DALLAS, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Builders FirstSource, Inc. (Nasdaq: BLDR) today reported its results for the fourth quarter and full year ended December 31, 2019.
Fourth Quarter 2019 Highlights:
Commenting on the results, CEO Chad Crow remarked, “We delivered another quarter of strong results to end 2019 with a solid foundation to further build on our record of success. Continued focus on our operational excellence initiatives contributed to a robust fourth quarter gross margin, while our full year gross margin improved 230 basis points, allowing us to achieve record annual Adjusted EBITDA of $516 million. Furthermore, we continue to make strategic investments in our operations and acquisitions to drive enhanced growth in margin-accretive products and markets, while preserving our balance sheet strength to support value-enhancing initiatives. We believe we are the strongest company in our industry, which is a real tribute to our team’s hard work and dedication. As we look forward, we are confident that our efforts to further partner with our customers to streamline the construction process will allow us to drive profitable growth in the years to come.”
Peter Jackson, CFO, added, "We closed out the decade on a strong footing underpinned by record full year Adjusted EBITDA and free cash flow. I am very pleased with our de-leveraging progress, as we reduced our net leverage ratio by 0.6x year over year to 2.5x, the low end of our targeted range. Our team’s ability to drive profitable growth while generating cash through working capital efficiency validates the strength of our strategic initiatives to produce meaningful value creation.”
Fourth Quarter 2019 Compared to Fourth Quarter 2018
Net Sales
Gross Margin
Selling, General and Administrative Expenses
Interest Expense
Income Tax Expense
Adjusted Net Income
Adjusted EBITDA
Full Year December 31, 2019 Financial Information:
Net Sales
Gross Margin
Interest Expense
Adjusted Net Income
Adjusted EBITDA
Capital Structure, Leverage, and Liquidity Information:
Acquisition Activity:
In December 2019, we acquired certain assets and the operations of Raney Components and Raney Construction (“Raney”). Raney manufactures and installs wall panels, roof trusses, roof decking, interior wall framing and other select building products to its customers across Florida, with annual revenue of approximately $140 million.
In January 2020, we acquired certain assets and the operations of Bianchi & Company, Inc. (“Bianchi”). Bianchi is a supplier and installer of interior and exterior doors, crown moldings, open stair rail, chair rail, wainscoting, commercial hollow metal frames and doors and other custom millwork to its customers in the Carolina markets. Bianchi has annual revenue of approximately $30 million.
Since July 2019, we have completed five tuck-in acquisitions, adding six truss and millwork facilities to supplement organic growth, which in aggregate are expected to generate approximately $240 million in annual value-added net sales.
Outlook:
Peter Jackson, CFO, concluded, “I am extremely positive on the outlook for Builders FirstSource in the new decade ahead. Our company is well positioned to be the building supply company of choice for builders thanks to our enhanced geographic reach, diversified product offerings, national manufacturing capabilities, and strong partnerships with our customers. We are excited about our plans to drive greater value through our operational excellence initiatives as well as capitalizing on a strong economy and steady growth in the single family housing market. The continued execution of our strategic plan, in combination with an overall positive macroeconomic environment, puts us on firm footing to achieve our full year 2020 objectives. Thank you to all of our associates for their hard work and dedication to help us further advance our premier industry position.”
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 herein includes non-GAAP financial information, please refer to the accompanying financial schedules for non-GAAP reconciliations to their GAAP equivalents.
Conference Call
Builders FirstSource will host a conference call Friday, February 21st, 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, February 20th. To participate in the teleconference, please dial into the call a few minutes before the start time: 800-367-2403 (U.S. and Canada) and 334-777-6978 (international), Conference ID: 8532776. A replay of the call will be available at 1:00 p.m. Central Time through March 7th. To access the replay, please dial 888-203-1112 (U.S. and Canada) and 719-457-0820 (international) and refer to pass code 8532776. 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 FirstSource
Headquartered 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 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 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 Sanghvi
VP Investor Relations
Builders FirstSource, Inc.
(214) 765-3804
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Three Months Ended December 31, | |||||||
2019 | 2018 | ||||||
(In thousands, except per share amounts) | |||||||
Net sales | $ | 1,763,573 | $ | 1,815,980 | |||
Cost of sales | 1,287,017 | 1,323,201 | |||||
Gross margin | 476,556 | 492,779 | |||||
Selling, general and administrative expenses | 401,418 | 402,302 | |||||
Income from operations | 75,138 | 90,477 | |||||
Interest expense, net | 27,480 | 23,408 | |||||
Income before income taxes | 47,658 | 67,069 | |||||
Income tax expense | 6,291 | 15,048 | |||||
Net income | $ | 41,367 | $ | 52,021 | |||
Comprehensive income | $ | 41,367 | $ | 52,021 | |||
Net income per share: | |||||||
Basic | $ | 0.36 | $ | 0.45 | |||
Diluted | $ | 0.35 | $ | 0.45 | |||
Weighted average common shares: | |||||||
Basic | 115,932 | 114,898 | |||||
Diluted | 117,483 | 116,375 |
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(In thousands, except per share amounts) | ||||||||||||
Net sales | $ | 7,280,431 | $ | 7,724,771 | $ | 7,034,209 | ||||||
Cost of sales | 5,303,602 | 5,801,831 | 5,306,818 | |||||||||
Gross margin | 1,976,829 | 1,922,940 | 1,727,391 | |||||||||
Selling, general and administrative expenses | 1,584,523 | 1,553,972 | 1,442,288 | |||||||||
Income from operations | 392,306 | 368,968 | 285,103 | |||||||||
Interest expense, net | 109,551 | 108,213 | 193,174 | |||||||||
Income before income taxes | 282,755 | 260,755 | 91,929 | |||||||||
Income tax expense | 60,946 | 55,564 | 53,148 | |||||||||
Net income | $ | 221,809 | $ | 205,191 | $ | 38,781 | ||||||
Comprehensive income | $ | 221,809 | $ | 205,191 | $ | 38,781 | ||||||
Net income per share: | ||||||||||||
Basic | $ | 1.92 | $ | 1.79 | $ | 0.34 | ||||||
Diluted | $ | 1.90 | $ | 1.76 | $ | 0.34 | ||||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 115,713 | 114,586 | 112,587 | |||||||||
Diluted | 117,025 | 116,554 | 115,597 |
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
December 31, | ||||||||
2019 | 2018 | |||||||
(In thousands, except per share amounts) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 14,096 | $ | 10,127 | ||||
Accounts receivable, less allowances of $13,492 and $13,054 at December 31, 2019 and 2018, respectively | 614,946 | 654,170 | ||||||
Other receivables | 77,447 | 68,637 | ||||||
Inventories, net | 561,255 | 596,896 | ||||||
Other current assets | 39,123 | 43,921 | ||||||
Total current assets | 1,306,867 | 1,373,751 | ||||||
Property, plant and equipment, net | 721,887 | 670,075 | ||||||
Operating lease right-of-use assets, net | 292,684 | — | ||||||
Goodwill | 769,022 | 740,411 | ||||||
Intangible assets, net | 128,388 | 103,154 | ||||||
Deferred income taxes | 8,417 | 22,766 | ||||||
Other assets, net | 22,225 | 22,152 | ||||||
Total assets | $ | 3,249,490 | $ | 2,932,309 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | 436,823 | 423,168 | ||||||
Accrued liabilities | 308,950 | 292,526 | ||||||
Current portion of operating lease liabilities | 61,653 | — | ||||||
Current maturities of long-term debt | 13,875 | 15,565 | ||||||
Total current liabilities | 821,301 | 731,259 | ||||||
Noncurrent portion of operating lease liabilities | 236,948 | — | ||||||
Long-term debt, net of current maturities, debt discount, premium and issuance costs | 1,277,398 | 1,545,729 | ||||||
Deferred income taxes | 36,645 | — | ||||||
Other long-term liabilities | 52,245 | 58,983 | ||||||
Total liabilities | 2,424,537 | 2,335,971 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding at December 31, 2019 and 2018 | — | — | ||||||
Common stock, $0.01 par value, 200,000 shares authorized; 116,052 and 115,078 shares issued and outstanding at December 31, 2019 and 2018, respectively | 1,161 | 1,151 | ||||||
Additional paid-in capital | 574,955 | 560,221 | ||||||
Retained earnings | 248,837 | 34,966 | ||||||
Total stockholders’ equity | 824,953 | 596,338 | ||||||
Total liabilities and stockholders’ equity | $ | 3,249,490 | $ | 2,932,309 |
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
Years Ended December 31, | |||||||||||||
2019 | 2018 | 2017 | |||||||||||
(In thousands) | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 221,809 | $ | 205,191 | $ | 38,781 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 100,038 | 97,906 | 92,993 | ||||||||||
Amortization of debt discount, premium and issuance costs | 3,880 | 4,642 | 6,092 | ||||||||||
Loss (gain) on extinguishment of debt | 8,189 | (3,170 | ) | 56,657 | |||||||||
Deferred income taxes | 50,994 | 51,823 | 49,104 | ||||||||||
Stock compensation expense | 12,239 | 14,420 | 13,508 | ||||||||||
Net (gain) loss on sales of assets and asset impairments | (949 | ) | (1,393 | ) | 6,965 | ||||||||
Changes in assets and liabilities, net of assets acquired and liabilities assumed: | |||||||||||||
Receivables | 42,789 | (9,221 | ) | (75,673 | ) | ||||||||
Inventories | 44,202 | (5,425 | ) | (60,645 | ) | ||||||||
Other current assets | 4,674 | (10,356 | ) | 8 | |||||||||
Other assets and liabilities | 1,611 | 5,637 | 8,315 | ||||||||||
Accounts payable | 4,070 | (89,392 | ) | 65,764 | |||||||||
Accrued liabilities | 10,500 | 22,168 | (23,341 | ) | |||||||||
Net cash provided by operating activities | 504,046 | 282,830 | 178,528 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Purchases of property, plant and equipment | (112,870 | ) | (101,411 | ) | (62,407 | ) | |||||||
Proceeds from sale of property, plant and equipment | 6,545 | 4,753 | 2,981 | ||||||||||
Cash used for acquisitions | (92,855 | ) | — | — | |||||||||
Net cash used in investing activities | (199,180 | ) | (96,658 | ) | (59,426 | ) | |||||||
Cash flows from financing activities: | |||||||||||||
Borrowings under revolving credit facility | 1,040,000 | 1,662,000 | 1,370,000 | ||||||||||
Repayments under revolving credit facility | (1,192,000 | ) | (1,833,000 | ) | (1,020,000 | ) | |||||||
Proceeds from long-term debt and other loans | 478,375 | 3,818 | — | ||||||||||
Repayments of long-term debt and other loans | (610,834 | ) | (65,312 | ) | (379,926 | ) | |||||||
Payments of debt extinguishment costs | (2,301 | ) | (134 | ) | (48,704 | ) | |||||||
Payments of loan costs | (8,618 | ) | — | (2,799 | ) | ||||||||
Exercise of stock options | 4,873 | 3,945 | 8,055 | ||||||||||
Repurchase of common stock | (10,392 | ) | (4,895 | ) | (2,644 | ) | |||||||
Net cash used in financing activities | (300,897 | ) | (233,578 | ) | (76,018 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 3,969 | (47,406 | ) | 43,084 | |||||||||
Cash and cash equivalents at beginning of period | 10,127 | 57,533 | 14,449 | ||||||||||
Cash and cash equivalents at end of period | $ | 14,096 | $ | 10,127 | $ | 57,533 |
Supplemental disclosure of non-cash activities
For the years ended December 31, 2019, 2018 and 2017, the Company retired assets subject to other finance obligations of $0.6 million, $0.6 million and $14.0 million and extinguished the related other finance obligations of $0.6 million, $0.7 million and $11.7 million, respectively.
The Company purchased equipment which was financed through finance lease obligations of $16.5 million, and capital lease obligations of $10.2 million and $14.2 million in the years ended December 31, 2019, 2018 and 2017, respectively. In addition, purchases of property, plant and equipment included in accounts payable were $3.4 million, $2.4 million and $3.9 million for the years ended December 31, 2019, 2018 and 2017, 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 8K filed with the Securities and Exchange Commission on February 20, 2020. | ||||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(in millions) | (in millions) | |||||||||||||||
Reconciliation to Adjusted EBITDA: | ||||||||||||||||
GAAP Net Income | $ | 41.4 | $ | 52.0 | $ | 221.8 | $ | 205.2 | ||||||||
Integration related expenses | 2.3 | 4.3 | 13.1 | 19.2 | ||||||||||||
Debt issuance and refinancing cost (1) | 3.5 | (3.2 | ) | 10.2 | (3.2 | ) | ||||||||||
Adjusted Net Income | 47.2 | 53.1 | 245.1 | 221.2 | ||||||||||||
Weighted average diluted common shares (in millions) | 117.5 | 116.4 | 117.0 | 116.6 | ||||||||||||
Diluted adjusted net income per share: | $ | 0.40 | $ | 0.46 | $ | 2.09 | $ | 1.90 | ||||||||
Reconciling items: | ||||||||||||||||
Depreciation and amortization expense | 28.3 | 25.2 | 100.1 | 97.9 | ||||||||||||
Interest expense, net | 24.0 | 26.6 | 99.4 | 111.4 | ||||||||||||
Income tax (benefit) expense | 6.3 | 15.0 | 61.0 | 55.6 | ||||||||||||
Stock compensation expense | 2.9 | 4.5 | 12.3 | 14.4 | ||||||||||||
(Gain)/loss on sale and asset impairments | 0.3 | (0.9 | ) | (0.9 | ) | (1.0 | ) | |||||||||
Other management-identified adjustments (2) | 0.3 | 1.5 | (0.9 | ) | 2.1 | |||||||||||
Adjusted EBITDA | $ | 109.3 | $ | 125.0 | $ | 516.1 | $ | 501.6 | ||||||||
Adjusted EBITDA Margin | 6.2 | % | 6.9 | % | 7.1 | % | 6.5 | % | ||||||||
(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 December 31, | Twelve months ended December 31, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(in millions except per share amounts) | ||||||||||||||||
Net sales | 1,763.6 | 1,816.0 | 7,280.4 | 7,724.8 | ||||||||||||
Gross margin | 476.6 | 492.8 | 1,976.8 | 1,922.9 | ||||||||||||
Gross margin % | 27.0 | % | 27.1 | % | 27.2 | % | 24.9 | % | ||||||||
Adjusted SG&A/Other (excluding depreciation and amortization) as a % of sales (1) | 20.8 | % | 20.3 | % | 20.1 | % | 18.4 | % | ||||||||
Adjusted EBITDA | 109.3 | 125.0 | 516.1 | 501.6 | ||||||||||||
Adjusted EBITDA margin % | 6.2 | % | 6.9 | % | 7.1 | % | 6.5 | % | ||||||||
Depreciation and amortization | (28.3 | ) | (25.2 | ) | (100.1 | ) | (97.9 | ) | ||||||||
Interest expense, net of debt issuance cost and refinancing | (24.0 | ) | (26.6 | ) | (99.4 | ) | (111.4 | ) | ||||||||
Income tax expense | (6.3 | ) | (15.0 | ) | (61.0 | ) | (55.6 | ) | ||||||||
Other adjustments | (3.5 | ) | (5.1 | ) | (10.5 | ) | (15.5 | ) | ||||||||
Adjusted Net Income | $ | 47.2 | $ | 53.1 | $ | 245.1 | $ | 221.2 | ||||||||
Basic adjusted net income per share: | $ | 0.41 | $ | 0.46 | $ | 2.12 | $ | 1.93 | ||||||||
Diluted adjusted net income per share: | $ | 0.40 | $ | 0.46 | $ | 2.09 | $ | 1.90 | ||||||||
Weighted average common shares (in millions) | ||||||||||||||||
Basic | 115.9 | 114.9 | 115.7 | 114.6 | ||||||||||||
Diluted | 117.5 | 116.4 | 117.0 | 116.6 | ||||||||||||
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 February 20, 2020. | ||||||||||||||||
(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 Q4-19 of $401.4M less $28.3M depreciation and amortization, less $2.3M of integration expenses, less $2.9M of stock comp, less $0.6 in gains on assets, impairments, and other. GAAP SG&A in FY19 of $1584.5M less $100.1M depreciation and amortization, less $13.1M of integration expenses, less $12.3M of stock comp, plus $1.8 in gains on assets, impairments, and other. |
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||
Sales by Product Category | ||||||||||||||||||||||||||||||
(adjusted and unaudited) | ||||||||||||||||||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||
Manufactured Products | $ | 356.7 | 20.2 | % | $ | 341.1 | 18.8 | % | 4.6 | % | $ | 1,449.5 | 19.9 | % | $ | 1,392.0 | 18.0 | % | 4.1 | % | ||||||||||
Windows, Doors & Millwork | 391.1 | 22.2 | % | 365.7 | 20.1 | % | 6.9 | % | 1,542.9 | 21.2 | % | 1,445.9 | 18.7 | % | 6.7 | % | ||||||||||||||
Value-Added Products | 747.8 | 42.4 | % | 706.8 | 38.9 | % | 5.8 | % | 2,992.4 | 41.1 | % | 2,837.9 | 36.7 | % | 5.4 | % | ||||||||||||||
Gypsum, Roofing & Insulation | 119.6 | 6.8 | % | 127.7 | 7.0 | % | -6.4 | % | 528.6 | 7.3 | % | 528.4 | 6.9 | % | 0.0 | % | ||||||||||||||
Siding, Metal & Concrete Products | 170.3 | 9.6 | % | 169.4 | 9.4 | % | 0.5 | % | 712.6 | 9.8 | % | 697.8 | 9.0 | % | 2.1 | % | ||||||||||||||
Other | 199.0 | 11.3 | % | 183.7 | 10.1 | % | 8.3 | % | 795.2 | 10.9 | % | 758.5 | 9.8 | % | 4.8 | % | ||||||||||||||
Specialized Products | 488.9 | 27.7 | % | 480.8 | 26.5 | % | 1.7 | % | 2,036.4 | 28.0 | % | 1,984.7 | 25.7 | % | 2.6 | % | ||||||||||||||
Lumber & Lumber Sheet Goods | $ | 526.9 | 29.9 | % | $ | 628.4 | 34.6 | % | -16.1 | % | $ | 2,251.6 | 30.9 | % | $ | 2,902.2 | 37.6 | % | -22.4 | % | ||||||||||
Total adjusted net sales | $ | 1,763.6 | 100.0 | % | $ | 1,816.0 | 100.0 | % | -2.9 | % | $ | 7,280.4 | 100.0 | % | $ | 7,724.8 | 100.0 | % | -5.8 | % | ||||||||||
Note: In Millions |
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES | |||||||||
Interest Reconciliation | |||||||||
(unaudited) | |||||||||
Three months ended December 31, | |||||||||
Interest Expense | Net Debt Outstanding | ||||||||
(in millions) | |||||||||
2027 Secured Notes @ 6.75% Fixed | $ | 7.9 | $ | 475.0 | |||||
2024 Secured Notes @ 5.625% Fixed | 7.1 | 503.9 | |||||||
2024 Term Loan @ 5.6% (Floating LIBOR) | 1.5 | 52.0 | |||||||
Revolving Credit Facility @ 4.4% (Floating LIBOR) | 1.2 | 27.0 | |||||||
Amortization of debt issuance costs, discount and premium | 0.9 | ||||||||
Finance leases and other finance obligations | 5.4 | 242.1 | |||||||
Loss on debt extinguishment | 3.5 | ||||||||
Cash | (14.1 | ) | |||||||
Total | $ | 27.5 | $ | 1,285.9 | |||||
Three months ended December 31, | Twelve months ended December 31, | ||||||||
2019 | 2019 | ||||||||
Free Cash Flow | (in millions) | (in millions) | |||||||
Operating activities | $ | 144 | $ | 504 | |||||
Less: Capital expenditures | (35 | ) | (113 | ) | |||||
Free Cash Flow | $ | 109 | $ | 391 |
Source: Builders FirstSource, Inc.