Builders FirstSource(US:BLDR)2024-02-22 20:15Financial Performance - Net sales for FY 2023 were $17.1 billion, a 24.8% decrease year-over-year[8] - Gross profit for FY 2023 was $6.0 billion, a 22.4% decrease year-over-year, with a gross margin of 35.2%[8] - Adjusted EBITDA for FY 2023 was $2.9 billion, with an adjusted EBITDA margin of 17.0%[8] - Adjusted EPS for FY 2023 was $14.59, a 22.0% decrease year-over-year[8] - The company generated $1.9 billion in free cash flow during 2023[21] Sales Mix and Growth - Multi-Family sales increased by 20.3% in 2023, while Repair & Remodel/Other sales increased by 0.7%[10] - Single-Family sales decreased by 24.1% due to a weak housing market[22] - Value-added product mix was 53% for FY 2023[10] - Q4 2023 value-added product mix was approximately 52%[49] Capital Allocation - The company successfully deployed approximately $2.5 billion in 2023[34] - $1.8 billion was used to repurchase 17.8 million shares of common stock at an average price of $100.49 per share[22] - $0.3 billion was deployed on seven acquisitions to expand the company's footprint[34] - $0.4 billion was allocated to ROI-generating growth investments focused on digital and automation[34] Digital Initiatives - Full digital product launch of myBLDR.com remains on track for Q1 2024[22] - The company aims to generate $1 billion in incremental product revenue by 2026 through digital solutions[39] 2024 Outlook - The company anticipates single-family starts growth to be down 20% to 30% in 2024[69] - The company expects repair & remodel growth to be up mid-single digits in 2024[55] - The company assumes average commodity prices in the range of $400 to $440 per mbf for 2024[54]