Record first quarter performance including net sales, net income, and Adjusted EBITDA
Strong net sales growth across all three lines of business driven by focused execution and strong end-market demand
Productivity gains generated favorable operating cost leverage and the highest first quarter net income and Adjusted EBITDA margins in Beacon's history
Opened two greenfield locations & a Beacon OTC® Network hub and expanded footprint in key markets with successful recent acquisitions
Executing on an accelerated stock repurchase agreement as part of $500 million share buyback authorization
HERNDON, Va.--(BUSINESS WIRE)--Beacon (Nasdaq: BECN) (the “Company”, “we”, “our”) announced results today for its first quarter ended March 31, 2022 ("2022").
“Our team generated record first quarter results in an inflationary and rapidly changing environment,” said Julian Francis, Beacon's President & CEO. “Strong demand for our products, disciplined execution and productivity gains led to impressive top-line and bottom-line performance. This quarter also marked the beginning of our journey to achieve our Ambition 2025 financial targets detailed at our investor day in February. During the first quarter, we invested in capacity to drive growth, enhance customer service and expand our footprint in key markets. In addition, we executed an accelerated stock repurchase program to demonstrate both our commitment to delivering value to stockholders and our confidence in our strategic plan. I am extremely pleased with the team’s achievements in the first quarter of the year and look forward to keeping this momentum as we empower our customers to build more.”
First Quarter Financial Highlights
|
Three Months Ended March 31, |
|
|||||
|
2022 |
|
|
2021 |
|
||
(Unaudited; $ in millions, except per share amounts) |
|
|
|
|
|
||
Net sales |
$ |
1,686.9 |
|
|
$ |
1,318.0 |
|
Gross profit |
$ |
439.5 |
|
|
$ |
332.8 |
|
Gross margin % |
|
26.1 |
% |
|
|
25.3 |
% |
|
|
|
|
|
|
||
Operating expense |
$ |
348.2 |
|
|
$ |
310.0 |
|
% of net sales |
|
20.7 |
% |
|
|
23.5 |
% |
Adjusted Operating Expense1 |
$ |
323.2 |
|
|
$ |
278.2 |
|
% of net sales1 |
|
19.2 |
% |
|
|
21.1 |
% |
|
|
|
|
|
|
||
Net income (loss) from continuing operations |
$ |
55.8 |
|
|
$ |
(10.5 |
) |
% of net sales |
|
3.3 |
% |
|
|
(0.8 |
%) |
Adjusted Net Income (Loss)1 |
$ |
75.6 |
|
|
$ |
22.1 |
|
% of net sales1 |
|
4.5 |
% |
|
|
1.7 |
% |
Adjusted EBITDA1 |
$ |
139.5 |
|
|
$ |
74.4 |
|
% of net sales1 |
|
8.3 |
% |
|
|
5.6 |
% |
|
|
|
|
|
|
||
Net income (loss) from continuing operations per share — diluted ("EPS") |
$ |
0.61 |
|
|
$ |
(0.24 |
) |
___________________________ | ||
1. |
|
Please see the included financial tables for a reconciliation of “Adjusted” non-GAAP financial measures to the most directly comparable GAAP financial measure, as well as further detail on the components driving the net changes over the comparative periods. |
Net sales increased 28.0% compared to the prior year to $1.69 billion, a company record for net sales for the first quarter. 2022 net sales increased across all three lines of business versus the prior year period, largely driven by the successful implementation of price increases. Higher demand, particularly within non-residential roofing products also contributed to the growth. Weighted-average selling price increased approximately 23-24% and estimated volumes increased approximately 3-4%.
Residential roofing product sales increased 21.8%, non-residential roofing product sales increased 47.9%, and complementary product sales increased 20.3% compared to the prior year. The three-month periods ending March 31, 2022 and 2021 each had 63 business days.
Gross margin improved to 26.1%, from 25.3% in the prior year, primarily reflecting pricing execution that drove price-cost improvement, partially offset by an unfavorable sales mix. The increase in operating expense and Adjusted Operating Expense in 2022 was primarily due to increases in payroll & benefit costs, general and administrative expenses, and selling costs. Both operating expense as a percent of sales and Adjusted Operating Expense as a percent of sales were lower in 2022, driven by the positive impact from net sales growth as well as productivity gains.
Net income (loss) from continuing operations was $55.8 million, compared to $(10.5) million in the prior year. Adjusted EBITDA was $139.5 million, compared to $74.4 million in the prior year. EPS was $0.61, compared to $(0.24) in the prior year. Improvements in first quarter results compared to the prior year period were largely driven by higher net sales and gross margins, partially offset by higher operating expenses.
In February 2022, Beacon announced the authorization of a share repurchase program, pursuant to which the Company may purchase up to $500 million of its common stock. In the first quarter, the Company repurchased and retired $113 million of its common stock through a combination of open market repurchases and the previously announced accelerated share repurchase ("ASR") agreement. As a result, shares of common stock outstanding decreased to 68.7 million as of March 31, 2022, from 70.4 million as of December 31, 2021. Common stock outstanding at March 31, 2022 does not include the effect of the $25 million equity forward contract related to the unsettled portion of the ASR, which, based on the average stock price during the quarter ended March 31, 2022, would have resulted in the repurchase of 0.4 million additional shares. The $25 million equity forward contract is expected to settle in the second quarter 2022.
To calculate approximate weighted average selling price and product cost changes, we review organic U.S. warehouse sales of the same items sold regionally period over period and normalize the data for non-representative outliers. To calculate estimated volumes, we subtract the change in weighted average selling price, as described above, from the total changes in sales, excluding acquisitions and dispositions. As a result, and especially in high inflationary periods, the weighted average selling price and estimated volumes changes may not be directly comparable to changes reported in prior periods.
Please see the included financial tables for a reconciliation of “Adjusted” non-GAAP financial measures to the most directly comparable GAAP financial measure, as well as further detail on the components driving the net changes over the comparative periods.
The Company will host a conference call and webcast today at 5:00 p.m. ET to discuss these results. Details for the earnings release event are as follows:
What: |
Beacon First Quarter 2022 Earnings Call |
||
When: |
Thursday, May 5, 2022 |
||
Time: |
5:00 p.m. ET |
||
Access: |
Register for the conference call or webcast by visiting: |
||
|
Upon registration, participants will receive an email containing event details and unique access codes. To ensure timely access, participants should register for the earnings call at least 10 minutes before the 5:00 p.m. ET start time. An archived copy of the webcast will be available on the Events & Presentations page shortly after the call.
Forward-Looking Statements
This release contains information about management's view of the Company's future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. In addition, oral statements made by our directors, officers and employees to the investor and analyst communities, media representatives and others, depending upon their nature, may also constitute forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historic or current facts and often use words such as “anticipate,” “estimate,” “expect,” “believe,” “will likely result,” “outlook,” “project” and other words and expressions of similar meaning. Investors are cautioned not to place undue reliance on forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, but not limited to, those set forth in the "Risk Factors" section of the Company's Form 10-K for the fiscal year ended September 30, 2021 and subsequent filings with the U.S. Securities and Exchange Commission. The Company may not succeed in addressing these and other risks. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein. In addition, the forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point, the Company specifically disclaims any obligation to do so, other than as required by federal securities laws. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.
Founded in 1928, Beacon is a Fortune 500, publicly traded distributor of roofing materials and complementary building products in North America, operating over 400 branches throughout all 50 states in the U.S. and 6 provinces in Canada. Beacon serves an extensive base of over 80,000 customers, utilizing its vast branch network and diverse service offerings to provide high-quality products and support throughout the entire business lifecycle. Beacon offers its own private label brand, TRI-BUILT™, and has a proprietary digital account management suite, Beacon PRO+, which helps customers to manage their businesses online. Beacon’s stock is traded on the Nasdaq Global Select Market under the ticker symbol BECN. To learn more about Beacon, please visit www.becn.com.
BEACON ROOFING SUPPLY, INC. Consolidated Statements of Operations (Unaudited; in millions, except per share amounts) |
|||||||||||||||
|
Three Months Ended March 31, |
|
|||||||||||||
|
2022 |
|
|
% of
|
|
|
2021 |
|
|
% of
|
|
||||
Net sales |
$ |
1,686.9 |
|
|
|
100.0 |
% |
|
$ |
1,318.0 |
|
|
|
100.0 |
% |
Cost of products sold |
|
1,247.4 |
|
|
|
73.9 |
% |
|
|
985.2 |
|
|
|
74.7 |
% |
Gross profit |
|
439.5 |
|
|
|
26.1 |
% |
|
|
332.8 |
|
|
|
25.3 |
% |
Operating expense: |
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative |
|
309.3 |
|
|
|
18.4 |
% |
|
|
267.8 |
|
|
|
20.3 |
% |
Depreciation |
|
17.5 |
|
|
|
1.0 |
% |
|
|
14.6 |
|
|
|
1.1 |
% |
Amortization |
|
21.4 |
|
|
|
1.3 |
% |
|
|
27.6 |
|
|
|
2.1 |
% |
Total operating expense |
|
348.2 |
|
|
|
20.7 |
% |
|
|
310.0 |
|
|
|
23.5 |
% |
Income (loss) from operations |
|
91.3 |
|
|
|
5.4 |
% |
|
|
22.8 |
|
|
|
1.8 |
% |
Interest expense, financing costs, and other |
|
16.6 |
|
|
|
1.0 |
% |
|
|
28.6 |
|
|
|
2.3 |
% |
Loss on debt extinguishment |
|
— |
|
|
|
0.0 |
% |
|
|
9.5 |
|
|
|
0.7 |
% |
Income (loss) from continuing operations before income taxes |
|
74.7 |
|
|
|
4.4 |
% |
|
|
(15.3 |
) |
|
|
(1.2 |
%) |
Provision for (benefit from) income taxes |
|
18.9 |
|
|
|
1.1 |
% |
|
|
(4.8 |
) |
|
|
(0.4 |
%) |
Net income (loss) from continuing operations |
|
55.8 |
|
|
|
3.3 |
% |
|
|
(10.5 |
) |
|
|
(0.8 |
%) |
Net income (loss) from discontinued operations1 |
|
— |
|
|
|
0.0 |
% |
|
|
4.2 |
|
|
|
0.3 |
% |
Net income (loss) |
|
55.8 |
|
|
|
3.3 |
% |
|
|
(6.3 |
) |
|
|
(0.5 |
%) |
Dividends on Preferred Stock |
|
6.0 |
|
|
|
0.3 |
% |
|
|
6.0 |
|
|
|
0.4 |
% |
Net income (loss) attributable to common stockholders |
$ |
49.8 |
|
|
|
3.0 |
% |
|
$ |
(12.3 |
) |
|
|
(0.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average common stock outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
70.1 |
|
|
|
|
|
|
69.6 |
|
|
|
|
||
Diluted |
|
71.3 |
|
|
|
|
|
|
69.6 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic - Continuing operations |
$ |
0.62 |
|
|
|
|
|
$ |
(0.24 |
) |
|
|
|
||
Basic - Discontinued operations |
|
— |
|
|
|
|
|
|
0.06 |
|
|
|
|
||
Basic net income (loss) per share |
$ |
0.62 |
|
|
|
|
|
$ |
(0.18 |
) |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted - Continuing operations |
$ |
0.61 |
|
|
|
|
|
$ |
(0.24 |
) |
|
|
|
||
Diluted - Discontinued operations |
|
— |
|
|
|
|
|
|
0.06 |
|
|
|
|
||
Diluted net income (loss) per share |
$ |
0.61 |
|
|
|
|
|
$ |
(0.18 |
) |
|
|
|
________________________ | ||
1. |
|
On February 10, 2021, the Company completed the sale of its interior products and insulation businesses (“Interior Products”) to Foundation Building Materials Holding Company LLC. Unless otherwise noted, the Company has reflected Interior Products as discontinued operations for all periods presented. The results of operations from the Company’s solar products business (“Solar Products”), which was divested in the fourth calendar quarter of 2021, were included within income from continuing operations for the three months ended March 31, 2021 and were not material to the Company’s overall results. |
BEACON ROOFING SUPPLY, INC. Consolidated Balance Sheets (Unaudited; in millions) |
|||||||||||
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|||
|
2022 |
|
|
2021 |
|
|
2021 |
|
|||
Assets |
|
|
|
|
|
|
|
|
|||
Current assets: |
|
|
|
|
|
|
|
|
|||
Cash and cash equivalents |
$ |
52.4 |
|
|
$ |
225.8 |
|
|
$ |
619.3 |
|
Accounts receivable, net |
|
1,008.5 |
|
|
|
855.2 |
|
|
|
759.5 |
|
Inventories, net |
|
1,462.1 |
|
|
|
1,161.7 |
|
|
|
1,087.1 |
|
Prepaid expenses and other current assets |
|
388.4 |
|
|
|
367.2 |
|
|
|
312.2 |
|
Total current assets |
|
2,911.4 |
|
|
|
2,609.9 |
|
|
|
2,778.1 |
|
Property and equipment, net |
|
281.9 |
|
|
|
256.3 |
|
|
|
218.9 |
|
Goodwill |
|
1,776.7 |
|
|
|
1,777.4 |
|
|
|
1,761.3 |
|
Intangibles, net |
|
399.6 |
|
|
|
421.0 |
|
|
|
465.0 |
|
Operating lease assets |
|
419.7 |
|
|
|
413.9 |
|
|
|
368.5 |
|
Deferred income taxes, net |
|
58.5 |
|
|
|
61.9 |
|
|
|
90.2 |
|
Other assets, net |
|
1.1 |
|
|
|
8.9 |
|
|
|
6.4 |
|
Total assets |
$ |
5,848.9 |
|
|
$ |
5,549.3 |
|
|
$ |
5,688.4 |
|
|
|
|
|
|
|
|
|
|
|||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|||
Current liabilities: |
|
|
|
|
|
|
|
|
|||
Accounts payable |
$ |
1,052.2 |
|
|
$ |
794.2 |
|
|
$ |
689.0 |
|
Accrued expenses |
|
410.8 |
|
|
|
472.1 |
|
|
|
572.8 |
|
Current operating lease liabilities |
|
89.6 |
|
|
|
89.0 |
|
|
|
85.2 |
|
Current finance lease liabilities |
|
9.6 |
|
|
|
6.4 |
|
|
|
3.0 |
|
Current portion of long-term debt/obligations |
|
10.0 |
|
|
|
10.0 |
|
|
|
10.7 |
|
Total current liabilities |
|
1,572.2 |
|
|
|
1,371.7 |
|
|
|
1,360.7 |
|
Borrowings under revolving lines of credit, net |
|
145.6 |
|
|
|
— |
|
|
|
— |
|
Long-term debt, net |
|
1,611.2 |
|
|
|
1,612.9 |
|
|
|
2,079.3 |
|
Deferred income taxes, net |
|
0.9 |
|
|
|
0.8 |
|
|
|
— |
|
Non-current operating lease liabilities |
|
333.3 |
|
|
|
326.3 |
|
|
|
283.0 |
|
Non-current finance lease liabilities |
|
40.7 |
|
|
|
26.0 |
|
|
|
12.9 |
|
Total liabilities |
|
3,703.9 |
|
|
|
3,337.7 |
|
|
|
3,735.9 |
|
|
|
|
|
|
|
|
|
|
|||
Convertible Preferred Stock |
|
399.2 |
|
|
|
399.2 |
|
|
|
399.2 |
|
|
|
|
|
|
|
|
|
|
|||
Stockholders' equity: |
|
|
|
|
|
|
|
|
|||
Common stock |
|
0.7 |
|
|
|
0.7 |
|
|
|
0.7 |
|
Undesignated preferred stock |
|
— |
|
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
1,135.9 |
|
|
|
1,148.6 |
|
|
|
1,126.2 |
|
Retained earnings |
|
619.3 |
|
|
|
682.5 |
|
|
|
451.2 |
|
Accumulated other comprehensive income (loss) |
|
(10.1 |
) |
|
|
(19.4 |
) |
|
|
(24.8 |
) |
Total stockholders' equity |
|
1,745.8 |
|
|
|
1,812.4 |
|
|
|
1,553.3 |
|
Total liabilities and stockholders' equity |
$ |
5,848.9 |
|
|
$ |
5,549.3 |
|
|
$ |
5,688.4 |
|
BEACON ROOFING SUPPLY, INC. Consolidated Statements of Cash Flows1 (Unaudited; in millions) |
|||||||
|
Three Months Ended March 31, |
|
|||||
|
2022 |
|
|
2021 |
|
||
Operating Activities |
|
|
|
|
|
||
Net income (loss) |
$ |
55.8 |
|
|
$ |
(6.3 |
) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
||
Depreciation and amortization |
|
38.9 |
|
|
|
42.4 |
|
Stock-based compensation |
|
5.1 |
|
|
|
7.3 |
|
Certain interest expense and other financing costs |
|
1.3 |
|
|
|
2.7 |
|
Loss on debt extinguishment |
|
— |
|
|
|
9.5 |
|
Gain on sale of fixed assets and other |
|
(1.2 |
) |
|
|
(0.8 |
) |
Deferred income taxes |
|
1.4 |
|
|
|
(78.7 |
) |
Loss on sale of business |
|
— |
|
|
|
2.4 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
||
Accounts receivable |
|
(153.0 |
) |
|
|
(11.9 |
) |
Inventories |
|
(299.9 |
) |
|
|
(137.7 |
) |
Prepaid expenses and other current assets |
|
(19.6 |
) |
|
|
27.4 |
|
Accounts payable and accrued expenses |
|
202.1 |
|
|
|
59.9 |
|
Other assets and liabilities |
|
7.1 |
|
|
|
(0.2 |
) |
Net cash provided by (used in) operating activities |
|
(162.0 |
) |
|
|
(84.0 |
) |
|
|
|
|
|
|
||
Investing Activities |
|
|
|
|
|
||
Purchases of property and equipment |
|
(22.8 |
) |
|
|
(14.1 |
) |
Acquisition of business, net |
|
(0.4 |
) |
|
|
— |
|
Proceeds from sale of business |
|
— |
|
|
|
837.0 |
|
Proceeds from the sale of assets |
|
1.2 |
|
|
|
0.8 |
|
Net cash provided by (used in) investing activities |
|
(22.0 |
) |
|
|
823.7 |
|
|
|
|
|
|
|
||
Financing Activities |
|
|
|
|
|
||
Borrowings under revolving lines of credit |
|
296.0 |
|
|
|
— |
|
Payments under revolving lines of credit |
|
(143.5 |
) |
|
|
(157.0 |
) |
Payments under term loan |
|
(2.5 |
) |
|
|
(426.4 |
) |
Payments under equipment financing facilities and finance leases |
|
(2.2 |
) |
|
|
(1.7 |
) |
Repurchase and retirement of common stock, net |
|
(113.0 |
) |
|
|
— |
|
Advance payment for equity forward contract |
|
(25.0 |
) |
|
|
— |
|
Payment of dividends on Preferred Stock |
|
(6.0 |
) |
|
|
(6.0 |
) |
Proceeds from issuance of common stock related to equity awards |
|
7.3 |
|
|
|
10.6 |
|
Payment of taxes related to net share settlement of equity awards |
|
(0.1 |
) |
|
|
(1.5 |
) |
Net cash provided by (used in) financing activities |
|
11.0 |
|
|
|
(582.0 |
) |
|
|
|
|
|
|
||
Effect of exchange rate changes on cash and cash equivalents |
|
(0.4 |
) |
|
|
0.2 |
|
|
|
|
|
|
|
||
Net increase (decrease) in cash and cash equivalents |
|
(173.4 |
) |
|
|
157.9 |
|
Cash and cash equivalents, beginning of period |
|
225.8 |
|
|
|
461.4 |
|
Cash and cash equivalents, end of period |
$ |
52.4 |
|
|
$ |
619.3 |
|
|
|
|
|
|
|
||
Supplemental Cash Flow Information |
|
|
|
|
|
||
Operating cash flows provided by (used in) discontinued operations |
$ |
— |
|
|
$ |
(21.8 |
) |
Cash paid during the period for: |
|
|
|
|
|
||
Interest |
$ |
8.2 |
|
|
$ |
9.4 |
|
Income taxes, net of refunds2 |
$ |
2.4 |
|
|
$ |
15.9 |
|
____________________ | ||
1. |
|
Unless otherwise noted, amounts include both continuing and discontinued operations. |
2. |
|
Three months ended March 31, 2021 amount includes $3.3 million related to the Interior Products divestiture. |
BEACON ROOFING SUPPLY, INC. Consolidated Sales by Line of Business (Unaudited; in millions) |
|||||||||||||||||||||||
Sales by Line of Business |
|
||||||||||||||||||||||
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
|||||||||||||||
|
2022 |
|
|
2021 |
|
|
Year-over-Year
|
|
|||||||||||||||
|
Net Sales |
|
|
Mix % |
|
|
Net Sales |
|
|
Mix % |
|
|
$ |
|
|
% |
|
||||||
Residential roofing products |
$ |
846.4 |
|
|
|
50.2 |
% |
|
$ |
695.0 |
|
|
|
52.7 |
% |
|
$ |
151.4 |
|
|
|
21.8 |
% |
Non-residential roofing products |
|
487.7 |
|
|
|
28.9 |
% |
|
|
329.7 |
|
|
|
25.0 |
% |
|
|
158.0 |
|
|
|
47.9 |
% |
Complementary building products |
|
352.8 |
|
|
|
20.9 |
% |
|
|
293.3 |
|
|
|
22.3 |
% |
|
|
59.5 |
|
|
|
20.3 |
% |
|
$ |
1,686.9 |
|
|
|
100.0 |
% |
|
$ |
1,318.0 |
|
|
|
100.0 |
% |
|
$ |
368.9 |
|
|
|
28.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sales by Business Day1,2 |
|
||||||||||||||||||||||
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
|||||||||||||||
|
2022 |
|
|
2021 |
|
|
Year-over-Year
|
|
|||||||||||||||
|
Net Sales |
|
|
Mix % |
|
|
Net Sales |
|
|
Mix % |
|
|
$ |
|
|
% |
|
||||||
Residential roofing products |
$ |
13.4 |
|
|
|
50.2 |
% |
|
$ |
11.0 |
|
|
|
52.7 |
% |
|
$ |
2.4 |
|
|
|
21.8 |
% |
Non-residential roofing products |
|
7.8 |
|
|
|
28.9 |
% |
|
|
5.2 |
|
|
|
25.0 |
% |
|
|
2.6 |
|
|
|
47.9 |
% |
Complementary building products |
|
5.6 |
|
|
|
20.9 |
% |
|
|
4.7 |
|
|
|
22.3 |
% |
|
|
0.9 |
|
|
|
20.3 |
% |
|
$ |
26.8 |
|
|
|
100.0 |
% |
|
$ |
20.9 |
|
|
|
100.0 |
% |
|
$ |
5.9 |
|
|
|
28.0 |
% |
__________________________________________________ | ||
1. |
|
The three-month periods ended March 31, 2022 and 2021 each had 63 business days. |
2. |
|
Dollar and percentage changes may not recalculate due to rounding. |
BEACON ROOFING SUPPLY, INC. Non-GAAP Financial Measures (Unaudited; in millions)
Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, we prepare certain financial measures that are not calculated in accordance with GAAP, specifically:
We use these supplemental non-GAAP measures to evaluate financial performance, analyze the underlying trends in our business and establish operational goals and forecasts that are used when allocating resources. We expect to compute our non-GAAP financial measures consistently using the same methods each period.
We believe these non-GAAP measures are useful measures because they permit investors to better understand changes over comparative periods by providing financial results that are unaffected by certain items that are not indicative of ongoing operating performance.
While we believe that these non-GAAP measures are useful to investors when evaluating our business, they are not prepared and presented in accordance with GAAP, and therefore should be considered supplemental in nature. These non-GAAP measures should not be considered in isolation or as a substitute for other financial performance measures presented in accordance with GAAP. These non-GAAP financial measures may have material limitations including, but not limited to, the exclusion of certain costs without a corresponding reduction of net income for the income generated by the assets to which the excluded costs relate. In addition, these non-GAAP financial measures may differ from similarly titled measures presented by other companies.
BEACON ROOFING SUPPLY, INC. Non-GAAP Financial Measures (continued) (Unaudited; in millions)
Adjusting Items to Non-GAAP Financial Measures
The impact of the following expense (income) items is excluded from each of our non-GAAP measures (the “adjusting items”):
The following table presents the impact and respective location of the adjusting items on our consolidated statements of operations for each of the periods indicated:
|
Operating Expense |
|
|
Non-Operating
|
|
|
|
|
|
|
|
||||||||||||
|
SG&A1 |
|
|
Amorti-
|
|
|
Interest
|
|
|
Other
|
|
|
Income
|
|
|
Total |
|
||||||
Three Months Ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Acquisition costs |
$ |
0.5 |
|
|
$ |
21.4 |
|
|
$ |
1.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22.9 |
|
Restructuring costs |
|
1.7 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
— |
|
|
|
2.0 |
|
COVID-19 impacts |
|
1.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.4 |
|
Total adjusting items |
$ |
3.6 |
|
|
$ |
21.4 |
|
|
$ |
1.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
26.3 |
|
Three Months Ended March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Acquisition costs |
$ |
0.7 |
|
|
$ |
25.3 |
|
|
$ |
1.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
27.8 |
|
Restructuring costs3 |
|
3.0 |
|
|
|
2.3 |
|
|
|
0.8 |
|
|
|
9.5 |
|
|
|
— |
|
|
|
15.6 |
|
COVID-19 impacts |
|
0.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
Total adjusting items |
$ |
4.2 |
|
|
$ |
27.6 |
|
|
$ |
2.6 |
|
|
$ |
9.5 |
|
|
$ |
— |
|
|
$ |
43.9 |
|
______________________________ | ||
1. |
|
Selling, general and administrative expense (“SG&A”). |
2. |
|
For tax impact of adjusting items, see Adjusted Net Income (Loss) table below. |
3. |
|
Other (income) expense includes a loss on debt extinguishment of $9.5 million in connection with the write-off of debt issuance costs stemming from the additional $423.9 million principal payment on the 2025 Term Loan. |
BEACON ROOFING SUPPLY, INC. Non-GAAP Financial Measures (continued) (Unaudited; in millions)
Adjusted Operating Expense
The following table presents a reconciliation of operating expense, the most directly comparable financial measure as measured in accordance with GAAP, to Adjusted Operating Expense for each of the periods indicated:
|
Three Months Ended March 31, |
|
|||||
|
2022 |
|
|
2021 |
|
||
Operating expense |
$ |
348.2 |
|
|
$ |
310.0 |
|
Acquisition costs |
|
(21.9 |
) |
|
|
(26.0 |
) |
Restructuring costs |
|
(1.7 |
) |
|
|
(5.3 |
) |
COVID-19 impacts |
|
(1.4 |
) |
|
|
(0.5 |
) |
Adjusted Operating Expense |
$ |
323.2 |
|
|
$ |
278.2 |
|
|
|
|
|
|
|
||
Net sales |
$ |
1,686.9 |
|
|
$ |
1,318.0 |
|
Operating expense as % of sales |
|
20.7 |
% |
|
|
23.5 |
% |
Adjusted Operating Expense as % of sales |
|
19.2 |
% |
|
|
21.1 |
% |
Adjusted Net Income (Loss)
The following table presents a reconciliation of net income (loss) from continuing operations, the most directly comparable financial measure as measured in accordance with GAAP, to Adjusted Net Income (Loss) for each of the periods indicated:
|
Three Months Ended March 31, |
|
|||||
|
2022 |
|
|
2021 |
|
||
Net income (loss) from continuing operations |
$ |
55.8 |
|
|
$ |
(10.5 |
) |
Adjusting items: |
|
|
|
|
|
||
Acquisition costs |
|
22.9 |
|
|
|
27.8 |
|
Restructuring costs |
|
2.0 |
|
|
|
15.6 |
|
COVID-19 impacts |
|
1.4 |
|
|
|
0.5 |
|
Total adjusting items |
|
26.3 |
|
|
|
43.9 |
|
Less: tax impact of adjusting items1 |
|
(6.5 |
) |
|
|
(11.3 |
) |
Total adjustments, net of tax |
|
19.8 |
|
|
|
32.6 |
|
Adjusted Net Income (Loss) |
$ |
75.6 |
|
|
$ |
22.1 |
|
|
|
|
|
|
|
||
Net sales |
$ |
1,686.9 |
|
|
$ |
1,318.0 |
|
Net income (loss) as % of sales |
|
3.3 |
% |
|
|
(0.8 |
%) |
Adjusted Net Income (Loss) as % of sales |
|
4.5 |
% |
|
|
1.7 |
% |
______________________________ | ||
1. |
|
Amounts represent tax impact on adjusting items that are not included in our income tax provision (benefit) for the periods presented. The tax impact of adjusting items for the three months ended March 31, 2022 and 2021 were calculated using a blended effective tax rate of 24.7% and 25.7%, respectively. |
BEACON ROOFING SUPPLY, INC. Non-GAAP Financial Measures (continued) (Unaudited; in millions)
Adjusted EBITDA
The following table presents a reconciliation of net income (loss) from continuing operations, the most directly comparable financial measure as measured in accordance with GAAP, to Adjusted EBITDA for each of the periods indicated:
|
Three Months Ended March 31, |
|
|||||
|
2022 |
|
|
2021 |
|
||
Net income (loss) from continuing operations |
$ |
55.8 |
|
|
$ |
(10.5 |
) |
Interest expense, net |
|
17.2 |
|
|
|
29.6 |
|
Income taxes |
|
18.9 |
|
|
|
(4.8 |
) |
Depreciation and amortization |
|
38.9 |
|
|
|
42.2 |
|
Stock-based compensation |
|
5.1 |
|
|
|
4.2 |
|
Acquisition costs1 |
|
0.5 |
|
|
|
0.7 |
|
Restructuring costs1 |
|
1.7 |
|
|
|
12.5 |
|
COVID-19 impacts1 |
|
1.4 |
|
|
|
0.5 |
|
Adjusted EBITDA |
$ |
139.5 |
|
|
$ |
74.4 |
|
|
|
|
|
|
|
||
Net sales |
$ |
1,686.9 |
|
|
$ |
1,318.0 |
|
Net income (loss) as % of sales |
|
3.3 |
% |
|
|
(0.8 |
%) |
Adjusted EBITDA as % of sales |
|
8.3 |
% |
|
|
5.6 |
% |
______________________________ | ||
1. |
|
Amounts represent adjusting items included in SG&A and other income (expense); remaining adjusting item balances are embedded within the other line item balances reported in this table. |
Рекордные показатели за первый квартал, включая чистые продажи, чистую прибыль и скорректированную EBITDA
Значительный рост чистых продаж по всем трем направлениям бизнеса обусловлен целенаправленным исполнением и высоким спросом на конечном рынке
Рост производительности привел к благоприятному левереджу операционных расходов и самой высокой чистой прибыли за первый квартал и скорректированной рентабельности по EBITDA за всю историю Beacon
Открыл два новых филиала и сетевой центр Beacon OTC® и расширил присутствие на ключевых рынках благодаря успешным недавним приобретениям
Выполнение соглашения об ускоренном выкупе акций в рамках разрешения на выкуп акций на сумму 500 миллионов долларов
ХЕРНДОН, Вирджиния.--(BUSINESS WIRE)--Beacon (Nasdaq: BECN) (“Компания”, “мы”, “наш”) объявила сегодня результаты за первый квартал, закончившийся 31 марта 2022 года ("2022").
“Наша команда добилась рекордных результатов в первом квартале в условиях инфляции и быстро меняющихся условий”, - сказал Джулиан Фрэнсис, президент и генеральный директор Beacon. “Высокий спрос на нашу продукцию, дисциплинированное исполнение и повышение производительности привели к впечатляющим показателям прибыли и прибыли. Этот квартал также ознаменовал начало нашего пути к достижению наших амбициозных финансовых целей на 2025 год, подробно изложенных на нашем дне инвестора в феврале. В течение первого квартала мы инвестировали в развитие потенциала для стимулирования роста, улучшения обслуживания клиентов и расширения нашего присутствия на ключевых рынках. Кроме того, мы осуществили ускоренную программу обратного выкупа акций, чтобы продемонстрировать как нашу приверженность обеспечению ценности для акционеров, так и нашу уверенность в нашем стратегическом плане. Я чрезвычайно доволен достижениями команды в первом квартале года и с нетерпением жду продолжения этого импульса, поскольку мы даем нашим клиентам возможность создавать больше”.
Основные финансовые показатели Первого квартала
|
Three Months Ended March 31, |
|
|||||
|
2022 |
|
|
2021 |
|
||
(Unaudited; $ in millions, except per share amounts) |
|
|
|
|
|
||
Net sales |
$ |
1,686.9 |
|
|
$ |
1,318.0 |
|
Gross profit |
$ |
439.5 |
|
|
$ |
332.8 |
|
Gross margin % |
|
26.1 |
% |
|
|
25.3 |
% |
|
|
|
|
|
|
||
Operating expense |
$ |
348.2 |
|
|
$ |
310.0 |
|
% of net sales |
|
20.7 |
% |
|
|
23.5 |
% |
Adjusted Operating Expense1 |
$ |
323.2 |
|
|
$ |
278.2 |
|
% of net sales1 |
|
19.2 |
% |
|
|
21.1 |
% |
|
|
|
|
|
|
||
Net income (loss) from continuing operations |
$ |
55.8 |
|
|
$ |
(10.5 |
) |
% of net sales |
|
3.3 |
% |
|
|
(0.8 |
%) |
Adjusted Net Income (Loss)1 |
$ |
75.6 |
|
|
$ |
22.1 |
|
% of net sales1 |
|
4.5 |
% |
|
|
1.7 |
% |
Adjusted EBITDA1 |
$ |
139.5 |
|
|
$ |
74.4 |
|
% of net sales1 |
|
8.3 |
% |
|
|
5.6 |
% |
|
|
|
|
|
|
||
Net income (loss) from continuing operations per share — diluted ("EPS") |
$ |
0.61 |
|
|
$ |
(0.24 |
) |
___________________________ | ||
1. |
|
Please see the included financial tables for a reconciliation of “Adjusted” non-GAAP financial measures to the most directly comparable GAAP financial measure, as well as further detail on the components driving the net changes over the comparative periods. |
Чистый объем продаж увеличился на 28,0% по сравнению с предыдущим годом и составил 1,69 миллиарда долларов, что стало рекордом компании по чистым продажам за первый квартал. В 2022 году чистый объем продаж увеличился по всем трем направлениям бизнеса по сравнению с предыдущим годом, во многом благодаря успешному внедрению повышения цен. Росту также способствовал более высокий спрос, особенно на кровельные материалы для нежилых помещений. Средневзвешенная цена продажи увеличилась примерно на 23-24%, а предполагаемые объемы увеличились примерно на 3-4%.
Продажи кровельных материалов для жилых помещений увеличились на 21,8%, продажи кровельных материалов для нежилых помещений увеличились на 47,9%, а продажи дополнительных продуктов увеличились на 20,3% по сравнению с предыдущим годом. Каждый из трехмесячных периодов, заканчивающихся 31 марта 2022 и 2021 годов, составлял 63 рабочих дня.
Валовая прибыль увеличилась до 26,1% с 25,3% в предыдущем году, что в первую очередь отражает ценообразование, которое привело к улучшению соотношения цены и затрат, частично компенсируемому неблагоприятной структурой продаж. Увеличение операционных расходов и Скорректированных операционных расходов в 2022 году было в основном обусловлено увеличением расходов на заработную плату и пособия, общих и административных расходов, а также расходов на продажу. Как операционные расходы в процентах от продаж, так и Скорректированные операционные расходы в процентах от продаж были ниже в 2022 году, что обусловлено положительным влиянием роста чистых продаж, а также повышением производительности.
Чистая прибыль (убыток) от продолжающейся деятельности составила 55,8 млн. долларов США по сравнению с 10,5 млн. долларов США в предыдущем году. Скорректированный показатель EBITDA составил $139,5 млн по сравнению с $74,4 млн годом ранее. Прибыль на акцию составила $0,61 по сравнению с $(0,24) в предыдущем году. Улучшение результатов первого квартала по сравнению с предыдущим годом было в значительной степени обусловлено увеличением чистых продаж и валовой прибыли, что частично компенсировалось увеличением операционных расходов.
В феврале 2022 года Beacon объявила об утверждении программы обратного выкупа акций, в соответствии с которой Компания может приобрести свои обыкновенные акции на сумму до 500 миллионов долларов. В первом квартале Компания выкупила и списала свои обыкновенные акции на сумму 113 миллионов долларов путем сочетания выкупа акций на открытом рынке и ранее объявленного соглашения об ускоренном выкупе акций ("ASR"). В результате количество обыкновенных акций в обращении сократилось до 68,7 млн по состоянию на 31 марта 2022 года с 70,4 млн по состоянию на 31 декабря 2021 года. Обыкновенные акции, находящиеся в обращении по состоянию на 31 марта 2022 года, не включают влияние форвардного контракта на акционерный капитал на сумму 25 миллионов долларов, связанного с неурегулированной частью ASR, который, исходя из средней цены акций в течение квартала, закончившегося 31 марта 2022 года, привел бы к выкупу 0,4 миллиона дополнительных акций. Ожидается, что форвардный контракт на акционерный капитал в размере 25 миллионов долларов будет заключен во втором квартале 2022 года.
Чтобы рассчитать приблизительную средневзвешенную цену продажи и изменения себестоимости продукции, мы анализируем органические продажи на складах США одних и тех же товаров, проданных по регионам за период, и нормализуем данные для нерепрезентативных выбросов. Чтобы рассчитать предполагаемые объемы, мы вычитаем изменение средневзвешенной цены продажи, как описано выше, из общих изменений в продажах, исключая приобретения и продажи. В результате, и особенно в периоды высокой инфляции, средневзвешенная цена продажи и предполагаемые изменения объемов могут быть не сопоставимы напрямую с изменениями, о которых сообщалось в предыдущие периоды.
Пожалуйста, ознакомьтесь с прилагаемыми финансовыми таблицами для сверки “Скорректированных” финансовых показателей, не относящихся к GAAP, с наиболее непосредственно сопоставимыми финансовыми показателями GAAP, а также более подробной информацией о компонентах, определяющих чистые изменения за сравнительные периоды.
Компания проведет телефонную конференцию и веб-трансляцию сегодня в 17:00 вечера по восточному времени, чтобы обсудить эти результаты. Подробная информация о событии публикации доходов приведена ниже:
What: |
Beacon First Quarter 2022 Earnings Call |
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When: |
Thursday, May 5, 2022 |
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Time: |
5:00 p.m. ET |
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Access: |
Register for the conference call or webcast by visiting: |
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После регистрации участники получат электронное письмо с подробной информацией о мероприятии и уникальными кодами доступа. Чтобы обеспечить своевременный доступ, участники должны зарегистрироваться для звонка о доходах по крайней мере за 10 минут до начала в 17:00 по восточному времени. Архивная копия веб-трансляции будет доступна на странице Событий и презентаций вскоре после звонка.
Прогнозные заявления
Этот релиз содержит информацию о взглядах руководства на будущие ожидания, планы и перспективы Компании, которые представляют собой прогнозные заявления для целей положений о безопасной гавани в соответствии с Законом о реформе судебных разбирательств по частным ценным бумагам 1995 года. Кроме того, устные заявления, сделанные нашими директорами, должностными лицами и сотрудниками перед сообществами инвесторов и аналитиков, представителями средств массовой информации и другими лицами, в зависимости от их характера, также могут представлять собой заявления прогнозного характера. Прогнозные заявления можно определить по тому факту, что они не относятся строго к историческим или текущим фактам и часто используют такие слова, как “предвидеть”, “оценивать”, “ожидать”, “верить”, “вероятный результат”, “прогноз”, “проект” и другие слова и выражения сходного значения. Инвесторов предостерегают от чрезмерного доверия к прогнозным заявлениям. Фактические результаты могут существенно отличаться от результатов, указанных в таких прогнозных заявлениях, в результате различных важных факторов, включая, но не ограничиваясь ими, те, которые указаны в разделе "Факторы риска" Формы 10-K Компании за финансовый год, закончившийся 30 сентября 2021 года, и последующие заявки в Комиссия по ценным бумагам и биржам США. Компания может не преуспеть в устранении этих и других рисков. Следовательно, все прогнозные заявления в этом пресс-релизе квалифицируются с учетом содержащихся в них факторов, рисков и неопределенностей. Кроме того, заявления прогнозного характера, включенные в настоящий пресс-релиз, отражают взгляды Компании на дату настоящего пресс-релиза, и эти взгляды могут измениться. Однако, хотя Компания может принять решение обновить эти прогнозные заявления в какой-то момент, Компания специально отказывается от каких-либо обязательств по этому, кроме как в соответствии с требованиями федерального законодательства о ценных бумагах. На эти прогнозные заявления не следует полагаться как на отражающие взгляды Компании на любую дату, последующую за датой настоящего пресс-релиза.
Основанная в 1928 году, компания Beacon входит в список Fortune 500, является публичным дистрибьютором кровельных материалов и сопутствующих строительных товаров в Северной Америке, имея более 400 филиалов во всех 50 штатах США и 6 провинциях Канады. Beacon обслуживает обширную базу из более чем 80 000 клиентов, используя свою обширную филиальную сеть и разнообразные предложения услуг для предоставления высококачественных продуктов и поддержки на протяжении всего жизненного цикла бизнеса. Beacon предлагает свой собственный бренд private label TRI-BUILT ™ и имеет собственный пакет управления цифровыми учетными записями Beacon PRO +, который помогает клиентам управлять своим бизнесом онлайн. Акции Beacon торгуются на Nasdaq Global Select Market под тикерным символом BECN. Чтобы узнать больше о Beacon, пожалуйста, посетите www.becn.com .
Beacon Roofing Supply, INC. Consolidated Statements of Operations (Unaudited; in millions, except per share amounts) |
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|
Three Months Ended March 31, |
|
|||||||||||||
|
2022 |
|
|
% of
|
|
|
2021 |
|
|
% of
|
|
||||
Net sales |
$ |
1,686.9 |
|
|
|
100.0 |
% |
|
$ |
1,318.0 |
|
|
|
100.0 |
% |
Cost of products sold |
|
1,247.4 |
|
|
|
73.9 |
% |
|
|
985.2 |
|
|
|
74.7 |
% |
Gross profit |
|
439.5 |
|
|
|
26.1 |
% |
|
|
332.8 |
|
|
|
25.3 |
% |
Operating expense: |
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative |
|
309.3 |
|
|
|
18.4 |
% |
|
|
267.8 |
|
|
|
20.3 |
% |
Depreciation |
|
17.5 |
|
|
|
1.0 |
% |
|
|
14.6 |
|
|
|
1.1 |
% |
Amortization |
|
21.4 |
|
|
|
1.3 |
% |
|
|
27.6 |
|
|
|
2.1 |
% |
Total operating expense |
|
348.2 |
|
|
|
20.7 |
% |
|
|
310.0 |
|
|
|
23.5 |
% |
Income (loss) from operations |
|
91.3 |
|
|
|
5.4 |
% |
|
|
22.8 |
|
|
|
1.8 |
% |
Interest expense, financing costs, and other |
|
16.6 |
|
|
|
1.0 |
% |
|
|
28.6 |
|
|
|
2.3 |
% |
Loss on debt extinguishment |
|
— |
|
|
|
0.0 |
% |
|
|
9.5 |
|
|
|
0.7 |
% |
Income (loss) from continuing operations before income taxes |
|
74.7 |
|
|
|
4.4 |
% |
|
|
(15.3 |
) |
|
|
(1.2 |
%) |
Provision for (benefit from) income taxes |
|
18.9 |
|
|
|
1.1 |
% |
|
|
(4.8 |
) |
|
|
(0.4 |
%) |
Net income (loss) from continuing operations |
|
55.8 |
|
|
|
3.3 |
% |
|
|
(10.5 |
) |
|
|
(0.8 |
%) |
Net income (loss) from discontinued operations1 |
|
— |
|
|
|
0.0 |
% |
|
|
4.2 |
|
|
|
0.3 |
% |
Net income (loss) |
|
55.8 |
|
|
|
3.3 |
% |
|
|
(6.3 |
) |
|
|
(0.5 |
%) |
Dividends on Preferred Stock |
|
6.0 |
|
|
|
0.3 |
% |
|
|
6.0 |
|
|
|
0.4 |
% |
Net income (loss) attributable to common stockholders |
$ |
49.8 |
|
|
|
3.0 |
% |
|
$ |
(12.3 |
) |
|
|
(0.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average common stock outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
70.1 |
|
|
|
|
|
|
69.6 |
|
|
|
|
||
Diluted |
|
71.3 |
|
|
|
|
|
|
69.6 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic - Continuing operations |
$ |
0.62 |
|
|
|
|
|
$ |
(0.24 |
) |
|
|
|
||
Basic - Discontinued operations |
|
— |
|
|
|
|
|
|
0.06 |
|
|
|
|
||
Basic net income (loss) per share |
$ |
0.62 |
|
|
|
|
|
$ |
(0.18 |
) |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted - Continuing operations |
$ |
0.61 |
|
|
|
|
|
$ |
(0.24 |
) |
|
|
|
||
Diluted - Discontinued operations |
|
— |
|
|
|
|
|
|
0.06 |
|
|
|
|
||
Diluted net income (loss) per share |
$ |
0.61 |
|
|
|
|
|
$ |
(0.18 |
) |
|
|
|
________________________ | ||
1. |
|
On February 10, 2021, the Company completed the sale of its interior products and insulation businesses (“Interior Products”) to Foundation Building Materials Holding Company LLC. Unless otherwise noted, the Company has reflected Interior Products as discontinued operations for all periods presented. The results of operations from the Company’s solar products business (“Solar Products”), which was divested in the fourth calendar quarter of 2021, were included within income from continuing operations for the three months ended March 31, 2021 and were not material to the Company’s overall results. |
Beacon Roofing Supply, INC. Consolidated Balance Sheets (Unaudited; in millions) |
|||||||||||
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|||
|
2022 |
|
|
2021 |
|
|
2021 |
|
|||
Assets |
|
|
|
|
|
|
|
|
|||
Current assets: |
|
|
|
|
|
|
|
|
|||
Cash and cash equivalents |
$ |
52.4 |
|
|
$ |
225.8 |
|
|
$ |
619.3 |
|
Accounts receivable, net |
|
1,008.5 |
|
|
|
855.2 |
|
|
|
759.5 |
|
Inventories, net |
|
1,462.1 |
|
|
|
1,161.7 |
|
|
|
1,087.1 |
|
Prepaid expenses and other current assets |
|
388.4 |
|
|
|
367.2 |
|
|
|
312.2 |
|
Total current assets |
|
2,911.4 |
|
|
|
2,609.9 |
|
|
|
2,778.1 |
|
Property and equipment, net |
|
281.9 |
|
|
|
256.3 |
|
|
|
218.9 |
|
Goodwill |
|
1,776.7 |
|
|
|
1,777.4 |
|
|
|
1,761.3 |
|
Intangibles, net |
|
399.6 |
|
|
|
421.0 |
|
|
|
465.0 |
|
Operating lease assets |
|
419.7 |
|
|
|
413.9 |
|
|
|
368.5 |
|
Deferred income taxes, net |
|
58.5 |
|
|
|
61.9 |
|
|
|
90.2 |
|
Other assets, net |
|
1.1 |
|
|
|
8.9 |
|
|
|
6.4 |
|
Total assets |
$ |
5,848.9 |
|
|
$ |
5,549.3 |
|
|
$ |
5,688.4 |
|
|
|
|
|
|
|
|
|
|
|||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|||
Current liabilities: |
|
|
|
|
|
|
|
|
|||
Accounts payable |
$ |
1,052.2 |
|
|
$ |
794.2 |
|
|
$ |
689.0 |
|
Accrued expenses |
|
410.8 |
|
|
|
472.1 |
|
|
|
572.8 |
|
Current operating lease liabilities |
|
89.6 |
|
|
|
89.0 |
|
|
|
85.2 |
|
Current finance lease liabilities |
|
9.6 |
|
|
|
6.4 |
|
|
|
3.0 |
|
Current portion of long-term debt/obligations |
|
10.0 |
|
|
|
10.0 |
|
|
|
10.7 |
|
Total current liabilities |
|
1,572.2 |
|
|
|
1,371.7 |
|
|
|
1,360.7 |
|
Borrowings under revolving lines of credit, net |
|
145.6 |
|
|
|
— |
|
|
|
— |
|
Long-term debt, net |
|
1,611.2 |
|
|
|
1,612.9 |
|
|
|
2,079.3 |
|
Deferred income taxes, net |
|
0.9 |
|
|
|
0.8 |
|
|
|
— |
|
Non-current operating lease liabilities |
|
333.3 |
|
|
|
326.3 |
|
|
|
283.0 |
|
Non-current finance lease liabilities |
|
40.7 |
|
|
|
26.0 |
|
|
|
12.9 |
|
Total liabilities |
|
3,703.9 |
|
|
|
3,337.7 |
|
|
|
3,735.9 |
|
|
|
|
|
|
|
|
|
|
|||
Convertible Preferred Stock |
|
399.2 |
|
|
|
399.2 |
|
|
|
399.2 |
|
|
|
|
|
|
|
|
|
|
|||
Stockholders' equity: |
|
|
|
|
|
|
|
|
|||
Common stock |
|
0.7 |
|
|
|
0.7 |
|
|
|
0.7 |
|
Undesignated preferred stock |
|
— |
|
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
1,135.9 |
|
|
|
1,148.6 |
|
|
|
1,126.2 |
|
Retained earnings |
|
619.3 |
|
|
|
682.5 |
|
|
|
451.2 |
|
Accumulated other comprehensive income (loss) |
|
(10.1 |
) |
|
|
(19.4 |
) |
|
|
(24.8 |
) |
Total stockholders' equity |
|
1,745.8 |
|
|
|
1,812.4 |
|
|
|
1,553.3 |
|
Total liabilities and stockholders' equity |
$ |
5,848.9 |
|
|
$ |
5,549.3 |
|
|
$ |
5,688.4 |
|
Beacon Roofing Supply, INC. Consolidated Statements of Cash Flows1 (Unaudited; in millions) |
|||||||
|
Three Months Ended March 31, |
|
|||||
|
2022 |
|
|
2021 |
|
||
Operating Activities |
|
|
|
|
|
||
Net income (loss) |
$ |
55.8 |
|
|
$ |
(6.3 |
) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
||
Depreciation and amortization |
|
38.9 |
|
|
|
42.4 |
|
Stock-based compensation |
|
5.1 |
|
|
|
7.3 |
|
Certain interest expense and other financing costs |
|
1.3 |
|
|
|
2.7 |
|
Loss on debt extinguishment |
|
— |
|
|
|
9.5 |
|
Gain on sale of fixed assets and other |
|
(1.2 |
) |
|
|
(0.8 |
) |
Deferred income taxes |
|
1.4 |
|
|
|
(78.7 |
) |
Loss on sale of business |
|
— |
|
|
|
2.4 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
||
Accounts receivable |
|
(153.0 |
) |
|
|
(11.9 |
) |
Inventories |
|
(299.9 |
) |
|
|
(137.7 |
) |
Prepaid expenses and other current assets |
|
(19.6 |
) |
|
|
27.4 |
|
Accounts payable and accrued expenses |
|
202.1 |
|
|
|
59.9 |
|
Other assets and liabilities |
|
7.1 |
|
|
|
(0.2 |
) |
Net cash provided by (used in) operating activities |
|
(162.0 |
) |
|
|
(84.0 |
) |
|
|
|
|
|
|
||
Investing Activities |
|
|
|
|
|
||
Purchases of property and equipment |
|
(22.8 |
) |
|
|
(14.1 |
) |
Acquisition of business, net |
|
(0.4 |
) |
|
|
— |
|
Proceeds from sale of business |
|
— |
|
|
|
837.0 |
|
Proceeds from the sale of assets |
|
1.2 |
|
|
|
0.8 |
|
Net cash provided by (used in) investing activities |
|
(22.0 |
) |
|
|
823.7 |
|
|
|
|
|
|
|
||
Financing Activities |
|
|
|
|
|
||
Borrowings under revolving lines of credit |
|
296.0 |
|
|
|
— |
|
Payments under revolving lines of credit |
|
(143.5 |
) |
|
|
(157.0 |
) |
Payments under term loan |
|
(2.5 |
) |
|
|
(426.4 |
) |
Payments under equipment financing facilities and finance leases |
|
(2.2 |
) |
|
|
(1.7 |
) |
Repurchase and retirement of common stock, net |
|
(113.0 |
) |
|
|
— |
|
Advance payment for equity forward contract |
|
(25.0 |
) |
|
|
— |
|
Payment of dividends on Preferred Stock |
|
(6.0 |
) |
|
|
(6.0 |
) |
Proceeds from issuance of common stock related to equity awards |
|
7.3 |
|
|
|
10.6 |
|
Payment of taxes related to net share settlement of equity awards |
|
(0.1 |
) |
|
|
(1.5 |
) |
Net cash provided by (used in) financing activities |
|
11.0 |
|
|
|
(582.0 |
) |
|
|
|
|
|
|
||
Effect of exchange rate changes on cash and cash equivalents |
|
(0.4 |
) |
|
|
0.2 |
|
|
|
|
|
|
|
||
Net increase (decrease) in cash and cash equivalents |
|
(173.4 |
) |
|
|
157.9 |
|
Cash and cash equivalents, beginning of period |
|
225.8 |
|
|
|
461.4 |
|
Cash and cash equivalents, end of period |
$ |
52.4 |
|
|
$ |
619.3 |
|
|
|
|
|
|
|
||
Supplemental Cash Flow Information |
|
|
|
|
|
||
Operating cash flows provided by (used in) discontinued operations |
$ |
— |
|
|
$ |
(21.8 |
) |
Cash paid during the period for: |
|
|
|
|
|
||
Interest |
$ |
8.2 |
|
|
$ |
9.4 |
|
Income taxes, net of refunds2 |
$ |
2.4 |
|
|
$ |
15.9 |
|
____________________ | ||
1. |
|
Unless otherwise noted, amounts include both continuing and discontinued operations. |
2. |
|
Three months ended March 31, 2021 amount includes $3.3 million related to the Interior Products divestiture. |
Beacon Roofing Supply, INC. Consolidated Sales by Line of Business (Unaudited; in millions) |
|||||||||||||||||||||||
Sales by Line of Business |
|
||||||||||||||||||||||
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
|||||||||||||||
|
2022 |
|
|
2021 |
|
|
Year-over-Year
|
|
|||||||||||||||
|
Net Sales |
|
|
Mix % |
|
|
Net Sales |
|
|
Mix % |
|
|
$ |
|
|
% |
|
||||||
Residential roofing products |
$ |
846.4 |
|
|
|
50.2 |
% |
|
$ |
695.0 |
|
|
|
52.7 |
% |
|
$ |
151.4 |
|
|
|
21.8 |
% |
Non-residential roofing products |
|
487.7 |
|
|
|
28.9 |
% |
|
|
329.7 |
|
|
|
25.0 |
% |
|
|
158.0 |
|
|
|
47.9 |
% |
Complementary building products |
|
352.8 |
|
|
|
20.9 |
% |
|
|
293.3 |
|
|
|
22.3 |
% |
|
|
59.5 |
|
|
|
20.3 |
% |
|
$ |
1,686.9 |
|
|
|
100.0 |
% |
|
$ |
1,318.0 |
|
|
|
100.0 |
% |
|
$ |
368.9 |
|
|
|
28.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sales by Business Day1,2 |
|
||||||||||||||||||||||
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
|||||||||||||||
|
2022 |
|
|
2021 |
|
|
Year-over-Year
|
|
|||||||||||||||
|
Net Sales |
|
|
Mix % |
|
|
Net Sales |
|
|
Mix % |
|
|
$ |
|
|
% |
|
||||||
Residential roofing products |
$ |
13.4 |
|
|
|
50.2 |
% |
|
$ |
11.0 |
|
|
|
52.7 |
% |
|
$ |
2.4 |
|
|
|
21.8 |
% |
Non-residential roofing products |
|
7.8 |
|
|
|
28.9 |
% |
|
|
5.2 |
|
|
|
25.0 |
% |
|
|
2.6 |
|
|
|
47.9 |
% |
Complementary building products |
|
5.6 |
|
|
|
20.9 |
% |
|
|
4.7 |
|
|
|
22.3 |
% |
|
|
0.9 |
|
|
|
20.3 |
% |
|
$ |
26.8 |
|
|
|
100.0 |
% |
|
$ |
20.9 |
|
|
|
100.0 |
% |
|
$ |
5.9 |
|
|
|
28.0 |
% |
__________________________________________________ | ||
1. |
|
The three-month periods ended March 31, 2022 and 2021 each had 63 business days. |
2. |
|
Dollar and percentage changes may not recalculate due to rounding. |
Beacon Roofing Supply, INC. Финансовые показатели, Не относящиеся к ОПБУ (Неаудировано; в миллионах)
Финансовые показатели, Не относящиеся к ОПБУ
Чтобы предоставить инвесторам дополнительную информацию о наших финансовых результатах, мы готовим определенные финансовые показатели, которые не рассчитываются в соответствии с GAAP, в частности:
Мы используем эти дополнительные показатели, не относящиеся к GAAP, для оценки финансовых показателей, анализа основных тенденций в нашем бизнесе и определения операционных целей и прогнозов, которые используются при распределении ресурсов. Мы ожидаем, что наши финансовые показатели, не относящиеся к GAAP, будут последовательно рассчитываться с использованием одних и тех же методов каждый период.
Мы считаем, что эти показатели, не относящиеся к GAAP, являются полезными, поскольку они позволяют инвесторам лучше понимать изменения за сравнительные периоды, предоставляя финансовые результаты, на которые не влияют определенные статьи, которые не указывают на текущие операционные показатели.
Хотя мы считаем, что эти показатели, не относящиеся к GAAP, полезны для инвесторов при оценке нашего бизнеса, они не подготовлены и не представлены в соответствии с GAAP и поэтому должны рассматриваться как дополнительные по своему характеру. Эти показатели, не относящиеся к GAAP, не следует рассматривать изолированно или в качестве замены других показателей финансовой деятельности, представленных в соответствии с GAAP. Эти финансовые показатели, не относящиеся к GAAP, могут иметь существенные ограничения, включая, но не ограничиваясь этим, исключение определенных затрат без соответствующего уменьшения чистой прибыли для дохода, получаемого от активов, к которым относятся исключенные затраты. Кроме того, эти финансовые показатели, не относящиеся к GAAP, могут отличаться от показателей с аналогичным названием, представленных другими компаниями.
Beacon Roofing Supply, INC. Финансовые показатели, не относящиеся к ОПБУ (продолжение) (Неаудировано; в миллионах)
Корректировка статей с учетом финансовых показателей, не относящихся к ОПБУ
Влияние следующих статей расходов (доходов) исключается из каждого из наших показателей, не относящихся к GAAP (“корректирующие статьи”):
В следующей таблице представлено влияние и соответствующее расположение корректирующих статей на наши консолидированные отчеты о прибылях и убытках за каждый из указанных периодов:
|
Operating Expense |
|
|
Non-Operating
|
|
|
|
|
|
|
|
||||||||||||
|
SG&A1 |
|
|
Amorti-
|
|
|
Interest
|
|
|
Other
|
|
|
Income
|
|
|
Total |
|
||||||
Three Months Ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Acquisition costs |
$ |
0.5 |
|
|
$ |
21.4 |
|
|
$ |
1.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22.9 |
|
Restructuring costs |
|
1.7 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
— |
|
|
|
2.0 |
|
COVID-19 impacts |
|
1.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.4 |
|
Total adjusting items |
$ |
3.6 |
|
|
$ |
21.4 |
|
|
$ |
1.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
26.3 |
|
Three Months Ended March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Acquisition costs |
$ |
0.7 |
|
|
$ |
25.3 |
|
|
$ |
1.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
27.8 |
|
Restructuring costs3 |
|
3.0 |
|
|
|
2.3 |
|
|
|
0.8 |
|
|
|
9.5 |
|
|
|
— |
|
|
|
15.6 |
|
COVID-19 impacts |
|
0.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
Total adjusting items |
$ |
4.2 |
|
|
$ |
27.6 |
|
|
$ |
2.6 |
|
|
$ |
9.5 |
|
|
$ |
— |
|
|
$ |
43.9 |
|
______________________________ | ||
1. |
|
Selling, general and administrative expense (“SG&A”). |
2. |
|
For tax impact of adjusting items, see Adjusted Net Income (Loss) table below. |
3. |
|
Other (income) expense includes a loss on debt extinguishment of $9.5 million in connection with the write-off of debt issuance costs stemming from the additional $423.9 million principal payment on the 2025 Term Loan. |
Beacon Roofing Supply, INC. Финансовые показатели, не относящиеся к ОПБУ (продолжение) (Неаудировано; в миллионах)
Скорректированные Операционные Расходы
В следующей таблице представлена сверка операционных расходов, наиболее непосредственно сопоставимого финансового показателя, измеренного в соответствии с GAAP, с скорректированными операционными расходами за каждый из указанных периодов:
|
Three Months Ended March 31, |
|
|||||
|
2022 |
|
|
2021 |
|
||
Operating expense |
$ |
348.2 |
|
|
$ |
310.0 |
|
Acquisition costs |
|
(21.9 |
) |
|
|
(26.0 |
) |
Restructuring costs |
|
(1.7 |
) |
|
|
(5.3 |
) |
COVID-19 impacts |
|
(1.4 |
) |
|
|
(0.5 |
) |
Adjusted Operating Expense |
$ |
323.2 |
|
|
$ |
278.2 |
|
|
|
|
|
|
|
||
Net sales |
$ |
1,686.9 |
|
|
$ |
1,318.0 |
|
Operating expense as % of sales |
|
20.7 |
% |
|
|
23.5 |
% |
Adjusted Operating Expense as % of sales |
|
19.2 |
% |
|
|
21.1 |
% |
Скорректированный Чистый Доход (Убыток)
В следующей таблице представлена сверка чистой прибыли (убытка) от продолжающейся деятельности, наиболее непосредственно сопоставимого финансового показателя, измеряемого в соответствии с GAAP, с Скорректированной чистой прибылью (убытком) за каждый из указанных периодов:
|
Three Months Ended March 31, |
|
|||||
|
2022 |
|
|
2021 |
|
||
Net income (loss) from continuing operations |
$ |
55.8 |
|
|
$ |
(10.5 |
) |
Adjusting items: |
|
|
|
|
|
||
Acquisition costs |
|
22.9 |
|
|
|
27.8 |
|
Restructuring costs |
|
2.0 |
|
|
|
15.6 |
|
COVID-19 impacts |
|
1.4 |
|
|
|
0.5 |
|
Total adjusting items |
|
26.3 |
|
|
|
43.9 |
|
Less: tax impact of adjusting items1 |
|
(6.5 |
) |
|
|
(11.3 |
) |
Total adjustments, net of tax |
|
19.8 |
|
|
|
32.6 |
|
Adjusted Net Income (Loss) |
$ |
75.6 |
|
|
$ |
22.1 |
|
|
|
|
|
|
|
||
Net sales |
$ |
1,686.9 |
|
|
$ |
1,318.0 |
|
Net income (loss) as % of sales |
|
3.3 |
% |
|
|
(0.8 |
%) |
Adjusted Net Income (Loss) as % of sales |
|
4.5 |
% |
|
|
1.7 |
% |
______________________________ | ||
1. |
|
Amounts represent tax impact on adjusting items that are not included in our income tax provision (benefit) for the periods presented. The tax impact of adjusting items for the three months ended March 31, 2022 and 2021 were calculated using a blended effective tax rate of 24.7% and 25.7%, respectively. |
Beacon Roofing Supply, INC. Финансовые показатели, не относящиеся к ОПБУ (продолжение) (Неаудировано; в миллионах)
Скорректированный показатель EBITDA
В следующей таблице представлена сверка чистой прибыли (убытка) от продолжающейся деятельности, наиболее непосредственно сопоставимого финансового показателя, измеряемого в соответствии с GAAP, с скорректированной EBITDA за каждый из указанных периодов:
|
Three Months Ended March 31, |
|
|||||
|
2022 |
|
|
2021 |
|
||
Net income (loss) from continuing operations |
$ |
55.8 |
|
|
$ |
(10.5 |
) |
Interest expense, net |
|
17.2 |
|
|
|
29.6 |
|
Income taxes |
|
18.9 |
|
|
|
(4.8 |
) |
Depreciation and amortization |
|
38.9 |
|
|
|
42.2 |
|
Stock-based compensation |
|
5.1 |
|
|
|
4.2 |
|
Acquisition costs1 |
|
0.5 |
|
|
|
0.7 |
|
Restructuring costs1 |
|
1.7 |
|
|
|
12.5 |
|
COVID-19 impacts1 |
|
1.4 |
|
|
|
0.5 |
|
Adjusted EBITDA |
$ |
139.5 |
|
|
$ |
74.4 |
|
|
|
|
|
|
|
||
Net sales |
$ |
1,686.9 |
|
|
$ |
1,318.0 |
|
Net income (loss) as % of sales |
|
3.3 |
% |
|
|
(0.8 |
%) |
Adjusted EBITDA as % of sales |
|
8.3 |
% |
|
|
5.6 |
% |
______________________________ | ||
1. |
|
Amounts represent adjusting items included in SG&A and other income (expense); remaining adjusting item balances are embedded within the other line item balances reported in this table. |