Builders FirstSource, Inc. (NYSE: BLDR) today reported
its results for the second quarter ended June 30, 2024.
Second Quarter 2024
Highlights All Year-Over-Year Comparisons Unless
Otherwise Noted:
- Net sales were $4.5 billion, a 1.6% decrease, with core organic
sales down 3.8% as Multi-Family continues to trend downward,
partially offset by growth from acquisitions and Single
Family.
- Gross profit margin percentage decreased 240 basis points to
32.8%, primarily driven by ongoing normalization, particularly in
Multi-Family.
- Net income decreased 15.0% to $344.1 million, or $2.87 per
diluted share compared to $3.16 per diluted share in the prior year
period, which is a 9.2% decline in net income per diluted
share.
- Adjusted EBITDA decreased 12.9% to $669.7 million, primarily
driven by lower gross profit, partially offset by lower operating
expenses.
- Adjusted EBITDA margin declined by 200 basis points to 15.0%.
Adjusted EBITDA margin has remained in the mid-teens or better for
13 consecutive quarters.
- Cash provided by operating activities was $452.1 million, up
$60.8 million compared to the prior year period, while free cash
flow increased 35.9% to $366.7 million, compared to $269.9 million
in the prior year period.
- The Company repurchased 5.8 million shares of common stock at
an average price of $170.01 for $989.6 million, inclusive of
applicable fees and taxes.
“As we continue to operate in this complex environment, I am
proud of our resilient second quarter results highlighted by
maintaining a mid-teens EBITDA margin, which demonstrates the
strength of our differentiated business model and the hard work of
our extraordinary team members,” commented Dave Rush, CEO of
Builders FirstSource. “While we continue to see weaker than
expected Single-Family starts, slowing Multi-Family, and broader
housing affordability challenges, we are executing our strategy by
controlling what we can control, investing in value-added
solutions, and driving adoption of our industry-leading digital
platform. Our ability to solve industry pain points with our
best-in-class product portfolio and delivering exceptional customer
service makes us trusted partners to our customers as they navigate
this uncertain macro landscape.”
Peter Jackson, CFO of Builders FirstSource, added, “We were able
to effectively navigate a softer-than-expected housing environment
during the second quarter by leaning into the pillars of our
strategy and operating model. Leveraging our fortress balance sheet
and exceptional financial flexibility, we executed nearly $1
billion of share repurchases and made three tuck-in acquisitions to
enhance and expand our existing footprint. Looking forward, we
believe our sustainable competitive advantages in our value-added
solutions and strong financial position are enabling us to
successfully manage volatility and deliver long-term value
creation.”
Second Quarter 2024 Financial
Performance Highlights All Year-Over-Year Comparisons
Unless Otherwise Noted:
Net Sales
- Net sales of $4.5 billion, a 1.6% decrease, driven by a 3.8%
decline in core organic sales as Multi-Family continues to trend
downward, partially offset by growth from acquisitions of 1.9% and
commodity inflation of 0.3%.
- Core organic net sales declined 3.8%. Single-Family increased
1.1% and Repair and Remodel (“R&R”)/Other increased 1.5%, while
Multi-Family declined 31.3%. On a weighted basis, the increases in
Single-Family raised net sales by 0.7% and R&R/Other by 0.3%,
respectively, while the decrease in Multi-Family lowered net sales
by 4.8%.
Gross Profit
- Gross profit was $1.5 billion, a decrease of 8.3%. Gross profit
margin percentage decreased 240 basis points to 32.8%, primarily
driven by ongoing normalization, particularly in Multi-Family.
Selling, General and Administrative Expenses
- SG&A was $973.2 million, a decrease of $44.7 million, or
4.4%, primarily driven by lower variable compensation due to lower
core organic net sales, partially offset by additional expenses
from operations acquired within the last twelve months. As a
percentage of net sales, total SG&A decreased by 70 basis
points to 21.8%.
Interest Expense
- Interest expense decreased $1.0 million to $52.0 million,
primarily due to interest income received during the period,
partially offset by higher interest expense on higher average debt
balances.
Income Tax Expense
- Income tax expense was $93.4 million, compared to $119.4
million in the prior year period, primarily driven by a decrease in
income before income tax. The effective tax rate in the second
quarter decreased 150 basis points year-over-year to 21.3%,
primarily driven by a stock-based compensation windfall
benefit.
Net Income
- Net income was $344.1 million, or $2.87 earnings per diluted
share, compared to net income of $404.6 million, or $3.16 earnings
per diluted share, in the same period a year ago. The 15.0%
decrease in net income was primarily driven by lower gross profit,
partially offset by lower operating and income tax expenses.
Adjusted Net Income
- Adjusted net income was $420.4 million, a decrease of 15.6%,
primarily driven by lower gross profit, partially offset by lower
operating and income tax expenses.
Adjusted Earnings Per Diluted Share
- Adjusted earnings per diluted share was $3.50, compared to
$3.89 adjusted earnings per diluted share in the same period a year
ago. The 10.0% decrease was primarily driven by lower adjusted net
income, partially offset by share repurchases.
Adjusted EBITDA
- Adjusted EBITDA decreased 12.9% to $669.7 million, primarily
driven by lower gross profit, partially offset by lower operating
expenses.
- Adjusted EBITDA margin declined by 200 basis points from the
prior year period to 15.0%, primarily due to lower gross profit
margins, partially offset by lower operating expenses.
Capital Structure, Leverage, and
Liquidity Information
- For the three months ended June 30, 2024, cash provided by
operating activities was $452.1 million, and cash used in investing
activities was $164.6 million. The Company's free cash flow was
$366.7 million, compared to $269.9 million in the prior year period
due to a decrease in net working capital, partially offset by lower
net income.
- Liquidity as of June 30, 2024, was approximately $1.7 billion,
consisting of $1.6 billion in net borrowing availability under the
revolving credit facility and $0.1 billion of cash on hand.
- As of June 30, 2024, LTM Adjusted EBITDA was $2.7 billion and
net debt was $3.8 billion, resulting in the net debt to LTM
Adjusted EBITDA ratio of 1.4x, compared to 1.1x in the prior year
period.
- In the second quarter, the Company repurchased 5.8 million
shares of its common stock at an average price of $170.01 per share
for $989.6 million, inclusive of applicable fees and taxes.
- The Company’s Board of Directors recently authorized a new
repurchase plan of up to $1.0 billion of the Company’s outstanding
shares of common stock.
- Since the inception of its buyback program in August 2021, the
Company has repurchased 93.0 million shares of its common stock, or
45.0% of its total shares outstanding, at an average price of
$76.65 per share for a total cost of $7.1 billion. As of June 30,
2024, shares outstanding were approximately 116.5 million.
Operational Excellence
Productivity
- For the second quarter, the Company delivered approximately $37
million in productivity savings related to operations excellence
and supply chain initiatives. Year to date, the Company has
delivered approximately $77 million in productivity savings.
- The Company expects to deliver $90 million to $110 million in
productivity savings in 2024.
2024 Full Year Total Company
Outlook
For 2024, the Company expects to achieve the financial
performance highlighted below. Projected Net Sales and Adjusted
EBITDA include the expected impact of price, commodities, and
margins for 2024.
- Net Sales to be in a range of $16.4 billion to $17.2
billion.
- Gross Profit margin to be in a range of 31.5% to 32.5%.
- Adjusted EBITDA to be in a range of $2.2 billion to $2.4
billion.
- Adjusted EBITDA margin to be in a range of 13.4% to 14.0%.
- Free cash flow in the range of $1.0 billion to $1.2
billion.
2024 Full Year
Assumptions
The Company’s anticipated 2024 performance is based on several
assumptions for the full year, including the following:
- Within the Company’s geographies, Single-Family starts are
projected to be up low-single digits, Multi-Family starts down 25%
to 30%, and R&R flat to the prior year.
- Acquisitions completed within the last twelve months are
projected to add net sales growth of 1.5% to 2.0%.
- Total capital expenditures in the range of $400 million to $500
million.
- Average commodity prices in the range of $380 to $400 per
thousand board feet (mbf).
- Interest expense in the range of $205 million to $215
million.
- An effective tax rate of 23.0% to 25.0%.
- Depreciation and amortization expenses in the range of $525
million to $575 million.
- Two more selling days in 2024 versus 2023.
Conference Call
Builders FirstSource will host a conference call and webcast on
Tuesday, August 6, 2024, to discuss the Company’s financial results
and other business matters. The teleconference will begin at 8:00
a.m. Central Time and will be hosted by Dave Rush, Chief Executive
Officer, and Peter Jackson, Chief Financial Officer.
To participate in the teleconference, please dial into the call
a few minutes before the start time at 800-225-9448 (U.S. and
Canada) or 203-518-9708 (international), Conference ID: BLDRQ224. A
replay of the call will be available at 12:00 p.m. Central Time
through Tuesday, August 13, 2024. To access the replay, please dial
800-723-7372 (U.S. and Canada) or 402-220-2666 (international). The
live webcast and archived replay can also be accessed on the
Company's investor relations website at investors.bldr.com under
the Events and Presentations section. The online archive of the
webcast will be available for approximately 90 days.
Upcoming Events
Management will participate in investor meetings at the
Jefferies Industrials Conference in New York City on September 4,
2024, the Zelman Housing Summit in Boston on September 12, 2024,
and the RBC Capital Markets Global Industrials Conference in Las
Vegas on September 24, 2024.
About Builders
FirstSource
Headquartered in Irving, Texas, Builders FirstSource is the
largest U.S. supplier of building products, prefabricated
components, and value-added services to the professional market
segment for new residential construction and repair and remodeling.
We provide customers an integrated homebuilding solution, offering
manufacturing, supply, delivery, and installation of a full range
of structural and related building products. We operate in 43
states with approximately 570 locations and have a market presence
in 48 of the top 50 and 90 of the top 100 MSAs, providing
geographic diversity and balanced end market exposure. We service
customers from strategically located distribution and manufacturing
facilities (some of which are co-located) that produce value-added
products such as roof and floor trusses, wall panels, stairs, vinyl
windows, custom millwork, and pre-hung doors. Builders FirstSource
also distributes dimensional lumber and lumber sheet goods,
millwork, windows, interior and exterior doors, and other specialty
building products. www.bldr.com
Forward-Looking
Statements
Statements in this news release and the schedules hereto that
are not purely historical facts or that necessarily depend upon
future events, including statements about forecasted financial
performance or other statements about anticipations, beliefs,
expectations, hopes, synergies, intentions or strategies for the
future, may be forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended.
Readers are cautioned not to place undue reliance on
forward-looking statements. In addition, oral statements made by
our directors, officers and employees to the investor and analyst
communities, media representatives and others, depending upon their
nature, may also constitute forward-looking statements. As with the
forward-looking statements included in this release, these
forward-looking statements are by nature inherently uncertain, and
actual results or events may differ materially as a result of many
factors. All forward-looking statements are based upon information
available to Builders FirstSource on the date this release was
submitted. Builders FirstSource undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Forward-looking statements involve risks and uncertainties, many of
which are beyond the Company’s control or may be currently unknown
to the Company, that could cause actual events or results to differ
materially from the events or results described in the
forward-looking statements; such risks or uncertainties include
those related to the Company’s growth strategies, including
acquisitions, organic growth and digital strategies, or the
dependence of the Company’s revenues and operating results on,
among other things, the homebuilding industry and, to a lesser
extent, repair and remodel activity, which in each case is
dependent on economic conditions, including inflation, interest
rates, consumer confidence, labor and supply shortages, and also
lumber and other commodity prices. Builders FirstSource may not
succeed in addressing these and other risks. Further information
regarding factors that could affect our financial and other results
can be found in the risk factors section of Builders FirstSource’s
most recent annual report on Form 10-K filed with the Securities
and Exchange Commission (the “SEC”) and may also be described from
time to time in the other reports Builders FirstSource files with
the SEC. Consequently, all forward-looking statements in this
release are qualified by the factors, risks and uncertainties
contained therein.
Non-GAAP Financial
Measures
The financial measures entitled Adjusted EBITDA, LTM Adjusted
EBITDA, Adjusted EBITDA margin, Adjusted net income, diluted
Adjusted net income per share, Adjusted SG&A, Adjusted SG&A
as a percent of sales, and Free cash flow are not financial
measures recognized under GAAP and are therefore non-GAAP financial
measures. The Company believes that these non-GAAP financial
measures provide useful information to management and investors
regarding certain financial and business trends relating to the
Company’s financial condition and operating results.
Adjusted EBITDA is defined as GAAP net income before
depreciation and amortization expense, interest expense, net,
income tax expense and other non-cash or special items including
stock compensation expense, acquisition and related expense,
technology implementation expense, debt issuance and refinancing
costs, severance and gain on sale of assets and other one-time
costs. LTM Adjusted EBITDA is defined as Adjusted EBITDA for the
last twelve consecutive months. Adjusted EBITDA margin is defined
as Adjusted EBITDA divided by net sales. Adjusted net income is
defined as GAAP net income before non-cash or special items
including acquisition and related expense, technology
implementation expense, debt issuance and refinancing cost and
amortization expense offset by the tax effect of those adjustments
to net income. Adjusted net income per diluted share is defined as
Adjusted net income divided by weighted average diluted common
shares outstanding. Adjusted SG&A is defined as GAAP SG&A
expense before non-cash or special items including acquisition and
related expense, depreciation and amortization expense, and stock
compensation expense. Adjusted SG&A as a percent of sales is
defined as Adjusted SG&A divided by net sales. Free cash flow
is defined as GAAP net cash from operating activities less capital
expenditures, net of proceeds from the sale of property, plant and
equipment.
Company management uses Adjusted EBITDA, Adjusted EBITDA margin,
Adjusted net income and diluted Adjusted net income per share as
supplemental measures in its evaluation of the Company’s business,
including for trend analysis, purposes of determining management
incentive compensation and budgeting and planning purposes. Company
management believes that these measures provide a meaningful
measure of the Company’s performance and a better baseline for
comparing financial performance across periods because these
measures eliminate the effects of period to period changes, in the
case of Adjusted EBITDA and Adjusted EBITDA margin, in taxes, costs
associated with capital investments, interest expense, stock
compensation expense, and other non-cash and non-recurring items
and, in the case of Adjusted net income and Adjusted net income per
diluted share, in certain non-recurring items. Company management
also uses free cash flow as a supplemental measure in its
evaluation of the Company’s business, including for purposes of its
internal liquidity assessments. Company management believes that
free cash flow provides a meaningful evaluation of the Company’s
liquidity.
The Company believes that these non-GAAP financial measures
provide additional tools for investors to use in evaluating ongoing
operating results, cash flows and trends and in comparing the
Company’s financial measures with other companies in the Company’s
industry, which may present similar non-GAAP financial measures to
investors. However, the Company’s calculations of these financial
measures are not necessarily comparable to similarly titled
measures reported by other companies. Company management does not
consider these financial measures in isolation or as alternatives
to financial measures determined in accordance with GAAP.
Furthermore, items that are excluded and other adjustments and
assumptions that are made in calculating these non-GAAP financial
measures are significant components in understanding and assessing
the Company’s financial performance. These non-GAAP financial
measures should be evaluated in conjunction with, and are not a
substitute for, the Company’s GAAP financial measures. Further,
because these non-GAAP financial measures are not determined in
accordance with GAAP and are thus susceptible to varying
calculations, the non-GAAP financial measures, as presented, may
not be comparable to other similarly titled measures of other
companies. Reconciliations of these non-GAAP financial measures to
the most directly comparable GAAP financial measures are included
in the tables below.
The Company’s Adjusted EBITDA outlook, free cash flow and
full-year forecast for its effective tax rate on operations exclude
the impact of certain income and expense items that management
believes are not part of underlying operations. These items may
include, but are not limited to, loss on early extinguishment of
debt, restructuring charges, certain tax items, and charges
associated with non-recurring costs such as professional and legal
fees associated with our acquisitions and enterprise resource
planning (ERP) program. The Company’s management cannot estimate on
a forward-looking basis without unreasonable effort the impact
these income and expense items will have on its reported net
income, operating cash flow and its reported effective tax rate
because these items, which could be significant, are difficult to
predict and may be highly variable. As a result, the Company does
not provide a reconciliation to the most comparable GAAP financial
measure for its Adjusted EBITDA or free cash flow outlook or its
effective tax rate on operations forecast. Please see the
Forward-Looking Statements section of this release for a discussion
of certain risks relevant to the Company’s outlook.
BUILDERS FIRSTSOURCE, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
(in thousands, except per share
amounts)
2024
2023
2024
2023
Net sales
$
4,456,340
$
4,528,890
$
8,347,692
$
8,412,204
Cost of sales
2,993,656
2,933,944
5,585,154
5,445,858
Gross margin
1,462,684
1,594,946
2,762,538
2,966,346
Selling, general and administrative
expenses
973,201
1,017,874
1,899,458
1,922,091
Income from operations
489,483
577,072
863,080
1,044,255
Interest expense, net
52,016
53,016
100,352
95,124
Income before income taxes
437,467
524,056
762,728
949,131
Income tax expense
93,377
119,437
159,857
210,726
Net income
$
344,090
$
404,619
$
602,871
$
738,405
Net income per share:
Basic
$
2.89
$
3.19
$
5.00
$
5.59
Diluted
$
2.87
$
3.16
$
4.95
$
5.54
Weighted average common shares:
Basic
119,244
126,977
120,608
132,034
Diluted
120,072
128,066
121,721
133,247
BUILDERS FIRSTSOURCE, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
(in thousands)
2024
2023
2024
2023
Cash flows from operating activities:
Net income
$
344,090
$
404,619
$
602,871
$
738,405
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
143,355
138,966
283,736
275,515
Deferred income taxes
(18,954
)
(16,433
)
(27,322
)
(37,902
)
Stock-based compensation expense
16,726
12,395
33,626
23,421
Other non-cash adjustments
(164
)
(841
)
15
804
Changes in assets and liabilities, net of
assets acquired and liabilities assumed:
Receivables
(172,781
)
(288,507
)
(36,145
)
(179,946
)
Inventories
77,471
(24,468
)
(49,236
)
77,277
Contract assets
(17,622
)
(14,398
)
(25,260
)
(6,815
)
Other current assets
(2,990
)
17,509
(10,038
)
25,652
Other assets and liabilities
(15,943
)
(15,549
)
(32,607
)
(13,815
)
Accounts payable
(1,800
)
121,427
141,816
260,972
Accrued liabilities
85,926
61,299
(136,789
)
(113,695
)
Contract liabilities
14,770
(4,693
)
24,604
(4,166
)
Net cash provided by operating
activities
452,084
391,326
769,271
1,045,707
Cash flows from investing activities:
Cash used for acquisitions, net of cash
acquired
(74,213
)
(11,589
)
(132,918
)
(90,559
)
Purchases of property, plant and
equipment
(88,107
)
(125,465
)
(181,319
)
(231,110
)
Proceeds from sale of property, plant and
equipment
2,731
4,103
6,298
9,858
Cash used for equity investments
(5,000
)
—
(7,686
)
—
Net cash used in investing activities
(164,589
)
(132,951
)
(315,625
)
(311,811
)
Cash flows from financing activities:
Borrowings under revolving credit
facility
475,000
2,000,000
897,000
2,801,000
Repayments under revolving credit
facility
(376,000
)
(1,524,000
)
(1,262,000
)
(2,108,000
)
Proceeds from long-term debt and other
loans
—
—
1,000,000
—
Repayments of long-term debt and other
loans
(888
)
(1,064
)
(1,767
)
(2,112
)
Payments of loan costs
(300
)
(717
)
(12,829
)
(1,897
)
Payment of acquisition-related deferred
and contingent consideration
(622
)
—
(9,522
)
—
Tax withholdings on and exercises of
equity awards
(23,274
)
(9,490
)
(54,997
)
(32,028
)
Repurchase of common stock
(983,317
)
(778,195
)
(1,000,118
)
(1,381,988
)
Net cash used in financing activities
(909,401
)
(313,466
)
(444,233
)
(725,025
)
Net change in cash and cash
equivalents
(621,906
)
(55,091
)
9,413
8,871
Cash and cash equivalents at beginning of
period
697,475
144,407
66,156
80,445
Cash and cash equivalents at end of
period
$
75,569
$
89,316
$
75,569
$
89,316
BUILDERS FIRSTSOURCE, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEET
(unaudited)
(in thousands, except per share
amounts)
June 30, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
75,569
$
66,156
Accounts receivable, less allowances of
$45,102 and $42,488, respectively
1,482,336
1,436,917
Other receivables
292,610
290,310
Inventories
1,289,708
1,228,265
Contract assets
190,937
165,677
Other current assets
123,545
113,403
Total current assets
3,454,705
3,300,728
Property, plant and equipment, net
1,895,966
1,803,824
Operating lease right-of-use assets,
net
516,828
502,184
Goodwill
3,598,233
3,556,556
Intangible assets, net
1,174,957
1,298,173
Other assets, net
80,498
37,987
Total assets
$
10,721,187
$
10,499,452
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
1,028,355
$
881,384
Accrued liabilities
577,342
717,528
Contract liabilities
187,367
162,659
Current portion of operating lease
liabilities
96,881
98,217
Current maturities of long-term debt
2,596
3,649
Total current liabilities
1,892,541
1,863,437
Noncurrent portion of operating lease
liabilities
452,403
434,081
Long-term debt, net of current maturities,
discounts and issuance costs
3,800,897
3,177,411
Deferred income taxes
139,877
167,199
Other long-term liabilities
130,827
124,973
Total liabilities
6,416,545
5,767,101
Commitments and contingencies (Note
11)
Stockholders' equity:
Preferred stock, $0.01 par value, 10,000
shares authorized; zero shares issued and outstanding
—
—
Common stock, $0.01 par value, 300,000
shares authorized; 116,451 and 121,857 shares issued and
outstanding at June 30, 2024, and December 31, 2023,
respectively
1,164
1,219
Additional paid-in capital
4,249,572
4,270,948
Retained earnings
53,906
460,184
Total stockholders' equity
4,304,642
4,732,351
Total liabilities and stockholders'
equity
$
10,721,187
$
10,499,452
BUILDERS FIRSTSOURCE, INC. AND
SUBSIDIARIES
Reconciliation of Adjusted
Non-GAAP Financial Measures to their GAAP Equivalents
(unaudited)
Three Months Ended
Six Months Ended
Twelve Months Ended
June 30,
June 30,
June 30,
(in millions)
2024
2023
2024
2023
2024
Reconciliation to Adjusted
EBITDA:
GAAP net income
$
344.1
$
404.6
$
602.9
$
738.4
$
1,405.0
Acquisition and related expense
1.9
21.9
2.5
27.9
5.6
Technology implementation expense
17.5
16.0
27.3
26.1
82.6
Debt issuance and refinancing cost
-
0.7
-
0.7
-
Amortization expense
81.0
84.8
160.9
169.4
327.2
Tax-effect of adjustments to net
income
(24.1
)
(29.6
)
(45.8
)
(53.8
)
(99.7
)
Adjusted net income
$
420.4
$
498.4
$
747.8
$
908.7
$
1,720.7
Weighted average diluted common shares
120.1
128.1
121.7
133.2
Diluted adjusted net income per share:
$
3.50
$
3.89
$
6.14
$
6.82
Reconciling items:
Depreciation expense
$
62.3
$
54.1
$
122.8
$
106.1
$
239.3
Interest expense, net
52.0
52.3
100.4
94.4
197.3
Income tax expense
117.5
149.0
205.7
264.5
492.5
Stock compensation expense
16.7
12.4
33.6
23.4
58.7
Other management-identified adjustments
(1)
0.8
2.6
0.3
3.4
0.9
Adjusted EBITDA
$
669.7
$
768.8
$
1,210.6
$
1,400.5
$
2,709.4
Adjusted EBITDA margin
15.0
%
17.0
%
14.5
%
16.6
%
15.9
%
(1) Primarily relates to severance, net
gain/loss on sale of assets, and other one-time costs.
BUILDERS FIRSTSOURCE, INC. AND
SUBSIDIARIES
Financial Data
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions, except per share
amounts)
2024
2023
2024
2023
Net sales
$
4,456.3
$
4,528.9
$
8,347.7
$
8,412.2
Cost of sales
2,993.6
2,934.0
5,585.2
5,445.9
Gross margin
1,462.7
1,594.9
2,762.5
2,966.3
Gross margin %
32.8
%
35.2
%
33.1
%
35.3
%
SG&A as a % of sales
21.8
%
22.5
%
22.8
%
22.8
%
Adjusted SG&A as a % of sales
17.9
%
18.3
%
18.7
%
18.7
%
Adjusted EBITDA
669.7
768.8
1,210.6
1,400.5
Adjusted EBITDA margin %
15.0
%
17.0
%
14.5
%
16.6
%
Depreciation expense
(62.3
)
(54.1
)
(122.8
)
(106.1
)
Interest expense, net of debt issuance and
refinancing costs
(52.0
)
(52.3
)
(100.4
)
(94.4
)
Income tax expense
(117.5
)
(149.0
)
(205.7
)
(264.5
)
Other adjustments
(17.5
)
(15.0
)
(33.9
)
(26.8
)
Adjusted net income
$
420.4
$
498.4
$
747.8
$
908.7
Basic adjusted net income per share:
$
3.53
$
3.93
$
6.20
$
6.88
Diluted adjusted net income per share:
$
3.50
$
3.89
$
6.14
$
6.82
Weighted average common shares
Basic
119.2
127.0
120.6
132.0
Diluted
120.1
128.1
121.7
133.2
BUILDERS FIRSTSOURCE, INC. AND
SUBSIDIARIES
Interest
Reconciliation
(unaudited)
Three Months Ended
Six Months Ended
June 30, 2024
June 30, 2024
(in millions)
Interest Expense
Net Debt Outstanding
Interest Expense
Net Debt Outstanding
2032 Unsecured notes @ 4.25%
$
13.8
$
1,300.0
$
27.6
$
1,300.0
2032 Unsecured notes @ 6.375%
11.2
700.0
22.3
700.0
2030 Unsecured notes @ 5.00%
6.9
550.0
13.8
550.0
2034 Unsecured notes @ 6.375%
15.9
1,000.0
21.4
1,000.0
Revolving credit facility @ 8.10% weighted
average interest rate
2.0
99.0
7.3
99.0
Amortization of debt issuance costs,
discount and premium
1.4
-
2.7
-
Finance leases and other finance
obligations
5.1
193.8
9.9
193.8
Cash
-
(75.6
)
-
(75.6
)
Total (1)
$
56.3
$
3,767.2
$
105.0
$
3,767.2
(1) Total interest expense does not
include interest income of approximately $4 million received during
the period.
BUILDERS FIRSTSOURCE, INC. AND
SUBSIDIARIES
Free Cash Flow
(unaudited)
Three Months Ended
Six Months Ended
(in millions)
June 30, 2024
June 30, 2024
Free Cash Flow
Operating activities
$
452.1
$
769.3
Less: Capital expenditures, net of
proceeds
(85.4
)
(175.0
)
Free cash flow
$
366.7
$
594.3
BUILDERS FIRSTSOURCE, INC. AND
SUBSIDIARIES
Sales by Product
Category
(unaudited)
Three Months Ended June
30,
2024
2023
(in millions)
Net Sales
% of Net Sales
Net Sales
% of Net Sales
% Change
Manufactured products
$
1,054.9
23.7
%
$
1,294.2
28.6
%
(18.5
)%
Windows, doors & millwork
$
1,115.4
25.0
%
$
1,091.9
24.1
%
2.2
%
Value-added products
2,170.3
48.7
%
2,386.1
52.7
%
(9.0
)%
Specialty building products &
services
1,091.2
24.5
%
1,082.4
23.9
%
0.8
%
Lumber & lumber sheet goods
1,194.8
26.8
%
1,060.4
23.4
%
12.7
%
Total net sales
$
4,456.3
100.0
%
$
4,528.9
100.0
%
(1.6
)%
Six Months Ended June
30,
2024
2023
(in millions)
Net Sales
% of Net Sales
Net Sales
% of Net Sales
% Change
Manufactured products
$
2,034.3
24.4
%
$
2,357.2
28.0
%
(13.7
)%
Windows, doors & millwork
2,146.1
25.7
%
2,170.4
25.8
%
(1.1
)%
Value-added products
4,180.4
50.1
%
4,527.6
53.8
%
(7.7
)%
Specialty building products &
services
1,991.9
23.8
%
1,947.4
23.2
%
2.3
%
Lumber & lumber sheet goods
2,175.4
26.1
%
1,937.2
23.0
%
12.3
%
Total net sales
$
8,347.7
100.0
%
$
8,412.2
100.0
%
(0.8
)%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240806817214/en/
Heather Kos SVP, Investor Relations Builders FirstSource, Inc.
investorrelations@bldr.com
Grafico Azioni Builders FirstSource (NYSE:BLDR)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Builders FirstSource (NYSE:BLDR)
Storico
Da Dic 2023 a Dic 2024