Fgi Industries Ltd. · NASDAQ:FGI
Fgi Industries — Q3 2023 Earnings Presentation
15 slides from Fgi Industries's earnings presentation, 2023
Slide 1: Investor Presentation Third Quarter 2023
Investor Presentation Third Quarter 2023
Slide 2: Disclaimer
Disclaimer Certain matters discussed in this presentation contains forward-looking statements concerning our business, operations and financial performance and conditions, as well as our plans, objectives and expectations for our business operations and financial performance and condition. These sta
Slide 3: FGI Industries at a Glance
FGI Industries at a Glance New Construction 20% Leading global B2B supplier of Kitchen and Bath Products FGI is a leading global B2B supplier of Kitchen and Bath products with a Repair/Remodel 80% reputation of Innovation, Quality and Service developed over 30 years in conjunction with our parent co
Slide 4: Company Overview
Company Overview Diverse Business Mix Provides Stability Sanitaryware Bath Furniture Shower Systems Other (Kitchen Cabinetry, etc.) $105MM in 2022 Sales (65% of sales) $30MM in 2022 Sales (18% of sales) $22MM in 2022 Sales (14% of sales) $6MM in 2022 Sales (4% of sales) $12.5Bn market oppo
Slide 5: Key Investment Highlights
Key Investment Highlights Opportunity to drive significant shareholder value We are dedicated to Diversified Portfolio and History of Innovation • Diversified mix of products, market segments and sales channels driving shareholder value • Tradition of strong innovation with leading ‘on-trend’ design
Slide 6: Third Quarter Overview and Financial Review
Third Quarter Overview and Financial Review 6
Slide 7: Business Highlights – 3Q23
Business Highlights – 3Q23 3Q23 results were Revenue Operating Income highlighted by Third quarter revenue declined Operating income was impacted 22% driven by continued inventory by ongoing investments in our continued gross margin de-stocking and uneven demand BPC organic growth initiatives improv
Slide 8: Quarterly Consolidated Financial Results
Quarterly Consolidated Financial Results Total Revenue Gross Profit Adjusted Operating Income Adjusted Net Income $MM $MM $MM $MM $182.1 $31.6 $30.6 $5.2 $4.0 $118.1 $2.9 $1.7 $1.3 $1.5 $38.5 $8.0 $7.8 $29.9 $0.6 $0.4 3Q22 3Q23 LTM - LTM - 3Q22 3Q23 LTM - LTM - 3Q22 3Q23 LTM - LTM - 3Q22 3Q23 LTM -
Slide 9: Quarterly Business Line Results
Quarterly Business Line Results Revenue by product category Sanitaryware Bath Furniture Shower Systems Other ($MM) ($MM) ($MM) ($MM) $55.3 $6.5 $104.5 $104.8 $21.9 $5.8 $19.1 $18.0 $75.2 $29.5 $3.1 $18.4 $2.0 $25.5 $20.7 $5.4 $1.7 $4.9 $5.6 $2.5 3Q22 3Q23 2021 2022 LTM 3Q22 3Q23 2021 2022 LTM 3Q22 3
Slide 10: Balance Sheet & Liquidity Update
Balance Sheet & Liquidity Update Cash & Availability ($MM) Net Debt (1) ($MM) $23.8 $22.5 $22.6 Significant working capital $20.9 improvements have $11.6 strengthened the balance $10.5 $11.0 sheet and liquidity $6.4 • Cash and availability was $20.9 million at 3Q23 owing to free cash flow $7.5 $7.0
Slide 11: Financial Outlook
Financial Outlook 2023 FINANCIAL OUTLOOK Adjusted Operating Adjusted Revenue Income Net Income $115 – 120 $2.0 – $2.8 $1.0 – 1.5 million million million The Company’s 2023 guidance includes roughly $0.8 million in costs related to investments with a major retail customer in addition to a previously
Slide 12: Investment Conclusion
Investment Conclusion Ample liquidity to support ongoing growth of business TRUSTED GLOBAL SUPPLIER STRONG ORGANIC GROWH We are global, diversified, and reputable We pursue a “BPC” strategy: focus on Brands, supplier of quality kitchen & bath products Products and sales Channel. Our BPC plan is (Inn
Slide 13: Appendix
Appendix For the Three Months Ended For the Last Twelve Months Ended September 30, September 30, 2023 2022 2023 2022 Income from operations $ 481,690 $ 1,668,292 $ 2,062,628 $ 4,800,852 Adjustments: Arbitration legal fee 221,258 Anti-dumping penalty 124,865 Non-recurring IPO-related compensation 59,
Slide 14: Appendix
Appendix For the Three Months Ended For the Last Twelve Months Ended September 30, September 30, 2023 2022 2023 2022 Net income $ 343,492 $ 1,272,142 $ 835,653 $ 4,013,653 Adjustments: Arbitration legal fee 221,258 Anti-dumping penalty 124,865 Non-recurring IPO-related compensation 59,719 59,719 238
Slide 15: Appendix
Appendix 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Cash 8,793,338 3,126,305 5,981,019 10,068,777 7,380,232 6,894,762 5,369,947 Total Debt 16,321,410 14,690,048 13,007,649 9,795,052 8,426,548 7,863,680 7,962,203 Net Debt 7,528,072 11,563,743 7,026,630 (273,725) 1,046,316 968,918 2,592,256 15