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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Builders First Source Inc | NASDAQ:BLDR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 40.98 | 40.79 | 41.99 | 0 | 01:00:00 |
“During the second quarter, we continued to expand our sales of value-added products and solutions to our customers and delivered solid results for our shareholders. We generated above market growth, expanded margins and progressed on the execution of our strategic plan. Our operational excellence initiatives are on track, continuing to gain momentum and are delivering results as planned. I am also pleased with our strong cash flow and working capital management, which reduced our ratio of net financial debt to Adjusted EBITDA to 2.7x,” said CEO Chad Crow.
“Our second quarter results included an estimated sales volume increase of 2.4 percent led once more by growth in our value-added product categories. Although deflation in commodity prices decreased total net sales, our team generated a strong gross margin of 27.2 percent and drove Adjusted EBTIDA higher by 4.7 percent,” added CFO Peter Jackson.
Second Quarter 2019 Highlights:
The Company has provided supplemental non-GAAP financial information for the consolidated company that is adjusted to exclude one-time integration, one-time refinancing, and other costs (“Adjusted”). As the information included herein includes non-GAAP financial information, please refer to the accompanying financial schedules for non-GAAP reconciliations to their GAAP equivalents.
Second Quarter 2019 Compared to Second Quarter 2018:
Net Sales
Gross Margin
Selling, General and Administrative Expenses
Interest Expense
Income Tax Expense
Adjusted Net Income
Adjusted EBITDA
Year to Date June 30, 2019 Financial Information:
Net Sales
Gross Margin
Adjusted Net Income
Adjusted EBITDA
Capital Structure, Leverage, and Liquidity Information:
Please refer to the accompanying financial schedules for more information.
Outlook
“Housing market fundamentals and demand for housing remain supportive as we enter the prime selling season. As homebuilders have continued their pivot toward home formats and price points that are increasingly in demand by homebuyers, we have seen stabilizing sentiment and activity. In this environment, we are more confident than ever that our network scale, market diversity and value-added product leadership provide us with competitive advantages and a long runway of growth opportunities. Against the backdrop of a stabilizing market and an ongoing commodity deflation headwinds, I remain confident that our consistent strategic investments and execution by our team will continue to deliver strong results and advancement of our operational excellence programs. As always, I would like to thank our fifteen thousand team members for their hard work and excellent service to our customers as we build a more efficient and agile organization in the quarters and years ahead,” concluded Mr. Crow.
Conference CallBuilders FirstSource will host a conference call Friday, August 2, 2019 at 9:00 a.m. Central Time (CT) and will simultaneously broadcast it live on the Internet. The earnings release presentation will be posted at www.bldr.com under the “investors” section after the market closes on Thursday, August 1st. To participate in the teleconference, please dial into the call a few minutes before the start time: 888-254-3590 (U.S. and Canada) and 323-794-2093 (international), Conference ID: 6282240. A replay of the call will be available at 1:00 p.m. Central Time through August 17th. To access the replay, please dial 888-203-1112 (U.S. and Canada) and 719-457-0820 (international) and refer to pass code 6282240. The live webcast and archived replay can also be accessed on the Company's website at www.bldr.com under the “Investors” section. The online archive of the webcast will be available for approximately 90 days.
About Builders FirstSourceHeadquartered in Dallas, 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 40 states with approximately 400 locations and have a market presence in 77 of the top 100 Metropolitan Statistical Areas, providing geographic diversity and balanced end market exposure. We service customers from strategically located distribution and manufacturing facilities (certain 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 building products. For more information about Builders FirstSource, visit the Company’s website at www.bldr.com.
Cautionary NoticeStatements in this news release and the schedules hereto that are not purely historical facts or that necessarily depend upon future events, including statements about expected market share gains, forecasted financial performance or other statements about anticipations, beliefs, expectations, hopes, 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 may differ materially as a result of many factors. All forward-looking statements are based upon information available to Builders FirstSource, Inc. on the date this release was submitted. Builders FirstSource, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the Company’s growth strategies, including gaining market share, or the Company’s revenues and operating results being highly dependent on, among other things, the homebuilding industry, lumber prices and the economy. Builders FirstSource, Inc. 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, Inc.’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein.
Contact:Binit SanghviVP Investor Relations Builders FirstSource, Inc.(214) 765-3804
Financial Schedules to Follow
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(Unaudited) | |||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Sales | $ | 1,904,523 | $ | 2,089,888 | $ | 3,535,823 | $ | 3,790,324 | |||||||
Cost of sales | 1,387,367 | 1,593,560 | 2,576,692 | 2,882,944 | |||||||||||
Gross margin | 517,156 | 496,328 | 959,131 | 907,380 | |||||||||||
Selling, general and administrative expenses | 401,511 | 391,769 | 771,595 | 750,677 | |||||||||||
Income from operations | 115,645 | 104,559 | 187,536 | 156,703 | |||||||||||
Interest expense, net | 29,382 | 28,957 | 54,283 | 55,699 | |||||||||||
Income before income taxes | 86,263 | 75,602 | 133,253 | 101,004 | |||||||||||
Income tax expense | 19,659 | 18,980 | 30,941 | 21,162 | |||||||||||
Net income | $ | 66,604 | $ | 56,622 | $ | 102,312 | $ | 79,842 | |||||||
Comprehensive income | $ | 66,604 | $ | 56,622 | $ | 102,312 | $ | 79,842 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.58 | $ | 0.49 | $ | 0.89 | $ | 0.70 | |||||||
Diluted | $ | 0.57 | $ | 0.49 | $ | 0.88 | $ | 0.68 | |||||||
Weighted average common shares: | |||||||||||||||
Basic | 115,757 | 114,636 | 115,592 | 114,365 | |||||||||||
Diluted | 116,919 | 116,693 | 116,726 | 116,695 | |||||||||||
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEET
June 30, | December 31, | ||||||
2019 | 2018 | ||||||
(Unaudited) | |||||||
(In thousands, except per share amounts) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 10,552 | $ | 10,127 | |||
Accounts receivable, less allowances of $12,772 and $13,054 at June 30, 2019 and December 31, 2018, respectively | 715,405 | 654,170 | |||||
Other receivables | 54,257 | 68,637 | |||||
Inventories, net | 617,527 | 596,896 | |||||
Other current assets | 36,217 | 43,921 | |||||
Total current assets | 1,433,958 | 1,373,751 | |||||
Property, plant and equipment, net | 675,310 | 670,075 | |||||
Operating lease right-of-use assets, net | 273,971 | - | |||||
Goodwill | 740,411 | 740,411 | |||||
Intangible assets, net | 95,417 | 103,154 | |||||
Deferred income taxes | 7,343 | 22,766 | |||||
Other assets, net | 23,561 | 22,152 | |||||
Total assets | $ | 3,249,971 | $ | 2,932,309 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 516,897 | $ | 423,168 | |||
Accrued liabilities | 258,096 | 292,526 | |||||
Current portion of operating lease liabilities | 60,576 | - | |||||
Current maturities of long-term debt | 12,650 | 15,565 | |||||
Total current liabilities | 848,219 | 731,259 | |||||
Noncurrent portion of operating lease liabilities | 218,001 | - | |||||
Long-term debt, net of current maturities, debt discount, and debt issuance costs | 1,420,462 | 1,545,729 | |||||
Deferred income taxes | 5,967 | - | |||||
Other long-term liabilities | 53,191 | 58,983 | |||||
Total liabilities | 2,545,840 | 2,335,971 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding | - | - | |||||
Common stock, $0.01 par value, 200,000 shares authorized; 115,880 and 115,078 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 1,159 | 1,151 | |||||
Additional paid-in capital | 565,694 | 560,221 | |||||
Retained earnings | 137,278 | 34,966 | |||||
Total stockholders' equity | 704,131 | 596,338 | |||||
Total liabilities and stockholders' equity | $ | 3,249,971 | $ | 2,932,309 | |||
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENT OF CASH FLOWS
Six Months Ended | ||||||||
June 30, | ||||||||
2019 | 2018 | |||||||
(Unaudited)(In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 102,312 | $ | 79,842 | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||
Depreciation and amortization | 47,390 | 47,587 | ||||||
Amortization of debt issuance costs and debt discount | 2,132 | 2,308 | ||||||
Loss on extinguishment of debt, net | 1,498 | - | ||||||
Deferred income taxes | 21,390 | 18,863 | ||||||
Stock compensation expense | 6,038 | 6,428 | ||||||
Net gain on sale of assets and asset impairments | (1,023 | ) | (326 | ) | ||||
Changes in assets and liabilities: | ||||||||
Receivables | (47,113 | ) | (177,765 | ) | ||||
Inventories | (20,631 | ) | (189,925 | ) | ||||
Other current assets | 7,271 | (5,693 | ) | |||||
Other assets and liabilities | 1,057 | 2,498 | ||||||
Accounts payable | 90,050 | 67,129 | ||||||
Accrued liabilities | (31,586 | ) | (19,915 | ) | ||||
Net cash provided by (used in) operating activities | 178,785 | (168,969 | ) | |||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (45,392 | ) | (49,948 | ) | ||||
Proceeds from sale of property, plant and equipment | 4,620 | 1,075 | ||||||
Net cash used in investing activities | (40,772 | ) | (48,873 | ) | ||||
Cash flows from financing activities: | ||||||||
Borrowings under revolving credit facility | 594,000 | 904,000 | ||||||
Repayments under revolving credit facility | (700,000 | ) | (721,000 | ) | ||||
Proceeds from issuance of notes | 400,000 | - | ||||||
Repayments of long-term debt and other loans | (423,743 | ) | (6,852 | ) | ||||
Payments of loan costs | (7,278 | ) | - | |||||
Exercise of stock options | 1,883 | 2,212 | ||||||
Repurchase of common stock | (2,450 | ) | (4,855 | ) | ||||
Net cash provided by (used in) financing activities | (137,588 | ) | 173,505 | |||||
Net change in cash and cash equivalents | 425 | (44,337 | ) | |||||
Cash and cash equivalents at beginning of the period | 10,127 | 57,533 | ||||||
Cash and cash equivalents at end of the period | $ | 10,552 | $ | 13,196 | ||||
Supplemental disclosure of non-cash activities | ||||||||
Purchases of property, plant and equipment included in accounts payable were $4.0 million and $3.7 million for the six months ended June 30, 2019 and 2018, respectively. The Company purchased equipment which was financed through finance lease obligations of $7.0 million and capital lease obligations of $6.8 million in the six months ended June 30, 2019 and 2018, respectively. |
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES Reconciliation of Adjusted Non-GAAP Financial Measures to their GAAP Equivalents (unaudited) | |||||||||||||||||||
Note: The company provided detailed explanations of these non-GAAP financial measures in its Form 8-K filed with the Securities and Exchange Commission on August 1, 2019. | |||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | Twelve months ended June 30, | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | |||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
Reconciliation to Adjusted EBITDA: | |||||||||||||||||||
GAAP Net Income | $ | 66.6 | $ | 56.6 | $ | 102.3 | $ | 79.8 | $ | 227.7 | |||||||||
Integration related expenses | 3.2 | 6.0 | 8.0 | 10.4 | 16.8 | ||||||||||||||
Debt issuance and refinancing cost (1) | 4.3 | - | 3.6 | - | 0.4 | ||||||||||||||
Adjusted Net Income | 74.1 | 62.6 | 113.9 | 90.2 | 244.9 | ||||||||||||||
Weighted average diluted common shares (in millions) | 116.9 | 116.7 | 116.7 | 116.7 | |||||||||||||||
Diluted adjusted net income per share: | $ | 0.63 | $ | 0.54 | $ | 0.98 | $ | 0.77 | |||||||||||
Reconciling items: | |||||||||||||||||||
Depreciation and amortization expense | 23.8 | 24.8 | 47.4 | 47.6 | 97.7 | ||||||||||||||
Interest expense, net | 25.1 | 29.0 | 50.7 | 55.7 | 106.4 | ||||||||||||||
Income tax (benefit) expense | 19.7 | 19.0 | 31.0 | 21.2 | 65.4 | ||||||||||||||
Stock compensation expense | 3.4 | 3.5 | 6.1 | 6.4 | 14.1 | ||||||||||||||
(Gain)/loss on sale and asset impairments | (0.6 | ) | (0.1 | ) | (1.0 | ) | 0.1 | (2.1 | ) | ||||||||||
Other management-identified adjustments (2) | 0.1 | 0.3 | (1.6 | ) | 0.6 | (0.1 | ) | ||||||||||||
Adjusted EBITDA | $ | 145.6 | $ | 139.1 | $ | 246.5 | $ | 221.8 | $ | 526.3 | |||||||||
Adjusted EBITDA Margin | 7.6 | % | 6.7 | % | 7.0 | % | 5.9 | % | 7.0 | % | |||||||||
(1) Costs associated with issuing and extinguishing long term debt in 2019 and 2018. | |||||||||||||||||||
(2) Primarily relates to severance and one time cost. |
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES | |||||||||||||||
Financial Data | |||||||||||||||
(adjusted and unaudited) | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions except per share amounts) | |||||||||||||||
Net sales | 1,904.5 | 2,089.9 | 3,535.8 | 3,790.3 | |||||||||||
Gross margin | 517.2 | 496.3 | 959.1 | 907.4 | |||||||||||
Gross margin % | 27.2 | % | 23.7 | % | 27.1 | % | 23.9 | % | |||||||
Adjusted SG&A/Other (excluding depreciation and amortization) as a % of sales (1) | 19.5 | % | 17.1 | % | 20.2 | % | 18.1 | % | |||||||
Adjusted EBITDA | 145.6 | 139.1 | 246.5 | 221.8 | |||||||||||
Adjusted EBITDA margin % | 7.6 | % | 6.7 | % | 7.0 | % | 5.9 | % | |||||||
Depreciation and amortization | (23.8 | ) | (24.8 | ) | (47.4 | ) | (47.6 | ) | |||||||
Interest expense, net of debt issuance cost and refinancing | (25.1 | ) | (29.0 | ) | (50.7 | ) | (55.7 | ) | |||||||
Income tax expense | (19.7 | ) | (19.0 | ) | (31.0 | ) | (21.2 | ) | |||||||
Other adjustments | (2.9 | ) | (3.7 | ) | (3.5 | ) | (7.1 | ) | |||||||
Adjusted Net Income | $ | 74.1 | $ | 62.6 | $ | 113.9 | $ | 90.2 | |||||||
Basic adjusted net income per share: | $ | 0.64 | $ | 0.55 | $ | 0.99 | $ | 0.79 | |||||||
Diluted adjusted net income per share: | $ | 0.63 | $ | 0.54 | $ | 0.98 | $ | 0.77 | |||||||
Weighted average common shares (in millions) | |||||||||||||||
Basic | 115.8 | 114.6 | 115.6 | 114.4 | |||||||||||
Diluted | 116.9 | 116.7 | 116.7 | 116.7 | |||||||||||
Note: The company provided detailed explanations of these non-GAAP financial measures in its Form 8-K filed with the Securities and Exchange Commission on August 1, 2019. | |||||||||||||||
(1) Adjusted SG&A and other as a percentage of sales is defined as GAAP SG&A less depreciation and amortization, stock comp, acquisition, integration and other expenses. GAAP SG&A in Q2-19 of $401.5M less $23.8M depreciation and amortization, less $3.2M of integration expenses, less $3.4M of stock comp, plus $0.5 in gains on assets, impairments, and other. GAAP SG&A in H1-19 of $771.6M less $47.6M depreciation and amortization, less $8.0M of integration expenses, less $6.1M of stock comp, plus $2.6 in gains on assets, impairments, and other. | |||||||||||||||
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||
Sales by Product Category | |||||||||||||||||||||||||||
(adjusted and unaudited) | |||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||
Net Sales | % of Net Sales | Net Sales | % of Net Sales | % Change | Net Sales | % of Net Sales | Net Sales | % of Net Sales | % Change | ||||||||||||||||||
Lumber & Lumber Sheet Goods | $ | 601.5 | 31.6 | % | $ | 811.2 | 38.8 | % | -25.8 | % | $ | 1,119.2 | 31.7 | % | $ | 1,455.0 | 38.4 | % | -23.1 | % | |||||||
Manufactured Products | 374.3 | 19.7 | % | 370.9 | 17.7 | % | 0.9 | % | 691.7 | 19.6 | % | 665.1 | 17.5 | % | 4.0 | % | |||||||||||
Windows, Doors & Millwork | 391.0 | 20.5 | % | 375.5 | 18.0 | % | 4.1 | % | 744.4 | 21.1 | % | 707.7 | 18.7 | % | 5.2 | % | |||||||||||
Gypsum, Roofing & Insulation | 138.4 | 7.3 | % | 141.3 | 6.8 | % | -2.0 | % | 259.3 | 7.3 | % | 254.1 | 6.7 | % | 2.0 | % | |||||||||||
Siding, Metal & Concrete Products | 191.3 | 10.0 | % | 189.5 | 9.1 | % | 0.9 | % | 341.2 | 9.6 | % | 331.7 | 8.8 | % | 2.9 | % | |||||||||||
Other | 208.0 | 10.9 | % | 201.5 | 9.6 | % | 3.2 | % | 380.0 | 10.7 | % | 376.7 | 9.9 | % | 0.9 | % | |||||||||||
Total adjusted net sales | $ | 1,904.5 | 100.0 | % | $ | 2,089.9 | 100.0 | % | -8.9 | % | $ | 3,535.8 | 100.0 | % | $ | 3,790.3 | 100.0 | % | -6.7 | % | |||||||
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES | ||||||
Interest Reconciliation | ||||||
(unaudited) | ||||||
Six months ended June 30, | ||||||
2019 | ||||||
Interest Expense | Net Debt Outstanding | |||||
(in millions) | ||||||
2027 Secured Notes @ 6.75% Fixed | $ | 2.4 | $ | 400.0 | ||
2024 Secured Notes @ 5.625% Fixed | 9.0 | 578.9 | ||||
2024 Term Loan @ 5.7% (Floating LIBOR) | 5.0 | 157.1 | ||||
Revolving Credit Facility @ 4.4% (Floating LIBOR) | 2.5 | 73.0 | ||||
Amortization of deferred loan costs and debt discount | 1.0 | |||||
Finance leases and other finance obligations | 5.2 | 240.3 | ||||
Debt issuance and refinancing cost | 4.3 | |||||
Cash | (10.6 | ) | ||||
Total | $ | 29.4 | $ | 1,438.7 | ||
1 Year Builders First Source Chart |
1 Month Builders First Source Chart |
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