Stock Analysis on Net
Stock Analysis on Net

Builders FirstSource Inc. (NYSE:BLDR)

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

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Builders FirstSource Inc., consolidated income statement (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Net sales 4,534,264 4,528,890 3,883,314 4,357,565 5,761,463 6,926,259 5,681,131 4,634,809 5,508,590 5,576,682 4,173,775 2,530,760 2,295,450 1,945,643 1,787,021 1,763,573 1,981,035 1,904,523 1,631,300 1,815,980 2,118,467 2,089,888 1,700,436
Cost of sales (2,953,162) (2,933,944) (2,511,914) (2,872,438) (3,746,731) (4,514,112) (3,848,758) (3,149,010) (3,796,138) (3,993,531) (3,104,221) (1,861,572) (1,724,799) (1,428,311) (1,321,608) (1,287,017) (1,439,893) (1,387,367) (1,189,325) (1,323,201) (1,595,686) (1,593,560) (1,289,384)
Gross margin 1,581,102 1,594,946 1,371,400 1,485,127 2,014,732 2,412,147 1,832,373 1,485,799 1,712,452 1,583,151 1,069,554 669,188 570,651 517,332 465,413 476,556 541,142 517,156 441,975 492,779 522,781 496,328 411,052
Selling, general and administrative expenses (939,474) (1,017,874) (904,217) (959,122) (1,000,204) (1,046,279) (968,568) (864,009) (875,012) (902,913) (821,598) (455,294) (430,893) (388,077) (404,466) (401,418) (411,510) (401,511) (370,084) (402,302) (400,993) (391,769) (358,908)
Income from operations 641,628 577,072 467,183 526,005 1,014,528 1,365,868 863,805 621,790 837,440 680,238 247,956 213,894 139,758 129,255 60,947 75,138 129,632 115,645 71,891 90,477 121,788 104,559 52,144
Interest expense, net (50,193) (53,016) (42,108) (42,233) (44,111) (70,715) (41,314) (40,284) (35,954) (27,795) (31,844) (28,902) (28,043) (26,812) (51,931) (27,480) (27,788) (29,382) (24,901) (23,408) (29,106) (28,957) (26,742)
Income before income taxes 591,435 524,056 425,075 483,772 970,417 1,295,153 822,491 581,506 801,486 652,443 216,112 184,992 111,715 102,443 9,016 47,658 101,844 86,263 46,990 67,069 92,682 75,602 25,402
Income tax expense (139,978) (119,437) (91,289) (99,259) (232,410) (307,944) (182,851) (139,050) (188,341) (155,208) (43,532) (45,078) (25,783) (23,519) (249) (6,291) (23,714) (19,659) (11,282) (15,048) (19,354) (18,980) (2,182)
Net income 451,457 404,619 333,786 384,513 738,007 987,209 639,640 442,456 613,145 497,235 172,580 139,914 85,932 78,924 8,767 41,367 78,130 66,604 35,708 52,021 73,328 56,622 23,220

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The financial performance exhibits a distinct period of rapid expansion between March 2021 and June 2022, followed by a correction and subsequent stabilization through September 2023. This cycle is characterized by a significant surge in both top-line revenue and bottom-line profitability, coupled with an increase in the operational cost base.

Revenue and Gross Margin Analysis
Net sales remained relatively stable from 2018 through 2020, generally fluctuating between 1.6 billion and 2.5 billion US dollars. A sharp acceleration began in March 2021, with revenue peaking at 6.9 billion US dollars in June 2022. While sales declined in the following quarters, they stabilized at a higher baseline of approximately 3.8 billion to 4.5 billion US dollars throughout 2023. Gross margins followed a similar trajectory, reaching a peak of 2.4 billion US dollars in June 2022, indicating that the revenue surge was accompanied by strong absolute profitability.
Operating Expenses and Efficiency
Selling, general and administrative (SG&A) expenses showed minimal volatility between 2018 and 2020, averaging roughly 400 million US dollars per quarter. However, corresponding with the revenue spike in 2021, SG&A expenses increased significantly, peaking at 1.05 billion US dollars in June 2022. Despite the subsequent decline in net sales during 2023, SG&A expenses have remained elevated, consistently staying above 900 million US dollars, which suggests a higher permanent cost structure following the growth phase.
Operating and Net Income Trends
Income from operations experienced exponential growth during the 2021-2022 period, rising from a pre-2021 quarterly average of approximately 100 million US dollars to a peak of 1.37 billion US dollars in June 2022. Net income mirrored this trend, peaking at 987 million US dollars in the same quarter. Although net income retreated as sales normalized, the 2023 figures (ranging from 333 million to 451 million US dollars) remain substantially higher than the levels observed between 2018 and 2020.
Financial Obligations and Tax Impact
Interest expenses remained relatively contained until 2022, where a peak of 70.7 million US dollars was recorded in June, suggesting an increase in debt obligations potentially tied to the expansion period. Income tax expenses also scaled proportionally with earnings, peaking at 307.9 million US dollars in June 2022, before moderating as profitability normalized in 2023.

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