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Builders Firstsource, Inc. (BLDR) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Builders Firstsource, Inc.

CIK: 948703 Ticker: BLDR

Exhibit 99.1

 

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For Immediate Release

Builders FirstSource Reports Fourth Quarter and Fiscal 2017 Results

Financial highlights include sales and earnings growth with debt reduction and capital structure improvement

February 28, 2018 (Dallas, TX) – Builders FirstSource, Inc. (NasdaqGS: BLDR)

today reported its results for the fourth quarter and Fiscal year ended December 31, 2017.

Commenting on fourth quarter results, CEO Chad Crow remarked, “I am pleased to report we had a strong finish to the year, growing sales per day, excluding closed locations, by 13.2 percent in the fourth quarter. We saw an increase in sales volume in the single family construction end market of 7.5 percent, and 5.2 percent in the repair and remodeling / other end market. Additionally, we saw growth in manufactured products of 11.3 percent.

“We are leveraging our platform strengths to deliver sales growth and strong financial results while executing on our strategic priorities and investing in our future. We continued our investments in manufacturing capacity and talent to drive enhanced growth in margin-accretive products and markets, while making further progress in paying down debt and reducing our leverage ratio on a year over year basis.”

Peter Jackson, CFO, added, “In the quarter, we further refined our capital structure by redeeming our most expensive debt, the 10.75% unsecured notes, reducing go forward interest expense by $35 million annually. I am very pleased with the progress we are making on de-leveraging, as we reduced our leverage ratio by 0.6 times year over year to 4.2 times. Cash flow generation and debt reduction will continue to be a priority for 2018, as we execute on our multi-year plan to de-lever the balance sheet and fund growth initiatives.”

The Company has provided supplemental non-GAAP financial information of the consolidated company that is adjusted to exclude one-time integration, facility closure, one-time refinancing, non-cash release of tax valuation allowance and revaluation of deferred taxes, and other costs (“Adjusted”). As the information below includes non-GAAP financial information, please refer to the accompanying financial schedules for non-GAAP reconciliations to their GAAP equivalents.

Fourth Quarter 2017 Compared to Fourth Quarter 2016:

Net Sales

 

    Net sales for the quarter ended December 31, 2017 were $1.8 billion, a sales increase of 15.0 percent over net sales for the fourth quarter of 2016. Sales per day, excluding closed locations, grew 13.2 percent in the quarter, which was benefited approximately 7.6 percent from the impact of commodity lumber price inflation on our sales and 5.6 percent from sales volume growth. Sales volume per day, excluding commodity inflation and closed locations, grew approximately 7.5 percent in the single family homebuilding end market and 5.2 percent in the repair and remodeling/other end market, offset by expected declines in multi-family.

 

 

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The following information was filed by Builders Firstsource, Inc. (BLDR) on Wednesday, February 28, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Builders Firstsource, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheet
Consolidated Balance Sheet (parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statement Of Operations And Comprehensive Income (loss)
Consolidated Statements Of Cash Flows (parenthetical)
Accrued Liabilities
Accrued Liabilities (details)
Accrued Liabilities (tables)
Acquisition - Schedule Of Pro Forma Operating Results (detail)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Capital Lease Obligations
Capital Lease Obligations (tables)
Capital Lease Obligations - Additional Information (detail)
Capital Lease Obligations - Future Minimum Lease Payments (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Schedule Of Future Noncancelable Operating Leases Payments (details)
Description Of The Business
Description Of The Business - Additional Information (detail)
Employee Benefit Plans
Employee Benefit Plans - Additional Information (detail)
Employee Stock-based Compensation
Employee Stock-based Compensation (tables)
Employee Stock-based Compensation - Additional Information (detail)
Employee Stock-based Compensation - Outstanding And Exercisable Stock Options (detail)
Employee Stock-based Compensation - Summary Of Restricted Stock Unit Activity (detail)
Employee Stock-based Compensation - Summary Of Stock Option Activity (detail)
Goodwill
Goodwill (tables)
Goodwill - Additional Information (detail)
Goodwill - Schedule Of Change In Carrying Amount Of Goodwill (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Changes In Valuation Allowance (detail)
Income Taxes - Components Of Income Tax Expense (benefit) Included In Continuing Operations (detail)
Income Taxes - Reconciliation Of Deferred Tax Assets And Liabilities (detail)
Income Taxes - Reconciliation Of Statutory Federal Income Tax Rate To Our Effective Rate For Continuing Operations (detail)
Intangible Assets
Intangible Assets (tables)
Intangible Assets - Additional Information (detail)
Intangible Assets - Estimated Amortization Expense For Intangible Assets (detail)
Intangible Assets - Summary Of Intangible Assets (detail)
Long Term Debt - Warrants - Additional Information (detail)
Long-term Debt
Long-term Debt (tables)
Long-term Debt - 2016 Debt Transactions - Additional Information (detail)
Long-term Debt - 2016 Refinancing Transactions - Additional Information (detail)
Long-term Debt - 2022 Revolving Credit Facility - Additional Information (detail)
Long-term Debt - 2023 Notes Redemption - Additional Information (detail)
Long-term Debt - 2024 Term Loan Credit Agreement - Additional Information (detail)
Long-term Debt - Future Maturities Of Long-term Debt (detail)
Long-term Debt - Future Minimum Commitments For Lease Finance Obligations And Lease Payments (detail)
Long-term Debt - Lease Finance Obligations - Additional Information (detail)
Long-term Debt - Long-term Debt And Lease Obligation (detail)
Long-term Debt - Non-cash Fair Value Adjustments Related To Our Derivative Financial Instrument Recorded As Interest Expense On Condensed Consolidated Statement Of Operations And Comprehensive Income (loss) (detail)
Long-term Debt - Note Exchange Transactions - Additional Information (detail)
Long-term Debt - Note Redemption Transaction - Additional Information (detail)
Long-term Debt - Probuild Acquisition Financing - Additional Information (detail)
Long-term Debt - Revolving Credit Facility Amendment - Additional Information (detail)
Long-term Debt - Senior Secured Notes Due 2024 - Additional Information (detail)
Long-term Debt - Tender Offer - Additional Information (detail)
Long-term Debt - Term Loan Amendment - Additional Information (detail)
Property, Plant And Equipment
Property, Plant And Equipment (tables)
Property, Plant And Equipment - Additional Information (detail)
Property, Plant And Equipment - Summary Of Assets Held Under Lease (detail)
Property, Plant And Equipment - Summary Of Property, Plant And Equipment (detail)
Related Party Transactions
Segment And Product Information
Segment And Product Information (tables)
Segment And Product Information - Additional Information (detail)
Segment And Product Information - Schedule Of Reconciling Information By Reportable Segments (detail)
Segment And Product Information - Segment Reporting Information By Product Category (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Estimated Useful Lives Of Assets (detail)
Summary Of Significant Accounting Policies - Reconciliation Of Accounts Receivable - Classified (detail)
Summary Of Significant Accounting Policies - Reconciliation Of Weighted Average Common Shares Used In Calculation Of Basic And Diluted Eps (detail)
Summary Of Significant Accounting Policies - Restricted Stock Unit Valuation (detail)
Summary Of Significant Accounting Policies - Rollforward Of Allowance For Doubtful Accounts (detail)
Summary Of Significant Accounting Policies - Stock Option Valuation (detail)
Summary Of Significant Accounting Policies - Supplemental Cash Flow Information (details)
Summary Of Significant Accounting Policies - Supplemental Cash Flow Information (parenthetical) (details)
Unaudited Quarterly Financial Data
Unaudited Quarterly Financial Data (tables)
Unaudited Quarterly Financial Data - Summary Of Quarterly Results Of Operations (details)
Unaudited Quarterly Financial Data - Summary Of Quarterly Results Of Operations (parenthetical) (detail)
Ticker: BLDR
CIK: 1316835
Form Type: 10-K Annual Report
Accession Number: 0001564590-18-004035
Submitted to the SEC: Thu Mar 01 2018 1:27:25 PM EST
Accepted by the SEC: Thu Mar 01 2018
Period: Sunday, December 31, 2017
Industry: Retail Lumber And Other Building Materials Dealers

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