Builders FirstSource, Inc. (BLDR) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 10, 2022 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day and welcome to the Builders FirstSource First Quarter 2022 Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by management and the question-and-answer session. [Operator Instructions].

I'd now like to turn the call over to Mr. Michael Neese, Senior Vice President, Investor Relations for Builders FirstSource. Please go ahead, sir.

Michael Neese

Thank you, Priscilla. Good morning and welcome to our first quarter 2022 earnings call. With me on the call are Dave Flitman, our CEO; and Peter Jackson, our CFO. Today, we will review our record first quarter results for 2022. As a reminder, our adjusted EPS calculation excludes amortization of intangibles. The first quarter press release and our investor presentation for today's call are available on our website at investors.bldr.com.

The results discussed today include GAAP and non-GAAP results adjusted for certain items. We provide these non-GAAP results for informational purposes, and they should not be considered in isolation from the most directly comparable GAAP measures. You can find a reconciliation of these non-GAAP measures to the corresponding GAAP measures where applicable and a discussion of why we believe they can be useful to investors in our earnings press release, SEC filings and our presentation.

Our remarks in the press release, presentation and on this call contain forward-looking and cautionary statements within the meaning of the Private Securities Litigation Reform Act and projections of future results. Please review the forward-looking statements section in today's press release and in our SEC filings for various factors that could cause our actual results to differ from forward-looking statements and projections.

With that, I'll turn the call over to Dave.

David Flitman

Thanks, Mike. Good morning, everyone, and thanks for joining us. 2021 was a phenomenal year for our company. We entered the first quarter of 2022 building on that strong momentum and delivered another quarter of record net sales, gross margin and adjusted EBITDA. We produced strong core organic sales growth of 15%, marking our fifth straight quarter of double-digit growth. Along with our strong start to the year, we continue to invest prudently in our operations and work hard to deliver outstanding service to our customers in the face of significant supply chain constraints that persist throughout our industry. The success we've achieved is directly attributable to all 28,000 of our hard-working and dedicated team members who go above and beyond every day to help us maintain our position as the industry leader.