CORRECTING and REPLACING Beacon Reports Third Quarter 2023 Results

Must Read

  • Execution on Ambition 2025 growth initiatives drove record top line
  • Disciplined pricing combined with operating leverage benefits generated strong third quarter profitability
  • Substantial cash flow generation and balance sheet capacity enabled investments in growth and returns
  • Repurchased and retired all outstanding convertible preferred shares

HERNDON, Va.–(BUSINESS WIRE)–$becn #Ambition2025–Please replace the release dated November 2, 2023 with the following corrected version to reflect the following adjustments to the financial statements and information: (i) net income (loss) attributable to common stockholders in the consolidated statements of operations was corrected to $321.1 million for the nine months ended September 30, 2022, and (ii) payment of debt issuance costs of $6.6 million was included within financing activities in the consolidated statements of cash flows for the nine months ended September 30, 2023. Other than as described above, there are no changes to the financial statements and information contained in the release dated November 2, 2023.


The updated release reads:

BEACON REPORTS THIRD QUARTER 2023 RESULTS

  • Execution on Ambition 2025 growth initiatives drove record top line
  • Disciplined pricing combined with operating leverage benefits generated strong third quarter profitability
  • Substantial cash flow generation and balance sheet capacity enabled investments in growth and returns
  • Repurchased and retired all outstanding convertible preferred shares

Beacon (Nasdaq: BECN) (the “Company”, “we”, “our”) announced results today for the third quarter ended September 30, 2023.

“Beacon’s third quarter results were outstanding, reflecting our team’s high caliber execution on our Ambition 2025 strategic plan and the power of our business model,” said Julian Francis, Beacon’s President & CEO. “We demonstrated that we have multiple levers of growth and can achieve results in any environment. The vast majority of our market demand is from non-discretionary repair and reroofing and in the third quarter we demonstrated our ability to capitalize on that non-discretionary demand. In addition, we stayed focused on those items within our control including disciplined pricing, labor productivity and working capital management. As a result, we delivered record quarterly net sales, strong net income, our highest Adjusted EBITDA in history and solid cash flow generation. We have deployed a substantial amount of capital on growth projects and returns to shareholders so far in 2023, while remaining well within our target debt leverage range. We built on our track record of value-creating M&A, including a meaningful expansion to our Waterproofing footprint. We’ve continued to add greenfield branch locations to enhance our organic growth potential. And, during the quarter, we repurchased all the outstanding preferred shares as well as approximately $25M worth of common shares, reducing the as-converted share count by more than 13%. As we enter the fourth quarter, our team is well-positioned to build on our momentum to deliver superior value to our customers, shareholders, employees and communities and deliver on Ambition 2025.”

 

Third Quarter Financial Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2023

 

2022

 

2023

 

2022

(Unaudited; $ in millions, except per share amounts)

 

 

 

 

 

 

 

Net sales

$

2,584.3

 

 

$

2,415.2

 

 

$

6,820.3

 

 

$

6,460.3

 

Gross profit

$

672.6

 

 

$

630.2

 

 

$

1,750.7

 

 

$

1,719.9

 

Gross margin %

 

26.0

%

 

 

26.1

%

 

 

25.7

%

 

 

26.6

%

 

 

 

 

 

 

 

 

Operating expense

$

418.8

 

 

$

398.8

 

 

$

1,202.0

 

 

$

1,142.8

 

% of net sales

 

16.2

%

 

 

16.5

%

 

 

17.6

%

 

 

17.7

%

Adjusted Operating Expense1

$

395.2

 

 

$

373.7

 

 

$

1,129.6

 

 

$

1,066.5

 

% of net sales1

 

15.3

%

 

 

15.5

%

 

 

16.6

%

 

 

16.5

%

 

 

 

 

 

 

 

 

Net income (loss)

$

161.3

 

 

$

154.8

 

 

$

339.9

 

 

$

385.1

 

% of net sales

 

6.3

%

 

 

6.4

%

 

 

4.9

%

 

 

6.0

%

Adjusted Net Income (Loss)1

$

180.0

 

 

$

174.5

 

 

$

396.7

 

 

$

444.7

 

% of net sales1

 

7.0

%

 

 

7.2

%

 

 

5.8

%

 

 

6.9

%

Adjusted EBITDA1

$

309.6

 

 

$

284.2

 

 

$

712.9

 

 

$

731.4

 

% of net sales1

 

12.0

%

 

 

11.8

%

 

 

10.5

%

 

 

11.3

%

_________________________

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.

Third Quarter

Net sales increased 7.0% (8.7% on a per-day basis) compared to the prior year to $2.58 billion, a Company record for quarterly net sales. The increase in net sales was largely driven by the contributions of acquired branches and greenfields over the last four quarters. Additionally, estimated organic volumes (including greenfields) increased approximately 1-2% (3-4% on a per-day basis) and weighted-average selling price increased approximately 0-1%.

Residential roofing product sales increased 13.6% (15.4% on a per-day basis), non-residential roofing product sales decreased 7.6% (6.2% on a per-day basis), and complementary product sales increased 12.7% (14.5% on a per-day basis) compared to the prior year. The increase in residential roofing product sales was primarily due to higher volumes. The increase in complementary product sales was largely due to the November 2022 acquisition of Coastal Construction Products. The three-month periods ended September 30, 2023 and 2022 had 63 and 64 business days, respectively.

Gross margin decreased slightly to 26.0%, from 26.1% in the prior year, as higher product costs offset higher average selling prices for our products. The increases in operating expense and Adjusted Operating Expense were attributable to acquired branches and greenfields. Excluding these impacts, operating expense from existing branches decreased by approximately 3.3%, or $13.2 million. The comparative decrease was related to a decrease in payroll and benefits costs, primarily due to lower incentive compensation, and decreases in selling, general and administrative expenses. On a consolidated basis, both operating expense as a percent of sales and Adjusted Operating Expense as a percent of sales were comparatively lower in the third quarter of 2023, driven by higher sales combined with cost management.

Net income (loss) was $161.3 million, compared to $154.8 million in the prior year. Adjusted EBITDA was $309.6 million, compared to $284.2 million in the prior year. Third quarter results compared to the prior year period were driven by higher net sales and operating leverage as described above. Net income (loss) per common share (“EPS”) on a diluted basis was $(4.16), compared to $1.95 in the prior year. The negative diluted EPS in 2023 is attributable to the $414.6 million preferred stock repurchase premium, which is included as a component of net income (loss) attributable to common stockholders in calculating EPS. See full reconciliation in the consolidated statements of operations below.

In February 2023, Beacon announced an increase in its share repurchase program, pursuant to which the Company may purchase up to $500 million of its common stock (inclusive of the $112 million remaining authorization under the program announced in February 2022). In the third quarter of 2023, the Company repurchased and retired $25.1 million of its common stock on the open market through Rule 10b5-1 repurchase plans. As a result, there were 63.2 million shares of common stock outstanding as of September 30, 2023.

In July 2023, the Company repurchased all 400,000 issued and outstanding shares of its preferred stock from an affiliate of Clayton, Dubilier & Rice, LLC for $805.4 million, including $0.9 million of accrued but unpaid dividends. The aggregate repurchase price and related transaction fees and expenses were financed by a combination of proceeds from a new offering of senior notes, as well as borrowings under our secured credit facility and cash on hand.

Year-to-Date

Net sales increased 5.6% compared to the prior year to $6.82 billion, a Company record for net sales for the first nine months. The increase in net sales was largely driven by the contributions of acquired branches and greenfields over the last four quarters. Additionally, weighted-average selling price increased approximately 3-4%, while estimated organic volumes (including greenfields) decreased approximately 2-3%.

Residential roofing product sales increased 8.3%, non-residential roofing product sales decreased 5.5%, and complementary product sales increased 14.9% compared to the prior year. The increase in complementary product sales was largely due to the November 2022 acquisition of Coastal Construction Products. The nine-month periods ended September 30, 2023 and 2022 each had 191 business days.

Gross margin decreased to 25.7%, from 26.6% in the prior year, as higher product costs more than offset higher average selling prices for our products. The increases in operating expense and Adjusted Operating Expense were largely from acquired branches and greenfields. Excluding these impacts, operating expense from existing branches decreased by approximately 2.3%, or $26.6 million. The comparative decrease was related to a decrease in payroll and benefits costs, primarily due to lower incentive compensation. On a consolidated basis, operating expense as a percent of sales was slightly lower year-over-year. On a consolidated basis, Adjusted Operating Expense as a percent of sales was slightly higher in 2023, driven by increases in payroll and benefits costs related to additional headcount to support both new and acquired branches and future growth initiatives, as well as by inflation, partially offset by lower incentive compensation.

Net income (loss) was $339.9 million, compared to $385.1 million in the prior year. Adjusted EBITDA was $712.9 million, compared to $731.4 million in the prior year. Results in the first nine months compared to the prior year period were largely driven by the decrease in gross margins and higher operating expenses described above. Diluted EPS was $(1.93), compared to $4.65 in the prior year. The negative diluted EPS in 2023 is attributable to the $414.6 million preferred stock repurchase premium, which is included as a component of net income (loss) attributable to common stockholders in calculating EPS. See full reconciliation in the consolidated statements of operations below.

In the first nine months of 2023, the Company repurchased and retired $99.9 million of its common stock on the open market through Rule 10b5-1 repurchase plans. As a result, shares of common stock outstanding decreased, net of issuance, to 63.2 million as of September 30, 2023, from 64.2 million as of December 31, 2022. As of September 30, 2023, we had approximately $400 million available for repurchases remaining under the current Repurchase Program.

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 volume 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.

Earnings Call

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 Third Quarter 2023 Earnings Call

When:

Thursday, November 2, 2023

Time:

5:00 p.m. ET

Access:

Register for the conference call or webcast by visiting:

 

Beacon Investor Relations – Events & Presentations

 

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 December 31, 2022 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.

About Beacon

Founded in 1928, Beacon is a Fortune 500, publicly traded distributor of building products, including roofing materials and complementary products, such as siding and waterproofing. The Company operates over 500 branches throughout all 50 states in the U.S. and 6 provinces in Canada. Beacon serves an extensive base of nearly 100,000 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 allows 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 September 30,

 

Nine Months Ended September 30,

 

2023

 

% of

Net Sales

 

2022

 

% of

Net Sales

 

2023

 

% of

Net Sales

 

2022

 

% of

Net Sales

Net sales

$

2,584.3

 

 

100.0

%

 

$

2,415.2

 

 

100.0

%

 

$

6,820.3

 

 

100.0

%

 

$

6,460.3

 

 

100.0

%

Cost of products sold

 

1,911.7

 

 

74.0

%

 

 

1,785.0

 

 

73.9

%

 

 

5,069.6

 

 

74.3

%

 

 

4,740.4

 

 

73.4

%

Gross profit

 

672.6

 

 

26.0

%

 

 

630.2

 

 

26.1

%

 

 

1,750.7

 

 

25.7

%

 

 

1,719.9

 

 

26.6

%

Operating expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

374.3

 

 

14.5

%

 

 

357.9

 

 

14.8

%

 

 

1,071.3

 

 

15.7

%

 

 

1,022.6

 

 

15.8

%

Depreciation

 

23.1

 

 

0.9

%

 

 

19.0

 

 

0.8

%

 

 

65.6

 

 

1.0

%

 

 

55.4

 

 

0.9

%

Amortization

 

21.4

 

 

0.8

%

 

 

21.9

 

 

0.9

%

 

 

65.1

 

 

0.9

%

 

 

64.8

 

 

1.0

%

Total operating expense

 

418.8

 

 

16.2

%

 

 

398.8

 

 

16.5

%

 

 

1,202.0

 

 

17.6

%

 

 

1,142.8

 

 

17.7

%

Income (loss) from operations

 

253.8

 

 

9.8

%

 

 

231.4

 

 

9.6

%

 

 

548.7

 

 

8.1

%

 

 

577.1

 

 

8.9

%

Interest expense, financing costs and other

 

35.2

 

 

1.3

%

 

 

22.8

 

 

1.0

%

 

 

89.0

 

 

1.4

%

 

 

58.3

 

 

0.9

%

Income (loss) before provision for income taxes

 

218.6

 

 

8.5

%

 

 

208.6

 

 

8.6

%

 

 

459.7

 

 

6.7

%

 

 

518.8

 

 

8.0

%

Provision for (benefit from) income taxes

 

57.3

 

 

2.2

%

 

 

53.8

 

 

2.2

%

 

 

119.8

 

 

1.8

%

 

 

133.7

 

 

2.0

%

Net income (loss)

$

161.3

 

 

6.3

%

 

$

154.8

 

 

6.4

%

 

$

339.9

 

 

4.9

%

 

$

385.1

 

 

6.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of net income (loss) to net income (loss) attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

161.3

 

 

6.2

%

 

$

154.8

 

 

6.4

%

 

$

339.9

 

 

5.0

%

 

$

385.1

 

 

6.0

%

Dividends on preferred stock

 

(1.9

)

 

(0.1

)%

 

 

(6.0

)

 

(0.2

)%

 

 

(13.9

)

 

(0.2

)%

 

 

(18.0

)

 

(0.3

)%

Undistributed income allocated to participating securities

 

(7.6

)

 

(0.3

)%

 

 

(19.3

)

 

(0.8

)%

 

 

(34.3

)

 

(0.5

)%

 

 

(46.0

)

 

(0.7

)%

Repurchase Premium

 

(414.6

)

 

(16.0

)%

 

 

 

 

0.0

%

 

 

(414.6

)

 

(6.1

)%

 

 

 

 

0.0

%

Net income (loss) attributable to common stockholders

$

(262.8

)

 

(10.2

)%

 

$

129.5

 

 

5.4

%

 

$

(122.9

)

 

(1.8

)%

 

$

321.1

 

 

5.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

63.2

 

 

 

 

 

65.0

 

 

 

 

 

63.7

 

 

 

 

 

67.7

 

 

 

Diluted

 

63.2

 

 

 

 

 

66.4

 

 

 

 

 

63.7

 

 

 

 

 

69.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(4.16

)

 

 

 

$

1.99

 

 

 

 

$

(1.93

)

 

 

 

$

4.74

 

 

 

Diluted

$

(4.16

)

 

 

 

$

1.95

 

 

 

 

$

(1.93

)

 

 

 

$

4.65

 

 

 

 
 

BEACON ROOFING SUPPLY, INC.

Consolidated Balance Sheets

(Unaudited; in millions)

 

 

September 30,

 

December 31,

 

September 30,

 

2023

 

2022

 

2022

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

69.7

 

 

$

67.7

 

 

$

84.9

 

Accounts receivable, net

 

1,415.7

 

 

 

1,009.1

 

 

 

1,352.5

 

Inventories, net

 

1,307.9

 

 

 

1,322.9

 

 

 

1,388.9

 

Prepaid expenses and other current assets

 

518.9

 

 

 

417.8

 

 

 

415.3

 

Total current assets

 

3,312.2

 

 

 

2,817.5

 

 

 

3,241.6

 

Property and equipment, net

 

396.3

 

 

 

337.0

 

 

 

306.2

 

Goodwill

 

1,933.6

 

 

 

1,916.3

 

 

 

1,782.7

 

Intangibles, net

 

410.5

 

 

 

447.7

 

 

 

361.4

 

Operating lease assets

 

483.0

 

 

 

467.6

 

 

 

432.1

 

Deferred income taxes, net

 

4.9

 

 

 

9.9

 

 

 

56.4

 

Other assets, net

 

12.5

 

 

 

7.5

 

 

 

4.0

 

Total assets

$

6,553.0

 

 

$

6,003.5

 

 

$

6,184.4

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

1,179.9

 

 

$

821.0

 

 

$

1,062.2

 

Accrued expenses

 

601.3

 

 

 

448.0

 

 

 

512.9

 

Current operating lease liabilities

 

99.2

 

 

 

94.5

 

 

 

89.6

 

Current finance lease liabilities

 

21.9

 

 

 

16.1

 

 

 

14.0

 

Current portion of long-term debt/obligations

 

10.0

 

 

 

10.0

 

 

 

10.0

 

Total current liabilities

 

1,912.3

 

 

 

1,389.6

 

 

 

1,688.7

 

Borrowings under revolving lines of credit, net

 

218.3

 

 

 

254.9

 

 

 

246.1

 

Long-term debt, net

 

2,193.9

 

 

 

1,606.4

 

 

 

1,608.0

 

Other long-term liabilities

 

0.6

 

 

 

0.2

 

 

 

0.1

 

Non-current operating lease liabilities

 

395.9

 

 

 

382.1

 

 

 

349.8

 

Non-current finance lease liabilities

 

82.3

 

 

 

67.0

 

 

 

60.3

 

Total liabilities

 

4,803.3

 

 

 

3,700.2

 

 

 

3,953.0

 

 

 

 

 

 

 

Convertible Preferred Stock

 

 

 

 

399.2

 

 

 

399.2

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Common stock

 

0.6

 

 

 

0.6

 

 

 

0.7

 

Undesignated preferred stock

 

 

 

 

 

 

 

 

Additional paid-in capital

 

1,220.3

 

 

 

1,187.2

 

 

 

1,133.6

 

Retained earnings

 

534.7

 

 

 

728.8

 

 

 

711.6

 

Accumulated other comprehensive income (loss)

 

(5.9

)

 

 

(12.5

)

 

 

(13.7

)

Total stockholders’ equity

 

1,749.7

 

 

 

1,904.1

 

 

 

1,832.2

 

Total liabilities and stockholders’ equity

$

6,553.0

 

 

$

6,003.5

 

 

$

6,184.4

 

 
 

BEACON ROOFING SUPPLY, INC.

Consolidated Statements of Cash Flows

(Unaudited; in millions)

 

 

Nine Months Ended September 30,

 

2023

 

2022

Operating Activities

 

 

 

Net income (loss)

$

339.9

 

 

$

385.1

 

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

 

Depreciation and amortization

 

130.7

 

 

 

120.2

 

Stock-based compensation

 

22.2

 

 

 

21.0

 

Certain interest expense and other financing costs

 

1.7

 

 

 

3.9

 

Gain on sale of fixed assets and other

 

(13.7

)

 

 

(4.3

)

Deferred income taxes

 

1.6

 

 

 

0.6

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(394.4

)

 

 

(500.0

)

Inventories

 

37.7

 

 

 

(228.3

)

Prepaid expenses and other current assets

 

(89.4

)

 

 

(28.4

)

Accounts payable and accrued expenses

 

491.2

 

 

 

305.6

 

Other assets and liabilities

 

(1.8

)

 

 

5.8

 

Net cash provided by (used in) operating activities

 

525.7

 

 

 

81.2

 

 

 

 

 

Investing Activities

 

 

 

Purchases of property and equipment

 

(85.5

)

 

 

(54.5

)

Acquisition of business, net

 

(73.7

)

 

 

(16.5

)

Proceeds from the sale of assets

 

15.3

 

 

 

4.5

 

Purchases of investments

 

(1.0

)

 

 

 

Net cash provided by (used in) investing activities

 

(144.9

)

 

 

(66.5

)

 

 

 

 

Financing Activities

 

 

 

Borrowings under revolving lines of credit

 

1,720.0

 

 

 

2,046.4

 

Payments under revolving lines of credit

 

(1,757.9

)

 

 

(1,793.9

)

Payments under term loan

 

(7.5

)

 

 

(7.5

)

Borrowings under senior notes

 

600.0

 

 

 

Payment of debt issuance costs

(6.6

)

 

Payments under equipment financing facilities and finance leases

 

(14.3

)

 

 

(8.2

)

Repurchase of convertible preferred stock

 

(805.6

)

 

 

 

Repurchase and retirement of common stock, net

 

(100.5

)

 

 

(338.1

)

Advance payment for equity forward contract

 

 

 

 

(50.0

)

Proceeds from disgorgement of short-swing profits1

 

5.9

 

 

 

 

Payment of dividends on Preferred Stock

 

(18.9

)

 

 

(18.0

)

Proceeds from issuance of common stock related to equity awards

 

9.7

 

 

 

14.5

 

Payment of taxes related to net share settlement of equity awards

 

(3.1

)

 

 

(0.4

)

Net cash provided by (used in) financing activities

 

(378.8

)

 

 

(155.2

)

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

 

(0.4

)

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

2.0

 

 

 

(140.9

)

Cash and cash equivalents, beginning of period

 

67.7

 

 

 

225.8

 

Cash and cash equivalents, end of period

$

69.7

 

 

$

84.9

 

 

 

 

 

Supplemental Cash Flow Information

 

 

 

Cash paid during the period for:

 

 

 

Interest

$

73.1

 

 

$

52.3

 

Income taxes, net of refunds2

$

76.2

 

 

$

113.2

 

__________________________________

1. During the nine months ended September 30, 2023, the Company received payments of $5.9 million from a shareholder related to short-swing trading profits disgorged pursuant to Section 16(b) of the Securities Exchange Act of 1934. The payments were recorded to additional paid-in capital on the condensed consolidated balance sheets.

2. Nine months ended September 30, 2022 amount includes $18.6 million related to the transition period from October 1, 2021 to December 31, 2021.

 

BEACON ROOFING SUPPLY, INC.

Consolidated Sales by Line of Business

(Unaudited; in millions)

Sales by Line of Business

 

Three Months Ended September 30,

 

Year-over-Year

Change

 

2023

 

2022

 

 

Net Sales

 

Mix %

 

Net Sales

 

Mix %

 

$

 

%

Residential roofing products

$

1,372.8

 

53.1

%

 

$

1,208.3

 

50.0

%

 

$

164.5

 

 

13.6

%

Non-residential roofing products

 

675.2

 

26.1

%

 

 

731.1

 

30.3

%

 

 

(55.9

)

 

(7.6

)%

Complementary building products

 

536.3

 

20.8

%

 

 

475.8

 

19.7

%

 

 

60.5

 

 

12.7

%

 

$

2,584.3

 

100.0

%

 

$

2,415.2

 

100.0

%

 

$

169.1

 

 

7.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales by Business Day1,2

 

Three Months Ended September 30,

 

Year-over-Year

Change

 

2023

 

2022

 

 

Net Sales

 

Mix %

 

Net Sales

 

Mix %

 

$

 

%

Residential roofing products

$

21.8

 

53.1

%

 

$

18.9

 

50.0

%

 

$

2.9

 

 

15.4

%

Non-residential roofing products

 

10.7

 

26.1

%

 

 

11.4

 

30.3

%

 

 

(0.7

)

 

(6.2

)%

Complementary building products

 

8.5

 

20.8

%

 

 

7.4

 

19.7

%

 

 

1.1

 

 

14.5

%

 

$

41.0

 

100.0

%

 

$

37.7

 

100.0

%

 

$

3.3

 

 

8.7

%

_____________________________

1. The three-month periods ended September 30, 2023 and 2022 had 63 and 64 business days, respectively.

2. Dollar and percentage changes may not recalculate due to rounding.

Contacts

INVESTOR CONTACT
Binit Sanghvi

VP, Capital Markets and Treasurer

[email protected]
972-369-8005

MEDIA CONTACT
Jennifer Lewis

VP, Communications and Corporate Social Responsibility

[email protected]
571-752-1048

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