Builders FirstSource Reports Fourth Quarter and Fiscal Year 2016 Results
The Company acquired
The Company has provided supplemental non-GAAP financial information of the consolidated company that is adjusted to include ProBuild's financial results for the relevant periods prior to the Closing Date. These pro forma results ("Pro Forma") were prepared assuming the ProBuild acquisition closed
Fourth Quarter 2016 Compared to Fourth Quarter 2015:
- Net sales for the quarter ended
December 31, 2016 were$1.55 billion , a 6.3 percent increase over net sales of$1.46 billion for the fourth quarter of 2015, despite losing 2 sales days compared to the fourth quarter of 2015. - Sales per day grew 10.1 percent in the quarter over the fourth quarter of 2015, and was benefited by approximately 4.4 percent as a result of the impact of commodity price inflation on our sales. Sales per day, excluding closed locations, grew approximately 13.2 percent in the new residential homebuilding end market and approximately 3.7 percent in the repair and remodel end market.
Gross Margin
- Gross margin of
$391.6 million in the fourth quarter of 2016 increased by$9.3 million as compared to gross margin for the fourth quarter of 2015. Gross margin percentage was 25.3 percent, down 100 basis points from 26.3 percent in the fourth quarter of 2015. The decrease on a year over year basis was largely due to a combination of commodity price deflation benefits in 2015 versus commodity price inflation in 2016. Although commodity price inflation generally benefits the Company's operating results in the long term, it can cause short term gross margin percentage compression when prices are rising and margin percentage expansion when prices are falling. This is due to the short term pricing commitments we provide customers versus the volatility of the commodity markets. On a sequential basis, gross profit margins expanded by 30 bps from 25.0 percent in the third quarter of 2016 to 25.3 percent in the fourth quarter.
Net Income
- GAAP Interest expense in the quarter of
$44.4 million includes$9.7 million of premium paid and non-cash deferred loan cost associated with the repurchase of$50 million principal amount of our 2023 unsecured notes with a 10.75% coupon. Absent these expenses, Adjusted interest expense was$34.7 million in the fourth quarter of 2016, an$8.4 million reduction compared to interest expense for the fourth quarter of 2015. - The Company recorded
$0.1 million in income tax expense in the three months endedDecember 31, 2016 . The Company released$3.1 million of valuation allowance against its deferred income tax assets in the quarter, largely offsetting$3.2 million of tax expenses. - In the fourth quarter of 2016, GAAP net income was
$6.4 million , or$0.06 per diluted share, compared to a net loss of$10.6 million , or ($0.10 ) per diluted share, in the fourth quarter of 2015. - Adjusted net income was
$18.3 million , or$0.16 per diluted share, compared to Adjusted net loss of$0.3 million , or ($0.00 ) per diluted share, in the fourth quarter of 2015. This improvement was largely a result of the operating synergies realized, revenue growth, and interest savings as a result of refinancings and debt reduction.
EBITDA
- Despite the loss of 2 sales days on a year over year basis, which negatively impacted year-over-year revenue comparisons by approximately
$46 million , Adjusted EBITDA grew$8.5 million to$84.8 million , or 5.5 percent of sales, compared to$76.3 million , or 5.2 percent of sales, for the Adjusted fourth quarter of 2015. The year over year improvement was driven largely by cost savings initiatives and revenue growth, offset by commodity driven gross profit margin compression and a reduction in two sales days.
Fiscal 2016 Financial Information Compared to Fiscal 2015:
- Net sales for the fiscal year ended
December 31, 2016 were$6.4 billion , a 79 percent increase over net sales of$3.6 billion for 2015, largely due to the acquisition of ProBuild. - Net sales increased 5.5 percent compared to Pro Forma sales for 2015, excluding the impact of closed locations. Total sales volume grew 5.3 percent over Pro Forma 2015, and was benefited by 0.2 percent as a result of the impact of commodity price inflation on our sales.
Gross Margin
- Gross margin in 2016 increased
$695.3 million to$1,596.7 million versus 2015. This increase is largely attributable to the ProBuild acquisition. - Gross margin percentage was 25.1 percent, down 40 basis points from 25.5 percent for Pro Forma 2015. The decrease on a year over year basis was largely due to a combination of commodity price deflation benefits in 2015 versus commodity price inflation in 2016.
Net Income
- GAAP Interest expense was
$214.7 million in 2016, an increase of$105.5 million over 2015, which includes$57.0 million of one-time costs associated with the refinancing of our long term debt. The remaining increase is due to the ProBuild acquisition financing. Adjusted interest expense was$157.7 million in 2016, a$23.2 million reduction compared to Pro Forma Adjusted interest expense for 2015, attributable to debt repayments and a series of transactions that have reduced the Company's interest expense. - The Company recorded
$122.7 million of income tax benefit in the year endedDecember 31, 2016 . This benefit can be largely attributed to the release of our valuation allowance of$131.7 million against our deferred income tax assets. - Net income in 2016 was
$144.3 million , or$1.27 per diluted share, compared to net loss of$22.8 million , or ($0.22 ) per diluted share, in 2015. Fiscal 2016 net income includes one-time financing cost of$57.0 million , and a reduction to the valuation allowance against the Company's deferred tax asset of$131.7 million . Additionally, one-time costs to achieve our synergy savings are estimated to be$90-$100 million , of which we incurred approximately$28 million and$43 million in 2016 and 2015, respectively. The remainder of these costs are expected to be incurred in 2017. - Adjusted net income for fiscal 2016 was
$94.0 million versus Pro Forma Adjusted net loss of$3.0 million in 2015. This$97.0 million improvement, or$0.86 per share, was driven largely by our cost savings initiatives and Adjusted interest savings.
EBITDA
- 2016 Adjusted EBITDA was
$381.6 million , or 6.0 percent of sales, compared to$313.3 million , or 5.2 percent of sales, for Pro Forma Adjusted 2015, driven largely by incremental cost savings initiatives, and sales growth, offset by commodity driven gross profit margin compression.
2016 Capital Structure, Leverage, and Liquidity Information:
- Adjusted EBITDA was
$381.6 million and net debt was$1,816.7 million as ofDecember 31, 2016 . This implies a multiple of 4.8x net debt / Adjusted EBITDA, down from 6.2x as ofDecember 31, 2015 . - Net debt was reduced by
$152.4 million in the fourth quarter of 2016. - Liquidity at
December 31, 2016 was$681.6 million , which consisted of net borrowing availability under the revolving credit facility and cash on hand. - The company exceeded its cash flow guidance for the year, generating cash from operations and investing of
$119.9 million . This enabled the Company to reduce net debt outstanding by$115.9 million in 2016. - We will not pay federal taxes in 2016 due to our net operating loss carryforward position. We paid approximately
$2.9 million in state and other taxes in 2016. - In 2016, the Company entered into multiple transactions to lower our go forward cash interest expense and to extend our maturity profile. These transactions have reduced our go forward annual cash interest expense by approximately
$34 million sinceDecember 31, 2015 and extended our weighted average long term debt maturity to over 7 years, excluding lease finance obligations. Additionally, inFebruary 2017 , the Company amended and extended its term loan credit facility to 2024 with an interest reduction of 0.75%, or approximately$3 million annually. The Company expects to realize these cash savings in 2017. - The terms of our debt allow the Company to repay our most expensive debt first, which should benefit go forward free cash flow.
Please refer to the accompanying financial schedules for more information, including a Pro Forma view of cash interest and debt levels.
Commenting on the fiscal 2016 results,
Outlook
Concluding,
Conference Call
About
2016 Sales:
Headquartered in
Cautionary Notice
Statements in this news release and the schedules hereto that are not purely historical facts or that necessarily depend upon future events, including statements about expected market share gains, forecasted financial performance or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on forward-looking statements. 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. As with the forward-looking statements included in this release, these forward-looking statements are by nature inherently uncertain, and actual results may differ materially as a result of many factors. All forward-looking statements are based upon information available to
Financial Schedules to Follow
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||
| Years Ended | ||||||||||
| 2016 | 2015 | |||||||||
| (In thousands, except per share amounts) | ||||||||||
| Sales | $ | 6,367,284 | $ | 3,564,425 | ||||||
| Cost of sales | 4,770,536 | 2,662,967 | ||||||||
| Gross margin | 1,596,748 | 901,458 | ||||||||
| Selling, general and administrative expenses | 1,360,412 | 810,703 | ||||||||
| Income from operations | 236,336 | 90,755 | ||||||||
| Interest expense, net | 214,667 | 109,199 | ||||||||
| Income (loss) before income taxes | 21,669 | (18,444 | ) | |||||||
| Income tax expense (benefit) | (122,672 | ) | 4,387 | |||||||
| Net income (loss) | $ | 144,341 | $ | (22,831 | ) | |||||
| Comprehensive income (loss) | $ | 144,341 | $ | (22,831 | ) | |||||
| Net income (loss) per share: | ||||||||||
| Basic | $ | 1.30 | $ | (0.22 | ) | |||||
| Diluted | $ | 1.27 | $ | (0.22 | ) | |||||
| Weighted average common shares outstanding: | ||||||||||
| Basic | 110,754 | 103,190 | ||||||||
| Diluted | 113,585 | 103,190 | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
| 2016 | 2015 | |||||||
| (In thousands, except per share amounts) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 14,449 | $ | 65,063 | ||||
| Accounts receivable, less allowances of | 569,208 | 528,544 | ||||||
| Other receivables | 55,781 | 57,778 | ||||||
| Inventories, net | 541,771 | 513,045 | ||||||
| Other current assets | 34,772 | 29,899 | ||||||
| Total current assets | 1,215,981 | 1,194,329 | ||||||
| Property, plant and equipment, net | 656,101 | 734,329 | ||||||
| Assets held for sale | 4,361 | 5,585 | ||||||
| 740,411 | 739,625 | |||||||
| Intangible assets, net | 159,373 | 189,604 | ||||||
| Deferred income taxes | 115,320 | 2,035 | ||||||
| Other assets, net | 18,340 | 16,531 | ||||||
| Total assets | $ | 2,909,887 | $ | 2,882,038 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Checks outstanding | $ | 35,606 | $ | 46,833 | ||||
| Accounts payable | 409,759 | 365,347 | ||||||
| Accrued liabilities | 293,115 | 293,905 | ||||||
| Current maturities of long-term debt and lease obligations | 16,217 | 29,153 | ||||||
| Total current liabilities | 754,697 | 735,238 | ||||||
| Long-term debt and lease obligations, net of current maturities, debt discount, and debt issuance costs | 1,785,835 | 1,922,518 | ||||||
| Deferred income taxes | — | 11,502 | ||||||
| Other long-term liabilities | 59,735 | 63,585 | ||||||
| Total liabilities | 2,600,267 | 2,732,843 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 1,115 | 1,097 | ||||||
| Additional paid-in capital | 527,868 | 511,802 | ||||||
| Accumulated deficit | (219,363 | ) | (363,704 | ) | ||||
| Total stockholders' equity | 309,620 | 149,195 | ||||||
| Total liabilities and stockholders' equity | $ | 2,909,887 | $ | 2,882,038 | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
| Years Ended | ||||||||||
| 2016 | 2015 | |||||||||
| (In thousands) | ||||||||||
| Cash flows from operating activities: | ||||||||||
| Net income (loss) | $ | 144,341 | $ | (22,831 | ) | |||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||
| Depreciation and amortization | 109,793 | 58,280 | ||||||||
| Asset impairments | 4,616 | 2,114 | ||||||||
| Amortization of deferred loan costs | 6,863 | 18,630 | ||||||||
| Amortization of debt discount | 639 | 299 | ||||||||
| Loss on extinguishment of debt | 55,776 | — | ||||||||
| Payment of original issue discount | (1,259 | ) | — | |||||||
| Accretion of lease finance obligations | 813 | — | ||||||||
| Fair value adjustment of stock warrants | — | 4,563 | ||||||||
| Deferred income taxes | (124,787 | ) | 3,287 | |||||||
| Bad debt expense | 1,390 | 2,285 | ||||||||
| Stock compensation expense | 10,549 | 6,848 | ||||||||
| Net gain on sales of assets | (4,952 | ) | (801 | ) | ||||||
| Changes in assets and liabilities, net of assets acquired and liabilities assumed: | ||||||||||
| Receivables | (45,942 | ) | 74,089 | |||||||
| Inventories | (33,965 | ) | 46,854 | |||||||
| Other current assets | (4,873 | ) | (6,320 | ) | ||||||
| Other assets and liabilities | (1,641 | ) | 5,314 | |||||||
| Accounts payable and checks outstanding | 36,585 | (45,286 | ) | |||||||
| Accrued liabilities | 4,281 | 29,709 | ||||||||
| Net cash provided by operating activities | 158,227 | 177,034 | ||||||||
| Cash flows from investing activities: | ||||||||||
| Purchases of property, plant and equipment | (42,662 | ) | (43,811 | ) | ||||||
| Proceeds from sale of property, plant and equipment | 8,305 | 4,275 | ||||||||
| Cash used for acquisitions, net | (3,970 | ) | (1,468,511 | ) | ||||||
| Net cash used in investing activities | (38,327 | ) | (1,508,047 | ) | ||||||
| Cash flows from financing activities: | ||||||||||
| Borrowings under revolving credit facility | 907,000 | 320,000 | ||||||||
| Payments under revolving credit facility | (967,000 | ) | (290,000 | ) | ||||||
| Proceeds from issuance of notes | 750,000 | 700,000 | ||||||||
| Proceeds from term loan | — | 594,000 | ||||||||
| Repayments of long-term debt and other loans | (807,517 | ) | (4,213 | ) | ||||||
| Payments of debt extinguishment costs | (42,869 | ) | — | |||||||
| Payments of loan costs | (15,663 | ) | (58,525 | ) | ||||||
| Proceeds from public offering of common stock, net of issuance costs | — | 111,309 | ||||||||
| Exercise of stock options | 6,627 | 6,718 | ||||||||
| Repurchase of common stock | (1,092 | ) | (986 | ) | ||||||
| Net cash provided by (used in) financing activities | (170,514 | ) | 1,378,303 | |||||||
| Net increase (decrease) in cash and cash equivalents | (50,614 | ) | 47,290 | |||||||
| Cash and cash equivalents at beginning of period | 65,063 | 17,773 | ||||||||
| Cash and cash equivalents at end of period | $ | 14,449 | $ | 65,063 | ||||||
Supplemental disclosure of non-cash activities
For the years ended
The Company purchased equipment which was financed through capital lease obligations of
Reconciliation of Adjusted Non-GAAP Financial Measures to their GAAP Equivalents (unaudited) | ||||||||||||||||
| Note: The company provided detailed explanations of these non-GAAP financial measures in its Form 8-K filed with the | ||||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||
| 2016 | 2015 (1) | 2016 | 2015 (1) | |||||||||||||
| (in millions) | (in millions) | |||||||||||||||
| Reconciliation to Adjusted EBITDA: | ||||||||||||||||
| Reported GAAP Net Income (Loss) | $ | 6.4 | $ | (10.6 | ) | $ | 144.3 | $ | (22.8 | ) | ||||||
| ProBuild Net Income (Loss) | - | - | - | 32.0 | ||||||||||||
| Pro forma interest adjustment | - | - | - | (41.8 | ) | |||||||||||
| Acquisition depreciation and amortization adjustments | - | - | - | (25.5 | ) | |||||||||||
| Other pro forma adjustments | - | - | - | (5.9 | ) | |||||||||||
| Acquisition related expenses | - | 0.3 | - | 32.8 | ||||||||||||
| Pro forma Net Income (Loss) | 6.4 | (10.3 | ) | 144.3 | (31.2 | ) | ||||||||||
| Integration related expenses | 5.1 | 9.7 | 26.0 | 24.1 | ||||||||||||
| Debt issuance and refinancing cost (2) | 9.7 | - | 56.9 | - | ||||||||||||
| Release of tax valuation allowance | (3.1 | ) | - | (131.7 | ) | - | ||||||||||
| Facility closure costs | 0.2 | 0.3 | (1.5 | ) | 4.1 | |||||||||||
| Adjusted Net Income (Loss) | 18.3 | (0.3 | ) | 94.0 | (3.0 | ) | ||||||||||
| Weighted average diluted common shares (in millions) | 114.2 | 109.4 | 113.6 | 108.5 | ||||||||||||
| Diluted adjusted net income (loss) per share: | $ | 0.16 | $ | (0.00 | ) | $ | 0.83 | $ | (0.03 | ) | ||||||
| Reconciling items: | ||||||||||||||||
| Depreciation and amortization expense | 22.9 | 27.6 | 109.8 | 117.3 | ||||||||||||
| Interest expense, net | 34.7 | 43.0 | 157.8 | 180.9 | ||||||||||||
| Income tax (benefit) expense | 3.2 | 3.3 | 9.0 | 5.9 | ||||||||||||
| Stock compensation expense | 2.8 | 1.9 | 10.5 | 6.9 | ||||||||||||
| ProBuild long term incentive plan | - | - | - | 2.0 | ||||||||||||
| (Gain)/loss on sale and asset impairments | 2.9 | 0.5 | (0.3 | ) | (2.0 | ) | ||||||||||
| Other management-identified adjustments (3) | 0.0 | 0.3 | 0.8 | 5.3 | ||||||||||||
| Adjusted EBITDA | $ | 84.8 | $ | 76.3 | $ | 381.6 | $ | 313.3 | ||||||||
| Adjusted EBITDA Margin | 5.5 | % | 5.2 | % | 6.0 | % | 5.2 | % | ||||||||
| (1) Pro forma results are reflected for 2015 prior to the Acquisition Closing Date of | ||||||||||||||||
| (2) Cost associated with refinancing long term debt. | ||||||||||||||||
| (3) Primarily relates to severance, one-time cost items, and losses from closed ProBuild locations. | ||||||||||||||||
| Financial Data | ||||||||||||||||
| (pro forma adjusted and unaudited) | ||||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||
| 2016 | 2015 (1) | 2016 | 2015 (1) | |||||||||||||
| (in millions except per share amounts) | ||||||||||||||||
| Net sales | $ | 1,546.9 | $ | 1,455.9 | $ | 6,367.3 | $ | 3,564.4 | ||||||||
| Sales attributable to acquisitions | - | - | - | 2,502.4 | ||||||||||||
| Pro forma net sales | 1,546.9 | 1,455.9 | 6,367.3 | 6,066.8 | ||||||||||||
| Sales adjustment for closed locations | (0.3 | ) | (4.6 | ) | (2.8 | ) | (35.3 | ) | ||||||||
| Net sales excluding closed locations | 1,546.6 | 1,451.3 | 6,364.5 | 6,031.5 | ||||||||||||
| Gross margin | 391.6 | 382.3 | 1,596.7 | 1,548.7 | ||||||||||||
| Gross margin % | 25.3 | % | 26.3 | % | 25.1 | % | 25.5 | % | ||||||||
| Adjusted SG&A/Other (excluding depreciation and amortization) as a % of sales (2) | 19.8 | % | 21.0 | % | 19.1 | % | 20.4 | % | ||||||||
| Adjusted EBITDA | 84.8 | 76.3 | 381.6 | 313.3 | ||||||||||||
| Adjusted EBITDA margin % | 5.5 | % | 5.2 | % | 6.0 | % | 5.2 | % | ||||||||
| Depreciation and amortization | (22.9 | ) | (27.6 | ) | (109.8 | ) | (117.3 | ) | ||||||||
| Interest expense, net of debt issuance cost and refinancing | (34.7 | ) | (43.0 | ) | (157.8 | ) | (180.9 | ) | ||||||||
| Income tax benefit (expense) | (3.2 | ) | (3.3 | ) | (9.0 | ) | (5.9 | ) | ||||||||
| Other adjustments | (5.7 | ) | (2.7 | ) | (11.0 | ) | (12.2 | ) | ||||||||
| Adjusted Net Income (Loss) | $ | 18.3 | $ | (0.3 | ) | $ | 94.0 | $ | (3.0 | ) | ||||||
| Basic adjusted net income (loss) per share: | $ | 0.16 | $ | (0.00 | ) | $ | 0.85 | $ | (0.03 | ) | ||||||
| Diluted adjusted net income (loss) per share: | $ | 0.16 | $ | (0.00 | ) | $ | 0.83 | $ | (0.03 | ) | ||||||
| Weighted average common shares (in millions) | ||||||||||||||||
| Basic | 111.5 | 109.4 | 110.8 | 108.5 | ||||||||||||
| Diluted | 114.2 | 109.4 | 113.6 | 108.5 | ||||||||||||
| Note: The company provided detailed explanations of these non-GAAP financial measures in its Form 8-K filed with the | ||||||||||||||||
| (1) Pro forma results are reflected for 2015 prior to the Acquisition Closing Date of | ||||||||||||||||
| (2) Adjusted SG&A and other as a percentage of sales is defined as GAAP SG&A less depreciation and amortization, stock comp, acquisition, integration and other expenses. GAAP SG&A in Q4-16 of GAAP SG&A YTD of | ||||||||||||||||
| Sales Excluding Closed Locations by Product Category | |||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||
| Three months ended | Twelve months
ended | ||||||||||||||||||||||||
| 2016 | 2015 (1) | 2016 | 2015 (1) | ||||||||||||||||||||||
| (in millions) | (in millions) | ||||||||||||||||||||||||
| Lumber & | $ | 516.3 | 33.4 | % | $ | 456.7 | 31.5 | % | $ | 2,131.3 | 33.5 | % | $ | 1,974.2 | 32.7 | % | |||||||||
| Manufactured Products | 273.1 | 17.7 | % | 238.3 | 16.4 | % | 1,095.3 | 17.2 | % | 994.1 | 16.5 | % | |||||||||||||
| Windows, Doors & Millwork | 322.9 | 20.9 | % | 311.4 | 21.5 | % | 1,286.1 | 20.2 | % | 1,228.7 | 20.4 | % | |||||||||||||
| Gypsum, Roofing & Insulation | 123.4 | 8.0 | % | 125.5 | 8.6 | % | 520.0 | 8.2 | % | 522.9 | 8.7 | % | |||||||||||||
| Siding, Metal & Concrete Products | 145.7 | 9.4 | % | 147.9 | 10.2 | % | 622.3 | 9.8 | % | 618.2 | 10.2 | % | |||||||||||||
| Other | 165.2 | 10.6 | % | 171.5 | 11.8 | % | 709.6 | 11.1 | % | 693.4 | 11.5 | % | |||||||||||||
| Total adjusted net sales | $ | 1,546.6 | 100.0 | % | $ | 1,451.3 | 100.0 | % | $ | 6,364.6 | 100.0 | % | $ | 6,031.5 | 100.0 | % | |||||||||
| (1) Pro forma results include ProBuild prior to the Acquisition Closing Date of | |||||||||||||||||||||||||
| Interest Reconciliation | |||||||||||
| (unaudited) | |||||||||||
| Three months ended | |||||||||||
| Interest Expense | Net Debt Outstanding | Adjusted Annual Go Forward Cash Interest (1) | |||||||||
| (in millions) | |||||||||||
| 2024 Secured Notes @ 5.625% Fixed | $ | 10.5 | $ | 750.0 | $ | 42.2 | |||||
| 2023 Unsecured Notes at 10.75% Fixed | 10.1 | 367.6 | 39.5 | ||||||||
| 2024 Term Loan @ 4% (Floating LIBOR) (2) | 5.7 | 467.7 | 18.7 | ||||||||
| Revolving Credit Facility @ 2% (Floating LIBOR) (2) | 1.4 | - | 5.4 | ||||||||
| Premium paid on repurchase of | 8.5 | ||||||||||
| Amortization of deferred loan costs and debt discount (3) | 2.8 | ||||||||||
| Lease finance obligations and capital leases | 5.4 | 245.9 | 21.6 | ||||||||
| Cash | (14.4 | ) | |||||||||
| Total | $ | 44.4 | $ | 1,816.8 | $ | 127.4 | |||||
| Leverage Ratio | |||||||||||
| (1) Excludes issuance cost and one time items. Assumes current or pro forma borrowing rates on variable debt. | |||||||||||
| (2) Assumes Q4 balance for the Term Loan and 2016A on the revolving credit facility for annualized projections. Includes FY benefit of February reprice of the term loan which brought the interest rate down to LIBOR +3.0% with a 100 bp floor. | |||||||||||
| (3) Includes | |||||||||||
Contact:Jennifer Pasquino SVP Investor RelationsBuilders FirstSource , Inc. . (303) 262-8571
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