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 data demonstrates significant fluctuations in the company's performance over the examined period, with notable cyclical trends and a clear recovery trajectory following periods of downturn.
- Net Sales
- Net sales show a declining trend from 2005 through 2009, dropping from approximately $2.34 billion to about $678 million, reflecting a substantial contraction likely due to adverse market conditions. After this bottom in 2009, net sales begin a steady recovery, increasing each year with some acceleration from 2014 onwards. By 2022, net sales reach approximately $22.73 billion, representing a substantial expansion and indicating successful growth efforts and possibly market recovery or expansion strategies.
- Income (Loss) from Operations
- Operating income follows a volatile path, starting with positive values of around $125 million in 2005 and $140 million in 2006. This is followed by severe operational losses from 2007 to 2012, with losses peaking around $63 million in 2010. From 2013 forward, the company returns to profitability with increasing operating income, reaching over $2.38 billion by 2022. This recovery reflects improved operational efficiency and possibly better management of cost structures aligned with rising sales.
- Net Income (Loss)
- Net income exhibits a pattern similar to operating income but with higher volatility. After initial profits in 2005 and 2006, the company suffers net losses consistently from 2007 through 2012, with the most significant loss nearing $96 million in 2010. Beginning in 2013, net income grows, although with some fluctuations, culminating in a dramatic increase to approximately $2.75 billion by 2022. This trend highlights the firm's return to profitability and strong bottom-line growth in recent years, consistent with its expanding sales and improving operational outcomes.
In summary, the data reveals a period of decline and operational difficulty from 2007 to 2012, with both sales and earnings substantially diminished. Post-2012, a clear and sustained recovery is evident, marked by growing revenues and progressively stronger profitability. The most recent years show marked financial strength, indicating successful strategic and operational initiatives driving expansion and profitability.
Balance Sheet: Assets
Builders FirstSource Inc., selected items from assets, long-term trends
US$ 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).
An analysis of the financial data spanning from 2005 to 2022 reveals several key trends in the company’s asset base.
- Current Assets
-
The current assets show a general decline from 2005, where the value was approximately $442.6 million, reaching a low point around 2014-2015, then experiencing a significant rebound thereafter. Between 2005 and 2010, current assets consistently decreased from about $442.6 million to approximately $235.3 million, reflecting a downward trend. However, from 2011 onward, there was a recovery phase: current assets increased steadily, peaking around $1.4 billion in 2017-2018. The figure further surged to over $3.9 billion by the end of 2021, before slightly dropping to about $3.5 billion in 2022. This surge indicates substantial growth or changes in liquidity or operations capacity during the later years.
- Total Assets
-
Total assets followed a somewhat similar pattern but with notable differences. Starting from about $724.4 million in 2005, total assets slightly increased to $748.5 million in 2006 but then decreased steadily to around $412.8 million by 2010. From 2011 through 2015, total assets remained relatively stable but at a much lower base, ranging between $488.8 million and $583.1 million. Starting in 2015, total assets saw a remarkable increase, jumping to $2.88 billion, then gradually increasing further to about $3 billion by 2017-2018. The most significant expansion occurred between 2019 and 2021, with total assets rising dramatically from approximately $3.25 billion to over $10.7 billion in 2021. There was a slight decrease in 2022 to about $10.6 billion. This pattern suggests significant asset acquisitions, investments, or revaluations, especially in recent years.
Overall, the data suggests that the company experienced a period of contraction or downsizing in assets from 2005 to around 2010, followed by stabilization and then substantial growth starting mid-decade, accelerating sharply after 2015. The strong increase in both current and total assets in recent years indicates an expansion phase, which might reflect increased operational capacity, acquisitions, or other strategic investments.
Balance Sheet: Liabilities and Stockholders’ Equity
Builders FirstSource Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ 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 data exhibits several noteworthy trends in the liability and equity positions over the observed period.
- Current Liabilities
- Current liabilities showed a general decline from 2005, starting at approximately 212 million USD, reaching a low point below 70 million USD in 2009. Subsequently, there was a marked upward trajectory, peaking sharply at over 1.07 billion USD in 2020, followed by a significant increase to more than 2.1 billion USD in 2021. There was a slight decline in 2022 to around 1.84 billion USD, indicating heightened short-term obligations in recent years.
- Total Liabilities
- Total liabilities decreased from around 553 million USD in 2005 to a low of roughly 253 million USD in 2010. After this period, the liabilities expanded considerably, surging to over 2.7 billion USD by 2015. This was followed by relative stability until 2019, with minor fluctuations. However, from 2020 onward, there was a substantial increase in total liabilities, culminating in approximately 5.9 billion USD in 2021, slightly contracting to around 5.6 billion USD in 2022. This pattern suggests an aggressive buildup of overall financial obligations post-2010.
- Long-term Debt, Including Current Maturities
- Long-term debt figures remained relatively stable during the first half of the period, hovering around 300 million USD, dipping in 2010 to approximately 169 million USD. Thereafter, there was a pronounced rise in long-term debt, accelerating from 2015 where it increased to above 1.95 billion USD. The upward trend persisted, reaching nearly 3 billion USD by 2022. This increase in debt obligations reflects a strategic leverage increase, possibly to support expansion or capital-intensive projects.
- Stockholders’ Equity
- Equity demonstrated high volatility. After a moderate start of about 171 million USD in 2005, equity dipped sharply to under 47 million USD in 2009, depicting possible financial strain during this period. Post-2009, stockholders’ equity displayed a robust recovery and continuous growth, surging to approximately 1.15 billion USD in 2020. Notably, from 2020 to 2022, equity skyrocketed dramatically, exceeding 4.8 billion USD in 2021 and marginally increasing to nearly 5 billion USD by 2022. This surge may indicate significant capital restructuring or retained earnings improvements enhancing the owners’ stake.
Overall, the data reveals a cycle of contraction and recovery within the company’s financial structure, characterized by a steep reduction in liabilities and equity during the late 2000s followed by substantial increases after 2010. The recent escalation in both debt and equity suggests a considerable expansion phase with increased leverage alongside strengthened equity base, pointing to a strategic intensification of financial resources deployment.
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).
- Operating Activities Cash Flow
-
The net cash provided by operating activities demonstrated considerable volatility over the observed period. Initially, from 2005 through 2007, cash flows declined from approximately $117 million to about $71 million. This was followed by negative cash flow in 2008 through 2012, reflecting operational challenges during these years, with the lowest points around 2009 to 2012.
Starting in 2013, there was a marked recovery as cash flows turned positive again, showing a significant upward trend. From 2013 onward, the net cash from operations steadily increased, peaking at over $3.5 billion in 2022. This suggests an improving operational efficiency and better cash generation capabilities in recent years.
- Investing Activities Cash Flow
-
Cash flows used in investing activities remained predominantly negative throughout the entire period, indicating consistent investment outflows. The values fluctuated substantially, with relatively small outflows in the early years becoming much larger in the mid-to-late 2010s.
Notably, there was a sharp increase in cash used for investing in 2015, exceeding $1.5 billion in outflows, highlighting significant capital expenditures or acquisitions during this year. Such elevated outflows recurred in later years such as 2020 and 2021, suggesting ongoing investment activities. Despite some variability, the persistent negative cash flow signifies continuous reinvestment into the company's operations or assets.
- Financing Activities Cash Flow
-
The cash flows from financing activities exhibited substantial fluctuations, with periods of both inflows and outflows. In the early years, the company experienced negative cash flows from financing, followed by sporadic positive inflows such as in 2006, 2010-2012, and 2015, the latter showing a significant inflow surpassing $1.3 billion.
After 2015, financing cash flows tended toward negative territory with some exceptions, reflecting repayments of debt, dividend payments, or share buybacks. Years like 2020 and 2022 showed large negative financing cash flows, with 2022 reaching approximately -$2.6 billion, suggestive of major debt repayments or reductions in financing liabilities.
Overall, financing activities appear to have been used strategically to balance capital structure in alignment with investment and operational needs, with large transactions occurring in select years.
- Summary of Trends and Insights
-
The analysis reveals that operational cash generation faced challenges during the global financial crisis period (2008-2012) but recovered strongly thereafter. Concurrently, investing activities consistently required cash outflows, aligned with growth investments or capital expenditure. Financing activities were used dynamically, with inflows supporting investment phases and outflows likely representing debt repayments or capital returns in more recent years.
The strong growth in operating cash flows from the mid-2010s onward underpins the robustness of the company's core business operations and provides a solid foundation for funding ongoing investments while managing financing obligations effectively. The large investing outflows in certain years indicate strategic growth or asset acquisitions, while financing patterns reflect responsive capital management.
Per Share Data
Builders FirstSource Inc., selected data per share, long-term trends
US$
| 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.
- Earnings per Share (Basic and Diluted)
- The earnings per share exhibited significant volatility over the analyzed period. Initially, both basic and diluted EPS showed positive values in 2005 and 2006 with basic EPS increasing from 1.67 to 2.04 and diluted EPS from 1.55 to 1.91. However, from 2007 to 2011, the company experienced negative EPS values, indicating periods of losses, with the lowest point around 2008 where basic EPS reached -3.91 and diluted EPS matched this figure.
- From 2012 to 2014, EPS remained negative but showed signs of improvement, transitioning into positive territory starting in 2014 for basic EPS at 0.19 and diluted EPS at 0.18. Subsequently, EPS generally trended upward with some fluctuations: a dip in 2015 for both basic and diluted EPS, followed by a recovery and gradual increase through 2016 to 2019.
- A marked acceleration in EPS growth is apparent from 2020 onwards, with basic EPS increasing from 2.69 in 2020 to 16.98 by the end of 2022, while diluted EPS rose similarly from 2.66 to 16.82 in the same interval. This sharp increase suggests significantly improved profitability or earnings performance in the most recent years assessed.
- Dividend per Share
- There were no dividends paid or recorded throughout the entire period analyzed, as indicated by the absence of data in this category.