v3.25.2
Segment Information
 6 Months Ended
Jun. 28, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We report our segment information in the same way management internally organizes the business to assess performance and make decisions regarding allocation of resources in accordance with ASC 280-10 - Segment Reporting. Management, inclusive of the CODM, reviews net revenues and Adjusted EBITDA from continuing operations to evaluate segment performance and allocate resources. We define Adjusted EBITDA from continuing operations as income (loss) from continuing operations, net of tax, adjusted for the following items: income tax expense (benefit); depreciation and amortization; interest expense (income), net; and certain special items consisting of non-recurring net legal and professional expenses and settlements; goodwill impairment; restructuring and asset-related charges; M&A related costs; net (gain) loss on sale of business, property and equipment; loss on extinguishment and refinancing of debt; share-based compensation expense; non-cash foreign exchange transaction/translation (gain) loss; and other special items. We use Adjusted EBITDA from continuing operations because we believe this measure assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. For each of our segments, our CODM uses Adjusted EBITDA from continuing operations to measure operational performance by comparing historical, actual and forecasted amounts on a regular basis, and to allocate resources in the annual budget and forecasting process. Adjusted EBITDA from continuing operations is also a significant performance measure in our annual incentive compensation.
We have two reportable segments, organized and managed principally in geographic regions: North America and Europe. We report all other business activities in Corporate and unallocated costs. The Company’s two reportable segments are defined as follows:
North America – Within our North America segment, the Company supplies windows and doors for residential and commercial markets, serving both new construction and repair & remodel projects. These products reach builders, repair and replacement contractors, architects, and homebuilders through direct and indirect channels, including dealer and distribution networks.
Europe – Within our Europe segment, the Company manufactures and supplies to retailers, merchants, housebuilders and construction companies’ interior doors, doorsets and door kits, in wood and steel, with both standard and high-performance features.
Factors considered in determining the two reportable segments include the nature of business activities, the management structure accountable directly to the CODM, the discrete financial information regularly provided to the CODM, and information presented to the Board of Directors and investors. The CODM is the CEO. No operating segments have been aggregated for our presentation of reportable segments.
The following tables set forth certain information relating to our segments’ operations:
Three Months Ended June 28, 2025
(amounts in thousands)North
America 		EuropeTotal
Revenues from external customers$555,677 $268,052 $823,729 
Intersegment net revenues— — — 
Total segment net revenues$555,677 $268,052 $823,729 
Reconciliation of Revenue
Elimination of intersegment net revenues— 
Total consolidated net revenues$823,729 
Less:
Adjusted cost of sales$467,888 $212,162 $680,050 
Adjusted selling, general and administrative69,985 46,676 116,661 
Other segment items(1)
(16,945)(7,812)(24,757)
Adjusted EBITDA from continuing operations$34,749 $17,026 $51,775 
Total Reportable Segment Adjusted EBITDA from continuing operations$51,775 
Less:
Depreciation and amortization27,430 
Interest expense, net16,487 
Corporate and unallocated costs12,757 
Special items:
Net legal and professional expenses and settlements8,641 
Restructuring and asset-related charges, net8,842 
M&A related costs107 
Net gain on sale of business, property and equipment(2,174)
Share-based compensation expense4,433 
Other special items1,064 
Loss from continuing operations, before tax$(25,812)
(1)Other segment items included depreciation and amortization, which are included as a component of the significant expense categories regularly provided to the CODM above but are not included in the measure of segment profit, as well as other items, which are excluded from the categories regularly provided to the CODM, which included:
North America - Pension expense, gain on derivatives, and foreign currency gains.
Europe - Pension expense and energy subsidies.
Three Months Ended June 28, 2025
(amounts in thousands)North
America 		EuropeCorporate
and
Unallocated
Costs		Total
Consolidated
Depreciation and amortization
$16,804 $8,208 $2,418 $27,430 
Capital expenditures19,680 10,783 3,722 34,185 
Segment assets
1,406,184 842,500 294,260 2,542,944 
Three Months Ended June 29, 2024
(amounts in thousands)North
America 		EuropeTotal
Revenues from external customers$710,599 $275,417 $986,016 
Intersegment net revenues52 1,664 1,716 
Total segment net revenues$710,651 $277,081 $987,732 
Reconciliation of Revenue
Elimination of intersegment net revenues(1,716)
Total consolidated net revenues$986,016 
Less:
Adjusted cost of sales$577,723 $217,424 $795,147 
Adjusted selling, general and administrative75,910 44,110 120,020 
Other segment items(1)
(18,671)(6,539)(25,210)
Adjusted EBITDA from continuing operations$75,637 $20,422 $96,059 
Total Reportable Segment Adjusted EBITDA from continuing operations$96,059 
Less:
Depreciation and amortization28,249 
Interest expense, net16,564 
Corporate and unallocated costs11,220 
Special items:
Net legal and professional expenses and settlements20,346 
Restructuring and asset-related charges, net16,447 
M&A related costs5,053 
Net loss on sale of business, property and equipment110 
Share-based compensation expense5,074 
Non-cash foreign exchange transaction/translation gain(1,192)
Other special items3,116 
Loss from continuing operations, before tax$(8,928)
(1)Other segment items included depreciation and amortization, which are included as a component of the significant expense categories regularly provided to the CODM above but are not included in the measure of segment profit, as well as other items, which are excluded from the categories regularly provided to the CODM, which included:
North America - Pension expense.
Europe - Foreign currency losses, pension expense, and energy subsidies.
Three Months Ended June 29, 2024
(amounts in thousands)North
America 		EuropeCorporate
and
Unallocated
Costs		Total
Consolidated
Depreciation and amortization
$18,900 $7,563 $1,786 $28,249 
Capital expenditures30,456 7,108 1,857 39,421 
Segment assets
1,690,700 856,653 340,723 2,888,076 
Six Months Ended June 28, 2025
(amounts in thousands)North
America 		EuropeTotal
Revenues from external customers$1,086,238 $513,497 $1,599,735 
Intersegment net revenues33 489 522 
Total segment net revenues$1,086,271 $513,986 $1,600,257 
Reconciliation of Revenue
Elimination of intersegment net revenues(522)
Total consolidated net revenues$1,599,735 
Less:
Adjusted cost of sales$933,536 $410,016 $1,343,552 
Adjusted selling, general and administrative139,484 90,937 230,421 
Other segment items(1)
(37,055)(15,139)(52,194)
Adjusted EBITDA from continuing operations$50,273 $27,683 $77,956 
Total Reportable Segment Adjusted EBITDA from continuing operations$77,956 
Less:
Depreciation and amortization54,725 
Interest expense, net31,405 
Corporate and unallocated costs17,069 
Special items:
Net legal and professional expenses and settlements20,523 
Goodwill impairment137,721 
Restructuring and asset-related charges, net23,388 
M&A related income(506)
Net gain on sale of business, property and equipment(2,827)
Loss on extinguishment and refinancing of debt237 
Share-based compensation expense7,661 
Other special items3,892 
Loss from continuing operations, before tax$(215,332)
(1)Other segment items included depreciation and amortization, which are included as a component of the significant expense categories regularly provided to the CODM above but are not included in the measure of segment profit, as well as other items, which are excluded from the categories regularly provided to the CODM, which primarily included:
North America - Refund of deposits for antidumping and countervailing duties on wood mouldings and millwork products purchased from China from 2022 to 2023, pension expense, and gain on derivatives.
Europe - Pension expense, foreign currency losses, and energy subsidies.
Six Months Ended June 28, 2025
(amounts in thousands)North
America 		EuropeCorporate
and
Unallocated
Costs		Total
Consolidated
Depreciation and amortization
$34,129 $15,773 $4,823 $54,725 
Capital expenditures47,416 21,073 7,650 76,139 
Segment assets
1,406,184 842,500 294,260 2,542,944 
Six Months Ended June 29, 2024
(amounts in thousands)North
America 		EuropeTotal
Revenues from external customers$1,390,593 $554,549 $1,945,142 
Intersegment net revenues60 2,330 2,390 
Total segment net revenues$1,390,653 $556,879 $1,947,532 
Reconciliation of Revenue
Elimination of intersegment net revenues(2,390)
Total consolidated net revenues$1,945,142 
Less:
Adjusted cost of sales$1,139,887 $440,477 $1,580,364 
Adjusted selling, general and administrative153,616 92,856 246,472 
Other segment items(1)
(39,745)(13,709)(53,454)
Adjusted EBITDA from continuing operations$136,835 $34,925 $171,760 
Total Reportable Segment Adjusted EBITDA from continuing operations$171,760 
Less:
Depreciation and amortization69,678 
Interest expense, net32,256 
Corporate and unallocated costs18,213 
Special items:
Net legal and professional expenses and settlements37,536 
Restructuring and asset-related charges, net34,506 
M&A related costs6,178 
Net gain on sale of business, property and equipment(2,755)
Loss on extinguishment and refinancing of debt1,449 
Share-based compensation expense10,133 
Non-cash foreign exchange transaction/translation gain(2,738)
Other special items7,393 
Loss from continuing operations, before tax$(40,089)
(1)Other segment items included depreciation and amortization, which are included as a component of the significant expense categories regularly provided to the CODM above but are not included in the measure of segment profit, as well as other items, which are excluded from the categories regularly provided to the CODM, which primarily included:
North America - Refund of deposits for antidumping and countervailing duties on wood mouldings and millwork products purchased from China from 2020 to 2022, and pension expense.
Europe - Foreign currency losses, pension expense, and energy subsidies.
Six Months Ended June 29, 2024
(amounts in thousands)North
America 		EuropeCorporate
and
Unallocated
Costs		Total
Consolidated
Depreciation and amortization
$36,891 $15,056 $17,731 $69,678 
Capital expenditures51,780 18,022 4,331 74,133 
Segment assets
1,690,700 856,653 340,723 2,888,076