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000-852 exam Dumps Source : Windows Integration for iSeries Solutions Sales

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IBM Dons red Hat for Cloudy Future | killexams.com existent Questions and Pass4sure dumps

IBM's deal to purchase pink Hat caught every and sundry abruptly when it become announced lower than two weeks ago. whereas concerns spread promptly about what it could weigh in for the biggest enterprise Linux platform, IBM and crimson Hat executives assured personnel and valued clientele that crimson Hat would proceed to operate independently -- at the least for now.

IBM Dons Red Hat for Cloudy Future

Intel made an analogous acquisition of Wind River, the leader in embedded operating methods, in 2009. In an analogous manner, that deal could hold been viewed negatively via other chip and embedded systems carriers as a result of their competitors with Intel.

despite the fact, Intel efficaciously operated Wind River as an impartial entity for decades. That helped retain Wind River's business, but it furthermore made employees reckon relish they hold been immune from Intel's lifestyle and oversight.

With any acquisition, the overall cost ought to equal greater than both entities alone, which potential integration of the enterprise subculture, in addition to its the items and features, is required. For a variety of causes, Intel never did realize the entire cost of Wind River, and it bought the neighborhood for an undisclosed amount previous this yr.

alternate devoid of fear

For IBM and its valued clientele, the acquisition of purple Hat is an excellent circulate. It combines IBM's systems and features with the biggest commercial enterprise Linux platform and container solution. services and solutions from the two corporations complement every other very smartly, peculiarly for private and hybrid cloud implementations.

The admixture additionally makes IBM greater aggressive with vendors relish Amazon, Google and Microsoft -- every of which hold a large client basis leveraging pink Hat.

The acquisition comes with large hurdles, although.

The problem is convincing present purple Hat purchasers and partners, together with IBM's opponents, that the exchange will no longer hold an impact on them, while offering an respond that mixes the know-how and capabilities of both entities into something greater.

Meshing Open source, company Cultures

the primary plane will furthermore breathe performed by way of working red Hat independently, however that might now not enhance the economic or strategic goals of the acquisition. Strategically, it could breathe enhanced to combine both over an affordable time.

even if the mixing starts immediately or in the near future, it is essential for the success of the combined enterprise.

additionally, the acquisition will spark opponents to are seeking for altenative options -- so, the clock is ticking for IBM to reassure and secure current valued clientele. Going forward, youngsters, IBM has the opportunity to expand into original market segments with original consumers.

a impartial more suitable problem is the incompatibility in lifestyle. while IBM has been a powerful supporter of the open source neighborhood, it is confronted with the problem of integrating an open source mentality into a more formal company tradition. This potential either adapting to the brand original subculture or chance dropping one of the vital skill and potentialities for a bunch that currently is starting to breathe abruptly.

The acquisition of pink Hat may breathe a very propitious stream by way of IBM, but challenges equivocate ahead, and the commerce should handle them without leisurely to bow inevitable that its US$34 billion become smartly spent and helps boost IBM's spot as main cloud features provider.

The opinions expressed listed here are those of the author and achieve not always reflect the views of ECT information network.

Jim McGregor has been an ECT information community columnist when you reckon that 2017. he's the founder and principal analyst at Tirias analysis with more than 30 years of excessive-tech commerce event. His knowledge spans a huge attain of product evolution and company fashion functions, comparable to semiconductor manufacturing, techniques engineering, product advertising, advertising communications, manufacturer administration, strategic planning, mergers and acquisitions, and sales. McGregor worked for Intel, Motorola, ON Semiconductor, STMicroelectronics and celebrated Dynamics space programs just before becoming an commerce analyst and In-Stat's chief know-how strategist. email Jim.


Cloudy climate ahead for IBM and pink Hat? | killexams.com existent Questions and Pass4sure dumps

the world is buzzing concerning the software trade’s biggest acquisition ever. This “game changing” IBM acquisition of red Hat for $34 billion eclipses Microsoft’s $26.2 billion of LinkedIn, which set the dilapidated listing. And it’s the third largest tech acquisition in historical past in the back of Dell buying EMC for $sixty four billion in 2015 and Avago’s buyout of Broadcom for $37 billion the equal 12 months.

Wall street actually gets anxious when it sees these lofty rate tags. IBM’s stock became down four.2 % following the announcement, and there are doubtless extra issues over a broader IBM selloff around how lots IBM is paying for red Hat.

This sets the stage for large expectations on IBM to leverage this asset as a critical turning constituent in its heritage. since IBM’s Watson AI poster newborn has did not create sustainable boom, could this breathe their most effective possibility to right the ship once and for all? Or is this mega merger a sophisticated combat of cultures and items so that you can bow it complicated to recognize the all advantage?

big Blue’s been in huge trouble

When the chips are down, it’s time to evanesce every in. mighty Blue certainly bowled over the technology world when it announced it would achieve its biggest deal ever and buy red Hat for an immense 11x premium. The reality is that pink Hat become no longer always seeking to breathe received, so overpaying changed into the handiest achievable option. And if IBM didn’t pay, Google, Amazon, VMWare and even Alibaba would have.

determined instances convene for determined measures. IBM has been struggling to divulge boom in original markets for quite some time. before 2018, it had 22 straight quarters of income decline. And it has lost over $28 billion in revenue during the eventual six years. Its revenue on the End if 2017 was $seventy nine.14 billion, the bottom in twenty years and the worse annual quantity on the grounds that 1997, when IBM revenues hold been $78.fifty one billion, with the exception of inflation.

In early 2018, IBM became capable of bow three consecutive quarters of revenue increase, but that become especially as a result of the introduction of a original line of IBM Z mainframe computer systems.

IBM has been a enterprise in decline for decades. It’s complicated to preserve a commerce with shrinking income.

Too historical to develop?

IBM is greater than one hundred years historical and positively suffers from comparisons to younger and nimbler businesses reminiscent of Amazon, Google, fb, and Apple which hold posted checklist growth in recent instances. Amazon’s synchronous earnings hold surpassed $2 billion, for example.

in case you distinction IBM to Microsoft, an additional dilapidated world application enterprise, it’s startling to study the incompatibility in how Microsoft has been capable of reposition itself as boom commerce based on the cloud.

In 1990, when Microsoft unencumber windows 3.0, IBM had revenues of $sixty nine billion (only $10 billion shy of what it has today), while Microsoft had round $800 million. Microsoft surpassed IBM in revenue in 2015 and crossed the $one hundred billion annual income charge in 2018.

during the eventual a few years, as IBM’s salary shrank, Microsoft invested in its “business cloud” enterprise that encompasses Azure, workplace 365, and Dynamics 365, bringing in over $23 billion in original revenues. Microsoft has these days been firing on every cylinders whereas IBM experienced multiply stalls.

gradual to merit to the cloud

IBM’s success in the hardware business, specially it’s Z-collection mainframes, pressured it to protect its turf and distracted it from seeing the longer term hold an impact on of cloud. AWS begun offering public cloud services back in 2006. As late as 2011, IBM changed into barely citing the word “cloud” in its annual studies or earnings calls. The company finally realized in 2013 that cloud computing become the future and made a hail-Mary purchase of SoftLayer to bridge the gap, paying $2 billion and then investing an further $1 billion to combine the platform.

It’s tough to set up massive market partake in the event you’re late to the party. Softlayer’s international market partake continues to breathe a far off fifth behind AWS, Microsoft, Google, and even fresher newcomer Alibaba, which surpassed IBM’s cloud revenues in June of 2018.

IBM made a number of other cloud-related acquisitions, together with Gravitant (a cloud brokerage and administration application), Bluebox (a personal cloud as a carrier platform in line with OpenStack), Sanovi (a hybrid cloud recuperation and migration utility), Lighthouse and CrossIdeas (both cloud safety systems), and CSL overseas (a cloud virtualization platform).

despite these acquisitions in the cloud market, IBM has didn't basically monetize these items and profit market partake within the cloud.

The company has didn't capitalize on improvements before: Watson AI changed into at the accurate of its game when it debuted on Jeopardy in 2011 to beat human contestants however straight away fell in the back of Amazon, Google, and Microsoft.

Will crimson Hat breathe the savior?

purple Hat is the area’s greatest issuer of open-supply enterprise software solutions. purple Hat’s bread and butter Linux enterprise continues to carry boom peculiarly as it powers many synchronous AI and analytics workloads. Its mannequin has advanced from simply on-premise to a match subscription company used on public cloud structures similar to Amazon internet functions (AWS), Microsoft Azure, and Google Cloud Platform (GCP).

purple Hat has additionally expanded into open middleware solutions akin to OpenStack, a cloud infrastructure platform, and OpenShift, a platform for managing application containers. OpenShift has lengthy been a neatly-stored secret as Cloud native Computing groundwork (CNCF) has grabbed lots of the headlines with its Kubernetes container orchestration platform. IBM has a chance to leverage its advertising and marketing and global attain to cheer mainframe and legacy shoppers to adopt OpenShift. These platforms had been particularly leveraged in inner most and hybrid cloud deployments, especially in industries relish telecommunications.

There isn't any doubt that crimson Hat gives IBM a an destitute lot more credible cloud story. but the query in fact is, is it too late?

The acquisition is actually first rate word for organizations looking to shift basic container-primarily based purposes and digital machines to the cloud. youngsters, Amazon has already captured a major a fragment of that market.

whereas the acquisition of crimson Hat offers IBM a tough position in the hybrid-cloud market, which should breathe universal for enterprises that are not taking the time to decommission or re-architect legacy purposes, the quick-becoming public cloud market will breathe the battleground of the future.

Will the mixing merit messy?

IBM has had a spotty checklist when it comes to integrating and capitalizing on colossal acquisitions.

while the vast majority of IBM’s M&A has been within the enviornment of utility, revenue within the segment has been disappointing. possibly what's regarding is that adjusting for acquisitions, IBM’s utility enterprise continues to lisp no — usually due to the incontrovertible fact that these mighty acquisitions hold develop into fragment of the IBM fabric and enterprise as regular.

Can IBM integrate anything as huge as crimson Hat with out interfering with its core cost proposition? Many worry that huge Blue will attempt to “blue wash” their platform of choice.

And there’s the question of even if these two several company cultures can attain collectively – IBM, a gradual growth commerce no longer making a propitious deal progress within the cloud space, and pink Hat, an creative, open source company it is constructing foundational components for operating in the cloud.

We’ve viewed culture clashes derail many other excessive profile mergers equivalent to HP/Compaq, HP/Autonomy, Microsoft/Nokia, AOL/Time Warner, sprint/Nextel and Alcatel/Lucent. IBM will requisite to embody the open source community and strategy.

The joint commerce will pan principal platform decisions on the cloud entrance. IBM has a public cloud that competes with AWS and Microsoft. but builders expend purple Hat’s Linux on many public clouds. whereas that multi-cloud approach will support IBM usher in profits across the public clouds, it's going to create battle with its personal Softlayer cloud providing. IBM has struggled to control this character of channel and product battle correctly in the past.

and then there is the way forward for IBM’s own AIX working device vs. Linux — no longer to mention the SCO-IBM Unix lawsuit quiet lingering in the courts.

additionally to word are the lesser widely used crimson Hat storage items relish red Hat Ceph (an remonstrate file storage) and red Hat Gluster (a NAS product). As purple Hat integrates into IBM’s hybrid cloud community, these storage items could breathe separated from IBM, which may create confusion and conflict.

So whereas IBM certainly faces a lot of opportunity with the acquisition, there is not any assure this large stake will repay. IBM obligatory a daring movement. but in the short term, they are not going to peer any unexpected stream of IBM’s position within the public cloud house. every eyes can breathe on its skill to catapult into the hybrid cloud market. For that, the company will requisite to bow inevitable it doesn’t merit in its personal manner.

Frank Palermo is the government vice president at Virtusa’s world Digital enterprise, where he is chargeable for know-how practices in UX, mobility, social, cloud, analytics, huge records, and IoT.


IBM Is taking spot - but it surely will furthermore breathe Saved | killexams.com existent Questions and Pass4sure dumps

Image result for ibm

Introduction

In September, I wrote a piece of writing that chronicled the slack decline of alien enterprise Machines (IBM). The article focused on the enterprise’s declining revenues and margins and the fallacy that is Watson that has been overhyped and over-marketed. in view that the article become published, issues hold gotten worse for the company. Its inventory charge has declined from $one hundred forty five to the present $123.

because of this, its market valuation has declined from more than $one hundred thirty billion to the current $112 billion. This valuation makes IBM reasonably valued in comparison to different know-how agencies. In IBM, investors are paying 19X trailing salary and 8X forward income. here's vastly subside than what investors are purchasing other ancient tech businesses relish Oracle (ORCL), Microsoft (MSFT), Apple (AAPL), and Cisco (CSCO) which hold a common forward PE ratio of 15. similarly, IBM has a ahead PS ratio of 1.forty one, which is reduce than the generic of those groups of four.sixty five.

all the way through IBM’s decline, many investors – including Warren Buffet – hold invested within the company, hoping that it'll obtain a turnaround. they hold got every been dissatisfied because the enterprise’s stock has endured to study lower lows. brief sellers nevertheless were rewarded as the inventory has misplaced 17% of its cost this yr. The brief hobby has expanded from 14 million in January to the current 21 million.

in my opinion, IBM will continue to underperform because it lacks a ferment so that it will buy the inventory larger. This evaluation may breathe a ensue as much as the outdated article and should spotlight extra complications that the massive blue is dealing with and the way it will furthermore breathe saved.

Elephant in the Room: RHT

When colossal businesses are in decline, they've a addiction of creating terrible decisions specifically in terms of acquisitions. Two examples of this are the determination via Sears Holdings (SHLD) to acquire k-Mart and the determination with the aid of celebrated electric powered (GE) to purchase Baker Hughes (BHGE). lamentably, IBM determined to ensue the footsteps of those companies.

Two weeks ago, the company introduced that it might disburse $34 billion to purchase purple Hat (RHT). IBM would acquire RHT for $a hundred ninety, which turned into a 63% top class. In its announcement, IBM’s CEO spoke of that:

The acquisition of purple Hat is a video game-changer. It alterations every minute thing concerning the cloud market. BM will become the area's #1 hybrid cloud provider, providing businesses the handiest open cloud solution that allows you to unencumber the complete charge of the cloud for their organizations

This announcement reminded me of what GE’s Jeff Immelt referred to when he introduced the acquisition of Baker Hughes.

BHGE is an industry chief positioned to deliver in any economic ambiance and aid their shoppers in using productiveness. This deal capitalizes on the latest cycle in oil and fuel while additionally strengthening their spot for the market restoration. As they evanesce forward, the original fullstream providing quickens their potential to extend a digital framework to consumers while delivering world-category technical innovation and repair execution. They seem to breathe ahead to carrying on with a seamless integration for their clients.

what is distinctive in the two statements is that Immelt became right about the scale of Baker Hughes. even so, Virginia Rometty’s remark changed into demonstrably wrong. First, within the press conference, IBM used the observe cloud forty three times and in keeping with Rometty, the deal will serve IBM buy an more suitable market partake in the cloud business. despite the fact, a study at purple Hat’s revenues suggests a special picture. Most of its revenues attain from infrastructure-linked offerings while the subsequent earnings comes from utility evolution and other rising know-how offerings. In its 10K, it describes the subscription choices as: income generated from purple Hat commercial enterprise Linux and connected technologies corresponding to pink Hat satellite and pink Hat Virtualizations.

source: purple Hat

This point turned into additionally stated by way of Barron’s article that interviewed an analyst from Bernstein who famed that:

more than half of crimson Hat’s profits changed into generated via its customary on-premise server operating-gadget business, which isn’t at once tied to the cloud and has a slowing boom expense.

extra, while Amazon’s (AMZN) cloud grew with the aid of 46% in 2017, pink Hat’s cloud-related revenues rose with the aid of just 14%. at the identical time, the annual revenues of crimson Hat are just beneath $3 billion with the internet salary being under $300 million. Worse, IBM is paying 55 instances RHT’s estimated income, which is a hefty valuation when you reckon that that many organizations in the sector are acquired at 4.5 times ahead revenue.

therefore, every this does not warrant the hefty $34 billion. also, this is no longer the primary time that IBM has overpaid for its cloud functions. In 2013, when it introduced the acquisition of Softlayer, it declared that:

As corporations add public cloud capabilities to their on-premise IT systems, they requisite enterprise-grade reliability, safety and management. To address this possibility, IBM has developed a portfolio of excessive-price private, public and hybrid cloud choices, as well as utility-as-a-provider company solutions. With SoftLayer, IBM will accelerate the construct-out of their public cloud infrastructure to provide valued clientele the broadest alternative of cloud offerings to drive company innovation.

Even with the SoftLayer acquisition, IBM has lagged other cloud computing corporations. it's number 5 in the trade in the back of Amazon, Microsoft, Alibaba (BABA), and Google (GOOG). In public cloud, it has a market partake of 6%, which is miniscule in comparison to Amazon’s 46% market share.

in brief, IBM is following the same vogue followed with the aid of well-known electric when it got Baker Hughes or the disastrous $10.3 billion acquisition of Autonomy through HP in 2011.

A silver lining in every here's that there's a possibility that the deal will no longer shut. in the press commentary, IBM referred to that it'll pay $a hundred ninety for the company. As of this writing, the commerce is trading at $172, which is 10% subside than the proposed $a hundred ninety. In merger arbitrage, here is an indication that a very propitious variety of buyers don’t reckon the deal will shut.

next Elephant within the Room: Debt

The purple Hat acquisition is the first among many challenges I did not tackle in my dilapidated article. This deal however gifts IBM with a balance sheet issue. To finance the all-cash transaction, IBM will should elevate extra debt.

before the deal is closed, IBM has a debt to equity ratio of 2.372, which is higher than that of the peers outlined above. Microsoft, Oracle, Apple, and Cisco hold a debt to GDP ratio of 0.8867, 1.527, 1.068, and nil.fifty nine respectively. Their common is 1.01. therefore, this could aggravate when the company issues more debt to finance the acquisition.

this is able to no longer breathe an issue for a company it's transforming into. unluckily, as I wrote before, the company’s multiply has slowed, revenues are declining, and the mighty bets on Watson are not working out. as it has been noted, many Watson valued clientele are pondering of scaling down.

As you recollect, IBM under Rometty has spin into a huge monetary engineering business. To enrich self credit out there, the commerce has borrowed heavily to finance buybacks. during the past ten years, the enterprise has spent more than $40 billion in partake buybacks. The chart below indicates the cutting back partake counts for the company in the past ten years.

evaluate this with the multiply in long-term debt as proven below.

In different words, the deal with the aid of IBM to purchase crimson Hat will dramatically raise its debt even though RHT’s free money tide is expanding. this can probably result in reduced dividends. basically, as a result of the acquisition, the company has introduced that it is going to halt the buybacks in 2020. for this reason, it'll halt buybacks to finance a deal I reckon will now not aid it in future. brace every this with the hefty $18 billion pension legal responsibility which is better than that of related agencies.

IBM can breathe Saved

in this article, I actually hold overlooked different considerations that I raised within the outdated article. These concerns consist of the slowing increase, thinning margins, and the multiplied competitors from agencies relish Alibaba, Amazon, and Google.

whereas things seem darkish for IBM, I believe that it will furthermore breathe saved. other dilapidated technology organizations hold every been in an analogous condition relish IBM and recovered. before Satya Nadella, Microsoft became loss of life. in a similar way, earlier than Steve Jobs, Apple became death.

a very propitious spot for IBM to birth is to recognize that it is in crisis. After this, it's going to start by way of organising the intuition for the problem. I believe that the explanation for IBM’s issues turned into its lateness within the cloud computing industry. This leisurely allowed Amazon and different groups to enter the commerce and acquire purchasers. In cloud, the churn cost is so low that when a corporation acquires a shopper, it may breathe certain that the company will no longer defect to its competitors.

subsequent, as with other tech companies that hold recovered, IBM may quiet reckon altering its management. The veracity is that Verginia Rometty has no longer been an exceptional CEO. beneath her management, the enterprise’s inventory has declined by means of greater than 30% as shown under. on the same time, she has been paid more than $a hundred and twenty million. If Rometty has not modified the enterprise in 6+ years, what makes the board confident that she can spin it round in future?

subsequent, as mentioned above, IBM should believe giving up the acquisition of purple Hat. while this could appeal to a hefty divorce bill, it might breathe charge than the calamity that awaits if the deal goes on. recall that 83% of every M&A deals fail and there's no explanation why this will succeed. To breathe clear, IBM will deserve to bow acquisitions to compete with Amazon. really, with the $34 billion, the company can bow alternative investments. as an instance, it could possibly disburse about $three billion to acquire a company relish field (field) that counts sixty one% of Fortune 500 agencies as consumers.

more desirable, it may well expend its ventures arm to establish money into miniature startups in the same way that Google has accomplished it with Google Ventures. As proven below, IBM Ventures has no longer made any meaningful investments within the fresh previous.

supply: Crunchbase

at last, IBM should believe divesting its world commerce solutions (GBS) segment. here's a angle that gives consulting, utility management, and international procedure features. In 2017, the angle generated $sixteen.38 billion in revenues, which changed into lower than $16.7 billion in 2016. The phase’s margins are the least among the different segments.

The shameful margins are 25%. this is basically corresponding to different groups within the sector relish Accenture (CAN), Wipro (WIT), and Cognizant applied sciences (CTSH) which hold shameful margins of 30%, 30%, and 39%. therefore, on a sum-of elements groundwork, this segment on my own may furthermore breathe charge more than $30 billion when you evaluate it with its peers.

it is estimated that GBS has greater than 120K personnel. for this reason, divesting the section will serve the company in the reduction of the headcount and better margins.

ultimate concepts

IBM’s inventory has persevered to decline after the announcement of the pink Hat acquisition. As I even hold explained, the commerce continues to pan predominant headwinds that will seemingly buy it decrease. although, I accept as exact with that the administrators can serve the commerce smartly by using getting out of the RHT deal and finding enhanced acquisition targets, changing the CEO, investing in early stage cloud businesses via IBM Ventures arm, and diversifying the world commerce capabilities arm.

Disclosure: i am/we are lengthy AAPL, field.

I wrote this text myself, and it expresses my very own opinions. i am not receiving compensation for it (apart from from in quest of Alpha). I haven't any enterprise relationship with any enterprise whose stock is outlined in this article.


000-852 Windows Integration for iSeries Solutions Sales

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000-852 exam Dumps Source : Windows Integration for iSeries Solutions Sales

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: 60 existent Questions

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BSQUARE's (BSQR) Management on Q3 2018 Results - Earnings convene Transcript | killexams.com existent questions and Pass4sure dumps

BSQUARE Corporation (NASDAQ:BSQR) Q3 2018 Earnings Conference convene November 12, 2018 5:00 PM ET

Executives

Leslie Phillips – Investor Relations

Andrew Harries – Executive Chairman

Kevin Walsh – Acting Chief Executive Officer

Peter Biere – Chief pecuniary Officer

Analysts

Operator

Good day, everyone, and welcome to the BSQUARE Corporation Third Quarter 2018 pecuniary Results Call. Today’s convene is being recorded.

At this time, I’d relish to spin the conference over to Leslie Phillips, Investor Relations. delight evanesce ahead.

Leslie Phillips

Thank you, and propitious afternoon, everyone. Before they begin, we’d relish to remind you that this convene is being webcast, and that recording of the convene and the text of their prepared remarks will furthermore breathe available on BSQUARE’s website.

During this call, they will breathe making forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause their actual results to differ materially.

Please mention to the cautionary text regarding forward-looking statements contained in BSQUARE’s earnings release issued today and in the posted version of these prepared remarks on their website at www.bsquare.com under Investors, both of which apply to the content of this call. every per partake amounts discussed today are fully diluted numbers where applicable.

Now I’d relish to spin the convene over to Andrew Harries, BSQUARE Executive Chairman.

Andrew Harries

Thank you, Leslie. Before Kevin reviews their strategy and results, I’d relish to publish several actions the Board is undertaking in order to serve BSQUARE deliver improved results as quickly as possible. First, as announced eventual week, they continue to renew their Board of Directors with the retirement of Kendra VanderMeulen and the appointment of Davin Cushman. We’re grateful for Kendra for her many years of service and wish her the best in her future endeavors. They study forward to the addition of Davin who was engaged in a consulting capacity by the Strategic Review Committee this summer, and has already made an impact on their overall strategy. Since the May earnings release, they hold now replaced three of their seven Board members.

Next, I’d relish to publish the disbandment of the Strategic Review Committee, which was formed by the Board at the August Board Meeting. The Strategic Review Committee helped management develop a revised overall strategy for the company, which Kevin will debate shortly and has fulfilled its objectives.

Finally, in light of the fact that they now feel they hold a viable evanesce forward strategy for the company, the Board has commenced to search for a permanent CEO. I’d relish to personally thank Kevin for his ongoing serve in guiding the company through this challenging period.

And with that, I’ll spin the convene over to Kevin.

Kevin Walsh

Thank you, Andrew, and propitious afternoon, everyone. Over the past six months, they hold been conducting a strategic review of their commerce and believe that they hold now identified a path forward that will breathe renewed growth and serve us recur to profitability. One aspect of that path forward, which they hold already undertaken is to adjust their operating expense levels in order to drive efficiencies throughout the organization.

Toward that end, over the past few quarters, they hold removed approximately $6 million annualized operating expenses from the business, which has contributed to significantly better cash tide for the third quarter. The second and more principal aspect is a reassessment of their overall product and services strategy. For roughly the past four years, BSQUARE is pursuing a strategic pivot toward a proprietary software offering for the industrial IoT market. While they were able to secure a number of large lines with DataV, the product line has not met this growth objectives.

Part of the intuition for this applies to the market in general, large scale, digital transformation initiatives and the industrial sector are involved and adoption has been slow. A direct consequence of this complexity is that services play a crucial role in every large IoT implementations. Indeed, they hold seen this with DataV. While market traction for DataV software has been slower than anticipated, professional services associated with DataV and IoT initiatives has been and continues to breathe a tough component of their business.

These services involve data science consulting, IoT cloud integration, systems integration, and custom application development. The jiffy of professional services as well as what they see as a generic industry shift toward cloud anchored IoT infrastructure are key elements of their evanesce forward strategy. As they approach 2019, they see the following changes in their business. We’re ramping up their catalog and professional service offerings in response to require from their customers.

Importantly, these services are different than their traditional engineering services business. They’re focused entirely on more advanced rehearse areas pertinent to industrial IoT and synthetic intelligence. They hold a skilled professional services team and an established delivery process that can breathe leveraged as they expand this business. They blueprint to continue carefully calibrated investments in DataV in order to drive this commerce to profitability as quickly as possible.

These investments will breathe focused on customer deployments for which they hold limpid line of sight. They are implementing original programs in their third-party software distribution unit that will, they believe, allow us to grow this commerce while complimenting their professional services business. Specifically, this means working closely with Microsoft, both in Windows 10 IoT and Azure, and given a cloud centric nature of virtually every IoT initiatives, they are expanding their collaboration with both AWS and Microsoft. Taken together, these changes will result in positioning BSQUARE as a trusted IoT solutions provider. They believe these changes will bow growth and will serve drive profitability in the second half of 2019.

Turning to results for the third quarter, revenue came in slightly lower than their guidance range. This shortfall was attributable to unanticipated variability in their third-party software distribution business. We’re called that the second quarter was significantly higher than expected. They achieve not believe that the third-party software commerce is weakening. In fact, they are taking steps to maintain and even grow that business.

As mentioned earlier, net cash usage for the quarter was reduced to $590,000, due to a reduction in operating expenses and improved cash collections. They maintain the second half guidance for cash utilizations that they provided during their second quarter earnings call. Specifically, second half net cash usage would tumble between $1 million and $2 million.

Now I would relish to spin the convene over to their CFO, Peter Biere, to address their pecuniary performance for the third quarter.

Peter Biere

Thank you, Kevin. First we’ll review their revenue for the third quarter. Total revenue was $16.7 million, slightly below the lower End of the $17 million to $19 million guidance announced in their Q2 2018 earnings call. Compared to the prior year quarter, total revenue was down 15% from $19.7 million and down 13% sequentially from $19.2 million.

Reviewing results by revenue grouping, third-party software revenue was $14.2 million lower year-over-year and sequentially. The year-over-year decline was largely due to the previously announced loss of Honeywell’s EMEA business. The sequential decline was in fragment – was in large fragment due to the timing of purchases. Q2 included stronger than expected require for Microsoft Windows Embedded products. And in Q3, they saw softer buying across the entire portfolio, which they attributed to the common quarterly variability we’ve experienced over the past two years. Proprietary software revenue was $796,000 down $404,000 year-over-year, and up $515,000 sequentially.

Sales of non-DataV proprietary software tend to breathe seasonal purchases, which reflects in both comparative periods. Going forward, they await revenue from both DataV and other proprietary software will continue to fluctuate in both timing and amount. Professional engineering services revenue, which involve their DataV and traditional services contracts totaled $1.7 million down $556,000 year-over-year and $273,000 sequentially. Both year-over-year and sequential declines are explained by a number of traditional services contracts, reaching their final delivery point.

Going forward, as Kevin mentioned, they await to grow their services revenue in 2019 as they seek to deliver more IoT related services and solutions. Revenues for DataV, which involve both proprietary software and professional engineering services, totaled $333,000 for Q3.

Next, I’d relish to debate shameful profit and margins in the quarter. shameful profit totaled $3.4 million or 20.1% of revenue, exceeding the upper End of the 16% to 18% guidance announced in their eventual earnings call. The year-over-year and sequential changes in shameful profit are due to merge shifts between their three commerce units.

Going forward, they await shameful margins on the original IoT services, which Kevin mentioned to tumble in line with or slightly exceeded their current professional engineering services shameful margin.

Turning to operating expense and their bottom line results in the third quarter. Total operating expenses for the third quarter were $5.5 million and improvement of $1.4 million from the prior year quarter and $1.5 million sequentially. The majority of the cost reductions we’ve made over the past two quarters are reflected in quarter three results and year-over-year and sequential improvements in operating expenses reflect those efforts.

We recorded a net loss of approximately $2.1 million or $0.16 per partake for the third quarter of 2018, compared to a net loss of $2.5 million or $0.20 per partake in the year ago quarter, and a net loss of $3.7 million or $0.29 per partake in the second quarter of 2018.

Adjusted EBITDAS, a non-GAAP pecuniary measure defined as operating income before depreciation, amortization, and stock-based compensation was negative $1.7 million in the third quarter of 2018, compared to negative $1.8 million in the year ago quarter, primarily due to lower third-party software and proprietary software revenue, and partially offset by lower operating expenses from the cost reductions they took in 2018.

Please mention to the reconciliation of comparable GAAP pecuniary measures in their earnings release issued today and posted on their website at bsquare.com under Investors.

Moving to the balance sheet. Cash and investment totaled $17.3 million as of September 30, 2018. That’s down $590,000 from June 30 of 2018. The net cash change in quarter three included approximately $1.4 million in collections stemming from the loss of Honeywell’s EMEA business. They await cash usage will continue to moderate in Q4 as well as in 2019. They believe they hold sufficient cash and profits from legacy businesses to execute their plans.

Our accounts receivable balance totaled approximately $13.1 million as of September 30, 2018, at about $5.1 million of that is due from Honeywell. They extend 270-day terms to Honeywell and they pay Microsoft for these products in 45 days. So approximately $4.6 million of this receivable will convert to cash. Related to the loss of Honeywell’s EMEA business, they await approximately $2 million of cash conversion for the residue of 2018.

I’ll now spin the convene back to Kevin, provide an outlook for the fourth quarter and his closing remarks.

Kevin Walsh

Thank you, Peter. As famed in today’s press release, they currently hold the following expectations for Q4 2018. Revenue in the attain of $15.5 million to $17.5 million. Blended shameful margin will breathe in the 18% to 22% range. They await net cash usage of $500,000 to $1.5 million. Moderator, delight open the convene for questions.

Question-and-Answer Session

Operator

Operator

We hold no questions in the queue. At this time, I’ll spin it back to Kevin Walsh for any closing remarks.

Kevin Walsh

Thank you. Before concluding the call, on behalf of the entire BSQUARE team, I would relish to reflect their investors and their customers for your interest and for your business. We’ll study forward to reporting back to you next quarter. Thank you for joining us.

Operator

And that concludes their convene for today. Thank you for your participation. You may now disconnect.

SeekingAlpha

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Builders FirstSource Reports Third Quarter 2018 Results | killexams.com existent questions and Pass4sure dumps

Disciplined execution delivers tough margin, profitable growth and increased cash flow

DALLAS, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Builders FirstSource, Inc. (Nasdaq:  BLDR) today reported its results for the third quarter ending September 30, 2018.

Commenting on the results, CEO Chad Crow remarked, “In the third quarter, they delivered sales growth of 12.7 percent to $2.1 billion, with their higher margin value added products again growing by double digits. I am pleased to report that Adjusted EBITDA increased by 27 percent to $155 million, a tough performance in a volatile commodity environment. They continued to invest in their manufacturing capacity and efficiency enhancing initiatives to further strengthen and differentiate their platform and the value-added solutions they provide their customers.”

Peter Jackson, CFO, added, “The growth in Adjusted EBITDA dollars, and the improvement in EBITDA margin, reflected their skill to successfully manage the volatility in commodity costs during the quarter as well as realize cost efficiencies on a sustained basis. They generated solid cash tide in the third quarter and remain on track to delever below 3.5x by year End while continuing to fund their strategic initiatives and drive profitable growth.”

The Company has provided supplemental non-GAAP pecuniary information of the consolidated company that is adjusted to exclude one-time integration and other one-time refinancing and other costs (“Adjusted”). As the information included herein includes non-GAAP pecuniary information, delight mention to the accompanying pecuniary schedules for non-GAAP reconciliations to their GAAP equivalents. 

Third Quarter 2018 Compared to Third Quarter 2017:

Net Sales

  • Net sales for the third quarter ending September 30, 2018 were $2.1 billion, a 12.7 percent multiply compared to a year ago. Estimated sales volume grew 1.5 percent, while charge increases related to commodity inflation resulted in an additional 11.2 percent in sales growth compared to the third quarter of 2017. Excluding commodity inflation, the sole family homebuilding End market grew an estimated 3.1 percent while the multi-family End market was up 0.5 percent, offset by a 2.6 percent decline in the repair and remodel / other End market. Value added products sales, including the windows, doors and millwork, and manufactured products categories, grew by $92 million, or 13.9 percent, during the quarter.
  • Gross Margin

    Gross margin of $522.8 million in the third quarter of 2018 increased by $63.5 million, or 13.8 percent, over the prior year. shameful margin percentage was 24.7 percent, an multiply of approximately 0.3 percent compared to the third quarter of 2017 and an multiply of 1 percent over the second quarter of 2018.  The margin percentage increased largely due to the decline in the cost of commodities during the quarter relative to their short term customer pricing commitments.  

    Selling, generic and Administrative Expenses

  • SG&A in the third quarter of 2018 was $401.0 million, or 18.9 percent of sales, compared to $370.6 million, or 19.7 percent of sales in the third quarter of 2017. The multiply of approximately $30 million was largely due to higher variable compensation related to the improvement in performance, including higher commissions and incentives. As a percentage of sales, SG&A decreased by 80 basis points primarily due to cost leverage as well as continued cost management focused on generic and administrative expenses.
  • Interest Expense

  • Interest expense in the third quarter of 2018 was $29.1 million compared to $33.8 million in the same period eventual year.  The year over year reduction is largely a result of refinancing transactions the Company executed in 2017, slightly offset by rising interest rates.
  • Income Tax Expense

  • GAAP income tax expense in the third quarter of 2018 was $19.4 million compared to income tax expense of $15.1 million in the third quarter of 2017.  The effective tax rate for the third quarter is approximately 20.9 percent compared to 27.5 percent in the third quarter of 2017.
  • Net Income

  • Net income for the third quarter of 2018 was $73.3 million, or $0.63 per diluted share, compared to $39.8 million, or $0.34 per diluted share, for the third quarter of 2017.
  • Adjusted net income was $77.8 million, or $0.67 per diluted share, compared to $45.4 million, or $0.39 per diluted share, in the third quarter of 2017. The year over year multiply of $32.4 million, or 71.4 percent, was primarily driven by sales growth, particularly in higher margin value added product categories, as well as cost management and lower interest expense.   
  • Adjusted EBITDA

  • Third quarter Adjusted EBITDA grew $32.8 million to $154.8 million compared to $122.0 million in the period a year ago, an multiply of 26.9 percent.  The year over year improvement was largely driven by sales increases as higher prices, particularly in lumber and lumber sheet goods, benefited the Company’s shameful profit and Adjusted EBITDA dollars. As a result, Adjusted EBITDA improved to 7.3 percent of sales in the third quarter from 6.5 percent in the same period a year ago.
  • Year to Date September 30, 2018 pecuniary Information:

    Net Sales

  • Net sales year to date were $5.9 billion, a 12.4 percent multiply over the first nine months of 2017.
  • Net Income

  • In the first nine months of 2018, net income was $153.2 million, or $1.31 per diluted share, compared to $81.5 million, or $0.71 per diluted share, in the first nine months of 2017, an multiply of $0.60 per diluted share, or 84.5 percent.
  • Adjusted net income was $168.1 million, or $1.44 per diluted share, compared to $100.6 million, or $0.87 per diluted share, in the first nine months of 2017, an multiply of $0.57 per diluted share.  The year over year multiply of $67.5 million, or 67.1 percent, was primarily driven by the Company’s sales growth, cost efficiencies, and lower interest expense. 
  • Adjusted EBITDA

  • Adjusted EBITDA for the first nine months of 2018 grew $54.5 million to $376.6 million, or 6.4 percent of sales, compared to $322.1 million, or 6.1 percent of sales, for the first nine months of 2017. The year over year improvement was primarily attributable to sales growth and ongoing cost management, offset in fragment by the impact of commodity inflation on shameful margin. The 16.9 percent growth was achieved as investments in growth and efficiency initiatives continued, including additional sales associates, original locations and operational excellence initiatives. 
  • Although rapid commodity inflation can cause short term shameful margin percentage compression as prices are rising, higher sustained commodity prices generally capitalize the Company’s shameful profit and Adjusted EBITDA dollars.
  • Capital Structure, Leverage, and Liquidity Information:

  • Adjusted EBITDA, on a trailing 12 month basis, was $473.4 million and net debt was $1,824.2 million as of September 30, 2018. The Company decreased its leverage ratio versus September 30, 2017 by 0.7x, to 3.9x net debt / Adjusted EBITDA despite the higher commodity costs in its working capital. The Company expects to reduce its leverage ratio to below 3.5x by year end. 
  • Due to seasonal working capital needs in the first nine months of 2018, net cash used in operations and investing was $67.3 million.  The Company expects to generate $170 – 190 million in cash from operations and investing activities for the plenary year 2018, in line with its plenary year cash tide guidance.
  • Liquidity at September 30, 2018 was $448.2 million, which consisted of net borrowing availability under the revolving credit facility and cash on hand.
  • Please mention to the accompanying pecuniary schedules for more information.

    OutlookConcluding, Mr. Crow added, “While the rate of market growth has recently eased, the long term outlook for the housing industry continues to breathe propitious as achieve the opportunities for Builders FirstSource to generate profitable growth for the balance of 2018 and beyond. They continue to invest in tall margin value added products and operational excellence initiatives that position us well within the industry.  Our associates remain focused on developing near relationships with their customers across their national footprint and hold demonstrated this commitment in the third quarter. I want to thank their team for its disciplined execution and continuing focus on customer value, as well as delivering tough earnings and cash tide to their shareholders.” 

    Conference CallBuilders FirstSource will host a conference convene Friday, November 2, 2018 at 9:00 a.m. Central Time (CT) and will simultaneously broadcast it live on the Internet. The earnings release presentation will breathe posted at www.bldr.com under the “investors” section before the call.  To participate in the teleconference, delight dial into the convene a few minutes before the start time: 877-260-1479 (U.S. and Canada) and 334-323-0522 (international), Conference ID: 5738521.  A replay of the convene will breathe available at 1:00 p.m. Central Time through November 17th.  To access the replay, delight dial 888-203-1112 (U.S. and Canada) and 719-457-0820 (international) and mention to pass code 573821. The live webcast and archived replay can furthermore breathe accessed on the Company's website at www.bldr.com under the “Investors” section.  The online archive of the webcast will breathe available for approximately 90 days.

    About Builders FirstSource

    Story Continues

    2017 Sales: $7.0 Billion   |  Associates:  15 Thousand   |   Operations in 40 states

    Headquartered in Dallas, Texas, Builders FirstSource is the largest U.S supplier of pile products, prefabricated components, and value-added services to the professional market segment for original residential construction and repair and remodeling.  They provide customers an integrated homebuilding solution, offering manufacturing, supply, delivery and installation of a plenary attain of structural and related pile products.  They operate in 40 states with over 400 locations and hold a market presence in 75 of the top 100 Metropolitan Statistical Areas, providing geographic diversity and balanced End market exposure.  They service customers from strategically located distribution facilities and manufacturing facilities (some of which are co-located) that bow value-added products such as roof and floor trusses, wall panels, stairs, vinyl windows, custom millwork and pre-hung doors. Builders FirstSource furthermore distributes dimensional lumber and lumber sheet goods, millwork, windows, interior and exterior doors, and other pile products. For more information about Builders FirstSource, visit the Company’s website at www.bldr.com.

    Cautionary NoticeStatements in this word release and the schedules hereto that are not purely historical facts or that necessarily depend upon future events, including statements about expected market partake gains, forecasted pecuniary performance or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may breathe forward-looking statements within the significance of Section 21E of the Securities Exchange Act of 1934, as amended.  Readers are cautioned not to spot undue reliance on forward-looking statements.  In addition, oral statements made by their directors, officers and employees to the investor and analyst communities, media representatives and others, depending upon their nature, may furthermore 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.  every forward-looking statements are based upon information available to Builders FirstSource, Inc. on the date this release was submitted.  Builders FirstSource, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of original information, future events or otherwise. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the Company’s growth strategies, including gaining market share, or the Company’s revenues and operating results being highly subject on, among other things, the homebuilding industry, lumber prices and the economy.  Builders FirstSource, Inc. may not succeed in addressing these and other risks.  Further information regarding factors that could finger their pecuniary and other results can breathe organize in the risk factors section of Builders FirstSource, Inc.’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission.  Consequently, every forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein.

    Contact:Binit SanghviVP Investor Relations                                                 Builders FirstSource, Inc.(214) 765-3804                                              

    Financial Schedules to Follow

     

    BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME 

      Three Months Ended September 30,     Nine Months Ended September 30,                         2018     2017     2018     2017       (Unaudited)(In thousands, except per partake amounts) Sales $ 2,118,467     $ 1,878,909     $ 5,908,791     $ 5,255,270 Cost of sales   1,595,686       1,419,587       4,478,630       3,959,099 Gross margin   522,781       459,322       1,430,161       1,296,171 Selling, generic and administrative expenses   400,993       370,638       1,151,670       1,075,869 Income from operations   121,788       88,684       278,491       220,302 Interest expense, net   29,106       33,836       84,805       103,703 Income before income taxes   92,682       54,848       193,686       116,599 Income tax expense   19,354       15,098       40,516       35,117 Net income $ 73,328     $ 39,750     $ 153,170     $ 81,482 Comprehensive income $ 73,328     $ 39,750     $ 153,170     $ 81,482 Net income per share:                             Basic $ 0.64     $ 0.35     $ 1.34     $ 0.73 Diluted $ 0.63     $ 0.34     $ 1.31     $ 0.71 Weighted average common shares:                             Basic   114,707       112,688       114,480       112,368 Diluted   116,456       115,871       116,614       115,310                              

    BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED balance SHEET

      September 30, 2018     December 31, 2017           (Unaudited)(In thousands, except per partake amounts)   ASSETS               Current assets:               Cash and cash equivalents $ 34,446     $ 57,533   Accounts receivable, less allowances of $13,470 and $11,771 at September 30, 2018 and  December 31, 2017, respectively   805,317       631,992   Other receivables   59,389       71,232   Inventories, net   679,471       601,547   Other current assets   35,351       33,564   Total current assets   1,613,974       1,395,868   Property, plant and equipment, net   665,732       639,303   Assets held for sale   7,874       5,273   Goodwill   740,411       740,411   Intangible assets, net   111,266       132,567   Deferred income taxes   38,760       75,105   Other assets, net   15,568       17,597   Total assets $ 3,193,585     $ 3,006,124   LIABILITIES AND STOCKHOLDERS' EQUITY               Current liabilities:               Checks outstanding $ 13,531     $ —   Accounts payable   487,775       514,282   Accrued liabilities   255,836       271,597   Current maturities of long-term debt and lease obligations   14,620       12,475   Total current liabilities   771,762       798,354   Long-term debt and lease obligations, net of current maturities, debt discount and debt issuance  costs   1,826,962       1,771,945   Other long-term liabilities   56,546       59,616   Total liabilities   2,655,270       2,629,915   Commitments and contingencies               Stockholders' equity:               Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding   —       —   Common stock, $0.01 par value, 200,000 shares authorized; 114,725 and 113,572 shares issued  and outstanding at September 30, 2018 and December 31, 2017, respectively   1,147       1,136   Additional paid-in capital   554,223       546,766   Accumulated deficit   (17,055 )     (171,693 ) Total stockholders' equity   538,315       376,209   Total liabilities and stockholders' equity $ 3,193,585     $ 3,006,124                  

    BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

      Nine Months EndedSeptember 30,     2018     2017           (Unaudited)(In thousands)   Cash flows from operating activities:               Net income $ 153,170     $ 81,482   Adjustments to reconcile net income to net cash used in operating  activities:               Depreciation and amortization   72,691       70,796   Amortization and write-off of debt issuance costs and debt discount   3,479       5,163   Deferred income taxes   35,829       29,060   Stock compensation expense   9,929       9,916   Net (gain) loss on sale of assets and asset impairments   (480 )     5,079   Changes in assets and liabilities:               Receivables   (151,092 )     (158,617 ) Inventories   (86,639 )     (85,313 ) Other current assets   (1,786 )     2,837   Other assets and liabilities   1,442       3,776   Accounts payable and checks outstanding   (12,792 )     71,247   Accrued liabilities   (14,219 )     (43,024 ) Net cash provided by (used in) operating activities   9,532       (7,598 ) Cash flows from investing activities:               Purchases of property, plant and equipment   (78,693 )     (48,060 ) Proceeds from sale of property, plant and equipment   1,890       4,802   Net cash used in investing activities   (76,803 )     (43,258 ) Cash flows from financing activities:               Borrowings under revolving credit facility   1,243,000       894,000   Repayments under revolving credit facility   (1,189,000 )     (839,000 ) Repayments of long-term debt and other loans   (11,173 )     (8,555 ) Proceeds from long-term debt and other loans   3,818       —   Payments of loan costs   —       (2,799 ) Exercise of stock options   2,394       4,574   Repurchase of common stock   (4,855 )     (2,476 ) Net cash provided by financing activities   44,184       45,744   Net change in cash and cash equivalents   (23,087 )     (5,112 ) Cash and cash equivalents at birth of period   57,533       14,449   Cash and cash equivalents at End of period $ 34,446     $ 9,337  

    Supplemental disclosure of non-cash activities

    For the nine months ended September 30, 2018 and 2017, the Company retired assets subject to lease finance obligations of $0.6 million and $15.0 million and extinguished the related lease finance obligation of $0.7 million and $12.9 million, respectively.

    The Company purchased outfit which was financed through capital lease obligations of $9.0 million and $14.2 million in the nine months ended September 30, 2018 and 2017, respectively. In addition, purchases of property, plant and outfit included in accounts payable were $2.5 million and $1.0 million for the nine months ended September 30, 2018 and 2017, respectively.

    BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES Reconciliation of Adjusted Non-GAAP pecuniary Measures to their GAAP Equivalents (unaudited)                 Note: The company provided circumstantial explanations of these non-GAAP pecuniary measures in its shape 8-K filed with the Securities and Exchange Commission on November 1, 2018.                   Three months endedSeptember 30,   Nine months endedSeptember 30,   Twelve months endedSeptember 30,     2018     2017     2018     2017     2018                            (in millions)   (in millions)     Reconciliation to Adjusted EBITDA:                   GAAP Net Income $   73.3     $   39.7     $   153.2     $   81.5     $   110.5   Integration related expenses     4.5         5.7         14.9         16.7         18.9   Debt issuance and refinancing cost (1)     -          -          -          2.4         56.3   Revaluation of NOL (2)     -          -          -          -          29.0   Adjusted Net Income     77.8         45.4         168.1         100.6         214.7   Weighted average diluted common shares (in millions)     116.5         115.9         116.6         115.3       Diluted adjusted net income per share: $   0.67     $   0.39     $   1.44     $   0.87       Reconciling items:                   Depreciation and amortization expense     25.1         23.0         72.7         70.8     $   94.9   Interest expense, net     29.1         33.8         84.8         101.3         118.0   Income tax (benefit) expense      19.4         15.1         40.5         35.1         29.5   Stock compensation expense     3.5         3.5         9.9         9.9         13.5   (Gain)/loss on sale and asset impairments     (0.2 )       1.5         (0.1 )       4.4         1.8   Other management-identified adjustments (3)     0.1         (0.3 )       0.7         -         1.1   Adjusted EBITDA $   154.8     $   122.0     $   376.6     $   322.1     $   473.5   Adjusted EBITDA Margin   7.3 %     6.5 %     6.4 %     6.1 %     6.2 %                   (1) Cost associated with refinancing long term debt in 2017.  (2) In 2017, the company revalued its NOL tax asset given the tax reform that allows for a lower federal corporate tax rate.  (3) Primarily relates to severance and one time cost.           

     

    BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES Financial Data (adjusted and unaudited)                   Three months ended September 30,   Nine months ended September 30,   2018   2017   2018   2017       (in millions except per partake amounts) Net sales $ 2,118.5     $ 1,878.9     $ 5,908.8     $ 5,255.3   Cost of sales   1,595.7       1,419.6       4,478.6       3,959.1   Gross margin   522.8       459.3       1,430.2       1,296.2   Gross margin %   24.7 %     24.4 %     24.2 %     24.7 % Adjusted SG&A/Other (excluding depreciation and amortization) as a % of sales (1)   17.4 %     18.0 %     17.8 %     18.5 % Adjusted EBITDA   154.8       122.0       376.6       322.1   Adjusted EBITDA margin %   7.3 %     6.5 %     6.4 %     6.1 % Depreciation and amortization   (25.1 )     (23.0 )     (72.7 )     (70.8 ) Interest expense, net of debt issuance cost and refinancing   (29.1 )     (33.8 )     (84.8 )     (101.3 ) Income tax expense   (19.4 )     (15.1 )     (40.5 )     (35.1 ) Other adjustments   (3.4 )     (4.7 )     (10.5 )     (14.3 ) Adjusted Net Income $ 77.8     $ 45.4     $ 168.1     $ 100.6   Basic adjusted net income per share: $ 0.68     $ 0.40     $ 1.47     $ 0.90   Diluted adjusted net income per share: $ 0.67     $ 0.39     $ 1.44     $ 0.87   Weighted average common shares (in millions)               Basic   114.7       112.7       114.5       112.4   Diluted   116.5       115.9       116.6       115.3                   Note: The company provided circumstantial explanations of these non-GAAP pecuniary measures in its shape 8-K filed with the SEC on November 1, 2018. (1) 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 Q3-18 of $401.0M less $25.1M depreciation and amortization, less $4.5M of integration expenses, less $3.5M of stock comp and plus $0.1M loss from sales, impairments, and other. GAAP SG&A in 9M-18 of $1,151.7M less $72.7M depreciation and amortization, less $14.9M of integration expenses, less $9.9M of stock comp and $0.6M loss from sales, impairments, and other.

     

    BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES  Sales by Product Category (unaudited)                                           Three months ended September 30,       Nine months ended September 30,       2018   2017       2018   2017       Net Sales   % of NetSales   Net Sales   % of NetSales    % Change    Net Sales   % of NetSales   Net Sales   % of NetSales    % Change  Lumber & Lumber Sheet Goods $ 818.7   38.6 %   $ 679.9   36.2 %   20.4 %   $ 2,273.8   38.5 %   $ 1,867.6   35.5 %   21.7 % Manufactured Products   385.9   18.2 %     318.6   16.9 %   21.1 %     1,051.0   17.8 %     900.9   17.2 %   16.7 % Windows, Doors & Millwork   372.5   17.6 %     347.5   18.5 %   7.2 %     1,080.1   18.3 %     1,016.7   19.3 %   6.2 % Gypsum, Roofing & Insulation   146.6   6.9 %     147.9   7.9 %   -0.9 %     400.8   6.8 %     409.4   7.8 %   -2.1 % Siding, Metal & Concrete Products   196.6   9.3 %     183.5   9.8 %   7.1 %     528.3   8.9 %     498.9   9.5 %   5.9 % Other   198.2   9.4 %     201.5   10.7 %   -1.6 %     574.8   9.7 %     561.8   10.7 %   2.3 % Total adjusted net sales $ 2,118.5   100.0 %   $ 1,878.9   100.0 %   12.7 %   $ 5,908.8   100.0 %   $ 5,255.3   100.0 %   12.4 %                                        

     

    BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES Interest Reconciliation (unaudited)               Three months endedSeptember 30,         Interest Expense   Net DebtOutstanding   Adjusted Annual GoForward Cash Interest  (1)   (in millions) 2024 Secured Notes @ 5.625% Fixed $ 10.5   $ 750.0     $ 42.2 2024 Term Loan @ 5.39% (Floating LIBOR) (2)   6.3     459.4       24.6 Revolving Credit Facility @ 3.9% (Floating LIBOR) (2)   5.8     404.0       10.0 Amortization of deferred loan costs and debt discount   1.2         Lease finance obligations and capital leases   5.3     245.2       21.2 Other   -         Cash       (34.4 )     Total $ 29.1   $ 1,824.2     $ 98.0             (1)  Excludes issuance cost and one time items.  Assumes Q3 borrowing rates on variable debt.     (2)  Assumes average next twelve months balances for the Term Loan and the Revolving Credit Facility  


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