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

IBM's deal to purchase pink Hat caught bar nonexistent and sundry abruptly when it become announced lower than two weeks ago. whereas concerns spread promptly about what it could count 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 fill 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 moreover made employees deem relish they fill 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 mixture additionally makes IBM greater aggressive with vendors relish Amazon, Google and Microsoft -- bar nonexistent of which fill a big client basis leveraging pink Hat.

The acquisition comes with big hurdles, although.

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

Meshing Open source, company Cultures

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

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

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

a impartial more suitable problem is the distinction 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 random dropping one of the vital aptitude and potentialities for a bunch that currently is starting to be abruptly.

The acquisition of pink Hat may be a very propitious stream by artery of IBM, but challenges fib ahead, and the industry should ply them without leisurely to create certain that its US$34 billion become smartly spent and helps boost IBM's position 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 deem that 2017. he's the founder and notable analyst at Tirias analysis with more than 30 years of excessive-tech industry event. His learning spans a huge sweep of product development and company method 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 industry analyst and In-Stat's chief know-how strategist. email Jim.


Cloudy climate ahead for IBM and pink Hat? | killexams.com real 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 fragile 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 big expectations on IBM to leverage this asset as a censorious turning element in its heritage. since IBM’s Watson AI poster newborn has did not create sustainable boom, could this be their most effectual possibility to prerogative the ship once and for all? Or is this mega merger a sophisticated fight of cultures and items so that you can create it complicated to recognize the total advantage?

big Blue’s been in huge trouble

When the chips are down, it’s time to proceed bar nonexistent in. tremendous 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 be 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 summon for determined measures. IBM has been struggling to expose 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 final six years. Its revenue on the halt 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 fill been $78.fifty one billion, with the exception of inflation.

In early 2018, IBM became capable of bear 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 industry 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 fill posted checklist growth in recent instances. Amazon’s contemporaneous earnings fill surpassed $2 billion, for example.

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

In 1990, when Microsoft unencumber windows 3.0, IBM had revenues of $sixty nine billion (only $10 billion modest 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 designate in 2018.

during the final 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 bar nonexistent cylinders whereas IBM experienced multiply stalls.

gradual to glean 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 fill an repercussion 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 be 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 be 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 contemporaneous 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 clandestine as Cloud aboriginal Computing groundwork (CNCF) has grabbed lots of the headlines with its Kubernetes container orchestration platform. IBM has a random to leverage its advertising and marketing and global gain to encourage 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 poor lot more credible cloud story. but the query in fact is, is it too late?

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

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

Will the mixing glean 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 drawl no — usually due to the incontrovertible fact that these tremendous acquisitions fill develop into fraction 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 gain collectively – IBM, a gradual growth industry 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 exorbitant profile mergers equivalent to HP/Compaq, HP/Autonomy, Microsoft/Nokia, AOL/Time Warner, sprint/Nextel and Alcatel/Lucent. IBM will need to embody the open source community and strategy.

The joint industry will countenance notable platform decisions on the cloud entrance. IBM has a public cloud that competes with AWS and Microsoft. but builders disburse purple Hat’s Linux on many public clouds. whereas that multi-cloud approach will champion 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 nature of channel and product battle correctly in the past.

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

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

So whereas IBM certainly faces a lot of chance with the acquisition, there is not any assure this big ante 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. bar nonexistent eyes can be on its skill to catapult into the hybrid cloud market. For that, the company will need to create certain it doesn’t glean 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 position - but it surely will moreover be Saved | killexams.com real Questions and Pass4sure dumps

Image result for ibm

Introduction

In September, I wrote a piece of writing that chronicled the leisurely 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 fill gotten worse for the company. Its inventory price 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 reduce than what investors are purchasing other ancient tech businesses relish Oracle (ORCL), Microsoft (MSFT), Apple (AAPL), and Cisco (CSCO) which fill a unvarying forward PE ratio of 15. similarly, IBM has a ahead PS ratio of 1.forty one, which is reduce than the universal of those groups of four.sixty five.

all the artery through IBM’s decline, many investors – including Warren Buffet – fill invested within the company, hoping that it'll obtain a turnaround. they fill got bar nonexistent been dissatisfied because the enterprise’s stock has endured to sight 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 leavening so that it will retract the inventory larger. This evaluation may be a result as much as the outdated article and should spotlight extra complications that the massive blue is dealing with and the artery it will moreover be 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 result 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 small 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 price 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 position for the market restoration. As they proceed 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 be ahead to carrying on with a seamless integration for their clients.

what is distinctive in the two statements is that Immelt became prerogative about the scale of Baker Hughes. even so, Virginia Rometty’s remark changed into demonstrably wrong. First, within the press conference, IBM used the solemnize cloud forty three times and in keeping with Rometty, the deal will back IBM retract an more suitable market partake in the cloud business. despite the fact, a sight at purple Hat’s revenues suggests a special picture. Most of its revenues gain from infrastructure-linked offerings while the subsequent earnings comes from utility development 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 artery of Barron’s article that interviewed an analyst from Bernstein who illustrious 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 deem that that many organizations in the sector are acquired at 4.5 times ahead revenue.

therefore, bar nonexistent this does not justify 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 need 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 selfsame 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 bar nonexistent 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 industry is trading at $172, which is 10% reduce than the proposed $a hundred ninety. In merger arbitrage, here is an indication that a very propitious variety of buyers don’t deem 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 fragile article. This deal however gifts IBM with a equilibrium 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 fill a debt to GDP ratio of 0.8867, 1.527, 1.068, and nil.fifty nine respectively. Their unvarying is 1.01. therefore, this could aggravate when the company issues more debt to finance the acquisition.

this is able to no longer be 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 tremendous 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 credence out there, the industry 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 flux 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 deem will now not aid it in future. couple bar nonexistent this with the hefty $18 billion pension legal responsibility which is better than that of related agencies.

IBM can be Saved

in this article, I actually fill 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 moreover be saved. other fragile technology organizations fill bar nonexistent 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 position for IBM to genesis is to recognize that it is in crisis. After this, it's going to start by artery 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 industry and acquire purchasers. In cloud, the churn cost is so low that when a corporation acquires a shopper, it may be certain that the company will no longer defect to its competitors.

subsequent, as with other tech companies that fill recovered, IBM may still deem 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 selfsame 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 be price than the disaster that awaits if the deal goes on. recollect that 83% of bar nonexistent M&A deals fail and there's no explanation why this will succeed. To be clear, IBM will deserve to create acquisitions to compete with Amazon. really, with the $34 billion, the company can create alternative investments. as an instance, it could possibly disburse about $three billion to acquire a company relish domain (field) that counts sixty one% of Fortune 500 agencies as consumers.

more desirable, it may well disburse its ventures arm to do money into small startups in the selfsame artery 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 industry solutions (GBS) segment. here's a facet that gives consulting, utility management, and international procedure features. In 2017, the facet 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 fill shameful margins of 30%, 30%, and 39%. therefore, on a sum-of elements groundwork, this segment on my own may moreover be price 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 back the company in the reduction of the headcount and ameliorate margins.

ultimate concepts

IBM’s inventory has persevered to decline after the announcement of the pink Hat acquisition. As I even fill explained, the industry continues to countenance predominant headwinds that will seemingly retract it decrease. although, I accept as honest with that the administrators can serve the industry 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 industry 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.


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

BSQUARE Corporation (NASDAQ:BSQR) Q3 2018 Earnings Conference summon 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 fiscal Officer

Analysts

Operator

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

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

Leslie Phillips

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

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

Please advert 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. bar nonexistent per partake amounts discussed today are fully diluted numbers where applicable.

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

Andrew Harries

Thank you, Leslie. Before Kevin reviews their strategy and results, I’d relish to broadcast several actions the Board is undertaking in order to back BSQUARE deliver improved results as quickly as possible. First, as announced final 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 sight 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 repercussion on their overall strategy. Since the May earnings release, they fill now replaced three of their seven Board members.

Next, I’d relish to broadcast 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 fill a viable proceed 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 back in guiding the company through this challenging period.

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

Kevin Walsh

Thank you, Andrew, and propitious afternoon, everyone. Over the past six months, they fill been conducting a strategic review of their industry and believe that they fill now identified a path forward that will be renewed growth and back us recrudesce to profitability. One aspect of that path forward, which they fill 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 fill removed approximately $6 million annualized operating expenses from the business, which has contributed to significantly ameliorate cash flux for the third quarter. The second and more notable 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 big lines with DataV, the product line has not met this growth objectives.

Part of the intuition for this applies to the market in general, big scale, digital transformation initiatives and the industrial sector are complex and adoption has been slow. A direct consequence of this complexity is that services play a crucial role in bar nonexistent big IoT implementations. Indeed, they fill 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 be a tough component of their business.

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

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

These investments will be focused on customer deployments for which they fill clear line of sight. They are implementing original programs in their third-party software distribution unit that will, they believe, allow us to grow this industry 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 bar nonexistent 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 submit growth and will back 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 industry 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 summon over to their CFO, Peter Biere, to address their fiscal 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 halt 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 fraction – was in big fraction due to the timing of purchases. Q2 included stronger than expected exact for Microsoft Windows Embedded products. And in Q3, they saw softer buying across the entire portfolio, which they attributed to the unvarying 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 mind to be 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 search 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 halt of the 16% to 18% guidance announced in their final earnings call. The year-over-year and sequential changes in shameful profit are due to blend shifts between their three industry 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 fiscal 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 advert to the reconciliation of comparable GAAP fiscal measures in their earnings release issued today and posted on their website at bsquare.com under Investors.

Moving to the equilibrium 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 qualify in Q4 as well as in 2019. They believe they fill adequate cash and profits from legacy businesses to execute their plans.

Our accounts receivable equilibrium 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 transfigure to cash. Related to the loss of Honeywell’s EMEA business, they await approximately $2 million of cash conversion for the residuum of 2018.

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

Kevin Walsh

Thank you, Peter. As illustrious in today’s press release, they currently fill the following expectations for Q4 2018. Revenue in the sweep of $15.5 million to $17.5 million. Blended shameful margin will be in the 18% to 22% range. They await net cash usage of $500,000 to $1.5 million. Moderator, tickle open the summon for questions.

Question-and-Answer Session

Operator

Operator

We fill 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 contemplate their investors and their customers for your interest and for your business. We’ll sight forward to reporting back to you next quarter. Thank you for joining us.

Operator

And that concludes their summon 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 real 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 aptitude 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 flux in the third quarter and remain on track to delever below 3.5x by year halt while continuing to fund their strategic initiatives and drive profitable growth.”

The Company has provided supplemental non-GAAP fiscal 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 fiscal information, tickle advert to the accompanying fiscal 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 price 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 separate family homebuilding halt market grew an estimated 3.1 percent while the multi-family halt market was up 0.5 percent, offset by a 2.6 percent decline in the repair and remodel / other halt 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, universal 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 universal and administrative expenses.
  • Interest Expense

  • Interest expense in the third quarter of 2018 was $29.1 million compared to $33.8 million in the selfsame epoch final 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 effectual 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 epoch 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 selfsame epoch a year ago.
  • Year to Date September 30, 2018 fiscal 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 fraction by the repercussion 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 intuition short term shameful margin percentage compression as prices are rising, higher sustained commodity prices generally profit 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 flux 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 advert to the accompanying fiscal 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 be propitious as achieve the opportunities for Builders FirstSource to generate profitable growth for the equilibrium of 2018 and beyond. They continue to invest in elevated margin value added products and operational excellence initiatives that position us well within the industry.  Our associates remain focused on developing nigh relationships with their customers across their national footprint and fill 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 flux to their shareholders.” 

    Conference CallBuilders FirstSource will host a conference summon 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 be posted at www.bldr.com under the “investors” section before the call.  To participate in the teleconference, tickle dial into the summon 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 summon will be available at 1:00 p.m. Central Time through November 17th.  To access the replay, tickle dial 888-203-1112 (U.S. and Canada) and 719-457-0820 (international) and advert to pass code 573821. The live webcast and archived replay can moreover be accessed on the Company's website at www.bldr.com under the “Investors” section.  The online archive of the webcast will be 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 structure 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 sweep of structural and related structure products.  They operate in 40 states with over 400 locations and fill a market presence in 75 of the top 100 Metropolitan Statistical Areas, providing geographic diversity and balanced halt market exposure.  They service customers from strategically located distribution facilities and manufacturing facilities (some of which are co-located) that bear value-added products such as roof and floor trusses, wall panels, stairs, vinyl windows, custom millwork and pre-hung doors. Builders FirstSource moreover distributes dimensional lumber and lumber sheet goods, millwork, windows, interior and exterior doors, and other structure products. For more information about Builders FirstSource, visit the Company’s website at www.bldr.com.

    Cautionary NoticeStatements in this intelligence 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 fiscal performance or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the acceptation of Section 21E of the Securities Exchange Act of 1934, as amended.  Readers are cautioned not to position 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 moreover 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 vary materially as a result of many factors.  bar nonexistent forward-looking statements are based upon information available to Builders FirstSource, Inc. on the date this release was submitted.  Builders FirstSource, Inc. undertakes no responsibility 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 intuition actual events or results to vary 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 relative 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 impress their fiscal and other results can be 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, bar nonexistent 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, universal 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 equilibrium 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 genesis of period   57,533       14,449   Cash and cash equivalents at halt 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 responsibility of $0.7 million and $12.9 million, respectively.

    The Company purchased equipment 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 equipment 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 fiscal Measures to their GAAP Equivalents (unaudited)                 Note: The company provided particular explanations of these non-GAAP fiscal measures in its form 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 particular explanations of these non-GAAP fiscal measures in its form 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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    References :


    Dropmark : http://killexams.dropmark.com/367904/11775418
    Wordpress : http://wp.me/p7SJ6L-1wX
    Issu : https://issuu.com/trutrainers/docs/000-852
    Dropmark-Text : http://killexams.dropmark.com/367904/12363804
    Blogspot : http://killexamsbraindump.blogspot.com/2017/11/just-memorize-these-000-852-questions.html
    RSS Feed : http://feeds.feedburner.com/Pass4sure000-852RealQuestionBank
    Box.net : https://app.box.com/s/d6z24qhkfyohvnh9x58oe125b4s6orsl
    zoho.com : https://docs.zoho.com/file/64ypu721ed6bafef54f659d52c1a65dabaf3c






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