UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant To Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 23, 2015

 

 

Builders FirstSource, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

(State or Other Jurisdiction of Incorporation)

 

0-51357		52-2084569
(Commission File Number)		(IRS Employer Identification No.)

2001 Bryan Street, Suite 1600, Dallas, Texas 75201

(Address of Principal Executive Offices, Including Zip Code)

(214) 880-3500

(Registrant’s Telephone Number, Including Area Code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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ITEM 2.02.

Results of Operations and Financial Condition

On July 23, 2015, the Company issued the news release attached hereto as Exhibit 99.1 reporting the financial results of the Company for the quarter ended June 30, 2015 (the “Earnings Release”). In the Earnings Release, the Company utilized the non-GAAP financial measures and other items discussed in Appendix A hereto. Appendix A hereto (incorporated herein by reference) also contains certain statements of the Company’s management regarding the use and purposes of the non-GAAP financial measures utilized therein. A reconciliation of the non-GAAP financial measures discussed in the Earnings Release to the comparable GAAP financial measures is included within the Earnings Release.

 

ITEM 9.01.

Financial Statements and Exhibits.

 

(d)

Exhibits.

See Exhibit Index.

All of the information furnished in Items 2.02 and 9.01 of this report and the accompanying appendix and Exhibit 99.1 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended.

Cautionary Notice

Statements in this report which are not purely historical facts or which necessarily depend upon future events, including statements about expected market share gains, future conditions in the housing or credit markets, 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. All forward-looking statements are based upon information available to Builders FirstSource, Inc. on the date this report 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 market share gains, potential acquisitions, or the Company’s revenues and operating results being highly dependent on, among other things, the homebuilding industry, lumber prices, credit markets 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 filing on Form 10-K with the Securities and Exchange Commission. Consequently, all forward-looking statements in this report are qualified by the factors, risks and uncertainties contained therein.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: July 23, 2015

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APPENDIX A

Use of Non-GAAP Financial Measures

We occasionally utilize financial measures and terms not calculated in accordance with accounting principles generally accepted in the United States (“GAAP”) in order to provide investors with an alternative method for assessing our operating results in a manner that enables investors to more thoroughly evaluate our current performance as compared to past performance. We also believe these non-GAAP measures provide investors with a better baseline for modeling our future earnings expectations. Our management uses these non-GAAP measures for the same purpose. We believe that our investors should have access to the same set of tools that we use in analyzing our results. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. Our calculation of Adjusted EBITDA is not necessarily comparable to similarly titled measures reported by other companies. We have provided a definition below for these non-GAAP financial measures, together with an explanation of why management uses these measures and why management believes that these non-GAAP financial measures are useful to investors. In addition, we have provided a reconciliation within the Earnings Release to reconcile these non-GAAP financial measures utilized therein to its equivalent GAAP financial measure.

Adjusted EBITDA

We define Adjusted EBITDA as GAAP net income (loss) before depreciation and amortization, interest expense, income taxes, gain (loss) on sale of assets, (income) loss from discontinued operations, and other non-cash or special items including asset impairments, facility closure costs, acquisition costs, severance, transaction costs, and stock compensation expense. Our management uses Adjusted EBITDA as a supplemental measure in the evaluation of our business and believes that Adjusted EBITDA provides a meaningful measure of our performance because it eliminates the effects of period to period changes in taxes, costs associated with capital investments, interest expense, stock compensation expense, and other non-cash and non-recurring items. Adjusted EBITDA is not a financial measure calculated in accordance with GAAP. Accordingly, it should not be considered in isolation or as a substitute for net income (loss) or other financial measures prepared in accordance with GAAP. When evaluating Adjusted EBITDA, investors should consider, among other factors, (i) increasing or decreasing trends in Adjusted EBITDA, (ii) whether Adjusted EBITDA has remained at positive levels historically, and (iii) how Adjusted EBITDA compares to our debt outstanding. We provide a reconciliation of Adjusted EBITDA to GAAP net income (loss). Because Adjusted EBITDA excludes some, but not all, items that affect net income (loss) and may vary among companies, Adjusted EBITDA presented by us may not be comparable to similarly titled measures of other companies. Adjusted EBITDA does not give effect to the cash we must use to service our debt or pay income taxes and thus does not reflect the funds generated from or used in operations or actually available for capital investments.

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Adjusted income from continuing operations

We define adjusted income from continuing operations as GAAP income from continuing operations before non-cash or special items including facility closure costs, acquisition costs, debt prepayment premiums, stock warrant fair value adjustments, debt issuance cost write-offs and debt discount write-offs. Our management uses adjusted income from continuing operations as a supplemental measure in the evaluation of our business and believes that adjusted income from continuing operations provides a meaningful measure of our performance because it eliminates the effects of period to period non-cash and non-recurring items. Adjusted income from continuing operations is not a financial measure calculated in accordance with GAAP. Accordingly, it should not be considered in isolation or as a substitute for income (loss) from continuing operations or other financial measures prepared in accordance with GAAP. When evaluating adjusted income from continuing operations, investors should consider, among other factors, (i) increasing or decreasing trends in adjusted income from continuing operations, and (ii) whether adjusted income from continuing operations has remained at positive levels historically. We provide a reconciliation of adjusted income from continuing operations to GAAP income from continuing operations. Because adjusted income from continuing operations excludes some, but not all, items that affect income from continuing operations and may vary among companies, adjusted income from continuing operations presented by us may not be comparable to similarly titled measures of other companies.

EXHIBIT INDEX

 

Exhibit No.		Description
99.1		News release reporting financial results for the quarter ended June 30, 2015, issued by Builders FirstSource, Inc., on July 23, 2015.

Exhibit 99.1

 

For Immediate Release

Builders FirstSource Reports Second Quarter 2015 Results

Second Quarter Adjusted EBITDA increases 36 percent to $27.6 Million

July 23, 2015 (Dallas, TX) – Builders FirstSource, Inc. (NasdaqGS: BLDR), a leading supplier and manufacturer of structural and related building products for residential new construction in the United States, today reported its results for the second quarter ended June 30, 2015.

Second quarter highlights include the following (see financial schedules for more information, including non-GAAP reconciliations):

 

•

Second quarter 2015 sales increased to $461.5 million, up 8.2 percent, compared to $426.5 million for the second quarter of 2014.

 

•

Gross margin percentage was 24.0 percent, up 200 basis points from 22.0 percent in the second quarter of 2014.

 

•

Adjusted EBITDA increased 35.7 percent to $27.6 million, or 6.0 percent of sales, from $20.4 million, or 4.8 percent of sales, for the second quarter of 2014.

 

•

Received all third party and governmental consents necessary for the completion of our previously announced acquisition of ProBuild Holdings LLC (“ProBuild”), one of the nation’s largest professional building materials suppliers. The acquisition is expected to close in early August 2015 in conjunction with Builders FirstSource’s previously announced financing transactions.

Commenting on the company’s results, Builders FirstSource CEO Floyd Sherman said, “I am extremely pleased with the performance of our company this quarter. We increased our revenues by 8.2 percent despite the negative year-over-year impact from commodity deflation and the abnormally wet weather conditions during the quarter. Our gross profit margin of 24.0 percent was the highest it’s been since the third quarter of 2007, and our Adjusted EBITDA of $27.6 million represented our highest quarterly Adjusted EBITDA result since the third quarter of 2006, when annualized single family starts were above 1.3 million. These results reinforce our belief that we are continuing to benefit from a strengthening housing market and that Builders FirstSource is well positioned.”

Chad Crow, Builders FirstSource President, COO and CFO, added, “We made significant strides in improving our profitability this quarter. The company demonstrated strong operating leverage with Adjusted EBITDA flow through on incremental sales of 20.8 percent, resulting in our best quarterly Adjusted EBITDA margin in eight years. We believe further operating leverage is possible with continued improvement in the housing market and our increased scale following our acquisition of ProBuild.”

 

1

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Builders FirstSource Reports Second Quarter 2015 Results (continued)

 

Second Quarter 2015 Results Compared to Second Quarter 2014

(See accompanying financial schedules for full financial details and reconciliations of Non-GAAP financial measures to their GAAP equivalents.)

 

•

Sales were $461.5 million, an increase of $35.0 million or 8.2 percent, which includes a 2.4 percent negative impact of commodity price deflation. We estimate sales volume increased approximately 10.6 percent, of which 4.3 percent related to recent acquisitions and 6.3 percent related to volume growth at legacy locations.

 

•

Gross margin percentage was 24.0 percent, up from 22.0 percent last year. Our gross margin percentage increased largely due to improved customer pricing and a higher mix of value-added sales.

 

•

Selling, general and administrative (“SG&A”) expenses increased $18.1 million to $94.5 million. As a percentage of sales, SG&A expense increased to 20.5 percent compared to 17.9 percent in the second quarter of 2014. Of the $18.1 million increase, $6.4 million was acquisition costs primarily related to the recently announced ProBuild transaction, $1.5 million related to an increase in depreciation and amortization and $0.7 million related to an increase in stock compensation expense. Excluding these increases, our SG&A expense was 18.6 percent of sales in the current quarter versus 17.9 percent of sales in the same quarter a year ago. This remaining increase was further affected by the negative impact of commodity price deflation on our sales.

 

•

Interest expense was $12.6 million, an increase of $6.1 million. The increase was primarily related to a $5.9 million increase in the non-cash, fair value adjustment related to stock warrants issued in conjunction with our 2011 term loan. During the second quarter of 2015, all of the remaining stock warrants were exercised and there were none outstanding as of June 30, 2015. See supplemental schedule attached.

 

•

We recorded a $0.2 million income tax benefit compared to $0.2 million of income tax expense in the second quarter of 2014. We recorded a reduction of the after-tax, non-cash valuation allowance on our net deferred tax assets of $1.3 million and $4.1 million in the second quarters of 2015 and 2014, respectively. Absent the valuation allowance, the effective tax rate would have been 33.2 percent and 39.5 percent in the second quarters of 2015 and 2014, respectively. As of June 30, 2015, our gross federal income tax net operating loss available for carry-forward was approximately $257 million.

 

•

Income from continuing operations was $3.6 million, or $0.03 per diluted share, compared to $10.6 million, or $0.09 per diluted share, for the year-ago period. Adjusted income from continuing operations was $14.3 million, or $0.14 per diluted share, compared to $9.4 million, or $0.09 per diluted share, in the second quarter of 2014. See reconciliation attached.

 

•

Adjusted EBITDA was $27.6 million, or 6.0 percent of sales, compared to $20.4 million, or 4.8 percent of sales. See reconciliation attached.

 

2

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Builders FirstSource Reports Second Quarter 2015 Results (continued)

 

Liquidity and Capital Resources

 

•

Total liquidity at June 30, 2015 was $143.8 million, including $40.2 million of cash and $103.6 million in borrowing availability under our revolver. We had $55.0 million in outstanding borrowings and $16.4 million in outstanding letters of credit under our revolver as of June 30, 2015.

 

•

Operating cash flow was $7.7 million for the second quarter of 2015, compared to negative $13.1 million in the second quarter of 2014, the difference largely due to higher working capital build in the second quarter of 2014.

 

•

Capital expenditures were $5.2 million for the second quarter of 2015, compared to $6.8 million for the second quarter of 2014.

 

•

On April 13, 2015, we announced that we entered into a definitive purchase agreement to acquire ProBuild Holdings, LLC. For more information related to this transaction and how it may affect our future liquidity, please refer to our Form 8-K filed with the Securities and Exchange Commission on April 13, 2015.

Outlook

Concluding, Mr. Sherman added, “The current macro-economic environment continues to be favorable for the future of Builders FirstSource. Employment gains and improving consumer confidence coupled with low levels of new home inventory and low mortgage rates should lead to an increase in home construction activity. With the acquisition of ProBuild scheduled to close in August, Builders FirstSource stands ready to benefit from this increase in construction activity as the nation’s largest building supply company.”

Conference Call

Builders FirstSource will host a conference call Friday, July 24, 2015 at 10:00 a.m. Central Time (CT) and will simultaneously broadcast it live over the Internet. To participate in the teleconference, please dial into the call a few minutes before the start time: 800-306-6784 (U.S. and Canada) and 913-312-9323 (international). A replay of the call will be available at 3:00 p.m. CT through July 29^th. To access the replay, please dial 888-203-1112 (U.S. and Canada) and 719-457-0820 (international) and refer to pass code 1223790. 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 a leading supplier and manufacturer of structural and related building products for residential new construction. The company operates 55 distribution centers and 55 manufacturing facilities in 9 states, principally in the southern and eastern United States. Manufacturing facilities include plants that manufacture roof and floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes windows, interior and exterior doors, dimensional lumber and lumber sheet goods, millwork and other building products. For more information about Builders FirstSource, visit the company’s website at www.bldr.com.

 

3

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Builders FirstSource Reports Second Quarter 2015 Results (continued)

 

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. 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:
Chad Crow		Drew Mackintosh
President, COO and CFO		Mackintosh Investor Relations
Builders FirstSource, Inc.		(512) 243-5009
(214) 880-3585

Financial Schedules to Follow

 

4

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BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(unaudited)

 

		Three months ended June 30,								Six Months ended June 30,
		2015				2014				2015				2014
		(in thousands, except per share amounts)
Sales		$	461,521			$	426,543			$	832,507			$	772,452
Cost of sales			350,907				332,744				638,160				603,738
Gross margin			110,614				93,799				194,347				168,714
Selling, general and administrative expenses (includes stock-based compensation expense of $1,602 and $926 for the three months ended in 2015 and 2014, respectively, and $3,369 and $1,908 for the six months ended in 2015 and 2014, respectively.)			94,543				76,417				177,381				145,735
Facility closure costs			131				28				385				191
Income from operations			15,940				17,354				16,581				22,788
Interest expense, net			12,573				6,504				20,180				15,332
Income (loss) from continuing operations before income taxes			3,367				10,850				(3,599	)			7,456
Income tax expense (benefit)			(199	)			230				(3	)			148
Income (loss) from continuing operations			3,566				10,620				(3,596	)			7,308
Income (loss) from discontinued operations (net of income tax expense of $0 in 2015 and 2014, respectively)			10				(11	)			102				(83	)
Net Income (loss)		$	3,576			$	10,609			$	(3,494	)		$	7,225
Basic net income (loss) per share:
Income (loss) from continuing operations		$	0.04			$	0.11			$	(0.04	)		$	0.07
Income (loss) from discontinued operations			0.00				(0.00	)			0.00				(0.00	)
Net Income (loss)		$	0.04			$	0.11			$	(0.04	)		$	0.07
Diluted net income (loss) per share:
Income (loss) from continuing operations		$	0.03			$	0.09			$	(0.04	)		$	0.07
Income (loss) from discontinued operations			0.00				(0.00	)			0.00				(0.00	)
Net Income (loss)		$	0.03			$	0.09			$	(0.04	)		$	0.07
Weighted average common shares:
Basic			99,163				98,032				98,677				97,963
Diluted			102,978				100,759				98,677				100,766

 

5

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BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES

Sales by Product Category

(unaudited)

 

		Three months ended June 30,
		2015								2014
		(in thousands)
Prefabricated components		$	102,639				22.3	%		$	91,022				21.3	%
Windows & doors			100,550				21.8	%			90,843				21.3	%
Lumber & lumber sheet goods			140,302				30.4	%			143,925				33.8	%
Millwork			48,661				10.5	%			40,075				9.4	%
Other building products & services			69,369				15.0	%			60,678				14.2	%
Total sales		$	461,521				100.0	%		$	426,543				100.0	%

 

		Six months ended June 30,
		2015								2014
		(in thousands)
Prefabricated components		$	181,481				21.8	%		$	161,512				20.9	%
Windows & doors			185,505				22.3	%			167,118				21.6	%
Lumber & lumber sheet goods			254,608				30.6	%			259,440				33.6	%
Millwork			88,188				10.6	%			73,543				9.5	%
Other building products & services			122,725				14.7	%			110,839				14.4	%
Total sales		$	832,507				100.0	%		$	772,452				100.0	%

 

6

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BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

 

		June 30, 2015				December 31, 2014
		(in thousands, except per share amounts)
ASSETS
Current assets:
Cash and cash equivalents		$	40,151			$	17,773
Accounts receivable, less allowance of $3,148 and $3,153 at June 30, 2015 and December 31, 2014, respectively			184,675				148,352
Inventories			146,227				138,156
Other current assets			26,752				27,259
Total current assets			397,805				331,540
Property, plant and equipment, net			86,830				75,679
Goodwill			141,090				139,774
Other assets, net			36,647				36,072
Total assets		$	662,372			$	583,065
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	110,538			$	75,868
Accrued liabilities			80,460				66,225
Current maturities of long-term debt			55,078				30,074
Total current liabilities			246,076				172,167
Long-term debt, net of current maturities			353,790				353,830
Other long-term liabilities			14,363				16,868
Total liabilities			614,229				542,865
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively			—				—
Common stock, $0.01 par value, 200,000 shares authorized; 99,326 and 98,226 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively			993				982
Additional paid-in capital			391,517				380,091
Accumulated deficit			(344,367	)			(340,873	)
Total stockholders’ equity			48,143				40,200
Total liabilities and stockholders’ equity		$	662,372			$	583,065

 

7

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BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

 

		Six Months ended June 30,
		2015				2014
		(in thousands)
Cash flows from operating activities:
Net income (loss)		$	(3,494	)		$	7,225
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			6,782				4,022
Amortization of deferred loan costs			1,232				1,200
Fair value adjustment of stock warrants			4,563				19
Deferred income taxes			28				80
Bad debt expense			161				(336	)
Stock compensation expense			3,369				1,908
Net gain on sale of assets			(114	)			(15	)
Changes in assets and liabilities:
Receivables			(36,129	)			(21,823	)
Inventories			(6,976	)			(15,438	)
Other current assets			1,876				1,728
Other assets and liabilities			1,046				(114	)
Accounts payable			34,670				19,663
Accrued liabilities			10,543				2,573
Net cash provided by operating activities			17,557				692
Cash flows from investing activities:
Purchases of property, plant and equipment			(14,331	)			(12,121	)
Proceeds from sale of property, plant and equipment			180				16
Cash used for acquisitions, net			(5,797	)			(8,726	)
Net cash used in investing activities			(19,948	)			(20,831	)
Cash flows from financing activities:
Borrowings under revolving credit facility			25,000				—
Payments of long-term debt and other loans			(36	)			(33	)
Deferred loan costs			—				(34	)
Payments of transaction costs			(326	)			—
Exercise of stock options			1,117				1,355
Repurchase of common stock			(986	)			(1,306	)
Net cash provided by (used in) financing activities			24,769				(18	)
Net change in cash and cash equivalents			22,378				(20,157	)
Cash and cash equivalents at beginning of period			17,773				54,696
Cash and cash equivalents at end of period		$	40,151			$	34,539

 

8

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BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES

Supplemental Interest Expense Information

(unaudited)

 

		Three months ended June 30,								Six months ended June 30,
		2015				2014				2015				2014
		(in thousands)
Detail of Interest Expense:
2021 notes		$	6,672			$	6,672				13,344				13,344
Credit facility			411				203				747				404
Change in fair value of stock warrants (1)			4,730				(1,178	)			4,563				19
Amortization of deferred loan costs (1)			616				615				1,232				1,200
Other			144				192				294				365
Interest expense, net		$	12,573			$	6,504			$	20,180			$	15,332

 

(1)	Non-cash item

 

9

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BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES

Reconciliation of 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 July 23, 2015.

 

		Three months ended June 30,
		2015				2014
		(in thousands)
Reconciliation to Adjusted EBITDA:
Net income		$	3,576			$	10,609
Reconciling items:
Depreciation and amortization expense			3,630				2,040
Interest expense, net			12,573				6,504
Income tax expense (benefit)			(199	)			230
Facility closure costs			131				28
Stock compensation expense			1,602				926
Acquisition related expenses			6,365				—
Other			(57	)			21
Adjusted EBITDA		$	27,621			$	20,358

 

		Three months ended June 30,
		2015								2014
		Pre-Tax				Net of Tax				Pre-Tax				Net of Tax
Reconciliation to Adjusted income from continuing operations:
Income from continuing operations						$	3,566							$	10,620
Reconciling items:
Acquisition related expenses			6,365				5,989				—				—
Warrant fair value adjustment			—				4,730				—				(1,178	)
Adjusted income from continuing operations						$	14,285							$	9,442
Weighted average diluted shares outstanding							102,978								100,759
Adjusted income from continuing operations per diluted share						$	0.14							$	0.09

 

10

SEC Filings

Builders FirstSource (BLDR) Announces 11M Common Stock OfferingJuly 27, 2015 8:23 AM