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"Project Rohe\nDRAFT Financial Due Diligence Report\nRReelliiaannccee RReessttrriicctteedd\nMarch 27, 20",
"Important Message to Any Person Not Authorized by Ernst and Young LLP to Have Access to This Report\n",
"Reliance Restricted\nRuss Tiejema\nExecutive Vice President and Chief Financial Officer\nMasonite Inter",
"Reliance Restricted\nRuss Tiejema\nExecutive Vice President and Chief Financial Officer\nMasonite Inter",
"Table of contents\n1 7\nOverview and scope 6 Appendices 46\n2\nSummary of findings 11\n3\nQuality of earni",
"Overview and scope\nMarch 27, 2023 | Project Rohe | DRAFT Financial Due Diligence Report Page 6",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Summary of findings\nMarch 27, 2023 | Project Rohe | DRAFT Financial Due Diligence Report Page 11",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Quality of earnings\nMarch 27, 2023 | Project Rohe | DRAFT Financial Due Diligence Report Page 13",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Recast operating results\nMarch 27, 2023 | Project Rohe | DRAFT Financial Due Diligence Report Page 2",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Balance sheet overview\nMarch 27, 2023 | Project Rohe | DRAFT Financial Due Diligence Report Page 36",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Adjusted net working capital\nMarch 27, 2023 | Project Rohe | DRAFT Financial Due Diligence Report Pa",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Appendices\nMarch 27, 2023 | Project Rohe | DRAFT Financial Due Diligence Report Page 46",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"Overview and Summary of Quality of Recast operating Balance sheet Adjusted net\nAppendices\nscope find",
"",
"Q1 Earnings\nUpdate\nSpring 2023 | Confidential",
"Financial Summary\nCommentary(1)\n($ in millions)\nQ1 2021 Q1 2022 Q1 2023 YoY Growth (22-23)\n■ Archite",
"Q1 Financial Performance Supplement\nQuarterly Bridge Commentary from Management\n($ in millions)\nOver",
"",
"h\nc\nr\nu\nh\nc\nn\nn\ny\nConfidential\nW\nInformation\nPresentation\nSpring 2023 | Confidential",
"Disclaimer\nHoulihanLokeyCapital,Inc.(“HoulihanLokey”)hasbeenretainedbyMasoniteInternationalCorporati",
"h\nExecutive Summary 4\nc\nr\nIndustry and Markets 18\nu\nh\nBusiness Overview 24\nc\nn\nGrowth Opportunities ",
"h\nc\nr\nu\nh\nc\nn\nn\nExecutive Summary\ny\nW",
"Masonite Architectural is a Leader\nin Opening Solutions\nMasonite Architectural is a leading specialt",
"Architectural Has Two Distinct but\nComplementary Solutions Offerings\nMasonite Architectural provides",
"Masonite Architectural Serves a Wide Variety of\nAddressable Applications within Commercial Buildings",
"Masonite Architectural Delivers a\nUnique Value Proposition\nMasonite Architectural serves as a critic",
"Quick Ship Business Model Provides Unique\nPlatform to Further Expand Exposure to the Three Rs\nMasoni",
"Highly Diverse End Applications\nMasonite Architectural delivers a comprehensive suite of solutions t",
"Well-Positioned in a Large Marketplace\nwith Attractive Tailwinds\nAttractive tailwinds that align wit",
"Masonite Architectural has Transformative\nValue Creation Potential…\nMasonite Architectural was estab",
"…But Faced Definable and Idiosyncratic Challenges…\nDespite an enviable brand position and robust pro",
"…And Today is on a Proven Path to Resolution\nMasonite Architectural has been held back by both long-",
"Leadership Team in Place to Deliver on the\nGrowth Plan as a Stand-Alone Company\nMasonite Architectur",
"Actionable Growth Plan in Place\nMasonite Architectural is well-positioned to capitalize on numerous ",
"Masonite Architectural’s Differentiated Positioning will\nEnable an Attractive Financial Profile\nArch",
"h\nc\nr\nu\nh\nc\nn\nn\nIndustry and Markets\ny\nW",
"Attractive Marketplace Opportunity\nMasonite Architectural is well-positioned to capitalize on favora",
"Large Market of Non-Residential Opening Solutions\nMasonite Architectural participates in a large U.S",
"Attractive Marketplace Tailwinds\nMasonite Architectural is well-positioned to benefit from attractiv",
"Continued Growth in Use of Wood Interior Doors\nThe mix of interior wood door volume over-indexes to ",
"Unique Value Chain Position\nMasonite Architectural operates upstream in the wood door value chain, p",
"h\nc\nr\nu\nh\nc\nn\nn\nBusiness Overview\ny\nW",
"Masonite Architectural Operates Across Two Leading,\nComplementary Divisions\nArchitectural provides h",
"Defining the Door\nMasonite Architectural is a full-service opening solutions manufacturer, including",
"Illustrative Flush Door Assembly Process\nMasonite Architectural offers a vertically integrated produ",
"Architectural Offers a Robust Portfolio of Branded,\nPerformance-Driven Opening Solutions\nMasonite Ar",
"Doors | Division Overview\nArchitectural manufactures door slabs with additional value-add services t",
"Components | Division Overview\nDoor skin and core components serve an important role in providing th",
"Quick Ship | Division Overview\nArchitectural is positioned to win in expedited purchase scenarios gi",
"Diverse Operating Platform\nMasonite Architectural’s platform diversification is multi-faceted h\nDiff",
"Masonite Architectural’s Engagement Across\nthe Value Chain is Well Recognized\nMasonite Architectural",
"Entrenched Relationships with Diversified Customers\nMasonite Architectural supplies a wide customer ",
"Tiered Customer Approach\nMasonite Architectural defines customers using a tiered system based on the",
"Overview of Sales & Marketing Organization\nMasonite Architectural’s sales organization provides loca",
"h\nc\nr\nu\nh\nc\nn\nn\nGrowth Opportunities\ny\nW",
"Multiple Levers for Growth\nWell-defined, multi-pronged strategy to achieve robust growth in the near",
"1\nAttractive Industry Tailwinds\nh\nLarge Marketplace (2022A) Strong Growth in U.S. Sales of Non-Resid",
"Expand Distributor Wallet Share Capture\n2\nin Existing Categories and Regions\nService recovery to dri",
"Expand Distributor Wallet Share Capture\n2\nin Existing Categories and Regions (cont.)\nMasonite Archit",
"Expand Influence with Channel Participants\n2\nto Drive Specified Demand\nOpportunity to drive specifie",
"Add New Customers in Underpenetrated Regions\n3\nFocus: Doors & Components\nAttractive white space to e",
"Strategic Regional Expansion of\n4\nQuick Ship Business Model\nQuick Ship business model dynamics offer",
"Strategic Regional Expansion of\n4\nQuick Ship Business Model (cont.)\nMasonite Architectural has a def",
"Upside to the Plan 5\nActionable Pricing Strategy\nMasonite Architectural’s differentiated customer va",
"6\nExecute Value Accretive M&A\nLarge marketplace with tremendous acquisition potential h\nStrategy Ove",
"h\nc\nr\nu\nh\nc\nn\nn\nOperations Overview\ny\nW",
"Masonite Architectural has Developed a Well-Invested and\nRobust Operating Platform\nMasonite’s operat",
"Well-Invested National Footprint Supports Scale\n High degree of operating leverage with ($ in milli",
"Facility Overview\nDoor Manufacturing Plants h\nPlant Employees Sq. Ft\n(1)\nMarshfield, Wisconsin c 312",
"Facility Overview (cont.)\nDoor Manufacturing Plants h\nPlant Employees Sq. Ft\nJefferson City, Tenness",
"Facility Overview (cont.)\nComponents Plants – Manufacturer Inputs for Slab Production h\nPlant Employ",
"Facility Overview (cont.)\nQuick-Ship Plants h\nPlant Employees Sq. Ft\nThorofare, New Jersey c 44 60,0",
"Differentiated Vertical Integration Strategy\nMasonite Architectural operates a differentiated vertic",
"Established Relationships with Diverse Suppliers\nMasonite Architectural’s sourcing strategy is focus",
"Focus on Continuous Operational Improvement\nManagement has built a culture rooted in operational exc",
"Opportunities in Process for Further Upside\nMasonite Architectural has identified and is actioning s",
"Performance-Focused Employee Base\nMasonite Architectural has a performance-focused employee base sup",
"h\nc\nr\nu\nh\nc\nn\nn\nFinancial Overview\ny\nW",
"Architectural Financial Profile\nMasonite is well-positioned for above-market growth and margin expan",
"Historical Financial Performance\nAdjusted Historical Performance(1) h\n($ in millions) 2020A 2021A 20",
"Standalone Considerations\nMasonite Architectural has thoroughly evaluated the impacts on the Company",
"Basis of Preparation and Financial Forecast Assumptions\nBasis of Presentation\nh\n The Architectural ",
"Projected Financials\nh\n($ in millions) Budget Projected CAGR\nc\n2023E 2024F 2025F 2026F 2027F '23E - ",
"Robust Gross Margin Profile\nMasonite Architectural has clear line of sight to gross margin recovery ",
"Scalable Operating Platform\nMasonite has created a highly leverageable platform to drive strong EBIT",
"Capital Expenditures\nAsset-efficient operational footprint enables investment in Greenfield expansio",
"Net Working Capital Summary\nThe Company's net working capital is presented below on a cash-free basi",
"h\nc\nr\nu\nh\nc\nAppendix\nn\nn\ny\nW",
"Quality of Earnings Adjustments\nThe Company’s financials are adjusted to exclude certain one-time or",
"Quality of Earnings Adjustments (cont.)\nThe Company’s financials are adjusted to exclude certain one"
] |