Selected Financial Data
since 2005
Income Statement
Builders FirstSource Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Income (loss) from operations | Net income (loss) |
|---|---|---|---|
| Dec 31, 2022 | 22,726,418) | 3,770,206) | 2,749,369) |
| Dec 31, 2021 | 19,893,856) | 2,387,424) | 1,725,416) |
| Dec 31, 2020 | 8,558,874) | 543,854) | 313,537) |
| Dec 31, 2019 | 7,280,431) | 392,306) | 221,809) |
| Dec 31, 2018 | 7,724,771) | 368,968) | 205,191) |
| Dec 31, 2017 | 7,034,209) | 285,103) | 38,781) |
| Dec 31, 2016 | 6,367,284) | 236,336) | 144,341) |
| Dec 31, 2015 | 3,564,425) | 90,617) | (22,831) |
| Dec 31, 2014 | 1,604,096) | 50,018) | 18,150) |
| Dec 31, 2013 | 1,489,892) | 48,042) | (42,691) |
| Dec 31, 2012 | 1,070,676) | (8,703) | (56,856) |
| Dec 31, 2011 | 779,093) | (37,475) | (64,995) |
| Dec 31, 2010 | 700,343) | (63,733) | (95,508) |
| Dec 31, 2009 | 677,886) | (60,667) | (61,854) |
| Dec 31, 2008 | 1,034,524) | (124,996) | (139,494) |
| Dec 31, 2007 | 1,592,462) | (12,875) | (23,752) |
| Dec 31, 2006 | 2,239,454) | 139,848) | 68,893) |
| Dec 31, 2005 | 2,337,757) | 125,172) | 48,628) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2022 is characterized by three distinct phases: a period of severe contraction and volatility, a phase of steady recovery and scaling, and a final period of exponential growth.
- Revenue Trajectory
- Net sales experienced a significant decline between 2005 and 2009, falling from approximately US$ 2.3 billion to a trough of US$ 677.9 million. This was followed by a gradual recovery through 2014. A sharp inflection point occurred in 2015, where sales more than doubled to US$ 3.56 billion, continuing a climb to US$ 8.56 billion by 2019. The most dramatic acceleration occurred between 2020 and 2022, with net sales surging from US$ 8.56 billion to US$ 22.73 billion, representing a near-tripling of revenue in a three-year span.
- Operational Profitability
- Income from operations mirrored the volatility of net sales, shifting from profitability in 2006 to a sustained period of operating losses between 2007 and 2012, with the deepest deficit of US$ 124.9 million occurring in 2008. Operational profitability returned in 2013 and grew steadily until 2020. A massive expansion in operational efficiency is evident starting in 2021, where income from operations leaped to US$ 2.39 billion, further increasing to US$ 3.77 billion by 2022.
- Net Income Trends
- Net income exhibited higher volatility than operating income. The company suffered consistent net losses from 2007 through 2013, with a brief return to profitability in 2014 before a secondary dip in 2015. From 2016 onward, the company maintained consistent positive net income. The growth in the bottom line accelerated aggressively in the final two years of the period, with net income rising from US$ 313.5 million in 2020 to US$ 2.75 billion in 2022.
The correlation between the surge in net sales and the disproportionate increase in operating and net income after 2020 suggests a significant improvement in operating leverage and profit margins during the final stage of the analyzed period.
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Balance Sheet: Assets
Builders FirstSource Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 3,497,647) | 10,595,160) |
| Dec 31, 2021 | 3,968,269) | 10,714,343) |
| Dec 31, 2020 | 2,223,682) | 4,173,671) |
| Dec 31, 2019 | 1,306,867) | 3,249,490) |
| Dec 31, 2018 | 1,373,751) | 2,932,309) |
| Dec 31, 2017 | 1,395,868) | 3,006,124) |
| Dec 31, 2016 | 1,215,981) | 2,909,887) |
| Dec 31, 2015 | 1,194,329) | 2,882,038) |
| Dec 31, 2014 | 331,540) | 583,065) |
| Dec 31, 2013 | 331,161) | 515,839) |
| Dec 31, 2012 | 379,872) | 550,841) |
| Dec 31, 2011 | 319,661) | 488,803) |
| Dec 31, 2010 | 235,349) | 412,804) |
| Dec 31, 2009 | 240,342) | 434,951) |
| Dec 31, 2008 | 310,617) | 521,140) |
| Dec 31, 2007 | 368,766) | 647,423) |
| Dec 31, 2006 | 440,311) | 748,515) |
| Dec 31, 2005 | 442,581) | 724,407) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset trajectory exhibits three distinct phases: a period of contraction, a phase of strategic expansion, and a period of rapid acceleration. Between 2005 and 2010, total assets declined from US$ 724.4 million to US$ 412.8 million, representing a contraction of approximately 43%. This period of decline was followed by a relative stabilization phase between 2011 and 2014, after which the balance sheet underwent a massive expansion in scale.
- Significant Asset Growth Milestones
- A pivotal shift occurred in 2015, when total assets surged from US$ 583.1 million to US$ 2.88 billion, a nearly five-fold increase within a single fiscal year. This growth trend accelerated further between 2020 and 2021, with total assets jumping from US$ 4.17 billion to US$ 10.71 billion, indicating a period of aggressive capital accumulation or acquisition activity.
- Current Asset Dynamics and Liquidity Shifts
- Current assets mirrored the overall asset trend, falling to a low of US$ 235.3 million in 2010 before climbing to a peak of US$ 3.97 billion in 2021. Notably, the composition of the balance sheet shifted over time; in 2005, current assets constituted approximately 61% of total assets, whereas by 2021, they represented roughly 37% of the total asset base, suggesting a higher concentration of non-current assets in later years.
- Recent Stabilization and Contraction
- The period from 2021 to 2022 marks a transition toward stabilization or slight contraction. Total assets decreased marginally from US$ 10.71 billion to US$ 10.60 billion, while current assets experienced a more notable decline from US$ 3.97 billion to US$ 3.50 billion, suggesting a reduction in short-term liquidity or a strategic reallocation of current resources.
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Balance Sheet: Liabilities and Stockholders’ Equity
Builders FirstSource Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Long-term debt, including current maturities | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 1,842,779) | 5,632,594) | 2,984,197) | 4,962,566) |
| Dec 31, 2021 | 2,128,711) | 5,911,862) | 2,929,782) | 4,802,481) |
| Dec 31, 2020 | 1,074,853) | 3,020,888) | 1,624,240) | 1,152,783) |
| Dec 31, 2019 | 821,301) | 2,424,537) | 1,291,273) | 824,953) |
| Dec 31, 2018 | 731,259) | 2,335,971) | 1,561,294) | 596,338) |
| Dec 31, 2017 | 798,354) | 2,629,915) | 1,784,420) | 376,209) |
| Dec 31, 2016 | 754,697) | 2,600,267) | 1,802,052) | 309,620) |
| Dec 31, 2015 | 735,238) | 2,732,843) | 1,951,671) | 149,195) |
| Dec 31, 2014 | 172,167) | 542,865) | 383,904) | 40,200) |
| Dec 31, 2013 | 126,423) | 500,471) | 353,971) | 15,368) |
| Dec 31, 2012 | 117,235) | 502,745) | 360,955) | 48,096) |
| Dec 31, 2011 | 73,855) | 387,579) | 297,509) | 101,224) |
| Dec 31, 2010 | 76,451) | 253,299) | 169,102) | 159,505) |
| Dec 31, 2009 | 68,541) | 388,004) | 299,183) | 46,947) |
| Dec 31, 2008 | 73,252) | 418,666) | 319,226) | 102,474) |
| Dec 31, 2007 | 113,477) | 405,876) | 279,266) | 241,547) |
| Dec 31, 2006 | 144,715) | 491,651) | 319,200) | 256,864) |
| Dec 31, 2005 | 211,672) | 553,272) | 315,000) | 171,135) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory of the liability and equity structure exhibits three distinct phases: a period of contraction and volatility, a phase of rapid debt-funded expansion, and a recent period of significant capitalization. Between 2005 and 2014, the entity experienced fluctuating liability levels and a severe erosion of stockholders' equity, followed by a massive scale-up in both debt and equity from 2015 through 2022.
- Liability Trends
- Current liabilities remained relatively low and showed a downward trend from 2005 through 2010, before experiencing a substantial increase beginning in 2015. A significant jump is observed in 2015, where current liabilities rose from 172 million to 735 million. This upward trajectory peaked in 2021 at 2.13 billion before moderating slightly in 2022.
- Total liabilities followed a similar pattern, characterized by a period of stability and decline until 2014, followed by a sharp escalation. Total liabilities increased from 542 million in 2014 to 2.73 billion in 2015. A second major surge occurred in 2021, with total liabilities reaching 5.91 billion.
- Debt Obligations
- Long-term debt, including current maturities, remained under 400 million between 2005 and 2014. A fundamental shift in the debt profile occurred in 2015, with long-term debt increasing to 1.95 billion. This level of indebtedness remained high through 2020, with a further spike to 2.93 billion in 2021 and a slight increase to 2.98 billion by the end of 2022.
- Stockholders' Equity Evolution
- Equity levels demonstrated extreme volatility in the first decade of the observed period. Stockholders' equity declined from 171 million in 2005 to a low of 15 million in 2013, indicating significant capital depletion. A recovery began in 2014, with equity growing steadily to 1.15 billion by 2020.
- A transformative increase in equity occurred in 2021, where the balance surged from 1.15 billion to 4.80 billion. This represents the most significant expansion of the capital base in the recorded history, continuing to a high of 4.96 billion in 2022.
- Leverage and Capital Structure Analysis
- The relationship between debt and equity shifted from a precarious position around 2013, where equity was nearly exhausted relative to total liabilities, to a more capitalized structure by 2022. While absolute debt increased significantly after 2015, the explosive growth in stockholders' equity since 2021 has significantly altered the solvency profile, reducing the reliance on debt relative to the total capital base.
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Cash Flow Statement
Builders FirstSource Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 3,599,231) | (957,479) | (2,603,910) |
| Dec 31, 2021 | 1,743,549) | (1,344,640) | (780,112) |
| Dec 31, 2020 | 260,067) | (136,225) | 285,868) |
| Dec 31, 2019 | 504,046) | (199,180) | (300,897) |
| Dec 31, 2018 | 282,830) | (96,658) | (233,578) |
| Dec 31, 2017 | 178,528) | (59,426) | (76,018) |
| Dec 31, 2016 | 158,227) | (38,327) | (170,514) |
| Dec 31, 2015 | 177,034) | (1,508,047) | 1,378,303) |
| Dec 31, 2014 | 27,493) | (94,840) | 30,424) |
| Dec 31, 2013 | (47,576) | 571) | (29,731) |
| Dec 31, 2012 | (66,850) | (9,033) | 60,482) |
| Dec 31, 2011 | (66,408) | (18,608) | 128,615) |
| Dec 31, 2010 | (41,720) | (8,351) | 69,207) |
| Dec 31, 2009 | (2,746) | (117) | (19,930) |
| Dec 31, 2008 | (28,877) | (2,283) | 40,477) |
| Dec 31, 2007 | 71,497) | (26,326) | (40,855) |
| Dec 31, 2006 | 111,847) | (60,868) | 11,543) |
| Dec 31, 2005 | 116,977) | (25,414) | (111,455) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile of the organization exhibits three distinct phases: a period of operational decline and instability from 2005 to 2013, a recovery and stabilization phase from 2014 to 2020, and a period of exponential growth and significant capital reallocation from 2021 to 2022.
- Operating Cash Flow Trends
- A significant volatility is observed in net cash provided by operating activities. Initial positive flows from 2005 to 2007 shifted to a sustained period of negative cash flow between 2008 and 2013, with the most severe deficits occurring in 2011 and 2012. Starting in 2014, operating cash flows returned to positive territory and entered a trajectory of rapid acceleration. This growth culminated in a substantial increase from 504 million USD in 2019 to 3.599 billion USD by 2022, representing a massive expansion in the entity's ability to generate cash from its core business operations.
- Investing Cash Flow Patterns
- Investing activities remained predominantly negative throughout the observed period, indicating consistent outflows for investments or acquisitions. Two primary spikes in investing outflows are evident: a significant expenditure of 1.508 billion USD in 2015 and another of 1.344 billion USD in 2021. Outside of these peak years, investing outflows were relatively modest, though they trended upward from 2016 through 2020 before the 2021 surge.
- Financing Cash Flow Dynamics
- Financing activities show high variability, often acting as a counterbalance to investing and operating flows. A notable liquidity injection occurred in 2015, with net cash provided by financing activities totaling 1.378 billion USD, which closely aligns with the investing outflow of the same year. In the latter part of the period, there is a shift toward significant cash outflows, particularly in 2021 and 2022, with the 2022 outflow reaching 2.603 billion USD. This suggests a strategic shift toward debt repayment, share repurchases, or dividend distributions.
- Integrated Cash Flow Analysis
- The relationship between the three cash flow components reveals a transition in the corporate lifecycle. During the 2008-2013 period, the entity relied on financing activities to offset operating deficits. By 2015, a large-scale financing event funded a major investing cycle. In the final two years of the sequence, the organization transitioned to a self-sustaining model where massive operating cash inflows funded both large-scale investments and substantial financing outflows, indicating a position of high liquidity and strong operational performance.
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Per Share Data
Builders FirstSource Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 16.98 | 16.82 | 0.00 |
| Dec 31, 2021 | 8.55 | 8.48 | 0.00 |
| Dec 31, 2020 | 2.69 | 2.66 | 0.00 |
| Dec 31, 2019 | 1.92 | 1.90 | 0.00 |
| Dec 31, 2018 | 1.79 | 1.76 | 0.00 |
| Dec 31, 2017 | 0.34 | 0.34 | 0.00 |
| Dec 31, 2016 | 1.30 | 1.27 | 0.00 |
| Dec 31, 2015 | -0.22 | -0.22 | 0.00 |
| Dec 31, 2014 | 0.19 | 0.18 | 0.00 |
| Dec 31, 2013 | -0.44 | -0.44 | 0.00 |
| Dec 31, 2012 | -0.60 | -0.60 | 0.00 |
| Dec 31, 2011 | -0.68 | -0.68 | 0.00 |
| Dec 31, 2010 | -1.04 | -1.04 | 0.00 |
| Dec 31, 2009 | -1.58 | -1.58 | 0.00 |
| Dec 31, 2008 | -3.91 | -3.91 | 0.00 |
| Dec 31, 2007 | -0.68 | -0.68 | 0.00 |
| Dec 31, 2006 | 2.04 | 1.91 | 0.00 |
| Dec 31, 2005 | 1.67 | 1.55 | 0.00 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The earnings per share trajectory from 2005 to 2022 is characterized by three distinct phases: initial profitability, a prolonged period of losses, and a subsequent phase of exponential growth.
- Earnings Performance Cycles
- A period of profitability is observed from 2005 to 2006, with basic earnings per share rising from 1.67 to 2.04. This was followed by a significant downturn starting in 2007, resulting in a sustained period of negative earnings that lasted until 2013. The most severe contraction occurred in 2008, where basic earnings per share reached a low of -3.91. A gradual recovery process took place between 2009 and 2015, marked by volatility and a brief return to profitability in 2014 before a final dip in 2015.
- Accelerated Growth Phase
- From 2016 onward, a consistent upward trend in profitability is evident. Basic earnings per share grew from 1.30 in 2016 to 16.98 by 2022. This growth accelerated sharply between 2020 and 2022, with earnings increasing from 2.69 to 16.98, representing a substantial expansion in per-share profitability over a three-year window.
- Dilution Analysis
- The variance between basic and diluted earnings per share remains minimal throughout the entire period. The close alignment of these two metrics suggests that the impact of potentially dilutive securities on earnings per share has been negligible.
- Dividend Distribution
- No dividend payments per share were recorded at any point between 2005 and 2022, indicating a policy of retaining all earnings to support operations or balance sheet strengthening, particularly during the recovery and growth phases.
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