Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Analysis of Revenues
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Builders FirstSource Inc., consolidated income statement
US$ in thousands
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).
The financial data reflects significant growth and changes in the company's performance over the five-year period from 2018 to 2022.
- Net Sales
- Net sales showed a fluctuating but overall increasing trend. After a dip from approximately 7.7 billion USD in 2018 to 7.3 billion USD in 2019, sales surged to 8.6 billion USD in 2020 and then sharply increased to nearly 19.9 billion USD in 2021 and further to 22.7 billion USD in 2022. This indicates substantial expansion in revenue, especially from 2020 onward.
- Cost of Sales
- Cost of sales followed a similar upward pattern as net sales. Initially around 5.8 billion USD in 2018 and declining slightly in 2019, costs rose progressively to about 15 billion USD by 2022. Although costs increased markedly in line with sales, the growth rate of cost of sales appears relatively moderate compared to sales growth from 2020 onwards.
- Gross Margin
- Gross margin improved significantly during the period. It increased from roughly 1.9 billion USD in 2018 to 7.7 billion USD in 2022, with the most notable jump occurring between 2020 and 2021. This demonstrates enhanced profitability at the gross level, corresponding with the company’s capacity to generate higher revenue relative to the costs directly tied to sales.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses rose steadily, increasing from about 1.55 billion USD in 2018 to 3.97 billion USD in 2022. The rise was particularly steep beginning in 2020, paralleling the increase in revenue levels. This suggests greater investments in operational and administrative activities, which may have supported scaling up the business but also exerted pressure on operating expenses.
- Income from Operations
- Operating income displayed strong growth, expanding from 369 million USD in 2018 to nearly 3.8 billion USD in 2022. The most pronounced increase occurred from 2020 to 2021, reflecting the benefits of higher sales and improved gross margin, despite the rising SG&A costs. This indicates enhanced operational efficiency and profitability over time.
- Interest Expense, Net
- Net interest expense remained relatively stable from 2018 through 2021, fluctuating between 108 million and 136 million USD, before increasing to approximately 198 million USD in 2022. The rise in interest expense in the final year could be related to increased borrowings or changes in financing costs associated with the company’s expansion.
- Income Before Income Taxes
- Pre-tax income followed the pattern of operating income, increasing from 261 million USD in 2018 to over 3.5 billion USD in 2022. The upward trajectory signals sustained profitability growth and operational success.
- Income Tax Expense
- Income tax expense escalated significantly from 56 million USD in 2018 to over 822 million USD in 2022, reflecting higher taxable earnings. The increase is proportionate to the growth in pre-tax income, although on a rising scale consistent with the larger profitability amounts.
- Net Income
- Net income demonstrated substantial growth, rising from 205 million USD in 2018 to nearly 2.75 billion USD in 2022. This substantial increase primarily occurred after 2020, aligning with the surge in revenues and operating income, indicative of much stronger bottom-line performance and overall financial health.