Builders FirstSource, Inc. (NYSE: BLDR) today reported
its results for the first quarter ended March 31, 2024.
First Quarter 2024
Highlights
All Year-Over-Year Comparisons Unless Otherwise Noted:
- Net sales were $3.9 billion, a 0.2% increase, with core organic
sales essentially flat, in line with expectations, and growth from
acquisitions partially offset by commodity deflation.
- Gross profit margin percentage decreased 190 basis points to
33.4%, primarily driven by a timing shift in product mix toward
lower-margin, early stage homebuilding products, as well as margin
normalization, particularly in Multi-Family.
- Net income decreased 22.5% to $258.8 million, or $2.10 per
diluted share compared to $2.41 in the prior year period. Net
income per diluted share declined 12.9%.
- Adjusted EBITDA decreased 14.4% to $540.9 million, primarily
driven by lower gross profit and higher operating expenses due to
acquisitions.
- Adjusted EBITDA margin declined by 240 basis points to 13.9%.
The Adjusted EBITDA margin has remained in the mid-teens or better
for 12 consecutive quarters.
- Cash provided by operating activities was $317.2 million, down
$337.2 million compared to the prior year period, while free cash
flow was $227.6 million, down $326.9 million compared to the prior
year period.
- Repurchased 0.1 million shares of common stock at an average
price of $202.67 for $19.6 million, inclusive of applicable fees
and taxes.
“Our resilient first quarter results reflect our differentiated
product portfolio and scale, our team members' consistent focus on
executing our strategic priorities, and our operational efficiency
initiatives,” commented Dave Rush, CEO of Builders FirstSource. “As
we expected, a weakening Multi-Family market and higher mortgage
rates driving affordability challenges were headwinds to start the
year. Despite these macro challenges, we are building on our
successes and driving growth through our value-added products
portfolio and industry-leading digital platform. We are committed
to advancing innovation and delivering exceptional customer service
as a trusted and preferred partner to our customers.”
Peter Jackson, CFO of Builders FirstSource, added, “Our first
quarter results demonstrate the effectiveness of our strategy and
operating model amid a measured start to the year. We are
maintaining our fortress balance sheet and prudently deploying
capital to the highest return opportunities, which included
acquisitions and share repurchases during the first quarter. Our $1
billion senior notes offering priced in February strengthens our
financial flexibility to grow organically and remain acquisitive.
We are leveraging our sustainable competitive advantages and strong
financial position to drive future growth and value creation for
our customers and shareholders.”
First Quarter 2024 Financial
Performance Highlights All Year-Over-Year Comparisons
Unless Otherwise Noted:
Net Sales
- Net sales of $3.9 billion, a 0.2% increase driven by growth
from acquisitions of 1.9%, partially offset by commodity deflation
of 1.7%.
- Core organic net sales were flat with the prior year.
Single-Family increased 4.3%, while Multi-Family declined 13.4%,
and Repair and Remodel (“R&R”)/Other declined 4.7%. On a
weighted basis, the increase in Single-Family raised net sales by
2.9%, while the decreases in Multi-Family and R&R/Other lowered
sales by 2.1% and 0.8%, respectively.
Gross Profit
- Gross profit was $1.3 billion, a decrease of 5.2% compared to
the prior year period. The gross profit margin percentage decrease
of 190 basis points to 33.4% was primarily driven by a timing shift
in product mix toward lower-margin, early stage homebuilding
products, as well as margin normalization, particularly in
Multi-Family.
Selling, General and Administrative Expenses
- SG&A was $926.3 million, an increase of $22.0 million, or
2.4%, primarily driven by additional expenses from operations
acquired within the last twelve months. As a percentage of net
sales, total SG&A increased by 50 basis points to 23.8%.
Interest Expense
- Interest expense increased $6.2 million to $48.3 million,
primarily due to higher debt balances with the issuance of the 2034
notes.
Income Tax Expense
- Income tax expense was $66.5 million, compared to $91.3 million
in the prior year period, primarily driven by a decrease in income
before income tax. The effective tax rate in the first quarter
decreased 110 basis points year-over-year to 20.4%, primarily
driven by a stock-based compensation windfall benefit, partially
offset by permanent and other differences.
Net Income
- Net income was $258.8 million, or $2.10 earnings per diluted
share, compared to net income of $333.8 million, or $2.41 earnings
per diluted share, in the same period a year ago. The 22.5%
decrease in net income was primarily driven by lower gross profit
and higher operating expenses, largely due to acquisitions,
partially offset by lower income tax expense.
Adjusted Net Income
- Adjusted net income was $327.4 million, a decrease of 20.2%,
primarily driven by lower gross profit and higher operating
expenses due to acquisitions.
Adjusted Earnings Per Diluted Share
- Adjusted earnings per diluted share was $2.65, compared to
$2.96 adjusted earnings per diluted share in the same period a year
ago. The 10.5% decrease was primarily driven by lower adjusted net
income, partially offset by share repurchases.
Adjusted EBITDA
- Adjusted EBITDA decreased 14.4% to $540.9 million, primarily
driven by lower gross profit and higher operating expenses due to
acquisitions.
- Adjusted EBITDA margin declined by 240 basis points from the
prior year period to 13.9%, primarily due to lower gross profit
margins and higher operating expenses due to acquisitions.
Capital Structure, Leverage, and
Liquidity Information
- For the three months ended March 31, 2024, cash provided by
operating activities was $317.2 million, and cash used in investing
activities was $151.0 million. The Company's free cash flow was
$227.6 million, compared to $554.5 million in the prior year period
due to lower net income and an increase in net working
capital.
- Liquidity as of March 31, 2024, was approximately $2.4 billion,
consisting of $1.7 billion in net borrowing availability under the
revolving credit facility and $0.7 billion of cash on hand.
- As of March 31, 2024, LTM Adjusted EBITDA was $2.8 billion and
net debt was $3.0 billion, resulting in the net debt to LTM
Adjusted EBITDA ratio increasing to 1.1x, compared to 0.8x in the
prior year period.
- In February 2024, the Company completed the issuance of $1.0
billion aggregate principal amount of its 6.375% senior notes due
2034 at an issue price of 100.0%. Net proceeds from the offering
were used to repay indebtedness outstanding under the Company’s
senior secured ABL facility and for general corporate
purposes.
- In the first quarter, the Company repurchased 0.1 million
shares of its common stock at an average price of $202.67 per share
for $19.6 million, inclusive of applicable fees and taxes.
- The Company has approximately $980 million remaining in its
share repurchase authorization.
- Since the inception of its buyback program in August 2021, the
Company has repurchased 87.2 million shares of its common stock, or
42.2% of its total shares outstanding, at an average price of
$70.42 per share for a total cost of $6.1 billion. As of March 31,
2024, shares outstanding were approximately 122.0 million.
Operational Excellence
Productivity
- For the first quarter, the Company delivered approximately $40
million in productivity savings related to operations excellence
and supply chain initiatives.
- 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 $17.5 billion to $18.5
billion.
- Gross Profit margin to be in a range of 30% to 33%.
- Adjusted EBITDA to be in a range of $2.4 billion to $2.8
billion.
- Adjusted EBITDA margin to be in a range of 14.0% to 15.0%.
- Free cash flow in the range of $1.0 billion to $1.2 billion,
assuming average commodity prices in the range of $400 to $440 per
thousand board feet (mbf).
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 mid-single digits, Multi-Family starts down 20%
to 30%, and R&R up low single digits.
- Acquisitions completed within the last twelve months are
projected to add net sales growth of 1% to 1.5%.
- Total capital expenditures in the range of $400 million to $500
million.
- Average commodity prices in the range of $400 to $440 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
Wednesday, May 7, 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 800-274-8461 (U.S. and
Canada) or 203-518-9814 (international), Conference ID: BLDRQ124. A
replay of the call will be available at 12:00 p.m. Central Time
through Tuesday, May 14, 2024. To access the replay, please dial
800-934-8293 (U.S. and Canada) or 402-220-6992 (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
Oppenheimer Industrial Growth Conference virtually on Thursday, May
9, 2024, and at the Bank of America Housing Symposium in New York
City on Tuesday, June 4, 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
March 31,
(in thousands, except per share
amounts)
2024
2023
Net sales
$
3,891,352
$
3,883,314
Cost of sales
2,591,498
2,511,914
Gross margin
1,299,854
1,371,400
Selling, general and administrative
expenses
926,257
904,217
Income from operations
373,597
467,183
Interest expense, net
48,336
42,108
Income before income taxes
325,261
425,075
Income tax expense
66,480
91,289
Net income
$
258,781
$
333,786
Net income per share:
Basic
$
2.12
$
2.44
Diluted
$
2.10
$
2.41
Weighted average common shares:
Basic
121,972
137,074
Diluted
123,371
138,412
BUILDERS FIRSTSOURCE, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
Three Months Ended
March 31,
(in thousands)
2024
2023
Cash flows from operating activities:
Net income
$
258,781
$
333,786
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
140,381
136,549
Deferred income taxes
(8,368
)
(21,469
)
Stock-based compensation expense
16,900
11,026
Other non-cash adjustments
179
1,645
Changes in assets and liabilities, net of
assets acquired and liabilities assumed:
Receivables
136,636
108,561
Inventories
(126,707
)
101,745
Contract assets
(7,638
)
7,583
Other current assets
(7,048
)
8,143
Other assets and liabilities
(16,664
)
1,734
Accounts payable
143,616
139,545
Accrued liabilities
(222,715
)
(174,994
)
Contract liabilities
9,834
527
Net cash provided by operating
activities
317,187
654,381
Cash flows from investing activities:
Cash used for acquisitions
(58,705
)
(78,970
)
Purchases of property, plant and
equipment
(93,212
)
(105,645
)
Proceeds from sale of property, plant and
equipment
3,567
5,755
Cash used for equity investments
(2,686
)
—
Net cash used in investing activities
(151,036
)
(178,860
)
Cash flows from financing activities:
Borrowings under revolving credit
facility
422,000
801,000
Repayments under revolving credit
facility
(886,000
)
(584,000
)
Proceeds from long-term debt and other
loans
1,000,000
—
Repayments of long-term debt and other
loans
(879
)
(1,048
)
Payments of loan costs
(12,529
)
(1,180
)
Payment of acquisition-related deferred
and contingent consideration
(8,900
)
—
Tax withholdings on and exercises of
equity awards
(31,723
)
(22,538
)
Repurchase of common stock
(16,801
)
(603,793
)
Net cash provided by (used in) financing
activities
465,168
(411,559
)
Net change in cash and cash
equivalents
631,319
63,962
Cash and cash equivalents at beginning of
period
66,156
80,445
Cash and cash equivalents at end of
period
$
697,475
$
144,407
BUILDERS FIRSTSOURCE, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited)
(in thousands, except per share
amounts)
March 31,
2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$
697,475
$
66,156
Accounts receivable, less allowances of
$48,647 and $42,488, respectively
1,394,667
1,436,917
Other receivables
200,471
290,310
Inventories, net
1,356,907
1,228,265
Contract assets
173,315
165,677
Other current assets
120,453
113,403
Total current assets
3,943,288
3,300,728
Property, plant and equipment, net
1,836,134
1,803,824
Operating lease right-of-use assets,
net
509,756
502,184
Goodwill
3,582,857
3,556,556
Intangible assets, net
1,242,381
1,298,173
Other assets, net
54,027
37,987
Total assets
$
11,168,443
$
10,499,452
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
1,024,983
$
881,384
Accrued liabilities
483,942
717,528
Contract liabilities
172,517
162,659
Current portion of operating lease
liabilities
97,254
98,217
Current maturities of long-term debt
2,803
3,649
Total current liabilities
1,781,499
1,863,437
Noncurrent portion of operating lease
liabilities
444,599
434,081
Long-term debt, net of current maturities,
discounts and issuance costs
3,701,479
3,177,411
Deferred income taxes
158,832
167,199
Other long-term liabilities
125,326
124,973
Total liabilities
6,211,735
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; 122,049 and 121,857 shares issued and
outstanding at March 31, 2024, and December 31, 2023,
respectively
1,220
1,219
Additional paid-in capital
4,256,122
4,270,948
Retained earnings
699,366
460,184
Total stockholders' equity
4,956,708
4,732,351
Total liabilities and stockholders'
equity
$
11,168,443
$
10,499,452
BUILDERS FIRSTSOURCE, INC. AND
SUBSIDIARIES Reconciliation of Adjusted Non-GAAP Financial Measures
to their GAAP Equivalents (unaudited)
Three Months Ended
Twelve Months Ended
March 31,
March 31,
(in millions)
2024
2023
2024
Reconciliation to Adjusted
EBITDA:
GAAP net income
$
258.8
$
333.8
$
1,465.5
Acquisition and related expense
0.6
6.0
25.6
Technology implementation expense
9.8
10.1
81.1
Debt issuance and refinancing cost
-
-
0.7
Amortization expense
79.9
84.6
331.0
Tax-effect of adjustments to net
income
(21.7
)
(24.2
)
(105.2
)
Adjusted net income
$
327.4
$
410.3
$
1,798.7
Weighted average diluted common shares
123.4
138.4
Diluted adjusted net income per share:
$
2.65
$
2.96
Reconciling items:
Depreciation expense
$
60.5
$
52.0
$
231.1
Interest expense, net
48.3
42.1
197.6
Income tax expense
88.2
115.5
524.0
Stock compensation expense
16.9
11.0
54.4
Other management-identified adjustments
(1)
(0.4
)
0.8
2.7
Adjusted EBITDA
$
540.9
$
631.7
$
2,808.5
Adjusted EBITDA margin
13.9
%
16.3
%
16.4
%
(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
March 31,
(in millions, except per share
amounts)
2024
2023
Net sales
$
3,891.4
$
3,883.3
Cost of sales
2,591.5
2,511.9
Gross margin
1,299.9
1,371.4
Gross margin %
33.4
%
35.3
%
SG&A as a % of sales
23.8
%
23.3
%
Adjusted SG&A as a % of sales (1)
19.6
%
19.1
%
Adjusted EBITDA
540.9
631.7
Adjusted EBITDA margin %
13.9
%
16.3
%
Depreciation expense
(60.5
)
(52.0
)
Interest expense, net of debt issuance
cost and refinancing
(48.3
)
(42.1
)
Income tax expense
(88.2
)
(115.5
)
Other adjustments
(16.5
)
(11.8
)
Adjusted net income
$
327.4
$
410.3
Basic adjusted net income per share:
$
2.68
$
2.99
Diluted adjusted net income per share:
$
2.65
$
2.96
Weighted average common shares
Basic
122.0
137.1
Diluted
123.4
138.4
BUILDERS FIRSTSOURCE, INC. AND
SUBSIDIARIES Interest Reconciliation (unaudited)
Three Months Ended
March 31, 2024
(in millions)
Interest
Expense
Net Debt
Outstanding
2032 Unsecured notes @ 4.25%
$
13.8
$
1,300.0
2032 Unsecured notes @ 6.375%
11.2
700.0
2030 Unsecured notes @ 5.00%
6.9
550.0
2034 Unsecured notes @ 6.375%
5.5
1,000.0
Revolving credit facility @ 8.00% weighted
average interest rate
5.3
-
Amortization of debt issuance costs,
discount and premium
1.3
-
Finance leases and other finance
obligations
4.7
194.6
Cash
-
(697.5
)
Total
$
48.7
$
3,047.1
BUILDERS FIRSTSOURCE, INC. AND
SUBSIDIARIES Free Cash Flow (unaudited)
Three Months Ended
(in millions)
March 31, 2024
Free Cash Flow
Operating activities
$
317.2
Less: Capital expenditures, net of
proceeds
(89.6
)
Free cash flow
$
227.6
BUILDERS FIRSTSOURCE, INC. AND
SUBSIDIARIES Sales by Product Category (unaudited)
Three Months Ended March
31,
2024
2023
(in millions)
Net Sales
% of
Net Sales
Net Sales
% of
Net Sales
%
Change
Manufactured products
$
979.1
25.2
%
$
1,080.6
27.8
%
(9.4
)%
Windows, doors & millwork
$
1,030.2
26.4
%
$
1,038.1
26.7
%
(0.8
)%
Value-added products
2,009.3
51.6
%
2,118.7
54.5
%
(5.2
)%
Specialty building products &
services
901.5
23.2
%
892.5
23.0
%
1.0
%
Lumber & lumber sheet goods
980.6
25.2
%
872.1
22.5
%
12.4
%
Total net sales
$
3,891.4
100.0
%
$
3,883.3
100.0
%
0.2
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240507983496/en/
Heather Kos SVP, Investor Relations Builders FirstSource, Inc.
investorrelations@bldr.com
Builders FirstSource (NYSE:BLDR)
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