panels ( " IMP " ) business to Nucor Insulated Panel Group , Inc . and Vulcraft Canada , Inc . ( collectively , the " Purchasers " ) in a cash transaction for $ 1 billion , subject to customary adjustments . The sale included products sold under the Metl - Span and CENTRIA brands . The results of the IMP business were previously reported in the Commercial segment . The unaudited pro forma consolidated statements of operations for the year ended December 31 , 2020 and the six months ended July 3 , 2021 give effect to the sale as if it had occurred on January 1 , 2020 . The unaudited pro forma consolidated balance sheet as of July 3 , 2021 assumes the sale occurred on July 3 , 2021 . The unaudited pro forma consolidated financial statements have been derived from historical financial statements prepared in accordance with U . S . generally accepted accounting principles ( " U . S . GAAP " ) and are presented based upon information currently available and certain assumptions the Company believes are reasonable . The unaudited pro forma consolidated financial statements are presented to comply with Article 11 of Regulation S - X and follow prescribed SEC regulations . The unaudited condensed consolidated pro forma financial statements do not purport to present what the Company 's results would have been had the disposition actually occurred on the dates indicated or to project what the Company 's results of operations or financial position would have been for any future period . The prescribed regulations limit pro forma adjustments to those that are directly attributable to the disposition on a factually supported basis . Consequently , the Company was not permitted within the pro forma consolidated financial statements to allocate to the IMP business any indirect corporate overhead or costs , such as administrative corporate functions . As a result , such costs are not reflected in the pro forma adjustments . The pro forma adjustments are described in the notes to the unaudited consolidated pro forma financial statements . The unaudited condensed consolidated pro forma financial statements have been prepared for informational purposes and should be read together with the historical consolidated financial statements and related notes of Cornerstone Building Brands , Inc . included in its Annual Report on Form 10 - K for the fiscal year ended December 31 , 2020 and its Quarterly Report on Form 10 - Q for the fiscal quarter ended July 3 , 2021 . 1 CORNERSTONE BUILDING BRANDS , INC . PRO FORMA CONSOLIDATED BALANCE SHEETS ( In thousands ) ( Unaudited ) July 3 , 2021 Cornerstone Building Brands Pro Forma Adjustments Cornerstone Building Brands Pro Forma ASSETS Current assets : Cash and cash equivalents $ 88,978 $ 1,000,000 ( a ) $ 1,088,978 Restricted cash 6,224 - 6,224 Accounts receivable , net 613,193 - 613,193 Inventories , net 549,736 - 549,736 Income taxes receivable 46,358 - 46,358 Investments in debt and equity securities , at market 2,695 - 2,695 Prepaid expenses and other 88,942 - 88,942 Assets held for sale 390,025 ( 357,330 ) ( b ) 32,695 Total current assets 1,786,151 642,670 2,428,821 Property , plant and equipment , net 568,901 - 568,901 Lease right - of - use assets 272,366 - 272,366 Goodwill 1,107,758 - 1,107,758 Intangible assets , net 1,488,426 - 1,488,426 Deferred income taxes 2,178 - 2,178 Other assets , net 28,283 - 28,283 Total assets $ 5,254,063 $ 642,670 $ 5,896,733 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities : Current portion of long - term debt $ 26,000 $ - $ 26,000 Accounts payable 266,067 - 266,067 Accrued compensation and benefits 75,966 - 75,966 Accrued interest 21,406 - 21,406 Accrued income taxes 6,560 211,629 ( d ) 218,189 Current portion of lease liabilities 68,198 - 68,198 Other accrued expenses 280,236 14,084 ( c ) 294,320 Liabilities held for sale 75,927 ( 65,756 ) ( b ) 10,171 Total current liabilities 820,360 159,957 980,317 Long - term debt 3,180,759 - 3,180,759 Deferred income taxes 233,602 - 233,602 Long - term lease liabilities 205,530 - 205,530 Other long - term liabilities 334,565 - 334,565 Total long - term liabilities 3,954,456 - 3,954,456 Stockholders ' equity : Common stock 1,261 - 1,261 Additional paid - in capital 1,265,887 - 1,265,887 Accumulated deficit ( 757,413 ) 482,713 ( d ) ( 274,700 ) Accumulated other comprehensive loss , net ( 30,064 ) - ( 30,064 ) Treasury stock , at cost ( 424 ) - ( 424 ) Total stockholders ' equity 479,247 482,713 961,960 Total liabilities and stockholders ' equity $ 5,254,063 $ 642,670 $ 5,896,733 2 CORNERSTONE BUILDING BRANDS , INC . PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS ( In thousands , except per share data ) ( Unaudited ) Six Months Ended July 3 , 2021 Cornerstone Building Brands Pro Forma Adjustments Cornerstone Building Brands Pro Forma Net sales $ 2,667,153 $ ( 155,287 ) ( e ) $ 2,511,866 Cost of sales 2,095,696 ( 127,483 ) ( e ) 1,968,213 Gross profit 571,457 ( 27,804 ) 543,653 Selling , general and administrative expenses 316,686 ( 20,310 ) ( e ) 296,376 Intangible asset amortization 93,011 ( 3,220 ) ( e ) 89,791 Restructuring and impairment charges , net 6,490 ( 193 ) ( e ) 6,297 Strategic development and acquisition related costs 3,252 13,316 ( c ) , ( e ) 16,568 Income from operations 152,018 ( 17,397 ) 134,621 Interest income 140 ( 48 ) ( e ) 92 Interest expense ( 103,957 ) - ( 103,957 ) Foreign exchange gain ( loss ) 203 ( 427 ) ( e ) ( 224 ) Loss on extinguishment of debt ( 42,234 ) - ( 42,234 ) Other income ( expense ) , net 830 ( 241 ) ( e ) 589 Income before taxes 7,000 ( 18,113 ) ( 11,113 ) Benefit for income taxes ( 272 ) ( 4,642 ) ( f ) ( 4,914 ) Net income ( loss ) 7,272 ( 13,471 ) ( 6,199 ) Net income allocated to participating securities ( 93 ) - - Net income ( loss ) applicable to common shares $ 7,179 $ ( 13,471 ) $ ( 6,199 ) Income ( loss ) per common share : Basic $ 0 . 06 $ ( 0 . 05 ) Diluted $ 0 . 06 $ ( 0 . 05 ) Weighted average number of common shares outstanding : Basic 125,683 125,683 Diluted 126,469 126,469 3 CORNERSTONE BUILDING BRANDS , INC . PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS ( In thousands , except per share data ) ( Unaudited ) Year Ended December 31 , 2020 Cornerstone Building Brands Pro Forma Adjustments Cornerstone Building Brands Pro Forma Net sales $ 4,617,369 $ ( 309,844 ) ( e ) $ 4,307,525 Cost of sales 3,567,049 ( 211,678 ) ( e ) 3,355,371 Gross profit 1,050,320 ( 98,166 ) 952,154 Selling , general and administrative expenses 579,200 ( 39,047 ) ( e ) 540,153 Intangible asset amortization 180,994 ( 8,661 ) ( e ) 172,333 Restructuring and impairment charges , net 34,120 ( 2,069 ) ( e ) 32,051 Strategic development and acquisition related costs 19,341 416 ( e ) 19,757 Goodwill impairment 503,171 - 503,171 Income ( loss ) from operations ( 266,506 ) ( 48,805 ) ( 315,311 ) Interest income 1,364 ( 98 ) ( e ) 1,266 Interest expense ( 213,610 ) ( 3 ) ( e ) ( 213,613 ) Foreign exchange gain ( loss ) 1,068 ( 337 ) ( e ) 731 Other income ( expense ) , net 469 ( 594 ) ( e ) ( 125 ) Income ( loss ) before income taxes ( 477,215 ) ( 49,837 ) ( 527,052 ) Provision ( benefit ) for income taxes 5,563 ( 12,725 ) ( f ) ( 7,162 ) Net income ( loss ) ( 482,778 ) ( 37,112 ) ( 519,890 ) Net income allocated to participating securities - - - Net income ( loss ) applicable to common shares $ ( 482,778 ) $ ( 37,112 ) $ ( 519,890 ) Income ( loss ) per common share : Basic $ ( 3 . 84 ) $ ( 4 . 14 ) Diluted $ ( 3 . 84 ) $ ( 4 . 14 ) Weighted average number of common shares outstanding : Basic 125,562 125,562 Diluted 125,562 125,562 Notes to pro forma consolidated financial statements ( a ) Reflects proceeds received upon closing of the IMP Sale . ( b ) Reflects the disposition of the assets and liabilities of the IMP business ( see the Assets and Liabilities Held for Sale schedule below ) . ( c ) Reflects the fee payable for the advisory services that was contingent upon the close of the IMP Sale . ( d ) Reflects the preliminary gain on the IMP Sale of approximately $ 708.4 million ( $ 496.8 million , net of tax ) less the advisory fee of approximately $ 14.1 million described in ( c ) above . 4 July 3 , 2021 ( in thousands ) Proceeds from sale of the IMP business $ 1,000,000 Net assets ( see Assets and Liabilities Held for Sale schedule below ) ( 291,574 ) Preliminary gain on sale 708,426 Accrued income taxes ( 211,629 ) Preliminary gain on sale , net of tax 496,797 Advisory fee ( 14,084 ) Amount recorded in accumulated deficit $ 482,713 ( e ) Reflects the elimination of revenues and expenses directly attributable to the IMP Sale . ( f ) Reflects the estimated income tax effect of the pro forma adjustments using an annual effective tax rate of approximately 25 . 6 % and 25 . 5 % for the six months ended July 3 , 2021 and fiscal year ended December 31 , 2020 , respectively . Assets and Liabilities Held for Sale July 3 , 2021 ( in thousands ) Carrying amounts of major classes of assets held for sale : Accounts receivable , net $ 56,166 Inventories , net 52,995 Prepaid expenses and other 5,561 Total current assets 114,722 Property , plant and equipment , net 49,423 Lease right - of - use assets 9,841 Goodwill 121,464 Intangible assets , net 60,623 Other assets 1,257 Total assets held for sale $ 357,330 Carrying amounts of major classes of liabilities held for sale : Accounts payable $ 15,955 Accrued compensation and benefits 6,138 Short - term lease liabilities 2,685 Other accrued expenses 16,416 Total current liabilities 41,194 Deferred income taxes 13,606 Long - term lease liabilities 8,490 Other long - term liabilities 2,466 Total non - current liabilities 24,562 Total liabilities held for sale $ 65,756 Net assets $ 291,574 5
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