Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Builders FirstSource, Inc. | d50404d8k.htm |
| EX-99.2 - EX-99.2 - Builders FirstSource, Inc. | d50404dex992.htm |
Exhibit 99.1
Combined Financial Information
| LTM Ended March 31, |
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| 2015 | ||||
| (in thousands) | ||||
| Statement of Operations Data: |
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| Net sales |
$ | 6,112,592 | ||
| Cost of sales |
4,617,264 | |||
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| Gross margin |
1,495,328 | |||
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| Operating expenses: |
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| Selling, general and administrative expenses |
1,378,863 | |||
| Facility closure costs |
10,659 | |||
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| Total operating expenses |
1,389,522 | |||
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| Income from operations |
105,806 | |||
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| Interest expense |
(158,924 | ) | ||
| Interest income |
3,271 | |||
| Other income |
6,272 | |||
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| Loss from continuing operations before income tax |
(43,575 | ) | ||
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| Income tax expense |
(2,075 | ) | ||
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| Loss from continuing operations |
(45,650 | ) | ||
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| Loss from discontinued operations |
(244 | ) | ||
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| Net loss |
$ | (45,894 | ) | |
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The following table is a reconciliation of our Adjusted net loss to Combined EBITDA and Combined Adjusted EBITDA:
| LTM Ended March 31, 2015 | ||||
| (in thousands) | ||||
| Adjusted net loss |
$ | (45,894 | ) | |
| Adjusted depreciation and amortization expense |
111,457 | |||
| Adjusted interest expense, net |
158,924 | |||
| Adjusted income tax expense |
2,075 | |||
| Adjusted discontinued operations, net of tax |
244 | |||
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|
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| Combined EBITDA |
226,806 | |||
| Issuer’s facility closure costs |
562 | |||
| Issuer’s stock compensation expense |
6,942 | |||
| Issuer’s transaction costs |
6,093 | |||
| Other(A) |
41,308 | |||
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| Combined Adjusted EBITDA, before cost reductions |
281,711 | |||
| Cost reductions: |
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| Procurement(B) |
38,500 | |||
| Network consolidation(B) |
22,000 | |||
| General and administrative(B) |
49,500 | |||
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| Combined Adjusted EBITDA |
$ | 391,711 | ||
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| (A) | Other includes (1) in respect of the Issuer, adjustments to give effect to certain acquisitions ($7.1 million), of which $1.7 million is the Issuer’s estimated benefit from fully integrating these acquisitions into the Issuer, with the remaining amount representing EBITDA from these recent acquisitions in the portion of the period under review prior to being acquired by the Issuer; (2) in respect of ProBuild, (i) adjustments relating to closed operations ($15.3 million), (ii) certain non-recurring charges ($5.9 million), (iii) adjustments to long-term bonuses ($3.6 million), (iv) held for sale impairment ($2.2 million), (v) and other adjustments ($7.2 million) primarily to give full year effect to cost saving initiatives. |
| (B) | Projected annual cost savings of $110 million represents the mid-point of the anticipated range of annual savings, and are expected to be fully realized in the third year following the consummation of the ProBuild Acquisition. Excludes estimated one-time costs of $90-$100 million to achieve annual savings. |