Overview Key strengths Key risks U.S. roofing material manufacturer derives over 75% of revenue ($1.15 billion in 2021) from nondiscretionary repair and replacement spending. Narrow product focus on roofing shingles within the U.S. market alone, compared to larger more diversified roofing producers Significantly improved EBITDA margins provide cushion to support adjusted net leverage in the 4x to 5x range through business cycles. U.S. Southeast focused footprint results in higher exposure to storm-based demand and the inherent volatility thereof, than direct peers Ample liquidity with no debt maturities until 2024. Prone to input cost volatility particularly from energy and crude related inputs like asphalt Aggressive dividend policy with payouts exceeding free cash flow generation contributing to higher absolute debt balance. While
