BUILDERS FIRSTSOURCE, INC. Third Quarter 2020 Highlights:
- Net sales for the quarter increased by 15.9% compared to the prior year period
- Core organic sales increased 6.7%, excluding acquisitions and commodity impacts
- Commodity inflation increased net sales by 7.2%
- Acquisitions contributed net sales growth of 2.0%
- Adjusted EBITDA increased 15% to
$184 million , or 8.0% of net sales, driven by solid demand across all three customer end markets and disciplined pricing in a dynamic market - Net income of
$85.9 million , or$0.73 per diluted share, and adjusted net income of$96.7 million , or$0.82 per diluted share - Strong quarter-end balance sheet with a net debt to Adjusted EBITDA ratio of 2.3x and liquidity of
$1.2 billion . - Announced transformational merger with BMC Stock Holdings in an all-stock transaction to create the nation’s premier supplier of building materials and services
CEO
CFO
Third Quarter 2020 Compared to Third Quarter 2019
- Net sales for the third quarter ending
September 30, 2020 were$2.3 billion , a 15.9% increase compared to a year ago. Core organic sales increased by 6.7% while commodity price inflation added 7.2% to net sales. - Acquisitions completed during the prior four quarters contributed net sales growth of 2.0%.
- Value-added core organic sales grew by an estimated 1.9%, led by 2.2% growth in our Manufactured Products category and 1.5% growth in our Windows, Doors, and Millwork category, as solid growth nationally was offset by continued weakness in the Northeast.
- Demand improved across our three customer end markets. Single family and repair and remodel / other grew estimated core organic sales by 5.8% and 6.5%, respectively. Multi-family grew core organic sales by 17.6% primarily due to an increase in, and the timing of, projects.
Gross Margin
- Gross margin was
$570.7 million , an increase of$29.5 million compared with the prior year period. Our gross margin percentage decreased to 24.9% from 27.3% in the prior year period. The decrease in gross margin percentage was primarily attributable to the sharp rise in commodity prices during the quarter relative to our short-term customer pricing commitments. Additionally, a shift in product mix towards our lower margin commodity products, also due to commodity inflation compared to the prior year period, contributed to the decline. - Rapid commodity inflation can cause short-term gross margin percentage compression, whereas higher sustained commodity prices will generally increase the Company’s net sales, gross margin and Adjusted EBITDA dollars.
Selling, General and Administrative Expenses
- SG&A in the third quarter of 2020 was
$430.9 million , an increase of approximately$19.4 million compared to the prior year period, mainly due to higher compensation related to the increase in net sales. - As a percentage of net sales, SG&A decreased by 200 basis points to 18.8% in the third quarter of 2020, driven by cost leverage on commodity price inflation and higher core organic sales.
Interest Expense
- Interest expense increased by
$0.3 million to$28.0 million compared to the same period last year. The year over year increase includes one-time charges related to debt financing transactions executed in the prior year period. Adjusting for the one-time charges in both periods, interest expense increased by$3.4 million due to a higher outstanding debt balance as compared to the prior year quarter, partially offset by the effect of lower interest rates.
Income Tax Expense
- Income tax expense in the third quarter of 2020 was
$25.8 million , or an effective tax rate of 23.1%. In the prior year period, income tax expense was$23.7 million , or an effective tax rate of 23.3%.
Adjusted Net Income
- Net income was
$85.9 million , or$0.73 per diluted share, compared to$78.1 million , or$0.67 per diluted share, in the same period a year ago. - Adjusted net income was
$96.7 million , or$0.82 per diluted share, compared to$84.0 million , or$0.72 per diluted share, in the third quarter of 2019. The increase in adjusted net income of$12.7 million , or 15.1%, was primarily driven by the increase in net sales described above.
Adjusted EBITDA
- Adjusted EBITDA grew
$24.0 million to a quarterly record of$184.3 million , an increase of 15%. The increase was primarily driven by the growth in net sales attributable to core organic growth across all three of our customer end markets. Adjusted EBITDA remained steady at 8.0% of net sales in the third quarter, compared to 8.1% in the same period a year ago.
Year to Date September 30, 2020 Compared to
- Net sales year to date were
$6.0 billion , a 9.3% increase compared to the first nine months of 2019, as acquisitions and core organic growth contributed 2.6% and 2.8% of the increase, respectively. - Commodity inflation and one additional selling day increased net sales by 3.3% and 0.6%, respectively.
- Core organic growth was led by our Lumber and
Lumber Sheet Goods product category. - Demand increased across all three customer end markets.
Gross Margin
- Gross margin increased
$53.1 million to$1.6 billion driven by strong growth in net sales. Our gross margin percentage was 25.8% in the first nine months of 2020 compared to 27.2% in the first nine months of 2019. The decrease in gross margin percentage was attributable to a sharp rise in commodity prices in 2020 relative to our short-term customer pricing commitments and product mix. Additionally, the expected normalization in our lumber and lumber sheet goods margins also contributed to the decline compared to the prior year period. - Rapid commodity inflation can cause short-term gross margin percentage compression, whereas higher sustained commodity prices will increase, the Company’s net sales, gross margin and Adjusted EBITDA dollars.
Selling, General and Administrative Expenses
- SG&A was
$1.2 billion , an increase of approximately$40.3 million compared to the prior year period, mainly due to higher compensation related to the increase in net sales. - As a percentage of net sales, SG&A decreased by 110 basis points to 20.3% driven by cost leverage on commodity price inflation and higher core organic sales.
Adjusted Net Income
- GAAP net income was
$173.6 million , or$1.48 per diluted share, compared to$180.4 million , or$1.54 per diluted share, in the first nine months of 2019, a decrease of$0.06 per diluted share, or 3.9%. - Adjusted net income was
$216.1 million , or$1.84 per diluted share, compared to$198.0 million , or$1.69 per diluted share, in the first nine months of 2019, an increase of$0.15 per diluted share. The increase in adjusted net income of$18.1 million , or 9.1%, was primarily driven by the increase in net sales, partially offset by higher SG&A.
Adjusted EBITDA
- Adjusted EBITDA for the first nine months of 2020 grew
$36.4 million , or 8.9%, to a record$443.2 million , or 7.4% of net sales, compared to$406.8 million , or 7.4% of net sales, for the first nine months of 2019. The year over year improvement was due to the aforementioned growth in organic sales, along with the acquisitions completed over the last four quarters.
Capital Structure, Leverage, and Liquidity Information:
- Adjusted EBITDA, on a trailing twelve-month basis, was
$552.5 million and net debt was$1.3 billion as ofSeptember 30, 2020 . Our net leverage ratio remained sequentially steady at 2.3x net debt to Adjusted EBITDA atSeptember 30, 2020 , below the Company’s target leverage ratio of between 2.5x and 3.5x. - Cash generated by operating activities was
$155 million in the first nine months of the year. Cash used in investing activities was$96.1 million in the first nine months of 2020, including capital expenditures, net of proceeds, of$80.2 million and$15.9 million used for our acquisitions. - Liquidity as of
September 30, 2020 was$1.2 billion , consisting of$820.9 million in net borrowing availability under the revolving credit facility and$340.9 million cash on hand.
Announced Merger with BMC Stock Holdings:
- In August of 2020, we entered into a definitive merger agreement under which
Builders FirstSource and BMC will combine in an all-stock merger transaction. - With pro forma annual net sales of over
$11 billion and approximately 26,000 team members, the combined company will be the nation's premier supplier of building materials and services within a fragmented industry. The combined company will benefit from greater geographic reach and diversity operating a leading network of 550 distribution and manufacturing locations in 40 states, including 44 of the top 50 metropolitan statistical areas. The combined Company will also benefit from expanded value-added product and service capabilities, building upon a shared commitment to deliver a broad portfolio of value-added offerings. The merged organization will be better positioned to partner and integrate with customers to streamline the construction process. Operating in some of the nation's largest and fastest growing regions, the combined company will be exceptionally positioned for long-term growth. Increased scale, a strong balance sheet bolstered by robust cash generation, and anticipated annual run-rate synergies of$130 million to$150 million will provide greater resources to invest in growth, innovation and ongoing value creation for all stakeholders. - Under the terms of the agreement, BMC shareholders will receive a fixed exchange ratio of 1.3125 shares of
Builders FirstSource common stock for each share of BMC common stock. Upon completion of the merger, existingBuilders FirstSource shareholders will own approximately 57% and existing BMC shareholders will own approximately 43% of the combined company on a fully diluted basis. - The transaction is expected to close in late 2020 or early 2021, subject to, among other things, the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, as well as other customary closing conditions. The transaction requires the approval of shareholders of both
Builders FirstSource and BMC.
Outlook
Upon closing the merger with BMC, we will build upon the strength of our larger platform to better serve our customers and create incremental value for all our stakeholders. I would like to thank our entire team for their continued dedication to excellence and their commitment to executing our long-range plan.”
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. Please refer to the accompanying financial schedules for more information.
Conference Call
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Cautionary Notice
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 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
Contact:
VP Investor Relations
(214) 765-3804
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||
| Net sales | $ | 2,295,450 | $ | 1,981,035 | $ | 6,028,114 | $ | 5,516,858 | |||||||||
| Cost of sales | 1,724,799 | 1,439,893 | 4,474,718 | 4,016,585 | |||||||||||||
| Gross margin | 570,651 | 541,142 | 1,553,396 | 1,500,273 | |||||||||||||
| Selling, general and administrative expenses | 430,893 | 411,510 | 1,223,436 | 1,183,105 | |||||||||||||
| Income from operations | 139,758 | 129,632 | 329,960 | 317,168 | |||||||||||||
| Interest expense, net | 28,043 | 27,788 | 106,786 | 82,071 | |||||||||||||
| Income before income taxes | 111,715 | 101,844 | 223,174 | 235,097 | |||||||||||||
| Income tax expense | 25,783 | 23,714 | 49,551 | 54,655 | |||||||||||||
| Net income | $ | 85,932 | $ | 78,130 | $ | 173,623 | $ | 180,442 | |||||||||
| Comprehensive income | $ | 85,932 | $ | 78,130 | $ | 173,623 | $ | 180,442 | |||||||||
| Net income per share: | |||||||||||||||||
| Basic | $ | 0.74 | $ | 0.68 | $ | 1.49 | $ | 1.56 | |||||||||
| Diluted | $ | 0.73 | $ | 0.67 | $ | 1.48 | $ | 1.54 | |||||||||
| Weighted average common shares: | |||||||||||||||||
| Basic | 116,731 | 115,732 | 116,542 | 115,639 | |||||||||||||
| Diluted | 118,026 | 117,154 | 117,690 | 116,870 | |||||||||||||
CONSOLIDATED BALANCE SHEET
| 2020 | 2019 | |||||||
| (Unaudited) | ||||||||
| (In thousands, except per share amounts) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 340,927 | $ | 14,096 | ||||
| Accounts receivable, less allowances of | 860,842 | 614,946 | ||||||
| Other receivables | 64,626 | 77,447 | ||||||
| Inventories, net | 751,149 | 561,255 | ||||||
| Other current assets | 44,198 | 39,123 | ||||||
| Total current assets | 2,061,742 | 1,306,867 | ||||||
| Property, plant and equipment, net | 750,841 | 721,887 | ||||||
| Operating lease right-of-use assets, net | 278,075 | 292,684 | ||||||
| 777,283 | 769,022 | |||||||
| Intangible assets, net | 121,145 | 128,388 | ||||||
| Deferred income taxes | 5,977 | 8,417 | ||||||
| Other assets, net | 19,871 | 22,225 | ||||||
| Total assets | $ | 4,014,934 | $ | 3,249,490 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 651,332 | $ | 436,823 | ||||
| Accrued liabilities | 342,059 | 308,950 | ||||||
| Current portion of operating lease liabilities | 61,953 | 61,653 | ||||||
| Current maturities of long-term debt | 29,527 | 13,875 | ||||||
| Total current liabilities | 1,084,871 | 821,301 | ||||||
| Noncurrent portion of operating lease liabilities | 222,132 | 236,948 | ||||||
| Long-term debt, net of current maturities, debt discount, and debt issuance costs | 1,574,146 | 1,277,398 | ||||||
| Deferred income taxes | 37,360 | 36,645 | ||||||
| Other long-term liabilities | 88,560 | 52,245 | ||||||
| Total liabilities | 3,007,069 | 2,424,537 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 1,168 | 1,161 | ||||||
| Additional paid-in capital | 584,237 | 574,955 | ||||||
| Retained earnings | 422,460 | 248,837 | ||||||
| Total stockholders' equity | 1,007,865 | 824,953 | ||||||
| Total liabilities and stockholders' equity | $ | 4,014,934 | $ | 3,249,490 | ||||
CONSOLIDATED STATEMENT OF CASH FLOWS
| Nine Months Ended | ||||||||
| 2020 | 2019 | |||||||
| (Unaudited) (In thousands) | ||||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 173,623 | $ | 180,442 | ||||
| Adjustments to reconcile net income to net cash from operating activities: | ||||||||
| Depreciation and amortization | 87,298 | 71,771 | ||||||
| Amortization of debt issuance costs and debt discount | 2,535 | 3,060 | ||||||
| Loss on extinguishment of debt, net | 5,349 | 4,654 | ||||||
| Deferred income taxes | 3,155 | 36,547 | ||||||
| Stock compensation expense | 12,098 | 9,380 | ||||||
| Net gain on sale of assets and asset impairments | (1,413 | ) | (1,502 | ) | ||||
| Changes in assets and liabilities, net of assets acquired and liabilities assumed: | ||||||||
| Receivables | (230,627 | ) | (41,083 | ) | ||||
| Inventories | (189,692 | ) | 22,263 | |||||
| Other current assets | (5,076 | ) | 8,968 | |||||
| Other assets and liabilities | 60,439 | 1,756 | ||||||
| Accounts payable | 205,570 | 73,913 | ||||||
| Accrued liabilities | 31,887 | (9,905 | ) | |||||
| Net cash provided by operating activities | 155,146 | 360,264 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (83,508 | ) | (77,937 | ) | ||||
| Proceeds from sale of property, plant and equipment | 3,298 | 5,474 | ||||||
| Cash used for acquisitions | (15,893 | ) | (33,931 | ) | ||||
| Net cash used in investing activities | (96,103 | ) | (106,394 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Borrowings under revolving credit facility | 791,000 | 885,000 | ||||||
| Repayments under revolving credit facility | (818,000 | ) | (1,064,000 | ) | ||||
| Proceeds from issuance of notes | 895,625 | 478,375 | ||||||
| Repayments of long-term debt and other loans | (561,541 | ) | (502,062 | ) | ||||
| Payments of debt extinguishment costs | (22,686 | ) | (2,301 | ) | ||||
| Payments of loan costs | (13,800 | ) | (8,566 | ) | ||||
| Exercise of stock options | 1,343 | 3,220 | ||||||
| Repurchase of common stock | (4,153 | ) | (10,392 | ) | ||||
| Net cash provided by (used in) financing activities | 267,788 | (220,726 | ) | |||||
| Net change in cash and cash equivalents | 326,831 | 33,144 | ||||||
| Cash and cash equivalents at beginning of the period | 14,096 | 10,127 | ||||||
| Cash and cash equivalents at end of the period | $ | 340,927 | $ | 43,271 | ||||
| Supplemental disclosures of cash flow information: | ||||||||
| Cash paid for interest | $ | 77,734 | $ | 76,326 | ||||
| Cash paid for income taxes | 21,280 | 9,989 | ||||||
| Supplemental disclosures of non-cash activities: | ||||||||
| Accrued purchases of property, plant and equipment | $ | 1,336 | $ | 2,127 | ||||
| Acquisition of assets under operating lease obligations | 33,379 | 64,940 | ||||||
| Acquisition of assets under finance lease obligations | 16,096 | 11,653 | ||||||
| Note: The company provided detailed explanations of these non-GAAP financial measures in its Form 8K filed with the | ||||||||||||||||||||
| Three months ended | Nine months ended | Twelve months ended | ||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | 2020 | ||||||||||||||||
| (in millions) | (in millions) | |||||||||||||||||||
| Reconciliation to Adjusted EBITDA: | ||||||||||||||||||||
| GAAP Net Income | $ | 85.9 | $ | 78.1 | $ | 173.6 | $ | 180.4 | $ | 215.0 | ||||||||||
| Acquisition and Integration Expense | 10.8 | 2.8 | 14.5 | 10.8 | 16.7 | |||||||||||||||
| Debt issuance and refinancing cost (1) | - | 3.1 | 28.0 | 6.8 | 31.5 | |||||||||||||||
| Adjusted Net Income | 96.7 | 84.0 | 216.1 | 198.0 | 263.2 | |||||||||||||||
| Weighted average diluted common shares (in millions) | 118.0 | 117.2 | 117.7 | 116.9 | ||||||||||||||||
| Diluted adjusted net income per share: | $ | 0.82 | $ | 0.72 | $ | 1.84 | $ | 1.69 | ||||||||||||
| Reconciling items: | ||||||||||||||||||||
| Depreciation and amortization expense | 29.4 | 24.4 | 87.3 | 71.8 | 115.6 | |||||||||||||||
| Interest expense, net | 28.0 | 24.7 | 78.8 | 75.3 | 102.7 | |||||||||||||||
| Income tax expense | 25.8 | 23.7 | 49.6 | 54.7 | 55.8 | |||||||||||||||
| Stock compensation expense | 5.4 | 3.3 | 12.1 | 9.4 | 15.0 | |||||||||||||||
| Gain on sale and asset impairments | (1.2 | ) | (0.2 | ) | (1.3 | ) | (3.2 | ) | (0.9 | ) | ||||||||||
| Other management-identified adjustments (2) | 0.2 | 0.4 | 0.6 | 0.8 | 1.1 | |||||||||||||||
| Adjusted EBITDA | $ | 184.3 | $ | 160.3 | $ | 443.2 | $ | 406.8 | $ | 552.5 | ||||||||||
| Adjusted EBITDA Margin | 8.0% | 8.1% | 7.4% | 7.4% | 7.1% | |||||||||||||||
| (1) Costs associated with issuing and extinguishing long term debt in 2020 and 2019. | ||||||||||||||||||||
| (2) Primarily relates to severance and one time cost. | ||||||||||||||||||||
| Financial Data | |||||||||||||||
| (adjusted and unaudited) | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| (in millions except share amounts) | |||||||||||||||
| Net sales | 2,295.5 | 1,981.0 | 6,028.1 | 5,516.9 | |||||||||||
| Cost of sales | 1,724.8 | 1,439.9 | 4,474.7 | 4,016.6 | |||||||||||
| Gross margin | 570.7 | 541.1 | 1,553.4 | 1,500.3 | |||||||||||
| Gross margin % | 24.9% | 27.3% | 25.8% | 27.2% | |||||||||||
| Adjusted SG&A/Other (excluding depreciation and amortization) as a % of sales (1) | 16.8% | 19.2% | 18.4% | 19.8% | |||||||||||
| Adjusted EBITDA | 184.3 | 160.3 | 443.2 | 406.8 | |||||||||||
| Adjusted EBITDA margin % | 8.0% | 8.1% | 7.4% | 7.4% | |||||||||||
| Depreciation and amortization | (29.4 | ) | (24.4 | ) | (87.3 | ) | (71.8 | ) | |||||||
| Interest expense, net of debt issuance cost and refinancing | (28.0 | ) | (24.7 | ) | (78.8 | ) | (75.3 | ) | |||||||
| Income tax expense | (25.8 | ) | (23.7 | ) | (49.6 | ) | (54.7 | ) | |||||||
| Other adjustments | (4.4 | ) | (3.5 | ) | (11.4 | ) | (7.0 | ) | |||||||
| Adjusted Net Income | $ | 96.7 | $ | 84.0 | $ | 216.1 | $ | 198.0 | |||||||
| Basic adjusted net income per share: | $ | 0.83 | $ | 0.73 | $ | 1.85 | $ | 1.71 | |||||||
| Diluted adjusted net income per share: | $ | 0.82 | $ | 0.72 | $ | 1.84 | $ | 1.69 | |||||||
| Weighted average common shares (in millions) | |||||||||||||||
| Basic | 116.7 | 115.7 | 116.5 | 115.6 | |||||||||||
| Diluted | 118.0 | 117.2 | 117.7 | 116.9 | |||||||||||
| Note: The company provided detailed explanations of these non-GAAP financial measures in its Form 8-K | |||||||||||||||
| filed with the | |||||||||||||||
| (1) Adjusted SG&A and other as a percentage of net sales is defined as GAAP SG&A less depreciation and amortization, | |||||||||||||||
| stock comp, acquisition, integration and other expenses. GAAP SG&A in Q3-20 of | |||||||||||||||
| and amortization, less | |||||||||||||||
| Sales by Product Category | |||||||||||||||||||||||||||||||||
| (adjusted and unaudited) | |||||||||||||||||||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
| % of | % of | % Change | % Core Organic (1) | % of | % of | % Change | % Change Per Day | % Core Organic (1) | |||||||||||||||||||||||||
| Manufactured Products | $ | 421.3 | 18.4 | % | $ | 401.2 | 20.3 | % | 5.0 | % | 2.2 | % | $ | 1,141.6 | 18.9 | % | $ | 1,092.9 | 19.8 | % | 4.5 | % | 3.9 | % | -0.3 | % | |||||||
| Windows, Doors & Millwork | 420.2 | 18.3 | % | 407.4 | 20.6 | % | 3.1 | % | 1.5 | % | $ | 1,215.5 | 20.2 | % | 1,151.8 | 20.9 | % | 5.5 | % | 5.0 | % | 3.0 | % | ||||||||||
| Value-Added Products | 841.5 | 36.7 | % | 808.6 | 40.9 | % | 4.1 | % | 1.9 | % | 2,357.1 | 39.1 | % | 2,244.7 | 40.7 | % | 5.0 | % | 4.5 | % | 1.4 | % | |||||||||||
| Gypsum, Roofing & Insulation | 149.5 | 6.5 | % | 149.7 | 7.6 | % | -0.1 | % | -0.2 | % | 386.2 | 6.4 | % | 409.0 | 7.4 | % | -5.6 | % | -6.1 | % | -6.2 | % | |||||||||||
| Siding, Metal & Concrete Products | 212.4 | 9.3 | % | 201.1 | 10.1 | % | 5.6 | % | 3.8 | % | 581.8 | 9.7 | % | 542.3 | 9.8 | % | 7.3 | % | 6.7 | % | 4.4 | % | |||||||||||
| Other | 240.5 | 10.4 | % | 216.1 | 10.8 | % | 11.3 | % | 2.7 | % | 676.8 | 11.2 | % | 596.2 | 10.8 | % | 13.5 | % | 12.9 | % | 3.3 | % | |||||||||||
| Specialized Products & Other | 602.4 | 26.2 | % | 566.9 | 28.5 | % | 6.3 | % | 2.3 | % | 1,644.8 | 27.3 | % | 1,547.5 | 28.0 | % | 6.3 | % | 5.7 | % | 1.2 | % | |||||||||||
| Lumber & | $ | 851.6 | 37.1 | % | $ | 605.5 | 30.6 | % | 40.6 | % | 17.1 | % | $ | 2,026.2 | 33.6 | % | $ | 1,724.7 | 31.3 | % | 17.5 | % | 16.9 | % | 5.8 | % | |||||||
| Total adjusted net sales | $ | 2,295.5 | 100.0 | % | $ | 1,981.0 | 100.0 | % | 15.9 | % | 6.7 | % | $ | 6,028.1 | 100.0 | % | $ | 5,516.9 | 100.0 | % | 9.3 | % | 8.7 | % | 2.8 | % | |||||||
| (1) Core Organic Growth excludes acquisitions, commodity price fluctuations and differences in selling days between periods. | |||||||||||||||||||||||||||||||||
| Interest Reconciliation | |||||||||||
| (unaudited) | |||||||||||
| Three months ended | Nine months ended | ||||||||||
| 2020 | 2020 | ||||||||||
| Interest Expense | Interest Expense | Net Debt Outstanding | |||||||||
| (in millions) | (in millions) | ||||||||||
| 2030 Secured Notes @ 5% | $ | 7.0 | $ | 17.6 | $ | 550.0 | |||||
| 2027 Secured Notes @ 6.75% | 13.1 | 32.4 | 777.5 | ||||||||
| 2024 Secured Notes @ 5.625% | - | 3.9 | - | ||||||||
| 2024 Term Loan @ 4.4% Floating LIBOR | 0.5 | 1.7 | 52.0 | ||||||||
| Revolving Credit Facility @ 3.8% Floating LIBOR | 1.1 | 4.7 | - | ||||||||
| Amortization of debt issuance costs, discount and premium | 1.0 | 2.6 | - | ||||||||
| Finance leases and other finance obligations | 5.3 | 15.9 | 244.2 | ||||||||
| Loss on debt extinguishment | - | 28.0 | - | ||||||||
| Other | - | - | - | ||||||||
| Cash | - | - | (340.9 | ) | |||||||
| Total | $ | 28.0 | $ | 106.8 | $ | 1,282.8 | |||||
| Three months ended | Nine months ended | ||||||||||
| 2020 | 2020 | ||||||||||
| Free Cash Flow | (in millions) | (in millions) | |||||||||
| Operating activities | $ | (15 | ) | $ | 155 | ||||||
| Less: Capital expenditures | (29 | ) | (84 | ) | |||||||
| Free Cash Flow | $ | (44 | ) | $ | 71 | ||||||
2020 GlobeNewswire, Inc., source
