FBM 4Q17 Earnings Presentation

Transcription

1 FBM 4Q7 Earnings Presentation February 27, 208

2 DISCLOSURES Forward-Looking Statements This presentation contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as believe, anticipate, expect, estimate, intend, project, plan, or words or phrases with similar meaning. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. Investors are referred to the Company s filings with the Securities and Exchange Commission, including its Annual Reports on Form 0-K and its Quarterly Reports on Form 0-Q for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement. Non-GAAP Financial Measures In addition to results under GAAP, this presentation contains certain non-gaap financial measures, including adjusted net income, adjusted earnings per share ( EPS ) and adjusted EBITDA, which are provided as supplemental measures of financial performance. These measures are presented because they are important metrics used by management as one of the means by which it assesses financial performance. Adjusted net income, adjusted EPS and adjusted EBITDA are also frequently used by analysts, investors and other interested parties to evaluate companies in our industry. These measures, when used in conjunction with related GAAP financial measures, provide investors with an additional financial analytical framework that may be useful in assessing our company and its results of operations. Adjusted net income, adjusted EPS and adjusted EBITDA have certain limitations, which are discussed in greater detail in the Company s filings with the Securities and Exchange Commission and its earnings releases, and should not be considered as an alternative to net income, reported EPS or any other measures of financial performance prepared in accordance with GAAP. Other companies, including other companies in our industry, may not use such measures or may calculate one or more of the measures differently than we do, limiting their usefulness as a comparative measure. A reconciliation of these non-gaap measures to the most directly comparable GAAP measure is set forth in the appendix to this presentation. 2

3 Q4 207 HIGHLIGHTS DELIVERING SALES GROWTH DRIVING IMPROVED MARGIN GROWTH BUILDING ON M&A SUCCESS LEVERAGING FAVORABLE MACRO TAILWINDS Total net sales increased.8% YoY Base business net sales increased 2.% YoY Wallboard base business growth.6% Suspended ceiling systems base business growth 2.% Complementary and other products base business growth 2.7% Wallboard pricing/mix up 3.9% YoY, partially offset by 2.3% lower volumes Consolidated gross margin of 29.7%, up 0bps YoY SBP gross margin of 30.0%, up 30bps YoY MI gross margin of 28.0% SG&A as a percentage of net sales improved 0bps YoY Net income of $75.9M Adjusted EBITDA of $36.9M; adjusted EBITDA Margin of 7.% Two acquisitions, adding two SBP branches Increased wallboard market share in Canada and added complementary products in Texas Integration to be completed within 90 days of acquisition date U.S. economy continues to expand at moderate pace R&R construction activity remains solid Residential construction markets remain strong Non-residential construction backlog solid into 208 Adjusted EBITDA and adjusted EBITDA margin are non-gaap measures. Adjusted EBITDA margin represents adjusted EBITDA divided by net sales. For a reconciliation of net income to adjusted EBITDA, see the Appendix. 3

4 LONG-TERM STRATEGIC PRIORITIES PROFITABLY GROW MARKET SHARE Increase market share by strengthening existing key supplier relationships Increase suspended ceiling systems sales Grow complementary products net sales Grow wallboard market share 2 3 CONTINUE PLATFORM EXPANSION Strong acquisition pipeline; significant availability on ABL credit facility Scalable infrastructure facilitates efficient integration DRIVE OPERATIONAL EFFICIENCIES Leverage entrepreneurial and customer-centric culture Greenfield expansion opportunities in underserved adjacent markets Drive procurement savings that expand gross margins 4 Logistical tracking system and investment in electronic data interchange CREATE LONG-TERM SHAREHOLDER VALUE Proven operating model focused on local market expertise Grow asset base through disciplined M&A Incremental margin improvement through overhead cost reductions Reduce debt leverage over the next couple of years 4

5 TRENDS BY END MARKET TREND COMMENTARY NEW NON-RESIDENTIAL CONSTRUCTION RESIDENTIAL CONSTRUCTION NON-RESIDENTIAL REPAIR & REMODEL INDUSTRIAL Commercial starts expected to be up mid-single digits in 208 Continued building activity in retail, lodging, and healthcare Commercial activity supported by good backlog in 208 New residential starts remain below historical avg. of.44m Household formation rates are improving Housing affordability is still favorable Architectural Billings Index shows continued growth Public construction spending up modestly in 208 Commercial occupancy rates are firm Industrial production expected to be strong in 208 Higher energy prices supports MRO spending Long-term, secular demand for energy efficiency Source: American Institute of Architects, McGraw Hill Construction, U.S. Commerce Department. 5

6 Q4 NET SALES PERFORMANCE Net Sales ($M) 4Q7 Net Sales By Product $57 +2% FBM Product Mix SBP Product Mix 4% 33% 28% 39% $462 24% 3% 6% 5% 8% 4Q6 4Q7 2.% YoY Base Business Growth Wallboard Ceilings Metal Framing Complementary & Other MI Total net sales growth of.8% YoY driven by acquisitions contribution of $50.6M SBP base business net sales increased 2.% YoY from higher wallboard average selling prices, partially offset by lower volumes MI net sales increased 8.4% due to a rebound in industrial end markets Net sales increase from acquired branches and existing branches that were strategically combined. 6

7 FULL YEAR NET SALES PERFORMANCE Net Sales ($M) 207 Net Sales By Product $2,06 +48% FBM Product Mix SBP Product Mix 3% $,393 34% 27% 39% 23% 6% 4% 6% 8% % YoY Base Business Growth Wallboard Ceilings Metal Framing Complementary & Other MI Total net sales growth of 48.0% YoY driven by acquisitions contribution of $624M Base business expanded 5.8% YoY due to organic growth initiatives Suspended ceiling systems base business net sales increased.3% YoY Complementary and other products base business net sales increased 6.3% YoY Net sales increase from acquired branches and existing branches that were strategically combined. 7

8 IMPACT OF TAX CUT AND JOBS ACT Category FBM Impact Corporate Tax Rate Effective tax rate expected to decline from approximately 40% to 30% in 208 Tax Receivable Agreement (TRA) Liability Estimated undiscounted TRA liability reduced by $68.0M, or 33%, from $203.8M to $35.8M $85.0M to $95.0M discounted present value Expected TRA Payment First TRA payment estimated to be $5.9M, paid during 4Q 208 Q4 207 Benefit to EPS Reduction in TRA liability contributed $.59 per share 2 Tax Reform Expected to Benefit 208 Results In connection with our IPO, the company entered into a Tax Receivable Agreement (TRA) with our majority shareholder. Please see Note 9 to our financial statements in our Annual Report on Form 0-K for To determine the benefit to EPS, divide shares outstanding by $68.0M, which is the reduction in the undiscounted TRA liability as of 2/3/7. 8

9 Q4 MARGINS Gross Margin SG&A Leverage Adj. EBITDA Margin % 29.7% 23.8% 22.7% 5.3% 7.% 4Q6 4Q7 4Q6 4Q7 4Q6 4Q7 Gross Profit ($M) SG&A ($M) Adjusted EBITDA ($M) Gross margin improvement of 0bps YoY from operational efficiencies across wallboard, suspended ceiling systems and commercial and industrial insulation product lines SG&A leverage improved primarily due to lower transaction costs and operating efficiencies Adjusted EBITDA margin 2 of 7.% improved 80bps YoY SG&A leverage is calculated as SG&A expense divided by net sales. 2 Adjusted EBITDA and adjusted EBITDA margin are non-gaap measures. Adjusted EBITDA margin represents adjusted EBITDA divided by net sales. For a reconciliation of net income to adjusted EBITDA, see the Appendix. 9

10 FULL YEAR MARGINS Gross Margin SG&A Leverage Adj. EBITDA Margin % 29.0% 23.6% 22.4% 5.7% 7.3% Gross Profit ($M) SG&A ($M) Gross margin improvement of 50bps YoY due to higher product pricing and improved economies of scale SG&A leverage improvement of 20bps YoY due to lower transaction costs and operating efficiencies Adjusted EBITDA margin 2 of 7.3% improved 60bps YoY Adjusted EBITDA ($M) SG&A leverage is calculated as SG&A expense divided by net sales. 2 Adjusted EBITDA and adjusted EBITDA margin are non-gaap measures. Adjusted EBITDA margin represents adjusted EBITDA divided by net sales. For a reconciliation of net income to adjusted EBITDA, see the Appendix. 0

11 Q4 OVERVIEW SPECIALTY BUILDING PRODUCTS $60 $40 $20 $00 $80 $60 $40 $20 $0 00.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 0.0% 0.0% YoY Net Sales Mix YoY Net Sales ($M) $444 +% 39% 39% $400 27% 28% 8% 8% 6% 5% 4Q6 4Q7 YoY Gross Profit & Margin ($M) $5 $33 +6% Wallboard Ceilings Metal Framing Complementary & Other 28.7% 30.0% 4Q6 4Q7 4Q6 4Q7 Net sales growth of 0.8% YoY Base business net sales increased 2.% with higher average selling prices partially offsetting lower volumes Gross margin increase of 30bps YoY reflects higher wallboard selling prices and change in product mix

12 FULL YEAR OVERVIEW SPECIALTY BUILDING PRODUCTS $600 $500 $400 $300 $200 $00 $0 50.0% 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 5.0% 0.0% 5.0% 0.0% YoY Net Sales Mix $,293 YoY Net Sales ($M) $, % 4% 39% 27% 27% % 8% 7% 6% Wallboard Ceilings Metal Framing Complementary & Other YoY Gross Profit & Margin ($M) $ % $ % +40% Net sales growth of 38.4% YoY Base business net sales increased by 5.8%, due to higher net sales and product expansion into new markets Gross margin increase of 50bps YoY due to continued pricing discipline across markets we serve and continued benefits of scale 2

13 Q4 OVERVIEW MECHANICAL INSULATION $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $22 $22 $22 $22 $22 $22 $22 $22 $22 $22 $22 $22 $22 $22 $22 $22 $22 $22 $22 $22 $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $3 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $9 $- $0 $0 $0 $0 $0 $0 $0 $0 $0 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $6 $6 $6 $6 $6 $6 $6 60.0% 50.0% 40.0% 30.0% 20.0% 0.0% 0.0% End Market Exposure Sequential Net Sales 2 ($M) Gross Profit & Margin 2 ($M) 50% Industrial 50% Commercial $69 $73 $68 $62 $6 4Q6 Q7 2Q7 3Q7 4Q7 $20 $9 $9 $8 $7 28.0% 28.7% 27.2% 28.0% 28.0% 4Q6 Q7 2Q7 3Q7 4Q7 MI net sales increased 8.4% YoY due to higher volumes A rebound in oil and gas industrial end markets drove net sales increase Gross profit improved 8.6% YoY Source: Management estimates. 2 We acquired the Mechanical Insulation segment in August 206, 3

14 Q4 207 ADJUSTED EBITDA BRIDGE ($M) 2 EBITDA and adjusted EBITDA are non-gaap measures. For a reconciliation of EBITDA to net income, the most directly comparable GAAP measure, see the Appendix. 2 Other includes unrealized non-cash loss (gain) on derivative financial instrument, non-cash purchase accounting effects, and loss on the disposal of property and equipment. 4

15 FULL YEAR 207 ADJUSTED EBITDA BRIDGE ($M) 2 EBITDA and adjusted EBITDA are non-gaap measures. For a reconciliation of EBITDA to net income, the most directly comparable GAAP measure, see the Appendix. 2 Other includes stock-based compensation, non-cash purchase accounting effects, loss on the disposal of property and equipment, and management fees. 5

16 CAPITAL ALLOCATION FRAMEWORK REINVEST IN THE BUSINESS 207 capex.4% of net sales Continued investment in greenfield branches PURSUE STRATEGIC ACQUISITIONS Strong acquisition pipeline targeting market leaders in highly fragmented industry 0 acquisitions completed during 207 resulting in total net sales contributions of $78.4M for the year MANAGING LEVERAGE Pursue leverage-neutral acquisitions Reduce debt leverage in the next couple of years 6

17 ACQUISITION TIMELINE Dominion Interior Supply Corporation Irwin Builders Supply Corporation Trident Distribution Gypsum Wallboard Supply Wallboard Inc. Virginia Builders Supply Ceiling and Wall Supply American Wal-Board 2 MCS Door & Hardware Del-Pro Building Supplies 207 Location Branches JAN APR VA PA,GA WA,MN VA MAY JUL AUG OCT NOV MO,IL,KY TN,MS TX ON 9 Branches Acquired in 207 Includes Dominion Interior Supply of Roanoke. 2 Includes American Materials, American Drywall & Roofing and JLS Equipment Leasing. 7

18 GEOGRAPHIC FOOTPRINT BC AB SK MB WA ON QC CA OR NV IL MI IN OH WV KY PA VA NY VT NJ MD DE NH MA CT ME RI TN NC SC MS AL GA FL 208 Acquisitions 207 Acquisitions Greenfields Existing 207 and 208 Acquisitions Further Expand Our Market Position 8

19 KEY TAKEAWAYS Market Leader Wellpositioned to Leverage Size and Scale Advantages Specialized Product Expertise and Capabilities Create Significant Barriers to Entry Highly Fragmented $8B Addressable Market Yields Strong M&A Pipeline Continued Favorable End Market Trends Support Growth Experienced Management Team With Consistent Execution Track Record Significant Runway for Further Value Creation Management estimates. 9

20 APPENDIX

21 Q4 AND FULL YEAR BASE BUSINESS NET SALES GROWTH ($000s) Three Months Ended December 3, 207 (Unaudited) Base Business Net Sales % Growth Total Net Sales % Growth Wallboard $ 72,90.6% 2.7% Suspended Ceiling Systems 80,895 2.% 9.9% Metal Framing 67, % 6.8% Complementary & Other Products 2, %.0% SBP Net Sales 443,673 2.% 0.8% MI Net Sales 73, % Total Net Sales $ 56,769 2.%.8% ($000s) Year Ended December 3, 207 Base Business Net Sales % Growth Total Net Sales % Growth Wallboard $ 70, % 33.6% Suspended Ceiling Systems 328,85.3% 7.3% Metal Framing 280,40 4.% 27.5% Complementary & Other Products 479, % 34.5% SBP Net Sales,790,4 5.8% 38.4% MI Net Sales 270, % Total Net Sales $ 2,060, % 48.0% 2

22 NET INCOME TO ADJ. EBITDA RECONCILIATIONS Three Months Ended Dec. 3 Year Ended Dec. 3 ($000s) (Unaudited) (Unaudited) Net Income (Loss) $ 75,892 $ (8,804) $ 82,480 $ (28,370) Interest Expense, Net 5,85 5,303 60,984 52,487 Income Tax Benefit (7,239) (9,375) (2,602) (4,733) Depreciation and Amortization 9,698 7,773 76,850 5,378 EBITDA $ 04,202 $ 4,897 $ 27,72 $ 60,762 Unrealized Non-Cash Gain On Derivative Financial Instruments (4) 7,27 (3,059) 7,23 IPO and Public Company Readiness Expenses 57-5,085 - Stock-based Compensation 220-2,98 - Non-cash Purchase Accounting Effects (27) ,469 Loss On Disposal of Property and Equipment 73, ,79 Hurricane Related Costs Transaction Costs 3,4 4-4,298 - Management Fees ,622 Decrease in TRA liability 6 (68,033) - (68,033) - Adjusted EBITDA $ 36,889 $ 24,75 $ 50,074 $ 79,767 Adjusted EBITDA Margin 7 7.% 5.3% 7.3% 5.7% Adjusts for the effect of the purchase accounting step-up in the value of inventory to fair value recognized in cost of goods sold as a result of acquisitions. 2 Represents costs related to payroll and inventory resulting from Hurricanes Harvey and Irma. 3 Represents one-time, third-party advisor costs related to our acquisitions in the period, including fees to financial advisors, accountants, attorneys and other professionals. 4 Certain amounts have been reclassified for the three months ended March 3, 207, to make our presentation of Adjusted EBITDA consistent for the year ended December 3, Represents fees paid to former private equity sponsor for services provided pursuant to past and present management agreements. These fees are no longer being incurred subsequent to our initial public offering. 6 Related to adjustment in liability related to the Tax Cut and Jobs Act of 207. See Note 9, Tax Receivable Agreement, to the notes to the consolidated financial statements included in the Company's Annual Report on Form 0-K for the fiscal year ended December 3, Adjusted EBITDA margin represents Adjusted EBITDA divided by net sales. 22

23 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Dec. 3, Year Ended Dec. 3, ($000s, except share and per share data) (Unaudited) Net Sales $ 56,769 $ 462,94 $ 2,060,902 $,392,509 Cost of Goods Sold 363,34 329,937,463,04 995,704 Gross Profit 53,635 32, ,86 396,805 Operating Expenses: Selling, General and Administrative 7,490 0,089 46, ,847 Depreciation and Amortization 9,698 7,773 76,850 5,378 Total Operating Expenses 37,88 27, ,44 380,225 Income from Operations 6,447 4,395 59,447 6,580 Interest Expense (5,877) (5,309) (6,07) (52,5) Other Income (Expense), Net 68,083 (7,265) 8,502 (7,72) Income (Loss) Before Income Taxes 68,653 (8,79) 79,878 (43,03) Income Tax Benefit (7,239) (9,375) (2,602) (4,733) Net Income (Loss) $ 75,892 $ (8,804) $ 82,480 $ (28,370) Earnings (Loss) Per Share Data: Basic $.77 $ (0.29) $.99 $ (0.95) Diluted $.77 $ (0.29) $.99 $ (0.95) Weighted Average Shares Outstanding: Basic 42,865,407 29,974,239 4,486,496 29,974,239 Diluted 42,890,4 29,974,239 4,490,653 29,974,239 23

24 CONSOLIDATED BALANCE SHEETS ($000s) Assets Current Assets: December 3, 207 December 3, 206 Cash and Cash Equivalents $ 2,0 $ 28,552 Accounts Receivable, Net 280,023 26,686 Other Receivables 59,462 52,845 Inventories 84,436 57,99 Prepaid Exp. and Other Current Assets 2,636 2,56 Total Current Assets 548,658 53,590 Property and Equipment, Net 5,408 44,387 Intangibles Assets, Net 89,770 25,38 Goodwill 458, ,935 Other Assets 5,604 9,692 Total Assets $,354,77 $,320,985 ($000s) Liabilities and Stockholders' Equity Current Liabilities: December 3, 207 December 3, 206 Accounts Payable $ 56,345 $ 9,788 Accrued Payroll and Employee Benefits 2,58 26,956 Accrued Taxes 7,790 9,5 Tax Receivable Agreement 5,892 - Other Current Liabilities 4,093 49,63 Total Current Liabilities 242, ,508 Asset-based Revolving Credit Facility 47, ,469 Long-term Portion of Notes Payable, Net 534, ,487 Tax Receivable Agreement 9,92 - Deferred Income Taxes, Net 7,89 26,867 Other Liabilities 3,639 26,38 Total Liabilities 975,53 992,469 Commitments and Contingencies Stockholders' Equity: Preferred Stock - - Common Stock 3 - Additional Paid-in Capital 330,3 364,85 Retained Earnings (Accumulated Deficit) 46,84 (36,296) Accumulated Other Comp. Income (Loss) 2,354 (3) Total Stockholders' Equity 378, ,56 Total Liabilities and Stockholders' Equity $,354,77 $,320,985 24

25 CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 3, ($000s) Cash Flows from Operating Activities: Net Income (Loss) $ 82,480 $ (28,370) Adjustments to Reconcile Net Loss to Net Cash Provided By Operating Activities: Depreciation 30,582 6,487 Amortization of Intangible Assets 46,268 34,89 Amortization and Write-off of Debt Issuance Costs and Debt Discount 9,90 5,950 Inventory Fair Value Adjustment 84 6,469 Loss On Extinguishment of Debt - 5,354 Bad Debt Expense 2,095,608 Stock-based Compensation 2,99 - Reduction in TRA liability (68,033) - Unrealized Gain on Derivative Instruments, Net (3,059) 6,952 Loss on Disposal of Property and Equipment 276,79 Deferred Income Taxes (6,08) (7,669) Change In Assets and Liabilities, Net of Effects of Acquisitions: Accounts Receivables,5 5,985 Other Receivables (4,078) (3,220) Inventories (6,359) (9,727) Prepaid Expenses and Other Current Assets 260 (3,588) Other Assets 2,980 (800) Accounts Payable 25,975 (2,622) Accrued Payroll and Employee Benefits (6,05) 3,93 Accrued Taxes (,385) 3,392 Other Liabilities (2,683) 35,36 Net Cash Provided by Operating Activities $ 77,26 $ 33,30 Year Ended December 3, ($000s) Cash Flows from Investing Activities: Capital Expenditure $ (29,760) $ (30,473) Payment of Net Working Capital Adjustments (405) - Receipts of Net Working Capital Adjustments (8,602) - Proceeds from the Disposal of Fixed Assets 2, Acquisitions, Net of Cash Acquired (77,96) (40,99) Net Cash Used In Investing Activities (96,938) (43,805) Cash Flows From Investing Activities Proceeds from Asset-based Credit Facility 400, ,469 Repayments of Asset-based Credit Facility (56,509) (38,000) Principal Borrowings On Long-term Debt - 645,000 Principal Payments On Long-term Debt - (397,369) Debt Issuance Costs - (34,406) Principal Repayment of Capital Lease Obligations (2,837) (,75) Issuance of Common Stock 63,952 - Capital Contributions 2,997 66,205 Capital Distributions - (67) Net Cash Provided by Financing Activities 2,842 46,657 Effect Of Exchange Rate Changes On Cash 384 (92) Net (Decrease) Increase In Cash (6,45) 7,890 Cash And Cash Equivalents at Beginning of Period 28,552 0,662 Cash And Cash Equivalents at End Of Period $ 2,0 $ 28,552 25