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Builders FirstSource Inc. (NYSE:BLDR)

This company has been moved to the archive! The financial data has not been updated since November 1, 2023.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Builders FirstSource Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Accounts payable 7.58 10.20 14.38 13.44 14.43
Accrued payroll and other employee related expenses 3.78 3.60 4.23 4.70 4.96
Self-insurance reserves 0.75 0.64 0.93 1.17 1.20
Accrued business taxes 0.73 0.76 1.41 1.00 0.99
Accrued rebates payable 0.49 0.48 0.45 0.36 0.40
Amounts accrued for repurchases of common stock 0.42 0.48 0.00 0.00 0.00
Accrued interest 0.32 0.30 0.33 0.38 0.45
Other 0.48 0.46 0.50 0.71 0.54
Accrued liabilities 6.97% 6.71% 7.84% 8.32% 8.54%
Contract liabilities 1.82 2.02 1.40 1.19 1.43
Current portion of operating lease liabilities 0.95 0.90 1.48 1.90 0.00
Current maturities of long-term debt 0.06 0.03 0.65 0.43 0.53
Current liabilities 17.39% 19.87% 25.75% 25.27% 24.94%
Noncurrent portion of operating lease liabilities 3.82 3.50 5.25 7.29 0.00
Long-term debt, net of current maturities, discounts and issuance costs 28.11 27.31 38.26 39.31 52.71
Deferred income taxes 2.55 3.38 1.19 1.13 0.00
Other long-term liabilities 1.30 1.12 1.93 1.61 2.01
Long-term liabilities 35.77% 35.31% 46.63% 49.34% 54.73%
Total liabilities 53.16% 55.18% 72.38% 74.61% 79.66%
Preferred stock, $0.01 par value; zero shares issued and outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.01 0.02 0.03 0.04 0.04
Additional paid-in capital 40.19 39.77 14.12 17.69 19.11
Accumulated other comprehensive income 0.00 0.00 0.00 0.00 0.00
Retained earnings 6.64 5.04 13.47 7.66 1.19
Stockholders’ equity 46.84% 44.82% 27.62% 25.39% 20.34%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

A significant structural shift in the capital composition is observed between 2018 and 2022, characterized by a substantial reduction in total liabilities and a corresponding increase in stockholders' equity. Total liabilities decreased from 79.66% of total liabilities and stockholders' equity in 2018 to 53.16% by 2022, indicating a marked deleveraging of the balance sheet over the five-year period.

Liability Structure and Debt Reduction
The most prominent trend is the contraction of long-term liabilities, which fell from 54.73% in 2018 to 35.77% in 2022. This was driven primarily by a sharp decline in long-term debt, net of current maturities, which dropped from 52.71% to 28.11%. Current liabilities also exhibited a downward trajectory, decreasing from 24.94% in 2018 to 17.39% in 2022. Within this category, accounts payable showed a consistent decline, falling from 14.43% in 2018 to 7.58% in 2022, suggesting a change in payment terms or a reduction in short-term trade credit reliance relative to the total balance sheet size.
Equity Growth and Financing Strategy
Stockholders' equity expanded significantly, rising from 20.34% in 2018 to 46.84% in 2022. A critical inflection point occurred between 2020 and 2021, where additional paid-in capital surged from 14.12% to 39.77%, indicating a substantial infusion of capital through the issuance of common stock. While retained earnings showed growth from 1.19% in 2018 to a peak of 13.47% in 2020 before settling at 6.64% in 2022, the primary driver of equity growth was the increase in paid-in capital rather than accumulated earnings.
Operational Liabilities and Other Obligations
Accrued liabilities remained relatively stable, fluctuating between 6.71% and 8.54% throughout the period. Operating lease liabilities, including both current and noncurrent portions, peaked in 2019 (combined 9.19%) before moderating to a combined 4.77% by 2022. Deferred income taxes showed an increase from negligible levels in 2018 to 2.55% in 2022, reflecting changing tax obligations or accounting adjustments over time.

The overall financial trajectory indicates a strategic transition toward a more equity-funded capital structure. The reduction in both long-term debt and short-term trade payables, coupled with a massive increase in additional paid-in capital, suggests a deliberate effort to strengthen the solvency position and reduce financial leverage.

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